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Thursday, 23 November 2017

Qatar Says Committed to Official FX Rate After MSCI Proposal - Bloomberg

Qatar Says Committed to Official FX Rate After MSCI Proposal - Bloomberg:

"Qatar’s central bank said it will honor commitments to provide dollars to local and foreign investors at the official exchange rate, describing a proposal by index provider MSCI Inc. to use the offshore rate to value the country’s stocks as unjustified. “There are no restrictions on any banking transactions, including transfers,” the central bank said in an emailed response to questions on Thursday. The offshore rate “is not reflective of the Qatari market fundamentals, and all banks in Qatar execute transactions using the on-shore rate,” it said. MSCI, whose gauges guide the allocation of about $11 trillion in assets, is consulting investors on the proposal after complaints that a boycott of Qatar by four Arab countries was making access to the official exchange rate difficult. The central bank said it “has sufficient foreign reserves that can cover all investors’ requirements.”"



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Saudi to allow smaller foreign funds into stock market, ease other rules

Saudi to allow smaller foreign funds into stock market, ease other rules:

"Saudi Arabia will ease requirements for foreign institutional investors in its stock market, the securities regulator said on Thursday, as Riyadh seeks to draw more capital into the market before the listing of state oil giant Saudi Aramco. The Capital Market Authority opened the bourse to direct investment by qualified foreign institutions in 2015. It reduced minimum requirements for the institutions last year and is now proposing a fresh round of reforms, giving the public 14 days to comment on the proposals. Among the reforms, the minimum value of assets under management needed for an institution to qualify as an investor would fall to 1.875 billion riyals ($500 million) from 3.75 billion riyals."



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MIDEAST STOCKS-Region rises as IPO plan boosts Egypt, Emaar Properties up in Dubai

MIDEAST STOCKS-Region rises as IPO plan boosts Egypt, Emaar Properties up in Dubai:

"Almost all Middle East stock markets rose on Thursday as a plan for an initial public offering (IPO) boosted Egypt while blue-chip Emaar Properties continued to recover in Dubai.

Ibn Sina Pharmaceutical Industry, one of Egypt’s largest drug distributors, plans to raise as much as 1.6 billion Egyptian pounds ($90.7 million) by offering nearly 40 percent of its shares in December, an official at underwriter Beltone Financial said. The regulator has approved the company’s prospectus, the official said.

The offer is expected to kick off a series of about half a dozen Egyptian IPOs by the end of next year, which could increase trading volumes and attract foreign investment."



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Update: Senior UAE banker calls for VAT to be postponed | ZAWYA MENA Edition

Update: Senior UAE banker calls for VAT to be postponed | ZAWYA MENA Edition:

"Financial institutions in the UAE are not yet ready for the implementation of value-added tax, which is set to come into effect within weeks, a senior UAE banker said. “We call to postpone implementing the VAT to give time to all the sectors to implement it correctly, whether in banking, insurance, or other sectors,” AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation told reporters on the sidelines of a banking event held in Abu Dhabi. “Neither banks, nor insurance companies are ready,” he added speaking in Arabic. “We need at least six months from the time we receive all the detailed implementing regulations to be ready, along with details for each sector, and how to calculate the tax for each product,” he added."



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Qatar will remain world’s top clean energy producer - The Peninsula Qatar

Qatar will remain world’s top clean energy producer - The Peninsula Qatar:

"Minister of Energy and Industry, H E Dr Mohammed bin Saleh Al Sada said yesterday that natural gas was the ideal solution to the climate change issue, resulting from the race to meet rising economic standards of living and industrial need of the growing population of this planet. Dr Al Sada was speaking at the First International Gas Seminar of GECF, on the sidelines of the 4th GECF Summit, that will be held tomorrow in Santa Cruz, Bolivia. Addressing the Seminar, held under the theme: “Natural Gas: The Fuel of Choice for Sustainable Development”, Dr Al Sada said that industrial processes and emissions from fossil fuel combustion has created numerous environmental problems, such as greenhouse gas emissions; air pollution, and other harmful gases. The Minister said that using natural gas, unlike other fossil fuels, would be beneficial to the environment. “Natural gas emits virtually no Sulphur oxides, and up to 80 percent less nitrogen oxides than combustion of coal”, he explained."



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Abu Dhabi's TAQA looks at loans as government did not approve bond issue -sources | ZAWYA MENA Edition

Abu Dhabi's TAQA looks at loans as government did not approve bond issue -sources | ZAWYA MENA Edition:

"Abu Dhabi National Energy Co is talking to banks to obtain loan facilities of up to $1.3 billion which would refinance maturing debt after the Abu Dhabi government declined to approve a planned bond sale in October, sources close to the matter said. TAQA, a state-controlled oil explorer and power supplier, had planned to issue an international bond to refinance an outstanding $500 million bond that was due in October, a company official said in August. But the refinancing did not go ahead and the company instead used an existing revolving debt facility to pay down that bond. Abu Dhabi's debt management office (DMO) did not approve TAQA's planned new bond issue because other government-related entities "whose need for issuance is greater" intended to issue bonds this year, said one source directly involved the matter. "



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OPEC chatroom dead as Qatar crisis hurts Gulf oil cooperation

OPEC chatroom dead as Qatar crisis hurts Gulf oil cooperation:

"OPEC’s most powerful internal alliance, bringing together the oil producer group’s Gulf members, is disintegrating fast.

As a six-month-old spat between Saudi Arabia and Qatar deepens, the organization’s Gulf ministers will have to scrap their tradition of meeting behind closed doors to agree policy before OPEC holds its twice-yearly talks, OPEC sources say.

“We used to have a WhatsApp group for all ministers and delegates from the Gulf. It used to be a very busy chatroom. Now it’s dead,” said a senior source in the Organization of the Petroleum Exporting Countries."



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Biggest Dubai IPO in 3 Years Has Worst Trading Debut Since 2014 - Bloomberg

Biggest Dubai IPO in 3 Years Has Worst Trading Debut Since 2014 - Bloomberg:

"Geopolitical risk in the Middle East took a toll on the debut of a stock linked to one of the strongest brands investors can find in the United Arab Emirates market. 



Emaar Development PJSC, the U.A.E. real estate developer that began trading in Dubai on Wednesday, fell 4.3 percent. That was the worst debut trading day since 2014 among the 10 biggest initial public offerings in the Middle East and Africa over that time span, Bloomberg data show. The company is the local development arm of Emaar Properties PJSC, a company that’s 30 percent owned by the government of Dubai and the developer of the world’s tallest skyscraper."



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Oil Sets Itself Up for Fall If OPEC Can't Deliver Cuts Extension - Bloomberg

Oil Sets Itself Up for Fall If OPEC Can't Deliver Cuts Extension - Bloomberg:

"Oil traders and analysts almost unanimously expect OPEC and Russia to prolong their production cuts next week. However, behind the scenes Saudi Arabia and Russia are still debating what course to follow. These high expectations, coupled with a recent surge in bullish bets on crude, amplify the risk to prices if the group can’t convince a hesitant Russia that it’s necessary to agree an extension right away. “Anything but an extension supported by Russia would have a significant impact on the price,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “Not least due to the near record-long oil bet, which has left little room for error in terms of the communication from the OPEC ministers.”"



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MIDEAST STOCKS-Markets firm in early trade, Emaar continues rebound in Dubai

MIDEAST STOCKS-Markets firm in early trade, Emaar continues rebound in Dubai:

"Gulf stock markets generally firmed in early trade on Thursday with Emaar Properties continuing to rebound in Dubai from losses suffered in the run-up to its local development unit’s listing.

Dubai’s index climbed 0.8 percent as Emaar Properties added 1.3 percent to 7.90 dirhams, extending a recovery from technical support at 7.60 dirhams.

The stock slid ahead of Wednesday’s listing of Emaar Development because of fears that the debut could go badly."



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