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Tuesday, 26 December 2017

Saudi Arabia releases 23 corruption detainees - The National

Saudi Arabia releases 23 corruption detainees - The National:

"Saudi Arabia has in the past two days released 23 of the more than 200 royals, officials and businessmen detained on charges of corruption after they reached deals with the government, Okaz newspaper reported on Tuesday.

It also said that more detainees will be released in the coming days, while the rest who continue to deny charges against them will soon face trial.

“The government wants to close this file case as soon as possible,” a source told the daily."



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Al-Rajhi REIT shares to go on sale next week | Arab News

Al-Rajhi REIT shares to go on sale next week | Arab News:

"The initial public offering period of Al-Rajhi REIT Fund will run from Jan. 1 to Jan. 14, Al-Rajhi Capital said.
The fund will have a size of SR1.62 billion ($282 million), the fund manager revealed.
Some 42.67 million units will be offered to investors at SR 10 each."



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Qatar Airways continues to fly high; HIA targets 50mn passengers a year

Qatar Airways continues to fly high; HIA targets 50mn passengers a year:

"Qatar Airways continues to fly high, piloted by its expansion plans despite the illegal blockade on the country by imposed by four Arab nations, as the national carrier adds new destinations and hopes to reach its pre-blockade traffic volumes soon. 
Qatar Airways flies to more than 150 destinations now with Russia’s St Petersburg joining the airline’s global network on December 20.
Qatar Airways added many new destinations to its network this year including Auckland, Dublin, Nice, and Prague. "



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Oil hits 2-1/2 year highs on Libyan pipeline blast

Oil hits 2-1/2 year highs on Libyan pipeline blast:

"Oil prices touched two-and-a-half year highs in light volume on Tuesday, boosted by an explosion on a crude pipeline in Libya and voluntary OPEC-led supply cuts.

Libya has lost around 90,000 bpd of crude oil from a blast on a pipeline feeding Es Sider port, a Libyan oil source said, adding that NOC was still assessing the damage.

A Libyan military source said earlier that armed men had planted explosives at the pipeline. "



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America's Hottest Oil Play Just Needs a Few Thousand Truckers - Bloomberg

America's Hottest Oil Play Just Needs a Few Thousand Truckers - Bloomberg:

"When the price of oil collapsed in 2014 and disrupted drilling operations all across Texas’s massive Permian Basin shale formation, truckers were among those hardest hit. Rendered unnecessary by the slump in output, they were fired in scores.


Now, three years later, with oil prices inching back higher and production in the Permian soaring once again, the drillers want the truckers back. The feeling, though, isn’t mutual. The pain of the 2014 bust remains fresh for many who went on to find driving gigs in other industries and, what’s more, they worry that companies will remain tightfisted with pay as they re-hire.

The result is a growing trucker shortage that threatens to limit just how high drillers can push production. The problem is most acute in the western fringe of the Permian -- known as the Delaware Basin -- where shale companies are moving back into aggressively as prices climb. Given the off-the-beaten-path location of these wells amid the sprawling 75,000-square mile Permian, the need for truckers to haul the oil over primitive roads to pipelines is greater than in more centrally located spots."



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Saudis Expect Oil Revenue to Jump 80% by 2023 - Bloomberg

Saudis Expect Oil Revenue to Jump 80% by 2023 - Bloomberg:

"Saudi Arabia expects oil revenue to jump about 80 percent by 2023 to help the kingdom record its first budget surplus in a decade, according to people with knowledge of the matter.

 Under a six-year program to balance the budget, officials predict rising oil prices and output will push income from oil sales to 801.4 billion riyals ($214 billion) from 440 billion riyals this year, the people said on condition of anonymity because they aren’t authorized to share the data publicly. It assumes the price of oil will reach $75 a barrel. Non-oil revenue, excluding income from the Public Investment Fund, would increase 32 percent to 337 billion riyals, they said.

While Crown Prince Mohammed bin Salman’s plan to transform the economy aims to reduce its reliance on oil in the long term, higher crude prices are central to efforts to support growth while introducing measures that would help boost revenue from other sources. The kingdom has led a drive among major non-OPEC members to stabilize oil markets through production cuts that have helped Brent crude prices exceed $60 a barrel.

"



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MIDEAST STOCKS-Saudi, Egypt outperform in weak region

MIDEAST STOCKS-Saudi, Egypt outperform in weak region:

"Saudi Arabia’s stock market rose in a mostly weak Gulf region on Tuesday after data showed deflationary pressure on the economy easing, while Egypt also gained but trading volume remained very low because of the end-of-year holiday period. The Saudi index rose 0.4 percent as real estate developer Dar Al Arkan, the most heavily traded stock, jumped 7.8 percent to its highest finish since September 2014. The stock soared between mid-November, when international index compiler MSCI said it was adding it to its Saudi Arabia Index, and mid-December. Investors are also hoping for the company to reach a deal with the housing ministry on building homes."



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A watershed year for Middle East business | Arab News

A watershed year for Middle East business | Arab News:

"It was a watershed year across the region, with the old economic certainties of business life in the Kingdom and wider Gulf upended and disrupted by new realities. The price of oil was at the fulcrum of that shift as Gulf economies pondered how to plug deficits and boost revenues from raising valued added tax to selling shares in such titans as Aramco and Adnoc. Here the business writers of Arab News pick the big business stories that shaped the region in 2017. JAN"



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In blow to finances, Oman postpones VAT introduction: local media

In blow to finances, Oman postpones VAT introduction: local media:

"Oman will delay the introduction of a 5 percent value-added tax until 2019 instead of introducing it next year as originally planned, local media reported late on Monday, a decision that may hurt its effort to strengthen shaky state finances. All six countries in the Gulf Cooperation Council agreed among themselves to impose VAT at the start of 2018. But while Saudi Arabia and the United Arab Emirates are set to go ahead on Jan. 1, other countries have been slow to make the necessary legislative and administrative preparations. To boost state revenues, which have been strained by years of low oil prices, Oman will impose a new tax on sugary drinks and tobacco products by mid-2018, the Times of Oman reported, quoting finance ministry sources. Some other GCC members introduced such a tax this year."



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Dubai DFM issues new regulations for Repo and Murabaha transactions | ZAWYA MENA Edition

Dubai DFM issues new regulations for Repo and Murabaha transactions | ZAWYA MENA Edition:

"Dubai Financial Market, DFM, has announced issuing two new regulations that pave the way for market participants to implement both repurchase agreements, Repo, and Islamic Murabaha transactions, in conjunction with the approval given by the Securities and Commodities Authority, SCA. The regulations have been outlined in line with the international best practices as well as in full coordination with various market participants. Accordingly, DFM investors may utilise the two mechanisms to transfer their DFM listed securities as part of a Repo transaction or an Islamic Murabaha transaction with Shariah compliant financial institutions. The DFM may now process requests for transfer of securities listed on DFM for Repo transactions between a Repo seller and a Repo buyer, who have agreed on a repurchase agreement in accordance with DFM requirements."



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MIDEAST STOCKS-Gulf moves sideways in thin, early trade | ZAWYA MENA Edition

MIDEAST STOCKS-Gulf moves sideways in thin, early trade | ZAWYA MENA Edition:

"Gulf stock markets largely moved sideways in thin, early trade on Tuesday with activity dampened by the absence of some foreign investors for year-end holidays. The Saudi index was roughly flat in the first half-hour; the most heavily traded stock, Dar Al Arkan, fell 1.1 percent but the second most active, Chemanol, surged 3.8 percent. Saudi Industrial Export  jumped 6.9 percent as a capital decrease to 10.8 million riyals ($2.9 million) from 108 million riyals through a share cancellation went into effect. "



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