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Monday, 5 February 2018

Qatar National Bank raises $1bln with private bond- sources | ZAWYA MENA Edition

Qatar National Bank raises $1bln with private bond- sources | ZAWYA MENA Edition:

"Qatar National Bank , the Gulf's largest bank, has issued $1 billion in privately placed bonds arranged by Bank of America Merrill Lynch , sources familiar with the matter said. The bond, which has a two-year maturity, was sold to a single investor, the sources added. QNB did not respond to a request for comment."



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MOVES-Dubai Holding, Dubai Properties appoint new CEOs

MOVES-Dubai Holding, Dubai Properties appoint new CEOs:

"Dubai Holding, the investment vehicle of the emirate’s ruler, has appointed former Goldman Sachs banker Amit Kaushal as chief executive, the company said on Monday.

Kaushal, who was most recently Dubai Holding’s chief financial officer, will replace Edris AlRafi who had stepped down from his position of chief executive of Dubai Holding, it said.

Abdulla Lahej, group chief executive officer of Dubai Properties, a unit of Dubai Holding, decided to leave Dubai Properties, Dubai Holding said in the same statement.

"



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UAE's First Abu Dhabi gets securities licence in Saudi Arabia

UAE's First Abu Dhabi gets securities licence in Saudi Arabia:

"First Abu Dhabi Bank, the largest bank in the United Arab Emirates by assets, has been given the go-ahead by Saudi Arabia’s regulator to conduct arranging and advising activities in the securities sector, a source close to the matter said.

It is the latest foreign bank attracted by opportunities in Saudi Arabia, which is embarking on an investment drive to diversify its economy beyond oil revenues.

FAB, created by last year’s merger between National Bank of Abu Dhabi and First Gulf Bank, said last week that it was working on expanding its business in Saudi Arabia."



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Saudi Arabia's $32 Billion Bid to Build Private Mortgage Market - Bloomberg

Saudi Arabia's $32 Billion Bid to Build Private Mortgage Market - Bloomberg:

"Saudi Arabia plans to spend 120 billion riyals ($32 billion) on subsidized home loans for borrowers, as it seeks to create conditions for an expanded private-sector role in a mortgage market dominated by the government.

The kingdom’s new housing program, announced on Monday, also includes an 18 billion riyal loan-guarantee program to boost access to funding, and 12.5 billion riyals to support home down-payments, all to be spent through 2030, Housing Minister Majed Alhogail said in an interview.

"



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Saudi Business Gauge Falls to Record Low as Economy Hit by VAT - Bloomberg

Saudi Business Gauge Falls to Record Low as Economy Hit by VAT - Bloomberg:

"A measure of business activity in Saudi Arabia’s non-oil economy dropped sharply to a record low in January, as the implementation of a new value-added tax hit output and purchasing. The Emirates NBD Purchasing Managers’ Index fell from 57.3 in December to 53, the lowest reading in the survey’s history, as production and new orders slowed. Companies had boosted output and purchasing at the end of last year, ahead of the new tax, meaning the slowdown “is likely to be transitory,” Khatija Haque, head of Middle East and North Africa research at Emirates NBD, wrote in the report. A reading above 50 indicates that the economy is still expanding."



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MIDEAST STOCKS-Region mostly weak but blue chips buoy Egypt as foreigners buy

MIDEAST STOCKS-Region mostly weak but blue chips buoy Egypt as foreigners buy:

"Most Middle Eastern stock markets fell on Monday in line with a weak global trend, with Saudi Arabia seeing profit-taking in cement shares, but Egypt rose on the back of several blue chips,

The region had already dropped on Sunday in response to Wall Street’s Friday plunge, so Gulf markets far outperformed other bourses in Asia, where MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.4 percent on Monday afternoon.

The Saudi index slipped 0.3 percent as Tabuk Cement pulled back 1.9 percent. Tabuk and many other firms in the sector had jumped in the past several days on a media report that the government had started awarding contracts to build the huge NEOM business zone in the northwest of the country."



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Saudi business confidence reaches eight-month high | ZAWYA MENA Edition

Saudi business confidence reaches eight-month high | ZAWYA MENA Edition:

"January data indicated a subdued start to the year for non-oil private sector companies, with output growth continuing to slow from November’s 10-month peak, according to the Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI). 

Survey respondents commented on softer rises in new business intakes following the VAT introduction in January. However, reports from non-oil businesses suggested that the impact on sales was likely to prove transitory, with part of the slowdown simply reflecting a natural payback following strong order flows prior to the policy implementation. With private sector firms continuing to experience resilient demand fundamentals, staff hiring picked up to its strongest since August 2016 and business optimism reached an eight-month high.

The survey, sponsored by Emirates NBD and produced by IHS Markit, contains original data collected from a monthly survey of business conditions in the Saudi private sector."



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ADIB fourth-quarter net profit up 33.4% on fees income, lower impairments - The National

ADIB fourth-quarter net profit up 33.4% on fees income, lower impairments - The National:

"Profits at Abu Dhabi Islamic Bank, the capital’s biggest Sharia-compliant lender, rose 33.4 per cent increase in the fourth quarter of 2017, beating analysts’ estimates, as fees and commissions income rose and impairments dipped.

The bank's net profit for the three months to the end of December reached Dh607.2 million, up from Dh455.1m in a year-earlier period, the bank said.

Bloomberg had forecast a net income of Dh502.5m, based on estimates from two analysts."



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Oil group Total to sell 25 percent stake in offshore South African block to Qatar Petroleum

Oil group Total to sell 25 percent stake in offshore South African block to Qatar Petroleum:

"French oil and gas group Total has agreed to sell a 25 percent stake in the Exploration Block 11B/12B, offshore South Africa, to Qatar Petroleum, in a deal which Total said would strengthen its ties with the Qatari group.

Following the sale, the new ownership structure for the block will see Total have 45 percent, Qatar Petroleum will have 25 percent, CNR International will have 20 percent while Main Street will have 10 percent.

The Block 11B/12B is located in the Outeniqua Basin, around 175 kilometers off the southern coast of South Africa, and covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters. "



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Iran Can Boost Output Fast If OPEC Ends Cuts, Oil Minister Says - Bloomberg

Iran Can Boost Output Fast If OPEC Ends Cuts, Oil Minister Says - Bloomberg:

"Iran can swiftly increase production of crude if OPEC decides to scrap limits on global output when the group meets next in June, Oil Minister Bijan Namdar Zanganeh said.

The Persian Gulf nation can raise daily production by at least 100,000 barrels within “five or six days” if the Organization of Petroleum Exporting Countries decides that crude prices are high enough to justify abandoning its oil-cuts accord with other producers, he told reporters in Tehran.

“We’re always adding to our production levels, from West Karoun and Azadegan,” Zanganeh said Sunday, referring to two oil-producing areas in western Iran near the Iraq border. Iran has so far exercised “self-restraint” in pumping to accommodate the group’s decision in November to maintain the cuts, he said."



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Dubai theme park operator in talks to restructure $326.7 mln loan

Dubai theme park operator in talks to restructure $326.7 mln loan:

"Ilyas & Mustafa Galadari Group (IMG), the Dubai-based operator of the world’s largest indoor theme park, is in talks with banks to restructure a 1.2 billion-dirham ($326.7 million) syndicated loan and is seeking to extend its maturity, the company and financial sources told Reuters. The company is also looking to upsize its existing loan facility due to cost overruns, IMG said. The loan taken in 2014, led by Abu Dhabi Islamic Bank and included participation from Al Hilal Bank, Commercial Bank International, Noor Bank and Sharjah Islamic Bank, was used for corporate debt and to build Worlds of Adventure theme park."



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Oil Struggles to Persist With Bull Run as U.S. Drilling Expands - Bloomberg

Oil Struggles to Persist With Bull Run as U.S. Drilling Expands - Bloomberg:

"Oil’s rally is unraveling on fears over a rise in U.S. production after crude’s best January in more than a decade. Futures in New York are extending declines for a second session as Baker Hughes data showed American explorers last week raised the number of rigs drilling for crude to the highest in almost six months. Short-sellers betting against West Texas Intermediate oil increased their positions for a third week, according to figures from the U.S. Commodity Futures Trading Commission."



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Saudi Wealth Fund Near to Buying Stake in ACWA Power - Bloomberg

Saudi Wealth Fund Near to Buying Stake in ACWA Power - Bloomberg:

"Saudi Arabia’s sovereign wealth fund is nearing an agreement to buy about a 10 percent stake in ACWA Power International ahead of an initial public offering by the Riyadh-based energy producer, according to people with knowledge of the matter.

The Public Investment Fund, known as PIF, may sign an agreement with the power plant developer in the coming days, the people said, asking not to be identified because the information is private. Talks are still ongoing and may not result in a deal, they said. It’s not immediately clear what valuation ACWA Power could get from the investment.

A spokesman for PIF declined to comment, while ACWA Power said it wasn’t in a position to comment."



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MIDEAST STOCKS-Gulf flat to lower early on, Saudi cement stocks pull back

MIDEAST STOCKS-Gulf flat to lower early on, Saudi cement stocks pull back:

"Gulf stock markets were flat to lower in early trade on Monday, with Saudi Arabia seeing profit-taking in cement shares while real estate stocks remained weak in Dubai.

The region had already dropped on Sunday in response to Wall Street’s Friday plunge, so Gulf markets far outperformed other bourses in Asia, where MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.3 percent on Monday afternoon.

The Saudi index slipped 0.3 percent in the first half-hour as Tabuk Cement pulled back 2.3 percent. Tabuk had jumped in the past several days on a media report that the government had started awarding contracts to build the huge NEOM business zone in the northwest of the country."



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