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Thursday, 8 February 2018

Saudi exchange ‘aims to dominate Arabian Gulf markets’ | Arab News

Saudi exchange ‘aims to dominate Arabian Gulf markets’ | Arab News:

"The Saudi stock exchange, or Tadawul, aims to become the dominant market in the Arabian Gulf with further moves to encourage foreign investment, a leading forum was told on Thursday.
Sarah Al-Suhaimi, head of the Tadawul, told the Milken Institute MENA Summit in the UAE capital: “For this region to become significant in global terms there will have to be one main market and that is what we are working on. This thinking has already been happening. It is the will and intention of the Tadawul to grow itself and become the biggest stock exchange in the region.
“I also know that the Capital Markets Authority (CMA, the market regulator) has been working with other regulators in the Gulf Cooperation Council to have common regulations that would allow foreign companies to list in Saudi Arabia, or to have dual listings,” she said."



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Qatar shares close marginally up despite selling pressure

Qatar shares close marginally up despite selling pressure:

"The Qatar Stock Exchange on Thursday settled marginally higher despite five of the seven sectors having faced selling pressure. The substantially weakened net selling from local retail investors and domestic funds helped the 20-stock Qatar Index close 0.06% higher at 8,893.27 points. Non-Qatari individuals were increasingly net buyers in the bourse, which is up 4.34% year-to-date. "



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Saudi bourse is ready for any decision on Aramco listing- official | ZAWYA MENA Edition

Saudi bourse is ready for any decision on Aramco listing- official | ZAWYA MENA Edition:

"Saudi Arabia's stock exchange, Tadawul, is ready for any decision on the listing of oil company Aramco, the bourse's chairperson Sarah al-Suhaimi said on Thursday.

She was speaking at a conference in Abu Dhabi.

Saudi officials have said the government plans to sell up to 5 percent of Aramco shares on one or more foreign exchanges in addition to Riyadh."



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Emaar Properties made $1.8bln in 2017, worried on 2019 | ZAWYA MENA Edition

Emaar Properties made $1.8bln in 2017, worried on 2019 | ZAWYA MENA Edition:

"Emaar Properties made $1.8 billion in profit and close to $5 billion in sales in 2017, the chairman of Dubai's largest listed developer said ahead of its full year results. The developer of the more than 160-storey Burj Khalifa, the world's tallest tower, made $1.43 billion in 2016 and reported $3.92 billion in Dubai property sales. "We've been growing about 20 to 25 percent on an annual basis," Chairman Mohamed Alabbar said late on Wednesday at a conference in Abu Dhabi."



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UAE loan growth to be 5-6 pct in 2018, driven by corporate sector -official

UAE loan growth to be 5-6 pct in 2018, driven by corporate sector -official:

"Banking sector loan growth in the United Arab Emirates will be around 5 to 6 percent in 2018, a similar level to 2017, Abdulaziz al-Ghurair, chairman of the UAE Banks Federation, told Reuters in an interview. Loan growth would be faster in the corporate banking sector, with expansion in the retail segment “flattish” as a result of high costs, al-Ghurair said."



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Oil Sinks to Five-Week Low as Investors Eye Charts for Direction - Bloomberg

Oil Sinks to Five-Week Low as Investors Eye Charts for Direction - Bloomberg:

"Oil spiraled to the lowest in five weeks as surging U.S. crude supply coupled with technical indicators signaling the potential for further price declines. Futures fell for a fifth day in New York, posting the longest streak of losses since April 2017. The U.S. benchmark flirted with its 50-day moving average, a key technical level, while other indicators of market momentum showed the decline may not be over. The negative chart formations follow reports this week that U.S. oil production is surging even faster than previously forecast. “The market narrative is clearly uncomfortable with the lift we are seeing in U.S. production,” Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, said by telephone. “There is no doubt that production is recovering and that’s a negative.”"



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MIDEAST STOCKS-Region flat to lower; cement shares jump again in Saudi

MIDEAST STOCKS-Region flat to lower; cement shares jump again in Saudi:

"Middle Eastern stock markets were flat to lower on Thursday after global markets lost steam and oil prices fell, though the cement sector surged again in Saudi Arabia on hopes for government spending on building projects. Saudi Arabia’s index slipped 0.2 percent with losers outnumbering gainers by 99 to 74. Food company Savola climbed in early trade after proposing to raise its cash dividend to 1 riyal per share for 2017 from 0.75 riyal for 2016, but it closed 0.6 percent lower. Mediterranean & Gulf Cooperative Insurance and Reinsurance jumped its 10 percent daily limit after its board proposed doubling its capital to 800 million riyals ($213 million) through an equity rights issue."



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Oil Extends Biggest Drop in Two Months as Dollar and Shale Weigh - Bloomberg

Oil Extends Biggest Drop in Two Months as Dollar and Shale Weigh - Bloomberg:

"WTI fell for a fifth day as surging U.S. output and a rising dollar sent crude to its biggest drop in two months.

Futures fell as much as 0.9 percent in New York after Department of Energy data showed U.S. crude production jumped to a record 10.25 million barrels a day last week. Investors were also left disappointed after American crude stockpiles rose, countering an earlier industry report that had pointed to a decrease. The Bloomberg Dollar Spot index traded higher on Thursday.

"



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Oman preparing dollar Islamic bond sale- sources | ZAWYA MENA Edition

Oman preparing dollar Islamic bond sale- sources | ZAWYA MENA Edition:

"Oman is in talks with banks about a possible U.S. dollar-denominated sukuk issue that could occur in March, sources familiar with the matter said on Thursday. The planned fund-raising exercise would be Oman's second public debt issuance this year, as the sultanate borrows internationally to finance a budget deficit caused by low oil prices. Oman sold a $6.5 billion conventional bond in January, its largest ever debt sale. The new issue is expected to be much smaller in size, as the deficit will be funded mostly through conventional debt, said one banking source familiar with the matter. "



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KPMG review of Dubai-based PE firm Abraaj reveals no misuse of funds

KPMG review of Dubai-based PE firm Abraaj reveals no misuse of funds:

"A forensic accountant review into a leading private equity fund has found no misuse of funds after investors raised concerns. Abraaj, a Dubai-based private equity fund whose investors include the World Bank and the Bill & Melinda Gates Foundation, hired KPMG to scrutinise part of its $1bn healthcare fund after reports that investors were concerned the money was mishandled. In a statement Abraaj said: “KPMG was appointed by the Abraaj Growth Markets Health Fund at the beginning of January 2018 to verify all receipts and payments made by the Fund."



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Turkey's ‘Big Year' for IPOs Gets Off to an Underwhelming Start - Bloomberg

Turkey's ‘Big Year' for IPOs Gets Off to an Underwhelming Start - Bloomberg:

"Will 2018 prove to be a bumper year for Turkish initial public offerings? The early signs aren’t particularly good.

Two deals in the past week attracted interest at the bottom of their proposed valuation ranges, and that’s after one of them cut the asking price by 21 percent. A third sale was postponed amid the bloodbath in global equity markets."



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Abu Dhabi's TAQA swings to annual profit, helped by higher oil prices | ZAWYA MENA Edition

Abu Dhabi's TAQA swings to annual profit, helped by higher oil prices | ZAWYA MENA Edition:

"Abu Dhabi National Energy Co. (TAQA) said on Thursday it had swung to an annual profit after a loss in 2016 due to an exceptional impairment charge. Acting Chief Operating Officer Saeed Hamad al-Dhaheri said in a statement that the 171 million dirham ($46.56 million) profit was helped by higher hydrocarbon prices and sustained cost efficiencies. TAQA, 75 percent-owned by the government of Abu Dhabi, recorded a net loss of 18.55 billion dirham for the previous year. It did not provide a breakdown of earnings for the 2017 fourth quarter. "



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UPDATE 1-UAE's Crescent Petroleum says it will more than double Iraq gas output in 3 years

UPDATE 1-UAE's Crescent Petroleum says it will more than double Iraq gas output in 3 years:

"United Arab Emirates-based energy firm Crescent Petroleum plans to raise natural gas output at its Pearl Petroleum venture in northern Iraq by 80 million cubic feet per day by October, and by 500 million cfd within three years, the company’s president said on Thursday. Badr Jafar, speaking at a business conference, said Crescent was also keen to engage in the oil and gas sector in the south of Iraq. Pearl currently produces 330 million cfd of gas and 20,000 barrels per day of condensate in northern Iraq, he said. Pearl is owned 35 percent by Crescent Petroleum, 35 percent by Crescent’s affiliate Dana Gas, 10 percent by Austria’s OMV, 10 percent by Germany’s RWE, and 10 percent by Hungary’s MOL."



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Oil Extends Slide as Record U.S. Output Sparks Supply Glut Fears - Bloomberg

Oil Extends Slide as Record U.S. Output Sparks Supply Glut Fears - Bloomberg:

"U.S. shale is once again threatening to derail oil’s recovery, with futures on course for their longest run of declines in nine months after American output hit new highs. Futures fell as much as 0.7 percent in New York, falling for a fifth day, after government data showed U.S. crude production jumped to a record 10.25 million barrels a day last week. Investors were also left disappointed after data showed American crude stockpiles rose, countering a separate industry report which pointed to a decrease."



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MIDEAST STOCKS-Gulf narrowly mixed after Wall Street loses steam

MIDEAST STOCKS-Gulf narrowly mixed after Wall Street loses steam:

"Gulf stock markets were narrowly mixed in quiet, early trade on Thursday after Wall Street shares lost steam and oil prices fell overnight. Saudi Arabia’s index slipped 0.2 percent in the first 30 minutes with losers outnumbering gainers by a ratio of more than two to one. But food company Savola rose 1.1 percent after proposing raising its cash dividend to 1 riyal per share for 2017 from 0.75 riyal for 2016."



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