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Tuesday, 13 February 2018

Exclusive: Abu Dhabi’s VPS Healthcare in IPO talks, eyeing London listing - The National

Exclusive: Abu Dhabi’s VPS Healthcare in IPO talks, eyeing London listing - The National:

"Abu Dhabi-based VPS Healthcare is planning an initial public offering as it looks to tap new markets such as Saudi Arabia and expand into data-driven preventive health care, its chairman said.

“We have IPO plans. This is a hot topic and we will announce it very soon,” Dr Shamsheer Vayalil, also managing director of VPS, told The National.

“The drivers [for IPO] are our aspirations to grow internationally. We want to be a homegrown brand that competes globally – we want to be the Emirates and Etihad of healthcare,” he said, referring to the UAE’s flag carriers."



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Qatar Airways to grow despite boycott, CEO says | Arab News

Qatar Airways to grow despite boycott, CEO says | Arab News:

"Qatar Airways’ chief executive said Tuesday the carrier will post a loss this year because four other Arab countries have severed land, air and sea links with Qatar. Akbar Al-Baker said his state-owned airline might know by April the size of the loss. He could not give a timeline on when the new routes would make up for markets lost. “It all depends on how quick we will be able to mature the new destinations that we are operating instead of the destinations that were taken away from us during the boycott,” Al-Baker said."



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IQ posts 12% jump in 2017 profit to QR3.3bn

IQ posts 12% jump in 2017 profit to QR3.3bn:

"Market heavyweight Industries Qatar (IQ) – a holding company with interests in the production of fertiliser, petrochemical and steel products, has reported about 12% year-on-year increase in net profit to QR3.3bn in 2017, exceeding the budget expectations. The company, whose earnings-per-share was QR5.48 at the end of 2017, has proposed a total QR3bn annual dividend distribution, equivalent to a payout of QR5 per share and representing a payout ratio of 91.2%, its spokesman said. The financial and operational performance is considered “credible” amidst several challenges including the effects of the blockade, unplanned shutdowns in some facilities, a general increase in raw material costs (specifically the cost of raw materials of steel), higher utility prices and muted demand in some geographies, IQ said."



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Dana Gas creditors reject new proposal to restructure $700 mln sukuk | ZAWYA MENA Edition

Dana Gas creditors reject new proposal to restructure $700 mln sukuk | ZAWYA MENA Edition:

"Creditors of United Arab Emirates-based energy producer Dana Gas DANA.AD have rejected a new proposal by the company to restructure its $700 million of Islamic bonds and are waiting for improved terms, two sources familiar with the matter said on Tuesday. Dana refused to redeem its sukuk when they matured last year, on the grounds that the instruments were no longer sharia-compliant because of changes in Islamic finance practice. While legal proceedings between the company and its creditors are continuing in British and United Arab Emirates courts, talks to find an out-of-court settlement have so far produced no concrete result."



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MIDEAST DEBT-Gulf's rate reprieve may end as U.S. spreads stop narrowing

MIDEAST DEBT-Gulf's rate reprieve may end as U.S. spreads stop narrowing:

"A dramatic narrowing of spreads between interest rates in the United States and the Gulf cushioned the region’s economies last year, but the trend may be close to ending as demand for loans picks up and monetary policy tightens further.

Any move towards significantly higher regional rates - those in Saudi Arabia have actually fallen in the past year, against the U.S. tide - could weigh on a modest acceleration of economic growth expected in 2018.

In theory, short-term money rates in the United States and the Gulf should move in similar ways as the region’s currencies are closely linked to the U.S. dollar, leaving central banks little room to conduct independent monetary policies."



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Biggest Wealth Fund Asked to Assess Impact of Aramco Listing - Bloomberg

Biggest Wealth Fund Asked to Assess Impact of Aramco Listing - Bloomberg:

"After the world’s biggest wealth fund shocked energy markets in November when it proposed cutting oil and gas stocks from its equity index, it now faces a conundrum on how to handle the impending public offering of the world’s largest oil company.


Saudi Arabian Oil Co. “will own petroleum resources to a much greater extent than the oil companies currently listed on stock exchanges and will contribute to a higher resource rent risk,” Norway’s Finance Ministry said in a letter to Norges Bank published on Tuesday. It has asked the central bank and the fund to review what impact a listing of Saudi Aramco will have on the fund’s reference index.

Yngve Slyngstad, the head of Norges Bank Investment Management, told Bloomberg on Tuesday that he would consider the Saudi Aramco as any other public offering."



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MIDEAST STOCKS-Emaar Malls, Aramex boost Dubai, MSCI changes roil Egypt

MIDEAST STOCKS-Emaar Malls, Aramex boost Dubai, MSCI changes roil Egypt:

"Strong earnings by Emaar Malls and Aramex boosted Dubai’s stock market on Tuesday but most major Middle Eastern bourses were soft, with changes by MSCI to its equity indexes affecting the Egyptian market. The Dubai index added 0.8 percent as Emaar Malls , the emirate’s flagship mall operator, rose 3.6 percent to 2.33 dirhams, although it came off the day’s high after failing a test of technical resistance on the January peaks of 2.38 dirhams. It reported a 27 percent gain in fourth-quarter net profit to 574 million dirhams ($156 million). SICO Bahrain had forecast 499 million dirhams."



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IEA Says OPEC Has Almost Cleared Oil Glut But Faces Shale Danger - Bloomberg

IEA Says OPEC Has Almost Cleared Oil Glut But Faces Shale Danger - Bloomberg:

"OPEC and its allies have almost achieved their goal of clearing an oil glut, but their efforts could be derailed by rising supplies from the U.S. and other rivals, the International Energy Agency said.

Oil stockpiles in developed nations fell the most in more than six years in December as supply cuts by OPEC and Russia took effect. The surplus is also being cleared by higher consumption, with the agency boosting its forecast for global demand growth in 2018 by about 100,000 barrels a day to 1.4 million a day."



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UAE banks eye end to $22bln Saudi debt saga | ZAWYA MENA Edition

UAE banks eye end to $22bln Saudi debt saga | ZAWYA MENA Edition:

"Banks in the United Arab Emirates are hopeful of recovering some funds in 2018 from the multibillion-dollar collapse of Saudi Arabia's Saad Group and Ahmad Hamad al-Gosaibi & Bros Co (AHAB) nearly a decade ago, a senior banking official told Reuters. The two conglomerates defaulted in 2009 in Saudi Arabia's biggest financial meltdown, leaving international and regional banks and other creditors owed about $22 billion. After years of legal disputes and only gradual progress, efforts to resolve matters have gathered pace since the establishment of a tribunal in 2016 to deal with financial claims against AHAB and Saad Group."



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Winners and losers: The best and worst performers in GCC equity markets last year | ZAWYA MENA Edition

Winners and losers: The best and worst performers in GCC equity markets last year | ZAWYA MENA Edition:

"The Gulf's equity markets may have endured something of a rocky ride in 2017, and, after a bright start this year, look set for more uncertainty, at least in the short-term.

Higher oil prices had led to all of the Gulf Cooperation Council’s stock markets posting gains in the first month of the year - except for Oman, which fell by 1.9 percent – but the global sell-off in equity markets around the world in early February led to some of these gains being reversed.

The uncertainty created by the sharp decline in equities could threaten to sharply close what was seen as a window for potential successful initial public listings (IPOs), following the flotation of Dubai’s Emaar Developments in November and Abu Dhabi’s ADNOC Distribution one month later."



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MIDEAST STOCKS-Dubai strong on Emaar Malls, Aramex earnings, Gulf mostly quiet | ZAWYA MENA Edition

MIDEAST STOCKS-Dubai strong on Emaar Malls, Aramex earnings, Gulf mostly quiet | ZAWYA MENA Edition:

"Dubai's stock market rose in early trade on Tuesday after Emaar Malls and Aramex reported strong earnings, but most of the Gulf was quiet, gaining little momentum from the rise of Wall Street and other global markets.

The Dubai index added 1.0 percent as Emaar Malls, the emirate's flagship mall operator, rose 3.1 percent after reporting a 27 percent gain in fourth-quarter net profit to 574 million dirhams ($156 million). SICO Bahrain had forecast 499 million dirhams.

Courier Aramex jumped 4.6 percent after it reported a 25 percent rise in fourth-quarter net profit to 165 million dirhams, beating SICO Bahrain's estimate of 115 million dirhams. For the full year, profit increased only 2 percent."



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Amlak Finance 2017 net profit more than halves as revenues slump - The National

Amlak Finance 2017 net profit more than halves as revenues slump - The National:

"Dubai-based mortgage lenderAmlak Finance on Monday recorded more than 50 per cent slump in 2017 full-year net profit after revenues declined for Sharia-compliant home financier amid a softer property market. The lender reported full-year net income of Dh51.33 million for the 12-month period to December end, down from Dh107.04m reported year-earlier, the company said in a statement to Dubai Financial Market, where its shares are traded. The net operating profit decreased to Dh176.1m at the end of last year from Dh234.44m for 2016. Total revenues dropped to Dh432.45m from Dh778.19m for the same period, the company said without explaining why its profits and revenues have decline. The earning per share also more than halved for to Dh0.027 from Dh0.071."



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UAE banks seen turning the corner in 2018 as loan demand strengthens - The National

UAE banks seen turning the corner in 2018 as loan demand strengthens - The National:

"UAE banks are set to see higher loan growth and profitability in 2018 as the local economy turns the corner, non-performing loans decline and rising interest rates give a boost to net interest margins. Rising oil prices and stronger support from governments are also supporting deposits while greater adoption of technology by banks has made them more efficient. "Banks closed out the year pretty well last year," said Saeeda Jaffar, a managing director at the Financial Institutions Advisory Services practice of the global consultants Alvarez & Marsal."



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Dubai Holding unit seeks $572m for refinancing | GulfNews.com

Dubai Holding unit seeks $572m for refinancing | GulfNews.com:

"Dubai Holding’s Emirates International Telecommunications unit is in talks with banks to raise about Dh2.1 billion ($572 million) to refinance an existing loan, according to two people familiar with the matter.
The company, which owns stakes in Axiom Telecom and Du, is speaking to lenders including Emirates NBD, Noor Bank and Commercial Bank International about a club loan, said the people, asking not to be identified because the information is private. The facility would be backed by EIT’s telecom stakes, the people said.

The company has loans worth Dh2.1 billion maturing in 2020, according to data compiled by Bloomberg. EIT declined to comment. Dubai Holding agreed in December to sell EIT’s 35 per cent stake of Tunisie Telecom to buyout firm Abraaj Group."



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