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Wednesday, 21 February 2018

Flydubai reports 18% profit hike for 2017 - The National

Flydubai reports 18% profit hike for 2017 - The National:

"Flydubai, Dubai’s low-cost carrier which signed last year an expanded codeshare agreement with sister airline Emirates, reported an 18 per cent rise in net profit as it flew a record number of passengers.

The airline's tie-up with Emirates and a refreshed fleet is expected to continue to drive growth in 2018.

Net profit for 2017 increased to Dh37.3 million from Dh31.6m in 2016, while total revenues increased 9.2 per cent to Dh5.5 billion compared to Dh5bn the previous year."



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Saudi Arabia’s Samba, Alawwal underline banking upturn | Arab News

Saudi Arabia’s Samba, Alawwal underline banking upturn | Arab News:

"Saudi Arabian banks showed more evidence of improving results on Wednesday with stronger fourth-quarter performances from two of the kingdom’s larger lenders.
Of the seven main Saudi banks to report so far, all have posted higher profits for the quarter, although few have done enough to beat market forecasts.
Samba Financial Group, Saudi’s third-largest bank by assets, was the latest to do so on Wednesday, recording an 11.4 percent rise in fourth-quarter net profit, in line with analysts’ expectations."



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Saudi Wealth Fund Is Said to Seek 15% Stake in Accor's Unit - Bloomberg

Saudi Wealth Fund Is Said to Seek 15% Stake in Accor's Unit - Bloomberg:

"Saudi Arabia’s sovereign wealth fund is in talks to buy a 15 percent stake in Accor SA’s property business in a transaction that could value the unit at about 6.2 billion euros ($7.64 billion), according to people familiar with the matter.

Public Investment Fund, known as PIF, is buying a stake alongside Singapore’s state-owned GIC Pte, French asset manager Amundi SA and U.S. real estate investment trust Colony NorthStar Inc., the people said, asking not to be identified as the information is private. The group jointly aims to buy a majority stake in the AccorInvest business, though it wasn’t immediately clear how much PIF’s partners would each hold, they said. Accor shares jumped to the highest in almost two and a half years.

While discussions are in advanced stages, there’s no guarantee that an agreement will be reached, the people said. Representatives for PIF, GIC, Amundi and Colony NorthStar declined to comment."



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MIDEAST STOCKS-Emaar Properties lifts Gulf laggard Dubai

MIDEAST STOCKS-Emaar Properties lifts Gulf laggard Dubai:

"A wave of buying in beaten down blue-chip stock Emaar Properties boosted the Dubai market on Wednesday while most of the region traded quietly in modest volumes. Dubai’s index firmed by 0.5 percent, but remains the Gulf’s worst-performing index this year with a decline of 2.5 percent, partly because of a sustained slump in the emirate’s real estate market. However, the bourse was lifted on Wednesday as Emaar, which had been trading near 14-month lows, surged by 3.2 percent to 6.22 dirhams in its heaviest volume this year. It is still down nearly 5 percent since the start of the year."



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Bahrain selects banks for planned international bond issue- sources | ZAWYA MENA Edition

Bahrain selects banks for planned international bond issue- sources | ZAWYA MENA Edition:

"Bahrain's government has selected banks for a planned international bond issue, sources familiar with the matter said on Wednesday. BNP Paribas, Citi and JPMorgan have been chosen to arrange the transaction, along with Gulf International Bank and National Bank of Bahrain, the sources said. Bahrain's central bank did not immediately respond to a request for comment."



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Exclusive: ADFG eyes private equity deals in Latin America, to launch debt fund in 2018 - The National

Exclusive: ADFG eyes private equity deals in Latin America, to launch debt fund in 2018 - The National:

"Abu Dhabi Financial Group, the investment firm with around $6 billion in assets under management, plans to launch a new fund this year and is eyeing private equity acquisitions in Latin America as it continues to diversify its investments, its chief operating officer said. ADFG is targeting a launch in the next 3-6 months for a $150 million mezzanine debt fund and the initial public offering of Etihad Reit, said Mustafa Kheriba. The company has received “a good portion of soft commitments” from GCC and Mena investors for the mezzanine fund. The Etihad Reit, which will focus on various types of property across the seven emirates, is likely to be listed on the Abu Dhabi Securities Exchange, but ADFG has yet to decide on a listing venue. "We have aggressive growth plans over the next five years and are looking at growing organically and inorganically,” said Mr Kheriba."



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Qatar-Turkey trade volume set to touch $5bn - The Peninsula Qatar

Qatar-Turkey trade volume set to touch $5bn - The Peninsula Qatar:

"With the fast growing economic cooperation between Qatar and Turkey, the bilateral trade volume between the two nations is expected to jump by manifold over the next few years. The current level of two-way trade exchange stood at $1.5bn, which is expected to surge by more than three times to touch $5bn within two-three years, business leaders from both side noted yesterday. “Qatari-Turkish relations are witnessing rapid growth, which led the private sector in both countries to seize the opportunity and strengthen cooperation and build trade alliances that paved the way for increasing the volume of trade exchange between the two countries”, Muhammed bin Ahmed bin Towar Al Kuwari, Vice-Chairman of Qatar Chamber told The Peninsula on the sidelines of a meeting with the visiting members of a Turkish trade delegation, yesterday. Al Kuwari added: “Turkey is one of the most industrialised economies in the world exporting nearly $160bn worth of goods to the world. They produce quality products which are exported to all over the world, including Qatar. As we are implementing large number of infrastructure and developmental projects, including those in the oil & gas sector, we need Turkish products, which will further boost the trade relations in future.” Al Kuwari pointed out that the total number of Turkish companies in the Qatari market is 205, of which 186 are joint ventures, and 19 companies with full ownership of the Turkish capital."



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After breakthrough Islamic issuance, Al Rayan Bank eyes more RMBS in UK

After breakthrough Islamic issuance, Al Rayan Bank eyes more RMBS in UK:

"Al Rayan Bank is planning more securitisations backed by Shariah-compliant loans, after recently selling the UK’s first deal tied to Islamic-style home purchase plans. The bank expects to offer another deal late next year, Treasurer Amir Firdaus said in a phone interview. It may use a different residential-mortgage backed securitisation structure, and sell buy-to-let plans as well as home financing. “If the price is still right, our strategy is to return to the RMBS market,” Firdaus said. “There is a huge pent-up demand for quality RMBS paper.”"



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Oil falls as dollar firms, U.S. oil output expected to rise

Oil falls as dollar firms, U.S. oil output expected to rise:

"Oil prices fell on Wednesday, weighed down by a rebound in the U.S. dollar from three-year lows hit last week and an expected rise in U.S. oil production.

U.S. West Texas Intermediate (WTI) crude futures were at $61.07 a barrel at 0446 GMT, down 72 cents, or 1.2 percent, from their last settlement.

 Brent crude futures fell 60 cents, or 0.9 percent, from their last close to $64.65 per barrel.

"



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Dubai Islamic Bank lists $1bln sukuk on Nasdaq Dubai | ZAWYA MENA Edition

Dubai Islamic Bank lists $1bln sukuk on Nasdaq Dubai | ZAWYA MENA Edition:

"Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, rang the market-opening bell today to celebrate the listing of a $1 billion Sukuk on Nasdaq Dubai. The Sukuk is the first benchmark dollar-denominated Sukuk from a GCC issuer in 2018 and provides significant support for the domestic and international growth strategy of DIB. It is DIB's sixth Sukuk on Nasdaq Dubai, making the bank the largest UAE debt issuer by value on the exchange with a total of $5.25 billion. The latest Sukuk, carrying a profit rate of 3.625 per cent with a five-year tenor, attracted investors from the Middle East, Europe, Asia and North America, including banks, sovereign wealth funds and fund managers. The collaboration between Nasdaq Dubai and DIB underlines Dubai's growth as the global Capital of the Islamic Economy."



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MIDEAST STOCKS-Gulf mixed early on, Emaar Properties pulls up Dubai

MIDEAST STOCKS-Gulf mixed early on, Emaar Properties pulls up Dubai:

"Gulf stock markets were mixed in early trade on Wednesday but a rebound by real estate blue chip Emaar Properties lifted Dubai. The Dubai index gained 0.6 percent as Emaar, which had been trading near 14-month lows because of a slumping Dubai real estate market, surged 2.8 percent to 6.20 dirhams. The stock had reached a trailing price-earnings ratio of about 7.6 times, according to Thomson Reuters data - cheap by emerging market standards. Of 12 analysts rating it, 10 have a “buy” or “strong buy” rating and none have a “sell”, according to a Reuters survey; their median target price is 9.45 dirhams."



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