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Tuesday, 6 March 2018

Saudi Aramco Says Fears of `Peak Oil Demand' Are Overblown - Bloomberg

Saudi Aramco Says Fears of `Peak Oil Demand' Are Overblown - Bloomberg:

"Saudi Arabia’s oil company isn’t afraid of electric vehicles. As it prepares to sell a stake in the company to investors, the CEO reassured a Houston audience that the need for petroleum isn’t going away any time soon. “I am not losing any sleep over ‘peak oil demand’ or ‘stranded resources,”’ Saudi Aramco Chief Executive Officer Amin Nasser said at the CERAWeek by IHS Markit conference on Tuesday. “We must push back on the idea that the world can do without proven and reliable sources” of energy, he told the gathering. “Oil and gas will continue to play a major role in a world where all energy sources will be required for the foreseeable future.”"



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Air Berlin creditors plan to sue Etihad Airways for damages- source | ZAWYA MENA Edition

Air Berlin creditors plan to sue Etihad Airways for damages- source | ZAWYA MENA Edition:

"Creditors of insolvent Air Berlin AB1.DE have decided to sue former parent Etihad Airways for damages over its decision to withdraw funding in August, which sent Germany's second-largest airline into administration, a person close to the matter said.

The creditors have asked the administrator to find a firm to finance the planned litigation, the person also said. Air Berlin and the administrator declined to comment. Abu Dhabi-based Etihad was not immediately available for comment.

The administrator had said he was assessing possible claims against Etihad that could potentially reach more than 1 billion euros, arguing that Etihad did not meet its financial obligations towards Air Berlin, once Germany's No.2 carrier. "



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ADGM introduces remote membership to its capital market regime | ZAWYA MENA Edition

ADGM introduces remote membership to its capital market regime | ZAWYA MENA Edition:

"The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has announced the implementation of enhancements to its Capital Market regime by introducing a Remote Membership framework as well as various other amendments. This follows the successful completion of a public consultation on the proposals on 2nd January 2018. By enabling brokers located outside of the ADGM to access exchanges and clearing houses located within ADGM, the ADGM Remote Membership framework will expand the pool of international investor participation, facilitate cross-border flows and increase liquidity for ADGM’s capital market. With regards to other key amendments, these include simplifying transaction reporting requirements for ADGM firms and clarifying the availability and constraints of the price stabilisation regime permitted by the Markets Rules. In addition, amendments have been made to naming conventions in order to clarify distinction between ADGM-based exchanges and clearing houses compared to remote exchanges and clearing houses."



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Aramco IPO venue in the balance as Saudi prince embarks on trip | ZAWYA MENA Edition

Aramco IPO venue in the balance as Saudi prince embarks on trip | ZAWYA MENA Edition:

"Saudi Crown Prince Mohammed bin Salman's upcoming trip to Britain and the United States could shape the decision on where to list oil giant Aramco, at a time when sources say the chances of London and New York hosting the IPO appear to be receding.
The two leading financial centres have long been the clear frontrunners to host the international leg of the flotation, alongside a Riyadh listing.

Yet this may no longer be the case as Hong Kong is emerging as an increasingly likely compromise because Riyadh wants to help Asian nations that are expected to become "cornerstone" investors, including China and Japan, according to two sources familiar with the matter."



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MIDEAST STOCKS-Abu Dhabi down; Egypt hits record high

MIDEAST STOCKS-Abu Dhabi down; Egypt hits record high:

"Gulf stocks were mixed on Tuesday, with the Saudi market up on steady oil prices and Abu Dhabi dragged down by First Abu Dhabi Bank’s stock going ex-dividend.

Outside of the Gulf, Egypt’s index continued to climb, reaching an all-time high as it benefits from the central bank’s decision to cut interest rates last month, the first time it has done so since letting the currency float freely in 2016.

The Egyptian exchange closed at 16,012.66 points, up 1.99 percent, fuelled by gains in the consumer and real estate sectors."



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Air Arabia eyes 100 plane order by year end, CEO says - The National

Air Arabia eyes 100 plane order by year end, CEO says - The National:

"Air Arabia’s expansion could see the biggest discount carrier in the Arabian Gulf and North Africa order 100 narrow-body planes worth $11 billion at list prices before the end of the year. The Sharjah, United Arab Emirates-based airline hasn’t yet reached a decision but the figure is “probably the right number,” chief executive Adel Ali said in an interview on Monday near New Delhi. Air Arabia currently operates a fleet of 50 Airbus SE A320 jets and is looking at the upgraded Neo version, while also seriously considering Boeing Co.’s rival 737 Max, Ali said. Bombardier Inc.’s C Series plane is also in the running as the carrier moves to renew its fleet after full-year profit jumped 29 percent in 2017 to a record 631 million dirhams ($171m)."



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Angola state oil firm probes $38m Dubai company payment | Arab News

Angola state oil firm probes $38m Dubai company payment | Arab News:

"Isabel dos Santos, daughter of Angola’s former president, has denied allegations of suspicious activity during her tenure as head of state oil firm Sonangol made by the current chair of the company, describing them as “slanderous.” Dos Santos, ranked Africa’s wealthiest woman by Forbes, said in a statement issued late on Sunday that she would take all measures to protect her reputation and rejected accusations of wrongdoing made by Sonangol Chairman Carlos Saturnino last week. Saturnino said an internal audit at Sonangol uncovered a transaction of $38 million made to a Dubai-headquartered company that was approved by dos Santos after she had been dismissed from Sonangol. "



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QSE’s first ETF evokes huge market response - The Peninsula Qatar

QSE’s first ETF evokes huge market response - The Peninsula Qatar:

"Riding a wave of popularity in the global market, the Qatar Stock Exchange (QSE) yesterday listed the market’s first Exchange Traded Fund (QETF) on the bourse under the ticker ‘QETF’. Investors looking for exposure to Qatari market, but wanted to avoid selecting stocks themselves, now have the additional choice. The Fund will track the QE Index that measures the price performance of the top 20 largest and most liquid companies on Qatar Stock Exchange. Investors can now buy a QSE replica in one single decision. QETF can be bought and sold like any other stocks on the exchange through brokers. As QETF tracks the QSE benchmark index, it allows investors to obtain exposure to a diversified portfolio with one single decision."



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Economic, financial impact on Qatar from boycott is fading: IMF

Economic, financial impact on Qatar from boycott is fading: IMF:

"The direct economic and financial impact for Qatar as a result of the diplomatic boycott with some Arab states is fading, according to a report from the International Monetary Fund.

Qatar’s banking system has recovered from initial outflows and the economy is expected to grow 2.6 percent this year, the IMF said in a report citing formal consultations with Qatar.

The country’s fiscal deficit is estimated to have narrowed to about 6 percent of gross domestic product in 2017 from 9.2 percent in 2016 , the IMF said."



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Saudi Bourse Courts Foreigners as It Readies for Oil Giant's IPO - Bloomberg

Saudi Bourse Courts Foreigners as It Readies for Oil Giant's IPO - Bloomberg:

"Saudi Arabia’s stock market is on a charm offensive as it prepares for what could be the world’s largest initial public offering. The exchange, known as Tadawul, aims to boost foreign ownership of equities to as much as 25 percent in at least the next two years from about 4 percent, Chief Executive Officer Khalid Al Hussan said in an interview in London, where he attended a Saudi Arabia investment conference organized by Goldman Sachs Group Inc. The bourse currently has about 120 registered Qualified Foreign Investors -- who are allowed to trade Saudi stocks directly -- and is reviewing applications of 180 more, he said. Foreigners have been net buyers of more than a 1 million riyals ($266,600) worth of shares for just one week since October 2015, when Bloomberg began tracking the data."



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Three Pressing Questions for the Saudi Aramco CEO at CERAWeek - Bloomberg

Three Pressing Questions for the Saudi Aramco CEO at CERAWeek - Bloomberg:

"The chief executive officer of Saudi Aramco will speak to several thousand executives, government officials and journalists at the annual CERAWeek by IHS Markit event in Houston Tuesday. As the state-owned oil producer ponders an initial public offering, below are some of the most pressing questions for Amin Nasser.

Where and when will the shares be listed?
At least two governments, the U.S. and U.K., have openly lobbied to get the listing on their exchanges, which could spur a lot of associated financing. And while the Saudis have repeatedly said they want to choose the listing place this year, they have not ruled out the chance the decision will slip into next year."



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A hard sell? Saudi crown prince goes West to woo allies | ZAWYA MENA Edition

A hard sell? Saudi crown prince goes West to woo allies | ZAWYA MENA Edition:

"Saudi Arabia's crown prince wants to persuade his British and U.S. allies that "shock" reforms have made his country a better place to invest and a more tolerant society on his first foreign tour as heir apparent. But it could be a tough sell. Prince Mohammed bin Salman, who starts talks in London on Wednesday, has won Western plaudits for seeking to reduce Saudi Arabia's reliance on oil, tackle chronic corruption and transform the deeply conservative, mainly Sunni Muslim kingdom."



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MIDEAST STOCKS-Saudi, Qatar stocks rebound on global stocks, Abu Dhabi slips as lender FAB goes ex-dividend | ZAWYA MENA Edition

MIDEAST STOCKS-Saudi, Qatar stocks rebound on global stocks, Abu Dhabi slips as lender FAB goes ex-dividend | ZAWYA MENA Edition:

"Gulf stock markets were mixed on Tuesday as some markets such as Saudi and Qatar took heart from a rise in global stocks and oil prices, while Abu Dhabi's stock market dropped 2 percent as First Abu Dhabi Bank went ex-dividend. Qatar stock market rose 0.7 percent after slumping to its lowest level in more than two months on Monday when two big Qatari companies went ex-dividend. Saudi stocks jumped 0.6 percent, buoyed by telecom and financial stocks. Saudi Arabia Mining Co  rose 1.81 percent after sharply falling this week as the majority owner of the world's largest fully integrated aluminium facility was weighed down by news about planned rise in U.S. tariffs."



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