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Tuesday, 27 March 2018

MIDEAST STOCKS-Saudi outperforms region again before FTSE index decision

MIDEAST STOCKS-Saudi outperforms region again before FTSE index decision:

"Saudi Arabia’s stock market climbed to a 31-month high on Tuesday, once again outperforming the rest of the region in anticipation of a positive decision by FTSE on Wednesday to include the kingdom in its secondary emerging markets index. The Saudi index rose 1.1 percent, bringing its gain so far this year to 9.9 percent. A positive decision by FTSE after the close on Wednesday would attract several billion dollars of passive, index-linked foreign funds to Saudi Arabia when the decision was implemented late this year or early next; inflows of active funds would probably be larger. Heavyweights Saudi Basic Industries and Al Rajhi Bank have been among the main beneficiaries of inflows anticipating a positive decision. That trend continued on Tuesday, with SABIC rising 2.6 percent and Al Rajhi up 1.4 percent. The biggest listed bank, National Commercial Bank , climbed 1.3 percent."



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Exclusive: Swiss private bank Julius Baer bullish about Middle East growth - The National

Exclusive: Swiss private bank Julius Baer bullish about Middle East growth - The National:

"Julius Baer, the third-largest private Swiss bank with more than 388 billion francs ($410bn) of assets under management, said the Middle East outperformed for the wealth manager last year and is likely to continue to show promising growth this year as oil prices rebound from a three-year slump. "The United Arab Emirates and Saudi Arabia hold the most promise in the region this year as the two states boost efforts to diversify their economies," Bernard Hodler, the bank’s chief executive, told The National in an interview. “In the past two years things have gotten better and it has a little to do with higher oil prices and I think the economy here in the UAE has become a bit more stable,” Mr Hodler said."



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Saudi Aramco IPO prospectus ‘virtually ready,’ with new reserves valuation likely to top 260bn barrels | Arab News

Saudi Aramco IPO prospectus ‘virtually ready,’ with new reserves valuation likely to top 260bn barrels | Arab News:

"The prospectus for the initial public offering (IPO) of Saudi Aramco is “virtually ready,” including a revised valuation of the oil giant’s reserves, a person familiar with the company’s plans has told Arab News.
The news came as Saudi Arabia’s Crown Prince Mohammed bin Salman said OPEC is seeking to cooperate with Russia on oil supplies for the next 10-to-20 years. The crown prince, currently leading a Saudi delegation in the US, added that OPEC has agreed on the general outlines for long-term oil supply cooperation with Russia.
The person familiar with the company’s plans, who declined to be identified because details of the prospectus were not in the public domain, said the plans for an IPO were on track for later this year, and that the prospectus was awaiting government approval and some finalizing some details, like valuation and listing venue. “There are a few spaces left blank but (the prospectus) is almost ready to go,” he said."



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QIIB plans roadshows in Asia, Europe to test appetite for sukuk

QIIB plans roadshows in Asia, Europe to test appetite for sukuk:

"QIIB plans to hold roadshows in Asia and Europe next month to explore the market for its proposed sukuk, chief executive officer Dr Abdulbasit Ahmad al-Shaibei has said. “Neither the size nor the tenor of the sukuk have been decided as yet, although we are looking up to $500mn with a maturity of three to five years,” al-Shaibei told Gulf Times yesterday. He said QIIB shareholders approved the issuance of the senior unsecured sukuk at their AGM last night. "



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OPEC, Russia consider 10-20 year oil cooperation- Saudi Crown Prince | ZAWYA MENA Edition

OPEC, Russia consider 10-20 year oil cooperation- Saudi Crown Prince | ZAWYA MENA Edition:

"OPEC is seeking a long-term deal to cooperate on oil output controls with Russia and other non-OPEC producers, said Saudi Crown Prince Mohammed bin Salman.

“We are working to shift from a year-to-year agreement to a 10-20 year agreement,” the crown prince told Reuters in an interview in New York.

“We have agreement on the big picture, but not yet on the detail.”"



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MIDEAST STOCKS-FTSE decision lifts Saudi Arabian market, others remain soft | ZAWYA MENA Edition

MIDEAST STOCKS-FTSE decision lifts Saudi Arabian market, others remain soft | ZAWYA MENA Edition:

"Saudi Arabia's stock market rose on optimism over its inclusion in the emerging market indexes, while other markets had a mixed reaction in early trade on Tuesday.

The Saudi index rose 0.9 percent to its highest level since August 2015 as investors are expecting FTSE to upgrade Riyadh to secondary emerging market status. FTSE will make the announcement later on Tuesday.

Investors were bullish on Saudi stocks, all sectors included, as they expect billions of dollars to pour into the market after the upgrade."



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Qatar Airways plans to buy stake in Russian airport as emir visits Moscow

Qatar Airways plans to buy stake in Russian airport as emir visits Moscow:

"Qatar Airways announced plans on Monday to buy a 25 percent stake in Russia’s Vnukovo Airport, the third-largest in the Moscow area by passenger numbers.

The deal was announced on the same day that Qatar’s Emir, Sheikh Tamim bin Hamad al-Thani, met President Vladimir Putin in the Kremlin.

A Qatar Airways spokeswoman told Reuters the airline had signed a memorandum of understanding to buy the minority stake and that it now had eight weeks to finalize the transaction. "



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Investors Bullish on Saudi Stocks as Key FTSE Decision Eyed - Bloomberg

Investors Bullish on Saudi Stocks as Key FTSE Decision Eyed - Bloomberg:

"Investors expect FTSE Russell to include Saudi Arabia in the emerging markets category later this week, a decision that would trigger billions of dollars in inflows to the biggest Middle Eastern stock market.

An announcement from the index compiler is due on March 28, the first of two decisions that will potentially put the kingdom on the radar of fund managers, investors say. MSCI Inc. will provide the second in June, with a positive outcome setting the stage for a planned initial public offering of shares in Saudi Aramco, expected to be the biggest ever and key to a series of reforms taking place in Saudi Arabia. After gaining Tuesday, the country’s main stock gauge is up 9.7 percent this year, versus 3.1 percent for emerging markets.

Inclusion by FTSE Russell could draw about $5 billion from passive investors starting next year, with twice that amount coming if MSCI follows suit, according to estimates by EFG-Hermes Holding. The announcement is expected after markets close in the U.S., and investors in the region estimate it will be positive for the Saudis. Check their views below. "



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Abraaj may sell part of investment management business -sources | ZAWYA MENA Edition

Abraaj may sell part of investment management business -sources | ZAWYA MENA Edition:

"Private equity firm Abraaj Group is considering selling part of its investment management business as it seeks to stem the fallout from a dispute with investors in one of its funds, three sources familiar with the matter said. Dubai-based Abraaj is in early stage talks with several possible buyers, the sources said, with one source saying Abu Dhabi Financial Group was among them and another source saying Abraaj had received interest from international financial firms. The talks are focused on Abraaj's investment management business, a core part of its operations, two of the sources said."



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Saudi Aramco ready for IPO in second half of 2018 -CEO | ZAWYA MENA Edition

Saudi Aramco ready for IPO in second half of 2018 -CEO | ZAWYA MENA Edition:

"Saudi Aramco will be ready for an initial public offering in the second half of 2018 and the work is ongoing, Amin Nasser, the chief executive officer of the state oil company, said in a Bloomberg television interview on Monday. * "We are doing a lot of work to prepare the company for listing," he said. * The venue and the timing will depend on the government, Nasser said. "Don't forget this is a very complex process. Aramco's size and complexities is something that requires time.""



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