Dubai’s ICD says to buy stake in Corporación América Airports subsidiary - The National:
Investment Corporation of Dubai, the emirate’s sovereign wealth fund, has agreed to buy 25 per cent of Corporación America Italia, a unit of New York-listed Corporación América Airports, the world’s largest private airport operator, for an undisclosed sum.
“The purchase of shares in CAI gives ICD access to Toscana Aeroporti, an established, well-performing airport group in a mature economy with development potential,” said ICD chief executive Mohammed Al Shaibani in a statement.
CAI is the controlling entity of Toscana Aeroporti, a publicly-traded Italian company that holds and manages the concessions for Florence and Pisa airports in Italy.
Thursday 26 July 2018
Nakheel to invest Dh5bn in new hotels in five years, chairman says - The National
Nakheel to invest Dh5bn in new hotels in five years, chairman says - The National:
Nakheel, the Dubai-based real estate developer behind the Palm Jumeirah, plans to invest Dh5 billion in new hotel projects over the next five years as part of a Dh27bn retail and hospitality expansion to diversify its offerings, its chairman said.
The private company, which is building the Deira Islands mixed-use scheme, signed a Dh500m deal on Thursday with Thailand-based Centara Hotels & Resorts, to develop a four-star beach hotel in the scheme, with construction starting next week.
“The four-star hotel segment is the fastest-growing hotel segment in Dubai at present, with 10 per cent year-on-year growth in hotel rooms last year,” Nakheel chairman Ali Rashid Lootah told reporters at the company's headquarters.
Nakheel, the Dubai-based real estate developer behind the Palm Jumeirah, plans to invest Dh5 billion in new hotel projects over the next five years as part of a Dh27bn retail and hospitality expansion to diversify its offerings, its chairman said.
The private company, which is building the Deira Islands mixed-use scheme, signed a Dh500m deal on Thursday with Thailand-based Centara Hotels & Resorts, to develop a four-star beach hotel in the scheme, with construction starting next week.
“The four-star hotel segment is the fastest-growing hotel segment in Dubai at present, with 10 per cent year-on-year growth in hotel rooms last year,” Nakheel chairman Ali Rashid Lootah told reporters at the company's headquarters.
The industrial logic behind Saudi Aramco’s ‘chemical attraction’
The industrial logic behind Saudi Aramco’s ‘chemical attraction’:
News that Saudi Aramco, the world’s biggest oil company and the mainstay of the Kingdom’s economy, was in talks to buy a controlling stake in Saudi Basic Industries Corporation (SABIC), the diversified chemicals giant, caused some surprise.
Not only was the move, which could cost Aramco about $70 billion if it acquires the whole stake held by the Public Investment Fund, an apparent step outside the traditional energy business; it looks like a further distraction from the initial public offering (IPO) of shares in Aramco, the flagship project of the economic transformation of the Kingdom set in train by the Vision 2030 strategy.
One prestigious commentator talked of Aramco’s “strange chemical attraction” for a deal some said had been dreamt up by the armies of investment bankers hired by Aramco for the history-setting IPO but now underemployed as the deadline for the flotation has slipped.
News that Saudi Aramco, the world’s biggest oil company and the mainstay of the Kingdom’s economy, was in talks to buy a controlling stake in Saudi Basic Industries Corporation (SABIC), the diversified chemicals giant, caused some surprise.
Not only was the move, which could cost Aramco about $70 billion if it acquires the whole stake held by the Public Investment Fund, an apparent step outside the traditional energy business; it looks like a further distraction from the initial public offering (IPO) of shares in Aramco, the flagship project of the economic transformation of the Kingdom set in train by the Vision 2030 strategy.
One prestigious commentator talked of Aramco’s “strange chemical attraction” for a deal some said had been dreamt up by the armies of investment bankers hired by Aramco for the history-setting IPO but now underemployed as the deadline for the flotation has slipped.
Saudi Aramco Is Weighing a Global Bond Sale for the First Time - Bloomberg
Saudi Aramco Is Weighing a Global Bond Sale for the First Time - Bloomberg:
Saudi Aramco is weighing tapping the international bond market for the first time to finance the acquisition of petrochemical giant Sabic, a move into global capital markets that could offer an alternative to an initial public offering, according to people familiar with the talks.
If Aramco goes ahead with an international bond -- potentially among the biggest ever done by a corporate issuer -- the sale would force the world’s largest oil producer to disclose its accounts to investors for the first time since nationalization four decades ago as well as many other details about oil reserves and operations.
The plans for a bond, likely to be combined with banks loans, are very preliminary but would allow the state-owned company to raise cash to pay the country’s sovereign wealth fund for the 70 percent stake it owns in Sabic, valued at about $70 billion. In turn, the Public Investment Fund would obtain the money it had initially hoped to raise from the Aramco IPO, the same people said, asking not to be named because the talks are private.
Saudi Aramco is weighing tapping the international bond market for the first time to finance the acquisition of petrochemical giant Sabic, a move into global capital markets that could offer an alternative to an initial public offering, according to people familiar with the talks.
If Aramco goes ahead with an international bond -- potentially among the biggest ever done by a corporate issuer -- the sale would force the world’s largest oil producer to disclose its accounts to investors for the first time since nationalization four decades ago as well as many other details about oil reserves and operations.
The plans for a bond, likely to be combined with banks loans, are very preliminary but would allow the state-owned company to raise cash to pay the country’s sovereign wealth fund for the 70 percent stake it owns in Sabic, valued at about $70 billion. In turn, the Public Investment Fund would obtain the money it had initially hoped to raise from the Aramco IPO, the same people said, asking not to be named because the talks are private.
Corp. America Weighs Brazil Airports, Plans Florence Runway - Bloomberg
Corp. America Weighs Brazil Airports, Plans Florence Runway - Bloomberg:
Fresh from selling a 25 percent stake in its Italian operations, Corporacion America Airports SA said it may bid on new airport projects in Brazil and plans to start construction on a new runway in Florence. Shares gained the most in two months.
The expansion at the Florence airport will allow larger planes to land in one of the country’s prime tourist destinations, Chief Executive Officer Martin Eurnekian said in an interview. On Friday, construction will start on an extension of the Pisa airport terminal, he said.
Buenos Aires-based Corp. America sold a quarter of its stake in its Italian company to Investment Corp. of Dubai and formed an alliance to explore additional opportunities with the sovereign wealth fund on Wednesday. ICD paid EUR48.9 million ($56.9) for its stake. Shares in Corp. America rose as much as 10 percent to $11.69 per share on Thursday.
Fresh from selling a 25 percent stake in its Italian operations, Corporacion America Airports SA said it may bid on new airport projects in Brazil and plans to start construction on a new runway in Florence. Shares gained the most in two months.
The expansion at the Florence airport will allow larger planes to land in one of the country’s prime tourist destinations, Chief Executive Officer Martin Eurnekian said in an interview. On Friday, construction will start on an extension of the Pisa airport terminal, he said.
Buenos Aires-based Corp. America sold a quarter of its stake in its Italian company to Investment Corp. of Dubai and formed an alliance to explore additional opportunities with the sovereign wealth fund on Wednesday. ICD paid EUR48.9 million ($56.9) for its stake. Shares in Corp. America rose as much as 10 percent to $11.69 per share on Thursday.
MIDEAST STOCKS-Saudi falls slightly after oil tanker attack, rest of Gulf mixed | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi falls slightly after oil tanker attack, rest of Gulf mixed | ZAWYA MENA Edition:
Saudi Arabia's stock market fell slightly on Thursday after Riyadh reported an attack on two oil tankers by Yemen's Houthi movement, while other Gulf bourses moved little, suggesting investors don't expect the event to have much economic impact.
Riyadh said it would temporarily stop shipping oil through a Red Sea strait following the attack. But oil prices rose only modestly, with Brent crude adding 0.9 percent to $74.59 a barrel after gaining 0.7 percent on Wednesday, when the attack reportedly occurred.
"Saudi's oil shipments that did go via the strait can easily be rerouted via the Cape of Good Hope at little additional cost and minimal delay," London-based Capital Economics said.
Saudi Arabia's stock market fell slightly on Thursday after Riyadh reported an attack on two oil tankers by Yemen's Houthi movement, while other Gulf bourses moved little, suggesting investors don't expect the event to have much economic impact.
Riyadh said it would temporarily stop shipping oil through a Red Sea strait following the attack. But oil prices rose only modestly, with Brent crude adding 0.9 percent to $74.59 a barrel after gaining 0.7 percent on Wednesday, when the attack reportedly occurred.
"Saudi's oil shipments that did go via the strait can easily be rerouted via the Cape of Good Hope at little additional cost and minimal delay," London-based Capital Economics said.
Emirates NBD in talks to roll over $1.7bln loan | ZAWYA MENA Edition
Emirates NBD in talks to roll over $1.7bln loan | ZAWYA MENA Edition:
Emirates NBD (ENBD), Dubai's largest lender, is discussing with several international banks a roll-over of a $1.7 billion syndicated loan it signed in 2016, sources familiar with the matter said.
A spokesman for the bank confirmed the information and said: "this borrowing is from a set of relationship banks and has been rolled over twice before, though the amounts and individual bank participation vary."
The 2016 loan, due in June 2019, saw the participation of 19 banks and offered a margin of 145 basis points over the London interbank offered rate (Libor), Thomson Reuters data show.
Emirates NBD (ENBD), Dubai's largest lender, is discussing with several international banks a roll-over of a $1.7 billion syndicated loan it signed in 2016, sources familiar with the matter said.
A spokesman for the bank confirmed the information and said: "this borrowing is from a set of relationship banks and has been rolled over twice before, though the amounts and individual bank participation vary."
The 2016 loan, due in June 2019, saw the participation of 19 banks and offered a margin of 145 basis points over the London interbank offered rate (Libor), Thomson Reuters data show.
Abu Dhabi Commercial Bank Q2 profit up 12% | ZAWYA MENA Edition
Abu Dhabi Commercial Bank Q2 profit up 12% | ZAWYA MENA Edition:
Abu Dhabi Commercial Bank on Thursday reported a 12 percent rise in second-quarter net profit, due to higher net interest, increased Islamic financing and non-interest income.
ADCB made a net profit of 1.13 billion dirhams ($307.7 million) in the three months ending June 30, up from 1.01 billion dirhams in the same period of last year, it said in a statement. SICO Bahrain had forecast ADCB would make a second quarter profit of 1.12 billion dirhams
It is the second major Abu Dhabi bank to report earnings after First Abu Dhabi Bank, which earlier this week posted a 19 percent rise in second-quarter profit.
Abu Dhabi Commercial Bank on Thursday reported a 12 percent rise in second-quarter net profit, due to higher net interest, increased Islamic financing and non-interest income.
ADCB made a net profit of 1.13 billion dirhams ($307.7 million) in the three months ending June 30, up from 1.01 billion dirhams in the same period of last year, it said in a statement. SICO Bahrain had forecast ADCB would make a second quarter profit of 1.12 billion dirhams
It is the second major Abu Dhabi bank to report earnings after First Abu Dhabi Bank, which earlier this week posted a 19 percent rise in second-quarter profit.
Saudi launches primary dealer scheme with 3.5 bln riyal sukuk issue | Reuters
Saudi launches primary dealer scheme with 3.5 bln riyal sukuk issue | Reuters:
Saudi Arabia has begun selling local currency government bonds through a new “primary dealer” scheme designed to increase demand for the debt and widen the range of investors holding it, the Ministry of Finance said.
The ministry’s Debt Management Office issued 3.5 billion riyals ($925 million) of five-, seven- and 10-year Islamic bonds under the system this week in its monthly auction, the ministry said in a statement late on Wednesday.
Five local banks — Alinma Bank, Bank Aljazira , Samba Financial Group, National Commercial Bank and Saudi British Bank — for the first time acted as primary dealers, buying the sukuk directly from the government and then immediately making a market in them by quoting two-way prices to other investors.
Saudi Arabia has begun selling local currency government bonds through a new “primary dealer” scheme designed to increase demand for the debt and widen the range of investors holding it, the Ministry of Finance said.
The ministry’s Debt Management Office issued 3.5 billion riyals ($925 million) of five-, seven- and 10-year Islamic bonds under the system this week in its monthly auction, the ministry said in a statement late on Wednesday.
Five local banks — Alinma Bank, Bank Aljazira , Samba Financial Group, National Commercial Bank and Saudi British Bank — for the first time acted as primary dealers, buying the sukuk directly from the government and then immediately making a market in them by quoting two-way prices to other investors.
Qatar First Bank sells 20 pct stake in Memorial Health Group -statement | Reuters
Qatar First Bank sells 20 pct stake in Memorial Health Group -statement | Reuters:
Qatar First Bank sold its 20 percent stake in Turkey’s Memorial Health Group to majority shareholder Turgut Aydin and his family, Memorial said in a statement on Thursday.
Aydin and his family now own 80 percent of the shares in the group, it said, adding that the other 20 percent share belongs to U.K.-based Argus Capital.
The shares will be transferred after the deal is approved by Turkey’s competition authority, it said.
Qatar First Bank sold its 20 percent stake in Turkey’s Memorial Health Group to majority shareholder Turgut Aydin and his family, Memorial said in a statement on Thursday.
Aydin and his family now own 80 percent of the shares in the group, it said, adding that the other 20 percent share belongs to U.K.-based Argus Capital.
The shares will be transferred after the deal is approved by Turkey’s competition authority, it said.
Oil prices rise as Saudi Arabia suspends shipments through Red Sea lane | Reuters
Oil prices rise as Saudi Arabia suspends shipments through Red Sea lane | Reuters:
Brent crude led oil prices higher on Thursday, extending gains into a third day after Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane and as data showed U.S. inventories fell to a 3-1/2 year low.
Brent crude futures had risen 42 cents, or 0.6 percent, to $74.35 a barrel by 0648 GMT, after gaining 0.7 percent on Wednesday.
U.S. West Texas Intermediate crude futures were up 5 cents at $69.35 a barrel, after climbing more than 1 percent in the previous session.
Brent crude led oil prices higher on Thursday, extending gains into a third day after Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane and as data showed U.S. inventories fell to a 3-1/2 year low.
Brent crude futures had risen 42 cents, or 0.6 percent, to $74.35 a barrel by 0648 GMT, after gaining 0.7 percent on Wednesday.
U.S. West Texas Intermediate crude futures were up 5 cents at $69.35 a barrel, after climbing more than 1 percent in the previous session.
MIDEAST STOCKS-Saudi stocks barely move after oil shipping lane closed by attack | Reuters
MIDEAST STOCKS-Saudi stocks barely move after oil shipping lane closed by attack | Reuters:
Saudi Arabia’s stock market barely moved early on Thursday after Riyadh reported an attack on two oil tankers by Yemen’s Iran-aligned Houthi movement, suggesting investors do not expect the incident to have much of an economic impact.
The main stock index fell 0.3 percent in the first hour of trade and shares in National Shipping Co of Saudi Arabia (Bahri) was 0.2 percent lower after it said one of its vessels suffered minor damage in the attack.
Oil prices rose only modestly after Saudi Arabia said it was suspending crude shipments through one Red Sea shipping lane because of the attack. Brent crude futures added 0.9 percent to $74.59 a barrel on Thursday morning after gaining 0.7 percent on Wednesday, when the attack reportedly occurred.
Saudi Arabia’s stock market barely moved early on Thursday after Riyadh reported an attack on two oil tankers by Yemen’s Iran-aligned Houthi movement, suggesting investors do not expect the incident to have much of an economic impact.
The main stock index fell 0.3 percent in the first hour of trade and shares in National Shipping Co of Saudi Arabia (Bahri) was 0.2 percent lower after it said one of its vessels suffered minor damage in the attack.
Oil prices rose only modestly after Saudi Arabia said it was suspending crude shipments through one Red Sea shipping lane because of the attack. Brent crude futures added 0.9 percent to $74.59 a barrel on Thursday morning after gaining 0.7 percent on Wednesday, when the attack reportedly occurred.
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