Shuaa to hold 87.22% stake in Kuwait's Amwal investment bank after acquisition - The National:
Shuaa Capital’s plans to acquire Kuwait’s Amwal International Investment Company moved one step forward after Amwal shareholders, who collectively own a 70.9 per cent share, agreed to sell their stake.
Dubai's Shuaa Capital will hold 87.22 per cent of Amwal after the acquisition is completed, the investment company said in a statement to the Dubai Financial Market on Sunday. The transaction is pending confirmation from Kuwait’s regulatory authorities.
“Such numbers remain subject to the final review from the Kuwait Clearing Company and confirmation from the Capital Markets Authority in Kuwait,” the company said.
Sunday 9 September 2018
Rial’s plunge forces Iran to open door to foreign money
Rial’s plunge forces Iran to open door to foreign money:
Iran gave permission to money exchange offices on Saturday to start importing foreign currency banknotes, state media reported, in an apparent attempt to stop the rial from plunging to a new low against the dollar.
Iran’s currency has lost about two-thirds of its value this year, hitting a record low last week of 150,000 rial to the US dollar. It recovered to trade at 130,000 per dollar on Saturday in unofficial trade, according to the Bonbast.com currency market website.
The rial has been hit by a weak economy, financial difficulties at local banks and strong demand for safe-haven dollars among Iranians.
Iran gave permission to money exchange offices on Saturday to start importing foreign currency banknotes, state media reported, in an apparent attempt to stop the rial from plunging to a new low against the dollar.
Iran’s currency has lost about two-thirds of its value this year, hitting a record low last week of 150,000 rial to the US dollar. It recovered to trade at 130,000 per dollar on Saturday in unofficial trade, according to the Bonbast.com currency market website.
The rial has been hit by a weak economy, financial difficulties at local banks and strong demand for safe-haven dollars among Iranians.
1,416 new companies registered in August - The Peninsula Qatar
1,416 new companies registered in August - The Peninsula Qatar:
The Ministry of Economy and Commerce issued the business process report for August 2018, showing that 1,416 new companies have been registered in the month.
According to the report, the number of new major business records reached 972, while the number of new sub-registries reached 444 records.
Limited liability companies accounted for 61 percent of the major business registers, while the category of single owner limited liability companies in second place with 28 percent, and the individual institution came in third place with 10 percent.
The Ministry of Economy and Commerce issued the business process report for August 2018, showing that 1,416 new companies have been registered in the month.
According to the report, the number of new major business records reached 972, while the number of new sub-registries reached 444 records.
Limited liability companies accounted for 61 percent of the major business registers, while the category of single owner limited liability companies in second place with 28 percent, and the individual institution came in third place with 10 percent.
Qatar’s gas reserves require expansion effort: Al-Sada
Qatar’s gas reserves require expansion effort: Al-Sada:
HE Minister of Energy and Industry Dr Mohammed bin Saleh al-Sada affirmed that Qatar’s large gas reserves require an expansion effort, adding this is why Qatar has decided to increase this sector’s growth by 30%. Al-Sada pointed out that this requires efforts in the field of finance and the provision of equipment and construction, considering that an opportunity and a suitable ground for German companies to invest in Qatar.
This came in his speech at the third session of the Qatar Germany Business and Investment Forum (QGBIF) in Berlin, which was held under the title “Industrial development: Key to Doha and Berlin to diversify sources of income.”
Al-Sada said: “We invest gas reserves to diversify sources of income, which is in line with the objectives of Qatar National Vision 2030. One of these sources is industry that we use to diversify our sources of income that open up investment-stimulating areas, coupled with what Qatar has taken in this regard to stimulate the private sector to achieve investment growth.” He stressed that diversifying sources of income is not an objective as much as it is a way for Qatar to strengthen the economy.
HE Minister of Energy and Industry Dr Mohammed bin Saleh al-Sada affirmed that Qatar’s large gas reserves require an expansion effort, adding this is why Qatar has decided to increase this sector’s growth by 30%. Al-Sada pointed out that this requires efforts in the field of finance and the provision of equipment and construction, considering that an opportunity and a suitable ground for German companies to invest in Qatar.
This came in his speech at the third session of the Qatar Germany Business and Investment Forum (QGBIF) in Berlin, which was held under the title “Industrial development: Key to Doha and Berlin to diversify sources of income.”
Al-Sada said: “We invest gas reserves to diversify sources of income, which is in line with the objectives of Qatar National Vision 2030. One of these sources is industry that we use to diversify our sources of income that open up investment-stimulating areas, coupled with what Qatar has taken in this regard to stimulate the private sector to achieve investment growth.” He stressed that diversifying sources of income is not an objective as much as it is a way for Qatar to strengthen the economy.
Baraka Group says it expects to offer shares in 2019 to fund expansion plans | ZAWYA MENA Edition
Baraka Group says it expects to offer shares in 2019 to fund expansion plans | ZAWYA MENA Edition:
Baraka Group will likely offer shares in 2019 to fund its expansion plans, its chief executive told Al Arabiya TV in an interview on Sunday.
The bank plans to expand in countries including Morocco and Indonesia, said CEO Adnan Yousuf.
Baraka Group will likely offer shares in 2019 to fund its expansion plans, its chief executive told Al Arabiya TV in an interview on Sunday.
The bank plans to expand in countries including Morocco and Indonesia, said CEO Adnan Yousuf.
MIDEAST STOCKS-Saudi market reverses some losses after last week's plunge | Reuters
MIDEAST STOCKS-Saudi market reverses some losses after last week's plunge | Reuters:
Gulf stock markets closed on a positive note on Sunday, reversing some of their losses earlier in the day.
The Saudi index in particular ended up gaining 0.6 percent, after having plunged last week on foreign investors’ concerns over emerging markets volatility.
The country’s main stock index fell below major technical support for the first time this year last week.
Gulf stock markets closed on a positive note on Sunday, reversing some of their losses earlier in the day.
The Saudi index in particular ended up gaining 0.6 percent, after having plunged last week on foreign investors’ concerns over emerging markets volatility.
The country’s main stock index fell below major technical support for the first time this year last week.
Move Over Saudi. Meet Stock Investors' New Darling in Gulf - Bloomberg
Move Over Saudi. Meet Stock Investors' New Darling in Gulf - Bloomberg:
Once overshadowed by its bigger neighbors in the Gulf, Kuwait’s market has emerged as the new darling of global investors.
Kuwaiti stocks have outperformed most of their Persian Gulf peers since MSCI Inc. said in June that it might announce the upgrade of the nation to emerging-market status next year, joining the ranks of Saudi Arabia, the United Arab Emirates and Qatar. Money is already flowing in ahead of Kuwait’s Sept. 24 accession to FTSE Russell’s emerging-market benchmarks as efforts by the country’s market regulator to boost liquidity and attract international interest pay off.
“Overtaken by the U.A.E. when it comes to economic freedom, and in the shadow of Saudi Arabia’s now-accessible equity market, Kuwait capital markets have been long neglected by investors and Kuwaiti policy makers,” Marshall Stocker, a Boston-based portfolio manager at Eaton Vance Corp., said in an email. “We are invested in Kuwait for an incipient policy liberalization story, one that is admittedly taking quite a while to unfold but is happening if you pull out your looking glass.”
Once overshadowed by its bigger neighbors in the Gulf, Kuwait’s market has emerged as the new darling of global investors.
Kuwaiti stocks have outperformed most of their Persian Gulf peers since MSCI Inc. said in June that it might announce the upgrade of the nation to emerging-market status next year, joining the ranks of Saudi Arabia, the United Arab Emirates and Qatar. Money is already flowing in ahead of Kuwait’s Sept. 24 accession to FTSE Russell’s emerging-market benchmarks as efforts by the country’s market regulator to boost liquidity and attract international interest pay off.
“Overtaken by the U.A.E. when it comes to economic freedom, and in the shadow of Saudi Arabia’s now-accessible equity market, Kuwait capital markets have been long neglected by investors and Kuwaiti policy makers,” Marshall Stocker, a Boston-based portfolio manager at Eaton Vance Corp., said in an email. “We are invested in Kuwait for an incipient policy liberalization story, one that is admittedly taking quite a while to unfold but is happening if you pull out your looking glass.”
Iran Sanctions Fuel OPEC Tensions - Bloomberg
Iran Sanctions Fuel OPEC Tensions - Bloomberg:
Two months before renewed U.S. sanctions on its oil exports take effect, Iran has already suffered a sharp drop in sales and lost key buyers in Asia and Europe.
That slump will continue in coming weeks. Meanwhile, rising output from other OPEC members is fueling tensions within the producer group that could come to a head at a meeting in Algeria later this month.
Iran exported just over 2 million barrels a day of crude oil and condensate (a light form of crude extracted from gas fields) in August, according to Bloomberg tanker tracking. That is the lowest since March 2016, and down 28 percent from April, the last month before President Donald Trump announced that he was withdrawing from the Iran nuclear deal and reimposing sanctions.
Two months before renewed U.S. sanctions on its oil exports take effect, Iran has already suffered a sharp drop in sales and lost key buyers in Asia and Europe.
That slump will continue in coming weeks. Meanwhile, rising output from other OPEC members is fueling tensions within the producer group that could come to a head at a meeting in Algeria later this month.
Iran exported just over 2 million barrels a day of crude oil and condensate (a light form of crude extracted from gas fields) in August, according to Bloomberg tanker tracking. That is the lowest since March 2016, and down 28 percent from April, the last month before President Donald Trump announced that he was withdrawing from the Iran nuclear deal and reimposing sanctions.
Standard Chartered appoints new UAE CEO | Reuters
Standard Chartered appoints new UAE CEO | Reuters:
Standard Chartered has appointed former First Abu Dhabi Bank executive Rola Abu Manneh as the new chief executive for its business in the United Arab Emirates.
Manneh, whose appointment is with immediate effect, succeeds Julian Wynter who is retiring following 26 years at Standard Chartered, the bank said on Sunday.
Manneh, an Emirati, joins from FAB where she served as a senior managing director and head of corporate and investment banking division for the Abu Dhabi region.
Standard Chartered has appointed former First Abu Dhabi Bank executive Rola Abu Manneh as the new chief executive for its business in the United Arab Emirates.
Manneh, whose appointment is with immediate effect, succeeds Julian Wynter who is retiring following 26 years at Standard Chartered, the bank said on Sunday.
Manneh, an Emirati, joins from FAB where she served as a senior managing director and head of corporate and investment banking division for the Abu Dhabi region.
MIDEAST STOCKS-Saudi exchange opens slightly lower after big losses last week | Reuters
MIDEAST STOCKS-Saudi exchange opens slightly lower after big losses last week | Reuters:
The Saudi exchange opened in negative territory on Sunday, extending – even if only marginally – significant losses accumulated at the end of last week as investors were rattled by emerging markets volatility.
Elsewhere in the Gulf, markets were mixed, with the Dubai exchange gaining in early trade and the Abu Dhabi index, instead, shedding some value.
The Saudi index, down 0.2 percent after 30 minutes of trading activity, was pulled down by losses across various sectors including insurance and real estate. Dar Al Arkan Real Estate Development Co was among the worst performers, down 2.2 percent.
The Saudi exchange opened in negative territory on Sunday, extending – even if only marginally – significant losses accumulated at the end of last week as investors were rattled by emerging markets volatility.
Elsewhere in the Gulf, markets were mixed, with the Dubai exchange gaining in early trade and the Abu Dhabi index, instead, shedding some value.
The Saudi index, down 0.2 percent after 30 minutes of trading activity, was pulled down by losses across various sectors including insurance and real estate. Dar Al Arkan Real Estate Development Co was among the worst performers, down 2.2 percent.
Qatar to award QR60bn worth projects in next four years - The Peninsula Qatar
Qatar to award QR60bn worth projects in next four years - The Peninsula Qatar:
The combined value of Qatar’s proposed projects in infrastructure and real estate sectors for the next four years is QR60bn.
This is in addition to a QR2bn in terms of developing food security projects for the period, Khamis Ahmed Al Mohannadi, Chairman, Private Sector Development and Support, told The Peninsula on the sidelines of Qatar-Germany Business and Investment Forum, on Friday.
In the food security sector alone, Khamis said, 12 huge projects are in pipeline. Foreign investors have huge opportunities in developing greenhouses, shrimp farms, organic farming with local partnership. The shrimp farming project aims to achieve self-sufficiency of about 90 percent of the of the local market demand.
The combined value of Qatar’s proposed projects in infrastructure and real estate sectors for the next four years is QR60bn.
This is in addition to a QR2bn in terms of developing food security projects for the period, Khamis Ahmed Al Mohannadi, Chairman, Private Sector Development and Support, told The Peninsula on the sidelines of Qatar-Germany Business and Investment Forum, on Friday.
In the food security sector alone, Khamis said, 12 huge projects are in pipeline. Foreign investors have huge opportunities in developing greenhouses, shrimp farms, organic farming with local partnership. The shrimp farming project aims to achieve self-sufficiency of about 90 percent of the of the local market demand.
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