Qatar’s trade balance rises 39.5% to QR17.5bn in August - The Peninsula Qatar:
Qatar’s trade balance, the difference between exports and imports, recorded a surplus of QR17.5bn for the month of August. This is QR5bn higher compared to the same period of last year, or 39.5 percent year-on-year (y-o-y).
Sequentially, it represents a growth of QR0.6bn, or 3.7 percent, according to data released by the Ministry of Development Planning and Statistics, yesterday.
The report showed that the month of August 2018 showed total exports of goods (including exports of goods of domestic origin and re-exports) amounting to around QR26.4bn, showing an increase of 23.3 percent compared to August 2017, and decreased by 0.7percent compared to July 2018.
Wednesday 26 September 2018
Abraaj was Dubai’s star investor; now it can’t pay rent
Abraaj was Dubai’s star investor; now it can’t pay rent:
Abraaj, once one of the most influential emerging-market investors, plans to vacate its headquarters in Dubai’s business hub after the embattled buyout firm failed to pay rent, people with the knowledge of the matter said.
Dubai International Financial Centre told Abraaj to vacate its main office in the financial freezone by the end of the month, the people said, asking not to be identified as the information is private. The lease on one of the company’s offices has expired, one of the people said. Employees have been informed and Abraaj is looking for temporary office space, another person said.
Employees at Abraaj’s $1bn healthcare fund, which is being taken over by TPG, will continue to work from a separate office in the financial centre, the people said. Abraaj, which is in the midst of a court-appointed restructuring, has about 50 people and liquidators working from its headquarters, one person said.
Abraaj, once one of the most influential emerging-market investors, plans to vacate its headquarters in Dubai’s business hub after the embattled buyout firm failed to pay rent, people with the knowledge of the matter said.
Dubai International Financial Centre told Abraaj to vacate its main office in the financial freezone by the end of the month, the people said, asking not to be identified as the information is private. The lease on one of the company’s offices has expired, one of the people said. Employees have been informed and Abraaj is looking for temporary office space, another person said.
Employees at Abraaj’s $1bn healthcare fund, which is being taken over by TPG, will continue to work from a separate office in the financial centre, the people said. Abraaj, which is in the midst of a court-appointed restructuring, has about 50 people and liquidators working from its headquarters, one person said.
New FDI law is set to make Qatar a hub for trade and re-exports
New FDI law is set to make Qatar a hub for trade and re-exports:
The new foreign direct investment (FDI) law, which is expected to be in place by the end of this year, and the economic zones, is expected to make Qatar a perfect hub for trade/re-exports, according to a top government official.
Although, Qatar is opening up almost all the economic sectors through 100% FDI; banking and insurance, which are critical to the country’s economy, will however require the Prime Minister’s approval, Abdulbasit Talib al-Ajji, Director of the Business Development and Investment Promotion Department at the Ministry of Economy and Commerce (MEC), told a roundtable.
Addressing ‘Qatar’s business climate and new FDI law’, organised by the MEC in association with The Business Year, to discuss the key incentives and advantages that Qatar is offering to investors on the organisational level; he highlighted Qatar’s economic growth and efforts to enhance co-ordination and co-operation among government agencies in a bid to provide an attractive investment environment to investors.
The new foreign direct investment (FDI) law, which is expected to be in place by the end of this year, and the economic zones, is expected to make Qatar a perfect hub for trade/re-exports, according to a top government official.
Although, Qatar is opening up almost all the economic sectors through 100% FDI; banking and insurance, which are critical to the country’s economy, will however require the Prime Minister’s approval, Abdulbasit Talib al-Ajji, Director of the Business Development and Investment Promotion Department at the Ministry of Economy and Commerce (MEC), told a roundtable.
Addressing ‘Qatar’s business climate and new FDI law’, organised by the MEC in association with The Business Year, to discuss the key incentives and advantages that Qatar is offering to investors on the organisational level; he highlighted Qatar’s economic growth and efforts to enhance co-ordination and co-operation among government agencies in a bid to provide an attractive investment environment to investors.
Oil Rebounds After Rick Perry Rules Out Tapping Strategic Crude - Bloomberg
Oil Rebounds After Rick Perry Rules Out Tapping Strategic Crude - Bloomberg:
Crude erased most of the day’s losses after U.S. Energy Secretary Rick Perry said the nation’s strategic oil reserves won’t be tapped to expand global supplies.
Selling some of those reserves would have a “fairly minor and short-term impact,” Perry told reporters in Washington on Wednesday. As sanctions squeeze Iranian crude out of global markets, there are opportunities for other major crude producers to fill supply voids, he said.
“This is a situation where the market expected U.S. President Trump to release oil from the reserves in November but that’s not going to happen,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “The market all of a sudden looks a lot tighter.”
Crude erased most of the day’s losses after U.S. Energy Secretary Rick Perry said the nation’s strategic oil reserves won’t be tapped to expand global supplies.
Selling some of those reserves would have a “fairly minor and short-term impact,” Perry told reporters in Washington on Wednesday. As sanctions squeeze Iranian crude out of global markets, there are opportunities for other major crude producers to fill supply voids, he said.
“This is a situation where the market expected U.S. President Trump to release oil from the reserves in November but that’s not going to happen,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “The market all of a sudden looks a lot tighter.”
Qatar Said to See $40 Billion Income Gain From Gas Expansion - Bloomberg
Qatar Said to See $40 Billion Income Gain From Gas Expansion - Bloomberg:
Qatar will generate $40 billion in additional export revenue once it completes its natural gas expansion project in 2024, according to a person with direct knowledge of the matter.
Rising income from sales of liquefied natural gas will leave the government with a budget surplus of about $44 billion in 2024, with the bulk of the extra cash going to the $320 billion Qatar Investment Authority, the country’s sovereign wealth fund, the person said, asking not to be identified because the information is private.
The world’s biggest LNG producer wants to bulk up as competing supplies from Australia and the U.S. are also set to come to the market over the next decade. State-owned Qatar Petroleum will build four new liquefaction plants, known as trains, by 2025, up from a previously announced three, Chief Executive Officer Saad Sherida Al Kaabi told reporters in Doha on Wednesday.
Qatar will generate $40 billion in additional export revenue once it completes its natural gas expansion project in 2024, according to a person with direct knowledge of the matter.
Rising income from sales of liquefied natural gas will leave the government with a budget surplus of about $44 billion in 2024, with the bulk of the extra cash going to the $320 billion Qatar Investment Authority, the country’s sovereign wealth fund, the person said, asking not to be identified because the information is private.
The world’s biggest LNG producer wants to bulk up as competing supplies from Australia and the U.S. are also set to come to the market over the next decade. State-owned Qatar Petroleum will build four new liquefaction plants, known as trains, by 2025, up from a previously announced three, Chief Executive Officer Saad Sherida Al Kaabi told reporters in Doha on Wednesday.
Saudi Sovereign Fund Plans to Build 'Riviera of the Middle East' - Bloomberg
Saudi Sovereign Fund Plans to Build 'Riviera of the Middle East' - Bloomberg:
Saudi Arabia’s sovereign wealth fund plans to build an "ultra-luxury" destination for international tourists in addition to two other mega-projects already planned for the kingdom’s Red Sea coast.
The Public Investment Fund said it will provide the initial funding for the development of "Amaala," a 3,800 square kilometer project that will be focused on "wellness, healthy living and meditation." Private companies will be expected to provide the rest of the funding and operate the project’s facilities, the fund said in a statement late on Wednesday, without specifying the scale of investment.
Saudi Arabia’s sovereign wealth fund plans to build an "ultra-luxury" destination for international tourists in addition to two other mega-projects already planned for the kingdom’s Red Sea coast.
The Public Investment Fund said it will provide the initial funding for the development of "Amaala," a 3,800 square kilometer project that will be focused on "wellness, healthy living and meditation." Private companies will be expected to provide the rest of the funding and operate the project’s facilities, the fund said in a statement late on Wednesday, without specifying the scale of investment.
UPDATE 1-Kuwait central bank keeps rates on hold after Fed hike | Reuters
UPDATE 1-Kuwait central bank keeps rates on hold after Fed hike | Reuters:
Kuwait’s central bank decided to keep its key discount rate unchanged at 3.0 percent, it said on Wednesday.
The decision followed the announcement of a 25 basis point interest rate hike by the U.S. Federal Reserve.
In contrast to the other rich Gulf Arab oil exporting states, which peg their currencies to the U.S. dollar and have little room for an independent monetary policy, Kuwait manages its dinar against an undisclosed basket of currencies in which the dollar plays a major role.
Kuwait’s central bank decided to keep its key discount rate unchanged at 3.0 percent, it said on Wednesday.
The decision followed the announcement of a 25 basis point interest rate hike by the U.S. Federal Reserve.
In contrast to the other rich Gulf Arab oil exporting states, which peg their currencies to the U.S. dollar and have little room for an independent monetary policy, Kuwait manages its dinar against an undisclosed basket of currencies in which the dollar plays a major role.
EU's Mogherini eyes Iran SPV for trade 'before November' | Reuters
EU's Mogherini eyes Iran SPV for trade 'before November' | Reuters:
The European Union’s foreign policy chief, Federica Mogherini, said on Wednesday a so-called Special Purpose Vehicle (SPV) under consideration to facilitate trade with Iran could be in place “before November.”
The SPV aims to keep trade flowing even if possible U.S. sanctions hit Tehran. Asked at an event in New York when it could be established, Mogherini said: “I believe before November.”
Asked if the United States’ pulling out of the Iran deal could be a serious challenge to the U.S. dollar as reserve currency in the context of the creation of the SPV, Mogherini said “it is still an initial stage, but this could be a result of that. For sure, it has made us and other parts of the world wonder what kind of (financial) autonomy we have.”
The European Union’s foreign policy chief, Federica Mogherini, said on Wednesday a so-called Special Purpose Vehicle (SPV) under consideration to facilitate trade with Iran could be in place “before November.”
The SPV aims to keep trade flowing even if possible U.S. sanctions hit Tehran. Asked at an event in New York when it could be established, Mogherini said: “I believe before November.”
Asked if the United States’ pulling out of the Iran deal could be a serious challenge to the U.S. dollar as reserve currency in the context of the creation of the SPV, Mogherini said “it is still an initial stage, but this could be a result of that. For sure, it has made us and other parts of the world wonder what kind of (financial) autonomy we have.”
UAE central bank raises interest rates by 25 bps | Reuters
UAE central bank raises interest rates by 25 bps | Reuters:
The United Arab Emirates central bank said on Wednesday it was raising its repo rate by 25 basis points, and also raising interest rates on the issuance of its certificates of deposit in line with the increase in U.S. dollar rates.
The central bank was acting after the U.S. Federal Reserve hiked rates by 25 bps.
The United Arab Emirates central bank said on Wednesday it was raising its repo rate by 25 basis points, and also raising interest rates on the issuance of its certificates of deposit in line with the increase in U.S. dollar rates.
The central bank was acting after the U.S. Federal Reserve hiked rates by 25 bps.
Saudi central bank raises rates 25 bps, following Fed | Reuters
Saudi central bank raises rates 25 bps, following Fed | Reuters:
Saudi Arabia’s central bank said on Wednesday it was raising its reverse repo rate by 25 basis points to 2.25 percent, and its repo rate by the same margin to to 2.75 percent.
It was acting after the U.S. Federal Reserve hiked rates by 25 bps.
Saudi Arabia’s central bank said on Wednesday it was raising its reverse repo rate by 25 basis points to 2.25 percent, and its repo rate by the same margin to to 2.75 percent.
It was acting after the U.S. Federal Reserve hiked rates by 25 bps.
Qatar to boost gas output in sign of strength amid Gulf rift | Reuters
Qatar to boost gas output in sign of strength amid Gulf rift | Reuters:
Qatar announced plans on Wednesday to boost its liquefied natural gas (LNG) production capacity, which will put the tiny state on a par with top energy exporters in an apparent show of strength amid a protracted political row with Gulf neighbors.
Qatar is one of the Organization of the Petroleum Exporting countries’ smallest producers but is also one of the most influential players in the global LNG market due to its massive output capacity and gas reserves.
Qatar Petroleum (QP), the world’s top supplier of LNG, said it was adding a fourth LNG production line to raise its output capacity from the North Field, to 110 million tonnes a year.
Qatar announced plans on Wednesday to boost its liquefied natural gas (LNG) production capacity, which will put the tiny state on a par with top energy exporters in an apparent show of strength amid a protracted political row with Gulf neighbors.
Qatar is one of the Organization of the Petroleum Exporting countries’ smallest producers but is also one of the most influential players in the global LNG market due to its massive output capacity and gas reserves.
Qatar Petroleum (QP), the world’s top supplier of LNG, said it was adding a fourth LNG production line to raise its output capacity from the North Field, to 110 million tonnes a year.
MIDEAST STOCKS-Saudi stocks slip on profit-taking, other markets up | Reuters
MIDEAST STOCKS-Saudi stocks slip on profit-taking, other markets up | Reuters:
Saudi Arabian stocks dipped on Wednesday as investors booked profits, while shares in most other parts of the Middle East gained ground led by Egypt, where Commercial International Bank continued its recent surge.
Profit-taking in Saudi followed the index on Tuesday closing above its 200-day average, which analysts say is a positive technical signal for the market.
Market heavyweight Saudi Basic Industries Corp (SABIC) slipped 1.4 percent, while Saudi Arabian Mining Co (Ma’aden) and Savola Group 2050.SE> both fell 2.1 percent. The Saudi index dropped 0.2 percent.
Saudi Arabian stocks dipped on Wednesday as investors booked profits, while shares in most other parts of the Middle East gained ground led by Egypt, where Commercial International Bank continued its recent surge.
Profit-taking in Saudi followed the index on Tuesday closing above its 200-day average, which analysts say is a positive technical signal for the market.
Market heavyweight Saudi Basic Industries Corp (SABIC) slipped 1.4 percent, while Saudi Arabian Mining Co (Ma’aden) and Savola Group 2050.SE> both fell 2.1 percent. The Saudi index dropped 0.2 percent.
Arab women left in inheritance trap by delayed reforms | Financial Times
Arab women left in inheritance trap by delayed reforms | Financial Times:
When Beji Caid Sebsi, Tunisia’s president, backed legislation to ensure equality of inheritance between men and women, he was challenging a tenet of Islamic law. The Koran spells out in detail how legacies are to be divided, dictating that brothers receive twice the share of sisters. Mr Sebsi’s law would have been the first of its kind in the Arab world to defy that dictate.
Modernisers cheered, but Muslim clerics decried an attack on Islam. Tunisia’s main conservative party, Nahda, deemed it a step too far. “There is strong opposition within the party and in Tunisian society at large,” said Said Ferjani, a senior Nahda leader. “No political party can make this gamble, particularly with elections next year.”
The passage of the law in Tunisia is now in doubt. But the debate it ignited across the Arab world continues to rage. It has underlined the difficulty of upending a centuries-old status quo that shapes the contours of power and wealth across the Arab world.
When Beji Caid Sebsi, Tunisia’s president, backed legislation to ensure equality of inheritance between men and women, he was challenging a tenet of Islamic law. The Koran spells out in detail how legacies are to be divided, dictating that brothers receive twice the share of sisters. Mr Sebsi’s law would have been the first of its kind in the Arab world to defy that dictate.
Modernisers cheered, but Muslim clerics decried an attack on Islam. Tunisia’s main conservative party, Nahda, deemed it a step too far. “There is strong opposition within the party and in Tunisian society at large,” said Said Ferjani, a senior Nahda leader. “No political party can make this gamble, particularly with elections next year.”
The passage of the law in Tunisia is now in doubt. But the debate it ignited across the Arab world continues to rage. It has underlined the difficulty of upending a centuries-old status quo that shapes the contours of power and wealth across the Arab world.
Oil Trades Near Three-Year High as U.S. Raises Iran Pressure - Bloomberg
Oil Trades Near Three-Year High as U.S. Raises Iran Pressure - Bloomberg:
Oil traded near $82 a barrel as pressure on Iran escalated, with President Trump hardening rhetoric against the country and crude customer India cutting its imports to zero.
Brent futures were little changed in London after settling in the previous session at the highest since November 2014. With U.S. sanctions on Iran taking effect in less than two months, Trump told the United Nations General Assembly on Tuesday that the leaders of the Islamic Republic “sow chaos, death and destruction.” Buyers are increasingly wary of Iranian crude, and India is not planning to import any in November, according to company officials.
Oil prices rose on Monday after OPEC signaled it won’t rush to release more oil into the market, shrugging off pressure from Trump who has been calling on the group to do more to temper gains. The prospect of tightening supplies due to a steep drop in Iran’s exports, Venezuela’s slumping output, and production bottlenecks in the U.S. prompted trading giants Mercuria Energy Group Ltd. and Trafigura Group to warn that oil could surge back above $100 a barrel.
Oil traded near $82 a barrel as pressure on Iran escalated, with President Trump hardening rhetoric against the country and crude customer India cutting its imports to zero.
Brent futures were little changed in London after settling in the previous session at the highest since November 2014. With U.S. sanctions on Iran taking effect in less than two months, Trump told the United Nations General Assembly on Tuesday that the leaders of the Islamic Republic “sow chaos, death and destruction.” Buyers are increasingly wary of Iranian crude, and India is not planning to import any in November, according to company officials.
Oil prices rose on Monday after OPEC signaled it won’t rush to release more oil into the market, shrugging off pressure from Trump who has been calling on the group to do more to temper gains. The prospect of tightening supplies due to a steep drop in Iran’s exports, Venezuela’s slumping output, and production bottlenecks in the U.S. prompted trading giants Mercuria Energy Group Ltd. and Trafigura Group to warn that oil could surge back above $100 a barrel.
Mideast Stocks: Stocks in Saudi up on banks, corporate announcements | ZAWYA MENA Edition
Mideast Stocks: Stocks in Saudi up on banks, corporate announcements | ZAWYA MENA Edition:
Saudi Arabia's stock market edged up on Wednesday boosted by banks and corporate announcements, while a contract win for a unit of construction giant Arabtec lifted Dubai's bourse.
In Saudi Arabia, National Commercial Bank and Samba Financial Group were the main drivers, climbing 1.1 percent and 0.7 percent, respectively. Al Rajhi Bank was up 0.4 percent.
Saudi Steel Pipe Co was up 0.5 percent after it said minority shareholders had agreed to sell a 47.8 percent stake in the company to Luxembourg-based steel pipe maker Tenaris for $144 million.
Saudi Arabia's stock market edged up on Wednesday boosted by banks and corporate announcements, while a contract win for a unit of construction giant Arabtec lifted Dubai's bourse.
In Saudi Arabia, National Commercial Bank and Samba Financial Group were the main drivers, climbing 1.1 percent and 0.7 percent, respectively. Al Rajhi Bank was up 0.4 percent.
Saudi Steel Pipe Co was up 0.5 percent after it said minority shareholders had agreed to sell a 47.8 percent stake in the company to Luxembourg-based steel pipe maker Tenaris for $144 million.
Saudi bonds lead Gulf rally after JP Morgan index inclusion | Reuters
Saudi bonds lead Gulf rally after JP Morgan index inclusion | Reuters:
Dollar bonds from Saudi Arabia and Qatar led a rally in Gulf debt markets on Wednesday, after they gained entry into JP Morgan’s widely- followed emerging market indexes.
Saudi Arabia’s 2046 bond rose 1.5 cents while a 2042 Qatar bond climbed 0.8 cents, data from Tradeweb showed.
Sovereign and quasi-sovereign debt issuers from Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait will all become eligible for the EMBI Global Diversified (EMBIGD), EMBI Global (EMBIG) and EURO-EMBIG indexes.
Dollar bonds from Saudi Arabia and Qatar led a rally in Gulf debt markets on Wednesday, after they gained entry into JP Morgan’s widely- followed emerging market indexes.
Saudi Arabia’s 2046 bond rose 1.5 cents while a 2042 Qatar bond climbed 0.8 cents, data from Tradeweb showed.
Sovereign and quasi-sovereign debt issuers from Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait will all become eligible for the EMBI Global Diversified (EMBIGD), EMBI Global (EMBIG) and EURO-EMBIG indexes.
Column: Looming loss of Iranian crude is latest in a long line of disruptions - Russell | Reuters
Column: Looming loss of Iranian crude is latest in a long line of disruptions - Russell | Reuters:
If there was any hope of an early resolution to the reanimated dispute between the United States and Iran, it was extinguished by the testy exchanges between the countries’ leaders at the United Nations.
U.S. President Donald Trump promised more sanctions against what he called the “corrupt dictatorship” in Tehran, while his Iranian counterpart Hassan Rouhani responded by saying his rival suffers from a “weakness of intellect.”
For oil markets, this seems to lock in the loss of Iranian crude supplies when the U.S. sanctions ramp up in November, although there is still some doubt as to exactly how much the Islamic Republic’s usual exports of some 2.1 million barrels per day (bpd) will be sidelined.
If there was any hope of an early resolution to the reanimated dispute between the United States and Iran, it was extinguished by the testy exchanges between the countries’ leaders at the United Nations.
U.S. President Donald Trump promised more sanctions against what he called the “corrupt dictatorship” in Tehran, while his Iranian counterpart Hassan Rouhani responded by saying his rival suffers from a “weakness of intellect.”
For oil markets, this seems to lock in the loss of Iranian crude supplies when the U.S. sanctions ramp up in November, although there is still some doubt as to exactly how much the Islamic Republic’s usual exports of some 2.1 million barrels per day (bpd) will be sidelined.
Brent oil trades near four-year high, but U.S. crude retreats | Reuters
Brent oil trades near four-year high, but U.S. crude retreats | Reuters:
Brent crude was trading around its highest in nearly four years on Wednesday, while U.S. crude futures fell as Washington tried to assure consumers that the market would be well supplied before sanctions are re-imposed on producer Iran.
Brent crude futures were up 10 cents, or 0.1 percent, at $81.87 a barrel by 0645 GMT, after gaining nearly 1 percent the previous session. Brent rose on Tuesday to its highest since November 2014 at $82.55 per barrel.
U.S. crude futures were down 4 cents at $72.24 a barrel. They climbed 0.3 percent on Tuesday to close at their highest level since July 11.
Brent crude was trading around its highest in nearly four years on Wednesday, while U.S. crude futures fell as Washington tried to assure consumers that the market would be well supplied before sanctions are re-imposed on producer Iran.
Brent crude futures were up 10 cents, or 0.1 percent, at $81.87 a barrel by 0645 GMT, after gaining nearly 1 percent the previous session. Brent rose on Tuesday to its highest since November 2014 at $82.55 per barrel.
U.S. crude futures were down 4 cents at $72.24 a barrel. They climbed 0.3 percent on Tuesday to close at their highest level since July 11.
Saudi Arabia, Qatar, UAE, Bahrain and Kuwait eligible for JP Morgan key bond index | Reuters
Saudi Arabia, Qatar, UAE, Bahrain and Kuwait eligible for JP Morgan key bond index | Reuters:
Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait will become eligible for the JP Morgan emerging market government bond indexes starting from Jan. 31, 2019, acording to a JP Morgan statement sent to investors and reviewed by Reuters.
JP Morgan’s EMBI bond index is a key performance benchmark for emerging market investors.
The eligible new bonds will be included in a phased approach ending on Sept. 30, 2019, the statement said.
Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait will become eligible for the JP Morgan emerging market government bond indexes starting from Jan. 31, 2019, acording to a JP Morgan statement sent to investors and reviewed by Reuters.
JP Morgan’s EMBI bond index is a key performance benchmark for emerging market investors.
The eligible new bonds will be included in a phased approach ending on Sept. 30, 2019, the statement said.
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