Why oil’s ‘big three’ just got bigger: Saudi Arabia, Russia and the US are still calling the shots:
The meeting of the Organization of Oil Exporting Countries (OPEC) in Vienna last week confirmed what some in the oil industry have been saying for a while: A new global energy dynamic is being created by the three-way relationship between Saudi Arabia, Russia and the US.
After a first day of deadlock over the output reduction needed to stabilize global crude prices, it took a second-day intervention by Russia to back up Saudi calls for a substantial cut, which was duly delivered.
That brought to a conclusion probably the most controversial OPEC meeting of recent times, with a crop of geopolitical factors — Qatar’s planned withdrawal from the organization, sanctions on Iran and the threat of global trade wars — all in evidence.
Sunday 9 December 2018
Gulf economies stand to lose if Huawei row reignites trade war | Arab News
Gulf economies stand to lose if Huawei row reignites trade war | Arab News:
A global trade war was apparently averted over dinner in Buenos Aires a couple of weeks ago when President Donald Trump and his Chinese counterpart Xi Jinping called a cease-fire in the escalating commercial confrontation between the world’s two biggest economies.
Now that cease-fire has been threatened by the arrest in Canada — on a warrant from the US — of Meng Wanzhou, the chief financial officer of Huawei, China’s flagship technology company.
The US is seeking her extradition for trial on allegations of breaching sanctions against Iran.
A global trade war was apparently averted over dinner in Buenos Aires a couple of weeks ago when President Donald Trump and his Chinese counterpart Xi Jinping called a cease-fire in the escalating commercial confrontation between the world’s two biggest economies.
Now that cease-fire has been threatened by the arrest in Canada — on a warrant from the US — of Meng Wanzhou, the chief financial officer of Huawei, China’s flagship technology company.
The US is seeking her extradition for trial on allegations of breaching sanctions against Iran.
S&P revises outlook on Qatar to ‘stable’
S&P revises outlook on Qatar to ‘stable’:
S&P Global Ratings has revised its outlook on Qatar to ‘stable’ from ‘negative’ on the strength of the country’s macroeconomic resilience. The premier ratings agency also affirmed Qatar’s sovereign credit ratings at ‘AA-/A-1+’.
In its overview released yesterday, S&P said Qatar has “effectively managed” the ongoing blockade’s impact on diplomatic ties and trade and transport links.
“We expect economic growth to accelerate and external accounts to remain in surplus from 2018-2021, except in the event of larger declines in oil prices,” S&P said.
S&P Global Ratings has revised its outlook on Qatar to ‘stable’ from ‘negative’ on the strength of the country’s macroeconomic resilience. The premier ratings agency also affirmed Qatar’s sovereign credit ratings at ‘AA-/A-1+’.
In its overview released yesterday, S&P said Qatar has “effectively managed” the ongoing blockade’s impact on diplomatic ties and trade and transport links.
“We expect economic growth to accelerate and external accounts to remain in surplus from 2018-2021, except in the event of larger declines in oil prices,” S&P said.
Saudis Are Said to Review Expat Fees as Economy Feels Sting - Bloomberg
Saudis Are Said to Review Expat Fees as Economy Feels Sting - Bloomberg:
Saudi Arabia is reviewing its policy of imposing fees on expatriate workers after rising costs inflicted economic pain and contributed to an exodus of foreigners, according to four people familiar with the matter.
While it’s unlikely the fees will be canceled altogether, a ministerial committee is looking at modifying or restructuring them, one of the people said. A decision is expected within weeks, two of the people said. They all spoke on condition of anonymity because the information isn’t public yet.
Awwad Alawwad, the Saudi minister of media, denied the fee is being reviewed, the government’s Center for International Communication said in an email.
Saudi Arabia is reviewing its policy of imposing fees on expatriate workers after rising costs inflicted economic pain and contributed to an exodus of foreigners, according to four people familiar with the matter.
While it’s unlikely the fees will be canceled altogether, a ministerial committee is looking at modifying or restructuring them, one of the people said. A decision is expected within weeks, two of the people said. They all spoke on condition of anonymity because the information isn’t public yet.
Awwad Alawwad, the Saudi minister of media, denied the fee is being reviewed, the government’s Center for International Communication said in an email.
ADFG's Goldilocks raises stake in Dubai-listed insurance firm Salama | Reuters
ADFG's Goldilocks raises stake in Dubai-listed insurance firm Salama | Reuters:
Goldilocks Investment Company, an indirect subsidiary of Abu Dhabi Financial Group (ADFG), has increased its beneficial ownership in Dubai-listed Islamic Arab Insurance Company, known as Salama, to 14.1 percent, it said on Sunday.
The move reflected Goldilocks’ and ADFG’s bullish outlook on the insurance sector in the United Arab Emirates, Goldilocks said.
Goldilocks raised its stake from 9.9 percent via a share finance facility, it said. Combined, Goldilocks and ADFG continue to hold around 29.9 percent of Salama’s issued shares.
Goldilocks Investment Company, an indirect subsidiary of Abu Dhabi Financial Group (ADFG), has increased its beneficial ownership in Dubai-listed Islamic Arab Insurance Company, known as Salama, to 14.1 percent, it said on Sunday.
The move reflected Goldilocks’ and ADFG’s bullish outlook on the insurance sector in the United Arab Emirates, Goldilocks said.
Goldilocks raised its stake from 9.9 percent via a share finance facility, it said. Combined, Goldilocks and ADFG continue to hold around 29.9 percent of Salama’s issued shares.
MIDEAST STOCKS-Gulf markets close mostly lower; Egypt falls again | Reuters
MIDEAST STOCKS-Gulf markets close mostly lower; Egypt falls again | Reuters:
Gulf markets closed mainly in the red on Sunday, with market heavyweights Emaar Properties and Emirates NBD dragging Dubai’s index lower and Egypt’s market falling to fresh lows for the year.
After plunging to its lowest level in more than five years on Thursday, the Dubai index regained ground in early trading before closing 1.2 percent lower.
The market has fallen 24.3 percent this year, partly due to concerns about the health of Dubai’s real estate sector and wider economy.
Gulf markets closed mainly in the red on Sunday, with market heavyweights Emaar Properties and Emirates NBD dragging Dubai’s index lower and Egypt’s market falling to fresh lows for the year.
After plunging to its lowest level in more than five years on Thursday, the Dubai index regained ground in early trading before closing 1.2 percent lower.
The market has fallen 24.3 percent this year, partly due to concerns about the health of Dubai’s real estate sector and wider economy.
Qatar's Commercial Bank to raise up to $1 billion in debt next year -CEO | Reuters
Qatar's Commercial Bank to raise up to $1 billion in debt next year -CEO | Reuters:
Qatar’s Commercial Bank could raise up to $1 billion in debt next year by tapping a range of various debt instruments, as the country’s third-largest lender by assets aims to further diversify its funding sources, the bank’s chief executive said.
Qatari banks, traditionally reliant on foreign funding, have sought to tap a larger variety of investors since June last year when Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain.
Commercial Bank has around $750 million in debt maturing next year, including bonds and loans, and plans to refinance that debt as “normal course of business,” said Joseph Abraham, who added that total debt issuance next year could go up to $1 billion.
Qatar’s Commercial Bank could raise up to $1 billion in debt next year by tapping a range of various debt instruments, as the country’s third-largest lender by assets aims to further diversify its funding sources, the bank’s chief executive said.
Qatari banks, traditionally reliant on foreign funding, have sought to tap a larger variety of investors since June last year when Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain.
Commercial Bank has around $750 million in debt maturing next year, including bonds and loans, and plans to refinance that debt as “normal course of business,” said Joseph Abraham, who added that total debt issuance next year could go up to $1 billion.
ADNOC awards 4% interest in onshore concession to China ZhenHua | ZAWYA MENA Edition
ADNOC awards 4% interest in onshore concession to China ZhenHua | ZAWYA MENA Edition:
Abu Dhabi's ADNOC awarded China ZhenHua a 4 percent stake in its onshore oil concession, previously held by CEFC China Energy Company Limited, it said in a statement on Sunday.
China ZhenHua Oil is 100 percent indirectly owned by the Assets Supervision and Administration Commission of the State Council, a Chinese government agency that supervises and manages over a hundred state-owned assets and enterprises in a variety of sectors, including oil and petrochemicals and transport, it said.
Abu Dhabi's ADNOC awarded China ZhenHua a 4 percent stake in its onshore oil concession, previously held by CEFC China Energy Company Limited, it said in a statement on Sunday.
China ZhenHua Oil is 100 percent indirectly owned by the Assets Supervision and Administration Commission of the State Council, a Chinese government agency that supervises and manages over a hundred state-owned assets and enterprises in a variety of sectors, including oil and petrochemicals and transport, it said.
Qatar Emir Said to Snub Saudi Summit Invite as Gulf Rift Festers - Bloomberg
Qatar Emir Said to Snub Saudi Summit Invite as Gulf Rift Festers - Bloomberg:
The invitation from Saudi Arabia’s King Salman to his Qatari counterpart to attend Sunday’s gathering of Gulf monarchies, after 18 months as a regional pariah, wasn’t enough to build a bridge between the feuding countries.
The overture, which Emir Tamim Bin Hamad Al Thani rejected, according to a Gulf official, comes as Saudi Arabia seeks to defuse pressure over the killing of a vocal critic in Istanbul. Saudi Arabia’s leadership is also under pressure from the U.S. Congress to mend regional divisions and end its war in Yemen.
Plus, the rifts that prompted the Saudi-led boycott of Qatar in June 2017 haven’t gone away. If anything, they’ve deepened as the six-nation Gulf Cooperation Council meets.
The invitation from Saudi Arabia’s King Salman to his Qatari counterpart to attend Sunday’s gathering of Gulf monarchies, after 18 months as a regional pariah, wasn’t enough to build a bridge between the feuding countries.
The overture, which Emir Tamim Bin Hamad Al Thani rejected, according to a Gulf official, comes as Saudi Arabia seeks to defuse pressure over the killing of a vocal critic in Istanbul. Saudi Arabia’s leadership is also under pressure from the U.S. Congress to mend regional divisions and end its war in Yemen.
Plus, the rifts that prompted the Saudi-led boycott of Qatar in June 2017 haven’t gone away. If anything, they’ve deepened as the six-nation Gulf Cooperation Council meets.
#Qatar finance minister says budget for 2019 will project surplus | ZAWYA MENA Edition
Qatar finance minister says budget for 2019 will project surplus | ZAWYA MENA Edition:
Qatar's national budget for 2019 will show a forecast for a surplus, its finance minister Ali Shareef al-Emadi told a conference on Sunday.
He reiterated that the financial statements for the first half of 2018 confirm the strength of its economy and the country has overcome the "blockade" imposed by Saudi Arabia and its allies.
He said non-oil sector economic growth for the first half of the year was over 5 percent.
Qatar's national budget for 2019 will show a forecast for a surplus, its finance minister Ali Shareef al-Emadi told a conference on Sunday.
He reiterated that the financial statements for the first half of 2018 confirm the strength of its economy and the country has overcome the "blockade" imposed by Saudi Arabia and its allies.
He said non-oil sector economic growth for the first half of the year was over 5 percent.
Abu Dhabi's Senaat sees potential for a bond next year -CEO | Reuters
Abu Dhabi's Senaat sees potential for a bond next year -CEO | Reuters:
Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, sees potential for it to issue a bond next year, its chief executive said on Sunday.
The company last month issued $300 million in sukuk, or Islamic bonds, a document by one of the banks leading the deal showed.
“Yes there is potential [for 2019]. We wanted to test the market and the response was very good” Jamal al-Dhaheri told reporters.
Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, sees potential for it to issue a bond next year, its chief executive said on Sunday.
The company last month issued $300 million in sukuk, or Islamic bonds, a document by one of the banks leading the deal showed.
“Yes there is potential [for 2019]. We wanted to test the market and the response was very good” Jamal al-Dhaheri told reporters.
#Qatar's Commercial Bank remains committed to Turkey -CEO | Reuters
Qatar's Commercial Bank remains committed to Turkey -CEO | Reuters:
Qatar’s Commercial Bank remains committed to Turkey, where the bank has a presence, its chief executive Joseph Abraham, said on Wednesday.
Commercial Bank owns Alternatifbank in Turkey and said earlier this year it is deploying more capital and focusing more on Turkey to benefit from closer political ties.
Ankara has emerged as a strong ally as Qatar faces off against Saudi Arabia, United Arab Emirates, Bahrain and Egypt in a regional diplomatic and commercial rift. Speaking about the outlook of the Qatar banking sector at a conference, he said: “We’ve sort of reached the trough of any sort of concerns or risks, therefore there is more upside [in Qatar] over the next 12 months.”
Qatar’s Commercial Bank remains committed to Turkey, where the bank has a presence, its chief executive Joseph Abraham, said on Wednesday.
Commercial Bank owns Alternatifbank in Turkey and said earlier this year it is deploying more capital and focusing more on Turkey to benefit from closer political ties.
Ankara has emerged as a strong ally as Qatar faces off against Saudi Arabia, United Arab Emirates, Bahrain and Egypt in a regional diplomatic and commercial rift. Speaking about the outlook of the Qatar banking sector at a conference, he said: “We’ve sort of reached the trough of any sort of concerns or risks, therefore there is more upside [in Qatar] over the next 12 months.”
MIDEAST-STOCKS-Saudi rises on Ma'aden starting output at new plant | Reuters
MIDEAST-STOCKS-Saudi rises on Ma'aden starting output at new plant | Reuters:
Saudi Arabian Mining Company (Ma’aden) helped Saudi Arabia’s stock index gain ground in early trading on Sunday, while Dubai’s market remained flat after falling to its lowest level in more than five years last week.
Ma’aden was up 2.6 percent after the company said on Dec. 6 that the firm will start commercial production on Sunday at its plant producing aluminium flat rolled products. Ma’aden Rolling Company is 74.9 percent owned by Ma’aden and 25.1 percent owned by Alcoa.
Al Rajhi Bank gained 0.1 percent, while Jabal Omar Development Co added 0.6 percent.
Saudi Arabian Mining Company (Ma’aden) helped Saudi Arabia’s stock index gain ground in early trading on Sunday, while Dubai’s market remained flat after falling to its lowest level in more than five years last week.
Ma’aden was up 2.6 percent after the company said on Dec. 6 that the firm will start commercial production on Sunday at its plant producing aluminium flat rolled products. Ma’aden Rolling Company is 74.9 percent owned by Ma’aden and 25.1 percent owned by Alcoa.
Al Rajhi Bank gained 0.1 percent, while Jabal Omar Development Co added 0.6 percent.
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