Iran Banking Reform Blocked for Second Time by Clerical Council - Bloomberg:
Iran’s Guardian Council, a top political chamber of clerics and lawyers, has rejected for a second time an anti-terrorism financing bill aimed at bringing the lending sector closer to international standards, the semi-official Tasnim News agency reported.
The council, which vets major parliamentary decisions and new legislation, said the bill was not yet compatible with Iran’s constitution and Islamic law, Tasnim reported, citing a letter from the council to Parliament on Sunday
NOTE: President Hassan Rouhani and his cabinet say the bill is necessary to reform Iran’s banking sector to bring it in line with international standards and reduce its risk profile
Tuesday 1 January 2019
#UAE Minister Says He Expects Rift With #Qatar to Continue - Bloomberg
U.A.E. Minister Says He Expects Rift With Qatar to Continue - Bloomberg:
A diplomatic rift between Qatar and several Gulf states that’s lasted a year and a half is likely to continue in the new year, said Anwar Gargash, the United Arab Emirate’s minister of state for foreign affairs.
"In my estimation, the boycott of Qatar will continue in 2019 because it’s linked to necessary changes in Doha’s destructive tendencies," Gargash said in a Twitter post. "Qatar will continue to fail to combat the action taken against them, despite its excessive cost."
He added that he expects to see "breakthroughs in the crisis" in Yemen, where the U.A.E. is participating in a Saudi-led coalition that’s waging war against the country’s Houthi rebels.
A diplomatic rift between Qatar and several Gulf states that’s lasted a year and a half is likely to continue in the new year, said Anwar Gargash, the United Arab Emirate’s minister of state for foreign affairs.
"In my estimation, the boycott of Qatar will continue in 2019 because it’s linked to necessary changes in Doha’s destructive tendencies," Gargash said in a Twitter post. "Qatar will continue to fail to combat the action taken against them, despite its excessive cost."
He added that he expects to see "breakthroughs in the crisis" in Yemen, where the U.A.E. is participating in a Saudi-led coalition that’s waging war against the country’s Houthi rebels.
#UAE Energy Minister remains optimistic about energy market balance | ZAWYA MENA Edition
UAE Energy Minister remains optimistic about energy market balance | ZAWYA MENA Edition:
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday he remains optimistic about achieving a market balance during the first quarter of 2019.
He said his view was in light of the production cut recently agreed by OPEC and its allies, according to his official Twitter account.
OPEC and its Russia-led allies agreed in December to slash oil production from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts.
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Tuesday he remains optimistic about achieving a market balance during the first quarter of 2019.
He said his view was in light of the production cut recently agreed by OPEC and its allies, according to his official Twitter account.
OPEC and its Russia-led allies agreed in December to slash oil production from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts.
Gulf's REITs bring IPO receipts, but investor returns not so neat | ZAWYA MENA Edition
Gulf's REITs bring IPO receipts, but investor returns not so neat | ZAWYA MENA Edition:
The Gulf’s REITs sector has tremendous potential but must overcome ambiguous regulations, a shortage of suitable property and downbeat investor sentiment in order to expand as an asset class.
Dubai was the first Gulf jurisdiction to permit Real Estate Investment Trusts (REITs), which own and manage real estate portfolios, introducing a REITs law in 2006, while Abu Dhabi, Saudi Arabia, Oman and Bahrain did likewise from 2015 onwards.
Yet REITs have gained little traction, aside from in Saudi Arabia, where a flurry of listings on the kingdom’s bourse brought windfalls for REIT owners and many were massively oversubscribed, before investors began to question their asset quality.
The Gulf’s REITs sector has tremendous potential but must overcome ambiguous regulations, a shortage of suitable property and downbeat investor sentiment in order to expand as an asset class.
Dubai was the first Gulf jurisdiction to permit Real Estate Investment Trusts (REITs), which own and manage real estate portfolios, introducing a REITs law in 2006, while Abu Dhabi, Saudi Arabia, Oman and Bahrain did likewise from 2015 onwards.
Yet REITs have gained little traction, aside from in Saudi Arabia, where a flurry of listings on the kingdom’s bourse brought windfalls for REIT owners and many were massively oversubscribed, before investors began to question their asset quality.
UPDATE 1- #Oman slows spending growth in 2019 budget, may not cut deficit | Reuters
UPDATE 1-Oman slows spending growth in 2019 budget, may not cut deficit | Reuters:
Oman’s government released a 2019 state budget on Tuesday that slows spending growth but may not cut a big deficit that has caused international rating agencies to downgrade its debt to junk status.
Spending this year is projected at 12.9 billion rials ($33.5 billion), up from 12.5 billion rials in the original budget for 2018. That implies spending growth of about 3 percent, compared to nearly 7 percent in the 2018 budget.
Revenues are estimated at 10.1 billion rials, assuming an average oil price of $58 per barrel this year; that would leave a 2019 budget deficit of 2.8 billion rials, or 9 percent of gross domestic product.
Oman’s government released a 2019 state budget on Tuesday that slows spending growth but may not cut a big deficit that has caused international rating agencies to downgrade its debt to junk status.
Spending this year is projected at 12.9 billion rials ($33.5 billion), up from 12.5 billion rials in the original budget for 2018. That implies spending growth of about 3 percent, compared to nearly 7 percent in the 2018 budget.
Revenues are estimated at 10.1 billion rials, assuming an average oil price of $58 per barrel this year; that would leave a 2019 budget deficit of 2.8 billion rials, or 9 percent of gross domestic product.
UPDATE 1- #Dubai 2019 budget halts spending growth as revenue rise slows | Reuters
UPDATE 1-Dubai 2019 budget halts spending growth as revenue rise slows | Reuters:
Dubai expects to almost halt the growth of state spending this year as revenues expand more slowly because of the emirate’s efforts to stimulate business investment, according to the 2019 state budget released on Tuesday.
State spending will total 56.8 billion dirhams ($15.5 billion), the plan showed. That would be only a marginal increase from last year’s original budget plan of 56.6 billion dirhams, which was a 19.5 percent rise from 2017.
Last year, budgeted infrastructure spending shot up by close to 50 percent, to 11.9 billion dirhams, as Dubai made preparations to host the Expo 2020 world’s fair.
Dubai expects to almost halt the growth of state spending this year as revenues expand more slowly because of the emirate’s efforts to stimulate business investment, according to the 2019 state budget released on Tuesday.
State spending will total 56.8 billion dirhams ($15.5 billion), the plan showed. That would be only a marginal increase from last year’s original budget plan of 56.6 billion dirhams, which was a 19.5 percent rise from 2017.
Last year, budgeted infrastructure spending shot up by close to 50 percent, to 11.9 billion dirhams, as Dubai made preparations to host the Expo 2020 world’s fair.
MIDEAST STOCKS- #Saudi edges down in tiny volumes | Reuters
MIDEAST STOCKS-Saudi edges down in tiny volumes | Reuters:
Saudi Arabia’s stock market edged down in very thin trade on Tuesday with the region’s other major bourses closed and many investors absent because of year-end holidays.
The Saudi index, which ended last year 8.3 percent higher, slipped 0.4 percent. Trading volume was the lowest since April 2014, according to Refinitiv data.
Al Rajhi Bank dropped 1.0 percent and petrochemical investment company Saudi Industrial Investment Group fell 3.5 percent.
Saudi Arabia’s stock market edged down in very thin trade on Tuesday with the region’s other major bourses closed and many investors absent because of year-end holidays.
The Saudi index, which ended last year 8.3 percent higher, slipped 0.4 percent. Trading volume was the lowest since April 2014, according to Refinitiv data.
Al Rajhi Bank dropped 1.0 percent and petrochemical investment company Saudi Industrial Investment Group fell 3.5 percent.
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