Anti-Russian measures or a move to follow the mainstream market path?:
"Hardly a week passes without a sensitive blow or two to Gazprom’s interests in Europe. This time it was Statoil that decided to scrap the oil indexation in its gas sales. In March the Norwegian company announced it was keeping oil-based pricing for just 25% of contracts and now it dropped the old formula altogether.
Prior to this decision, 50% of gas sold in Europe was indexed by oil; and gas-to-gas pricing at distribution hubs accounted for 45% of the overall volume, as the International Energy Agency reported. The decision of the Norwegian supplier alters the proportion in favor of hubs."
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Thursday, 28 November 2013
Saudi Gazette - GCC sukuk issue to continue growing at double-digit pace
Saudi Gazette - GCC sukuk issue to continue growing at double-digit pace:
"Demand for sukuk by corporate and infrastructure issuers in the Gulf is likely to continue growing at a double-digit pace in the year or two ahead, and could pick up in Malaysia after a weak 2013, Standard & Poor’s Ratings Services said in a study Wednesday.
It further said support for the market is coming from refinancing requirements, a huge need to finance infrastructure projects, the pullback in bank lending, and supportive governments, though investor uncertainty continues to hold back even stronger growth.
The past year featured a sukuk with record-setting tenor of 30 years, compellingly low rates on some big-name issuance, but also issuance volatility on the heels of the Fed’s announcements about its tapering Program, it added."
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"Demand for sukuk by corporate and infrastructure issuers in the Gulf is likely to continue growing at a double-digit pace in the year or two ahead, and could pick up in Malaysia after a weak 2013, Standard & Poor’s Ratings Services said in a study Wednesday.
It further said support for the market is coming from refinancing requirements, a huge need to finance infrastructure projects, the pullback in bank lending, and supportive governments, though investor uncertainty continues to hold back even stronger growth.
The past year featured a sukuk with record-setting tenor of 30 years, compellingly low rates on some big-name issuance, but also issuance volatility on the heels of the Fed’s announcements about its tapering Program, it added."
'via Blog this'
ECONOMICS - Turkey has big potential to be key sukuk market
ECONOMICS - Turkey has big potential to be key sukuk market:
"Arab and Malaysian markets will continue to dominate sukuk issuance, though Turkey and Indonesia have the potential to become key sukuk markets in the long term, according to the latest Moody’s report on global Islamic banking. However, sector representatives believe Turkey still has a long way to go in developing its Islamic finance market.
Issuance volumes will remain concentrated in regions that have a natural cultural affinity with the sector, such as the Gulf Cooperation Council (GCC) markets, where Islamic banking asset estimates range from 10 percent in the UAE to 50 percent in Saudi Arabia, according to the Moody’s report, titled Global Sukuk Market: Positive Long-Term Growth Trends Set to Continue.
“We believe that Turkey and Indonesia also have the long-term potential to become strong domestic sukuk markets,” the report noted. "
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"Arab and Malaysian markets will continue to dominate sukuk issuance, though Turkey and Indonesia have the potential to become key sukuk markets in the long term, according to the latest Moody’s report on global Islamic banking. However, sector representatives believe Turkey still has a long way to go in developing its Islamic finance market.
Issuance volumes will remain concentrated in regions that have a natural cultural affinity with the sector, such as the Gulf Cooperation Council (GCC) markets, where Islamic banking asset estimates range from 10 percent in the UAE to 50 percent in Saudi Arabia, according to the Moody’s report, titled Global Sukuk Market: Positive Long-Term Growth Trends Set to Continue.
“We believe that Turkey and Indonesia also have the long-term potential to become strong domestic sukuk markets,” the report noted. "
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Massive boost for Dubai jobs, tourism and real estate | The National
Massive boost for Dubai jobs, tourism and real estate | The National:
"
The economy of Dubai could have a massive boost over the next seven years and beyond thanks to the decision to award the city the right to host World Expo 2020.
Long-term job creation, as well as increased tourism, could benefit the real estate and hospitality sectors now and in the long term, according to a report by the real estate company, Jones Lang LaSalle.
However, care needs to be taken, particularly in the short term, to ensure that boosted sentiment doesn’t lead to an unsustainable situation forming in the real estate sector in particular, said Alan Robertson, regional chief executive of the company."
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"
Long-term job creation, as well as increased tourism, could benefit the real estate and hospitality sectors now and in the long term, according to a report by the real estate company, Jones Lang LaSalle.
However, care needs to be taken, particularly in the short term, to ensure that boosted sentiment doesn’t lead to an unsustainable situation forming in the real estate sector in particular, said Alan Robertson, regional chief executive of the company."
'via Blog this'
Mumbai housing market in ‘dire circumstances’, says Knight Frank | The National
Mumbai housing market in ‘dire circumstances’, says Knight Frank | The National:
"Mumbai’s residential property market is in “dire circumstances”, with sales hampered by India’s economic slowdown, says Knight Frank.
The unsold stock of homes in Mumbai has reached 130,000 units and developers have been delaying new launches to focus on selling the existing inventory, a new report by the property consultancy states.
To that end, developers have been reducing prices by up to 25 per cent, particularly in the premium segment, it says."
'via Blog this'
"Mumbai’s residential property market is in “dire circumstances”, with sales hampered by India’s economic slowdown, says Knight Frank.
The unsold stock of homes in Mumbai has reached 130,000 units and developers have been delaying new launches to focus on selling the existing inventory, a new report by the property consultancy states.
To that end, developers have been reducing prices by up to 25 per cent, particularly in the premium segment, it says."
'via Blog this'
DED official issues assurances on rent rise fears in Abu Dhabi | The National
DED official issues assurances on rent rise fears in Abu Dhabi | The National:
"The removal of a cap on rental increases in Abu Dhabi is unlikely to trigger inflation in the housing market as new supply comes online, said a top official.
Rashed Al Zaabi, the acting director planning and statistics at the Abu Dhabi’s Department of Economic Development said that market forces would ensure that there would be no major increase in rents.
“There will be competition in the market between older neighbourhoods and residences in newer developments,” he said. “If prices are increased in one location, there will be opportunities to move elsewhere.”"
'via Blog this'
"The removal of a cap on rental increases in Abu Dhabi is unlikely to trigger inflation in the housing market as new supply comes online, said a top official.
Rashed Al Zaabi, the acting director planning and statistics at the Abu Dhabi’s Department of Economic Development said that market forces would ensure that there would be no major increase in rents.
“There will be competition in the market between older neighbourhoods and residences in newer developments,” he said. “If prices are increased in one location, there will be opportunities to move elsewhere.”"
'via Blog this'
Iran Deal Ripples Felt From Syria War Zones to Saudi Palaces - Bloomberg
Iran Deal Ripples Felt From Syria War Zones to Saudi Palaces - Bloomberg:
"After news of the Iranian nuclear deal emerged, Syria quickly welcomed it as a triumph for its ally Iran and a setback for opponents led by Saudi Arabia.
Information Minister Omran al-Zoubi, whose government is backed by Iran in a civil war with rebels funded by Saudi Arabia, said that the pact marked a victory for diplomacy over “threats, ultimatums, challenges and wars.” Hours after world powers and Iran shook hands on a pre-dawn agreement on Nov. 24, Syria’s Foreign Ministry hailed “Iran’s role in the stability and security of the region.”"
'via Blog this'
"After news of the Iranian nuclear deal emerged, Syria quickly welcomed it as a triumph for its ally Iran and a setback for opponents led by Saudi Arabia.
Information Minister Omran al-Zoubi, whose government is backed by Iran in a civil war with rebels funded by Saudi Arabia, said that the pact marked a victory for diplomacy over “threats, ultimatums, challenges and wars.” Hours after world powers and Iran shook hands on a pre-dawn agreement on Nov. 24, Syria’s Foreign Ministry hailed “Iran’s role in the stability and security of the region.”"
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