MIDEAST STOCKS-Gulf stocks rebound along with global markets | Reuters:
"* Bullish mood returns as global backdrop improves
* Property and construction stocks boost Dubai
* Index rises above 50 pct retracement of drop from 2008
* Abu Dhabi Islamic Bank helps lift emirate's bourse
* Saudi's Almarai jumps on new poultry facility
By Olzhas Auyezov
DUBAI, Feb 5 (Reuters) - Middle East bourses rebounded on Wednesday on positive queues from global markets; Dubai, which posted the biggest gains, was also boosted by good fourth-quarter earnings and contract announcements from the real estate sector.
Dubai's index surged 1.7 percent to a new multi-year closing high of 3,875 points, confirming a break above technical resistance at 3,807 points, the 50 percent retracement of its fall from the 2008 peak.
Union Properties, which this week posted an eightfold rise in annual profits, gained 9.8 percent on Wednesday. Another developer, Deyaar, rose 4.8 percent after its annual profit quadrupled. ."
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Wednesday, 5 February 2014
Saudi Arabia launches world’s largest mining project « ASHARQ AL-AWSAT
Saudi Arabia launches world’s largest mining project « ASHARQ AL-AWSAT:
"Riyadh, Asharq Al-Awsat—The world’s largest mining project, the King Abdullah Wa’ad Al-Shamal City, officially launched on Tuesday, drawing in some 36 billion Saudi riyals (9.6 billion US dollars) in investments and agreements.
The agreements included deals to construct a number of factories and roads, as well as a 1,000-megawatt power plant at the city, which will be used to exploit gas and phosphate reserves in the under-utilized Northern Borders region, which is also the Kingdom’s most underpopulated.
Prince Abdullah Bin Abdulaziz Bin Mesa’id, who oversees the region, said it would create investment opportunities for residents, contributing to its stability and development."
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"Riyadh, Asharq Al-Awsat—The world’s largest mining project, the King Abdullah Wa’ad Al-Shamal City, officially launched on Tuesday, drawing in some 36 billion Saudi riyals (9.6 billion US dollars) in investments and agreements.
The agreements included deals to construct a number of factories and roads, as well as a 1,000-megawatt power plant at the city, which will be used to exploit gas and phosphate reserves in the under-utilized Northern Borders region, which is also the Kingdom’s most underpopulated.
Prince Abdullah Bin Abdulaziz Bin Mesa’id, who oversees the region, said it would create investment opportunities for residents, contributing to its stability and development."
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Bad Debt at Mongolian Bank Sours Credit Suisse, Abu Dhabi - Bloomberg
Bad Debt at Mongolian Bank Sours Credit Suisse, Abu Dhabi - Bloomberg:
"Mongolia sits atop so much mineral wealth -- an estimated $1.3 trillion in gold, copper, coal and iron ore -- that it’s sometimes called “Minegolia.” It’s among the world’s fastest-growing economies.
Even so, some of its bigger foreign investors want out.
The recent turmoil at Golomt Bank LLC, one of Mongolia’s biggest lenders, illuminates some of the reasons.
Credit Suisse Group AG and Abu Dhabi’s sovereign wealth fund invested in Golomt in the past half decade, seeking a share of the country’s promised bounty. Those hopes have soured amid allegations that one of Golomt’s owners arranged loans he didn’t report, hid defaults for years and, as the bank’s board called for probes, oversaw the destruction of financial records, according to documents reviewed by Bloomberg News."
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"Mongolia sits atop so much mineral wealth -- an estimated $1.3 trillion in gold, copper, coal and iron ore -- that it’s sometimes called “Minegolia.” It’s among the world’s fastest-growing economies.
Even so, some of its bigger foreign investors want out.
The recent turmoil at Golomt Bank LLC, one of Mongolia’s biggest lenders, illuminates some of the reasons.
Credit Suisse Group AG and Abu Dhabi’s sovereign wealth fund invested in Golomt in the past half decade, seeking a share of the country’s promised bounty. Those hopes have soured amid allegations that one of Golomt’s owners arranged loans he didn’t report, hid defaults for years and, as the bank’s board called for probes, oversaw the destruction of financial records, according to documents reviewed by Bloomberg News."
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UPP Surges Most Since September on Recovery Bets: Dubai Mover - Bloomberg
UPP Surges Most Since September on Recovery Bets: Dubai Mover - Bloomberg:
"Union Properties PJSC (UPP) jumped the most in more than four months on investor bets Dubai’s second-biggest publicly traded developer will get an earnings boost from a real-estate recovery.
Shares of the company known as UPP advanced 9.8 percent, the most since Sept. 22, to 1.79 dirhams at the close in Dubai. Volumes surged to more than four times the three-month daily average. The stock has soared 16 percent since UPP said full-year profit surged almost nine-fold. Deyaar Development (DEYAAR) PJSC rose 4.8 percent after saying yesterday earnings quadrupled.
A resurgence in Dubai’s real estate market, where prices had more than halved from their 2008 peak, has helped developers recover from the financial crisis. Construction activity has picked up as the Persian Gulf business hub prepares to host the World Expo in 2020, with about $8 billion in infrastructure spending planned."
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"Union Properties PJSC (UPP) jumped the most in more than four months on investor bets Dubai’s second-biggest publicly traded developer will get an earnings boost from a real-estate recovery.
Shares of the company known as UPP advanced 9.8 percent, the most since Sept. 22, to 1.79 dirhams at the close in Dubai. Volumes surged to more than four times the three-month daily average. The stock has soared 16 percent since UPP said full-year profit surged almost nine-fold. Deyaar Development (DEYAAR) PJSC rose 4.8 percent after saying yesterday earnings quadrupled.
A resurgence in Dubai’s real estate market, where prices had more than halved from their 2008 peak, has helped developers recover from the financial crisis. Construction activity has picked up as the Persian Gulf business hub prepares to host the World Expo in 2020, with about $8 billion in infrastructure spending planned."
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Bahrain Air on the verge of bankruptcy
Bahrain Air on the verge of bankruptcy:
"Hundreds of Bahrain Air staff who lost their jobs when the airline went into voluntary liquidation are unlikely to receive severance packages with the company allegedly about to file for bankruptcy.
Millions of dinars owned to companies will also have to be written off as the carrier changes its legal status, said a report in the Gulf Daily News (GDN), our sister publication.
The revelations come almost a year after the airline went into voluntary liquidation, with the loss of 345 jobs.
Numerous lawsuits were earlier filed against the carrier by disgruntled employees and it is understood it owes companies at least BD4 million ($10.5 million)."
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"Hundreds of Bahrain Air staff who lost their jobs when the airline went into voluntary liquidation are unlikely to receive severance packages with the company allegedly about to file for bankruptcy.
Millions of dinars owned to companies will also have to be written off as the carrier changes its legal status, said a report in the Gulf Daily News (GDN), our sister publication.
The revelations come almost a year after the airline went into voluntary liquidation, with the loss of 345 jobs.
Numerous lawsuits were earlier filed against the carrier by disgruntled employees and it is understood it owes companies at least BD4 million ($10.5 million)."
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Regional investors steering away from bonds in fixed-income assets | The National
Regional investors steering away from bonds in fixed-income assets | The National:
"After a stellar year for regional equity markets, many Middle East investors are increasingly showing preference for fixed-income asset management products that do not rely on bonds alone, Schroders Investment Management said.
Iain Cunningham, one of the managers of Schroder ISF Global Multi-Asset Income fund, who met clients in the UAE over the past week, said that investors here want sustainable income from such funds because of concern that if interest rates rise, bond prices will be hurt.
“The fund was designed to create solutions for investors who have been struggling to generate income in a low-yield environment,” said Mr Cunningham. “And due to that challenge, we’ve seen the fund grow from zero assets in April 2012 to just over US$4 billion. We can go across regions and across sectors. The fund was designed to deliver a 5 per cent payout to investors on annualised basis with focus on sustainability of income.”"
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"After a stellar year for regional equity markets, many Middle East investors are increasingly showing preference for fixed-income asset management products that do not rely on bonds alone, Schroders Investment Management said.
Iain Cunningham, one of the managers of Schroder ISF Global Multi-Asset Income fund, who met clients in the UAE over the past week, said that investors here want sustainable income from such funds because of concern that if interest rates rise, bond prices will be hurt.
“The fund was designed to create solutions for investors who have been struggling to generate income in a low-yield environment,” said Mr Cunningham. “And due to that challenge, we’ve seen the fund grow from zero assets in April 2012 to just over US$4 billion. We can go across regions and across sectors. The fund was designed to deliver a 5 per cent payout to investors on annualised basis with focus on sustainability of income.”"
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DIFC seeks to enhance global competitiveness | GulfNews.com
DIFC seeks to enhance global competitiveness | GulfNews.com:
"Dubai International Financial Centre (DIFC) is seeking to improve its global standing through strong cooperation with other global financial jurisdictions, greater cost competitiveness and through improved soft and physical infrastructure, said Jeffrey Singer, CEO of DIFC Authority.
Companies based in DIFC continue to benefit from the Centre’s internationally recognised regulatory and legal framework, which effectively facilitates the growth of financial services and commercial activities.
The Centre currently hosts 22 of the world’s top 30 banks, 11 of the world’s top 20 money managers, six of the top 10 insurance companies, and seven of the top 10 legal firms, solidifying its reputation as a prestigious and highly sought after business community."
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"Dubai International Financial Centre (DIFC) is seeking to improve its global standing through strong cooperation with other global financial jurisdictions, greater cost competitiveness and through improved soft and physical infrastructure, said Jeffrey Singer, CEO of DIFC Authority.
Companies based in DIFC continue to benefit from the Centre’s internationally recognised regulatory and legal framework, which effectively facilitates the growth of financial services and commercial activities.
The Centre currently hosts 22 of the world’s top 30 banks, 11 of the world’s top 20 money managers, six of the top 10 insurance companies, and seven of the top 10 legal firms, solidifying its reputation as a prestigious and highly sought after business community."
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Saudi IPOs expected to top last year’s total | GulfNews.com
Saudi IPOs expected to top last year’s total | GulfNews.com:
"Early mandates and talks in progress point towards an increase in Saudi Arabia’s initial public offerings in 2014 compared to last year, a senior investment official at a Saudi bank told Gulf News on Tuesday.
There will be a pick up in listings this year, said Khalid Nasser Al Muammar, chief executive officer at Saudi Hollandi Capital, on the sidelines of the final day of Sukuk Congress in Dubai yesterday.
In 2013, only five IPOs were launched in the Gulf’s biggest stock market. Saudi Hollandi Capital is currently working on one IPO, which it has a mandate for."
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"Early mandates and talks in progress point towards an increase in Saudi Arabia’s initial public offerings in 2014 compared to last year, a senior investment official at a Saudi bank told Gulf News on Tuesday.
There will be a pick up in listings this year, said Khalid Nasser Al Muammar, chief executive officer at Saudi Hollandi Capital, on the sidelines of the final day of Sukuk Congress in Dubai yesterday.
In 2013, only five IPOs were launched in the Gulf’s biggest stock market. Saudi Hollandi Capital is currently working on one IPO, which it has a mandate for."
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Paris Fist Pump Eases Dubai Debt Worry as Deadline Nears - Bloomberg
Paris Fist Pump Eases Dubai Debt Worry as Deadline Nears - Bloomberg:
"Pumping his fist into the Paris air, Sheikh Abdullah bin Zayed Al Nahyan, an Abu Dhabi royal, celebrated the award of the 2020 World Expo to Dubai. A Dubai counterpart returned the favor three weeks later, hailing Abu Dhabi’s role in securing the event.
The backslapping late last year signaled the ever-closer relationship between the sheikhdoms at the core of the seven-member United Arab Emirates, one a fast-paced finance hub, the other the more conservative seat of political power. It’s also easing concerns over how Dubai will resolve $30 billion of debt maturing this year, two-thirds of which Abu Dhabi stumped up to prevent a default as the 2009 crisis froze credit markets.
“Better ties mean the refinancing or rollover process will likely go smoothly,” said Montasser Khelifi, a senior manager at Quantum Investment Bank Ltd. in Dubai. “There will be more confidence in Dubai credit, and more participation in its refinancing going forward.”"
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"Pumping his fist into the Paris air, Sheikh Abdullah bin Zayed Al Nahyan, an Abu Dhabi royal, celebrated the award of the 2020 World Expo to Dubai. A Dubai counterpart returned the favor three weeks later, hailing Abu Dhabi’s role in securing the event.
The backslapping late last year signaled the ever-closer relationship between the sheikhdoms at the core of the seven-member United Arab Emirates, one a fast-paced finance hub, the other the more conservative seat of political power. It’s also easing concerns over how Dubai will resolve $30 billion of debt maturing this year, two-thirds of which Abu Dhabi stumped up to prevent a default as the 2009 crisis froze credit markets.
“Better ties mean the refinancing or rollover process will likely go smoothly,” said Montasser Khelifi, a senior manager at Quantum Investment Bank Ltd. in Dubai. “There will be more confidence in Dubai credit, and more participation in its refinancing going forward.”"
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DIC Said to Weigh Combined Sale of Three Largest Firms - Bloomberg
DIC Said to Weigh Combined Sale of Three Largest Firms - Bloomberg:
"Dubai International Capital LLC, the private-equity unit owned by the emirate’s ruler, is exploring a combined sale of its three largest companies in a deal worth more than $2 billion, people with knowledge of the matter said.
DIC is working with investment bank Evercore Partners Inc. (EVR) to gauge investor demand for the businesses, said the people, who asked not to be identified because the information is private. The portfolio includes majority stakes in packaging specialist Mauser AG (MAU) and aluminum manufacturer Almatis GmbH of Germany as well as U.K. engineering aerospace group Doncasters Group Ltd., the people said.
The assets are drawing interest from private-equity firms that specialize in buying a group of companies from buyout firms, known as secondary direct deals, the people said.
The Dubai-based firm is exploring the portfolio sale even as it simultaneously runs an auction for Mauser independently, said the people. The parallel processes have drawn the ire of potential buyers for Mauser, according to one of the people familiar with the situation."
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"Dubai International Capital LLC, the private-equity unit owned by the emirate’s ruler, is exploring a combined sale of its three largest companies in a deal worth more than $2 billion, people with knowledge of the matter said.
DIC is working with investment bank Evercore Partners Inc. (EVR) to gauge investor demand for the businesses, said the people, who asked not to be identified because the information is private. The portfolio includes majority stakes in packaging specialist Mauser AG (MAU) and aluminum manufacturer Almatis GmbH of Germany as well as U.K. engineering aerospace group Doncasters Group Ltd., the people said.
The assets are drawing interest from private-equity firms that specialize in buying a group of companies from buyout firms, known as secondary direct deals, the people said.
The Dubai-based firm is exploring the portfolio sale even as it simultaneously runs an auction for Mauser independently, said the people. The parallel processes have drawn the ire of potential buyers for Mauser, according to one of the people familiar with the situation."
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