MIDEAST STOCKS-GCC security discord with Qatar pummels shares, region mixed | Reuters:
"* Relief from Russia-Ukraine easing short-lived
* Surprise move against Qatar scares retail investors
* Qatar's index posts biggest drop in more than 6 months
By Nadia Saleem
DUBAI, March 5 (Reuters) - Qatar's shares led a decline in most Gulf markets on Wednesday after Saudi Arabia, the United Arab Emirates and Bahrain said they would withdraw envoys from Doha over what they called interference in their internal affairs.
The move, conveyed in a joint statement by the three countries, is unprecedented in the three-decade history of the Gulf Cooperation Council, a pro-Western alliance of Saudi Arabia, Bahrain, Kuwait, Qatar, the UAE and Oman.
Most Gulf markets reversed early-session gains driven by relief over Ukraine before Gulf tension hit investors sentiment.
"It's a diplomatic agreement at this stage to show a dissatisfaction with polices - I don't see a threat to commercial or economic ties between the GCC at this moment," said Abdullah Alawi, assistant general manager and head of research at Aljazira Capital."
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Wednesday, 5 March 2014
$8Bln in Loans For Russian Companies Endangered By Ukraine Turmoil | The Moscow Times
$8Bln in Loans For Russian Companies Endangered By Ukraine Turmoil | The Moscow Times:
"Loans worth $8 billion being sought by Russian companies from international banks are in danger of falling through because of the crisis in Ukraine, a news report said.
Billionaire Mikhail Fridman's telecoms company VimpelCom is among 10 Russian firms who had been in negotiations to receive loans from U.S., European, and Japanese banks. Russian companies took on $52 billion in dollar-denominated loans last year, up from $38 billion in 2012, Bloomberg reported Tuesday.
Moves by foreign banks to lower the cost of debt and attract greater involvement have spurred Russian companies to increase their borrowing. VimpelCom is currently seeking a $2 billion credit line, according to sources familiar with its financing. Among other companies seeking loans are Petrochemicals company Sibur, owned by billionaire Leonid Michelson, miner and metals company Metalloinvest and Novolipetsk Steel, industry insiders said. Potash producer Uralkali, state nuclear corporation Rosatom and Slavneft have also held talks with banks."
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"Loans worth $8 billion being sought by Russian companies from international banks are in danger of falling through because of the crisis in Ukraine, a news report said.
Billionaire Mikhail Fridman's telecoms company VimpelCom is among 10 Russian firms who had been in negotiations to receive loans from U.S., European, and Japanese banks. Russian companies took on $52 billion in dollar-denominated loans last year, up from $38 billion in 2012, Bloomberg reported Tuesday.
Moves by foreign banks to lower the cost of debt and attract greater involvement have spurred Russian companies to increase their borrowing. VimpelCom is currently seeking a $2 billion credit line, according to sources familiar with its financing. Among other companies seeking loans are Petrochemicals company Sibur, owned by billionaire Leonid Michelson, miner and metals company Metalloinvest and Novolipetsk Steel, industry insiders said. Potash producer Uralkali, state nuclear corporation Rosatom and Slavneft have also held talks with banks."
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GCC stocks tumble on withdrawal of ambassadors from Qatar over failure to stop interference in their internal affairs « ArabianMoney
GCC stocks tumble on withdrawal of ambassadors from Qatar over failure to stop interference in their internal affairs « ArabianMoney:
"Gulf stocks took a surprise tumble on Wednesday after an announcement by the governments of the UAE, Bahrain and Saudi Arabia that they were withdrawing their ambassadors from Qatar because Doha had failed to implement an agreement not to interfere in each others’ internal affairs.
The QE Index plunged two per cent, the DFM lost 0.9 per cent, Bahrain slipped 0.2 per cent and the Tadawul ended down 0.5 per cent. Traders said the news came out-of-the-blue and unsettled the bourses. Uncertainty is something universally disliked by investors who always ask the question, what next?
Extreme resentment
The Qatari ambassador was summoned to the UAE Foreign Ministry earlier this month over ‘extreme resentment’ about Qatar’s failure to respond to public insults about the UAE by a cleric."
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"Gulf stocks took a surprise tumble on Wednesday after an announcement by the governments of the UAE, Bahrain and Saudi Arabia that they were withdrawing their ambassadors from Qatar because Doha had failed to implement an agreement not to interfere in each others’ internal affairs.
The QE Index plunged two per cent, the DFM lost 0.9 per cent, Bahrain slipped 0.2 per cent and the Tadawul ended down 0.5 per cent. Traders said the news came out-of-the-blue and unsettled the bourses. Uncertainty is something universally disliked by investors who always ask the question, what next?
Extreme resentment
The Qatari ambassador was summoned to the UAE Foreign Ministry earlier this month over ‘extreme resentment’ about Qatar’s failure to respond to public insults about the UAE by a cleric."
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Ukraine and Russia: Why is Ukraine’s economy in such a mess? | The Economist #EuroMaidan
Ukraine and Russia: Why is Ukraine’s economy in such a mess? | The Economist:
"UKRAINE’S problems are not just political. In recent weeks its economy has taken a hammering. Until mid-January its currency, the hryvnia, was fixed at 8:1 with the dollar; it now trades at about 10:1. The government has recently issued short-term debt at interest rates as high as 15%; this year its bonds have done about as badly as Venezuela's. Many analysts are worried that the country will soon default on its debt.
The economic turmoil reflects recent political instability. But Ukraine’s economic problems were long in the making. Dodgy economic policy, distaste for reform and endemic corruption have brought the country to its knees.
"
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"UKRAINE’S problems are not just political. In recent weeks its economy has taken a hammering. Until mid-January its currency, the hryvnia, was fixed at 8:1 with the dollar; it now trades at about 10:1. The government has recently issued short-term debt at interest rates as high as 15%; this year its bonds have done about as badly as Venezuela's. Many analysts are worried that the country will soon default on its debt.
The economic turmoil reflects recent political instability. But Ukraine’s economic problems were long in the making. Dodgy economic policy, distaste for reform and endemic corruption have brought the country to its knees.
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Dubai World prepays $284.5 mln to creditors - sources | Reuters
Dubai World prepays $284.5 mln to creditors - sources | Reuters:
"Dubai World, one of the emirate's big state-owned conglomerates, has prepaid $284.5 million to creditors under its $25 billion debt restructuring plan, sources familiar with the matter said on Wednesday.
The conglomerate obtained money for the prepayment from asset sales, said the sources who declined to be named because the matter isn't public.
Under the terms of the restructuring deal, cash raised from asset sales above a threshold of $300 million is to be distributed to creditors as early repayments, one source said.
A Dubai World spokesman declined to comment."
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"Dubai World, one of the emirate's big state-owned conglomerates, has prepaid $284.5 million to creditors under its $25 billion debt restructuring plan, sources familiar with the matter said on Wednesday.
The conglomerate obtained money for the prepayment from asset sales, said the sources who declined to be named because the matter isn't public.
Under the terms of the restructuring deal, cash raised from asset sales above a threshold of $300 million is to be distributed to creditors as early repayments, one source said.
A Dubai World spokesman declined to comment."
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Abu Dhabi controls Dh3.67trn assets - Emirates 24/7
Abu Dhabi controls Dh3.67trn assets - Emirates 24/7:
"Abu Dhabi’s financial ambassadors such as banks and investment vehicles control more than $1 trillion (Dh3.67 trillion) worth of assets, according to the head of the Abu Dhabi securities market.
Ahmed Al Sayegh said most of the assets are held by the Abu Dhabi Investment Authority (Adia), one of the world’s largest sovereign wealth funds (SWF), as well as Mubadala development company and the International Petroleum Investment Company (Ipic), the emirate’s overseas downstream investment arm.
Speaking at a stock market conference in Abu Dhabi on Tuesday, he said Mubadala alone has invested nearly Dh202 billion since it was created more than 10 years ago while Ipic controls in excess of Dh238 billion. The government-controlled National Bank of Abu Dhabi also has a large asset base, estimated at Dh330.5 billion, he added."
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"Abu Dhabi’s financial ambassadors such as banks and investment vehicles control more than $1 trillion (Dh3.67 trillion) worth of assets, according to the head of the Abu Dhabi securities market.
Ahmed Al Sayegh said most of the assets are held by the Abu Dhabi Investment Authority (Adia), one of the world’s largest sovereign wealth funds (SWF), as well as Mubadala development company and the International Petroleum Investment Company (Ipic), the emirate’s overseas downstream investment arm.
Speaking at a stock market conference in Abu Dhabi on Tuesday, he said Mubadala alone has invested nearly Dh202 billion since it was created more than 10 years ago while Ipic controls in excess of Dh238 billion. The government-controlled National Bank of Abu Dhabi also has a large asset base, estimated at Dh330.5 billion, he added."
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Saudi Arabia, Bahrain, UAE recall envoys to Qatar | News , Middle East | THE DAILY STAR
Saudi Arabia, Bahrain, UAE recall envoys to Qatar | News , Middle East | THE DAILY STAR:
"RIYADH: Saudi Arabia, Bahrain and the United Arab Emirates recalled their ambassadors from Doha on Wednesday in protest at Qatar's interference in their internal affairs, they announced in a joint statement.
The three Gulf Arab states made the decision following what newspapers described as a "stormy" late Tuesday meeting of foreign ministers from the six-nation Gulf Cooperation Council in Riyadh.
GCC countries "have exerted massive efforts to contact Qatar on all levels to agree on a unified policy... to ensure non-interference, directly or indirectly, in the internal affairs of any member state," the statement said."
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"RIYADH: Saudi Arabia, Bahrain and the United Arab Emirates recalled their ambassadors from Doha on Wednesday in protest at Qatar's interference in their internal affairs, they announced in a joint statement.
The three Gulf Arab states made the decision following what newspapers described as a "stormy" late Tuesday meeting of foreign ministers from the six-nation Gulf Cooperation Council in Riyadh.
GCC countries "have exerted massive efforts to contact Qatar on all levels to agree on a unified policy... to ensure non-interference, directly or indirectly, in the internal affairs of any member state," the statement said."
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Damac Properties shows how to profit from the Dubai real estate recovery « ArabianMoney
Damac Properties shows how to profit from the Dubai real estate recovery « ArabianMoney:
"In the early 2000s many industry commentators thought Damac Properties was an accident waiting to happen. But it never did. The firm sailed through the 2009 real estate crash in Dubai and profits for 2013 reported yesterday show that it has been equally adept at making the most of the recent real estate recovery in Dubai.
Annual profits tripled to $642 million last year on revenues 76 per cent higher at $1.22 billion. That is one huge profit margin. But sales rose four-fold last year to $2.45 billion so it won’t necessarily matter that much if profit margins are squeezed by rising construction costs."
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"In the early 2000s many industry commentators thought Damac Properties was an accident waiting to happen. But it never did. The firm sailed through the 2009 real estate crash in Dubai and profits for 2013 reported yesterday show that it has been equally adept at making the most of the recent real estate recovery in Dubai.
Annual profits tripled to $642 million last year on revenues 76 per cent higher at $1.22 billion. That is one huge profit margin. But sales rose four-fold last year to $2.45 billion so it won’t necessarily matter that much if profit margins are squeezed by rising construction costs."
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In Saudi Arabia, a Rarity – a Female Investment Bank CEO - Middle East Real Time - WSJ
In Saudi Arabia, a Rarity – a Female Investment Bank CEO - Middle East Real Time - WSJ:
"Saudi Arabia’s NCB Capital said Tuesday it has picked a veteran Saudi asset manager as its new CEO. Of particular note, the new boss is a woman.
Female CEOs are even more uncommon in Saudi Arabia than they are in the West, and many of the few women chief executives that there are in the kingdom lead family firms.
Sarah al Suhaimi, who becomes head of one of the kingdom’s leading investment bank that has $12 billion in assets under management, has worked her way up through the ranks at Saudi financial houses.
Suhaimi comes to NCB Capital after seven years overseeing asset management at Jadwa Investment. Previously, she served five years on the asset-management team at Samba Financial Group.
"
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"Saudi Arabia’s NCB Capital said Tuesday it has picked a veteran Saudi asset manager as its new CEO. Of particular note, the new boss is a woman.
Female CEOs are even more uncommon in Saudi Arabia than they are in the West, and many of the few women chief executives that there are in the kingdom lead family firms.
Sarah al Suhaimi, who becomes head of one of the kingdom’s leading investment bank that has $12 billion in assets under management, has worked her way up through the ranks at Saudi financial houses.
Suhaimi comes to NCB Capital after seven years overseeing asset management at Jadwa Investment. Previously, she served five years on the asset-management team at Samba Financial Group.
"
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Aldar Properties to save even more than expected with Sorouh merger | The National
Aldar Properties to save even more than expected with Sorouh merger | The National:
"Nearly nine months after combining with rival Sorouh, Aldar Properties has increased its estimate for the amount of money it will be able to save each year from the merger by almost a half.
Abu Dhabi’s only remaining major listed property developer said that it had revised its predictions for the amount of cost saving synergies it would be able to make from between Dh90 million and Dh100m to between Dh145m and Dh150m a year.
The company said that the savings would come from both stronger than expected “operational efficiencies” and “interest savings on acquired debt”."
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"Nearly nine months after combining with rival Sorouh, Aldar Properties has increased its estimate for the amount of money it will be able to save each year from the merger by almost a half.
Abu Dhabi’s only remaining major listed property developer said that it had revised its predictions for the amount of cost saving synergies it would be able to make from between Dh90 million and Dh100m to between Dh145m and Dh150m a year.
The company said that the savings would come from both stronger than expected “operational efficiencies” and “interest savings on acquired debt”."
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Etisalat profit leaps 70 per cent | The National
Etisalat profit leaps 70 per cent | The National:
"Etisalat, the country’s biggest telecoms company, has recorded a 70 per cent leap in fourth-quarter profit.
The company achieved net profit of Dh1.45 billion in the three months to December 31, according to Reuters calculations.
Full-year profits reached Dh7.08bn compared with Dh6.74bn a year earlier.
“Etisalat’s revenues rose from Dh32.95bn in 2012 to Dh38.85bn in 2013, but more than half of that increase was due to the consolidation of Etisalat’s operation in Pakistan – that is to say the Pakistan unit was included in the 2013 results, but not in 2012,” said Matthew Reed, an analyst at Informa Telecoms and Media in Dubai."
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"Etisalat, the country’s biggest telecoms company, has recorded a 70 per cent leap in fourth-quarter profit.
The company achieved net profit of Dh1.45 billion in the three months to December 31, according to Reuters calculations.
Full-year profits reached Dh7.08bn compared with Dh6.74bn a year earlier.
“Etisalat’s revenues rose from Dh32.95bn in 2012 to Dh38.85bn in 2013, but more than half of that increase was due to the consolidation of Etisalat’s operation in Pakistan – that is to say the Pakistan unit was included in the 2013 results, but not in 2012,” said Matthew Reed, an analyst at Informa Telecoms and Media in Dubai."
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