These countries have the most to lose if Russia shuts the gas valve - MarketWatch:
"As winter nears and tensions in eastern Ukraine mount, Russia is giving several European Union countries yet another reason to worry about the conflict between the two: natural gas.
Finland, Estonia, Latvia, Lithuania, Romania and Bulgaria receive 100% of their natural gas imports from Russia, the Energy Information Administration said Wednesday.
Romania and Bulgaria receive that gas through pipelines that cross Ukraine."
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Thursday, 28 August 2014
Is DP World Eyeing New Investment Opportunities? - Middle East Real Time - WSJ
Is DP World Eyeing New Investment Opportunities? - Middle East Real Time - WSJ:
"After posting a decent set of numbers in the first half, a company can be excused if it sounds optimistic about its growth outlook.
In DP World’s case – the numbers are more than decent. The Dubai-based ports operator, one of the largest globally, reported a solid 26% jump in six-month earnings as it added new capacity amid a pick up in global trade.
Senior executives reckon the company is well positioned to capitalise on the “significant” medium to long-term growth potential of the industry. It plans to substantially expand handling capacity at existing operations such as its flagship Jebel Ali port in the United Arab Emirates."
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"After posting a decent set of numbers in the first half, a company can be excused if it sounds optimistic about its growth outlook.
In DP World’s case – the numbers are more than decent. The Dubai-based ports operator, one of the largest globally, reported a solid 26% jump in six-month earnings as it added new capacity amid a pick up in global trade.
Senior executives reckon the company is well positioned to capitalise on the “significant” medium to long-term growth potential of the industry. It plans to substantially expand handling capacity at existing operations such as its flagship Jebel Ali port in the United Arab Emirates."
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Dubai World said to agree debt deal with main creditors - Business Intelligence Middle East - bi-me.com - News, analysis, reports
Dubai World said to agree debt deal with main creditors - Business Intelligence Middle East - bi-me.com - News, analysis, reports:
"Dubai World, the state-owned company at the center of the emirate’s 2009 financial crisis, reached a deal with its main creditors to extend the repayment of $10.3 billion of debt, two people with knowledge of the matter said.
The group, which owns the world’s third-largest ports operator, agreed with its creditor committee to repay in 2022, four years later than previously agreed on, the people said, asking not to be identified because the information is private. Dubai World also agreed to repay $4.4 billion of loans due Sept. 2015 early if all creditors approve the deal, the people said.
Dubai’s accelerating economy is prompting companies to renegotiate loan terms and seek new deals as interest rates decline. Dubai World signed the debt deal with about 80 creditors to restructure about $14.7 billion in March 2011."
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"Dubai World, the state-owned company at the center of the emirate’s 2009 financial crisis, reached a deal with its main creditors to extend the repayment of $10.3 billion of debt, two people with knowledge of the matter said.
The group, which owns the world’s third-largest ports operator, agreed with its creditor committee to repay in 2022, four years later than previously agreed on, the people said, asking not to be identified because the information is private. Dubai World also agreed to repay $4.4 billion of loans due Sept. 2015 early if all creditors approve the deal, the people said.
Dubai’s accelerating economy is prompting companies to renegotiate loan terms and seek new deals as interest rates decline. Dubai World signed the debt deal with about 80 creditors to restructure about $14.7 billion in March 2011."
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Borsa Istanbul in talks with European, US giant for share sale - ECONOMICS
Borsa Istanbul in talks with European, US giant for share sale - ECONOMICS:
"Turkey’s sole stock exchange Borsa Istanbul is reportedly holding talks with one European and one American giant for the potential sale of a minority of the exchange’s shares only months after a landmark deal with U.S. stock exchange NASDAQ.
The stock exchange had clinched a landmark deal with NASDAQ in December, in which the U.S. exchange took a 5 percent share from Borsa Istanbul in a tie-up that allows Borsa Istanbul to use NASDAQ’s market technologies to attract new customers.
According to sources close to the matter, the Turkish stock exchange has neared the end of negotiations with the European Bank of Reconstruction and Development (EBRD), as well."
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"Turkey’s sole stock exchange Borsa Istanbul is reportedly holding talks with one European and one American giant for the potential sale of a minority of the exchange’s shares only months after a landmark deal with U.S. stock exchange NASDAQ.
The stock exchange had clinched a landmark deal with NASDAQ in December, in which the U.S. exchange took a 5 percent share from Borsa Istanbul in a tie-up that allows Borsa Istanbul to use NASDAQ’s market technologies to attract new customers.
According to sources close to the matter, the Turkish stock exchange has neared the end of negotiations with the European Bank of Reconstruction and Development (EBRD), as well."
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Morgan Stanley gets in early over Saudi stock exchange reforms | The National
Morgan Stanley gets in early over Saudi stock exchange reforms | The National:
"Morgan Stanley has become the first international investment bank to initiate coverage on Saudi Arabian equities ahead of an expected opening of the kingdom’s stock exchange to foreign investors.
A report published by the Wall Street firm yesterday follows the publication of draft rules by the country’s Capital Markets Authority on foreign investment in Saudi stocks. That mapped out the criteria for eligible investors using a “qualified foreign investor” model.
Research analysts at Morgan Stanley rated Samba Financial Group and Al Rajhi Bank with “equal weight” while Riyad Bank was “underweight”."
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"Morgan Stanley has become the first international investment bank to initiate coverage on Saudi Arabian equities ahead of an expected opening of the kingdom’s stock exchange to foreign investors.
A report published by the Wall Street firm yesterday follows the publication of draft rules by the country’s Capital Markets Authority on foreign investment in Saudi stocks. That mapped out the criteria for eligible investors using a “qualified foreign investor” model.
Research analysts at Morgan Stanley rated Samba Financial Group and Al Rajhi Bank with “equal weight” while Riyad Bank was “underweight”."
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DP World reports $331.8m half year profit | GulfNews.com
DP World reports $331.8m half year profit | GulfNews.com:
"DP World, the Dubai government owned global port operator, reported on Thursday a half year profit of $331.8 million, 25.68 per cent higher than the same period a year earlier.
New capacity, a pick-up in global trade and a subsequent increase in volume growth were behind the numbers, said Chairman Sultan Ahmed Bin Sulayem in a statement.
Revenue for the six months ending June 30 was up 9.9 per cent to $1.659 billion, which DP World said explained the 12 per cent increase in containerised revenue and 10.2 per cent increase in non-container revenue."
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"DP World, the Dubai government owned global port operator, reported on Thursday a half year profit of $331.8 million, 25.68 per cent higher than the same period a year earlier.
New capacity, a pick-up in global trade and a subsequent increase in volume growth were behind the numbers, said Chairman Sultan Ahmed Bin Sulayem in a statement.
Revenue for the six months ending June 30 was up 9.9 per cent to $1.659 billion, which DP World said explained the 12 per cent increase in containerised revenue and 10.2 per cent increase in non-container revenue."
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Sukuk Drought Poised to End on First-Time Sales: Islamic Finance - Bloomberg
Sukuk Drought Poised to End on First-Time Sales: Islamic Finance - Bloomberg:
"First-time sellers of bonds that adhere to Islam’s ban on interest are poised to revive an industry suffering its worst quarter in more than four years.
Luxembourg and Hong Kong aim to market debut offerings of sukuk next month, while Kenya, South Africa, Bangladesh and Tatarstan have announced plans for maiden issues. Islamic bond sales have fallen 82 percent to $2.6 billion this quarter compared with the previous three months, their lowest level since the first three months of 2010, according to data compiled by Bloomberg.
“All are seeking their share of fast-growing Islamic financial services activity,” Khalid Howladar, global head of Shariah-compliant finance at Moody’s Investors Service in Dubai, said in an Aug. 26 e-mail interview. “Initial sovereign issuances test and sometimes force the development of a legal environment conducive to Islamic finance.”"
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"First-time sellers of bonds that adhere to Islam’s ban on interest are poised to revive an industry suffering its worst quarter in more than four years.
Luxembourg and Hong Kong aim to market debut offerings of sukuk next month, while Kenya, South Africa, Bangladesh and Tatarstan have announced plans for maiden issues. Islamic bond sales have fallen 82 percent to $2.6 billion this quarter compared with the previous three months, their lowest level since the first three months of 2010, according to data compiled by Bloomberg.
“All are seeking their share of fast-growing Islamic financial services activity,” Khalid Howladar, global head of Shariah-compliant finance at Moody’s Investors Service in Dubai, said in an Aug. 26 e-mail interview. “Initial sovereign issuances test and sometimes force the development of a legal environment conducive to Islamic finance.”"
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MIDEAST STOCKS-Petchems lift Saudi to 6-year high; Arabtec jumps on buyout hopes | Reuters
MIDEAST STOCKS-Petchems lift Saudi to 6-year high; Arabtec jumps on buyout hopes | Reuters:
"Expectations of strong global demand for petrochemicals supported the uptrend in Saudi Arabia's stock market on Wednesday, lifting the bourse to a fresh six-year high, while Dubai builder Arabtec jumped on hopes that a key shareholder would increase its stake.
Saudi Arabia's main index rose 0.8 percent to 11,030 points, closing above 11,000 points for the first time since January 2008.
Petrochemicals were among the main drivers; Saudi Basic Industries rose 1.2 percent, Saudi International Petrochemical Co (Sipchem) jumped 4.7 percent and Saudi Kayan Petrochemical Co added 2.5 percent."
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"Expectations of strong global demand for petrochemicals supported the uptrend in Saudi Arabia's stock market on Wednesday, lifting the bourse to a fresh six-year high, while Dubai builder Arabtec jumped on hopes that a key shareholder would increase its stake.
Saudi Arabia's main index rose 0.8 percent to 11,030 points, closing above 11,000 points for the first time since January 2008.
Petrochemicals were among the main drivers; Saudi Basic Industries rose 1.2 percent, Saudi International Petrochemical Co (Sipchem) jumped 4.7 percent and Saudi Kayan Petrochemical Co added 2.5 percent."
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Blackstone, Fajr Said Near Deal for Stake in Dubai’s GEMS - Bloomberg
Blackstone, Fajr Said Near Deal for Stake in Dubai’s GEMS - Bloomberg:
"Blackstone Group LP (BX) is close to its first investment in the Middle East as the private-equity firm nears a deal to acquire a minority stake in Dubai’s GEMS Education, three people with knowledge of the matter said.
Blackstone, based in New York, has teamed up with Fajr Capital Ltd. to invest in the world’s biggest privately held schools operator GEMS through its Blackstone Tactical Opportunities unit, the people said, asking not to be identified as the information is private. A formal agreement to buy 20 percent of the company may be reached in the next couple of weeks, two of the people said. The deal may value the stake at about $350 million, they said.
GEMS, which operates more than 100 schools across 14 countries, may sell as much as 25 percent of the company to raise up to $500 million, Chief Operating Officer Dino Sunny Varkey said last year. The company hired Credit Suisse Group AG to help manage the sale, Varkey said. GEMS reported profit of $74.4m for the year ended March 31, in a statement to the Nasdaq Dubai stock exchange in July."
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"Blackstone Group LP (BX) is close to its first investment in the Middle East as the private-equity firm nears a deal to acquire a minority stake in Dubai’s GEMS Education, three people with knowledge of the matter said.
Blackstone, based in New York, has teamed up with Fajr Capital Ltd. to invest in the world’s biggest privately held schools operator GEMS through its Blackstone Tactical Opportunities unit, the people said, asking not to be identified as the information is private. A formal agreement to buy 20 percent of the company may be reached in the next couple of weeks, two of the people said. The deal may value the stake at about $350 million, they said.
GEMS, which operates more than 100 schools across 14 countries, may sell as much as 25 percent of the company to raise up to $500 million, Chief Operating Officer Dino Sunny Varkey said last year. The company hired Credit Suisse Group AG to help manage the sale, Varkey said. GEMS reported profit of $74.4m for the year ended March 31, in a statement to the Nasdaq Dubai stock exchange in July."
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Arabtec Ex-CEO Rejects Aabar 5-Dirham Offer for Shares - Bloomberg
Arabtec Ex-CEO Rejects Aabar 5-Dirham Offer for Shares - Bloomberg:
"Arabtec Holding Co. (ARTC)’s largest shareholder and former chief executive officer, Hasan Ismaik, rejected an offer from Aabar Investments PJSC to buy part of his stake for 5 dirhams ($1.36) a share.
Ismaik and Aabar, a United Arab Emirates government-linked investment company that wants to increase its stake in Arabtec, are still in talks about the sale, the former chief executive said by telephone today. The offer may involve as much as half of his holding, Ismaik said.
Arabtec’s shares climbed to a six-week high today on speculation a deal may be struck soon. The stock closed 4.8 percent higher at 4.79 dirhams after surging as much as 8.1 percent. A public-relations representative for Aabar declined to comment when reached by Bloomberg News today."
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"Arabtec Holding Co. (ARTC)’s largest shareholder and former chief executive officer, Hasan Ismaik, rejected an offer from Aabar Investments PJSC to buy part of his stake for 5 dirhams ($1.36) a share.
Ismaik and Aabar, a United Arab Emirates government-linked investment company that wants to increase its stake in Arabtec, are still in talks about the sale, the former chief executive said by telephone today. The offer may involve as much as half of his holding, Ismaik said.
Arabtec’s shares climbed to a six-week high today on speculation a deal may be struck soon. The stock closed 4.8 percent higher at 4.79 dirhams after surging as much as 8.1 percent. A public-relations representative for Aabar declined to comment when reached by Bloomberg News today."
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