Alibaba roadshow kicks off hectic week in US markets - YouTube: ""
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Wednesday 10 September 2014
Dana Gas secures $100m loan for UAE gas field | GulfNews.com
Dana Gas secures $100m loan for UAE gas field | GulfNews.com:
"Dana Gas through its wholly owned subsidiary Dana Gas Explorations secured a $100 million (Dh367.24 million) term facility for the Zora Field Development Project, which spans the territorial waters of Ajman and Sharjah. This facility will contribute the debt component of the financing needed to complete the project and bring the Zora gas field on-stream.
According to the press release, the credit facility, with Emirates Bank NBD Capital Limited as Initial Mandated Lead Arranger, Bookrunner and Coordinator, will be provided by the following syndicated banks in their role as “Mandated Lead Arranger and Joint Bookrunners”, Emirates NBD Bank, Commercial Bank International, Commercial Bank of Dubai and Barwa Bank.
The repayment for the term facility is over a period of 15 quarterly investments, the press release said."
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"Dana Gas through its wholly owned subsidiary Dana Gas Explorations secured a $100 million (Dh367.24 million) term facility for the Zora Field Development Project, which spans the territorial waters of Ajman and Sharjah. This facility will contribute the debt component of the financing needed to complete the project and bring the Zora gas field on-stream.
According to the press release, the credit facility, with Emirates Bank NBD Capital Limited as Initial Mandated Lead Arranger, Bookrunner and Coordinator, will be provided by the following syndicated banks in their role as “Mandated Lead Arranger and Joint Bookrunners”, Emirates NBD Bank, Commercial Bank International, Commercial Bank of Dubai and Barwa Bank.
The repayment for the term facility is over a period of 15 quarterly investments, the press release said."
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Saxo to Add Saudi Arabia Equities on $603 Billion Market Opening - Bloomberg
Saxo to Add Saudi Arabia Equities on $603 Billion Market Opening - Bloomberg:
"Saxo Bank, the online Danish bank, plans to add Saudi Arabian equities to its trading platform after the country said that it expects to open its $603 billion exchange to direct foreign investment next year.
The bank is also seeking to add equities in the United Arab Emirates, Egypt and Qatar to its online trading products, Jakob Beck Thomsen, the Copenhagen-based bank’s head in Dubai, said yesterday in an interview. Saxo Bank will start looking to add Saudi Arabian equities early next year, he said.
The largest Arab economy will begin allowing foreign investors to hold as much as 10 percent of the market’s value in the first half of 2015 under draft regulations announced by the Capital Market Authority on Aug. 21. The move could result in Saudi Arabia’s stock market being added to the MSCI Emerging Market Index and receiving as much as $40 billion of inflows, according to John Burbank, founder of Passport Capital."
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"Saxo Bank, the online Danish bank, plans to add Saudi Arabian equities to its trading platform after the country said that it expects to open its $603 billion exchange to direct foreign investment next year.
The bank is also seeking to add equities in the United Arab Emirates, Egypt and Qatar to its online trading products, Jakob Beck Thomsen, the Copenhagen-based bank’s head in Dubai, said yesterday in an interview. Saxo Bank will start looking to add Saudi Arabian equities early next year, he said.
The largest Arab economy will begin allowing foreign investors to hold as much as 10 percent of the market’s value in the first half of 2015 under draft regulations announced by the Capital Market Authority on Aug. 21. The move could result in Saudi Arabia’s stock market being added to the MSCI Emerging Market Index and receiving as much as $40 billion of inflows, according to John Burbank, founder of Passport Capital."
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Kuwait’s Global Investment House seeks relisting on local bourse | GulfNews.com
Kuwait’s Global Investment House seeks relisting on local bourse | GulfNews.com:
"Kuwait’s Global Investment House said on Tuesday it aimed to relist its shares on the Kuwaiti bourse, after its listing was cancelled last year because of accumulated debt.
In an interview with Reuters, Global Investment House chief executive Maha Al Goneim said the company was now “debt-free” following its debt restructuring last year.
She added that the relisting would be discussed at an annual general meeting next Sunday. Subject to shareholder approval, Global’s board of directors will start the necessary procedures with Kuwait’s Capital Market Authority, Maha said."
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"Kuwait’s Global Investment House said on Tuesday it aimed to relist its shares on the Kuwaiti bourse, after its listing was cancelled last year because of accumulated debt.
In an interview with Reuters, Global Investment House chief executive Maha Al Goneim said the company was now “debt-free” following its debt restructuring last year.
She added that the relisting would be discussed at an annual general meeting next Sunday. Subject to shareholder approval, Global’s board of directors will start the necessary procedures with Kuwait’s Capital Market Authority, Maha said."
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Times of Oman | News :: Oman to float OMR200m sukuk issue by early next year
Times of Oman | News :: Oman to float OMR200m sukuk issue by early next year:
"Oman government has assigned a specialised institution to structure the country's first sovereign Islamic bond or sukuk issue, which may be floated by early next year, the country's central bank chief told Times of Oman. The Sultanate plans to raise OMR200 million by way of a sukuk issue.
"The government is studying issuing sukuk and have also invited some specialised institutions who are knowledgeable in structuring sukuk issues," Hamoud Sangour Al Zadjali, executive president of the Central Bank of Oman (CBO) said, on the sidelines of 'Technology Evolution and Banking Conference' organised by Bank Muscat here on Tuesday.
He said the issue may be floated by early next year, if not by the end of the current year.
"It (the issue proceeds) will be used for funding some of the projects," added the CBO chief."
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"Oman government has assigned a specialised institution to structure the country's first sovereign Islamic bond or sukuk issue, which may be floated by early next year, the country's central bank chief told Times of Oman. The Sultanate plans to raise OMR200 million by way of a sukuk issue.
"The government is studying issuing sukuk and have also invited some specialised institutions who are knowledgeable in structuring sukuk issues," Hamoud Sangour Al Zadjali, executive president of the Central Bank of Oman (CBO) said, on the sidelines of 'Technology Evolution and Banking Conference' organised by Bank Muscat here on Tuesday.
He said the issue may be floated by early next year, if not by the end of the current year.
"It (the issue proceeds) will be used for funding some of the projects," added the CBO chief."
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Murmansk Fish Factory Challenges Russia's Food Ban | News | The Moscow Times
Murmansk Fish Factory Challenges Russia's Food Ban | News | The Moscow Times:
"Mikhail Zub, the long-standing head of a privately owned fish processing plant in the northern city of Murmansk, is one of a kind in Russia.
Russian businessmen tend not to get involved in political cases, especially those linked to the name of President Vladimir Putin, due to a fear that they could suffer the same treatment as Yukos founder Mikhail Khodorkovsky or opposition leader Alexei Navalny, both of whom have spent time in the dock or behind bars.
Zub did just that, however, when he challenged a government decree, signed by Putin in early August, that placed a one-year embargo on food products from countries that have imposed sanctions against Russia for its perceived role in the Ukraine crisis."
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"Mikhail Zub, the long-standing head of a privately owned fish processing plant in the northern city of Murmansk, is one of a kind in Russia.
Russian businessmen tend not to get involved in political cases, especially those linked to the name of President Vladimir Putin, due to a fear that they could suffer the same treatment as Yukos founder Mikhail Khodorkovsky or opposition leader Alexei Navalny, both of whom have spent time in the dock or behind bars.
Zub did just that, however, when he challenged a government decree, signed by Putin in early August, that placed a one-year embargo on food products from countries that have imposed sanctions against Russia for its perceived role in the Ukraine crisis."
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Russia and Iran Negotiating $500 Million Oil-for-Goods Deal | News | The Moscow Times
Russia and Iran Negotiating $500 Million Oil-for-Goods Deal | News | The Moscow Times:
"Russia is looking to supply grain worth up to $500 million per year to Iran in exchange for oil, Russia's state grain trader said, in a further reduction to the value of a long-negotiated barter deal between the two countries.
Russia and Iran have been discussing an "oil-for-goods deal" since early 2014 as a way to get around Western sanctions imposed on both countries — on Moscow over the Ukraine crisis and Tehran over its nuclear program.
Andrei Gormakh, first deputy chief executive of Russia's state-controlled grain trader, United Grain Company, or UGC, was quoted by RIA Novosti as saying the company was ready to supply between 1 million and 2 million tons of grain to Iran per year in return for oil."
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"Russia is looking to supply grain worth up to $500 million per year to Iran in exchange for oil, Russia's state grain trader said, in a further reduction to the value of a long-negotiated barter deal between the two countries.
Russia and Iran have been discussing an "oil-for-goods deal" since early 2014 as a way to get around Western sanctions imposed on both countries — on Moscow over the Ukraine crisis and Tehran over its nuclear program.
Andrei Gormakh, first deputy chief executive of Russia's state-controlled grain trader, United Grain Company, or UGC, was quoted by RIA Novosti as saying the company was ready to supply between 1 million and 2 million tons of grain to Iran per year in return for oil."
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Dubai looks to cement its super-hub status with $32bn investment - FT.com
Dubai looks to cement its super-hub status with $32bn investment - FT.com:
"
Al Maktoum International airport stands alone in the desert, on the fringes of Dubai.
Closer to the border with neighbouring Abu Dhabi than Dubai’s bustling city centre, the airport only hosts cargo carriers and a handful of passenger airlines, and is a remote destination for most of the city state’s residents. Indeed, the ride through multiple roundabouts from the airport’s entrance to the modest passenger terminal at the heart of this 56 sq km facility feels like a journey in itself.
Yet Dubai’s constant evolution looks set for a new phase as it embarks on a $32bn investment plan to ramp up the airport’s capacity from handling 5m passengers a year to at least 120m by 2022 – and possibly as many as 200m by 2050."
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"
Closer to the border with neighbouring Abu Dhabi than Dubai’s bustling city centre, the airport only hosts cargo carriers and a handful of passenger airlines, and is a remote destination for most of the city state’s residents. Indeed, the ride through multiple roundabouts from the airport’s entrance to the modest passenger terminal at the heart of this 56 sq km facility feels like a journey in itself.
Yet Dubai’s constant evolution looks set for a new phase as it embarks on a $32bn investment plan to ramp up the airport’s capacity from handling 5m passengers a year to at least 120m by 2022 – and possibly as many as 200m by 2050."
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Abu Dhabi Commercial Bank Picks 4 Banks For 5-Year Bond - Gulf Business
Abu Dhabi Commercial Bank Picks 4 Banks For 5-Year Bond - Gulf Business:
"Abu Dhabi Commercial Bank, the fourth-largest lender by market value in the United Arab Emirates, has set initial price thoughts for a benchmark five-year bond issue in the 95 basis points area over midswaps, a document from leads showed on Tuesday.
ADCB, which is expecting ratings of A/A-plus from Standard & Poor’s and Fitch, has picked Barclays, ING, JP Morgan and Mizuho to arrange the bond sale, which is expected to price on Tuesday, the document said.
The U.S. dollar bond will be issued through a special purpose vehicle incorporated in the Cayman Islands, ADCB Finance (Cayman) Ltd, and will be listed on the Irish Stock Exchange."
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"Abu Dhabi Commercial Bank, the fourth-largest lender by market value in the United Arab Emirates, has set initial price thoughts for a benchmark five-year bond issue in the 95 basis points area over midswaps, a document from leads showed on Tuesday.
ADCB, which is expecting ratings of A/A-plus from Standard & Poor’s and Fitch, has picked Barclays, ING, JP Morgan and Mizuho to arrange the bond sale, which is expected to price on Tuesday, the document said.
The U.S. dollar bond will be issued through a special purpose vehicle incorporated in the Cayman Islands, ADCB Finance (Cayman) Ltd, and will be listed on the Irish Stock Exchange."
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Emaar Malls IPO: Is Dubai Back?
Emaar Malls IPO: Is Dubai Back?:
"The forthcoming listing of Emaar Malls in Dubai will be a big moment for the Emirate, and not just because of the potential size of the deal. It raises the question: does this mean Dubai is back?
As I argue in Euromoney today, the news that Emaar Malls Group is to launch its IPO in Dubai “has several layers of significance. First, it’s a big state-backed stock in a smallish market; second, it’s a handy barometer of Dubai’s revival; third, it has technical innovation; and fourth, it shows a rare level of faith in the liquidity of local markets over the usual procession to the London Stock Exchange.”
Let’s take each of those claims in turn so I can explain what I’m on about."
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"The forthcoming listing of Emaar Malls in Dubai will be a big moment for the Emirate, and not just because of the potential size of the deal. It raises the question: does this mean Dubai is back?
As I argue in Euromoney today, the news that Emaar Malls Group is to launch its IPO in Dubai “has several layers of significance. First, it’s a big state-backed stock in a smallish market; second, it’s a handy barometer of Dubai’s revival; third, it has technical innovation; and fourth, it shows a rare level of faith in the liquidity of local markets over the usual procession to the London Stock Exchange.”
Let’s take each of those claims in turn so I can explain what I’m on about."
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Dubai shares end a tad lower before Emaar Mall share sale | GulfNews.com
Dubai shares end a tad lower before Emaar Mall share sale | GulfNews.com:
"Dubai shares ended a tad lower on Tuesday as investors continued to book profits before Emaar Properties open the subscription for shares in its malls unit next week. The Abu Dhabi index also fell.
The Dubai Financial Market General Index fell 0.15 per cent to settle at 5,083.09, reversing previous session’s 1.11 per cent gains. The UAE’s biggest listed builder Arabtec, which rose 2.94 per cent, was the most active stock by value in trade, while Emaar, which shed 1.75 per cent, was the second-most active stock by value.
“We saw some profit-taking and liquidation of positions for the IPO. Going ahead we expect consolidation while investors get ready for the IPO,” said Marwan Shurrab, fund manager and head of trading at Vision Investments."
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"Dubai shares ended a tad lower on Tuesday as investors continued to book profits before Emaar Properties open the subscription for shares in its malls unit next week. The Abu Dhabi index also fell.
The Dubai Financial Market General Index fell 0.15 per cent to settle at 5,083.09, reversing previous session’s 1.11 per cent gains. The UAE’s biggest listed builder Arabtec, which rose 2.94 per cent, was the most active stock by value in trade, while Emaar, which shed 1.75 per cent, was the second-most active stock by value.
“We saw some profit-taking and liquidation of positions for the IPO. Going ahead we expect consolidation while investors get ready for the IPO,” said Marwan Shurrab, fund manager and head of trading at Vision Investments."
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