UPDATE 1-MIDEAST STOCKS-Emaar lifts Dubai after announcing fresh IPO plans | Reuters:
"Emaar Properties, Dubai's largest listed developer, lifted the emirate's bourse in early trade on Tuesday after announcing plans to float its Egyptian unit next year following the successful listing of its malls and retail business.
Shares in Emaar rose 1.4 percent to 11.35 dirhams and were the main support for Dubai's index, which added 0.4 percent.
Mohamed Alabbar, Emaar's chairman, said last Thursday that the company's Egyptian unit, Emaar Misr, would go public around June 2015 and had a value of 3-4 billion dirhams ($817 million-$1.09 billion)."
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Tuesday, 7 October 2014
Kuwait lured to Chevron’s Canadian shale assets by technology, LNG, analysts say | Financial Post
Kuwait lured to Chevron’s Canadian shale assets by technology, LNG, analysts say | Financial Post:
"Kuwait’s 30% stake in Chevron Corp.’s Duvernay play gives the country access to the elusive shale technology that has stumped Middle East producers, and perhaps a stake in Canada’s liquefied natural gas export market in the future.
State-owned Kuwait Foreign Petroleum Exploration Co. (Kufpec) is investing US$1.5-billion in Chevron’s liquids-rich shale resources in about 330,000 net acres in the Kaybob area of the Duvernay in west-central Alberta, the companies said Monday. Chevron will remain the operator and has commenced a full appraisal drilling program that ends in 2017. The deal is expected to close in November.
“The transaction, which will be Kufpec’s first investment in North America, provides Kufpec with the opportunity to develop shale technology,” the company, a unit of state-owned Kuwait Petroleum Corp., said in a statement. “Transfer of knowledge and skills to the Kuwaiti oil sector will be driven by Kuwaiti staff working with Chevron on the project in Canada.”"
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"Kuwait’s 30% stake in Chevron Corp.’s Duvernay play gives the country access to the elusive shale technology that has stumped Middle East producers, and perhaps a stake in Canada’s liquefied natural gas export market in the future.
State-owned Kuwait Foreign Petroleum Exploration Co. (Kufpec) is investing US$1.5-billion in Chevron’s liquids-rich shale resources in about 330,000 net acres in the Kaybob area of the Duvernay in west-central Alberta, the companies said Monday. Chevron will remain the operator and has commenced a full appraisal drilling program that ends in 2017. The deal is expected to close in November.
“The transaction, which will be Kufpec’s first investment in North America, provides Kufpec with the opportunity to develop shale technology,” the company, a unit of state-owned Kuwait Petroleum Corp., said in a statement. “Transfer of knowledge and skills to the Kuwaiti oil sector will be driven by Kuwaiti staff working with Chevron on the project in Canada.”"
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Flurry of Dubai IPOs expected in Emaar’s wake - FT.com
Flurry of Dubai IPOs expected in Emaar’s wake - FT.com:
"Rising valuations on Dubai’s resurgent stock market are luring a flurry of new listings in the wake of last week’s flotation of the emirate’s largest IPO in almost seven years.
Last week, Dubai’s Emaar Properties listed shares in its retail arm on the emirate’s stock exchange, taking orders worth $43bn for its $1.6bn sale of a 15 per cent stake on Dubai Financial Market. The same day, Mohammed Alabbar, Emaar’s chairman, said he would seek to list the group’s hospitality arm.
The return of Emaar, Dubai’s biggest listed company, is set to usher in a new period of activity in UAE and Gulf markets as regional investors chase quick IPO gains, analysts say. The growth comes after years of lacklustre activity in the wake of the global financial crisis and political unrest."
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"Rising valuations on Dubai’s resurgent stock market are luring a flurry of new listings in the wake of last week’s flotation of the emirate’s largest IPO in almost seven years.
Last week, Dubai’s Emaar Properties listed shares in its retail arm on the emirate’s stock exchange, taking orders worth $43bn for its $1.6bn sale of a 15 per cent stake on Dubai Financial Market. The same day, Mohammed Alabbar, Emaar’s chairman, said he would seek to list the group’s hospitality arm.
The return of Emaar, Dubai’s biggest listed company, is set to usher in a new period of activity in UAE and Gulf markets as regional investors chase quick IPO gains, analysts say. The growth comes after years of lacklustre activity in the wake of the global financial crisis and political unrest."
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Lighter regulations at DIFC attract three new funds | The National
Lighter regulations at DIFC attract three new funds | The National:
"Dubai’s financial hub is set to attract at least three new funds by the end of the year as a new, lighter-touch policy starts to reap rewards.
It will come as a boost to the Dubai International Financial Centre (DIFC), which is seeking to attract more funds targeting high net worth individuals.
The DIFC formally launched the Qualified Investor Fund (QIF) structure last week after the plan was formally approved in August."
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"Dubai’s financial hub is set to attract at least three new funds by the end of the year as a new, lighter-touch policy starts to reap rewards.
It will come as a boost to the Dubai International Financial Centre (DIFC), which is seeking to attract more funds targeting high net worth individuals.
The DIFC formally launched the Qualified Investor Fund (QIF) structure last week after the plan was formally approved in August."
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Ras Al Khaimah's RAK Petroleum to apply to list shares in initial public offering (IPO) on Norway's Oslo Borse exchange | The National
Ras Al Khaimah's RAK Petroleum to apply to list shares in initial public offering (IPO) on Norway's Oslo Borse exchange | The National:
"RAK Petroleum said yesterday that it would apply to launch an initial public offering of its shares in Norway.
The company said it would transfer its assets, liabilities and business to a new UK company, RAK Petroleum plc, and then list the new company on the Oslo bourse.
RAK Petroleum said that in addition to the listing, it would also be raising money from a private placement to institutional investors internationally. It did not provide a timeline."
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"RAK Petroleum said yesterday that it would apply to launch an initial public offering of its shares in Norway.
The company said it would transfer its assets, liabilities and business to a new UK company, RAK Petroleum plc, and then list the new company on the Oslo bourse.
RAK Petroleum said that in addition to the listing, it would also be raising money from a private placement to institutional investors internationally. It did not provide a timeline."
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Russia Spent $980 Million in Biggest Intervention Since March - Bloomberg
Russia Spent $980 Million in Biggest Intervention Since March - Bloomberg:
"Russia’s central bank spent $980 million on Oct. 3, the biggest intervention to stem the ruble’s decline since President Vladimir Putin’s incursion into Ukraine in March.
The monetary authority also said it shifted the upper boundary of the currency's trading band by 10 kopeks to 44.60 yesterday, signaling it sold at least $700 million that day. The central bank spends $350 million before moving the border by 5 kopeks, according to its guidelines. The ruble gained 0.1 percent against the target dollar-euro basket to 44.4312 as of 10:40 a.m. in Moscow.
“This does not mean that further weakness is ruled out,” Vladimir Osakovskiy, a Moscow-based economist at Bank of America Corp., said in e-mailed comments yesterday. “The trading corridor will be adjusted in line with any potential future interventions.”"
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"Russia’s central bank spent $980 million on Oct. 3, the biggest intervention to stem the ruble’s decline since President Vladimir Putin’s incursion into Ukraine in March.
The monetary authority also said it shifted the upper boundary of the currency's trading band by 10 kopeks to 44.60 yesterday, signaling it sold at least $700 million that day. The central bank spends $350 million before moving the border by 5 kopeks, according to its guidelines. The ruble gained 0.1 percent against the target dollar-euro basket to 44.4312 as of 10:40 a.m. in Moscow.
“This does not mean that further weakness is ruled out,” Vladimir Osakovskiy, a Moscow-based economist at Bank of America Corp., said in e-mailed comments yesterday. “The trading corridor will be adjusted in line with any potential future interventions.”"
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