Saudi Arabia’s Alhokair Follows Emaar With Mall Unit IPO - Bloomberg:
"Saudi Arabia’s Fawaz Alhokair Group plans to raise $2 billion from the initial public offering of its Arabian Centres malls unit, surpassing a similar sale by rival Dubai operator Emaar Properties PJSC (EMAAR) earlier this year.
A financial adviser for the sale of the 30 percent stake will be hired before the end of the year, Muhanad Awad, chief executive officer of FAS Capital, the financial and investment arm of Fawaz Alhokair Group, said yesterday by phone. The IPO will probably take place on the Saudi Stock Exchange in 2016, he said. Arabian Centres owns 15 malls in Saudi Arabia with nine more under construction. It also has one outlet in Egypt.
At $2 billion, the IPO would surpass the $1.6 billion raised in September by Dubai’s Emaar Malls, operator of the world’s largest shopping center by area. Emaar, which sold 15 percent of its unit, attracted 104 million visitors to its malls in 2013, compared with more than 140 million shoppers at Arabian Centres developments such as Jeddah’s Mall of Arabia."
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Sunday, 16 November 2014
Saudi Arabian Shares Drop Fourth Day on Oil Slump; Qatar Gains - Bloomberg
Saudi Arabian Shares Drop Fourth Day on Oil Slump; Qatar Gains - Bloomberg:
"Shares in Saudi Arabia retreated for a fourth day as some investors speculated that declining oil prices may hurt OPEC’s biggest producer. Qatari stocks advanced.
The Tadawul All Share Index lost 1.3 percent to 9,553.81, the lowest close in a month. Saudi Basic Industries Corp. (SABIC), among the world’s largest petrochemicals producers, fell 1.6 percent, and Al Rajhi Bank declined 1.7 percent. Qatar’s QE Index added 0.1 percent to 13,744.80.
Oil prices may keep sliding in coming months, mounting pressure on OPEC to reduce production, according to the International Energy Agency. Brent, the benchmark grade for more than half the world’s crude, fell for an eighth week last week, dropping 4.8 percent and trading as low as $76.76 a barrel, a four-year low. Saudi Arabia will need oil to average $99.2 a barrel this year to balance its budget, according to Deutsche Bank AG."
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"Shares in Saudi Arabia retreated for a fourth day as some investors speculated that declining oil prices may hurt OPEC’s biggest producer. Qatari stocks advanced.
The Tadawul All Share Index lost 1.3 percent to 9,553.81, the lowest close in a month. Saudi Basic Industries Corp. (SABIC), among the world’s largest petrochemicals producers, fell 1.6 percent, and Al Rajhi Bank declined 1.7 percent. Qatar’s QE Index added 0.1 percent to 13,744.80.
Oil prices may keep sliding in coming months, mounting pressure on OPEC to reduce production, according to the International Energy Agency. Brent, the benchmark grade for more than half the world’s crude, fell for an eighth week last week, dropping 4.8 percent and trading as low as $76.76 a barrel, a four-year low. Saudi Arabia will need oil to average $99.2 a barrel this year to balance its budget, according to Deutsche Bank AG."
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Putin Says Russia Won't Demand Early Repayment of Ukraine Loan | News | The Moscow Times
Putin Says Russia Won't Demand Early Repayment of Ukraine Loan | News | The Moscow Times:
"Russia does not intend to demand early repayment of $3 billion which it lent to Ukraine last year, President Vladimir Putin said in an interview with German TV channel ARD, a transcript of which was released by the Kremlin on Saturday.
"If we do it [demand repayment] the whole financial system will collapse. We have already decided that we will not do it. We do not want to aggravate the situation," Putin said. "We want Ukraine to get on its feet at last."
ARD is broadcasting some comments on Saturday and the full interview on Sunday."
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"Russia does not intend to demand early repayment of $3 billion which it lent to Ukraine last year, President Vladimir Putin said in an interview with German TV channel ARD, a transcript of which was released by the Kremlin on Saturday.
"If we do it [demand repayment] the whole financial system will collapse. We have already decided that we will not do it. We do not want to aggravate the situation," Putin said. "We want Ukraine to get on its feet at last."
ARD is broadcasting some comments on Saturday and the full interview on Sunday."
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Six puzzles of the Turkish economy - EMRE DELİVELİ
Six puzzles of the Turkish economy - EMRE DELİVELİ:
"I have been burning a lot of brain cells of late on six puzzles of the Turkish economy. I have already made some way into solving some of them, while I am still baffled by others. I will simply state them today, with the hope of sharing my answers over the course of the next few weeks.
A significant part of Turkey’s large current account deficit has been financed by net errors and omissions (NEOs), which is basically an accounting term covering everything in the Balance of Payments that is not measured. This item amounted to $2 billion in July (that figure was later revised down to $1.6 billion), prompting many to speculate on the sources of these funds. What exactly are NEOs?"
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"I have been burning a lot of brain cells of late on six puzzles of the Turkish economy. I have already made some way into solving some of them, while I am still baffled by others. I will simply state them today, with the hope of sharing my answers over the course of the next few weeks.
A significant part of Turkey’s large current account deficit has been financed by net errors and omissions (NEOs), which is basically an accounting term covering everything in the Balance of Payments that is not measured. This item amounted to $2 billion in July (that figure was later revised down to $1.6 billion), prompting many to speculate on the sources of these funds. What exactly are NEOs?"
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Iran launches Middle East's ‘biggest' gold plant, plans to double production — RT Business
Iran launches Middle East's ‘biggest' gold plant, plans to double production — RT Business:
"Iran has opened a new gold processing plant, reportedly the biggest in the Middle East, hoping to double its production of precious metals. Using a unique technology, Tehran says it will now mine up to three tons of gold per year.
Iranian TV reported that the opening ceremony was attended by First Vice President Ishaq Jahangiri.
The new facility is located near one of the country's richest mines, Zareh Shuran. It is located 35 kilometers from the city of Takaab in northwest Iran, in an area where gold, silver, and mercury are extracted."
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"Iran has opened a new gold processing plant, reportedly the biggest in the Middle East, hoping to double its production of precious metals. Using a unique technology, Tehran says it will now mine up to three tons of gold per year.
Iranian TV reported that the opening ceremony was attended by First Vice President Ishaq Jahangiri.
The new facility is located near one of the country's richest mines, Zareh Shuran. It is located 35 kilometers from the city of Takaab in northwest Iran, in an area where gold, silver, and mercury are extracted."
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Arabtec Falls After Reporing Lower Profit on Expenses - Bloomberg
Arabtec Falls After Reporing Lower Profit on Expenses - Bloomberg:
"Arabtec Holding Co. (ARTC) fell the most in more than a week after reporting a 32 percent decline in third-quarter profit that was lower than analysts forecast as layoff costs boosted expenses.
The biggest publicly traded construction company in the United Arab Emirates said net income dropped to 68.7 million dirhams ($18.7 million) from 100.8 million dirhams in the same period a year earlier, Dubai-based Arabtec said in a statement today. Earnings were forecast at 131.8 million dirhams, the mean of four analyst estimates compiled by Bloomberg. The shares dropped 2.3 percent by 12:23 p.m. in Dubai trading, the most since Nov. 5.
The resignation of Arabtec’s Chief Executive Officer Hasan Ismaik in June and the subsequent dismissal of top managers threw into doubt an expansion plan that saw Arabtec shares quadruple during the CEO’s 15 months in charge. Those who left included the chief operating officer, chief information officer, chief risk officer and mergers and acquisitions head, people with knowledge of the situation said at the time."
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"Arabtec Holding Co. (ARTC) fell the most in more than a week after reporting a 32 percent decline in third-quarter profit that was lower than analysts forecast as layoff costs boosted expenses.
The biggest publicly traded construction company in the United Arab Emirates said net income dropped to 68.7 million dirhams ($18.7 million) from 100.8 million dirhams in the same period a year earlier, Dubai-based Arabtec said in a statement today. Earnings were forecast at 131.8 million dirhams, the mean of four analyst estimates compiled by Bloomberg. The shares dropped 2.3 percent by 12:23 p.m. in Dubai trading, the most since Nov. 5.
The resignation of Arabtec’s Chief Executive Officer Hasan Ismaik in June and the subsequent dismissal of top managers threw into doubt an expansion plan that saw Arabtec shares quadruple during the CEO’s 15 months in charge. Those who left included the chief operating officer, chief information officer, chief risk officer and mergers and acquisitions head, people with knowledge of the situation said at the time."
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