MIDEAST STOCKS-Egypt continues slide, Gulf depressed by oil plunge | Reuters:
"Egypt's stock market continued to slide on Tuesday, weighed down by foreign exchange worries, while Gulf bourses fell moderately after oil prices plunged.
The Cairo index, which has been in a downtrend for over a month and tumbled 4.2 percent on Monday, sank a further 1.5 percent to 7,753 points.
It had broken on Monday below major technical support between 8,125 and 8,261 points, the December and May lows. That triggered a bearish right triangle formed by the highs and lows since mid-December and pointing down to around 6,800 points in the longer term."
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Tuesday, 7 July 2015
MIDEAST STOCKS-Gulf markets mixed despite oil's plunge | Agricultural Commodities | Reuters
MIDEAST STOCKS-Gulf markets mixed despite oil's plunge | Agricultural Commodities | Reuters:
"Gulf stock markets were mixed within a narrow range in early trade on Tuesday as local retail investors continued to buy on dips, despite a fresh plunge of oil prices.
Brent crude dived more than 6 percent on Monday to around $56 a barrel, pressured by the Greek debt crisis and volatility in China's stock markets, before recovering to around $57 on Tuesday.
The latest slide is so steep it may call into question investors' hopes for a gradual recovery of crude prices later this year, and raise the possibility of Gulf governments adopting additional spending restraints."
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"Gulf stock markets were mixed within a narrow range in early trade on Tuesday as local retail investors continued to buy on dips, despite a fresh plunge of oil prices.
Brent crude dived more than 6 percent on Monday to around $56 a barrel, pressured by the Greek debt crisis and volatility in China's stock markets, before recovering to around $57 on Tuesday.
The latest slide is so steep it may call into question investors' hopes for a gradual recovery of crude prices later this year, and raise the possibility of Gulf governments adopting additional spending restraints."
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Time for state energy companies in Middle East to rethink overseas strategies | The National
Time for state energy companies in Middle East to rethink overseas strategies | The National:
"The long, hot summer is usually a quiet period in the Arabian Gulf.
But this season marks some dramatic changes for Middle East state energy companies and their overseas ventures.
The falling oil price creates opportunities for some, problems for others, and should make all reconsider their strategies."
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"The long, hot summer is usually a quiet period in the Arabian Gulf.
But this season marks some dramatic changes for Middle East state energy companies and their overseas ventures.
The falling oil price creates opportunities for some, problems for others, and should make all reconsider their strategies."
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UAE moves towards enacting new insolvency law | The National
UAE moves towards enacting new insolvency law | The National:
"The long-awaited new insolvency law has taken a big step towards becoming a reality after being approved by the Cabinet.
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said on his website that the proposed draft law includes flexible strategies to bail out businesses that have encountered financial troubles that might lead to bankruptcy.
“The draft law aims to regulate accumulated debts, eases restructuring of companies as well as support troubled businesses,” he said."
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"The long-awaited new insolvency law has taken a big step towards becoming a reality after being approved by the Cabinet.
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, said on his website that the proposed draft law includes flexible strategies to bail out businesses that have encountered financial troubles that might lead to bankruptcy.
“The draft law aims to regulate accumulated debts, eases restructuring of companies as well as support troubled businesses,” he said."
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Fitch cites DP World in ratings upgrade of Jebel Ali Free Zone | The National
Fitch cites DP World in ratings upgrade of Jebel Ali Free Zone | The National:
"Fitch has upgraded its default rating for Jebel Ali Free Zone (JAFZ), saying that its new parent, DP World, will help to improve its operations in Dubai’s largest trade district.
However, the credit ratings agency warned that profit margins could decline to “historical levels” this year.
Last December, shareholders of DP World approved the US$2.6 billion acquisition of Economic Zones World, which owned JAFZ."
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"Fitch has upgraded its default rating for Jebel Ali Free Zone (JAFZ), saying that its new parent, DP World, will help to improve its operations in Dubai’s largest trade district.
However, the credit ratings agency warned that profit margins could decline to “historical levels” this year.
Last December, shareholders of DP World approved the US$2.6 billion acquisition of Economic Zones World, which owned JAFZ."
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APICORP launches $3b sukuk programme | GulfNews.com
APICORP launches $3b sukuk programme | GulfNews.com:
"The Arab Petroleum Investments Corporation (APICORP) said Monday it has established a $3 billion (Dh11 billion) sukuk programme to diversify its sources of funding and enhance links to global investors.
The programme marks a strategic step for APICORP, the investment company of the Organisation of the Arab Petroleum Exporting Countries, as it is set to become a regular issuer of sukuk in global markets, it said in a statement.
Chairman Abed al-Saadoun said the move “will allow APICORP to diversify its funding sources, reduce the overall cost of financing, extend the company’s debt maturity profile, and enhance our access to a diverse set of global investors.”"
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"The Arab Petroleum Investments Corporation (APICORP) said Monday it has established a $3 billion (Dh11 billion) sukuk programme to diversify its sources of funding and enhance links to global investors.
The programme marks a strategic step for APICORP, the investment company of the Organisation of the Arab Petroleum Exporting Countries, as it is set to become a regular issuer of sukuk in global markets, it said in a statement.
Chairman Abed al-Saadoun said the move “will allow APICORP to diversify its funding sources, reduce the overall cost of financing, extend the company’s debt maturity profile, and enhance our access to a diverse set of global investors.”"
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ADIB eyes acquisitions as it focuses on expansion | GulfNews.com
ADIB eyes acquisitions as it focuses on expansion | GulfNews.com:
"Abu Dhabi Islamic Bank (ADIB) is looking for new opportunities in Asia, Middle East and North Africa as it focuses on expansion through acquisitions and greenfield investment.
Speaking to reporters in Abu Dhabi late on Sunday, the bank’s chief executive, Tirad Al Mahmoud, said they are looking closely at Indonesia, Malaysia, Jordan, Algeria and Morocco as part of their expansion plans. He ruled out the possibility of the bank venturing into Western Europe or North America.
“We are looking at markets which are hospitable to our business like Indonesia or Malaysia. Western Europe is very competitive and overbanked. We are not looking at those markets as we cannot add value,” he said. “Indonesia is not competitive to the extent Europe is and Malaysia is not competitive to the extent Europe is and neither market is overbanked. Both markets are very hospitable to our business and they naturally want our business model. That’s why we are looking at those markets.”"
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"Abu Dhabi Islamic Bank (ADIB) is looking for new opportunities in Asia, Middle East and North Africa as it focuses on expansion through acquisitions and greenfield investment.
Speaking to reporters in Abu Dhabi late on Sunday, the bank’s chief executive, Tirad Al Mahmoud, said they are looking closely at Indonesia, Malaysia, Jordan, Algeria and Morocco as part of their expansion plans. He ruled out the possibility of the bank venturing into Western Europe or North America.
“We are looking at markets which are hospitable to our business like Indonesia or Malaysia. Western Europe is very competitive and overbanked. We are not looking at those markets as we cannot add value,” he said. “Indonesia is not competitive to the extent Europe is and Malaysia is not competitive to the extent Europe is and neither market is overbanked. Both markets are very hospitable to our business and they naturally want our business model. That’s why we are looking at those markets.”"
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Saudi sovereign fund to invest $10bn in Russia - FT.com
Saudi sovereign fund to invest $10bn in Russia - FT.com:
"Saudi Arabia’s sovereign wealth fund has agreed to invest $10bn in Russia, in a powerful sign of the rapprochement between Moscow and Riyadh.
The Public Investment Fund signed a deal with the Russian Direct Investment Fund for the largest foreign direct investment yet in Russia, RDIF said late on Monday. “The first seven projects have received preliminary approval, and we expect to close 10 deals before the end of the year,” said Kirill Dmitriev, RDIF chief executive.
The deal, which was initiated with a memorandum of understanding during the St Petersburg Economic Forum last month, comes as Riyadh and Moscow are working to rebuild relations long plagued by the Russian government’s support for the regime of Bashar al-Assad in Syria."
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"Saudi Arabia’s sovereign wealth fund has agreed to invest $10bn in Russia, in a powerful sign of the rapprochement between Moscow and Riyadh.
The Public Investment Fund signed a deal with the Russian Direct Investment Fund for the largest foreign direct investment yet in Russia, RDIF said late on Monday. “The first seven projects have received preliminary approval, and we expect to close 10 deals before the end of the year,” said Kirill Dmitriev, RDIF chief executive.
The deal, which was initiated with a memorandum of understanding during the St Petersburg Economic Forum last month, comes as Riyadh and Moscow are working to rebuild relations long plagued by the Russian government’s support for the regime of Bashar al-Assad in Syria."
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Oil headed for bear market after biggest drop in five months - FT.com
Oil headed for bear market after biggest drop in five months - FT.com:
"Oil’s price slide steadied on Tuesday after its biggest one-day fall in five months over the previous session took it near bear market territory as Greece rejected bailout terms and Iran edged closer to a nuclear deal with western powers.
ICE August Brent found support on Tuesday, ticking up $0.46 to $57 a barrel. It fell 6.3 per cent on Monday, recording its biggest intraday fall since February 4. The international benchmark settled down $3.78 to $56.54.
Nymex August West Texas Intermediate also crept higher on Tuesday, up $0.41 at $52.94 a barrel. Monday’s fall took the US crude oil marker — which did not settle on Friday because of the US public holiday — down by $4.40 to close at $52.53."
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"Oil’s price slide steadied on Tuesday after its biggest one-day fall in five months over the previous session took it near bear market territory as Greece rejected bailout terms and Iran edged closer to a nuclear deal with western powers.
ICE August Brent found support on Tuesday, ticking up $0.46 to $57 a barrel. It fell 6.3 per cent on Monday, recording its biggest intraday fall since February 4. The international benchmark settled down $3.78 to $56.54.
Nymex August West Texas Intermediate also crept higher on Tuesday, up $0.41 at $52.94 a barrel. Monday’s fall took the US crude oil marker — which did not settle on Friday because of the US public holiday — down by $4.40 to close at $52.53."
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