MIDEAST STOCKS-Gulf markets mostly firm, Oman outperforms after Iran deal | Reuters:
"Gulf stock markets were mostly firm on Tuesday, moving little in response to the international deal on Iran's nuclear programme, which opened up new business opportunities for some local companies but also depressed oil prices.
The Iranian agreement will eventually see economic sanctions against Tehran lifted in exchange for curbs on its nuclear development.
Analysts think it would take Iran many months to fully ramp up its oil export capacity after an easing of sanctions. But even a modest initial increase could be enough to pull international oil prices down as the market is already oversupplied; Brent crude fell as much as 2 percent on Tuesday, though it pared its losses later in the day."
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Tuesday, 14 July 2015
MIDEAST STOCKS-Saudi slips as Iran deal puts pressure on oil; Egypt up | Reuters
MIDEAST STOCKS-Saudi slips as Iran deal puts pressure on oil; Egypt up | Reuters:
"Saudi Arabia's stocks inched down in early trade on Tuesday as oil prices fell on news that Iran had reached a deal with six world powers that will see sanctions against Tehran lifted. Egypt's market rose broadly.
Oil prices tumbled more than $1 on Tuesday on news of the Iranian nuclear deal; shares in heavyweight petrochemicals firm Saudi Basic Industries lost 0.3 percent.
The main Saudi index slipped 0.1 percent, also dragged down by weak earnings from Yanbu National Petrochemical Co (Yansab) and property developer Dar Al Arkan ."
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"Saudi Arabia's stocks inched down in early trade on Tuesday as oil prices fell on news that Iran had reached a deal with six world powers that will see sanctions against Tehran lifted. Egypt's market rose broadly.
Oil prices tumbled more than $1 on Tuesday on news of the Iranian nuclear deal; shares in heavyweight petrochemicals firm Saudi Basic Industries lost 0.3 percent.
The main Saudi index slipped 0.1 percent, also dragged down by weak earnings from Yanbu National Petrochemical Co (Yansab) and property developer Dar Al Arkan ."
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MIDEAST STOCKS-Dubai leads gains as Iran clinches nuclear deal | Reuters
MIDEAST STOCKS-Dubai leads gains as Iran clinches nuclear deal | Reuters:
"Dubai's bourse outperformed the Gulf region in early trade on Tuesday as an Iranian diplomat told Reuters that Iran and six major powers had reached an historic deal granting Tehran sanctions relief in exchange for curbs on its nuclear programme.
A removal of trade and banking sanctions could benefit Dubai, a traditional centre for trade with and investment in Iran, although by increasing oil supplies and depressing crude prices, it could in the short term at least prove negative for most of the Gulf Arab economies.
Dubai's stock index rose 0.6 percent with most stocks positive. Port operator DP World, which is one of Dubai's major logistics companies and might enjoy an increase in cargo traffic through the Gulf after sanctions are lifted, rose 1.1 percent."
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"Dubai's bourse outperformed the Gulf region in early trade on Tuesday as an Iranian diplomat told Reuters that Iran and six major powers had reached an historic deal granting Tehran sanctions relief in exchange for curbs on its nuclear programme.
A removal of trade and banking sanctions could benefit Dubai, a traditional centre for trade with and investment in Iran, although by increasing oil supplies and depressing crude prices, it could in the short term at least prove negative for most of the Gulf Arab economies.
Dubai's stock index rose 0.6 percent with most stocks positive. Port operator DP World, which is one of Dubai's major logistics companies and might enjoy an increase in cargo traffic through the Gulf after sanctions are lifted, rose 1.1 percent."
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Bahrain’s decline as regional financial centre ‘to affect property sector’ | The National
Bahrain’s decline as regional financial centre ‘to affect property sector’ | The National:
"Bahrain “will not regain its status as the region’s leading financial centre” amid fierce competition in the Arabian Gulf, thus hurting its property market, says the latest country report by Business Monitor International (BMI).
The country’s historical position as the regional centre for Islamic finance is being challenged by Dubai, while banks in Abu Dhabi, Qatar and Saudi Arabia have been competing strongly against the banking sectors in Bahrain and Dubai, according to the market research company.
“As a major driver of real estate investment in Manama, the failure of Bahrain to regain its status will drag on demand for major new office space and high-end residential building,” said BMI."
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"Bahrain “will not regain its status as the region’s leading financial centre” amid fierce competition in the Arabian Gulf, thus hurting its property market, says the latest country report by Business Monitor International (BMI).
The country’s historical position as the regional centre for Islamic finance is being challenged by Dubai, while banks in Abu Dhabi, Qatar and Saudi Arabia have been competing strongly against the banking sectors in Bahrain and Dubai, according to the market research company.
“As a major driver of real estate investment in Manama, the failure of Bahrain to regain its status will drag on demand for major new office space and high-end residential building,” said BMI."
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ADGM publishes additional draft consultation papers | The National
ADGM publishes additional draft consultation papers | The National:
"Abu Dhabi Global Market (ADGM) has published additional draft consultation papers and draft legislation on insurance, takeovers and data protection.
It is also accepting feedback from market participants.
The financial free zone on Monday said the legislation underscored its aim to provide a “well-regulated and internationally-recognised platform to develop and support a vibrant financial services industry”."
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"Abu Dhabi Global Market (ADGM) has published additional draft consultation papers and draft legislation on insurance, takeovers and data protection.
It is also accepting feedback from market participants.
The financial free zone on Monday said the legislation underscored its aim to provide a “well-regulated and internationally-recognised platform to develop and support a vibrant financial services industry”."
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CapitaLand unit, Qatar Investment Authority join hands to set up $600 million fund | GulfNews.com
CapitaLand unit, Qatar Investment Authority join hands to set up $600 million fund | GulfNews.com:
"Singapore’s CapitaLand said its serviced residence business unit, The Ascott Ltd, entered into a joint venture with Qatar Investment Authority to set up a $600 million serviced residence fund with an initial focus on Asia Pacific and Europe.
The 50-50 tie up with the Gulf Arab state’s sovereign wealth fund is part of CapitaLand’s target to launch six new funds with total assets under management (AUM) of up to S$10 billion by 2020, it said.
“With Ascott’s newly set up global serviced residence fund, CapitaLand now manages 17 real estate private equity funds and five real estate investment trusts (REITs) with AUM worth over S$43 billion,” CapitaLand CEO Lim Ming Yan said in a statement."
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"Singapore’s CapitaLand said its serviced residence business unit, The Ascott Ltd, entered into a joint venture with Qatar Investment Authority to set up a $600 million serviced residence fund with an initial focus on Asia Pacific and Europe.
The 50-50 tie up with the Gulf Arab state’s sovereign wealth fund is part of CapitaLand’s target to launch six new funds with total assets under management (AUM) of up to S$10 billion by 2020, it said.
“With Ascott’s newly set up global serviced residence fund, CapitaLand now manages 17 real estate private equity funds and five real estate investment trusts (REITs) with AUM worth over S$43 billion,” CapitaLand CEO Lim Ming Yan said in a statement."
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Qatar’s Sheikh Hamad takes €1bn bet on Spain with retail stake - FT.com
Qatar’s Sheikh Hamad takes €1bn bet on Spain with retail stake - FT.com:
"A Qatari investor has placed a €1bn bet on Spain’s economic recovery, with a deal to acquire 10 per cent of El Corte Inglés, the country’s biggest retailer and owner of the eponymous chain of department stores.
The Spanish group confirmed the sale of the stake to Sheikh Hamad bin Jassim bin Jabr al-Thani, a former Qatari prime minister, late on Monday.
“It gives us great satisfaction to be joined by a global investor who is so qualified . . . The new shareholder will accompany us in our growth and expansion,” said Dimas Gimeno, the group chairman."
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"A Qatari investor has placed a €1bn bet on Spain’s economic recovery, with a deal to acquire 10 per cent of El Corte Inglés, the country’s biggest retailer and owner of the eponymous chain of department stores.
The Spanish group confirmed the sale of the stake to Sheikh Hamad bin Jassim bin Jabr al-Thani, a former Qatari prime minister, late on Monday.
“It gives us great satisfaction to be joined by a global investor who is so qualified . . . The new shareholder will accompany us in our growth and expansion,” said Dimas Gimeno, the group chairman."
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Saudi Arabia’s crude oil output hits 10.6m b/d record in June - FT.com
Saudi Arabia’s crude oil output hits 10.6m b/d record in June - FT.com:
"Saudi Arabia has told Opec it has raised crude oil output to the highest level on record, as the country prepares for the return of regional rival Iran to international markets and for peak summer demand.
In the monthly oil market report published by the oil producers’ cartel on Monday, Riyadh self-reported crude oil production of 10.6m barrels a day in June, an increase of more than 200,000 b/d on the previous month and its highest level since records began.
If Saudi Arabia keeps increasing production at this rate, it could, by the end of the summer, be the first country to pump 11m b/d of crude since the former Soviet Union."
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"Saudi Arabia has told Opec it has raised crude oil output to the highest level on record, as the country prepares for the return of regional rival Iran to international markets and for peak summer demand.
In the monthly oil market report published by the oil producers’ cartel on Monday, Riyadh self-reported crude oil production of 10.6m barrels a day in June, an increase of more than 200,000 b/d on the previous month and its highest level since records began.
If Saudi Arabia keeps increasing production at this rate, it could, by the end of the summer, be the first country to pump 11m b/d of crude since the former Soviet Union."
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Iranian Stocks Extend Gains on Bets Nuclear Deal Is Imminent - Bloomberg Business
Iranian Stocks Extend Gains on Bets Nuclear Deal Is Imminent - Bloomberg Business:
"Iran’s equities gained for a fifth day as investors speculated officials from the Persian Gulf country and world powers may soon agree on a nuclear deal.
The Tehran Stock Exchange’s benchmark TEDPIX Index rose 2.3 percent at the close, the highest in three months. Tamin Petroleum & Petrochemical Investment Co. was the biggest contributer to the increase, advancing 4.6 percent.
Iran moved closer to ending a 12-year dispute that led to sanctions after reaching a deal Sunday to lift a United Nations arms embargo, resolving one of the biggest issues in the negotiations. An agreement to start removing restrictions that have crippled Iran’s economy may be reached as soon as today, according to diplomats involved in the talks."
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"Iran’s equities gained for a fifth day as investors speculated officials from the Persian Gulf country and world powers may soon agree on a nuclear deal.
The Tehran Stock Exchange’s benchmark TEDPIX Index rose 2.3 percent at the close, the highest in three months. Tamin Petroleum & Petrochemical Investment Co. was the biggest contributer to the increase, advancing 4.6 percent.
Iran moved closer to ending a 12-year dispute that led to sanctions after reaching a deal Sunday to lift a United Nations arms embargo, resolving one of the biggest issues in the negotiations. An agreement to start removing restrictions that have crippled Iran’s economy may be reached as soon as today, according to diplomats involved in the talks."
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