Rosneft Lines Up U.A.E. Investor to Help Fund East Siberian Oil - Bloomberg Business:
"OAO Rosneft, Russia’s largest oil producer, is in talks to bring in Middle Eastern energy investor Mubadala Petroleum LLC at its East Siberian fields to boost funding.
They’re discussing developing the Srednebotuobinskoye and Verkhnechonsk deposits, the Russian government said today in a statement before a meeting between President Vladimir Putin and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan.
Rosneft needs to bolster funding for Siberian projects as its debt burden -- the largest among Russian companies -- and slumping oil prices erode finances. This year it agreed to sell 20 percent of its Taas-Yuryakh Neftegazdobycha unit, which owns Srednebotuobinskoye, to BP Plc. It may also sell a stake in that unit to Skyland Petroleum, a firm backed by Chinese investors."
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Monday, 24 August 2015
Abraaj Group Raises $375 Million for North Africa Investments - Bloomberg Business
Abraaj Group Raises $375 Million for North Africa Investments - Bloomberg Business:
"Abraaj Group Ltd., the Dubai-based emerging markets buyout firm, raised $375 million for its North Africa private equity fund as investor appetite for the region gains.
The closing of the new fund brings the amount that Abraaj has raised for African investments to $1.4 billion this year, the company said today in an e-mailed statement. Abraaj raised $990 million for its third sub-Saharan Africa fund in April. The North Africa fund will make investments in mid-market businesses in Algeria, Morocco and Tunisia in industries including health care, education, consumer goods and logistics.
Funds raised in the Middle East and North Africa rose last year to $1.23 billion, the highest level since 2008, according to a report by the MENA Private Equity Association earlier this month. Rising asset values have helped boost buyout activity in the region, with Abraaj last year losing a bidding war for Egyptian snack-maker Bisco Misr to Kellogg Co."
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"Abraaj Group Ltd., the Dubai-based emerging markets buyout firm, raised $375 million for its North Africa private equity fund as investor appetite for the region gains.
The closing of the new fund brings the amount that Abraaj has raised for African investments to $1.4 billion this year, the company said today in an e-mailed statement. Abraaj raised $990 million for its third sub-Saharan Africa fund in April. The North Africa fund will make investments in mid-market businesses in Algeria, Morocco and Tunisia in industries including health care, education, consumer goods and logistics.
Funds raised in the Middle East and North Africa rose last year to $1.23 billion, the highest level since 2008, according to a report by the MENA Private Equity Association earlier this month. Rising asset values have helped boost buyout activity in the region, with Abraaj last year losing a bidding war for Egyptian snack-maker Bisco Misr to Kellogg Co."
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MIDEAST STOCKS-Saudi plunges 5.9 pct as region continues slide | Reuters
MIDEAST STOCKS-Saudi plunges 5.9 pct as region continues slide | Reuters:
"Saudi Arabia's stock market
plunged 5.9 percent on Monday, leading another day of losses
across the Middle East as the region reacted to sliding oil
prices and a deteriorating global environment.
"Markets in the Gulf are changing their expectations and
looking at the possibility of different conditions in future:
lower oil prices, perhaps lower government spending," said Adel
Merheb, director of equity capital markets at Dubai's Shuaa
Capital.
For that reason, the sell-off in the Gulf may have further
to run, despite valuations that have become considerably cheaper
in the last few days, he added."
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"Saudi Arabia's stock market
plunged 5.9 percent on Monday, leading another day of losses
across the Middle East as the region reacted to sliding oil
prices and a deteriorating global environment.
"Markets in the Gulf are changing their expectations and
looking at the possibility of different conditions in future:
lower oil prices, perhaps lower government spending," said Adel
Merheb, director of equity capital markets at Dubai's Shuaa
Capital.
For that reason, the sell-off in the Gulf may have further
to run, despite valuations that have become considerably cheaper
in the last few days, he added."
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MIDEAST STOCKS-Saudi, Egyptian stocks fall moderately in early trade | Reuters
MIDEAST STOCKS-Saudi, Egyptian stocks fall moderately in early trade | Reuters:
"Saudi Arabian and Egyptian stocks fell in early trade on Monday but the drops were much more moderate than losses in the previous session, suggesting investors were starting to bargain-hunt on dips.
The main Saudi index slipped 0.6 percent in the opening minutes, after tumbling 6.9 percent on Sunday. Some beaten-down blue chips such as miner Ma'aden rose; Ma'aden gained 1.8 percent.
However petrochemical firm Saudi Basic Industries, its earnings directly sensitive to falling oil prices, lost a further 1.8 percent."
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"Saudi Arabian and Egyptian stocks fell in early trade on Monday but the drops were much more moderate than losses in the previous session, suggesting investors were starting to bargain-hunt on dips.
The main Saudi index slipped 0.6 percent in the opening minutes, after tumbling 6.9 percent on Sunday. Some beaten-down blue chips such as miner Ma'aden rose; Ma'aden gained 1.8 percent.
However petrochemical firm Saudi Basic Industries, its earnings directly sensitive to falling oil prices, lost a further 1.8 percent."
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Gulf markets hit by fear of more turmoil - FT.com
Gulf markets hit by fear of more turmoil - FT.com:
"Gulf stock markets have plunged after digesting last week’s global turmoil, and futures indicate another foul day ahead for investors as bourses reopen after the weekend respite.
Arab equity markets are for the most part open only on Sunday to Thursday to reflect the Muslim week, and were spared the carnage that capped last week’s global stock rout. But they reopened again on Sunday with a bang, with all major bourses declining sharply.
Saudi Arabia’s Tadawul, the biggest and most actively traded in the Middle East, slid 6.9 per cent to the lowest since the nadir touched in the first round of the oil price crash last December. The Dubai Financial Market slumped 7 per cent, and the Kuwaiti stock market dipped to its lowest since December 2012."
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"Gulf stock markets have plunged after digesting last week’s global turmoil, and futures indicate another foul day ahead for investors as bourses reopen after the weekend respite.
Arab equity markets are for the most part open only on Sunday to Thursday to reflect the Muslim week, and were spared the carnage that capped last week’s global stock rout. But they reopened again on Sunday with a bang, with all major bourses declining sharply.
Saudi Arabia’s Tadawul, the biggest and most actively traded in the Middle East, slid 6.9 per cent to the lowest since the nadir touched in the first round of the oil price crash last December. The Dubai Financial Market slumped 7 per cent, and the Kuwaiti stock market dipped to its lowest since December 2012."
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Mideast Stocks Extend Drop as Dubai Index Heads for Bear Market - Bloomberg Business
Mideast Stocks Extend Drop as Dubai Index Heads for Bear Market - Bloomberg Business:
"Dubai stocks headed for a bear market as Middle East markets extended declines amid a global equity rout and as Brent crude fell below $45 per barrel for the first time since 2009.
The DFM General Index decreased 4.4 percent to 3,298.28 at 10:44 a.m. local time, taking its retreat from an April peak to 22 percent. Abu Dhabi’s ADX General Index slid to its lowest level since December and was down 15 percent from a recent high in July. Qatar’s QE Index lost for a seventh day, poised for the longest losing streak since April 2013. Brent sank 2.6 percent to $44.28 a barrel.
Dubai’s gauge will be the second in the six-nation Gulf Cooperation Council in two days to enter a bear market after Saudi Arabia’s Tadawul All Share Index tumbled the most this year on Sunday. The slide in Brent to the lowest in more than six years is piling pressure on Gulf states, which rely on oil income to fund government spending. The GCC is home to about 30 percent of the world’s proven crude reserves."
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"Dubai stocks headed for a bear market as Middle East markets extended declines amid a global equity rout and as Brent crude fell below $45 per barrel for the first time since 2009.
The DFM General Index decreased 4.4 percent to 3,298.28 at 10:44 a.m. local time, taking its retreat from an April peak to 22 percent. Abu Dhabi’s ADX General Index slid to its lowest level since December and was down 15 percent from a recent high in July. Qatar’s QE Index lost for a seventh day, poised for the longest losing streak since April 2013. Brent sank 2.6 percent to $44.28 a barrel.
Dubai’s gauge will be the second in the six-nation Gulf Cooperation Council in two days to enter a bear market after Saudi Arabia’s Tadawul All Share Index tumbled the most this year on Sunday. The slide in Brent to the lowest in more than six years is piling pressure on Gulf states, which rely on oil income to fund government spending. The GCC is home to about 30 percent of the world’s proven crude reserves."
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