MIDEAST STOCKS-Egypt upbeat; oil drags down Gulf markets | Reuters:
"Egypt's stock market rose on
Monday on encouraging corporate news, while most Gulf bourses
fell, tracking oil prices as they came under pressure from weak
economic data out of China.
The Cairo index rose 1.1 percent and Qalaa Holdings
was one of the main supports. Its shares jumped 3.9
percent after the company announced the second round of its
capital increase had been covered 64.7 percent.
In that exercise, Qalaa's co-investors in various ventures
swapped their stakes for shares in Qalaa, which allowed the firm
to raise its stakes in core assets."
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Monday, 14 September 2015
MIDEAST STOCKS-Saudi slips alongside oil; Egypt extends gains | Reuters
MIDEAST STOCKS-Saudi slips alongside oil; Egypt extends gains | Reuters:
"Saudi Arabia's stock market edged down in early trade on Monday, tracking oil prices and other Gulf bourses, while Egypt rose on positive news.
The main Saudi stock index fell 0.3 percent with most sectors in the red. Heavyweight Saudi Basic Industries was down 0.7 percent as Brent crude, fell 1.1 percent.
Food maker Halwani Brothers was one of just a few gainers, rising 1.3 percent after the firm said it had submitted a binding offer to buy an Egyptian confectionery company. It did not disclose the value of the potential acquisition."
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"Saudi Arabia's stock market edged down in early trade on Monday, tracking oil prices and other Gulf bourses, while Egypt rose on positive news.
The main Saudi stock index fell 0.3 percent with most sectors in the red. Heavyweight Saudi Basic Industries was down 0.7 percent as Brent crude, fell 1.1 percent.
Food maker Halwani Brothers was one of just a few gainers, rising 1.3 percent after the firm said it had submitted a binding offer to buy an Egyptian confectionery company. It did not disclose the value of the potential acquisition."
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Iraq to return to international bond markets - FT.com
Iraq to return to international bond markets - FT.com:
"Iraq is returning to international bond markets for the first time since the end of the US occupation as volatile oil prices weigh heavily on the country’s finances.
The success of Baghdad’s first issuance, expected as early as this week, is likely to hinge on whether the US Federal Reserve will raise short-term interest rates on Thursday.
Investors said Iraq’s plans to raise up to $6bn via a number of bond issues will bear the brunt of a shift in sentiment away from emerging markets if the Fed raises rates, with both the World Bank and International Monetary Fund warning of possible turmoil."
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"Iraq is returning to international bond markets for the first time since the end of the US occupation as volatile oil prices weigh heavily on the country’s finances.
The success of Baghdad’s first issuance, expected as early as this week, is likely to hinge on whether the US Federal Reserve will raise short-term interest rates on Thursday.
Investors said Iraq’s plans to raise up to $6bn via a number of bond issues will bear the brunt of a shift in sentiment away from emerging markets if the Fed raises rates, with both the World Bank and International Monetary Fund warning of possible turmoil."
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UAE insolvency law to follow US Chapter 11 bankruptcy proceedings | The National
UAE insolvency law to follow US Chapter 11 bankruptcy proceedings | The National:
"The long-awaited insolvency law is expected to contain provisions for corporate bankruptcy modelled on Chapter 11 proceedings in the US, a government official said yesterday.
Fahad Al Raqbani, director general of Abu Dhabi Council for Economic Development, said that the upcoming insolvency law will introduce a corporate bankruptcy procedure similar to the US Chapter 11 bankruptcy process. Chapter 11 proceedings allow companies to renegotiate the terms of their debts with creditors.
“It is a very important law, [and will] encourage people to declare the insolvency of their companies,” Mr Raqbani said. “It will cover investors’ rights … and support the economy.”"
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"The long-awaited insolvency law is expected to contain provisions for corporate bankruptcy modelled on Chapter 11 proceedings in the US, a government official said yesterday.
Fahad Al Raqbani, director general of Abu Dhabi Council for Economic Development, said that the upcoming insolvency law will introduce a corporate bankruptcy procedure similar to the US Chapter 11 bankruptcy process. Chapter 11 proceedings allow companies to renegotiate the terms of their debts with creditors.
“It is a very important law, [and will] encourage people to declare the insolvency of their companies,” Mr Raqbani said. “It will cover investors’ rights … and support the economy.”"
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Middle East sovereign investors face reduced funding | GulfNews.com
Middle East sovereign investors face reduced funding | GulfNews.com:
"The fall in the oil price is expected to reduce funding and increase withdrawal risk of Middle East sovereign investors but many of these investors are better placed to manage these challenges than in the past, according to Invesco’s Sixth Middle East Asset Management Study 2015.
Established Middle East sovereigns have concerns over withdrawal and funding risk but also feel they are better placed to cope with the challenges than before the global financial crisis. A significant majority (67 per cent) of regional sovereign investors fear funding squeeze due to the sustained fall in oil prices.
“We have highlighted concerns over funding and withdrawals for Middle East sovereigns and the positive perceptions of Middle East risk management processes compared to their pre-global financial crisis position in the oil price theme above,” Nick Tolchard, Head of Invesco Middle East."
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"The fall in the oil price is expected to reduce funding and increase withdrawal risk of Middle East sovereign investors but many of these investors are better placed to manage these challenges than in the past, according to Invesco’s Sixth Middle East Asset Management Study 2015.
Established Middle East sovereigns have concerns over withdrawal and funding risk but also feel they are better placed to cope with the challenges than before the global financial crisis. A significant majority (67 per cent) of regional sovereign investors fear funding squeeze due to the sustained fall in oil prices.
“We have highlighted concerns over funding and withdrawals for Middle East sovereigns and the positive perceptions of Middle East risk management processes compared to their pre-global financial crisis position in the oil price theme above,” Nick Tolchard, Head of Invesco Middle East."
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Government, public sector deposits falling; borrowings on the rise | GulfNews.com
Government, public sector deposits falling; borrowings on the rise | GulfNews.com:
"Deposits across banks in the UAE have been declining while borrowings are on the rise, reflecting a slowdown in economic growth, an economist has said.
According to the latest data compiled by the National Bank of Abu Dhabi (NBAD), outstanding loans in UAE, which include all the funds borrowed by private individuals, reached $370 billion in July 2015, recording a 10 per cent rise year-on-year.
The amount of government deposits dropped by 6.2 per cent year-on-year, while some banks are seeing customer deposits falling by 3 per cent. However, a key measure of banks’ liquidity which is otherwise known as loan-to-deposit (LTD) ratio, is growing, reaching 95 per cent in July this year, compared to 87 per cent in June 2014."
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"Deposits across banks in the UAE have been declining while borrowings are on the rise, reflecting a slowdown in economic growth, an economist has said.
According to the latest data compiled by the National Bank of Abu Dhabi (NBAD), outstanding loans in UAE, which include all the funds borrowed by private individuals, reached $370 billion in July 2015, recording a 10 per cent rise year-on-year.
The amount of government deposits dropped by 6.2 per cent year-on-year, while some banks are seeing customer deposits falling by 3 per cent. However, a key measure of banks’ liquidity which is otherwise known as loan-to-deposit (LTD) ratio, is growing, reaching 95 per cent in July this year, compared to 87 per cent in June 2014."
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MIDEAST STOCKS-Gulf markets fall, tracking oil, China | Reuters
MIDEAST STOCKS-Gulf markets fall, tracking oil, China | Reuters:
"Gulf stock markets fell early on Monday after oil prices fell again and Chinese equities dropped on poor economic data.
Brent crude was down 0.6 percent at $47.83 per barrel by 0543 GMT, while China's CSI300 index and Shanghai Composite Index fell about 3 percent after growth in investment and factory output missed forecasts in August.
China is one of the main destinations for exports from the Gulf, both of crude oil and products such as petrochemicals, and its weakness may hurt economies in the region."
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"Gulf stock markets fell early on Monday after oil prices fell again and Chinese equities dropped on poor economic data.
Brent crude was down 0.6 percent at $47.83 per barrel by 0543 GMT, while China's CSI300 index and Shanghai Composite Index fell about 3 percent after growth in investment and factory output missed forecasts in August.
China is one of the main destinations for exports from the Gulf, both of crude oil and products such as petrochemicals, and its weakness may hurt economies in the region."
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Dubai Plans to Award Solar Power Contract in First Quarter - Bloomberg Business
Dubai Plans to Award Solar Power Contract in First Quarter - Bloomberg Business:
"Dubai’s government-owned utility will probably announce the winners in the first quarter to build the third phase of a $3.3 billion solar energy park.
The project to produce 800 megawatts of electricity from the sun will probably be awarded to more than one company, Saeed Mohammed Al Tayer, chief executive officer of Dubai Electricity & Water Authority, said in Dubai on Sunday. DEWA is still deciding whether to build the plant all at once or at different times to take advantage of lower costs, he said. In January, DEWA tripled its target for solar energy production to take advantage of lower building costs.
Energy companies in the Middle East are turning to solar power to take advantage of plentiful amounts of sun. Saudi Arabia, the world’s biggest crude exporter, has ample solar resources and open land and eventually “won’t need fossil fuels,” Oil Minister Ali Al-Naimi said in May."
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"Dubai’s government-owned utility will probably announce the winners in the first quarter to build the third phase of a $3.3 billion solar energy park.
The project to produce 800 megawatts of electricity from the sun will probably be awarded to more than one company, Saeed Mohammed Al Tayer, chief executive officer of Dubai Electricity & Water Authority, said in Dubai on Sunday. DEWA is still deciding whether to build the plant all at once or at different times to take advantage of lower costs, he said. In January, DEWA tripled its target for solar energy production to take advantage of lower building costs.
Energy companies in the Middle East are turning to solar power to take advantage of plentiful amounts of sun. Saudi Arabia, the world’s biggest crude exporter, has ample solar resources and open land and eventually “won’t need fossil fuels,” Oil Minister Ali Al-Naimi said in May."
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Leon Black's Apollo Said to Seek First Middle East Deal - Bloomberg Business
Leon Black's Apollo Said to Seek First Middle East Deal - Bloomberg Business:
"Apollo Global Management LLC, the alternative-asset manager run by Leon Black, is bidding for a controlling stake in Saudi Arabian supermarket chain Al-Raya For Foodstuff Co., four people with knowledge of the matter said.
Al-Raya may be valued at as much as 1.7 billion riyals ($460 million) and would be New York-based Apollo’s first acquisition in the Middle East, three of the people said, asking not to be identified as talks are private. Two other United Arab Emirates-based private equity firms, Fajr Capital Ltd and Gulf Capital, have also teamed up to submit a bid, according to the people.
Dubai-based Frontier Management Group sourced the deal for Apollo, the people said. Frontier was licensed to operate in the Dubai International Financial Centre in June, according to the financial centre’s website, and is scouring for other potential transaction as the U.S. firm looks to expand in the Persian Gulf region, the people said. Apollo has $30 billion of dry powder to invest, Chief Executive Officer Leon Black said on an earnings call in July."
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"Apollo Global Management LLC, the alternative-asset manager run by Leon Black, is bidding for a controlling stake in Saudi Arabian supermarket chain Al-Raya For Foodstuff Co., four people with knowledge of the matter said.
Al-Raya may be valued at as much as 1.7 billion riyals ($460 million) and would be New York-based Apollo’s first acquisition in the Middle East, three of the people said, asking not to be identified as talks are private. Two other United Arab Emirates-based private equity firms, Fajr Capital Ltd and Gulf Capital, have also teamed up to submit a bid, according to the people.
Dubai-based Frontier Management Group sourced the deal for Apollo, the people said. Frontier was licensed to operate in the Dubai International Financial Centre in June, according to the financial centre’s website, and is scouring for other potential transaction as the U.S. firm looks to expand in the Persian Gulf region, the people said. Apollo has $30 billion of dry powder to invest, Chief Executive Officer Leon Black said on an earnings call in July."
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