Cautious outlook for regional aircraft financing amid low oil prices | GulfNews.com:
"Middle East banks are becoming increasingly cautious about funding aircraft orders as sustained low oil prices have slowed the flow of fresh capital.
Regional banks, particularly those from the Gulf, have emerged as major funders in the regions booming aviation sector, including aircraft orders by the likes of Emirates, Qatar Airways and Etihad Airways.
But a drop in oil prices — down more than 40 per cent in the past 12 months — has seen banks move to a more case-by-case approach."
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Wednesday, 14 October 2015
MIDEAST STOCKS-Most of Gulf markets fall but SABIC supports Saudi | Reuters
MIDEAST STOCKS-Most of Gulf markets fall but SABIC supports Saudi | Reuters:
"Most Gulf stock markets fell in
modest trading volumes on Wednesday with the weakness of global
equity markets putting a dampener on activity as well as the
approach of a holiday in many countries on Thursday to mark the
Islamic New Year.
Dubai's stock index fell 0.4 percent as real estate
blue chip Emaar Properties lost 1.6 percent. Abu Dhabi
dropped 0.6 percent as banks were weak, with National
bank of Abu Dhabi retreating 0.9 percent.
Abu Dhabi's United Arab Bank reported a net profit
of 72 million dirhams ($19.6 million) for the first nine months
of 2015, sharply down from 498 million dirhams a year earlier."
'via Blog this'
"Most Gulf stock markets fell in
modest trading volumes on Wednesday with the weakness of global
equity markets putting a dampener on activity as well as the
approach of a holiday in many countries on Thursday to mark the
Islamic New Year.
Dubai's stock index fell 0.4 percent as real estate
blue chip Emaar Properties lost 1.6 percent. Abu Dhabi
dropped 0.6 percent as banks were weak, with National
bank of Abu Dhabi retreating 0.9 percent.
Abu Dhabi's United Arab Bank reported a net profit
of 72 million dirhams ($19.6 million) for the first nine months
of 2015, sharply down from 498 million dirhams a year earlier."
'via Blog this'
MIDEAST STOCKS-Saudi soft in early trade as Q3 earnings released | Reuters
MIDEAST STOCKS-Saudi soft in early trade as Q3 earnings released | Reuters:
"Saudi Arabia's stock market was slightly softer in early trade on Wednesday because of weak petrochemical shares, while some second-tier stocks moved in response to third-quarter earnings.
Top petrochemical producer Saudi Basic Industries edged down 0.3 percent. A strong rebound in the stock has stalled in the past couple of days after oil prices fell back.
This pushed the Saudi equity index down 0.3 percent in the opening minutes of Wednesday to 7,752 points, retreating further from technical resistance at 7,812-7,953 points, its highs in September and at the end of August."
'via Blog this'
"Saudi Arabia's stock market was slightly softer in early trade on Wednesday because of weak petrochemical shares, while some second-tier stocks moved in response to third-quarter earnings.
Top petrochemical producer Saudi Basic Industries edged down 0.3 percent. A strong rebound in the stock has stalled in the past couple of days after oil prices fell back.
This pushed the Saudi equity index down 0.3 percent in the opening minutes of Wednesday to 7,752 points, retreating further from technical resistance at 7,812-7,953 points, its highs in September and at the end of August."
'via Blog this'
Khorafi family to file new multimillion-dollar claim against banks | The National
Khorafi family to file new multimillion-dollar claim against banks | The National:
"Kuwait’s Khorafi family yesterday said it was planning to file a new multimillion-dollar claim against its former investment advisers, the latest development in the long-running row over a series of investments that went bad during the financial crisis in 2008.
Last Wednesday, Sir John Chadwick, the deputy chief justice of the DIFC Courts, ordered Bank Sarasin-Alpen (ME), a DIFC-registered bank, and Bank Sarasin, a related finance house from Basel, Switzerland, to pay the family US$59.6 million in compensation.
Bank Sarasin-Alpen (ME) was ordered to pay $35m to three members of the Khorafi family, while Bank Sarasin, which has subsequently merged with the Swiss bank J Safra, was ordered to pay $24.6m."
'via Blog this'
"Kuwait’s Khorafi family yesterday said it was planning to file a new multimillion-dollar claim against its former investment advisers, the latest development in the long-running row over a series of investments that went bad during the financial crisis in 2008.
Last Wednesday, Sir John Chadwick, the deputy chief justice of the DIFC Courts, ordered Bank Sarasin-Alpen (ME), a DIFC-registered bank, and Bank Sarasin, a related finance house from Basel, Switzerland, to pay the family US$59.6 million in compensation.
Bank Sarasin-Alpen (ME) was ordered to pay $35m to three members of the Khorafi family, while Bank Sarasin, which has subsequently merged with the Swiss bank J Safra, was ordered to pay $24.6m."
'via Blog this'
Saudi Stability Is Issue for World Oil, Harvard's Ferguson Says - Bloomberg Business
Saudi Stability Is Issue for World Oil, Harvard's Ferguson Says - Bloomberg Business:
"Harvard University history professor Niall Ferguson said “a lot is going wrong” in Saudi Arabia and its fiscal position is a “total mess.”
“The big question, for example, that hovers over the world oil market is the stability of the Saudi regime,” Ferguson said Tuesday in an interview on Bloomberg Television. “And if you do follow that, which I do, you start to get nervous because a lot is going wrong in that country.”
Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom’s budget, two people with knowledge of the matter said last week. With oil accounting for about 90 percent of revenue in the Arab world’s largest economy, a drop of more than 40 percent in crude prices in the past 12 months has combined with wars in Yemen and Syria to pressure Saudi Arabia’s finances."
'via Blog this'
"Harvard University history professor Niall Ferguson said “a lot is going wrong” in Saudi Arabia and its fiscal position is a “total mess.”
“The big question, for example, that hovers over the world oil market is the stability of the Saudi regime,” Ferguson said Tuesday in an interview on Bloomberg Television. “And if you do follow that, which I do, you start to get nervous because a lot is going wrong in that country.”
Saudi Arabia is ordering a series of cost-cutting measures as the slide in oil prices weighs on the kingdom’s budget, two people with knowledge of the matter said last week. With oil accounting for about 90 percent of revenue in the Arab world’s largest economy, a drop of more than 40 percent in crude prices in the past 12 months has combined with wars in Yemen and Syria to pressure Saudi Arabia’s finances."
'via Blog this'
Dubai Awards ACWA $1.8 Billion Power-Plant Deal on Rising Demand - Bloomberg Business
Dubai Awards ACWA $1.8 Billion Power-Plant Deal on Rising Demand - Bloomberg Business:
"Dubai’s government-owned utility picked Saudi Arabia’s ACWA Power International to partner in a $1.8 billion project to build the emirate’s first coal-burning generating plant as it steps up efforts to meet rising electricity demand.
The 1,200-megawatt facility will be followed by two more, each of the same size and using the same fuel, Saeed Mohammed Al Tayer, chief executive officer of Dubai Electricity and Water Authority, said Tuesday at a news conference in Dubai. Power use in the emirate has risen 6.4 percent in 2015, faster than the utility’s forecast of 5 percent growth for the whole year, he said.
The second-largest sheikhdom in the United Arab Emirates, Dubai has become a dynamic commercial hub for the Middle East. As the emirate’s economy has expanded, so has its need for electricity. Dubai must import liquefied natural gas and is also building solar plants to generate power."
'via Blog this'
"Dubai’s government-owned utility picked Saudi Arabia’s ACWA Power International to partner in a $1.8 billion project to build the emirate’s first coal-burning generating plant as it steps up efforts to meet rising electricity demand.
The 1,200-megawatt facility will be followed by two more, each of the same size and using the same fuel, Saeed Mohammed Al Tayer, chief executive officer of Dubai Electricity and Water Authority, said Tuesday at a news conference in Dubai. Power use in the emirate has risen 6.4 percent in 2015, faster than the utility’s forecast of 5 percent growth for the whole year, he said.
The second-largest sheikhdom in the United Arab Emirates, Dubai has become a dynamic commercial hub for the Middle East. As the emirate’s economy has expanded, so has its need for electricity. Dubai must import liquefied natural gas and is also building solar plants to generate power."
'via Blog this'
MIDEAST STOCKS-Gulf markets move little in thin trade | Reuters
MIDEAST STOCKS-Gulf markets move little in thin trade | Reuters:
"Gulf stock markets were sluggish in thin trading volumes early on Wednesday as the weakness of global bourses and the approach of a holiday in many countries on Thursday to mark the Islamic New Year discouraged activity.
Dubai's index edged down 0.4 percent. Unusually, two Islamic insurers were among the 10 most active stocks, with Islamic Arab Insurance up 4.7 percent in the market's heaviest trade and Dubai Islamic Insurance climbing 4.4 percent.
Qatar's index slipped 0.2 percent as Vodafone Qatar , the most heavily traded stock, pulled back 0.8 percent."
'via Blog this'
"Gulf stock markets were sluggish in thin trading volumes early on Wednesday as the weakness of global bourses and the approach of a holiday in many countries on Thursday to mark the Islamic New Year discouraged activity.
Dubai's index edged down 0.4 percent. Unusually, two Islamic insurers were among the 10 most active stocks, with Islamic Arab Insurance up 4.7 percent in the market's heaviest trade and Dubai Islamic Insurance climbing 4.4 percent.
Qatar's index slipped 0.2 percent as Vodafone Qatar , the most heavily traded stock, pulled back 0.8 percent."
'via Blog this'
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