Bad loans catch up with UAE’s big banks | The National:
"The growing level of non-performing loans has finally started to weigh on some of the UAE’s biggest banks after throwing some smaller rivals off kilter in recent quarters.
National Bank of Abu Dhabi (NBAD), the UAE’s biggest bank by assets, said yesterday that its fourth-quarter profit slid 25 per cent while Mashreq, the Dubai-based lender, said income in the last quarter of the year fell about 14 per cent, as the steepest drop in crude oil prices since the financial crash of 2008 takes its toll on business confidence.
Dubai Islamic Bank, the largest Sharia-compliant lender, bucked the trend however, with income for the period gaining 38 per cent as provisions during 2015 fell from the previous year."
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Wednesday, 27 January 2016
Saudi Aramco dials back IPO talk | The National
Saudi Aramco dials back IPO talk | The National:
"Now that Saudi Arabia’s state oil company Aramco has taken its main asset – its oil reserves – off the table, what part of the company might it actually offer for sale to the public?
Ever since the idea of an initial public offering of shares in Aramco was floated by Mohammed bin Salman, deputy crown prince and 30-year-old son of Saudi Arabia’s King Salman, in an interview with The Economist this month, Aramco officials have been busy dialling back expectations.
The latest comments came from Aramco’s chairman, Khalid Al Falih, who took the air out of all the excited talk of a “multitrillion-dollar” flotation, although still leaving it vague what assets might actually be up for sale."
'via Blog this'
"Now that Saudi Arabia’s state oil company Aramco has taken its main asset – its oil reserves – off the table, what part of the company might it actually offer for sale to the public?
Ever since the idea of an initial public offering of shares in Aramco was floated by Mohammed bin Salman, deputy crown prince and 30-year-old son of Saudi Arabia’s King Salman, in an interview with The Economist this month, Aramco officials have been busy dialling back expectations.
The latest comments came from Aramco’s chairman, Khalid Al Falih, who took the air out of all the excited talk of a “multitrillion-dollar” flotation, although still leaving it vague what assets might actually be up for sale."
'via Blog this'
Kuwait may issue bonds amid $100b oil-investment push | GulfNews.com
Kuwait may issue bonds amid $100b oil-investment push | GulfNews.com:
"Kuwait Petroleum Corp. is considering selling bonds to help pay for a planned investment of $100 billion over the next five years to boost oil output, echoing plans by Saudi Arabia to maintain spending on energy projects as global producers compete for market share.
State-run KPC is looking at issuing bonds and Islamic securities known as sukuk, the company’s chief executive officer Nizar Al Adsani said at a conference in Kuwait City. KPC had announced plans earlier this month to arrange a $10 billion loan to expand refineries to make cleaner-burning fuels. Kuwait, OPEC’s fourth-biggest producer, plans to expand its crude- production capacity to 4 million barrels a day by 2020, he said Tuesday.
A -Adsani’s remarks came a day after Khalid Al Falih, chairman of state-owned Saudi Arabian Oil Co., said his company, the world’s biggest producer, has formulated a new strategy in response to cheaper crude and is keeping up its investments. Together, the comments of both officials suggest that at least two of OPEC’s core Arab producers are doubling down in long-term bets on their energy assets."
'via Blog this'
"Kuwait Petroleum Corp. is considering selling bonds to help pay for a planned investment of $100 billion over the next five years to boost oil output, echoing plans by Saudi Arabia to maintain spending on energy projects as global producers compete for market share.
State-run KPC is looking at issuing bonds and Islamic securities known as sukuk, the company’s chief executive officer Nizar Al Adsani said at a conference in Kuwait City. KPC had announced plans earlier this month to arrange a $10 billion loan to expand refineries to make cleaner-burning fuels. Kuwait, OPEC’s fourth-biggest producer, plans to expand its crude- production capacity to 4 million barrels a day by 2020, he said Tuesday.
A -Adsani’s remarks came a day after Khalid Al Falih, chairman of state-owned Saudi Arabian Oil Co., said his company, the world’s biggest producer, has formulated a new strategy in response to cheaper crude and is keeping up its investments. Together, the comments of both officials suggest that at least two of OPEC’s core Arab producers are doubling down in long-term bets on their energy assets."
'via Blog this'
Russians want to talk to OPEC about output, pipeline chief says | Reuters
Russians want to talk to OPEC about output, pipeline chief says | Reuters:
"Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia's pipeline monopoly said on Wednesday, remarks that helped spur a sharp rise in world prices.
Oil futures surged more than 5 percent after the comments by Nikolai Tokarev, head of oil pipeline monopoly Transneft, which gave the strongest hint yet of possible cooperation between the top non-OPEC oil producer and the cartel to try to reverse a record glut.
Brent crude rose by over $2 to $32.95 a barrel, after a session low of $30.83. It was also boosted by U.S. demand following a blizzard."
'via Blog this'
"Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia's pipeline monopoly said on Wednesday, remarks that helped spur a sharp rise in world prices.
Oil futures surged more than 5 percent after the comments by Nikolai Tokarev, head of oil pipeline monopoly Transneft, which gave the strongest hint yet of possible cooperation between the top non-OPEC oil producer and the cartel to try to reverse a record glut.
Brent crude rose by over $2 to $32.95 a barrel, after a session low of $30.83. It was also boosted by U.S. demand following a blizzard."
'via Blog this'
MIDEAST STOCKS-Bourses rise as oil remains over $30; Dubai gets boost from results | Reuters
MIDEAST STOCKS-Bourses rise as oil remains over $30; Dubai gets boost from results | Reuters:
"Bourses in the Middle East advanced on Wednesday as investors nerves were quelled, for now, by Brent prices trading over $30.
Many traders and fund managers believe that if Brent trades above $30 - a level investors have been eyeing as a floor - then the region's stock markets may get a temporary boost. Brent traded at $31.61 at 1249 GMT.
Saudi's benchmark index traded up 1.1 percent to 5,699 points, but is about 200 points away from the next resistance level."
'via Blog this'
"Bourses in the Middle East advanced on Wednesday as investors nerves were quelled, for now, by Brent prices trading over $30.
Many traders and fund managers believe that if Brent trades above $30 - a level investors have been eyeing as a floor - then the region's stock markets may get a temporary boost. Brent traded at $31.61 at 1249 GMT.
Saudi's benchmark index traded up 1.1 percent to 5,699 points, but is about 200 points away from the next resistance level."
'via Blog this'
Dubai’s DP World says CEO retires with immediate effect | The National
Dubai’s DP World says CEO retires with immediate effect | The National:
"DP World’s long-serving chief executive Mohammed Sharaf has retired with immediate effect, the Dubai-based port operator said on Wednesday.
Mr Sharaf had been CEO for 11 years and worked for the company for 23 years, a statement to the Nasdaq Dubai bourse said.
DP World’s chairman Sultan bin Sulayem will carry out the CEO’s duties on interim basis, it said."
'via Blog this'
"DP World’s long-serving chief executive Mohammed Sharaf has retired with immediate effect, the Dubai-based port operator said on Wednesday.
Mr Sharaf had been CEO for 11 years and worked for the company for 23 years, a statement to the Nasdaq Dubai bourse said.
DP World’s chairman Sultan bin Sulayem will carry out the CEO’s duties on interim basis, it said."
'via Blog this'
MIDEAST STOCKS-Saudi, Egypt rise as Brent settles above $30 | Reuters
MIDEAST STOCKS-Saudi, Egypt rise as Brent settles above $30 | Reuters:
"Bourses in Saudi Arabia and Egypt rose in early trade on Wednesday as investors, encouraged by signs that Brent crude may settle above $30 a barrel, moved back into a market that has been hit hard by weak oil prices this year.
Many traders and fund managers believe that if Brent trades above $30 - a level investors are keeping a close eye on - then the region's stock markets may get a temporary boost. Brent traded at $31.80 at 0902 GMT.
Saudi's benchmark index traded up 1.9 percent, after closing 0.5 higher on Tuesday.
"
'via Blog this'
"Bourses in Saudi Arabia and Egypt rose in early trade on Wednesday as investors, encouraged by signs that Brent crude may settle above $30 a barrel, moved back into a market that has been hit hard by weak oil prices this year.
Many traders and fund managers believe that if Brent trades above $30 - a level investors are keeping a close eye on - then the region's stock markets may get a temporary boost. Brent traded at $31.80 at 0902 GMT.
Saudi's benchmark index traded up 1.9 percent, after closing 0.5 higher on Tuesday.
"
'via Blog this'
MIDEAST STOCKS-Dubai, Qatar rise; banks weigh on Abu Dhabi | Reuters
MIDEAST STOCKS-Dubai, Qatar rise; banks weigh on Abu Dhabi | Reuters:
"Dubai and Qatar's stock markets rose in early trade on Wednesday following a bounce back in oil prices since those bourses last traded, while blue-chip banks weighed on Abu Dhabi.
Brent crude was at $31.74 as of 0643 GMT, down 1.1 percent for the day, but it had been trading below $30 when the Dubai and Qatar markets closed on Tuesday.
Dubai's index rose 0.9 percent in brisk early trading - volumes in the first 15 minutes were more than double those of the previous session."
'via Blog this'
"Dubai and Qatar's stock markets rose in early trade on Wednesday following a bounce back in oil prices since those bourses last traded, while blue-chip banks weighed on Abu Dhabi.
Brent crude was at $31.74 as of 0643 GMT, down 1.1 percent for the day, but it had been trading below $30 when the Dubai and Qatar markets closed on Tuesday.
Dubai's index rose 0.9 percent in brisk early trading - volumes in the first 15 minutes were more than double those of the previous session."
'via Blog this'