Saudi stock market to hire investment bank for flotation | The National:
"The Saudi Stock Exchange is in the process of hiring an investment bank to advise on its flotation, the bourse, known as Tadawul, said on Sunday.
Saudi Arabia is expected to privatise and float a number of state-owned assets in the next few years, part of efforts to raise cash to help bridge a budget shortfall caused by lower oil prices. The aim is also to improve the efficiency of the economy by the reform of state companies and by bringing in professional investors.
Among them is Tadawul, which said in December it planned to list its shares in 2018."
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Sunday 17 April 2016
DP World looking at three sites in Russia | GulfNews.com
DP World looking at three sites in Russia | GulfNews.com:
"DP World is evaluating three sites in Russia as part of a joint venture it set up earlier this year to invest $2 billion (Dh7.34 billion) in the country, the port operator’s chairman said on Sunday.
DP World and the state-owned Russian Direct Investment Fund agreed in January to establish DP World Russia to invest in upgrading Russian port facilities. DP World holds an 80 per cent stake in the joint venture.
“We have looked at three locations in Russia. Vladivostok in the far east where we had experience. We are looking at the Baltic, and we are looking at the Black Sea,” DP World Group chairman and chief executive Sultan Ahmad Bin Sulayem told reporters at a press conference at a Dubai hotel."
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"DP World is evaluating three sites in Russia as part of a joint venture it set up earlier this year to invest $2 billion (Dh7.34 billion) in the country, the port operator’s chairman said on Sunday.
DP World and the state-owned Russian Direct Investment Fund agreed in January to establish DP World Russia to invest in upgrading Russian port facilities. DP World holds an 80 per cent stake in the joint venture.
“We have looked at three locations in Russia. Vladivostok in the far east where we had experience. We are looking at the Baltic, and we are looking at the Black Sea,” DP World Group chairman and chief executive Sultan Ahmad Bin Sulayem told reporters at a press conference at a Dubai hotel."
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MIDEAST STOCKS-Saudi pulls back as Doha deal in doubt; Egypt gains | Reuters
MIDEAST STOCKS-Saudi pulls back as Doha deal in doubt; Egypt gains | Reuters:
"Uncertainty at talks among oil producers in Doha dampened Gulf stock markets on Sunday, with Saudi Arabia pulling back after a 4 percent jump last week. Egypt edged up as local investors returned to buy shares.
Early on Sunday it appeared that producers were close to agreeing an oil output freeze, but negotiations were later delayed into the afternoon as a new proposal called for all OPEC members to agree even though Iran has said it will not take part. [ID:nL9N0VZ00T}
"Investors interpreted the delay to possibly mean a lack of a solid deal," said a Jeddah-based trader, adding that investors would prefer to wait until an agreement was reached.
"
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"Uncertainty at talks among oil producers in Doha dampened Gulf stock markets on Sunday, with Saudi Arabia pulling back after a 4 percent jump last week. Egypt edged up as local investors returned to buy shares.
Early on Sunday it appeared that producers were close to agreeing an oil output freeze, but negotiations were later delayed into the afternoon as a new proposal called for all OPEC members to agree even though Iran has said it will not take part. [ID:nL9N0VZ00T}
"Investors interpreted the delay to possibly mean a lack of a solid deal," said a Jeddah-based trader, adding that investors would prefer to wait until an agreement was reached.
"
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Iran calls on U.S., EU to help it access global financial system | Reuters
Iran calls on U.S., EU to help it access global financial system | Reuters:
"Iran on Friday called on the United States and the European Union to help it access the global financial system, including assets that Tehran says were supposed to be unfrozen following its historic nuclear deal with major international powers.
"They need to do whatever is needed to honor their commitments," Iranian central bank Governor Valiollah Seif said at an event on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington.
"Otherwise the JCPOA (Iran nuclear deal) breaks up under its own terms," he said."
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"Iran on Friday called on the United States and the European Union to help it access the global financial system, including assets that Tehran says were supposed to be unfrozen following its historic nuclear deal with major international powers.
"They need to do whatever is needed to honor their commitments," Iranian central bank Governor Valiollah Seif said at an event on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington.
"Otherwise the JCPOA (Iran nuclear deal) breaks up under its own terms," he said."
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Oil producers fail to agree deal to freeze output after Saudi Arabia-Iran standoff | Business | The Guardian
Oil producers fail to agree deal to freeze output after Saudi Arabia-Iran standoff | Business | The Guardian:
"The world’s major oil producing nations failed to strike an agreement on Sunday night to freeze production, saying they needed more time to agree a deal to try to buoy the price of oil.
What producers had hoped would be the first deal in 15 years ran into difficulty after Saudi Arabia – the largest exporter of oil – demanded that Iran join an agreement to freeze output.
Iran has been reluctant to agree to hold back on oil production while it attempts to return its market share to pre-sanction levels."
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"The world’s major oil producing nations failed to strike an agreement on Sunday night to freeze production, saying they needed more time to agree a deal to try to buoy the price of oil.
What producers had hoped would be the first deal in 15 years ran into difficulty after Saudi Arabia – the largest exporter of oil – demanded that Iran join an agreement to freeze output.
Iran has been reluctant to agree to hold back on oil production while it attempts to return its market share to pre-sanction levels."
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Russia, Saudi Arabia Approve Oil Freeze Deal, Says Oman Minister - Bloomberg
Russia, Saudi Arabia Approve Oil Freeze Deal, Says Oman Minister - Bloomberg:
"Saudi Arabia and Russia have approved a deal to freeze crude output until Oct. 1 at January levels and other producers are expected to do so, Mohammed Al Rumhy, Oman’s oil minister, said in an interview in Doha.
At least 16 nations representing about half the world’s oil output are gathering on Sunday in the Qatari capital to discuss the proposal, aimed at stabilizing the oil market. Prior to the meeting, Saudi Arabia’s Deputy Crown Prince said the nation wouldn’t agree to restrain its production unless other producers, including Iran, agree to freeze. Iran decided not to attend the meeting."
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"Saudi Arabia and Russia have approved a deal to freeze crude output until Oct. 1 at January levels and other producers are expected to do so, Mohammed Al Rumhy, Oman’s oil minister, said in an interview in Doha.
At least 16 nations representing about half the world’s oil output are gathering on Sunday in the Qatari capital to discuss the proposal, aimed at stabilizing the oil market. Prior to the meeting, Saudi Arabia’s Deputy Crown Prince said the nation wouldn’t agree to restrain its production unless other producers, including Iran, agree to freeze. Iran decided not to attend the meeting."
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Kuwait Refineries Operating After It Says Oil Workers Walked Out - Bloomberg
Kuwait Refineries Operating After It Says Oil Workers Walked Out - Bloomberg:
"Kuwait’s oil and gas refineries are still operating after state-run Kuwait National Petroleum Co. said the oil workers union went on strike.
Operations at the country’s three fuel-processing plants were “smooth” as the company followed contingency plans for working with reduced staff, Khaled Al-Asousi, spokesman for Kuwait National Petroleum, said by phone Sunday. Kuwait Petroleum Corp. will continue to provide fuel to the local market and can meet demand for exports from international customers, the company said on Twitter. Calls on Sunday to the Oil & Petrochemical Industries Workers Confederation weren’t returned.
About 13,000 members of the union were set to walk off the job at 7 a.m. local time in Kuwait to protest reductions in their wages and benefits, union head Saif Al Qahtani said by phone Thursday."
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"Kuwait’s oil and gas refineries are still operating after state-run Kuwait National Petroleum Co. said the oil workers union went on strike.
Operations at the country’s three fuel-processing plants were “smooth” as the company followed contingency plans for working with reduced staff, Khaled Al-Asousi, spokesman for Kuwait National Petroleum, said by phone Sunday. Kuwait Petroleum Corp. will continue to provide fuel to the local market and can meet demand for exports from international customers, the company said on Twitter. Calls on Sunday to the Oil & Petrochemical Industries Workers Confederation weren’t returned.
About 13,000 members of the union were set to walk off the job at 7 a.m. local time in Kuwait to protest reductions in their wages and benefits, union head Saif Al Qahtani said by phone Thursday."
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MIDEAST STOCKS-Saudi shares slip on profit-taking, Gulf mixed | Reuters
MIDEAST STOCKS-Saudi shares slip on profit-taking, Gulf mixed | Reuters:
"Shares in Saudi Arabia fell in early trade on Sunday because of profit-taking despite more first-quarter earnings beats from major companies, while bourses elsewhere in the Gulf were mixed.
Saudi Arabia's stock index, which rose 4.0 percent last week, shed 0.9 percent in the first 75 minutes of trade.
Saudi banks' first quarter results continued to surprise to the upside, with the largest lender by market value, Al Rajhi Bank, posting a first-quarter net profit of 2.02 billion riyals ($538.7 million), a 32.8 percent jump, as it cut wage costs and fee income increased.
"
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"Shares in Saudi Arabia fell in early trade on Sunday because of profit-taking despite more first-quarter earnings beats from major companies, while bourses elsewhere in the Gulf were mixed.
Saudi Arabia's stock index, which rose 4.0 percent last week, shed 0.9 percent in the first 75 minutes of trade.
Saudi banks' first quarter results continued to surprise to the upside, with the largest lender by market value, Al Rajhi Bank, posting a first-quarter net profit of 2.02 billion riyals ($538.7 million), a 32.8 percent jump, as it cut wage costs and fee income increased.
"
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Doha oil freeze talks face last-minute trouble | Reuters
Doha oil freeze talks face last-minute trouble | Reuters:
"A meeting between OPEC and non-OPEC oil producers on an agreement to freeze output ran into last-minute trouble in Qatar on Sunday due to a new request by OPEC's de facto leader Saudi Arabia, sources told Reuters.
Oil ministers were heading into a meeting with the Qatari emir, Sheikh Tamim bin Hamad al-Thani - who was instrumental in promoting output stability in recent months - in an attempt to rescue the deal designed to bolster the flagging price of crude.
"There is an issue. Experts are discussing how to find an acceptable solution. I'm confident they will come up with a solution," one of the sources said."
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"A meeting between OPEC and non-OPEC oil producers on an agreement to freeze output ran into last-minute trouble in Qatar on Sunday due to a new request by OPEC's de facto leader Saudi Arabia, sources told Reuters.
Oil ministers were heading into a meeting with the Qatari emir, Sheikh Tamim bin Hamad al-Thani - who was instrumental in promoting output stability in recent months - in an attempt to rescue the deal designed to bolster the flagging price of crude.
"There is an issue. Experts are discussing how to find an acceptable solution. I'm confident they will come up with a solution," one of the sources said."
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