DP World wins concession agreement for a greenfield port project in Ecuador | GulfNews.com:
"DP World said on Tuesday that it had won a 50 year concession for the development of a greenfield multi-purpose port project at Posorja, Ecuador.
The project’s total investment will be over $1 billion (Dh3.67 billion), with thousands of jobs created during construction, including close to 1,000 jobs during operations, and plans to develop a logistics zone to create a regional trading hub, according to a company statement.
The first phase of the project will see an investment of $500 million, which will include the purchase of land, dredging of a new access channel, a 20km access road and a 400 metre that can handle containers and other cargo."
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Tuesday 7 June 2016
Dubai’s Emaar Properties said hiring advisers for dollar bond | GulfNews.com
Dubai’s Emaar Properties said hiring advisers for dollar bond | GulfNews.com:
"Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, is considering an international bond issue in the second half of the year, according to three people familiar with the matter.
The real estate company is appointing advisers for the dollar-denominated sale, the people said, asking not to be identified as the matter is private. No final decision has been made and Emaar may also decide against an offering if market conditions are not conducive, they said.
Governments and companies across the six-nation Gulf Corporation Council are tapping international capital markets after the price of oil, the region’s main source of income, slumped by more than half in the past two years. Qatar raised $9 billion (Dh33 billion) via a bond sale last month, a record for the region, and Abu Dhabi issued $5 billion in April. Saudi Arabia may offer as much as $15 billion, Oman has picked banks for a deal and Dubai is mulling a sale."
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"Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, is considering an international bond issue in the second half of the year, according to three people familiar with the matter.
The real estate company is appointing advisers for the dollar-denominated sale, the people said, asking not to be identified as the matter is private. No final decision has been made and Emaar may also decide against an offering if market conditions are not conducive, they said.
Governments and companies across the six-nation Gulf Corporation Council are tapping international capital markets after the price of oil, the region’s main source of income, slumped by more than half in the past two years. Qatar raised $9 billion (Dh33 billion) via a bond sale last month, a record for the region, and Abu Dhabi issued $5 billion in April. Saudi Arabia may offer as much as $15 billion, Oman has picked banks for a deal and Dubai is mulling a sale."
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U.S. lawmakers want more Iran sanctions, but can't agree | Reuters
U.S. lawmakers want more Iran sanctions, but can't agree | Reuters:
"A senior U.S. senator said on Tuesday he would like to pass legislation to extend expiring sanctions on Iran and enable Congress to quickly enact new ones if necessary over the country's ballistic missile tests.
The Iran Sanctions Act, which imposed nuclear, missile and terrorism sanctions on Iran, expires at the end of 2016, and both Democrats and Republicans in Congress support extending it.
But Senator Ben Cardin, the top Democrat on the Senate Foreign Relations Committee, acknowledged that lawmakers have not yet unified behind a proposal that would attract enough votes to pass and become law."
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"A senior U.S. senator said on Tuesday he would like to pass legislation to extend expiring sanctions on Iran and enable Congress to quickly enact new ones if necessary over the country's ballistic missile tests.
The Iran Sanctions Act, which imposed nuclear, missile and terrorism sanctions on Iran, expires at the end of 2016, and both Democrats and Republicans in Congress support extending it.
But Senator Ben Cardin, the top Democrat on the Senate Foreign Relations Committee, acknowledged that lawmakers have not yet unified behind a proposal that would attract enough votes to pass and become law."
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Investors Seldom Had It So Good as Sukuk Sales Rise to Record - Bloomberg
Investors Seldom Had It So Good as Sukuk Sales Rise to Record - Bloomberg:
"It’s rarely been this good for Islamic bond investors.
Not only have global-dollar sales climbed to $14 billion this year, a record for the period and relief after a dearth of offerings in the second half of 2015, but some issuers are willing to pay up to attract Islamic cash. Indonesia, the biggest borrower, Dubai Islamic Bank PJSC and the emirate of Sharjah are among those paying more for funds."
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"It’s rarely been this good for Islamic bond investors.
Not only have global-dollar sales climbed to $14 billion this year, a record for the period and relief after a dearth of offerings in the second half of 2015, but some issuers are willing to pay up to attract Islamic cash. Indonesia, the biggest borrower, Dubai Islamic Bank PJSC and the emirate of Sharjah are among those paying more for funds."
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MIDEAST STOCKS-Saudi up after reform announcement; rest of region strong | Reuters
MIDEAST STOCKS-Saudi up after reform announcement; rest of region strong | Reuters:
"Saudi Arabia's stock market rose on Tuesday after the government announced details of its economic reform plans, while an improved mood in global markets lifted bourses elsewhere in the Middle East.
A 110-page Saudi reform document released on Monday night contained hundreds of policies and targets, including major austerity measures. The government aims to reduce public salaries and wages as a proportion of the state budget to 40 percent from 45 percent by 2020, and cut water and electricity subsidies by 200 billion riyals ($53 billion).
Investment firm EFG Hermes commented: "Our first reading reaffirms our view that Saudi Arabian companies and consumers face a period of relative austerity over the next few years, and we stay underweight on Saudi equities.""
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"Saudi Arabia's stock market rose on Tuesday after the government announced details of its economic reform plans, while an improved mood in global markets lifted bourses elsewhere in the Middle East.
A 110-page Saudi reform document released on Monday night contained hundreds of policies and targets, including major austerity measures. The government aims to reduce public salaries and wages as a proportion of the state budget to 40 percent from 45 percent by 2020, and cut water and electricity subsidies by 200 billion riyals ($53 billion).
Investment firm EFG Hermes commented: "Our first reading reaffirms our view that Saudi Arabian companies and consumers face a period of relative austerity over the next few years, and we stay underweight on Saudi equities.""
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A Quick Guide to the Saudi National Transformation Program - Bloomberg
A Quick Guide to the Saudi National Transformation Program - Bloomberg:
"Saudi Arabia approved its National Transformation Program, a key part of a blueprint to prepare the kingdom for the post-oil era. The plan outlines a number of initiatives to be undertaken by different ministries. Here is what we know so far:"
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"Saudi Arabia approved its National Transformation Program, a key part of a blueprint to prepare the kingdom for the post-oil era. The plan outlines a number of initiatives to be undertaken by different ministries. Here is what we know so far:"
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MIDEAST STOCKS-UAE and Qatar gain ground as global mood improves | Reuters
MIDEAST STOCKS-UAE and Qatar gain ground as global mood improves | Reuters:
"An improved mood in global markets lifted bourses in the United Arab Emirates and Qatar on Tuesday as Asian stocks hit five-week high and Brent crude oil held above $50 a barrel.
Dubai's stock index climbed 0.9 percent, with three quarters of the traded stocks advancing by midday.
Union Properties climbed 3.5 percent after the company secured a loan to finance development of a mid-to-upscale gated community in Dubai's MotorCity."
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"An improved mood in global markets lifted bourses in the United Arab Emirates and Qatar on Tuesday as Asian stocks hit five-week high and Brent crude oil held above $50 a barrel.
Dubai's stock index climbed 0.9 percent, with three quarters of the traded stocks advancing by midday.
Union Properties climbed 3.5 percent after the company secured a loan to finance development of a mid-to-upscale gated community in Dubai's MotorCity."
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Saudi reform plan aims for revenue surge, salary clamp-down | Reuters
Saudi reform plan aims for revenue surge, salary clamp-down | Reuters:
"Saudi Arabia plans to more than triple the government's non-oil revenues and clamp down on public-sector salaries over the next five years, ministers said on Monday as they described reforms designed to reduce the economy's dependence on oil and build a sustainable future.
The National Transformation Plan (NTP) aims to boost non-oil revenue to 530 billion riyals ($141 billion) by 2020, creating some 450,000 non-government jobs, according to comments by ministers and documents distributed to reporters in Jeddah.
The plan aims to "enhance the level and quality of services" provided by government and "achieve a prosperous future and sustainable development," it said."
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"Saudi Arabia plans to more than triple the government's non-oil revenues and clamp down on public-sector salaries over the next five years, ministers said on Monday as they described reforms designed to reduce the economy's dependence on oil and build a sustainable future.
The National Transformation Plan (NTP) aims to boost non-oil revenue to 530 billion riyals ($141 billion) by 2020, creating some 450,000 non-government jobs, according to comments by ministers and documents distributed to reporters in Jeddah.
The plan aims to "enhance the level and quality of services" provided by government and "achieve a prosperous future and sustainable development," it said."
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MIDEAST STOCKS-Saudi edges up after economic reform announcement | Reuters
MIDEAST STOCKS-Saudi edges up after economic reform announcement | Reuters:
"Saudi Arabia's stock market edged up in early trade on Tuesday after the government announced details of its economic reform plans.
Monday night's 110-page reform document contained hundreds of projects and targets, including substantial austerity measures. The government aims to reduce the value of public salaries and wages as a proportion of the state budget to 40 percent from 45 percent by 2020, and cut water and electricity subsidies by 200 billion riyals ($53 billion).
But the austerity steps were largely expected - the market had been falling in previous weeks because of those expectations - and the main stock index was 0.4 percent higher after 30 minutes of trade."
'via Blog this'
"Saudi Arabia's stock market edged up in early trade on Tuesday after the government announced details of its economic reform plans.
Monday night's 110-page reform document contained hundreds of projects and targets, including substantial austerity measures. The government aims to reduce the value of public salaries and wages as a proportion of the state budget to 40 percent from 45 percent by 2020, and cut water and electricity subsidies by 200 billion riyals ($53 billion).
But the austerity steps were largely expected - the market had been falling in previous weeks because of those expectations - and the main stock index was 0.4 percent higher after 30 minutes of trade."
'via Blog this'
Saudi Banks Warned Over Lowball Rates - Bloomberg
Saudi Banks Warned Over Lowball Rates - Bloomberg:
"Saudi Arabia's banking regulator is said to be ready to crack down on banks for lowballing interest rate submissions. Bloomberg's Matthew Martin reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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"Saudi Arabia's banking regulator is said to be ready to crack down on banks for lowballing interest rate submissions. Bloomberg's Matthew Martin reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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Breaking Down Saudi Arabia's Economic Transformation - Bloomberg
Breaking Down Saudi Arabia's Economic Transformation - Bloomberg:
"Marios Maratheftis, chief economist at Standard Chartered, discusses Saudi Arabia's economic overhaul, the transformational targets and if he thinks it can work. He speaks to Manus Cranny and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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"Marios Maratheftis, chief economist at Standard Chartered, discusses Saudi Arabia's economic overhaul, the transformational targets and if he thinks it can work. He speaks to Manus Cranny and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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