Arabtec to approach banks and shareholders for more cash | The National:
"Arabtec Holding, the country’s biggest-listed construction company, may need to tap shareholders in the future to shore up its balance sheet to bid for more prestigious contracts, according to analysts.
Arabtec’s board will meet on Monday and discuss plans to talk to shareholders and banks about improving its capital structure, less than two weeks after shareholders approved a move to use Dh1 billion of reserves to writedown losses, the company said yesterday in a statement to the Dubai Financial Market.
The company had accumulated losses of Dh2.27bn by March 30 after posting negative results in six successive quarters, which meant it was close to breaching a market rule that states companies are not allowed to accrue losses amounting to more than 50 per cent of its share capital. Arabtec’s share capital stood at Dh4.6bn at the end of the first quarter.
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Thursday, 9 June 2016
MIDEAST STOCKS-Saudi makes more gains on economic reform, other markets lose steam | Reuters
MIDEAST STOCKS-Saudi makes more gains on economic reform, other markets lose steam | Reuters:
"Saudi Arabia's stock index notched its fourth session of gains on Thursday following the announcements of various economic reform plans, while most other bourses lost steam on profit taking.
Riyadh's index nudged up 2 points to 6,607 points.
The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030"."
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"Saudi Arabia's stock index notched its fourth session of gains on Thursday following the announcements of various economic reform plans, while most other bourses lost steam on profit taking.
Riyadh's index nudged up 2 points to 6,607 points.
The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030"."
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Emirates airline repays $1b bond | GulfNews.com
Emirates airline repays $1b bond | GulfNews.com:
"Emirates airline announced on Thursday that it has repaid a bullet bond [Bullet bond is a debt instrument whose entire face value is paid at once on the maturity date] in full for the value of $1 billion on its maturity date of June 8.
The bond was raised in 2011 to address Emirates’ working capital requirements. Emirates will also be repaying a bond totaling 150 million Singapore dollars later this month that was raised in 2006.
The airline is repaying both bonds from its own cash resources."
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"Emirates airline announced on Thursday that it has repaid a bullet bond [Bullet bond is a debt instrument whose entire face value is paid at once on the maturity date] in full for the value of $1 billion on its maturity date of June 8.
The bond was raised in 2011 to address Emirates’ working capital requirements. Emirates will also be repaying a bond totaling 150 million Singapore dollars later this month that was raised in 2006.
The airline is repaying both bonds from its own cash resources."
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After shock of redemptions, sovereign funds rethink strategies | Reuters
After shock of redemptions, sovereign funds rethink strategies | Reuters:
"Having gone from bumper cash inflows to redemptions in just two years, many sovereign wealth funds have been forced to shake up their investment strategies to embrace both super-liquid safe assets with more esoteric illiquid plays to bolster returns.
If the price of retaining easy-to-sell assets to meet sudden government cash calls is near-zero yields in cash deposits or Western government debt, then the $6.5 trillion sovereign fund sector will have to claw back returns by simultaneously moving deeper into riskier, less-liquid territory.
Changes run from radical rethinks about the purpose of such funds such as Saudi Arabia's $3.5 billion investment in ride service Uber to more nuanced shifts such as Qatar's decision to use more external managers to run its money."
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"Having gone from bumper cash inflows to redemptions in just two years, many sovereign wealth funds have been forced to shake up their investment strategies to embrace both super-liquid safe assets with more esoteric illiquid plays to bolster returns.
If the price of retaining easy-to-sell assets to meet sudden government cash calls is near-zero yields in cash deposits or Western government debt, then the $6.5 trillion sovereign fund sector will have to claw back returns by simultaneously moving deeper into riskier, less-liquid territory.
Changes run from radical rethinks about the purpose of such funds such as Saudi Arabia's $3.5 billion investment in ride service Uber to more nuanced shifts such as Qatar's decision to use more external managers to run its money."
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MIDEAST STOCKS-Saudi higher on housing plan, oil supports petchems | Reuters
MIDEAST STOCKS-Saudi higher on housing plan, oil supports petchems | Reuters:
"Saudi Arabia's stock index was headed for its fourth session of gains early Thursday after the housing ministry announced plans to build over one million homes, while oil's recent rally helped petrochemical shares.
Dar Al Arkan was on course for its third session of strong gains, with its shares climbing 4.2 percent. The stock had jumped its daily limit for two consecutive days, after the developer said late on Tuesday it was in talks with the government to provide housing under the kingdom's economic reform plan. It did not give further details.
The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030"."
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"Saudi Arabia's stock index was headed for its fourth session of gains early Thursday after the housing ministry announced plans to build over one million homes, while oil's recent rally helped petrochemical shares.
Dar Al Arkan was on course for its third session of strong gains, with its shares climbing 4.2 percent. The stock had jumped its daily limit for two consecutive days, after the developer said late on Tuesday it was in talks with the government to provide housing under the kingdom's economic reform plan. It did not give further details.
The Saudi government published a five-year National Transformation Plan (NTP) on Monday, part of a wider set of reforms launched in April as "Vision 2030"."
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Oman Raises $2.5 Billion From First Foreign Bond Since 1997 - Bloomberg
Oman Raises $2.5 Billion From First Foreign Bond Since 1997 - Bloomberg:
"Oman, the largest Arab oil producer that’s not an OPEC member, raised $2.5 billion from its first international bond sale in almost two decades as it seeks to plug a budget deficit caused by crude’s decline.
The Gulf nation sold $1 billion of five-year notes at a yield of 245 basis points over the benchmark midswap rate and $1.5 billion of 10-year bonds at a spread of 320 basis points, according to a person familiar with the matter. Pricing was tightened from the initial guidance of mid- to high-200 basis points for the five-year notes and mid-300 basis points for the 10-year bonds, said the person, asking not to be identified because the information is private."
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"Oman, the largest Arab oil producer that’s not an OPEC member, raised $2.5 billion from its first international bond sale in almost two decades as it seeks to plug a budget deficit caused by crude’s decline.
The Gulf nation sold $1 billion of five-year notes at a yield of 245 basis points over the benchmark midswap rate and $1.5 billion of 10-year bonds at a spread of 320 basis points, according to a person familiar with the matter. Pricing was tightened from the initial guidance of mid- to high-200 basis points for the five-year notes and mid-300 basis points for the 10-year bonds, said the person, asking not to be identified because the information is private."
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Deal set to create Oman’s second biggest bank | GulfNews.com
Deal set to create Oman’s second biggest bank | GulfNews.com:
"Oman’s Bank Sohar reached an agreement with Bank Dhofar on the terms of a proposed merger that would create a bank with combined assets of almost $16 billion (Dh58.76 billion).
Each Bank Dhofar share will be exchanged for 1.29 shares of Bank Sohar if the merger goes ahead, Bank Sohar said in a statement on Wednesday. Bank Sohar gained 3.4 per cent to 0.18 riyals at 2.07pm in Muscat, while Bank Dhofar rose 0.4 per cent to 0.25 riyals (Dh2.38).
The two banks have been exploring a possible merger since July 2013. A combination of the lenders would create Oman’s second-largest bank, behind Bank Muscat which has assets of $32 billion."
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"Oman’s Bank Sohar reached an agreement with Bank Dhofar on the terms of a proposed merger that would create a bank with combined assets of almost $16 billion (Dh58.76 billion).
Each Bank Dhofar share will be exchanged for 1.29 shares of Bank Sohar if the merger goes ahead, Bank Sohar said in a statement on Wednesday. Bank Sohar gained 3.4 per cent to 0.18 riyals at 2.07pm in Muscat, while Bank Dhofar rose 0.4 per cent to 0.25 riyals (Dh2.38).
The two banks have been exploring a possible merger since July 2013. A combination of the lenders would create Oman’s second-largest bank, behind Bank Muscat which has assets of $32 billion."
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World Bank slashes growth forecast for UAE, rest of GCC region | GulfNews.com
World Bank slashes growth forecast for UAE, rest of GCC region | GulfNews.com:
"The UAE and the rest of the oil-producing countries in the Gulf will continue to face pressure from low oil prices, coupled with tightening fiscal and monetary policies this year, the World Bank said on Tuesday.
In the latest update of its Global Economic Prospects report, the bank slashed the growth forecast for the UAE to 2 per cent this year, a drop of 1.1 percentage point from the January 2016 projections. The country’s GDP was estimated to be at 3.4 per cent last year.
The World Bank said the downgrades are partly due to expectations that oil prices will continue to trade lower for the year, at an average of $41 per barrel. “For GCC countries, continued low oil prices, together with tightening fiscal and (to a lesser extent) monetary policy, will be a drag on activity in 2016,” said the World Bank."
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"The UAE and the rest of the oil-producing countries in the Gulf will continue to face pressure from low oil prices, coupled with tightening fiscal and monetary policies this year, the World Bank said on Tuesday.
In the latest update of its Global Economic Prospects report, the bank slashed the growth forecast for the UAE to 2 per cent this year, a drop of 1.1 percentage point from the January 2016 projections. The country’s GDP was estimated to be at 3.4 per cent last year.
The World Bank said the downgrades are partly due to expectations that oil prices will continue to trade lower for the year, at an average of $41 per barrel. “For GCC countries, continued low oil prices, together with tightening fiscal and (to a lesser extent) monetary policy, will be a drag on activity in 2016,” said the World Bank."
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Abu Dhabi's ADFG to buy 48.36 pct of Dubai's Shuaa Capital - filing | Reuters
Abu Dhabi's ADFG to buy 48.36 pct of Dubai's Shuaa Capital - filing | Reuters:
"Dubai's Shuaa Capital said on Wednesday that Abu Dhabi Financial Group had reached an agreement to buy the 48.36 percent stake of the investment bank held by Dubai Banking Group.
The transaction, for which no value was disclosed, is subject to regulatory approvals, the statement added.
Alternative investment firm Abu Dhabi Financial Group, Dubai-based Arqaam Capital and Al Mal Capital were among the bidders for Dubai Banking Group's stake in Shuaa, Reuters reported on May 31."
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"Dubai's Shuaa Capital said on Wednesday that Abu Dhabi Financial Group had reached an agreement to buy the 48.36 percent stake of the investment bank held by Dubai Banking Group.
The transaction, for which no value was disclosed, is subject to regulatory approvals, the statement added.
Alternative investment firm Abu Dhabi Financial Group, Dubai-based Arqaam Capital and Al Mal Capital were among the bidders for Dubai Banking Group's stake in Shuaa, Reuters reported on May 31."
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MIDEAST STOCKS-Saudi gains for second day on reforms; higher oil lifts Gulf shares | Reuters
MIDEAST STOCKS-Saudi gains for second day on reforms; higher oil lifts Gulf shares | Reuters:
"Saudi Arabia's stock index rose 1.1 percent on Wednesday as investors accumulated shares in companies set to benefit from economic reform plans, while oil hitting fresh 2016 highs buoyed investor mood across the region.
Saudi Arabia's Dar Al Arkan Real Estate Development Co jumped 9.2 percent to 5.95 riyals, surging by its daily limit for a second straight day.
After the market close on Tuesday, the developer said it was in talks with the government to provide housing under the kingdom's economic reform plan. It did not give further details."
'via Blog this'
"Saudi Arabia's stock index rose 1.1 percent on Wednesday as investors accumulated shares in companies set to benefit from economic reform plans, while oil hitting fresh 2016 highs buoyed investor mood across the region.
Saudi Arabia's Dar Al Arkan Real Estate Development Co jumped 9.2 percent to 5.95 riyals, surging by its daily limit for a second straight day.
After the market close on Tuesday, the developer said it was in talks with the government to provide housing under the kingdom's economic reform plan. It did not give further details."
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