Full Show: Bloomberg Markets Middle East (06/29) - Bloomberg:
"Bloomberg Markets Middle East hosted by Yousef Gamal El-Din and Rishaad Salamt. Guests include Tim Fox, chief economist at Emirates NBD, and Mohamed Jameel Al Ramahi, chief executive officer at Masdar. (Source: Bloomberg)"
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Wednesday, 29 June 2016
MIDEAST STOCKS-Gulf pushes higher but volumes subdued | Reuters
MIDEAST STOCKS-Gulf pushes higher but volumes subdued | Reuters:
"Most stock markets in the Gulf nudged up on Wednesday, supported by recoveries in oil and global equity prices after the shock of Britain's vote to leave the European Union last week, but turnover was small before summer and Eid al Fitr holidays.
Riyadh's index added 0.3 percent, buoyed by the banking and telecommunications sectors, with phone operator Zain KSA climbing 1.3 percent to 7.95 riyals.
NCB Capital said in a note that strong revenue growth, improving market share and margin expansion were Zain KSA's main strengths."
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"Most stock markets in the Gulf nudged up on Wednesday, supported by recoveries in oil and global equity prices after the shock of Britain's vote to leave the European Union last week, but turnover was small before summer and Eid al Fitr holidays.
Riyadh's index added 0.3 percent, buoyed by the banking and telecommunications sectors, with phone operator Zain KSA climbing 1.3 percent to 7.95 riyals.
NCB Capital said in a note that strong revenue growth, improving market share and margin expansion were Zain KSA's main strengths."
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Saudi Aramco Leads Surge in Gulf Energy Loans After Oil’s Plunge - Bloomberg
Saudi Aramco Leads Surge in Gulf Energy Loans After Oil’s Plunge - Bloomberg:
"Saudi Arabian Oil Co. is leading an upsurge in borrowing by energy companies in the Middle East as they turn to banks and investors for cash after a slide in crude prices eroded their ability to pay for exploration and production.
Energy producers in the six-nation Gulf Cooperation Council more than doubled their borrowings in the second quarter from a year earlier to $8.9 billion, the most in 15 months, data compiled by Bloomberg show. Yanbu Aramco Sinopec Refining, a joint venture between Saudi Arabian Oil, known as Aramco, and China Petroleum & Chemical Corp. was the top borrower at $4.7 billion for refinancing. The figures include credits to companies involved in oil exploration, production and refining as well as natural gas services and processing.
Lending rose as state-run companies including Kuwait National Petroleum Co. took advantage of falling borrowing costs. The J.P. Morgan Middle East Composite Index of the region’s debt yield, an indication of borrowing rates, is at the lowest since November 2015. "
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"Saudi Arabian Oil Co. is leading an upsurge in borrowing by energy companies in the Middle East as they turn to banks and investors for cash after a slide in crude prices eroded their ability to pay for exploration and production.
Energy producers in the six-nation Gulf Cooperation Council more than doubled their borrowings in the second quarter from a year earlier to $8.9 billion, the most in 15 months, data compiled by Bloomberg show. Yanbu Aramco Sinopec Refining, a joint venture between Saudi Arabian Oil, known as Aramco, and China Petroleum & Chemical Corp. was the top borrower at $4.7 billion for refinancing. The figures include credits to companies involved in oil exploration, production and refining as well as natural gas services and processing.
Lending rose as state-run companies including Kuwait National Petroleum Co. took advantage of falling borrowing costs. The J.P. Morgan Middle East Composite Index of the region’s debt yield, an indication of borrowing rates, is at the lowest since November 2015. "
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Saudi Aramco sale heralds new market - FT.com
Saudi Aramco sale heralds new market - FT.com:
"The planned sale of up to 5 per cent of Saudi Arabia’s state oil producer could create not only the world’s largest publicly traded energy company but the biggest initial public offering of all time. More than this, however, the move also offers the rest of the world access to one of the kingdom’s prized industries — and could pave the way for greater internationalisation of the Saudi economy.
Saudi Aramco’s IPO is part of a transformation plan, envisaged by the powerbroker deputy crown prince Mohammed bin Salman, which seeks broad-based privatisation to boost employment and diversify the kingdom away from oil. But there is scepticism about whether the country is capable of such an overhaul when its people have grown accustomed to the state providing cradle-to-grave services."
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"The planned sale of up to 5 per cent of Saudi Arabia’s state oil producer could create not only the world’s largest publicly traded energy company but the biggest initial public offering of all time. More than this, however, the move also offers the rest of the world access to one of the kingdom’s prized industries — and could pave the way for greater internationalisation of the Saudi economy.
Saudi Aramco’s IPO is part of a transformation plan, envisaged by the powerbroker deputy crown prince Mohammed bin Salman, which seeks broad-based privatisation to boost employment and diversify the kingdom away from oil. But there is scepticism about whether the country is capable of such an overhaul when its people have grown accustomed to the state providing cradle-to-grave services."
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Mohammad Bin Zayed issues a resolution to merge Ipic and Mubadala | GulfNews.com
Mohammad Bin Zayed issues a resolution to merge Ipic and Mubadala | GulfNews.com:
"His Highness Shaikh Mohammad Bin Zayed, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, has issued a resolution to merge International Petroleum Investment Company (Ipic) and Mubadala Development Company (Mubadala).
The resolution stipulated that a joint committee be created and assigned with the responsibility of merging the businesses of the two companies. The joint committee will be chaired by His Highness Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, with Khaldoon Khalifa Al Mubarak serving as Vice Chairman and the membership of Suhail Mohamed Faraj Al Mazrouei, Hamad Al Hurr Al Suwaidi, and the Chairman of the Abu Dhabi Department of Finance.
Integrating the two entities would create greater benefits and enhanced economic value to the Government of Abu Dhabi. The combined entity will realise synergies and growth in multiple sectors including the energy and utilities sector, technology, aerospace, industry, health care, real estate and financial investments."
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"His Highness Shaikh Mohammad Bin Zayed, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, has issued a resolution to merge International Petroleum Investment Company (Ipic) and Mubadala Development Company (Mubadala).
The resolution stipulated that a joint committee be created and assigned with the responsibility of merging the businesses of the two companies. The joint committee will be chaired by His Highness Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, with Khaldoon Khalifa Al Mubarak serving as Vice Chairman and the membership of Suhail Mohamed Faraj Al Mazrouei, Hamad Al Hurr Al Suwaidi, and the Chairman of the Abu Dhabi Department of Finance.
Integrating the two entities would create greater benefits and enhanced economic value to the Government of Abu Dhabi. The combined entity will realise synergies and growth in multiple sectors including the energy and utilities sector, technology, aerospace, industry, health care, real estate and financial investments."
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MIDEAST STOCKS-Gulf firms in early trade; Saudi's L'azurde surges on listing | Reuters
MIDEAST STOCKS-Gulf firms in early trade; Saudi's L'azurde surges on listing | Reuters:
"Major stock markets in the Gulf firmed in early trade on Wednesday, supported by recoveries in oil and global equity prices after the shock of Britain's vote to leave the European Union last week.
Riyadh's index added 0.7 percent in the first 45 minutes of trade, buoyed by the petrochemcial sector as oil prices rose back towards $50 a barrel. Brent futures were up 1.0 percent in Asian trade.
Shares in retailer L'azurde Company for Jewellery surged their 10 percent daily limit to 40.70 riyals as they listed in Riyadh. The company sold 12.9 million shares in its initial public offer at 37.0 riyals per share."
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"Major stock markets in the Gulf firmed in early trade on Wednesday, supported by recoveries in oil and global equity prices after the shock of Britain's vote to leave the European Union last week.
Riyadh's index added 0.7 percent in the first 45 minutes of trade, buoyed by the petrochemcial sector as oil prices rose back towards $50 a barrel. Brent futures were up 1.0 percent in Asian trade.
Shares in retailer L'azurde Company for Jewellery surged their 10 percent daily limit to 40.70 riyals as they listed in Riyadh. The company sold 12.9 million shares in its initial public offer at 37.0 riyals per share."
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Every Banker in the World Is Chasing the Saudi Aramco Deal - Bloomberg
Every Banker in the World Is Chasing the Saudi Aramco Deal - Bloomberg:
"When news broke in January that Saudi Arabia was considering an initial public offering of its state-owned oil company, the first reaction on Wall Street was shock. Then calls began pouring into Dubai -- the Middle East’s financial hub -- from senior bankers in London and New York.
Investment banks around the world are clamoring to join what promises to be a bonanza, and not just the IPO of Saudi Arabian Oil Co., or Aramco, which could be valued at upward of $2 trillion. The kingdom is planning to sell hundreds of state assets to bolster its finances and reduce its dependence on oil. That includes as much as $15 billion of bonds.
Saudi Arabia looks even more promising with investment banking in a global slump and Britain’s vote to exit the European Union set to deter deal-making for months to come."
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"When news broke in January that Saudi Arabia was considering an initial public offering of its state-owned oil company, the first reaction on Wall Street was shock. Then calls began pouring into Dubai -- the Middle East’s financial hub -- from senior bankers in London and New York.
Investment banks around the world are clamoring to join what promises to be a bonanza, and not just the IPO of Saudi Arabian Oil Co., or Aramco, which could be valued at upward of $2 trillion. The kingdom is planning to sell hundreds of state assets to bolster its finances and reduce its dependence on oil. That includes as much as $15 billion of bonds.
Saudi Arabia looks even more promising with investment banking in a global slump and Britain’s vote to exit the European Union set to deter deal-making for months to come."
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