Kuwait plans to sell as much as $9.9b in dollar bonds | GulfNews.com:
"Kuwait plans to raise as much as $9.9 billion (Dh36.3 billion) from international debt markets to help plug its budget deficit as lower oil price squeezes public finances.
The Opec member also plans to borrow as much as 2 billion dinars ($6.6 billion) from the domestic market, Finance Minister Anas Al Saleh said in an emailed speech. The budget deficit is expected to widen to 9.5 billion dinars in the 2016-2017 fiscal year, which began April 1, he said.
The plunge in oil prices has prompted a flurry of international bond sales from the six-nation Gulf Cooperation Council to finance widening deficits that the International Monetary Fund says could reach $900 billion by 2021. Qatar raised record a $9 billion in May, following a $5 billion sale by Abu Dhabi. Saudi Arabia, the biggest Arab economy, has hired JPMorgan Chase & Co, HSBC Holdings Plc and Citigroup Inc to raise at least $10 billion, according to people familiar with the matter."
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Sunday, 3 July 2016
CORRECTED-MIDEAST STOCKS-Abu Dhabi banks jump on FGB/NBAD merger details; Egypt up on c.bank comments | Reuters
CORRECTED-MIDEAST STOCKS-Abu Dhabi banks jump on FGB/NBAD merger details; Egypt up on c.bank comments | Reuters:
"Abu Dhabi banking shares climbed on Sunday after the boards of directors of First Gulf Bank and National Bank of Abu Dhabi approved a proposed merger of the banks, aiming to complete it in the first quarter of 2017.
Egypt's index edged up following comments by central bank governor about possible further currency devaluation.
Shares in NBAD jumped 4.0 percent to 10.05 dirhams while FGB gained 2 percent to 12.85 dirhams. They were the market's two most heavily traded stocks."
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"Abu Dhabi banking shares climbed on Sunday after the boards of directors of First Gulf Bank and National Bank of Abu Dhabi approved a proposed merger of the banks, aiming to complete it in the first quarter of 2017.
Egypt's index edged up following comments by central bank governor about possible further currency devaluation.
Shares in NBAD jumped 4.0 percent to 10.05 dirhams while FGB gained 2 percent to 12.85 dirhams. They were the market's two most heavily traded stocks."
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Dubai Properties appoints new CEO as Abdullatif AlMulla departs | The National
Dubai Properties appoints new CEO as Abdullatif AlMulla departs | The National:
"The former chief executive of Dubai’s Emaar Properties has been recruited as the new chief executive of Dubai Properties Group (DPG) - the property development arm of government-owned Dubai Holding.
Abdullah Bin Lahej resigned as the chief executive of Emaar Properties Group in April this year. He had been the chief executive there for two years, but had been with the company since 2000, when he joined as an assistant project manager. He worked on a number of Emaar’s flagship projects including the Burj Khalifa and the Dubai Mall.
A spokesman for Dubai Properties Group confirmed Mr bin Lahej’s appointment as its new chief executive, and the departure of former chief executive Abdullatif AlMulla, whom it said was leaving to “pursue other ventures"."
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"The former chief executive of Dubai’s Emaar Properties has been recruited as the new chief executive of Dubai Properties Group (DPG) - the property development arm of government-owned Dubai Holding.
Abdullah Bin Lahej resigned as the chief executive of Emaar Properties Group in April this year. He had been the chief executive there for two years, but had been with the company since 2000, when he joined as an assistant project manager. He worked on a number of Emaar’s flagship projects including the Burj Khalifa and the Dubai Mall.
A spokesman for Dubai Properties Group confirmed Mr bin Lahej’s appointment as its new chief executive, and the departure of former chief executive Abdullatif AlMulla, whom it said was leaving to “pursue other ventures"."
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NBAD, FGB boards approve merger | GulfNews.com
NBAD, FGB boards approve merger | GulfNews.com:
"The boards of directors at First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) have approved the merger of both entities in the first quarter of 2017, thereby creating an entity with Dh642 billion in total assets.
The new entity, which will retain the brand name of the National Bank of Abu Dhabi, will be the largest bank in the Middle East and North Africa by assets.
The merger will be executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for each FGB share they hold."
'via Blog this'
"The boards of directors at First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) have approved the merger of both entities in the first quarter of 2017, thereby creating an entity with Dh642 billion in total assets.
The new entity, which will retain the brand name of the National Bank of Abu Dhabi, will be the largest bank in the Middle East and North Africa by assets.
The merger will be executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for each FGB share they hold."
'via Blog this'
Abu Dhabi Stocks Lead Gulf Equity Gain as Banks Prepare to Merge - Bloomberg
Abu Dhabi Stocks Lead Gulf Equity Gain as Banks Prepare to Merge - Bloomberg:
"Abu Dhabi stocks led gains across Gulf Arab equity markets as two of the emirate’s biggest banks approved plans to merge, stoking investor speculation there will be further consolidation in the sheikhdom.
The ADX General Index rose 1.2 percent to the highest level since April. National Bank of Abu Dhabi PJSC added 4 percent and First Gulf Bank PJSC climbed 2 percent as the lenders plan to merge in the first quarter of 2017, according to a joint statement on Sunday. Dubai’s DFM General Index increased 0.8 percent."
'via Blog this'
"Abu Dhabi stocks led gains across Gulf Arab equity markets as two of the emirate’s biggest banks approved plans to merge, stoking investor speculation there will be further consolidation in the sheikhdom.
The ADX General Index rose 1.2 percent to the highest level since April. National Bank of Abu Dhabi PJSC added 4 percent and First Gulf Bank PJSC climbed 2 percent as the lenders plan to merge in the first quarter of 2017, according to a joint statement on Sunday. Dubai’s DFM General Index increased 0.8 percent."
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MIDEAST STOCKS-Banking shares climb in Abu Dhabi on FGB/NBAD merger details | Reuters
MIDEAST STOCKS-Banking shares climb in Abu Dhabi on FGB/NBAD merger details | Reuters:
"Abu Dhabi banking shares climbed in early trade on Sunday after the boards of directors of First Gulf Bank and National Bank of Abu Dhabi approved a proposed merger of the banks, aiming to complete it in the first quarter of 2017.
Shares in NBAD jumped 5.6 percent to 10.20 dirhams while FGB gained 4.0 percent to 13.10 dirhams. They were the market's two most heavily traded stocks.
The merger would be completed via a share swap which would result in shareholders of FGB receiving 1.254 new NBAD shares for every one FGB share. That ratio appears to favour NBAD holders greatly, but several analysts said investors' general optimism towards the merged entity meant selling of FGB shares might remin minor."
'via Blog this'
"Abu Dhabi banking shares climbed in early trade on Sunday after the boards of directors of First Gulf Bank and National Bank of Abu Dhabi approved a proposed merger of the banks, aiming to complete it in the first quarter of 2017.
Shares in NBAD jumped 5.6 percent to 10.20 dirhams while FGB gained 4.0 percent to 13.10 dirhams. They were the market's two most heavily traded stocks.
The merger would be completed via a share swap which would result in shareholders of FGB receiving 1.254 new NBAD shares for every one FGB share. That ratio appears to favour NBAD holders greatly, but several analysts said investors' general optimism towards the merged entity meant selling of FGB shares might remin minor."
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