Abu Dhabi banks agree $29bn merger to create national champion - FT.com:
"The boards of Abu Dhabi’s two largest banks have approved a merger to create the Middle East’s largest lender with a combined market capitalisation of $29bn.
The directors of the National Bank of Abu Dhabi and First Gulf Bank voted unanimously to create a national champion with $175bn in assets, more than a quarter of their home market’s outstanding loans and an international network across 19 countries."
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Monday, 4 July 2016
Now is the right time to take a look at Abu Dhabi’s energy investment | The National
Now is the right time to take a look at Abu Dhabi’s energy investment | The National:
"The Mubadala-Ipic merger is bigger than two of the biggest recent energy acquisitions: Shell’s US$52 billion purchase of BG and Halliburton’s cancelled $28bn deal for Baker Hughes.
The $127 billion combination of state-owned Mubadala and International Petroleum Investment Company (Ipic), announced last week, may be driven by housekeeping in Abu Dhabi. But it also offers the chance to rethink the emirate’s energy investments.
In strategy, assets and geography, the two entities are quite different beasts. Apart from their partnership in the much-delayed Emirates LNG import terminal in Fujairah, they overlap little."
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"The Mubadala-Ipic merger is bigger than two of the biggest recent energy acquisitions: Shell’s US$52 billion purchase of BG and Halliburton’s cancelled $28bn deal for Baker Hughes.
The $127 billion combination of state-owned Mubadala and International Petroleum Investment Company (Ipic), announced last week, may be driven by housekeeping in Abu Dhabi. But it also offers the chance to rethink the emirate’s energy investments.
In strategy, assets and geography, the two entities are quite different beasts. Apart from their partnership in the much-delayed Emirates LNG import terminal in Fujairah, they overlap little."
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Low oil prices unlikely to boost GCC sukuk issuance in 2016 | GulfNews.com
Low oil prices unlikely to boost GCC sukuk issuance in 2016 | GulfNews.com:
"Global sukuk issuance is unlikely to pick up pace this year despite expectations that revenue shortfall from plummeting oil prices would prompt a barrage of issuance in oil exporting countries, according to rating agency Standard & Poor’s.
While some commentators believed low oil prices would spur governments in oil-exporting countries to tap the sukuk market for funding to maintain current and capital spending, total issuance actually dropped in 2015 compared with the previous year."
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"Global sukuk issuance is unlikely to pick up pace this year despite expectations that revenue shortfall from plummeting oil prices would prompt a barrage of issuance in oil exporting countries, according to rating agency Standard & Poor’s.
While some commentators believed low oil prices would spur governments in oil-exporting countries to tap the sukuk market for funding to maintain current and capital spending, total issuance actually dropped in 2015 compared with the previous year."
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MIDEAST STOCKS-UAE, Qatar edge up in early trade | Reuters
MIDEAST STOCKS-UAE, Qatar edge up in early trade | Reuters:
"Stock markets in the United Arab Emirates edged up in early trade on Monday with Abu Dhabi's exchange supported by government owned shares while Qatar's largest listed developer kicks off second quarterly financial reports on a strong footing.
Abu Dhabi's index was up 0.2 percent with National Bank of Abu Dhabi extending its 4.0 percent gains from the previous session to add 1.5 percent. On Sunday NBAD and First Gulf Bank boards approved the merger via a share swap. FGB, however, was down 0.8 percent after closing up 2.0 the previous session.
Abu Dhabi Islamic Bank was the top gainer amongst its peers, gaining 2.1 percent."
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"Stock markets in the United Arab Emirates edged up in early trade on Monday with Abu Dhabi's exchange supported by government owned shares while Qatar's largest listed developer kicks off second quarterly financial reports on a strong footing.
Abu Dhabi's index was up 0.2 percent with National Bank of Abu Dhabi extending its 4.0 percent gains from the previous session to add 1.5 percent. On Sunday NBAD and First Gulf Bank boards approved the merger via a share swap. FGB, however, was down 0.8 percent after closing up 2.0 the previous session.
Abu Dhabi Islamic Bank was the top gainer amongst its peers, gaining 2.1 percent."
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Abu Dhabi Denies 1MDB Cayman Deal - Bloomberg
Abu Dhabi Denies 1MDB Cayman Deal - Bloomberg:
"Malaysia's troubled 1MDB fund continues to field questions about billions of dollars gone missing. Abu Dhabi Sovereign Fund has denied it guaranteed 1MDB's holdings in a Cayman Island's account and says it's conducting its own inquiry. Bloomberg's Shamim Adam reports on Bloomberg Markets Middle East." (Source: Bloomberg)"
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"Malaysia's troubled 1MDB fund continues to field questions about billions of dollars gone missing. Abu Dhabi Sovereign Fund has denied it guaranteed 1MDB's holdings in a Cayman Island's account and says it's conducting its own inquiry. Bloomberg's Shamim Adam reports on Bloomberg Markets Middle East." (Source: Bloomberg)"
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