OMV unhappy with Iranian oil contracts and talks over debt sour outlook | The National:
"Iran’s oil contracts are not yet fit for the Austrian energy group OMV to invest in planned projects in the country, which hopes foreign investment will revamp its ageing oil infrastructure, OMV’s chief executivesaid on Wednesday.
In May, four months after most international sanctions against Iran were lifted after it agreed to shrink its nuclear programme, OMV signed a memorandum of understanding with the National Iranian Oil Company for several projects there.
The OMV chief executive Rainer Seele said talks to fine-tune a model contract for international oil companies have not been successful yet."
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Wednesday, 3 August 2016
Emirates NBD in strong position to weather liquidity crunch: Moody’s | GulfNews.com
Emirates NBD in strong position to weather liquidity crunch: Moody’s | GulfNews.com:
"Emirates NBD, the largest bank in the UAE in terms of deposits, loans and branches, is well positioned to weather the tightening of liquidity, according to rating agency Moody’s.
The large retail franchise within the diversified Dubai economy and broad debt market access places the bank in a stronger position than most UAE peers to sustain the ongoing liquidity tightening in the region caused by low oil prices, said Moody’s Investors Service in a report published on Wednesday.
The bank reported a net profit of Dh3.71 billion for the first six months of 2016, up 12 per cent year on year. For the second quarter of the year, the bank’s net profits improved 16 per cent year on year and 6 per cent quarter on quarter to Dh1.91 billion."
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"Emirates NBD, the largest bank in the UAE in terms of deposits, loans and branches, is well positioned to weather the tightening of liquidity, according to rating agency Moody’s.
The large retail franchise within the diversified Dubai economy and broad debt market access places the bank in a stronger position than most UAE peers to sustain the ongoing liquidity tightening in the region caused by low oil prices, said Moody’s Investors Service in a report published on Wednesday.
The bank reported a net profit of Dh3.71 billion for the first six months of 2016, up 12 per cent year on year. For the second quarter of the year, the bank’s net profits improved 16 per cent year on year and 6 per cent quarter on quarter to Dh1.91 billion."
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UAE business conditions improve as job hiring picks up | GulfNews.com
UAE business conditions improve as job hiring picks up | GulfNews.com:
"Business conditions in the UAE seem to have improved, with the growth of the non-oil private sector accelerating to a ten-month high, partly buoyed by a slight uptick in hiring activity in certain industries, according to the latest data.
The Emirates NBD Purchasing Managers’ Index for July, a benchmark for the operating conditions in the non-oil private sector, indicated that some companies are still hiring new employees.
The bank said the pace of hiring "quickened to a 14-month high," contrasting with the trend over the second quarter, when employment was either stagnant or barely rising."
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"Business conditions in the UAE seem to have improved, with the growth of the non-oil private sector accelerating to a ten-month high, partly buoyed by a slight uptick in hiring activity in certain industries, according to the latest data.
The Emirates NBD Purchasing Managers’ Index for July, a benchmark for the operating conditions in the non-oil private sector, indicated that some companies are still hiring new employees.
The bank said the pace of hiring "quickened to a 14-month high," contrasting with the trend over the second quarter, when employment was either stagnant or barely rising."
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Majid Al Futtaim to pursue projects on earnings optimism | The National
Majid Al Futtaim to pursue projects on earnings optimism | The National:
"Majid Al Futtaim (MAF), the conglomerate behind Mall of the Emirates, said yesterday it plans to forge ahead with expansion projects after reporting a 7 per cent increase in its first-half revenues.
The conglomerate, which operates 19 shopping malls, said last year it planned to double in size within five years as it boosts investments across the Arabian Gulf countries and Egypt. "Going forward, we will press ahead with our expansion plans, while developing our business in existing and new markets when the right opportunities are identified and with a continued commitment to our prudent financial and risk management approach," said the chief executive Alain Bejjani in a statement on Wednesday.
Earnings before interest, taxes, depreciation and amortization (ebitda) rose 7 per cent to Dh1.9 billion in the first half of this year, compared with Dh1.8bn in a year-earlier period, the company said. First-half revenue rose 11 per cent to Dh15.2bn from Dh13.7bn a year earlier. The company did not publish net profit figures."
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"Majid Al Futtaim (MAF), the conglomerate behind Mall of the Emirates, said yesterday it plans to forge ahead with expansion projects after reporting a 7 per cent increase in its first-half revenues.
The conglomerate, which operates 19 shopping malls, said last year it planned to double in size within five years as it boosts investments across the Arabian Gulf countries and Egypt. "Going forward, we will press ahead with our expansion plans, while developing our business in existing and new markets when the right opportunities are identified and with a continued commitment to our prudent financial and risk management approach," said the chief executive Alain Bejjani in a statement on Wednesday.
Earnings before interest, taxes, depreciation and amortization (ebitda) rose 7 per cent to Dh1.9 billion in the first half of this year, compared with Dh1.8bn in a year-earlier period, the company said. First-half revenue rose 11 per cent to Dh15.2bn from Dh13.7bn a year earlier. The company did not publish net profit figures."
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MIDEAST STOCKS-Egypt closes at one-year high on IMF hopes, Gulf sags | Reuters
MIDEAST STOCKS-Egypt closes at one-year high on IMF hopes, Gulf sags | Reuters:
"Egypt's stock market closed at a one-year high on Wednesday on optimism among local investors that a loan deal with the International Monetary Fund would boost the economy, while weak oil prices and global bourses pushed Gulf bourses down further.
Cairo's main index jumped 1.6 percent to a one-year high of 8,105 points in rising turnover, confirming a break above major technical resistance on the April peak of 7,994 points.
Egypt said last week that it was in talks with the IMF to secure a loan of $12 billion over three years. An IMF delegation is in Cairo and Wafik Dawood, portfolio manager at Cairo-based Compass Capital, said local investors were speculating about progress in the talks."
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"Egypt's stock market closed at a one-year high on Wednesday on optimism among local investors that a loan deal with the International Monetary Fund would boost the economy, while weak oil prices and global bourses pushed Gulf bourses down further.
Cairo's main index jumped 1.6 percent to a one-year high of 8,105 points in rising turnover, confirming a break above major technical resistance on the April peak of 7,994 points.
Egypt said last week that it was in talks with the IMF to secure a loan of $12 billion over three years. An IMF delegation is in Cairo and Wafik Dawood, portfolio manager at Cairo-based Compass Capital, said local investors were speculating about progress in the talks."
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U.A.E. Plans to Seek Credit Rating Once Debt Law Is Issued - Bloomberg
U.A.E. Plans to Seek Credit Rating Once Debt Law Is Issued - Bloomberg:
"The United Arab Emirates will seek a sovereign credit rating and tap the bond market soon after authorities approve a long-awaited federal debt law, a senior Finance Ministry official said on Tuesday.
The U.A.E. aims to finalize the law by the end of the year, Younis Al Khoori, undersecretary at the ministry, told Bloomberg News in Abu Dhabi. The measure has been under discussion for several years.
“We are still discussing it with the central bank,” he said. “There is one remaining article under discussion about debt ceiling and debt servicing.” “Once we have a rating, there will be an issuance,” he said."
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"The United Arab Emirates will seek a sovereign credit rating and tap the bond market soon after authorities approve a long-awaited federal debt law, a senior Finance Ministry official said on Tuesday.
The U.A.E. aims to finalize the law by the end of the year, Younis Al Khoori, undersecretary at the ministry, told Bloomberg News in Abu Dhabi. The measure has been under discussion for several years.
“We are still discussing it with the central bank,” he said. “There is one remaining article under discussion about debt ceiling and debt servicing.” “Once we have a rating, there will be an issuance,” he said."
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Breaking Down PMI Data From GCC - Bloomberg
Breaking Down PMI Data From GCC - Bloomberg:
"Jean-Paul Pigat, senior economist at Emirates NBD, discusses the U.A.E., Saudi Arabia and Egypt PMI data and what the figures mean for the region. He speaks to Yousef Gamal El-Din and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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"Jean-Paul Pigat, senior economist at Emirates NBD, discusses the U.A.E., Saudi Arabia and Egypt PMI data and what the figures mean for the region. He speaks to Yousef Gamal El-Din and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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