New Qatar financial city will be open to non-licensed foreign firms | The National:
"The Qatar Financial Center (QFC), which licences foreign companies to exempt them from local ownership laws, will move to a new complex next year shared with non-licensed foreign and local firms, its head said on Tuesday.
The QFC is one of two authorities under which 100 per cent foreign owned companies can operate in Qatar. Without licences from these entities, foreign firms typically require a local partner to own at least a 51 per cent stake.
Yousef Al Jaida, the head of the centre, said the QFC would relocate in mid-2017 to Msheireb Downtown Doha."
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Tuesday, 20 September 2016
Gulf Investors Prepare for Saudi Mega Debt Deal - Bloomberg
Gulf Investors Prepare for Saudi Mega Debt Deal - Bloomberg:
"Waha Capital PJSC Managing Director of Capital Markets Mohamed Eljamal speaks about the outlook for Gulf bonds ahead of a mega $10-billion debt deal from Saudi Arabia. He speaks with Tracy Alloway in Abu Dhabi about why he expects Gulf spreads to widen. (Source: Bloomberg)"
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"Waha Capital PJSC Managing Director of Capital Markets Mohamed Eljamal speaks about the outlook for Gulf bonds ahead of a mega $10-billion debt deal from Saudi Arabia. He speaks with Tracy Alloway in Abu Dhabi about why he expects Gulf spreads to widen. (Source: Bloomberg)"
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MIDEAST STOCKS-Qatar gains after FTSE inclusion, Saudi near technical support level | Reuters
MIDEAST STOCKS-Qatar gains after FTSE inclusion, Saudi near technical support level | Reuters:
"Qatar's equity index climbed on Tuesday as passive funds flowed into shares now included in FTSE's secondary emerging market index while other Gulf markets sagged.
Doha's index rose 1.0 percent, recouping some of the percent losses from the previous session. Passive funds will flow into 22 shares from Tuesday, and the stocks will continue to be bid up for several days to come as managers meet their fund mandates.
Islamic lender Masraf Al Rayan, which slumped 5.1 percent on Monday, added 1.9 percent and telecommunication provider Ooredoo, which also dropped 5.1 percent the previous session, climbed 0.4 percent."
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"Qatar's equity index climbed on Tuesday as passive funds flowed into shares now included in FTSE's secondary emerging market index while other Gulf markets sagged.
Doha's index rose 1.0 percent, recouping some of the percent losses from the previous session. Passive funds will flow into 22 shares from Tuesday, and the stocks will continue to be bid up for several days to come as managers meet their fund mandates.
Islamic lender Masraf Al Rayan, which slumped 5.1 percent on Monday, added 1.9 percent and telecommunication provider Ooredoo, which also dropped 5.1 percent the previous session, climbed 0.4 percent."
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Fox seeks stronger Gulf ties but move raises human rights concerns - FT.com
Fox seeks stronger Gulf ties but move raises human rights concerns - FT.com:
"Liam Fox is looking to deepen the UK’s trading relationship with the Gulf states in a move that is raising fresh concerns about how far the government is prepared to turn a blind eye to human rights abuses in the region.
As the international trade secretary presses ahead with informal discussions on future deals outside the EU after Britons voted to leave the bloc, Mr Fox has been seeking to highlight how deeper trade links with the Gulf should play a central role in the UK’s evolving trading strategy."
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"Liam Fox is looking to deepen the UK’s trading relationship with the Gulf states in a move that is raising fresh concerns about how far the government is prepared to turn a blind eye to human rights abuses in the region.
As the international trade secretary presses ahead with informal discussions on future deals outside the EU after Britons voted to leave the bloc, Mr Fox has been seeking to highlight how deeper trade links with the Gulf should play a central role in the UK’s evolving trading strategy."
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UAE banks bail out 1,700 SMEs and corporations with Dh7 billion in loans restructured | The National
UAE banks bail out 1,700 SMEs and corporations with Dh7 billion in loans restructured | The National:
"An initiative among local banks to bail out small and medium sized enterprises (SMEs) has helped to restructure some Dh7 billion of debt owed by more than 1,700 companies this year, the UAE Banks Federation (UBF) said.
The federation also said the bankruptcy law approved this month by the country’s Cabinet is another measure that will help struggling business owners restructure debt, reducing the temptation to skip town.
Abdul Aziz Al Ghurair, the UBF chairman and chief executive of Dubai-based Mashreq, said that the initiative to rescue SMEs, dubbed "Modus Operandi," involved all banks. The executive’s comments came after a meeting of the heads of the 49 banks that are members of the federation. SMEs make up 90 per cent of non-government GDP, he said."
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"An initiative among local banks to bail out small and medium sized enterprises (SMEs) has helped to restructure some Dh7 billion of debt owed by more than 1,700 companies this year, the UAE Banks Federation (UBF) said.
The federation also said the bankruptcy law approved this month by the country’s Cabinet is another measure that will help struggling business owners restructure debt, reducing the temptation to skip town.
Abdul Aziz Al Ghurair, the UBF chairman and chief executive of Dubai-based Mashreq, said that the initiative to rescue SMEs, dubbed "Modus Operandi," involved all banks. The executive’s comments came after a meeting of the heads of the 49 banks that are members of the federation. SMEs make up 90 per cent of non-government GDP, he said."
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Kuwaiti European Holdings buys stake in WH Ireland | The National
Kuwaiti European Holdings buys stake in WH Ireland | The National:
"Kuwaiti European Holdings Group (KEH) said that it had spent £8.4 million pounds (Dh40.4m) to buy a 23.1 per cent stake in the British financial services firm WH Ireland Group, to help serve its financial services clients across the Middle East and Britain.
KEH, an investment company focused on property, health and leisure businesses, said WH Ireland’s business model and strategy was "highly complementary" to that of KEH’s financial services businesses – Armila Capital and Al Fouz Investment Company.
"This partnership will allow the companies to provide cross-market corporate and capital markets advisory and capital raising services to their respective clients," KEH said."
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"Kuwaiti European Holdings Group (KEH) said that it had spent £8.4 million pounds (Dh40.4m) to buy a 23.1 per cent stake in the British financial services firm WH Ireland Group, to help serve its financial services clients across the Middle East and Britain.
KEH, an investment company focused on property, health and leisure businesses, said WH Ireland’s business model and strategy was "highly complementary" to that of KEH’s financial services businesses – Armila Capital and Al Fouz Investment Company.
"This partnership will allow the companies to provide cross-market corporate and capital markets advisory and capital raising services to their respective clients," KEH said."
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Oil Declines Amid Signs Rising Global Supply to Sustain Surplus - Bloomberg
Oil Declines Amid Signs Rising Global Supply to Sustain Surplus - Bloomberg:
"Oil declined on speculation a global glut will be sustained amid rising supply from Nigeria to the U.S.
Futures fell 0.6 percent in New York after advancing 0.6 percent Monday. Nigeria’s output expanded to 1.75 million barrels a day and will keep rising after government outreach and a cease-fire with militants allowed some production to restart, Minister of State for Petroleum Emmanuel Kachikwu said. U.S. crude stockpiles probably increased by 3.13 million barrels last week, according to a Bloomberg survey before government data Wednesday."
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"Oil declined on speculation a global glut will be sustained amid rising supply from Nigeria to the U.S.
Futures fell 0.6 percent in New York after advancing 0.6 percent Monday. Nigeria’s output expanded to 1.75 million barrels a day and will keep rising after government outreach and a cease-fire with militants allowed some production to restart, Minister of State for Petroleum Emmanuel Kachikwu said. U.S. crude stockpiles probably increased by 3.13 million barrels last week, according to a Bloomberg survey before government data Wednesday."
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India set to buy Iran oil for emergency reserves: sources | Reuters
India set to buy Iran oil for emergency reserves: sources | Reuters:
"India is set to buy 6 million barrels of Iranian crude for its strategic oil reserves as negotiations with the United Arab Emirates' national oil company for supplies are stuck over commercial terms, industry sources said.
Such purchases by the world's No.3 crude importer would boost Iran's drive to ramp up its oil shipments as it looks to regain market share following the lifting of sanctions over its disputed nuclear program.
Oil markets have been keenly focused on Iranian export volumes over the last few weeks as they get closer to pre-sanction levels - a milestone that Tehran has said is a precondition for discussing a global output freeze to boost crude prices."
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"India is set to buy 6 million barrels of Iranian crude for its strategic oil reserves as negotiations with the United Arab Emirates' national oil company for supplies are stuck over commercial terms, industry sources said.
Such purchases by the world's No.3 crude importer would boost Iran's drive to ramp up its oil shipments as it looks to regain market share following the lifting of sanctions over its disputed nuclear program.
Oil markets have been keenly focused on Iranian export volumes over the last few weeks as they get closer to pre-sanction levels - a milestone that Tehran has said is a precondition for discussing a global output freeze to boost crude prices."
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Dubai's Gulf Navigation looks to end creditor woes with debt cut | Reuters
Dubai's Gulf Navigation looks to end creditor woes with debt cut | Reuters:
"Dubai's Gulf Navigation Holding said on Tuesday it had reduced its debt from $36 million to $21 million and hopes to end a long-running dispute with creditors by consolidating all of its borrowing before the end of the year.
Dubai's only listed crude shipper expanded ambitiously at the end of the last decade just as oversupply hit the chemical tanker business and transportation rates plummeted.
Subsequent debt disputes weighed on its performance and investor confidence for many years, but Gulf Navigation has now "reached an amicable settlement with its creditors", Chief Executive Khamis Juma Buamim said in a bourse statement."
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"Dubai's Gulf Navigation Holding said on Tuesday it had reduced its debt from $36 million to $21 million and hopes to end a long-running dispute with creditors by consolidating all of its borrowing before the end of the year.
Dubai's only listed crude shipper expanded ambitiously at the end of the last decade just as oversupply hit the chemical tanker business and transportation rates plummeted.
Subsequent debt disputes weighed on its performance and investor confidence for many years, but Gulf Navigation has now "reached an amicable settlement with its creditors", Chief Executive Khamis Juma Buamim said in a bourse statement."
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MIDEAST STOCKS-Qatar rises on passive fund flows, other Gulf bourses weak | Reuters
MIDEAST STOCKS-Qatar rises on passive fund flows, other Gulf bourses weak | Reuters:
"Qatar's equity index climbed in early trade on Tuesday as passive funds flowed into shares now included in FTSE's secondary emerging market index, while other Gulf benchmarks pulled back.
Doha's index rose 1.5 percent, recouping some of the 4.0 percent losses from the previous session. Passive funds will flow into 22 shares as of Tuesday, and the stocks will continue to be bid up for several days to come as managers meet their fund mandates.
Islamic lender Masraf Al Rayan, which slumped 5.1 percent on Monday, added 2.1 percent and telecommunication provider Ooredoo, which also dropped 5.1 percent the previous session, climbed 2.3 percent."
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"Qatar's equity index climbed in early trade on Tuesday as passive funds flowed into shares now included in FTSE's secondary emerging market index, while other Gulf benchmarks pulled back.
Doha's index rose 1.5 percent, recouping some of the 4.0 percent losses from the previous session. Passive funds will flow into 22 shares as of Tuesday, and the stocks will continue to be bid up for several days to come as managers meet their fund mandates.
Islamic lender Masraf Al Rayan, which slumped 5.1 percent on Monday, added 2.1 percent and telecommunication provider Ooredoo, which also dropped 5.1 percent the previous session, climbed 2.3 percent."
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