Dubai said to seek $2.5b loans to expand metro for Expo | GulfNews.com:
"Dubai is seeking $2.5 billion (Dh9.1 billion) in loans to finance a 15-km extension of its above-ground metro line to the World Expo site, according to two people with knowledge of the plan.
Banks submitted proposals this week to the emirate’s department of finance, including a $1.34 billion facility backed by European export credit agencies, said the people, asking not to be identified because the information isn’t public yet. Lenders also bid for a $1.12 billion unsecured, commercial facility that is guaranteed by the Dubai government, they said.
Funding is expected to be provided mainly by international banks, the people said. The ECA-backed facility has a maturity of 18 years, while the commercial loan has a 10-year tenor, one of the people said."
'via Blog this'
Thursday, 22 September 2016
Rouhani Touts Iran as Investment Magnet at UN After Boeing News - Bloomberg
Rouhani Touts Iran as Investment Magnet at UN After Boeing News - Bloomberg:
"President Hassan Rouhani used his time on the United Nations stage to present Iran as open for business with the implementation of a nuclear agreement, while also ensuring he delivered a message tough enough to mollify hardliners back home ahead of next year’s presidential elections.
The annual gathering of leaders used to be where the Islamic Republic was denounced as a pariah by Western powers. But with a deal on Iran’s nuclear arsenal under his belt, Rouhani delivered a low-key address at the UN General Assembly, touting the country’s five percent economic growth and investment opportunities.
"The economy of Iran is one of the most secure and most profitable investment destinations in the region,” Rouhani said. Based on analyst expectations, “Iran is enjoying one the highest growth rates among the oil-producing countries.”"
'via Blog this'
"President Hassan Rouhani used his time on the United Nations stage to present Iran as open for business with the implementation of a nuclear agreement, while also ensuring he delivered a message tough enough to mollify hardliners back home ahead of next year’s presidential elections.
The annual gathering of leaders used to be where the Islamic Republic was denounced as a pariah by Western powers. But with a deal on Iran’s nuclear arsenal under his belt, Rouhani delivered a low-key address at the UN General Assembly, touting the country’s five percent economic growth and investment opportunities.
"The economy of Iran is one of the most secure and most profitable investment destinations in the region,” Rouhani said. Based on analyst expectations, “Iran is enjoying one the highest growth rates among the oil-producing countries.”"
'via Blog this'
Saudis, Iran Said to Meet Again for Oil Talks, No Agreement Yet - Bloomberg
Saudis, Iran Said to Meet Again for Oil Talks, No Agreement Yet - Bloomberg:
"OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna for a second day of discussions to prepare for wider group talks next week in Algiers.
The two oil producers met at the headquarters of the Organization of Petroleum Exporting Countries in Vienna in preparation for informal discussions between energy ministers from OPEC and Russia in Algiers next week, according to two people briefed on the discussions. The two nations have not yet reached an agreement, one of the people said, asking not to be identified because the meeting was private.
The rare private talks between Saudi Arabia and Iran -- OPEC’s two leading members and regional rivals -- show diplomatic efforts to secure a meaningful deal in Algiers are still under way. Prices have retreated this month amid concern there will be no serious commitment to constrain supply and all but two of 23 analysts surveyed by Bloomberg this week predict there will be no agreement next week.
"
'via Blog this'
"OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna for a second day of discussions to prepare for wider group talks next week in Algiers.
The two oil producers met at the headquarters of the Organization of Petroleum Exporting Countries in Vienna in preparation for informal discussions between energy ministers from OPEC and Russia in Algiers next week, according to two people briefed on the discussions. The two nations have not yet reached an agreement, one of the people said, asking not to be identified because the meeting was private.
The rare private talks between Saudi Arabia and Iran -- OPEC’s two leading members and regional rivals -- show diplomatic efforts to secure a meaningful deal in Algiers are still under way. Prices have retreated this month amid concern there will be no serious commitment to constrain supply and all but two of 23 analysts surveyed by Bloomberg this week predict there will be no agreement next week.
"
'via Blog this'
UAE's Pacific Controls $381 mln debt plan due by end-October -sources | Reuters
UAE's Pacific Controls $381 mln debt plan due by end-October -sources | Reuters:
"Pacific Controls, a Dubai-based technology company, will submit a proposal to creditor banks on how to restructure its 1.4 billion dirhams ($381 million) of debt by the end of October, sources told Reuters on Thursday.
The company began talks with banks during the summer after hitting problems with its repayments, partly due to delays in payment from some clients as the United Arab Emirates' economy has stumbled over falling oil prices.
Recently appointed chief executive Sanjay Nayak has held talks with the company's clients to get assurances on continuation of payments and contracts, according to two banking sources who spoke on condition of anonymity."
'via Blog this'
"Pacific Controls, a Dubai-based technology company, will submit a proposal to creditor banks on how to restructure its 1.4 billion dirhams ($381 million) of debt by the end of October, sources told Reuters on Thursday.
The company began talks with banks during the summer after hitting problems with its repayments, partly due to delays in payment from some clients as the United Arab Emirates' economy has stumbled over falling oil prices.
Recently appointed chief executive Sanjay Nayak has held talks with the company's clients to get assurances on continuation of payments and contracts, according to two banking sources who spoke on condition of anonymity."
'via Blog this'
MIDEAST STOCKS-Gulf shares cheer Fed decision to keep interest rates put, Egypt slips | Reuters
MIDEAST STOCKS-Gulf shares cheer Fed decision to keep interest rates put, Egypt slips | Reuters:
"Stocks in the Gulf rallied on Thursday, taking their cue from global shares after the Federal Reserve left U.S. interest rates unchanged and indicated a slower pace of future hikes.
Dubai's main index was the top gainer among its regional peers, jumping 2.0 percent in the most active trade of the week as nine-tenths of the traded shares rose.
Emaar Properties, the largest listed developer and Dubai Investments each gained 2.9 percent."
'via Blog this'
"Stocks in the Gulf rallied on Thursday, taking their cue from global shares after the Federal Reserve left U.S. interest rates unchanged and indicated a slower pace of future hikes.
Dubai's main index was the top gainer among its regional peers, jumping 2.0 percent in the most active trade of the week as nine-tenths of the traded shares rose.
Emaar Properties, the largest listed developer and Dubai Investments each gained 2.9 percent."
'via Blog this'
Airbus and Boeing win US licence for Iran sales - FT.com
Airbus and Boeing win US licence for Iran sales - FT.com:
"Airbus and Boeing have gained clearance from US authorities for multibillion-dollar aircraft deals with Iran — marking a significant milestone in the Middle Eastern country’s return to the international marketplace since certain sanctions were lifted in January.
The US green light for Airbus’s sale of 17 single- and twin-aisle aircraft and Boeing’s deal to sell 80 passenger jets to Iran Air offers proof that it is now possible to trade with the country without breaching complex rules that still prohibit the involvement of US entities or finance providers in trade deals."
'via Blog this'
"Airbus and Boeing have gained clearance from US authorities for multibillion-dollar aircraft deals with Iran — marking a significant milestone in the Middle Eastern country’s return to the international marketplace since certain sanctions were lifted in January.
The US green light for Airbus’s sale of 17 single- and twin-aisle aircraft and Boeing’s deal to sell 80 passenger jets to Iran Air offers proof that it is now possible to trade with the country without breaching complex rules that still prohibit the involvement of US entities or finance providers in trade deals."
'via Blog this'
The pursuit of Khater Massaad, the tile tycoon of RAK | The National
The pursuit of Khater Massaad, the tile tycoon of RAK | The National:
"He was the golden boy of business in the Northern Emirates. He transformed a small tile factory into a global manufacturing name and was recruited to run the Ras Al Khaimah Investment Authority (Rakia) in 2007 to achieve the same kind of transformation across the wider economy.
But four years after leaving the UAE, Khater Massaad is being pursued by his former employers from Africa to the Caucasus.
On Tuesday they caught up with him at Jeddah’s airport when he was detained by Saudi police on an arrest warrant issued from the northernmost emirate. It related to his conviction in his absence last year in a Ras Al Khaimah court on fraud charges."
'via Blog this'
"He was the golden boy of business in the Northern Emirates. He transformed a small tile factory into a global manufacturing name and was recruited to run the Ras Al Khaimah Investment Authority (Rakia) in 2007 to achieve the same kind of transformation across the wider economy.
But four years after leaving the UAE, Khater Massaad is being pursued by his former employers from Africa to the Caucasus.
On Tuesday they caught up with him at Jeddah’s airport when he was detained by Saudi police on an arrest warrant issued from the northernmost emirate. It related to his conviction in his absence last year in a Ras Al Khaimah court on fraud charges."
'via Blog this'
Oman Said to Plan Dollar Bond Sale Return With Tap of June Issue - Bloomberg
Oman Said to Plan Dollar Bond Sale Return With Tap of June Issue - Bloomberg:
"Oman is planning to sell more of the dollar-denominated bonds it issued in June, according to two people with knowledge of the deal, as the Gulf nation looks to shore up state finances pressured by low energy prices.
The potential tap of bonds due 2021 and 2026 will be of benchmark size, the people said, asking not to be identified as the information isn’t public. The sultanate issued $2.5 billion in June; benchmark typically means at least $500 million. The sale may come as soon as this month, one of the people said.
Any fresh debt would be the latest in a series of issues by the largest Arab oil producer that’s not an OPEC member. Oman, rated one level above junk by S&P Global Ratings, borrowed $1 billion through international loans at the start of 2016 and also privately placed dollar-denominated Islamic bonds, people with knowledge of the matter said at the time."
'via Blog this'
"Oman is planning to sell more of the dollar-denominated bonds it issued in June, according to two people with knowledge of the deal, as the Gulf nation looks to shore up state finances pressured by low energy prices.
The potential tap of bonds due 2021 and 2026 will be of benchmark size, the people said, asking not to be identified as the information isn’t public. The sultanate issued $2.5 billion in June; benchmark typically means at least $500 million. The sale may come as soon as this month, one of the people said.
Any fresh debt would be the latest in a series of issues by the largest Arab oil producer that’s not an OPEC member. Oman, rated one level above junk by S&P Global Ratings, borrowed $1 billion through international loans at the start of 2016 and also privately placed dollar-denominated Islamic bonds, people with knowledge of the matter said at the time."
'via Blog this'
Saudi builder Binladin says government started to pay dues: paper | Reuters
Saudi builder Binladin says government started to pay dues: paper | Reuters:
"The Saudi finance ministry has resumed payments to Saudi Binladin Group (SBG), the kingdom's biggest construction firm, for its work on government projects, Saudi Okaz newspaper reported on Thursday, citing an adviser to the chairman.
SBG was hard hit last year as low oil prices forced the government - its chief customer - to cancel or suspend projects and delay payments.
It was then barred from receiving new state contracts after one of its cranes toppled into Mecca's Grand Mosque during a storm, killing 107 people, though that ban has now been lifted."
'via Blog this'
"The Saudi finance ministry has resumed payments to Saudi Binladin Group (SBG), the kingdom's biggest construction firm, for its work on government projects, Saudi Okaz newspaper reported on Thursday, citing an adviser to the chairman.
SBG was hard hit last year as low oil prices forced the government - its chief customer - to cancel or suspend projects and delay payments.
It was then barred from receiving new state contracts after one of its cranes toppled into Mecca's Grand Mosque during a storm, killing 107 people, though that ban has now been lifted."
'via Blog this'
UAE lender UNB mandates banks ahead of potential bond issue | Reuters
UAE lender UNB mandates banks ahead of potential bond issue | Reuters:
"Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, said on Thursday it had mandated six banks as joint lead managers and bookrunners to arrange a series of meetings with fixed income investors.
It said a senior unsecured bond issue under the bank's euro medium term note (EMTN) programme may follow, subject to market conditions.
The mandated banks were Australia and New Zealand Banking Group, Commerzbank, HSBC Bank Middle East, Mizuho International, National Bank of Abu Dhabi and Standard Chartered, it said in a statement."
'via Blog this'
"Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, said on Thursday it had mandated six banks as joint lead managers and bookrunners to arrange a series of meetings with fixed income investors.
It said a senior unsecured bond issue under the bank's euro medium term note (EMTN) programme may follow, subject to market conditions.
The mandated banks were Australia and New Zealand Banking Group, Commerzbank, HSBC Bank Middle East, Mizuho International, National Bank of Abu Dhabi and Standard Chartered, it said in a statement."
'via Blog this'
MIDEAST STOCKS-Gulf markets climb in line with global shares | Reuters
MIDEAST STOCKS-Gulf markets climb in line with global shares | Reuters:
"Stocks in the Gulf climbed in early trade on Thursday, taking their cue from Asian shares and Wall Street, after the Federal Reserve left U.S. interest rates unchanged and indicated a slower pace of future hikes.
Dubai's main index was the top gainer among its regional peers, jumping 1.1 percent as nine-tenths of the traded shares rose.
Emaar Properties, the largest listed developer, climbed 2.2 percent, and Dubai Investments gained 2.0 percent."
'via Blog this'
"Stocks in the Gulf climbed in early trade on Thursday, taking their cue from Asian shares and Wall Street, after the Federal Reserve left U.S. interest rates unchanged and indicated a slower pace of future hikes.
Dubai's main index was the top gainer among its regional peers, jumping 1.1 percent as nine-tenths of the traded shares rose.
Emaar Properties, the largest listed developer, climbed 2.2 percent, and Dubai Investments gained 2.0 percent."
'via Blog this'
Subscribe to:
Posts (Atom)