Oman to introduce a third telecom provider | GulfNews.com:
"Oman’s Telecom Regulatory Authority (TRA) has decided to finish all the procedures for a third telecom provider in the country to enhance the competition in the telecommunications sector, the telecom regulator said in a statement on Monday. The TRA didn’t give further details or the name of the new telecom provider.
The regulator issued a decision on Sunday urging telecom companies to speed up network, quality enhancement and bring down prices of telecom services. TRA also urged the telecom firms to conduct a survey of the various areas in the country to find out the extent of coverage and follow up on the performance of telecom companies.
The body directed telecom firms to provide within two weeks from the date of the decision, a plan for next three years."
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Tuesday 18 October 2016
MIDEAST STOCKS-Saudi hit by weak Q3 results at major companies, UAE rebounds | Reuters
MIDEAST STOCKS-Saudi hit by weak Q3 results at major companies, UAE rebounds | Reuters:
"Several disappointing third-quarter results from large Saudi Arabian companies dragged on the kingdom's stock index on Tuesday, while most other Gulf markets edged up in modest trade. Egypt pulled back in falling volumes.
Riyadh's index fell 1.9 percent, with selling momentum intensifying in the final hour. Saudi Arabian Mining Co (Ma'aden) fell 1.8 percent after it posted a 4.6 percent rise in third-quarter net profit to 83.6 million riyals ($22.3 million), below analysts' average forecast of 122.7 million riyals.
National Industrialization Co (Tasnee) swung to a net profit of 122.2 million riyals from a loss of 296.3 million riyals in the prior-year period. But NCB Capital said the result was 18 percent below its expectation and the stock slumped by its daily limit of 10 percent."
'via Blog this'
"Several disappointing third-quarter results from large Saudi Arabian companies dragged on the kingdom's stock index on Tuesday, while most other Gulf markets edged up in modest trade. Egypt pulled back in falling volumes.
Riyadh's index fell 1.9 percent, with selling momentum intensifying in the final hour. Saudi Arabian Mining Co (Ma'aden) fell 1.8 percent after it posted a 4.6 percent rise in third-quarter net profit to 83.6 million riyals ($22.3 million), below analysts' average forecast of 122.7 million riyals.
National Industrialization Co (Tasnee) swung to a net profit of 122.2 million riyals from a loss of 296.3 million riyals in the prior-year period. But NCB Capital said the result was 18 percent below its expectation and the stock slumped by its daily limit of 10 percent."
'via Blog this'
Norway’s oil fund urged to invest billions more in equities
Norway’s oil fund urged to invest billions more in equities:
"Norway’s $880bn oil fund is being urged to invest billions of dollars more in equities and take on more risk in what would be a big shift in its asset allocation away from bonds.
The world’s largest sovereign wealth fund should invest 70 per cent of its assets in shares, up from today’s 60 per cent, at the expense of bonds, according to a government-commissioned report on Tuesday.
The move is highly significant for global markets as the oil fund owns on average 1.3 per cent of every single listed company in the world and 2.5 per cent in Europe."
'via Blog this'
"Norway’s $880bn oil fund is being urged to invest billions of dollars more in equities and take on more risk in what would be a big shift in its asset allocation away from bonds.
The world’s largest sovereign wealth fund should invest 70 per cent of its assets in shares, up from today’s 60 per cent, at the expense of bonds, according to a government-commissioned report on Tuesday.
The move is highly significant for global markets as the oil fund owns on average 1.3 per cent of every single listed company in the world and 2.5 per cent in Europe."
'via Blog this'
2016 a ‘tough’ year says Emirates’ Tim Clark as Europe and Africa weigh on Dubai carrier | The National
2016 a ‘tough’ year says Emirates’ Tim Clark as Europe and Africa weigh on Dubai carrier | The National:
"Emirates is feeling the effects of a global slowdown and this year will prove to be a particularly challenging one, according to its president.
"It’s tough [compared to last year]. We are working on it," said Tim Clark at an International Air Transport Association (Iata) event in Dubai.
Air traffic demand "is all about consumer demand. It’s not there yet"."
'via Blog this'
"Emirates is feeling the effects of a global slowdown and this year will prove to be a particularly challenging one, according to its president.
"It’s tough [compared to last year]. We are working on it," said Tim Clark at an International Air Transport Association (Iata) event in Dubai.
Air traffic demand "is all about consumer demand. It’s not there yet"."
'via Blog this'
GCC governments’ financing needs to cross $560b by 2019 | GulfNews.com
GCC governments’ financing needs to cross $560b by 2019 | GulfNews.com:
"The Gulf Cooperation Council (GCC) region’s funding requirement has been mounting since 2015, when the drop in oil-related revenue turned fiscal surpluses into deficits. Although the level of deficits differs among the sovereigns in scale and duration, these could result in substantial debt issuance according to S&P Global Ratings.
The rating agency estimates that the financing needs of Gulf governments between 2015 and 2019 could reach $560 billion. According to S&P estimates, in nominal terms, GCC sovereigns’ combined fiscal deficit will reach $150 billion (12.8 per cent of combined GDP) in 2016 alone.
“As a proportion of GDP, we expect that in 2016-2019 these deficits will average around 10 per cent per year in Bahrain, Oman, Kuwait, and Saudi Arabia, and 4 per cent on average in Abu Dhabi and Qatar,” said Benjamin J Young, an analyst with S&P."
'via Blog this'
"The Gulf Cooperation Council (GCC) region’s funding requirement has been mounting since 2015, when the drop in oil-related revenue turned fiscal surpluses into deficits. Although the level of deficits differs among the sovereigns in scale and duration, these could result in substantial debt issuance according to S&P Global Ratings.
The rating agency estimates that the financing needs of Gulf governments between 2015 and 2019 could reach $560 billion. According to S&P estimates, in nominal terms, GCC sovereigns’ combined fiscal deficit will reach $150 billion (12.8 per cent of combined GDP) in 2016 alone.
“As a proportion of GDP, we expect that in 2016-2019 these deficits will average around 10 per cent per year in Bahrain, Oman, Kuwait, and Saudi Arabia, and 4 per cent on average in Abu Dhabi and Qatar,” said Benjamin J Young, an analyst with S&P."
'via Blog this'
As OPEC Waits on Russia, Naimi Memoir Offers Cautionary History - Bloomberg
As OPEC Waits on Russia, Naimi Memoir Offers Cautionary History - Bloomberg:
"Ali Al-Naimi, the former Saudi oil minister and architect of the 2014 pump-at-will OPEC policy that’s roiled markets since, drew the conclusion during his final years in office that there was "zero" chance of countries outside the group joining in production cuts.
The comments, made in his forthcoming autobiography ‘Out of the Desert: My Journey from Nomadic Bedouin to the Heart of Global Oil,’ provide a cautionary history as OPEC waits on a pledge this month by Russian President Vladimir Putin to freeze or cut production.
Al-Naimi writes in the book that one of his aides asked him in November 2014 what was the chance of leading non-OPEC countries Russia, Mexico, Kazakhstan and Norway cutting oil production."
'via Blog this'
"Ali Al-Naimi, the former Saudi oil minister and architect of the 2014 pump-at-will OPEC policy that’s roiled markets since, drew the conclusion during his final years in office that there was "zero" chance of countries outside the group joining in production cuts.
The comments, made in his forthcoming autobiography ‘Out of the Desert: My Journey from Nomadic Bedouin to the Heart of Global Oil,’ provide a cautionary history as OPEC waits on a pledge this month by Russian President Vladimir Putin to freeze or cut production.
Al-Naimi writes in the book that one of his aides asked him in November 2014 what was the chance of leading non-OPEC countries Russia, Mexico, Kazakhstan and Norway cutting oil production."
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OPEC Reversal Is Gift to Oil Majors After 2 Years of ‘Hell’ - Bloomberg
OPEC Reversal Is Gift to Oil Majors After 2 Years of ‘Hell’ - Bloomberg:
"When the bosses of the world’s biggest oil companies gather in London on Tuesday, they might have the urge to track down the Saudi energy minister and shake him by the hand.
After two years pursuing a Saudi-led strategy to pump without limits, pummeling industry earnings, OPEC has unexpectedly come to the aid of the oil majors. Last month, it surprised the market by deciding to cut production and put a floor under volatile crude prices.
The question now is how soon they will resume drilling. Prices are near levels where many majors have said they can start investing again after billions of dollars of spending cuts and thousands of job losses sent discoveries to the lowest level in 70 years. In U.S. shale fields, explorers are already adding rigs, boosting oilfield work to the highest since February."
'via Blog this'
"When the bosses of the world’s biggest oil companies gather in London on Tuesday, they might have the urge to track down the Saudi energy minister and shake him by the hand.
After two years pursuing a Saudi-led strategy to pump without limits, pummeling industry earnings, OPEC has unexpectedly come to the aid of the oil majors. Last month, it surprised the market by deciding to cut production and put a floor under volatile crude prices.
The question now is how soon they will resume drilling. Prices are near levels where many majors have said they can start investing again after billions of dollars of spending cuts and thousands of job losses sent discoveries to the lowest level in 70 years. In U.S. shale fields, explorers are already adding rigs, boosting oilfield work to the highest since February."
'via Blog this'
UAE's Ajman Bank finalising $205 mln Islamic syndicated loan -bankers | Reuters
UAE's Ajman Bank finalising $205 mln Islamic syndicated loan -bankers | Reuters:
"Ajman Bank, a United Arab Emirates-based, sharia- compliant lender, is raising a $205 million Islamic syndicated loan, banking sources said on Tuesday
The loan, which has a two-year maturity and a murabaha format, will be completed imminently, the sources said, with one saying it would close as soon as Wednesday.
Ajman Bank did not respond immediately to a request for comment."
'via Blog this'
"Ajman Bank, a United Arab Emirates-based, sharia- compliant lender, is raising a $205 million Islamic syndicated loan, banking sources said on Tuesday
The loan, which has a two-year maturity and a murabaha format, will be completed imminently, the sources said, with one saying it would close as soon as Wednesday.
Ajman Bank did not respond immediately to a request for comment."
'via Blog this'
MIDEAST STOCKS-Saudi weighed down by weak Q3 earnings | Reuters
MIDEAST STOCKS-Saudi weighed down by weak Q3 earnings | Reuters:
"Several disappointing third-quarter results from large Saudi companies dragged on the kingdom's stock index in morning trade on Tuesday, while other Gulf markets edged up in modest trade.
Riyadh's index was down 0.8 percent after 70 minutes. Saudi Arabian Mining Co (Ma'aden) fell 2.7 percent after it posted a 4.6 percent rise in third-quarter net profit to 83.6 million riyals ($22.3 million) but missed analysts' average forecast of 122.7 million riyals.
National Industrialization Co (Tasnee) swung to a net profit of 122.2 million riyals from a loss of 296.3 million riyals in the prior-year period. But NCB Capital said the result was 18 percent below its expectation and the stock slumped 5.5 percent."
'via Blog this'
"Several disappointing third-quarter results from large Saudi companies dragged on the kingdom's stock index in morning trade on Tuesday, while other Gulf markets edged up in modest trade.
Riyadh's index was down 0.8 percent after 70 minutes. Saudi Arabian Mining Co (Ma'aden) fell 2.7 percent after it posted a 4.6 percent rise in third-quarter net profit to 83.6 million riyals ($22.3 million) but missed analysts' average forecast of 122.7 million riyals.
National Industrialization Co (Tasnee) swung to a net profit of 122.2 million riyals from a loss of 296.3 million riyals in the prior-year period. But NCB Capital said the result was 18 percent below its expectation and the stock slumped 5.5 percent."
'via Blog this'