More Asian investors buying Middle East bonds - StanChart | Reuters:
"The proportion of Middle East bond issues going to Asian investors has roughly doubled to 30 percent in the past six to nine months, say Standard Chartered executives, evidence of growing investment links between the two regions.
"We are seeing on everything from public bond issues to bank placements, up to 30 percent of the issuance is going into Asia, the majority of which would be Chinese. Normally, it would be 15 to 20 percent," said Stephen Priestley, regional head, corporate and institutional banking for Africa, Middle East and Pakistan, at Standard Chartered, adding that the rise had been over the past six to nine months.
"It's driven by increased awareness of Chinese investors around the Middle East and given that there's a surplus of capital seeking to get a return, coming into the Middle East is something they [Chinese investors] are increasingly comfortable doing.""
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Monday 31 October 2016
UPDATE 2-Saudi Arabia appoints new minister of finance | Reuters
UPDATE 2-Saudi Arabia appoints new minister of finance | Reuters:
"Saudi Arabia appointed market regulator Mohammed al-Jadaan as its new finance minister by royal decree on Monday, replacing Ibrahim Alassaf, who had held the post since 1996.
Alassaf, 67, had been the last veteran member of cabinet to remain in a key post through a series of government reshuffles after King Salman assumed power last year, including one in May that replaced the long-standing oil minister.
He has been made minister of state and will remain a member of the Council of Ministers, as the Saudi cabinet is known, according to the royal decree."
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"Saudi Arabia appointed market regulator Mohammed al-Jadaan as its new finance minister by royal decree on Monday, replacing Ibrahim Alassaf, who had held the post since 1996.
Alassaf, 67, had been the last veteran member of cabinet to remain in a key post through a series of government reshuffles after King Salman assumed power last year, including one in May that replaced the long-standing oil minister.
He has been made minister of state and will remain a member of the Council of Ministers, as the Saudi cabinet is known, according to the royal decree."
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Oil slips further amid production cut jitters
Oil slips further amid production cut jitters:
"Oil prices slipped further on Monday after a meeting by members of Opec failed to convince investors that the group can agree on a production cut at its November meeting.
Brent crude fell 3.2 per cent to a fresh one-month low of $48.1 a barrel, while the West Texas Intermediate similarly dropped 3.3 per cent to $47.1 per barrel. Prices have fallen in five of the last six sessions.
Technical representatives of Opec and non-Opec members met in Vienna on Saturday but failed to reach any specific terms, and merely agreed to meet again before Opec’s official meeting on November 30."
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"Oil prices slipped further on Monday after a meeting by members of Opec failed to convince investors that the group can agree on a production cut at its November meeting.
Brent crude fell 3.2 per cent to a fresh one-month low of $48.1 a barrel, while the West Texas Intermediate similarly dropped 3.3 per cent to $47.1 per barrel. Prices have fallen in five of the last six sessions.
Technical representatives of Opec and non-Opec members met in Vienna on Saturday but failed to reach any specific terms, and merely agreed to meet again before Opec’s official meeting on November 30."
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MIDEAST STOCKS-Region rises as Saudi gains for ninth day on easing liquidity | Reuters
MIDEAST STOCKS-Region rises as Saudi gains for ninth day on easing liquidity | Reuters:
"Major stock markets in the Middle East rose slightly on Monday, outperforming sluggish bourses in Asia and Europe, as Saudi banks continued rebounding on the back of October's huge international bond issue by their government.
The bond issue has allowed the government to suspend, at least temporarily, domestic bond sales and, in conjunction with other steps, this has started to ease a liquidity crunch in the banking system due to low oil prices. Short-term Saudi money rates have fallen in the last two days.
That has sustained a rally in the stock market, where the main index climbed for a ninth straight trading day on Monday, gaining 0.6 percent in active trade. It has surged 10.1 percent during the nine-day period, although it is still 10.3 percent below its July peak."
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"Major stock markets in the Middle East rose slightly on Monday, outperforming sluggish bourses in Asia and Europe, as Saudi banks continued rebounding on the back of October's huge international bond issue by their government.
The bond issue has allowed the government to suspend, at least temporarily, domestic bond sales and, in conjunction with other steps, this has started to ease a liquidity crunch in the banking system due to low oil prices. Short-term Saudi money rates have fallen in the last two days.
That has sustained a rally in the stock market, where the main index climbed for a ninth straight trading day on Monday, gaining 0.6 percent in active trade. It has surged 10.1 percent during the nine-day period, although it is still 10.3 percent below its July peak."
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Strong rental income propels Emirates Reit numbers | GulfNews.com
Strong rental income propels Emirates Reit numbers | GulfNews.com:
"Higher rental income from its portfolio is starting to add clout to Emirates Reit’s bottom-line numbers, going by the unaudited financial results for the nine months ending September 30. Total portfolio value came to $742 million, a year-over-year gain of 13 per cent, while property income generated $36.3 million from a 22 per cent increase.
Specific to the third quarter, rental income was higher by 19.7 per cent to $11.4 million (against Q3-15’s $9.5 million). As of September 30, occupancy rate across the Emirates Reit portfolio was a robust 80 per cent.
“Emirates Reit continues to record strong growth in cashflow, which should persist as occupancy increases and the portfolio grows,” said Sylvain Vieujot, Chairman of Equitativa and CEO of Emirates REIT Management, in a statement."
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"Higher rental income from its portfolio is starting to add clout to Emirates Reit’s bottom-line numbers, going by the unaudited financial results for the nine months ending September 30. Total portfolio value came to $742 million, a year-over-year gain of 13 per cent, while property income generated $36.3 million from a 22 per cent increase.
Specific to the third quarter, rental income was higher by 19.7 per cent to $11.4 million (against Q3-15’s $9.5 million). As of September 30, occupancy rate across the Emirates Reit portfolio was a robust 80 per cent.
“Emirates Reit continues to record strong growth in cashflow, which should persist as occupancy increases and the portfolio grows,” said Sylvain Vieujot, Chairman of Equitativa and CEO of Emirates REIT Management, in a statement."
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Mideast funds more bullish on Saudi Arabia after mammoth bond issue | GulfNews.com
Mideast funds more bullish on Saudi Arabia after mammoth bond issue | GulfNews.com:
"Middle Eastern funds have become more positive towards Saudi Arabian equities after the kingdom’s mammoth international bond sale earlier in October, while they are losing confidence in Egypt, a monthly Reuters poll found.
The poll of 14 leading fund managers, conducted over the past week, found 36 percent expect to increase their allocations to Saudi equities over the next three months, and 14 percent to reduce them. (Poll findings ) That is the most bullish balance for Saudi Arabia since July, and compares to ratios of 14 per cent and 29 per cent in September’s survey.
The $17.5 billion (Dh64.2 billion) bond issue, a record for an emerging market economy, drew huge demand and was priced more tightly than expected. By itself, the proceeds will not make much difference to the economy, but fund managers said Riyadh’s success in opening another overseas funding channel was a positive signal."
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"Middle Eastern funds have become more positive towards Saudi Arabian equities after the kingdom’s mammoth international bond sale earlier in October, while they are losing confidence in Egypt, a monthly Reuters poll found.
The poll of 14 leading fund managers, conducted over the past week, found 36 percent expect to increase their allocations to Saudi equities over the next three months, and 14 percent to reduce them. (Poll findings ) That is the most bullish balance for Saudi Arabia since July, and compares to ratios of 14 per cent and 29 per cent in September’s survey.
The $17.5 billion (Dh64.2 billion) bond issue, a record for an emerging market economy, drew huge demand and was priced more tightly than expected. By itself, the proceeds will not make much difference to the economy, but fund managers said Riyadh’s success in opening another overseas funding channel was a positive signal."
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MIDEAST STOCKS-Gulf consolidates in early trade, Saudi banks lose steam | Reuters
MIDEAST STOCKS-Gulf consolidates in early trade, Saudi banks lose steam | Reuters:
"Gulf stock markets consolidated in early trade on Monday as Saudi banks, which had led the local bourse up for eight days after Riyadh's sovereign bond sale eased concern about tight liquidity in the economy, lost steam.
The main Saudi stock index, which had gained 9.5 percent during the eight-day rally, edged down 0.03 percent in the first half-hour as the banking sector index fell 0.02 percent.
The biggest lender, National Commercial Bank, continued climbing, however, adding 1.4 percent. On Sunday, it was by far the sector's top gainer, surging 7.7 percent in its heaviest trade since July 2015."
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"Gulf stock markets consolidated in early trade on Monday as Saudi banks, which had led the local bourse up for eight days after Riyadh's sovereign bond sale eased concern about tight liquidity in the economy, lost steam.
The main Saudi stock index, which had gained 9.5 percent during the eight-day rally, edged down 0.03 percent in the first half-hour as the banking sector index fell 0.02 percent.
The biggest lender, National Commercial Bank, continued climbing, however, adding 1.4 percent. On Sunday, it was by far the sector's top gainer, surging 7.7 percent in its heaviest trade since July 2015."
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