Dubai government says picks HSBC to arrange $3 billion airport financing | Reuters:
"The government of Dubai has chosen HSBC (HSBA.L) to arrange initial funding of $3 billion towards the expansion of Al Maktoum International Airport, according to a statement on UAE state news agency WAM.
The financing will be raised by a consortium of Dubai state entities, comprising of the Department of Finance, state-owned fund Investment Corporation of Dubai, and the Dubai Aviation City Corporation.
The funds will come from a variety of sources and will include conventional and Islamic tranches, the statement added.
"
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Tuesday, 1 November 2016
Oil ends down but off lows, then slides on API report | Reuters
Oil ends down but off lows, then slides on API report | Reuters:
"Oil prices settled lower on Tuesday, then tumbled again after hours following a trade group's report of a U.S. crude inventory build nine times larger than forecast.
During regular trading hours, crude prices hit one-month lows before paring losses at settlement. Then the American Petroleum Institute (API) said crude stockpiles swelled 9.3 million barrels in the week to Oct. 28. Analysts polled by Reuters had forecast a build of 1 million barrels.
API's report came ahead of official inventory data by the U.S. government's Energy Information Administration (EIA), which is considered more reliable."
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"Oil prices settled lower on Tuesday, then tumbled again after hours following a trade group's report of a U.S. crude inventory build nine times larger than forecast.
During regular trading hours, crude prices hit one-month lows before paring losses at settlement. Then the American Petroleum Institute (API) said crude stockpiles swelled 9.3 million barrels in the week to Oct. 28. Analysts polled by Reuters had forecast a build of 1 million barrels.
API's report came ahead of official inventory data by the U.S. government's Energy Information Administration (EIA), which is considered more reliable."
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MIDEAST STOCKS-Saudi ends nine-day winning streak, rest of region mixed | Reuters
MIDEAST STOCKS-Saudi ends nine-day winning streak, rest of region mixed | Reuters:
"Saudi Arabia's stock market ended a nine-day rising streak on Tuesday as banking shares were hit by profit taking, while bourses in the rest of the region were mixed.
The Saudi stock index had surged 10.1 percent over the nine trading days through Monday, led by banks, after Riyadh's huge international bond issue reduced jitters about the economy's ability to cope with low oil prices and began to ease tight banking system liquidity.
On Tuesday, however, the index retreated 0.3 percent as the banking sector pulled back 0.6 percent. The biggest lender, National Commercial Bank, closed flat at 43.80 riyals."
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"Saudi Arabia's stock market ended a nine-day rising streak on Tuesday as banking shares were hit by profit taking, while bourses in the rest of the region were mixed.
The Saudi stock index had surged 10.1 percent over the nine trading days through Monday, led by banks, after Riyadh's huge international bond issue reduced jitters about the economy's ability to cope with low oil prices and began to ease tight banking system liquidity.
On Tuesday, however, the index retreated 0.3 percent as the banking sector pulled back 0.6 percent. The biggest lender, National Commercial Bank, closed flat at 43.80 riyals."
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Nomura's Fadlallah: Challenging Year for Saudi Arabia - Bloomberg
Nomura's Fadlallah: Challenging Year for Saudi Arabia - Bloomberg:
"Tarek Fadlallah, Middle East chief executive officer at Nomura Asset Management, discusses the Saudi Arabia economy and the national transformation plan. He speaks to Manus Cranny and Angie Lau on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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"Tarek Fadlallah, Middle East chief executive officer at Nomura Asset Management, discusses the Saudi Arabia economy and the national transformation plan. He speaks to Manus Cranny and Angie Lau on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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UPDATE 2-UAE's du expects to maintain dividends despite lower net profit - CEO | Reuters
UPDATE 2-UAE's du expects to maintain dividends despite lower net profit - CEO | Reuters:
"Du, the United Arab Emirates' second biggest telecoms network operator, does not expect a fall in its net profit this year caused by higher taxes to affect its ability to pay a dividend, its chief executive said on Tuesday.
Osman Sultan's comments came after the company reported a 6.6 percent fall in third-quarter net profit to 457.2 million dirhams ($124.5 million), a fall in earnings for the eighth successive quarter.
"The situation in terms of cash in the company is healthy and can sustain the dividend," Sultan said on a conference call with reporters."
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"Du, the United Arab Emirates' second biggest telecoms network operator, does not expect a fall in its net profit this year caused by higher taxes to affect its ability to pay a dividend, its chief executive said on Tuesday.
Osman Sultan's comments came after the company reported a 6.6 percent fall in third-quarter net profit to 457.2 million dirhams ($124.5 million), a fall in earnings for the eighth successive quarter.
"The situation in terms of cash in the company is healthy and can sustain the dividend," Sultan said on a conference call with reporters."
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Saudi bourse says to list multiple real estate funds before yr-end | Reuters
Saudi bourse says to list multiple real estate funds before yr-end | Reuters:
"Saudi Arabia's stock market on Tuesday said it plans to list "multiple" exchange-listed real estate funds before the end of the year.
The Tadawul's statement follows regulations passed by the Capital Market Authority last month which paved the way for "real estate investment traded funds".
These would invest in residential, commercial, industrial, and agricultural real estate, periodically distributing part of their income to holders of the fund."
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"Saudi Arabia's stock market on Tuesday said it plans to list "multiple" exchange-listed real estate funds before the end of the year.
The Tadawul's statement follows regulations passed by the Capital Market Authority last month which paved the way for "real estate investment traded funds".
These would invest in residential, commercial, industrial, and agricultural real estate, periodically distributing part of their income to holders of the fund."
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MIDEAST STOCKS-Saudi banks pull back, Gulf mostly soft | Reuters
MIDEAST STOCKS-Saudi banks pull back, Gulf mostly soft | Reuters:
"Gulf stock markets were mostly slightly lower in quiet trade early on Tuesday as Saudi banks pulled back on profit-taking after a spectacular rally in the past two weeks.
The Saudi stock index rose for nine straight days through Monday, led by banks, after Riyadh's huge international bond issue reduced jitters about the economy's ability to cope with low oil prices and began to ease tight banking system liquidity.
In the first half-hour of trade on Tuesday, however, the index retreated 0.4 percent as the banking sector dropped 0.8 percent."
'via Blog this'
"Gulf stock markets were mostly slightly lower in quiet trade early on Tuesday as Saudi banks pulled back on profit-taking after a spectacular rally in the past two weeks.
The Saudi stock index rose for nine straight days through Monday, led by banks, after Riyadh's huge international bond issue reduced jitters about the economy's ability to cope with low oil prices and began to ease tight banking system liquidity.
In the first half-hour of trade on Tuesday, however, the index retreated 0.4 percent as the banking sector dropped 0.8 percent."
'via Blog this'
Saudi Arabia fires veteran finance minister
Saudi Arabia fires veteran finance minister:
"Saudi Arabia’s King Salman bin Abdulaziz has sacked the kingdom’s veteran finance minister, removing the last remnant of the late King Abdullah’s economic management team.
Ibrahim al-Assaf will be replaced by Mohammed al-Jadaan, chairman of the country’s capital markets regulator, following a series of royal decrees issued late on Monday.
Mr Assaf, 67, had been in the role since 1996, becoming a close ally of King Abdullah, whose death last year triggered a raft of sweeping ministerial changes including the removal of longtime oil minister Ali al-Naimi in May."
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"Saudi Arabia’s King Salman bin Abdulaziz has sacked the kingdom’s veteran finance minister, removing the last remnant of the late King Abdullah’s economic management team.
Ibrahim al-Assaf will be replaced by Mohammed al-Jadaan, chairman of the country’s capital markets regulator, following a series of royal decrees issued late on Monday.
Mr Assaf, 67, had been in the role since 1996, becoming a close ally of King Abdullah, whose death last year triggered a raft of sweeping ministerial changes including the removal of longtime oil minister Ali al-Naimi in May."
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