Here’s what could go wrong for oil if OPEC is wrong about its future:
"From giant companies like Exxon Mobil Corp. to OPEC members such as Saudi Arabia, oil producers say their industry will enjoy decades of growth as they feed the energy needs of the world’s expanding middle classes. But what if they’re wrong? There’s a host of reasons to think they might be. Here’s what happens when you test their central assumptions.
The International Energy Agency sees oil demand rising more than 10 percent, to 103.5 million barrels a day by 2040, while companies predict even faster growth."
'via Blog this'
Wednesday, 31 May 2017
MIDEAST STOCKS-Ezdan spooks Qatar; Dana jumps, MSCI shares lift Egypt | Reuters
MIDEAST STOCKS-Ezdan spooks Qatar; Dana jumps, MSCI shares lift Egypt | Reuters:
"A sharp drop in property developer Ezdan Holding rippled across Qatar's stock market on Wednesday while profit-taking in blue chips dragged Abu Dhabi lower, although Dana Gas jumped on hopes for payments from the Kurdistan Regional Government (KRG). Shares in Ezdan, Qatar's largest listed developer, tumbled by a further 9.3 percent. They have plunged since the end of last week, when shareholders gave preliminary approval for the company to delist. The exchange said it had removed Ezdan from the QSE index after Monday's close because of the decision, but the steep drop soured sentiment toward other stocks."
'via Blog this'
"A sharp drop in property developer Ezdan Holding rippled across Qatar's stock market on Wednesday while profit-taking in blue chips dragged Abu Dhabi lower, although Dana Gas jumped on hopes for payments from the Kurdistan Regional Government (KRG). Shares in Ezdan, Qatar's largest listed developer, tumbled by a further 9.3 percent. They have plunged since the end of last week, when shareholders gave preliminary approval for the company to delist. The exchange said it had removed Ezdan from the QSE index after Monday's close because of the decision, but the steep drop soured sentiment toward other stocks."
'via Blog this'
Middle East borrowing sets record pace as investors seek yield
Middle East borrowing sets record pace as investors seek yield:
"Middle Eastern governments have set a debt-raising record in the first five months of this year, taking advantage of substantial investor demand for high-yielding emerging market bonds. Middle Eastern countries have sold $38.5bn of syndicated sovereign bonds in 2017, more than double the amount issued over the same period last year which was itself a record, according to figures from data provider Dealogic. Jan Dehn, head of research at Ashmore Investment Management, which has bought into some of the recent issuance, said that many Middle Eastern countries needed to raise debt to replace the oil revenues they had previously relied on."
'via Blog this'
"Middle Eastern governments have set a debt-raising record in the first five months of this year, taking advantage of substantial investor demand for high-yielding emerging market bonds. Middle Eastern countries have sold $38.5bn of syndicated sovereign bonds in 2017, more than double the amount issued over the same period last year which was itself a record, according to figures from data provider Dealogic. Jan Dehn, head of research at Ashmore Investment Management, which has bought into some of the recent issuance, said that many Middle Eastern countries needed to raise debt to replace the oil revenues they had previously relied on."
'via Blog this'
MIDEAST STOCKS-Weak oil weighs, but Dana Gas gains on Kurdistan legal hopes | Reuters
MIDEAST STOCKS-Weak oil weighs, but Dana Gas gains on Kurdistan legal hopes | Reuters:
"Stock markets in the Gulf were mixed early on Wednesday as Brent oil's fall near $51.50 a barrel weighed on sentiment, though Abu Dhabi's Dana Gas jumped on hopes for legal action to recover payments from the Kurdistan Regional Government (KRG). Riyadh's index was up 0.2 percent after an hour, but the largest listed petrochemical maker, Saudi Basic Industries , fell 0.8 percent and most other petrochemicals producers were also weak. Oil shipper National Shipping Co(Bahri) rose 0.8 percent on news it had signed a joint venture agreement with state oil giant Aramco, London-listed Lamprell and South Korea's Hyundai Heavy Industries to build and operate a shipyard on the kingdom's east coast."
'via Blog this'
"Stock markets in the Gulf were mixed early on Wednesday as Brent oil's fall near $51.50 a barrel weighed on sentiment, though Abu Dhabi's Dana Gas jumped on hopes for legal action to recover payments from the Kurdistan Regional Government (KRG). Riyadh's index was up 0.2 percent after an hour, but the largest listed petrochemical maker, Saudi Basic Industries , fell 0.8 percent and most other petrochemicals producers were also weak. Oil shipper National Shipping Co(Bahri) rose 0.8 percent on news it had signed a joint venture agreement with state oil giant Aramco, London-listed Lamprell and South Korea's Hyundai Heavy Industries to build and operate a shipyard on the kingdom's east coast."
'via Blog this'
Renaissance's CEO Says Investors Cautious on Saudi Arabia - Bloomberg
Renaissance's CEO Says Investors Cautious on Saudi Arabia - Bloomberg:
"Ahmed Badr, MENA chief executive officer at Renaissance Capital, discusses the tensions in the gulf and the outlook for the Saudi markets. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
"Ahmed Badr, MENA chief executive officer at Renaissance Capital, discusses the tensions in the gulf and the outlook for the Saudi markets. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
Once Costly Deep-Sea Oil Turns Cheap, to OPEC's Dismay - Bloomberg
Once Costly Deep-Sea Oil Turns Cheap, to OPEC's Dismay - Bloomberg:
"Reports of deep-sea drilling’s demise in a world of sub-$100 oil may have been greatly exaggerated, much to OPEC’s dismay. Pumping crude from seabeds thousands of feet below water is turning cheaper as producers streamline operations and prioritize drilling in core wells, according to Wood Mackenzie Ltd. That means oil at $50 a barrel could sustain some of these projects by next year, down from an average break-even price of about $62 in the first quarter and $75 in 2014, the energy consultancy estimates."
'via Blog this'
"Reports of deep-sea drilling’s demise in a world of sub-$100 oil may have been greatly exaggerated, much to OPEC’s dismay. Pumping crude from seabeds thousands of feet below water is turning cheaper as producers streamline operations and prioritize drilling in core wells, according to Wood Mackenzie Ltd. That means oil at $50 a barrel could sustain some of these projects by next year, down from an average break-even price of about $62 in the first quarter and $75 in 2014, the energy consultancy estimates."
'via Blog this'
Tuesday, 30 May 2017
UAE economy poised for growth pick up, EFG-Hermes says | The National
UAE economy poised for growth pick up, EFG-Hermes says | The National:
"The UAE’s economy will turn the corner next year, with growth outstripping 2017, thanks to improvement in the non-oil economy, according to the Egyptian investment bank EFG-Hermes. EFG-Hermes expects the economy to slow this year amid continued lower oil prices and the difficulties small and medium-sized enterprises are having in adjusting to the new economic realities. As a result, real GDP growth is expected to slip to 1.1 per cent this year from 3 per cent in 2016, the bank said on Tuesday. Next year, however, the economy is expected to advance by 3 per cent. "We see the pick up in economic activity gaining more pace over the coming period, driven mostly by Dubai’s expansionary fiscal stance, preparations for Expo 2020 gaining pace and Abu Dhabi’s receding fiscal tightening," said Mohamed Abu Basha, an economist at EFG-Hermes. "Overall, GDP growth is likely to decelerate this year in light of lower crude production in compliance with Opec supply cuts.""
'via Blog this'
"The UAE’s economy will turn the corner next year, with growth outstripping 2017, thanks to improvement in the non-oil economy, according to the Egyptian investment bank EFG-Hermes. EFG-Hermes expects the economy to slow this year amid continued lower oil prices and the difficulties small and medium-sized enterprises are having in adjusting to the new economic realities. As a result, real GDP growth is expected to slip to 1.1 per cent this year from 3 per cent in 2016, the bank said on Tuesday. Next year, however, the economy is expected to advance by 3 per cent. "We see the pick up in economic activity gaining more pace over the coming period, driven mostly by Dubai’s expansionary fiscal stance, preparations for Expo 2020 gaining pace and Abu Dhabi’s receding fiscal tightening," said Mohamed Abu Basha, an economist at EFG-Hermes. "Overall, GDP growth is likely to decelerate this year in light of lower crude production in compliance with Opec supply cuts.""
'via Blog this'
Dana Gas Venture Seeks $26.5 Billion in Damages From Iraqi Kurds - Bloomberg
Dana Gas Venture Seeks $26.5 Billion in Damages From Iraqi Kurds - Bloomberg:
"Dana Gas PJSC and its partners are seeking damages of at least $26.5 billion from Iraq’s self-governing Kurdish region for delays in oil and natural gas projects, a U.S. court filing shows.
United Arab Emirates-based Dana Gas and its partners in the venture, called Pearl Petroleum, filed a petition on May 12 in a federal court in Washington, D.C., seeking “recognition and enforcement” of awards in a London arbitration case, according to the U.S. court documents. The petition is part of a legal process that may allow Pearl Petroleum to seize Kurdish assets if the Kurds don’t pay awards decided in arbitration.
The Kurdistan Regional Government’s energy ministry said in an emailed statement that “the KRG will continue vigorously to pursue its rights and defend its position in all appropriate fora.” Dana Gas declined to comment on the U.S. court filing, while Crescent Petroleum, its biggest shareholder and also a party to the filing, had no immediate comment. "
'via Blog this'
"Dana Gas PJSC and its partners are seeking damages of at least $26.5 billion from Iraq’s self-governing Kurdish region for delays in oil and natural gas projects, a U.S. court filing shows.
United Arab Emirates-based Dana Gas and its partners in the venture, called Pearl Petroleum, filed a petition on May 12 in a federal court in Washington, D.C., seeking “recognition and enforcement” of awards in a London arbitration case, according to the U.S. court documents. The petition is part of a legal process that may allow Pearl Petroleum to seize Kurdish assets if the Kurds don’t pay awards decided in arbitration.
The Kurdistan Regional Government’s energy ministry said in an emailed statement that “the KRG will continue vigorously to pursue its rights and defend its position in all appropriate fora.” Dana Gas declined to comment on the U.S. court filing, while Crescent Petroleum, its biggest shareholder and also a party to the filing, had no immediate comment. "
'via Blog this'
No contradictions between Riyadh and Moscow on oil market, Saudi prince tells Putin | Reuters
No contradictions between Riyadh and Moscow on oil market, Saudi prince tells Putin | Reuters:
"Powerful Saudi Deputy Crown Prince Mohammed bin Salman told Russia's President Vladimir Putin on Tuesday that Russia and Saudi Arabia had no contradictions on the oil market. Putin told the prince that energy agreements between the two countries had high importance and Moscow and Riyadh developed their relations successfully to stabilize the energy market and the oil prices."
'via Blog this'
"Powerful Saudi Deputy Crown Prince Mohammed bin Salman told Russia's President Vladimir Putin on Tuesday that Russia and Saudi Arabia had no contradictions on the oil market. Putin told the prince that energy agreements between the two countries had high importance and Moscow and Riyadh developed their relations successfully to stabilize the energy market and the oil prices."
'via Blog this'
MIDEAST STOCKS-Gulf mostly rises, Qatar underperforms as Ezdan plunges again | Reuters
MIDEAST STOCKS-Gulf mostly rises, Qatar underperforms as Ezdan plunges again | Reuters:
"Most Gulf stock markets rose on Tuesday, with petrochemical shares pushing Saudi Arabia up, although Qatar dropped partly because of a fresh tumble by property firm Ezdan Holding. The Saudi index gained 0.7 percent in thin trade as the biggest petrochemical producer, Saudi Basic Industries , rose 1.0 percent and Saudi Kayan added 3.1 percent. Several other stocks favoured by foreign institutional investors also rose sharply. Food company Almarai climbed 2.9 percent and Banque Saudi Fransi surged 3.5 percent after its investment arm, Fransi Capital, said its Taleem real estate investment fund was heavily oversubscribed."
'via Blog this'
"Most Gulf stock markets rose on Tuesday, with petrochemical shares pushing Saudi Arabia up, although Qatar dropped partly because of a fresh tumble by property firm Ezdan Holding. The Saudi index gained 0.7 percent in thin trade as the biggest petrochemical producer, Saudi Basic Industries , rose 1.0 percent and Saudi Kayan added 3.1 percent. Several other stocks favoured by foreign institutional investors also rose sharply. Food company Almarai climbed 2.9 percent and Banque Saudi Fransi surged 3.5 percent after its investment arm, Fransi Capital, said its Taleem real estate investment fund was heavily oversubscribed."
'via Blog this'
DP World hitches lift on the new Silk Road
DP World hitches lift on the new Silk Road:
"When China held its One Belt, One Road summit in Beijing earlier this month it used the event as an opportunity not only to announce lavish new financing plans, but also to allay regional countries’ concerns that the global trade strategy would benefit China at their expense. Those misgivings have not troubled Sultan Ahmed bin Sulayem, chief executive of DP World. He sees China’s massive reimagining of ancient Silk Road trade routes as a business opportunity that could help ameliorate the effects of slowing global economic growth. “The Chinese horizon is changing,” says Mr bin Sulayem, one of Dubai’s most senior officials. DP World has, for example, just seen off the first direct freight train from the UK to China. The train left in April on its three-week journey from DP World’s London Gateway, at the mouth of the river Thames, to Yiwu in eastern China, laden with British products ranging from whisky to pharmaceuticals."
'via Blog this'
"When China held its One Belt, One Road summit in Beijing earlier this month it used the event as an opportunity not only to announce lavish new financing plans, but also to allay regional countries’ concerns that the global trade strategy would benefit China at their expense. Those misgivings have not troubled Sultan Ahmed bin Sulayem, chief executive of DP World. He sees China’s massive reimagining of ancient Silk Road trade routes as a business opportunity that could help ameliorate the effects of slowing global economic growth. “The Chinese horizon is changing,” says Mr bin Sulayem, one of Dubai’s most senior officials. DP World has, for example, just seen off the first direct freight train from the UK to China. The train left in April on its three-week journey from DP World’s London Gateway, at the mouth of the river Thames, to Yiwu in eastern China, laden with British products ranging from whisky to pharmaceuticals."
'via Blog this'
Ignore OPEC, It's China That Dictates Oil Prices | Zero Hedge
Ignore OPEC, It's China That Dictates Oil Prices | Zero Hedge:
"The OPEC deal will lead to an ongoing tightening of the crude oil market, putting a floor beneath crude prices in the $50s per barrel in the second half of 2017, according to Helima Croft of RBC Capital Markets. She said that prices should ultimately “grind higher into the $60s” by the fourth quarter, with an average price for WTI expected at $61. Political and economic pressure surrounding Saudi Aramco’s IPO and Russian elections – both of which are slated for 2018 – will ensure that OPEC and non-OPEC does “whatever it takes” to keep oil prices stable and on the rise. But there are a lot of factors outside of OPEC’s control. High up on that list is the role of China, a country that has received little attention in the oil world as of late amid all the furor over the OPEC vs. U.S. shale debate. But China could make or break the oil market this year and next, depending on what happens with its economy. "If you wanted to know where the downside risk is, it is not in OPEC's decision or in U.S. driving demand or in global inventories rebalancing. I think China is the big source of concern," Prestige Economics President Jason Schenker told CNBC."
'via Blog this'
"The OPEC deal will lead to an ongoing tightening of the crude oil market, putting a floor beneath crude prices in the $50s per barrel in the second half of 2017, according to Helima Croft of RBC Capital Markets. She said that prices should ultimately “grind higher into the $60s” by the fourth quarter, with an average price for WTI expected at $61. Political and economic pressure surrounding Saudi Aramco’s IPO and Russian elections – both of which are slated for 2018 – will ensure that OPEC and non-OPEC does “whatever it takes” to keep oil prices stable and on the rise. But there are a lot of factors outside of OPEC’s control. High up on that list is the role of China, a country that has received little attention in the oil world as of late amid all the furor over the OPEC vs. U.S. shale debate. But China could make or break the oil market this year and next, depending on what happens with its economy. "If you wanted to know where the downside risk is, it is not in OPEC's decision or in U.S. driving demand or in global inventories rebalancing. I think China is the big source of concern," Prestige Economics President Jason Schenker told CNBC."
'via Blog this'
Economic reform is top of Hassan Rouhani’s agenda
Economic reform is top of Hassan Rouhani’s agenda:
"Having secured a comfortable re-election victory, Iran’s president Hassan Rouhani will almost certainly make the Iranian economy a priority. If the nuclear agreement reached with six major world powers in 2015 was the prize achievement of his first term as president, the challenge of the next four years is to convert the lifting of international sanctions into jobs, investment and growth. Since the nuclear deal came into effect, Iran has raised its oil exports and lowered inflation. But one of the laments from Tehran is the reluctance of foreign banks to follow international oil companies, aircraft makers and car manufacturers, which have begun to dip their toes in Iranian waters. This, Iranian officials maintain, is out of fear of Washington. Some US sanctions remain in place and its authorities have determinedly pursued violations to the tune of billions of dollars. “The United States, instead of encouraging these financial institutions, use[s] multi-pronged words that are actually bringing fear to the hearts of these banks,” Mr Rouhani told an American interviewer last autumn."
'via Blog this'
"Having secured a comfortable re-election victory, Iran’s president Hassan Rouhani will almost certainly make the Iranian economy a priority. If the nuclear agreement reached with six major world powers in 2015 was the prize achievement of his first term as president, the challenge of the next four years is to convert the lifting of international sanctions into jobs, investment and growth. Since the nuclear deal came into effect, Iran has raised its oil exports and lowered inflation. But one of the laments from Tehran is the reluctance of foreign banks to follow international oil companies, aircraft makers and car manufacturers, which have begun to dip their toes in Iranian waters. This, Iranian officials maintain, is out of fear of Washington. Some US sanctions remain in place and its authorities have determinedly pursued violations to the tune of billions of dollars. “The United States, instead of encouraging these financial institutions, use[s] multi-pronged words that are actually bringing fear to the hearts of these banks,” Mr Rouhani told an American interviewer last autumn."
'via Blog this'
Oil Slides as Traders Await Evidence OPEC Cuts Are Working - Bloomberg
Oil Slides as Traders Await Evidence OPEC Cuts Are Working - Bloomberg:
"Oil slipped in New York as traders awaited further proof that production cuts by OPEC and its allies, which were extended at a meeting last week, are having an effect.
West Texas Intermediate futures were down 0.4 percent from Friday’s closing price following the Memorial Day holiday on Monday. OPEC and Russia’s deal to extend output limits through March was initially met with a selloff as deeper cuts or a plan for the rest of 2018 weren’t proposed. Saudi Arabia’s Energy Minister Khalid Al-Falih said the strategy is working and stockpiles will drop faster in the third quarter."
'via Blog this'
"Oil slipped in New York as traders awaited further proof that production cuts by OPEC and its allies, which were extended at a meeting last week, are having an effect.
West Texas Intermediate futures were down 0.4 percent from Friday’s closing price following the Memorial Day holiday on Monday. OPEC and Russia’s deal to extend output limits through March was initially met with a selloff as deeper cuts or a plan for the rest of 2018 weren’t proposed. Saudi Arabia’s Energy Minister Khalid Al-Falih said the strategy is working and stockpiles will drop faster in the third quarter."
'via Blog this'
MIDEAST STOCKS-UAE, Saudi inch up in timid trade; Qatar drops before FTSE changes | Reuters
MIDEAST STOCKS-UAE, Saudi inch up in timid trade; Qatar drops before FTSE changes | Reuters:
"Most stock markets in the Gulf were slightly higher in early trade on Tuesday with the main focus on stocks favoured by local day-traders, while Qatar's bourse fell ahead of changes by index compiler FTSE. Dubai's index rose 0.6 percent as loss-making theme park operator DXB Entertainments climbed 2.3 percent, pulling further away from a two-year low hit on Sunday. Investors were still reacting positively to news that its chief executive Raed Kajoor al-Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. The company has not yet named a new CEO. "
'via Blog this'
"Most stock markets in the Gulf were slightly higher in early trade on Tuesday with the main focus on stocks favoured by local day-traders, while Qatar's bourse fell ahead of changes by index compiler FTSE. Dubai's index rose 0.6 percent as loss-making theme park operator DXB Entertainments climbed 2.3 percent, pulling further away from a two-year low hit on Sunday. Investors were still reacting positively to news that its chief executive Raed Kajoor al-Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. The company has not yet named a new CEO. "
'via Blog this'
Monday, 29 May 2017
MIDEAST STOCKS-Gulf mixed, Saudi and Dubai rebound a bit after OPEC disappointment | Reuters
MIDEAST STOCKS-Gulf mixed, Saudi and Dubai rebound a bit after OPEC disappointment | Reuters:
"Gulf stock markets were mixed on Monday with Saudi Arabia and Dubai rebounding modestly from losses which they suffered on Sunday due to disappointment that last week's meeting of global oil producers did not take stronger action to boost prices. The Saudi index climbed 0.6 percent with real estate investment trusts accounting for three of the top four percentage gainers after Saudi Fransi Capital said an offer of units in its new Taleem REIT this month was 890 percent subscribed, indicating strong demand for REITs. Petrochemical shares were strong with Saudi Kayan gaining 1.3 percent, although small producer Nama Chemicals , which had plunged its 10 percent daily limit on Sunday, slid a further 1.6 percent."
'via Blog this'
"Gulf stock markets were mixed on Monday with Saudi Arabia and Dubai rebounding modestly from losses which they suffered on Sunday due to disappointment that last week's meeting of global oil producers did not take stronger action to boost prices. The Saudi index climbed 0.6 percent with real estate investment trusts accounting for three of the top four percentage gainers after Saudi Fransi Capital said an offer of units in its new Taleem REIT this month was 890 percent subscribed, indicating strong demand for REITs. Petrochemical shares were strong with Saudi Kayan gaining 1.3 percent, although small producer Nama Chemicals , which had plunged its 10 percent daily limit on Sunday, slid a further 1.6 percent."
'via Blog this'
Tender for Iran's Azadegan oilfield has started: oil minister | Reuters
Tender for Iran's Azadegan oilfield has started: oil minister | Reuters:
"The tender for Iran's Azadegan oilfield has started, the country's oil minister said on Monday, according to the Islamic Republic News Agency (IRNA). "Right now the tender for developing the Azadegan field is being carried out," said Bijan Zanganeh. The Azadegan field, in southwest Iran near the border with Iraq, is considered to be the biggest oilfield in the Islamic Republic, IRNA reported. "
'via Blog this'
"The tender for Iran's Azadegan oilfield has started, the country's oil minister said on Monday, according to the Islamic Republic News Agency (IRNA). "Right now the tender for developing the Azadegan field is being carried out," said Bijan Zanganeh. The Azadegan field, in southwest Iran near the border with Iraq, is considered to be the biggest oilfield in the Islamic Republic, IRNA reported. "
'via Blog this'
Kuwait Finance House Said in Talks to Buy Bahrain's Ahli United - Bloomberg
Kuwait Finance House Said in Talks to Buy Bahrain's Ahli United - Bloomberg:
"Kuwait Finance House KSCP is in talks to buy Bahrain’s Ahli United Bank BSC, a person familiar with the matter said, in a deal that would create one of the Middle East’s largest Islamic lenders with about $85 billion of assets.
KFH, as the lender is known, started discussions to acquire the Bahraini lender as well as its operations in Kuwait, the person said, asking not to be identified because the information is private. There is no guarantee that a deal will take place and final agreements haven’t been reached with any of the parties, the person said.
Lower oil prices are forcing Gulf lenders to consolidate for scale and to better compete in a crowded market. Abu Dhabi lenders National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC recently merged to create a regional powerhouse with $175 billion of assets. Qatar’s Masraf Al Rayan QSC is planning to combine with unlisted Barwa Bank QSC and International Bank of Qatar QSC in a three-way merger to create the country’s largest Islamic lender."
'via Blog this'
"Kuwait Finance House KSCP is in talks to buy Bahrain’s Ahli United Bank BSC, a person familiar with the matter said, in a deal that would create one of the Middle East’s largest Islamic lenders with about $85 billion of assets.
KFH, as the lender is known, started discussions to acquire the Bahraini lender as well as its operations in Kuwait, the person said, asking not to be identified because the information is private. There is no guarantee that a deal will take place and final agreements haven’t been reached with any of the parties, the person said.
Lower oil prices are forcing Gulf lenders to consolidate for scale and to better compete in a crowded market. Abu Dhabi lenders National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC recently merged to create a regional powerhouse with $175 billion of assets. Qatar’s Masraf Al Rayan QSC is planning to combine with unlisted Barwa Bank QSC and International Bank of Qatar QSC in a three-way merger to create the country’s largest Islamic lender."
'via Blog this'
Saudi's Alawwal Bank picks JPMorgan to advise on merger -sources | Reuters
Saudi's Alawwal Bank picks JPMorgan to advise on merger -sources | Reuters:
"Saudi Arabian lender Alawwal Bank 1040.SE, 40 percent owned by Royal Bank of Scotland (RBS.L), has picked JPMorgan (JPM.N) to advise it on a proposed merger with Saudi British Bank 1060.SE (SABB), sources familiar with the matter told Reuters on Monday.
Senior management of SABB and Alawwal held talks with advisers on Sunday to discuss the principle of the merger and timeframe for its completion, one of the sources said.
SABB has selected another, undisclosed adviser for the transaction, the sources added. Nobody was available to comment at Alawwal, while SABB and JPMorgan declined to comment.
"
'via Blog this'
"Saudi Arabian lender Alawwal Bank 1040.SE, 40 percent owned by Royal Bank of Scotland (RBS.L), has picked JPMorgan (JPM.N) to advise it on a proposed merger with Saudi British Bank 1060.SE (SABB), sources familiar with the matter told Reuters on Monday.
Senior management of SABB and Alawwal held talks with advisers on Sunday to discuss the principle of the merger and timeframe for its completion, one of the sources said.
SABB has selected another, undisclosed adviser for the transaction, the sources added. Nobody was available to comment at Alawwal, while SABB and JPMorgan declined to comment.
"
'via Blog this'
Deutsche Bank Sees Saudi Inflows Topping $35 Billion on MSCI - Bloomberg
Deutsche Bank Sees Saudi Inflows Topping $35 Billion on MSCI - Bloomberg:
"Saudi Arabia could attract tens of billions of dollars in foreign investments in the Arab world’s biggest stock market if it’s added to MSCI Inc.’s emerging-markets index, according to Deutsche Bank AG’s chief executive officer for the Middle East and Africa.
Our “research anticipates a figure of up to $35 billion of inflows,” Dubai-based Jamal Al Kishi said in an interview. “Given the recent developments in Saudi Arabia and the turmoil in some other emerging markets, Saudi Arabia could potentially attract more significant inflows in my view, but this will not be instantaneous.”"
'via Blog this'
"Saudi Arabia could attract tens of billions of dollars in foreign investments in the Arab world’s biggest stock market if it’s added to MSCI Inc.’s emerging-markets index, according to Deutsche Bank AG’s chief executive officer for the Middle East and Africa.
Our “research anticipates a figure of up to $35 billion of inflows,” Dubai-based Jamal Al Kishi said in an interview. “Given the recent developments in Saudi Arabia and the turmoil in some other emerging markets, Saudi Arabia could potentially attract more significant inflows in my view, but this will not be instantaneous.”"
'via Blog this'
Saudi Arabian Net Foreign Assets Dip Below $500 Billion in April - Bloomberg
Saudi Arabian Net Foreign Assets Dip Below $500 Billion in April - Bloomberg:
"Saudi Arabia’s net foreign assets dropped below $500 billion in April for the first time since 2011 even after the kingdom raised $9 billion from its first international sale of Islamic bonds.
The Saudi Arabian Monetary Authority, as the central bank is known, said on Sunday its net foreign assets fell by $8.5 billion from the previous month to about $493 billion.
“It’s surprising,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “We had expected to see a rise in net foreign assets. There are limited signs of increased government spending in the economy.”"
'via Blog this'
"Saudi Arabia’s net foreign assets dropped below $500 billion in April for the first time since 2011 even after the kingdom raised $9 billion from its first international sale of Islamic bonds.
The Saudi Arabian Monetary Authority, as the central bank is known, said on Sunday its net foreign assets fell by $8.5 billion from the previous month to about $493 billion.
“It’s surprising,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “We had expected to see a rise in net foreign assets. There are limited signs of increased government spending in the economy.”"
'via Blog this'
MIDEAST STOCKS-Gulf mixed in early trade, low-priced shares boost Dubai | Reuters
MIDEAST STOCKS-Gulf mixed in early trade, low-priced shares boost Dubai | Reuters:
"Gulf stock markets were mixed in quiet, early trade on Monday with low-priced shares favoured by local retail investors lifting Dubai's bourse. The Dubai index added 0.6 percent. The four most active stocks were worth less than 1 dirham each, with Union Properties, the most heavily traded stock, gaining 0.8 percent. Amusement park operator DXB Entertainments, whose slide this year has weighed heavily on the Dubai market, edged up 0.9 percent after it said chief executive Raed Kajoor al- Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. Nuaimi will remain CEO of DXBE until a new CEO is appointed, the company said without elaborating."
'via Blog this'
"Gulf stock markets were mixed in quiet, early trade on Monday with low-priced shares favoured by local retail investors lifting Dubai's bourse. The Dubai index added 0.6 percent. The four most active stocks were worth less than 1 dirham each, with Union Properties, the most heavily traded stock, gaining 0.8 percent. Amusement park operator DXB Entertainments, whose slide this year has weighed heavily on the Dubai market, edged up 0.9 percent after it said chief executive Raed Kajoor al- Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. Nuaimi will remain CEO of DXBE until a new CEO is appointed, the company said without elaborating."
'via Blog this'
Sunday, 28 May 2017
Mashreq first bank in the region to join SWIFT global payments innovation | GulfNews.com
Mashreq first bank in the region to join SWIFT global payments innovation | GulfNews.com:
"SWIFT announced on Sunday that Mashreq has signed up for its global payments innovation (gpi) service, to become the first bank in the Middle East to join this international initiative. SWIFT gpi improves the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of transactions. Now live, the first phase of SWIFT gpi focuses on business-to-business payments, helping corporates grow their international business, improve supplier relationships and achieve greater treasury efficiencies."
'via Blog this'
"SWIFT announced on Sunday that Mashreq has signed up for its global payments innovation (gpi) service, to become the first bank in the Middle East to join this international initiative. SWIFT gpi improves the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of transactions. Now live, the first phase of SWIFT gpi focuses on business-to-business payments, helping corporates grow their international business, improve supplier relationships and achieve greater treasury efficiencies."
'via Blog this'
Long drawn out battle for Opec with oil balance | The National
Long drawn out battle for Opec with oil balance | The National:
"Opec did too good a job managing expectations ahead of its latest meeting in Vienna, which concluded on Thursday. The extension of the deal by nine months, rather than six, was so clearly flagged that oil prices fell 5 per cent on its announcement.
Some vague rumours had emerged beforehand, that a longer extension was on the table, that Nigeria might be roped in, or that cuts might be deeper. The market’s reaction probably reflects the liquidation of speculative long positions, held to cover against an Opec surprise.
Instead of a repeat of the initial six-month term, the nine-month period, taking us to the end of next March, is ideal. It allows for spreading adherents’ compliance over a longer period."
'via Blog this'
"Opec did too good a job managing expectations ahead of its latest meeting in Vienna, which concluded on Thursday. The extension of the deal by nine months, rather than six, was so clearly flagged that oil prices fell 5 per cent on its announcement.
Some vague rumours had emerged beforehand, that a longer extension was on the table, that Nigeria might be roped in, or that cuts might be deeper. The market’s reaction probably reflects the liquidation of speculative long positions, held to cover against an Opec surprise.
Instead of a repeat of the initial six-month term, the nine-month period, taking us to the end of next March, is ideal. It allows for spreading adherents’ compliance over a longer period."
'via Blog this'
Dubai's DSI to put aside almost 1 bln dirhams for debt payments -sources | Reuters
Dubai's DSI to put aside almost 1 bln dirhams for debt payments -sources | Reuters:
"Dubai contractor Drake & Scull International (DSI) expects to have nearly 1 billion dirhams ($272 million) of cash flow available over the next four years to partly repay its debt, banking sources told Reuters. The loss-making builder sent non-disclosure agreements to its lenders in April, ahead of planned meetings to discuss the rescheduling of payments on existing debt and to seek support for its 2017-2021 business plan. DSI been battling a depressed Gulf construction market, as governments rein in spending on infrastructure schemes after oil prices declined."
'via Blog this'
"Dubai contractor Drake & Scull International (DSI) expects to have nearly 1 billion dirhams ($272 million) of cash flow available over the next four years to partly repay its debt, banking sources told Reuters. The loss-making builder sent non-disclosure agreements to its lenders in April, ahead of planned meetings to discuss the rescheduling of payments on existing debt and to seek support for its 2017-2021 business plan. DSI been battling a depressed Gulf construction market, as governments rein in spending on infrastructure schemes after oil prices declined."
'via Blog this'
Dubai's Aster DM Healthcare Plans 2018 IPO as Sentiment Improves - Bloomberg
Dubai's Aster DM Healthcare Plans 2018 IPO as Sentiment Improves - Bloomberg:
"Aster DM Healthcare is planning an initial public offering next year as the Dubai-based medical provider seeks to take advantage of improved market sentiment for the Persian Gulf.
The company aims to sell 10 percent of shares by October 2018, with a listing either in Mumbai or London, Chief Executive Officer Alisha Moopen said Sunday in an interview in Dubai. Proceeds will be used to pay debt and expand, including through acquisition. Kotak Mahindra Capital will be lead manager of the issue, she said.
Aster DM filed a draft prospectus for an IPO last year, when low crude prices slowed growth in the oil-dependent Middle East and created uncertainties for companies. Aster DM operates clinics, hospitals and pharmacies in the United Arab Emirates, Oman, Qatar, Bahrain and Saudi Arabia and competes with Abu Dhabi-based NMC Health Plc, which has seen its shares jump 41 percent this year in London trading."
'via Blog this'
"Aster DM Healthcare is planning an initial public offering next year as the Dubai-based medical provider seeks to take advantage of improved market sentiment for the Persian Gulf.
The company aims to sell 10 percent of shares by October 2018, with a listing either in Mumbai or London, Chief Executive Officer Alisha Moopen said Sunday in an interview in Dubai. Proceeds will be used to pay debt and expand, including through acquisition. Kotak Mahindra Capital will be lead manager of the issue, she said.
Aster DM filed a draft prospectus for an IPO last year, when low crude prices slowed growth in the oil-dependent Middle East and created uncertainties for companies. Aster DM operates clinics, hospitals and pharmacies in the United Arab Emirates, Oman, Qatar, Bahrain and Saudi Arabia and competes with Abu Dhabi-based NMC Health Plc, which has seen its shares jump 41 percent this year in London trading."
'via Blog this'
MIDEAST STOCKS-Gulf falls on global oil output deal, property firms aid Egypt | Reuters
MIDEAST STOCKS-Gulf falls on global oil output deal, property firms aid Egypt | Reuters:
"Most Gulf stock markets fell in disappointment on Sunday after global oil producers agreed to extend cuts in output by nine months in an effort to prop up prices, while real estate developers boosted Egypt's index.
Last Thursday's oil output deal may put a floor under oil prices at around $50 a barrel for Brent crude, which could allow Gulf governments including Riyadh to spend a little more on economic growth this year.
"While the cuts will continue to trim headline GDP growth in the Gulf this year, the boost to oil export receipts should allow austerity to be eased further, supporting stronger growth in non-oil sectors," London-based Capital Economics said in a report."
'via Blog this'
"Most Gulf stock markets fell in disappointment on Sunday after global oil producers agreed to extend cuts in output by nine months in an effort to prop up prices, while real estate developers boosted Egypt's index.
Last Thursday's oil output deal may put a floor under oil prices at around $50 a barrel for Brent crude, which could allow Gulf governments including Riyadh to spend a little more on economic growth this year.
"While the cuts will continue to trim headline GDP growth in the Gulf this year, the boost to oil export receipts should allow austerity to be eased further, supporting stronger growth in non-oil sectors," London-based Capital Economics said in a report."
'via Blog this'
Moody’s upgrades UAE and Kuwait credit outlook, cuts Qatar’s debt rating | The National
Moody’s upgrades UAE and Kuwait credit outlook, cuts Qatar’s debt rating | The National:
"Moody’s Investors Service has upgraded its creditworthiness outlook for both the UAE and Kuwait, but downgraded its debt rating for Qatar, which the rating agency noted has run up a much higher foreign debt load than its peers. The actions by Moody’s yesterday came shortly after the decision by Opec, of which all three countries are core members, and some non-Opec states to continue restraining output until the end of next March at least. Opec and its non-member partner countries on Thursday agreed it was necessary to commit to another nine months of production restraint when the initial deal expires at the end of next month to ensure oil prices do not collapse again to the levels of last year, when world benchmark North Sea Brent crude fell below US$30 per barrel to its lowest level in 12 years and averaged around $44 for the whole year."
'via Blog this'
"Moody’s Investors Service has upgraded its creditworthiness outlook for both the UAE and Kuwait, but downgraded its debt rating for Qatar, which the rating agency noted has run up a much higher foreign debt load than its peers. The actions by Moody’s yesterday came shortly after the decision by Opec, of which all three countries are core members, and some non-Opec states to continue restraining output until the end of next March at least. Opec and its non-member partner countries on Thursday agreed it was necessary to commit to another nine months of production restraint when the initial deal expires at the end of next month to ensure oil prices do not collapse again to the levels of last year, when world benchmark North Sea Brent crude fell below US$30 per barrel to its lowest level in 12 years and averaged around $44 for the whole year."
'via Blog this'
London markets itself as exchange of choice for Gulf debt issuers | The National
London markets itself as exchange of choice for Gulf debt issuers | The National:
"The London Stock Exchange (LSE) has been targeting potential sovereign and corporate debt issuers from the Gulf for the new International Securities Market (ISM) that it launched this month. Executives from the exchange have been in the region in recent weeks promoting the new market, which has been created as an additional market for organisations to issue bonds that will be traded by institutional investors. The move comes as GCC countries have been issuing record amounts of sovereign debt to plug budget gaps amid lower revenues from oil."
'via Blog this'
"The London Stock Exchange (LSE) has been targeting potential sovereign and corporate debt issuers from the Gulf for the new International Securities Market (ISM) that it launched this month. Executives from the exchange have been in the region in recent weeks promoting the new market, which has been created as an additional market for organisations to issue bonds that will be traded by institutional investors. The move comes as GCC countries have been issuing record amounts of sovereign debt to plug budget gaps amid lower revenues from oil."
'via Blog this'
MIDEAST STOCKS-Gulf bourses edge down after OPEC deal; Qatar's Ezdan continues slide | Reuters
MIDEAST STOCKS-Gulf bourses edge down after OPEC deal; Qatar's Ezdan continues slide | Reuters:
"Most Gulf stock markets edged down in early trade on Sunday after global oil producers agreed on Thursday to extend cuts in output by nine months to March 2018. Trading volumes were thin, partly because of the start of the holy month of Ramadan.
Many in the markets had been hoping for stronger action by OPEC to push up oil prices, such as a deal to deepen the production cuts or extend them further until mid-2018.
Saudi Arabia's stock index dropped 0.4 percent during the first 45 minutes in a broad-based decline, with 120 shares falling and 13 gaining."
'via Blog this'
"Most Gulf stock markets edged down in early trade on Sunday after global oil producers agreed on Thursday to extend cuts in output by nine months to March 2018. Trading volumes were thin, partly because of the start of the holy month of Ramadan.
Many in the markets had been hoping for stronger action by OPEC to push up oil prices, such as a deal to deepen the production cuts or extend them further until mid-2018.
Saudi Arabia's stock index dropped 0.4 percent during the first 45 minutes in a broad-based decline, with 120 shares falling and 13 gaining."
'via Blog this'
Saturday, 27 May 2017
In Aramco IPO pitch, Canada plays up its natural resources expertise | Reuters
In Aramco IPO pitch, Canada plays up its natural resources expertise | Reuters:
"The Toronto Stock Exchange's efforts to win a slice of the massive Saudi Aramco public listing plays up the country's deep experience in natural resources as part of a broader offer to help the kingdom with its shift away from oil dependence. In pitch documents obtained by Reuters, the TSX talks up "a customized regulatory environment for resource issuers", its leading position in oil and gas equity capital raising, and strong trading interest from outside the country. The Canadian pitch is also broader than just for a slice of the Aramco IPO. On several trips to the kingdom, the most recent in late March, TMX executives have been joined by senior executives from some of the country's biggest banks, brokerages and other financial players as Canada Inc seeks a role in delivering the kingdom's broader Vision 2030 plan."
'via Blog this'
"The Toronto Stock Exchange's efforts to win a slice of the massive Saudi Aramco public listing plays up the country's deep experience in natural resources as part of a broader offer to help the kingdom with its shift away from oil dependence. In pitch documents obtained by Reuters, the TSX talks up "a customized regulatory environment for resource issuers", its leading position in oil and gas equity capital raising, and strong trading interest from outside the country. The Canadian pitch is also broader than just for a slice of the Aramco IPO. On several trips to the kingdom, the most recent in late March, TMX executives have been joined by senior executives from some of the country's biggest banks, brokerages and other financial players as Canada Inc seeks a role in delivering the kingdom's broader Vision 2030 plan."
'via Blog this'
OPEC Insiders Reel After Key Minister Is Fired During Their Meeting - Bloomberg
OPEC Insiders Reel After Key Minister Is Fired During Their Meeting - Bloomberg:
"As OPEC ministers gathered in Vienna Thursday to agree a nine-month extension of their oil-supply pact, the man credited with bringing about the landmark deal learned from a news broadcast that he had been fired. The story broke as Algerian Energy Minister Noureddine Boutarfa attended a closed session with counterparts early Thursday afternoon. First came an unconfirmed report from an Algerian TV station, according to delegates who were present. More than an hour later, the nation’s official APS news agency confirmed it."
'via Blog this'
"As OPEC ministers gathered in Vienna Thursday to agree a nine-month extension of their oil-supply pact, the man credited with bringing about the landmark deal learned from a news broadcast that he had been fired. The story broke as Algerian Energy Minister Noureddine Boutarfa attended a closed session with counterparts early Thursday afternoon. First came an unconfirmed report from an Algerian TV station, according to delegates who were present. More than an hour later, the nation’s official APS news agency confirmed it."
'via Blog this'
Thursday, 25 May 2017
A changing oil market threatens Saudi reform
A changing oil market threatens Saudi reform:
"Even five years ago, Saudi Arabia was in an economically enviable position. A few unsettling trends were unfolding: hybrid and electric cars were becoming more common and oil companies were driving wells across the shale basins of the US. But neither green vehicles nor shale oil was price competitive with their conventional predecessors, and Brent crude, the global oil price benchmark, was over $100. No one envies the Saudi Arabians now. Yes, the Brent price has rebounded from its of 2015-16 lows to stabilise over $50. At the Opec meeting in Vienna this week the delegates agreed to extend production curbs for another nine months. But the long-term supply and demand dynamics for oil continue to be at best unpredictable and at worst simply bearish. This is the reason for, and the greatest threat to, Saudi efforts to reform its unbalanced economy. Saudi Arabia must be weaned off oil; yet that process, which is causing domestic tension, can only be made palatable by oil money."
'via Blog this'
"Even five years ago, Saudi Arabia was in an economically enviable position. A few unsettling trends were unfolding: hybrid and electric cars were becoming more common and oil companies were driving wells across the shale basins of the US. But neither green vehicles nor shale oil was price competitive with their conventional predecessors, and Brent crude, the global oil price benchmark, was over $100. No one envies the Saudi Arabians now. Yes, the Brent price has rebounded from its of 2015-16 lows to stabilise over $50. At the Opec meeting in Vienna this week the delegates agreed to extend production curbs for another nine months. But the long-term supply and demand dynamics for oil continue to be at best unpredictable and at worst simply bearish. This is the reason for, and the greatest threat to, Saudi efforts to reform its unbalanced economy. Saudi Arabia must be weaned off oil; yet that process, which is causing domestic tension, can only be made palatable by oil money."
'via Blog this'
Moody’s upgrades Abu Dhabi’s outlook | The National
Moody’s upgrades Abu Dhabi’s outlook | The National:
"Moody’s Investors Service said on Thursday it has upgraded Abu Dhabi’s credit outlook to stable from negative due to the emirate’s ability to diversify sources of revenue during the period of low oil prices as well as signs of a rebound in the economy. At the same time, the rating agency said that it had affirmed the long and short term issuer ratings for Abu Dhabi at Aa2/P-1, one of the agency’s highest credit ratings. "The weaker oil price and its impact on government finances and the economy has prompted a substantial acceleration in reforms containing fiscal pressures and supportive of the emirate’s diversification strategy," it said in a note."
'via Blog this'
"Moody’s Investors Service said on Thursday it has upgraded Abu Dhabi’s credit outlook to stable from negative due to the emirate’s ability to diversify sources of revenue during the period of low oil prices as well as signs of a rebound in the economy. At the same time, the rating agency said that it had affirmed the long and short term issuer ratings for Abu Dhabi at Aa2/P-1, one of the agency’s highest credit ratings. "The weaker oil price and its impact on government finances and the economy has prompted a substantial acceleration in reforms containing fiscal pressures and supportive of the emirate’s diversification strategy," it said in a note."
'via Blog this'
UAE excise tax ‘may lead to some products disappearing from shop shelves’ | The National
UAE excise tax ‘may lead to some products disappearing from shop shelves’ | The National:
"The introduction this year of excise taxes on sugary drinks and tobacco is expected to have a broad effect on importers, manufacturers and suppliers in the UAE, tax experts said. The Federal Tax Authority said on Tuesday that excise taxes would be introduced in the last quarter of this year at a rate of 100 per cent for tobacco and energy drinks and 50 per cent for sugary fizzy drinks. The authority will open tax registration in the third quarter of the year for companies that produce, import or store these products."
'via Blog this'
"The introduction this year of excise taxes on sugary drinks and tobacco is expected to have a broad effect on importers, manufacturers and suppliers in the UAE, tax experts said. The Federal Tax Authority said on Tuesday that excise taxes would be introduced in the last quarter of this year at a rate of 100 per cent for tobacco and energy drinks and 50 per cent for sugary fizzy drinks. The authority will open tax registration in the third quarter of the year for companies that produce, import or store these products."
'via Blog this'
Ex-Google Exec Gets $500 Million From STC for Mideast Tech Deals - Bloomberg
Ex-Google Exec Gets $500 Million From STC for Mideast Tech Deals - Bloomberg:
"Saudi Telecom Co. has created a $500 million technology fund to be run by ex-Google executive Abdulrahman Tarabzouni to invest in areas like artificial intelligence and virtual reality. STV, as the fund will be known, already has a pipeline of potential deals it is looking at and the first could be completed before the end of the year, Tarabzouni said at a press conference in Riyadh. The fund is looking to make investments over the next four to five years and more money could be allocated to it in the future, Saudi Telecom Chief Executive Officer Khaled Biyari said. Investor interest in the Middle East’s technology industry is picking up after Amazon.com Inc. paid $580 million to buy e-commerce firm Souq.com. Dubai-based business tycoon Mohamed Alabbar raised $1 billion to create an e-commerce company called Noon, and said he had separately raised $1 billion to make technology investments."
'via Blog this'
"Saudi Telecom Co. has created a $500 million technology fund to be run by ex-Google executive Abdulrahman Tarabzouni to invest in areas like artificial intelligence and virtual reality. STV, as the fund will be known, already has a pipeline of potential deals it is looking at and the first could be completed before the end of the year, Tarabzouni said at a press conference in Riyadh. The fund is looking to make investments over the next four to five years and more money could be allocated to it in the future, Saudi Telecom Chief Executive Officer Khaled Biyari said. Investor interest in the Middle East’s technology industry is picking up after Amazon.com Inc. paid $580 million to buy e-commerce firm Souq.com. Dubai-based business tycoon Mohamed Alabbar raised $1 billion to create an e-commerce company called Noon, and said he had separately raised $1 billion to make technology investments."
'via Blog this'
Abu Dhabi's Masdar Starts Trash-Energy Venture in Nearby Sharjah - Bloomberg
Abu Dhabi's Masdar Starts Trash-Energy Venture in Nearby Sharjah - Bloomberg:
"Abu Dhabi’s renewable energy company Masdar formed a joint venture to build a power plant that runs on garbage as the United Arab Emirates seeks to diversify its sources of electricity. Masdar, as Abu Dhabi Future Energy Co. is known, created Emirates Waste to Energy Co. in partnership with Bee’ah, the government-owned waste management company in nearby Sharjah, the companies said Thursday in a statement. Their first project will be a 30-megawatt power plant to process 300,000 tons of solid waste a year."
'via Blog this'
"Abu Dhabi’s renewable energy company Masdar formed a joint venture to build a power plant that runs on garbage as the United Arab Emirates seeks to diversify its sources of electricity. Masdar, as Abu Dhabi Future Energy Co. is known, created Emirates Waste to Energy Co. in partnership with Bee’ah, the government-owned waste management company in nearby Sharjah, the companies said Thursday in a statement. Their first project will be a 30-megawatt power plant to process 300,000 tons of solid waste a year."
'via Blog this'
Saudi Aramco to spend $18 billion on growth in the Americas: Motiva | Reuters
Saudi Aramco to spend $18 billion on growth in the Americas: Motiva | Reuters:
"Saudi Aramco plans to spend $18 billion over the next five years to expand its operations in the Americas, focusing on its U.S. oil refining subsidiary Motiva Enterprises, Motiva said on Thursday. Motiva is exploring opportunities to increase refining capacity, branch into chemicals and expand its commercial operations, marketing and branded presence over the next five years, the company said in a statement. Motiva became a wholly owned subsidiary of Saudi Aramco on May 1 with the split of a 19-year partnership between Aramco and Royal Dutch Shell Plc (RDSa.L)."
'via Blog this'
"Saudi Aramco plans to spend $18 billion over the next five years to expand its operations in the Americas, focusing on its U.S. oil refining subsidiary Motiva Enterprises, Motiva said on Thursday. Motiva is exploring opportunities to increase refining capacity, branch into chemicals and expand its commercial operations, marketing and branded presence over the next five years, the company said in a statement. Motiva became a wholly owned subsidiary of Saudi Aramco on May 1 with the split of a 19-year partnership between Aramco and Royal Dutch Shell Plc (RDSa.L)."
'via Blog this'
Crude Slumps Below $50 as Market Is Underwhelmed by OPEC Deal - Bloomberg
Crude Slumps Below $50 as Market Is Underwhelmed by OPEC Deal - Bloomberg:
"Oil fell below $50 after OPEC stuck to the most predictable outcome at a meeting in Vienna.
Futures closed 4.8 percent lower in New York as the Saudi Arabian-led group and its allies delivered only what had already been telegraphed for days: an agreement to extend output cuts for nine months, without deepening them or saying what will happen after March 2018.
"The Saudis have been trying to put a happy face on this thing," said John Kilduff, a partner at Again Capital, a New York-based hedge fund that focuses on energy. "But this is all they could get, and that’s disappointing to the market.""
'via Blog this'
"Oil fell below $50 after OPEC stuck to the most predictable outcome at a meeting in Vienna.
Futures closed 4.8 percent lower in New York as the Saudi Arabian-led group and its allies delivered only what had already been telegraphed for days: an agreement to extend output cuts for nine months, without deepening them or saying what will happen after March 2018.
"The Saudis have been trying to put a happy face on this thing," said John Kilduff, a partner at Again Capital, a New York-based hedge fund that focuses on energy. "But this is all they could get, and that’s disappointing to the market.""
'via Blog this'
MIDEAST STOCKS-Qatar's Ezdan tumbles on delisting approval, Saudi set back by oil | Reuters
MIDEAST STOCKS-Qatar's Ezdan tumbles on delisting approval, Saudi set back by oil | Reuters:
"Shares of Qatar's largest property developer plunged 10 percent on Thursday after its shareholders gave preliminary approval to take the company private, while a dip in crude oil took the Saudi equity index lower in its final hour of trade. Ezdan Holding Group, with majority ownership by the ruling al Thani family, said shareholders who are against the de-listing, whether they attended the meeting or not, can exit their positions within 60 days. The company said it will hire an independent expert to look at it its assets and to assess the fair value of the company. The stock closed at 13.95 riyals on Thursday."
'via Blog this'
"Shares of Qatar's largest property developer plunged 10 percent on Thursday after its shareholders gave preliminary approval to take the company private, while a dip in crude oil took the Saudi equity index lower in its final hour of trade. Ezdan Holding Group, with majority ownership by the ruling al Thani family, said shareholders who are against the de-listing, whether they attended the meeting or not, can exit their positions within 60 days. The company said it will hire an independent expert to look at it its assets and to assess the fair value of the company. The stock closed at 13.95 riyals on Thursday."
'via Blog this'
Opec agrees to extend historic supply cuts into 2018
Opec agrees to extend historic supply cuts into 2018:
"Opec will extend its production cuts into 2018, as the oil cartel and its allies attempt to end a three year supply glut that has hammered crude prices. The cartel agreed to prolong supply curbs for another nine months during a ministerial meeting on Thursday in Vienna, two Opec delegates familiar with the discussions said. The agreement, which is expected to be ratified later today by Russia and other producers outside Opec, will see the 1.8m barrel a day accord first agreed in late November extended to March 2018."
'via Blog this'
"Opec will extend its production cuts into 2018, as the oil cartel and its allies attempt to end a three year supply glut that has hammered crude prices. The cartel agreed to prolong supply curbs for another nine months during a ministerial meeting on Thursday in Vienna, two Opec delegates familiar with the discussions said. The agreement, which is expected to be ratified later today by Russia and other producers outside Opec, will see the 1.8m barrel a day accord first agreed in late November extended to March 2018."
'via Blog this'
Abu Dhabi co-pay hits Mediclinic revenue | The National
Abu Dhabi co-pay hits Mediclinic revenue | The National:
"Mediclinic International, which owns Abu Dhabi’s Al Noor Hospitals Group, said that its underlying earnings per share plunged by 19 per cent in the financial year that ended in March as the South African healthcare provider suffered from regulatory changes in the emirate. The London-listed group said in a statement that its underlying earnings per share dropped to 29.8 pence from 36.7 pence. Its shares fell by 5.64 per cent to £8.2 in afternoon trading. Abu Dhabi last year issued new insurance rules, where Emiratis were required to pay for a greater proportion of their private-sector treatment, starting from July, eroding earning potential of number of healthcare providers. But the emirate said this month it was reversing its policy for Emiratis in Abu Dhabi holding Thiqa health insurance cards, exempting them from paying 20 per cent of private treatment costs."
'via Blog this'
"Mediclinic International, which owns Abu Dhabi’s Al Noor Hospitals Group, said that its underlying earnings per share plunged by 19 per cent in the financial year that ended in March as the South African healthcare provider suffered from regulatory changes in the emirate. The London-listed group said in a statement that its underlying earnings per share dropped to 29.8 pence from 36.7 pence. Its shares fell by 5.64 per cent to £8.2 in afternoon trading. Abu Dhabi last year issued new insurance rules, where Emiratis were required to pay for a greater proportion of their private-sector treatment, starting from July, eroding earning potential of number of healthcare providers. But the emirate said this month it was reversing its policy for Emiratis in Abu Dhabi holding Thiqa health insurance cards, exempting them from paying 20 per cent of private treatment costs."
'via Blog this'
Exclusive: Dubai looking into forming $1 billion shipping investment fund - sources | Reuters
Exclusive: Dubai looking into forming $1 billion shipping investment fund - sources | Reuters:
"Dubai is looking into creating a $1 billion investment fund focused on shipping to develop the Gulf city's maritime sector and ride out a global industry downturn, three finance sources familiar with the plans say.
The sources said the Dubai Maritime City Authority, the government entity responsible for developing the maritime industry in the emirate, was examining ways to establish a fund to provide financial investment support to Dubai-based firms.
"There is interest in this idea (from Dubai). At this stage it is fact finding," one source said."
'via Blog this'
"Dubai is looking into creating a $1 billion investment fund focused on shipping to develop the Gulf city's maritime sector and ride out a global industry downturn, three finance sources familiar with the plans say.
The sources said the Dubai Maritime City Authority, the government entity responsible for developing the maritime industry in the emirate, was examining ways to establish a fund to provide financial investment support to Dubai-based firms.
"There is interest in this idea (from Dubai). At this stage it is fact finding," one source said."
'via Blog this'
OPEC Poised for `Safe Bet' of Nine-Month Extension of Oil Cuts - Bloomberg
OPEC Poised for `Safe Bet' of Nine-Month Extension of Oil Cuts - Bloomberg:
"OPEC and its allies were poised to extend their production cuts for an additional nine months after last year’s agreement failed to clear a global supply glut or deliver a sustainable price recovery.
Nine months with the same level of production “is a very safe and almost certain option to do the trick,” Saudi Arabian Oil Minister Khalid Al-Falih said at the opening session at the meeting in Vienna. “It’s likely we’ll be balanced earlier than later.” Six months after forming an unprecedented coalition of 24 nations and delivering output reductions that exceeded all expectations, some of the world’s largest oil producers faced the fact that they’d fallen well short of their goal. Oil prices fell after ministers arrived at the meeting venue."
'via Blog this'
"OPEC and its allies were poised to extend their production cuts for an additional nine months after last year’s agreement failed to clear a global supply glut or deliver a sustainable price recovery.
Nine months with the same level of production “is a very safe and almost certain option to do the trick,” Saudi Arabian Oil Minister Khalid Al-Falih said at the opening session at the meeting in Vienna. “It’s likely we’ll be balanced earlier than later.” Six months after forming an unprecedented coalition of 24 nations and delivering output reductions that exceeded all expectations, some of the world’s largest oil producers faced the fact that they’d fallen well short of their goal. Oil prices fell after ministers arrived at the meeting venue."
'via Blog this'
MIDEAST STOCKS-Qatar's Ezdan tumbles on initial plan to de-list, DXBE weighs on Dubai again | Reuters
MIDEAST STOCKS-Qatar's Ezdan tumbles on initial plan to de-list, DXBE weighs on Dubai again | Reuters:
"Shares of Qatar's largest listed real estate developer tumbled in early trade on Thursday after saying its shareholders had given preliminary approval to take the company private while DXB Entertainments continued to drag Dubai's index down. Ezdan Holding Group, which is owned mainly by government related parties, dropped 7.3 percent. The company said that disapproving shareholders, whether present or absent from the meeting, can exit their positions within 60 days of the preliminary decision. The company, which is a constituent of the MSCI emerging market index, said it had hired a company to reach a fair valuation of its assets, based on the closing price on April 3, which was 15.08 riyals. It will announce the result once the valuation process has been completed."
'via Blog this'
"Shares of Qatar's largest listed real estate developer tumbled in early trade on Thursday after saying its shareholders had given preliminary approval to take the company private while DXB Entertainments continued to drag Dubai's index down. Ezdan Holding Group, which is owned mainly by government related parties, dropped 7.3 percent. The company said that disapproving shareholders, whether present or absent from the meeting, can exit their positions within 60 days of the preliminary decision. The company, which is a constituent of the MSCI emerging market index, said it had hired a company to reach a fair valuation of its assets, based on the closing price on April 3, which was 15.08 riyals. It will announce the result once the valuation process has been completed."
'via Blog this'
Wednesday, 24 May 2017
MIDEAST STOCKS-Gulf weak as DXBE drags down Dubai; banks boost Egypt | Reuters
MIDEAST STOCKS-Gulf weak as DXBE drags down Dubai; banks boost Egypt | Reuters:
"Major Gulf stock markets weakened on Wednesday, with amusement park operator DXB Entertainments (DXBE) continuing to drag down Dubai while banking shares lifted Egypt in the wake of Sunday's interest rate hike.
DXB Entertainments slid by 3.1 percent to 0.782 dirhams, its lowest level since early 2015. The stock has tumbled 40 percent this year on low attendance figures at its parks, a wider net loss in the first quarter and a warning that attendance numbers could suffer further during the hot summer months.
Emaar Malls fell 1.9 percent after the retail arm of Emaar Properties said it would spend $151 million to buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group, a start-up established by Rocket Internet."
'via Blog this'
"Major Gulf stock markets weakened on Wednesday, with amusement park operator DXB Entertainments (DXBE) continuing to drag down Dubai while banking shares lifted Egypt in the wake of Sunday's interest rate hike.
DXB Entertainments slid by 3.1 percent to 0.782 dirhams, its lowest level since early 2015. The stock has tumbled 40 percent this year on low attendance figures at its parks, a wider net loss in the first quarter and a warning that attendance numbers could suffer further during the hot summer months.
Emaar Malls fell 1.9 percent after the retail arm of Emaar Properties said it would spend $151 million to buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group, a start-up established by Rocket Internet."
'via Blog this'
Mediclinic beats profit forecasts but warns Middle East improvement will take years
Mediclinic beats profit forecasts but warns Middle East improvement will take years:
"FTSE 100 hospital operator Mediclinic reported better than expected profits for the year to March 31, but it warned that stabilising its troubled new business in Abu Dhabi is likely to take a number of years. Revenues rose by 30 per cent to £2.7bn thanks to the £1.4bn purchase of the Abu Dhabi business, in line with analyst expectations. Profit before tax increased 25 per cent to £307m, roughly in line with expectations, but the the company’s preferred performance measure – underlying earnings before interest, tax, depreciation and amortisation – came in ahead of consensus forecasts. Underlying ebitda rose 17 per cent compared to the previous year to £501m, compared to forecasts of £484m."
'via Blog this'
"FTSE 100 hospital operator Mediclinic reported better than expected profits for the year to March 31, but it warned that stabilising its troubled new business in Abu Dhabi is likely to take a number of years. Revenues rose by 30 per cent to £2.7bn thanks to the £1.4bn purchase of the Abu Dhabi business, in line with analyst expectations. Profit before tax increased 25 per cent to £307m, roughly in line with expectations, but the the company’s preferred performance measure – underlying earnings before interest, tax, depreciation and amortisation – came in ahead of consensus forecasts. Underlying ebitda rose 17 per cent compared to the previous year to £501m, compared to forecasts of £484m."
'via Blog this'
Abu Dhabi economy shows signs of recovery | The National
Abu Dhabi economy shows signs of recovery | The National:
"Abu Dhabi’s economy is showing signs of recovery amid government spending on projects, says a senior economic official in the emirate.
"We are in the downturn of the economic cycle but we see some signs of recovery," said Khalifa bin Salem Al Mansouri, the Undersecretary at the Department of Economic Development. "The government is now spending. Those are signs of early recovery. We expect to see more signs of recovery this year and at the beginning of next year."
Mr Al Mansouri said the projects include a Dh7 billion spending plan announced by Abu Dhabi Municipality as well as tourism projects announced by the Government on Yas and Saadiyat islands."
'via Blog this'
"Abu Dhabi’s economy is showing signs of recovery amid government spending on projects, says a senior economic official in the emirate.
"We are in the downturn of the economic cycle but we see some signs of recovery," said Khalifa bin Salem Al Mansouri, the Undersecretary at the Department of Economic Development. "The government is now spending. Those are signs of early recovery. We expect to see more signs of recovery this year and at the beginning of next year."
Mr Al Mansouri said the projects include a Dh7 billion spending plan announced by Abu Dhabi Municipality as well as tourism projects announced by the Government on Yas and Saadiyat islands."
'via Blog this'
NBAD's Yasin Sees GCC Markets Going Sideways - Bloomberg
NBAD's Yasin Sees GCC Markets Going Sideways - Bloomberg:
"NBAD Securities Managing Director Mohammed Ali Yasin discusses the deals signed between the U.S. and Saudi Arabia and talks about his investment strategies. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
"NBAD Securities Managing Director Mohammed Ali Yasin discusses the deals signed between the U.S. and Saudi Arabia and talks about his investment strategies. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
Dubai's Emaar buys Namshi stake after Amazon buys Souq.com | Reuters
Dubai's Emaar buys Namshi stake after Amazon buys Souq.com | Reuters:
"Dubai's Emaar Malls will buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group (GFG), a start-up set up by Rocket Internet, for $151 million as competition for technology deals heats up in the Middle East. Coming two months after Amazon agreed to buy Souq.com, the transaction is expected to provide much-needed support for Emaar Properties founder and chairman Dubai billionaire Mohamed Alabbar's new technology vehicle Noon.com, a venture with Saudi Arabia's Public Investment Fund. The venture has seen a shake-up in recent weeks with the departure of Noon's chief executive and chief technology officer along with several staff. Alabbar said last week its venture still on track to start operations before end-2017."
'via Blog this'
"Dubai's Emaar Malls will buy a 51 percent stake in e-commerce fashion website Namshi from Global Fashion Group (GFG), a start-up set up by Rocket Internet, for $151 million as competition for technology deals heats up in the Middle East. Coming two months after Amazon agreed to buy Souq.com, the transaction is expected to provide much-needed support for Emaar Properties founder and chairman Dubai billionaire Mohamed Alabbar's new technology vehicle Noon.com, a venture with Saudi Arabia's Public Investment Fund. The venture has seen a shake-up in recent weeks with the departure of Noon's chief executive and chief technology officer along with several staff. Alabbar said last week its venture still on track to start operations before end-2017."
'via Blog this'
Singapore Convicts Fifth Person Involved in 1MDB-Related Cases - Bloomberg
Singapore Convicts Fifth Person Involved in 1MDB-Related Cases - Bloomberg:
"Kelvin Ang Wee Keng was fined S$9,000 ($6,477) after he admitted that he made a corrupt payment to an analyst in a Singapore case related to 1Malaysia Development Bhd investigations. Ang, 35, was a broker with Kim Eng Securities Pte until 2015 and made about S$100,000 annually in commissions, prosecutor Vincent Ong said in a Singapore State Court on Wednesday. He was charged a year ago for what authorities said was corruptly giving S$3,000 to a research analyst to speed up the preparation of a favorable valuation report. While the charge sheet at that time didn’t give further details, the city’s Attorney-General’s Chambers said he was “implicated in a number of illicit transactions” with former BSI SA wealth planner Yeo Jiawei. Yeo is appealing his conviction and 30-month jail term for obstructing justice in another case relating to the 1MDB probe. Ang, who is now unemployed, was Yeo’s friend, Ong said in court."
'via Blog this'
"Kelvin Ang Wee Keng was fined S$9,000 ($6,477) after he admitted that he made a corrupt payment to an analyst in a Singapore case related to 1Malaysia Development Bhd investigations. Ang, 35, was a broker with Kim Eng Securities Pte until 2015 and made about S$100,000 annually in commissions, prosecutor Vincent Ong said in a Singapore State Court on Wednesday. He was charged a year ago for what authorities said was corruptly giving S$3,000 to a research analyst to speed up the preparation of a favorable valuation report. While the charge sheet at that time didn’t give further details, the city’s Attorney-General’s Chambers said he was “implicated in a number of illicit transactions” with former BSI SA wealth planner Yeo Jiawei. Yeo is appealing his conviction and 30-month jail term for obstructing justice in another case relating to the 1MDB probe. Ang, who is now unemployed, was Yeo’s friend, Ong said in court."
'via Blog this'
MIDEAST STOCKS-DXBE, Emaar Malls underperform otherwise quiet region | Reuters
MIDEAST STOCKS-DXBE, Emaar Malls underperform otherwise quiet region | Reuters:
"Shares in companies linked to tourism underperformed in Dubai in an otherwise flat regional market in early trade on Wednesday. Dubai's theme park operator, and constituent of the MSCI emerging market benchmark, DXB Entertainments, lost 2.2 percent to 0.789 dirham, its lowest price since January 2015. Its shares been hit hard over the last few sessions, as investors expect Ramadan and hot summer weather may reduce footfall at its Dubai hotels and theme parks."
'via Blog this'
"Shares in companies linked to tourism underperformed in Dubai in an otherwise flat regional market in early trade on Wednesday. Dubai's theme park operator, and constituent of the MSCI emerging market benchmark, DXB Entertainments, lost 2.2 percent to 0.789 dirham, its lowest price since January 2015. Its shares been hit hard over the last few sessions, as investors expect Ramadan and hot summer weather may reduce footfall at its Dubai hotels and theme parks."
'via Blog this'
Tuesday, 23 May 2017
UAE’s non-Muslim expats can now register for a will not governed by Sharia Law | The National
UAE’s non-Muslim expats can now register for a will not governed by Sharia Law | The National:
"Non-Muslim expatriates can now dictate where they want their assets to go when they die, after a decision to change rules governing wills. The changes will ensure there is no dispute or confusion over a deceased’s belongings and custody of children, and expats can register a will for about Dh500. Abu Dhabi has had no way of registering wills drafted in the UAE or an expat’s home country."
'via Blog this'
"Non-Muslim expatriates can now dictate where they want their assets to go when they die, after a decision to change rules governing wills. The changes will ensure there is no dispute or confusion over a deceased’s belongings and custody of children, and expats can register a will for about Dh500. Abu Dhabi has had no way of registering wills drafted in the UAE or an expat’s home country."
'via Blog this'
Vanguard’s rise shows it is now time for UAE investors to have access low-cost funds | The National
Vanguard’s rise shows it is now time for UAE investors to have access low-cost funds | The National:
"UAE investors are calling on low-cost mutual fund managers such as Vanguard to enter the region to boost competition and drive down costs.
They say too many UAE residents continue to buy over-priced insurance-based investment plans and need cheaper and more flexible alternatives.
The entry of a major low-cost platform such as US-based Vanguard would shake up the UAE market, giving local investors more choice and lower charges."
'via Blog this'
"UAE investors are calling on low-cost mutual fund managers such as Vanguard to enter the region to boost competition and drive down costs.
They say too many UAE residents continue to buy over-priced insurance-based investment plans and need cheaper and more flexible alternatives.
The entry of a major low-cost platform such as US-based Vanguard would shake up the UAE market, giving local investors more choice and lower charges."
'via Blog this'
GCC Unified VAT, Selective Excise Taxation Agreements come into effect | GulfNews.com
GCC Unified VAT, Selective Excise Taxation Agreements come into effect | GulfNews.com:
"The Gulf Cooperation Council for Arab States’ (GCC) Unified Selective Excise Tax and the Unified Value Added Tax (VAT) agreements have come into effect after ratification by the UAE.
The General Secretariat of the GCC has received the UAE’s ratification documents for the two agreements. In a statement issued on Tuesday, the Secretariat, said: “The UAE is the second State to submit the two ratification documents to the Secretariat.” The two agreements have become effective when the second state submits the ratification documents to the Secretariat, it added. Hence, the GCC unified selective excise tax and the VAT agreements entered into force, the statement said."
'via Blog this'
"The Gulf Cooperation Council for Arab States’ (GCC) Unified Selective Excise Tax and the Unified Value Added Tax (VAT) agreements have come into effect after ratification by the UAE.
The General Secretariat of the GCC has received the UAE’s ratification documents for the two agreements. In a statement issued on Tuesday, the Secretariat, said: “The UAE is the second State to submit the two ratification documents to the Secretariat.” The two agreements have become effective when the second state submits the ratification documents to the Secretariat, it added. Hence, the GCC unified selective excise tax and the VAT agreements entered into force, the statement said."
'via Blog this'
Former Gulf emirate officials sentenced in embezzlement case | Reuters
Former Gulf emirate officials sentenced in embezzlement case | Reuters:
"Two former senior officials of the Ras al-Khaimah Investment Authority (RAKIA) in the United Arab Emirates (UAE) have been sentenced in absentia to 15 years in prison for embezzlement, according to court documents released on Tuesday.
Khater Massaad and Gela Mikadze were sentenced on April 26 by a court in Ras al-Khaimah (RAK) for defrauding RAKIA of $17.2 million in 2011. A third man, George Janashia, was also sentenced to 15 years in prison in absentia.
Mikadze and Janashia, both citizens of the former Soviet republic of Georgia, were ordered to repay $12.8 million and $4.4 million respectively. The three defendants were also fined $17.2 million, according to the documents which were released by the RAK government."
'via Blog this'
"Two former senior officials of the Ras al-Khaimah Investment Authority (RAKIA) in the United Arab Emirates (UAE) have been sentenced in absentia to 15 years in prison for embezzlement, according to court documents released on Tuesday.
Khater Massaad and Gela Mikadze were sentenced on April 26 by a court in Ras al-Khaimah (RAK) for defrauding RAKIA of $17.2 million in 2011. A third man, George Janashia, was also sentenced to 15 years in prison in absentia.
Mikadze and Janashia, both citizens of the former Soviet republic of Georgia, were ordered to repay $12.8 million and $4.4 million respectively. The three defendants were also fined $17.2 million, according to the documents which were released by the RAK government."
'via Blog this'
Blackstone, SoftBank Deals Put Saudi’s Sovereign Fund on the Map - Bloomberg
Blackstone, SoftBank Deals Put Saudi’s Sovereign Fund on the Map - Bloomberg:
"Saudi Arabia plans to expand its sovereign wealth fund into the world’s largest. The kingdom took a huge step toward that goal on Saturday when it signed billions of dollars of deals with Blackstone Group LP and SoftBank Group Corp. The Public Investment Fund, or PIF, is at the center of Saudi Arabia’s efforts to diversify revenue away from oil under an economic transformation plan known as Vision 2030. The fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman. The sale of a less than 5 percent stake in oil giant Aramco to the public will provide funds for investment. “We want to be an investment powerhouse,” PIF managing director Yasir Alrumayyan said in a rare public appearance Saturday during an event that gathered top Saudi officials and American corporate titans, including JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and Citigroup Inc. CEO Mike Corbat, in Riyadh. “Most of the investments we announced and will announce soon are international, but they will be in parallel with our investments in Saudi.”"
'via Blog this'
"Saudi Arabia plans to expand its sovereign wealth fund into the world’s largest. The kingdom took a huge step toward that goal on Saturday when it signed billions of dollars of deals with Blackstone Group LP and SoftBank Group Corp. The Public Investment Fund, or PIF, is at the center of Saudi Arabia’s efforts to diversify revenue away from oil under an economic transformation plan known as Vision 2030. The fund could eventually control more than $2 trillion, according to Deputy Crown Prince Mohammed bin Salman. The sale of a less than 5 percent stake in oil giant Aramco to the public will provide funds for investment. “We want to be an investment powerhouse,” PIF managing director Yasir Alrumayyan said in a rare public appearance Saturday during an event that gathered top Saudi officials and American corporate titans, including JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and Citigroup Inc. CEO Mike Corbat, in Riyadh. “Most of the investments we announced and will announce soon are international, but they will be in parallel with our investments in Saudi.”"
'via Blog this'
Saudi Aramco plans up to $30 billion investment in Motiva by 2023 | Reuters
Saudi Aramco plans up to $30 billion investment in Motiva by 2023 | Reuters:
"Saudi Aramco [IPO-ARMO.SE] plans an investment of up to $30 billion in its U.S. subsidiary Motiva Enterprsies LLC [MOTIV.UL], the company said in an announcement on Saturday at a business summit in Saudi Arabia.
The company said that $12 billion would be the initial investment in a project to expand refining capacity at Motiva's Port Arthur, Texas, refinery and extend Motiva's operations in the petrochemical value chain.
A likely additional investment of $18 billion is expected into Motiva by 2023, it said."
'via Blog this'
"Saudi Aramco [IPO-ARMO.SE] plans an investment of up to $30 billion in its U.S. subsidiary Motiva Enterprsies LLC [MOTIV.UL], the company said in an announcement on Saturday at a business summit in Saudi Arabia.
The company said that $12 billion would be the initial investment in a project to expand refining capacity at Motiva's Port Arthur, Texas, refinery and extend Motiva's operations in the petrochemical value chain.
A likely additional investment of $18 billion is expected into Motiva by 2023, it said."
'via Blog this'
MIDEAST STOCKS-Egypt rebounds after tumble on rates, Gulf swept by profit-taking | Reuters
MIDEAST STOCKS-Egypt rebounds after tumble on rates, Gulf swept by profit-taking | Reuters:
"Egypt's stock market on Tuesday recovered some of the previous day's heavy losses while Gulf bourses were weaker as investors booked profits ahead of the holy month of Ramadan, when trading volumes and liquidity often decrease. Cairo's index rebounded 1.1 percent after tumbling 2.5 percent on Monday, its largest single-day decline since Jan. 19, after the central bank unexpectedly raised interest rates by 2 percentage points to fight sky-high inflation. The surprise move prompted heavy selling by local retail investors but several foreign fund managers said they did not expect a lasting impact on the market, partly because of the loose links between interest rates and the real economy in Egypt."
'via Blog this'
"Egypt's stock market on Tuesday recovered some of the previous day's heavy losses while Gulf bourses were weaker as investors booked profits ahead of the holy month of Ramadan, when trading volumes and liquidity often decrease. Cairo's index rebounded 1.1 percent after tumbling 2.5 percent on Monday, its largest single-day decline since Jan. 19, after the central bank unexpectedly raised interest rates by 2 percentage points to fight sky-high inflation. The surprise move prompted heavy selling by local retail investors but several foreign fund managers said they did not expect a lasting impact on the market, partly because of the loose links between interest rates and the real economy in Egypt."
'via Blog this'
Trump hits oil price with reported plan to sell half of strategic reserves
Trump hits oil price with reported plan to sell half of strategic reserves:
"Oil prices were weaker on Tuesday morning on reports that President Trump wants to sell half of the country’s strategic reserve to help balance the books. Brent, the global crude marker, fell 50 cents to $53.47, while West Texas Intermediate, the US benchmark, was 44 cents lower at $50.69 after details of the plan emerged. In budget documents, the White House said it would sell off half of the strategic petroleum reserve, the biggest in the world, to raise $16.5bn from October. The oil is held in heavily guarded underground caverns in Louisiana and Texas"
'via Blog this'
"Oil prices were weaker on Tuesday morning on reports that President Trump wants to sell half of the country’s strategic reserve to help balance the books. Brent, the global crude marker, fell 50 cents to $53.47, while West Texas Intermediate, the US benchmark, was 44 cents lower at $50.69 after details of the plan emerged. In budget documents, the White House said it would sell off half of the strategic petroleum reserve, the biggest in the world, to raise $16.5bn from October. The oil is held in heavily guarded underground caverns in Louisiana and Texas"
'via Blog this'
OPEC's Worst Cheater Will Get Harder to Ignore as Curbs Falter - Bloomberg
OPEC's Worst Cheater Will Get Harder to Ignore as Curbs Falter - Bloomberg:
"OPEC’s second-biggest producer is also its biggest cheater. And if past is prologue, that lengthens the odds the group will be able to squeeze too many more price gains out of its output cuts. Iraq pumped about 80,000 more barrels of oil a day than permitted by Organization of Petroleum Exporting Countries curbs during the first quarter. If that deal gets extended to 2018, the nation will have even less incentive to comply because capacity at key southern fields is expanding and three years of fighting Islamic State has left it drowning in debt."
'via Blog this'
"OPEC’s second-biggest producer is also its biggest cheater. And if past is prologue, that lengthens the odds the group will be able to squeeze too many more price gains out of its output cuts. Iraq pumped about 80,000 more barrels of oil a day than permitted by Organization of Petroleum Exporting Countries curbs during the first quarter. If that deal gets extended to 2018, the nation will have even less incentive to comply because capacity at key southern fields is expanding and three years of fighting Islamic State has left it drowning in debt."
'via Blog this'
Kuwait says OPEC to discuss 6 or 9-month output cut extensions | Reuters
Kuwait says OPEC to discuss 6 or 9-month output cut extensions | Reuters:
"Kuwait's oil minister said on Tuesday that global oil producers would discuss at their meeting this week whether to extend output cuts for six months or nine months, because not all were on board for nine. "We have agreed on the six months. Some of the countries have agreed to six months subject to a revision in November for an additional three months," Essam al-Marzouq told reporters before heading to Vienna for the Thursday meeting. "From what I have heard, some of the press releases, the Iraqi and Iranian ministers have declared that they prefer six months," he said, before adding: "For nine months not everybody (is) on board.""
'via Blog this'
"Kuwait's oil minister said on Tuesday that global oil producers would discuss at their meeting this week whether to extend output cuts for six months or nine months, because not all were on board for nine. "We have agreed on the six months. Some of the countries have agreed to six months subject to a revision in November for an additional three months," Essam al-Marzouq told reporters before heading to Vienna for the Thursday meeting. "From what I have heard, some of the press releases, the Iraqi and Iranian ministers have declared that they prefer six months," he said, before adding: "For nine months not everybody (is) on board.""
'via Blog this'
Oil Halts Advance After Four-Day Gain as OPEC Prepares to Meet - Bloomberg
Oil Halts Advance After Four-Day Gain as OPEC Prepares to Meet - Bloomberg:
"Oil halted its advance after a four-day gain before OPEC meets Thursday to decide on prolonging output cuts by the group and its partners.
July futures dropped 0.9 percent in New York after front-month prices Monday capped a 4.3 percent increase over four sessions. Iraq backed a proposal to extend production curbs into 2018, adding to growing support for longer cuts to clear a global glut. In the U.S., crude inventories probably slid by 2 million barrels last week, according to a Bloomberg survey before data from the Energy Information Administration Wednesday."
'via Blog this'
"Oil halted its advance after a four-day gain before OPEC meets Thursday to decide on prolonging output cuts by the group and its partners.
July futures dropped 0.9 percent in New York after front-month prices Monday capped a 4.3 percent increase over four sessions. Iraq backed a proposal to extend production curbs into 2018, adding to growing support for longer cuts to clear a global glut. In the U.S., crude inventories probably slid by 2 million barrels last week, according to a Bloomberg survey before data from the Energy Information Administration Wednesday."
'via Blog this'
MIDEAST STOCKS-Saudi falls on pre-Ramadan selling, MSCI stocks strong elsewhere in Gulf | Reuters
MIDEAST STOCKS-Saudi falls on pre-Ramadan selling, MSCI stocks strong elsewhere in Gulf | Reuters:
"Profit-booking swept across the Saudi Arabian bourse in early trade on Tuesday as investors cashed out ahead of Ramadan, while Abu Dhabi and Qatar were buoyed by gains among constituents of the MSCI emerging market index.
Riyadh's index fell 0.6 percent in the first 40 minutes as 151 shares declined and only eight rose.
"This is the cash-out before Ramadan, and it is not uncommon to see some unwinding ahead of the quieter period," said a Jeddah-based trader. Trading volumes often shrink during the holy month, which is expected to start this Saturday."
'via Blog this'
"Profit-booking swept across the Saudi Arabian bourse in early trade on Tuesday as investors cashed out ahead of Ramadan, while Abu Dhabi and Qatar were buoyed by gains among constituents of the MSCI emerging market index.
Riyadh's index fell 0.6 percent in the first 40 minutes as 151 shares declined and only eight rose.
"This is the cash-out before Ramadan, and it is not uncommon to see some unwinding ahead of the quieter period," said a Jeddah-based trader. Trading volumes often shrink during the holy month, which is expected to start this Saturday."
'via Blog this'
Monday, 22 May 2017
Emirates to tap into China demand with A380 expansion on Beijing and Shanghai routes | The National
Emirates to tap into China demand with A380 expansion on Beijing and Shanghai routes | The National:
"Emirates plans to ramp up passenger numbers on its A380 services to Beijing and Shanghai from July, strengthening its mainland China offering.
The airline will upgrade its second daily flights on these routes to an A380 aircraft from the current Boeing 777-300ER.
In operation from July 1, the service will increase capacity on flights to both Beijing and Shanghai in China, where it also flies to Guangzhou, Yinchuan and Zhengzhou."
'via Blog this'
"Emirates plans to ramp up passenger numbers on its A380 services to Beijing and Shanghai from July, strengthening its mainland China offering.
The airline will upgrade its second daily flights on these routes to an A380 aircraft from the current Boeing 777-300ER.
In operation from July 1, the service will increase capacity on flights to both Beijing and Shanghai in China, where it also flies to Guangzhou, Yinchuan and Zhengzhou."
'via Blog this'
NMC Health, Ashmore, Dallah weighing bids for Saudia medical unit-sources | Reuters
NMC Health, Ashmore, Dallah weighing bids for Saudia medical unit-sources | Reuters:
"UAE health operator NMC Health, asset manager Ashmore Group and Dallah Health are separately considering bids for the Jeddah-based medical services business of Saudi Arabian Airlines (Saudia) which could fetch $500 million, sources familiar with the deal said. Saudia has sent out a request for proposals for the sale of the business through its financial adviser Jadwa Investment as it seeks to reduce non-core assets, they said. Other Saudi healthcare companies may look at the business as well as healthcare groups such as Saudi German Hospital and Dr. Sulaiman Al Habib Medical Group, sources told Reuters. The sources declined to be identified because details of the bidding process are not public."
'via Blog this'
"UAE health operator NMC Health, asset manager Ashmore Group and Dallah Health are separately considering bids for the Jeddah-based medical services business of Saudi Arabian Airlines (Saudia) which could fetch $500 million, sources familiar with the deal said. Saudia has sent out a request for proposals for the sale of the business through its financial adviser Jadwa Investment as it seeks to reduce non-core assets, they said. Other Saudi healthcare companies may look at the business as well as healthcare groups such as Saudi German Hospital and Dr. Sulaiman Al Habib Medical Group, sources told Reuters. The sources declined to be identified because details of the bidding process are not public."
'via Blog this'
MIDEAST STOCKS-Egypt hit by surprise rate hike, Qatar outperforms in quiet Gulf | Reuters
MIDEAST STOCKS-Egypt hit by surprise rate hike, Qatar outperforms in quiet Gulf | Reuters:
"Egypt's stock market tumbled in heavy trade on Monday after the central bank unexpectedly raised key interest rates overnight, while Qatar outperformed in an otherwise quiet Gulf.
Cairo's blue-chip index dropped 2.5 percent after the central bank hiked its overnight deposit rate and overnight lending rate by two percentage points - its first increase since a hike of three percentage points in November.
The motive for the hike was to combat Cairo's hyperinflation and it came at the recommendation of the International Monetary Fund. But the equity market was not prepared for such a move."
'via Blog this'
"Egypt's stock market tumbled in heavy trade on Monday after the central bank unexpectedly raised key interest rates overnight, while Qatar outperformed in an otherwise quiet Gulf.
Cairo's blue-chip index dropped 2.5 percent after the central bank hiked its overnight deposit rate and overnight lending rate by two percentage points - its first increase since a hike of three percentage points in November.
The motive for the hike was to combat Cairo's hyperinflation and it came at the recommendation of the International Monetary Fund. But the equity market was not prepared for such a move."
'via Blog this'
Money flowing into sovereign wealth funds declines to $7.4tn
Money flowing into sovereign wealth funds declines to $7.4tn:
"Sovereign wealth funds are feeling the strain from lower oil prices and government raids on rainy-day funds, with the amount of money managed by state-backed investment vehicles falling slightly to $7.4tn. Between March 2015 and March 2017, the collective assets overseen by SWFs — which often owe their origins to money generated from a country’s excess oil revenues — decreased 0.5 per cent. That compares with the 14 per cent increase in the two years to March 2015, according to the Sovereign Wealth Fund Institute, a research organisation. The fall in assets has raised concerns that state funds will withdraw more money from external investment managers, which have already suffered several years of redemptions from these large investors."
'via Blog this'
"Sovereign wealth funds are feeling the strain from lower oil prices and government raids on rainy-day funds, with the amount of money managed by state-backed investment vehicles falling slightly to $7.4tn. Between March 2015 and March 2017, the collective assets overseen by SWFs — which often owe their origins to money generated from a country’s excess oil revenues — decreased 0.5 per cent. That compares with the 14 per cent increase in the two years to March 2015, according to the Sovereign Wealth Fund Institute, a research organisation. The fall in assets has raised concerns that state funds will withdraw more money from external investment managers, which have already suffered several years of redemptions from these large investors."
'via Blog this'
Arqaam's Meijer Says Deals Will Fuel Saudi GDP Growth - Bloomberg
Arqaam's Meijer Says Deals Will Fuel Saudi GDP Growth - Bloomberg:
"Jaap Meijer, managing director and head of equity research at Arqaam Capital, discusses the deals signed between the U.S. and Saudi Arabia. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
"Jaap Meijer, managing director and head of equity research at Arqaam Capital, discusses the deals signed between the U.S. and Saudi Arabia. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
MIDEAST DEBT-Oman front-loading funding requirements with planned dollar sukuk | Reuters
MIDEAST DEBT-Oman front-loading funding requirements with planned dollar sukuk | Reuters:
"Oman, which saw its debt rating cut to junk this month, appears to be borrowing money it needs far in advance of spending it in order to take advantage of market conditions and prevent investors worrying about its ability to fund itself. The Omani government is expected to offer as soon as this week as much as $2 billion of Islamic bonds, its first public offer of sukuk in the international market. It would be Oman’s second international bond issue this year, after a $5 billion conventional bond sale in March that was split into tranches of five, 10 and 30 years."
'via Blog this'
"Oman, which saw its debt rating cut to junk this month, appears to be borrowing money it needs far in advance of spending it in order to take advantage of market conditions and prevent investors worrying about its ability to fund itself. The Omani government is expected to offer as soon as this week as much as $2 billion of Islamic bonds, its first public offer of sukuk in the international market. It would be Oman’s second international bond issue this year, after a $5 billion conventional bond sale in March that was split into tranches of five, 10 and 30 years."
'via Blog this'
Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital | Reuters
Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital | Reuters:
"The world's largest private equity fund, backed by Japan's Softbank Group and Saudi Arabia's main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.
"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement.
Japanese billionaire Masayoshi Son, chairman of Softbank, a telecommunications and tech investment group, revealed plans for the fund last October and since then it has obtained commitments from some of the world's most deep-pocketed investors."
'via Blog this'
"The world's largest private equity fund, backed by Japan's Softbank Group and Saudi Arabia's main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.
"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement.
Japanese billionaire Masayoshi Son, chairman of Softbank, a telecommunications and tech investment group, revealed plans for the fund last October and since then it has obtained commitments from some of the world's most deep-pocketed investors."
'via Blog this'
From suspicion to engagement: OPEC, hedge funds and the Sistine Chapel | Reuters
From suspicion to engagement: OPEC, hedge funds and the Sistine Chapel | Reuters:
"It was an unconventional venue for an unusual encounter.
In the Vatican's Sistine Chapel in the summer of 2016, OPEC's new secretary general Mohammed Barkindo bumped into Citigroup's global head of commodities research Ed Morse.
Their chat, at an energy industry event held in the Chapel, led to a series of meetings that have reshaped the way the Organization of the Petroleum Exporting Countries interacts with the hedge funds and trading houses that influence world oil markets."
'via Blog this'
"It was an unconventional venue for an unusual encounter.
In the Vatican's Sistine Chapel in the summer of 2016, OPEC's new secretary general Mohammed Barkindo bumped into Citigroup's global head of commodities research Ed Morse.
Their chat, at an energy industry event held in the Chapel, led to a series of meetings that have reshaped the way the Organization of the Petroleum Exporting Countries interacts with the hedge funds and trading houses that influence world oil markets."
'via Blog this'
Why the Permian Basin Is OPEC's New Headache: QuickTake Q&A - Bloomberg
Why the Permian Basin Is OPEC's New Headache: QuickTake Q&A - Bloomberg:
"A dry expanse straddling the Texas-New Mexico border has become such a bounty of energy that it’s now a threat to OPEC. Surging output from the Permian Basin, which has been described as a layer cake of oil and natural gas, is projected to help push U.S. crude production to a record next year, making it harder for members and partners of the Organization of Petroleum Exporting Countries to move prices higher and lower by controlling the supply to the world. As technology improves, and geologists learn more about what’s underground, estimates of Permian reserves steadily increase."
'via Blog this'
"A dry expanse straddling the Texas-New Mexico border has become such a bounty of energy that it’s now a threat to OPEC. Surging output from the Permian Basin, which has been described as a layer cake of oil and natural gas, is projected to help push U.S. crude production to a record next year, making it harder for members and partners of the Organization of Petroleum Exporting Countries to move prices higher and lower by controlling the supply to the world. As technology improves, and geologists learn more about what’s underground, estimates of Permian reserves steadily increase."
'via Blog this'
Rouhani Win Seen Speeding Iran Oil-Deals Push Amid Trump Threat - Bloomberg
Rouhani Win Seen Speeding Iran Oil-Deals Push Amid Trump Threat - Bloomberg:
"Iranian President Hassan Rouhani is in a stronger position after his re-election to push through plans for wooing foreign investors the country needs to boost oil production, according to analysts at Cornerstone Global Associates and SVB Energy. Iran’s effort to attract about $100 billion to develop more than 50 oil and natural gas fields bogged down ahead of the May 19 presidential election. Political arguments stalled approval of the contract terms the government would offer, and U.S. financial sanctions -- and the potential threat of additional curbs -- continue to dissuade many would-be international investors. Rouhani defeated rivals in a landslide, winning about 57 percent of the vote. As his victory was announced on Saturday, U.S. President Donald Trump was in Saudi Arabia, Iran’s regional rival, bolstering a coalition of states opposed to the Islamic republic. Trump has said the nuclear accord that world powers reached with Iran is one of the worst deals he’s seen and is reviewing policy toward the country. "
'via Blog this'
"Iranian President Hassan Rouhani is in a stronger position after his re-election to push through plans for wooing foreign investors the country needs to boost oil production, according to analysts at Cornerstone Global Associates and SVB Energy. Iran’s effort to attract about $100 billion to develop more than 50 oil and natural gas fields bogged down ahead of the May 19 presidential election. Political arguments stalled approval of the contract terms the government would offer, and U.S. financial sanctions -- and the potential threat of additional curbs -- continue to dissuade many would-be international investors. Rouhani defeated rivals in a landslide, winning about 57 percent of the vote. As his victory was announced on Saturday, U.S. President Donald Trump was in Saudi Arabia, Iran’s regional rival, bolstering a coalition of states opposed to the Islamic republic. Trump has said the nuclear accord that world powers reached with Iran is one of the worst deals he’s seen and is reviewing policy toward the country. "
'via Blog this'
MIDEAST STOCKS-Egypt hit by surprise interest rate hike, Qatar leads in Gulf | Reuters
MIDEAST STOCKS-Egypt hit by surprise interest rate hike, Qatar leads in Gulf | Reuters:
"Egypt's stock market fell sharply in early trade on Monday after an unexpected move by the central bank to raise key interest rates while in the Gulf Qatar outperformed an otherwise quiet market.
All but three of the 30 most traded stocks in Egypt declined after 25 minutes of trade knocking the stock index 1.7 percent lower.
At a meeting of its Monetary Policy Committee, the central bank hiked its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to 17.75 from 15.75 percent. This was the bank's first increase in rates since an aggressive hike of 300 basis points in November."
'via Blog this'
"Egypt's stock market fell sharply in early trade on Monday after an unexpected move by the central bank to raise key interest rates while in the Gulf Qatar outperformed an otherwise quiet market.
All but three of the 30 most traded stocks in Egypt declined after 25 minutes of trade knocking the stock index 1.7 percent lower.
At a meeting of its Monetary Policy Committee, the central bank hiked its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to 17.75 from 15.75 percent. This was the bank's first increase in rates since an aggressive hike of 300 basis points in November."
'via Blog this'
Sunday, 21 May 2017
MIDEAST STOCKS-Saudi basks in Trump glow, most of region moves little | Reuters
MIDEAST STOCKS-Saudi basks in Trump glow, most of region moves little | Reuters:
"Saudi Arabia's stock market outperformed a sluggish region on Sunday after U.S. and Saudi companies signed over $200 billion of deals during the visit to Riyadh by President Donald Trump. Few of the deals involved listed Saudi companies, and many had been previously announced, or were merely memorandums of understanding that might never lead to concrete projects. But the positive publicity around the agreements - and the warm welcome given to Trump amid talk of stronger diplomatic and economic ties between the countries - cheered some investors, and the Saudi stock index gained 0.8 percent."
'via Blog this'
"Saudi Arabia's stock market outperformed a sluggish region on Sunday after U.S. and Saudi companies signed over $200 billion of deals during the visit to Riyadh by President Donald Trump. Few of the deals involved listed Saudi companies, and many had been previously announced, or were merely memorandums of understanding that might never lead to concrete projects. But the positive publicity around the agreements - and the warm welcome given to Trump amid talk of stronger diplomatic and economic ties between the countries - cheered some investors, and the Saudi stock index gained 0.8 percent."
'via Blog this'
Saudi wealth fund to back $40bn Blackstone infrastructure vehicle
Saudi wealth fund to back $40bn Blackstone infrastructure vehicle:
"The sovereign wealth fund of Saudi Arabia has unveiled plans to place $20bn with Blackstone, the alternative asset manager, becoming the anchor investor in a new $40bn infrastructure fund that will focus on mainly upgrading US assets.
The two sides announced the non-binding memorandum on Saturday, just hours after US president Donald Trump landed in Riyadh for his first foreign visit since inauguration.
However, both Saudi’s Public Investment Fund and Blackstone stated that the terms were not yet finalised and emphasised that the agreement was the culmination of talks that predated the US president’s election."
'via Blog this'
"The sovereign wealth fund of Saudi Arabia has unveiled plans to place $20bn with Blackstone, the alternative asset manager, becoming the anchor investor in a new $40bn infrastructure fund that will focus on mainly upgrading US assets.
The two sides announced the non-binding memorandum on Saturday, just hours after US president Donald Trump landed in Riyadh for his first foreign visit since inauguration.
However, both Saudi’s Public Investment Fund and Blackstone stated that the terms were not yet finalised and emphasised that the agreement was the culmination of talks that predated the US president’s election."
'via Blog this'
SoftBank Closes Funding For Record $93 Billion Investment Fund - Bloomberg
SoftBank Closes Funding For Record $93 Billion Investment Fund - Bloomberg:
"SoftBank Group Corp. and Saudi Arabia formally announced the first round of capital commitments for the largest-ever technology investment fund, as founder Masayoshi Son seeks to accelerate his financing of cutting-edge technologies and startups.
More than $93 billion has been secured from backers led by the Japanese company and Saudi Arabia’s Public Investment Fund, SoftBank said in a statement Saturday. Abu Dhabi’s Mubadala Investment Co., Apple Inc., Qualcomm Inc., Foxconn Technology Group and Sharp Corp. are also investing, and SoftBank aims to reach $100 billion with a final close within six months. Mubadala committed $15 billion, according to a separate statement.
The Vision Fund will allow the billionaire Son to cut even more ambitious deals than he’s been able to do with his highly leveraged company. He has used money from his domestic telecom operations to pay for investments in startups in China, India and the U.S. and for acquisitions of larger companies such as U.K. chipmaker ARM Holdings Plc and U.S. wireless operator Sprint Corp. Now he sees richer opportunities than ever before in areas like artificial intelligence and the Internet of Things.
"
'via Blog this'
"SoftBank Group Corp. and Saudi Arabia formally announced the first round of capital commitments for the largest-ever technology investment fund, as founder Masayoshi Son seeks to accelerate his financing of cutting-edge technologies and startups.
More than $93 billion has been secured from backers led by the Japanese company and Saudi Arabia’s Public Investment Fund, SoftBank said in a statement Saturday. Abu Dhabi’s Mubadala Investment Co., Apple Inc., Qualcomm Inc., Foxconn Technology Group and Sharp Corp. are also investing, and SoftBank aims to reach $100 billion with a final close within six months. Mubadala committed $15 billion, according to a separate statement.
The Vision Fund will allow the billionaire Son to cut even more ambitious deals than he’s been able to do with his highly leveraged company. He has used money from his domestic telecom operations to pay for investments in startups in China, India and the U.S. and for acquisitions of larger companies such as U.K. chipmaker ARM Holdings Plc and U.S. wireless operator Sprint Corp. Now he sees richer opportunities than ever before in areas like artificial intelligence and the Internet of Things.
"
'via Blog this'
Saudi Billionaire Says Companies Struggled to 'Absorb' Reforms - Bloomberg
Saudi Billionaire Says Companies Struggled to 'Absorb' Reforms - Bloomberg:
"Saudi Arabia lined up prominent officials and CEOs to promote plans to wean the economy off oil on the first day of President Donald Trump’s visit to Riyadh. Among them was one of the kingdom’s richest women.
Delivering rare public remarks in her home country, billionaire businesswoman Lubna Al-Olayan said companies have struggled with the magnitude of changes imposed by authorities in the first year of the so-called Vision 2030 plan. She, however, praised the “open discussion” between the government and the local business community."
'via Blog this'
"Saudi Arabia lined up prominent officials and CEOs to promote plans to wean the economy off oil on the first day of President Donald Trump’s visit to Riyadh. Among them was one of the kingdom’s richest women.
Delivering rare public remarks in her home country, billionaire businesswoman Lubna Al-Olayan said companies have struggled with the magnitude of changes imposed by authorities in the first year of the so-called Vision 2030 plan. She, however, praised the “open discussion” between the government and the local business community."
'via Blog this'
Saudi oil minister: continuing cuts, adding small producers to deal will reduce inventories | Reuters
Saudi oil minister: continuing cuts, adding small producers to deal will reduce inventories | Reuters:
"Saudi Arabia believes continuing an agreement among global oil producers to cut output, and adding one or two small producers to the deal, will reduce oil inventories sufficiently, energy minister Khalid al-Falih said on Sunday. "We believe that continuation with the same level of cuts, plus eventually adding one or two small producers...will be more than adequate to bring the five-year balance to where they need to be by the end of the first quarter 2018," he said. Falih was speaking at a news conference before this week's talks between global oil producers on whether to extend their output deal, which expires in June."
'via Blog this'
"Saudi Arabia believes continuing an agreement among global oil producers to cut output, and adding one or two small producers to the deal, will reduce oil inventories sufficiently, energy minister Khalid al-Falih said on Sunday. "We believe that continuation with the same level of cuts, plus eventually adding one or two small producers...will be more than adequate to bring the five-year balance to where they need to be by the end of the first quarter 2018," he said. Falih was speaking at a news conference before this week's talks between global oil producers on whether to extend their output deal, which expires in June."
'via Blog this'
Trump Toast of Town in Saudi Arabia as Talks Turn to Politics - Bloomberg
Trump Toast of Town in Saudi Arabia as Talks Turn to Politics - Bloomberg:
"U.S. President Donald Trump was feted again on Sunday, the second day of his trip to Saudi Arabia, as he began a series of meetings with Arab leaders that will focus on combating terrorism and containing Iran’s influence in the region. Sitting next to President Abdel-Fattah El-Sisi at the Ritz-Carlton hotel in Riyadh, Trump praised the Egyptian leader for what he said were successful efforts to fight terrorism under “trying circumstances.”"
'via Blog this'
"U.S. President Donald Trump was feted again on Sunday, the second day of his trip to Saudi Arabia, as he began a series of meetings with Arab leaders that will focus on combating terrorism and containing Iran’s influence in the region. Sitting next to President Abdel-Fattah El-Sisi at the Ritz-Carlton hotel in Riyadh, Trump praised the Egyptian leader for what he said were successful efforts to fight terrorism under “trying circumstances.”"
'via Blog this'
MIDEAST STOCKS-Saudi, UAE bourses firm after oil price rebound | Reuters
MIDEAST STOCKS-Saudi, UAE bourses firm after oil price rebound | Reuters:
"Stock markets in Saudi Arabia and the United Arab Emirates rose in early trade on Sunday, with Saudi petrochemical shares particularly strong, after oil prices rebounded at the end of last week.
The Saudi stock index added 1.0 percent in the first 50 minutes as Saudi Basic Industries, the top petrochemical producer, gained by the same margin.
Mining company Ma'aden rose 2.9 percent. Among tens of billions of dollars worth of deals announced by U.S. companies on Saturday during President Donald Trump's visit to Riyadh, GE said it would provide technology to Ma'aden to reduce its energy costs and boost efficiency."
'via Blog this'
"Stock markets in Saudi Arabia and the United Arab Emirates rose in early trade on Sunday, with Saudi petrochemical shares particularly strong, after oil prices rebounded at the end of last week.
The Saudi stock index added 1.0 percent in the first 50 minutes as Saudi Basic Industries, the top petrochemical producer, gained by the same margin.
Mining company Ma'aden rose 2.9 percent. Among tens of billions of dollars worth of deals announced by U.S. companies on Saturday during President Donald Trump's visit to Riyadh, GE said it would provide technology to Ma'aden to reduce its energy costs and boost efficiency."
'via Blog this'
Saturday, 20 May 2017
Rouhani Wins Re-election in Iran by a Wide Margin - The New York Times
Rouhani Wins Re-election in Iran by a Wide Margin - The New York Times:
"Riding a large turnout from Iran’s urban middle classes, President Hassan Rouhani won re-election in a landslide on Saturday, giving him a mandate to continue his quest to expand personal freedoms and open Iran’s ailing economy to global investors. Perhaps as important, analysts say, the resounding victory should enable him to strengthen the position of the moderate and reformist faction as the country prepares for the end of the rule of the 78-year-old supreme leader, Ayatollah Ali Khamenei. With most of the votes from Friday’s election counted, the Interior Ministry said Mr. Rouhani had won 22.8 million, soundly defeating his chief opponent, Ebrahim Raisi, who received 15.5 million. Iranian state television congratulated Mr. Rouhani on his victory. Turnout was heavy, with about 40 million of Iran’s 56 million voters, more than 70 percent, casting ballots."
'via Blog this'
"Riding a large turnout from Iran’s urban middle classes, President Hassan Rouhani won re-election in a landslide on Saturday, giving him a mandate to continue his quest to expand personal freedoms and open Iran’s ailing economy to global investors. Perhaps as important, analysts say, the resounding victory should enable him to strengthen the position of the moderate and reformist faction as the country prepares for the end of the rule of the 78-year-old supreme leader, Ayatollah Ali Khamenei. With most of the votes from Friday’s election counted, the Interior Ministry said Mr. Rouhani had won 22.8 million, soundly defeating his chief opponent, Ebrahim Raisi, who received 15.5 million. Iranian state television congratulated Mr. Rouhani on his victory. Turnout was heavy, with about 40 million of Iran’s 56 million voters, more than 70 percent, casting ballots."
'via Blog this'
Friday, 19 May 2017
Central Bank turns attention to complaints of mis-selling investment products | The National
Central Bank turns attention to complaints of mis-selling investment products | The National:
"Bank customers in the UAE will now receive greater protection against the mis-selling of savings, investment or life insurance policies under the latest regulatory crackdown. The Central Bank of the UAE issued a circular this month advising banks and finance companies to resolve all outstanding mis-selling complaints "amicably" and within a deadline of just 90 days. It issued the circular in response to "an increasing number of complaints in relation to the savings and investment insurance/takaful products". The mis-selling complaints all have a common theme, with customers sold policies that are "complex in nature and are not well understood", according to the circular, seen by The National. These contractual and fixed-term savings or investment plans have been created by the largest global insurance companies and have been criticised by experts as the most expensive financial products available anywhere in the world. These plans have not been licensed to be sold to consumers for many years now in countries like the United Kingdom."
'via Blog this'
"Bank customers in the UAE will now receive greater protection against the mis-selling of savings, investment or life insurance policies under the latest regulatory crackdown. The Central Bank of the UAE issued a circular this month advising banks and finance companies to resolve all outstanding mis-selling complaints "amicably" and within a deadline of just 90 days. It issued the circular in response to "an increasing number of complaints in relation to the savings and investment insurance/takaful products". The mis-selling complaints all have a common theme, with customers sold policies that are "complex in nature and are not well understood", according to the circular, seen by The National. These contractual and fixed-term savings or investment plans have been created by the largest global insurance companies and have been criticised by experts as the most expensive financial products available anywhere in the world. These plans have not been licensed to be sold to consumers for many years now in countries like the United Kingdom."
'via Blog this'
Damac Properties managing director Ziad El Chaar resigns | The National
Damac Properties managing director Ziad El Chaar resigns | The National:
"Damac Properties, the Dubai property developer, said that its managing director and executive board member Ziad El Chaar has resigned.
The company did not say when the resignation takes or took effect, nor did it name a replacement. It said, however, in a regulatory filing to the Dubai stock exchange that Ossama Abbas would assume the responsibilities of general sales.
"We regretfully announce the departure of Mr El Chaar but wish to thank him wholeheartedly for the outstanding efforts during his time with Damac and the many achievements he spearheaded during this period," said Hussain Sajwani, the chairman of Damac Properties."
'via Blog this'
"Damac Properties, the Dubai property developer, said that its managing director and executive board member Ziad El Chaar has resigned.
The company did not say when the resignation takes or took effect, nor did it name a replacement. It said, however, in a regulatory filing to the Dubai stock exchange that Ossama Abbas would assume the responsibilities of general sales.
"We regretfully announce the departure of Mr El Chaar but wish to thank him wholeheartedly for the outstanding efforts during his time with Damac and the many achievements he spearheaded during this period," said Hussain Sajwani, the chairman of Damac Properties."
'via Blog this'
Etihad Airways’ $4 Billion Expansion Plan Stalls - Bloomberg
Etihad Airways’ $4 Billion Expansion Plan Stalls - Bloomberg:
"In 2011, Etihad Airways Chief Executive Officer James Hogan hatched a bold strategy to catch up with the airline’s more established Persian Gulf rivals: buying stakes in smaller, cash-hungry carriers across three continents to cobble together enough passengers to propel the Abu Dhabi-based company into the ranks of the global aviation elite. But after more than $4 billion of share purchases, bond buyouts, and other investments, the wannabe airline superpower has little to show for its long-odds gamble.
“Etihad was seeking the equivalent of five years of organic growth overnight, but shortcuts in aviation rarely work,” says aviation analyst Mark Martin, who heads Dubai-based Martin Consultancy LLC. “Mostly you’re buying into bad debt, bad mistakes—and skeletons in the cupboard.”
That reality hit home on May 2 when Italy’s Alitalia SpA, in which Etihad holds a 49 percent stake after pouring in about €1 billion ($1.1 billion), filed for bankruptcy amid mounting losses. Meanwhile, Air Berlin Plc, the biggest beneficiary of Etihad’s largesse after receiving $2 billion, is bleeding red ink after being caught in a squeeze between lower-cost carriers and No. 1 German airline Deutsche Lufthansa AG."
'via Blog this'
"In 2011, Etihad Airways Chief Executive Officer James Hogan hatched a bold strategy to catch up with the airline’s more established Persian Gulf rivals: buying stakes in smaller, cash-hungry carriers across three continents to cobble together enough passengers to propel the Abu Dhabi-based company into the ranks of the global aviation elite. But after more than $4 billion of share purchases, bond buyouts, and other investments, the wannabe airline superpower has little to show for its long-odds gamble.
“Etihad was seeking the equivalent of five years of organic growth overnight, but shortcuts in aviation rarely work,” says aviation analyst Mark Martin, who heads Dubai-based Martin Consultancy LLC. “Mostly you’re buying into bad debt, bad mistakes—and skeletons in the cupboard.”
That reality hit home on May 2 when Italy’s Alitalia SpA, in which Etihad holds a 49 percent stake after pouring in about €1 billion ($1.1 billion), filed for bankruptcy amid mounting losses. Meanwhile, Air Berlin Plc, the biggest beneficiary of Etihad’s largesse after receiving $2 billion, is bleeding red ink after being caught in a squeeze between lower-cost carriers and No. 1 German airline Deutsche Lufthansa AG."
'via Blog this'
Alabbar Noon Venture With Saudi Fund Said to Let Dubai Staff Go - Bloomberg
Alabbar Noon Venture With Saudi Fund Said to Let Dubai Staff Go - Bloomberg:
"Noon, the e-commerce venture of Dubai businessman Mohamed Alabbar partly funded by Saudi Arabia’s Public Investment Fund, let go of dozens of staffers in Dubai amid delays to rolling out the app, according to four people familiar with the matter. Members from all departments, as well as contractors and vendors were let go, the people said, asking not to be identified as they aren’t authorized to speak to the media. Two of them said that there is still some hiring taking place. “Due to the shift in our operational base and the need for even greater efficiencies, there have been nominal staff reallocations and changes,” Noon said in an emailed statement Thursday. “Any rumors to the contrary are exaggerated and incorrect.”"
'via Blog this'
"Noon, the e-commerce venture of Dubai businessman Mohamed Alabbar partly funded by Saudi Arabia’s Public Investment Fund, let go of dozens of staffers in Dubai amid delays to rolling out the app, according to four people familiar with the matter. Members from all departments, as well as contractors and vendors were let go, the people said, asking not to be identified as they aren’t authorized to speak to the media. Two of them said that there is still some hiring taking place. “Due to the shift in our operational base and the need for even greater efficiencies, there have been nominal staff reallocations and changes,” Noon said in an emailed statement Thursday. “Any rumors to the contrary are exaggerated and incorrect.”"
'via Blog this'
CORRECTED-UAE Exchange Group targets up to $300 mln in acquisitions | Reuters
CORRECTED-UAE Exchange Group targets up to $300 mln in acquisitions | Reuters:
"UAE Exchange Group, a global remittance and foreign exchange business, aims to spend between $250 million and $300 million on acquisitions to build its global market share, its chief executive said. The group aims to increase its share of the $575 billion global remittance industry to more than 10 percent by 2020, from 6.75 percent currently, Promoth Manghat said. "The group is exploring multiple bolt-on acquisition opportunities as well as strategic investments in remittances and payments space with a specific focus on fintech (and) digital," Manghat said."
'via Blog this'
"UAE Exchange Group, a global remittance and foreign exchange business, aims to spend between $250 million and $300 million on acquisitions to build its global market share, its chief executive said. The group aims to increase its share of the $575 billion global remittance industry to more than 10 percent by 2020, from 6.75 percent currently, Promoth Manghat said. "The group is exploring multiple bolt-on acquisition opportunities as well as strategic investments in remittances and payments space with a specific focus on fintech (and) digital," Manghat said."
'via Blog this'
OPEC panel looking at deepening, extending oil cuts: sources | Reuters
OPEC panel looking at deepening, extending oil cuts: sources | Reuters:
"An OPEC panel reviewing scenarios for next week's policy-setting meeting is looking at the option of deepening and extending an OPEC-led deal to reduce oil output, OPEC sources said on Friday.
OPEC's national representatives - officials representing the 13 member countries - plus officials from OPEC's Vienna secretariat met on Wednesday and Thursday to discuss the market.
The meeting of the Economic Commission Board was scheduled to finish on Thursday but will conclude later on Friday, two OPEC sources said."
'via Blog this'
"An OPEC panel reviewing scenarios for next week's policy-setting meeting is looking at the option of deepening and extending an OPEC-led deal to reduce oil output, OPEC sources said on Friday.
OPEC's national representatives - officials representing the 13 member countries - plus officials from OPEC's Vienna secretariat met on Wednesday and Thursday to discuss the market.
The meeting of the Economic Commission Board was scheduled to finish on Thursday but will conclude later on Friday, two OPEC sources said."
'via Blog this'
Saudi-U.S. Ties Shift as Kingdom Turns to Trump for Investments - Bloomberg
Saudi-U.S. Ties Shift as Kingdom Turns to Trump for Investments - Bloomberg:
"Just a few years back, the business relationship between the U.S. and Saudi Arabia was pretty simple: The Americans bought oil, and the Saudis spent much of what they earned on equipment to keep the crude flowing and on planes, tanks, and missiles to protect their borders. With crude prices down by half over the past three years, U.S. domestic oil production up dramatically, and the kingdom embarking on unprecedented economic reforms -- including the sale of a stake in its state-owned oil company -- the leverage is shifting toward the Americans as the U.S. emerges as a rival energy exporter. The changing relationship will come into sharp focus this weekend, as American corporate titans visit Riyadh for an investment summit scheduled to coincide with Donald Trump’s first foreign trip as U.S. president. “At this point, the Saudis need the U.S. more than the reverse,” said Philippe Dauba-Pantanacce, global geopolitical strategist at Standard Chartered Plc in the U.K. “They need foreign direct investment to transform the economy, and the U.S. doesn’t need oil anymore.”"
'via Blog this'
"Just a few years back, the business relationship between the U.S. and Saudi Arabia was pretty simple: The Americans bought oil, and the Saudis spent much of what they earned on equipment to keep the crude flowing and on planes, tanks, and missiles to protect their borders. With crude prices down by half over the past three years, U.S. domestic oil production up dramatically, and the kingdom embarking on unprecedented economic reforms -- including the sale of a stake in its state-owned oil company -- the leverage is shifting toward the Americans as the U.S. emerges as a rival energy exporter. The changing relationship will come into sharp focus this weekend, as American corporate titans visit Riyadh for an investment summit scheduled to coincide with Donald Trump’s first foreign trip as U.S. president. “At this point, the Saudis need the U.S. more than the reverse,” said Philippe Dauba-Pantanacce, global geopolitical strategist at Standard Chartered Plc in the U.K. “They need foreign direct investment to transform the economy, and the U.S. doesn’t need oil anymore.”"
'via Blog this'
Thursday, 18 May 2017
MIDEAST STOCKS-MSCI shares pose main drag on Gulf as global markets skid | Reuters
MIDEAST STOCKS-MSCI shares pose main drag on Gulf as global markets skid | Reuters:
"Stock markets in the Middle East most exposed to foreign fund flows followed global shares lower on Thursday, while the Saudi Arabian index, dominated by local investors, outperformed the region for the day and the week. Dubai's index lost 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments slumped 4.3 percent and Emaar Properties fell 0.8 percent. Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank losing 0.4 percent and telecommunications operator Etisalat down 0.3 percent. The index closed 0.3 percent lower."
'via Blog this'
"Stock markets in the Middle East most exposed to foreign fund flows followed global shares lower on Thursday, while the Saudi Arabian index, dominated by local investors, outperformed the region for the day and the week. Dubai's index lost 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments slumped 4.3 percent and Emaar Properties fell 0.8 percent. Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank losing 0.4 percent and telecommunications operator Etisalat down 0.3 percent. The index closed 0.3 percent lower."
'via Blog this'
Algeria Says Most Nations in OPEC Deal Back Nine-Month Extension - Bloomberg
Algeria Says Most Nations in OPEC Deal Back Nine-Month Extension - Bloomberg:
"Algeria, the African oil producer that was instrumental in crafting OPEC’s historic output deal last year, said most participating nations back a nine-month extension of the cuts. “Most of the countries support the proposition of Russia and Saudi Arabia to extend,” Algerian Energy Minister Noureddine Boutarfa said Thursday in Moscow after talks with his Russian counterpart, Alexander Novak. Algeria also favors that course of action, and is “optimistic for an agreement,” he said. Signatories to a deal struck between the Organization of Petroleum Exporting Countries and its allies, including Russia, late last year will meet May 25 in Vienna to discuss prolonging the supply curbs. Saudi Arabia and Russia said Monday they favor extending the agreement through the first quarter of 2018 to reduce bloated global inventories to the five-year average."
'via Blog this'
"Algeria, the African oil producer that was instrumental in crafting OPEC’s historic output deal last year, said most participating nations back a nine-month extension of the cuts. “Most of the countries support the proposition of Russia and Saudi Arabia to extend,” Algerian Energy Minister Noureddine Boutarfa said Thursday in Moscow after talks with his Russian counterpart, Alexander Novak. Algeria also favors that course of action, and is “optimistic for an agreement,” he said. Signatories to a deal struck between the Organization of Petroleum Exporting Countries and its allies, including Russia, late last year will meet May 25 in Vienna to discuss prolonging the supply curbs. Saudi Arabia and Russia said Monday they favor extending the agreement through the first quarter of 2018 to reduce bloated global inventories to the five-year average."
'via Blog this'
MIDEAST STOCKS-MSCI EM constituents weigh on Gulf, Saudi flat ahead of Trump visit | Reuters
MIDEAST STOCKS-MSCI EM constituents weigh on Gulf, Saudi flat ahead of Trump visit | Reuters:
"Stock markets in the Gulf most exposed to foreign fund flows followed global shares lower in early trade on Thursday, while the Saudi Arabian index, dominated by local investors, barely moved.
Dubai's index was down 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments lost 2.6 percent and Emaar Properties was down 0.9 percent.
Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank and Aldar Properties each dropping 0.9 percent. The index was down 0.5 percent."
'via Blog this'
"Stock markets in the Gulf most exposed to foreign fund flows followed global shares lower in early trade on Thursday, while the Saudi Arabian index, dominated by local investors, barely moved.
Dubai's index was down 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments lost 2.6 percent and Emaar Properties was down 0.9 percent.
Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank and Aldar Properties each dropping 0.9 percent. The index was down 0.5 percent."
'via Blog this'
Donald Trump Jr., Dubai Business Partner Discuss 'New Ideas' - Bloomberg
Donald Trump Jr., Dubai Business Partner Discuss 'New Ideas' - Bloomberg:
"Donald Trump Jr. traveled to Dubai and met a billionaire business partner in the city-state, discussing "new ideas" as the Emirati's real estate firm still lists possible plans for future joint projects while Trump's father is in the White House. The Trump Organization has said it won't make new foreign deals while Donald Trump serves as America's 45th president. That didn't affect the Trump International Golf Club in Dubai's opening in February , while a previously planned Trump-branded golf course designed by Tiger Woods is still being built nearby. Both projects are being built by Dubai's DAMAC Properties, owned by Emirati billionaire Hussain Sajwani. His company has paid the Trump Organization's subsidiaries between $1 million to $5 million for the projects, according to a U.S. Federal Election Committee report submitted in May."
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"Donald Trump Jr. traveled to Dubai and met a billionaire business partner in the city-state, discussing "new ideas" as the Emirati's real estate firm still lists possible plans for future joint projects while Trump's father is in the White House. The Trump Organization has said it won't make new foreign deals while Donald Trump serves as America's 45th president. That didn't affect the Trump International Golf Club in Dubai's opening in February , while a previously planned Trump-branded golf course designed by Tiger Woods is still being built nearby. Both projects are being built by Dubai's DAMAC Properties, owned by Emirati billionaire Hussain Sajwani. His company has paid the Trump Organization's subsidiaries between $1 million to $5 million for the projects, according to a U.S. Federal Election Committee report submitted in May."
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Kuwait Finance House Said to Weigh Buying Ahli United Local Unit - Bloomberg
Kuwait Finance House Said to Weigh Buying Ahli United Local Unit - Bloomberg:
"Kuwait Finance House KSCP is considering buying Ahli United Bank BSC’s Kuwaiti operations as it seeks to expand in the Persian Gulf state, according to people familiar with the matter.
KFH, as the lender is known, is working with a financial adviser on the talks, the people said, asking not to be identified because the information is private. Discussions between the two banks are informal and Bahrain’s Ahli United isn’t running a formal sale process, the people said. There is no guarantee that a deal will take place and final agreements haven’t been reached with any of the parties, they said."
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"Kuwait Finance House KSCP is considering buying Ahli United Bank BSC’s Kuwaiti operations as it seeks to expand in the Persian Gulf state, according to people familiar with the matter.
KFH, as the lender is known, is working with a financial adviser on the talks, the people said, asking not to be identified because the information is private. Discussions between the two banks are informal and Bahrain’s Ahli United isn’t running a formal sale process, the people said. There is no guarantee that a deal will take place and final agreements haven’t been reached with any of the parties, they said."
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Saudis Have a Red Carpet Ready for Trump, and a Steep Wish-List - Bloomberg
Saudis Have a Red Carpet Ready for Trump, and a Steep Wish-List - Bloomberg:
"Saudi Arabia is putting on a show for Donald Trump on his first overseas trip as U.S. president. Muslim leaders will assemble in Riyadh, and there’ll be an exhibition of classic American cars as well as sports matches and concerts. An online clock counts down the seconds until the big day.
Behind the pageantry are high expectations that won’t be easy to meet.
Among Gulf leaders, enthusiasm for Trump -- who looks increasingly embattled at home -- is driven by the desire for a like-minded partner in the oil-rich kingdom’s struggle against Iran, its main Middle Eastern rival. That, to Saudi eyes, overrides his record of anti-Islamic rhetoric on the campaign trail, and his attempt to bar some Muslims from entering the U.S. once he took office."
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"Saudi Arabia is putting on a show for Donald Trump on his first overseas trip as U.S. president. Muslim leaders will assemble in Riyadh, and there’ll be an exhibition of classic American cars as well as sports matches and concerts. An online clock counts down the seconds until the big day.
Behind the pageantry are high expectations that won’t be easy to meet.
Among Gulf leaders, enthusiasm for Trump -- who looks increasingly embattled at home -- is driven by the desire for a like-minded partner in the oil-rich kingdom’s struggle against Iran, its main Middle Eastern rival. That, to Saudi eyes, overrides his record of anti-Islamic rhetoric on the campaign trail, and his attempt to bar some Muslims from entering the U.S. once he took office."
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