Tuesday, 17 January 2017
Saudi Arabia energy minister downplays US shale threat
Saudi Arabia energy minister downplays US shale threat:
"Saudi Arabia’s energy minister said Tuesday that Opec had little to fear from an immediate recovery in the US shale oil industry, with production unlikely to rise substantially in the near future. Khalid al Falih, speaking at the World Economic Forum in Davos, said that while US output has rebounded in recent months he did not believe the US could add 2-4m barrels a day to keep up with demand growth any time soon. “What has been tapped recently is the most prolific areas,” Mr Falih said of the US shale industry. “As demand rises they will go to the more expensive, more difficult, less prolific areas in the shale and they will find that they need higher prices.”"
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"Saudi Arabia’s energy minister said Tuesday that Opec had little to fear from an immediate recovery in the US shale oil industry, with production unlikely to rise substantially in the near future. Khalid al Falih, speaking at the World Economic Forum in Davos, said that while US output has rebounded in recent months he did not believe the US could add 2-4m barrels a day to keep up with demand growth any time soon. “What has been tapped recently is the most prolific areas,” Mr Falih said of the US shale industry. “As demand rises they will go to the more expensive, more difficult, less prolific areas in the shale and they will find that they need higher prices.”"
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Masdar takes 25% stake in North Sea wind farm | The National
Masdar takes 25% stake in North Sea wind farm | The National:
"The Mubadala clean energy company Masdar has taken a 25 per cent stake in Hywind Scotland, a 30 megawatt floating offshore pilot wind farm in the North Sea, the company said on Tuesday at the World Future Energy Summit. Masdar will share the development costs with Statoil while covering a quarter of the total outlay for the project, due to be completed later this year. "When complete, Hywind Scotland will be the first floating wind farm in the UK and its novel technology offers vast, global potential," said Keith Brown, the Scottish Parliament cabinet secretary."
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"The Mubadala clean energy company Masdar has taken a 25 per cent stake in Hywind Scotland, a 30 megawatt floating offshore pilot wind farm in the North Sea, the company said on Tuesday at the World Future Energy Summit. Masdar will share the development costs with Statoil while covering a quarter of the total outlay for the project, due to be completed later this year. "When complete, Hywind Scotland will be the first floating wind farm in the UK and its novel technology offers vast, global potential," said Keith Brown, the Scottish Parliament cabinet secretary."
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MIDEAST STOCKS-Qatar strong, Saudi recovers, Egypt extends bull run | Reuters
MIDEAST STOCKS-Qatar strong, Saudi recovers, Egypt extends bull run | Reuters:
"Qatar's stock market rose to a multi-month high on Tuesday in the heaviest volume since late November, buoyed by the banking sector, while firmer oil prices supported the rest of the Gulf and foreign investors bought up Egyptian shares. Qatari Islamic bank Masraf Al Rayan jumped 4.0 percent to 40.45 riyals after its board recommended a dividend for 2016 of 2.0 riyals per share, above the 1.75 riyals paid in 2015. It is in talks to merge with two other local lenders. It reported an 8 percent drop in fourth-quarter net profit to 515.0 million riyals ($141.5 million), mid-way between EFG Hermes' forecast of 478.4 million riyals and QNB Financial Services at 549.7 million riyals."
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"Qatar's stock market rose to a multi-month high on Tuesday in the heaviest volume since late November, buoyed by the banking sector, while firmer oil prices supported the rest of the Gulf and foreign investors bought up Egyptian shares. Qatari Islamic bank Masraf Al Rayan jumped 4.0 percent to 40.45 riyals after its board recommended a dividend for 2016 of 2.0 riyals per share, above the 1.75 riyals paid in 2015. It is in talks to merge with two other local lenders. It reported an 8 percent drop in fourth-quarter net profit to 515.0 million riyals ($141.5 million), mid-way between EFG Hermes' forecast of 478.4 million riyals and QNB Financial Services at 549.7 million riyals."
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Russian state bank lent billions to fund privatization deal: reports | Reuters
Russian state bank lent billions to fund privatization deal: reports | Reuters:
"Russian state-owned bank VTB briefly lent over $11 billion to an entity controlled by Qatar and commodities trader Glencore four days after the Kremlin signed a deal to sell them a stake in state oil company Rosneft for a similar amount, two Russian newspapers reported on Tuesday. The existence of the short-term loan, if confirmed, muddies the picture that Kremlin officials painted of the deal, as a successful transaction that showed foreign investors were hungry for Russian assets despite Moscow's stand-off with the West. Russian President Vladimir Putin, who trumpeted the sale late last year of the Rosneft stake as a major boost to the state budget, had previously said Russian state-run banks should not bankroll such transactions."
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"Russian state-owned bank VTB briefly lent over $11 billion to an entity controlled by Qatar and commodities trader Glencore four days after the Kremlin signed a deal to sell them a stake in state oil company Rosneft for a similar amount, two Russian newspapers reported on Tuesday. The existence of the short-term loan, if confirmed, muddies the picture that Kremlin officials painted of the deal, as a successful transaction that showed foreign investors were hungry for Russian assets despite Moscow's stand-off with the West. Russian President Vladimir Putin, who trumpeted the sale late last year of the Rosneft stake as a major boost to the state budget, had previously said Russian state-run banks should not bankroll such transactions."
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Airlines Lufthansa and Etihad 'in merger talks': newspaper | Reuters
Airlines Lufthansa and Etihad 'in merger talks': newspaper | Reuters:
"Germany's Lufthansa (LHAG.DE) and Etihad Airways are in talks to possibly merge the two airlines, Italian newspaper Il Messaggero said in an unsourced report on Tuesday, boosting the German airline's share price.
According to the paper, managers from both companies have for weeks been examining the possibility of Etihad buying a 30-40 percent stake in Lufthansa through a sale of new shares to the Abu Dhabi state-owned airline.
In a second step, the two airlines would look at a full-blown merger, the paper said, adding that the parties would meet shortly to speed up the talks."
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"Germany's Lufthansa (LHAG.DE) and Etihad Airways are in talks to possibly merge the two airlines, Italian newspaper Il Messaggero said in an unsourced report on Tuesday, boosting the German airline's share price.
According to the paper, managers from both companies have for weeks been examining the possibility of Etihad buying a 30-40 percent stake in Lufthansa through a sale of new shares to the Abu Dhabi state-owned airline.
In a second step, the two airlines would look at a full-blown merger, the paper said, adding that the parties would meet shortly to speed up the talks."
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Kuwait closer to first sale of dollar debt
Kuwait closer to first sale of dollar debt:
"Kuwait is finalising plans for its first ever sale of dollar-denominated debt, extending the rush of mega-bond deals from Gulf states grappling with lower oil prices. Bankers from at least two international banks flew to Kuwait City in the first week of January to discuss the emirate’s plan to make its debut on international markets and raise up to $10bn in early 2017. The date of the sale will hinge in part on market reaction to Donald Trump’s first few weeks as US president, said one banker. “The timing is still hazy,” he added. “They want to wait until markets are relatively calm.”"
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"Kuwait is finalising plans for its first ever sale of dollar-denominated debt, extending the rush of mega-bond deals from Gulf states grappling with lower oil prices. Bankers from at least two international banks flew to Kuwait City in the first week of January to discuss the emirate’s plan to make its debut on international markets and raise up to $10bn in early 2017. The date of the sale will hinge in part on market reaction to Donald Trump’s first few weeks as US president, said one banker. “The timing is still hazy,” he added. “They want to wait until markets are relatively calm.”"
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Dubai economic growth cooled last year to slowest since ’09
Dubai economic growth cooled last year to slowest since ’09:
"Dubai’s gross domestic product growth slowed to 2.7 per cent last year, its lowest level since the 2009 recession, as the Gulf’s business hub stumbled amid a regional slowdown triggered by two years of lower oil prices. Sheikh Ahmed bin Saeed Al Maktoum, one of Dubai’s top economic decision-makers, said growth had come despite “a changing and challenging international economy,” characterised by weak growth in developing and emerging economies and slowing world trade growth of 1.7 per cent in 2016. Sheikh Ahmed, who chairs fast-growing state owned airline Emirates, forecast GDP growth would increase to 3.1 per cent next year as oil prices stabilise and investment flows increase. Growth was 4.1 per cent in 2015 and 3.5 per cent in 2014, according to official statistics. "
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"Dubai’s gross domestic product growth slowed to 2.7 per cent last year, its lowest level since the 2009 recession, as the Gulf’s business hub stumbled amid a regional slowdown triggered by two years of lower oil prices. Sheikh Ahmed bin Saeed Al Maktoum, one of Dubai’s top economic decision-makers, said growth had come despite “a changing and challenging international economy,” characterised by weak growth in developing and emerging economies and slowing world trade growth of 1.7 per cent in 2016. Sheikh Ahmed, who chairs fast-growing state owned airline Emirates, forecast GDP growth would increase to 3.1 per cent next year as oil prices stabilise and investment flows increase. Growth was 4.1 per cent in 2015 and 3.5 per cent in 2014, according to official statistics. "
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Dubai Home Prices Set for Another Year of Decline, CBRE Says - Bloomberg
Dubai Home Prices Set for Another Year of Decline, CBRE Says - Bloomberg:
"Dubai home prices are set for another year of decline with supply outstripping demand even as developers delay the completion of properties, according to real estate adviser CBRE Group Inc.
“We expect to see a slight decline in values, which is in line with the drop in 2016,” said Nick Maclean, CBRE Group Inc.’s managing director for the Middle East. CBRE estimated apartment prices fell 4.6 percent on average last year, while single-family homes slid 6.5 percent. Rents also dropped about 4 percent.
Residential values in Dubai have been declining since the second quarter of 2014 as weak job growth and ballooning supply drives values and rents lower. Transactions by value dropped about 20 percent last year compared with 2015 as the city’s traditional investors from the Persian Gulf, Russia and the U.K. were hit by lower oil revenue and by the decline of their local currencies against the U.S. dollar to which the United Arab Emirates dirham is pegged."
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"Dubai home prices are set for another year of decline with supply outstripping demand even as developers delay the completion of properties, according to real estate adviser CBRE Group Inc.
“We expect to see a slight decline in values, which is in line with the drop in 2016,” said Nick Maclean, CBRE Group Inc.’s managing director for the Middle East. CBRE estimated apartment prices fell 4.6 percent on average last year, while single-family homes slid 6.5 percent. Rents also dropped about 4 percent.
Residential values in Dubai have been declining since the second quarter of 2014 as weak job growth and ballooning supply drives values and rents lower. Transactions by value dropped about 20 percent last year compared with 2015 as the city’s traditional investors from the Persian Gulf, Russia and the U.K. were hit by lower oil revenue and by the decline of their local currencies against the U.S. dollar to which the United Arab Emirates dirham is pegged."
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Saudi Airline Flynas to Seek IPO Regulatory Approval by Mid-2017 - Bloomberg
Saudi Airline Flynas to Seek IPO Regulatory Approval by Mid-2017 - Bloomberg:
"Saudi budget airline Flynas plans to seek regulatory approval this year for an initial public offering that would make it the first carrier to be listed on the country’s stock exchange, part of a broader effort to diversity the economy in the face of weak oil prices. The closely held carrier, which announced a deal for 80 Airbus Group SE planes on Monday, is working with Banque Saudi Fransi and expects to apply for clearance from Saudi Arabia’s Capital Market Authority by mid-2017, Chief Executive Officer Paul Byrne said in a phone interview. In 2016, Flynas recorded its second profitable year since beginning operations a decade ago, he said, declining to provide figures. “We’ve been profitable for the past couple of years, so it’s something we need to think about,” Byrne said. “The percentage to be floated is up to the shareholders to decide.”"
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"Saudi budget airline Flynas plans to seek regulatory approval this year for an initial public offering that would make it the first carrier to be listed on the country’s stock exchange, part of a broader effort to diversity the economy in the face of weak oil prices. The closely held carrier, which announced a deal for 80 Airbus Group SE planes on Monday, is working with Banque Saudi Fransi and expects to apply for clearance from Saudi Arabia’s Capital Market Authority by mid-2017, Chief Executive Officer Paul Byrne said in a phone interview. In 2016, Flynas recorded its second profitable year since beginning operations a decade ago, he said, declining to provide figures. “We’ve been profitable for the past couple of years, so it’s something we need to think about,” Byrne said. “The percentage to be floated is up to the shareholders to decide.”"
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MIDEAST STOCKS-Oil shares knock Saudi, Qatar bolstered by banks | Reuters
MIDEAST STOCKS-Oil shares knock Saudi, Qatar bolstered by banks | Reuters:
"Weakness among petrochemical producers sent Saudi Arabia stocks lower on Tuesday while Qatar was buoyed by its banking sector.
Saudi Arabia's index edged down 0.2 percent in the first 25 minutes of trade after dropping 1.6 percent on Monday. Saudi Industrial Investment Group fell 3.2 percent.
Dallah Healthcare slipped 0.3 after the company reported a 4.8 percent drop in fourth-quarter net income, citing higher amortisation charges and higher marketing expenses."
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"Weakness among petrochemical producers sent Saudi Arabia stocks lower on Tuesday while Qatar was buoyed by its banking sector.
Saudi Arabia's index edged down 0.2 percent in the first 25 minutes of trade after dropping 1.6 percent on Monday. Saudi Industrial Investment Group fell 3.2 percent.
Dallah Healthcare slipped 0.3 after the company reported a 4.8 percent drop in fourth-quarter net income, citing higher amortisation charges and higher marketing expenses."
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