Mashreq Bank 2016 net profit at Dh1.9b | GulfNews.com:
"Mashreq Bank said on Wednesday net profit for 2016 fell to 1.9 billion, compared to the Dh2.4 billion recorded in 2015.
“While the region weathered tough business conditions in 2016, Mashreq had a reasonable year despite the economic climate and low oil prices,” Abdul Aziz Al Ghurair, Mashreq’s chief executive officer, said in an emailed statement.
Total operating income for 2016 was at Dh6.2 billion, a year-on-year increase of 3.2 per cent compared to 2015 operating income of Dh6 billion."
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Wednesday, 25 January 2017
Europe Chomps Most Iran Oil in Years With Supertankers Due in Days - Bloomberg
Europe Chomps Most Iran Oil in Years With Supertankers Due in Days - Bloomberg:
"Europe is poised to receive the most Iranian crude in about five years this month in a sign that the Persian Gulf nation may be regaining its share of a market it had lost to sanctions. Arrivals on supertankers will reach 622,581 barrels a day in January, the biggest flows for a single month since at least November 2011, according to ship-tracking and European Union data compiled by Bloomberg. Two Iranian supertankers -- Huge and Snow -- are en route, bringing about 4 million barrels between them. Sanctions halted all deliveries back in 2012 and they only restarted early last year as the measures were eased."
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"Europe is poised to receive the most Iranian crude in about five years this month in a sign that the Persian Gulf nation may be regaining its share of a market it had lost to sanctions. Arrivals on supertankers will reach 622,581 barrels a day in January, the biggest flows for a single month since at least November 2011, according to ship-tracking and European Union data compiled by Bloomberg. Two Iranian supertankers -- Huge and Snow -- are en route, bringing about 4 million barrels between them. Sanctions halted all deliveries back in 2012 and they only restarted early last year as the measures were eased."
'via Blog this'
Putin sees success for Glencore, Qatar, Intesa in Russia post-Rosneft deal | Reuters
Putin sees success for Glencore, Qatar, Intesa in Russia post-Rosneft deal | Reuters:
"President Vladimir Putin told trading giant Glencore (GLEN.L), Qatar's sovereign wealth fund, and Italian bank Intesa (ISP.MI) their businesses in Russia would be successful after they took part in the privatisation of a stake in Rosneft (ROSN.MM).
"I want to thank you for your trust, for your decision, want to express confidence that your business in Russia will be developing and developing successfully," Putin told a meeting with the heads of the companies.
The meeting was also attended by Igor Sechin, chief executive of Rosneft, in which the state sold a 19.5 percent stake last month to the consortium of Glencore and the Qatar Investment Authority."
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"President Vladimir Putin told trading giant Glencore (GLEN.L), Qatar's sovereign wealth fund, and Italian bank Intesa (ISP.MI) their businesses in Russia would be successful after they took part in the privatisation of a stake in Rosneft (ROSN.MM).
"I want to thank you for your trust, for your decision, want to express confidence that your business in Russia will be developing and developing successfully," Putin told a meeting with the heads of the companies.
The meeting was also attended by Igor Sechin, chief executive of Rosneft, in which the state sold a 19.5 percent stake last month to the consortium of Glencore and the Qatar Investment Authority."
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MIDEAST STOCKS-Saudi and Kuwait continue uptrends, UAE pulls back | Reuters
MIDEAST STOCKS-Saudi and Kuwait continue uptrends, UAE pulls back | Reuters:
"Stock markets in Saudi Arabia and Kuwait continued uptrends on Wednesday, attracting regional investors' money away from the United Arab Emirates, which pulled back.
The Saudi index rose 0.5 percent, climbing for a fifth straight day. It has been buoyed by hopes for better conditions in the non-oil sector this year as government austerity measures slow.
Builder Khodari, which has been strong in the past week on expectations for a partial recovery of the Saudi construction market, gained 2.6 percent."
'via Blog this'
"Stock markets in Saudi Arabia and Kuwait continued uptrends on Wednesday, attracting regional investors' money away from the United Arab Emirates, which pulled back.
The Saudi index rose 0.5 percent, climbing for a fifth straight day. It has been buoyed by hopes for better conditions in the non-oil sector this year as government austerity measures slow.
Builder Khodari, which has been strong in the past week on expectations for a partial recovery of the Saudi construction market, gained 2.6 percent."
'via Blog this'
Gulf bonds booming as oil producers seek to fill budget holes
Gulf bonds booming as oil producers seek to fill budget holes:
"Until recently, oil-rich Gulf states could afford to ignore global bond markets.
While developed and developing countries issued record sums of debt in the years after the financial crisis, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates used the vast oil wealth to propel themselves to affluence.
The states — members of the six-country Gulf co-operation council — built skyscrapers, schools and motorways while bestowing generous subsidies, creating government jobs and imposing few taxes on their citizens."
'via Blog this'
"Until recently, oil-rich Gulf states could afford to ignore global bond markets.
While developed and developing countries issued record sums of debt in the years after the financial crisis, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates used the vast oil wealth to propel themselves to affluence.
The states — members of the six-country Gulf co-operation council — built skyscrapers, schools and motorways while bestowing generous subsidies, creating government jobs and imposing few taxes on their citizens."
'via Blog this'
Dubai developer Deyaar’s profit falls in 2016 in face of ‘challenging’ market | The National
Dubai developer Deyaar’s profit falls in 2016 in face of ‘challenging’ market | The National:
"Deyaar’s profit fell by a quarter last year despite rising revenue as the Dubai property developer said it faced a "challenging" market.
Net profit fell 25.7 per cent to Dh216 million from Dh291 million a year earlier, according to a filing.
Deyaar said that company revenue for last year increased 66.5 per cent compared with a year ago to Dh428 million. The company said that was mainly because of construction progress at The Atria and Mont Rose hotel apartment projects."
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"Deyaar’s profit fell by a quarter last year despite rising revenue as the Dubai property developer said it faced a "challenging" market.
Net profit fell 25.7 per cent to Dh216 million from Dh291 million a year earlier, according to a filing.
Deyaar said that company revenue for last year increased 66.5 per cent compared with a year ago to Dh428 million. The company said that was mainly because of construction progress at The Atria and Mont Rose hotel apartment projects."
'via Blog this'
Investment Corp of Dubai sets initial price thoughts for 10-year dollar sukuk | GulfNews.com
Investment Corp of Dubai sets initial price thoughts for 10-year dollar sukuk | GulfNews.com:
"Investment Corp of Dubai (ICD), the Dubai government’s main investment arm, set initial price thoughts for a 10-year US dollar sukuk issue in the area of 290 basis points over mid-swaps, a document from arrangers showed on Wednesday. The ijara sukuk, which has a commodity murabaha component, will be benchmark-sized, which is understood to mean at least $500 million (Dh1.8 billion). The issue is expected to be today’s business, the document said. Bookrunners are Citi, Dubai Islamic Bank, Emirates NBD Capital, HSBC, J.P. Morgan, National Bank of Abu Dhabi and Standard Chartered."
'via Blog this'
"Investment Corp of Dubai (ICD), the Dubai government’s main investment arm, set initial price thoughts for a 10-year US dollar sukuk issue in the area of 290 basis points over mid-swaps, a document from arrangers showed on Wednesday. The ijara sukuk, which has a commodity murabaha component, will be benchmark-sized, which is understood to mean at least $500 million (Dh1.8 billion). The issue is expected to be today’s business, the document said. Bookrunners are Citi, Dubai Islamic Bank, Emirates NBD Capital, HSBC, J.P. Morgan, National Bank of Abu Dhabi and Standard Chartered."
'via Blog this'
How Russia sold its oil jewel: without saying who bought it | Reuters
How Russia sold its oil jewel: without saying who bought it | Reuters:
"More than a month after Russia announced one of its biggest privatizations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn't possible to determine from public records the full identities of those who bought it.
The stake was sold for 10.2 billion euros to a Singapore investment vehicle that Rosneft said was a 50/50 joint venture between Qatar and the Swiss oil trading firm Glencore.
Unveiling the deal at a televised meeting with Rosneft's boss Igor Sechin on Dec. 7, President Vladimir Putin called it a sign of international faith in Russia, despite U.S. and EU financial sanctions on Russian firms including Rosneft."
'via Blog this'
"More than a month after Russia announced one of its biggest privatizations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn't possible to determine from public records the full identities of those who bought it.
The stake was sold for 10.2 billion euros to a Singapore investment vehicle that Rosneft said was a 50/50 joint venture between Qatar and the Swiss oil trading firm Glencore.
Unveiling the deal at a televised meeting with Rosneft's boss Igor Sechin on Dec. 7, President Vladimir Putin called it a sign of international faith in Russia, despite U.S. and EU financial sanctions on Russian firms including Rosneft."
'via Blog this'
MIDEAST STOCKS-Gulf mostly firm, Saudi and Kuwait continue uptrends | Reuters
MIDEAST STOCKS-Gulf mostly firm, Saudi and Kuwait continue uptrends | Reuters:
"Gulf stock markets were mostly firm in early trade on Wednesday with Saudi Arabia and Kuwait leading the region up, as they have for several days.
The Saudi index climbed 0.7 percent in the first hour. Builder Khodari, which has been strong in the past week on expectations for a better Saudi construction market this year as austerity steps slow, surged 4.8 percent.
Kuwait's index gained 0.8 percent in heavy trade with activity focused on real estate companies; Abyaar Real Estate jumped 6.9 percent."
'via Blog this'
"Gulf stock markets were mostly firm in early trade on Wednesday with Saudi Arabia and Kuwait leading the region up, as they have for several days.
The Saudi index climbed 0.7 percent in the first hour. Builder Khodari, which has been strong in the past week on expectations for a better Saudi construction market this year as austerity steps slow, surged 4.8 percent.
Kuwait's index gained 0.8 percent in heavy trade with activity focused on real estate companies; Abyaar Real Estate jumped 6.9 percent."
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