Abu Dhabi owners chart new course at Shuaa Capital | The National:
"The new Abu Dhabi-based owners of Shuaa Capital said their strategy to breathe life into the struggling Dubai investment bank would focus on growing assets under its management, leveraging its balance sheet and increasing its business in Saudi Arabia and Egypt. Jassim Alseddiqi, the chairman of Shuaa Capital, said he expected the investment bank’s assets under management to increase to Dh5 billion by end of this year and Dh9bn by 2020 as a result of the new strategy. Shuaa’s current assets under management stand at Dh1.8bn, he said. Mr Alseddiqi is also the managing director and chief executive of the Abu Dhabi Financial Group (ADFG), the majority shareholder of Shuaa Capital."
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Monday, 13 February 2017
OPEC reports big Saudi oil cut, boosting compliance with deal | Reuters
OPEC reports big Saudi oil cut, boosting compliance with deal | Reuters:
"Top OPEC oil producer Saudi Arabia made a large cut in its crude output in January to support prices and lessen a glut, helping boost compliance with the group's supply-reduction deal to a record high of more than 90 percent. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1. Russia and 10 other non-OPEC producers agreed to cut half as much. Supply from the 11 OPEC members with production targets under the deal fell to 29.888 million bpd last month, according to figures from secondary sources that OPEC uses to monitor its output. OPEC published the data in its monthly report on Monday."
'via Blog this'
"Top OPEC oil producer Saudi Arabia made a large cut in its crude output in January to support prices and lessen a glut, helping boost compliance with the group's supply-reduction deal to a record high of more than 90 percent. The Organization of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1. Russia and 10 other non-OPEC producers agreed to cut half as much. Supply from the 11 OPEC members with production targets under the deal fell to 29.888 million bpd last month, according to figures from secondary sources that OPEC uses to monitor its output. OPEC published the data in its monthly report on Monday."
'via Blog this'
MIDEAST STOCKS-Arabtec drags down Dubai index, local sugar revival boosts Egypt food makers | Reuters
MIDEAST STOCKS-Arabtec drags down Dubai index, local sugar revival boosts Egypt food makers | Reuters:
"A slump in shares of Dubai's Arabtec dragged Dubai's stock market lower on Monday after the builder reported a larger fourth-quarter net loss, while other markets were mixed.
Dubai's index dropped 1.8 percent, its largest single-day decline since October 2015, after Arabtec plummeted by its 10 percent daily limit having reported a net loss of 2.95 billion dirhams ($803 million) in the three months to Dec. 31.
The loss was far larger than the loss of 272.8 million dirhams forecast by EFG Hermes and the loss 403.74 million a year earlier.
"
'via Blog this'
"A slump in shares of Dubai's Arabtec dragged Dubai's stock market lower on Monday after the builder reported a larger fourth-quarter net loss, while other markets were mixed.
Dubai's index dropped 1.8 percent, its largest single-day decline since October 2015, after Arabtec plummeted by its 10 percent daily limit having reported a net loss of 2.95 billion dirhams ($803 million) in the three months to Dec. 31.
The loss was far larger than the loss of 272.8 million dirhams forecast by EFG Hermes and the loss 403.74 million a year earlier.
"
'via Blog this'
Kuwait Says OPEC Leaning on Non-Members to Cut More Oil Output - Bloomberg
Kuwait Says OPEC Leaning on Non-Members to Cut More Oil Output - Bloomberg:
"OPEC is urging oil suppliers outside the group to fulfill their commitments to cut output, and crude prices will rise once producers demonstrate better compliance with their agreement to clear a global glut, Kuwait’s oil minister said. The Organization of Petroleum Exporting Countries, which agreed to the cuts with 11 other oil-producing nations in December, is 92 percent compliant with its pledge to reduce output by 1.2 million barrels a day, Oil Minister Essam Al-Marzooq told reporters Monday in Kuwait City. Non-OPEC producers are complying at a lower rate of more than 50 percent, he said. “At the time when producers signed the deal, the initial commitments were to gradually increase cuts until April and May, so we were expecting to see some producers not fulfilling the 100 percent cuts,” Al-Marzooq said. “We understand the circumstances, and in February we are talking to non-OPEC producers to raise their cuts according to their commitments.”"
'via Blog this'
"OPEC is urging oil suppliers outside the group to fulfill their commitments to cut output, and crude prices will rise once producers demonstrate better compliance with their agreement to clear a global glut, Kuwait’s oil minister said. The Organization of Petroleum Exporting Countries, which agreed to the cuts with 11 other oil-producing nations in December, is 92 percent compliant with its pledge to reduce output by 1.2 million barrels a day, Oil Minister Essam Al-Marzooq told reporters Monday in Kuwait City. Non-OPEC producers are complying at a lower rate of more than 50 percent, he said. “At the time when producers signed the deal, the initial commitments were to gradually increase cuts until April and May, so we were expecting to see some producers not fulfilling the 100 percent cuts,” Al-Marzooq said. “We understand the circumstances, and in February we are talking to non-OPEC producers to raise their cuts according to their commitments.”"
'via Blog this'
Saudi Arabia Tells OPEC It Cut Oil Output by Most in 8 Years - Bloomberg
Saudi Arabia Tells OPEC It Cut Oil Output by Most in 8 Years - Bloomberg:
"Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets.
The kingdom reported that it reduced output by 717,600 barrels a day last month to 9.748 million a day, according to a monthly report from the Organization of Petroleum Exporting Countries. The group’s own analysts, who compile data from external sources, estimated that Saudi Arabia made a smaller 496,000 barrel-a-day cut -- in line with last year’s supply agreement."
'via Blog this'
"Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets.
The kingdom reported that it reduced output by 717,600 barrels a day last month to 9.748 million a day, according to a monthly report from the Organization of Petroleum Exporting Countries. The group’s own analysts, who compile data from external sources, estimated that Saudi Arabia made a smaller 496,000 barrel-a-day cut -- in line with last year’s supply agreement."
'via Blog this'
Kuwait Said to Meet Investors Ahead of $9.5 Billion Debut Bond - Bloomberg
Kuwait Said to Meet Investors Ahead of $9.5 Billion Debut Bond - Bloomberg:
"Kuwait will meet investors in the U.S. and U.K. next month as part of plans to raise as much as $9.5 billion in its first international debt sale, according to a person familiar with the matter.
Government officials will travel to London, New York, Boston and Los Angeles between March 5 and March 12, said the person, asking not to be identified as the information is private. A sale could be completed by the end of March or early April, the person said.
The country hired six banks including Citigroup Inc., JPMorgan Chase & Co., and HSBC Holdings Plc as lead managers for the sale, people familiar with the matter said last month. Deutsche Bank AG, Standard Chartered Plc and NBK Capital were hired as advisers, they said."
'via Blog this'
"Kuwait will meet investors in the U.S. and U.K. next month as part of plans to raise as much as $9.5 billion in its first international debt sale, according to a person familiar with the matter.
Government officials will travel to London, New York, Boston and Los Angeles between March 5 and March 12, said the person, asking not to be identified as the information is private. A sale could be completed by the end of March or early April, the person said.
The country hired six banks including Citigroup Inc., JPMorgan Chase & Co., and HSBC Holdings Plc as lead managers for the sale, people familiar with the matter said last month. Deutsche Bank AG, Standard Chartered Plc and NBK Capital were hired as advisers, they said."
'via Blog this'
Saudi's CMA approves listing of two companies on Saudi parallel bourse | Reuters
Saudi's CMA approves listing of two companies on Saudi parallel bourse | Reuters:
"Saudi Arabia's Capital Market Authority (CMA) said on Monday that it had approved public offerings for two companies on its bourse dedicated to small and medium-sized businesses. Roya Real Estate Investment Company will offer 20 percent of itself in its share sale, equivalent to 8.6 million shares, with Thob Al-Aseel Company offering 20 percent of itself in its share sale, equivalent to 1.0 million shares, the CMA said. Both offers will be confined to Qualified Investors stipulated in the Parallel Market Listing rules, the CMA said. Announced in April last year and expected to go live in early 2017, the market is a bid to improve access to capital and encourage better corporate governance."
'via Blog this'
"Saudi Arabia's Capital Market Authority (CMA) said on Monday that it had approved public offerings for two companies on its bourse dedicated to small and medium-sized businesses. Roya Real Estate Investment Company will offer 20 percent of itself in its share sale, equivalent to 8.6 million shares, with Thob Al-Aseel Company offering 20 percent of itself in its share sale, equivalent to 1.0 million shares, the CMA said. Both offers will be confined to Qualified Investors stipulated in the Parallel Market Listing rules, the CMA said. Announced in April last year and expected to go live in early 2017, the market is a bid to improve access to capital and encourage better corporate governance."
'via Blog this'
Oil stable as OPEC's cuts bite, although bloated market still weighs | Reuters
Oil stable as OPEC's cuts bite, although bloated market still weighs | Reuters:
"Oil prices were stable on Monday on signs that OPEC-led production cuts were reducing global overproduction, although bloated inventories and rising output elsewhere were weighing on markets.
Brent crude futures were trading at $56.72 per barrel at 0752 GMT, up 2 cents from their previous close.
West Texas Intermediate (WTI) crude futures were down 2 cents at $53.84 a barrel."
'via Blog this'
"Oil prices were stable on Monday on signs that OPEC-led production cuts were reducing global overproduction, although bloated inventories and rising output elsewhere were weighing on markets.
Brent crude futures were trading at $56.72 per barrel at 0752 GMT, up 2 cents from their previous close.
West Texas Intermediate (WTI) crude futures were down 2 cents at $53.84 a barrel."
'via Blog this'
MIDEAST STOCKS-Arabtec drags Dubai lower, other markets mixed | Reuters
MIDEAST STOCKS-Arabtec drags Dubai lower, other markets mixed | Reuters:
"Shares in Dubai's Arabtec slumped in morning trade on Monday after the builder reported a larger fourth-quarter net loss which sapped risk appetite in that market while other markets were mixed.
Arabtec plummeted 9.8 percent after it made a net loss of 2.95 billion dirhams ($803.4 million) in the three months to Dec. 31.
The loss was far larger than the loss of 272.8 million dirhams forecast by EFG Hermes and the loss 403.74 million dirhams a year earlier."
'via Blog this'
"Shares in Dubai's Arabtec slumped in morning trade on Monday after the builder reported a larger fourth-quarter net loss which sapped risk appetite in that market while other markets were mixed.
Arabtec plummeted 9.8 percent after it made a net loss of 2.95 billion dirhams ($803.4 million) in the three months to Dec. 31.
The loss was far larger than the loss of 272.8 million dirhams forecast by EFG Hermes and the loss 403.74 million dirhams a year earlier."
'via Blog this'
UPDATE 1-Dubai Arabtec Q4 loss widens, seeks 1.5bln dirham rights issue | Reuters
UPDATE 1-Dubai Arabtec Q4 loss widens, seeks 1.5bln dirham rights issue | Reuters:
"Dubai contractor Arabtec reported a wider fourth-quarter loss on Monday, and its board said it was seeking shareholder approval for a 1.5 billion dirhams ($408.4 million) rights issue to recapitalise the company. Shares of Arabtec plummeted almost 10 percent at the open after the results were disclosed to the market. The builder is working with boutique investment bank Moelis to study options for the company's capital structure, sources familiar with the matter told Reuters on Sunday."
'via Blog this'
"Dubai contractor Arabtec reported a wider fourth-quarter loss on Monday, and its board said it was seeking shareholder approval for a 1.5 billion dirhams ($408.4 million) rights issue to recapitalise the company. Shares of Arabtec plummeted almost 10 percent at the open after the results were disclosed to the market. The builder is working with boutique investment bank Moelis to study options for the company's capital structure, sources familiar with the matter told Reuters on Sunday."
'via Blog this'