VAT presents UAE with a chance to innovate | The National:
"Dubai has hosted two important conferences this week: the World Government Summit and the Second Arab Fiscal Forum. The summit has a broad agenda, shaping the future of government around the world. The theme of this year’s Arab Fiscal Forum, organised by the Arab Monetary Fund and the IMF, was focused on Revenue Diversification in the Arab World: Challenges and Opportunities.
Christine Lagarde, the managing director of the IMF, addressed both events. A common thread between the summit and the forum has been the strides being taken by the UAE and other governments in the region to put in place governance structures that lead the way in an "e-oriented" and digitised world.
Delivering the opening keynote speech at the forum, Ms Lagarde gave an overview of the global economic situation. She revealed that "after many years of feeble growth, the IMF is expecting global economic activity to pick up this year and next, and across both the advanced and emerging economies". She then went on to sound a clear note of caution about global uncertainties, in the face of which her key message was that "countries need to build resilience" through robust public finances with reliable revenue streams."
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Tuesday 14 February 2017
Etisalat profit edges up on growing UAE revenues | Reuters
Etisalat profit edges up on growing UAE revenues | Reuters:
"Higher revenues in its domestic market enabled United Arab Emirates-based telecommunications operator Etisalat to report a slightly higher profit on Tuesday.
Etisalat said UAE revenues rose by 5.5 percent due to strong data services and use of broadband solutions, while its Moroccan affiliate Maroc Telecom also performed well as overall group revenues rose 2 percent to 52.36 billion dirhams.
Net profit attributable to equity holders climbed 1.9 percent to 8.42 billion dirhams ($2.29 billion) in 2016, Etisalat said, adding that 2015 earnings had been restated."
'via Blog this'
"Higher revenues in its domestic market enabled United Arab Emirates-based telecommunications operator Etisalat to report a slightly higher profit on Tuesday.
Etisalat said UAE revenues rose by 5.5 percent due to strong data services and use of broadband solutions, while its Moroccan affiliate Maroc Telecom also performed well as overall group revenues rose 2 percent to 52.36 billion dirhams.
Net profit attributable to equity holders climbed 1.9 percent to 8.42 billion dirhams ($2.29 billion) in 2016, Etisalat said, adding that 2015 earnings had been restated."
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COLUMN-Milestones on the oil market's road to rebalancing: Kemp | Reuters
COLUMN-Milestones on the oil market's road to rebalancing: Kemp | Reuters:
"Crude oil stockpiles are expected to empty significantly during the third quarter as continued production restraint from OPEC interacts with the seasonal increase in consumption. OPEC and non-OPEC countries are committed to reducing production by an average of nearly 1.8 million barrels per day in the first six months of 2017, with an option to extend cuts for a further six months. Production assessments by independent agencies suggest compliance with the agreement has so far been high from OPEC especially from Saudi Arabia and its allies. "
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"Crude oil stockpiles are expected to empty significantly during the third quarter as continued production restraint from OPEC interacts with the seasonal increase in consumption. OPEC and non-OPEC countries are committed to reducing production by an average of nearly 1.8 million barrels per day in the first six months of 2017, with an option to extend cuts for a further six months. Production assessments by independent agencies suggest compliance with the agreement has so far been high from OPEC especially from Saudi Arabia and its allies. "
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MIDEAST STOCKS-Company earnings, news support UAE; Saudi, Egypt underperform | Reuters
MIDEAST STOCKS-Company earnings, news support UAE; Saudi, Egypt underperform | Reuters:
"Corporate earnings and other news from companies in Dubai helped that market rise on Tuesday, while Abu Dhabi was supported by earnings at Union National Bank and an arbitration judgement in favour of Dana Gas.
Dubai's index rose 0.4 percent as Drake & Scull climbed 6.9 percent after slumping by as much as 8 percent in the opening minutes of trade.
The builder reported a net loss in the fourth quarter of 490 million dirhams ($133.5 million) versus a profit of 14.7 million dirhams in the prior-year period."
'via Blog this'
"Corporate earnings and other news from companies in Dubai helped that market rise on Tuesday, while Abu Dhabi was supported by earnings at Union National Bank and an arbitration judgement in favour of Dana Gas.
Dubai's index rose 0.4 percent as Drake & Scull climbed 6.9 percent after slumping by as much as 8 percent in the opening minutes of trade.
The builder reported a net loss in the fourth quarter of 490 million dirhams ($133.5 million) versus a profit of 14.7 million dirhams in the prior-year period."
'via Blog this'
Abu Dhabi’s New $125 Billion Sovereign Fund Is Taking Shape - Bloomberg
Abu Dhabi’s New $125 Billion Sovereign Fund Is Taking Shape - Bloomberg:
"Abu Dhabi is close to finalizing the merger of two of its largest sovereign wealth funds -- Mubadala Development Co. PJSC and International Petroleum Investment Co. The combined entity, which will be known as Mubadala Investment Co., will become the fourteenth largest fund globally with about $125 billion of assets, according to the Sovereign Wealth Fund Institute. The emirate, home to about 6 percent of the world’s proven oil reserves, is cutting spending and merging companies after oil prices slumped about 50 percent over the past two years. Consolidation is mainly taking place in the financial services industry, including the megamerger of the emirate’s two largest banks National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC. Although there are few details on how Mubadala Investment will operate, here’s what we do know:"
'via Blog this'
"Abu Dhabi is close to finalizing the merger of two of its largest sovereign wealth funds -- Mubadala Development Co. PJSC and International Petroleum Investment Co. The combined entity, which will be known as Mubadala Investment Co., will become the fourteenth largest fund globally with about $125 billion of assets, according to the Sovereign Wealth Fund Institute. The emirate, home to about 6 percent of the world’s proven oil reserves, is cutting spending and merging companies after oil prices slumped about 50 percent over the past two years. Consolidation is mainly taking place in the financial services industry, including the megamerger of the emirate’s two largest banks National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC. Although there are few details on how Mubadala Investment will operate, here’s what we do know:"
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Dubai's Majid Al Futtaim Said to Select Banks for Perpetual Bond - Bloomberg
Dubai's Majid Al Futtaim Said to Select Banks for Perpetual Bond - Bloomberg:
"Majid Al Futtaim Holding LLC, the Middle East operator of Carrefour SA stores, picked banks for the potential sale of benchmark-sized dollar bonds, three people familiar with the matter said. Privately-owned Majid Al Futtaim, also known by its acronym MAF, selected lenders including HSBC Holdings Plc, Standard Chartered Plc and National Bank of Abu Dhabi PJSC to arrange the perpetual bond sale, two of the people said, asking not to be identified because the information is private. A deal could happen in the first half, but the company may decide against it if market conditions aren’t favorable, they said. Perpetual debt can be treated as equity, allowing companies to increase capital outside stock markets. Benchmark-sized issues usually raise at least $500 million."
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"Majid Al Futtaim Holding LLC, the Middle East operator of Carrefour SA stores, picked banks for the potential sale of benchmark-sized dollar bonds, three people familiar with the matter said. Privately-owned Majid Al Futtaim, also known by its acronym MAF, selected lenders including HSBC Holdings Plc, Standard Chartered Plc and National Bank of Abu Dhabi PJSC to arrange the perpetual bond sale, two of the people said, asking not to be identified because the information is private. A deal could happen in the first half, but the company may decide against it if market conditions aren’t favorable, they said. Perpetual debt can be treated as equity, allowing companies to increase capital outside stock markets. Benchmark-sized issues usually raise at least $500 million."
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EU gets wake-up call as Gazprom eyes rival TAP pipeline | Reuters
EU gets wake-up call as Gazprom eyes rival TAP pipeline | Reuters:
"Gazprom's bid to tap into a pipeline meant to wean Europe off Russian gas threatens to undermine a pillar of European energy policy and slow plans to develop rival deposits in the east Mediterranean. As the European Union struggles against the "iron embrace" of Russian pipelines, it has made opening a new Southern GasCorridor to carry gas from Azerbaijan by 2020 a priority. The 10 billion cubic meter (bcm)-capacity Trans Adriatic Pipeline (TAP) is the project's end piece, joining up with the Trans Anatolian Pipeline at the Turkish border, then crossing Greece and Albania to reach Italy."
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"Gazprom's bid to tap into a pipeline meant to wean Europe off Russian gas threatens to undermine a pillar of European energy policy and slow plans to develop rival deposits in the east Mediterranean. As the European Union struggles against the "iron embrace" of Russian pipelines, it has made opening a new Southern GasCorridor to carry gas from Azerbaijan by 2020 a priority. The 10 billion cubic meter (bcm)-capacity Trans Adriatic Pipeline (TAP) is the project's end piece, joining up with the Trans Anatolian Pipeline at the Turkish border, then crossing Greece and Albania to reach Italy."
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Dubai's Emaar Properties Q4 2016 net profit up 56 pct | Reuters
Dubai's Emaar Properties Q4 2016 net profit up 56 pct | Reuters:
"Dubai's Emaar Properties , builder of the world's tallest tower, reported a 56 percent rise in fourth-quarter net profit on Tuesday. The developer, in which Dubai's government owns a minority stake, made a net profit of 1.61 billion dirhams ($438.4 million) in the three months to Dec. 31, it said in a statement. That compares with a profit of 1.03 billion dirhams in the year-earlier period."
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"Dubai's Emaar Properties , builder of the world's tallest tower, reported a 56 percent rise in fourth-quarter net profit on Tuesday. The developer, in which Dubai's government owns a minority stake, made a net profit of 1.61 billion dirhams ($438.4 million) in the three months to Dec. 31, it said in a statement. That compares with a profit of 1.03 billion dirhams in the year-earlier period."
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UPDATE 1-ADIB's falling profit rounds up mixed results season for Abu Dhabi banks | Reuters
UPDATE 1-ADIB's falling profit rounds up mixed results season for Abu Dhabi banks | Reuters:
"Abu Dhabi Islamic Bank saw profits fall in the fourth quarter while peer Union National Bank reported a surge in revenues on Tuesday, rounding up a mixed results season for Abu Dhabi lenders.
The emirate's five domestic banks are battling tight liquidity and rising bad loans due to the economic impact of lower oil prices.
Loan and deposit growth remain in single digits and banks continue to book provisions for bad or doubtful loans."
'via Blog this'
"Abu Dhabi Islamic Bank saw profits fall in the fourth quarter while peer Union National Bank reported a surge in revenues on Tuesday, rounding up a mixed results season for Abu Dhabi lenders.
The emirate's five domestic banks are battling tight liquidity and rising bad loans due to the economic impact of lower oil prices.
Loan and deposit growth remain in single digits and banks continue to book provisions for bad or doubtful loans."
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Trading in shares of combined NBAD-FGB to start on April 2 | The National
Trading in shares of combined NBAD-FGB to start on April 2 | The National:
"Trading in new shares of the merged National Bank of Abu Dhabi and FGB will start on April 2, according to the Abu Dhabi Securities Exchange.
The trading starts a day after the official merger of the two banks on April 1, it said.
The price of the new shares will be based on the indicative price of the shares of both companies before the merger."
'via Blog this'
"Trading in new shares of the merged National Bank of Abu Dhabi and FGB will start on April 2, according to the Abu Dhabi Securities Exchange.
The trading starts a day after the official merger of the two banks on April 1, it said.
The price of the new shares will be based on the indicative price of the shares of both companies before the merger."
'via Blog this'
Al Ramz Capital's Touqan Calls Trump, Iran Worrying - Bloomberg
Al Ramz Capital's Touqan Calls Trump, Iran Worrying - Bloomberg:
"Al Ramz Capital Head of Research Talal Touqan weighs in on the bond market and discusses President Trump's Iran stance. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
"Al Ramz Capital Head of Research Talal Touqan weighs in on the bond market and discusses President Trump's Iran stance. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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Dubai telecoms firm du's Q4 net profit slides 20 pct | Reuters
Dubai telecoms firm du's Q4 net profit slides 20 pct | Reuters:
"Du, the United Arab Emirates' second biggest telecommunications operator, reported a 20 percent fall in fourth-quarter net profit on Tuesday, according to Reuters calculations. The firm had reported declining profits in the preceding eight quarters, according to Reuters data, with chief executive Osman Sultan saying in July last year that the firm needed to regain momentum in the prepaid mobile market if it was to counteract the impact of higher government taxes. Du, which ended rival Etisalat's domestic monopoly in 2007, made a net profit of 369.8 million dirhams ($100.8 million) in the three months to Dec. 31, down from 462.4 million dirhams in the year-earlier period, Reuters calculated from financial statements in the absence of a quarterly breakdown."
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"Du, the United Arab Emirates' second biggest telecommunications operator, reported a 20 percent fall in fourth-quarter net profit on Tuesday, according to Reuters calculations. The firm had reported declining profits in the preceding eight quarters, according to Reuters data, with chief executive Osman Sultan saying in July last year that the firm needed to regain momentum in the prepaid mobile market if it was to counteract the impact of higher government taxes. Du, which ended rival Etisalat's domestic monopoly in 2007, made a net profit of 369.8 million dirhams ($100.8 million) in the three months to Dec. 31, down from 462.4 million dirhams in the year-earlier period, Reuters calculated from financial statements in the absence of a quarterly breakdown."
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UPDATE 1-UAE's Aldar Properties expects lower 2017 sales after flat Q4 profit | Reuters
UPDATE 1-UAE's Aldar Properties expects lower 2017 sales after flat Q4 profit | Reuters:
"Aldar Properties expects lower sales in 2017, its chief financial officer said on Tuesday after the builder of Abu Dhabi’s Formula One circuit reported flat fourth-quarter profit. Net attributable profit fell to 727.9 million dirhams ($198.2 million) for the three months to Dec. 31 from 734.6 million a year earlier, Reuters calculated from Aldar's annual earnings statement. That beat a forecast by analysts at SICO Bahrain of 496.0 million dirhams but fell short of a forecast of 849.0 million dirhams from analysts at EFG Hermes."
'via Blog this'
"Aldar Properties expects lower sales in 2017, its chief financial officer said on Tuesday after the builder of Abu Dhabi’s Formula One circuit reported flat fourth-quarter profit. Net attributable profit fell to 727.9 million dirhams ($198.2 million) for the three months to Dec. 31 from 734.6 million a year earlier, Reuters calculated from Aldar's annual earnings statement. That beat a forecast by analysts at SICO Bahrain of 496.0 million dirhams but fell short of a forecast of 849.0 million dirhams from analysts at EFG Hermes."
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MIDEAST STOCKS-Dana Gas, Aldar support Abu Dhabi, Drake & Scull weighs on Dubai | Reuters
MIDEAST STOCKS-Dana Gas, Aldar support Abu Dhabi, Drake & Scull weighs on Dubai | Reuters:
"A decline in builder Drake & Scull weighed on the Dubai bourse in early trade on Tuesday, while Abu Dhabi was supported by a blue chip real estate firm's earnings and an arbitration judgement in favour of Dana Gas.
Abu Dhabi's Aldar Properties rose 0.4 percent after the company made a net attributable profit in the three months to Dec. 31 of 727.9 million dirhams ($198.2 million). This was down 0.9 percent from the same period in 2015 but at the higher end of forecasts; SICO Bahrain had forecast 496 million dirhams and EFG Hermes 849 million dirhams.
Dana Gas rose 2.1 percent after saying a consortium including it was awarded $121 million by a London arbitration tribunal in its dispute with the Kurdistan Regional Government, while the court dismissed the government's counterclaims. Abu Dhabi's index was up 0.2 percent. Dubai's Drake & Scull was down 1.1 percent after slumping as much as 8 percent in the opening minutes of trade. It swung to a net loss in the fourth quarter of 490 million dirhams, versus a profit of 14.7 million dirhams in the prior-year period."
'via Blog this'
"A decline in builder Drake & Scull weighed on the Dubai bourse in early trade on Tuesday, while Abu Dhabi was supported by a blue chip real estate firm's earnings and an arbitration judgement in favour of Dana Gas.
Abu Dhabi's Aldar Properties rose 0.4 percent after the company made a net attributable profit in the three months to Dec. 31 of 727.9 million dirhams ($198.2 million). This was down 0.9 percent from the same period in 2015 but at the higher end of forecasts; SICO Bahrain had forecast 496 million dirhams and EFG Hermes 849 million dirhams.
Dana Gas rose 2.1 percent after saying a consortium including it was awarded $121 million by a London arbitration tribunal in its dispute with the Kurdistan Regional Government, while the court dismissed the government's counterclaims. Abu Dhabi's index was up 0.2 percent. Dubai's Drake & Scull was down 1.1 percent after slumping as much as 8 percent in the opening minutes of trade. It swung to a net loss in the fourth quarter of 490 million dirhams, versus a profit of 14.7 million dirhams in the prior-year period."
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