Mubadala Investment Company set for next step on integration path | The National:
"Mubadala Investment Company, the sprawling strategic development company created by the merger of Mubadala Development and International Petroleum Investment Compay (Ipic), will take the next step in its integration path when it announces, as early as today, the top executive layer below its board.
The merged company’s board was announced last month, with Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, as the chairman and Sheikh Mansour bin Zayed as the vice chairman. Khaldoon Al Mubarak is the group chief executive.
But the new layer of divisional chiefs will be the first clear indication of how the company, with combined assets of about US$122 billion as of last June, will reorganise itself for future growth and development.
"
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Wednesday, 15 February 2017
UPDATE 1-IranAir finalises deal to buy 20 ATR planes -report | Reuters
UPDATE 1-IranAir finalises deal to buy 20 ATR planes -report | Reuters:
"IranAir has finalised a deal to buy 20 turboprop aircraft from Franco-Italian ATR, the minister overseeing Iran's post-sanctions fleet renewal was quoted on Wednesday as saying. "Negotiations with ATR have reached the final stage; the two sides signed the contract to purchase 20 aircraft and now we are at the stage of exchanging documents," Roads and Urban Development Minister Abbas Akhoundi said, in remarks quoted by the Iranian Students News Agency. Such a deal would be worth 540 million euros ($571 million)at list prices."
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"IranAir has finalised a deal to buy 20 turboprop aircraft from Franco-Italian ATR, the minister overseeing Iran's post-sanctions fleet renewal was quoted on Wednesday as saying. "Negotiations with ATR have reached the final stage; the two sides signed the contract to purchase 20 aircraft and now we are at the stage of exchanging documents," Roads and Urban Development Minister Abbas Akhoundi said, in remarks quoted by the Iranian Students News Agency. Such a deal would be worth 540 million euros ($571 million)at list prices."
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Talks by UAE fund seeking $6.5 billion from 1MDB deadlocked: sources | Reuters
Talks by UAE fund seeking $6.5 billion from 1MDB deadlocked: sources | Reuters:
"Private talks in which Abu Dhabi state fund International Petroleum Investment Co (IPIC) is seeking $6.5 billion from Malaysia's troubled 1MDB fund have reached deadlock, sources familiar with the negotiations told Reuters. IPIC took its case to the London Court of International Arbitration (LCIA) last June but the two state-owned investment companies have been trying to thrash out a private settlement since then, the sources said. They have failed to bridge their differences, however, and may now leave the matter to the LCIA, the sources, who declined to be named, told Reuters."
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"Private talks in which Abu Dhabi state fund International Petroleum Investment Co (IPIC) is seeking $6.5 billion from Malaysia's troubled 1MDB fund have reached deadlock, sources familiar with the negotiations told Reuters. IPIC took its case to the London Court of International Arbitration (LCIA) last June but the two state-owned investment companies have been trying to thrash out a private settlement since then, the sources said. They have failed to bridge their differences, however, and may now leave the matter to the LCIA, the sources, who declined to be named, told Reuters."
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Oil reverses course and pulls back after brief rally | Reuters
Oil reverses course and pulls back after brief rally | Reuters:
"Oil turned negative Wednesday, as falling gasoline futures weighed down crude prices on concerns that oversupply in the U.S. would limit the effect of OPEC's record compliance with its supply-cut accord.
U.S. crude stocks rose 9.5 million barrels last week, the U.S. Energy Information Administration (EIA) said, nearly three times more than forecast, but confirming a trade group's report late Tuesday of a larger-than-expected build. [EIA/S]
U.S. crude inventories hit a peak at 518.12 million barrels, while gasoline stocks also touched a record, rising 2.8 million barrels to 259.1 million barrels, according to the EIA."
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"Oil turned negative Wednesday, as falling gasoline futures weighed down crude prices on concerns that oversupply in the U.S. would limit the effect of OPEC's record compliance with its supply-cut accord.
U.S. crude stocks rose 9.5 million barrels last week, the U.S. Energy Information Administration (EIA) said, nearly three times more than forecast, but confirming a trade group's report late Tuesday of a larger-than-expected build. [EIA/S]
U.S. crude inventories hit a peak at 518.12 million barrels, while gasoline stocks also touched a record, rising 2.8 million barrels to 259.1 million barrels, according to the EIA."
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Iran berates Total for delaying gas field development deal | Reuters
Iran berates Total for delaying gas field development deal | Reuters:
"Iran's oil minister has criticised French oil company Total for its decision to delay signing a contract to develop a gas field in southern Iran, saying that the reasons given by Total's chief executive were "unacceptable" to Tehran. Total was the first Western energy company to sign a major deal with Tehran since the lifting of international sanctions with its South Pars 11 project in the Gulf to develop a part of the world's largest gas field that Iran shares with Qatar. Total's chief executive, Patrick Pouyanne, said last week that it aimed to make a final investment decision on the $2 billion project by the summer, but the decision hinges on the renewal of U.S. sanctions waivers. "I don't know why Total has said so," Bijan Zanganeh was quoted as saying by Mehr news agency on Wednesday. "It's been included in the contract that we all follow European Union's policies. Their comments are unacceptable," he added. U.S. President Donald Trump has called into doubt the Western powers' deal with Iran over its nuclear technology development programme and, responding to an Iran's ballistic missile test last month, imposed fresh sanctions on Tehran. The South Pars 11 project aims to produce 1.8 billion cubic feet a day of gas, equivalent to 370,000 barrels of oil. The produced gas will be fed into Iran's gas network. "
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"Iran's oil minister has criticised French oil company Total for its decision to delay signing a contract to develop a gas field in southern Iran, saying that the reasons given by Total's chief executive were "unacceptable" to Tehran. Total was the first Western energy company to sign a major deal with Tehran since the lifting of international sanctions with its South Pars 11 project in the Gulf to develop a part of the world's largest gas field that Iran shares with Qatar. Total's chief executive, Patrick Pouyanne, said last week that it aimed to make a final investment decision on the $2 billion project by the summer, but the decision hinges on the renewal of U.S. sanctions waivers. "I don't know why Total has said so," Bijan Zanganeh was quoted as saying by Mehr news agency on Wednesday. "It's been included in the contract that we all follow European Union's policies. Their comments are unacceptable," he added. U.S. President Donald Trump has called into doubt the Western powers' deal with Iran over its nuclear technology development programme and, responding to an Iran's ballistic missile test last month, imposed fresh sanctions on Tehran. The South Pars 11 project aims to produce 1.8 billion cubic feet a day of gas, equivalent to 370,000 barrels of oil. The produced gas will be fed into Iran's gas network. "
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Abu Dhabi in no rush to issue bond after Asian non-deal roadshow -sources | Reuters
Abu Dhabi in no rush to issue bond after Asian non-deal roadshow -sources | Reuters:
"The emirate of Abu Dhabi is in no rush to issue an international bond this year after completing a non-deal roadshow for investors in Asia, and may not issue at all this year, sources close to the matter said on Wednesday.
Government representatives met Asian fixed income investors at the end of January, but “the non-deal roadshow was just that: a non-deal roadshow. They won’t issue this year,” said one of the sources, declining to be named because the matter is not public.
Another source said there was no rush to sell bonds and a decision to issue had not been made, though he stopped short of saying there would definitely be no issue this year."
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"The emirate of Abu Dhabi is in no rush to issue an international bond this year after completing a non-deal roadshow for investors in Asia, and may not issue at all this year, sources close to the matter said on Wednesday.
Government representatives met Asian fixed income investors at the end of January, but “the non-deal roadshow was just that: a non-deal roadshow. They won’t issue this year,” said one of the sources, declining to be named because the matter is not public.
Another source said there was no rush to sell bonds and a decision to issue had not been made, though he stopped short of saying there would definitely be no issue this year."
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MIDEAST STOCKS-Gulf mostly firm, Egypt slips after breaking technical support | Reuters
MIDEAST STOCKS-Gulf mostly firm, Egypt slips after breaking technical support | Reuters:
"Most Gulf stock markets rose on Wednesday on the back of strong global equity prices, while Egypt's bourse continued to pull back on profit-taking, breaking technical support.
The Saudi index added 0.6 percent as real estate developer Dar Al Arkan, the most heavily traded stock, climbed 2.5 percent. Utility Saudi Electric rose 2.7 percent.
Saudi Arabian Fertilizer Co rose 1.1 percent despite saying its board had proposed a cash dividend of 1 riyal per share for the second half of 2016, down from 3 riyals a year earlier.
"
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"Most Gulf stock markets rose on Wednesday on the back of strong global equity prices, while Egypt's bourse continued to pull back on profit-taking, breaking technical support.
The Saudi index added 0.6 percent as real estate developer Dar Al Arkan, the most heavily traded stock, climbed 2.5 percent. Utility Saudi Electric rose 2.7 percent.
Saudi Arabian Fertilizer Co rose 1.1 percent despite saying its board had proposed a cash dividend of 1 riyal per share for the second half of 2016, down from 3 riyals a year earlier.
"
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Europe Doubles Down on Iran Deal as Trump Steps Away - Bloomberg
Europe Doubles Down on Iran Deal as Trump Steps Away - Bloomberg:
"Before the platters of roast lamb and fragrant rice were served, visiting executives squeezed into the front room of the Swedish ambassador’s home in Tehran to applaud ambitious plans to restore Iran as a top trade partner. The men and women representing companies including AstraZeneca Plc and truckmaker Scania AB had flown in with Prime Minister Stefan Lofven, who was making the first official visit to Iran by a Swedish premier since a mediation effort during the 1980s war with Iraq. The 75-member delegation was intent on doing business, but the politics was inescapable: as the U.S. under Donald Trump steps away from Iran, Europe’s moving forward, unwilling to throw away years of tortuous diplomacy. “Before sanctions, Iran was the biggest export market for Sweden in the Middle East,” Trade Minister Ann Linde said at the Feb. 11 event attended by Iranian businessmen and ministers. “We hope it will be again.”"
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"Before the platters of roast lamb and fragrant rice were served, visiting executives squeezed into the front room of the Swedish ambassador’s home in Tehran to applaud ambitious plans to restore Iran as a top trade partner. The men and women representing companies including AstraZeneca Plc and truckmaker Scania AB had flown in with Prime Minister Stefan Lofven, who was making the first official visit to Iran by a Swedish premier since a mediation effort during the 1980s war with Iraq. The 75-member delegation was intent on doing business, but the politics was inescapable: as the U.S. under Donald Trump steps away from Iran, Europe’s moving forward, unwilling to throw away years of tortuous diplomacy. “Before sanctions, Iran was the biggest export market for Sweden in the Middle East,” Trade Minister Ann Linde said at the Feb. 11 event attended by Iranian businessmen and ministers. “We hope it will be again.”"
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Iran president says wants good ties with Gulf ahead of regional trip | Reuters
Iran president says wants good ties with Gulf ahead of regional trip | Reuters:
"Iranian President Hassan Rouhani said his country sought good relations with its Gulf Arab neighbors as he began a one-day trip to Oman and Kuwait on Wednesday, his first since taking power in 2013. Relations between predominantly Shi'ite Iran and the mainly Sunni Arab countries of the Gulf, particularly Saudi Arabia, remain strained over their support for opposing sides in the conflicts in Syria and Yemen. "The basis of the policy of the Islamic Republic of Iran is always good neighborly relations with neighbors and the security of the Persian Gulf," Rouhani said, according to the Islamic Republic News Agency (IRNA)."
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"Iranian President Hassan Rouhani said his country sought good relations with its Gulf Arab neighbors as he began a one-day trip to Oman and Kuwait on Wednesday, his first since taking power in 2013. Relations between predominantly Shi'ite Iran and the mainly Sunni Arab countries of the Gulf, particularly Saudi Arabia, remain strained over their support for opposing sides in the conflicts in Syria and Yemen. "The basis of the policy of the Islamic Republic of Iran is always good neighborly relations with neighbors and the security of the Persian Gulf," Rouhani said, according to the Islamic Republic News Agency (IRNA)."
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Abu Dhabi bourse suspends trading in TAQA, Qatar's Ooredoo | Reuters
Abu Dhabi bourse suspends trading in TAQA, Qatar's Ooredoo | Reuters:
"The Abu Dhabi Securities Exchange said on Wednesday it had temporarily suspended trading in shares of Abu Dhabi National Energy Co because the company had not yet released its annual financial statement.
The Abu Dhabi market also halted trading in shares of Qatar's Ooredoo for the same reason, it said.
United Arab Emirates-listed companies are required to disclose their annual earnings within 45 days of the end of the fourth quarter. "
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"The Abu Dhabi Securities Exchange said on Wednesday it had temporarily suspended trading in shares of Abu Dhabi National Energy Co because the company had not yet released its annual financial statement.
The Abu Dhabi market also halted trading in shares of Qatar's Ooredoo for the same reason, it said.
United Arab Emirates-listed companies are required to disclose their annual earnings within 45 days of the end of the fourth quarter. "
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Oil slips further below $56 on report of U.S. inventory jump | Reuters
Oil slips further below $56 on report of U.S. inventory jump | Reuters:
"Oil slipped further below $56 a barrel on Wednesday as an industry report showing a large rise in U.S. crude inventories signaled ample supply, even as OPEC achieves record compliance with its supply-cut accord. U.S. inventories rose by a larger-than-expected 9.9 million barrels last week, the American Petroleum Institute trade group said on Tuesday, ahead of the Energy Information Administration's official supply report. "Should this figure be confirmed by the EIA later today, U.S. crude stocks will have risen to a fresh record high," said Stephen Brennock of oil broker PVM."
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"Oil slipped further below $56 a barrel on Wednesday as an industry report showing a large rise in U.S. crude inventories signaled ample supply, even as OPEC achieves record compliance with its supply-cut accord. U.S. inventories rose by a larger-than-expected 9.9 million barrels last week, the American Petroleum Institute trade group said on Tuesday, ahead of the Energy Information Administration's official supply report. "Should this figure be confirmed by the EIA later today, U.S. crude stocks will have risen to a fresh record high," said Stephen Brennock of oil broker PVM."
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How Will the Saudi Arabian Economy Fare in 2017? - Bloomberg
How Will the Saudi Arabian Economy Fare in 2017? - Bloomberg:
"S&P Global Ratings Chief Economist MENA Jean-Michel Six weighs in on the strong dollar and discusses his outlook for Saudi Arabian economy, and the price and production of oil. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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"S&P Global Ratings Chief Economist MENA Jean-Michel Six weighs in on the strong dollar and discusses his outlook for Saudi Arabian economy, and the price and production of oil. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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MIDEAST STOCKS-Gulf mostly edges up in early trade, Arabtec stabilising in Dubai | Reuters
MIDEAST STOCKS-Gulf mostly edges up in early trade, Arabtec stabilising in Dubai | Reuters:
"Most Gulf stock markets edged up in early trade on Wednesday with construction firm Arabtec beginning to stabilise in Dubai after a plunge this week. Dubai's index added 0.2 percent with Arabtec down 0.9 percent at 1.07 dirhams, bouncing from an early low of 0.97 dirham in very heavy trade. It had plunged its 10 percent daily limit on the two previous days after the company reported a wider fourth-quarter loss and said its board was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue."
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"Most Gulf stock markets edged up in early trade on Wednesday with construction firm Arabtec beginning to stabilise in Dubai after a plunge this week. Dubai's index added 0.2 percent with Arabtec down 0.9 percent at 1.07 dirhams, bouncing from an early low of 0.97 dirham in very heavy trade. It had plunged its 10 percent daily limit on the two previous days after the company reported a wider fourth-quarter loss and said its board was seeking shareholder approval for a 1.5 billion dirham ($408.4 million) rights issue."
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