Intesa in talks with 14 banks to syndicate Rosneft deal loan-exec | Reuters:
"Italian bank Intesa Sanpaolo is talking to 14 banks to syndicate a 5.2 billion euro loan it provided to fund the purchase of a 19.5 percent stake in Russian energy giant Rosneft by Glencore and Qatar's sovereign wealth fund, the head of Intesa's operations in Russia told Reuters. "We aim to choose 2-3 banks to take up 2.5-3 billion euros," Antonio Fallico said on Thursday on the sidelines of a conference on Italy-Russia cooperation in Milan. Fallico, who is chairman of Banca Intesa Russia, said there was no rush in closing the syndication deal. He said none of the banks involved in the syndication talks were Russian."
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Thursday, 16 February 2017
Dubai expected to issue dollar bond this quarter –sources | Reuters
Dubai expected to issue dollar bond this quarter –sources | Reuters:
"The emirate of Dubai is expected to issue a U.S. dollar bond by the end of the first quarter, though it has not yet sent to banks any official requests for proposals to arrange the issue, banking sources familiar with the matter said on Thursday.
Banks that had lead managers’ roles on Dubai’s previous debt issues have pitched for a new mandate, added one of the sources, speaking on condition of anonymity because the matter is private.
The size of the deal is likely to be larger than a benchmark issue, which conventionally means upwards of $500 million, the same source said."
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"The emirate of Dubai is expected to issue a U.S. dollar bond by the end of the first quarter, though it has not yet sent to banks any official requests for proposals to arrange the issue, banking sources familiar with the matter said on Thursday.
Banks that had lead managers’ roles on Dubai’s previous debt issues have pitched for a new mandate, added one of the sources, speaking on condition of anonymity because the matter is private.
The size of the deal is likely to be larger than a benchmark issue, which conventionally means upwards of $500 million, the same source said."
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Abu Dhabi's new $125 bln fund to start operating in May | Reuters
Abu Dhabi's new $125 bln fund to start operating in May | Reuters:
"A $125 billion Abu Dhabi state investment firm, formed by merging two of the emirate's biggest funds, is expected to start operating in May, its chief executive said on Thursday. Mubadala Investment Co is being formed through a merger of Mubadala Development Co and International Petroleum Investment Co, which own corporate stakes in the energy industry and other sectors in the United Arab Emirates and around the world. The company will help to diversify the Abu Dhabi economy beyond oil through strategic investments at home and abroad, Khaldoon Khalifa al-Mubarak said in a statement."
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"A $125 billion Abu Dhabi state investment firm, formed by merging two of the emirate's biggest funds, is expected to start operating in May, its chief executive said on Thursday. Mubadala Investment Co is being formed through a merger of Mubadala Development Co and International Petroleum Investment Co, which own corporate stakes in the energy industry and other sectors in the United Arab Emirates and around the world. The company will help to diversify the Abu Dhabi economy beyond oil through strategic investments at home and abroad, Khaldoon Khalifa al-Mubarak said in a statement."
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UAE Central Bank drafts rules pushing banks to lend to SMEs | Reuters
UAE Central Bank drafts rules pushing banks to lend to SMEs | Reuters:
"The Central Bank of the United Arab Emirates has issued draft rules aimed at getting banks to lend more to small and medium-sized enterprises (SMEs) after some lenders had cut their exposure to such companies or raised their charges.
Some banks have had to make huge provisions in the past 18 months against bad debt, much of it relating to SMEs, which account for around 60 percent of UAE's gross domestic product.
To guard against further defaults, some banks raised lending fees to the sector or withdrew from lending to such companies altogether."
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"The Central Bank of the United Arab Emirates has issued draft rules aimed at getting banks to lend more to small and medium-sized enterprises (SMEs) after some lenders had cut their exposure to such companies or raised their charges.
Some banks have had to make huge provisions in the past 18 months against bad debt, much of it relating to SMEs, which account for around 60 percent of UAE's gross domestic product.
To guard against further defaults, some banks raised lending fees to the sector or withdrew from lending to such companies altogether."
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Exclusive: OPEC could extend or deepen supply cut if oil glut persists - sources | Reuters
Exclusive: OPEC could extend or deepen supply cut if oil glut persists - sources | Reuters:
"OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said. The group, together with Russia and other non-OPEC oil producers, agreed late last year to cut output by 1.8 million barrels per day (bpd) to reduce a price-sapping glut. The deal took effect on Jan. 1 and lasts six months. For global petroleum inventories to fall by some 300 million barrels to the five-year average, producing countries must comply 100 percent with the supply accord and growth in demand for crude will have to stay healthy, the sources said."
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"OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said. The group, together with Russia and other non-OPEC oil producers, agreed late last year to cut output by 1.8 million barrels per day (bpd) to reduce a price-sapping glut. The deal took effect on Jan. 1 and lasts six months. For global petroleum inventories to fall by some 300 million barrels to the five-year average, producing countries must comply 100 percent with the supply accord and growth in demand for crude will have to stay healthy, the sources said."
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Economic reforms boost appetite for the Egyptian pound
Economic reforms boost appetite for the Egyptian pound:
"Foreign investors are heading back to Egypt after the government implemented a string of politically sensitive reforms, helping drive the weak Egyptian pound up more than 10 per cent against the dollar and easing a foreign currency crisis. The pound has strengthened by about 14 per cent against the greenback since the beginning of the month, during which time Egypt sold more than a $1bn worth of treasuries to foreign investors. Cairo also issued a $4bn eurobond at the end of January that was three times oversubscribed, while the economy has been boosted by an increase in remittances from Egyptians working abroad. “We are starting to turn a corner because now there is liquidity and the dollar is coming down,” said Mohamed Abu Basha, economist at EFG-Hermes, a regional investment bank. “Companies now say they are finding the dollars they need in the banks and some are holding off buying because the price will come down.”"
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"Foreign investors are heading back to Egypt after the government implemented a string of politically sensitive reforms, helping drive the weak Egyptian pound up more than 10 per cent against the dollar and easing a foreign currency crisis. The pound has strengthened by about 14 per cent against the greenback since the beginning of the month, during which time Egypt sold more than a $1bn worth of treasuries to foreign investors. Cairo also issued a $4bn eurobond at the end of January that was three times oversubscribed, while the economy has been boosted by an increase in remittances from Egyptians working abroad. “We are starting to turn a corner because now there is liquidity and the dollar is coming down,” said Mohamed Abu Basha, economist at EFG-Hermes, a regional investment bank. “Companies now say they are finding the dollars they need in the banks and some are holding off buying because the price will come down.”"
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Tata in turmoil: the battle inside India’s biggest business
Tata in turmoil: the battle inside India’s biggest business:
"Immortalised in dark sun-beaten bronze, his shoulders garlanded with fresh orange flowers, Jamsetji Tata gazes out over the eastern Indian city that bears his name. Before his death in 1904, the founder of the Tata group drew up a vision of the model town that his company would one day build around its first steel plant. He planned to offer his workers a healthy environment at odds with the disease-ridden slums he had seen on his travels in 19th-century Europe. “Be sure to lay wide streets planted with shady trees,” he wrote in 1902 to his son Dorab. “Reserve large areas for football, hockey and parks.” Today, the tree-lined avenues of Jamshedpur, linking Tata-funded amenities from sports academies to a 900-bed hospital, bear witness to a heritage of ethical practice that is one of the group’s most treasured assets. Utilities are handled by a Tata Steel subsidiary, whose chief executive claims to provide the only safe drinking tap water to be found in any Indian city."
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"Immortalised in dark sun-beaten bronze, his shoulders garlanded with fresh orange flowers, Jamsetji Tata gazes out over the eastern Indian city that bears his name. Before his death in 1904, the founder of the Tata group drew up a vision of the model town that his company would one day build around its first steel plant. He planned to offer his workers a healthy environment at odds with the disease-ridden slums he had seen on his travels in 19th-century Europe. “Be sure to lay wide streets planted with shady trees,” he wrote in 1902 to his son Dorab. “Reserve large areas for football, hockey and parks.” Today, the tree-lined avenues of Jamshedpur, linking Tata-funded amenities from sports academies to a 900-bed hospital, bear witness to a heritage of ethical practice that is one of the group’s most treasured assets. Utilities are handled by a Tata Steel subsidiary, whose chief executive claims to provide the only safe drinking tap water to be found in any Indian city."
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MIDEAST STOCKS-Gulf ends week on firm footing, Egypt rebounds | Reuters
MIDEAST STOCKS-Gulf ends week on firm footing, Egypt rebounds | Reuters:
"Stock markets in the Gulf closed on a firm footing on Thursday in line with generally upbeat global shares and stabilising crude oil prices, while Egypt's bourse ended a five-day losing streak. Dubai's index edged up 0.2 percent in thin trade. GFH Financial Group, the most heavily traded stock, jumped 4.4 percent. Two builders that reported heavy net losses for the fourth quarter of 2016 several days ago managed to close in positive territory. Arabtec added 2.0 percent, although it was down 23 percent for the week, while Drake & Scull inched up 0.2 percent, losing 3.3 percent over the week."
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"Stock markets in the Gulf closed on a firm footing on Thursday in line with generally upbeat global shares and stabilising crude oil prices, while Egypt's bourse ended a five-day losing streak. Dubai's index edged up 0.2 percent in thin trade. GFH Financial Group, the most heavily traded stock, jumped 4.4 percent. Two builders that reported heavy net losses for the fourth quarter of 2016 several days ago managed to close in positive territory. Arabtec added 2.0 percent, although it was down 23 percent for the week, while Drake & Scull inched up 0.2 percent, losing 3.3 percent over the week."
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Dubai’s property market is in for another tough year | GulfNews.com
Dubai’s property market is in for another tough year | GulfNews.com:
"The UAE’s real estate sector is in for another difficult year according to the credit rating agency S&P, a sentiment which goes counter to the majority view among real estate consultancies that market sentiments are improving. S&P builds its case around the fact residential prices and rents in Dubai will decline by “another 5-10 per cent” this year. And this could be brought on by the additional supply of new homes scheduled for the year, with Emaar and Damac likely to deliver around 5,000 units. “Assuming the remaining competitors deliver a slightly lower volume, the market may absorb a residential supply of at least 10,000-11,000 units in 2017, which is more or less in line with the long-term average,” said the S&P report. “We therefore do not expect this steady supply to act as a catalyst to currency effects, but could potentially add further downward pressure on residential prices.”"
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"The UAE’s real estate sector is in for another difficult year according to the credit rating agency S&P, a sentiment which goes counter to the majority view among real estate consultancies that market sentiments are improving. S&P builds its case around the fact residential prices and rents in Dubai will decline by “another 5-10 per cent” this year. And this could be brought on by the additional supply of new homes scheduled for the year, with Emaar and Damac likely to deliver around 5,000 units. “Assuming the remaining competitors deliver a slightly lower volume, the market may absorb a residential supply of at least 10,000-11,000 units in 2017, which is more or less in line with the long-term average,” said the S&P report. “We therefore do not expect this steady supply to act as a catalyst to currency effects, but could potentially add further downward pressure on residential prices.”"
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Europe Splits With Trump on Iran - Bloomberg
Europe Splits With Trump on Iran - Bloomberg:
"Leaders in Europe are emerging as strong backers of the six-nation nuclear pact with Iran after Donald Trump described it as "the dumbest deal" in history. Ladane Nasseri reports on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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"Leaders in Europe are emerging as strong backers of the six-nation nuclear pact with Iran after Donald Trump described it as "the dumbest deal" in history. Ladane Nasseri reports on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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UAE telecom du recommends H2 2016 dividend of 0.21 dirham/share | Reuters
UAE telecom du recommends H2 2016 dividend of 0.21 dirham/share | Reuters:
"Du, the United Arab Emirates' second biggest telecoms network operator, said on Thursday it recommended a cash dividend of 0.21 UAE dirham ($0.0572) per share for the second half. This will take the total proposed dividend payout for 2016 to 0.34 dirham per share, including a 0.13 dirham per share dividend paid in October. This compares to an annual dividend of 0.43 dirham per share in 2015."
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"Du, the United Arab Emirates' second biggest telecoms network operator, said on Thursday it recommended a cash dividend of 0.21 UAE dirham ($0.0572) per share for the second half. This will take the total proposed dividend payout for 2016 to 0.34 dirham per share, including a 0.13 dirham per share dividend paid in October. This compares to an annual dividend of 0.43 dirham per share in 2015."
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Here’s How UBS Wealth Sees the Aramco IPO Changing Middle East Markets - Bloomberg
Here’s How UBS Wealth Sees the Aramco IPO Changing Middle East Markets - Bloomberg:
"The initial public offering of Saudi Arabian Oil Co., set to be the world’s most valuable, has the potential to bring far-reaching changes to the Saudi equity market and alter investor perceptions of the region, says Michael Bolliger, head of emerging-market asset allocation at UBS Wealth Management.
The share sale will turn unprecedented attention on the Saudi market, says Zurich-based Bolliger, who helps oversee the investment strategy for $2.1 trillion in assets."
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"The initial public offering of Saudi Arabian Oil Co., set to be the world’s most valuable, has the potential to bring far-reaching changes to the Saudi equity market and alter investor perceptions of the region, says Michael Bolliger, head of emerging-market asset allocation at UBS Wealth Management.
The share sale will turn unprecedented attention on the Saudi market, says Zurich-based Bolliger, who helps oversee the investment strategy for $2.1 trillion in assets."
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MIDEAST STOCKS-Gulf markets edge higher on global strength, steady oil prices | Reuters
MIDEAST STOCKS-Gulf markets edge higher on global strength, steady oil prices | Reuters:
"Stock markets in the Gulf edged slightly higher in morning trade on Thursday as global shares held near highs and crude oil prices traded near their average over the past month.
Saudi Arabia's index was up 0.4 percent after 50 minutes of trade with the majority of oil-linked shares advancing. Saudi Basic Industries, the largest producer, rose 1.0 percent.
Shares often traded by local day traders were also up. Insurer Al Ahlia Cooperative Insurance jumped 3.3 percent."
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"Stock markets in the Gulf edged slightly higher in morning trade on Thursday as global shares held near highs and crude oil prices traded near their average over the past month.
Saudi Arabia's index was up 0.4 percent after 50 minutes of trade with the majority of oil-linked shares advancing. Saudi Basic Industries, the largest producer, rose 1.0 percent.
Shares often traded by local day traders were also up. Insurer Al Ahlia Cooperative Insurance jumped 3.3 percent."
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