Mena sovereign borrowing set to decline | The National:
"Middle East and North African governments are likely to issue less commercial debt this year as budget deficits improve after record issuances last year, a report said on Sunday. The latest research from S&P Global Ratings said sovereign borrowing is set to decline by 20 per cent to US$136 billion following record debt issuances of $170bn last year. "We project that the 13 Mena sovereigns that we rate will borrow an equivalent of $136bn from long-term commercial sources in 2017," said Trevor Cullinan, a primary credit analyst based in Dubai for S&P."
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Sunday, 26 February 2017
Saudi Bourse to Seek Cross Listings to Boost Foreign Investment - Bloomberg
Saudi Bourse to Seek Cross Listings to Boost Foreign Investment - Bloomberg:
"Saudi Arabia’s stock exchange is seeking to secure its first regional cross listing by 2018 to boost foreign investment in the Middle East’s largest bourse. The Tadawul, as the market is known, will hold discussions with companies already listed on other exchanges in the Gulf Cooperation Council to encourage them to also list shares in the kingdom, Chief Executive Officer Khalid Al Hussan said in an interview in Riyadh on Sunday. “Definitely by 2018 we would expect to see at least one company cross listing onto the main market from another exchange," he said. The Tadawul also wants private companies in the GCC to sell shares on its alternative market, Nomu, with the first expected this year, he said."
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"Saudi Arabia’s stock exchange is seeking to secure its first regional cross listing by 2018 to boost foreign investment in the Middle East’s largest bourse. The Tadawul, as the market is known, will hold discussions with companies already listed on other exchanges in the Gulf Cooperation Council to encourage them to also list shares in the kingdom, Chief Executive Officer Khalid Al Hussan said in an interview in Riyadh on Sunday. “Definitely by 2018 we would expect to see at least one company cross listing onto the main market from another exchange," he said. The Tadawul also wants private companies in the GCC to sell shares on its alternative market, Nomu, with the first expected this year, he said."
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Saudi Arabia Sees Growing Foreign Interest as New Market Opens - Bloomberg
Saudi Arabia Sees Growing Foreign Interest as New Market Opens - Bloomberg:
"Saudi Arabia is counting on rules that will extend the settlement cycle on stock trades to attract more foreign investors, Capital Market Authority Vice Chairman Mohammed El-Kuwaiz said. The Tadawul stock exchange has about 50 qualified foreign investors and expects to draw more after shifting to a T+2 cycle by the end of June, a system used across most major exchanges, El-Kuwaiz said in an interview with Bloomberg News. The current system requires same-day settlement. “A lot of financial advisers are looking at the opening up of the market, the privatization program and the change in the overall market infrastructure as an opportunity,” and the regulator has seen "a tremendously increasing amount of interest" from foreign firms seeking licensing to operate in Saudi Arabia, El-Kuwaiz said at the launch of a secondary market called Nomu."
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"Saudi Arabia is counting on rules that will extend the settlement cycle on stock trades to attract more foreign investors, Capital Market Authority Vice Chairman Mohammed El-Kuwaiz said. The Tadawul stock exchange has about 50 qualified foreign investors and expects to draw more after shifting to a T+2 cycle by the end of June, a system used across most major exchanges, El-Kuwaiz said in an interview with Bloomberg News. The current system requires same-day settlement. “A lot of financial advisers are looking at the opening up of the market, the privatization program and the change in the overall market infrastructure as an opportunity,” and the regulator has seen "a tremendously increasing amount of interest" from foreign firms seeking licensing to operate in Saudi Arabia, El-Kuwaiz said at the launch of a secondary market called Nomu."
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MIDEAST STOCKS-Gulf moves little but new listings surge on Saudi secondary market | Reuters
MIDEAST STOCKS-Gulf moves little but new listings surge on Saudi secondary market | Reuters:
"Gulf stocks generally moved little in thin trade on Sunday but new listings surged on Saudi Arabia's secondary market as that bourse, which has less onerous listing requirements than the main Riyadh market, opened its doors for the first time. The main Saudi index edged up 0.1 percent. Real estate investment trusts, which have been soaring since Al Jazira Maten REIT listed in mid-February, continued to rise in heavy trade; Al Jazira climbed 9.8 percent and Riyad REIT gained 9.4 percent. In the new Saudi Parallel Market, all seven stocks jumped their 20 percent daily limits. They included retailer Abo Moati Stationaries, restaurant operator Raydan Cuisines and Al-Omran Industrial and Trading Co."
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"Gulf stocks generally moved little in thin trade on Sunday but new listings surged on Saudi Arabia's secondary market as that bourse, which has less onerous listing requirements than the main Riyadh market, opened its doors for the first time. The main Saudi index edged up 0.1 percent. Real estate investment trusts, which have been soaring since Al Jazira Maten REIT listed in mid-February, continued to rise in heavy trade; Al Jazira climbed 9.8 percent and Riyad REIT gained 9.4 percent. In the new Saudi Parallel Market, all seven stocks jumped their 20 percent daily limits. They included retailer Abo Moati Stationaries, restaurant operator Raydan Cuisines and Al-Omran Industrial and Trading Co."
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UPDATE 1-Dubai Holding chairman resigns to focus on government role | Reuters
UPDATE 1-Dubai Holding chairman resigns to focus on government role | Reuters:
"The chairman of Dubai Holding, the investment vehicle of the emirate's ruler and a major force in developing the Dubai economy, has resigned to focus on his role in the national government, the conglomerate said on Saturday. As head of Dubai Holding since its founding in 2004, Mohammed Abdullah al-Gergawi came to oversee a $35 billion portfolio of assets in over 20 countries, in industries ranging from tourism and real estate to media, information technology and trade. Gergawi said in a statement it was time for another talented person, whom he did not identify, to take over Dubai Holding, and that he would now work full-time for the United Arab Emirates government. He is minister of cabinet affairs and in charge of strategy development in the national government."
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"The chairman of Dubai Holding, the investment vehicle of the emirate's ruler and a major force in developing the Dubai economy, has resigned to focus on his role in the national government, the conglomerate said on Saturday. As head of Dubai Holding since its founding in 2004, Mohammed Abdullah al-Gergawi came to oversee a $35 billion portfolio of assets in over 20 countries, in industries ranging from tourism and real estate to media, information technology and trade. Gergawi said in a statement it was time for another talented person, whom he did not identify, to take over Dubai Holding, and that he would now work full-time for the United Arab Emirates government. He is minister of cabinet affairs and in charge of strategy development in the national government."
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Abu Dhabi oil agreements with China continue shift towards new partners | The National
Abu Dhabi oil agreements with China continue shift towards new partners | The National:
"The new Abu Dhabi oil industry is taking shape. Last week’s signature by two Chinese companies for stakes in the emirate’s largest producing asset creates a bond that will last for 40 years. Now Abu Dhabi’s energy leaders have to navigate new relationships and show that their novel arrangements will keep up with the region’s measured but titanic energy changes. On February 19, the China National Petroleum Corporation (CNPC) signed for 8 per cent of the onshore Adco concession; the next day its compatriot China Energy (CEFC) took up 4 per cent. With BP and Total holding 10 per cent each, Japan’s Inpex 5 per cent and South Korea’s GS Energy 3 per cent, this completes the planned 40 per cent foreign stake, Adnoc holding the remainder. This represents a significant, although not complete, shift away from the emirate’s traditional western international oil company stakeholders. Japan and South Korea are long-term familiar partners; China much newer; and the other big customer for the emirate’s oil, India, is conspicuous by its absence."
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"The new Abu Dhabi oil industry is taking shape. Last week’s signature by two Chinese companies for stakes in the emirate’s largest producing asset creates a bond that will last for 40 years. Now Abu Dhabi’s energy leaders have to navigate new relationships and show that their novel arrangements will keep up with the region’s measured but titanic energy changes. On February 19, the China National Petroleum Corporation (CNPC) signed for 8 per cent of the onshore Adco concession; the next day its compatriot China Energy (CEFC) took up 4 per cent. With BP and Total holding 10 per cent each, Japan’s Inpex 5 per cent and South Korea’s GS Energy 3 per cent, this completes the planned 40 per cent foreign stake, Adnoc holding the remainder. This represents a significant, although not complete, shift away from the emirate’s traditional western international oil company stakeholders. Japan and South Korea are long-term familiar partners; China much newer; and the other big customer for the emirate’s oil, India, is conspicuous by its absence."
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Legal and regulatory framework for Islamic banking needs tightening: IMF | GulfNews.com
Legal and regulatory framework for Islamic banking needs tightening: IMF | GulfNews.com:
"The current framework governing Islamic Banking (IB) contains many gaps that need to be closed through the development of a more comprehensive enabling environment that ensures financial stability and sound development, according to the Executive Board of the International Monetary Fund (IMF).
In a recently adopted staff paper “Ensuring Financial Stability in Countries with Islamic Banking”, the IMF calls for further strengthening of the legal and regulatory environment and institutional framework in countries that have Islamic banking.
“Islamic banking continues to grow rapidly, in size and complexity, posing a challenge to supervisory authorities and central banks. While accounting for a small share of global financial assets, Islamic banking has established a presence in more than 60 countries and has become systemically important in 14 jurisdictions,” the IMF study said."
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"The current framework governing Islamic Banking (IB) contains many gaps that need to be closed through the development of a more comprehensive enabling environment that ensures financial stability and sound development, according to the Executive Board of the International Monetary Fund (IMF).
In a recently adopted staff paper “Ensuring Financial Stability in Countries with Islamic Banking”, the IMF calls for further strengthening of the legal and regulatory environment and institutional framework in countries that have Islamic banking.
“Islamic banking continues to grow rapidly, in size and complexity, posing a challenge to supervisory authorities and central banks. While accounting for a small share of global financial assets, Islamic banking has established a presence in more than 60 countries and has become systemically important in 14 jurisdictions,” the IMF study said."
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Evercore Plans Dubai Office, Hiring Amid Aramco IPO Talks - Bloomberg
Evercore Plans Dubai Office, Hiring Amid Aramco IPO Talks - Bloomberg:
"Evercore Partners Inc., the investment bank founded by Roger Altman, is planning to open an office in Dubai as it seeks new business in the region, including a role on Saudi Arabian Oil Co.’s initial public offering, according to people familiar with the matter. Evercore is in discussions to become a financial adviser to the state-owned oil giant, known as Aramco, after rival Moelis & Co. was hired for the listing, said the people, who asked not to be identified because the talks are private. Altman’s firm is in talks with bankers from competitors to staff the new Dubai office, which it plans to open this year, the people said. Evercore will start with a small team based in the Dubai International Financial Centre where many of its competitors are based, the people said. A representative for Evercore declined to comment on the office plans or the bank’s potential role on the Aramco IPO. Aramco declined to comment."
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"Evercore Partners Inc., the investment bank founded by Roger Altman, is planning to open an office in Dubai as it seeks new business in the region, including a role on Saudi Arabian Oil Co.’s initial public offering, according to people familiar with the matter. Evercore is in discussions to become a financial adviser to the state-owned oil giant, known as Aramco, after rival Moelis & Co. was hired for the listing, said the people, who asked not to be identified because the talks are private. Altman’s firm is in talks with bankers from competitors to staff the new Dubai office, which it plans to open this year, the people said. Evercore will start with a small team based in the Dubai International Financial Centre where many of its competitors are based, the people said. A representative for Evercore declined to comment on the office plans or the bank’s potential role on the Aramco IPO. Aramco declined to comment."
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MIDEAST STOCKS-Gulf little changed, new listings surge on Saudi secondary market | Reuters
MIDEAST STOCKS-Gulf little changed, new listings surge on Saudi secondary market | Reuters:
"Gulf stocks were generally little changed in early Sunday trade but most new listings surged on Saudi Arabia's secondary market as that bourse, which has less onerous listing requirements than the main Riyadh market, opened its doors for the first time. The main Saudi index edged down 0.02 percent in the first hour. Real estate investment trusts, which have been soaring since Al Jazira Maten REIT listed in mid-February, continued to rise in heavy trading volume; Al Jazira climbed 9.8 percent and Riyad REIT gained 5.1 percent. In the new Saudi Parallel Market, where seven stocks started trading, retailer Abdullah Saad Mohammed Abo Moati Stationaries rose 6.7 percent from its initial public offer price in volume of a little over 1 million shares."
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"Gulf stocks were generally little changed in early Sunday trade but most new listings surged on Saudi Arabia's secondary market as that bourse, which has less onerous listing requirements than the main Riyadh market, opened its doors for the first time. The main Saudi index edged down 0.02 percent in the first hour. Real estate investment trusts, which have been soaring since Al Jazira Maten REIT listed in mid-February, continued to rise in heavy trading volume; Al Jazira climbed 9.8 percent and Riyad REIT gained 5.1 percent. In the new Saudi Parallel Market, where seven stocks started trading, retailer Abdullah Saad Mohammed Abo Moati Stationaries rose 6.7 percent from its initial public offer price in volume of a little over 1 million shares."
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