Goldman registers mutual funds for UAE retail investors | The National:
"Goldman Sachs Asset Management (GSAM) has become the first asset manager to directly register foreign investment funds for retail investors in the UAE, taking advantage of mutual funds regulations introduced last year.
The Securities and Commodities Authority (SCA) introduced revised regulations in July last year authorising asset managers to register foreign mutual funds for distribution by approved local partners.
The new regulations pare down the requirements for registering foreign funds for distribution within the UAE, with registration previously carried out by local distributors case by case."
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Tuesday 11 April 2017
Subsidiary of Qatar’s Al Fardan purchases Carlton Downtown hotel in Dubai | The National
Subsidiary of Qatar’s Al Fardan purchases Carlton Downtown hotel in Dubai | The National:
"Dubai’s Carlton Downtown hotel on Sheikh Zayed Road has been bought by a unit of the Qatari conglomerate Al Fardan Group in a rare hotel investment deal in the emirate. Al Fardan announced on Tuesday that it had purchased the 47-storey tower, formerly known as the Warwick Hotel, comprising 357 rooms, seven restaurants and bars – and home to Dubai’s highest open-air rooftop pool – through its The First Investor subsidiary. The hotel is believed to have changed hands for about Dh500 million, according to sources close to the deal."
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"Dubai’s Carlton Downtown hotel on Sheikh Zayed Road has been bought by a unit of the Qatari conglomerate Al Fardan Group in a rare hotel investment deal in the emirate. Al Fardan announced on Tuesday that it had purchased the 47-storey tower, formerly known as the Warwick Hotel, comprising 357 rooms, seven restaurants and bars – and home to Dubai’s highest open-air rooftop pool – through its The First Investor subsidiary. The hotel is believed to have changed hands for about Dh500 million, according to sources close to the deal."
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Aircraft leasing firm DAE reports lower income for last year | The National
Aircraft leasing firm DAE reports lower income for last year | The National:
"Dubai Aerospace Enterprise (DAE), an aircraft leasing and maintenance company, said on Tuesday its net income last year was 67 per cent lower than 2015, the year it sold the engineering services provider StandardAero, as it sought to focus on its leasing business. Net profit was US$199 million, down from $610.4m a year earlier, the company said. DAE, whose majority shareholder is the sovereign wealth fund Investment Corporation of Dubai, said revenue rose by 22 per cent last year to $417.8m. It also increased its aircraft fleet last year. Khalifa Al Daboos, DAE’s managing director, said there was a "sizeable opportunity" to expand within the UAE and Middle East’s aerospace sector. "DAE’s growth ambitions will focus on expanding its presence broadly in the sector and in the region," he said."
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"Dubai Aerospace Enterprise (DAE), an aircraft leasing and maintenance company, said on Tuesday its net income last year was 67 per cent lower than 2015, the year it sold the engineering services provider StandardAero, as it sought to focus on its leasing business. Net profit was US$199 million, down from $610.4m a year earlier, the company said. DAE, whose majority shareholder is the sovereign wealth fund Investment Corporation of Dubai, said revenue rose by 22 per cent last year to $417.8m. It also increased its aircraft fleet last year. Khalifa Al Daboos, DAE’s managing director, said there was a "sizeable opportunity" to expand within the UAE and Middle East’s aerospace sector. "DAE’s growth ambitions will focus on expanding its presence broadly in the sector and in the region," he said."
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Mubadala board has approves issuance of new debt bonds worth $1.5b | GulfNews.com
Mubadala board has approves issuance of new debt bonds worth $1.5b | GulfNews.com:
"Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and Deputy Chairman of Mubadala Investment Company, on Tuesday chaired the first meeting of the executive committee of the company’s board. The board has approved the issuance of new debt bonds worth $1.5 billion (Dh5.51 billion) by Mubadala Development, which is wholly owned by Mubadala Investment. It also approved the annual work plan and budget for 2017 along with many internal regulations, including the corporate governance and HR systems. The meeting was attended by Suhail Mohammad Faraj Al Mazroui, Minister of Energy, and Mohammad Ahmad Al Bawardi, Minister of State for Defence Affairs, and other senior officials."
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"Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and Deputy Chairman of Mubadala Investment Company, on Tuesday chaired the first meeting of the executive committee of the company’s board. The board has approved the issuance of new debt bonds worth $1.5 billion (Dh5.51 billion) by Mubadala Development, which is wholly owned by Mubadala Investment. It also approved the annual work plan and budget for 2017 along with many internal regulations, including the corporate governance and HR systems. The meeting was attended by Suhail Mohammad Faraj Al Mazroui, Minister of Energy, and Mohammad Ahmad Al Bawardi, Minister of State for Defence Affairs, and other senior officials."
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Candidates register for Iran's presidential vote as hardliners seek boost | Reuters
Candidates register for Iran's presidential vote as hardliners seek boost | Reuters:
"Candidates began registering on Tuesday for Iran's May 19 presidential election with the clerical establishment hoping for a high turnout to shore up its legitimacy amidst widespread instability in the Middle East.
The Islamic Republic regards the election in part as a show of defiance against renewed U.S. pressure under President Donald Trump, particularly after his missile attack last week on Iran's regional ally Syria.
President Hassan Rouhani, a moderate who engineered Iran's 2015 nuclear deal with world powers that secured a removal of international financial and trade sanctions against Tehran, is expected to seek re-election but faces a stiff challenge from hardline conservative Ebrahim Raisi."
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"Candidates began registering on Tuesday for Iran's May 19 presidential election with the clerical establishment hoping for a high turnout to shore up its legitimacy amidst widespread instability in the Middle East.
The Islamic Republic regards the election in part as a show of defiance against renewed U.S. pressure under President Donald Trump, particularly after his missile attack last week on Iran's regional ally Syria.
President Hassan Rouhani, a moderate who engineered Iran's 2015 nuclear deal with world powers that secured a removal of international financial and trade sanctions against Tehran, is expected to seek re-election but faces a stiff challenge from hardline conservative Ebrahim Raisi."
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UPDATE 1-Strong loan growth lifts profit at Qatar National Bank | Reuters
UPDATE 1-Strong loan growth lifts profit at Qatar National Bank | Reuters:
"Qatar National Bank (QNB) reported a 12 percent rise in first-quarter net profit on Tuesday, fuelled by double-digit loan growth after its takeover of Turkey's Finansbank. The 2.7 billion euro ($2.86 billion) acquisition completed in June helped to secure QNB's position as the largest lender in the Middle East and Africa by assets, but it also exposed the bank to soured loans in Turkey after the economy wobbled in the wake of last year's failed coup. As a result, QNB reported a hefty jump in bad loans to 398.93 billion riyals ($109.6 billion) in the quarter, up from 20.12 billion riyals a year earlier and lifting its non-performing loans ratio to 1.8 percent from 1.4 percent."
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"Qatar National Bank (QNB) reported a 12 percent rise in first-quarter net profit on Tuesday, fuelled by double-digit loan growth after its takeover of Turkey's Finansbank. The 2.7 billion euro ($2.86 billion) acquisition completed in June helped to secure QNB's position as the largest lender in the Middle East and Africa by assets, but it also exposed the bank to soured loans in Turkey after the economy wobbled in the wake of last year's failed coup. As a result, QNB reported a hefty jump in bad loans to 398.93 billion riyals ($109.6 billion) in the quarter, up from 20.12 billion riyals a year earlier and lifting its non-performing loans ratio to 1.8 percent from 1.4 percent."
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IMF Sounds Alarm as Bahrain Is Seen Needing Urgent Spending Cuts - Bloomberg
IMF Sounds Alarm as Bahrain Is Seen Needing Urgent Spending Cuts - Bloomberg:
"Bahrain needs to make significant spending cuts to restore stability to its budget and improve investor confidence as the smallest economy among Gulf Arab monarchies tries to manage the impact of lower oil prices, the International Monetary Fund said. The Washington-based lender said on Monday the drop in crude prices has largely offset “significant fiscal measures that were implemented,” causing the budget deficit and public debt in 2016 to stand at 18 percent and 82 percent of gross domestic product, respectively. “A sizable fiscal adjustment is urgently needed to restore fiscal sustainability, reduce vulnerabilities, and boost investor and consumer confidence,” the IMF said in a statement after concluding regular consultations with Bahraini authorities."
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"Bahrain needs to make significant spending cuts to restore stability to its budget and improve investor confidence as the smallest economy among Gulf Arab monarchies tries to manage the impact of lower oil prices, the International Monetary Fund said. The Washington-based lender said on Monday the drop in crude prices has largely offset “significant fiscal measures that were implemented,” causing the budget deficit and public debt in 2016 to stand at 18 percent and 82 percent of gross domestic product, respectively. “A sizable fiscal adjustment is urgently needed to restore fiscal sustainability, reduce vulnerabilities, and boost investor and consumer confidence,” the IMF said in a statement after concluding regular consultations with Bahraini authorities."
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Millions of migrant Gulf workers forced to pay for right to work: report | Reuters
Millions of migrant Gulf workers forced to pay for right to work: report | Reuters:
"South Asian migrants powering the construction boom in oil-rich Gulf countries are often illegally made to pay for their own recruitment, adding to hardships of poor working conditions and wages, according to an investigation released on Tuesday. Millions of migrants seeking a way out of poverty by working in Gulf nations from Qatar to the United Arab Emirates must routinely pay fees that can equal a year's salary, U.S. researchers said in a report. "Recruitment is not free," said David Segall, of New York University's Stern Center for Business and Human Rights, who co-authored the report. "Somebody does have to bear these costs, but that of course should be the employing company.""
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"South Asian migrants powering the construction boom in oil-rich Gulf countries are often illegally made to pay for their own recruitment, adding to hardships of poor working conditions and wages, according to an investigation released on Tuesday. Millions of migrants seeking a way out of poverty by working in Gulf nations from Qatar to the United Arab Emirates must routinely pay fees that can equal a year's salary, U.S. researchers said in a report. "Recruitment is not free," said David Segall, of New York University's Stern Center for Business and Human Rights, who co-authored the report. "Somebody does have to bear these costs, but that of course should be the employing company.""
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Oil climbs after reports that Saudi Arabia wants output cuts extended | Reuters
Oil climbs after reports that Saudi Arabia wants output cuts extended | Reuters:
"Crude oil turned positive on Tuesday, reversing course on reports that Saudi Arabia has told OPEC officials it wants to continue OPEC cuts for an additional six months.
Oil futures have been pinned in a range, supported by production cuts from OPEC and other states but capped by rising U.S. shale oil production.
The market turned positive after reports that Saudi Arabia told OPEC officials it wants to extend production cuts enacted in January for another six months when the group meets in May, according to the Wall Street Journal. OPEC members have previously said they lean toward oil cut extensions, so long as non-members are also involved."
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"Crude oil turned positive on Tuesday, reversing course on reports that Saudi Arabia has told OPEC officials it wants to continue OPEC cuts for an additional six months.
Oil futures have been pinned in a range, supported by production cuts from OPEC and other states but capped by rising U.S. shale oil production.
The market turned positive after reports that Saudi Arabia told OPEC officials it wants to extend production cuts enacted in January for another six months when the group meets in May, according to the Wall Street Journal. OPEC members have previously said they lean toward oil cut extensions, so long as non-members are also involved."
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MIDEAST STOCKS-Dubai Islamic Bank shines on Q1 results in dull regional market | Reuters
MIDEAST STOCKS-Dubai Islamic Bank shines on Q1 results in dull regional market | Reuters:
"Shares of Dubai Islamic Bank outperformed most peers in the region on Tuesday after reporting a low double digit growth in first quarter net profit while market liquidity on those bourses was generally thin. Long-term institutional investors stayed away in light of heightened geopolitical risk, traders said. Dubai Islamic Bank shares rose 0.9 percent after the lender reported a first quarter net profit attributable to shareholders of 1 billion dirhams ($272.3 million), 14 percent higher than the prior year period."
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"Shares of Dubai Islamic Bank outperformed most peers in the region on Tuesday after reporting a low double digit growth in first quarter net profit while market liquidity on those bourses was generally thin. Long-term institutional investors stayed away in light of heightened geopolitical risk, traders said. Dubai Islamic Bank shares rose 0.9 percent after the lender reported a first quarter net profit attributable to shareholders of 1 billion dirhams ($272.3 million), 14 percent higher than the prior year period."
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Saudi Arabia starts marketing dual-tranche sukuk | Reuters
Saudi Arabia starts marketing dual-tranche sukuk | Reuters:
"The Kingdom of Saudi Arabia has opened books on its debut US dollar sukuk, according to a lead. The sovereign is marketing a five-year tranche at 115bp area over mid-swaps. It also marketing a 10-year tranche at plus 155bp area. The deal is Wednesday's business. Citi, HSBC and JP Morgan are the global coordinators. They are joined as leads by BNP Paribas, Deutsche Bank and NCB Capital."
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"The Kingdom of Saudi Arabia has opened books on its debut US dollar sukuk, according to a lead. The sovereign is marketing a five-year tranche at 115bp area over mid-swaps. It also marketing a 10-year tranche at plus 155bp area. The deal is Wednesday's business. Citi, HSBC and JP Morgan are the global coordinators. They are joined as leads by BNP Paribas, Deutsche Bank and NCB Capital."
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MIDEAST STOCKS-TAQA weighs on Abu Dhabi, Dubai Islamic Bank buoys Dubai on Q1 results | Reuters
MIDEAST STOCKS-TAQA weighs on Abu Dhabi, Dubai Islamic Bank buoys Dubai on Q1 results | Reuters:
"Shares in Abu Dhabi National Energy dropped on profit taking, pulling that index lower in early trade on Tuesday, while strong first quarter results from Dubai Islamic Bank helped to buoy its local index.
Abu Dhabi's index edged down 0.1 percent, with the main drag coming from a 3.3 percent drop in shares of Abu Dhabi National Energy.
TAQA had closed 1.7 percent higher Monday and shares of the energy company have been volatile since last week when the government announced it had raised its stake in the company."
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"Shares in Abu Dhabi National Energy dropped on profit taking, pulling that index lower in early trade on Tuesday, while strong first quarter results from Dubai Islamic Bank helped to buoy its local index.
Abu Dhabi's index edged down 0.1 percent, with the main drag coming from a 3.3 percent drop in shares of Abu Dhabi National Energy.
TAQA had closed 1.7 percent higher Monday and shares of the energy company have been volatile since last week when the government announced it had raised its stake in the company."
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