Expansion of Al Maktoum airport delayed to 2018 | GulfNews.com:
"An expansion of Dubai’s Al Maktoum International Airport has been delayed by a year until 2018, the airport’s operator said on Wednesday.
Currently Dubai’s second-largest airport, it will have the capacity to handle 26 million passengers a year when the expansion is complete.
Al Maktoum airport opened in 2013 and can currently handle about seven million passengers a year. Its expansion has been delayed due to the completion of construction and to allow time for trials and testing, a spokesman for Dubai Airports said."
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Wednesday, 17 May 2017
UAE's Dana Gas creditors appoint Moelis and Weil for sukuk restructuring –sources | Reuters
UAE's Dana Gas creditors appoint Moelis and Weil for sukuk restructuring –sources | Reuters:
"A committee of the holders of some $700 million in Islamic bonds issued by Dana Gas has appointed New York-based boutique investment bank Moelis and U.S. legal firm Weil, Gotshal & Manges to negotiate restructuring of the notes, sources familiar with the matter said on Wednesday. With a cash balance of around $300 million at end-March and the sukuk due to mature in October this year, the Abu Dhabi-listed energy producer said earlier this month that it intended to hold discussions with its creditors. Dana and Moelis declined to comment on Wednesday. Dana has not yet appointed an adviser for the restructuring, said a source close to the company."
'via Blog this'
"A committee of the holders of some $700 million in Islamic bonds issued by Dana Gas has appointed New York-based boutique investment bank Moelis and U.S. legal firm Weil, Gotshal & Manges to negotiate restructuring of the notes, sources familiar with the matter said on Wednesday. With a cash balance of around $300 million at end-March and the sukuk due to mature in October this year, the Abu Dhabi-listed energy producer said earlier this month that it intended to hold discussions with its creditors. Dana and Moelis declined to comment on Wednesday. Dana has not yet appointed an adviser for the restructuring, said a source close to the company."
'via Blog this'
Saudi oil wealth is again a magnet for western leaders: Kemp | Reuters
Saudi oil wealth is again a magnet for western leaders: Kemp | Reuters:
"Saudi Arabia has again become the favorite destination for western political leaders seeking to promote arms sales and encourage other exports to boost their economies at home. UK Prime Minister Theresa May visited last month to promote trade as the country seeks to diversify its export markets after Brexit. U.S. President Donald Trump is scheduled to make his own pilgrimage to Riyadh later this week with reports suggesting the two countries have been negotiating arms deals worth more than $100 billion."
'via Blog this'
"Saudi Arabia has again become the favorite destination for western political leaders seeking to promote arms sales and encourage other exports to boost their economies at home. UK Prime Minister Theresa May visited last month to promote trade as the country seeks to diversify its export markets after Brexit. U.S. President Donald Trump is scheduled to make his own pilgrimage to Riyadh later this week with reports suggesting the two countries have been negotiating arms deals worth more than $100 billion."
'via Blog this'
Don't tighten fiscal policy too fast, IMF warns Saudis | Reuters
Don't tighten fiscal policy too fast, IMF warns Saudis | Reuters:
"The International Monetary Fund warned Saudi Arabia on Wednesday not to tighten fiscal policy too fast, saying rapid cuts to the government's budget deficit could damage the economy.
Tim Callen, head of an IMF team which held annual consultations with Saudi officials last week, said Riyadh's goal of balancing its budget was appropriate. Low oil prices in the past couple of years have pushed it deep into the red.
But Callen added, "The target of balancing the budget, however, does not need to be met in 2019 as set out in the Fiscal Balance Program given Saudi Arabia’s strong financial asset position and its low debt."
'via Blog this'
"The International Monetary Fund warned Saudi Arabia on Wednesday not to tighten fiscal policy too fast, saying rapid cuts to the government's budget deficit could damage the economy.
Tim Callen, head of an IMF team which held annual consultations with Saudi officials last week, said Riyadh's goal of balancing its budget was appropriate. Low oil prices in the past couple of years have pushed it deep into the red.
But Callen added, "The target of balancing the budget, however, does not need to be met in 2019 as set out in the Fiscal Balance Program given Saudi Arabia’s strong financial asset position and its low debt."
'via Blog this'
MSCI Bounce for Saudi Shares May Happen Sooner Than You Think - Bloomberg
MSCI Bounce for Saudi Shares May Happen Sooner Than You Think - Bloomberg:
"If history is any guide, Saudi Arabian stocks will benefit from being included in MSCI Inc.’s emerging-market index in the months before the promotion, not after.
Saudi equity investors can expect returns of about 20 percent in each of the years leading up to the upgrade and in the year of the event, and then a decline of 12 percent in the following 12 months, according to data collected by EFG-Hermes Holding. The investment bank studied the fortunes of markets that gained emerging status at MSCI from 1993 to 2014, including the United Arab Emirates and Qatar. While foreign investor inflows will increase, that may not translate to higher liquidity."
'via Blog this'
"If history is any guide, Saudi Arabian stocks will benefit from being included in MSCI Inc.’s emerging-market index in the months before the promotion, not after.
Saudi equity investors can expect returns of about 20 percent in each of the years leading up to the upgrade and in the year of the event, and then a decline of 12 percent in the following 12 months, according to data collected by EFG-Hermes Holding. The investment bank studied the fortunes of markets that gained emerging status at MSCI from 1993 to 2014, including the United Arab Emirates and Qatar. While foreign investor inflows will increase, that may not translate to higher liquidity."
'via Blog this'
Oman to Sell $2 Billion of Islamic Bonds, Finance Chief Says - Bloomberg
Oman to Sell $2 Billion of Islamic Bonds, Finance Chief Says - Bloomberg:
"Oman plans to sell $2 billion of Islamic bonds this month as it seeks to trim a large budget deficit caused by lower oil revenue, Finance Minister Darwish Al Balushi said.
The crude exporter’s budget deficit will reach 12 percent of economic output this year and it will continue to narrow in the coming years, Al Balushi said in an interview Wednesday in Jeddah, Saudi Arabia, on the sidelines of the Islamic Development Bank’s annual meeting.
“We are confident that our economy is heading in the right direction because the government has taken several measures for economic and fiscal reform,” he said. “These measures led to improvement in the fiscal situation and the government will continue to take more measures.”"
'via Blog this'
"Oman plans to sell $2 billion of Islamic bonds this month as it seeks to trim a large budget deficit caused by lower oil revenue, Finance Minister Darwish Al Balushi said.
The crude exporter’s budget deficit will reach 12 percent of economic output this year and it will continue to narrow in the coming years, Al Balushi said in an interview Wednesday in Jeddah, Saudi Arabia, on the sidelines of the Islamic Development Bank’s annual meeting.
“We are confident that our economy is heading in the right direction because the government has taken several measures for economic and fiscal reform,” he said. “These measures led to improvement in the fiscal situation and the government will continue to take more measures.”"
'via Blog this'
MIDEAST STOCKS-Real estate sector lifts Egypt, Saudi volumes rise before Ramadan | Reuters
MIDEAST STOCKS-Real estate sector lifts Egypt, Saudi volumes rise before Ramadan | Reuters:
"Egypt's stock market outperformed its Gulf peers on Wednesday on the back of strong first-quarter earnings and positive news from a real estate developer, while Saudi Arabia saw increased activity as traders took positions ahead of Ramadan.
Egypt's index rose 1.0 percent as real estate firm Sixth of October Development (SODIC) jumped 4.2 percent to a four-month high in its heaviest trade since May 2014.
The company's chief executive told Reuters on Wednesday it planned to buy new land to the north and west of Cairo as part of an expansion plan. In total, SODIC would acquire land worth 600 million Egyptian pounds ($33.2 million)."
'via Blog this'
"Egypt's stock market outperformed its Gulf peers on Wednesday on the back of strong first-quarter earnings and positive news from a real estate developer, while Saudi Arabia saw increased activity as traders took positions ahead of Ramadan.
Egypt's index rose 1.0 percent as real estate firm Sixth of October Development (SODIC) jumped 4.2 percent to a four-month high in its heaviest trade since May 2014.
The company's chief executive told Reuters on Wednesday it planned to buy new land to the north and west of Cairo as part of an expansion plan. In total, SODIC would acquire land worth 600 million Egyptian pounds ($33.2 million)."
'via Blog this'
Saudi Aramco Tightens Grip in Top Oil Market With China Refinery - Bloomberg
Saudi Aramco Tightens Grip in Top Oil Market With China Refinery - Bloomberg:
"Saudi Arabian Oil Co. agreed to build a refinery and petrochemical plant in China, deepening ties between world’s biggest oil seller and its largest importer. Saudi Aramco, as the company is known, and state-owned China North Industries Group Corp. signed an agreement Tuesday for an integrated refining and chemical facility in Liaoning’s Panjin, according to a statement from China North. The project includes a 15 million tons-a-year (about 300,000 barrels a day) oil refinery, 1 million tons-a-year ethylene cracker, and other chemical projects. The deal is part of Saudi Aramco’s strategy of investing in refining to help lock in demand for its crude and follows agreements earlier this year for stakes worth $13 billion in refining projects in Malaysia and Indonesia. The project makes Norinco, as China North is known, a player in the country’s energy industry from primarily being a defense manufacturer. It also allows it to invest in Saudi Arabian industries, including railways, power, mining, telecommunications and oil exploration."
'via Blog this'
"Saudi Arabian Oil Co. agreed to build a refinery and petrochemical plant in China, deepening ties between world’s biggest oil seller and its largest importer. Saudi Aramco, as the company is known, and state-owned China North Industries Group Corp. signed an agreement Tuesday for an integrated refining and chemical facility in Liaoning’s Panjin, according to a statement from China North. The project includes a 15 million tons-a-year (about 300,000 barrels a day) oil refinery, 1 million tons-a-year ethylene cracker, and other chemical projects. The deal is part of Saudi Aramco’s strategy of investing in refining to help lock in demand for its crude and follows agreements earlier this year for stakes worth $13 billion in refining projects in Malaysia and Indonesia. The project makes Norinco, as China North is known, a player in the country’s energy industry from primarily being a defense manufacturer. It also allows it to invest in Saudi Arabian industries, including railways, power, mining, telecommunications and oil exploration."
'via Blog this'
Saudi Minister Expects Expansionary 2018 Budget Based on Savings - Bloomberg
Saudi Minister Expects Expansionary 2018 Budget Based on Savings - Bloomberg:
"Saudi Arabia’s budget next year will be “expansionary but not significantly” and in line with plans to balance state finances by 2020, Finance Minister Mohammed Al-Jadaan said. “Where the expansion will come is from the efficiency,” Al-Jadaan said in an interview in Jeddah on Tuesday. “So we are working on that -- reducing a lot of the fat that is not necessary and then utilizing that in more productive investments.” The target for a balanced budget is central to the kingdom’s long-term plan to wean the economy off oil, which includes creating the world’s biggest sovereign wealth fund and privatizing some state assets. The Finance Ministry reported this month that the first-quarter deficit narrowed on higher oil revenue, boosting efforts to repair public finances."
'via Blog this'
"Saudi Arabia’s budget next year will be “expansionary but not significantly” and in line with plans to balance state finances by 2020, Finance Minister Mohammed Al-Jadaan said. “Where the expansion will come is from the efficiency,” Al-Jadaan said in an interview in Jeddah on Tuesday. “So we are working on that -- reducing a lot of the fat that is not necessary and then utilizing that in more productive investments.” The target for a balanced budget is central to the kingdom’s long-term plan to wean the economy off oil, which includes creating the world’s biggest sovereign wealth fund and privatizing some state assets. The Finance Ministry reported this month that the first-quarter deficit narrowed on higher oil revenue, boosting efforts to repair public finances."
'via Blog this'
MIDEAST STOCKS-Large caps weigh on Saudi, Qatar; UAE indexes edge up | Reuters
MIDEAST STOCKS-Large caps weigh on Saudi, Qatar; UAE indexes edge up | Reuters:
"Declines in large caps weighed on Saudi stocks in early trade on Wednesday while the Dubai market rose as property developer DAMAC extended gains.
The Riyadh index was down 0.1 percent after 45 minutes of trade as a little under two-thirds of the 14 listed petrochemical producers fell. Heavyweight Saudi Basic Industries was down 0.8 percent.
Much activity focused on second and third-tier stocks. Saudi Paper Manufacturing was up 4.4 percent as about 2 million shares traded hands, more than double the usual daily volume."
'via Blog this'
"Declines in large caps weighed on Saudi stocks in early trade on Wednesday while the Dubai market rose as property developer DAMAC extended gains.
The Riyadh index was down 0.1 percent after 45 minutes of trade as a little under two-thirds of the 14 listed petrochemical producers fell. Heavyweight Saudi Basic Industries was down 0.8 percent.
Much activity focused on second and third-tier stocks. Saudi Paper Manufacturing was up 4.4 percent as about 2 million shares traded hands, more than double the usual daily volume."
'via Blog this'