Regional sovereign wealth funds look to invest in real estate for liquidity | The National:
"Middle Eastern sovereign wealth funds are targeting real estate investments to generate yields in the low interest-rate environment and own a liquid asset as withdrawals continue, according to investment management firm Invesco. More funds were looking at real estate for its yield-generating qualities for two reasons, said Alexander Millar, Invesco’s head of Emea sovereigns at yesterday’s launch of the firm’s annual Global Sovereign Asset Management Study in Dubai. Low interest rates in many parts of the world mean that fixed-income products are not generating significant returns, and many sovereign funds have experienced their own reduction in liquidity as withdrawals have remained stable and the amount of new investment has been shrinking. In such a scenario, real estate investments are a more liquid form of income-generating asset than either private equity or infrastructure investments."
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Tuesday, 6 June 2017
Maersk says unable to ship Qatar bound cargo from UAE, seeks alternatives | Reuters
Maersk says unable to ship Qatar bound cargo from UAE, seeks alternatives | Reuters:
"Maersk (MAERSKb.CO) can no longer transport goods in or out of Qatar after Arab countries imposed restrictions on trade with the tiny Gulf state and the company is looking at alternative shipping routes.
Shipping lines normally transship cargoes from the United Arab Emirates port of Jebel Ali to Qatar, which relies heavily on imports by sea and land.
A Maersk Line spokesman said on Tuesday: "We have confirmation that we will not be able to move Qatar cargo in and out of Jebel Ali.""
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"Maersk (MAERSKb.CO) can no longer transport goods in or out of Qatar after Arab countries imposed restrictions on trade with the tiny Gulf state and the company is looking at alternative shipping routes.
Shipping lines normally transship cargoes from the United Arab Emirates port of Jebel Ali to Qatar, which relies heavily on imports by sea and land.
A Maersk Line spokesman said on Tuesday: "We have confirmation that we will not be able to move Qatar cargo in and out of Jebel Ali.""
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Port bans choke Qatar's commodity trade as gas supply worries grow | Reuters
Port bans choke Qatar's commodity trade as gas supply worries grow | Reuters:
"A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible jolt to the global gas market, where the tiny Gulf state is a major player. Just a day after Saudi Arabia and its Arab allies severed transport links with Qatar over a diplomatic row, bans on Doha's fleet using regional ports and anchorages threatened to halt some of its exports and disrupt those of liquefied natural gas (LNG). Traders worried that Riyadh's allies would refuse to accept LNG shipments from the Gulf state, and that Egypt might even bar tankers carrying Qatari cargoes from using the Suez Canal as they head to Europe and beyond - although Cairo is bound by an international agreement to let them use the waterway."
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"A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible jolt to the global gas market, where the tiny Gulf state is a major player. Just a day after Saudi Arabia and its Arab allies severed transport links with Qatar over a diplomatic row, bans on Doha's fleet using regional ports and anchorages threatened to halt some of its exports and disrupt those of liquefied natural gas (LNG). Traders worried that Riyadh's allies would refuse to accept LNG shipments from the Gulf state, and that Egypt might even bar tankers carrying Qatari cargoes from using the Suez Canal as they head to Europe and beyond - although Cairo is bound by an international agreement to let them use the waterway."
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Biggest Mideast Bank Is Cheapest in Four Years as Crisis Swirls - Bloomberg
Biggest Mideast Bank Is Cheapest in Four Years as Crisis Swirls - Bloomberg:
"Qatar National Bank QPSC, the biggest lender in the Middle East, is trading at the cheapest relative to emerging-market peers since 2013 as a regional political storm engulfs its home country. That doesn’t mean analysts are suggesting it’s a good time to buy the stock.
The Doha-based bank is trading at close to nine times its expected earnings, the nearest it’s been for four years to the average among 110 emerging-market lenders in MSCI Inc.’s index for the sector. Shares in QNB, whose biggest investor is the state sovereign wealth fund, fell 7.2 percent in the past two sessions to the lowest in more than six months as a Saudi Arabian-led alliance including the United Arab Emirates and Egypt severed links with the Gulf nation over its stance on Iran and Islamist groups."
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"Qatar National Bank QPSC, the biggest lender in the Middle East, is trading at the cheapest relative to emerging-market peers since 2013 as a regional political storm engulfs its home country. That doesn’t mean analysts are suggesting it’s a good time to buy the stock.
The Doha-based bank is trading at close to nine times its expected earnings, the nearest it’s been for four years to the average among 110 emerging-market lenders in MSCI Inc.’s index for the sector. Shares in QNB, whose biggest investor is the state sovereign wealth fund, fell 7.2 percent in the past two sessions to the lowest in more than six months as a Saudi Arabian-led alliance including the United Arab Emirates and Egypt severed links with the Gulf nation over its stance on Iran and Islamist groups."
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MIDEAST STOCKS-Gulf falls as Qatar crisis worries investors, Egypt continues ascent | Reuters
MIDEAST STOCKS-Gulf falls as Qatar crisis worries investors, Egypt continues ascent | Reuters:
"Most Gulf stock markets fell on Tuesday as the diplomatic crisis surrounding Qatar worried investors, while Egypt's equities index climbed for an 11th straight day to a fresh record high.
Qatar's index fell 1.6 percent to 9,059 points, its lowest close since January 2016, in heavy trade. It had plunged 7.3 percent on Monday after Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic and transport ties with Qatar, accusing it of backing terrorism.
The Qatari market rebounded more than 3 percent in early trade on Tuesday, buoyed by hopes that a Kuwaiti mediation effort might succeed. Some fund managers also said they expected Qatari state-linked funds to support the market."
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"Most Gulf stock markets fell on Tuesday as the diplomatic crisis surrounding Qatar worried investors, while Egypt's equities index climbed for an 11th straight day to a fresh record high.
Qatar's index fell 1.6 percent to 9,059 points, its lowest close since January 2016, in heavy trade. It had plunged 7.3 percent on Monday after Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic and transport ties with Qatar, accusing it of backing terrorism.
The Qatari market rebounded more than 3 percent in early trade on Tuesday, buoyed by hopes that a Kuwaiti mediation effort might succeed. Some fund managers also said they expected Qatari state-linked funds to support the market."
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Qatari riyal under pressure as Saudi, UAE banks delay Qatar deals | Reuters
Qatari riyal under pressure as Saudi, UAE banks delay Qatar deals | Reuters:
"The Qatari currency came under pressure on Tuesday as Gulf commercial banks began to hold off on dealing with Qatari banks because of the diplomatic rift in the region, banking sources told Reuters. Some Saudi Arabian, United Arab Emirates and Bahraini banks were delaying business with Qatari banks, such as letters of credit, after their governments cut diplomatic ties and transport links with Doha on Monday, accusing Qatar of supporting terrorism. Saudi Arabia's central bank advised banks in the kingdom not to trade with Qatari banks in Qatari riyals, the sources said. The central bank did not respond to a request for comment."
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"The Qatari currency came under pressure on Tuesday as Gulf commercial banks began to hold off on dealing with Qatari banks because of the diplomatic rift in the region, banking sources told Reuters. Some Saudi Arabian, United Arab Emirates and Bahraini banks were delaying business with Qatari banks, such as letters of credit, after their governments cut diplomatic ties and transport links with Doha on Monday, accusing Qatar of supporting terrorism. Saudi Arabia's central bank advised banks in the kingdom not to trade with Qatari banks in Qatari riyals, the sources said. The central bank did not respond to a request for comment."
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Saudi Arabia's Feud With Qatar Has 22-Year History Rooted in Gas - Bloomberg
Saudi Arabia's Feud With Qatar Has 22-Year History Rooted in Gas - Bloomberg:
"Saudi Arabia’s isolation of Qatar has been brewing since 1995, and the dispute’s long past and likely lingering future are best explained by natural gas.
Not only was that the year when the father of the current emir, Sheikh Tamim bin Hamad Al Thani, toppled his own pro-Saudi father, it was also when the tiny desert peninsula was about to make its first shipment of liquid natural gas from the world’s largest reservoir. The offshore North Field, which provides virtually all of Qatar’s gas, is shared with Iran, Saudi Arabia’s hated rival.
The wealth that followed turned Qatar into not just the world’s richest nation, with an annual per-capita income of $130,000, but also the world’s largest LNG exporter. The focus on gas set it apart from its oil producing neighbors in the Gulf Cooperation Council and allowed it to break from domination by Saudi Arabia, which in Monday’s statement of complaint described Qataris as an “extension of their brethren in the Kingdom” as it cut off diplomatic relations and closed the border. "
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"Saudi Arabia’s isolation of Qatar has been brewing since 1995, and the dispute’s long past and likely lingering future are best explained by natural gas.
Not only was that the year when the father of the current emir, Sheikh Tamim bin Hamad Al Thani, toppled his own pro-Saudi father, it was also when the tiny desert peninsula was about to make its first shipment of liquid natural gas from the world’s largest reservoir. The offshore North Field, which provides virtually all of Qatar’s gas, is shared with Iran, Saudi Arabia’s hated rival.
The wealth that followed turned Qatar into not just the world’s richest nation, with an annual per-capita income of $130,000, but also the world’s largest LNG exporter. The focus on gas set it apart from its oil producing neighbors in the Gulf Cooperation Council and allowed it to break from domination by Saudi Arabia, which in Monday’s statement of complaint described Qataris as an “extension of their brethren in the Kingdom” as it cut off diplomatic relations and closed the border. "
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Gulf Spat Threatens to Put Brakes on Qatar's $335 Billion Empire - Bloomberg
Gulf Spat Threatens to Put Brakes on Qatar's $335 Billion Empire - Bloomberg:
"The windfall from being the world’s largest exporter of liquefied natural gas has allowed Qatar to amass about $335 billion of investments around the world through its sovereign wealth fund. Now, a diplomatic spat with neighboring countries threatens to hamper the Qatar Investment Authority’s ability to continue making headline-grabbing global deals. Saudi Arabia and three other Arab countries cut off most diplomatic and economic ties to Qatar Monday in an unprecedented move designed to punish one of the region’s financial superpowers for its ties with Iran and Islamist groups. “The potential risks that Qatari investors face, including the QIA, are going to increase and new deals are probably going to become more difficult to complete and face greater scrutiny,” said Sven Behrendt, managing director of political risk consultant GeoEconomica GmbH. “Qatar has walked a fine line supporting extremist groups elsewhere in the Arab world, which has provoked this reaction from its neighbors.”"
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"The windfall from being the world’s largest exporter of liquefied natural gas has allowed Qatar to amass about $335 billion of investments around the world through its sovereign wealth fund. Now, a diplomatic spat with neighboring countries threatens to hamper the Qatar Investment Authority’s ability to continue making headline-grabbing global deals. Saudi Arabia and three other Arab countries cut off most diplomatic and economic ties to Qatar Monday in an unprecedented move designed to punish one of the region’s financial superpowers for its ties with Iran and Islamist groups. “The potential risks that Qatari investors face, including the QIA, are going to increase and new deals are probably going to become more difficult to complete and face greater scrutiny,” said Sven Behrendt, managing director of political risk consultant GeoEconomica GmbH. “Qatar has walked a fine line supporting extremist groups elsewhere in the Arab world, which has provoked this reaction from its neighbors.”"
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Saudi central bank tells banks not to trade with Qatar banks in Qatari riyals - sources | Reuters
Saudi central bank tells banks not to trade with Qatar banks in Qatari riyals - sources | Reuters:
"Saudi Arabia's central bank has advised banks in the kingdom not to trade with Qatari banks in Qatari riyals, banking sources told Reuters on Tuesday.
The guidance from the central bank came on Monday evening, after Saudi Arabia, the United Arab Emirates and Bahrain severed diplomatic and transport ties with Doha, accusing it of supporting terrorism.
The Saudi central bank did not respond to a request for comment."
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"Saudi Arabia's central bank has advised banks in the kingdom not to trade with Qatari banks in Qatari riyals, banking sources told Reuters on Tuesday.
The guidance from the central bank came on Monday evening, after Saudi Arabia, the United Arab Emirates and Bahrain severed diplomatic and transport ties with Doha, accusing it of supporting terrorism.
The Saudi central bank did not respond to a request for comment."
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Qatar stocks rebound 2.7 percent in early trade | Reuters
Qatar stocks rebound 2.7 percent in early trade | Reuters:
"Qatar's stock market rebounded in early trade on Tuesday after plunging on the previous day, when Saudi Arabia, the United Arab Emirates and other countries severed air, sea and land transport links with Doha, accusing it of supporting terrorism.
The Qatari stock index was up 2.7 percent after half an hour of trade; it rose as much as 3.2 percent at one stage. On Monday, it had tumbled 7.3 percent.
Fund managers said there were hopes that Qatari state-linked funds could enter the market to buy shares and provide support, although it was not clear whether this had happened so far."
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"Qatar's stock market rebounded in early trade on Tuesday after plunging on the previous day, when Saudi Arabia, the United Arab Emirates and other countries severed air, sea and land transport links with Doha, accusing it of supporting terrorism.
The Qatari stock index was up 2.7 percent after half an hour of trade; it rose as much as 3.2 percent at one stage. On Monday, it had tumbled 7.3 percent.
Fund managers said there were hopes that Qatari state-linked funds could enter the market to buy shares and provide support, although it was not clear whether this had happened so far."
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