Sheikh Ahmed: Emirates to decide on Boeing or Airbus multibillion dollar order - The National:
"Emirates, the largest operator of wide-body aircraft globally, will decide by year end on a multibillion dollar order in which the airline will pick between Boeing’s Dreamliner 787 model or Airbus’ competing A350, the carrier’s chairman said.
“Until now we have not taken a decision on which plane model,” Sheikh Ahmed bin Saeed Al Maktoum said in an interview with The National. “It’s still under study. After we’ve done our review we’ll make an announcement by end of the year.”
The decision between the two aircraft models reignites a fierce battle that played out in the run-up to the Dubai Air Show in 2007 when Emirates placed a US$31 billion order that included 70 A350s rather than the 787. Since then it has rolled back on its commitment to the A350 following a review of its fleet requirements."
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Tuesday, 1 August 2017
Abu Dhabi's Senaat asks proposals for dollar sukuk - sources
Abu Dhabi's Senaat asks proposals for dollar sukuk - sources:
"Abu Dhabi's Senaat, a state-owned investor in the emirate's industrial sector, has asked banks for proposals to arrange a U.S. dollar denominated sukuk, or Islamic bond, sources familiar with the matter said on Tuesday. It would be the first dollar bond issued by the company, one of the largest industrial investment companies in the United Arab Emirates. The company did not immediately respond to a request for comment."
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"Abu Dhabi's Senaat, a state-owned investor in the emirate's industrial sector, has asked banks for proposals to arrange a U.S. dollar denominated sukuk, or Islamic bond, sources familiar with the matter said on Tuesday. It would be the first dollar bond issued by the company, one of the largest industrial investment companies in the United Arab Emirates. The company did not immediately respond to a request for comment."
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UPDATE 1-Dana Gas, partners awarded arbitration payments in KRG dispute
UPDATE 1-Dana Gas, partners awarded arbitration payments in KRG dispute:
"Dana Gas and its consortium partners have been awarded $14 million plus interest in a dispute with Iraq's Kurdistan Regional Government (KRG), the UAE company said on Tuesday.
The case was filed with the London Court of International Arbitration in 2013 over payments for gas liquids production.
The court ordered the KRG to pay $14 million along with an interest rate of Libor plus 2 percent as a first partial payment for the legal costs incurred, Dana said in a statement."
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"Dana Gas and its consortium partners have been awarded $14 million plus interest in a dispute with Iraq's Kurdistan Regional Government (KRG), the UAE company said on Tuesday.
The case was filed with the London Court of International Arbitration in 2013 over payments for gas liquids production.
The court ordered the KRG to pay $14 million along with an interest rate of Libor plus 2 percent as a first partial payment for the legal costs incurred, Dana said in a statement."
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Oil Sinks Back Below $50 as Market Awaits Signs of Supply Drop - Bloomberg
Oil Sinks Back Below $50 as Market Awaits Signs of Supply Drop - Bloomberg:
"Oil ended a short-lived spike above $50 a barrel in New York as investors wait for more evidence that global markets are rebalancing.
Futures closed 2 percent lower, the biggest drop in more than a week. After rising production in Libya led an increase in OPEC output in July, all eyes are turning to U.S. supplies. Crude and fuel stockpiles probably declined last week, according to a survey before a report from the Energy Information Administration Wednesday. The industry-funded American Petroleum Institute will release its inventory data later on Tuesday.
The $50-level is “a psychological level. People are really beginning to realize that the market probably needs a steady beat of bullish information to continue to rally,” Gene McGillian, market research manager at Tradition Energy in Stamford, Connecticut, said by telephone. “If we don’t get a really positive inventory report this week, the market is vulnerable to a nice little turnaround” after rallying the last couple of weeks, he said."
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"Oil ended a short-lived spike above $50 a barrel in New York as investors wait for more evidence that global markets are rebalancing.
Futures closed 2 percent lower, the biggest drop in more than a week. After rising production in Libya led an increase in OPEC output in July, all eyes are turning to U.S. supplies. Crude and fuel stockpiles probably declined last week, according to a survey before a report from the Energy Information Administration Wednesday. The industry-funded American Petroleum Institute will release its inventory data later on Tuesday.
The $50-level is “a psychological level. People are really beginning to realize that the market probably needs a steady beat of bullish information to continue to rally,” Gene McGillian, market research manager at Tradition Energy in Stamford, Connecticut, said by telephone. “If we don’t get a really positive inventory report this week, the market is vulnerable to a nice little turnaround” after rallying the last couple of weeks, he said."
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MIDEAST STOCKS-Saudi snaps losing streak as Qatar rocked by GIS's poor results
MIDEAST STOCKS-Saudi snaps losing streak as Qatar rocked by GIS's poor results:
"Saudi Arabian shares snapped a six-session losing streak on Tuesday while Qatar's market fell, hit by a slump in an oil drilling service provider after it barely broke even in the second quarter. Gulf International Services lost 8.0 percent after posting net profit of 700,000 Qatari riyals, according to Reuters' calculations, well below QNB Financial Services' estimate of 47.51 million Qatari riyals. In a statement, GIS cited "significant revenue reduction in drilling, catering and insurance segments.""
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"Saudi Arabian shares snapped a six-session losing streak on Tuesday while Qatar's market fell, hit by a slump in an oil drilling service provider after it barely broke even in the second quarter. Gulf International Services lost 8.0 percent after posting net profit of 700,000 Qatari riyals, according to Reuters' calculations, well below QNB Financial Services' estimate of 47.51 million Qatari riyals. In a statement, GIS cited "significant revenue reduction in drilling, catering and insurance segments.""
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Qatar central bank sells 3-month T-bills, yields rise to 2.14 percent
Qatar central bank sells 3-month T-bills, yields rise to 2.14 percent:
"Qatar's central bank said it sold 750 million riyals ($206 million) of treasury bills in a monthly auction on Tuesday, where yields rose compared to the previous offer.
The three-month bills were sold at a yield of 2.14 percent, up from 2.05 percent at the last three-month bill sale in July, the bank said on its website.
Sanctions against Qatar by other Gulf Arab states have pressured liquidity in the Qatari money market."
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"Qatar's central bank said it sold 750 million riyals ($206 million) of treasury bills in a monthly auction on Tuesday, where yields rose compared to the previous offer.
The three-month bills were sold at a yield of 2.14 percent, up from 2.05 percent at the last three-month bill sale in July, the bank said on its website.
Sanctions against Qatar by other Gulf Arab states have pressured liquidity in the Qatari money market."
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Mideast funds more positive on equities, Qatar balanced
Mideast funds more positive on equities, Qatar balanced:
"Middle East fund managers have become more positive on regional equities and have a balanced view on Qatar following a drop in valuations and as the shock of the sanctions imposed on Doha eases, a monthly Reuters poll showed.
The poll of 13 leading fund managers, conducted over the past week, found 38 percent expected to increase their allocations to regional equities over the next three months and none to reduce them. (For results of the poll, double click )
In last month's poll, 31 percent anticipated raising equity allocations and 8 percent foresaw reducing them. Second-quarter earnings released by Gulf companies this week, while mixed, have given some managers a clearer view of how economies are coping with low oil prices."
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"Middle East fund managers have become more positive on regional equities and have a balanced view on Qatar following a drop in valuations and as the shock of the sanctions imposed on Doha eases, a monthly Reuters poll showed.
The poll of 13 leading fund managers, conducted over the past week, found 38 percent expected to increase their allocations to regional equities over the next three months and none to reduce them. (For results of the poll, double click )
In last month's poll, 31 percent anticipated raising equity allocations and 8 percent foresaw reducing them. Second-quarter earnings released by Gulf companies this week, while mixed, have given some managers a clearer view of how economies are coping with low oil prices."
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Qatar Airways expected to access contingency routes in August: source
Qatar Airways expected to access contingency routes in August: source:
"Qatar Airways is expected to have access to three contingency routes over international waters in early August, after a UN-led meeting on Monday discussed air corridors for Doha following a rift with its neighbors, a source familiar with the matter said. The closed-door meeting with the UN aviation agency's governing council in Montreal, discussed contingency routes that had been planned as part of a preliminary agreement reached earlier this month, but not yet opened to Qatar-registered planes. Qatar had asked the International Civil Aviation Organization (ICAO) to intervene after its national carrier was denied access to the airspace of Saudi Arabia, Bahrain, Egypt and the United Arab Emirates as part of economic sanctions."
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"Qatar Airways is expected to have access to three contingency routes over international waters in early August, after a UN-led meeting on Monday discussed air corridors for Doha following a rift with its neighbors, a source familiar with the matter said. The closed-door meeting with the UN aviation agency's governing council in Montreal, discussed contingency routes that had been planned as part of a preliminary agreement reached earlier this month, but not yet opened to Qatar-registered planes. Qatar had asked the International Civil Aviation Organization (ICAO) to intervene after its national carrier was denied access to the airspace of Saudi Arabia, Bahrain, Egypt and the United Arab Emirates as part of economic sanctions."
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MIDEAST STOCKS-GIS drags Qatar down after poor Q2, Ma'aden helps Saudi
MIDEAST STOCKS-GIS drags Qatar down after poor Q2, Ma'aden helps Saudi:
"Shares of Qatar's oil drilling service provider slumped early on Tuesday after it barely broke even in the second quarter while Saudi's only listed mining firm helped drive gains in that market, having doubled quarterly net profit. Gulf International Services dropped 6.6 percent after posting net profit of 700,000 Qatari riyals, according to Reuters' calculations, well below QNB Financial Services' estimate of 47.51 million riyals. "The impact on the profitability was due to significant revenue reduction in drilling, catering and insurance segments," GIS said in a statement."
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"Shares of Qatar's oil drilling service provider slumped early on Tuesday after it barely broke even in the second quarter while Saudi's only listed mining firm helped drive gains in that market, having doubled quarterly net profit. Gulf International Services dropped 6.6 percent after posting net profit of 700,000 Qatari riyals, according to Reuters' calculations, well below QNB Financial Services' estimate of 47.51 million riyals. "The impact on the profitability was due to significant revenue reduction in drilling, catering and insurance segments," GIS said in a statement."
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