Dubai’s freehold areas could see further rental drops | GulfNews.com:
"Further declines in home rents across Dubai’s freehold clusters are projected before they start to stabilise at some of the more popular locations some time next year. But rents in secondary locations will continue to be under pressure, says a new forecast from Core Savills. As such rental changes seem to have had negligible effect on Dubai’s freehold demand. But what soft rents have managed to do is slow the recovery in sales values. “Although yields have contracted, they are still northwards of 7.5 per cent for most apartment districts and 5.5-6 per cent for mid segment villa districts — relatively higher than other forms of investments in the region,” the consultancy notes in the report."
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Wednesday 2 August 2017
Qatar Airways reverses decision to buy into American Airlines
Qatar Airways reverses decision to buy into American Airlines:
"Oman is talking to international banks about raising more funds through a loan and bonds as the sultanate seeks to replenish budget coffers hit hard by low oil prices, sources familiar with the matter said on Wednesday.
The discussions are at an early stage and the government has not issued an official request for proposals, the sources said.
Oman's ministry of finance did not immediately respond to a request for comment."
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"Oman is talking to international banks about raising more funds through a loan and bonds as the sultanate seeks to replenish budget coffers hit hard by low oil prices, sources familiar with the matter said on Wednesday.
The discussions are at an early stage and the government has not issued an official request for proposals, the sources said.
Oman's ministry of finance did not immediately respond to a request for comment."
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Iraq in market to raise $1 billion, first standalone bond in over decade
Iraq in market to raise $1 billion, first standalone bond in over decade:
"Iraq started marketing a $1 billion bond on Wednesday, its first international debt issuance as a standalone credit since 2006 and an attempt to put decades of turmoil behind it. With huge oil reserves behind it, the bond was seeking to tempt emerging market investors with alluring profits -- necessary to offset concerns over a history of war and the recent rise of militant group Islamic State. Iraq issued $1 billion in bonds last January, but that offering was 100 percent guaranteed by the U.S government. This time it is alone."
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"Iraq started marketing a $1 billion bond on Wednesday, its first international debt issuance as a standalone credit since 2006 and an attempt to put decades of turmoil behind it. With huge oil reserves behind it, the bond was seeking to tempt emerging market investors with alluring profits -- necessary to offset concerns over a history of war and the recent rise of militant group Islamic State. Iraq issued $1 billion in bonds last January, but that offering was 100 percent guaranteed by the U.S government. This time it is alone."
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American Airlines Dodges Unwelcome Embrace as Qatar Air Moves On - Bloomberg
American Airlines Dodges Unwelcome Embrace as Qatar Air Moves On - Bloomberg:
"Qatar Airways Ltd. dropped a plan to invest in American Airlines Group Inc. following a chilly reception from the U.S. carrier.
Buying a stake “no longer meets our objectives,” Qatar Air said in an emailed statement Wednesday, alluding to the “latest public disclosure” by American without elaborating. The U.S. carrier reported financial results July 28, capping an earnings season in which rising concerns about airlines’ pricing power dragged industry stocks to their worst month in a year."
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"Qatar Airways Ltd. dropped a plan to invest in American Airlines Group Inc. following a chilly reception from the U.S. carrier.
Buying a stake “no longer meets our objectives,” Qatar Air said in an emailed statement Wednesday, alluding to the “latest public disclosure” by American without elaborating. The U.S. carrier reported financial results July 28, capping an earnings season in which rising concerns about airlines’ pricing power dragged industry stocks to their worst month in a year."
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MIDEAST STOCKS-Crude oil below $52 hits Saudi petchems in otherwise upbeat region
MIDEAST STOCKS-Crude oil below $52 hits Saudi petchems in otherwise upbeat region:
"Stock markets in the Gulf were mixed on Wednesday, with Saudi Arabia dragged down by a drop in crude oil prices while blue chips led gains the United Arab Emirates and Qatar higher. Brent crude futures lost 1.7 percent on Tuesday and traded below $52 a barrel for most of Wednesday. Consequently, 11 of the 14 petrochemical shares listed in Riyadh fell, including Saudi Basic Industries, which dropped 1.3 percent. The Riyadh index lost 0.4 percent. Shares of Nama Chemicals fell 0.5 percent after it reported a smaller net loss in the second quarter compared with last year."
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"Stock markets in the Gulf were mixed on Wednesday, with Saudi Arabia dragged down by a drop in crude oil prices while blue chips led gains the United Arab Emirates and Qatar higher. Brent crude futures lost 1.7 percent on Tuesday and traded below $52 a barrel for most of Wednesday. Consequently, 11 of the 14 petrochemical shares listed in Riyadh fell, including Saudi Basic Industries, which dropped 1.3 percent. The Riyadh index lost 0.4 percent. Shares of Nama Chemicals fell 0.5 percent after it reported a smaller net loss in the second quarter compared with last year."
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1MDB given five days to pay $603m
1MDB given five days to pay $603m:
"An Abu Dhabi sovereign fund has given scandal-hit Malaysian fund 1MDB five days to make a missed $603m payment, complicating the fraught unwinding of the two funds’ complicated relationship. 1MDB failed to make the payment to the oil-rich emirate’s state-owned International Petroleum Investment Company, which fell due on July 31. In a statement, the Malaysian fund said it would make the payment later this month. Ipic said in another statement that 1MDB and the Malaysian ministry of finance had five days under the terms of the agreement “to remedy their non-payment” before they “become subject to additional obligations to IPIC and [its unit] Aabar”. It did not explain the nature of these obligations. "
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"An Abu Dhabi sovereign fund has given scandal-hit Malaysian fund 1MDB five days to make a missed $603m payment, complicating the fraught unwinding of the two funds’ complicated relationship. 1MDB failed to make the payment to the oil-rich emirate’s state-owned International Petroleum Investment Company, which fell due on July 31. In a statement, the Malaysian fund said it would make the payment later this month. Ipic said in another statement that 1MDB and the Malaysian ministry of finance had five days under the terms of the agreement “to remedy their non-payment” before they “become subject to additional obligations to IPIC and [its unit] Aabar”. It did not explain the nature of these obligations. "
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MIDEAST STOCKS-Pullback in crude oil weighs on Gulf in early trade
MIDEAST STOCKS-Pullback in crude oil weighs on Gulf in early trade:
"A strong pullback in crude oil prices overnight and their continued decline early on Wednesday weighed on oil-linked sectors in the Gulf, while Dubai dropped on profit taking.
Brent crude futures were down almost 1 percent at $51.30 per barrel as of 0740 GMT, after they settled 1.7 percent lower on Tuesday.
The Riyadh index declined 0.4 percent as ten of the 14 listed petrochemical makers were down in the first 40 minutes of trade on Wednesday. Saudi Basic Industries was down 1.1 percent."
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"A strong pullback in crude oil prices overnight and their continued decline early on Wednesday weighed on oil-linked sectors in the Gulf, while Dubai dropped on profit taking.
Brent crude futures were down almost 1 percent at $51.30 per barrel as of 0740 GMT, after they settled 1.7 percent lower on Tuesday.
The Riyadh index declined 0.4 percent as ten of the 14 listed petrochemical makers were down in the first 40 minutes of trade on Wednesday. Saudi Basic Industries was down 1.1 percent."
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Saudi Aramco IPO Pits London Against New York - Bloomberg
Saudi Aramco IPO Pits London Against New York - Bloomberg:
"Saudi Arabia aims to sell about 5 percent of Saudi Aramco in an initial public offering next year, and stock exchanges from the U.K. to Japan are vying for what may be the world’s richest IPO. The Saudi crown prince, Mohammed bin Salman, will soon decide where to sell the company’s shares after government officials heard a presentation on the listing process last week, according to people with knowledge of the matter. The kingdom plans to list on the Saudi stock exchange in Riyadh and choose to sell shares on at least one bourse outside the country. That choice pits the top global financial centers, London and New York, against each other for a sale that could value the largest oil exporter at as much as $2 trillion."
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"Saudi Arabia aims to sell about 5 percent of Saudi Aramco in an initial public offering next year, and stock exchanges from the U.K. to Japan are vying for what may be the world’s richest IPO. The Saudi crown prince, Mohammed bin Salman, will soon decide where to sell the company’s shares after government officials heard a presentation on the listing process last week, according to people with knowledge of the matter. The kingdom plans to list on the Saudi stock exchange in Riyadh and choose to sell shares on at least one bourse outside the country. That choice pits the top global financial centers, London and New York, against each other for a sale that could value the largest oil exporter at as much as $2 trillion."
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