Exclusive: Smaller UAE lenders should consider M&A as bigger banks transform digitally: Emirates NBD CEO says - The National:
"Smaller lenders should consider merger and acquisition options in the UAE’s over-banked market to gain scale, Shayne Nelson, the group chief executive of Emirates NBD said. This would allow them to compete with larger banks who are investing in digital transformation of services that could stifle business opportunities for smaller institutions. “For the size of the economy and the size of the population, there are too many banks,” said Mr Nelson, who heads the biggest bank in Dubai by assets. “There is a necessity for those banks to merge over time. Frankly, the sooner they do it, to me, they will be in a better position.”"
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Sunday, 17 September 2017
Wall Street’s Crush on Autocrats Grows Amid Hunt for High Yield - Bloomberg
Wall Street’s Crush on Autocrats Grows Amid Hunt for High Yield - Bloomberg:
"Democracy doesn’t matter. That’s the message traders are sending as they gorge on bonds from some of the world’s most authoritarian governments.
Wall Street soaked up junk-bond deals this month from Tajikistan and Bahrain, both of which are ranked among the most autocratic regimes by Washington-based Freedom House. Demand for the Central Asian republic’s debt was so high last week that it was able to cut borrowing costs by almost a full percentage point from its initial target. The Middle East kingdom sold $3 billion of debt on Wednesday, its biggest sale ever."
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"Democracy doesn’t matter. That’s the message traders are sending as they gorge on bonds from some of the world’s most authoritarian governments.
Wall Street soaked up junk-bond deals this month from Tajikistan and Bahrain, both of which are ranked among the most autocratic regimes by Washington-based Freedom House. Demand for the Central Asian republic’s debt was so high last week that it was able to cut borrowing costs by almost a full percentage point from its initial target. The Middle East kingdom sold $3 billion of debt on Wednesday, its biggest sale ever."
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CORRECTED-Creditor support grows for Dubai's GGICO $572 mln debt deal
CORRECTED-Creditor support grows for Dubai's GGICO $572 mln debt deal:
"Dubai-based Gulf General Investment Company (GGICO) has agreement from nearly half of its creditors on a 2.1 billion dirham ($572 million) debt restructuring, sources close to the matter told Reuters. The deal is set to achieve the target of 75 percent creditor support by the end of the month, the sources said, adding that the terms push back the bulk of the company’s debt repayment to 2024. Some of the debt will be repaid immediately, partly from proceeds of a sale of non-core assets from real estate, retail, manufacturing and financial services holdings, one of the sources said."
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"Dubai-based Gulf General Investment Company (GGICO) has agreement from nearly half of its creditors on a 2.1 billion dirham ($572 million) debt restructuring, sources close to the matter told Reuters. The deal is set to achieve the target of 75 percent creditor support by the end of the month, the sources said, adding that the terms push back the bulk of the company’s debt repayment to 2024. Some of the debt will be repaid immediately, partly from proceeds of a sale of non-core assets from real estate, retail, manufacturing and financial services holdings, one of the sources said."
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Less foreign borrowing, longer bonds offset rise in emerging debt levels: BIS
Less foreign borrowing, longer bonds offset rise in emerging debt levels:
BIS: "A large-scale shift toward domestically issued and longer-dated bonds in emerging markets has helped build resilience to external shocks despite the increase in overall debt levels, the Bank for International Settlements said. The BIS, an umbrella body for global central banks, has warned in the past that developing world risks were entering a new crisis because of a build-up in debt levels, especially in China. But its latest report found that changes in the composition of debt were a mitigating factor. “Borrowing is mostly done in local currencies, at longer maturities and at fixed rates. Taken together, these trends should help strengthen public finance sustainability by reducing currency mismatches and rollover risks,” the BIS wrote."
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BIS: "A large-scale shift toward domestically issued and longer-dated bonds in emerging markets has helped build resilience to external shocks despite the increase in overall debt levels, the Bank for International Settlements said. The BIS, an umbrella body for global central banks, has warned in the past that developing world risks were entering a new crisis because of a build-up in debt levels, especially in China. But its latest report found that changes in the composition of debt were a mitigating factor. “Borrowing is mostly done in local currencies, at longer maturities and at fixed rates. Taken together, these trends should help strengthen public finance sustainability by reducing currency mismatches and rollover risks,” the BIS wrote."
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Dubai awards $3.9 billion solar energy contract to Shanghai Electric, ACWA Power
Dubai awards $3.9 billion solar energy contract to Shanghai Electric, ACWA Power:
"Dubai’s state energy utility awarded a $3.9 billion contract to build and run a 700 megawatt solar power plant to a consortium comprising Shanghai Electric and Saudi Arabia’s ACWA Power, the government said on Saturday. The project will feature a 260-metre (850-foot) tower receiving focused sunlight, the world’s tallest such tower, the government said. The consortium bid to supply electricity to Dubai for 7.3 U.S. cents per kilowatt hour. The first stage of the project is due to be commissioned in late 2020. It is part of the Mohammed bin Rashid al-Maktoum Solar Park, a vast complex which is projected to generate 1,000MW by 2020 and 5,000MW by 2030."
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"Dubai’s state energy utility awarded a $3.9 billion contract to build and run a 700 megawatt solar power plant to a consortium comprising Shanghai Electric and Saudi Arabia’s ACWA Power, the government said on Saturday. The project will feature a 260-metre (850-foot) tower receiving focused sunlight, the world’s tallest such tower, the government said. The consortium bid to supply electricity to Dubai for 7.3 U.S. cents per kilowatt hour. The first stage of the project is due to be commissioned in late 2020. It is part of the Mohammed bin Rashid al-Maktoum Solar Park, a vast complex which is projected to generate 1,000MW by 2020 and 5,000MW by 2030."
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MIDEAST STOCKS-Qatar index down for tenth day running
MIDEAST STOCKS-Qatar index down for tenth day running:
"Qatar’s stock index fell for a tenth straight session on Sunday as talk of dispute negotiations fails to sway investors, while strong oil prices boosted the Saudi Arabia market. On Friday Qatari Emir Sheikh Tamim bin Hamad al-Thani said his country was ready to sit at the negotiating table to try to end its diplomatic dispute with Gulf Arab neighbours. But in the absence of any positive response from the Saudi-led coalition that is boycotting Qatar, investors did not take the remarks as a sign that the dispute was moving closer to resolution. “There is too much uncertainty around Qatar right now, and the full extent of how hard those companies have been hurt by this crisis is yet to be known,” one Paris-based fund manager said."
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"Qatar’s stock index fell for a tenth straight session on Sunday as talk of dispute negotiations fails to sway investors, while strong oil prices boosted the Saudi Arabia market. On Friday Qatari Emir Sheikh Tamim bin Hamad al-Thani said his country was ready to sit at the negotiating table to try to end its diplomatic dispute with Gulf Arab neighbours. But in the absence of any positive response from the Saudi-led coalition that is boycotting Qatar, investors did not take the remarks as a sign that the dispute was moving closer to resolution. “There is too much uncertainty around Qatar right now, and the full extent of how hard those companies have been hurt by this crisis is yet to be known,” one Paris-based fund manager said."
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Bahrain Is Said to Refuse Qatari Bond Investors in Record Sale - Bloomberg
Bahrain Is Said to Refuse Qatari Bond Investors in Record Sale - Bloomberg:
"Bahrain refused to process bids by Qatari investors for its largest-ever bond offering after cutting ties with the gas-rich Gulf state in June, according to two people familiar with the matter.
Doha-based companies that submitted bids for Bahrain’s $3 billion debt sale last week weren’t given allocations because the island state, along with other Gulf economies, are cutting their financial exposure to Qatar, the people said, asking not to be identified because the matter is private. The Bahraini government didn’t send a formal directive to arrangers about Qatari bids, a third person said."
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"Bahrain refused to process bids by Qatari investors for its largest-ever bond offering after cutting ties with the gas-rich Gulf state in June, according to two people familiar with the matter.
Doha-based companies that submitted bids for Bahrain’s $3 billion debt sale last week weren’t given allocations because the island state, along with other Gulf economies, are cutting their financial exposure to Qatar, the people said, asking not to be identified because the matter is private. The Bahraini government didn’t send a formal directive to arrangers about Qatari bids, a third person said."
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UAE’s Emaar Properties gets $1.5 bln loan from First Abu Dhabi Bank–sources
UAE’s Emaar Properties gets $1.5 bln loan from First Abu Dhabi Bank–sources:
"Dubai-based Emaar Properties obtained a $1.5 billion corporate finance loan from First Abu Dhabi Bank, sources familiar with the matter said on Sunday. Emaar, which develops residential properties, hotels, entertainment and shopping malls, agreed on the financing after initially holding talks with some of its relationship banks for three bilateral loans of $500 million each. In the end, it chose to obtain a single loan of $1.5 billion with First Abu Dhabi Bank underwriting the whole amount, said the sources, declining to be named as the matter is not yet public."
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"Dubai-based Emaar Properties obtained a $1.5 billion corporate finance loan from First Abu Dhabi Bank, sources familiar with the matter said on Sunday. Emaar, which develops residential properties, hotels, entertainment and shopping malls, agreed on the financing after initially holding talks with some of its relationship banks for three bilateral loans of $500 million each. In the end, it chose to obtain a single loan of $1.5 billion with First Abu Dhabi Bank underwriting the whole amount, said the sources, declining to be named as the matter is not yet public."
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MIDEAST STOCKS-Qatar continues slide, Saudi supported by strong oil
MIDEAST STOCKS-Qatar continues slide, Saudi supported by strong oil:
"Qatar’s stock market headed for its tenth straight losing session on Sunday while Saudi Arabia’s index bucked an otherwise weak region because of gains in the petrochemical sector. On Friday, Qatari Emir Sheikh Tamim bin Hamad al-Thani said Qatar was ready to sit at the negotiating table to try to end a dispute with its Gulf Arab neighbours. But in the absence of any positive response from the Saudi-led coalition which is boycotting Qatar, investors did not take the remarks as a sign that the dispute was moving closer to resolution. Qatar’s index slipped 0.5 percent with Doha Bank dropping 2.6 percent."
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"Qatar’s stock market headed for its tenth straight losing session on Sunday while Saudi Arabia’s index bucked an otherwise weak region because of gains in the petrochemical sector. On Friday, Qatari Emir Sheikh Tamim bin Hamad al-Thani said Qatar was ready to sit at the negotiating table to try to end a dispute with its Gulf Arab neighbours. But in the absence of any positive response from the Saudi-led coalition which is boycotting Qatar, investors did not take the remarks as a sign that the dispute was moving closer to resolution. Qatar’s index slipped 0.5 percent with Doha Bank dropping 2.6 percent."
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