UAE Central Bank ramps up clampdown on banks mis-selling consumer and investment products - The National:
"The Central Bank of the UAE has stepped up action against banks following complaints of mis-selling on consumer and investment products, a senior executive at the institution said on Tuesday, Nariman Alawadhi, chief manager at the Central Bank, said that 100 clients have had money returned to them by banks thanks to the institution's clampdown. “We get a lot of complaints about investment products. The consumer is ignorant and does not know much; at the same time the bank is not clear and does not tell you if this product is good for you or not,” she told delegates at a business platform on financial literacyamong the nation's youth, hosted by the Emirates Foundation."
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Tuesday, 19 September 2017
IFC plays an all-rounder role for private sector, governments in region | GulfNews.com
IFC plays an all-rounder role for private sector, governments in region | GulfNews.com:
"International Finance Corporation (IFC), a member of the World Bank, has invested $6 billion in the region, playing an all-round role in financing, advising, among others, and a top official said its role is important as ever as foreign investors become averse. IFC, which is the largest global development institution focused on the private sector in developing countries, has invested billions of dollars directly or indirectly through private equity firms and venture capitalist in 400 firms. “As objectives change and as situation of countries changes, as foreign investors feels less comfortable with certain countries depending on their macro environment, we have a higher risk appetite. So investors are leaving the town, we are going in. So it’s a counter cyclical role, we play it quite well,” Deepak Khanna, Chief Investment Officer at IFC, told Gulf News on the sidelines of the Sharjah FDI Forum."
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"International Finance Corporation (IFC), a member of the World Bank, has invested $6 billion in the region, playing an all-round role in financing, advising, among others, and a top official said its role is important as ever as foreign investors become averse. IFC, which is the largest global development institution focused on the private sector in developing countries, has invested billions of dollars directly or indirectly through private equity firms and venture capitalist in 400 firms. “As objectives change and as situation of countries changes, as foreign investors feels less comfortable with certain countries depending on their macro environment, we have a higher risk appetite. So investors are leaving the town, we are going in. So it’s a counter cyclical role, we play it quite well,” Deepak Khanna, Chief Investment Officer at IFC, told Gulf News on the sidelines of the Sharjah FDI Forum."
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Dana Fight With BlackRock to Start Despite U.A.E. Court Order - Bloomberg
Dana Fight With BlackRock to Start Despite U.A.E. Court Order - Bloomberg:
"A London lawsuit over $700 million in Shariah-compliant bonds issued by Dana Gas PJSC will go ahead despite a last-minute United Arab Emirates court order that attempted to stop the company from taking part in the trial. Dana Gas stunned investors and the Islamic finance community when it announced in June that it had reviewed its own bonds and found they were not Shariah compliant. Bondholders, led by Goldman Sachs Group Inc. and BlackRock Inc., hired investment bankers and then lawyers when it became clear they were facing losses of 90 percent or more. But Tuesday, on the first day of the trial, lawyers said an order issued by a court in the U.A.E., where Dana is based, prevented the company from participating in the London case. Judge George Leggatt postponed the start of the trial until Thursday and said that the dispute could go ahead without Dana."
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"A London lawsuit over $700 million in Shariah-compliant bonds issued by Dana Gas PJSC will go ahead despite a last-minute United Arab Emirates court order that attempted to stop the company from taking part in the trial. Dana Gas stunned investors and the Islamic finance community when it announced in June that it had reviewed its own bonds and found they were not Shariah compliant. Bondholders, led by Goldman Sachs Group Inc. and BlackRock Inc., hired investment bankers and then lawyers when it became clear they were facing losses of 90 percent or more. But Tuesday, on the first day of the trial, lawyers said an order issued by a court in the U.A.E., where Dana is based, prevented the company from participating in the London case. Judge George Leggatt postponed the start of the trial until Thursday and said that the dispute could go ahead without Dana."
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Atlas Jewellery debt resolution plan hits stumbling block -sources
Atlas Jewellery debt resolution plan hits stumbling block -sources:
"Three banks are blocking a deal aimed at resolving the close to 500 million dirhams ($136.1 million) debt troubles of Dubai-based Atlas Jewellery, banking sources said.
Atlas, which once had more than 50 retail branches across the Gulf and India, defaulted on loans in 2015 and its owner, M. M. Ramachandran, was sentenced to a three-year jail term for writing cheques without sufficient funds for them to clear.
Since then banks have struggled to secure repayment, leading to the United Arab Emirates central bank trying to broker a deal that would put on hold legal action against Ramachandran so he could be released from jail to facilitate asset sales to repay banks while restructuring the company’s remaining debt, the sources said."
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"Three banks are blocking a deal aimed at resolving the close to 500 million dirhams ($136.1 million) debt troubles of Dubai-based Atlas Jewellery, banking sources said.
Atlas, which once had more than 50 retail branches across the Gulf and India, defaulted on loans in 2015 and its owner, M. M. Ramachandran, was sentenced to a three-year jail term for writing cheques without sufficient funds for them to clear.
Since then banks have struggled to secure repayment, leading to the United Arab Emirates central bank trying to broker a deal that would put on hold legal action against Ramachandran so he could be released from jail to facilitate asset sales to repay banks while restructuring the company’s remaining debt, the sources said."
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UPDATE 1-Judge tells Dana Gas London trial could go ahead without it #Sharjah #UAE
UPDATE 1-Judge tells Dana Gas London trial could go ahead without it:
"A High Court judge called on Tuesday on Dana Gas and its creditors to agree on a way for a trial seen as shaping the future of Islamic finance to proceed and said he might complete it regardless of whether all parties were present.
George Leggatt adjourned the trial until Thursday after lawyers for Dana Gas said that it was prevented from taking part in the proceedings because of an injunction by a UAE court.
Leggatt said before adjourning the trial that it was difficult to foresee what arguments could be advanced before the Sharjah court to prevent the English court from ruling on matters of English law."
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"A High Court judge called on Tuesday on Dana Gas and its creditors to agree on a way for a trial seen as shaping the future of Islamic finance to proceed and said he might complete it regardless of whether all parties were present.
George Leggatt adjourned the trial until Thursday after lawyers for Dana Gas said that it was prevented from taking part in the proceedings because of an injunction by a UAE court.
Leggatt said before adjourning the trial that it was difficult to foresee what arguments could be advanced before the Sharjah court to prevent the English court from ruling on matters of English law."
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Qatar flooded banks with $8 billion in August to offset outflows
Qatar flooded banks with $8 billion in August to offset outflows:
"Qatar pumped 29.1 billion riyals ($8 billion) into its banking system in August to cushion it from withdrawals by financial institutions from neighboring Arab states due to the Gulf’s diplomatic crisis, central bank data showed. The current crisis, triggered by the political and economic boycott of Qatar by the United Arab Emirates, Saudi Arabia, Bahrain and Egypt, had already led to government deposit injections of $6.9 billion in July and $10.9 billion in June. The Saudi-led bloc accuses Qatar of supporting terrorism, a charge denied by Doha."
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"Qatar pumped 29.1 billion riyals ($8 billion) into its banking system in August to cushion it from withdrawals by financial institutions from neighboring Arab states due to the Gulf’s diplomatic crisis, central bank data showed. The current crisis, triggered by the political and economic boycott of Qatar by the United Arab Emirates, Saudi Arabia, Bahrain and Egypt, had already led to government deposit injections of $6.9 billion in July and $10.9 billion in June. The Saudi-led bloc accuses Qatar of supporting terrorism, a charge denied by Doha."
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The World’s Biggest Wealth Fund Hits $1 Trillion - Bloomberg
The World’s Biggest Wealth Fund Hits $1 Trillion - Bloomberg:
"Norway’s sovereign wealth fund hit $1 trillion for the first time on Tuesday, driven higher by climbing stock markets and a weaker U.S. dollar.
The milestone valuation was reached for the first time on Sept. 19 at 2:01 a.m. in Oslo, Norges Bank Investment Management said in a statement on Tuesday.
“I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996,” Yngve Slyngstad, chief executive officer of the fund, said in the statement. “Reaching $1 trillion is a milestone, and the growth in the fund’s market value has been stunning.”"
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"Norway’s sovereign wealth fund hit $1 trillion for the first time on Tuesday, driven higher by climbing stock markets and a weaker U.S. dollar.
The milestone valuation was reached for the first time on Sept. 19 at 2:01 a.m. in Oslo, Norges Bank Investment Management said in a statement on Tuesday.
“I don’t think anyone expected the fund to ever reach $1 trillion when the first transfer of oil revenue was made in May 1996,” Yngve Slyngstad, chief executive officer of the fund, said in the statement. “Reaching $1 trillion is a milestone, and the growth in the fund’s market value has been stunning.”"
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Banks Hire Lazard to Solve Turkey's Biggest Default - Bloomberg
Banks Hire Lazard to Solve Turkey's Biggest Default - Bloomberg:
"Banks that provided a $4.75 billion loan to Turk Telekomunikasyon AS’s major shareholder hired Lazard Ltd. to advise them on the nation’s biggest ever default, according to three people with knowledge of the matter. The creditors also hired Raiffeisen Investment AG to advise in negotiations over the loan taken out by Ojer Telekomunikasyon AS, or Otas, which owns 55 percent of Turk Telekom. Other parties to the talks are the Turkish Treasury, which also has a stake in the company, and Saudi Telecom Co., which indirectly owns shares, the people said. Spokesmen for Turk Telekom, Otas and Raiffeisen declined to comment, while Lazard officials didn’t immediately respond to a request for comment."
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"Banks that provided a $4.75 billion loan to Turk Telekomunikasyon AS’s major shareholder hired Lazard Ltd. to advise them on the nation’s biggest ever default, according to three people with knowledge of the matter. The creditors also hired Raiffeisen Investment AG to advise in negotiations over the loan taken out by Ojer Telekomunikasyon AS, or Otas, which owns 55 percent of Turk Telekom. Other parties to the talks are the Turkish Treasury, which also has a stake in the company, and Saudi Telecom Co., which indirectly owns shares, the people said. Spokesmen for Turk Telekom, Otas and Raiffeisen declined to comment, while Lazard officials didn’t immediately respond to a request for comment."
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MIDEAST STOCKS-Qatar slightly off 5-yr low as local traders buy, Saudi worst performer
MIDEAST STOCKS-Qatar slightly off 5-yr low as local traders buy, Saudi worst performer:
"Qatar’s stock index came slightly off a five-year low on Tuesday as local funds intensified their buying of those shares, while Saudi Arabia was the region’s worst performer.
The Doha index had recorded 11 straight sessions of losses, reflecting a lack of foreign investor confidence in a speedy resolution to the Gulf diplomatic crisis.
Local investors, however, have been net buyers for several weeks and on Tuesday they made up roughly three-quarters of the total market turnover, bourse data showed, helping lift the index 0.1 percent higher."
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"Qatar’s stock index came slightly off a five-year low on Tuesday as local funds intensified their buying of those shares, while Saudi Arabia was the region’s worst performer.
The Doha index had recorded 11 straight sessions of losses, reflecting a lack of foreign investor confidence in a speedy resolution to the Gulf diplomatic crisis.
Local investors, however, have been net buyers for several weeks and on Tuesday they made up roughly three-quarters of the total market turnover, bourse data showed, helping lift the index 0.1 percent higher."
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Abu Dhabi Financial Group plans $100 mln private bond sale -sources
Abu Dhabi Financial Group plans $100 mln private bond sale -sources:
"Abu Dhabi Financial Group (ADFG), a privately owned investment company with over $5 billion of assets under management, is considering issuing $100 million in debt through a privately placed bond, sources familiar with the matter said. The private placement, with a three-year tenor according to the sources, would come at a relatively calm time in the Gulf’s debt capital markets, which have seen little to no issuance over the summer months. The lull was interrupted last week by a $3 billion debt sale by Bahrain, which is to be followed this week by a dollar bond sale by Saudi Arabia’s Islamic Development Bank. But corporate issuances have been rarer, with the latest being a $375 million bond by United Arab Emirates’ Topaz Marine last July."
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"Abu Dhabi Financial Group (ADFG), a privately owned investment company with over $5 billion of assets under management, is considering issuing $100 million in debt through a privately placed bond, sources familiar with the matter said. The private placement, with a three-year tenor according to the sources, would come at a relatively calm time in the Gulf’s debt capital markets, which have seen little to no issuance over the summer months. The lull was interrupted last week by a $3 billion debt sale by Bahrain, which is to be followed this week by a dollar bond sale by Saudi Arabia’s Islamic Development Bank. But corporate issuances have been rarer, with the latest being a $375 million bond by United Arab Emirates’ Topaz Marine last July."
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Qatar Pours More Billions Into Local Banks as Crisis Drags On - Bloomberg
Qatar Pours More Billions Into Local Banks as Crisis Drags On - Bloomberg:
"Qatari authorities stepped up their support of domestic banks for the third month in a row in August in an attempt to offset foreign withdrawals as the showdown between the Gulf emirate and a Saudi-led alliance show no sign of abating. Public-sector deposits in the world’s largest exporter of liquefied natural gas grew by 10.5 percent to 295 billion riyals ($80 billion) from 267 billion riyals in July, according to central bank data. That bring the increase to about 53 billion riyals since the crises broke out more than three months ago. The support helped total deposits grow 5 percent to 645 billion riyals even as non-resident deposits declined for a third straight month to 149 billion riyals, the data show. They stood at 171 billion in June."
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"Qatari authorities stepped up their support of domestic banks for the third month in a row in August in an attempt to offset foreign withdrawals as the showdown between the Gulf emirate and a Saudi-led alliance show no sign of abating. Public-sector deposits in the world’s largest exporter of liquefied natural gas grew by 10.5 percent to 295 billion riyals ($80 billion) from 267 billion riyals in July, according to central bank data. That bring the increase to about 53 billion riyals since the crises broke out more than three months ago. The support helped total deposits grow 5 percent to 645 billion riyals even as non-resident deposits declined for a third straight month to 149 billion riyals, the data show. They stood at 171 billion in June."
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Saudi Arabia Raises $1.9 Billion From Islamic Bond - Bloomberg
Saudi Arabia Raises $1.9 Billion From Islamic Bond - Bloomberg:
"Saudi Arabia raised 7 billion riyals ($1.9 billion) from domestic sukuk sales as the kingdom seeks to bolster its finances amid an economic overhaul and lower oil prices. The government received more than 24 billion riyals in bids for its third riyal-denominated Islamic bond sale, according to a statement on the Ministry of Finance’s website. It raised 2.4 billion riyals from a five-year tranche priced at 2.75 percent, 3.9 billion riyals from seven-year notes at 3.25 percent and 700 million riyals through a 10-year tranche at 3.45 percent, people familiar with the matter said, asking not to be identified because the information is private. The kingdom has raised 37 billion riyals in the past three months from domestic debt sales after tapping the international Islamic bond markets for $9 billion. The fund-raising could help the government narrow an expected budget deficit of 198 billion riyals this year, or 7.7 percent of economic output."
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"Saudi Arabia raised 7 billion riyals ($1.9 billion) from domestic sukuk sales as the kingdom seeks to bolster its finances amid an economic overhaul and lower oil prices. The government received more than 24 billion riyals in bids for its third riyal-denominated Islamic bond sale, according to a statement on the Ministry of Finance’s website. It raised 2.4 billion riyals from a five-year tranche priced at 2.75 percent, 3.9 billion riyals from seven-year notes at 3.25 percent and 700 million riyals through a 10-year tranche at 3.45 percent, people familiar with the matter said, asking not to be identified because the information is private. The kingdom has raised 37 billion riyals in the past three months from domestic debt sales after tapping the international Islamic bond markets for $9 billion. The fund-raising could help the government narrow an expected budget deficit of 198 billion riyals this year, or 7.7 percent of economic output."
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MIDEAST STOCKS-Qatar rises slightly in early trade, coming off 5-yr low
MIDEAST STOCKS-Qatar rises slightly in early trade, coming off 5-yr low:
"Qatar’s stock index came slightly off a five-year low in early trade on Tuesday while most other markets in the region moved little.
The Doha index had recorded 11 straight sessions of losses as investors lack confidence in a speedy resolution to the regional diplomatic crisis, but it was up 0.4 percent after 45 minutes of trade.
Qatar Gas Transport was up 2.2 percent and Doha Bank rose 0.8 percent."
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"Qatar’s stock index came slightly off a five-year low in early trade on Tuesday while most other markets in the region moved little.
The Doha index had recorded 11 straight sessions of losses as investors lack confidence in a speedy resolution to the regional diplomatic crisis, but it was up 0.4 percent after 45 minutes of trade.
Qatar Gas Transport was up 2.2 percent and Doha Bank rose 0.8 percent."
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