Crescent Petroleum, Dana Gas file arbitration against Hungarian partner - The National:
"Crescent Petroleum and Dana Gas have sold shares in Hungary’s MOL Group, their partner in the Pearl consortium operating in northern Iraqi region of Kurdistan, and started arbitration proceedings over the recent settlement with the Kurdistan Regional government (KRG). “Unfortunately, MOL unreasonably sought to link its endorsement of the settlement to a renegotiation of the terms by which it first secured its participation in Pearl back in May 2009,” Dana Gas said in a filing on the Abu Dhabi bourse. “And now [MOL] complains about Dana Gas and Crescent Petroleum for their handling of the settlement alongside Pearl, expressing dissatisfaction with the outcome as compared to the alternative of pursuing a final litigation and enforcement outcome against the KRG.”"
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Wednesday, 20 September 2017
Kuwait's Alshaya invests in $1bn e-commerce platform Noon ahead of its launch - The National
Kuwait's Alshaya invests in $1bn e-commerce platform Noon ahead of its launch - The National:
"MH Alshaya, the Kuwaiti franchise operator which is present across the Arab world, Turkey and Russia, bought a stake in e-commerce platform Noon. It is a US$1 billion joint venture between a group of investors led by UAE billionaire businessman Mohamed Alabbar and Saudi Arabia’s Public Investment Fund and is expected to launch later this year.
Alshaya, whose franchises include Starbucks, Muji, Boots, The Cheesecake Factory and Victoria’s Secret, is the first retailer to announce a partnership with Noon, which was supposed to launch in January with 20 million products. The e-commerce retailer has said it will launch operations “later this year”, giving no further details.
The size of Alshaya’s investment in the platform was not disclosed."
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"MH Alshaya, the Kuwaiti franchise operator which is present across the Arab world, Turkey and Russia, bought a stake in e-commerce platform Noon. It is a US$1 billion joint venture between a group of investors led by UAE billionaire businessman Mohamed Alabbar and Saudi Arabia’s Public Investment Fund and is expected to launch later this year.
Alshaya, whose franchises include Starbucks, Muji, Boots, The Cheesecake Factory and Victoria’s Secret, is the first retailer to announce a partnership with Noon, which was supposed to launch in January with 20 million products. The e-commerce retailer has said it will launch operations “later this year”, giving no further details.
The size of Alshaya’s investment in the platform was not disclosed."
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Size of GCC asset management market to double by 2020 - The National
Size of GCC asset management market to double by 2020 - The National:
"Assets under management are forecast to more than double in 2020 from 2016 levels in the Arabian Gulf region as Sharia-compliant investments continue to rise and an expanding middle class presents more growth opportunities. The total assets managed by fund managers in the GCC, a region which accounts for about a third of the world’s proven oil reserves, are expected to rise to US$110.9 billion in 2020 from $45.8bn in 2016, according to a report released by Dubai International Financial Centre (DIFC) yesterday. The report, Mapping Opportunities in the Middle East, Africa, and South Asia region (Menasa) region, complied in partnership with Thomson Reuters, explores investment opportunities in the broader Menasa region and provides a five-year projection for wealth management in key countries."
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"Assets under management are forecast to more than double in 2020 from 2016 levels in the Arabian Gulf region as Sharia-compliant investments continue to rise and an expanding middle class presents more growth opportunities. The total assets managed by fund managers in the GCC, a region which accounts for about a third of the world’s proven oil reserves, are expected to rise to US$110.9 billion in 2020 from $45.8bn in 2016, according to a report released by Dubai International Financial Centre (DIFC) yesterday. The report, Mapping Opportunities in the Middle East, Africa, and South Asia region (Menasa) region, complied in partnership with Thomson Reuters, explores investment opportunities in the broader Menasa region and provides a five-year projection for wealth management in key countries."
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Iran’s Leaders Are Bolstered by Billions in Loans From the East - Bloomberg
Iran’s Leaders Are Bolstered by Billions in Loans From the East - Bloomberg:
"As Donald Trump escalates his offensive against Iran, its leaders are being bolstered by billions of dollars flowing from the east.
It was the turn of the Chinese last week, as a group of Iranian banks secured $10 billion in loans from Citic Group, and Iran signed preliminary agreements worth about $15 billion with China Development Bank. That followed a $10 billion credit accord with Japan last year, and Iran has also signed a $9.6 billion deal with the Export-Import Bank of Korea.
The funding is a “big political statement from governments,” some traditionally close to America, at a time when the U.S. is seeking help in confronting Iran, said Henry Smith, lead analyst on Iran and the Middle East at the Dubai office of Control Risks, a global risk consultancy. Major private lenders aren’t about to drop their guard with Iran, he said, but having states heavily invested can boost the confidence of executives pondering their plans."
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"As Donald Trump escalates his offensive against Iran, its leaders are being bolstered by billions of dollars flowing from the east.
It was the turn of the Chinese last week, as a group of Iranian banks secured $10 billion in loans from Citic Group, and Iran signed preliminary agreements worth about $15 billion with China Development Bank. That followed a $10 billion credit accord with Japan last year, and Iran has also signed a $9.6 billion deal with the Export-Import Bank of Korea.
The funding is a “big political statement from governments,” some traditionally close to America, at a time when the U.S. is seeking help in confronting Iran, said Henry Smith, lead analyst on Iran and the Middle East at the Dubai office of Control Risks, a global risk consultancy. Major private lenders aren’t about to drop their guard with Iran, he said, but having states heavily invested can boost the confidence of executives pondering their plans."
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Abu Dhabi's Adnoc Considers IPO for Shipping Business - Bloomberg
Abu Dhabi's Adnoc Considers IPO for Shipping Business - Bloomberg:
" Abu Dhabi National Oil Co. is considering a plan to sell shares in its shipping unit as part of a broader strategy to attract investment into the emirate that pumps most of the crude in the United Arab Emirates, according to people with knowledge of the project. State-run Adnoc is merging three maritime transport and service businesses and will only decide on whether to sell a minority stake in the new unit through an initial public offering once that transaction is done, said the people who asked not to be identified because the proposal is confidential. The new company would have to prove its attractiveness to investors and a sale isn’t likely to go ahead before 2019, the people said. Adnoc didn’t specifically comment on the plan for the shipping unit. In an emailed response to questions from Bloomberg, the company said it is “expanding its partnership model and creating new investment opportunities.” It said “Adnoc is therefore considering the potential IPO of minority stakes of some of its services businesses which have attractive investment and growth.” It reiterated that it won’t sell shares in the Adnoc Group holding company."
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" Abu Dhabi National Oil Co. is considering a plan to sell shares in its shipping unit as part of a broader strategy to attract investment into the emirate that pumps most of the crude in the United Arab Emirates, according to people with knowledge of the project. State-run Adnoc is merging three maritime transport and service businesses and will only decide on whether to sell a minority stake in the new unit through an initial public offering once that transaction is done, said the people who asked not to be identified because the proposal is confidential. The new company would have to prove its attractiveness to investors and a sale isn’t likely to go ahead before 2019, the people said. Adnoc didn’t specifically comment on the plan for the shipping unit. In an emailed response to questions from Bloomberg, the company said it is “expanding its partnership model and creating new investment opportunities.” It said “Adnoc is therefore considering the potential IPO of minority stakes of some of its services businesses which have attractive investment and growth.” It reiterated that it won’t sell shares in the Adnoc Group holding company."
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MIDEAST STOCKS-Qatar extends rebound, Dana Gas down ahead of trial
MIDEAST STOCKS-Qatar extends rebound, Dana Gas down ahead of trial:
"Qatar’s stock index extended gains for a second day on Wednesday as local and international funds stepped up buying after a long spell of weakness. The Doha index broke an 11-day losing streak on Tuesday, though the benchmark index is still down 18.5 percent so far this year. It has been hurt by the economic and political boycott of Qatar by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt."
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"Qatar’s stock index extended gains for a second day on Wednesday as local and international funds stepped up buying after a long spell of weakness. The Doha index broke an 11-day losing streak on Tuesday, though the benchmark index is still down 18.5 percent so far this year. It has been hurt by the economic and political boycott of Qatar by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt."
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Arqaam Capital bullish on prospects of Egyptian markets | GulfNews.com
Arqaam Capital bullish on prospects of Egyptian markets | GulfNews.com:
"Arqaam Capital said on Wednesday it swill continue to build its local capabilities in Egypt to provide a bridge for capital flows into the Egyptian economy by leveraging the bank’s world class capabilities to service both Egyptian and international clients looking to do business in Egypt. “With the brave and bold economic and structural reform program that the Government of Egypt has embarked on, we are bullish with respect to the future prospects of the Egyptian market. We are witnessing first-hand the steady improvement in the country’s key economic indicators, and we do believe that while significant challenges still remain, we see more opportunities than risks going forward,” Radi Al Helw, Managing Director, Arqaam Egypt said in a statement."
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"Arqaam Capital said on Wednesday it swill continue to build its local capabilities in Egypt to provide a bridge for capital flows into the Egyptian economy by leveraging the bank’s world class capabilities to service both Egyptian and international clients looking to do business in Egypt. “With the brave and bold economic and structural reform program that the Government of Egypt has embarked on, we are bullish with respect to the future prospects of the Egyptian market. We are witnessing first-hand the steady improvement in the country’s key economic indicators, and we do believe that while significant challenges still remain, we see more opportunities than risks going forward,” Radi Al Helw, Managing Director, Arqaam Egypt said in a statement."
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UAE will defend industries after U.S. dumping accusations
UAE will defend industries after U.S. dumping accusations:
"The United Arab Emirates (UAE) will spare no efforts to defend its industries after the United States found that UAE companies were dumping carbon and alloy steel wire rod in the U.S. market, the Gulf state said on Wednesday.
The U.S. Commerce Department said in an initial finding on Sept. 6 that exporters from the UAE had sold wire rod products at 84.1 percent below fair value and that it would ask U.S. customs to collect duties.
The UAE Ministry of Economy told Reuters it was “paying close attention” to the investigations and would defend UAE industries “with every tool at our disposal,” in line with World Trade Organisation (WTO) agreements."
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"The United Arab Emirates (UAE) will spare no efforts to defend its industries after the United States found that UAE companies were dumping carbon and alloy steel wire rod in the U.S. market, the Gulf state said on Wednesday.
The U.S. Commerce Department said in an initial finding on Sept. 6 that exporters from the UAE had sold wire rod products at 84.1 percent below fair value and that it would ask U.S. customs to collect duties.
The UAE Ministry of Economy told Reuters it was “paying close attention” to the investigations and would defend UAE industries “with every tool at our disposal,” in line with World Trade Organisation (WTO) agreements."
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MIDEAST MONEY-Abu Dhabi targets IPOs worth $5 bln ahead of Saudi Aramco
MIDEAST MONEY-Abu Dhabi targets IPOs worth $5 bln ahead of Saudi Aramco:
"Abu Dhabi is hoping to fast-track at least $5 billion of stock market listings by state-backed companies next year before Saudi Aramco’s planned $100 billion IPO dominates investor demand. Like neighbouring Saudi Arabia, Abu Dhabi is restructuring its industrial sector, hoping to lure foreign investors with privatisations after lower energy prices depleted its coffers. This could result in at least five large listings including Abu Dhabi National Oil Co (Adnoc‘s) fuel distribution unit, aluminium-maker EGA, industrial conglomerate Senaat and Abu Dhabi Ports, government and banking sources said."
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"Abu Dhabi is hoping to fast-track at least $5 billion of stock market listings by state-backed companies next year before Saudi Aramco’s planned $100 billion IPO dominates investor demand. Like neighbouring Saudi Arabia, Abu Dhabi is restructuring its industrial sector, hoping to lure foreign investors with privatisations after lower energy prices depleted its coffers. This could result in at least five large listings including Abu Dhabi National Oil Co (Adnoc‘s) fuel distribution unit, aluminium-maker EGA, industrial conglomerate Senaat and Abu Dhabi Ports, government and banking sources said."
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MIDEAST STOCKS-Qatar up again in otherwise weak region, Dana Gas flat after trial adjourned
MIDEAST STOCKS-Qatar up again in otherwise weak region, Dana Gas flat after trial adjourned:
"Qatar’s stock market extended gains in early trade on Wednesday as local investors bought on price dips, in an otherwise weak Gulf region. The Doha index rose 0.5 percent after 40 minutes of trade, extending the previous session’s small 0.1 percent rise. “Local funds are stepping up, and buying after the market has lost 10 percent since early August, some companies are looking pretty cheap,” said a Doha-based fund manager."
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"Qatar’s stock market extended gains in early trade on Wednesday as local investors bought on price dips, in an otherwise weak Gulf region. The Doha index rose 0.5 percent after 40 minutes of trade, extending the previous session’s small 0.1 percent rise. “Local funds are stepping up, and buying after the market has lost 10 percent since early August, some companies are looking pretty cheap,” said a Doha-based fund manager."
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