On the cusp of a new era, Saudi Arabia courts the world - The National:
"Next week, Saudi Arabia, the Arab world's largest economy and Opec's biggest oil producer, will court hundreds of movers and shakers from across the business world and government, as the kingdom presses on with its national and economic transformation initiatives, unfazed by detractors or the challenges ahead.
At a three-day event in Riyadh dubbed the Future Investment Initiative (FII), the kingdom’s 32-year-old crown prince, Mohammed bin Salman, will host the top echelons of technology superpowers and global banks. These include players like SoftBank, Citi and HSBC; regional investment heavyweights like UAE’s Mubadala Investment Company and Bahrain’s Mumtalakat; and some of the world’s biggest money managers like the Carlyle Group, BlackRock and Schroders.
“We are having this event after doing very daunting homework,” said Ihsan Buhulaiga, a Riyadh economist who heads Joatha Consulting. “The Saudi Arabian government has worked very hard for about two years and it is time to forge strategic partnerships and show the world what the kingdom can offer in terms of investments to the rest of the world.”"
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Sunday, 22 October 2017
Dubai to introduce stock index futures, short-selling on the way
Dubai to introduce stock index futures, short-selling on the way:
"Nasdaq Dubai will introduce trade in futures contracts based on the main DFMGI equities index of Dubai’s other stock market, Dubai Financial Market , the two exchanges said on Sunday. With the exception of Kuwait, Gulf countries have been slow to introduce equity derivatives, fearing they could destabilise markets. But as low oil prices drain liquidity from the region, several bourses plan derivatives trade to attract fresh money. Trade in DFMGI futures by institutional investors is expected to begin later this year with the support of leading United Arab Emirates brokers, the two Dubai exchanges said."
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"Nasdaq Dubai will introduce trade in futures contracts based on the main DFMGI equities index of Dubai’s other stock market, Dubai Financial Market , the two exchanges said on Sunday. With the exception of Kuwait, Gulf countries have been slow to introduce equity derivatives, fearing they could destabilise markets. But as low oil prices drain liquidity from the region, several bourses plan derivatives trade to attract fresh money. Trade in DFMGI futures by institutional investors is expected to begin later this year with the support of leading United Arab Emirates brokers, the two Dubai exchanges said."
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Size of Emaar Development IPO disappoints market | ZAWYA MENA Edition
Size of Emaar Development IPO disappoints market | ZAWYA MENA Edition:
"Emaar Properties expects to sell a 20 percent stake in its real estate development business next month in an initial public offering, it said on Sunday, with the smaller than anticipated sale sending its shares down by more than 2 percent. Dubai's largest listed developer said in a bourse statement that it had received shareholder approval to sell up to 30 percent of Emaar Development on the Dubai exchange, the first major listing in three years. Emaar Development was valued at 24.1 billion dirhams ($6.56 billion) as of September by JLL, Emaar said in a separate bourse statement, confirming a Oct. 2 Reuters report. "
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"Emaar Properties expects to sell a 20 percent stake in its real estate development business next month in an initial public offering, it said on Sunday, with the smaller than anticipated sale sending its shares down by more than 2 percent. Dubai's largest listed developer said in a bourse statement that it had received shareholder approval to sell up to 30 percent of Emaar Development on the Dubai exchange, the first major listing in three years. Emaar Development was valued at 24.1 billion dirhams ($6.56 billion) as of September by JLL, Emaar said in a separate bourse statement, confirming a Oct. 2 Reuters report. "
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Opening bourse wider, Saudi to let foreigners take strategic stakes in firms
Opening bourse wider, Saudi to let foreigners take strategic stakes in firms:
"Saudi Arabia will let foreign investors take strategic stakes of 10 percent or more in stock exchange-listed companies, the securities regulator said on Sunday, expanding an effort to attract foreign capital and technology to the kingdom.
The Capital Market Authority said it was working with the Saudi Arabian General Investment Authority, the state investment agency, to prepare rules under which foreign investors with appropriate experience and expertise could own such stakes.
Current regulations forbid a single foreign investor from owning 10 percent or more of the shares of a listed Saudi company."
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"Saudi Arabia will let foreign investors take strategic stakes of 10 percent or more in stock exchange-listed companies, the securities regulator said on Sunday, expanding an effort to attract foreign capital and technology to the kingdom.
The Capital Market Authority said it was working with the Saudi Arabian General Investment Authority, the state investment agency, to prepare rules under which foreign investors with appropriate experience and expertise could own such stakes.
Current regulations forbid a single foreign investor from owning 10 percent or more of the shares of a listed Saudi company."
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Tillerson Says Saudi Arabia Rebuffed Him on Ending Qatar Crisis - Bloomberg
Tillerson Says Saudi Arabia Rebuffed Him on Ending Qatar Crisis - Bloomberg:
"Secretary of State Rex Tillerson said Saudi Arabia’s leaders rebuffed his request in meetings Sunday to end the four-month isolation of Qatar.
Tillerson has taken the lead in seeking to end the dispute, which was sparked in June when a Saudi-led bloc of four countries imposed economic restrictions against Qatar over its alleged support of terrorism. He was in Saudi Arabia and Qatar this weekend as part of efforts to break the deadlock.
“I did in my meetings with Crown Prince Mohammed Bin Salman ask him please engage in dialogue,” Tillerson said at a briefing in Doha alongside Qatar’s foreign minister. “There is not a strong indication that the parties are ready to talk yet. So we cannot force talks upon people who aren’t ready to talk.”"
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"Secretary of State Rex Tillerson said Saudi Arabia’s leaders rebuffed his request in meetings Sunday to end the four-month isolation of Qatar.
Tillerson has taken the lead in seeking to end the dispute, which was sparked in June when a Saudi-led bloc of four countries imposed economic restrictions against Qatar over its alleged support of terrorism. He was in Saudi Arabia and Qatar this weekend as part of efforts to break the deadlock.
“I did in my meetings with Crown Prince Mohammed Bin Salman ask him please engage in dialogue,” Tillerson said at a briefing in Doha alongside Qatar’s foreign minister. “There is not a strong indication that the parties are ready to talk yet. So we cannot force talks upon people who aren’t ready to talk.”"
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MIDEAST STOCKS-Emaar IPO plan hits Dubai, Saudi fails test of resistance
MIDEAST STOCKS-Emaar IPO plan hits Dubai, Saudi fails test of resistance:
"Dubai’s leading real estate developer, Emaar Properties, pulled the emirate’s stock index lower on Sunday while Saudi Arabia’s index again retreated from major technical resistance. The Dubai index lost 0.8 percent to 3,644 points, pulling back from resistance on the August peak of 3,681. Emaar slid 2.1 percent after saying it expected to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offer. Previously, Emaar had said it would offer up to 30 percent of the business, distributing funds raised as dividends to shareholders in the parent company."
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"Dubai’s leading real estate developer, Emaar Properties, pulled the emirate’s stock index lower on Sunday while Saudi Arabia’s index again retreated from major technical resistance. The Dubai index lost 0.8 percent to 3,644 points, pulling back from resistance on the August peak of 3,681. Emaar slid 2.1 percent after saying it expected to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offer. Previously, Emaar had said it would offer up to 30 percent of the business, distributing funds raised as dividends to shareholders in the parent company."
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UAE central bank survey projects moderate growth in loan demand
UAE central bank survey projects moderate growth in loan demand:
"Demand for business credit and personal loans in the United Arab Emirates increased marginally in the July-September quarter, and a moderate increase is expected in the current quarter, a central bank survey showed on Sunday.
The net balance measure for business lending - the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall in demand - was plus 6.3 in the latest quarter, against plus 7.5 in the previous quarter.
More than 60 percent of survey respondents reported no changes to loan terms and conditions last quarter, with about 30 percent reporting a modest tightening. For the current quarter, respondents expect the net balance measure to rise to plus 17.3. (Reporting by Andrew Torchia)"
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"Demand for business credit and personal loans in the United Arab Emirates increased marginally in the July-September quarter, and a moderate increase is expected in the current quarter, a central bank survey showed on Sunday.
The net balance measure for business lending - the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall in demand - was plus 6.3 in the latest quarter, against plus 7.5 in the previous quarter.
More than 60 percent of survey respondents reported no changes to loan terms and conditions last quarter, with about 30 percent reporting a modest tightening. For the current quarter, respondents expect the net balance measure to rise to plus 17.3. (Reporting by Andrew Torchia)"
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Mideast Stocks: Emaar pulls Dubai down, Saudi flat early on | ZAWYA MENA Edition
Mideast Stocks: Emaar pulls Dubai down, Saudi flat early on | ZAWYA MENA Edition:
"Emaar Properties pulled Dubai's stock market lower in early trade on Sunday while Saudi Arabia was flat after a string of corporate earnings.
The Dubai index lost 0.5 percent as Emaar fell 0.9 percent after saying it expects to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offer.
Previously, Emaar had said it would offer up to 30 percent of the business, distributing funds raised as dividends to shareholders in the parent company."
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"Emaar Properties pulled Dubai's stock market lower in early trade on Sunday while Saudi Arabia was flat after a string of corporate earnings.
The Dubai index lost 0.5 percent as Emaar fell 0.9 percent after saying it expects to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offer.
Previously, Emaar had said it would offer up to 30 percent of the business, distributing funds raised as dividends to shareholders in the parent company."
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Saudi Fund Flexes Muscles With Stream of Billion-Dollar Projects - Bloomberg
Saudi Fund Flexes Muscles With Stream of Billion-Dollar Projects - Bloomberg:
"Saudi Arabia’s wealth fund is on a roll.
In the past month alone, the Public Investment Fund announced projects valued at more than $10 billion -- in industries ranging from property, energy, recycling and entertainment. Last week it set up a real-estate refinancing firm with a mandate of $20 billion in deals in five years.
The fund already holds about $110 billion of assets in listed Saudi companies and has investments with Blackstone Group LP to Softbank Group Corp. This month it scooped up a $2.4 billion stake in food processor Almarai Co."
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"Saudi Arabia’s wealth fund is on a roll.
In the past month alone, the Public Investment Fund announced projects valued at more than $10 billion -- in industries ranging from property, energy, recycling and entertainment. Last week it set up a real-estate refinancing firm with a mandate of $20 billion in deals in five years.
The fund already holds about $110 billion of assets in listed Saudi companies and has investments with Blackstone Group LP to Softbank Group Corp. This month it scooped up a $2.4 billion stake in food processor Almarai Co."
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OPEC Dithering on Output Cuts Could Kill Oil's Rally - Bloomberg Gadfly
OPEC Dithering on Output Cuts Could Kill Oil's Rally - Bloomberg Gadfly:
"Brent crude's brief flirtation with a $60 price level already seems to be fading. OPEC and its friends are facing their last chance to swing sentiment in the oil market this year. They shouldn't get too precious about it. What ministers say at their Nov. 30 meeting may have little bearing on what they actually do, but it could have a big impact on prices.Compliance with the output cuts they agreed late last year has been better for longer than for any other deal in the group's history. But now they must decide whether or not to extend their agreement after it expires at the end of March. That may seem like a long way away, and it is. A lot can change in the oil market in four months -- just look at how inventories in key OECD countries have come down since the start of July."
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"Brent crude's brief flirtation with a $60 price level already seems to be fading. OPEC and its friends are facing their last chance to swing sentiment in the oil market this year. They shouldn't get too precious about it. What ministers say at their Nov. 30 meeting may have little bearing on what they actually do, but it could have a big impact on prices.Compliance with the output cuts they agreed late last year has been better for longer than for any other deal in the group's history. But now they must decide whether or not to extend their agreement after it expires at the end of March. That may seem like a long way away, and it is. A lot can change in the oil market in four months -- just look at how inventories in key OECD countries have come down since the start of July."
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Emaar plans to sell 20% stake in Emaar Development via IPO | ZAWYA MENA Edition
Emaar plans to sell 20% stake in Emaar Development via IPO | ZAWYA MENA Edition:
"Emaar Properties said on Sunday it plans to sell a 20 percent stake in its property development business unit Emaar Development LLC next month in an initial public offering.
The move comes after Dubai's leading property firm announced it had obtained shareholder approval for the sale of up to 30 percent of the unit in a public offering in Dubai.
Emaar Development is behind communities in Dubai including Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches, and has delivered over 34,500 residential units since 2002. "
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"Emaar Properties said on Sunday it plans to sell a 20 percent stake in its property development business unit Emaar Development LLC next month in an initial public offering.
The move comes after Dubai's leading property firm announced it had obtained shareholder approval for the sale of up to 30 percent of the unit in a public offering in Dubai.
Emaar Development is behind communities in Dubai including Emirates Living, Downtown Dubai, Dubai Marina and Arabian Ranches, and has delivered over 34,500 residential units since 2002. "
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