ADX follows Dubai bourse into the futures with Nasdaq - The National:
"Abu Dhabi Securities Exchange (ADX) and Nasdaq Dubai will launch a futures contract linked to the Abu Dhabi General Index (ADI), enabling investors to trade equity futures on Nasdaq’s derivatives platform, the two parties announced.
It follows an almost identical agreement between Nasdaq Dubai and Dubai Financial Market (DFM) on Sunday, to launch a futures contract linked to the DFM General Index (DFMGI), which would also be traded on Nasdaq Dubai.
ADX and Nasdaq Dubai said in a statement on Monday: “Subject to regulatory approval, ADI futures are expected to be traded later this year with the support of leading UAE brokers, and targeted at professional and institutional investors enabling them to take a macro view on the ADX market.”"
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Monday, 23 October 2017
Abu Dhabi housing and hotel markets decline further - The National
Abu Dhabi housing and hotel markets decline further - The National:
"Residential rents and sales prices in Abu Dhabi declined in the third quarter of 2017 on the back of economic tightening and the release of new housing stock, according to real estate consultancy JLL. Apartment sales and rental prices in the capital both dropped 13 per cent year-on-year over the quarter, while sales prices declined 13 per cent year-on-year and rents by 9 per cent, JLL’s latest market overview found. The decline was slightly less on a quarterly basis – at 3 per cent and 5 per cent for apartment sales and rents, respectively – and 8 per cent and 1 per cent for villa sales and rents, respectively."
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"Residential rents and sales prices in Abu Dhabi declined in the third quarter of 2017 on the back of economic tightening and the release of new housing stock, according to real estate consultancy JLL. Apartment sales and rental prices in the capital both dropped 13 per cent year-on-year over the quarter, while sales prices declined 13 per cent year-on-year and rents by 9 per cent, JLL’s latest market overview found. The decline was slightly less on a quarterly basis – at 3 per cent and 5 per cent for apartment sales and rents, respectively – and 8 per cent and 1 per cent for villa sales and rents, respectively."
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MIDEAST STOCKS-NCB, Mobily hit Saudi, Emaar still weighs on Dubai
MIDEAST STOCKS-NCB, Mobily hit Saudi, Emaar still weighs on Dubai:
"National Commercial Bank (NCB) and telecom stocks dragged down Saudi Arabia’s main index on Monday while Emaar Properties weighed on Dubai’s stock market for the second day in a row. The Saudi index fell 1.3 percent to 6,886 points on the back of the banking and insurance sectors, as NCB reported an 8.4 percent rise in third-quarter net profit, or around 5 percent below analysts’ estimates. It fell 4.8 percent. Bank Aljazira fell 1.0 percent, although it reported a 41 percent rise in third-quarter net profit to 228 million riyals. Alawwal Bank also sank 3.4 percent. Alinma Bank was the most heavily traded stock and lost 2.1 percent."
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"National Commercial Bank (NCB) and telecom stocks dragged down Saudi Arabia’s main index on Monday while Emaar Properties weighed on Dubai’s stock market for the second day in a row. The Saudi index fell 1.3 percent to 6,886 points on the back of the banking and insurance sectors, as NCB reported an 8.4 percent rise in third-quarter net profit, or around 5 percent below analysts’ estimates. It fell 4.8 percent. Bank Aljazira fell 1.0 percent, although it reported a 41 percent rise in third-quarter net profit to 228 million riyals. Alawwal Bank also sank 3.4 percent. Alinma Bank was the most heavily traded stock and lost 2.1 percent."
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Ratings group S&P launches operations in Riyadh
Ratings group S&P launches operations in Riyadh:
"S&P Global Ratings has opened an office in Riyadh amid expectations financial reform in Saudi Arabia will jumpstart activity in its debt markets. The New York-headquartered company claims to be the first international credit agency to be licenced to conduct credit ratings activity in the kingdom. S&P said its “entry into Saudi Arabia comes at a time of unprecedented economic and social reform, as the Kingdom’s leadership seeks to implement Saudi Vision 2030″. The 2030 plan is the hallmark initiative of Mohammed bin Salman, the heir to the kingdom’s throne who is hoping to overhaul Saudi Arabia’s oil-dependent economy."
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"S&P Global Ratings has opened an office in Riyadh amid expectations financial reform in Saudi Arabia will jumpstart activity in its debt markets. The New York-headquartered company claims to be the first international credit agency to be licenced to conduct credit ratings activity in the kingdom. S&P said its “entry into Saudi Arabia comes at a time of unprecedented economic and social reform, as the Kingdom’s leadership seeks to implement Saudi Vision 2030″. The 2030 plan is the hallmark initiative of Mohammed bin Salman, the heir to the kingdom’s throne who is hoping to overhaul Saudi Arabia’s oil-dependent economy."
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How much is Saudi Arabia’s Public Investment Fund worth? | FT Alphaville
How much is Saudi Arabia’s Public Investment Fund worth? | FT Alphaville:
"“More than $200 billion and less than $300 billion,” said one senior PIF official earlier this year. “One-hundred-eighty to $200 billion,” estimated a government minister involved in PIF oversight. A person briefed by PIF said the fund recently determined a “fairly definitive” value, but declined to detail it."
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"“More than $200 billion and less than $300 billion,” said one senior PIF official earlier this year. “One-hundred-eighty to $200 billion,” estimated a government minister involved in PIF oversight. A person briefed by PIF said the fund recently determined a “fairly definitive” value, but declined to detail it."
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Global LNG markets to remain oversupplied into 2020s despite strong demand -IEA
Global LNG markets to remain oversupplied into 2020s despite strong demand -IEA:
"Global liquefied natural gas (LNG) markets will remain oversupplied into the 2020s due to a surge in production, although soaring demand especially from China may tighten the market earlier than expected, the IEA said on Monday. “We will see massive amounts of new LNG capacity coming to the market ... so we will probably continue to have well-supplied markets into the middle of the 2020s,” said Keisuke Sadamori, director of energy markets and security at the International Energy Agency (IEA). “The Qataris, for example, are going to increase LNG liquefaction capacity by 30 percent by 2024, which we have not included in our 2017 gas market outlook report,” Sadamori said in Singapore on Monday."
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"Global liquefied natural gas (LNG) markets will remain oversupplied into the 2020s due to a surge in production, although soaring demand especially from China may tighten the market earlier than expected, the IEA said on Monday. “We will see massive amounts of new LNG capacity coming to the market ... so we will probably continue to have well-supplied markets into the middle of the 2020s,” said Keisuke Sadamori, director of energy markets and security at the International Energy Agency (IEA). “The Qataris, for example, are going to increase LNG liquefaction capacity by 30 percent by 2024, which we have not included in our 2017 gas market outlook report,” Sadamori said in Singapore on Monday."
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Deripaska’s En+ Group Targets $8.5 Billion Valuation in IPO - Bloomberg
Deripaska’s En+ Group Targets $8.5 Billion Valuation in IPO - Bloomberg:
"Russian billionaire Oleg Deripaska’s En+ Group Plc announced a price range for its initial public offering, indicating a valuation as high as $8.5 billion before it issues new shares.
En+ wants to sell shares and global depositary receipts in Moscow and London at $14 to $17 apiece, the company said in a statement on Monday. This implies a pre-IPO value between $7 billion and $8.5 billion. The offering is expected to represent between 15.8 percent and 18.8 percent of the issued share capital on a fully diluted basis, excluding the over-allotment option.
"The price range seems quite fair and gives some upside for growth," Oleg Petropavlovskiy, an analyst at BCS Global Markets, said by phone. "It is unlikely to sell shares at the top end of the range, but has all chances to be in the middle of the range.""
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"Russian billionaire Oleg Deripaska’s En+ Group Plc announced a price range for its initial public offering, indicating a valuation as high as $8.5 billion before it issues new shares.
En+ wants to sell shares and global depositary receipts in Moscow and London at $14 to $17 apiece, the company said in a statement on Monday. This implies a pre-IPO value between $7 billion and $8.5 billion. The offering is expected to represent between 15.8 percent and 18.8 percent of the issued share capital on a fully diluted basis, excluding the over-allotment option.
"The price range seems quite fair and gives some upside for growth," Oleg Petropavlovskiy, an analyst at BCS Global Markets, said by phone. "It is unlikely to sell shares at the top end of the range, but has all chances to be in the middle of the range.""
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How Saudi Arabia Is Building Its $2 Trillion Fund - Bloomberg
How Saudi Arabia Is Building Its $2 Trillion Fund - Bloomberg:
"Saudi Arabia is stepping up plans to turn its sovereign wealth fund into a global giant. This week, it’s holding a coming-out party of sorts for the Public Investment Fund, which is central to the government’s effort to diversify the economy away from oil, under a plan known as Vision 2030. The Saudis are hosting the titans of investing and finance at a summit that aims to raise the profile of the PIF, which could eventually control more than $2 trillion, according to Crown Prince Mohammed bin Salman. That explains why many eyes will be on -- and private jets winging toward -- the Saudi capital."
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"Saudi Arabia is stepping up plans to turn its sovereign wealth fund into a global giant. This week, it’s holding a coming-out party of sorts for the Public Investment Fund, which is central to the government’s effort to diversify the economy away from oil, under a plan known as Vision 2030. The Saudis are hosting the titans of investing and finance at a summit that aims to raise the profile of the PIF, which could eventually control more than $2 trillion, according to Crown Prince Mohammed bin Salman. That explains why many eyes will be on -- and private jets winging toward -- the Saudi capital."
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Oil Extends Gains as OPEC Says All Options Open on Re-Balancing - Bloomberg
Oil Extends Gains as OPEC Says All Options Open on Re-Balancing - Bloomberg:
"Oil extended gains as OPEC and its allies reiterated that all options are open to re-balance the market. December futures increased as much as 0.8 percent in New York. OPEC and its partners including Russia achieved a record-high level of compliance to output cuts during September, according to a statement Saturday from the committee responsible for monitoring the agreement. In the U.S., drillers reduced the rig count a third week to the lowest since June, according to Baker Hughes."
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"Oil extended gains as OPEC and its allies reiterated that all options are open to re-balance the market. December futures increased as much as 0.8 percent in New York. OPEC and its partners including Russia achieved a record-high level of compliance to output cuts during September, according to a statement Saturday from the committee responsible for monitoring the agreement. In the U.S., drillers reduced the rig count a third week to the lowest since June, according to Baker Hughes."
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Britain's Spire rejects 1.2 billion pound Mediclinic offer, shares soar
Britain's Spire rejects 1.2 billion pound Mediclinic offer, shares soar:
"Britain’s Spire Healthcare has rejected a full takeover offer from South African private hospitals operator Mediclinic International (MDCM.L), which already owns nearly 30 percent of its stock, sending its shares up 12 percent.
Spire said Mediclinic had made a preliminary and conditional proposal that consisted of 150 pence in cash and 0.232 new Mediclinic shares per Spire share, valuing the target at 298.6 pence per share or around 1.2 billion pounds ($1.6 billion) in total.
Spire shares were up 13.1 percent at 295.6 pence by 0807 GMT, on track for their biggest-ever daily gain and only a slight discount to the value of Mediclinic’s terms."
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"Britain’s Spire Healthcare has rejected a full takeover offer from South African private hospitals operator Mediclinic International (MDCM.L), which already owns nearly 30 percent of its stock, sending its shares up 12 percent.
Spire said Mediclinic had made a preliminary and conditional proposal that consisted of 150 pence in cash and 0.232 new Mediclinic shares per Spire share, valuing the target at 298.6 pence per share or around 1.2 billion pounds ($1.6 billion) in total.
Spire shares were up 13.1 percent at 295.6 pence by 0807 GMT, on track for their biggest-ever daily gain and only a slight discount to the value of Mediclinic’s terms."
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Worst May Be Over for Qatar Banks as Deposit Flight Slows - Bloomberg
Worst May Be Over for Qatar Banks as Deposit Flight Slows - Bloomberg:
"The drop in Qatar’s non-resident deposits slowed to 4.2 percent in September, easing pressure on banks amid a lingering political crisis with Saudi Arabia and three other Arab countries. Banking and economic data show that the worst may be over for the gas-rich nation -- as long as tensions don’t flare again, according to Jason Tuvey, a London-based economist at Capital Economics. “We expect strains in the banking sector to continue to ease,” he said."
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"The drop in Qatar’s non-resident deposits slowed to 4.2 percent in September, easing pressure on banks amid a lingering political crisis with Saudi Arabia and three other Arab countries. Banking and economic data show that the worst may be over for the gas-rich nation -- as long as tensions don’t flare again, according to Jason Tuvey, a London-based economist at Capital Economics. “We expect strains in the banking sector to continue to ease,” he said."
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MIDEAST STOCKS-Emaar weighs on Dubai, Banks drag down Saudi early on | ZAWYA MENA Edition
MIDEAST STOCKS-Emaar weighs on Dubai, Banks drag down Saudi early on | ZAWYA MENA Edition:
"Emaar Properties weighed on Dubai's stock market in early trade on Monday for the second day in a row, while Saudi Arabia was dragged down by the banking and insurance sectors.
The Dubai index lost 0.7 percent as Emaar fell another 2.0 percent, after losing 2.1 percent on Sunday, after it said it expects to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offering.
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. It did not say on Sunday why the sale was expected to be only 20 percent. "
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"Emaar Properties weighed on Dubai's stock market in early trade on Monday for the second day in a row, while Saudi Arabia was dragged down by the banking and insurance sectors.
The Dubai index lost 0.7 percent as Emaar fell another 2.0 percent, after losing 2.1 percent on Sunday, after it said it expects to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offering.
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. It did not say on Sunday why the sale was expected to be only 20 percent. "
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