Qatar banks witness double-digit growth in total assets despite siege:
"Unperturbed by the economic blockade, Doha's banking industry witnessed a double-digit year-on-year expansion in total assets in October mainly on the back of robust credit off-take and securities portfolio, according to the Qatar Central Bank data.
Total assets of all the commercial banks (all branches inside Qatar) grew by a healthy 10.6% year-on-year to QR1.32tn in October 2017.
Total credit portfolio, which constituted 69% of the banking sector’s overall assets, grew 13% year-on-year to QR912.94bn, mainly on the back of robust loans to the government and industry, the QCB data showed."
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Monday 27 November 2017
Abu Dhabi Oil Producer May Invest in First Overseas Refineries - Bloomberg
Abu Dhabi Oil Producer May Invest in First Overseas Refineries - Bloomberg:
"Abu Dhabi’s state oil producer may build or buy into refining and petrochemical businesses outside the United Arab Emirates, making its first international investments as it seeks to strengthen ties with customers for its crude. Abu Dhabi National Oil Co. plans capital spending of 400 billion dirhams ($109 billion) over the next five years, Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan said Monday on Twitter. Some of that could be channeled into plants abroad, while Adnoc also intends to start producing unconventional gas -- which is drilled from rocks that are hard to access -- by 2030. “Adnoc will expand its portfolio through strategic international downstream investments, and develop Abu Dhabi’s unconventional gas resources,” the Crown Prince tweeted after a meeting of the Supreme Petroleum Council, the emirate’s highest policy-making body for the oil industry."
'via Blog this'
"Abu Dhabi’s state oil producer may build or buy into refining and petrochemical businesses outside the United Arab Emirates, making its first international investments as it seeks to strengthen ties with customers for its crude. Abu Dhabi National Oil Co. plans capital spending of 400 billion dirhams ($109 billion) over the next five years, Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan said Monday on Twitter. Some of that could be channeled into plants abroad, while Adnoc also intends to start producing unconventional gas -- which is drilled from rocks that are hard to access -- by 2030. “Adnoc will expand its portfolio through strategic international downstream investments, and develop Abu Dhabi’s unconventional gas resources,” the Crown Prince tweeted after a meeting of the Supreme Petroleum Council, the emirate’s highest policy-making body for the oil industry."
'via Blog this'
LPC-UAE's Drydocks gets 100% support for debt restructuring
LPC-UAE's Drydocks gets 100% support for debt restructuring:
"Creditors to UAE shipbuilder Drydocks, a unit of conglomerate Dubai World, have given unanimous support to a restructuring plan which will see Dubai-based ports operator DP World take control of Drydocks, sources close to the situation said on Monday.
The deal is now set to close in January, one of the sources said.
On September 18, Dubai-based ports operator DP World agreed to take 100% control of Drydocks World in return for a capital injection of US$225m."
'via Blog this'
"Creditors to UAE shipbuilder Drydocks, a unit of conglomerate Dubai World, have given unanimous support to a restructuring plan which will see Dubai-based ports operator DP World take control of Drydocks, sources close to the situation said on Monday.
The deal is now set to close in January, one of the sources said.
On September 18, Dubai-based ports operator DP World agreed to take 100% control of Drydocks World in return for a capital injection of US$225m."
'via Blog this'
Qatar import growth turns positive as sanctions impact fades
Qatar import growth turns positive as sanctions impact fades:
"Qatar's imports rose from a year
earlier in October for the first time since other Arab states
imposed sanctions on Doha in June, official data showed on
Monday, suggesting damage done to the Qatari economy by the
sanctions is fading.
Monthly imports plunged by as much as 40.0 percent
year-on-year after Saudi Arabia, the United Arab Emirates,
Bahrain and Egypt cut diplomatic and transport ties with Qatar
in June, accusing it of backing terrorism, which Doha denies.
The boycott disrupted Qatar's shipping routes through the
Gulf and blocked imports across its land border with Saudi
Arabia. Much of its perishable food products as well as
construction materials came across that border."
'via Blog this'
"Qatar's imports rose from a year
earlier in October for the first time since other Arab states
imposed sanctions on Doha in June, official data showed on
Monday, suggesting damage done to the Qatari economy by the
sanctions is fading.
Monthly imports plunged by as much as 40.0 percent
year-on-year after Saudi Arabia, the United Arab Emirates,
Bahrain and Egypt cut diplomatic and transport ties with Qatar
in June, accusing it of backing terrorism, which Doha denies.
The boycott disrupted Qatar's shipping routes through the
Gulf and blocked imports across its land border with Saudi
Arabia. Much of its perishable food products as well as
construction materials came across that border."
'via Blog this'
Oil Slips From Two-Year High as Doubts Over OPEC Meeting Linger - Bloomberg
Oil Slips From Two-Year High as Doubts Over OPEC Meeting Linger - Bloomberg:
"A rising U.S. rig count and continuing uncertainty over OPEC’s strategy to extend supply cuts pushed oil prices lower following a week in which they hit their highest close in more than two years.
Futures slid as much as 2.4 percent in New York after rising 1.6 percent Friday to the most since June 2015. OPEC and Russia, partners in the oil-cuts deal, have crafted the outline of an agreement to extend curbs to the end of next year, according to people involved in the discussions. But doubts remain over the size of the reductions after the current accord expires in March, as well as which exit strategy the group will adopt. Meanwhile, drillers targeting crude in the U.S. added nine rigs last week.
"What we’re seeing is cold feet heading into the OPEC meeting," said Ashley Petersen, lead oil market analyst at Stratas Advisors in New York.
"
'via Blog this'
"A rising U.S. rig count and continuing uncertainty over OPEC’s strategy to extend supply cuts pushed oil prices lower following a week in which they hit their highest close in more than two years.
Futures slid as much as 2.4 percent in New York after rising 1.6 percent Friday to the most since June 2015. OPEC and Russia, partners in the oil-cuts deal, have crafted the outline of an agreement to extend curbs to the end of next year, according to people involved in the discussions. But doubts remain over the size of the reductions after the current accord expires in March, as well as which exit strategy the group will adopt. Meanwhile, drillers targeting crude in the U.S. added nine rigs last week.
"What we’re seeing is cold feet heading into the OPEC meeting," said Ashley Petersen, lead oil market analyst at Stratas Advisors in New York.
"
'via Blog this'
MIDEAST STOCKS-Jordan cement deal helps Saudi shares but region moves little
MIDEAST STOCKS-Jordan cement deal helps Saudi shares but region moves little:
"Saudi Arabia’s stock index edged higher on Monday after Al Jouf Cement and Saudi Industrial Export Co announced an export deal with Jordan, but the region as a whole traded in small ranges, lacking fresh stimulus.
The Saudi index closed 0.1 percent higher at 6,939 points after approaching and failing to break technical resistance around 7,000 points, which has held since mid-October.
Al Jouf rose 3.4 percent and Saudi Industrial Export Co, which has been trading at 13-year lows, jumped 5.1 percent. Saudi Industrial Export said it had signed a sale and marketing contract with Al Jouf to supply 72,000 tonnes of cement annually to Jordan."
'via Blog this'
"Saudi Arabia’s stock index edged higher on Monday after Al Jouf Cement and Saudi Industrial Export Co announced an export deal with Jordan, but the region as a whole traded in small ranges, lacking fresh stimulus.
The Saudi index closed 0.1 percent higher at 6,939 points after approaching and failing to break technical resistance around 7,000 points, which has held since mid-October.
Al Jouf rose 3.4 percent and Saudi Industrial Export Co, which has been trading at 13-year lows, jumped 5.1 percent. Saudi Industrial Export said it had signed a sale and marketing contract with Al Jouf to supply 72,000 tonnes of cement annually to Jordan."
'via Blog this'
Efforts to hurt Qatar's riyal may backfire on region, central banker says
Efforts to hurt Qatar's riyal may backfire on region, central banker says:
"Some Arab states are trying to destabilize Qatar’s riyal but efforts to drive down its value could backfire by hurting other dollar-linked currencies in the region, a Qatari central banker said. Khalid Alkhater, currently in Britain on leave from the central bank, was commenting on moves by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt to isolate Qatar. Doha’s rivals say it supports terrorism, which it denies. “It’s deliberate economic warfare, a strategy to cause fear or panic among the public and investors to destabilize the economy,” Alkhater told Reuters in a telephone interview, saying he was giving his personal views."
'via Blog this'
"Some Arab states are trying to destabilize Qatar’s riyal but efforts to drive down its value could backfire by hurting other dollar-linked currencies in the region, a Qatari central banker said. Khalid Alkhater, currently in Britain on leave from the central bank, was commenting on moves by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt to isolate Qatar. Doha’s rivals say it supports terrorism, which it denies. “It’s deliberate economic warfare, a strategy to cause fear or panic among the public and investors to destabilize the economy,” Alkhater told Reuters in a telephone interview, saying he was giving his personal views."
'via Blog this'
War of Words Threatens to Upend OPEC Meeting - Bloomberg
War of Words Threatens to Upend OPEC Meeting - Bloomberg:
"OPEC ministers head to Vienna, Austria, this week for the 173rd meeting of the Organization of Petroleum Exporting Countries. Brent crude prices are up almost 20 percent since the last meeting on May 25, 2017, while those for West Texas Intermediate are up around 10 percent. The Nov. 30 gathering is likely to have a different tone than the last two OPEC meetings because global oil demand has strengthened, inventories have tightened, prices are on the rise and trading technicals appear bullish.
Bullish oil price dynamics should please OPEC members, but like all large gatherings of colleagues at this time of year, some inter-office drama could spoil the party. Geopolitical tensions between Iran and Saudi Arabia are the highest in more than a year. This could spill over into the negotiating room, and dash traders’ hopes of additional OPEC and non-OPEC agreements to extend oil production cuts. Without additional an extension of oil production cuts -- or at least without a significant extension -- oil prices could come under some short-term pressure."
'via Blog this'
"OPEC ministers head to Vienna, Austria, this week for the 173rd meeting of the Organization of Petroleum Exporting Countries. Brent crude prices are up almost 20 percent since the last meeting on May 25, 2017, while those for West Texas Intermediate are up around 10 percent. The Nov. 30 gathering is likely to have a different tone than the last two OPEC meetings because global oil demand has strengthened, inventories have tightened, prices are on the rise and trading technicals appear bullish.
Bullish oil price dynamics should please OPEC members, but like all large gatherings of colleagues at this time of year, some inter-office drama could spoil the party. Geopolitical tensions between Iran and Saudi Arabia are the highest in more than a year. This could spill over into the negotiating room, and dash traders’ hopes of additional OPEC and non-OPEC agreements to extend oil production cuts. Without additional an extension of oil production cuts -- or at least without a significant extension -- oil prices could come under some short-term pressure."
'via Blog this'
OPEC Battle With U.S. for Oil Supremacy Nears Day of Reckoning - Bloomberg
OPEC Battle With U.S. for Oil Supremacy Nears Day of Reckoning - Bloomberg:
"The clash between OPEC and America’s oil industry is reaching a day of reckoning.
The U.S. shale revolution is on course to be the greatest oil and gas boom in history, turning a nation once at the mercy of foreign imports into a global player. That seismic shift shattered the dominance of Saudi Arabia and the OPEC cartel, forcing them into an alliance with long-time rival Russia to keep a grip on world markets.
So far, it’s worked -- global oil stockpiles are draining and prices are near two-year highs. But as the Organization of Petroleum Exporting Countries and Russia prepare to meet in Vienna this week to extend production cuts, ministers have little idea how U.S. shale production will respond in 2018."
'via Blog this'
"The clash between OPEC and America’s oil industry is reaching a day of reckoning.
The U.S. shale revolution is on course to be the greatest oil and gas boom in history, turning a nation once at the mercy of foreign imports into a global player. That seismic shift shattered the dominance of Saudi Arabia and the OPEC cartel, forcing them into an alliance with long-time rival Russia to keep a grip on world markets.
So far, it’s worked -- global oil stockpiles are draining and prices are near two-year highs. But as the Organization of Petroleum Exporting Countries and Russia prepare to meet in Vienna this week to extend production cuts, ministers have little idea how U.S. shale production will respond in 2018."
'via Blog this'
MIDEAST STOCKS-Gulf rises, Saudi gets support from cement sector
MIDEAST STOCKS-Gulf rises, Saudi gets support from cement sector:
"Most Gulf stock markets rose in early trade on Monday with Saudi Arabia getting support from Al Jouf Cement and Saudi Industrial Export Co after the companies announced an export deal with Jordan.
The Saudi index climbed 0.6 percent in the first hour as Al Jouf surged 5.0 percent and Saudi Industrial Export Co jumped 6.4 percent in unusually heavy trade.
Saudi Industrial Export said it had signed a sale and marketing contract with Al Jouf to supply 72,000 tonnes of cement annually to Jordan."
'via Blog this'
"Most Gulf stock markets rose in early trade on Monday with Saudi Arabia getting support from Al Jouf Cement and Saudi Industrial Export Co after the companies announced an export deal with Jordan.
The Saudi index climbed 0.6 percent in the first hour as Al Jouf surged 5.0 percent and Saudi Industrial Export Co jumped 6.4 percent in unusually heavy trade.
Saudi Industrial Export said it had signed a sale and marketing contract with Al Jouf to supply 72,000 tonnes of cement annually to Jordan."
'via Blog this'