Abu Dhabi Investment Authority acquires minority shareholding in KKR India Financial Services - The National:
"US private equity firm KKR said that on Monday the Abu Dhabi Investment Authority (Adia), one of the world's biggest sovereign wealth funds, has become a minority shareholder in its unit, KKR India Financial Services (KIFS), an alternative credit business that provides long term financing to companies and medium-sized enterprises. "India continues to be an underserved financial services market, with shallow capital markets and an over-reliance on banks for wholesale financing," said BV Krishnan, chief executive of KIFS. "KIFS has consistently provided flexible credit financing solutions to companies and shareholders, keeping in mind their long-term objectives for their business. ADIA's investment in KIFS gives us a high-caliber partner to work alongside as we further scale our platform and deliver creative solutions in the market.""
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Monday, 4 December 2017
Qatar property market poised for rapid growth - The Peninsula Qatar
Qatar property market poised for rapid growth - The Peninsula Qatar:
"Supported by a series of policy-driven decisions, Qatar’s real estate sector is expected to stage a strong turnaround in 2018. Proposed law on foreign ownership, tax incentives, a balanced budget announcement for the coming fiscal, increased government spending and mega deals in pipelines…are some of the growth triggers that would help recover the market in 2018, before hitting an 8 percent growth in 2019. Leading property developer SAK Holding Group said yesterday the government’s focus on the completion of the major development projects; especially infrastructure projects in the health sector, education and transportation and projects related to the World Cup 2022, will atttract continued flow of real estate liquidity."
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"Supported by a series of policy-driven decisions, Qatar’s real estate sector is expected to stage a strong turnaround in 2018. Proposed law on foreign ownership, tax incentives, a balanced budget announcement for the coming fiscal, increased government spending and mega deals in pipelines…are some of the growth triggers that would help recover the market in 2018, before hitting an 8 percent growth in 2019. Leading property developer SAK Holding Group said yesterday the government’s focus on the completion of the major development projects; especially infrastructure projects in the health sector, education and transportation and projects related to the World Cup 2022, will atttract continued flow of real estate liquidity."
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MENA Equities Round-up: Egypt outperformed local stock markets in November | ZAWYA MENA Edition
MENA Equities Round-up: Egypt outperformed local stock markets in November | ZAWYA MENA Edition:
"Egypt’s stockmarket outperformed its neighbours in Gulf Cooperation Council (GCC) countries in November – a month during which markets in Saudi Arabia faced turbulence as a result of a crackdown on corruption that led to the detention of several powerful businessmen and royal family members. New listings and IPOs also had an impact on markets in the UAE and Egypt. Egypt’s main index gained in value by 1.67 percent during the month. The surge took place in late November, after the Central Bank removed caps on deposits and withdrawals of foreign currency for importers. Sentiment in Egypt was also boosted by an announcement from Ibn Sina Pharmaceutical Industry, one of Egypt’s largest drug distributors, that it plans to offer nearly 40 percent of its shares in an initial public offering (IPO) in December. This offer is seen as the first of many other IPO’s that could take place in Egypt in 2018, adding to trading volumes and attracting foreign investment."
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"Egypt’s stockmarket outperformed its neighbours in Gulf Cooperation Council (GCC) countries in November – a month during which markets in Saudi Arabia faced turbulence as a result of a crackdown on corruption that led to the detention of several powerful businessmen and royal family members. New listings and IPOs also had an impact on markets in the UAE and Egypt. Egypt’s main index gained in value by 1.67 percent during the month. The surge took place in late November, after the Central Bank removed caps on deposits and withdrawals of foreign currency for importers. Sentiment in Egypt was also boosted by an announcement from Ibn Sina Pharmaceutical Industry, one of Egypt’s largest drug distributors, that it plans to offer nearly 40 percent of its shares in an initial public offering (IPO) in December. This offer is seen as the first of many other IPO’s that could take place in Egypt in 2018, adding to trading volumes and attracting foreign investment."
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GEMS Education picks banks for $5bln London IPO- sources | ZAWYA MENA Edition
GEMS Education picks banks for $5bln London IPO- sources | ZAWYA MENA Edition:
"GEMS Education's owners have chosen JP Morgan , Credit Suisse , Bank of America Merrill Lynch and Morgan Stanley to lead the private schools group's planned flotation, sources familiar with the matter said. GEMS, which operates more than 250 schools across 14 countries, could have a market capitalisation of around $4.5-$5 billion, the sources said, in a London initial public offering (IPO) which is expected to take place in 2018. Backed by Dubai-based Fajr Capital, Bahraini state investment fund Mumtalakat and investment firm Blackstone , GEMs said on Monday it had secured a $1.25 billion loan to refinance existing borrowings and support growth. "
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"GEMS Education's owners have chosen JP Morgan , Credit Suisse , Bank of America Merrill Lynch and Morgan Stanley to lead the private schools group's planned flotation, sources familiar with the matter said. GEMS, which operates more than 250 schools across 14 countries, could have a market capitalisation of around $4.5-$5 billion, the sources said, in a London initial public offering (IPO) which is expected to take place in 2018. Backed by Dubai-based Fajr Capital, Bahraini state investment fund Mumtalakat and investment firm Blackstone , GEMs said on Monday it had secured a $1.25 billion loan to refinance existing borrowings and support growth. "
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Lemand on the Impact of Saudi's Corruption Probe – Bloomberg
Lemand on the Impact of Saudi's Corruption Probe – Bloomberg:
"Ryan Lemand, head of asset management at ADS Securities, discusses what a corruption probe in Saudi Arabia means for investors. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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"Ryan Lemand, head of asset management at ADS Securities, discusses what a corruption probe in Saudi Arabia means for investors. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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MIDEAST STOCKS-Qatar jumps on hope diplomatic dispute will be resolved
MIDEAST STOCKS-Qatar jumps on hope diplomatic dispute will be resolved:
"Qatar’s stock market jumped by its biggest margin in nearly five months on Monday because of hopes that Doha’s diplomatic dispute with four other Arab countries will be resolved. Most other Gulf markets were firm.
The Qatari foreign minister said late on Sunday that Qatar’s Emir Sheikh Tamim bin Hamad al-Thani was expected to attend the annual summit of Gulf Arab heads of state in Kuwait on Tuesday and Wednesday.
There was no immediate comment from other Gulf nations on the Qatari announcement, and events at the summit are difficult to predict. Nevertheless, investors hope Sheikh Tamim’s attendance will be a step towards renewed dialogue with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt."
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"Qatar’s stock market jumped by its biggest margin in nearly five months on Monday because of hopes that Doha’s diplomatic dispute with four other Arab countries will be resolved. Most other Gulf markets were firm.
The Qatari foreign minister said late on Sunday that Qatar’s Emir Sheikh Tamim bin Hamad al-Thani was expected to attend the annual summit of Gulf Arab heads of state in Kuwait on Tuesday and Wednesday.
There was no immediate comment from other Gulf nations on the Qatari announcement, and events at the summit are difficult to predict. Nevertheless, investors hope Sheikh Tamim’s attendance will be a step towards renewed dialogue with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt."
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Saudi Arabia signs major markets upgrade with Nasdaq
Saudi Arabia signs major markets upgrade with Nasdaq:
"Saudi Arabia has signed a deal with US group Nasdaq to upgrade the country’s financial markets infrastructure, another step towards its long-term goal of diversifying its economy.
The country’s stock exchange, the Tadawul, on Monday said it would use technology from the US group as the backbone for share trading.
Nasdaq, which supplies trading technology to dozens of markets around the world, will replace Tadawul’s current registry, depository, clearing and settlement systems, which are more than 16 years old."
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"Saudi Arabia has signed a deal with US group Nasdaq to upgrade the country’s financial markets infrastructure, another step towards its long-term goal of diversifying its economy.
The country’s stock exchange, the Tadawul, on Monday said it would use technology from the US group as the backbone for share trading.
Nasdaq, which supplies trading technology to dozens of markets around the world, will replace Tadawul’s current registry, depository, clearing and settlement systems, which are more than 16 years old."
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Qatar debt burden ‘still low’ on global comparison, says BMI
Qatar debt burden ‘still low’ on global comparison, says BMI:
"Qatar’s debt burden is still low on a global comparison, amounting to 45.9% of GDP as at end-2016, allowing the country space its borrowing without risking deterioration in its sovereign profile, according to BMI Research. Qatar’s “economic fundamentals remain sound” as illustrated by its high ratings across all three major ratings agencies, the Fitch Group company said and BMI expects investor interest in the country’s debt issuances. Rising hydrocarbon revenues will cause Qatar’s budget deficit to narrow in the quarters ahead, despite the upward pressure on spending caused by the ongoing diplomatic crisis in the region. Although Doha will see borrowing costs rise as a result of heightened political uncertainty, it faces limited risk of any credit event, as its debt burden remains low and its ability to defend the riyal’s dollar peg is retained, BMI said. "
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"Qatar’s debt burden is still low on a global comparison, amounting to 45.9% of GDP as at end-2016, allowing the country space its borrowing without risking deterioration in its sovereign profile, according to BMI Research. Qatar’s “economic fundamentals remain sound” as illustrated by its high ratings across all three major ratings agencies, the Fitch Group company said and BMI expects investor interest in the country’s debt issuances. Rising hydrocarbon revenues will cause Qatar’s budget deficit to narrow in the quarters ahead, despite the upward pressure on spending caused by the ongoing diplomatic crisis in the region. Although Doha will see borrowing costs rise as a result of heightened political uncertainty, it faces limited risk of any credit event, as its debt burden remains low and its ability to defend the riyal’s dollar peg is retained, BMI said. "
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Saudi mortgage refinancing firm to court foreign investors | ZAWYA MENA Edition
Saudi mortgage refinancing firm to court foreign investors | ZAWYA MENA Edition:
"Saudi Arabia’s first mortgage-refinancing firm will actively court international investors to increase liquidity in the Kingdom’s housing market, said the CEO of the initiative. The newly established Saudi Real Estate Refinance Company, which seeks to free up liquidity in the Kingdom’s mortgage market to promote homeownership, has already embarked on “soft discussions” with investors interested in the new market opportunity, CEO Fabrice Susini told Arab News. “It’s not good enough simply to focus on the country and domestic investors. We want to have foreign investors interested in coming and investing into these loans or portfolios,” said Susini, who was picked to lead the state-run company, which officially launched in October."
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"Saudi Arabia’s first mortgage-refinancing firm will actively court international investors to increase liquidity in the Kingdom’s housing market, said the CEO of the initiative. The newly established Saudi Real Estate Refinance Company, which seeks to free up liquidity in the Kingdom’s mortgage market to promote homeownership, has already embarked on “soft discussions” with investors interested in the new market opportunity, CEO Fabrice Susini told Arab News. “It’s not good enough simply to focus on the country and domestic investors. We want to have foreign investors interested in coming and investing into these loans or portfolios,” said Susini, who was picked to lead the state-run company, which officially launched in October."
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MIDEAST STOCKS-Qatar rises on hope for resolution to dispute, rest of Gulf mixed | ZAWYA MENA Edition
MIDEAST STOCKS-Qatar rises on hope for resolution to dispute, rest of Gulf mixed | ZAWYA MENA Edition:
"Qatar's stock market rose sharply in early trade on Monday because of hopes that Doha can resolve its diplomatic dispute with four other Arab countries, while the rest of the region was mixed. Qatar's foreign minister said late on Sunday that Qatari Emir Sheikh Tamim bin Hamad al-Thani was expected to attend the annual summit of Gulf Arab heads of state in Kuwait on Tuesday and Wednesday. There was no immediate comment from other Gulf nations on the Qatari announcement, and events at the summit are difficult to predict. Nevertheless, some investors hope Sheikh Tamim's attendance could be a step towards renewed dialogue with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt. "
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"Qatar's stock market rose sharply in early trade on Monday because of hopes that Doha can resolve its diplomatic dispute with four other Arab countries, while the rest of the region was mixed. Qatar's foreign minister said late on Sunday that Qatari Emir Sheikh Tamim bin Hamad al-Thani was expected to attend the annual summit of Gulf Arab heads of state in Kuwait on Tuesday and Wednesday. There was no immediate comment from other Gulf nations on the Qatari announcement, and events at the summit are difficult to predict. Nevertheless, some investors hope Sheikh Tamim's attendance could be a step towards renewed dialogue with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt. "
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With OPEC Meeting Done, Economy Set to Drive Oil - Bloomberg
With OPEC Meeting Done, Economy Set to Drive Oil - Bloomberg:
"Now that OPEC and non-OPEC members have agreed to extend oil production cuts through the end of 2018, the priorities for markets will be global demand and shale oil production. The demand side looks strong for the year ahead, and shale investments will be held back by three factors: a backwardated forward curve (or when near-term futures are costlier than later contracts), a desire by drillers to not get burned like in early 2016 after prices collapsed, and a dwindling number of ideal distressed assets for investors to buy. Demand was a hot topic at the OPEC meetings in Vienna, referenced repeatedly by OPEC President and Saudi Oil Minister Khalid Al-Falih. Like all commodities, oil is bought and not sold. This means oil demand is the most important driver of prices in the short term. And OPEC’s forecasts for oil demand growth in the year ahead are strong. What underpins this expectation of oil demand growth? A strong macroeconomic outlook, where major economies are likely to show solid levels of growth and monetary policy is likely to remain relatively loose globally. While progression through the credit cycle presents some risks, those are likely to be a greater concern in 2019, but not 2018."
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"Now that OPEC and non-OPEC members have agreed to extend oil production cuts through the end of 2018, the priorities for markets will be global demand and shale oil production. The demand side looks strong for the year ahead, and shale investments will be held back by three factors: a backwardated forward curve (or when near-term futures are costlier than later contracts), a desire by drillers to not get burned like in early 2016 after prices collapsed, and a dwindling number of ideal distressed assets for investors to buy. Demand was a hot topic at the OPEC meetings in Vienna, referenced repeatedly by OPEC President and Saudi Oil Minister Khalid Al-Falih. Like all commodities, oil is bought and not sold. This means oil demand is the most important driver of prices in the short term. And OPEC’s forecasts for oil demand growth in the year ahead are strong. What underpins this expectation of oil demand growth? A strong macroeconomic outlook, where major economies are likely to show solid levels of growth and monetary policy is likely to remain relatively loose globally. While progression through the credit cycle presents some risks, those are likely to be a greater concern in 2019, but not 2018."
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Foreigners marginal net sellers of Saudi stocks in latest week
Foreigners marginal net sellers of Saudi stocks in latest week:
"Foreign investors were net sellers of Saudi Arabian equities for a fourth straight week after authorities launched a sweeping crackdown on corruption, but by a very small margin, exchange data showed on Sunday.
Dozens of top officials and businessmen were arrested and over 2,000 bank accounts frozen, risking damage to the economy. However, in recent days the threat to the economy has appeared to ease, with the number of frozen accounts starting to fall and some suspects reaching settlements with the government.
Foreign investors sold 546 million riyals ($146 million) of stocks in the week through Nov. 30 and bought 528 million riyals, resulting in net selling of 18 million riyals."
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"Foreign investors were net sellers of Saudi Arabian equities for a fourth straight week after authorities launched a sweeping crackdown on corruption, but by a very small margin, exchange data showed on Sunday.
Dozens of top officials and businessmen were arrested and over 2,000 bank accounts frozen, risking damage to the economy. However, in recent days the threat to the economy has appeared to ease, with the number of frozen accounts starting to fall and some suspects reaching settlements with the government.
Foreign investors sold 546 million riyals ($146 million) of stocks in the week through Nov. 30 and bought 528 million riyals, resulting in net selling of 18 million riyals."
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UPDATE 1-Qatar c.bank's international reserves, liquidity edge up in October
UPDATE 1-Qatar c.bank's international reserves, liquidity edge up in October:
"The Qatar central bank’s international reserves and foreign currency liquidity rose slightly in October, official data showed on Monday, as capital outflows caused by sanctions imposed by other Arab states appeared to ease.
The reserves and liquidity, a measure of the central bank’s ability to support the riyal currency, rose to $36.1 billion in October from $35.6 billion in September.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha in June, prompting banks and investors from those countries to withdraw billions of dollars from Qatar."
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"The Qatar central bank’s international reserves and foreign currency liquidity rose slightly in October, official data showed on Monday, as capital outflows caused by sanctions imposed by other Arab states appeared to ease.
The reserves and liquidity, a measure of the central bank’s ability to support the riyal currency, rose to $36.1 billion in October from $35.6 billion in September.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha in June, prompting banks and investors from those countries to withdraw billions of dollars from Qatar."
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