Nasdaq Dubai to launch futures on Adnoc Distribution, Emaar Malls - The National:
"Nasdaq Dubai will on Wednesday launch futures on Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) and Emaar Malls in a move that will give a boost to the trading of single stock futures and, on the same day, Adnoc Distribution will list on the Abu Dhabi Securities Exchange (ADX).
“With businesses in different industry sectors and listings on different exchanges, Adnoc Distribution and Emaar Malls further diversify the opportunities for investors to hedge or take a position on our equity futures market, including making gains whether the value of the underlying share is falling or rising,” said Hamed Ali, the chief executive of Nasdaq Dubai.
The fuel retailer Adnoc Distribution raised Dh3.1 billion in an initial public offering this month, while Emaar Malls, a unit of Dubai’s biggest listed property developer Emaar Properties, joined the Dubai Financial Market (DFM) in October 2014 after raising Dh5.8bn."
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Tuesday, 12 December 2017
QSE surpasses 8,000 on foreign institutions' buying interests
QSE surpasses 8,000 on foreign institutions' buying interests:
"The Qatar Stock Exchange on Tuesday surpassed 8,000 levels with ease, mainly on sustained buying interests of foreign institutions.
An across-the-board buying — particularly in the realty, insurance and industrials — lifted the 20-stock Qatar Index for the third consecutive day by 1.39% to 8,033.28 points.
The strengthening of the bourse comes amidst global index provider MSCI’s decision to continue using the local foreign exchange rates and not switch to the offshore rates for the Qatari riyal in its indexes until further notice."
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"The Qatar Stock Exchange on Tuesday surpassed 8,000 levels with ease, mainly on sustained buying interests of foreign institutions.
An across-the-board buying — particularly in the realty, insurance and industrials — lifted the 20-stock Qatar Index for the third consecutive day by 1.39% to 8,033.28 points.
The strengthening of the bourse comes amidst global index provider MSCI’s decision to continue using the local foreign exchange rates and not switch to the offshore rates for the Qatari riyal in its indexes until further notice."
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Qatar Says Budget Shows Economy Absorbed Saudi Boycott Impact - Bloomberg
Qatar Says Budget Shows Economy Absorbed Saudi Boycott Impact - Bloomberg:
"Qatar said it expects its budget deficit to decline next year as the economy absorbs the impact of the Saudi-led boycott.
The gas-rich country expects the shortfall to narrow to 28.1 billion riyals ($7.6 billion) from 28.4 billion in 2017, the Finance Ministry said in an emailed statement. Spending will increase to 203.2 billion riyals, up 2.4 percent from 2017. Revenue is projected to increase 2.9 percent to 175.1 billion riyals, driven by non-energy income, the ministry said.
The data is the broadest indicator of how Qatar’s economy has performed since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and transport links with Qatar in June, accusing it of backing extremist groups. Qatar has repeatedly denied the charges and called for dialogue."
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"Qatar said it expects its budget deficit to decline next year as the economy absorbs the impact of the Saudi-led boycott.
The gas-rich country expects the shortfall to narrow to 28.1 billion riyals ($7.6 billion) from 28.4 billion in 2017, the Finance Ministry said in an emailed statement. Spending will increase to 203.2 billion riyals, up 2.4 percent from 2017. Revenue is projected to increase 2.9 percent to 175.1 billion riyals, driven by non-energy income, the ministry said.
The data is the broadest indicator of how Qatar’s economy has performed since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and transport links with Qatar in June, accusing it of backing extremist groups. Qatar has repeatedly denied the charges and called for dialogue."
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Oman trades lower as Fitch cuts- IFR News | ZAWYA MENA Edition
Oman trades lower as Fitch cuts- IFR News | ZAWYA MENA Edition:
"Oman's bonds have dropped after a downgrade from Fitch on Monday night that has taken the sovereign close to high-yield territory. Oman's 2027s are off around 0.33pt at 101.189, according to Tradeweb, and its 2047s are down 0.25pt at 99.581, after Fitch downgraded Oman to BBB- from BBB. The outlook is negative. The ratings agency expects Oman's budget deficit to remain one of the biggest among Fitch-rated sovereigns at an expected 12.8 percent of GDP in 2017. Fitch estimates Oman's fiscal breakeven Brent oil price at around $83, well above the current level at around $65, according to Thomson Reuters data. "
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"Oman's bonds have dropped after a downgrade from Fitch on Monday night that has taken the sovereign close to high-yield territory. Oman's 2027s are off around 0.33pt at 101.189, according to Tradeweb, and its 2047s are down 0.25pt at 99.581, after Fitch downgraded Oman to BBB- from BBB. The outlook is negative. The ratings agency expects Oman's budget deficit to remain one of the biggest among Fitch-rated sovereigns at an expected 12.8 percent of GDP in 2017. Fitch estimates Oman's fiscal breakeven Brent oil price at around $83, well above the current level at around $65, according to Thomson Reuters data. "
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LPC-International banks support QNB's US$3bn refi loan-sources
LPC-International banks support QNB's US$3bn refi loan-sources:
"International banks are supporting the refinancing of a US$3bn loan for Qatar National Bank with nine Asian, US and European banks underwriting the deal, bankers said.
Bank of America Merrill Lynch, Barclays, Deutsche Bank, MUFG, SMBC, Mizuho Bank, United Overseas Bank, Banca Intesa Sanpaolo and Standard Chartered are underwriting the new US$3bn loan, the bankers said.
HSBC and JP Morgan are not underwriters but have lead roles on the deal, two of the bankers said, and the loan is expected to be syndicated to more banks."
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"International banks are supporting the refinancing of a US$3bn loan for Qatar National Bank with nine Asian, US and European banks underwriting the deal, bankers said.
Bank of America Merrill Lynch, Barclays, Deutsche Bank, MUFG, SMBC, Mizuho Bank, United Overseas Bank, Banca Intesa Sanpaolo and Standard Chartered are underwriting the new US$3bn loan, the bankers said.
HSBC and JP Morgan are not underwriters but have lead roles on the deal, two of the bankers said, and the loan is expected to be syndicated to more banks."
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Saudi Arabia Will Give Cash to Poorer Citizens Hit by Austerity - Bloomberg
Saudi Arabia Will Give Cash to Poorer Citizens Hit by Austerity - Bloomberg:
"Saudi Arabia will begin cash transfers to low- and middle-income citizens as it plans to raise domestic energy prices, part of a program to overhaul the kingdom’s oil-dependent economy. Monthly cash payments will start on Dec. 21 to compensate Saudis affected by measures including subsidy cuts and new taxes, officials said on Tuesday. The cabinet approved the so-called Citizen’s Account program, which will be reviewed quarterly, at the same time they ratified a gradual change in the prices of fuel and electricity starting in the first quarter. Crown Prince Mohammed bin Salman is leading the effort to reduce Saudi Arabia’s addiction to oil, but many of the reforms he’s implemented have hit the wallets of Saudis. He wants to diversify the economy, create the world’s largest sovereign wealth fund and increase employment -- goals many in the kingdom support. Less popular are cuts to long-standing subsidies, reduced pay for civil servants -- a measure that was later reversed -- and new taxes, including a value-added tax planned for January. The Citizen’s Account is designed to offset those measures with extra cash for those that need it most. "
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"Saudi Arabia will begin cash transfers to low- and middle-income citizens as it plans to raise domestic energy prices, part of a program to overhaul the kingdom’s oil-dependent economy. Monthly cash payments will start on Dec. 21 to compensate Saudis affected by measures including subsidy cuts and new taxes, officials said on Tuesday. The cabinet approved the so-called Citizen’s Account program, which will be reviewed quarterly, at the same time they ratified a gradual change in the prices of fuel and electricity starting in the first quarter. Crown Prince Mohammed bin Salman is leading the effort to reduce Saudi Arabia’s addiction to oil, but many of the reforms he’s implemented have hit the wallets of Saudis. He wants to diversify the economy, create the world’s largest sovereign wealth fund and increase employment -- goals many in the kingdom support. Less popular are cuts to long-standing subsidies, reduced pay for civil servants -- a measure that was later reversed -- and new taxes, including a value-added tax planned for January. The Citizen’s Account is designed to offset those measures with extra cash for those that need it most. "
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MIDEAST STOCKS-Oil prices help Gulf rise, Saudi petchems strong
MIDEAST STOCKS-Oil prices help Gulf rise, Saudi petchems strong:
"Middle East stock markets mostly rose on Tuesday after the shutdown of a North Sea pipeline pushed Brent oil above $65 a barrel for the first time since mid-2015. The Saudi stock index gained 0.3 percent, with petrochemical companies, whose profit margins tend to benefit from higher oil prices, outperforming. Saudi Kayan added 3.7 percent and PetroRabigh rose 3.0 percent. Utility Saudi Electricity climbed 3.5 percent. The state budget for 2018 will be announced next Tuesday and officials may detail plans to raise domestic energy prices, which could benefit the company’s earnings depending on the structure of the price hikes."
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"Middle East stock markets mostly rose on Tuesday after the shutdown of a North Sea pipeline pushed Brent oil above $65 a barrel for the first time since mid-2015. The Saudi stock index gained 0.3 percent, with petrochemical companies, whose profit margins tend to benefit from higher oil prices, outperforming. Saudi Kayan added 3.7 percent and PetroRabigh rose 3.0 percent. Utility Saudi Electricity climbed 3.5 percent. The state budget for 2018 will be announced next Tuesday and officials may detail plans to raise domestic energy prices, which could benefit the company’s earnings depending on the structure of the price hikes."
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Qatar backs LSE chairman in battle against activist investor
Qatar backs LSE chairman in battle against activist investor:
"The London Stock Exchange Group’s efforts to stop an activist shareholder removing its chairman have received a signficant boost after the Qatar Investment Authority, its second largest shareholder, indicated it would back the board. The QIA has a 10.37 per cent stake, just behind a combined total held by BlackRock, the asset manager. The LSE board is preparing for an extraordinary shareholder meeting on December 19, where investors will vote on whether to remove Donald Brydon, the chairman."
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"The London Stock Exchange Group’s efforts to stop an activist shareholder removing its chairman have received a signficant boost after the Qatar Investment Authority, its second largest shareholder, indicated it would back the board. The QIA has a 10.37 per cent stake, just behind a combined total held by BlackRock, the asset manager. The LSE board is preparing for an extraordinary shareholder meeting on December 19, where investors will vote on whether to remove Donald Brydon, the chairman."
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Gulf banks face up to Qatar fallout
Gulf banks face up to Qatar fallout:
"While north Africa and the Levant have been beset by revolt and civil war in Syria and Libya in recent years, the Gulf states have remained a haven of relative stability. However, the political isolation of gas-rich Qatar this year has brought uncertainty to oil-wealthy Gulf Cooperation Council nations already suffering economic damage from the crude price collapse three years ago. In June, Saudi Arabia and the United Arab Emirates led Bahrain and Egypt in closing airports and seaports to Qatar, claiming it fostered terrorism. Doha denies this but is isolated from the leading GCC powers."
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"While north Africa and the Levant have been beset by revolt and civil war in Syria and Libya in recent years, the Gulf states have remained a haven of relative stability. However, the political isolation of gas-rich Qatar this year has brought uncertainty to oil-wealthy Gulf Cooperation Council nations already suffering economic damage from the crude price collapse three years ago. In June, Saudi Arabia and the United Arab Emirates led Bahrain and Egypt in closing airports and seaports to Qatar, claiming it fostered terrorism. Doha denies this but is isolated from the leading GCC powers."
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Saudi Aramco lifts spending plans to $414 bln over next decade
Saudi Aramco lifts spending plans to $414 bln over next decade:
"Saudi Aramco plans to raise its spending to $414 billion over the next 10 years, including on infrastructure and drilling, as the state oil giant moves into new businesses, executives said.
The spending plan is higher than Aramco’s projection last year of around $334 billion by 2025, as the oil producer has been expanding its businesses, the company’s chief executive Amin Nasser said on Tuesday.
“We are into so many sectors now,” Nasser told reporters on the sidelines of an industry conference aimed at promoting the kingdom’s industrial base and the manufacture of a bigger share of products domestically."
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"Saudi Aramco plans to raise its spending to $414 billion over the next 10 years, including on infrastructure and drilling, as the state oil giant moves into new businesses, executives said.
The spending plan is higher than Aramco’s projection last year of around $334 billion by 2025, as the oil producer has been expanding its businesses, the company’s chief executive Amin Nasser said on Tuesday.
“We are into so many sectors now,” Nasser told reporters on the sidelines of an industry conference aimed at promoting the kingdom’s industrial base and the manufacture of a bigger share of products domestically."
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How Dubai equity market can get its mojo back? | ZAWYA MENA Edition
How Dubai equity market can get its mojo back? | ZAWYA MENA Edition:
"Dubai index needs fresh positive triggers to attract volumes last seen in January, but there is plenty of news to be digested in the short term.
Traded value has been tumbling from a high of over Dh1 billion seen in January 2017, when the index was trading more than 3,700 levels. On Monday, the index traded much lower from January levels at 3,400 levels, with traded value nearly half of what it was then.
“It’s frustrating to see falling markets. When there is caution, volumes dry up. When there is optimism there is more traded value than expected,” Sanyalaksna Manibhandu, head of research, First Abu Dhabi Bank Securities told Gulf News."
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"Dubai index needs fresh positive triggers to attract volumes last seen in January, but there is plenty of news to be digested in the short term.
Traded value has been tumbling from a high of over Dh1 billion seen in January 2017, when the index was trading more than 3,700 levels. On Monday, the index traded much lower from January levels at 3,400 levels, with traded value nearly half of what it was then.
“It’s frustrating to see falling markets. When there is caution, volumes dry up. When there is optimism there is more traded value than expected,” Sanyalaksna Manibhandu, head of research, First Abu Dhabi Bank Securities told Gulf News."
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MIDEAST STOCKS-Saudi petchems rise in mixed early trading in Gulf markets | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi petchems rise in mixed early trading in Gulf markets | ZAWYA MENA Edition:
"Saudi Kayan Petrochemical Co was a standout performer in early trading on Tuesday, leading a rally by other petrochemical companies in Saudi Arabia. The Saudi index edged up 0.4 percent in trading as Saudi Kayan, the most heavily traded stock, climbed 8.5 percent to 10.80 riyals. It was a similar story for other petrochemical producers, with Methanol Chemicals Co rising 5.6 percent and Rabigh Refining and Petrochemical Co climbing 3.9 percent. "
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"Saudi Kayan Petrochemical Co was a standout performer in early trading on Tuesday, leading a rally by other petrochemical companies in Saudi Arabia. The Saudi index edged up 0.4 percent in trading as Saudi Kayan, the most heavily traded stock, climbed 8.5 percent to 10.80 riyals. It was a similar story for other petrochemical producers, with Methanol Chemicals Co rising 5.6 percent and Rabigh Refining and Petrochemical Co climbing 3.9 percent. "
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