GCC sovereigns must keep up with structural reforms to retain strong credit ratings - The National:
"Member countries of the GCC have traditionally been among the strongest rated sovereigns, maintaining very low debt levels thanks to oil-related fiscal revenues.
The credit profiles of GCC sovereigns remain strong, and the lower oil price environment since 2015, has triggered the sort of crisis which could generate great future opportunities if managed correctly: in other words, through the implementation of deep structural reforms.
International rating agencies provide a key indicator of sovereign creditworthiness and their opinions influence investor decisions and affect the cost of sovereign debt. The “big three” rating agencies (Moody’s, S&P and Fitch) have already reflected the deteriorating credit outlook in the region with 21 rating downgrades among GCC sovereigns since September 2014."
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Sunday 17 December 2017
Dubai Courts dismisses Oger arbitration against Daman Recap - The National
Dubai Courts dismisses Oger arbitration against Daman Recap - The National:
"Daman Real Estate Capital Partners ( Daman Recap) has won a favourable judgment in the Dubai Courts of Appeal in its long-running dispute with contractor Oger Dubai, relating to the Burj Daman real estate project in the Dubai International Financial Centre (DIFC). Representatives of Daman Recap, a special purpose vehicle set up for the development of the 3.2 million square foot project, said the Court of Appeal declared null and void a Dh965 million arbitral award obtained by Oger against Daman Recap in Dubai International Arbitration Centre in 2015. Oger Dubai brought an arbitration against Daman Recap after it was dismissed as developer of the 65-storey development in 2012 for what the SPV describes as “non-performance of its contract citing “culpable delay” in completing the project.”"
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"Daman Real Estate Capital Partners ( Daman Recap) has won a favourable judgment in the Dubai Courts of Appeal in its long-running dispute with contractor Oger Dubai, relating to the Burj Daman real estate project in the Dubai International Financial Centre (DIFC). Representatives of Daman Recap, a special purpose vehicle set up for the development of the 3.2 million square foot project, said the Court of Appeal declared null and void a Dh965 million arbitral award obtained by Oger against Daman Recap in Dubai International Arbitration Centre in 2015. Oger Dubai brought an arbitration against Daman Recap after it was dismissed as developer of the 65-storey development in 2012 for what the SPV describes as “non-performance of its contract citing “culpable delay” in completing the project.”"
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Aston Martin owners rev up for 2018 exit with Lazard hire | Arab News
Aston Martin owners rev up for 2018 exit with Lazard hire | Arab News:
"Aston Martin’s owners have hired Lazard to prepare for a stock market listing or sale of the British sports car maker made famous by fictional spy James Bond, sources familiar with the matter told Reuters. Italian private equity fund Investindustrial and a group of Kuwaiti investors, who together own more than 90 percent of the marque, are hoping to cash in on a recovery in sales and are in the initial stages of a strategic review. They have hired investment bank Lazard to work on a preliminary plan and could either opt for an initial public offering (IPO) in the third or fourth quarter of 2018 or a trade sale, two of the sources said on Friday."
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"Aston Martin’s owners have hired Lazard to prepare for a stock market listing or sale of the British sports car maker made famous by fictional spy James Bond, sources familiar with the matter told Reuters. Italian private equity fund Investindustrial and a group of Kuwaiti investors, who together own more than 90 percent of the marque, are hoping to cash in on a recovery in sales and are in the initial stages of a strategic review. They have hired investment bank Lazard to work on a preliminary plan and could either opt for an initial public offering (IPO) in the third or fourth quarter of 2018 or a trade sale, two of the sources said on Friday."
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How to kick-start the great Saudi privatization bonanza | Arab News
How to kick-start the great Saudi privatization bonanza | Arab News:
"Saudi Arabia is on the threshold of a revolution in its financial and equity markets, as it seeks to reduce both oil dependency and the overweening power of the public-sector economy. But revolutions are notoriously difficult to control once they are set in train, and can have unpredictable consequences. Just ask the French, Russians and Iranians.
Of the two aims — lessening the importance of oil and increasing the power of the private sector — the former is the big headline-grabber, but the latter is the more difficult to achieve. If the initial public offering (IPO) of Saudi Aramco is achieved late next year or early 2019, it will be a symbolic but highly significant step toward moving away from oil dependency. Policymakers can tick one big box as “mission accomplished.”
But getting away from the domination of the public sector — much of it funded by oil revenue — will be much more difficult. The private sector still lags way behind as a generator of economic growth and employment, and is still largely dependent on government expenditure for its basic economic activity."
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"Saudi Arabia is on the threshold of a revolution in its financial and equity markets, as it seeks to reduce both oil dependency and the overweening power of the public-sector economy. But revolutions are notoriously difficult to control once they are set in train, and can have unpredictable consequences. Just ask the French, Russians and Iranians.
Of the two aims — lessening the importance of oil and increasing the power of the private sector — the former is the big headline-grabber, but the latter is the more difficult to achieve. If the initial public offering (IPO) of Saudi Aramco is achieved late next year or early 2019, it will be a symbolic but highly significant step toward moving away from oil dependency. Policymakers can tick one big box as “mission accomplished.”
But getting away from the domination of the public sector — much of it funded by oil revenue — will be much more difficult. The private sector still lags way behind as a generator of economic growth and employment, and is still largely dependent on government expenditure for its basic economic activity."
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QNB Weekly Market Report
QNB Weekly Market Report:
"The Qatar Stock Exchange (QSE) index increased by 438.34 points, or 5.64%, during the trading week to close at 8,211.94. Market capitalisation increased by 6.53% to QR453.4bn versus QR425.6bn at the end of the previous trading week. Of the 45 listed companies, 37 ended the week higher, while six declined and two remained unchanged. Ezdan Holding (ERES) was the best performing stock for the week with a gain of 23.78% on 6.5mn shares traded. On the other hand, Qatar Cinema (QCFS) was the worst performing stock for the week with a decline of 7.96% on 2,400 shares traded only.
Industries Qatar (IQCD), Masraf Al Rayan (MARK) and QNB Group (QNBK) were the primary contributors to the weekly index gains. IQCD was the biggest contributor to the index’s weekly increase, adding 82.2 points to the index. QIBK was the second biggest contributor to the gains, tacking 62.8 points to the index. Moreover, QNBK contributed 60.2 points to the index. Al Meera Consumer Goods (MERS) contributed the least with only 0.6 points added to the index.
Trading value during the week increased by 9.27% to reach QR1.23bn versus QR1.13bn in the prior week. The banks and financial services sector led the trading value during the week, accounting for 33.99% of the total trading value. The industrials sector was the second biggest contributor to the overall trading value, accounting for 17.97% of the total trading value. QNBK was the top value traded stock during the week with total traded value of QR131.6mn.
Trading volume increased by 3.98% to reach 60.8mn shares versus 58.5mn shares in the prior week. The number of transactions decreased by 5.78% to reach 20,068 versus 21,298 transactions in the prior week. The real estate sector led the trading volume, accounting for 25.27%, followed by the banks and financial services sector which accounted for 22.11% of the overall trading volume. Vodafone Qatar (VFQS) was the top volume traded stock during the week with 10.0mn shares."
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"The Qatar Stock Exchange (QSE) index increased by 438.34 points, or 5.64%, during the trading week to close at 8,211.94. Market capitalisation increased by 6.53% to QR453.4bn versus QR425.6bn at the end of the previous trading week. Of the 45 listed companies, 37 ended the week higher, while six declined and two remained unchanged. Ezdan Holding (ERES) was the best performing stock for the week with a gain of 23.78% on 6.5mn shares traded. On the other hand, Qatar Cinema (QCFS) was the worst performing stock for the week with a decline of 7.96% on 2,400 shares traded only.
Industries Qatar (IQCD), Masraf Al Rayan (MARK) and QNB Group (QNBK) were the primary contributors to the weekly index gains. IQCD was the biggest contributor to the index’s weekly increase, adding 82.2 points to the index. QIBK was the second biggest contributor to the gains, tacking 62.8 points to the index. Moreover, QNBK contributed 60.2 points to the index. Al Meera Consumer Goods (MERS) contributed the least with only 0.6 points added to the index.
Trading value during the week increased by 9.27% to reach QR1.23bn versus QR1.13bn in the prior week. The banks and financial services sector led the trading value during the week, accounting for 33.99% of the total trading value. The industrials sector was the second biggest contributor to the overall trading value, accounting for 17.97% of the total trading value. QNBK was the top value traded stock during the week with total traded value of QR131.6mn.
Trading volume increased by 3.98% to reach 60.8mn shares versus 58.5mn shares in the prior week. The number of transactions decreased by 5.78% to reach 20,068 versus 21,298 transactions in the prior week. The real estate sector led the trading volume, accounting for 25.27%, followed by the banks and financial services sector which accounted for 22.11% of the overall trading volume. Vodafone Qatar (VFQS) was the top volume traded stock during the week with 10.0mn shares."
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Stronger underwriting profitability for GCC's Islamic insurers woos investors | ZAWYA MENA Edition
Stronger underwriting profitability for GCC's Islamic insurers woos investors | ZAWYA MENA Edition:
"Regulatory changes in some GulfCooperation Council (GCC) countries have pushed up insurance prices, particularly for motor and medical cover, improving the underwriting profitability of the region's insurers, Moody's Investors Service said ina report Thursday. This includes the region's Shariah-compliant insurers ('Takaful' whether Cooperative or Takaful), many of which have in recent years made underwriting losses despite double-digit premium growth. "The GCC Takaful insurance sector's improved performance will help it halt capital erosion, attract investor interest, and refocus on its most lucrative markets," said Mohammed Ali Londe, Assistant Vice President - Analyst at Moody's."
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"Regulatory changes in some GulfCooperation Council (GCC) countries have pushed up insurance prices, particularly for motor and medical cover, improving the underwriting profitability of the region's insurers, Moody's Investors Service said ina report Thursday. This includes the region's Shariah-compliant insurers ('Takaful' whether Cooperative or Takaful), many of which have in recent years made underwriting losses despite double-digit premium growth. "The GCC Takaful insurance sector's improved performance will help it halt capital erosion, attract investor interest, and refocus on its most lucrative markets," said Mohammed Ali Londe, Assistant Vice President - Analyst at Moody's."
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UAE's ADFD allocates $2.65bln to finance 26 strategic projects in Bahrain | ZAWYA MENA Edition
UAE's ADFD allocates $2.65bln to finance 26 strategic projects in Bahrain | ZAWYA MENA Edition:
"A delegation from Abu Dhabi Fund for Development, ADFD, have visited Bahrain to review the progress of a number of development projects financed by the fund in the country.
ADFD has allocated AED10.5 billion towards financing 26 development projects in Bahrain spanning the housing, energy, transportation and healthcare sectors.
The projects are being implemented as part of a grant provided by the UAE within the framework of the GCC development programme for Bahrain."
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"A delegation from Abu Dhabi Fund for Development, ADFD, have visited Bahrain to review the progress of a number of development projects financed by the fund in the country.
ADFD has allocated AED10.5 billion towards financing 26 development projects in Bahrain spanning the housing, energy, transportation and healthcare sectors.
The projects are being implemented as part of a grant provided by the UAE within the framework of the GCC development programme for Bahrain."
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MIDEAST STOCKS-Region edges up, building-related shares boost Saudi before budget
MIDEAST STOCKS-Region edges up, building-related shares boost Saudi before budget:
"Middle Eastern stock markets edged up in quiet trade on Sunday, with construction and building materials stocks boosting Saudi Arabia ahead of the release of its 2018 state budget this week.
Saudi Arabia’s index added 0.3 percent as builder Khodari surged 7.6 percent in its heaviest trade since January. Najran Cement gained 4.5 percent and in addition to Khodari, the 10 best-performing stocks featured six cement producers.
The state budget, to be announced on Tuesday, is expected to be modestly expansionary and include a rise in infrastructure spending after two years of austerity."
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"Middle Eastern stock markets edged up in quiet trade on Sunday, with construction and building materials stocks boosting Saudi Arabia ahead of the release of its 2018 state budget this week.
Saudi Arabia’s index added 0.3 percent as builder Khodari surged 7.6 percent in its heaviest trade since January. Najran Cement gained 4.5 percent and in addition to Khodari, the 10 best-performing stocks featured six cement producers.
The state budget, to be announced on Tuesday, is expected to be modestly expansionary and include a rise in infrastructure spending after two years of austerity."
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DFM launches regulated short selling to boost liquidity - The National
DFM launches regulated short selling to boost liquidity - The National:
"The Dubai Financial Market (DFM), the only listed equity market in the Arabian Gulf, has started regulated short-selling, following in the footsteps of Abu Dhabi' bourse, as UAE exchanges step up efforts to boost liquidity and diversify their services to attract more investors. Regulated short-selling - the practice of selling borrowed shares in the hope of buying them back later at a lower price - will apply to a limited number of listed securities, which will be reviewed every six months, the DFM said in a statement on Sunday. The DFM, which didn’t name the initial eligible stocks, said short-selling will also apply to exchange traded funds (ETFs) and other listed securities. “As part of DFM’s strategy to diversify its products and services, we are delighted to announce the completion of our preparations to introduce this significant tool to our market participants in a step aimed at increasing their capabilities and helping them to strengthen their trading activity and further enhance trading liquidity,” said Essa Kazim the chairman of the DFM."
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"The Dubai Financial Market (DFM), the only listed equity market in the Arabian Gulf, has started regulated short-selling, following in the footsteps of Abu Dhabi' bourse, as UAE exchanges step up efforts to boost liquidity and diversify their services to attract more investors. Regulated short-selling - the practice of selling borrowed shares in the hope of buying them back later at a lower price - will apply to a limited number of listed securities, which will be reviewed every six months, the DFM said in a statement on Sunday. The DFM, which didn’t name the initial eligible stocks, said short-selling will also apply to exchange traded funds (ETFs) and other listed securities. “As part of DFM’s strategy to diversify its products and services, we are delighted to announce the completion of our preparations to introduce this significant tool to our market participants in a step aimed at increasing their capabilities and helping them to strengthen their trading activity and further enhance trading liquidity,” said Essa Kazim the chairman of the DFM."
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Five Charts on How 2018 Will Make or Break OPEC - Bloomberg Gadfly
Five Charts on How 2018 Will Make or Break OPEC - Bloomberg Gadfly:
"And OPEC thought 2017 was tough. 2018 could be a killer.The starting point isn't great. The group and the International Energy Agency -- the two giants of the oil world -- have very different views of the year ahead.OPEC sees the policy of output restraint finally yielding the results its architects intended, with the surplus in stockpiles eradicated. The consumers' group holds the opposite view."
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"And OPEC thought 2017 was tough. 2018 could be a killer.The starting point isn't great. The group and the International Energy Agency -- the two giants of the oil world -- have very different views of the year ahead.OPEC sees the policy of output restraint finally yielding the results its architects intended, with the surplus in stockpiles eradicated. The consumers' group holds the opposite view."
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UAE markets going their separate ways | ZAWYA MENA Edition
UAE markets going their separate ways | ZAWYA MENA Edition:
"The Dubai Financial Market General Index (DFMGI) dropped by 38.06 or 1.12 per cent last week to close at 3,355.40. There were 22 advancing issues and 15 declining, while volume grew to a seven-week high. Last week’s drop put the index at a new closing weekly low for the seven-week downtrend and at a six-month low. A bearish trend continuation signal was therefore triggered. The short-term pattern that has now developed is of a descending trend channel, with the week ending at the trend line at the bottom of the channel, which is also the low for the week. The channel is best viewed on the daily chart. If the channel continues to evolve then we might see some support off of last week’s low. However, there are no signs yet that this may occur. Just below last week’s low is an uptrend line, which is where the DFMGI may next find support if last week’s low is broken to the downside. The line is now around 3,332.80. There is some significance to the line in that it represents support of a large symmetrical triangle consolidation pattern that has been developing over the past 10 months. Further down from there is a potential support zone from around 3,287 to 3,264. If the 3,264 is broken to the downside then a bearish breakout of the symmetrical triangle is confirmed. "
'via Blog this'
"The Dubai Financial Market General Index (DFMGI) dropped by 38.06 or 1.12 per cent last week to close at 3,355.40. There were 22 advancing issues and 15 declining, while volume grew to a seven-week high. Last week’s drop put the index at a new closing weekly low for the seven-week downtrend and at a six-month low. A bearish trend continuation signal was therefore triggered. The short-term pattern that has now developed is of a descending trend channel, with the week ending at the trend line at the bottom of the channel, which is also the low for the week. The channel is best viewed on the daily chart. If the channel continues to evolve then we might see some support off of last week’s low. However, there are no signs yet that this may occur. Just below last week’s low is an uptrend line, which is where the DFMGI may next find support if last week’s low is broken to the downside. The line is now around 3,332.80. There is some significance to the line in that it represents support of a large symmetrical triangle consolidation pattern that has been developing over the past 10 months. Further down from there is a potential support zone from around 3,287 to 3,264. If the 3,264 is broken to the downside then a bearish breakout of the symmetrical triangle is confirmed. "
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Mideast Stocks: Gulf little changed early on, Kuwait outperforms again | ZAWYA MENA Edition
Mideast Stocks: Gulf little changed early on, Kuwait outperforms again | ZAWYA MENA Edition:
"Gulf stock markets were little changed in early trade on Sunday as Kuwait continued to outperform after its central bank left interest rates unchanged on Wednesday, despite the U.S. Federal Reserve's rate increase.
The Kuwait stock index added 0.6 percent after surging 1.5 percent on Thursday. Kuwait Finance House climbed 1.4 percent.
Kuwait's central bank cited a desire to boost economic growth for its decision. Other Gulf Arab central banks did raise rates, but the other countries peg their currency to the U.S. dollar. Kuwait has only a managed float against a dollar-dominated basket, giving it more flexibility in monetary policy."
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"Gulf stock markets were little changed in early trade on Sunday as Kuwait continued to outperform after its central bank left interest rates unchanged on Wednesday, despite the U.S. Federal Reserve's rate increase.
The Kuwait stock index added 0.6 percent after surging 1.5 percent on Thursday. Kuwait Finance House climbed 1.4 percent.
Kuwait's central bank cited a desire to boost economic growth for its decision. Other Gulf Arab central banks did raise rates, but the other countries peg their currency to the U.S. dollar. Kuwait has only a managed float against a dollar-dominated basket, giving it more flexibility in monetary policy."
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