Kuwait's KIPCO extends debt maturities with $331mln bond | ZAWYA MENA Edition:
"Kuwait Projects Co (KIPCO), the Gulf state's largest listed investment company, has completed a 100 million dinar ($331 million) seven-year bond issue, it said on Thursday Corporate bonds in Kuwait are typically shorter-dated issues, but KIPCO said its seven-year bond will leave it without any debt repayments until the middle of 2019. "By issuing these dinar bonds, we have reduced our debt maturity concentration by converting from short-term into longer-term (debt)," said Faisal al-Ayyar, KIPCO's vice chairman. "The funds raised by the bonds will be used to repay existing obligations, stagger our maturities and diversify our investor base." "
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Thursday, 28 December 2017
Oil prices stay near high on strong U.S. refinery runs, China data
Oil prices stay near high on strong U.S. refinery runs, China data:
"Oil prices dipped on Thursday but stayed close to their highest in 2-1/2 years, as data showed strong demand for crude imports in China and on increased refining activity in the United States that drew more crude from inventories.
Trading was typically thin at year end, with many traders on vacation.
The U.S. Energy Department said crude stocks fell 4.6 million barrels in the latest week. Inventories excluding the nation’s strategic reserve have declined more than 11 percent in the last year. "
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"Oil prices dipped on Thursday but stayed close to their highest in 2-1/2 years, as data showed strong demand for crude imports in China and on increased refining activity in the United States that drew more crude from inventories.
Trading was typically thin at year end, with many traders on vacation.
The U.S. Energy Department said crude stocks fell 4.6 million barrels in the latest week. Inventories excluding the nation’s strategic reserve have declined more than 11 percent in the last year. "
'via Blog this'
Two Saudi Princes Are Released After Graft Probe - Bloomberg
Two Saudi Princes Are Released After Graft Probe - Bloomberg:
"Two sons of Saudi Arabia’s late King Abdullah have been released after being detained in the kingdom’s declared crackdown on corruption, according to a person familiar with the matter and a Saudi royal who celebrated their freedom on social media.
Prince Mishaal bin Abdullah, former governor of Mecca province, and the former head of the Saudi Red Crescent Authority, Prince Faisal bin Abdullah, have left the Ritz-Carlton hotel in Riyadh where detainees were being held, the person said on condition of anonymity because of the sensitivity of the issue. Princess Nouf bint Abdullah bin Mohammed bin Saud, a close relative of the late monarch, posted photos of the two and confirmed their release on her verified Twitter account.
Play Video
Two Saudi Princes Said to Be Freed From Ritz-Carlton
"
'via Blog this'
"Two sons of Saudi Arabia’s late King Abdullah have been released after being detained in the kingdom’s declared crackdown on corruption, according to a person familiar with the matter and a Saudi royal who celebrated their freedom on social media.
Prince Mishaal bin Abdullah, former governor of Mecca province, and the former head of the Saudi Red Crescent Authority, Prince Faisal bin Abdullah, have left the Ritz-Carlton hotel in Riyadh where detainees were being held, the person said on condition of anonymity because of the sensitivity of the issue. Princess Nouf bint Abdullah bin Mohammed bin Saud, a close relative of the late monarch, posted photos of the two and confirmed their release on her verified Twitter account.
Play Video
Two Saudi Princes Said to Be Freed From Ritz-Carlton
"
'via Blog this'
Gulf Arab Energy Producers Issue Record Debt for Expansion - Bloomberg
Gulf Arab Energy Producers Issue Record Debt for Expansion - Bloomberg:
"Gulf Arab energy companies issued record debt this year as producers opted to exploit lower borrowing costs to fund expansion plans.
Oil and gas producers, pipeline operators and refiners in Kuwait, the United Arab Emirates, Saudi Arabia, Oman, Bahrain and Qatar borrowed $28.7 billion through bonds and syndicated loans in 2017, eclipsing the previous high set two years earlier, according to data compiled by Bloomberg.
Those companies borrowed about $71.4 billion in the past three years, more than twice the amount in the previous period.
The annual average of the J.P. Morgan Middle East Composite Index’s debt yield, an indication of borrowing rates in the region, declined 12 basis points to 4.58 percent in 2017, a two-year low. Global energy demand will jump 35 percent by 2040, from 2015, OPEC estimates. Its Secretary-General Mohammad Barkindo says oil investment is needed now to meet that growth and to make up for declining production at older fields."
'via Blog this'
"Gulf Arab energy companies issued record debt this year as producers opted to exploit lower borrowing costs to fund expansion plans.
Oil and gas producers, pipeline operators and refiners in Kuwait, the United Arab Emirates, Saudi Arabia, Oman, Bahrain and Qatar borrowed $28.7 billion through bonds and syndicated loans in 2017, eclipsing the previous high set two years earlier, according to data compiled by Bloomberg.
Those companies borrowed about $71.4 billion in the past three years, more than twice the amount in the previous period.
The annual average of the J.P. Morgan Middle East Composite Index’s debt yield, an indication of borrowing rates in the region, declined 12 basis points to 4.58 percent in 2017, a two-year low. Global energy demand will jump 35 percent by 2040, from 2015, OPEC estimates. Its Secretary-General Mohammad Barkindo says oil investment is needed now to meet that growth and to make up for declining production at older fields."
'via Blog this'
MIDEAST STOCKS-UAE markets rise at end of very poor year; some fund managers expect better 2018
MIDEAST STOCKS-UAE markets rise at end of very poor year; some fund managers expect better 2018:
"United Arab Emirates stock markets rose on Thursday, their last day of trade during a year in which they were among the world’s worst-performing emerging markets, while most other Middle Eastern bourses also gained. Dubai’s stock index fell 4.6 percent during 2017 while Abu Dhabi’s index lost 3.3 percent; MSCI’s emerging markets index gained about 34 percent. Geopolitical tensions, a regional economic slowdown caused by low oil prices, and slumping real estate markets in Dubai and Abu Dhabi all pulled down their stock markets."
'via Blog this'
"United Arab Emirates stock markets rose on Thursday, their last day of trade during a year in which they were among the world’s worst-performing emerging markets, while most other Middle Eastern bourses also gained. Dubai’s stock index fell 4.6 percent during 2017 while Abu Dhabi’s index lost 3.3 percent; MSCI’s emerging markets index gained about 34 percent. Geopolitical tensions, a regional economic slowdown caused by low oil prices, and slumping real estate markets in Dubai and Abu Dhabi all pulled down their stock markets."
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No spike in sight for Dubai property prices in 2018 | GulfNews.com
No spike in sight for Dubai property prices in 2018 | GulfNews.com:
"One thing is for sure — Dubai’s property values are unlikely to record any sharp increases in the new year. Developers and their off-plan ambitions will ensure that prices remain grounded.
“There has been no appreciation in off-plan launch prices,” said Firas Al Msaddi, CEO of fäm Properties. “And developers are still supplying the same range of products in new phases and with fresh payment plans and more attractive offers, including Dubai Land Department (fee) waivers or post-handover payment plans.”
All of which makes it doubly difficult for individuals to try and sell off their properties in the secondary market and at a premium to what they bought. “It’s almost impossible to resell because they can’t compete with the developer,” said Al Msaddi."
'via Blog this'
"One thing is for sure — Dubai’s property values are unlikely to record any sharp increases in the new year. Developers and their off-plan ambitions will ensure that prices remain grounded.
“There has been no appreciation in off-plan launch prices,” said Firas Al Msaddi, CEO of fäm Properties. “And developers are still supplying the same range of products in new phases and with fresh payment plans and more attractive offers, including Dubai Land Department (fee) waivers or post-handover payment plans.”
All of which makes it doubly difficult for individuals to try and sell off their properties in the secondary market and at a premium to what they bought. “It’s almost impossible to resell because they can’t compete with the developer,” said Al Msaddi."
'via Blog this'
UAE property developer secures 1 bln dirham loan for mega-project
UAE property developer secures 1 bln dirham loan for mega-project:
"Arada, a newly-created United Arab Emirates-based property developer, has secured a 1 billion dirhams ($272 million) Islamic syndicated loan from UAE banks to help fund a major project in the northern emirate of Sharjah, it said on Thursday.
The money will help pay for the 24 billion dirham Aljada, a project designed to cater for growing demand for more housing and leisure activities in the northern emirates.
Traditionally, the larger and more glitzy real estate developments have been confined to the wealthy southern emirates of Abu Dhabi and Dubai."
'via Blog this'
"Arada, a newly-created United Arab Emirates-based property developer, has secured a 1 billion dirhams ($272 million) Islamic syndicated loan from UAE banks to help fund a major project in the northern emirate of Sharjah, it said on Thursday.
The money will help pay for the 24 billion dirham Aljada, a project designed to cater for growing demand for more housing and leisure activities in the northern emirates.
Traditionally, the larger and more glitzy real estate developments have been confined to the wealthy southern emirates of Abu Dhabi and Dubai."
'via Blog this'
Financial oil trading booms, especially in the United States
Financial oil trading booms, especially in the United States:
"Financial oil trading is booming, hitting records this year, with volumes in U.S. contracts outpacing growth elsewhere on the back of the U.S. shale oil boom.
Trading data in Thomson Reuters Eikon shows 2017 volumes for U.S. benchmark West Texas Intermediate (WTI) front-month futures, the most exchanged contracts, will hit a record of nearly 150 million.
This is more than double the 71 million trades for spot Brent futures, the international benchmark, further widening a gap that has yawned open as U.S. crude output has surged nearly 70 percent over the past five years.
"
'via Blog this'
"Financial oil trading is booming, hitting records this year, with volumes in U.S. contracts outpacing growth elsewhere on the back of the U.S. shale oil boom.
Trading data in Thomson Reuters Eikon shows 2017 volumes for U.S. benchmark West Texas Intermediate (WTI) front-month futures, the most exchanged contracts, will hit a record of nearly 150 million.
This is more than double the 71 million trades for spot Brent futures, the international benchmark, further widening a gap that has yawned open as U.S. crude output has surged nearly 70 percent over the past five years.
"
'via Blog this'
Five Oil Signals to Watch in 2018 - Bloomberg
Five Oil Signals to Watch in 2018 - Bloomberg:
"Oil traders are going to have their work cut out in 2018. OPEC and its allies are heading into the second year of supply cuts to wipe out the global oil glut, while rising U.S. output is threatening those efforts. Geopolitical tensions also add a wild card to the market mix. As oil watchers seek to plot a course through the year ahead, they’ll be paying close attention to signals ranging from timespreads to options contracts. Here are five key barometers to watch as 2018 unfolds: "
'via Blog this'
"Oil traders are going to have their work cut out in 2018. OPEC and its allies are heading into the second year of supply cuts to wipe out the global oil glut, while rising U.S. output is threatening those efforts. Geopolitical tensions also add a wild card to the market mix. As oil watchers seek to plot a course through the year ahead, they’ll be paying close attention to signals ranging from timespreads to options contracts. Here are five key barometers to watch as 2018 unfolds: "
'via Blog this'
Saudi businessman in debt dispute released from detention-sources | ZAWYA MENA Edition
Saudi businessman in debt dispute released from detention-sources | ZAWYA MENA Edition:
"A Saudi Arabian businessman whose family's commercial empire is involved in a multi-billion dollar debt dispute has been released from detention in the kingdom's Eastern Province, according to sources familiar with the matter.
Abdulaziz al-Sanea's release comes as the government steps up efforts to find a company to run a struggling 750-bed hospital owned by his family, a search that has turned the spotlight on the kingdom's effort to bring overseas investors into the healthcare sector.
Al-Sanea was freed late last week after being detained in October for unpaid debts, related at least in part to the hospital, according to the sources. "
'via Blog this'
"A Saudi Arabian businessman whose family's commercial empire is involved in a multi-billion dollar debt dispute has been released from detention in the kingdom's Eastern Province, according to sources familiar with the matter.
Abdulaziz al-Sanea's release comes as the government steps up efforts to find a company to run a struggling 750-bed hospital owned by his family, a search that has turned the spotlight on the kingdom's effort to bring overseas investors into the healthcare sector.
Al-Sanea was freed late last week after being detained in October for unpaid debts, related at least in part to the hospital, according to the sources. "
'via Blog this'
Ithmaar Holding gets approval for listing in Dubai | ZAWYA MENA Edition
Ithmaar Holding gets approval for listing in Dubai | ZAWYA MENA Edition:
"Ithmaar Holding has received approval from the UAE’s Securities and Commodities Authority (SCA) to list on the Dubai Financial Market (DFM). Ithmaar, which is licensed and regulated by the Central Bank of Bahrain (CBB) and is currently listed on the Bahrain Bourse and Boursa Kuwait, said the SCA’s approval marks an important milestone in its plans to list on additional stock exchange in the region. The plan, which was presented by an Ithmaar shareholder as an additional agenda item at the annual general meeting in March, was approved by the shareholders who welcomed the initiative."
'via Blog this'
"Ithmaar Holding has received approval from the UAE’s Securities and Commodities Authority (SCA) to list on the Dubai Financial Market (DFM). Ithmaar, which is licensed and regulated by the Central Bank of Bahrain (CBB) and is currently listed on the Bahrain Bourse and Boursa Kuwait, said the SCA’s approval marks an important milestone in its plans to list on additional stock exchange in the region. The plan, which was presented by an Ithmaar shareholder as an additional agenda item at the annual general meeting in March, was approved by the shareholders who welcomed the initiative."
'via Blog this'
MIDEAST STOCKS-Builders boost Dubai, Saudi edges up in early trade | ZAWYA MENA Edition
MIDEAST STOCKS-Builders boost Dubai, Saudi edges up in early trade | ZAWYA MENA Edition:
"Gulf stock markets were generally sluggish in early trade on Thursday although Saudi Arabia edged up and Dubai was boosted by strength in construction stocks.
The Dubai index added 0.6 percent as Drake & Scull, the most heavily traded stock, surged 4.1 percent to 2.29 dirhams, which would be its highest close since April 2016.
The construction company posted a big third-quarter loss but investors are hoping for much better fourth-quarter results now that a recapitalisation has been completed, which may help it obtain operating funds. "
'via Blog this'
"Gulf stock markets were generally sluggish in early trade on Thursday although Saudi Arabia edged up and Dubai was boosted by strength in construction stocks.
The Dubai index added 0.6 percent as Drake & Scull, the most heavily traded stock, surged 4.1 percent to 2.29 dirhams, which would be its highest close since April 2016.
The construction company posted a big third-quarter loss but investors are hoping for much better fourth-quarter results now that a recapitalisation has been completed, which may help it obtain operating funds. "
'via Blog this'
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