Return of senior Saudi prince sparks speculation over role of MBS | Financial Times:
The return home of a senior Saudi Arabian prince has raised speculation of a rebalancing of power in the ruling family as it grapples with a political crisis caused by the killing of Jamal Khashoggi.
The return from London of Prince Ahmed bin Abdulaziz, a younger brother of King Salman, comes as questions are raised over the position of Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler. Fears over his involvement in Khashoggi’s death, allegedly authorised by the prince’s close advisers, have cast doubt on his judgment and competence.
The government has pledged to hold those responsible for the killing to account.
Wednesday, 31 October 2018
Exclusive: Kuwait bourse expects wave of IPOs and 15% more capital inflows post-FTSE upgrade - The National
Exclusive: Kuwait bourse expects wave of IPOs and 15% more capital inflows post-FTSE upgrade - The National:
Kuwait’s stock exchange, which will see two public offerings by year end, still intends to list in 2019 and expects to record as much as 15 per cent more in capital inflows following its inclusion in the FTSE Russell Emerging Market index, its chief executive said.
“The country saw an influx of foreign investors even before the inclusion and now we are seeing a lot of interest from international investors who are contacting us and our local listed companies … more frequently,” said Khaled Al Khaled of Boursa Kuwait.
It is too early to calculate the exact rise in flows since September, and there is a second tranche of inclusion in December, but the chief executive said gaining emerging market status together with capital market reforms Kuwait has been implementing since 2016, will boost liquidity and encourage more public listings.
Kuwait’s stock exchange, which will see two public offerings by year end, still intends to list in 2019 and expects to record as much as 15 per cent more in capital inflows following its inclusion in the FTSE Russell Emerging Market index, its chief executive said.
“The country saw an influx of foreign investors even before the inclusion and now we are seeing a lot of interest from international investors who are contacting us and our local listed companies … more frequently,” said Khaled Al Khaled of Boursa Kuwait.
It is too early to calculate the exact rise in flows since September, and there is a second tranche of inclusion in December, but the chief executive said gaining emerging market status together with capital market reforms Kuwait has been implementing since 2016, will boost liquidity and encourage more public listings.
UAE banks require minimum 60 per cent national shareholding | GulfNews.com
UAE banks require minimum 60 per cent national shareholding | GulfNews.com:
The new Federal Law (Law No. 14) of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities requires a minimum of 60 per cent UAE ownership for local banks licenced to operate in the country.
Article 74 of the law requires all UAE banks to be formed as public joint-stock companies. However, branches of foreign banks operating in the country are exempt from this requirement.
Other financial institutions are free to be formed as joint-stock companies or limited-liability companies, in accordance with the rules and conditions issued by the central bank’s board. Exchange houses and monetary intermediaries are allowed under sole proprietorship, or take any other legal form in accordance with the rules and conditions issued by the central bank’s board of directors.
The new Federal Law (Law No. 14) of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities requires a minimum of 60 per cent UAE ownership for local banks licenced to operate in the country.
Article 74 of the law requires all UAE banks to be formed as public joint-stock companies. However, branches of foreign banks operating in the country are exempt from this requirement.
Other financial institutions are free to be formed as joint-stock companies or limited-liability companies, in accordance with the rules and conditions issued by the central bank’s board. Exchange houses and monetary intermediaries are allowed under sole proprietorship, or take any other legal form in accordance with the rules and conditions issued by the central bank’s board of directors.
QSE surpasses 10,300 levels on increased buying interests of foreign and Gulf institutions
QSE surpasses 10,300 levels on increased buying interests of foreign and Gulf institutions:
Increased buying interests of foreign and Gulf institutions Wednesday handed a 138 points jump to the Qatar Stock Exchange, which surpassed 10,300 levels.
Banking, real estate, telecom and insurance counters saw higher-than-average demand, leading the 20-stock Qatar Index surge 1.35% to 10,300.92 points, which is up 20.85% year-to-date.
Market capitalisation expanded about QR13bn or 2.27% to QR580.5bn, mainly owing to heavy demand, especially for large cap equities.
Increased buying interests of foreign and Gulf institutions Wednesday handed a 138 points jump to the Qatar Stock Exchange, which surpassed 10,300 levels.
Banking, real estate, telecom and insurance counters saw higher-than-average demand, leading the 20-stock Qatar Index surge 1.35% to 10,300.92 points, which is up 20.85% year-to-date.
Market capitalisation expanded about QR13bn or 2.27% to QR580.5bn, mainly owing to heavy demand, especially for large cap equities.
Qatar Opens Struggling Property Market to Foreign Ownership - Bloomberg
Qatar Opens Struggling Property Market to Foreign Ownership - Bloomberg:
Qatar will allow foreigners to own property, the latest in a series of measures aimed to stimulate the gas-rich country’s economy more than a year into its boycott by Gulf neighbors.
Under a new law issued Tuesday by Qatar’s Emir Sheikh Tamim Bin Hamad Bin Al Thani, foreigners will be able to own property in areas designated by Qatar’s cabinet, according to the official Qatar News Agency.
Qatar, the world’s biggest exporter of liquefied natural gas, has used its wealth to blunt the effects of an embargoed imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in June 2017. Its economy is growing, the stock index recouped losses, and its $200 billion infrastructure upgrade to prepare for the 2022 World Cup hasn’t been interrupted.
Qatar will allow foreigners to own property, the latest in a series of measures aimed to stimulate the gas-rich country’s economy more than a year into its boycott by Gulf neighbors.
Under a new law issued Tuesday by Qatar’s Emir Sheikh Tamim Bin Hamad Bin Al Thani, foreigners will be able to own property in areas designated by Qatar’s cabinet, according to the official Qatar News Agency.
Qatar, the world’s biggest exporter of liquefied natural gas, has used its wealth to blunt the effects of an embargoed imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in June 2017. Its economy is growing, the stock index recouped losses, and its $200 billion infrastructure upgrade to prepare for the 2022 World Cup hasn’t been interrupted.
Airbus in talks to unjam some HNA, Emirates deliveries: sources | Reuters
Airbus in talks to unjam some HNA, Emirates deliveries: sources | Reuters:
Airbus faces new headaches delivering A330s to airlines tied to China’s cash-strapped HNA Group and is in separate talks with Emirates over the timing of undelivered A380 superjumbos.
Industry sources pinpointed the unrelated problems as the reasons for commercial “challenges” disclosed by Airbus on Wednesday.
The planemaker said with quarterly earnings that it hoped to resolve by year-end unidentified commercial issues surrounding the current-generation A330ceo and the A380 superjumbo as it tries to soften the decline of two key long-haul models.
Airbus faces new headaches delivering A330s to airlines tied to China’s cash-strapped HNA Group and is in separate talks with Emirates over the timing of undelivered A380 superjumbos.
Industry sources pinpointed the unrelated problems as the reasons for commercial “challenges” disclosed by Airbus on Wednesday.
The planemaker said with quarterly earnings that it hoped to resolve by year-end unidentified commercial issues surrounding the current-generation A330ceo and the A380 superjumbo as it tries to soften the decline of two key long-haul models.
Abu Dhabi National Hotels in talks to buy Emaar's hotel assets -sources | Reuters
Abu Dhabi National Hotels in talks to buy Emaar's hotel assets -sources | Reuters:
Abu Dhabi National Hotels (ADNH) is in talks to buy some hotel buildings from Dubai’s Emaar Properties, two sources familiar with the matter said, as Emaar increasingly focuses on its core businesses.
ADNH, one of the biggest hotel owners in the emirate of Abu Dhabi, has been in advanced discussions with Emaar over the last two months, the sources said, adding Emaar would continue to manage the hotels.
ADNH declined to comment. Emaar said: “we are in discussion with a number of parties who have shown interest”, without giving details.
Abu Dhabi National Hotels (ADNH) is in talks to buy some hotel buildings from Dubai’s Emaar Properties, two sources familiar with the matter said, as Emaar increasingly focuses on its core businesses.
ADNH, one of the biggest hotel owners in the emirate of Abu Dhabi, has been in advanced discussions with Emaar over the last two months, the sources said, adding Emaar would continue to manage the hotels.
ADNH declined to comment. Emaar said: “we are in discussion with a number of parties who have shown interest”, without giving details.
Abu Dhabi's Mubadala sets final price guidance for 10-yr dollar bond- document | Reuters
Abu Dhabi's Mubadala sets final price guidance for 10-yr dollar bond- document | Reuters:
Abu Dhabi’s Mubadala plans to raise $800 million through a 10-year bond issue, a document by one of the banks leading the deal showed. Mubadala Development Company, the state investment fund, has set the final price guidance for the planned bond at 135-140 basis points over mid-swaps. The deal, expected to price later on Wednesday, received orders in excess of $1.5 billion, according to the document.
Abu Dhabi’s Mubadala plans to raise $800 million through a 10-year bond issue, a document by one of the banks leading the deal showed. Mubadala Development Company, the state investment fund, has set the final price guidance for the planned bond at 135-140 basis points over mid-swaps. The deal, expected to price later on Wednesday, received orders in excess of $1.5 billion, according to the document.
Saudi posts big decline in fiscal deficit in third-quarter as oil revenues rise | Reuters
Saudi posts big decline in fiscal deficit in third-quarter as oil revenues rise | Reuters:
Saudi Arabia on Wednesday reported a third-quarter fiscal deficit of 7.3 billion riyals ($1.95 billion), a big drop from the 48.7 billion riyals reported a year earlier thanks to a surge in oil revenues.
The latest deficit figure was close to the 7.36 billion riyals recorded in the second quarter.
“The improvement in fiscal performance is reflected by the decrease in the deficit with positive oil and non-oil growth, compared to the same period in 2017, and the planned budget,” Finance Minister Mohammed al-Jadaan said in a statement.
Saudi Arabia on Wednesday reported a third-quarter fiscal deficit of 7.3 billion riyals ($1.95 billion), a big drop from the 48.7 billion riyals reported a year earlier thanks to a surge in oil revenues.
The latest deficit figure was close to the 7.36 billion riyals recorded in the second quarter.
“The improvement in fiscal performance is reflected by the decrease in the deficit with positive oil and non-oil growth, compared to the same period in 2017, and the planned budget,” Finance Minister Mohammed al-Jadaan said in a statement.
U.S. crude stocks rise for a sixth week, fuel draws down: EIA | Reuters
U.S. crude stocks rise for a sixth week, fuel draws down: EIA | Reuters:
U.S. crude oil inventories climbed for a sixth straight week, but grew less than forecast last week, amid a drop in net imports and the government’s sale of barrels from its reserve, while gasoline and distillate stocks drew down.
The Energy Information Administration said on Wednesday that crude inventories, excluding the Strategic Petroleum Reserve, rose 3.2 million barrels in the week to Oct. 26, less than analyst forecasts for a 4.1 million-barrel build.
U.S. crude oil inventories climbed for a sixth straight week, but grew less than forecast last week, amid a drop in net imports and the government’s sale of barrels from its reserve, while gasoline and distillate stocks drew down.
The Energy Information Administration said on Wednesday that crude inventories, excluding the Strategic Petroleum Reserve, rose 3.2 million barrels in the week to Oct. 26, less than analyst forecasts for a 4.1 million-barrel build.
Commentary: Five reasons why Trump’s Iran sanctions will fail | Reuters
Commentary: Five reasons why Trump’s Iran sanctions will fail | Reuters:
The next round of economic sanctions on Iran, which will start going into effect on Nov.4, will mainly target the country’s oil and gas industries. These sanctions were eased after the 2015 signing of the Joint Comprehensive Plan of Action (JCPOA), commonly known as the Iran nuclear deal, but are being phased back in following President Donald Trump’s decision to withdraw from the accord six months ago.
Trump’s goal in reinstituting the sanctions is to kill the nuclear deal, to bring Iran’s economy to the point of total collapse, to contain Iran’s regional involvement in Syria, Iraq and Yemen, and, in spite of Washington’s denials, presumably to celebrate the collapse of Iran’s ruling regime. The White House’s official position is that, by increasing economic and political pressure, it aims to bring Iran back to the negotiating table in order to replace the JCPOA with a new deal that bears Trump’s name.
There are at least five reasons why Trump’s strategy will fail.
The next round of economic sanctions on Iran, which will start going into effect on Nov.4, will mainly target the country’s oil and gas industries. These sanctions were eased after the 2015 signing of the Joint Comprehensive Plan of Action (JCPOA), commonly known as the Iran nuclear deal, but are being phased back in following President Donald Trump’s decision to withdraw from the accord six months ago.
Trump’s goal in reinstituting the sanctions is to kill the nuclear deal, to bring Iran’s economy to the point of total collapse, to contain Iran’s regional involvement in Syria, Iraq and Yemen, and, in spite of Washington’s denials, presumably to celebrate the collapse of Iran’s ruling regime. The White House’s official position is that, by increasing economic and political pressure, it aims to bring Iran back to the negotiating table in order to replace the JCPOA with a new deal that bears Trump’s name.
There are at least five reasons why Trump’s strategy will fail.
OPEC oil output rises to highest since 2016 despite Iran: Reuters survey | Reuters
OPEC oil output rises to highest since 2016 despite Iran: Reuters survey | Reuters:
OPEC has boosted oil production in October to the highest since 2016, a Reuters survey found, as higher output led by the United Arab Emirates and Libya more than offset a cut in Iranian shipments due to U.S. sanctions.
The 15-member Organization of the Petroleum Exporting Countries has pumped 33.31 million barrels per day this month, the survey on Wednesday found, up 390,000 bpd from September and the highest by OPEC as a group since December 2016.
OPEC agreed in June to pump more oil after pressure from U.S. President Donald Trump to curb rising prices and make up for an expected shortfall in Iranian exports. Oil LCOc1 hit a four-year high of $86.74 a barrel on Oct. 3 but has since eased to $76 as concerns over tight supplies faded.
OPEC has boosted oil production in October to the highest since 2016, a Reuters survey found, as higher output led by the United Arab Emirates and Libya more than offset a cut in Iranian shipments due to U.S. sanctions.
The 15-member Organization of the Petroleum Exporting Countries has pumped 33.31 million barrels per day this month, the survey on Wednesday found, up 390,000 bpd from September and the highest by OPEC as a group since December 2016.
OPEC agreed in June to pump more oil after pressure from U.S. President Donald Trump to curb rising prices and make up for an expected shortfall in Iranian exports. Oil LCOc1 hit a four-year high of $86.74 a barrel on Oct. 3 but has since eased to $76 as concerns over tight supplies faded.
Kuwait bourse seeks to create VC platform to finance startups-CEO | Reuters
Kuwait bourse seeks to create VC platform to finance startups-CEO | Reuters:
The Kuwait Stock Exchange plans to set up a venture capital market to attract and support the country’s growing startups, the first idea of its kind in the Gulf region, the bourse’s chief executive said.
Khaled al-Khaled, the chief executive of Boursa Kuwait, wants to build a platform that can attract, keep and grow these companies so that they can eventually list on its main market.
“We are working closely with Kuwaiti young entrepreneurs to introduce a venture capital market,” he said in an interview in Dubai. “I want these entrepreneurs to grow locally. If they grow enough they will be listed in the Kuwaiti market.”
The Kuwait Stock Exchange plans to set up a venture capital market to attract and support the country’s growing startups, the first idea of its kind in the Gulf region, the bourse’s chief executive said.
Khaled al-Khaled, the chief executive of Boursa Kuwait, wants to build a platform that can attract, keep and grow these companies so that they can eventually list on its main market.
“We are working closely with Kuwaiti young entrepreneurs to introduce a venture capital market,” he said in an interview in Dubai. “I want these entrepreneurs to grow locally. If they grow enough they will be listed in the Kuwaiti market.”
Iran sanctions seen keeping oil above $75, but 2019 demand outlook darkens | Reuters
Iran sanctions seen keeping oil above $75, but 2019 demand outlook darkens | Reuters:
Oil is likely to stay above $75 a barrel, fueled by supply disruptions exacerbated by U.S. sanctions on Iran, but further gains could be limited as economists and analysts see demand growth slowing next year due to trade wars and economic weakness.
A survey of 46 economists and analysts forecast Brent crude LCOc1 to average $76.88 a barrel in 2019, up from the $73.75 forecast in September. The price is expected to average $74.48 in 2018, versus the $73.57 average so far this year.
Analysts who spoke to Reuters said demand is expected to decelerate in 2019, if concern over a widespread economic slowdown proves to be justified.
Oil is likely to stay above $75 a barrel, fueled by supply disruptions exacerbated by U.S. sanctions on Iran, but further gains could be limited as economists and analysts see demand growth slowing next year due to trade wars and economic weakness.
A survey of 46 economists and analysts forecast Brent crude LCOc1 to average $76.88 a barrel in 2019, up from the $73.75 forecast in September. The price is expected to average $74.48 in 2018, versus the $73.57 average so far this year.
Analysts who spoke to Reuters said demand is expected to decelerate in 2019, if concern over a widespread economic slowdown proves to be justified.
Yngve Slyngstad: decision time for Norway’s oil fund | Financial Times
Yngve Slyngstad: decision time for Norway’s oil fund | Financial Times:
The head of the world’s largest sovereign wealth fund has no secretary. Yngve Slyngstad, chief executive of Norges Bank Investment Management, which oversees Norway’s $1tn oil fund, books his own travel and arranges his own meetings.
The 55-year-old took a similarly idiosyncratic path to the top. He has four masters degrees — law, business management, economics and political sciences.
Studies over, he went on the road for four years, aiming to travel from Patagonia to Alaska (he stopped in New York), and Alexandria to Cape Town, before spending six months alone in an Arctic cabin studying German philosophy.
The head of the world’s largest sovereign wealth fund has no secretary. Yngve Slyngstad, chief executive of Norges Bank Investment Management, which oversees Norway’s $1tn oil fund, books his own travel and arranges his own meetings.
The 55-year-old took a similarly idiosyncratic path to the top. He has four masters degrees — law, business management, economics and political sciences.
Studies over, he went on the road for four years, aiming to travel from Patagonia to Alaska (he stopped in New York), and Alexandria to Cape Town, before spending six months alone in an Arctic cabin studying German philosophy.
Trump's Success in Isolating Iran Can Be Seen on a Dubai Menu - Bloomberg
Trump's Success in Isolating Iran Can Be Seen on a Dubai Menu - Bloomberg:
Anyone wanting to gauge Donald Trump’s success in isolating Iran would do well to study the menu at Maryam Sharifi’s restaurant in Dubai.
Iranian businessmen are leaving the city as links with the Islamic Republic are slowly severed, and in July, she began offering pasta and biryani alongside Persian favorites like kebabs and saffron rice to attract a broader clientele. “We had to train our cook to make different dishes,” said Sharifi, an Iranian who moved to Dubai 12 years ago.
The Homa Iranian eatery’s changing fortunes highlight the U.A.E’s crucial role in enforcing U.S. sanctions on Iran, a historic trade partner situated a short sail across the Strait of Hormuz, the narrow entrance to the world’s oil-exporting nexus.
Anyone wanting to gauge Donald Trump’s success in isolating Iran would do well to study the menu at Maryam Sharifi’s restaurant in Dubai.
Iranian businessmen are leaving the city as links with the Islamic Republic are slowly severed, and in July, she began offering pasta and biryani alongside Persian favorites like kebabs and saffron rice to attract a broader clientele. “We had to train our cook to make different dishes,” said Sharifi, an Iranian who moved to Dubai 12 years ago.
The Homa Iranian eatery’s changing fortunes highlight the U.A.E’s crucial role in enforcing U.S. sanctions on Iran, a historic trade partner situated a short sail across the Strait of Hormuz, the narrow entrance to the world’s oil-exporting nexus.
MIDEAST STOCKS-Saudi profits from corporate results, most Gulf markets inch up | Reuters
MIDEAST STOCKS-Saudi profits from corporate results, most Gulf markets inch up | Reuters:
Saudi Arabia’s stock market rose on Wednesday, aided by strong corporate earnings, while market heavyweights Emaar Properties and Emirates NBD helped support Dubai’s index.
The main Saudi index was up 0.6 percent, thanks in part to a nearly 8 percent jump in Lazurde Company For Jewelry after it posted a third-quarter profit.
Middle East funds are not entirely bearish toward Saudi Arabia’s stock market but have become more wary because of concerns over the fallout from the killing of Khashoggi, a Reuters poll showed on Wednesday.
Saudi Arabia’s stock market rose on Wednesday, aided by strong corporate earnings, while market heavyweights Emaar Properties and Emirates NBD helped support Dubai’s index.
The main Saudi index was up 0.6 percent, thanks in part to a nearly 8 percent jump in Lazurde Company For Jewelry after it posted a third-quarter profit.
Middle East funds are not entirely bearish toward Saudi Arabia’s stock market but have become more wary because of concerns over the fallout from the killing of Khashoggi, a Reuters poll showed on Wednesday.
Abu Dhabi's Mubadala markets 10-year dollar bond | ZAWYA MENA Edition
Abu Dhabi's Mubadala markets 10-year dollar bond | ZAWYA MENA Edition:
Abu Dhabi's Mubadala is marketing a 10-year U.S. dollar-denominated bond issue with an initial price guidance of around 150 basis points over mid-swaps, a document by one of the banks leading the deal showed.
The senior unsecured bond will be of benchmark size, which generally means upwards of $500 million, and proceeds will be used for general corporate purposes.
Mubadala Development Company, a state investment fund, is rated A2 by Moody's, and AA by S&P and Fitch.
Abu Dhabi's Mubadala is marketing a 10-year U.S. dollar-denominated bond issue with an initial price guidance of around 150 basis points over mid-swaps, a document by one of the banks leading the deal showed.
The senior unsecured bond will be of benchmark size, which generally means upwards of $500 million, and proceeds will be used for general corporate purposes.
Mubadala Development Company, a state investment fund, is rated A2 by Moody's, and AA by S&P and Fitch.
Poll: Mideast funds wary, not bearish on Saudi | ZAWYA MENA Edition
Poll: Mideast funds wary, not bearish on Saudi | ZAWYA MENA Edition:
Middle East funds have become more wary but not outright bearish toward Saudi Arabia's stock market because of concern over the fallout from the killing of Jamal Khashoggi, a monthly Reuters poll showed on Wednesday.
Foreign investors, including those from other Gulf states, were net sellers of Saudi equities for most of this month, partly because of fear that Khashoggi's death could damage Saudi ties with the West and conceivably lead to economic sanctions.
Gulf investors sold a net $147 million of Saudi stocks last week, after net sales of $98 million in the previous week and $28 million in the week before that, according to exchange data.
Middle East funds have become more wary but not outright bearish toward Saudi Arabia's stock market because of concern over the fallout from the killing of Jamal Khashoggi, a monthly Reuters poll showed on Wednesday.
Foreign investors, including those from other Gulf states, were net sellers of Saudi equities for most of this month, partly because of fear that Khashoggi's death could damage Saudi ties with the West and conceivably lead to economic sanctions.
Gulf investors sold a net $147 million of Saudi stocks last week, after net sales of $98 million in the previous week and $28 million in the week before that, according to exchange data.
Bahrain's oil company targets $1 bln through dual-tranche bond | Reuters
Bahrain's oil company targets $1 bln through dual-tranche bond | Reuters:
Bahrain’s state-owned oil company Nogaholding plans to raise $1 billion through a dual-tranche U.S. dollar-denominated bond on Wednesday, a document by one of the banks leading the transaction showed.
The deal is the first foray by a Bahraini entity into the international debt markets since the government obtained an aid package from its Gulf neighbours earlier this month.
Nogaholding, the investment arm of Bahrain’s National Oil and Gas Authority, tried to raise international funds in April, but that deal was delayed, partly by emerging-market weakness and partly by doubts among investors that Bahrain could repay its debt.
Bahrain’s state-owned oil company Nogaholding plans to raise $1 billion through a dual-tranche U.S. dollar-denominated bond on Wednesday, a document by one of the banks leading the transaction showed.
The deal is the first foray by a Bahraini entity into the international debt markets since the government obtained an aid package from its Gulf neighbours earlier this month.
Nogaholding, the investment arm of Bahrain’s National Oil and Gas Authority, tried to raise international funds in April, but that deal was delayed, partly by emerging-market weakness and partly by doubts among investors that Bahrain could repay its debt.
Tuesday, 30 October 2018
Tabreed raises $500m with seven-year sukuk | GulfNews.com
Tabreed raises $500m with seven-year sukuk | GulfNews.com:
National Central Cooling Company (Tabreed) said that it has raised a $500 million (Dh1.8 billion) sukuk with a seven-year tenor after recent investment meeting in Europe, Asia and the UAE.
The new sukuk will be listed on the London Stock Exchange, according to a statement from the company on Tuesday.
Tabreed also said it secured new bank facilities of Dh1.5 billion. The proceeds of the sukuk as well as the bank facilities will be used to refinance Dh2.8 billion of current corporate debt.
National Central Cooling Company (Tabreed) said that it has raised a $500 million (Dh1.8 billion) sukuk with a seven-year tenor after recent investment meeting in Europe, Asia and the UAE.
The new sukuk will be listed on the London Stock Exchange, according to a statement from the company on Tuesday.
Tabreed also said it secured new bank facilities of Dh1.5 billion. The proceeds of the sukuk as well as the bank facilities will be used to refinance Dh2.8 billion of current corporate debt.
US market fragility a matter of concern for Saudi Arabia | Arab News
US market fragility a matter of concern for Saudi Arabia | Arab News:
With all that is going on in Saudi Arabia, it was understandable that those at last week’s Future Investment Initiative in Riyadh did not pay too much attention to global markets.
They came to hear how the Kingdom’s economic policymakers would react to the repercussions of the death of Jamal Khashoggi, and were not minded to pay too much attention to the broader geo-financial background. But, to paraphrase a quote from Leon Trotsky, you may not be interested in financial markets, but financial markets are interested in you.
Economic Minister Mohammed Al-Tuwaijri did make the point that the government’s privatization plans, including the big initial public offering (IPO) of Saudi Aramco, depended in the last resort on the state of the world’s markets. The Aramco IPO, now slated for 2021, is so far away that it’s hard to predict how global equity markets will look by then.
With all that is going on in Saudi Arabia, it was understandable that those at last week’s Future Investment Initiative in Riyadh did not pay too much attention to global markets.
They came to hear how the Kingdom’s economic policymakers would react to the repercussions of the death of Jamal Khashoggi, and were not minded to pay too much attention to the broader geo-financial background. But, to paraphrase a quote from Leon Trotsky, you may not be interested in financial markets, but financial markets are interested in you.
Economic Minister Mohammed Al-Tuwaijri did make the point that the government’s privatization plans, including the big initial public offering (IPO) of Saudi Aramco, depended in the last resort on the state of the world’s markets. The Aramco IPO, now slated for 2021, is so far away that it’s hard to predict how global equity markets will look by then.
UPDATE 1-APM Terminals Bahrain aims to raise more than $30 mln with IPO | Reuters
UPDATE 1-APM Terminals Bahrain aims to raise more than $30 mln with IPO | Reuters:
Port operator APM Terminals Bahrain plans to raise almost 12 million Bahraini dinars ($32 million) through its planned initial public offering (IPO).
The company will offer 18 million shares, equivalent to 20 percent of its issued share capital, at 0.66 Bahraini dinars per share, it said in the IPO prospectus published on Monday.
APM Terminals Bahrain, which has operated in the country for 12 years, is part of the Netherlands-based group APM Terminals, which is itself part of the Maersk Group.
Port operator APM Terminals Bahrain plans to raise almost 12 million Bahraini dinars ($32 million) through its planned initial public offering (IPO).
The company will offer 18 million shares, equivalent to 20 percent of its issued share capital, at 0.66 Bahraini dinars per share, it said in the IPO prospectus published on Monday.
APM Terminals Bahrain, which has operated in the country for 12 years, is part of the Netherlands-based group APM Terminals, which is itself part of the Maersk Group.
UPDATE 1-UAE passes law to combat money laundering, terror financing | Reuters
UPDATE 1-UAE passes law to combat money laundering, terror financing | Reuters:
The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows.
The law, which is in line with the requirements and recommendations of the Financial Action Task Force (FATF), recommends the establishment of an independent financial information unit within the central bank to receive and investigate reports of illicit financing activity.
FATF is an international organisation that sets global standards for fighting illicit finance.
The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows.
The law, which is in line with the requirements and recommendations of the Financial Action Task Force (FATF), recommends the establishment of an independent financial information unit within the central bank to receive and investigate reports of illicit financing activity.
FATF is an international organisation that sets global standards for fighting illicit finance.
Qatar plans insurance fund for foreign workers: QNA agency | Reuters
Qatar plans insurance fund for foreign workers: QNA agency | Reuters:
Qatar plans to establish an insurance fund for foreign workers, the state-run Qatar News Agency said on Tuesday.
“The fund aims to support, ensure and provide care for workers, guarantee their rights and provide a healthy and safe working environment for them,” it said, citing a decree from the emir, Sheikh Tamim bin Hamad al-Thani.
Doha is keen to show it is tackling allegations of worker exploitation as it prepares to host the 2022 soccer World Cup, which it is presenting as a showcase of its progress and development.
Qatar plans to establish an insurance fund for foreign workers, the state-run Qatar News Agency said on Tuesday.
“The fund aims to support, ensure and provide care for workers, guarantee their rights and provide a healthy and safe working environment for them,” it said, citing a decree from the emir, Sheikh Tamim bin Hamad al-Thani.
Doha is keen to show it is tackling allegations of worker exploitation as it prepares to host the 2022 soccer World Cup, which it is presenting as a showcase of its progress and development.
Oil prices down more than 1 percent on rising supply, trade war | Reuters
Oil prices down more than 1 percent on rising supply, trade war | Reuters:
Oil prices dropped more than 1 percent on Tuesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war.
Brent crude LCOc1 futures fell $1.43, or 1.9 percent, to settle at $75.91 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 86 cents to settle at $66.18 a barrel, a 1.3 percent drop.
Earlier in the session, Brent reached a session low of $75.09 a barrel, the lowest since Aug. 24. WTI slumped to $65.33 a barrel, the weakest since Aug. 17.
Oil prices dropped more than 1 percent on Tuesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war.
Brent crude LCOc1 futures fell $1.43, or 1.9 percent, to settle at $75.91 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 86 cents to settle at $66.18 a barrel, a 1.3 percent drop.
Earlier in the session, Brent reached a session low of $75.09 a barrel, the lowest since Aug. 24. WTI slumped to $65.33 a barrel, the weakest since Aug. 17.
MIDEAST STOCKS-Real estate props Dubai, most Gulf markets little changed | Reuters
MIDEAST STOCKS-Real estate props Dubai, most Gulf markets little changed | Reuters:
Dubai’s blue-chip index rose sharply and marked its biggest intra-day gain in nearly three weeks, lifted by real estate and banks, while most major Gulf indexes dropped marginally on Tuesday.
The Dubai index added 1.1 percent, boosted by a near 3 percent gain in Emaar Properties and a 2.2 percent rise in Emirates NBD after it posted a double-digit jump in quarterly profit, led partly by higher net interest income.
Saudi Arabia’s bourse was down 0.2 percent, hurt by a 0.5 percent dip in bellwether Al Rajhi Banking & Investment Corp and a 2.4 percent slide in Arab National Bank .
Dubai’s blue-chip index rose sharply and marked its biggest intra-day gain in nearly three weeks, lifted by real estate and banks, while most major Gulf indexes dropped marginally on Tuesday.
The Dubai index added 1.1 percent, boosted by a near 3 percent gain in Emaar Properties and a 2.2 percent rise in Emirates NBD after it posted a double-digit jump in quarterly profit, led partly by higher net interest income.
Saudi Arabia’s bourse was down 0.2 percent, hurt by a 0.5 percent dip in bellwether Al Rajhi Banking & Investment Corp and a 2.4 percent slide in Arab National Bank .
Turkish executives seek clean break from Dubai-based troubled Abraaj | Financial Times
Turkish executives seek clean break from Dubai-based troubled Abraaj | Financial Times:
It is never easy to break up, but learning to start over is sometimes even harder.
Executives at the Turkish branch of Abraaj are looking to cut ties with the embattled private equity group based in Dubai.
Abraaj was once the Middle East’s largest buyout fund with close to $14bn of assets under management led by Pakistani-born founder and boss Arif Naqvi. It has been behind some of the biggest takeovers in the region, including buying stakes in ride-hailing app Careem in Dubai and online retailer Hepsiburada in Turkey.
It is never easy to break up, but learning to start over is sometimes even harder.
Executives at the Turkish branch of Abraaj are looking to cut ties with the embattled private equity group based in Dubai.
Abraaj was once the Middle East’s largest buyout fund with close to $14bn of assets under management led by Pakistani-born founder and boss Arif Naqvi. It has been behind some of the biggest takeovers in the region, including buying stakes in ride-hailing app Careem in Dubai and online retailer Hepsiburada in Turkey.
Russia-Saudi Arabia rapprochement reshapes more than the oil market | Financial Times
Russia-Saudi Arabia rapprochement reshapes more than the oil market | Financial Times:
As governments and businesses issued condemnations of Saudi Arabia this month amid the furore over the suspected murder of Jamal Khashoggi, one country just sat and shrugged.
“In truth, we do not know what happened,” said Russian president Vladimir Putin. “So why should we take any steps that could harm our relations with Saudi Arabia?”
Days later, at an investment conference in Riyadh shunned by many of the west’s business leaders, Russia arrived with a sizeable delegation including 30 top executives.
As governments and businesses issued condemnations of Saudi Arabia this month amid the furore over the suspected murder of Jamal Khashoggi, one country just sat and shrugged.
“In truth, we do not know what happened,” said Russian president Vladimir Putin. “So why should we take any steps that could harm our relations with Saudi Arabia?”
Days later, at an investment conference in Riyadh shunned by many of the west’s business leaders, Russia arrived with a sizeable delegation including 30 top executives.
Kazakh oil group finalising plans for $6.5bn IPO | Financial Times
Kazakh oil group finalising plans for $6.5bn IPO | Financial Times:
Kazakhstan’s state-run oil and gas company KazMunaiGas is finalising plans for an initial public offering that could raise as much as $6.5bn, in what could be Central Asia’s largest-ever stock market listing.
Bankers are in Kazakhstan this week pitching for work on the IPO, which will value the company at between $25bn and $26bn and seek to list 20-25 per cent of its shares, two people with knowledge of the plans told the FT.
The country plans to list the company on the London Stock Exchange and a local bourse, either in Almaty or Astana, but the people cautioned that the process was slow moving and a listing could be in late 2019.
Kazakhstan’s state-run oil and gas company KazMunaiGas is finalising plans for an initial public offering that could raise as much as $6.5bn, in what could be Central Asia’s largest-ever stock market listing.
Bankers are in Kazakhstan this week pitching for work on the IPO, which will value the company at between $25bn and $26bn and seek to list 20-25 per cent of its shares, two people with knowledge of the plans told the FT.
The country plans to list the company on the London Stock Exchange and a local bourse, either in Almaty or Astana, but the people cautioned that the process was slow moving and a listing could be in late 2019.
U.S. Raising Pressure on Saudi Arabia Over Qatar and Yemen, Sources Say - Bloomberg
U.S. Raising Pressure on Saudi Arabia Over Qatar and Yemen, Sources Say - Bloomberg:
The U.S. is raising pressure on Saudi Arabia to wind down its political and economic isolation of Qatar, according to three people familiar with the effort, as the kingdom continues to be buffeted by its role in the killing of journalist Jamal Khashoggi.
President Donald Trump has said little about Saudi Arabia’s role in the killing of Khashoggi, a U.S. resident and insider-turned-critic of the kingdom, since being briefed last week by CIA Director Gina Haspel. But the administration wants to see Saudi Arabia resolve the Qatar crisis and take similar steps toward its widely criticized war in Yemen, according to one U.S. official who, like the other people cited in this story, asked not to be identified.
The killing of Khashoggi and Saudi Arabia’s shifting explanations for what happened after he entered the kingdom’s consulate in Istanbul on Oct. 2 have focused attention on Crown Prince Mohammed bin Salman’s missteps and raised questions among critics about whether he’s fit to succeed his father, King Salman.
The U.S. is raising pressure on Saudi Arabia to wind down its political and economic isolation of Qatar, according to three people familiar with the effort, as the kingdom continues to be buffeted by its role in the killing of journalist Jamal Khashoggi.
President Donald Trump has said little about Saudi Arabia’s role in the killing of Khashoggi, a U.S. resident and insider-turned-critic of the kingdom, since being briefed last week by CIA Director Gina Haspel. But the administration wants to see Saudi Arabia resolve the Qatar crisis and take similar steps toward its widely criticized war in Yemen, according to one U.S. official who, like the other people cited in this story, asked not to be identified.
The killing of Khashoggi and Saudi Arabia’s shifting explanations for what happened after he entered the kingdom’s consulate in Istanbul on Oct. 2 have focused attention on Crown Prince Mohammed bin Salman’s missteps and raised questions among critics about whether he’s fit to succeed his father, King Salman.
INTERVIEW: UAE real estate market to soften over next two years, says MD of Perkins+Will | ZAWYA MENA Edition
INTERVIEW: UAE real estate market to soften over next two years, says MD of Perkins+Will | ZAWYA MENA Edition:
The real estate market in the United Arab Emirates could soften in the next one to two years as a growing number of expatriates leave the country, according to the Middle East head of second largest architectural firm in the world.
“There is a drift away from the region by professional expats, which has been well-documented,” said Roger Wilson, Managing Director, Perkins+Will during a telephone interview with Thomson Reuters Projects. “There are fewer jobs and the cost of living is rising so expatriates are moving away. I expect the number of expats leaving will continue to grow and I think the market will soften.”
Expatriates account for more than 80 percent of the UAE’s population and over 90 percent of the country’s workforce, according to various reports.
The real estate market in the United Arab Emirates could soften in the next one to two years as a growing number of expatriates leave the country, according to the Middle East head of second largest architectural firm in the world.
“There is a drift away from the region by professional expats, which has been well-documented,” said Roger Wilson, Managing Director, Perkins+Will during a telephone interview with Thomson Reuters Projects. “There are fewer jobs and the cost of living is rising so expatriates are moving away. I expect the number of expats leaving will continue to grow and I think the market will soften.”
Expatriates account for more than 80 percent of the UAE’s population and over 90 percent of the country’s workforce, according to various reports.
Bahrain central bank approves port operator IPO | ZAWYA MENA Edition
Bahrain central bank approves port operator IPO | ZAWYA MENA Edition:
Bahrain's central bank has approved an initial public offering (IPO) by APM Terminals Bahrain, a port operator, it said.
The company plans to list shares equivalent to 20 percent of its issued share capital.
APM Terminals said this month it had appointed Bahrain's SICO, an asset manager and investment bank, to arrange the IPO.
Bahrain's central bank has approved an initial public offering (IPO) by APM Terminals Bahrain, a port operator, it said.
The company plans to list shares equivalent to 20 percent of its issued share capital.
APM Terminals said this month it had appointed Bahrain's SICO, an asset manager and investment bank, to arrange the IPO.
Malaysia seeks payment relief by challenging 1MDB-IPIC settlement | Reuters
Malaysia seeks payment relief by challenging 1MDB-IPIC settlement | Reuters:
Malaysia will file a legal challenge to a settlement agreement between scandal-plagued state fund 1MDB and Abu Dhabi sovereign fund IPIC negotiated during the premiership of former leader Najib Razak, its attorney general said on Tuesday.
International Petroleum Investment Co, known as IPIC, and 1MDB had reached an agreement last year in a payment dispute over 1MDB bonds that IPIC had guaranteed.
The Malaysian fund had agreed to pay $1.2 billion to IPIC and assumed responsibility for future principal and interest payments for the bonds.
Malaysia will file a legal challenge to a settlement agreement between scandal-plagued state fund 1MDB and Abu Dhabi sovereign fund IPIC negotiated during the premiership of former leader Najib Razak, its attorney general said on Tuesday.
International Petroleum Investment Co, known as IPIC, and 1MDB had reached an agreement last year in a payment dispute over 1MDB bonds that IPIC had guaranteed.
The Malaysian fund had agreed to pay $1.2 billion to IPIC and assumed responsibility for future principal and interest payments for the bonds.
Abu Dhabi's Mubadala unaware of any legal action over 1MDB settlement | Reuters
Abu Dhabi's Mubadala unaware of any legal action over 1MDB settlement | Reuters:
Abu Dhabi’s Mubadala said on Tuesday it was neither aware of nor had been notified of a legal action challenging the outcome of arbitration in 2017 between Malaysian state fund 1MDB and Abu Dhabi’s International Petroleum Investment Co (IPIC).
“There remains in place a legally-binding settlement agreement that was agreed to by the arbitrating parties,” Mubadala, which Abu Dhabi merged with IPIC in January 2017, said in a statement.
Malaysia’s attorney general said on Tuesday the Asian nation would file a legal challenge to a 2017 consent award granted to IPIC in a debt dispute with scandal-hit state fund 1MDB.
Abu Dhabi’s Mubadala said on Tuesday it was neither aware of nor had been notified of a legal action challenging the outcome of arbitration in 2017 between Malaysian state fund 1MDB and Abu Dhabi’s International Petroleum Investment Co (IPIC).
“There remains in place a legally-binding settlement agreement that was agreed to by the arbitrating parties,” Mubadala, which Abu Dhabi merged with IPIC in January 2017, said in a statement.
Malaysia’s attorney general said on Tuesday the Asian nation would file a legal challenge to a 2017 consent award granted to IPIC in a debt dispute with scandal-hit state fund 1MDB.
Citi granted license to set up Citibank branch in Abu Dhabi | Reuters
Citi granted license to set up Citibank branch in Abu Dhabi | Reuters:
Citigroup has been granted a license to set up a branch of Citibank at Abu Dhabi Global Market (ADGAM), a financial center in Abu Dhabi, it said on Tuesday.
The new branch will provide liquidity management to Citi’s clients looking to establish regional treasury centers in the United Arab Emirates, as well as offering institutional banking services to its global clients, it said.
Citi is expanding in the United Arab Emirates where it has provided wholesale and retail banking since 1964, and in neighboring Saudi Arabia where it plans to apply for a full banking license.
Citigroup has been granted a license to set up a branch of Citibank at Abu Dhabi Global Market (ADGAM), a financial center in Abu Dhabi, it said on Tuesday.
The new branch will provide liquidity management to Citi’s clients looking to establish regional treasury centers in the United Arab Emirates, as well as offering institutional banking services to its global clients, it said.
Citi is expanding in the United Arab Emirates where it has provided wholesale and retail banking since 1964, and in neighboring Saudi Arabia where it plans to apply for a full banking license.
Qatar's Ooredoo Q3 profit falls 13 pct on currency weakness, Indonesia woes | Reuters
Qatar's Ooredoo Q3 profit falls 13 pct on currency weakness, Indonesia woes | Reuters:
Qatar’s telecommunications firm Ooredoo reported a 13 percent drop in third-quarter net profit on Tuesday, hurt by currency weakness in emerging markets and business challenges in Indonesia and Algeria.
Ooredoo, which operates in the Middle East, North Africa and Southeast Asia, made a net profit attributable to shareholders of 403 million Qatari riyals ($110.71 million) compared to 462 million riyals in the same period a year ago.
EFG Hermes had a net profit forecast of 217 million riyals for Ooredoo.
Qatar’s telecommunications firm Ooredoo reported a 13 percent drop in third-quarter net profit on Tuesday, hurt by currency weakness in emerging markets and business challenges in Indonesia and Algeria.
Ooredoo, which operates in the Middle East, North Africa and Southeast Asia, made a net profit attributable to shareholders of 403 million Qatari riyals ($110.71 million) compared to 462 million riyals in the same period a year ago.
EFG Hermes had a net profit forecast of 217 million riyals for Ooredoo.
Emirates NBD Q3 profit rises 16 pct, lifted by higher net interest income | Reuters
Emirates NBD Q3 profit rises 16 pct, lifted by higher net interest income | Reuters:
Emirates NBD (ENBD), Dubai’s largest lender, posted a 16 percent rise in third-quarter net profit on Tuesday as net interest income jumped and impairments for bad loans eased.
The bank made a net profit of 2.64 billion dirhams ($718.8 million) in the three months to Sept. 30, a statement from the bank said, compared to 2.28 billion dirhams in the corresponding period of 2017.
The results were broadly in line with the average forecast of three analysts polled by Reuters of a net profit of 2.57 billion dirhams.
Emirates NBD (ENBD), Dubai’s largest lender, posted a 16 percent rise in third-quarter net profit on Tuesday as net interest income jumped and impairments for bad loans eased.
The bank made a net profit of 2.64 billion dirhams ($718.8 million) in the three months to Sept. 30, a statement from the bank said, compared to 2.28 billion dirhams in the corresponding period of 2017.
The results were broadly in line with the average forecast of three analysts polled by Reuters of a net profit of 2.57 billion dirhams.
UPDATE 1-Kuwait's emir says economic reforms needed despite higher oil prices | Reuters
UPDATE 1-Kuwait's emir says economic reforms needed despite higher oil prices | Reuters:
Kuwait needs to push through economic reforms despite higher oil prices, the Gulf state’s ruler said on Tuesday, urging parliament to work with the government to implement measures aimed at diversifying revenues and developing the economy.
Kuwait, whose state finances are among the strongest in the region, has been trying to introduce new taxes and reform a lavish welfare system to curb state spending.
“I hope that the recent temporary improvement in oil prices does not obstruct this important path, which aims to protect future generations,” Emir Sheikh Sabah Al-Ahmad Al-Jaber al-Sabah told parliament in a speech at the start of its new session.
Kuwait needs to push through economic reforms despite higher oil prices, the Gulf state’s ruler said on Tuesday, urging parliament to work with the government to implement measures aimed at diversifying revenues and developing the economy.
Kuwait, whose state finances are among the strongest in the region, has been trying to introduce new taxes and reform a lavish welfare system to curb state spending.
“I hope that the recent temporary improvement in oil prices does not obstruct this important path, which aims to protect future generations,” Emir Sheikh Sabah Al-Ahmad Al-Jaber al-Sabah told parliament in a speech at the start of its new session.
MIDEAST STOCKS-Banks hurt Abu Dhabi, Emirates NBD results lift Dubai | Reuters
MIDEAST STOCKS-Banks hurt Abu Dhabi, Emirates NBD results lift Dubai | Reuters:
Abu Dhabi’s stock market opened lower on Tuesday, pressured by a fall in its bank stocks, while Emirates NBD boosted Dubai’s index and Saudi Arabia was largely unchanged in early trade.
The Abu Dhabi index lost 0.5 percent, hurt by a 1.3 percent slide in First Abu Dhabi Bank and a 8.6 percent plunge in Gulf Pharmaceutical Industries.
In contrast, Dubai’s index climbed 0.6 percent, boosted by a 2.2 percent rise in Emirates NBD after it posted a double-digit jump in quarterly profit, led partly by higher net interest income.
Abu Dhabi’s stock market opened lower on Tuesday, pressured by a fall in its bank stocks, while Emirates NBD boosted Dubai’s index and Saudi Arabia was largely unchanged in early trade.
The Abu Dhabi index lost 0.5 percent, hurt by a 1.3 percent slide in First Abu Dhabi Bank and a 8.6 percent plunge in Gulf Pharmaceutical Industries.
In contrast, Dubai’s index climbed 0.6 percent, boosted by a 2.2 percent rise in Emirates NBD after it posted a double-digit jump in quarterly profit, led partly by higher net interest income.
Monday, 29 October 2018
QP to allocate free Qamco shares for Qataris covered by social security law - The Peninsula Qatar
QP to allocate free Qamco shares for Qataris covered by social security law - The Peninsula Qatar:
Qatar Petroleum has announced that it will allocate 750 free shares in Qatar Aluminium Manufacturing Company (Qamco), under incorporation, to all registered Qatari beneficiaries covered by the social security law.
The beneficiaries stipulated by the law include the elderly, those unable to work, orphans, needy families, the disabled, divorced women, widows, prisoners’ families and other categories.
In addition to the free Qamco shares, members of the entitled groups can subscribe to an additional number of shares, if they wish, and pay the due share price in accordance with the Offering Memorandum.The details of the free share allocation will be finalised in consultation with the various concerned entities.
Qatar Petroleum has announced that it will allocate 750 free shares in Qatar Aluminium Manufacturing Company (Qamco), under incorporation, to all registered Qatari beneficiaries covered by the social security law.
The beneficiaries stipulated by the law include the elderly, those unable to work, orphans, needy families, the disabled, divorced women, widows, prisoners’ families and other categories.
In addition to the free Qamco shares, members of the entitled groups can subscribe to an additional number of shares, if they wish, and pay the due share price in accordance with the Offering Memorandum.The details of the free share allocation will be finalised in consultation with the various concerned entities.
Oil dips as Russia signals output will stay high | Reuters
Oil dips as Russia signals output will stay high | Reuters:
Oil prices edged lower on Monday, with futures on track for the worst monthly performance since mid-2016, after Russia signaled that output will remain high and as concern over the global economy fueled worries about demand for crude.
Brent crude LCOc1 futures fell 28 cents to settle at $77.34 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 55 cents to settle at $67.04 a barrel.
Global benchmark Brent was on track to drop about 6.6 percent for the month. U.S. crude was on course to fall about 8.5 percent. Both were set for the steepest monthly decline since July 2016.
Oil prices edged lower on Monday, with futures on track for the worst monthly performance since mid-2016, after Russia signaled that output will remain high and as concern over the global economy fueled worries about demand for crude.
Brent crude LCOc1 futures fell 28 cents to settle at $77.34 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 55 cents to settle at $67.04 a barrel.
Global benchmark Brent was on track to drop about 6.6 percent for the month. U.S. crude was on course to fall about 8.5 percent. Both were set for the steepest monthly decline since July 2016.
Qatar's Doha Bank cuts UAE exposure with asset swaps -sources | Reuters
Qatar's Doha Bank cuts UAE exposure with asset swaps -sources | Reuters:
Qatar’s Doha Bank has cut its exposure to the United Arab Emirates though an asset swap with UAE banks amid strained relations between the two countries, four sources said.
As part of moves by some Qatari companies to try to trim exposure to the Gulf’s main financial and wealth centre, Doha Bank has been in talks with UAE banks to sell some of its loan book and other assets since last year.
Qatar has been locked in a protracted dispute with Saudi Arabia, the UAE, Bahrain and Egypt since June 2017 when the four accused Qatar of backing terrorism, something Doha has denied.
Qatar’s Doha Bank has cut its exposure to the United Arab Emirates though an asset swap with UAE banks amid strained relations between the two countries, four sources said.
As part of moves by some Qatari companies to try to trim exposure to the Gulf’s main financial and wealth centre, Doha Bank has been in talks with UAE banks to sell some of its loan book and other assets since last year.
Qatar has been locked in a protracted dispute with Saudi Arabia, the UAE, Bahrain and Egypt since June 2017 when the four accused Qatar of backing terrorism, something Doha has denied.
MIDEAST STOCKS-Saudi extends gain after earnings, banks weigh on Abu Dhabi | Reuters
MIDEAST STOCKS-Saudi extends gain after earnings, banks weigh on Abu Dhabi | Reuters:
Saudi Arabia’s stock index closed higher on Monday, aided by strong corporate earnings, while Abu Dhabi recovered some of its losses after opening at its lowest in two months.
Stock exchange data on Sunday showed that foreigners sold a net 2.34 billion riyals ($623.85 million) in the Saudi stock market for the week ending Oct. 25, but the bourse was supported by local institutions, which bought 8.06 billion riyals worth of shares.
Foreign ownership is now down to 1.65 percent, after stripping out strategic shareholders, from 1.94 percent the week before and 2.17 percent in the week ending Oct. 11, Arqaam Capital said in a note on Monday.
Saudi Arabia’s stock index closed higher on Monday, aided by strong corporate earnings, while Abu Dhabi recovered some of its losses after opening at its lowest in two months.
Stock exchange data on Sunday showed that foreigners sold a net 2.34 billion riyals ($623.85 million) in the Saudi stock market for the week ending Oct. 25, but the bourse was supported by local institutions, which bought 8.06 billion riyals worth of shares.
Foreign ownership is now down to 1.65 percent, after stripping out strategic shareholders, from 1.94 percent the week before and 2.17 percent in the week ending Oct. 11, Arqaam Capital said in a note on Monday.
Foreign investments worth $300mln pour into Abu Dhabi shares in first nine months: stock market chief | ZAWYA MENA Edition
Foreign investments worth $300mln pour into Abu Dhabi shares in first nine months: stock market chief | ZAWYA MENA Edition:
The net foreign investments in the Abu Dhabi Securities Exchange (ADX) stood at 1.1 billion dirhams ($300 million) for the first nine months of 2018, Rashed Al Blooshi, the chief executive of ADX said on Monday.
“The foreign net position is positive and stood at 1.1 billion dirhams,” Al Blooshi told reporters on the sidelines of the annual conference of the Federation of Euro-Asian Stock Exchanges (FEAS) in Abu Dhabi.
ADX’s manager of corporate communications, Abdulrahman Saleh Al-Khateeb added that the total institutional investment inflows were around 1.6 billion dirhams for the same period.
The net foreign investments in the Abu Dhabi Securities Exchange (ADX) stood at 1.1 billion dirhams ($300 million) for the first nine months of 2018, Rashed Al Blooshi, the chief executive of ADX said on Monday.
“The foreign net position is positive and stood at 1.1 billion dirhams,” Al Blooshi told reporters on the sidelines of the annual conference of the Federation of Euro-Asian Stock Exchanges (FEAS) in Abu Dhabi.
ADX’s manager of corporate communications, Abdulrahman Saleh Al-Khateeb added that the total institutional investment inflows were around 1.6 billion dirhams for the same period.
Mideast Stocks: Saudi edges up after earnings, Abu Dhabi at two-month low | ZAWYA MENA Edition
Mideast Stocks: Saudi edges up after earnings, Abu Dhabi at two-month low | ZAWYA MENA Edition:
Saudi Arabia's stock index gained on Monday, buoyed by strong earnings, while most major Gulf markets fell, with Abu Dhabi hitting its lowest in two months.
Stock exchange data on Sunday showed that foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market for the week ending Oct. 25, but the bourse was supported by local institutions, which bought 8.06 billion riyals worth of shares.
The data indicated that foreign selling had slowed from the previous week. It hit a record then investors were spooked by the killing of Saudi journalist Jamal Khashoggi.
Saudi Arabia's stock index gained on Monday, buoyed by strong earnings, while most major Gulf markets fell, with Abu Dhabi hitting its lowest in two months.
Stock exchange data on Sunday showed that foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market for the week ending Oct. 25, but the bourse was supported by local institutions, which bought 8.06 billion riyals worth of shares.
The data indicated that foreign selling had slowed from the previous week. It hit a record then investors were spooked by the killing of Saudi journalist Jamal Khashoggi.
At least three companies to list in Oman next year - exchange director | Reuters
At least three companies to list in Oman next year - exchange director | Reuters:
At least three companies are expected to list on the Omani stock exchange next year, the director-general of Muscat Securities Market said on Monday.
Ahmed Saleh Al Marhoon, speaking at a conference in Abu Dhabi, said one of the firms expected to list in 2019 is a power generating company, but he did not name it.
Government bonds and sukuk will also be listed next year, he added.
At least three companies are expected to list on the Omani stock exchange next year, the director-general of Muscat Securities Market said on Monday.
Ahmed Saleh Al Marhoon, speaking at a conference in Abu Dhabi, said one of the firms expected to list in 2019 is a power generating company, but he did not name it.
Government bonds and sukuk will also be listed next year, he added.
Oil prices fall as investors wary of trade slowdown | Reuters
Oil prices fall as investors wary of trade slowdown | Reuters:
Oil prices dipped on Monday amid cautious sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia’s emerging economies.
Front-month Brent crude oil futures LCOc1 were trading down 46 cents, or 0.6 percent, at $77.16 a barrel at 0745 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.19 a barrel, down 40 cents, or 0.6 percent.
Oil prices dipped on Monday amid cautious sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia’s emerging economies.
Front-month Brent crude oil futures LCOc1 were trading down 46 cents, or 0.6 percent, at $77.16 a barrel at 0745 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.19 a barrel, down 40 cents, or 0.6 percent.
HSBC sees little impact on Saudi Arabia investment after Khashoggi murder: CEO | Reuters
HSBC sees little impact on Saudi Arabia investment after Khashoggi murder: CEO | Reuters:
Saudi Arabia is unlikely to see significant impact on its foreign trade and investment flows following the killing of journalist Jamal Khashoggi, the chief executive of Europe’s biggest bank HSBC said on Monday.
“It has been a difficult few weeks for the kingdom, this has not been good for Saudi Arabia,” HSBC CEO John Flint told Reuters in an interview.
“I understand the emotion around the story, but it is very difficult to think about disengaging from Saudi Arabia given its importance to global energy markets,” he said.
Saudi Arabia is unlikely to see significant impact on its foreign trade and investment flows following the killing of journalist Jamal Khashoggi, the chief executive of Europe’s biggest bank HSBC said on Monday.
“It has been a difficult few weeks for the kingdom, this has not been good for Saudi Arabia,” HSBC CEO John Flint told Reuters in an interview.
“I understand the emotion around the story, but it is very difficult to think about disengaging from Saudi Arabia given its importance to global energy markets,” he said.
MIDEAST STOCKS-Saudi edges up after earnings, Abu Dhabi at two-month low | Reuters
MIDEAST STOCKS-Saudi edges up after earnings, Abu Dhabi at two-month low | Reuters:
Saudi Arabia’s stock index gained on Monday, buoyed by strong earnings, while most major Gulf markets fell, with Abu Dhabi hitting its lowest in two months.
Stock exchange data on Sunday showed that foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market for the week ending Oct. 25, but the bourse was supported by local institutions, which bought 8.06 billion riyals worth of shares.
The data indicated that foreign selling had slowed from the previous week. It hit a record then investors were spooked by the killing of Saudi journalist Jamal Khashoggi.
Saudi Arabia’s stock index gained on Monday, buoyed by strong earnings, while most major Gulf markets fell, with Abu Dhabi hitting its lowest in two months.
Stock exchange data on Sunday showed that foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market for the week ending Oct. 25, but the bourse was supported by local institutions, which bought 8.06 billion riyals worth of shares.
The data indicated that foreign selling had slowed from the previous week. It hit a record then investors were spooked by the killing of Saudi journalist Jamal Khashoggi.
Sunday, 28 October 2018
Ahli United Bank and KFH say merger talks 'still ongoing' - The National
Ahli United Bank and KFH say merger talks 'still ongoing' - The National:
Ahli United Bank, the Bahraini lender, and Kuwait Finance House are still in discussions for a potential merger, which would create a new Islamic entity with $92 billion (Dh337.6bn) in combined assets.
The two parties signed a preliminary and non-disclosure agreement on July 22 to appoint banks to undertake valuations required to explore the possibility of a tie-up.
“With reference to our earlier disclosures … please note that consultations are still under way regarding the valuation results of the studies prepared by HSBC and Credit Suisse to recommend and determine a fair share exchange ratio,” Ahli United said in a statement on Sunday to Boursa Kuwait, where its shares are traded.
Ahli United Bank, the Bahraini lender, and Kuwait Finance House are still in discussions for a potential merger, which would create a new Islamic entity with $92 billion (Dh337.6bn) in combined assets.
The two parties signed a preliminary and non-disclosure agreement on July 22 to appoint banks to undertake valuations required to explore the possibility of a tie-up.
“With reference to our earlier disclosures … please note that consultations are still under way regarding the valuation results of the studies prepared by HSBC and Credit Suisse to recommend and determine a fair share exchange ratio,” Ahli United said in a statement on Sunday to Boursa Kuwait, where its shares are traded.
Air Arabia in early talks to buy 100 aircraft | GulfNews.com
Air Arabia in early talks to buy 100 aircraft | GulfNews.com:
Air Arabia, the Sharjah-based low-cost carrier, is planning to purchase at least 100 aircraft in 2019 as it aims to expand its fleet and replace old aircraft.
Adel Ali, chief executive of Air Arabia, said on Sunday the airline is currently in talks with manufacturers including Boeing, Airbus, and Embraer, but that it has not finalised its decision on which aircraft model(s) it will order.
“We’re due to make an order. We need an order to replace the existing airplanes in the next few years. We’re looking at A320s, A321s; we’re looking at Boeing, the CSeries, the new Embraer — we’d be naive not to,” the CEO told reporters.
Air Arabia, the Sharjah-based low-cost carrier, is planning to purchase at least 100 aircraft in 2019 as it aims to expand its fleet and replace old aircraft.
Adel Ali, chief executive of Air Arabia, said on Sunday the airline is currently in talks with manufacturers including Boeing, Airbus, and Embraer, but that it has not finalised its decision on which aircraft model(s) it will order.
“We’re due to make an order. We need an order to replace the existing airplanes in the next few years. We’re looking at A320s, A321s; we’re looking at Boeing, the CSeries, the new Embraer — we’d be naive not to,” the CEO told reporters.
Saudi Minister of Economy and Planning Mohammed Al-Tuwaijri: ‘The whole world is interested in Saudi Arabia’
Saudi Minister of Economy and Planning Mohammed Al-Tuwaijri: ‘The whole world is interested in Saudi Arabia’:
The “green room” at the Future Investment Initiative in Riyadh is an inappropriate name.
Like the rest of the King Abdulaziz International Conference Center, next to the five-star Ritz Carlton Hotel, the areas reserved for the elite speakers at the adjacent plenary hall is a melange of white marble, gold and the rich browns of teak and mahogany, with plenty of sparkling crystal in evidence too. Anything but green, really.
Last Thursday morning, Mohammed Al-Tuwaijri entered the room with weighty matters on his mind. The minister of economy and planning for Saudi Arabia was the top billing on a panel of luminaries from Jordan, Russia and Britain, considering the question: “Which model for privatization will prevail?”
The “green room” at the Future Investment Initiative in Riyadh is an inappropriate name.
Like the rest of the King Abdulaziz International Conference Center, next to the five-star Ritz Carlton Hotel, the areas reserved for the elite speakers at the adjacent plenary hall is a melange of white marble, gold and the rich browns of teak and mahogany, with plenty of sparkling crystal in evidence too. Anything but green, really.
Last Thursday morning, Mohammed Al-Tuwaijri entered the room with weighty matters on his mind. The minister of economy and planning for Saudi Arabia was the top billing on a panel of luminaries from Jordan, Russia and Britain, considering the question: “Which model for privatization will prevail?”
QSE opens week on almost flat note despite buying interests
QSE opens week on almost flat note despite buying interests:
The Qatar Stock Exchange Sunday opened the week on almost a flat note despite buying interests of local retail investors and foreign institutions.
Transport, telecom and banking counters witnessed selling pressure as the 20-stock Qatar Index settled mere 0.09% lower at 10,144.37 points, which is, however, up 19.02% year-to-date.
Small, large and microcap equities experienced buying interests, resulting in market capitalisation gain QR29mn or 0.05% to QR570.41bn.
The Qatar Stock Exchange Sunday opened the week on almost a flat note despite buying interests of local retail investors and foreign institutions.
Transport, telecom and banking counters witnessed selling pressure as the 20-stock Qatar Index settled mere 0.09% lower at 10,144.37 points, which is, however, up 19.02% year-to-date.
Small, large and microcap equities experienced buying interests, resulting in market capitalisation gain QR29mn or 0.05% to QR570.41bn.
Nakilat nine-month profit jumps 9% to QR659mn
Nakilat nine-month profit jumps 9% to QR659mn:
Nakilat has reported about 9% year-on-year increase in net profit to QR659mn during January-September this year. The company’s stronger performance is a result of its successful expansion, which is attributed to the strategic long-term plan to diversify and seek business opportunities with minimal risk, as well as effective cost optimisation across its integrated operations, its spokesman said.
This has been achieved through the acquisition of two additional jointly-owned liquefied natural gas (LNG) carriers and a major stake in the first floating storage regasification unit.
The expansion of Nakilat’s fleet opens a new horizon and business avenue for the company to sustain its long-term growth and development strategies, which in turn will further maximise value and returns for its shareholders.
Nakilat has reported about 9% year-on-year increase in net profit to QR659mn during January-September this year. The company’s stronger performance is a result of its successful expansion, which is attributed to the strategic long-term plan to diversify and seek business opportunities with minimal risk, as well as effective cost optimisation across its integrated operations, its spokesman said.
This has been achieved through the acquisition of two additional jointly-owned liquefied natural gas (LNG) carriers and a major stake in the first floating storage regasification unit.
The expansion of Nakilat’s fleet opens a new horizon and business avenue for the company to sustain its long-term growth and development strategies, which in turn will further maximise value and returns for its shareholders.
QFC, QSE & FTSE host global benchmarks roundtable - The Peninsula Qatar
QFC, QSE & FTSE host global benchmarks roundtable - The Peninsula Qatar:
The Qatar Financial Centre (QFC) has partnered with the Qatar Stock Exchange (QSE) and FTSE Russell, a world-leading provider of benchmarking, analytics and data solutions, to host a roundtable entitled “Outlook for 2019 and the GCC’s growing influence in global benchmarks”.
The roundtable discussion focused on the key issues that are expected to confront investors in 2019, the relevance of the Qatari market in global indices, and increasing investor interest.The event was attended by Philip Lawlor, Global Head of Markets Research, FTSE Russell; Kate MacPherson, Manager, Middle East & Africa, FTSE Russell; Mohsin Mujtaba, Director, Product and Market Development, Qatar Stock Exchange; and Henk Jan Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority.
Henk Jan Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority said: “We are honoured to partner with the Qatar Stock Exchange and FTSE Russell to host this key event that focuses on Qatar’s importance in the global indices and increasing investor appetite. This growing investor interest is clearly evident in the 27 percent increase in foreign direct investment inflows to Qatar between 2016 and 2017 which has been highlighted in the 2018 World Invest Report by the UN Conference on Trade and Development.”
The Qatar Financial Centre (QFC) has partnered with the Qatar Stock Exchange (QSE) and FTSE Russell, a world-leading provider of benchmarking, analytics and data solutions, to host a roundtable entitled “Outlook for 2019 and the GCC’s growing influence in global benchmarks”.
The roundtable discussion focused on the key issues that are expected to confront investors in 2019, the relevance of the Qatari market in global indices, and increasing investor interest.The event was attended by Philip Lawlor, Global Head of Markets Research, FTSE Russell; Kate MacPherson, Manager, Middle East & Africa, FTSE Russell; Mohsin Mujtaba, Director, Product and Market Development, Qatar Stock Exchange; and Henk Jan Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority.
Henk Jan Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority said: “We are honoured to partner with the Qatar Stock Exchange and FTSE Russell to host this key event that focuses on Qatar’s importance in the global indices and increasing investor appetite. This growing investor interest is clearly evident in the 27 percent increase in foreign direct investment inflows to Qatar between 2016 and 2017 which has been highlighted in the 2018 World Invest Report by the UN Conference on Trade and Development.”
Doha Bank CEO showcases Qatar’s resilience at SIBOS - The Peninsula Qatar
Doha Bank CEO showcases Qatar’s resilience at SIBOS - The Peninsula Qatar:
Dr R Seetharaman, CEO of Doha Bank participated at the SIBOS 2018 Conference held at Sydney, Australia last week. At the Conference he gave insight on developments in global and Qatari economy.
Speaking on Qatari economy, he said the country is expected to grow by 2.7 percent in 2018 and 2.8 percent in 2019 respectively. Qatar is planning to increase its LNG production capacity from 77million tonnes per annum (mtpa) to 110 mtpa.
Citing IMF’s latest report, Dr Seetharaman said Qatar’s banking system needs no further support from the central bank and sovereign wealth fund as the decline in non-resident liabilities of lenders have subsided. A robust regulatory framework and effective supervision have helped ensure the resilience of the financial system.
Dr R Seetharaman, CEO of Doha Bank participated at the SIBOS 2018 Conference held at Sydney, Australia last week. At the Conference he gave insight on developments in global and Qatari economy.
Speaking on Qatari economy, he said the country is expected to grow by 2.7 percent in 2018 and 2.8 percent in 2019 respectively. Qatar is planning to increase its LNG production capacity from 77million tonnes per annum (mtpa) to 110 mtpa.
Citing IMF’s latest report, Dr Seetharaman said Qatar’s banking system needs no further support from the central bank and sovereign wealth fund as the decline in non-resident liabilities of lenders have subsided. A robust regulatory framework and effective supervision have helped ensure the resilience of the financial system.
Most Mideast Stocks Retreat as Traders Eye Earnings - Bloomberg
Most Mideast Stocks Retreat as Traders Eye Earnings - Bloomberg:
Most equity indexes in the Middle East declined as investors focus on third-quarter results.
Volatility in Saudi stocks dropped to the lowest level in two weeks as the uproar over the killing of columnist Jamal Khashoggi in Istanbul dissipate. Saudi Basic Industries Corp. fell even after third-quarter profit met analysts’ estimates.
Most equity indexes in the Middle East declined as investors focus on third-quarter results.
Volatility in Saudi stocks dropped to the lowest level in two weeks as the uproar over the killing of columnist Jamal Khashoggi in Istanbul dissipate. Saudi Basic Industries Corp. fell even after third-quarter profit met analysts’ estimates.
The Abraaj saga: What impact will the decline of the region's best-known private equity fund manager have on the industry? | ZAWYA MENA Edition
The Abraaj saga: What impact will the decline of the region's best-known private equity fund manager have on the industry? | ZAWYA MENA Edition:
The downfall of the Middle East’s biggest private equity fund this year will most likely have a negative impact on investment flowing into the region’s private equity funds over the coming years, according to experts.
“Definitely, this one is going to remain for the next three, four, or five years… But there are other players. It is not one industry, one player,” Anthony Hobeika, the chief executive officer of Dubai-based MENA Research Partners told Zawya on the sidelines of the Super Return Middle East conference. The conference, held in Abu Dhabi last week, is part of an international series discussing regional trends in the private equity and venture capital markets.
Abraaj’s story started 24 years ago, when an ambitious Pakistani businessman, Arif Naqvi, came to Dubai in the early 1990s with a positive outlook on emerging markets. He set up the Abraaj Group in 2002, and for many years it was the Middle East’s biggest and most respected private equity fund manager until its collapse earlier this year, which followed allegations that it had misused investor’s funds.
The downfall of the Middle East’s biggest private equity fund this year will most likely have a negative impact on investment flowing into the region’s private equity funds over the coming years, according to experts.
“Definitely, this one is going to remain for the next three, four, or five years… But there are other players. It is not one industry, one player,” Anthony Hobeika, the chief executive officer of Dubai-based MENA Research Partners told Zawya on the sidelines of the Super Return Middle East conference. The conference, held in Abu Dhabi last week, is part of an international series discussing regional trends in the private equity and venture capital markets.
Abraaj’s story started 24 years ago, when an ambitious Pakistani businessman, Arif Naqvi, came to Dubai in the early 1990s with a positive outlook on emerging markets. He set up the Abraaj Group in 2002, and for many years it was the Middle East’s biggest and most respected private equity fund manager until its collapse earlier this year, which followed allegations that it had misused investor’s funds.
Foreigners sold net $624 mln of Saudi stocks in week to Oct. 25 | Reuters
Foreigners sold net $624 mln of Saudi stocks in week to Oct. 25 | Reuters:
Foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market in the week ending Oct. 25, but the bourse was supported by local institutions which bought 8.06 billion riyals worth of stocks, stock exchange data showed.
The foreign selling slowed from a record 4.01 billion riyals in Saudi stocks in the previous week when investors were jolted by the kingdom’s deteriorating relations with foreign powers following the killing of journalist Jamal Khashoggi.
The data did not break down the names of Saudi institutions supporting the market, but Reuters reported last week that the Public Investment Fund has been indirectly supporting local stocks, using local institutions, to limit a market crash caused by the killing of Khashoggi.
Foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market in the week ending Oct. 25, but the bourse was supported by local institutions which bought 8.06 billion riyals worth of stocks, stock exchange data showed.
The foreign selling slowed from a record 4.01 billion riyals in Saudi stocks in the previous week when investors were jolted by the kingdom’s deteriorating relations with foreign powers following the killing of journalist Jamal Khashoggi.
The data did not break down the names of Saudi institutions supporting the market, but Reuters reported last week that the Public Investment Fund has been indirectly supporting local stocks, using local institutions, to limit a market crash caused by the killing of Khashoggi.
Iran starts oil sales to private exporters to beat U.S. sanctions | Reuters
Iran starts oil sales to private exporters to beat U.S. sanctions | Reuters:
Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter U.S. sanctions which come into effect on Nov. 4 and aim to stop the country’s key crude exports, the oil ministry’s news website SHANA reported.
Crude oil trade is state-controlled in Iran. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said.
Out of 1 million barrels offered on the energy bourse, 280,000 barrels were sold at $74.85 per barrel, SHANA added.
Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter U.S. sanctions which come into effect on Nov. 4 and aim to stop the country’s key crude exports, the oil ministry’s news website SHANA reported.
Crude oil trade is state-controlled in Iran. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said.
Out of 1 million barrels offered on the energy bourse, 280,000 barrels were sold at $74.85 per barrel, SHANA added.
UPDATE 1-UAE issues new law governing central bank, financial institutions | Reuters
UPDATE 1-UAE issues new law governing central bank, financial institutions | Reuters:
The United Arab Emirates has issued a new law governing the central bank and the regulation of financial institutions and activities in an effort to bolster monetary performance and confidence in the economy.
The new law, which updates old legislation dating back more than three decades, raises the central bank’s capital to 20 billion dirhams ($5.45 billion) and allows for the establishment of a general reserve of up to four times the paid up capital, the UAE said in a statement.
As well as ensuring prudent management of foreign reserves, the new rules are designed to protect stability of the financial system and help stability of the currency.
The United Arab Emirates has issued a new law governing the central bank and the regulation of financial institutions and activities in an effort to bolster monetary performance and confidence in the economy.
The new law, which updates old legislation dating back more than three decades, raises the central bank’s capital to 20 billion dirhams ($5.45 billion) and allows for the establishment of a general reserve of up to four times the paid up capital, the UAE said in a statement.
As well as ensuring prudent management of foreign reserves, the new rules are designed to protect stability of the financial system and help stability of the currency.
MIDEAST STOCKS-Saudi consolidates as Abu Dhabi outperforms mixed Gulf | Reuters
MIDEAST STOCKS-Saudi consolidates as Abu Dhabi outperforms mixed Gulf | Reuters:
Saudi Arabia’s stock market consolidated recent gains to close lower on Sunday, while other regional markets were mixed.
Saudi’s main index lost 0.4 percent having ended the previous day’s trading at its highest level in two weeks.
Blue chip Saudi Basic Industries Co. (SABIC) closed down 1.9 percent after reporting a 5.4 percent rise in third quarter net product, which was slightly above analysts forecasts.
Saudi Arabia’s stock market consolidated recent gains to close lower on Sunday, while other regional markets were mixed.
Saudi’s main index lost 0.4 percent having ended the previous day’s trading at its highest level in two weeks.
Blue chip Saudi Basic Industries Co. (SABIC) closed down 1.9 percent after reporting a 5.4 percent rise in third quarter net product, which was slightly above analysts forecasts.
Investors Vexed by Khashoggi Furor Say It Will Pass - Bloomberg
Investors Vexed by Khashoggi Furor Say It Will Pass - Bloomberg:
The furor over the murder of Saudi columnist Jamal Khashoggi may soon be seen as little more than a blip for the kingdom’s battered markets, according to investors.
After all, they’ve overcome so many crises before.
“It will probably create some negative headlines but at the end of the day, people will forget after a while and it will have minimum impact on Saudi Arabia’s economic activities and also the credit quality,” said Carl Wong, a senior money manager at Hong Kong-based Nexus Investment Advisors Ltd., which oversees $490 million.
The furor over the murder of Saudi columnist Jamal Khashoggi may soon be seen as little more than a blip for the kingdom’s battered markets, according to investors.
After all, they’ve overcome so many crises before.
“It will probably create some negative headlines but at the end of the day, people will forget after a while and it will have minimum impact on Saudi Arabia’s economic activities and also the credit quality,” said Carl Wong, a senior money manager at Hong Kong-based Nexus Investment Advisors Ltd., which oversees $490 million.
Rouhani reshuffles economic team, says U.S. isolated against Iran | Reuters
Rouhani reshuffles economic team, says U.S. isolated against Iran | Reuters:
Iran’s parliament approved a government economic reshuffle on Saturday, days before new U.S. sanctions on Tehran’s oil exports take effect, after President Hassan Rouhani said Washington was isolated among its allies in its confrontation with Iran.
“It does not happen often that the U.S. makes a decision and its traditional allies abandon it,” Rouhani told parliament before the vote to approve the new appointments.
Academic Farhad Dejpasand, widely seen as a technocrat, received a vote of confidence by a wide margin as the new minister of economics and finance.
Iran’s parliament approved a government economic reshuffle on Saturday, days before new U.S. sanctions on Tehran’s oil exports take effect, after President Hassan Rouhani said Washington was isolated among its allies in its confrontation with Iran.
“It does not happen often that the U.S. makes a decision and its traditional allies abandon it,” Rouhani told parliament before the vote to approve the new appointments.
Academic Farhad Dejpasand, widely seen as a technocrat, received a vote of confidence by a wide margin as the new minister of economics and finance.
UPDATE 1-Saudi’s SABIC optimistic on growth potential; mulling investments overseas | Reuters
UPDATE 1-Saudi’s SABIC optimistic on growth potential; mulling investments overseas | Reuters:
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, is evaluating investment opportunities in Africa, China and the United States, underpinned by a positive global economic outlook, its chief executive said on Sunday.
The petrochemical giant reported earlier on Sunday a 5.4 percent rise in third-quarter net profit citing higher average selling prices and increase in sale volumes.
Yousef al-Benyan told reporters at a press conference that he hoped the next quarter would be positive.
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, is evaluating investment opportunities in Africa, China and the United States, underpinned by a positive global economic outlook, its chief executive said on Sunday.
The petrochemical giant reported earlier on Sunday a 5.4 percent rise in third-quarter net profit citing higher average selling prices and increase in sale volumes.
Yousef al-Benyan told reporters at a press conference that he hoped the next quarter would be positive.
MIDEAST STOCKS-Gulf markets sluggish in early trade as Saudi consolidates | Reuters
MIDEAST STOCKS-Gulf markets sluggish in early trade as Saudi consolidates | Reuters:
Gulf stock markets were largely sluggish in early trade on Sunday, with Saudi Arabia consolidating Thursday’s gains when it closed at its highest level in two weeks.
The main index was down by 0.1 percent in the first hour of trading, with banks and petrochemical shares falling.
Saudi Basic Industries Co. (SABIC) was 0.9 percent lower after reporting a 5.4 percent rise in third quarter net product, which was slightly above analysts forecasts.
Gulf stock markets were largely sluggish in early trade on Sunday, with Saudi Arabia consolidating Thursday’s gains when it closed at its highest level in two weeks.
The main index was down by 0.1 percent in the first hour of trading, with banks and petrochemical shares falling.
Saudi Basic Industries Co. (SABIC) was 0.9 percent lower after reporting a 5.4 percent rise in third quarter net product, which was slightly above analysts forecasts.
Saturday, 27 October 2018
Oil's Decline Stretches to Third Week as `Fear Selling' Spreads - Bloomberg
Oil's Decline Stretches to Third Week as `Fear Selling' Spreads - Bloomberg:
Oil tumbled for a third straight week as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth
Friday’s 0.4 percent gain New York-traded futures wasn’t enough to halt a 2.2 percent decline for the week. Eight of every 10 stocks in the S&P 500 were in retreat as a cavalcade of negative news killed investors’ appetites for risk. A closely watched tally of U.S. rig activity indicated drillers intend to step up crude output.
“Oil is dropping because of more concern about what’s happening in the stock market,” said Phil Flynn, an analyst at Price Futures Group. “The high volatility in the stock market and fear selling in other markets is spilling over into the oil complex.”
Oil tumbled for a third straight week as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth
Friday’s 0.4 percent gain New York-traded futures wasn’t enough to halt a 2.2 percent decline for the week. Eight of every 10 stocks in the S&P 500 were in retreat as a cavalcade of negative news killed investors’ appetites for risk. A closely watched tally of U.S. rig activity indicated drillers intend to step up crude output.
“Oil is dropping because of more concern about what’s happening in the stock market,” said Phil Flynn, an analyst at Price Futures Group. “The high volatility in the stock market and fear selling in other markets is spilling over into the oil complex.”
Friday, 26 October 2018
Netanyahu on Groundbreaking Oman Visit for Peace Process Talks - Bloomberg
Netanyahu on Groundbreaking Oman Visit for Peace Process Talks - Bloomberg:
Benjamin Netanyahu visited Oman Friday, the first official trip by an Israeli leader to the Gulf nation since 1996, for surprise talks with its reclusive leader on the stalled peace process with the Palestinians.
Sultan Qaboos, the 77-year-old Omani ruler, and Netanyahu “discussed ways to push forward the peace process in the Middle East as well as some issues of mutual interest that would serve peace and stability in the region,” according to identical statements sent by the Israeli Prime Minister’s Office and the state-run Oman news agency. The visit wasn’t made public until Netanyahu was back in Israel around 4 p.m. local time.
The trip comes as the killing of journalist Jamal Khashoggi has triggered turmoil in the Middle East as it casts a shadow over the leadership of Saudi Crown Prince Mohammed bin Salman. The Trump administration made the 33-year-old de facto ruler of the kingdom a cornerstone of its entire Mideast policy, including a yet-to-be released plan to revive Israeli-Palestinian talks.
Benjamin Netanyahu visited Oman Friday, the first official trip by an Israeli leader to the Gulf nation since 1996, for surprise talks with its reclusive leader on the stalled peace process with the Palestinians.
Sultan Qaboos, the 77-year-old Omani ruler, and Netanyahu “discussed ways to push forward the peace process in the Middle East as well as some issues of mutual interest that would serve peace and stability in the region,” according to identical statements sent by the Israeli Prime Minister’s Office and the state-run Oman news agency. The visit wasn’t made public until Netanyahu was back in Israel around 4 p.m. local time.
The trip comes as the killing of journalist Jamal Khashoggi has triggered turmoil in the Middle East as it casts a shadow over the leadership of Saudi Crown Prince Mohammed bin Salman. The Trump administration made the 33-year-old de facto ruler of the kingdom a cornerstone of its entire Mideast policy, including a yet-to-be released plan to revive Israeli-Palestinian talks.
Total will be disappointed if it misses out on Qatar LNG expansion -CFO | Reuters
Total will be disappointed if it misses out on Qatar LNG expansion -CFO | Reuters:
French oil and gas major Total will be disappointed if it misses out on Qatar’s planned liquefied natural gas (LNG) expansion, the company’s Chief Financial Officer said on Friday.
“We are very interested in Qatar LNG with the decision made by the Qataris to increase their capacity with four trains of roughly 30 million tonnes,” Patrick de La Chevardiere told analysts during a call.
“We’ll be disappointed if we are not part of Qatar’s LNG expansion,” he said.
French oil and gas major Total will be disappointed if it misses out on Qatar’s planned liquefied natural gas (LNG) expansion, the company’s Chief Financial Officer said on Friday.
“We are very interested in Qatar LNG with the decision made by the Qataris to increase their capacity with four trains of roughly 30 million tonnes,” Patrick de La Chevardiere told analysts during a call.
“We’ll be disappointed if we are not part of Qatar’s LNG expansion,” he said.
Britain's SFO denied permission to charge Barclays over 2008 fundraising | Reuters
Britain's SFO denied permission to charge Barclays over 2008 fundraising | Reuters:
A High Court judge has denied a Serious Fraud Office application to charge Barclays (BARC.L) over its 2008 capital raising, potentially ending the biggest remaining legal headache facing the British bank over its conduct during the financial crisis.
A British court dismissed the charges against the bank last May in a decision that the SFO, which prosecutes financial crimes, said it would seek to reverse by applying to the High Court to reinstate them.
“The High Court has today denied the SFO’s application to reinstate in respect of all of the charges. As a result, all of the charges remain dismissed,” Barclays said in a statement.
A High Court judge has denied a Serious Fraud Office application to charge Barclays (BARC.L) over its 2008 capital raising, potentially ending the biggest remaining legal headache facing the British bank over its conduct during the financial crisis.
A British court dismissed the charges against the bank last May in a decision that the SFO, which prosecutes financial crimes, said it would seek to reverse by applying to the High Court to reinstate them.
“The High Court has today denied the SFO’s application to reinstate in respect of all of the charges. As a result, all of the charges remain dismissed,” Barclays said in a statement.
U.S. drillers add oil rigs for third week in a row: Baker Hughes | Reuters
U.S. drillers add oil rigs for third week in a row: Baker Hughes | Reuters:
U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.
Drillers added two oil rigs in the week to Oct. 26, bringing the total count to 875, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.
For the month, the rig count rose 12 in October, the biggest monthly increase since drillers added 34 rigs in May. That was also the first time the count increased for four months in a row since July 2017, but the increases from July through to September where marginal as new drilling largely stalled due to pipeline constraints in the Permian Basin.
U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.
Drillers added two oil rigs in the week to Oct. 26, bringing the total count to 875, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday.
For the month, the rig count rose 12 in October, the biggest monthly increase since drillers added 34 rigs in May. That was also the first time the count increased for four months in a row since July 2017, but the increases from July through to September where marginal as new drilling largely stalled due to pipeline constraints in the Permian Basin.
Oil rises ahead of Iran sanctions but falls for a third week | Reuters
Oil rises ahead of Iran sanctions but falls for a third week | Reuters:
Oil prices rose on Friday, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook.
Brent crude LCOc1 futures rose 73 cents, or 1 percent, to settle at $77.62 a barrel. The global benchmark marked a weekly loss of about 2.7 percent and is down about $10 in three weeks.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 26 cents, or 0.4 percent, to end at $67.59 a barrel. It posted a weekly loss of about 2.3 percent.
Oil prices rose on Friday, supported by expectations that sanctions on Iran would tighten global supplies, but futures posted a weekly drop as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook.
Brent crude LCOc1 futures rose 73 cents, or 1 percent, to settle at $77.62 a barrel. The global benchmark marked a weekly loss of about 2.7 percent and is down about $10 in three weeks.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 26 cents, or 0.4 percent, to end at $67.59 a barrel. It posted a weekly loss of about 2.3 percent.
Norway wealth fund plans to double Saudi investments -CEO | Reuters
Norway wealth fund plans to double Saudi investments -CEO | Reuters:
Norway’s sovereign wealth fund expects to double its investments in Saudi Arabia when the country is included in the fund’s reference index a few months from now, Chief Executive Yngve Slyngstad said on Friday.
The fund currently has Saudi assets worth 6.9 billion Norwegian crowns ($824.82 million).
The recent turmoil surrounding the killing of Saudi journalist Jamal Khashoggi did not influence the investments.
Norway’s sovereign wealth fund expects to double its investments in Saudi Arabia when the country is included in the fund’s reference index a few months from now, Chief Executive Yngve Slyngstad said on Friday.
The fund currently has Saudi assets worth 6.9 billion Norwegian crowns ($824.82 million).
The recent turmoil surrounding the killing of Saudi journalist Jamal Khashoggi did not influence the investments.
Turkey’s Erdogan turns Khashoggi case to his advantage | Financial Times
Turkey’s Erdogan turns Khashoggi case to his advantage | Financial Times:
Recep Tayyip Erdogan this week lamented the killing of Jamal Khashoggi on Turkish soil as a “savage” crime against a man he called a friend. But the alleged murder of the Saudi journalist has also presented the Turkish president with an opportunity to gain an unexpected advantage in a regional power struggle.
On one side are Mr Erdogan, whose roots are in Islamist politics, and Qatar, a country that has joined him in supporting like-minded actors across the region. On the other are Saudi Arabia, the United Arab Emirates and Egypt, countries staunchly opposed to Islamist political groups such as the Muslim Brotherhood, which they view as a threat to stability.
“Erdogan has grasped an opportunity to go after this tripartite alliance,” said Soner Cagaptay, director of the Turkey programme at the Washington Institute, a think-tank. “And he’s now going after its weakest link.”
Recep Tayyip Erdogan this week lamented the killing of Jamal Khashoggi on Turkish soil as a “savage” crime against a man he called a friend. But the alleged murder of the Saudi journalist has also presented the Turkish president with an opportunity to gain an unexpected advantage in a regional power struggle.
On one side are Mr Erdogan, whose roots are in Islamist politics, and Qatar, a country that has joined him in supporting like-minded actors across the region. On the other are Saudi Arabia, the United Arab Emirates and Egypt, countries staunchly opposed to Islamist political groups such as the Muslim Brotherhood, which they view as a threat to stability.
“Erdogan has grasped an opportunity to go after this tripartite alliance,” said Soner Cagaptay, director of the Turkey programme at the Washington Institute, a think-tank. “And he’s now going after its weakest link.”
Oil market’s calm masks signs of stormy trading ahead | Financial Times
Oil market’s calm masks signs of stormy trading ahead | Financial Times:
Just three weeks ago oil traders were worrying about a severe supply shortage materialising by the end of the fourth quarter, with the market abuzz with talk about $100-a-barrel crude and the return of US sanctions against Iran.
But as October draws to a close, oil’s four-year high of $86 a barrel, hit on the third day of the month, suddenly appears a long way in the rear view mirror.
Prices have dropped 12 per cent to near $76 a barrel, bringing with it the first early mutterings from Opec members about the dangers of a glut of supplies swamping the market.
Just three weeks ago oil traders were worrying about a severe supply shortage materialising by the end of the fourth quarter, with the market abuzz with talk about $100-a-barrel crude and the return of US sanctions against Iran.
But as October draws to a close, oil’s four-year high of $86 a barrel, hit on the third day of the month, suddenly appears a long way in the rear view mirror.
Prices have dropped 12 per cent to near $76 a barrel, bringing with it the first early mutterings from Opec members about the dangers of a glut of supplies swamping the market.
Erdogan lambasts ‘childish’ Saudi claims over Khashoggi death | Financial Times
Erdogan lambasts ‘childish’ Saudi claims over Khashoggi death | Financial Times:
Recep Tayyip Erdogan attacked Saudi Arabia’s “childish” claims about the death of Jamal Khashoggi on Friday as he piled fresh pressure on the Gulf kingdom.
In a speech to ruling party officials in Ankara, the Turkish president angrily demanded answers from Riyadh over the killing of the Saudi journalist and lambasted its “comic” explanations for his death.
“These childish statements are not incompatible with the seriousness of a [nation] state,” he said.
Recep Tayyip Erdogan attacked Saudi Arabia’s “childish” claims about the death of Jamal Khashoggi on Friday as he piled fresh pressure on the Gulf kingdom.
In a speech to ruling party officials in Ankara, the Turkish president angrily demanded answers from Riyadh over the killing of the Saudi journalist and lambasted its “comic” explanations for his death.
“These childish statements are not incompatible with the seriousness of a [nation] state,” he said.
Thursday, 25 October 2018
Khashoggi’s Killing Could Ease Saudi-Qatar Breach - Bloomberg
Khashoggi’s Killing Could Ease Saudi-Qatar Breach - Bloomberg:
When four Arab states led by Saudi Arabia cut diplomatic ties and transportation links with Qatar in June 2017, there were expectations that the rulers would resolve the spat quietly among themselves, as they did a similar dispute three years earlier. Instead, Saudi Arabia issued tough demands, Qatar -- a Turkish ally -- refused to kowtow to its powerful Arab neighbor, and the breach hardened. Now, in the first sign of a possible thaw, the heir to the Saudi throne softened his language in a surprisingly complimentary remark, suggesting the kingdom is eager to regain international goodwill after acknowledging that Saudi columnist Jamal Khashoggi was killed in its Istanbul consulate.
1. How does Khashoggi’s killing relate to Qatar’s isolation?
Saudi Crown Prince Mohammed bin Salman, who effectively runs the country on behalf of his father, King Salman bin Abdulaziz, has been blamed for both. Rejecting a Saudi claim that Khashoggi was killed accidentally after a brawl, Turkish President Recep Tayyip Erdogan said his government has “strong indications” the writer was the victim of a premeditated murder. A top Erdogan aide accused Prince Mohammed of having “blood on his hands.” Critics
When four Arab states led by Saudi Arabia cut diplomatic ties and transportation links with Qatar in June 2017, there were expectations that the rulers would resolve the spat quietly among themselves, as they did a similar dispute three years earlier. Instead, Saudi Arabia issued tough demands, Qatar -- a Turkish ally -- refused to kowtow to its powerful Arab neighbor, and the breach hardened. Now, in the first sign of a possible thaw, the heir to the Saudi throne softened his language in a surprisingly complimentary remark, suggesting the kingdom is eager to regain international goodwill after acknowledging that Saudi columnist Jamal Khashoggi was killed in its Istanbul consulate.
1. How does Khashoggi’s killing relate to Qatar’s isolation?
Saudi Crown Prince Mohammed bin Salman, who effectively runs the country on behalf of his father, King Salman bin Abdulaziz, has been blamed for both. Rejecting a Saudi claim that Khashoggi was killed accidentally after a brawl, Turkish President Recep Tayyip Erdogan said his government has “strong indications” the writer was the victim of a premeditated murder. A top Erdogan aide accused Prince Mohammed of having “blood on his hands.” Critics
Chilled by Khashoggi Death, Saudi Summit Ends With Few Deals - Bloomberg
Chilled by Khashoggi Death, Saudi Summit Ends With Few Deals - Bloomberg:
The international outcry over the murder of U.S.-based columnist Jamal Khashoggi turned Saudi Arabia’s star turn on the world’s business stage into a sedate, mostly regional, affair.
Missing from the second edition of the Future Investment Initiative were global captains of industry, eye-popping contracts and even the inveterate optimism that dealmakers bring to such events. The $50 billion of signed agreements compares to more than half a trillion worth in 2017.
For the foreign investors who did show, the Khashoggi crisis cast a long shadow -- not just over the gathering but about doing business in the region’s biggest economy. The buzz in Riyadh wasn’t about futuristic cities, robots and money-making opportunities but about how 33-year-old Crown Prince Mohammed bin Salman would address the matter. Investors and Saudi officials talked about a "hideous crime," a "regrettable and abhorrent act."
The international outcry over the murder of U.S.-based columnist Jamal Khashoggi turned Saudi Arabia’s star turn on the world’s business stage into a sedate, mostly regional, affair.
Missing from the second edition of the Future Investment Initiative were global captains of industry, eye-popping contracts and even the inveterate optimism that dealmakers bring to such events. The $50 billion of signed agreements compares to more than half a trillion worth in 2017.
For the foreign investors who did show, the Khashoggi crisis cast a long shadow -- not just over the gathering but about doing business in the region’s biggest economy. The buzz in Riyadh wasn’t about futuristic cities, robots and money-making opportunities but about how 33-year-old Crown Prince Mohammed bin Salman would address the matter. Investors and Saudi officials talked about a "hideous crime," a "regrettable and abhorrent act."
Saudi's NEOM proceeding with prospective partners: CEO | Reuters
Saudi's NEOM proceeding with prospective partners: CEO | Reuters:
Saudi Arabia’s mega business zone called NEOM is still proceeding with prospective partners, despite the fallout from the death of Saudi journalist Jamal Khashoggi, NEOM’s chief executive Nadhmi al-Nasr said on Thursday.
Speaking at an investment conference in the kingdom, he didn’t name the prospective partners.
NEOM, a $500 billion project which was announced by |Crown Prince Mohammed bin Salman last year, is under development in the northwest of the kingdom.
Saudi Arabia’s mega business zone called NEOM is still proceeding with prospective partners, despite the fallout from the death of Saudi journalist Jamal Khashoggi, NEOM’s chief executive Nadhmi al-Nasr said on Thursday.
Speaking at an investment conference in the kingdom, he didn’t name the prospective partners.
NEOM, a $500 billion project which was announced by |Crown Prince Mohammed bin Salman last year, is under development in the northwest of the kingdom.
OPEC, allies may need to change course as oil inventories rise: panel | Reuters
OPEC, allies may need to change course as oil inventories rise: panel | Reuters:
OPEC signaled on Thursday it may have to return to oil production cuts as global inventories rise, in a statement that may further sour relations with U.S. President Donald Trump.
The president has repeatedly lashed out at the Organization of the Petroleum Exporting Countries, saying it is not supplying enough oil. OPEC, plus Russia and other allied non-OPEC producers agreed to pump more in June.
An OPEC and non-OPEC ministerial panel concluded that supply is “very comfortable” compared to demand and warned producers may need a change of tack because of rising inventories and economic uncertainties.
OPEC signaled on Thursday it may have to return to oil production cuts as global inventories rise, in a statement that may further sour relations with U.S. President Donald Trump.
The president has repeatedly lashed out at the Organization of the Petroleum Exporting Countries, saying it is not supplying enough oil. OPEC, plus Russia and other allied non-OPEC producers agreed to pump more in June.
An OPEC and non-OPEC ministerial panel concluded that supply is “very comfortable” compared to demand and warned producers may need a change of tack because of rising inventories and economic uncertainties.
Khashoggi crisis may test Saudi PIF's expansion ambitions | Reuters
Khashoggi crisis may test Saudi PIF's expansion ambitions | Reuters:
A year ago the Saudi sovereign investor Public Investment Fund (PIF) was a rising star among state-backed funds.
It poured billions of dollars into the SoftBank technology fund of Japanese tycoon Masayoshi Son and the infrastructure vehicle of U.S. private equity firm Blackstone, and was building a war chest for overseas deals.
PIF, chaired by Crown Prince Mohammed bin Salman, emerged as the most viable partner for foreign investors after an anti-corruption purge last year tainted many members of the Saudi business elite.
A year ago the Saudi sovereign investor Public Investment Fund (PIF) was a rising star among state-backed funds.
It poured billions of dollars into the SoftBank technology fund of Japanese tycoon Masayoshi Son and the infrastructure vehicle of U.S. private equity firm Blackstone, and was building a war chest for overseas deals.
PIF, chaired by Crown Prince Mohammed bin Salman, emerged as the most viable partner for foreign investors after an anti-corruption purge last year tainted many members of the Saudi business elite.
Breakingviews - Cox: Saudenfreude over Khashoggi absent from Doha | Reuters
Breakingviews - Cox: Saudenfreude over Khashoggi absent from Doha | Reuters:
An influential Saudi Arabian prince once called Qatar, a spit of sand sticking into the Persian Gulf like a thumb, nothing more than “300 people and a television channel.” Such disdain inspired Saudi Crown Prince Mohammed bin Salman to initiate a four-nation blockade of the country. But not a year and a half later, the young Saudi monarch has acknowledged what has become apparent to the world: Qatar is doing just fine.
It would be easy for this tiny-but-rich nation of 2.6 million people to gloat over the global public display of revulsion surrounding the killing of journalist Jamal Khashoggi by Saudi agents. Yet “Saudenfreude,” or satisfaction over condemnation of its neighbour’s alleged drawing-and-quartering of a prominent dissident in its Istanbul consulate, is in short supply in Doha.
That’s not because Qatar is especially humble. Emir Sheikh Tamim bin Hamad al-Thani’s visage is more ubiquitous in the capital than those of his counterparts in Abu Dhabi or Dubai. His silhouette adorns everything from skyscrapers to taxis. And Qatar has never been shy about flaunting its good fortune, embarking on flashy shopping sprees and acquiring trophy assets like Harrods and French soccer club, Paris Saint-Germain.
An influential Saudi Arabian prince once called Qatar, a spit of sand sticking into the Persian Gulf like a thumb, nothing more than “300 people and a television channel.” Such disdain inspired Saudi Crown Prince Mohammed bin Salman to initiate a four-nation blockade of the country. But not a year and a half later, the young Saudi monarch has acknowledged what has become apparent to the world: Qatar is doing just fine.
It would be easy for this tiny-but-rich nation of 2.6 million people to gloat over the global public display of revulsion surrounding the killing of journalist Jamal Khashoggi by Saudi agents. Yet “Saudenfreude,” or satisfaction over condemnation of its neighbour’s alleged drawing-and-quartering of a prominent dissident in its Istanbul consulate, is in short supply in Doha.
That’s not because Qatar is especially humble. Emir Sheikh Tamim bin Hamad al-Thani’s visage is more ubiquitous in the capital than those of his counterparts in Abu Dhabi or Dubai. His silhouette adorns everything from skyscrapers to taxis. And Qatar has never been shy about flaunting its good fortune, embarking on flashy shopping sprees and acquiring trophy assets like Harrods and French soccer club, Paris Saint-Germain.
Back to the future: Saudi investor forum saved by old mainstay oil | Reuters
Back to the future: Saudi investor forum saved by old mainstay oil | Reuters:
Saudi Arabia’s investment forum was designed to showcase the kingdom’s new future away from oil, but it was black gold and old allies that rescued this week’s event from the furor over the killing of journalist Jamal Khashoggi.
Riyadh inked multi-billion dollar agreements, mainly energy deals, despite a boycott of the event by dozens of high-level Western politicians, bankers and top executives scheduled to speak at the three-day gathering that ended on Thursday.
Yet the event paled in comparison to the 2017 inaugural investment conference, when robots roamed the venue as the kingdom turned its focus to the promise of new technology and announced plans to build a $500 billion mega city of the future.
Saudi Arabia’s investment forum was designed to showcase the kingdom’s new future away from oil, but it was black gold and old allies that rescued this week’s event from the furor over the killing of journalist Jamal Khashoggi.
Riyadh inked multi-billion dollar agreements, mainly energy deals, despite a boycott of the event by dozens of high-level Western politicians, bankers and top executives scheduled to speak at the three-day gathering that ended on Thursday.
Yet the event paled in comparison to the 2017 inaugural investment conference, when robots roamed the venue as the kingdom turned its focus to the promise of new technology and announced plans to build a $500 billion mega city of the future.
UAE's Etisalat Q3 profit falls on higher capital expenditure | Reuters
UAE's Etisalat Q3 profit falls on higher capital expenditure | Reuters:
Emirates Telecommunications Group (Etisalat) on Thursday reported a 4.2 percent drop in third-quarter net profit, hit by increased capital expenditure.
Etisalat made a net profit of 2.3 billion dirhams ($626 million) in the three months to Sept. 30, it said in a bourse filing. That compared with 2.4 billion dirhams in the same period last year.
SICO Bahrain had forecast that Etisalat would make a quarterly net profit of 2.1 billion dirhams.
Emirates Telecommunications Group (Etisalat) on Thursday reported a 4.2 percent drop in third-quarter net profit, hit by increased capital expenditure.
Etisalat made a net profit of 2.3 billion dirhams ($626 million) in the three months to Sept. 30, it said in a bourse filing. That compared with 2.4 billion dirhams in the same period last year.
SICO Bahrain had forecast that Etisalat would make a quarterly net profit of 2.1 billion dirhams.
Oil recover with stock markets, demand concerns weigh | Reuters
Oil recover with stock markets, demand concerns weigh | Reuters:
Oil prices rose on Thursday alongside U.S. stock markets as Wall Street recovered from the worst meltdown since 2011 the previous day, allaying some fears that a slowdown in global economic growth would hit demand for oil.
Brent crude futures LCOc1 crude rose 80 cents to $76.78 per barrel at 11:36 a.m. EDT (1556 GMT) as U.S. equities rose amid strong corporate earnings. The global benchmark has lost around $10 a barrel since hitting a high of $86.74 on Oct. 3.
U.S. crude CLc1 rose to $67.36, up 54 cents.
Oil prices rose on Thursday alongside U.S. stock markets as Wall Street recovered from the worst meltdown since 2011 the previous day, allaying some fears that a slowdown in global economic growth would hit demand for oil.
Brent crude futures LCOc1 crude rose 80 cents to $76.78 per barrel at 11:36 a.m. EDT (1556 GMT) as U.S. equities rose amid strong corporate earnings. The global benchmark has lost around $10 a barrel since hitting a high of $86.74 on Oct. 3.
U.S. crude CLc1 rose to $67.36, up 54 cents.
MIDEAST STOCKS-Saudi leaps on earnings and conference optimism, outperforms Gulf | Reuters
MIDEAST STOCKS-Saudi leaps on earnings and conference optimism, outperforms Gulf | Reuters:
Saudi Arabia’s stock market surged on Thursday, outperforming most major Gulf markets, boosted by strong corporate earnings and improved market sentiment after a three-day investment conference in Riyadh.
The index closed 4.3 percent higher in heavy volume at 7,836 points, the highest in two weeks.
A major international investment conference in Riyadh, boycotted by some top Western executives over the killing of Saudi dissident Jamal Khashoggi, drew to a close on Thursday with the government announcing the signing of billions of dollars worth of deals or memorandums of understanding.
Saudi Arabia’s stock market surged on Thursday, outperforming most major Gulf markets, boosted by strong corporate earnings and improved market sentiment after a three-day investment conference in Riyadh.
The index closed 4.3 percent higher in heavy volume at 7,836 points, the highest in two weeks.
A major international investment conference in Riyadh, boycotted by some top Western executives over the killing of Saudi dissident Jamal Khashoggi, drew to a close on Thursday with the government announcing the signing of billions of dollars worth of deals or memorandums of understanding.
Mideast Stocks: Saudi surges over 3% on strong results, outperforms Gulf | ZAWYA MENA Edition
Mideast Stocks: Saudi surges over 3% on strong results, outperforms Gulf | ZAWYA MENA Edition:
Saudi Arabia's stock market rose sharply in early trade on Thursday, outperforming other major Gulf markets as it was buoyed by a slew of strong corporate earnings.
The main index rose 3.5 percent in the first 75 minutes of trade, with banks and petrochemical firms gaining the most.
Al Rajhi Bank added 5.2 percent after its third-quarter profit rose and top petrochemical producer Saudi Basic Industries was up 4.6 percent.
Saudi Arabia's stock market rose sharply in early trade on Thursday, outperforming other major Gulf markets as it was buoyed by a slew of strong corporate earnings.
The main index rose 3.5 percent in the first 75 minutes of trade, with banks and petrochemical firms gaining the most.
Al Rajhi Bank added 5.2 percent after its third-quarter profit rose and top petrochemical producer Saudi Basic Industries was up 4.6 percent.
Rising steel sales help Industries Qatar Q3 profit jump | ZAWYA MENA Edition
Rising steel sales help Industries Qatar Q3 profit jump | ZAWYA MENA Edition:
Middle East petrochemicals, metals and fertiliser group Industries Qatar (IQ) saw a near 80 percent jump in earnings in the third quarter, a results release indicated on Thursday.
According to Reuters calculations - based on the company's release of January-September earnings - IQ made a net profit of 1.32 billion riyals ($363 million) in July-September. That was up from 747.8 million riyals in the corresponding period of last year.
The company reported a net profit of 3.8 billion riyals for January-September, up from 2.4 billion riyals a year earlier.
Middle East petrochemicals, metals and fertiliser group Industries Qatar (IQ) saw a near 80 percent jump in earnings in the third quarter, a results release indicated on Thursday.
According to Reuters calculations - based on the company's release of January-September earnings - IQ made a net profit of 1.32 billion riyals ($363 million) in July-September. That was up from 747.8 million riyals in the corresponding period of last year.
The company reported a net profit of 3.8 billion riyals for January-September, up from 2.4 billion riyals a year earlier.
Petro-States Have Got a Problem With Their Economies - Bloomberg
Petro-States Have Got a Problem With Their Economies - Bloomberg:
Countries heavily reliant on oil and gas for revenue must diversify their economies or face worsening finances, the International Energy Agency warns in a new report.
While revenue for petro-states has always fluctuated in boom-and-bust price cycles, this time is different. Surging U.S. shale production, the expansion of renewables and increases in energy efficiency pose a more fundamental challenge.
“Now, more than at any other point in recent history, fundamental changes to the development model look unavoidable,” IEA Executive Director Fatih Birol said in an interview. “Countries cannot afford to base their economies on oil and gas revenue only. It’s high time to diversify their economies.”
Countries heavily reliant on oil and gas for revenue must diversify their economies or face worsening finances, the International Energy Agency warns in a new report.
While revenue for petro-states has always fluctuated in boom-and-bust price cycles, this time is different. Surging U.S. shale production, the expansion of renewables and increases in energy efficiency pose a more fundamental challenge.
“Now, more than at any other point in recent history, fundamental changes to the development model look unavoidable,” IEA Executive Director Fatih Birol said in an interview. “Countries cannot afford to base their economies on oil and gas revenue only. It’s high time to diversify their economies.”
U.S to stay 'key part' of Saudi economy despite forum boycott: energy minister | Reuters
U.S to stay 'key part' of Saudi economy despite forum boycott: energy minister | Reuters:
The United States will remain “a key part” of the Saudi economy despite a boycott of the Future Investment Initiative conference, Saudi Energy Minister Khalid al Falih told Elekhbariya state-TV on Thursday.
A number of Western politicians and global business chiefs stayed away from Saudi Arabia’s premier investment event over the killing of dissident journalist Jamal Khashoggi, which has sparked an international outcry.
“The U.S. will remain a key part of the Saudi economy because the interests that tie us are bigger than what is being weakened by the failed boycotting campaign of the conference,” he said.
The United States will remain “a key part” of the Saudi economy despite a boycott of the Future Investment Initiative conference, Saudi Energy Minister Khalid al Falih told Elekhbariya state-TV on Thursday.
A number of Western politicians and global business chiefs stayed away from Saudi Arabia’s premier investment event over the killing of dissident journalist Jamal Khashoggi, which has sparked an international outcry.
“The U.S. will remain a key part of the Saudi economy because the interests that tie us are bigger than what is being weakened by the failed boycotting campaign of the conference,” he said.
Oil prices fall as stock markets plunge | Reuters
Oil prices fall as stock markets plunge | Reuters:
Oil prices fell on Thursday as Asian and European stock markets plunged in the wake of Wall Street’s biggest daily decline since 2011, with investors shedding risk in an uncertain political landscape.
Brent crude oil LCOc1 fell 82 cents, or 1.1 percent, to a low of $75.35 before recovering a little to trade at $75.87 by 0900 GMT. The global benchmark has lost more than $10 a barrel since hitting a high of $86.74 on Oct. 3.
Oil prices fell on Thursday as Asian and European stock markets plunged in the wake of Wall Street’s biggest daily decline since 2011, with investors shedding risk in an uncertain political landscape.
Brent crude oil LCOc1 fell 82 cents, or 1.1 percent, to a low of $75.35 before recovering a little to trade at $75.87 by 0900 GMT. The global benchmark has lost more than $10 a barrel since hitting a high of $86.74 on Oct. 3.
Saudi Arabia third-quarter non-oil revenue up 48 percent: finance minister | Reuters
Saudi Arabia third-quarter non-oil revenue up 48 percent: finance minister | Reuters:
Saudi Arabia’s third-quarter non-oil revenue jumped 48 percent from the same period last year, to 211 billion riyals ($56.25 billion), its finance minister said on Thursday.
The kingdom, which is working on a number of economic reforms to diversify its oil-reliant economy, had non-oil revenues of 89.4 billion riyals in the second quarter, up 42 percent year on year.
Speaking at an investment conference in Riyadh, Mohammed al-Jadaan said that spending in the third quarter went up by 25 percent.
Saudi Arabia’s third-quarter non-oil revenue jumped 48 percent from the same period last year, to 211 billion riyals ($56.25 billion), its finance minister said on Thursday.
The kingdom, which is working on a number of economic reforms to diversify its oil-reliant economy, had non-oil revenues of 89.4 billion riyals in the second quarter, up 42 percent year on year.
Speaking at an investment conference in Riyadh, Mohammed al-Jadaan said that spending in the third quarter went up by 25 percent.
UPDATE 1-Oman sells $1.5 billion sukuk as Khashoggi crisis raises funding costs | Reuters
UPDATE 1-Oman sells $1.5 billion sukuk as Khashoggi crisis raises funding costs | Reuters:
Oman sold $1.5 billion in sukuk, or Islamic bonds, on Wednesday but the generous investor returns it had to offer showed that the crisis over the killing of Saudi journalist Jamal Khashoggi is raising funding costs across the Gulf region, fund managers said.
The bond issue is Oman’s second public debt issuance this year, as the sultanate borrows internationally to finance a budget deficit caused by a slump in oil prices over the past few years. It follows a $6.5 billion conventional bond issue in January, the country’s largest ever debt sale.
Oman’s new debt issue came amid rising investor concerns over the deterioration of Saudi Arabia’s international relations after the killing of Khashoggi, a critic of the kingdom’s Crown Prince Mohammed bin Salman.
Oman sold $1.5 billion in sukuk, or Islamic bonds, on Wednesday but the generous investor returns it had to offer showed that the crisis over the killing of Saudi journalist Jamal Khashoggi is raising funding costs across the Gulf region, fund managers said.
The bond issue is Oman’s second public debt issuance this year, as the sultanate borrows internationally to finance a budget deficit caused by a slump in oil prices over the past few years. It follows a $6.5 billion conventional bond issue in January, the country’s largest ever debt sale.
Oman’s new debt issue came amid rising investor concerns over the deterioration of Saudi Arabia’s international relations after the killing of Khashoggi, a critic of the kingdom’s Crown Prince Mohammed bin Salman.
Wednesday, 24 October 2018
Khashoggi’s death is radioactive for Saudi Arabia’s crown prince | Financial Times
Khashoggi’s death is radioactive for Saudi Arabia’s crown prince | Financial Times:
Saudi Arabia’s latest explanation for the death of Jamal Khashoggi — that he was killed in a “fist-fight” with “rogue” operators lying in wait at its Istanbul consulate — is beneath contempt. After more than two weeks of lies, Riyadh has acknowledged the killing but wrapped it in a preposterous story that cannot survive even the scrutiny of US president Donald Trump, an unstinting fan of the Saudi royal family and its riches, who has called it “ the worst cover-up ever”.
Turkish president Recep Tayyip Erdogan denounced Khashoggi’s killing as a premeditated murder by a Saudi hit-squad. Mr Erdogan, an unlikely champion of press freedom, is now orchestrating what has turned into a spectacularly global crisis, subjecting Mohammed bin Salman, the young Saudi crown prince who is accused of ordering Khashoggi’s liquidation, to death by a thousand leaks.
Turkish intelligence sources have drip-fed local and international media with alleged details of how Khashoggi — who settled in the US last year as a columnist for the Washington Post after the crown prince’s office silenced him — was lured to the Istanbul consulate and then murdered and dismembered.
Saudi Arabia’s latest explanation for the death of Jamal Khashoggi — that he was killed in a “fist-fight” with “rogue” operators lying in wait at its Istanbul consulate — is beneath contempt. After more than two weeks of lies, Riyadh has acknowledged the killing but wrapped it in a preposterous story that cannot survive even the scrutiny of US president Donald Trump, an unstinting fan of the Saudi royal family and its riches, who has called it “ the worst cover-up ever”.
Turkish president Recep Tayyip Erdogan denounced Khashoggi’s killing as a premeditated murder by a Saudi hit-squad. Mr Erdogan, an unlikely champion of press freedom, is now orchestrating what has turned into a spectacularly global crisis, subjecting Mohammed bin Salman, the young Saudi crown prince who is accused of ordering Khashoggi’s liquidation, to death by a thousand leaks.
Turkish intelligence sources have drip-fed local and international media with alleged details of how Khashoggi — who settled in the US last year as a columnist for the Washington Post after the crown prince’s office silenced him — was lured to the Istanbul consulate and then murdered and dismembered.
Exclusive: Bahrain's Mumtalakat has $15bn under management and open to exiting GEMS - The National
Exclusive: Bahrain's Mumtalakat has $15bn under management and open to exiting GEMS - The National:
Mumtalakat, the sovereign wealth fund of Bahrain, is now managing about $15 billion in assets and is open to selling its stake in GEMS Education, its chief executive said on Wednesday.
"If the opportunity arises, we will leave [GEMS]. If there's a long-term prospect then we don’t mind [staying]," Mahmood Alkooheji said in an interview with The National at the Future Investment Initiative conference in Riyadh.
Blackstone, Dubai-based Fajr Capital, Mumtalakat and the Varkey Group, which is a majority owner in the education provider, are considering selling some or all of their stakes in GEMS in a deal that could value it at about $4 billion, Bloomberg reported earlier this month. GEMS, which owns and operates 47 schools and nurseries across the GCC, was slated to list in London but delayed its initial public offering according to media reports in June.
Mumtalakat, the sovereign wealth fund of Bahrain, is now managing about $15 billion in assets and is open to selling its stake in GEMS Education, its chief executive said on Wednesday.
"If the opportunity arises, we will leave [GEMS]. If there's a long-term prospect then we don’t mind [staying]," Mahmood Alkooheji said in an interview with The National at the Future Investment Initiative conference in Riyadh.
Blackstone, Dubai-based Fajr Capital, Mumtalakat and the Varkey Group, which is a majority owner in the education provider, are considering selling some or all of their stakes in GEMS in a deal that could value it at about $4 billion, Bloomberg reported earlier this month. GEMS, which owns and operates 47 schools and nurseries across the GCC, was slated to list in London but delayed its initial public offering according to media reports in June.
How airspace is distributed in the Gulf
How airspace is distributed in the Gulf:
Back in June 2017, a Saudi-led unjust blockade on the State of Qatar pushed the distribution of airspace in the Gulf into the spotlight. Blockading states — the UAE, Saudi Arabia, Bahrain, and also Egypt — issued NOTAMS (notices to flight crew) announcing the immediate closure of their airspace to all Qatari registered aircraft, a breach of ICAO’s Chicago Convention.
For Qatar, the closure of Bahrain’s airspace had been the most critical. Qatar’s own “airspace” is very small, and thus its airline relied on flying through Bahrain’s comparatively vast “airspace”. When Bahrain announced it had closed its airspace in order to impose an air blockade on its Gulf neighbour — the Middle East realised the huge (air) territorial power Bahrain had possessed for the last 50 years.
Sovereign airspace by international law corresponds with the maritime definition of territorial waters as being 12 nautical miles out from a nation’s coastline. Airspace not within any country’s territorial limit is considered international. When I refer to ‘airspace’, I’m actually referring to a “flight information region” shape (FIR).
Back in June 2017, a Saudi-led unjust blockade on the State of Qatar pushed the distribution of airspace in the Gulf into the spotlight. Blockading states — the UAE, Saudi Arabia, Bahrain, and also Egypt — issued NOTAMS (notices to flight crew) announcing the immediate closure of their airspace to all Qatari registered aircraft, a breach of ICAO’s Chicago Convention.
For Qatar, the closure of Bahrain’s airspace had been the most critical. Qatar’s own “airspace” is very small, and thus its airline relied on flying through Bahrain’s comparatively vast “airspace”. When Bahrain announced it had closed its airspace in order to impose an air blockade on its Gulf neighbour — the Middle East realised the huge (air) territorial power Bahrain had possessed for the last 50 years.
Sovereign airspace by international law corresponds with the maritime definition of territorial waters as being 12 nautical miles out from a nation’s coastline. Airspace not within any country’s territorial limit is considered international. When I refer to ‘airspace’, I’m actually referring to a “flight information region” shape (FIR).
Qatar-Turkey trade likely to reach $2bn by year-end
Qatar-Turkey trade likely to reach $2bn by year-end:
Qatar-Turkey trade volume is expected to reach $2bn by the end of 2018, according to ambassador Fikret Ozer, who spoke on the sidelines of the ‘Turkey Festival’ launching at Al Meera Hyatt Plaza held on Wednesday.
Ambassador Fikret Ozer said the volume of trade between Qatar and Turkey stood at $1.3bn from January to August 2018, pointing to the possibility of reaching $2bn by year-end, state-run Qatar News Agency (QNA) reported.
He also said there is a possibility to establish a company specialised in maritime transport between the two countries, which is under study and is scheduled to launch soon as he stressed on the need for such a company. Ozer noted that the volume of contracts awarded to the Turkish companies engaged in contracting works in Qatar is estimated at $15bn.
Qatar-Turkey trade volume is expected to reach $2bn by the end of 2018, according to ambassador Fikret Ozer, who spoke on the sidelines of the ‘Turkey Festival’ launching at Al Meera Hyatt Plaza held on Wednesday.
Ambassador Fikret Ozer said the volume of trade between Qatar and Turkey stood at $1.3bn from January to August 2018, pointing to the possibility of reaching $2bn by year-end, state-run Qatar News Agency (QNA) reported.
He also said there is a possibility to establish a company specialised in maritime transport between the two countries, which is under study and is scheduled to launch soon as he stressed on the need for such a company. Ozer noted that the volume of contracts awarded to the Turkish companies engaged in contracting works in Qatar is estimated at $15bn.
Aramco Signals Chemical Ambitions Beyond $70 Billion Sabic Deal - Bloomberg
Aramco Signals Chemical Ambitions Beyond $70 Billion Sabic Deal - Bloomberg:
Saudi Aramco’s chief executive officer said he has bigger ambitions in petrochemicals beyond the planned $70 billion acquisition of a strategic stake in local company Sabic, touting plastics as a key hedge against an electric-car driven slowdown in global oil demand growth.
"We still have to do more," Amin Nasser, chief executive officer of state-owned Aramco, said in an interview in Riyadh.
Nasser’s comments are the latest signal Aramco is transforming from a giant oil producer into a vertically integrated energy company, mirroring a shift that major publicly-listed companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc performed years ago. The shift comes as the International Energy Agency forecast that demand for petrochemicals -- the building blocks for plastics -- will become the largest force in global oil demand growth, out-pacing consumption from cars, planes and trucks.
Saudi Aramco’s chief executive officer said he has bigger ambitions in petrochemicals beyond the planned $70 billion acquisition of a strategic stake in local company Sabic, touting plastics as a key hedge against an electric-car driven slowdown in global oil demand growth.
"We still have to do more," Amin Nasser, chief executive officer of state-owned Aramco, said in an interview in Riyadh.
Nasser’s comments are the latest signal Aramco is transforming from a giant oil producer into a vertically integrated energy company, mirroring a shift that major publicly-listed companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc performed years ago. The shift comes as the International Energy Agency forecast that demand for petrochemicals -- the building blocks for plastics -- will become the largest force in global oil demand growth, out-pacing consumption from cars, planes and trucks.
Saudi Prince’s Performance Will Only Play in Riyadh - Bloomberg
Saudi Prince’s Performance Will Only Play in Riyadh - Bloomberg:
If Mohammed bin Salman is feeling the walls close in on him over the Khashoggi affair, there was certainly no inkling of anxiety in his performance at the Saudi investment conference in Riyadh on Wednesday. In brief comments about the murder of the Washington Post columnist, the kingdom’s de facto ruler declared the killing a “heinous crime,” adding that all legal measures were being pursued. He promised that it would not create a “wedge” between Saudi Arabia and Turkey. Thereafter, his contributions to a panel discussion were limited to economic matters.
But for all his sangfroid, pressure on Prince Mohammed is growing. In Washington, the U.S. President Donald Trump was unusually forthright when asked about the possible involvement of “MBS” in the murder: “Well, the prince is running things over there more so at this stage. He’s running things and so if anybody were going to be, it would be him.” He also described the initial Saudi narrative about what happened at the consulate in Istanbul as “the worst cover-up ever.”
Trump seems to be swinging ever closer to the position of senior figures in Congress such as the Republican Lindsey Graham, who have scoffed openly at the idea that the murder of a prominent critic of the royal family could have been carried out without the knowledge of the crown prince. “In terms of what we ultimately do I’m going to leave it very much — in conjunction with me — up to Congress,” Trump said. A bipartisan group of senators has already written to the president demanding action, triggering an investigation, and potential sanctions under the Magnitsky Act — which has been used to target Russians.
If Mohammed bin Salman is feeling the walls close in on him over the Khashoggi affair, there was certainly no inkling of anxiety in his performance at the Saudi investment conference in Riyadh on Wednesday. In brief comments about the murder of the Washington Post columnist, the kingdom’s de facto ruler declared the killing a “heinous crime,” adding that all legal measures were being pursued. He promised that it would not create a “wedge” between Saudi Arabia and Turkey. Thereafter, his contributions to a panel discussion were limited to economic matters.
But for all his sangfroid, pressure on Prince Mohammed is growing. In Washington, the U.S. President Donald Trump was unusually forthright when asked about the possible involvement of “MBS” in the murder: “Well, the prince is running things over there more so at this stage. He’s running things and so if anybody were going to be, it would be him.” He also described the initial Saudi narrative about what happened at the consulate in Istanbul as “the worst cover-up ever.”
Trump seems to be swinging ever closer to the position of senior figures in Congress such as the Republican Lindsey Graham, who have scoffed openly at the idea that the murder of a prominent critic of the royal family could have been carried out without the knowledge of the crown prince. “In terms of what we ultimately do I’m going to leave it very much — in conjunction with me — up to Congress,” Trump said. A bipartisan group of senators has already written to the president demanding action, triggering an investigation, and potential sanctions under the Magnitsky Act — which has been used to target Russians.
Saudi Prince Praises Qatar's Economy in Surprising Shift - Bloomberg
Saudi Prince Praises Qatar's Economy in Surprising Shift - Bloomberg:
Saudi Crown Prince Mohammed bin Salman acknowledged the resilience of Qatar’s “strong economy” in a surprising shift of tone for the man who has spent more than a year enforcing an embargo against the small gas-rich emirate.
“Even Qatar, despite our differences with them, has a very strong economy and will be very different” in the next five years, the prince said at an investment summit in the Saudi capital as he explained his vision for the Middle East’s place in the world. He listed Qatar among the countries in the region capable of changing for the better in the next five years.
Why the Breach Between Saudis, Qataris Goes On and On: QuickTake
Saudi Crown Prince Mohammed bin Salman acknowledged the resilience of Qatar’s “strong economy” in a surprising shift of tone for the man who has spent more than a year enforcing an embargo against the small gas-rich emirate.
“Even Qatar, despite our differences with them, has a very strong economy and will be very different” in the next five years, the prince said at an investment summit in the Saudi capital as he explained his vision for the Middle East’s place in the world. He listed Qatar among the countries in the region capable of changing for the better in the next five years.
Why the Breach Between Saudis, Qataris Goes On and On: QuickTake
Saudi Al Rajhi Bank, SABB report double-digit Q3 profit growth | Reuters
Saudi Al Rajhi Bank, SABB report double-digit Q3 profit growth | Reuters:
Al Rajhi Bank and Saudi British Bank, two of Saudi Arabia’s largest banks, reported double-digit third-quarter profit growth on Wednesday, broadly in line with forecasts.
Al Rajhi Bank, the kingdom’s second-largest lender by assets, reported a 13.6 percent climb in its third-quarter net profit, helped by a rise in net special commission income and fees from banking services.
The bank made 2.57 billion riyals ($685.2 million) net profit in the three months to Sept. 30, up from 2.27 billion riyals in the same period a year earlier, it said in a bourse statement.
Al Rajhi Bank and Saudi British Bank, two of Saudi Arabia’s largest banks, reported double-digit third-quarter profit growth on Wednesday, broadly in line with forecasts.
Al Rajhi Bank, the kingdom’s second-largest lender by assets, reported a 13.6 percent climb in its third-quarter net profit, helped by a rise in net special commission income and fees from banking services.
The bank made 2.57 billion riyals ($685.2 million) net profit in the three months to Sept. 30, up from 2.27 billion riyals in the same period a year earlier, it said in a bourse statement.
EU mechanism for Iran trade to be symbolically ready on Nov. 4: diplomats | Reuters
EU mechanism for Iran trade to be symbolically ready on Nov. 4: diplomats | Reuters:
A new European Union mechanism to facilitate payments for Iranian exports should be legally in place by Nov. 4, when the next phase of U.S. sanctions hit, but will not be operational until early next year, three diplomats said.
The mechanism, a so-called special purpose vehicle (SPV), is designed to circumvent the sanctions, under which Washington can cut off any bank that enables oil transactions with Iran.
The SPV, which could incorporate a barter system, aims to sidestep the U.S. financial system by using an EU intermediary to handle trade with Iran. It could ensure, for example, that Iranian oil bought by Europeans could be paid for with EU goods and services of the same value.
A new European Union mechanism to facilitate payments for Iranian exports should be legally in place by Nov. 4, when the next phase of U.S. sanctions hit, but will not be operational until early next year, three diplomats said.
The mechanism, a so-called special purpose vehicle (SPV), is designed to circumvent the sanctions, under which Washington can cut off any bank that enables oil transactions with Iran.
The SPV, which could incorporate a barter system, aims to sidestep the U.S. financial system by using an EU intermediary to handle trade with Iran. It could ensure, for example, that Iranian oil bought by Europeans could be paid for with EU goods and services of the same value.
NMC Health, Hassana Investment sign agreement to build Saudi healthcare network | Reuters
NMC Health, Hassana Investment sign agreement to build Saudi healthcare network | Reuters:
NMC Health said it has signed an agreement with Hassana Investment Company, the investment arm of the General Organization for Social Insurance (GoSI) of Saudi Arabia, to develop a pan Saudi Arabian network of world-class healthcare facilities.
The memorandum of understanding targets a total investment of 6 billion Saudi riyals and the employment of up to 10,000 staff over the next five years, NMC said in a statement.
NMC Health said it has signed an agreement with Hassana Investment Company, the investment arm of the General Organization for Social Insurance (GoSI) of Saudi Arabia, to develop a pan Saudi Arabian network of world-class healthcare facilities.
The memorandum of understanding targets a total investment of 6 billion Saudi riyals and the employment of up to 10,000 staff over the next five years, NMC said in a statement.
Factbox: Foreign investment in Saudi Arabia | Reuters
Factbox: Foreign investment in Saudi Arabia | Reuters:
Scandal surrounding the killing of Saudi journalist Jamal Khashoggi has shrunk the attendance of senior executives from multinational companies at this week’s Future Investment Initiative conference in Riyadh.
But the Gulf’s largest economy remains an important market for global businesses, ranging from oil majors to leading banks.
More than $50 billion in deals were signed at the conference on Tuesday, including a deal between Total (TOTF.PA) and Saudi Aramco [IPO-ARMO.SE] to create a retail network in the kingdom.
Scandal surrounding the killing of Saudi journalist Jamal Khashoggi has shrunk the attendance of senior executives from multinational companies at this week’s Future Investment Initiative conference in Riyadh.
But the Gulf’s largest economy remains an important market for global businesses, ranging from oil majors to leading banks.
More than $50 billion in deals were signed at the conference on Tuesday, including a deal between Total (TOTF.PA) and Saudi Aramco [IPO-ARMO.SE] to create a retail network in the kingdom.
U.S. oil prices up after sharp drop in fuel stocks | Reuters
U.S. oil prices up after sharp drop in fuel stocks | Reuters:
Oil prices rose modestly on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured a seasonal increase in refining demand.
However, traders remain concerned about worldwide demand, and that weakness in global equities would also reduce buying of assets like oil by investment managers. On Tuesday, oil prices slumped 5 percent on concerns about a weaker economic outlook.
Looming U.S. sanctions on oil exporter Iran have helped support prices.
Oil prices rose modestly on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured a seasonal increase in refining demand.
However, traders remain concerned about worldwide demand, and that weakness in global equities would also reduce buying of assets like oil by investment managers. On Tuesday, oil prices slumped 5 percent on concerns about a weaker economic outlook.
Looming U.S. sanctions on oil exporter Iran have helped support prices.
MIDEAST STOCKS-Saudi's fall cushioned by results, Qatar drops on profit taking | Reuters
MIDEAST STOCKS-Saudi's fall cushioned by results, Qatar drops on profit taking | Reuters:
Saudi Arabia’s stock market slipped modestly in quiet trade on Wednesday, despite volatility from selling by foreign and retail investors after the killing of Saudi journalist Jamal Khashoggi.
President Donald Trump said on Tuesday Saudi authorities staged the “worst cover-up ever” in the killing of Khashoggi, as the United States vowed to revoke the visas of some of those believed to be responsible.
The Saudi index lost 0.5 percent, but many stocks outperformed the index on the back of their corporate earnings.
Saudi Arabia’s stock market slipped modestly in quiet trade on Wednesday, despite volatility from selling by foreign and retail investors after the killing of Saudi journalist Jamal Khashoggi.
President Donald Trump said on Tuesday Saudi authorities staged the “worst cover-up ever” in the killing of Khashoggi, as the United States vowed to revoke the visas of some of those believed to be responsible.
The Saudi index lost 0.5 percent, but many stocks outperformed the index on the back of their corporate earnings.
More Saudi sectors opened to foreign investment
More Saudi sectors opened to foreign investment:
Saudi Arabia will allow foreigners to invest in audiovisual services, land transport and real-estate brokerages, the Cabinet decided on Tuesday.
The Cabinet amended what it described as types of activity that had been previously excluded from foreign investment, after concluding its weekly meeting chaired by King Salman.
The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate.
Saudi Arabia will allow foreigners to invest in audiovisual services, land transport and real-estate brokerages, the Cabinet decided on Tuesday.
The Cabinet amended what it described as types of activity that had been previously excluded from foreign investment, after concluding its weekly meeting chaired by King Salman.
The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate.
MIDEAST STOCKS-Company results lift Saudi market; Abu Dhabi, Dubai and Qatar slip | Agricultural Commodities | Reuters
MIDEAST STOCKS-Company results lift Saudi market; Abu Dhabi, Dubai and Qatar slip | Agricultural Commodities | Reuters:
Saudi Arabia’s stock market took a breather on Wednesday, rising modestly on the back of corporate earnings despite continued investor concern and sell-offs arising from the killing of Saudi journalist Jamal Khashoggi.
The main index edged up by 0.2 percent in early trading, with banks and petrochemical shares gaining.
Saudi Co for Hardware jumped nearly 10 percent after reporting an increase in third-quarter profit.
Saudi Arabia’s stock market took a breather on Wednesday, rising modestly on the back of corporate earnings despite continued investor concern and sell-offs arising from the killing of Saudi journalist Jamal Khashoggi.
The main index edged up by 0.2 percent in early trading, with banks and petrochemical shares gaining.
Saudi Co for Hardware jumped nearly 10 percent after reporting an increase in third-quarter profit.
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