IMF raises Saudi growth prospects over high oil prices | Arab News:
"The International Monetary Fund on Monday raised its growth projection for the deficit-hit Saudi economy on the back of higher oil prices but retained its estimates for the region.
In its World Economic Outlook update, the IMF said the Saudi economy — which shrank 0.7 percent last year — is expected to grow by 1.6 percent in 2018, up 0.5 percent on its October estimates.
The Saudi economy is also projected to grow by 2.2 percent next year, up 0.6 percent on the previous estimate, it said."
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Monday, 22 January 2018
Qatar sees 13.4% growth in registration of new companies: QC - The Peninsula Qatar
Qatar sees 13.4% growth in registration of new companies: QC - The Peninsula Qatar:
"The country witnessed the registration of over 14,639 new companies during the year 2017, an 13.4 percent increase compared to the registration of 12,910 companies in 2016, Qatar Chamber’s Chairman Sheikh Khalifa bin Jassem Al Thani said yesterday. Over 34,848 companies had renewed the commercial registration last year. The Chamber chairman noted that the total number of companies registered in the chamber reached 76,666 compared to 59,926 in 2016 recording an increase of 28 percent. Sheikh Khalifa pointed out that 32 foreign companies had entered to the Qatari market for the first time last year, noting that 27 of them were registered during the post-blockade period. He said that the number of companies established after the siege reached 7,335 which affirmed that it had no impact on Qatar’s investment environment. During the past year, the Chamber organised about 200 different events, received 52 international trade delegations, conducted 14 overseas visits for the Qatari businessmen to a number of countries, as well as organized and participated in 14 trade fairs, Sheikh Khalifa added. Since the first day of the siege, the chamber played a key role in combating its affects. It held meetings with concerned authorities and businessmen to ensure the flow of commodities goods which were covered by alternative countries without any impact on consumers."
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"The country witnessed the registration of over 14,639 new companies during the year 2017, an 13.4 percent increase compared to the registration of 12,910 companies in 2016, Qatar Chamber’s Chairman Sheikh Khalifa bin Jassem Al Thani said yesterday. Over 34,848 companies had renewed the commercial registration last year. The Chamber chairman noted that the total number of companies registered in the chamber reached 76,666 compared to 59,926 in 2016 recording an increase of 28 percent. Sheikh Khalifa pointed out that 32 foreign companies had entered to the Qatari market for the first time last year, noting that 27 of them were registered during the post-blockade period. He said that the number of companies established after the siege reached 7,335 which affirmed that it had no impact on Qatar’s investment environment. During the past year, the Chamber organised about 200 different events, received 52 international trade delegations, conducted 14 overseas visits for the Qatari businessmen to a number of countries, as well as organized and participated in 14 trade fairs, Sheikh Khalifa added. Since the first day of the siege, the chamber played a key role in combating its affects. It held meetings with concerned authorities and businessmen to ensure the flow of commodities goods which were covered by alternative countries without any impact on consumers."
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QSE crosses 9,200 levels on robust buying support
QSE crosses 9,200 levels on robust buying support:
"The Qatar Stock Exchange on Monday crossed 9,200 levels on robust buying especially in real estate, telecom and banking equities.
Foreign institutions’ strong bullish outlook helped the 20-stock Qatar Index gain 0.72% to 9,211.02 points. The local bourse is up 8.07% year-to-date.
The market had touched a low of less than 9,150 points in the first 15 minutes of opening but to see progressive strengthening for the rest of the session to finally settle 66 points higher."
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"The Qatar Stock Exchange on Monday crossed 9,200 levels on robust buying especially in real estate, telecom and banking equities.
Foreign institutions’ strong bullish outlook helped the 20-stock Qatar Index gain 0.72% to 9,211.02 points. The local bourse is up 8.07% year-to-date.
The market had touched a low of less than 9,150 points in the first 15 minutes of opening but to see progressive strengthening for the rest of the session to finally settle 66 points higher."
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Iran central bank governor warns speculators they face losses betting against rial
Iran central bank governor warns speculators they face losses betting against rial:
"Iran’s central bank chief on Monday warned investors speculating on the fall of the rial that they were heading for losses because his bank could control the foreign exchange market and the currency was likely to rebound in the next couple of months. Goveror Valiollah Seif was quoted by Iran’s Tasnim news agency as the rial sank to record lows versus the dollar, pulled down in part by concern about the fate of Tehran’s nuclear deal with world powers. ”Those who are investing their resources in foreign exchange will suffer losses in the end,” Seif said, adding that rising oil prices had given Iran more resources to support its currency."
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"Iran’s central bank chief on Monday warned investors speculating on the fall of the rial that they were heading for losses because his bank could control the foreign exchange market and the currency was likely to rebound in the next couple of months. Goveror Valiollah Seif was quoted by Iran’s Tasnim news agency as the rial sank to record lows versus the dollar, pulled down in part by concern about the fate of Tehran’s nuclear deal with world powers. ”Those who are investing their resources in foreign exchange will suffer losses in the end,” Seif said, adding that rising oil prices had given Iran more resources to support its currency."
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MIDEAST STOCKS-Region mixed, property firms pull down Dubai
MIDEAST STOCKS-Region mixed, property firms pull down Dubai:
"Middle East stock markets were mixed on Monday with property developers weighing on Dubai amid continued concern about ample new housing supply, while Qatar rose in anticipation of annual dividend announcements.
The Dubai index slipped 0.3 percent to 3,501 points as Emaar Properties dropped 0.4 percent, Deyaar lost 2.4 percent and Union Properties fell 0.7 percent.
In the last several days the index has tested but failed to break resistance around 3,540 points, where the market bottomed last October - a negative short-term technical signal."
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"Middle East stock markets were mixed on Monday with property developers weighing on Dubai amid continued concern about ample new housing supply, while Qatar rose in anticipation of annual dividend announcements.
The Dubai index slipped 0.3 percent to 3,501 points as Emaar Properties dropped 0.4 percent, Deyaar lost 2.4 percent and Union Properties fell 0.7 percent.
In the last several days the index has tested but failed to break resistance around 3,540 points, where the market bottomed last October - a negative short-term technical signal."
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Talks between Dana Gas and bondholders break down - The National
Talks between Dana Gas and bondholders break down - The National:
"Talks to resolve a dispute between Dana Gas and holders of US$700 million of Islamic securities broke down after the company proposed a 15 per cent haircut on some of the debt, according to two people familiar with the matter. The Sharjah-based energy company suggested buying back about $200m at 85 cents to the dollar, and rolling over the rest into new securities with a profit rate of 4 per cent, the people said, declining to the identified. Bondholders, which include Goldman Sachs and BlackRock, want the buyback to be at par and the profit rate to be higher, the people said. Dana Gas declined to comment."
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"Talks to resolve a dispute between Dana Gas and holders of US$700 million of Islamic securities broke down after the company proposed a 15 per cent haircut on some of the debt, according to two people familiar with the matter. The Sharjah-based energy company suggested buying back about $200m at 85 cents to the dollar, and rolling over the rest into new securities with a profit rate of 4 per cent, the people said, declining to the identified. Bondholders, which include Goldman Sachs and BlackRock, want the buyback to be at par and the profit rate to be higher, the people said. Dana Gas declined to comment."
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DP World and India's NIIF to invest up to $3bln in transport, logistics | ZAWYA MENA Edition
DP World and India's NIIF to invest up to $3bln in transport, logistics | ZAWYA MENA Edition:
"Dubai-based ports operator DP World DPW.DI and India's National Investment and Infrastructure Fund (NIIF), a quasi sovereign wealth fund, said on Monday they had created a fund to invest up to $3 billion of equity in the transport and logistics sectors in India. The money will target acquiring assets and developing projects in sea and river ports, freight corridors, special economic zones, inland container terminals, and logistics infrastructure such as cold storage, the two organisations said. It follows NIIF in October signing a $1 billion investment deal with another United Arab Emirates-based player, a unit of Abu Dhabi Investment Authority, one of the largest sovereign wealth funds in the world."
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"Dubai-based ports operator DP World DPW.DI and India's National Investment and Infrastructure Fund (NIIF), a quasi sovereign wealth fund, said on Monday they had created a fund to invest up to $3 billion of equity in the transport and logistics sectors in India. The money will target acquiring assets and developing projects in sea and river ports, freight corridors, special economic zones, inland container terminals, and logistics infrastructure such as cold storage, the two organisations said. It follows NIIF in October signing a $1 billion investment deal with another United Arab Emirates-based player, a unit of Abu Dhabi Investment Authority, one of the largest sovereign wealth funds in the world."
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Russia's VTB CEO says ready to provide loan to CEFC for Rosneft stake
Russia's VTB CEO says ready to provide loan to CEFC for Rosneft stake:
"VTB, Russia’s No.2 bank, is ready to provide a loan to China’s CEFC so it can buy a stake in Rosneft, the country’s top oil producer, VTB Chief Executive Andrey Kostin told Reuters in an interview. “We are ready to provide a loan, all the documents have been signed and decisions were made. Therefore, there are no issues from our side,” Kostin said. He declined to comment on why the deal was not yet closed. CEFC plans to buy a 14.16 percent stake in Rosneft from a consortium of Glencore and the Qatar Investment Authority, strengthening energy ties between Moscow and Beijing. VTB was ready to provide a 5 billion euro loan under the deal."
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"VTB, Russia’s No.2 bank, is ready to provide a loan to China’s CEFC so it can buy a stake in Rosneft, the country’s top oil producer, VTB Chief Executive Andrey Kostin told Reuters in an interview. “We are ready to provide a loan, all the documents have been signed and decisions were made. Therefore, there are no issues from our side,” Kostin said. He declined to comment on why the deal was not yet closed. CEFC plans to buy a 14.16 percent stake in Rosneft from a consortium of Glencore and the Qatar Investment Authority, strengthening energy ties between Moscow and Beijing. VTB was ready to provide a 5 billion euro loan under the deal."
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Iran Armed Forces to Sell ‘Irrelevant’ Businesses, Official Says - Bloomberg
Iran Armed Forces to Sell ‘Irrelevant’ Businesses, Official Says - Bloomberg:
"Iran’s powerful Revolutionary Guards and other branches of the military have been instructed to sell off business holdings and commercial assets “irrelevant” to their main function, according to the defense minister. Brigadier-General Amir Hatami said Supreme Leader Ayatollah Ali Khamenei had told all of Iran’s armed forces to either divest economic holdings on the country’s capital market or sell them to the private sector. “They will pursue this matter until these forces withdraw from irrelevant economic activities, ” Hatami was quoted as saying in an interview late Saturday to Iran newspaper."
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"Iran’s powerful Revolutionary Guards and other branches of the military have been instructed to sell off business holdings and commercial assets “irrelevant” to their main function, according to the defense minister. Brigadier-General Amir Hatami said Supreme Leader Ayatollah Ali Khamenei had told all of Iran’s armed forces to either divest economic holdings on the country’s capital market or sell them to the private sector. “They will pursue this matter until these forces withdraw from irrelevant economic activities, ” Hatami was quoted as saying in an interview late Saturday to Iran newspaper."
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Saudi Arabia asks banks for proposals to refinance $10bln loan, raise more debt | ZAWYA MENA Edition
Saudi Arabia asks banks for proposals to refinance $10bln loan, raise more debt | ZAWYA MENA Edition:
"Saudi Arabia has asked banks for proposals to refinance its $10 billion international syndicated loan and to help the sovereign raise funds through other means, the country's debt management office said on Sunday. In addition to the request for proposals (RFP) on the loan refinancing, the government has issued RFPs covering further U.S. dollar debt capital market issuance and financing supported by other countries' export credit agencies, the office said. The refinancing of the loan, which was raised in 2016, will include a repricing of the facility and the extension of its maturity to 2023 from 2021. An Islamic finance tranche using a murabaha structure will be added to the loan. "
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"Saudi Arabia has asked banks for proposals to refinance its $10 billion international syndicated loan and to help the sovereign raise funds through other means, the country's debt management office said on Sunday. In addition to the request for proposals (RFP) on the loan refinancing, the government has issued RFPs covering further U.S. dollar debt capital market issuance and financing supported by other countries' export credit agencies, the office said. The refinancing of the loan, which was raised in 2016, will include a repricing of the facility and the extension of its maturity to 2023 from 2021. An Islamic finance tranche using a murabaha structure will be added to the loan. "
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National Bank of Kuwait Q4 profit rises 5.4% | ZAWYA MENA Edition
National Bank of Kuwait Q4 profit rises 5.4% | ZAWYA MENA Edition:
"National Bank of Kuwait (NBK), the Gulf Arab state's largest commercial lender, reported a 5.4 percent rise in fourth-quarter net profit, in line with analysts' forecasts, according to Reuters calculations.
The bank made a net profit of 80.0 million dinars ($266.3 million) in the three months to Dec. 31, compared with 75.9 million dinars a year earlier, Reuters calculated based on annual financial statements in lieu of a quarterly breakdown.
The average forecast of three analysts polled by Reuters was for a quarterly net profit of 83 million dinars. "
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"National Bank of Kuwait (NBK), the Gulf Arab state's largest commercial lender, reported a 5.4 percent rise in fourth-quarter net profit, in line with analysts' forecasts, according to Reuters calculations.
The bank made a net profit of 80.0 million dinars ($266.3 million) in the three months to Dec. 31, compared with 75.9 million dinars a year earlier, Reuters calculated based on annual financial statements in lieu of a quarterly breakdown.
The average forecast of three analysts polled by Reuters was for a quarterly net profit of 83 million dinars. "
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Crumbling refinery profits threaten OPEC-led crude rally
Crumbling refinery profits threaten OPEC-led crude rally:
"The recent OPEC-led rally in crude prices is hitting refinery profits hard, flashing warning signs over oil’s bull run.
A wave of refinery maintenance scheduled in spring could also put downward pressure on crude, analysts said.
Higher oil prices typically quench consumption and squeeze profit margins at refiners that convert the feedstock into gasoline, diesel and aviation fuels."
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"The recent OPEC-led rally in crude prices is hitting refinery profits hard, flashing warning signs over oil’s bull run.
A wave of refinery maintenance scheduled in spring could also put downward pressure on crude, analysts said.
Higher oil prices typically quench consumption and squeeze profit margins at refiners that convert the feedstock into gasoline, diesel and aviation fuels."
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UAE’s NMC Health makes two Gulf acquisitions worth $207 million
UAE’s NMC Health makes two Gulf acquisitions worth $207 million:
"NMC Health has made two acquisitions worth $207 million, the London-listed and United Arab Emirates-based healthcare provider said on Monday. NMC acquired a 70 percent stake in UAE-based CosmeSurge for $170 million and an 80 percent stake in Saudi Arabia’s Al Salam Medical Group for $37 million, the company said in a bourse filing. The cash acquisition of CosmeSurge, which provides cosmetic surgery and aesthetic medicine, is expected to be completed during first quarter of 2018. It has an enterprise value of $250 million and is expected to report a 2017 EBITDA of $20.5 million on revenue of $67 million, the statement said."
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"NMC Health has made two acquisitions worth $207 million, the London-listed and United Arab Emirates-based healthcare provider said on Monday. NMC acquired a 70 percent stake in UAE-based CosmeSurge for $170 million and an 80 percent stake in Saudi Arabia’s Al Salam Medical Group for $37 million, the company said in a bourse filing. The cash acquisition of CosmeSurge, which provides cosmetic surgery and aesthetic medicine, is expected to be completed during first quarter of 2018. It has an enterprise value of $250 million and is expected to report a 2017 EBITDA of $20.5 million on revenue of $67 million, the statement said."
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Saudi Graft Settlements May Top $100 Billion as Ritz Empties - Bloomberg
Saudi Graft Settlements May Top $100 Billion as Ritz Empties - Bloomberg:
"Saudi Arabia is winding down a controversial anti-corruption drive that led to dozens of princes and billionaires being detained at the Ritz-Carlton hotel in Riyadh. Talks with suspects are expected to end this month and authorities will likely recover more than $100 billion in settlements, a senior government official said, asking not to be identified because the details are private. Those who don’t reach deals will be referred to prosecutors, the official said. Authorities have already agreed to drop charges against about 90 suspects, who were released, Attorney General Sheikh Saud Al Mojeb said in a separate interview at the Ritz-Carlton late on Sunday. About 95 people were still at the hotel, including five weighing settlement proposals, with the others reviewing evidence presented against them, he said."
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"Saudi Arabia is winding down a controversial anti-corruption drive that led to dozens of princes and billionaires being detained at the Ritz-Carlton hotel in Riyadh. Talks with suspects are expected to end this month and authorities will likely recover more than $100 billion in settlements, a senior government official said, asking not to be identified because the details are private. Those who don’t reach deals will be referred to prosecutors, the official said. Authorities have already agreed to drop charges against about 90 suspects, who were released, Attorney General Sheikh Saud Al Mojeb said in a separate interview at the Ritz-Carlton late on Sunday. About 95 people were still at the hotel, including five weighing settlement proposals, with the others reviewing evidence presented against them, he said."
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MIDEAST STOCKS-Gulf sluggish, property firms weigh on Dubai
MIDEAST STOCKS-Gulf sluggish, property firms weigh on Dubai:
"Gulf stock markets were sluggish in early trade on Monday with real estate developers weighing on Dubai because of continued concern about the impact of ample supply of new homes on the sector.
The Dubai index lost 0.6 percent to 3,492 points as Emaar Properties dropped 0.8 percent and Deyaar and Union Properties both fell 0.7 percent.
In the last several days the index has tested and failed to break resistance around 3,540 points, where the market bottomed last October - a negative short-term technical signal."
'via Blog this'
"Gulf stock markets were sluggish in early trade on Monday with real estate developers weighing on Dubai because of continued concern about the impact of ample supply of new homes on the sector.
The Dubai index lost 0.6 percent to 3,492 points as Emaar Properties dropped 0.8 percent and Deyaar and Union Properties both fell 0.7 percent.
In the last several days the index has tested and failed to break resistance around 3,540 points, where the market bottomed last October - a negative short-term technical signal."
'via Blog this'
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