Majid Al Futtaim to open 100 additional Carrefour stores in Egypt - The National:
"Majid Al Futtaim, the Dubai-based conglomerate whose businesses span shopping mall, real estate, retail and leisure sectors, is opening 100 additional Carrefour stores in Egypt, adding to 37 outlets it already operates in the most populous Arab country. The company has signed a “cooperation protocol agreement” with the Egyptian investment ministry and the National Service Projects Organization, an affiliate of the country’s armed forces to open new stores in industrial zones across various governorates in the country, it said in a statement on Monday without giving the financial details or the timeline of the project. The investment into new outlets, is on top of the Majid Al Futtaims’s previously announced 23 billion Egyptian pound (Dh4.77bn) investment strategy for Egypt, Africa's third largest economy. The company’s ongoing projects in the country include Mall of Egypt and its various leisure and entertainment attractions such as Ski Egypt, the expansion of VOX Cinema in the country and development of City Centre Almaza."
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Monday 19 February 2018
EFG Hermes upgrades Saudi Arabia ahead of anticipated EM index inclusion - The National
EFG Hermes upgrades Saudi Arabia ahead of anticipated EM index inclusion - The National:
"EFG Hermes has revised its outlook for Saudi Arabia upwards to overweight status, ahead of the country’s anticipated inclusion in the MSCI and FTSE emerging market indexes, which will generate flows of up to $45 billion into local equities, according to the investment bank's projections. EFG Hermes expects the total return from Saudi stocks to be around 30 per cent by mid-2019 on the back of foreign inflows, boosted by increasing earnings per share and dividend growth, it said in a strategy note issued on Monday. “We expect the [emerging market] upgrades to drive [approximately] $30 to 45bn total foreign inflows (of which $14bn would be passive) into Saudi Arabia,” the bank said in a note. “Our market call is supported by an expansionary budget in 2018, which our economics team expects will lead to a gradual pick-up in economic growth from 2Q18.”"
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"EFG Hermes has revised its outlook for Saudi Arabia upwards to overweight status, ahead of the country’s anticipated inclusion in the MSCI and FTSE emerging market indexes, which will generate flows of up to $45 billion into local equities, according to the investment bank's projections. EFG Hermes expects the total return from Saudi stocks to be around 30 per cent by mid-2019 on the back of foreign inflows, boosted by increasing earnings per share and dividend growth, it said in a strategy note issued on Monday. “We expect the [emerging market] upgrades to drive [approximately] $30 to 45bn total foreign inflows (of which $14bn would be passive) into Saudi Arabia,” the bank said in a note. “Our market call is supported by an expansionary budget in 2018, which our economics team expects will lead to a gradual pick-up in economic growth from 2Q18.”"
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QSE crosses 9,100 levels on strong buying interests
QSE crosses 9,100 levels on strong buying interests:
"The Qatar Stock Exchange on Monday crossed 9,100 levels mainly on the back of strong buying interests in the realty, transport and insurance equities. Foreign funds’ bullish outlook and weakened net selling by their Gulf counterparts helped the 20-stock Qatar Index settle 0.3% higher at 9,106.77 points. Local retail investors’ weakened net selling also helped the market, which is up 6.84% year-to-date. Buying was more perceptible within large and microcap stocks on the bourse, whose capitalisation gained 0.76% to QR488.51bn."
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"The Qatar Stock Exchange on Monday crossed 9,100 levels mainly on the back of strong buying interests in the realty, transport and insurance equities. Foreign funds’ bullish outlook and weakened net selling by their Gulf counterparts helped the 20-stock Qatar Index settle 0.3% higher at 9,106.77 points. Local retail investors’ weakened net selling also helped the market, which is up 6.84% year-to-date. Buying was more perceptible within large and microcap stocks on the bourse, whose capitalisation gained 0.76% to QR488.51bn."
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Switzerland has not seen any major Saudi fund flows: Swiss Bankers Association
Switzerland has not seen any major Saudi fund flows: Swiss Bankers Association:
"Switzerland has not seen any major inward or outward movement of funds from Saudi Arabia, the chairman of the Swiss Bankers Association said on Monday when asked whether he had seen an increase in flows following Riyadh’s anti-corruption campaign. “We have not observed any major movement of funds being transferred, not at all,” Herbert Scheidt told reporters during a tour of the Gulf. Saudi Arabia detained dozens of top officials and businessmen last year and vowed to confiscate money and assets held by them, raising fears that authorities would also target Saudi assets parked in offshore centers such as Switzerland."
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"Switzerland has not seen any major inward or outward movement of funds from Saudi Arabia, the chairman of the Swiss Bankers Association said on Monday when asked whether he had seen an increase in flows following Riyadh’s anti-corruption campaign. “We have not observed any major movement of funds being transferred, not at all,” Herbert Scheidt told reporters during a tour of the Gulf. Saudi Arabia detained dozens of top officials and businessmen last year and vowed to confiscate money and assets held by them, raising fears that authorities would also target Saudi assets parked in offshore centers such as Switzerland."
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Oil Rises From 1-Week High as Market Rebalancing Continues - Bloomberg
Oil Rises From 1-Week High as Market Rebalancing Continues - Bloomberg:
"Oil rose from the highest closing price in a week as OPEC said it continues to drain a supply glut and outlined plans for long-term market management. Futures rose as much as 1.4 percent in New York after advancing 4.2 percent last week. The “market rebalancing has gained massive momentum” as a pact by the Organization of Petroleum Exporting Countries and its partners clear a glut, OPEC Secretary-General Mohammad Barkindo said. The countries are looking at ways to “institutionalize” their cooperation beyond the this year, according to the United Arab Emirates. “Prices are likely to continue their recovery as fundamentals will strengthen in coming months,” said Jan Edelmann, an analyst at HSH Nordbank AG in Hamburg. “We now see an excellent opportunity for investors to enter the market.”"
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"Oil rose from the highest closing price in a week as OPEC said it continues to drain a supply glut and outlined plans for long-term market management. Futures rose as much as 1.4 percent in New York after advancing 4.2 percent last week. The “market rebalancing has gained massive momentum” as a pact by the Organization of Petroleum Exporting Countries and its partners clear a glut, OPEC Secretary-General Mohammad Barkindo said. The countries are looking at ways to “institutionalize” their cooperation beyond the this year, according to the United Arab Emirates. “Prices are likely to continue their recovery as fundamentals will strengthen in coming months,” said Jan Edelmann, an analyst at HSH Nordbank AG in Hamburg. “We now see an excellent opportunity for investors to enter the market.”"
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Oman's ORPIC in talks for potential debut dollar bond sale - sources | ZAWYA MENA Edition
Oman's ORPIC in talks for potential debut dollar bond sale - sources | ZAWYA MENA Edition:
"Oman Oil Refineries and Petroleum Industries Co (ORPIC) is in talks with banks about a potential U.S. dollar-denominated bond sale, sources familiar with the matter said.
The company, owned by the government of Oman, has not appointed banks yet for the possible financing and talks are still at an early stage, said the sources.
ORPIC, which operates four industrial plants at two locations in Muscat and Sohar, has borrowed extensively in the past through project financing and bank debt, but the potential bond sale would be its first deal in the international debt capital markets."
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"Oman Oil Refineries and Petroleum Industries Co (ORPIC) is in talks with banks about a potential U.S. dollar-denominated bond sale, sources familiar with the matter said.
The company, owned by the government of Oman, has not appointed banks yet for the possible financing and talks are still at an early stage, said the sources.
ORPIC, which operates four industrial plants at two locations in Muscat and Sohar, has borrowed extensively in the past through project financing and bank debt, but the potential bond sale would be its first deal in the international debt capital markets."
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GCC expected to issue cryptocurrency regulations soon- Emirates NBD official | ZAWYA MENA Edition
GCC expected to issue cryptocurrency regulations soon- Emirates NBD official | ZAWYA MENA Edition:
"The Gulf Cooperation Council (GCC) countries will come up with a regulatory framework for cryptocurrencies “very soon”, a top official from banking group Emirates NBD said on Monday.
Online trading in virtual currencies has surged over the past 12 months, with the value of some of the main cryptocurrencies experiencing high levels of volatility on fears of a potential regulatory crackdown.
As yet, however, these currencies are mainly unregulated in most parts of the world."
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"The Gulf Cooperation Council (GCC) countries will come up with a regulatory framework for cryptocurrencies “very soon”, a top official from banking group Emirates NBD said on Monday.
Online trading in virtual currencies has surged over the past 12 months, with the value of some of the main cryptocurrencies experiencing high levels of volatility on fears of a potential regulatory crackdown.
As yet, however, these currencies are mainly unregulated in most parts of the world."
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MIDEAST STOCKS-Gulf sluggish as Waha cuts dividend; big bank boosts Egypt
MIDEAST STOCKS-Gulf sluggish as Waha cuts dividend; big bank boosts Egypt:
"Gulf stock markets were sluggish on Monday, with a dividend cut pulling down major Abu Dhabi-listed financial firm Waha Capital, but Egypt’s bourse rose on the back of a gain by its biggest bank. Equities in the Gulf rallied along with oil late last year and Saudi Arabia saw its largest-ever inflow of equity funds last month. But Brent oil’s retreat from above $70 a barrel since late January has visibly reduced liquidity in many bourses. In a report at the end of last week, JP Morgan Cazenove said that with oil at $70, it had been on the point of upgrading its assessment of regional markets to “overweight”, but had decided not to after oil fell back."
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"Gulf stock markets were sluggish on Monday, with a dividend cut pulling down major Abu Dhabi-listed financial firm Waha Capital, but Egypt’s bourse rose on the back of a gain by its biggest bank. Equities in the Gulf rallied along with oil late last year and Saudi Arabia saw its largest-ever inflow of equity funds last month. But Brent oil’s retreat from above $70 a barrel since late January has visibly reduced liquidity in many bourses. In a report at the end of last week, JP Morgan Cazenove said that with oil at $70, it had been on the point of upgrading its assessment of regional markets to “overweight”, but had decided not to after oil fell back."
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Oil industry’s swagger takes knock from gas boom
Oil industry’s swagger takes knock from gas boom:
"The oil executives who control the world’s most traded commodity are usually the big draw at the annual International Petroleum Week conference. But this week, it could be the leaders in gas that steal the limelight. For years, only scant attention was paid to the gas sector at major industry gatherings, with it very much viewed as a second-string market lacking international intrigue or global clout. Oil is bigger than all the other commodity markets combined and the industry has always carried itself with an almost dismissive swagger. Now there is a clear shift under way. As the electric car revolution takes hold and governments turn to greener fuels to power growing economies, gas and renewable energy is increasingly challenging oil as the headline act."
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"The oil executives who control the world’s most traded commodity are usually the big draw at the annual International Petroleum Week conference. But this week, it could be the leaders in gas that steal the limelight. For years, only scant attention was paid to the gas sector at major industry gatherings, with it very much viewed as a second-string market lacking international intrigue or global clout. Oil is bigger than all the other commodity markets combined and the industry has always carried itself with an almost dismissive swagger. Now there is a clear shift under way. As the electric car revolution takes hold and governments turn to greener fuels to power growing economies, gas and renewable energy is increasingly challenging oil as the headline act."
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Iran can reform and survive, says Rouhani deputy
Iran can reform and survive, says Rouhani deputy:
"When he ran for president of Iran last May “as the voice of reform”, few people saw Eshaq Jahangiri as a serious contender — his candidacy was largely viewed as a tactical manoeuvre to bolster support for centrist president Hassan Rouhani.
At rallies and in televised debates, he defended Mr Rouhani’s government, acting as an effective proxy for the president, before stepping down days before the election.
But Mr Jahangiri’s vociferous election campaign helped establish the four-decade-long stalwart of the Islamic republic as a possible future presidential candidate, as well as a high profile advocate for reform in his own right."
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"When he ran for president of Iran last May “as the voice of reform”, few people saw Eshaq Jahangiri as a serious contender — his candidacy was largely viewed as a tactical manoeuvre to bolster support for centrist president Hassan Rouhani.
At rallies and in televised debates, he defended Mr Rouhani’s government, acting as an effective proxy for the president, before stepping down days before the election.
But Mr Jahangiri’s vociferous election campaign helped establish the four-decade-long stalwart of the Islamic republic as a possible future presidential candidate, as well as a high profile advocate for reform in his own right."
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Abu Dhabi’s non-oil trade down 6.3% to Dh159.9 billion in 2017 | Arab News
Abu Dhabi’s non-oil trade down 6.3% to Dh159.9 billion in 2017 | Arab News:
"Abu Dhabi’s non-oil foreign merchandise trade fell 6.3 percent to 159.9 billion dirhams ($46.45 billion) last year from 170.6 billion dirhams a year earlier due to lower transactions for capital goods and transport equipment, data from the Statistics Centre-Abu Dhabi (SCAD) showed.
Total non-imports for the year slipped 1.9 percent to 115.514 billion dirhams from 117.807 billion dirhams, while non-oil exports dropped by 19.4 percent to 22.589 billion dirhams from 28.027. billion dirhams. Re-exports were also down for the year to 21.763 billion dirhams from 24.759 billion dirhams in 2016.
Meanwhile, in December 2017 alone, seasonal factors pushed aggregate non-oil trade to 13.214 billion dirhams, 3.4 percent higher compared with the same month of the previous year."
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"Abu Dhabi’s non-oil foreign merchandise trade fell 6.3 percent to 159.9 billion dirhams ($46.45 billion) last year from 170.6 billion dirhams a year earlier due to lower transactions for capital goods and transport equipment, data from the Statistics Centre-Abu Dhabi (SCAD) showed.
Total non-imports for the year slipped 1.9 percent to 115.514 billion dirhams from 117.807 billion dirhams, while non-oil exports dropped by 19.4 percent to 22.589 billion dirhams from 28.027. billion dirhams. Re-exports were also down for the year to 21.763 billion dirhams from 24.759 billion dirhams in 2016.
Meanwhile, in December 2017 alone, seasonal factors pushed aggregate non-oil trade to 13.214 billion dirhams, 3.4 percent higher compared with the same month of the previous year."
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If US-China trade war goes global, it has big implications for Mideast | Arab News
If US-China trade war goes global, it has big implications for Mideast | Arab News:
"The opening salvos of a full-blown global trade war are rumbling closer by the day, and indeed may already have been fired with the decision by US authorities to consider big tariffs on aluminum and steel imports. How it develops from here will determine many other crucial factors on the world scene, from the benign economic growth projections most experts have been making this year, through to the most important geopolitical relationship in the world, that between the US and China. If it escalates further, the Middle East will be left — geographically and metaphorically — hanging between these two giant economic powers. The region’s long-term commercial orientation could well be decided by the outcome of the conflict currently simmering over allegedly unfair practices in global trade. "
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"The opening salvos of a full-blown global trade war are rumbling closer by the day, and indeed may already have been fired with the decision by US authorities to consider big tariffs on aluminum and steel imports. How it develops from here will determine many other crucial factors on the world scene, from the benign economic growth projections most experts have been making this year, through to the most important geopolitical relationship in the world, that between the US and China. If it escalates further, the Middle East will be left — geographically and metaphorically — hanging between these two giant economic powers. The region’s long-term commercial orientation could well be decided by the outcome of the conflict currently simmering over allegedly unfair practices in global trade. "
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Dubai's Biggest Bank Plans March Bid for Sberbank Unit - Bloomberg
Dubai's Biggest Bank Plans March Bid for Sberbank Unit - Bloomberg:
"Emirates NBD PJSC is preparing to submit a bid for Sberbank PJSC’s wholly-owned Turkish unit in March, people with knowledge of the matter said.
Dubai’s biggest bank is evaluating an offer for Denizbank AS, the people said, asking not to be identified because the talks are private. It could take several months before Sberbank decides whether or not to sell, they said.
Emirates NBD last month said it started preliminary discussions for the Denizbank stake. A deal for Sberbank’s 99.9 percent holding could be valued at as much as $4.12 billion, according to Bloomberg calculations. Denizbank had a book value of $3.44 billion at the end of September and Turkish banks trade at an average of 1.2 times book value, according to data compiled by Bloomberg."
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"Emirates NBD PJSC is preparing to submit a bid for Sberbank PJSC’s wholly-owned Turkish unit in March, people with knowledge of the matter said.
Dubai’s biggest bank is evaluating an offer for Denizbank AS, the people said, asking not to be identified because the talks are private. It could take several months before Sberbank decides whether or not to sell, they said.
Emirates NBD last month said it started preliminary discussions for the Denizbank stake. A deal for Sberbank’s 99.9 percent holding could be valued at as much as $4.12 billion, according to Bloomberg calculations. Denizbank had a book value of $3.44 billion at the end of September and Turkish banks trade at an average of 1.2 times book value, according to data compiled by Bloomberg."
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Kuwait's 2018-2019 plan includes 20 projects worth $71.5bln | ZAWYA MENA Edition
Kuwait's 2018-2019 plan includes 20 projects worth $71.5bln | ZAWYA MENA Edition:
"Kuwait's 2018-2019 development plan includes 20 large projects worth nearly 21.7 billion Kuwaiti dinars ($71.6 billion), a local newspaper reported on Sunday.
The Gulf country's massive hydrocarbon sector has the lion's share of those projects with a value of 11.9 billion dinars ($39.3 billion), accounting for nearly 55 percent of the total, the Arabic language daily Al-Nahar said, citing a government report.
The oil sector's projects include the multi-billion-dollar Al-Zour refinery in South Kuwait, the clean fuel project which involves upgrading Kuwait's two main refineries, and a large petrochemical complex near Al-Zour refinery, the report said."
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"Kuwait's 2018-2019 development plan includes 20 large projects worth nearly 21.7 billion Kuwaiti dinars ($71.6 billion), a local newspaper reported on Sunday.
The Gulf country's massive hydrocarbon sector has the lion's share of those projects with a value of 11.9 billion dinars ($39.3 billion), accounting for nearly 55 percent of the total, the Arabic language daily Al-Nahar said, citing a government report.
The oil sector's projects include the multi-billion-dollar Al-Zour refinery in South Kuwait, the clean fuel project which involves upgrading Kuwait's two main refineries, and a large petrochemical complex near Al-Zour refinery, the report said."
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RPT-For timing of Aramco IPO, watch forward oil price curve
RPT-For timing of Aramco IPO, watch forward oil price curve:
"It’s the burning question in the oil industry: when will Saudi Arabia pull the trigger on the Aramco stock market listing? Many industry experts are focusing on the current level of oil prices. However another key consideration for Saudi officials in floating up to 5 percent of the state oil producer is where they see prices in one to two years’ time, two sources close to the IPO said. The Riyadh government is carefully analysing the future price curve structure in oil markets because it regards prices further out as an important element in achieving a high valuation in what could be the biggest initial public offering in history, the sources told Reuters."
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"It’s the burning question in the oil industry: when will Saudi Arabia pull the trigger on the Aramco stock market listing? Many industry experts are focusing on the current level of oil prices. However another key consideration for Saudi officials in floating up to 5 percent of the state oil producer is where they see prices in one to two years’ time, two sources close to the IPO said. The Riyadh government is carefully analysing the future price curve structure in oil markets because it regards prices further out as an important element in achieving a high valuation in what could be the biggest initial public offering in history, the sources told Reuters."
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Saudi Arabia Is Taking a Harder Line on Oil Prices - Bloomberg
Saudi Arabia Is Taking a Harder Line on Oil Prices - Bloomberg:
"For decades, Saudi Arabia was the voice of moderation within OPEC, pushing back against the urging of members like Venezuela and Iran for higher oil prices. That role seems to be shifting.
Thanks to OPEC-led production cuts, crude prices are double their level two years ago and bloated oil stockpiles are almost back to normal. Yet Saudi Energy Minister Khalid Al-Falih wants to go further.
Producers should keep cutting for the whole year, even if it causes a small supply shortage, Al-Falih said. “If we have to overbalance the market a little bit, then so be it,” he told reporters in Riyadh last week."
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"For decades, Saudi Arabia was the voice of moderation within OPEC, pushing back against the urging of members like Venezuela and Iran for higher oil prices. That role seems to be shifting.
Thanks to OPEC-led production cuts, crude prices are double their level two years ago and bloated oil stockpiles are almost back to normal. Yet Saudi Energy Minister Khalid Al-Falih wants to go further.
Producers should keep cutting for the whole year, even if it causes a small supply shortage, Al-Falih said. “If we have to overbalance the market a little bit, then so be it,” he told reporters in Riyadh last week."
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MIDEAST STOCKS-Region barely moves, dividend cut pulls down Abu Dhabi's Waha Capital
MIDEAST STOCKS-Region barely moves, dividend cut pulls down Abu Dhabi's Waha Capital:
"Gulf stock markets barely moved early on Monday although a dividend cut pulled down major Abu Dhabi-listed financial firm Waha Capital. The Abu Dhabi index slipped 0.2 percent as Waha , which had been trading near 10-month highs, pulled back 4.1 percent. It proposed a 2017 cash dividend of 15 percent, down from 20 percent for 2016. Dubai edged down 0.1 percent as amusement park operator DXB Entertainments, which has been in a downtrend for six weeks, dropped 2.0 percent."
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"Gulf stock markets barely moved early on Monday although a dividend cut pulled down major Abu Dhabi-listed financial firm Waha Capital. The Abu Dhabi index slipped 0.2 percent as Waha , which had been trading near 10-month highs, pulled back 4.1 percent. It proposed a 2017 cash dividend of 15 percent, down from 20 percent for 2016. Dubai edged down 0.1 percent as amusement park operator DXB Entertainments, which has been in a downtrend for six weeks, dropped 2.0 percent."
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