Abu Dhabi looks to privatisations to boost sluggish economy:
"Abu Dhabi plans to accelerate the privatisation of several state companies and overhaul its national energy company as the oil-rich emirate attempts to revive sluggish growth. Mubadala, one of Abu Dhabi’s sovereign wealth funds, will sell a stake in Emirates Global Aluminium, one of the United Arab Emirates’ largest companies, through an initial public offering this year. “We believe any time now is the right time,” Khaldoon al-Mubarak, chief executive of Mubadala, told a conference in Abu Dhabi, the UAE’s capital. “This company is an engine, the UAE’s largest exporter outside of oil and gas, and one of our largest employers.”"
'via Blog this'
Tuesday, 27 February 2018
Qatari banks find investor appetite in niche markets
Qatari banks find investor appetite in niche markets:
"Qatari banks are continuing to edge back into the capital markets, with both Qatar National Bank and Commercial Bank of Qatar raising fresh funds on Tuesday.
Banks from the country have tapped niche markets in recent months, refilling coffers in an effort to diversify funding sources amid the embargo imposed on Qatar by other Arab states.
QNB (Aa3/A/A+), the Gulf’s largest bank, has sold nearly US$2.4bn of bonds through private placements this year, and has also raised A$700m (US$563m) in a Kangaroo dual-tranche deal and US$720m through a 30-year note in Taiwan’s Formosa market."
'via Blog this'
"Qatari banks are continuing to edge back into the capital markets, with both Qatar National Bank and Commercial Bank of Qatar raising fresh funds on Tuesday.
Banks from the country have tapped niche markets in recent months, refilling coffers in an effort to diversify funding sources amid the embargo imposed on Qatar by other Arab states.
QNB (Aa3/A/A+), the Gulf’s largest bank, has sold nearly US$2.4bn of bonds through private placements this year, and has also raised A$700m (US$563m) in a Kangaroo dual-tranche deal and US$720m through a 30-year note in Taiwan’s Formosa market."
'via Blog this'
Saudi central bank chief: can deal with any pressure on dollar peg
Saudi central bank chief: can deal with any pressure on dollar peg:
"Saudi Arabia’s central bank is setting policy in line with the U.S. Federal Reserve’s interest rate policy and has enough tools to deal with any pressure on the riyal’s peg to the dollar, Saudi central bank governor Ahmed al-Kholifey said on Tuesday. Kholifey was responding at a financial industry conference in Abu Dhabi to a question on whether U.S. interest rate hikes expected this year could put pressure on the peg. He also said the Saudi central bank wanted to be ahead of the curve in employing new financial technology, especially in the payments system."
'via Blog this'
"Saudi Arabia’s central bank is setting policy in line with the U.S. Federal Reserve’s interest rate policy and has enough tools to deal with any pressure on the riyal’s peg to the dollar, Saudi central bank governor Ahmed al-Kholifey said on Tuesday. Kholifey was responding at a financial industry conference in Abu Dhabi to a question on whether U.S. interest rate hikes expected this year could put pressure on the peg. He also said the Saudi central bank wanted to be ahead of the curve in employing new financial technology, especially in the payments system."
'via Blog this'
COLUMN-Hedge funds continue to exit oil but OPEC stems rout: Kemp
COLUMN-Hedge funds continue to exit oil but OPEC stems rout: Kemp:
"Hedge funds continued to take profits on their bullish positions in crude and especially refined fuels in the most recently reported week but supportive comments from OPEC helped steady oil prices.
Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum by the equivalent of 48 million barrels in the week to Feb. 20.
The hedge funds’ net long position has been cut in each of the four most recent weeks by a total of 263 million barrels, in what has been the largest drawdown for more than seven months."
'via Blog this'
"Hedge funds continued to take profits on their bullish positions in crude and especially refined fuels in the most recently reported week but supportive comments from OPEC helped steady oil prices.
Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum by the equivalent of 48 million barrels in the week to Feb. 20.
The hedge funds’ net long position has been cut in each of the four most recent weeks by a total of 263 million barrels, in what has been the largest drawdown for more than seven months."
'via Blog this'
What We Learned From Leading Middle East Central Bank Governors - Bloomberg
What We Learned From Leading Middle East Central Bank Governors - Bloomberg:
"Central bank governors from leading economies in the Middle East and North Africa are attending a conference in Abu Dhabi, commenting on Gulf currency pegs and the art of regulating markets without stifling growth. Here are some of the key comments: Saudi Arabia’s Ahmed Abdulkarim Alkholifey The governor of the Saudi Arabian Monetary Authority said the kingdom’s policy makers are under “much less” pressure than a couple of years ago when oil prices were roughly half of what they are now. Hours before Federal Reserve Chairman Jerome Powell testifies in his first public comments since taking office, Alkholifey said the Saudi regulator has the tools to deal with any future Fed decision."
'via Blog this'
"Central bank governors from leading economies in the Middle East and North Africa are attending a conference in Abu Dhabi, commenting on Gulf currency pegs and the art of regulating markets without stifling growth. Here are some of the key comments: Saudi Arabia’s Ahmed Abdulkarim Alkholifey The governor of the Saudi Arabian Monetary Authority said the kingdom’s policy makers are under “much less” pressure than a couple of years ago when oil prices were roughly half of what they are now. Hours before Federal Reserve Chairman Jerome Powell testifies in his first public comments since taking office, Alkholifey said the Saudi regulator has the tools to deal with any future Fed decision."
'via Blog this'
Plans for World's Biggest IPO Attract Attention of U.K. Cabinet - Bloomberg
Plans for World's Biggest IPO Attract Attention of U.K. Cabinet - Bloomberg:
"Prime Minister Theresa May’s cabinet talked about Saudi Arabian oil giant Aramco’s pending initial public offering, which could be the largest in history, as part of preparations for a trip to London by Crown Prince Mohammed bin Salman. “The visit will usher in a new era of bilateral relations” focused on delivering “wide-ranging benefits,” said James Slack, a spokesman for May. The potential listing for Saudi Arabian Oil Co., the world’s biggest oil exporter, was among the topics that were discussed, he said, without giving further details. Starting March 7, the prince is scheduled to make his first trip to the U.K. since becoming heir to the monarchy. London and New York are among cities vying to host Aramco when it sells shares in Riyadh and potentially a second, yet-to-be-determined location. Saudi Arabia has signaled that it plans to sell about 5 percent of the company to raise a record $100 billion as early as this year in the IPO, a brainchild of the crown prince. The 32-year-old leader’s economic transformation plan will offer new opportunities for investments by British businesses in infrastructure, education, entertainment and health-care, the U.K. government said on Tuesday."
'via Blog this'
"Prime Minister Theresa May’s cabinet talked about Saudi Arabian oil giant Aramco’s pending initial public offering, which could be the largest in history, as part of preparations for a trip to London by Crown Prince Mohammed bin Salman. “The visit will usher in a new era of bilateral relations” focused on delivering “wide-ranging benefits,” said James Slack, a spokesman for May. The potential listing for Saudi Arabian Oil Co., the world’s biggest oil exporter, was among the topics that were discussed, he said, without giving further details. Starting March 7, the prince is scheduled to make his first trip to the U.K. since becoming heir to the monarchy. London and New York are among cities vying to host Aramco when it sells shares in Riyadh and potentially a second, yet-to-be-determined location. Saudi Arabia has signaled that it plans to sell about 5 percent of the company to raise a record $100 billion as early as this year in the IPO, a brainchild of the crown prince. The 32-year-old leader’s economic transformation plan will offer new opportunities for investments by British businesses in infrastructure, education, entertainment and health-care, the U.K. government said on Tuesday."
'via Blog this'
Arab countries investing $92bln to ensure food security | ZAWYA MENA Edition
Arab countries investing $92bln to ensure food security | ZAWYA MENA Edition:
"A massive food deficit in the Arab region could be slashed by more than 60 per cent by 2030, according to an Arab League expert. The region spends $35 billion annually on importing produce due to a lack of homegrown crops and fertile land for grazing livestock. However, Arab countries are investing $92bn to develop their own sources, said Arab Organisation for Agricultural Development director general Professor Ibrahim Ahmed El Dukheri."
'via Blog this'
"A massive food deficit in the Arab region could be slashed by more than 60 per cent by 2030, according to an Arab League expert. The region spends $35 billion annually on importing produce due to a lack of homegrown crops and fertile land for grazing livestock. However, Arab countries are investing $92bn to develop their own sources, said Arab Organisation for Agricultural Development director general Professor Ibrahim Ahmed El Dukheri."
'via Blog this'
MIDEAST STOCKS-Gulf mostly weak but Vodafone Qatar soars on earnings, licence news
MIDEAST STOCKS-Gulf mostly weak but Vodafone Qatar soars on earnings, licence news:
"Major Gulf stock markets were mostly weak on Tuesday but Vodafone Qatar jumped by its 10 percent daily limit in response to a stream of positive news from the company.
By far the most heavily traded stock in its market, Vodafone Qatar said its nine-month net loss narrowed 32 percent and that its telecommunications licence had been extended by 40 years, which would cut annual amortisation costs sharply.
The company also said it planned to reduce its share capital by roughly half, while Vodafone will sell its stake in the firm to Qatar Foundation, whose direct and indirect stake in Vodafone Qatar will rise to 50 percent from 27.05 percent."
'via Blog this'
"Major Gulf stock markets were mostly weak on Tuesday but Vodafone Qatar jumped by its 10 percent daily limit in response to a stream of positive news from the company.
By far the most heavily traded stock in its market, Vodafone Qatar said its nine-month net loss narrowed 32 percent and that its telecommunications licence had been extended by 40 years, which would cut annual amortisation costs sharply.
The company also said it planned to reduce its share capital by roughly half, while Vodafone will sell its stake in the firm to Qatar Foundation, whose direct and indirect stake in Vodafone Qatar will rise to 50 percent from 27.05 percent."
'via Blog this'
Fundamentals don’t matter to new breed of oil speculator
Fundamentals don’t matter to new breed of oil speculator:
"Investors have built a billion-barrel bet on higher oil prices. But they are a different breed of bull than years past. The “net long” position held by fund managers in crude oil futures is a powerful reflection of speculative sentiment. This year, the position has swelled to records of 1bn barrels equivalent across the main oil contracts, helping sustain prices above $60 a barrel. Who trades oil is changing, however. Investors who bother little with details such as inventories and pipeline flows are replacing dwindling ranks of specialist commodities hedge funds. The shift could alter the way prices are formed. "
'via Blog this'
"Investors have built a billion-barrel bet on higher oil prices. But they are a different breed of bull than years past. The “net long” position held by fund managers in crude oil futures is a powerful reflection of speculative sentiment. This year, the position has swelled to records of 1bn barrels equivalent across the main oil contracts, helping sustain prices above $60 a barrel. Who trades oil is changing, however. Investors who bother little with details such as inventories and pipeline flows are replacing dwindling ranks of specialist commodities hedge funds. The shift could alter the way prices are formed. "
'via Blog this'
QIC wins MENA Fund Manager Award - The Peninsula Qatar
QIC wins MENA Fund Manager Award - The Peninsula Qatar:
"The QIC GCC Equity Fund won the award for the best GCC fund performance in 2017 for a fund with over $75m in assets at the annual MENA Fund Manager Award 2018 ceremony held recently in Dubai.
The Fund posted a return of 7.5 percent in USD terms versus its benchmark performance of 3.3 percent and topped its category’s peer group for the year.
The prestigious annual awards are organised by the MENA Fund Manager magazine and over fifty different funds entered the various competition categories."
'via Blog this'
"The QIC GCC Equity Fund won the award for the best GCC fund performance in 2017 for a fund with over $75m in assets at the annual MENA Fund Manager Award 2018 ceremony held recently in Dubai.
The Fund posted a return of 7.5 percent in USD terms versus its benchmark performance of 3.3 percent and topped its category’s peer group for the year.
The prestigious annual awards are organised by the MENA Fund Manager magazine and over fifty different funds entered the various competition categories."
'via Blog this'
QNB receives two major awards from Euromoney magazine
QNB receives two major awards from Euromoney magazine:
"QNB, which is the largest financial institution in the Middle East and Africa, has received the awards for ‘Best Commercial Banking Capabilities in Qatar’ and ‘Best Networth-specific Services in Qatar’ from Euromoney magazine based on ‘Euromoney Private Banking and Wealth Management 2018’ survey results. The awards were received during the Euromoney Private Banking and Wealth Management survey awards dinner held recently in London, recognising the leading providers of private banking services. The Euromoney Private Banking and Wealth Management survey awards are considered the banking industry’s leading barometer of the world’s best service and product providers to the world’s high-net-worth individuals. "
'via Blog this'
"QNB, which is the largest financial institution in the Middle East and Africa, has received the awards for ‘Best Commercial Banking Capabilities in Qatar’ and ‘Best Networth-specific Services in Qatar’ from Euromoney magazine based on ‘Euromoney Private Banking and Wealth Management 2018’ survey results. The awards were received during the Euromoney Private Banking and Wealth Management survey awards dinner held recently in London, recognising the leading providers of private banking services. The Euromoney Private Banking and Wealth Management survey awards are considered the banking industry’s leading barometer of the world’s best service and product providers to the world’s high-net-worth individuals. "
'via Blog this'
Emirates Global Alumunium Profit Climbs Before Possible IPO - Bloomberg
Emirates Global Alumunium Profit Climbs Before Possible IPO - Bloomberg:
"Emirates Global Aluminium, which may sell shares to the public for the first time this year, said 2017 profit surged as it took advantage of higher prices and boosted output to a record. Net income rose to 3.3 billion dirhams ($900 million) from 2.1 billion dirhams in 2016, United Arab Emirates-based EGA said Tuesday in an emailed statement. Revenue climbed 20 percent to 20.5 billion dirhams amid “favorable conditions” in the global aluminum market, it said. Aluminum gained 34 percent in 2017 on the London Metal Exchange, the biggest increase since 2009. EGA’s possible share sale is “subject to market conditions,” Chief Executive Officer Abdulla Kalban said in a phone interview. “The way we see the market today is quite positive,” and the company is “still in the early stage until we announce the IPO,” Chief Financial Officer Danny Dweik said in the same interview. Kalban and Dweik declined to comment on possible listing locations."
'via Blog this'
"Emirates Global Aluminium, which may sell shares to the public for the first time this year, said 2017 profit surged as it took advantage of higher prices and boosted output to a record. Net income rose to 3.3 billion dirhams ($900 million) from 2.1 billion dirhams in 2016, United Arab Emirates-based EGA said Tuesday in an emailed statement. Revenue climbed 20 percent to 20.5 billion dirhams amid “favorable conditions” in the global aluminum market, it said. Aluminum gained 34 percent in 2017 on the London Metal Exchange, the biggest increase since 2009. EGA’s possible share sale is “subject to market conditions,” Chief Executive Officer Abdulla Kalban said in a phone interview. “The way we see the market today is quite positive,” and the company is “still in the early stage until we announce the IPO,” Chief Financial Officer Danny Dweik said in the same interview. Kalban and Dweik declined to comment on possible listing locations."
'via Blog this'
Welcome to Dubai 2.0 - Bloomberg
Welcome to Dubai 2.0 - Bloomberg:
"Building by building, Sarah Al Amiri watched Dubai rise into the sky as she grew up in the city. She’s now a government minister overseeing the next stratospheric leap: a mission to Mars.
Much of the Arab world is mired in violence, poverty and unemployment, and yet in Dubai they’re busy working on sending a probe to the red planet within three years. It’s part of the latest package of eye-catching ambitions that include printing three-dimensional buildings, running the city on blockchain data technology and introducing hoverbikes and driverless drone taxis.
The quest for the next new thing, though, masks an uncomfortable truth as Dubai comes of age: The city has no choice but to reinvent itself again or risk a severe reversal of fortunes. Wealthier neighbors are trying to replicate its effort to move beyond oil, international banks are retrenching and it’s losing some of its allure for foreign workers."
'via Blog this'
"Building by building, Sarah Al Amiri watched Dubai rise into the sky as she grew up in the city. She’s now a government minister overseeing the next stratospheric leap: a mission to Mars.
Much of the Arab world is mired in violence, poverty and unemployment, and yet in Dubai they’re busy working on sending a probe to the red planet within three years. It’s part of the latest package of eye-catching ambitions that include printing three-dimensional buildings, running the city on blockchain data technology and introducing hoverbikes and driverless drone taxis.
The quest for the next new thing, though, masks an uncomfortable truth as Dubai comes of age: The city has no choice but to reinvent itself again or risk a severe reversal of fortunes. Wealthier neighbors are trying to replicate its effort to move beyond oil, international banks are retrenching and it’s losing some of its allure for foreign workers."
'via Blog this'
Gulf GDP forecast to expand at the fastest rate since 2015 | ZAWYA MENA Edition
Gulf GDP forecast to expand at the fastest rate since 2015 | ZAWYA MENA Edition:
"2018 marks a turning point for Middle East economies, allowing recovery for both oil exporters and oil importers, ICAEW’s latest report “Economic Insight: Middle East Q1 2018” revealed.
Overall, the Middle East’s GDP is expected to grow 2.9% this year, up from 1.1% in 2017. However, the accountancy and finance body says the political environment remains challenging and continues to pose a downside risk to headline growth.
Middle East Q1 2018, produced by Oxford Economics, ICAEW’s partner and economic forecaster, said the region’s overall economic outlook looks positive this year and in 2019, thanks to the rising oil prices (forecast at $67 per barrel this year), expansionary fiscal policy and relative improvements in the overall security conditions."
'via Blog this'
"2018 marks a turning point for Middle East economies, allowing recovery for both oil exporters and oil importers, ICAEW’s latest report “Economic Insight: Middle East Q1 2018” revealed.
Overall, the Middle East’s GDP is expected to grow 2.9% this year, up from 1.1% in 2017. However, the accountancy and finance body says the political environment remains challenging and continues to pose a downside risk to headline growth.
Middle East Q1 2018, produced by Oxford Economics, ICAEW’s partner and economic forecaster, said the region’s overall economic outlook looks positive this year and in 2019, thanks to the rising oil prices (forecast at $67 per barrel this year), expansionary fiscal policy and relative improvements in the overall security conditions."
'via Blog this'
Emirates Global Aluminium hopes to list in 2018, subject to market conditions | ZAWYA MENA Edition
Emirates Global Aluminium hopes to list in 2018, subject to market conditions | ZAWYA MENA Edition:
"Emirates Global Aluminium (EGA) hopes to list in 2018, subject to market conditions, a senior executive said on Tuesday, reiterating comments made last October by Abu Dhabi state investor Mubadala, which owns half of EGA.
"We hope EGA will become a public company in 2018, subject to market conditions," EGA's chief executive Abdulla Kalban told Reuters.
EGA was created in 2013 when state-owned companies Dubai Aluminium and Abu Dhabi's Emirates Aluminium merged. Its enterprise value was put at $15 billion at the time of the merger."
'via Blog this'
"Emirates Global Aluminium (EGA) hopes to list in 2018, subject to market conditions, a senior executive said on Tuesday, reiterating comments made last October by Abu Dhabi state investor Mubadala, which owns half of EGA.
"We hope EGA will become a public company in 2018, subject to market conditions," EGA's chief executive Abdulla Kalban told Reuters.
EGA was created in 2013 when state-owned companies Dubai Aluminium and Abu Dhabi's Emirates Aluminium merged. Its enterprise value was put at $15 billion at the time of the merger."
'via Blog this'
MIDEAST STOCKS-Gulf moves narrowly but Vodafone Qatar soars on earnings, licence news | ZAWYA MENA Edition
MIDEAST STOCKS-Gulf moves narrowly but Vodafone Qatar soars on earnings, licence news | ZAWYA MENA Edition:
"Gulf stock markets mostly moved narrowly in early trade on Tuesday although Vodafone Qatar soared in response to a stream of positive news. Vodafone Qatar, by far the most heavily traded stock in its market, jumped 9.1 percent. It announced that its nine-month net loss narrowed 32 percent, and that its telecommunications licence had been extended by 40 years, which would cut annual amortisation costs sharply. In addition, the company plans to reduce its share capital to 4.227 billion riyals from 8.454 billion riyals, while Vodafone will sell its stake in the firm to Qatar Foundation, whose direct and indirect stake in Vodafone Qatar will rise to 50 percent from 27.05 percent."
'via Blog this'
"Gulf stock markets mostly moved narrowly in early trade on Tuesday although Vodafone Qatar soared in response to a stream of positive news. Vodafone Qatar, by far the most heavily traded stock in its market, jumped 9.1 percent. It announced that its nine-month net loss narrowed 32 percent, and that its telecommunications licence had been extended by 40 years, which would cut annual amortisation costs sharply. In addition, the company plans to reduce its share capital to 4.227 billion riyals from 8.454 billion riyals, while Vodafone will sell its stake in the firm to Qatar Foundation, whose direct and indirect stake in Vodafone Qatar will rise to 50 percent from 27.05 percent."
'via Blog this'
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