Viceroy says re-drafting LA lawsuit against Five in Dubai Palm hotel dispute - The National:
"Viceroy Hotel Group, the hotels company headquartered in the United States, said it is drafting a fresh case against Dubai-based real estate company Five Holding in a Los Angeles court, as part of a dispute over alleged mismanagement of a luxury hotel on the Palm Jumeirah. “Viceroy is in the process of expanding its lawsuit and expects to file an even more robust complaint against Five soon,” a statement from Viceroy said on Wednesday night. Earlier in the day, Viceroy said a Los Angeles judge had dismissed a claim filed in September by Five and affiliated parties alleging financial fraud and mismanagement against the hotel group."
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Thursday 15 March 2018
Dana Gas to seek third-party financing for Kurdish projects, as it returns to profit - The National
Dana Gas to seek third-party financing for Kurdish projects, as it returns to profit - The National:
"Dana Gas plans to secure third-party financing to fund gas development projects in Iraqi Kurdistan but will refrain from further investment in Egypt pending payments, its chief executive said on Thursday.
The Pearl Consortium, in which Dana Gas and its parent Crescent Petroleum are the largest stakeholders, wants to boost production in Khor Mor and Chemchemal fields by 20 per cent this year and 170 per cent over the next two to three years, Dana Gas said yesterday as part of its full annual results for 2017.
“The amounts of capital expenditure that will be spent at the Pearl Consortium level will either be funded through third-party financing or from the funding pot that has been retained for the purposes of development fund or retained operating cash flow,” Dana Gas chief executive Patrick Allman-Ward said on Thursday."
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"Dana Gas plans to secure third-party financing to fund gas development projects in Iraqi Kurdistan but will refrain from further investment in Egypt pending payments, its chief executive said on Thursday.
The Pearl Consortium, in which Dana Gas and its parent Crescent Petroleum are the largest stakeholders, wants to boost production in Khor Mor and Chemchemal fields by 20 per cent this year and 170 per cent over the next two to three years, Dana Gas said yesterday as part of its full annual results for 2017.
“The amounts of capital expenditure that will be spent at the Pearl Consortium level will either be funded through third-party financing or from the funding pot that has been retained for the purposes of development fund or retained operating cash flow,” Dana Gas chief executive Patrick Allman-Ward said on Thursday."
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Saudi govt expected to take 35 % stake in Saudi Binladin Group - The Peninsula Qatar
Saudi govt expected to take 35 % stake in Saudi Binladin Group - The Peninsula Qatar:
"The Saudi government is expected to take a 35 percent stake in construction giant Saudi Binladin Group (SBG) as part of a financial settlement with state authorities, sources told Reuters on Thursday.
The figure -- previously unknown -- was confirmed by four sources familiar with the matter.
It represents the total stakes of chairman Bakr Binladin and his brothers Saleh and Saad, all of whom were detained in an anti-graft crackdown in November alongside scores of other businessmen, princes and officials, according to some of the sources."
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"The Saudi government is expected to take a 35 percent stake in construction giant Saudi Binladin Group (SBG) as part of a financial settlement with state authorities, sources told Reuters on Thursday.
The figure -- previously unknown -- was confirmed by four sources familiar with the matter.
It represents the total stakes of chairman Bakr Binladin and his brothers Saleh and Saad, all of whom were detained in an anti-graft crackdown in November alongside scores of other businessmen, princes and officials, according to some of the sources."
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Global oil demand picks up but still lags rising supply, says IEA
Global oil demand picks up but still lags rising supply, says IEA:
"Global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said yesterday. The IEA raised its forecast for oil demand this year to 99.3mn bpd from 97.8mn bpd in 2017. Commercial oil inventories in industrialised OECD nations rose in January for the first time in seven months to 2.871bn barrels, 53mn barrels above their five-year average, the Paris-based IEA said."
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"Global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said yesterday. The IEA raised its forecast for oil demand this year to 99.3mn bpd from 97.8mn bpd in 2017. Commercial oil inventories in industrialised OECD nations rose in January for the first time in seven months to 2.871bn barrels, 53mn barrels above their five-year average, the Paris-based IEA said."
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Some holders of Etihad Airways-linked $1.2bln bonds brace for default- sources | ZAWYA MENA Edition
Some holders of Etihad Airways-linked $1.2bln bonds brace for default- sources | ZAWYA MENA Edition:
"Some holders of $1.2 billion in bonds linked to Etihad Airways are seeking to appoint legal advisers to evaluate their options with respect to a potential default of the notes, sources familiar with the matter said.
Etihad issued the bonds in 2015 and 2016 through an Amsterdam-based special purpose vehicle, called Equity Alliance Partners (EAP).
The proceeds were used to enter into separate debt obligations with Etihad and airlines partially owned by the Abu Dhabi carrier at the time, including Alitalia and Air Berlin, both of which are now insolvent."
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"Some holders of $1.2 billion in bonds linked to Etihad Airways are seeking to appoint legal advisers to evaluate their options with respect to a potential default of the notes, sources familiar with the matter said.
Etihad issued the bonds in 2015 and 2016 through an Amsterdam-based special purpose vehicle, called Equity Alliance Partners (EAP).
The proceeds were used to enter into separate debt obligations with Etihad and airlines partially owned by the Abu Dhabi carrier at the time, including Alitalia and Air Berlin, both of which are now insolvent."
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UAE fund Mubadala in talks for Brazilian Odebrecht-run rail operator Supervia: sources | ZAWYA MENA Edition
UAE fund Mubadala in talks for Brazilian Odebrecht-run rail operator Supervia: sources | ZAWYA MENA Edition:
"United Arab Emirates' sovereign wealth fund Mubadala Development Co is keen to acquire a majority stake in Brazilian suburban rail operator Supervia, controlled by conglomerate Odebrecht SA, three sources with knowledge of the matter said. The sale is part of Brazilian conglomerate Odebrecht's divestitures of assets to repay debt in the wake of Brazil's widest-ever corruption scandal. According to one of the sources, who asked for anonymity because the person was not authorized to speak publicly on the matter, binding proposals have not yet been delivered."
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"United Arab Emirates' sovereign wealth fund Mubadala Development Co is keen to acquire a majority stake in Brazilian suburban rail operator Supervia, controlled by conglomerate Odebrecht SA, three sources with knowledge of the matter said. The sale is part of Brazilian conglomerate Odebrecht's divestitures of assets to repay debt in the wake of Brazil's widest-ever corruption scandal. According to one of the sources, who asked for anonymity because the person was not authorized to speak publicly on the matter, binding proposals have not yet been delivered."
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Kuwait to divide its stock market into three segments | ZAWYA MENA Edition
Kuwait to divide its stock market into three segments | ZAWYA MENA Edition:
"Kuwait Stock Exchange plans to divide its stock market into three market segments from April 1 in a bid to boost liquidity for investors, a regulatory official said on Thursday. The bourse will also introduce new rules for listings on the same day, Abdulrahman al-Failakawi, the representative of the Capital Markets Authority (CMA). told reporters. The three market segments will be known as the premier market, the main market and the auction market. It will replace the current market. The premier market would be home to relatively larger and more liquid listed companies, Boursa Kuwait has said in the past."
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"Kuwait Stock Exchange plans to divide its stock market into three market segments from April 1 in a bid to boost liquidity for investors, a regulatory official said on Thursday. The bourse will also introduce new rules for listings on the same day, Abdulrahman al-Failakawi, the representative of the Capital Markets Authority (CMA). told reporters. The three market segments will be known as the premier market, the main market and the auction market. It will replace the current market. The premier market would be home to relatively larger and more liquid listed companies, Boursa Kuwait has said in the past."
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MIDEAST STOCKS-Milaha boosts Qatar before index entry, Al Rajhi pulls down Saudi
MIDEAST STOCKS-Milaha boosts Qatar before index entry, Al Rajhi pulls down Saudi:
"A surge by Qatar Navigation (Milaha) lifted the Qatari equity index on Thursday ahead of the stock’s entry into FTSE indexes, while profit-taking in Al Rajhi Bank pulled down Riyadh.
Qatar’s index climbed 1.1 percent as Milaha added 4.0 percent in unusually heavy trade. The stock will join FTSE’s All-World and AllCap indexes after the close on Thursday, and this triggered inflows from passive funds.
Qatar Insurance, which sank 8.4 percent on Wednesday because it will be removed from some FTSE indexes at the same time, lost a further 2.0 percent and was the market’s most heavily traded stock."
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"A surge by Qatar Navigation (Milaha) lifted the Qatari equity index on Thursday ahead of the stock’s entry into FTSE indexes, while profit-taking in Al Rajhi Bank pulled down Riyadh.
Qatar’s index climbed 1.1 percent as Milaha added 4.0 percent in unusually heavy trade. The stock will join FTSE’s All-World and AllCap indexes after the close on Thursday, and this triggered inflows from passive funds.
Qatar Insurance, which sank 8.4 percent on Wednesday because it will be removed from some FTSE indexes at the same time, lost a further 2.0 percent and was the market’s most heavily traded stock."
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Port operator DP World reports higher profits on rising volumes
Port operator DP World reports higher profits on rising volumes:
"Dubai’s DP World reported a 7 per cent increase in profit to $1.2bn for 2017 on rising volumes that the port operator said had outperformed the market.
Full-year revenue grew 13.2 per cent to $4.7bn, driven by gross throughput growth of 10 per cent to 70m twenty-foot equivalent units as global trade rebounded.
The company, which is controlled by the Dubai government, gave an optimistic forecast for 2018 despite political concerns. "
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"Dubai’s DP World reported a 7 per cent increase in profit to $1.2bn for 2017 on rising volumes that the port operator said had outperformed the market.
Full-year revenue grew 13.2 per cent to $4.7bn, driven by gross throughput growth of 10 per cent to 70m twenty-foot equivalent units as global trade rebounded.
The company, which is controlled by the Dubai government, gave an optimistic forecast for 2018 despite political concerns. "
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RPT-COLUMN-Oil market shrugs off rising threat to Iran deal: Kemp
RPT-COLUMN-Oil market shrugs off rising threat to Iran deal: Kemp:
"President Donald Trump’s decision to replace his secretary of state with a more hawkish figure should have been bullish for oil prices since it increases the probability the nuclear deal with Iran will be abandoned in May. Failure to recertify the deal could lead to the re-imposition of secondary sanctions and pressure from the United States on other countries to reduce their purchases of Iranian crude again. But the decision to replace the secretary of state barely registered on the spot price of Brent crude and the six-month calendar spread continued to soften, suggesting that traders see little impact for the moment."
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"President Donald Trump’s decision to replace his secretary of state with a more hawkish figure should have been bullish for oil prices since it increases the probability the nuclear deal with Iran will be abandoned in May. Failure to recertify the deal could lead to the re-imposition of secondary sanctions and pressure from the United States on other countries to reduce their purchases of Iranian crude again. But the decision to replace the secretary of state barely registered on the spot price of Brent crude and the six-month calendar spread continued to soften, suggesting that traders see little impact for the moment."
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Qatar plans for spending restraint, small fiscal surpluses in 2018-2022
Qatar plans for spending restraint, small fiscal surpluses in 2018-2022:
"Qatar’s government will restrain current spending to achieve small budget surpluses and transfer less money to its sovereign wealth fund in coming years if oil and gas prices do not rise, according to the country’s new five-year development plan. The National Development Strategy for 2018-2022, released by Prime Minister Sheikh Abdullah bin Nasser al-Thani on Wednesday, calls for the economy to become more self-reliant in food production and efficient in energy use as it faces a boycott by Saudi Arabia and three other Arab states. The plan says the government will continue spending heavily on infrastructure, including projects related to Qatar’s hosting of the World Cup soccer tournament in 2022."
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"Qatar’s government will restrain current spending to achieve small budget surpluses and transfer less money to its sovereign wealth fund in coming years if oil and gas prices do not rise, according to the country’s new five-year development plan. The National Development Strategy for 2018-2022, released by Prime Minister Sheikh Abdullah bin Nasser al-Thani on Wednesday, calls for the economy to become more self-reliant in food production and efficient in energy use as it faces a boycott by Saudi Arabia and three other Arab states. The plan says the government will continue spending heavily on infrastructure, including projects related to Qatar’s hosting of the World Cup soccer tournament in 2022."
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Goldman Bets on Unprecedented Economic Overhaul in Saudi Arabia - Bloomberg
Goldman Bets on Unprecedented Economic Overhaul in Saudi Arabia - Bloomberg:
"Goldman Sachs Group Inc. is doubling down on its plans for Saudi Arabia in a bet that sweeping economic reforms will draw investors to the kingdom despite a turbulent corruption crackdown.
The U.S. lender, which has traditionally advised companies and governments on takeovers and fundraising efforts in the region, plans to deploy its own money in the kingdom for the first time, Wassim Younan, Goldman’s chief executive for the Middle East and North Africa, said in an interview in London. To help identify such opportunities, the bank is hiring veteran banker Ammar Al-Khudairy, who previously oversaw Morgan Stanley’s operations in the country, he said.
The bank’s expansion in the world’s largest oil exporter is good news for the kingdom’s Crown Prince Mohammed bin Salman, who’s trying to secure his grip on power without alienating the international investors he needs to transform the economy into a financial powerhouse. Other global banks have also proved to be unfazed by the tumultuous changes in Saudi Arabia as the prince, known as MBS, consolidates his authority with steps such the temporary detainment of senior princes and prominent businessmen starting in November."
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"Goldman Sachs Group Inc. is doubling down on its plans for Saudi Arabia in a bet that sweeping economic reforms will draw investors to the kingdom despite a turbulent corruption crackdown.
The U.S. lender, which has traditionally advised companies and governments on takeovers and fundraising efforts in the region, plans to deploy its own money in the kingdom for the first time, Wassim Younan, Goldman’s chief executive for the Middle East and North Africa, said in an interview in London. To help identify such opportunities, the bank is hiring veteran banker Ammar Al-Khudairy, who previously oversaw Morgan Stanley’s operations in the country, he said.
The bank’s expansion in the world’s largest oil exporter is good news for the kingdom’s Crown Prince Mohammed bin Salman, who’s trying to secure his grip on power without alienating the international investors he needs to transform the economy into a financial powerhouse. Other global banks have also proved to be unfazed by the tumultuous changes in Saudi Arabia as the prince, known as MBS, consolidates his authority with steps such the temporary detainment of senior princes and prominent businessmen starting in November."
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Emirates gives initial price guidance for U.S. dollar sukuk | ZAWYA MENA Edition
Emirates gives initial price guidance for U.S. dollar sukuk | ZAWYA MENA Edition:
"Emirates, the Dubai-based airline, has given initial price guidance for a planned U.S. dollar sukuk in the high 4 percent, a document by one of the banks leading the deal showed on Thursday.
Citi and Standard Chartered are joint global coordinators on the issue, with those banks and Abu Dhabi Islamic Bank, BNP Paribas, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JP Morgan and Noor Bank hired as joint bookrunners.
The sukuk is an amortising 10-year bond, with a five-year weighted average life. The Islamic notes are of benchmark size, which normally means upwards of $500 million, and are expected to price later on Thursday."
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"Emirates, the Dubai-based airline, has given initial price guidance for a planned U.S. dollar sukuk in the high 4 percent, a document by one of the banks leading the deal showed on Thursday.
Citi and Standard Chartered are joint global coordinators on the issue, with those banks and Abu Dhabi Islamic Bank, BNP Paribas, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JP Morgan and Noor Bank hired as joint bookrunners.
The sukuk is an amortising 10-year bond, with a five-year weighted average life. The Islamic notes are of benchmark size, which normally means upwards of $500 million, and are expected to price later on Thursday."
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UAE's Dana Gas plans $47mln capex in 2018 - CEO | ZAWYA MENA Edition
UAE's Dana Gas plans $47mln capex in 2018 - CEO | ZAWYA MENA Edition:
"United Arab Emirates-based energy firm Dana Gas on Thursday said it would invest $47 million as capital expenditure for this year, similar to the capex in 2017. Dana will not make any investments in Egypt unless it receives payments for past investments, Patrick Allman-Ward, chief executive of the Abu Dhabi-listed company, told reporters on a conference call."
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"United Arab Emirates-based energy firm Dana Gas on Thursday said it would invest $47 million as capital expenditure for this year, similar to the capex in 2017. Dana will not make any investments in Egypt unless it receives payments for past investments, Patrick Allman-Ward, chief executive of the Abu Dhabi-listed company, told reporters on a conference call."
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Mena IPOs surge 60% in Q4 2017; capital tops $2.5bln | ZAWYA MENA Edition
Mena IPOs surge 60% in Q4 2017; capital tops $2.5bln | ZAWYA MENA Edition:
"Mena IPO activity witnessed eight deals during Q4 2017, representing a 60 per cent surge in volume over the same period in 2016, while the capital raised hit $2.5 billion, over ten times the capital raised last year and the highest since 2014. The UAE led the Mena IPO market in value, having raised a cumulative of $2.2 billion in capital, primarily contributed by the Emaar Development IPO ($1.3 billion), which was the biggest IPO in the region since 2014, said professional services firm EY. The UAE also saw another successful issuance in the form of Adnoc IPO which raised a capital amounting to $850.9 million"
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"Mena IPO activity witnessed eight deals during Q4 2017, representing a 60 per cent surge in volume over the same period in 2016, while the capital raised hit $2.5 billion, over ten times the capital raised last year and the highest since 2014. The UAE led the Mena IPO market in value, having raised a cumulative of $2.2 billion in capital, primarily contributed by the Emaar Development IPO ($1.3 billion), which was the biggest IPO in the region since 2014, said professional services firm EY. The UAE also saw another successful issuance in the form of Adnoc IPO which raised a capital amounting to $850.9 million"
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MIDEAST STOCKS-Milaha lifts Qatar before index entry, Gulf mostly quiet early on
MIDEAST STOCKS-Milaha lifts Qatar before index entry, Gulf mostly quiet early on:
"Strength in Qatar Navigation (Milaha) lifted the Qatari stock index in early trade on Thursday ahead of the stock’s entry into FTSE indexes, while most of the region was quiet. Qatar’s index added 0.6 percent as Milaha climbed 2.3 percent. The stock will join FTSE’s All-World and AllCap indexes after the close on Thursday, and this is triggering inflows of passive funds. Qatar Insurance, which sank 8.4 percent on Wednesday because it will be removed from some FTSE indexes at the same time, lost a further 1.7 percent and was the market’s most heavily traded stock."
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"Strength in Qatar Navigation (Milaha) lifted the Qatari stock index in early trade on Thursday ahead of the stock’s entry into FTSE indexes, while most of the region was quiet. Qatar’s index added 0.6 percent as Milaha climbed 2.3 percent. The stock will join FTSE’s All-World and AllCap indexes after the close on Thursday, and this is triggering inflows of passive funds. Qatar Insurance, which sank 8.4 percent on Wednesday because it will be removed from some FTSE indexes at the same time, lost a further 1.7 percent and was the market’s most heavily traded stock."
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