Iran inches closer to dream of gasoline independence | ZAWYA MENA Edition:
"Iran has sharply reduced its gasoline imports in recent weeks after starting up a new refinery, trade sources said, bringing the oil-rich country closer to its goal of fuel self-sufficiency. The reduced dependence on imports comes as the future of a landmark 2015 nuclear accord that offered Iran sanctions relief hangs in the balance, with U.S. President Donald Trump threatening to pull out of the deal. Iran, despite being OPEC's third-largest crude oil producer, has for years struggled to meet its domestic fuel needs due to a lack of refining capacity and international sanctions that limited the supply of spare parts for plant maintenance."
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Wednesday, 21 March 2018
Dubai completes $2.45bln project financing for metro extension | ZAWYA MENA Edition
Dubai completes $2.45bln project financing for metro extension | ZAWYA MENA Edition:
"The government of Dubai has completed a project financing worth about $2.45 billion for the extension of the city's metro rail system, Dubai's Department of Finance said on Wednesday. The project envisages the construction of about 15 kilometres of extension to the Dubai Metro's Red Line from Nakheel Harbour and Tower station up to the site of the Expo, which is going to be held in Dubai in 2020. The financing comprises a $1.42 billion 17-year loan backed by guarantees provided by French and the Spanish export credit agencies, and a $1.1 billion 10-year loan provided by commercial banks."
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"The government of Dubai has completed a project financing worth about $2.45 billion for the extension of the city's metro rail system, Dubai's Department of Finance said on Wednesday. The project envisages the construction of about 15 kilometres of extension to the Dubai Metro's Red Line from Nakheel Harbour and Tower station up to the site of the Expo, which is going to be held in Dubai in 2020. The financing comprises a $1.42 billion 17-year loan backed by guarantees provided by French and the Spanish export credit agencies, and a $1.1 billion 10-year loan provided by commercial banks."
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Formerly detained Saudi businessmen Alwaleed and Alhokair in talks for loans | ZAWYA MENA Edition
Formerly detained Saudi businessmen Alwaleed and Alhokair in talks for loans | ZAWYA MENA Edition:
"Two businessmen formerly detained a part of Saudi Arabia's anti-corruption campaign are now in talks with banks for loans for their firms in excess of $3 billion, sources said, suggesting that bank markets are open again for those who have reached financial settlements with the government.
Saudi Prince Alwaleed bin Talal's investment firm Kingdom Holding is in talks for a loan worth up to $1 billion, while Saudi fashion retailer Fawaz Abdulaziz Alhokair, whose major shareholder Fawaz Alhokair was also detained, is in discussions with banks for a loan of around 8 billion riyals ($2.13 billion).
Local banks are expected to provide most of the debt, while international banks appear to be more cautious given the lack of clarity over the terms of settlements the business figures reached with the Saudi authorities, banking sources said."
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"Two businessmen formerly detained a part of Saudi Arabia's anti-corruption campaign are now in talks with banks for loans for their firms in excess of $3 billion, sources said, suggesting that bank markets are open again for those who have reached financial settlements with the government.
Saudi Prince Alwaleed bin Talal's investment firm Kingdom Holding is in talks for a loan worth up to $1 billion, while Saudi fashion retailer Fawaz Abdulaziz Alhokair, whose major shareholder Fawaz Alhokair was also detained, is in discussions with banks for a loan of around 8 billion riyals ($2.13 billion).
Local banks are expected to provide most of the debt, while international banks appear to be more cautious given the lack of clarity over the terms of settlements the business figures reached with the Saudi authorities, banking sources said."
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Shareholders of Abu Dhabi's Aldar approve increasing foreign ownership limit to 49%- source | ZAWYA MENA Edition
Shareholders of Abu Dhabi's Aldar approve increasing foreign ownership limit to 49%- source | ZAWYA MENA Edition:
"Shareholders of Aldar Properties approved on Wednesday to increase foreign ownership of the Abu Dhabi-listed developer to 49 percent from 40 percent, said a source familiar with the matter.
Aldar got approval from shareholders to raise the limit at its annual general meeting, the source said."
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"Shareholders of Aldar Properties approved on Wednesday to increase foreign ownership of the Abu Dhabi-listed developer to 49 percent from 40 percent, said a source familiar with the matter.
Aldar got approval from shareholders to raise the limit at its annual general meeting, the source said."
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MIDEAST STOCKS-Blue-chips lift Saudi, UAE's Aldar and Emaar climb
MIDEAST STOCKS-Blue-chips lift Saudi, UAE's Aldar and Emaar climb:
"Saudi Arabia’s stock market rose on Wednesday, lifted by its expected inclusion in the secondary FTSE emerging market index, while United Arab Emirates’ markets were boosted by its top two property companies.
The Saudi index gained 0.5 percent to close at 7,762 points, backed by leading stocks that investors expect to attract foreign funds if the FTSE upgrade is confirmed at the end of this month.
Al Rajhi Bank rose 1 percent, with the stock going ex-dividend on Monday. National Commercial Bank added 0.9 percent and miner Ma’aden gained 2.6 percent while retail play Jarir rose by 3.2 percent."
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"Saudi Arabia’s stock market rose on Wednesday, lifted by its expected inclusion in the secondary FTSE emerging market index, while United Arab Emirates’ markets were boosted by its top two property companies.
The Saudi index gained 0.5 percent to close at 7,762 points, backed by leading stocks that investors expect to attract foreign funds if the FTSE upgrade is confirmed at the end of this month.
Al Rajhi Bank rose 1 percent, with the stock going ex-dividend on Monday. National Commercial Bank added 0.9 percent and miner Ma’aden gained 2.6 percent while retail play Jarir rose by 3.2 percent."
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Aldar and Emaar shares climb after Dh30bn strategic alliance - The National
Aldar and Emaar shares climb after Dh30bn strategic alliance - The National:
"Shares in Aldar and Emaar Properties jumped in Wednesday, as further details emerged about the first projects to be developed under the Dh30 billion strategic partnership signed on Tuesday between the UAE’s two largest real estate developers. Aldar shares, listed on the Abu Dhabi Securities Exchange, rose by as much as 6.5 per cent to a seven week intraday high in the morning session, before slipping back to trade up around 3.7 heading into the final hour. Dubai-listed Emaar were up by around 2.7 per cent around 1pm UAE time, a ten day intraday high. The developers on Tuesday afternoon announced a strategic partnership “to develop the world’s next era of iconic destinations,” with a targeted Dh30 billion national and international development pipeline."
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"Shares in Aldar and Emaar Properties jumped in Wednesday, as further details emerged about the first projects to be developed under the Dh30 billion strategic partnership signed on Tuesday between the UAE’s two largest real estate developers. Aldar shares, listed on the Abu Dhabi Securities Exchange, rose by as much as 6.5 per cent to a seven week intraday high in the morning session, before slipping back to trade up around 3.7 heading into the final hour. Dubai-listed Emaar were up by around 2.7 per cent around 1pm UAE time, a ten day intraday high. The developers on Tuesday afternoon announced a strategic partnership “to develop the world’s next era of iconic destinations,” with a targeted Dh30 billion national and international development pipeline."
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UAE President orders restructuring of Abu Dhabi Investment Council | GulfNews.com
UAE President orders restructuring of Abu Dhabi Investment Council | GulfNews.com:
"President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued, in his capacity as the Ruler of Abu Dhabi, a law restructuring Abu Dhabi Investment Council, ADIC, whereby it will become part of the Mubadala Investment Company group. In this regard, His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, Chairman of the Abu Dhabi Executive Council, and Chairman of the Mubadala Investment Company Board of Directors, said, "ADIC becoming part of the Mubadala Group is yet another step in Abu Dhabi’s efforts to accelerate the diversification of the UAE’s economy. With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country’s competitive position." Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Vice-Chairman of the Mubadala Investment Company Board of Directors, said, "Bringing the Abu Dhabi Investment Council under the Mubadala Group is in line with Abu Dhabi’s efforts to create world-class investment vehicles of scale. ADIC has a strong history of investment, diversification and financial return, and will build on its record of creating value as part of the Mubadala Group, which is one of Abu Dhabi’s most respected and recognised global institutions." "
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"President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued, in his capacity as the Ruler of Abu Dhabi, a law restructuring Abu Dhabi Investment Council, ADIC, whereby it will become part of the Mubadala Investment Company group. In this regard, His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, Chairman of the Abu Dhabi Executive Council, and Chairman of the Mubadala Investment Company Board of Directors, said, "ADIC becoming part of the Mubadala Group is yet another step in Abu Dhabi’s efforts to accelerate the diversification of the UAE’s economy. With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country’s competitive position." Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Vice-Chairman of the Mubadala Investment Company Board of Directors, said, "Bringing the Abu Dhabi Investment Council under the Mubadala Group is in line with Abu Dhabi’s efforts to create world-class investment vehicles of scale. ADIC has a strong history of investment, diversification and financial return, and will build on its record of creating value as part of the Mubadala Group, which is one of Abu Dhabi’s most respected and recognised global institutions." "
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Qatar bourse to list Masraf Al Rayan's ETF
Qatar bourse to list Masraf Al Rayan's ETF:
"Qatar’s stock market will list Masraf Al Rayan’s exchange-traded fund (ETF) on Wednesday, a bourse filing showed. The ETF listing will be Qatar’s second this year, after local asset manager Amwal in March launched its ETF, an equity fund tracking 20 of the largest and most liquid stocks in the market. Masraf Al Rayan’s ETF will track the QE Al Rayan Islamic Index of sharia-compliant stocks in Qatar. The Group Securities will act as the liquidity provider for the ETF, the bourse said. "
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"Qatar’s stock market will list Masraf Al Rayan’s exchange-traded fund (ETF) on Wednesday, a bourse filing showed. The ETF listing will be Qatar’s second this year, after local asset manager Amwal in March launched its ETF, an equity fund tracking 20 of the largest and most liquid stocks in the market. Masraf Al Rayan’s ETF will track the QE Al Rayan Islamic Index of sharia-compliant stocks in Qatar. The Group Securities will act as the liquidity provider for the ETF, the bourse said. "
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Oil Gains as U.S.-Saudi Talks Raise Risk of Iranian Crude Curbs - Bloomberg
Oil Gains as U.S.-Saudi Talks Raise Risk of Iranian Crude Curbs - Bloomberg:
"Oil extended gains as investors assessed geopolitical risks with speculation that the U.S. president and Saudi Arabia’s crown prince discussed countering the influence of Middle East producer Iran. Futures rose 0.2 percent after climbing to the highest level in more than three weeks on Tuesday. Donald Trump hinted at a withdrawal from a deal curbing Iran’s nuclear program as a U.S. visit by Saudi Arabia’s Mohammed Bin Salman began. Such a decision would raise the risk of the OPEC member’s oil exports being curbed by sanctions. Meanwhile, industry data was said to signal an unexpected decline in American crude inventories last week. The specter of conflict involving giant producers is jolting prices, which have traded in a $4-range since mid-February. With the Organization of Petroleum Exporting Countries and its allies concluding that the market will re-balance by the end of September, Citigroup Inc. predicts oil’s recent “sideways” move is unlikely to last. Still, investors will be wary of U.S. supplies, which have threatened to undermine OPEC’s efforts to eliminate a global glut."
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"Oil extended gains as investors assessed geopolitical risks with speculation that the U.S. president and Saudi Arabia’s crown prince discussed countering the influence of Middle East producer Iran. Futures rose 0.2 percent after climbing to the highest level in more than three weeks on Tuesday. Donald Trump hinted at a withdrawal from a deal curbing Iran’s nuclear program as a U.S. visit by Saudi Arabia’s Mohammed Bin Salman began. Such a decision would raise the risk of the OPEC member’s oil exports being curbed by sanctions. Meanwhile, industry data was said to signal an unexpected decline in American crude inventories last week. The specter of conflict involving giant producers is jolting prices, which have traded in a $4-range since mid-February. With the Organization of Petroleum Exporting Countries and its allies concluding that the market will re-balance by the end of September, Citigroup Inc. predicts oil’s recent “sideways” move is unlikely to last. Still, investors will be wary of U.S. supplies, which have threatened to undermine OPEC’s efforts to eliminate a global glut."
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UAE banks see declining returns as costs rise | ZAWYA MENA Edition
UAE banks see declining returns as costs rise | ZAWYA MENA Edition:
"Nine of the ten biggest listed banks in the United Arab Emirates reported declining returns at the end of last year as costs increased, according to Alvarez and Marsal.
The professional services firm’s UAE Banking Pulse report stated that the combined return on equity for the ten biggest banks dropped to 14.3 percent during the fourth quarter of 2017, down from 15.1 percent in the prior quarter.
Pietro Castronovo, a senior director at the firm, told journalists at a launch event for the report that declining returns could be attributed to three main factors - a higher cost-to-income, higher costs of risk and a decline in loan-to-deposit ratios."
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"Nine of the ten biggest listed banks in the United Arab Emirates reported declining returns at the end of last year as costs increased, according to Alvarez and Marsal.
The professional services firm’s UAE Banking Pulse report stated that the combined return on equity for the ten biggest banks dropped to 14.3 percent during the fourth quarter of 2017, down from 15.1 percent in the prior quarter.
Pietro Castronovo, a senior director at the firm, told journalists at a launch event for the report that declining returns could be attributed to three main factors - a higher cost-to-income, higher costs of risk and a decline in loan-to-deposit ratios."
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Saudi Electricity down on big Q4 loss, Emaar and Aldar buoy UAE | ZAWYA MENA Edition
Saudi Electricity down on big Q4 loss, Emaar and Aldar buoy UAE | ZAWYA MENA Edition:
"Most Gulf stock markets edged up early on Wednesday with Saudi Arabia aided by firm oil prices despite a much bigger-than-expected loss at Saudi Electricity, and the United Arab Emirates buoyed by news of a tie-up between its two top property firms.
The Saudi index rose 0.5 percent to 7,763 points in the first hour, supported mainly by banks ahead of FTSE's decision at the end of this month on whether to upgrade Riyadh to secondary emerging market status.
Al Rajhi Bank, expected to be one of the major targets of foreign fund inflows due to an upgrade, rose 1.0 percent; the stock will go ex-dividend on Monday. National Commercial Bank added 0.5 percent."
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"Most Gulf stock markets edged up early on Wednesday with Saudi Arabia aided by firm oil prices despite a much bigger-than-expected loss at Saudi Electricity, and the United Arab Emirates buoyed by news of a tie-up between its two top property firms.
The Saudi index rose 0.5 percent to 7,763 points in the first hour, supported mainly by banks ahead of FTSE's decision at the end of this month on whether to upgrade Riyadh to secondary emerging market status.
Al Rajhi Bank, expected to be one of the major targets of foreign fund inflows due to an upgrade, rose 1.0 percent; the stock will go ex-dividend on Monday. National Commercial Bank added 0.5 percent."
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