Al Baker: Acquisition of 25% in Moscow's Vnukovo airport part of Qatar Airways global expansion - The Peninsula Qatar:
"Qatar Airways Group Chief Executive Akbar Al Baker said the memorandum of understanding (MoU) that the carrier signed to acquire up to 25 percent of Russia's third-largest airport, Vnukovo International Airport in Moscow, comes within expansion plans that Qatar Airways has been following across the world.
"Such an investment will complement the strong ties we have already established with the country, with our launch of direct services to St. Petersburg late last year, as well as our triple-daily flights to Moscow. All our investments are part of our existing expansion strategy, through which we aim to be able to bring even more people together from all parts of the globe," Al Baker said.
Al Baker signed the MoU along with Vnukovo International Airport Board Chairman Vitaly Vantsev in the presence of Anton Kuznetsov, Vnukovo International Airport's deputy board chairman for commerce affairs."
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Wednesday, 4 April 2018
Saudi fiscal reforms likely to bring oil break-even price below $55 per barrel by 2021 - The National
Saudi fiscal reforms likely to bring oil break-even price below $55 per barrel by 2021 - The National:
"Saudi Arabia, the world’s biggest oil exporter, is likely to lower its budget break-even oil price to below $55 per barrel by 2021 as the biggest Arab economy continues to implement economic and fiscal reforms, according to a new report. After slashing nominal government expenditures by a fifth, cutting subsidies, introducing new taxes and raising non-oil revenues, the kingdom has lowered its break-even oil price to $74.4 per barrel in 2018, down 29 per cent from $105.7 in 2014, Japanese lender MUFG Bank said in a report released on Wednesday. In 2019, break-even oil prices are likely to remain at $69.3 per barrel as the kingdom shifts its strategy of deficit reduction and austerity to focusing on economic stimulus, it noted. “All in all, a direct consequence of fiscal and economic reform is that Saudi Arabia will be in a stronger position over the medium term …. with greater independence from the oil price,” Ehsan Khoman, the head of research for the Middle East and North America said in The Mena Focus Report."
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"Saudi Arabia, the world’s biggest oil exporter, is likely to lower its budget break-even oil price to below $55 per barrel by 2021 as the biggest Arab economy continues to implement economic and fiscal reforms, according to a new report. After slashing nominal government expenditures by a fifth, cutting subsidies, introducing new taxes and raising non-oil revenues, the kingdom has lowered its break-even oil price to $74.4 per barrel in 2018, down 29 per cent from $105.7 in 2014, Japanese lender MUFG Bank said in a report released on Wednesday. In 2019, break-even oil prices are likely to remain at $69.3 per barrel as the kingdom shifts its strategy of deficit reduction and austerity to focusing on economic stimulus, it noted. “All in all, a direct consequence of fiscal and economic reform is that Saudi Arabia will be in a stronger position over the medium term …. with greater independence from the oil price,” Ehsan Khoman, the head of research for the Middle East and North America said in The Mena Focus Report."
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India to offer $3-4 billion development plan for giant Iran gas field: sources
India to offer $3-4 billion development plan for giant Iran gas field: sources:
"India is set to offer a $3-4 billion development plan for the Farzad B gas field to Iran next week after Tehran reduced the scope of the project, two sources familiar with the matter said.
Relations between the two countries, which have long held deep trade ties, were strained last year after Iran sought other investors for the field and media reports suggested Tehran would award it to Russia’s Gazprom.
In retaliation, India directed its state refiners to cut oil imports from Iran.
"
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"India is set to offer a $3-4 billion development plan for the Farzad B gas field to Iran next week after Tehran reduced the scope of the project, two sources familiar with the matter said.
Relations between the two countries, which have long held deep trade ties, were strained last year after Iran sought other investors for the field and media reports suggested Tehran would award it to Russia’s Gazprom.
In retaliation, India directed its state refiners to cut oil imports from Iran.
"
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Exclusive - Hospital contract disarray highlights challenges to Saudi healthcare reform
Exclusive - Hospital contract disarray highlights challenges to Saudi healthcare reform:
"London-listed NMC Health’s (NMC.L) bid to take over the running of a top Saudi hospital has stalled over contractual terms, reflecting wider challenges to the government’s drive to open the healthcare sector to foreign investors.
The Ministry of Health has been in talks with companies interested in managing the Saad Specialist Hospital in Khobar, which is one of the leading cancer treatment facilities in the Gulf but has been closed since late last year - a casualty of a multi-billion dollar debt row gripping the family that owns it.
United Arab Emirates-based healthcare provider NMC had been seen as a frontrunner to win a seven-year contract to run the 750-bed hospital, according to three sources familiar with the matter. But bidding has been held up by the government’s unwillingness to extend the contract beyond seven years and investor concern about the debt dispute involving the hospital’s owner, the sources said."
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"London-listed NMC Health’s (NMC.L) bid to take over the running of a top Saudi hospital has stalled over contractual terms, reflecting wider challenges to the government’s drive to open the healthcare sector to foreign investors.
The Ministry of Health has been in talks with companies interested in managing the Saad Specialist Hospital in Khobar, which is one of the leading cancer treatment facilities in the Gulf but has been closed since late last year - a casualty of a multi-billion dollar debt row gripping the family that owns it.
United Arab Emirates-based healthcare provider NMC had been seen as a frontrunner to win a seven-year contract to run the 750-bed hospital, according to three sources familiar with the matter. But bidding has been held up by the government’s unwillingness to extend the contract beyond seven years and investor concern about the debt dispute involving the hospital’s owner, the sources said."
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Bahrain says newly discovered field has 80bln barrels oil reserves | ZAWYA MENA Edition
Bahrain says newly discovered field has 80bln barrels oil reserves | ZAWYA MENA Edition:
"A new discovery off the coast of Bahrain is estimated to contain at least 80 billion barrels of tight oil, the kingdom's biggest ever find, Bahrain’s oil minister said. Bahrain said on Sunday it had discovered extensive tight oil and deep gas resources off the west coast of the kingdom. Independent appraisals by U.S.-based oil consultants DeGolyer and MacNaughton and oilfield services company Halliburton had confirmed Bahrain’s find of "highly significant quantities of oil in place for the Khalij Al Bahrain, with tight oil amounting to at least 80 billion barrels, and deep gas reserves in the region of 10-20 trillion cubic feet," Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said."
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"A new discovery off the coast of Bahrain is estimated to contain at least 80 billion barrels of tight oil, the kingdom's biggest ever find, Bahrain’s oil minister said. Bahrain said on Sunday it had discovered extensive tight oil and deep gas resources off the west coast of the kingdom. Independent appraisals by U.S.-based oil consultants DeGolyer and MacNaughton and oilfield services company Halliburton had confirmed Bahrain’s find of "highly significant quantities of oil in place for the Khalij Al Bahrain, with tight oil amounting to at least 80 billion barrels, and deep gas reserves in the region of 10-20 trillion cubic feet," Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said."
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MIDEAST STOCKS-Money flows back into Saudi, Emaar keeps falling in Dubai
MIDEAST STOCKS-Money flows back into Saudi, Emaar keeps falling in Dubai:
"Buyers returned to the Saudi Arabian stock market on Wednesday as blue chips attracted interest again after several days of profit-taking that followed FTSE Russell’s decision to upgrade Riyadh to emerging market status.
The Saudi index was up 0.9 percent as the energy and banking sectors rose: PetroRabigh climbed 2.0 percent, Saudi Arabian Refineries jumped 3.0 percent and mining group Ma’aden gained 1.7 percent. Al Rajhi Bank added 1.0 percent.
Loss-making Saudi Arabian home furnishings maker Al Sorayai Trading surged 7.3 percent, rising in unusually heavy trade for a fourth straight day. The company said chief executive Waiel bin Saad al-Rashid had resigned for personal reasons, and a replacement would be announced later."
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"Buyers returned to the Saudi Arabian stock market on Wednesday as blue chips attracted interest again after several days of profit-taking that followed FTSE Russell’s decision to upgrade Riyadh to emerging market status.
The Saudi index was up 0.9 percent as the energy and banking sectors rose: PetroRabigh climbed 2.0 percent, Saudi Arabian Refineries jumped 3.0 percent and mining group Ma’aden gained 1.7 percent. Al Rajhi Bank added 1.0 percent.
Loss-making Saudi Arabian home furnishings maker Al Sorayai Trading surged 7.3 percent, rising in unusually heavy trade for a fourth straight day. The company said chief executive Waiel bin Saad al-Rashid had resigned for personal reasons, and a replacement would be announced later."
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‘Saudi Arabia is the torch-bearer for the region,’ says Emaar chairman
‘Saudi Arabia is the torch-bearer for the region,’ says Emaar chairman:
"Perhaps more than anybody else outside royal circles in the UAE, Mohamed Alabbar symbolizes the generation of businessmen who built Dubai into the leading commercial and financial hub of the Gulf.
The eldest of the 12 children of a dhow captain, Alabbar was fast-tracked by the ruler of Dubai, Sheikh Mohammed bin Rashid Al-Maktoum, and inspired by the example of another booming city-state, Singapore.
After masterminding the emirate’s retail and tourism strategies, he founded Emaar Properties, one of the best-known brands in the region, which went on to build some of Dubai’s world-famous landmarks, such as Burj Khalifa and Dubai Mall."
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"Perhaps more than anybody else outside royal circles in the UAE, Mohamed Alabbar symbolizes the generation of businessmen who built Dubai into the leading commercial and financial hub of the Gulf.
The eldest of the 12 children of a dhow captain, Alabbar was fast-tracked by the ruler of Dubai, Sheikh Mohammed bin Rashid Al-Maktoum, and inspired by the example of another booming city-state, Singapore.
After masterminding the emirate’s retail and tourism strategies, he founded Emaar Properties, one of the best-known brands in the region, which went on to build some of Dubai’s world-famous landmarks, such as Burj Khalifa and Dubai Mall."
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Qatar offers gas to UAE at very competitive terms
Qatar offers gas to UAE at very competitive terms:
"Qatar, which is further “fortifying” its economy against the economic blockade that is entering 10th month today, yesterday said it had offered the UAE gas at very competitive terms, as it believed in the Gulf agreements and integration. “We are going to fortify our economy more through the second National Development Strategy (NDS) 2017-22,” Dr Ibrahim Ibrahim, economic adviser to the Emiri Diwan, told the first international business conference organised by the Community College of Qatar (CCQ). He made this remark to a specific query regarding what steps have the country taken to ward off the effects of economic blockade by the siege countries. In June last year, Saudi Arabia, the UAE, Bahrain and Egypt imposed economic blockade on Qatar."
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"Qatar, which is further “fortifying” its economy against the economic blockade that is entering 10th month today, yesterday said it had offered the UAE gas at very competitive terms, as it believed in the Gulf agreements and integration. “We are going to fortify our economy more through the second National Development Strategy (NDS) 2017-22,” Dr Ibrahim Ibrahim, economic adviser to the Emiri Diwan, told the first international business conference organised by the Community College of Qatar (CCQ). He made this remark to a specific query regarding what steps have the country taken to ward off the effects of economic blockade by the siege countries. In June last year, Saudi Arabia, the UAE, Bahrain and Egypt imposed economic blockade on Qatar."
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Qatar's market manipulation fears fueled by 'abnormal' derivative moves: bank CEO
Qatar's market manipulation fears fueled by 'abnormal' derivative moves: bank CEO:
"Qatar’s top bank QNB QNBK.QA is helping the country’s authorities with data and expertise to probe if Qatar’s neighbors manipulated its markets, including credit default swaps (CDS), during a political standoff last year, its CEO told Reuters.
Qatar’s central bank said in December it had launched a legal investigation into attempts by countries opposed to it to harm the Qatari economy by manipulating the currency, securities and derivatives markets.
Qatar National Bank (QNB) Chief Executive Ali Ahmed al-Kuwari said in an interview there had been unusual moves in Qatari CDS late last year. "
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"Qatar’s top bank QNB QNBK.QA is helping the country’s authorities with data and expertise to probe if Qatar’s neighbors manipulated its markets, including credit default swaps (CDS), during a political standoff last year, its CEO told Reuters.
Qatar’s central bank said in December it had launched a legal investigation into attempts by countries opposed to it to harm the Qatari economy by manipulating the currency, securities and derivatives markets.
Qatar National Bank (QNB) Chief Executive Ali Ahmed al-Kuwari said in an interview there had been unusual moves in Qatari CDS late last year. "
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OPEC Output Falls to Lowest in a Year Amid Venezuela Woes - Bloomberg
OPEC Output Falls to Lowest in a Year Amid Venezuela Woes - Bloomberg:
"OPEC crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry. Output from the 14 members of Organization of Petroleum Exporting Countries fell by 170,000 barrels to 32.04 million barrels a day in March, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That’s the lowest since last April’s 31.9 million barrels a day. Back then, Equatorial Guinea -- which pumped 130,000 barrels a day last month -- wasn’t part of OPEC."
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"OPEC crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry. Output from the 14 members of Organization of Petroleum Exporting Countries fell by 170,000 barrels to 32.04 million barrels a day in March, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That’s the lowest since last April’s 31.9 million barrels a day. Back then, Equatorial Guinea -- which pumped 130,000 barrels a day last month -- wasn’t part of OPEC."
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Saudi Arabia eyes high-value investments from the U.S. | ZAWYA MENA Edition
Saudi Arabia eyes high-value investments from the U.S. | ZAWYA MENA Edition:
"Saudi Arabian General Investment Authority (SAGIA) has held several meetings with multinational companies in conjunction with the state visit by Crown Prince Mohammed bin Salman to the United States of America. The authority showcased investment opportunities in the kingdom during meetings with aerospace and defence company Textron, additives producer Eastman Chemicals, engineering services firm McDermott and the Business Council for International Understanding (BCIU), according to an emailed statement sent by SAGIA to Zawya. On the sidelines of the meetings, SAGIA signed several agreements and granted investment licences to 13 U.S. companies in the fields of services, industry, information technology, construction, automotive, environment, food services, oil & gas, and renewable energy, the authority said."
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"Saudi Arabian General Investment Authority (SAGIA) has held several meetings with multinational companies in conjunction with the state visit by Crown Prince Mohammed bin Salman to the United States of America. The authority showcased investment opportunities in the kingdom during meetings with aerospace and defence company Textron, additives producer Eastman Chemicals, engineering services firm McDermott and the Business Council for International Understanding (BCIU), according to an emailed statement sent by SAGIA to Zawya. On the sidelines of the meetings, SAGIA signed several agreements and granted investment licences to 13 U.S. companies in the fields of services, industry, information technology, construction, automotive, environment, food services, oil & gas, and renewable energy, the authority said."
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INTERVIEW-Qatar National Bank seeks growth in Southeast Asia | ZAWYA MENA Edition
INTERVIEW-Qatar National Bank seeks growth in Southeast Asia | ZAWYA MENA Edition:
"Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told Reuters. QNB, the largest bank by assets in the Middle East and Africa, is active in Egypt and Turkey and has made forays into Singapore, Vietnam, Myanmar, India, Indonesia and China. "Our strategy and vision is to become among the leading banks in the Middle East, Africa and Southeast Asia. We have expanded our region to include Southeast Asia by 2020 and to be one of the main players in the Southeast Asia region," said Group Chief Executive Ali Ahmed al-Kuwari."
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"Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told Reuters. QNB, the largest bank by assets in the Middle East and Africa, is active in Egypt and Turkey and has made forays into Singapore, Vietnam, Myanmar, India, Indonesia and China. "Our strategy and vision is to become among the leading banks in the Middle East, Africa and Southeast Asia. We have expanded our region to include Southeast Asia by 2020 and to be one of the main players in the Southeast Asia region," said Group Chief Executive Ali Ahmed al-Kuwari."
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MIDEAST STOCKS-Saudi rises in early trade, other markets move little | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi rises in early trade, other markets move little | ZAWYA MENA Edition:
"Saudi Arabia's stock market rose in early trade on Wednesday as money flowed back into blue chips favoured by foreign investors after several days of profit-taking, while other markets in the region were mixed in narrow ranges.
The Saudi index was up 0.5 percent after an hour, with Saudi Basic Industries up by the same margin, PetroRabigh gaining 1.2 percent and Al Rajhi Bank 1.0 percent higher.
Loss-making Saudi Arabian home furnishings maker Al Sorayai Trading surged 4.6 percent, rising in unusually heavy trade for a fourth straight day; the company said chief executive Waiel bin Saad al-Rashid resigned immediately for personal reasons, and a replacement would be announced later."
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"Saudi Arabia's stock market rose in early trade on Wednesday as money flowed back into blue chips favoured by foreign investors after several days of profit-taking, while other markets in the region were mixed in narrow ranges.
The Saudi index was up 0.5 percent after an hour, with Saudi Basic Industries up by the same margin, PetroRabigh gaining 1.2 percent and Al Rajhi Bank 1.0 percent higher.
Loss-making Saudi Arabian home furnishings maker Al Sorayai Trading surged 4.6 percent, rising in unusually heavy trade for a fourth straight day; the company said chief executive Waiel bin Saad al-Rashid resigned immediately for personal reasons, and a replacement would be announced later."
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