Top Iraq court set to rule on Kurdistan region's oil exports | ZAWYA MENA Edition:
"Iraq's top court will begin hearings in May on the legality of oil exports from Kurdistan, which are at the centre of a row between the semi-autonomous region and Baghdad.
The oil dispute is the main hurdle to normalising relations between the central government and the Kurdistan Regional Government (KRG) of northern Iraq which conducted an October referendum on independence despite Baghdad's opposition.
The Supreme Federal Court said in a statement on Monday it has asked to hear the opinions of officials including the central government's prime minister, oil minister and finance minister, in addition to the KRG's prime minister, on May 6."
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Monday 9 April 2018
Dubai non-oil private sector activity eases to four-month low in March
Dubai non-oil private sector activity eases to four-month low in March:
"Activity in Dubai’s non-oil private sector eased to a fourth-month low but remained in expansionary territory last month, latest data from the Emirates NBD Dubai Economy Tracker show. “The headline Dubai Economy Tracker Index eased further in March to 55.3, still well above the neutral 50.0 level and indicating a solid expansion in the non-oil private sector last month,” Khatija Haque, head of MENA Research at Emirates NBD, said in a statement. “Output and new order growth remained very strong, with these components at 59.5 and 59.8 respectively.”"
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"Activity in Dubai’s non-oil private sector eased to a fourth-month low but remained in expansionary territory last month, latest data from the Emirates NBD Dubai Economy Tracker show. “The headline Dubai Economy Tracker Index eased further in March to 55.3, still well above the neutral 50.0 level and indicating a solid expansion in the non-oil private sector last month,” Khatija Haque, head of MENA Research at Emirates NBD, said in a statement. “Output and new order growth remained very strong, with these components at 59.5 and 59.8 respectively.”"
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Will this be the year the UAE economy climbs out of the doldrums? | Arab News
Will this be the year the UAE economy climbs out of the doldrums? | Arab News:
"The UAE economy has been stuck in a rut. For most of the past couple of years, the country’s leading economic indicators have been becalmed, if not actually falling.
Last year, GDP growth for the Emirates as a whole was just 1.3 percent, according to the International Monetary Fund. Other observers are more pessimistic; London-based consultancy Capital Economics believes it was actually more likely to have been just 0.5 percent, a virtual no-growth level.
The country’s financial markets have been in the doldrums over the same period, with all the big market indices struggling to get out of a tight trading band. As soon as they show any genuine promise, the profit takers are ready to pounce to get some of their investment back. It’s a classic bear syndrome."
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"The UAE economy has been stuck in a rut. For most of the past couple of years, the country’s leading economic indicators have been becalmed, if not actually falling.
Last year, GDP growth for the Emirates as a whole was just 1.3 percent, according to the International Monetary Fund. Other observers are more pessimistic; London-based consultancy Capital Economics believes it was actually more likely to have been just 0.5 percent, a virtual no-growth level.
The country’s financial markets have been in the doldrums over the same period, with all the big market indices struggling to get out of a tight trading band. As soon as they show any genuine promise, the profit takers are ready to pounce to get some of their investment back. It’s a classic bear syndrome."
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Dubai-based Abraaj hires Houlihan Lokey for health fund advice after dispute
Dubai-based Abraaj hires Houlihan Lokey for health fund advice after dispute:
"Dubai-based private equity firm Abraaj has hired U.S. investment bank Houlihan Lokey (HLI.N) to help it try to stem the fallout from a dispute with investors over its healthcare fund.
Disagreements came to light earlier this year over how Abraaj had used the money of some of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), a member of the World Bank Group.
“Houlihan Lokey has been retained to help Abraaj with issues pertaining to the Abraaj Growth Markets Health Fund,” Jeff Hammer, managing director and co-head of illiquid financial assets at Houlihan Lokey, said in a statement to Reuters."
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"Dubai-based private equity firm Abraaj has hired U.S. investment bank Houlihan Lokey (HLI.N) to help it try to stem the fallout from a dispute with investors over its healthcare fund.
Disagreements came to light earlier this year over how Abraaj had used the money of some of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), a member of the World Bank Group.
“Houlihan Lokey has been retained to help Abraaj with issues pertaining to the Abraaj Growth Markets Health Fund,” Jeff Hammer, managing director and co-head of illiquid financial assets at Houlihan Lokey, said in a statement to Reuters."
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Qatar's Got Enough Bond Friends to Shrug off Sanctions - Bloomberg
Qatar's Got Enough Bond Friends to Shrug off Sanctions - Bloomberg:
"The rumblings that Qatar would return to international bond markets after a hiatus of nearly two years have been going on for some time, and as Gadfly noted in October, the nation was conspicuous by its absence from a debt sale bonanza in the region.
But now, it's finally here, with a three-day roadshow starting Monday in the U.S. and U.K. It will probably issue about $9 billion in five, 10 and 30-year tranches, as it did in May 2016.
In the interim, world events have not gone its way. The sanctions Gulf Cooperation Council members placed on Qatar have continued to bite. The volatile start to the year has kept fixed income from being an easy ride. It would appear that the tiny nation has missed the boat."
'via Blog this'
"The rumblings that Qatar would return to international bond markets after a hiatus of nearly two years have been going on for some time, and as Gadfly noted in October, the nation was conspicuous by its absence from a debt sale bonanza in the region.
But now, it's finally here, with a three-day roadshow starting Monday in the U.S. and U.K. It will probably issue about $9 billion in five, 10 and 30-year tranches, as it did in May 2016.
In the interim, world events have not gone its way. The sanctions Gulf Cooperation Council members placed on Qatar have continued to bite. The volatile start to the year has kept fixed income from being an easy ride. It would appear that the tiny nation has missed the boat."
'via Blog this'
Qatar Fund Brings $20 Billion Home to Help Banks in Boycott - Bloomberg
Qatar Fund Brings $20 Billion Home to Help Banks in Boycott - Bloomberg:
"Qatar’s sovereign wealth fund has repatriated about $20 billion to help support the country’s banks and ease the impact of the ongoing Saudi Arabian-led boycott. The Qatar Investment Authority, which has about $320 billion of assets, placed the funds with local lenders after the diplomatic crisis started, according to the country’s latest bond prospectus, a copy of which was seen by Bloomberg. The cash injection came as almost $30 billion of non-resident deposits left Qatari banks, the document shows. Qatari banks, already stretched by financing demands of the $200 billion 2022 World Cup, took a blow from its neighbors’ abrupt decision to cut ties in June. Qatar, the world’s biggest exporter of liquefied natural gas, relies heavily on foreign cash and foreign deposits -- especially from the six-nation Gulf Cooperation Council."
'via Blog this'
"Qatar’s sovereign wealth fund has repatriated about $20 billion to help support the country’s banks and ease the impact of the ongoing Saudi Arabian-led boycott. The Qatar Investment Authority, which has about $320 billion of assets, placed the funds with local lenders after the diplomatic crisis started, according to the country’s latest bond prospectus, a copy of which was seen by Bloomberg. The cash injection came as almost $30 billion of non-resident deposits left Qatari banks, the document shows. Qatari banks, already stretched by financing demands of the $200 billion 2022 World Cup, took a blow from its neighbors’ abrupt decision to cut ties in June. Qatar, the world’s biggest exporter of liquefied natural gas, relies heavily on foreign cash and foreign deposits -- especially from the six-nation Gulf Cooperation Council."
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Libyan sovereign wealth fund files lawsuit against JPMorgan Chase | ZAWYA MENA Edition
Libyan sovereign wealth fund files lawsuit against JPMorgan Chase | ZAWYA MENA Edition:
"Libya's sovereign wealth fund has filed a lawsuit against JPMorgan Chase in a London court, a spokesman for the Libyan Investment Authority (LIA) said on Monday.
Details of the lawsuit were not disclosed and a spokeswoman for JPMorgan declined to comment.
The LIA has previously brought lawsuits against two other investment banks in London courts, relating to trades carried out during the rule of Muammar Gaddafi."
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"Libya's sovereign wealth fund has filed a lawsuit against JPMorgan Chase in a London court, a spokesman for the Libyan Investment Authority (LIA) said on Monday.
Details of the lawsuit were not disclosed and a spokeswoman for JPMorgan declined to comment.
The LIA has previously brought lawsuits against two other investment banks in London courts, relating to trades carried out during the rule of Muammar Gaddafi."
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Egypt sets price guidance for debut euro-denominated bond | ZAWYA MENA Edition
Egypt sets price guidance for debut euro-denominated bond | ZAWYA MENA Edition:
"Egypt has set the price guidance of its debut euro-denominated bond sale in the 5 percent area for a planned eight-year tranche and in the 5.875 percent area for a 12-year tranche, a document from one of the banks arranging the offering showed on Monday.
Initial price guidance earlier on Monday was in the low 5 percent area for the eight-year and in the 6 percent area for the 12-year tranche.
Combined orders for the transaction were in excess of 4.7 billion euro, evenly split across the two maturities on offer, according to the document."
'via Blog this'
"Egypt has set the price guidance of its debut euro-denominated bond sale in the 5 percent area for a planned eight-year tranche and in the 5.875 percent area for a 12-year tranche, a document from one of the banks arranging the offering showed on Monday.
Initial price guidance earlier on Monday was in the low 5 percent area for the eight-year and in the 6 percent area for the 12-year tranche.
Combined orders for the transaction were in excess of 4.7 billion euro, evenly split across the two maturities on offer, according to the document."
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Turkey's Metcap, Qatar's Fusion Dynamics to invest $5.2bln in Turkey- statement | ZAWYA MENA Edition
Turkey's Metcap, Qatar's Fusion Dynamics to invest $5.2bln in Turkey- statement | ZAWYA MENA Edition:
"Turkey's Metcap Energy Investments and Qatar's Fusion Dynamics will invest a total of $5.2 billion in Turkey, the companies said in a joint statement on Monday.
The 50-50 percent held joint venture, Metcap Petrochemicals, will build and operate a $4 billion natural gas-based chemical facility in the Thrace region. The venture will also invest $1.2 billion in natural gas power stations in the northwestern Kirklareli province and central Karaman province."
'via Blog this'
"Turkey's Metcap Energy Investments and Qatar's Fusion Dynamics will invest a total of $5.2 billion in Turkey, the companies said in a joint statement on Monday.
The 50-50 percent held joint venture, Metcap Petrochemicals, will build and operate a $4 billion natural gas-based chemical facility in the Thrace region. The venture will also invest $1.2 billion in natural gas power stations in the northwestern Kirklareli province and central Karaman province."
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MIDEAST STOCKS-Qatar rises on higher ownership caps, Saudi banks bought | ZAWYA MENA Edition
MIDEAST STOCKS-Qatar rises on higher ownership caps, Saudi banks bought | ZAWYA MENA Edition:
"Qatar's stock market was the strongest in the region on Monday after several companies raised foreign ownership limits, while most Saudi Arabia stocks fell although a couple of banks pulled up the index. The Qatari index climbed 1.8 percent. Qatar Electricity and Water Co was up 4.0 percent, with Qatar Islamic Bank closing 3.7 percent higher and Industries Qatar increasing 3.4 percent. The trio said on Sunday that they were hiking their foreign ownership ceilings to 49 percent from 25 percent, starting on Monday."
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"Qatar's stock market was the strongest in the region on Monday after several companies raised foreign ownership limits, while most Saudi Arabia stocks fell although a couple of banks pulled up the index. The Qatari index climbed 1.8 percent. Qatar Electricity and Water Co was up 4.0 percent, with Qatar Islamic Bank closing 3.7 percent higher and Industries Qatar increasing 3.4 percent. The trio said on Sunday that they were hiking their foreign ownership ceilings to 49 percent from 25 percent, starting on Monday."
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MIDEAST STOCKS-Gulf mixed, Qatar outperforms on rise in foreign ownership ceilings | ZAWYA MENA Edition
MIDEAST STOCKS-Gulf mixed, Qatar outperforms on rise in foreign ownership ceilings | ZAWYA MENA Edition:
"Gulf stock markets were mixed in early trade on Monday with Qatar's index the standout performer after several blue-chip firms raised foreign ownership limits. The Qatar index climbed 1.4 percent with Qatar Electricity and Water Co up 3.5 percent and Industries Qatar 3.0 percent higher. Qatar Islamic Bank was up 2.4 percent. The trio said on Sunday that they were hiking their foreign ownership ceilings to 49 percent from 25 percent, starting on Monday."
'via Blog this'
"Gulf stock markets were mixed in early trade on Monday with Qatar's index the standout performer after several blue-chip firms raised foreign ownership limits. The Qatar index climbed 1.4 percent with Qatar Electricity and Water Co up 3.5 percent and Industries Qatar 3.0 percent higher. Qatar Islamic Bank was up 2.4 percent. The trio said on Sunday that they were hiking their foreign ownership ceilings to 49 percent from 25 percent, starting on Monday."
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