Saudi Crown Prince Salman Wowed U.S. Here's a Reality Check. - Bloomberg:
"For three weeks ending last weekend in Texas, Saudi Crown Prince Mohammed bin Salman was the most celebrated foreign leader to visit the U.S. since China's Deng Xiaoping almost 40 years ago.
MBS, as he's called, was embraced by the administration of President Donald Trump. He saw former President Bill Clinton, leading tech executives, entertainment stars, titans of Wall Street, the foreign policy establishment and prominent journalists.
In a public relations triumph, the 32-year-old prince was greeted as a combination of rock star and Winston Churchill."
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Sunday, 15 April 2018
MIDEAST STOCKS-No retaliation after Syria boosts Gulf; Saudi petchems up on oil
MIDEAST STOCKS-No retaliation after Syria boosts Gulf; Saudi petchems up on oil:
"Most Gulf stock markets rose on Sunday due to firm oil prices and relief that the weekend’s military attack on Syria was relatively limited in scope and there was no immediate retaliation. The United States, France and Britain launched 105 missiles after a suspected poison gas attack in Syria a week earlier. The strikes were limited to three alleged chemical weapons facilities, Washington said. “Regional markets have lagged global risky assets over the last four years, so the sharp recovery in oil prices so far further underpins the bull case for regional markets,” said Mohamed El Jamal, managing director at Abu Dhabi’s Waha Capital."
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"Most Gulf stock markets rose on Sunday due to firm oil prices and relief that the weekend’s military attack on Syria was relatively limited in scope and there was no immediate retaliation. The United States, France and Britain launched 105 missiles after a suspected poison gas attack in Syria a week earlier. The strikes were limited to three alleged chemical weapons facilities, Washington said. “Regional markets have lagged global risky assets over the last four years, so the sharp recovery in oil prices so far further underpins the bull case for regional markets,” said Mohamed El Jamal, managing director at Abu Dhabi’s Waha Capital."
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Deloitte undertakes review of Abraaj's business, troubled fund-sources | ZAWYA MENA Edition
Deloitte undertakes review of Abraaj's business, troubled fund-sources | ZAWYA MENA Edition:
"Abraaj has hired Deloitte to examine its business, including its troubled $1 billion healthcare fund, after investors questioned an earlier review by KPMG of the embattled fund, people familiar with the matter said. Abraaj has been trying to stem the fallout from a row with four of its investors, including the Bill & Melinda Gates Foundation and the International Finance Corp (IFC), over the use of their money in the fund. A Deloitte team, including specialists in forensic services, is working inside Abraaj's office to help the healthcare fund review its governance and control mechanisms, the sources said."
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"Abraaj has hired Deloitte to examine its business, including its troubled $1 billion healthcare fund, after investors questioned an earlier review by KPMG of the embattled fund, people familiar with the matter said. Abraaj has been trying to stem the fallout from a row with four of its investors, including the Bill & Melinda Gates Foundation and the International Finance Corp (IFC), over the use of their money in the fund. A Deloitte team, including specialists in forensic services, is working inside Abraaj's office to help the healthcare fund review its governance and control mechanisms, the sources said."
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Abu Dhabi's Dana Gas jumps on dividend hopes | ZAWYA MENA Edition
Abu Dhabi's Dana Gas jumps on dividend hopes | ZAWYA MENA Edition:
"Shares in Abu Dhabi-listed Dana Gas surge 4.4 percent to 0.96 dirham in early, active trade. Company said in late March it would seek shareholder approval to pay a dividend for 2017, its first in years; at weekend, it published on its website report by Al-Khaleej newspaper saying "the Board can also now continue to recommend dividends in future years". Newspaper says dividend policy can be supported by various large sources of funds, including arbitration by Dana's affiliate Crescent Petroleum against Iran, and Dana is already funded to develop assets in Iraq's Kurdistan."
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"Shares in Abu Dhabi-listed Dana Gas surge 4.4 percent to 0.96 dirham in early, active trade. Company said in late March it would seek shareholder approval to pay a dividend for 2017, its first in years; at weekend, it published on its website report by Al-Khaleej newspaper saying "the Board can also now continue to recommend dividends in future years". Newspaper says dividend policy can be supported by various large sources of funds, including arbitration by Dana's affiliate Crescent Petroleum against Iran, and Dana is already funded to develop assets in Iraq's Kurdistan."
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Gulf stocks up on oil, no retaliation after Syria attack | ZAWYA MENA Edition
Gulf stocks up on oil, no retaliation after Syria attack | ZAWYA MENA Edition:
"Gulf stock markets rose in early trade on Sunday, boosted by strong oil prices and the fact that the Western military attack on Syria on Saturday appeared to be limited in scope and caused no immediate retaliation.
The United States, France and Britain launched 105 missiles after a suspected poison gas attack in Syria a week earlier. The assault was confined to three alleged chemical weapons facilities and led to no immediate reaction from Syria’s ally Russia.
Brent oil closed at $72.58 a barrel on Friday, near multi-year highs, partly because of the geopolitical tensions."
'via Blog this'
"Gulf stock markets rose in early trade on Sunday, boosted by strong oil prices and the fact that the Western military attack on Syria on Saturday appeared to be limited in scope and caused no immediate retaliation.
The United States, France and Britain launched 105 missiles after a suspected poison gas attack in Syria a week earlier. The assault was confined to three alleged chemical weapons facilities and led to no immediate reaction from Syria’s ally Russia.
Brent oil closed at $72.58 a barrel on Friday, near multi-year highs, partly because of the geopolitical tensions."
'via Blog this'
Dubai eyes timeshare and trade to boost growth and help small businesses
Dubai eyes timeshare and trade to boost growth and help small businesses:
"Dubai plans to lower costs for local retailers, develop a local time-share holiday home market, and further stimulate its SME sector, as part of a raft of measures to stimulate the emirate’s economy.
Dubai Ruler Sheikh Mohammed bin Rashid Al-Maktoum discussed the new measures with a number of leading government officials, the Dubai Media office said on Saturday.
“Dubai has established a clear and well-established economic policy which in turn has strengthened its ability to absorb rapid changes in an unstable global economy in order to achieve sustainable economic growth and enhance its competitiveness at all levels,” Sheikh Mohammed said in a statement."
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"Dubai plans to lower costs for local retailers, develop a local time-share holiday home market, and further stimulate its SME sector, as part of a raft of measures to stimulate the emirate’s economy.
Dubai Ruler Sheikh Mohammed bin Rashid Al-Maktoum discussed the new measures with a number of leading government officials, the Dubai Media office said on Saturday.
“Dubai has established a clear and well-established economic policy which in turn has strengthened its ability to absorb rapid changes in an unstable global economy in order to achieve sustainable economic growth and enhance its competitiveness at all levels,” Sheikh Mohammed said in a statement."
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Lifting of North Field moratorium to help boost Qatar growth, income: QNB
Lifting of North Field moratorium to help boost Qatar growth, income: QNB:
"Qatar’s decision to lift the North Field moratorium will help boost growth and national income when production comes on stream, probably just after the World Cup in 2022, QNB has said in an economic commentary. In April last year, Qatar lifted a moratorium on the development of the North Field, the world’s largest non-associated gas reservoir. The moratorium had been in place since 2005 and its removal clears the way for an increase in production and export of liquefied natural gas (LNG). In July 2017, Qatar announced a new development from the North Field would produce 23mn tonnes per year (tpy) by 2024; an increase of 30% from current total LNG production levels to about 100mn tonnes per year, thus cementing Qatar’s position as the leading LNG producer. "
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"Qatar’s decision to lift the North Field moratorium will help boost growth and national income when production comes on stream, probably just after the World Cup in 2022, QNB has said in an economic commentary. In April last year, Qatar lifted a moratorium on the development of the North Field, the world’s largest non-associated gas reservoir. The moratorium had been in place since 2005 and its removal clears the way for an increase in production and export of liquefied natural gas (LNG). In July 2017, Qatar announced a new development from the North Field would produce 23mn tonnes per year (tpy) by 2024; an increase of 30% from current total LNG production levels to about 100mn tonnes per year, thus cementing Qatar’s position as the leading LNG producer. "
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Syria Strike Isn't Causing Panic in Mideast Markets, Analysts Say - Bloomberg
Syria Strike Isn't Causing Panic in Mideast Markets, Analysts Say - Bloomberg:
"Don’t expect a selloff across the Middle East when markets trade for the first time since the U.S., U.K. and France launched strikes on Syria, say investors and analysts. Company results are still investors’ main focus, while stocks in Qatar could perform well after the government raised $12 billion from the biggest sovereign debt sale across emerging market this year. Here’s what investors and analysts had to say:"
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"Don’t expect a selloff across the Middle East when markets trade for the first time since the U.S., U.K. and France launched strikes on Syria, say investors and analysts. Company results are still investors’ main focus, while stocks in Qatar could perform well after the government raised $12 billion from the biggest sovereign debt sale across emerging market this year. Here’s what investors and analysts had to say:"
'via Blog this'
The Real Worry for Oil Prices Isn't Missiles Over Syria - Bloomberg
The Real Worry for Oil Prices Isn't Missiles Over Syria - Bloomberg:
"Rising geopolitical tensions in the Middle East have already boosted oil prices and there is plenty of scope for them to move higher still. That an oil price spike would follow Western missiles launched at Syria seems a foregone conclusion. But for prices to really keep moving higher, the U.S. would have to take serious action against Syria's key sponsors: Russia and Iran.
Any form of attack on Syria should have little or no physical impact on oil supplies. Syria hasn't exported any since the start of its civil war in 2011. To keep the country running, Iran has been delivering around 50,000 barrels a day of crude to Syria's Banias terminal, according to Bloomberg tanker tracking.
As I have written recently President Donald Trump already has Iran in his sights. The clock is ticking -- May 12 is the deadline for him to extend the waiver on sanctions that are suspended by the nuclear deal. "
'via Blog this'
"Rising geopolitical tensions in the Middle East have already boosted oil prices and there is plenty of scope for them to move higher still. That an oil price spike would follow Western missiles launched at Syria seems a foregone conclusion. But for prices to really keep moving higher, the U.S. would have to take serious action against Syria's key sponsors: Russia and Iran.
Any form of attack on Syria should have little or no physical impact on oil supplies. Syria hasn't exported any since the start of its civil war in 2011. To keep the country running, Iran has been delivering around 50,000 barrels a day of crude to Syria's Banias terminal, according to Bloomberg tanker tracking.
As I have written recently President Donald Trump already has Iran in his sights. The clock is ticking -- May 12 is the deadline for him to extend the waiver on sanctions that are suspended by the nuclear deal. "
'via Blog this'
Al Habtoor founder open to IPO after 2020 | ZAWYA MENA Edition
Al Habtoor founder open to IPO after 2020 | ZAWYA MENA Edition:
"Khalaf Ahmad Al Habtoor, founder of the Al Habtoor Group (The Group), believes 2018 will be a much better year for businesses in the UAE after a tough year in the previous 12 months. The Chairman conceded 2017 had been a challenging year, given the overall business climate, but he said that he has seen considerable growth and is optimistic that progress will continue, adding that taking the Group public with an initial public offering (IPO) is under consideration. “The UAE is resilient. We are unlike anywhere else in the region because the people of the country work hand in hand with the government. We are partners with the leaders to ensure our success,” he said in a video of a recent breakfast briefing with journalists in Germany, reported by Arabian Business."
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"Khalaf Ahmad Al Habtoor, founder of the Al Habtoor Group (The Group), believes 2018 will be a much better year for businesses in the UAE after a tough year in the previous 12 months. The Chairman conceded 2017 had been a challenging year, given the overall business climate, but he said that he has seen considerable growth and is optimistic that progress will continue, adding that taking the Group public with an initial public offering (IPO) is under consideration. “The UAE is resilient. We are unlike anywhere else in the region because the people of the country work hand in hand with the government. We are partners with the leaders to ensure our success,” he said in a video of a recent breakfast briefing with journalists in Germany, reported by Arabian Business."
'via Blog this'
Aldar raises foreign ownership limit by 9% | ZAWYA MENA Edition
Aldar raises foreign ownership limit by 9% | ZAWYA MENA Edition:
"Aldar Properties (Aldar) today announced its Foreign Ownership Limit (FOL) has been increased to 49 per cent, from 40 per cent, following completion of all regulatory formalities and will be implemented for trading effective today. This follows shareholder approval of the increase at Aldar’s 2018 Annual General Meeting, which was held on 21 March 2018. “Active engagement with international investors has been an important focus for Aldar over the past few years and we have seen significant growth in our international shareholding over this time. The increase in our Foreign Ownership Limit to 49 per cent will support further growth in our international shareholding, as well as providing greater liquidity in the stock as we embark on our growth strategy within Abu Dhabi and beyond,” said Talal Al Dhiyebi, CEO of Aldar."
'via Blog this'
"Aldar Properties (Aldar) today announced its Foreign Ownership Limit (FOL) has been increased to 49 per cent, from 40 per cent, following completion of all regulatory formalities and will be implemented for trading effective today. This follows shareholder approval of the increase at Aldar’s 2018 Annual General Meeting, which was held on 21 March 2018. “Active engagement with international investors has been an important focus for Aldar over the past few years and we have seen significant growth in our international shareholding over this time. The increase in our Foreign Ownership Limit to 49 per cent will support further growth in our international shareholding, as well as providing greater liquidity in the stock as we embark on our growth strategy within Abu Dhabi and beyond,” said Talal Al Dhiyebi, CEO of Aldar."
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