Qatar non-oil exports at QR5.6bn in Q1 - The Peninsula Qatar:
"Qatar’s non-oil exports for the first quarter of 2018 touched QR5.64bn, up 15.1 percent or QR4.9bn, compared to the same period in 2017, according to the monthly report of Qatar Chamber.
The Chamber, in its report which was prepared based on certificates of origin issued by the Chambers Research & Studies Department and Member Affairs Department, pointed out about 2876 certificates of origin were issued in March 2018.
In March, Qatar exported goods and services to about 57 countries, including 11 Arab countries and GCC, 10 European countries including Turkey, 16 Asian countries (excluding Arab countries), 15 African countries (excluding Arab countries), 3 countries of North America, and one of South America and Australia."
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Wednesday, 18 April 2018
Exclusive: Japan’s Mizuho loses Saudi bond role in ongoing Gulf rift
Exclusive: Japan’s Mizuho loses Saudi bond role in ongoing Gulf rift:
"Japan’s Mizuho Securities has lost a bond mandate for Saudi Arabia, on top of another for Qatar, banking sources said, highlighting how international banks have been caught up in Qatar’s ongoing dispute with its neighbors.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, last year cut diplomatic and transport links with Qatar accusing it of financing terrorism. Doha denies those charges and says the boycott is aimed at stripping it of its sovereignty.
Last week Saudi Arabia and Qatar had more than $100 billion in total orders for competing U.S. dollar denominated bonds. Mizuho Securities, part of Mizuho Financial Group (8411.T), was offered a leading position in both the $11 billion Saudi issue and the $12 billion Qatar bonds. "
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"Japan’s Mizuho Securities has lost a bond mandate for Saudi Arabia, on top of another for Qatar, banking sources said, highlighting how international banks have been caught up in Qatar’s ongoing dispute with its neighbors.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, last year cut diplomatic and transport links with Qatar accusing it of financing terrorism. Doha denies those charges and says the boycott is aimed at stripping it of its sovereignty.
Last week Saudi Arabia and Qatar had more than $100 billion in total orders for competing U.S. dollar denominated bonds. Mizuho Securities, part of Mizuho Financial Group (8411.T), was offered a leading position in both the $11 billion Saudi issue and the $12 billion Qatar bonds. "
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Iran switches from dollar to euro for official reporting currency
Iran switches from dollar to euro for official reporting currency:
"Iran will start reporting foreign currency amounts in euros rather than U.S. dollars, state media said on Wednesday as part of the country’s effort to reduce its reliance on the U.S. currency due to political tension with Washington.
The new policy could encourage government bodies and firms linked to the state to increase their use of the euro at the expense of the dollar.
Central bank governor Valiollah Seif said last week that Supreme Leader Ayatollah Ali Khamenei had welcomed his suggestion of replacing the dollar with the euro in foreign trade, as the “dollar has no place in our transactions today”. "
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"Iran will start reporting foreign currency amounts in euros rather than U.S. dollars, state media said on Wednesday as part of the country’s effort to reduce its reliance on the U.S. currency due to political tension with Washington.
The new policy could encourage government bodies and firms linked to the state to increase their use of the euro at the expense of the dollar.
Central bank governor Valiollah Seif said last week that Supreme Leader Ayatollah Ali Khamenei had welcomed his suggestion of replacing the dollar with the euro in foreign trade, as the “dollar has no place in our transactions today”. "
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Too Battered to Fail: Bonds in the Gulf Are a Safe Place to Hide - Bloomberg
Too Battered to Fail: Bonds in the Gulf Are a Safe Place to Hide - Bloomberg:
"Investors’ appetite for risk is back, but most of the issues that soured the mood across emerging markets last week are a tweet away from flaring up again. When that happens, the Gulf’s beleaguered bonds will offer refuge. Blighted by political risks in the region, a flood of debt sales and finances that haven’t recovered fully from the crash in oil prices, sovereign bonds in the six-nation Gulf Cooperation Council are now attractive compared with similarly rated peers. “Although Middle East sovereign issuers remain vulnerable to headline risk, there is already a considerable geopolitical risk premium baked into their asset prices,” said Brett Rowley, the Los Angeles-based managing director for emerging markets at TCW, which manages about $200 billion."
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"Investors’ appetite for risk is back, but most of the issues that soured the mood across emerging markets last week are a tweet away from flaring up again. When that happens, the Gulf’s beleaguered bonds will offer refuge. Blighted by political risks in the region, a flood of debt sales and finances that haven’t recovered fully from the crash in oil prices, sovereign bonds in the six-nation Gulf Cooperation Council are now attractive compared with similarly rated peers. “Although Middle East sovereign issuers remain vulnerable to headline risk, there is already a considerable geopolitical risk premium baked into their asset prices,” said Brett Rowley, the Los Angeles-based managing director for emerging markets at TCW, which manages about $200 billion."
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EXCLUSIVE-OPEC's new price hawk Saudi Arabia seeks oil as high as $100 - sources | ZAWYA MENA Edition
EXCLUSIVE-OPEC's new price hawk Saudi Arabia seeks oil as high as $100 - sources | ZAWYA MENA Edition:
"Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the agreement's original target is within sight.
The Organization of the Petroleum Exporting Countries, Russia and several other producers began to reduce supply in January 2017 in an attempt to erase a glut. They have extended the pact until December 2018 and meet in June to review policy.
OPEC is closing in on the original target of the pact - reducing industrialised nations' oil inventories to their five-year average. There is no indication yet, however, that Saudi Arabia or its allies want to wind down the supply cut."
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"Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the agreement's original target is within sight.
The Organization of the Petroleum Exporting Countries, Russia and several other producers began to reduce supply in January 2017 in an attempt to erase a glut. They have extended the pact until December 2018 and meet in June to review policy.
OPEC is closing in on the original target of the pact - reducing industrialised nations' oil inventories to their five-year average. There is no indication yet, however, that Saudi Arabia or its allies want to wind down the supply cut."
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Kuwait Petroleum Corp set to spend $113bln in 5 years | ZAWYA MENA Edition
Kuwait Petroleum Corp set to spend $113bln in 5 years | ZAWYA MENA Edition:
"Kuwait plans to invest a whopping KD34 billion ($113 billion) over the next five years mainly to boost oil exploration and production activity both inside and outside the country, reported Kuwait News Agency (Kuna). This comes as part of Kuwait Petroleum Corporation's (KPC) 2040 ambitious road map for the country's oil sector with the ultimate goal to maximize revenue generation to the Kuwait's economy, said the Kuna report citing the country’s oil minister. "Through this we aim to raise production of nonassociated gas to nearly 500 million standard cu ft per day by the end of 2018," remarked Oil Minister Bakhit Al Rashidi."
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"Kuwait plans to invest a whopping KD34 billion ($113 billion) over the next five years mainly to boost oil exploration and production activity both inside and outside the country, reported Kuwait News Agency (Kuna). This comes as part of Kuwait Petroleum Corporation's (KPC) 2040 ambitious road map for the country's oil sector with the ultimate goal to maximize revenue generation to the Kuwait's economy, said the Kuna report citing the country’s oil minister. "Through this we aim to raise production of nonassociated gas to nearly 500 million standard cu ft per day by the end of 2018," remarked Oil Minister Bakhit Al Rashidi."
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MIDEAST STOCKS-Qatar, Saudi climb in sluggish region; Qatari banks surge
MIDEAST STOCKS-Qatar, Saudi climb in sluggish region; Qatari banks surge:
"Stock markets in Qatar and Saudi Arabia climbed on Wednesday while the rest of the region was sluggish, with a slide in Dubai blue chip Emaar Properties dragging down that market once again. The Qatari index surged 1.1 percent as Commercial Bank gained 3.8 percent. It reported a 345 percent year-on-year jump in first-quarter net profit to 405 million riyals ($111 million). The average forecast from analysts polled by Reuters was 329.5 million riyals. Doha Bank, which is to announce its first-quarter earnings next Sunday, climbed 3.4 percent. Qatari banks’ earnings so far in the reporting season have generally been strong, suggesting the impact on them of the embargo imposed by other Arab states on Qatar has largely faded."
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"Stock markets in Qatar and Saudi Arabia climbed on Wednesday while the rest of the region was sluggish, with a slide in Dubai blue chip Emaar Properties dragging down that market once again. The Qatari index surged 1.1 percent as Commercial Bank gained 3.8 percent. It reported a 345 percent year-on-year jump in first-quarter net profit to 405 million riyals ($111 million). The average forecast from analysts polled by Reuters was 329.5 million riyals. Doha Bank, which is to announce its first-quarter earnings next Sunday, climbed 3.4 percent. Qatari banks’ earnings so far in the reporting season have generally been strong, suggesting the impact on them of the embargo imposed by other Arab states on Qatar has largely faded."
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UAE court says Dana Gas can distribute dividends, contradicts UK court | ZAWYA MENA Edition
UAE court says Dana Gas can distribute dividends, contradicts UK court | ZAWYA MENA Edition:
"A court in the United Arab Emirates has ruled that local energy firm Dana Gas can distribute dividends to its shareholders, contradicting an earlier decision by a British court, according to court documents published on Wednesday. The ruling is the latest move in a legal battle in the UAE and Britain which began last year, when Dana halted payments on its $700 million of Islamic bonds. The company argues the sukuk have become unlawful because of changes in Islamic finance; holders of the sukuk contest that and are demanding to be paid. Dana said late last month that it would seek shareholder approval to pay a cash dividend for 2017, its first in several years. The dividend would be worth 5 percent of capital or about 349 million dirhams ($95 million)."
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"A court in the United Arab Emirates has ruled that local energy firm Dana Gas can distribute dividends to its shareholders, contradicting an earlier decision by a British court, according to court documents published on Wednesday. The ruling is the latest move in a legal battle in the UAE and Britain which began last year, when Dana halted payments on its $700 million of Islamic bonds. The company argues the sukuk have become unlawful because of changes in Islamic finance; holders of the sukuk contest that and are demanding to be paid. Dana said late last month that it would seek shareholder approval to pay a cash dividend for 2017, its first in several years. The dividend would be worth 5 percent of capital or about 349 million dirhams ($95 million)."
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MIDEAST STOCKS-Qatar strong as Commercial Bank surges, rest of Gulf moves little
MIDEAST STOCKS-Qatar strong as Commercial Bank surges, rest of Gulf moves little:
"Qatar’s stock market outperformed in early trade on Wednesday as Commercial Bank surged after beating analysts’ forecasts for its first-quarter earnings, while other Gulf bourses moved little.
Qatar’s stock index rose 0.8 percent as Commercial Bank gained 3.0 percent. It reported a 345 percent year-on-year jump in first-quarter net profit to 405 million riyals ($111 million); the average forecast from analysts polled by Reuters was 329.5 million riyals.
Doha Bank, which is to announce its first-quarter earnings next Sunday, also climbed 3.0 percent. Industrial blue chip Industries Qatar added 1.4 percent."
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"Qatar’s stock market outperformed in early trade on Wednesday as Commercial Bank surged after beating analysts’ forecasts for its first-quarter earnings, while other Gulf bourses moved little.
Qatar’s stock index rose 0.8 percent as Commercial Bank gained 3.0 percent. It reported a 345 percent year-on-year jump in first-quarter net profit to 405 million riyals ($111 million); the average forecast from analysts polled by Reuters was 329.5 million riyals.
Doha Bank, which is to announce its first-quarter earnings next Sunday, also climbed 3.0 percent. Industrial blue chip Industries Qatar added 1.4 percent."
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Saudi's Riyadh airport privatization plans on hold: sources
Saudi's Riyadh airport privatization plans on hold: sources:
"Saudi Arabia has put on hold privatization plans for King Khaled International Airport in Riyadh, the kingdom’s second biggest airport, sources familiar with the matter said.
The Gulf Arab state is launching a privatization drive as part of wider economic reforms aimed at boosting efficiency, easing pressure on state finances and diversifying the oil dependent economy.
In July, sources told Reuters that Goldman Sachs (GS.N) was hired by the government to manage Saudi Civil Aviation Holding Company’s (SAVC) plans to sell a minority stake in Riyadh airport. "
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"Saudi Arabia has put on hold privatization plans for King Khaled International Airport in Riyadh, the kingdom’s second biggest airport, sources familiar with the matter said.
The Gulf Arab state is launching a privatization drive as part of wider economic reforms aimed at boosting efficiency, easing pressure on state finances and diversifying the oil dependent economy.
In July, sources told Reuters that Goldman Sachs (GS.N) was hired by the government to manage Saudi Civil Aviation Holding Company’s (SAVC) plans to sell a minority stake in Riyadh airport. "
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A $12.5 Trillion Market Defies Investor Attempts at Definition - Bloomberg
A $12.5 Trillion Market Defies Investor Attempts at Definition - Bloomberg:
"Decades of graduations, demotions, rallies and retreats, have left the world’s $12.5 trillion of emerging-market debt and equities facing a bit of an identity crisis. Nations as dissimilar as Pakistan, Greece, South Korea and Chile are considered members of the asset class, according to MSCI Inc. Declining inflation rates and receding currency risks have even got some banks including Goldman Sachs Group Inc. saying the lines have blurred with developed nations. And the composition may get shaken up further next month, when MSCI releases its semi-annual index review, prompting some analysts to ask: What exactly is an emerging market? The problem is that the signposts are so scattered, said Sonja Gibbs, a senior director at the Institute of International Finance, a trade group created during the international debt crisis of the early 1980s. Either you’re judging by market development, as in size, liquidity, domestic investors and legal and regulatory frameworks, or else looking at economic development -- per capita income, growth prospects and institutional quality."
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"Decades of graduations, demotions, rallies and retreats, have left the world’s $12.5 trillion of emerging-market debt and equities facing a bit of an identity crisis. Nations as dissimilar as Pakistan, Greece, South Korea and Chile are considered members of the asset class, according to MSCI Inc. Declining inflation rates and receding currency risks have even got some banks including Goldman Sachs Group Inc. saying the lines have blurred with developed nations. And the composition may get shaken up further next month, when MSCI releases its semi-annual index review, prompting some analysts to ask: What exactly is an emerging market? The problem is that the signposts are so scattered, said Sonja Gibbs, a senior director at the Institute of International Finance, a trade group created during the international debt crisis of the early 1980s. Either you’re judging by market development, as in size, liquidity, domestic investors and legal and regulatory frameworks, or else looking at economic development -- per capita income, growth prospects and institutional quality."
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OPEC-Russia Talks Set to Keep Oil Cuts Even as Glut Vanishes - Bloomberg
OPEC-Russia Talks Set to Keep Oil Cuts Even as Glut Vanishes - Bloomberg:
"OPEC and Russia will meet in Saudi Arabia this week after all but banishing a global oil glut. While looming political crises threaten to tighten supplies further, the group seems determined to keep its cuts in place. Almost 16 months of output curbs by the Organization of Petroleum Exporting Countries and its partners have seen crude rally to a three-year high near $70 a barrel. That’s replenishing their coffers after the worst oil slump in a generation, encouraging the producers to extend their intervention even as Venezuela’s petro-economy implodes and Donald Trump threatens Iran with sanctions. “Would they declare victory now and stop? No way,” said Mike Wittner, head of oil market research at Societe Generale SA. “They’re happy to see inventories continue to go down, to see prices of $70 or $80. In the end, it’s about revenues. The question is at what point do they become uncomfortable with higher prices?”"
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"OPEC and Russia will meet in Saudi Arabia this week after all but banishing a global oil glut. While looming political crises threaten to tighten supplies further, the group seems determined to keep its cuts in place. Almost 16 months of output curbs by the Organization of Petroleum Exporting Countries and its partners have seen crude rally to a three-year high near $70 a barrel. That’s replenishing their coffers after the worst oil slump in a generation, encouraging the producers to extend their intervention even as Venezuela’s petro-economy implodes and Donald Trump threatens Iran with sanctions. “Would they declare victory now and stop? No way,” said Mike Wittner, head of oil market research at Societe Generale SA. “They’re happy to see inventories continue to go down, to see prices of $70 or $80. In the end, it’s about revenues. The question is at what point do they become uncomfortable with higher prices?”"
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Dubai's Emirates NBD Q1 net profit up 27% | ZAWYA MENA Edition
Dubai's Emirates NBD Q1 net profit up 27% | ZAWYA MENA Edition:
"Emirates NBD (ENBD), Dubai's largest lender, posted a 27 percent rise in first-quarter net profit on Wednesday, boosted by loan growth, improved margins and slimmer provisions for bad debt.
The bank, the first major lender from the United Arab Emirates to report its earnings during the quarter, made a net profit of 2.39 billion dirhams ($651 million)in the three months to March 31, a statement from the bank said, compared with 1.87 billion dirhams in the corresponding period of 2017.
The bank's earnings beat analyst estimates, with SICO Bahrain estimating a profit of 2.08 billion dirhams and EFG Hermes expecting a profit of 2.14 billion dirhams."
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"Emirates NBD (ENBD), Dubai's largest lender, posted a 27 percent rise in first-quarter net profit on Wednesday, boosted by loan growth, improved margins and slimmer provisions for bad debt.
The bank, the first major lender from the United Arab Emirates to report its earnings during the quarter, made a net profit of 2.39 billion dirhams ($651 million)in the three months to March 31, a statement from the bank said, compared with 1.87 billion dirhams in the corresponding period of 2017.
The bank's earnings beat analyst estimates, with SICO Bahrain estimating a profit of 2.08 billion dirhams and EFG Hermes expecting a profit of 2.14 billion dirhams."
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