Mubadala buys stake in New York-based Phoenician Capital - The National:
"Mubadala Investment Company, Abu Dhabi’s state-run strategic investment firm that has over $200 billion in assets, acquired an undisclosed minority stake in Phoenician Capital, a New York-based investment management company. The purchase, the financial terms of which weren’t disclosed, was made through Mubadala Capital, Mubadala’s financial investment arm. “Phoenician Capital has built a strong international reputation for its value investing strategies, based on a consistent track record of delivering attractive risk adjusted returns,” said Maxime Franzetti, head of public investments for Mubadala Capital."
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Monday 23 April 2018
Mashreq bank posts 9.5% increase in first quarter net profit, missing estimates - The National
Mashreq bank posts 9.5% increase in first quarter net profit, missing estimates - The National:
"Dubai-based lender Mashreq posted a 9.5 per cent increase in first quarter net profit, missing analysts’ estimates, as expenses rose and fees and commissions income declined. Net profit in the three months to the end of March rose to Dh598 million from Dh546m in the year-earlier period, the bank said on Monday. Two analysts polled by Bloomberg had forecast a mean net profit of Dh623.5m."
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"Dubai-based lender Mashreq posted a 9.5 per cent increase in first quarter net profit, missing analysts’ estimates, as expenses rose and fees and commissions income declined. Net profit in the three months to the end of March rose to Dh598 million from Dh546m in the year-earlier period, the bank said on Monday. Two analysts polled by Bloomberg had forecast a mean net profit of Dh623.5m."
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Moody’s assigns Ba1 rating to NMC Healthcare - The National
Moody’s assigns Ba1 rating to NMC Healthcare - The National:
"Moody’s Investor Service assigned a Ba1 rating to NMC Healthcare, the largest publicly-traded healthcare provider in the UAE, the first time the agency has rated the company.
The agency assigned the firm, which has a market value of $10.8 billion, a Ba1 corporate family rating and Ba1-PD probability of default rating. That puts the company one notch below investment grade, meaning that investment in the firm’s debt has an element of speculation and carries some credit risk. Moody's said the outlook on the rating was stable.
The ratings with a stable outlook “reflect its business profile as the largest healthcare provider in the United Arab Emirates, which is an affluent healthcare market with an attractive demographic profile,” Moody’s said."
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"Moody’s Investor Service assigned a Ba1 rating to NMC Healthcare, the largest publicly-traded healthcare provider in the UAE, the first time the agency has rated the company.
The agency assigned the firm, which has a market value of $10.8 billion, a Ba1 corporate family rating and Ba1-PD probability of default rating. That puts the company one notch below investment grade, meaning that investment in the firm’s debt has an element of speculation and carries some credit risk. Moody's said the outlook on the rating was stable.
The ratings with a stable outlook “reflect its business profile as the largest healthcare provider in the United Arab Emirates, which is an affluent healthcare market with an attractive demographic profile,” Moody’s said."
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UAE-based financial services conglomerate consolidates under new holding company | GulfNews.com
UAE-based financial services conglomerate consolidates under new holding company | GulfNews.com:
"The UAE based financial services conglomerate that includes, UAE Exchange, Travelex and Xpress Money on Monday announced the creation of a new holding company, Finablr, consolidating various financial services companies and brands under one umbrella. Incorporated in the UK, the new entity will provide strategic direction and oversight to its financial services brands across its network. As part of the consolidation, the new holding company will rebrand the non-UAE operations of UAE Exchange as Unimoni."
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"The UAE based financial services conglomerate that includes, UAE Exchange, Travelex and Xpress Money on Monday announced the creation of a new holding company, Finablr, consolidating various financial services companies and brands under one umbrella. Incorporated in the UK, the new entity will provide strategic direction and oversight to its financial services brands across its network. As part of the consolidation, the new holding company will rebrand the non-UAE operations of UAE Exchange as Unimoni."
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Saudi Arabia’s economy in a ‘sweet spot’, says US bank
Saudi Arabia’s economy in a ‘sweet spot’, says US bank:
"The Saudi Arabian economy is in a “sweet spot”, with higher oil prices allowing the Kingdom to boost spending while not having a significant impact on the country’s fiscal balance, according to Bank of America Merrill Lynch Global Research.
“Our meetings on Saudi Arabia comfort us in our view that the economy is in a sweet spot. Higher oil prices are allowing the focus on boosting activity not to materially impact fiscal balances,” the note said, published following the IMF and World Bank Spring meetings held in Washington DC this month.
“With a more entrenched current account surplus possible this year, FX reserves could increase this year,” the note said."
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"The Saudi Arabian economy is in a “sweet spot”, with higher oil prices allowing the Kingdom to boost spending while not having a significant impact on the country’s fiscal balance, according to Bank of America Merrill Lynch Global Research.
“Our meetings on Saudi Arabia comfort us in our view that the economy is in a sweet spot. Higher oil prices are allowing the focus on boosting activity not to materially impact fiscal balances,” the note said, published following the IMF and World Bank Spring meetings held in Washington DC this month.
“With a more entrenched current account surplus possible this year, FX reserves could increase this year,” the note said."
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Dubai Property Developer Plunges as Shareholders Cut Dividend - Bloomberg
Dubai Property Developer Plunges as Shareholders Cut Dividend - Bloomberg:
"Damac Properties Dubai Co. tumbled after its shareholders approved a lower dividend than what its board recommended for 2017.
Shareholders at the real-estate developer approved a payout of 15 fils per share compared with the board’s recommendation of 25 fils, the company said in a statement, without providing further details. The shares retreated as much as 9.4 percent, the most in a year.
Damac Properties, which has two golf-course development deals with U.S. President Donald Trump’s family company, reported in February a full-year net income that missed the lowest analyst estimate. The firm’s biggest shareholder, Hussein Sajwani, said in January that he was open to selling as much as 15 percent of his stake."
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"Damac Properties Dubai Co. tumbled after its shareholders approved a lower dividend than what its board recommended for 2017.
Shareholders at the real-estate developer approved a payout of 15 fils per share compared with the board’s recommendation of 25 fils, the company said in a statement, without providing further details. The shares retreated as much as 9.4 percent, the most in a year.
Damac Properties, which has two golf-course development deals with U.S. President Donald Trump’s family company, reported in February a full-year net income that missed the lowest analyst estimate. The firm’s biggest shareholder, Hussein Sajwani, said in January that he was open to selling as much as 15 percent of his stake."
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Abu Dhabi's Invest AD divests stake in Jordan airport operator
Abu Dhabi's Invest AD divests stake in Jordan airport operator:
"Abu Dhabi asset manager Invest AD said on Monday it has divested its 38 percent stake in Airport International Group (AIG), the developer and operator of Jordan’s Queen Alia International Airport, for $230 million. Invest AD led the consortium that was awarded in 2007, a 25-year build-operate-transfer concession for the airport. Groupe ADP, Noor Financial Investment Co (Noor), Edgo, and Joannou & Paraskevaides (J&P) were also part of the consortium. Invest AD’s divestment is part of a transaction that will see Noor and J&P fully divest and Edgo partially divest, a statement from Invest AD said."
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"Abu Dhabi asset manager Invest AD said on Monday it has divested its 38 percent stake in Airport International Group (AIG), the developer and operator of Jordan’s Queen Alia International Airport, for $230 million. Invest AD led the consortium that was awarded in 2007, a 25-year build-operate-transfer concession for the airport. Groupe ADP, Noor Financial Investment Co (Noor), Edgo, and Joannou & Paraskevaides (J&P) were also part of the consortium. Invest AD’s divestment is part of a transaction that will see Noor and J&P fully divest and Edgo partially divest, a statement from Invest AD said."
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Abu Dhabi, Shanghai plan exchange focusing on China trade | ZAWYA MENA Edition
Abu Dhabi, Shanghai plan exchange focusing on China trade | ZAWYA MENA Edition:
"Abu Dhabi Global Market (ADGM), the emirate's international financial centre, has agreed in principle with the Shanghai Stock Exchange to cooperate in establishing an exchange focusing on China's foreign trade and investment, ADGM said on Monday. The partners signed a memorandum of understanding to develop the exchange in Abu Dhabi. It would cater to companies and investors involved in China's Belt and Road initiative, a Beijing-backed drive to win trade and investment deals along routes linking China to Europe. "At ADGM, we have the international platform to serve different kinds of enterprises and investors - global, regional and local - seeking exposure to the Middle East and North Africa and Belt and Road projects,” said Richard Teng, chief executive of ADGM's Financial Services Regulatory Authority. "
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"Abu Dhabi Global Market (ADGM), the emirate's international financial centre, has agreed in principle with the Shanghai Stock Exchange to cooperate in establishing an exchange focusing on China's foreign trade and investment, ADGM said on Monday. The partners signed a memorandum of understanding to develop the exchange in Abu Dhabi. It would cater to companies and investors involved in China's Belt and Road initiative, a Beijing-backed drive to win trade and investment deals along routes linking China to Europe. "At ADGM, we have the international platform to serve different kinds of enterprises and investors - global, regional and local - seeking exposure to the Middle East and North Africa and Belt and Road projects,” said Richard Teng, chief executive of ADGM's Financial Services Regulatory Authority. "
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Abu Dhabi's Mubadala halts Abraaj investment deal talks | ZAWYA MENA Edition
Abu Dhabi's Mubadala halts Abraaj investment deal talks | ZAWYA MENA Edition:
"Abu Dhabi state investor Mubadala has halted talks to buy Abraaj's investment business, two sources said, in a blow to the private equity firm which is facing an investigation by investors into how it used some of their money.
Dubai-based Abraaj, which denies any wrongdoing, is considering selling some or all of the unit following a row with four investors, including the Bill & Melinda Gates Foundation and the World Bank's International Finance Corporation, over how it used their money in a $1 billion healthcare fund.
Mubadala, which has more than $200 billion in assets, and Abraaj held initial talks a month ago, but these did not progress, one of the sources told Reuters."
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"Abu Dhabi state investor Mubadala has halted talks to buy Abraaj's investment business, two sources said, in a blow to the private equity firm which is facing an investigation by investors into how it used some of their money.
Dubai-based Abraaj, which denies any wrongdoing, is considering selling some or all of the unit following a row with four investors, including the Bill & Melinda Gates Foundation and the World Bank's International Finance Corporation, over how it used their money in a $1 billion healthcare fund.
Mubadala, which has more than $200 billion in assets, and Abraaj held initial talks a month ago, but these did not progress, one of the sources told Reuters."
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Iran says no need to extend OPEC, non-OPEC pact if crude oil prices rise- SHANA | ZAWYA MENA Edition
Iran says no need to extend OPEC, non-OPEC pact if crude oil prices rise- SHANA | ZAWYA MENA Edition:
"Iran's oil minister said there would be no need to extend a pact between OPEC and non-OPEC producers aimed at bolstering oil prices if the crude price continued to rise, the ministry's official website SHANA reported on Monday. "There will be no decision on this in OPEC's next meeting ... if oil prices continue to increase, there will be no need to extend the deal," Bijan Zanganeh was quoted as saying by SHANA. Since early 2017, members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC crude producers have curbed output with the aim of eliminating a global oil glut. "
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"Iran's oil minister said there would be no need to extend a pact between OPEC and non-OPEC producers aimed at bolstering oil prices if the crude price continued to rise, the ministry's official website SHANA reported on Monday. "There will be no decision on this in OPEC's next meeting ... if oil prices continue to increase, there will be no need to extend the deal," Bijan Zanganeh was quoted as saying by SHANA. Since early 2017, members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC crude producers have curbed output with the aim of eliminating a global oil glut. "
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MIDEAST STOCKS-Saudi rise on inflows, strong earnings, Dubai hit by weak investor confidence. | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi rise on inflows, strong earnings, Dubai hit by weak investor confidence. | ZAWYA MENA Edition:
"Saudi stocks rose to the highest level in more than two years as optimism over increased foreign inflow and strong earnings sustained positive investor sentiment for the Gulf's biggest market.
Latest exchange data showed foreigners bought a record $384 million of Saudi Arabian stocks on a net basis last week, showing sustained international interest in the market.
The Tadawul index rose above 8300 points, the highest level since August 17, 2015. Bank AlJazira was up 5.3 percent after Bahrain's Ahli United Bank said it acquired a 7.3 percent stake in the Saudi Islamic lender."
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"Saudi stocks rose to the highest level in more than two years as optimism over increased foreign inflow and strong earnings sustained positive investor sentiment for the Gulf's biggest market.
Latest exchange data showed foreigners bought a record $384 million of Saudi Arabian stocks on a net basis last week, showing sustained international interest in the market.
The Tadawul index rose above 8300 points, the highest level since August 17, 2015. Bank AlJazira was up 5.3 percent after Bahrain's Ahli United Bank said it acquired a 7.3 percent stake in the Saudi Islamic lender."
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Bahrain plans bankruptcy law | ZAWYA MENA Edition
Bahrain plans bankruptcy law | ZAWYA MENA Edition:
"Bahrain's Shura Council will dedicate its session next week to debate the 195-article Bankruptcy Law.
Financial and economic affairs committee chairman Khalid Al Maskati said the law, which was approved unanimously by MPs last week, had flaws and that the committee would finalise its review by Wednesday ahead of next Sunday’s session.
Under the law, tough new penalties are on the way for people who fraudulently file for bankruptcy to avoid settling their financial commitments."
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"Bahrain's Shura Council will dedicate its session next week to debate the 195-article Bankruptcy Law.
Financial and economic affairs committee chairman Khalid Al Maskati said the law, which was approved unanimously by MPs last week, had flaws and that the committee would finalise its review by Wednesday ahead of next Sunday’s session.
Under the law, tough new penalties are on the way for people who fraudulently file for bankruptcy to avoid settling their financial commitments."
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Doha Bank posts 5% rise in Q1 profit to QR381mn
Doha Bank posts 5% rise in Q1 profit to QR381mn:
"Doha Bank has reported about 5% year-on-year growth in net profit to QR381mn in the first three months of this year. “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently,” said its chairman Sheikh Fahad bin Mohamad bin Jabor al-Thani. The bank’s net interest income grew about 8% to QR560mn. Total assets witnessed more than 3% expansion to QR93.6bn with net loans and advances increasing about 1% to QR59.9bn."
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"Doha Bank has reported about 5% year-on-year growth in net profit to QR381mn in the first three months of this year. “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently,” said its chairman Sheikh Fahad bin Mohamad bin Jabor al-Thani. The bank’s net interest income grew about 8% to QR560mn. Total assets witnessed more than 3% expansion to QR93.6bn with net loans and advances increasing about 1% to QR59.9bn."
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Iran bans banks from using cryptocurrencies
Iran bans banks from using cryptocurrencies:
"Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology.
"The use of bitcoin and other cryptocurrencies in all the country's monetary and financial centres was banned," the central bank said in a statement overnight.
It said the government's money-laundering committee had taken the decision in late December and it was now being put into effect. "
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"Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology.
"The use of bitcoin and other cryptocurrencies in all the country's monetary and financial centres was banned," the central bank said in a statement overnight.
It said the government's money-laundering committee had taken the decision in late December and it was now being put into effect. "
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Qatar's Three-Way Bank Merger Is Said to Stall Over Price Tussle - Bloomberg
Qatar's Three-Way Bank Merger Is Said to Stall Over Price Tussle - Bloomberg:
"Talks to merge three Qatari banks have hit a roadblock as shareholders, which include former Prime Minister Sheikh Hamad bin Jassim Al Thani, disagree on price, according to people with knowledge of the matter.
Masraf Al Rayan QSC, Barwa Bank QSC and International Bank of Qatar QSC had reached an initial agreement over pricing late last year that’s since fallen apart, the people said, asking not to be identified because the matter is private. Discussions are currently on hold and it’s not clear if the deal will be revived, the people said.
Qatar started talks in December 2016 to create the country’s largest shariah-compliant bank and the Middle East’s third-biggest Islamic lender with more than 178 billion riyals ($49 billion) of assets. The banks had aimed to complete the merger by the end of 2017. The tie-up will be done once regulators approve the deal, Masraf Chairman Hussain Al-Abdulla said in February."
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"Talks to merge three Qatari banks have hit a roadblock as shareholders, which include former Prime Minister Sheikh Hamad bin Jassim Al Thani, disagree on price, according to people with knowledge of the matter.
Masraf Al Rayan QSC, Barwa Bank QSC and International Bank of Qatar QSC had reached an initial agreement over pricing late last year that’s since fallen apart, the people said, asking not to be identified because the matter is private. Discussions are currently on hold and it’s not clear if the deal will be revived, the people said.
Qatar started talks in December 2016 to create the country’s largest shariah-compliant bank and the Middle East’s third-biggest Islamic lender with more than 178 billion riyals ($49 billion) of assets. The banks had aimed to complete the merger by the end of 2017. The tie-up will be done once regulators approve the deal, Masraf Chairman Hussain Al-Abdulla said in February."
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Owner of Travelex, UAE Exchange prepares for potential London IPO
Owner of Travelex, UAE Exchange prepares for potential London IPO:
"Currency and money transfer firms Travelex and UAE Exchange are to come together under one holding company in preparation for a possible stock market listing in London, executives said on Monday. The holding company Finablr will be incorporated in Britain, subject to regulatory approval, and will become the umbrella for United Arab Emirates-based business tycoon Bavaguthu Raghuram Shetty’s financial service brands. Shetty, UAE Exchange’s biggest shareholder, bought UK-based Travelex in January 2015 for 800 million pounds ($1.1 billion)."
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"Currency and money transfer firms Travelex and UAE Exchange are to come together under one holding company in preparation for a possible stock market listing in London, executives said on Monday. The holding company Finablr will be incorporated in Britain, subject to regulatory approval, and will become the umbrella for United Arab Emirates-based business tycoon Bavaguthu Raghuram Shetty’s financial service brands. Shetty, UAE Exchange’s biggest shareholder, bought UK-based Travelex in January 2015 for 800 million pounds ($1.1 billion)."
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Oil Held Below $69 as Rising U.S. Drilling Counters OPEC Curbs - Bloomberg
Oil Held Below $69 as Rising U.S. Drilling Counters OPEC Curbs - Bloomberg:
"Oil held below $69 a barrel as signs American shale explorers are ramping up drilling activity sent jitters through a market that hoped OPEC’s commitment to further drain a global oversupply would prop up prices.
Futures in New York dropped as much as 0.4 percent after data showed American drillers added five working oil rigs last week, stoking fears over surging U.S. output. The May oil contract gained 1.5 percent last week before expiring Friday as OPEC producers said supply curbs should continue in order to revive investments in oil and gas production."
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"Oil held below $69 a barrel as signs American shale explorers are ramping up drilling activity sent jitters through a market that hoped OPEC’s commitment to further drain a global oversupply would prop up prices.
Futures in New York dropped as much as 0.4 percent after data showed American drillers added five working oil rigs last week, stoking fears over surging U.S. output. The May oil contract gained 1.5 percent last week before expiring Friday as OPEC producers said supply curbs should continue in order to revive investments in oil and gas production."
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MIDEAST STOCKS-Saudi rise on inflows, strong earnings, Dubai hit by weak investor confidence.
MIDEAST STOCKS-Saudi rise on inflows, strong earnings, Dubai hit by weak investor confidence.:
"Saudi stocks rose to the highest level in more than two years as optimism over increased foreign inflow and strong earnings sustained positive investor sentiment for the Gulf’s biggest market. Latest exchange data showed foreigners bought a record $384 million of Saudi Arabian stocks on a net basis last week, showing sustained international interest in the market. The Tadawul index rose above 8300 points, the highest level since August 17, 2015. Bank AlJazira was up 5.3 percent after Bahrain’s Ahli United Bank said it acquired a 7.3 percent stake in the Saudi Islamic lender. Saudi Telecom rose 0.9 percent after it reported a first quarter profit of 2.59 billion Saudi riyals ($691 million), versus 2.53 billion riyals last year, broadly in line with analysts’ forecasts. Saudi’s Mobily jumped 3.8 percent after it narrowed its first quarter loss to 93 million riyals versus a loss of 163 million a year ago. Dubai stocks underperformed at the opening bell on Monday on weak investor confidence, as companies were seen to be restrictive with dividends. "
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"Saudi stocks rose to the highest level in more than two years as optimism over increased foreign inflow and strong earnings sustained positive investor sentiment for the Gulf’s biggest market. Latest exchange data showed foreigners bought a record $384 million of Saudi Arabian stocks on a net basis last week, showing sustained international interest in the market. The Tadawul index rose above 8300 points, the highest level since August 17, 2015. Bank AlJazira was up 5.3 percent after Bahrain’s Ahli United Bank said it acquired a 7.3 percent stake in the Saudi Islamic lender. Saudi Telecom rose 0.9 percent after it reported a first quarter profit of 2.59 billion Saudi riyals ($691 million), versus 2.53 billion riyals last year, broadly in line with analysts’ forecasts. Saudi’s Mobily jumped 3.8 percent after it narrowed its first quarter loss to 93 million riyals versus a loss of 163 million a year ago. Dubai stocks underperformed at the opening bell on Monday on weak investor confidence, as companies were seen to be restrictive with dividends. "
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UAE says top oil producers committed to supply cuts until year end | ZAWYA MENA Edition
UAE says top oil producers committed to supply cuts until year end | ZAWYA MENA Edition:
"All OPEC and non-OPEC oil producers including Russia are committed to supply cuts until the end of the year, UAE Energy Minister Suhail Mohamed al-Mazrouei said on Monday. "All in all, the fundamentals of the market, the supply and demand, the job is not complete. We need to continue until we see a true balanced market," he said, speaking on the sidelines of the Middle East Petroleum and Gas Conference in Abu Dhabi."
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"All OPEC and non-OPEC oil producers including Russia are committed to supply cuts until the end of the year, UAE Energy Minister Suhail Mohamed al-Mazrouei said on Monday. "All in all, the fundamentals of the market, the supply and demand, the job is not complete. We need to continue until we see a true balanced market," he said, speaking on the sidelines of the Middle East Petroleum and Gas Conference in Abu Dhabi."
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