Schools, water are priorities as Saudi launches privatization plan | Reuters:
"School buildings and desalination facilities producing fresh water will feature in some of the first deals as Saudi Arabia transfers a quarter of its economy to private hands, an official overseeing the process said on Wednesday.
Turki A. Al Hokail, chief executive of the National Centre for Privatisation and Public-Private Partnerships, was speaking as the government formally launched a vast privatisation program focusing on 10 sectors of the economy.
Riyadh is working on new rules to attract foreign as well as local capital to the scheme and will address potential investors’ concern about their level of control over projects, including their ability to hire and fire workers, Hokail said.
"
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Wednesday 25 April 2018
Qatar Airways confirms substantial annual loss, blames regional row | Reuters
Qatar Airways confirms substantial annual loss, blames regional row | Reuters:
"Qatar Airways made a “substantial” loss in its last financial year because of a regional dispute that has banned the airline from four Arab countries, its chief executive said on Wednesday without revealing the extent of the losses.
Qatar Airways has been blocked from flying to 18 cities in Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since June when those countries cut ties with Qatar, accusing it of supporting terrorism. Doha denies the charges.
“We have increased our operating costs. We had to also take a hit on revenues so we don’t think that our results for the last financial year will be very good,” Chief Executive Akbar al-Baker told reporters at the Eurasia Airshow in Antalya, Turkey.
"
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"Qatar Airways made a “substantial” loss in its last financial year because of a regional dispute that has banned the airline from four Arab countries, its chief executive said on Wednesday without revealing the extent of the losses.
Qatar Airways has been blocked from flying to 18 cities in Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since June when those countries cut ties with Qatar, accusing it of supporting terrorism. Doha denies the charges.
“We have increased our operating costs. We had to also take a hit on revenues so we don’t think that our results for the last financial year will be very good,” Chief Executive Akbar al-Baker told reporters at the Eurasia Airshow in Antalya, Turkey.
"
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Iraq's move to rush oil bidding could deter some firms
Iraq's move to rush oil bidding could deter some firms:
"Iraq is opening more of its untapped oil and gas resources to foreign developers, hoping to boost revenues after its costly war with the Islamic State group, but analysts say the rushed bidding process — now timed to precede national elections — could draw a lukewarm response.
Last month, Oil Minister Jabar Ali al-Luaibi unexpectedly moved the date to receive bids from late June to April, meaning the bidding would be held before May 12 national elections. Some believe Al-Luaibi, who is campaigning for a seat in parliament, moved up the date for political reasons.
Al-Luaibi hopes to represent the oil-rich southern province of Basra as a member of the Victory Alliance, which is led by Prime Minister Haider al-Abadi, who is running for re-election."
'via Blog this'
"Iraq is opening more of its untapped oil and gas resources to foreign developers, hoping to boost revenues after its costly war with the Islamic State group, but analysts say the rushed bidding process — now timed to precede national elections — could draw a lukewarm response.
Last month, Oil Minister Jabar Ali al-Luaibi unexpectedly moved the date to receive bids from late June to April, meaning the bidding would be held before May 12 national elections. Some believe Al-Luaibi, who is campaigning for a seat in parliament, moved up the date for political reasons.
Al-Luaibi hopes to represent the oil-rich southern province of Basra as a member of the Victory Alliance, which is led by Prime Minister Haider al-Abadi, who is running for re-election."
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Dubai to become leading Sukuk-listing hub through new agreement | ZAWYA MENA Edition
Dubai to become leading Sukuk-listing hub through new agreement | ZAWYA MENA Edition:
"Dubai Islamic Economy Development Centre (DIEDC) today announced its collaboration with Nasdaq Dubai to design and implement new initiatives that complement Dubai’s success in emerging as a leading global Sukuk-listing hub. DIEDC outlined plans for developing the Sukuk market and increasing sukuk issuances and listings in Dubai to boost economic growth. A key objective of the ‘Dubai: Capital of Islamic Economy’ initiative that was launched in 2013 was achieved when Dubai was globally ranked in first place over other global capitals as the largest platform worldwide for attracting and listing Islamic Sukuk."
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"Dubai Islamic Economy Development Centre (DIEDC) today announced its collaboration with Nasdaq Dubai to design and implement new initiatives that complement Dubai’s success in emerging as a leading global Sukuk-listing hub. DIEDC outlined plans for developing the Sukuk market and increasing sukuk issuances and listings in Dubai to boost economic growth. A key objective of the ‘Dubai: Capital of Islamic Economy’ initiative that was launched in 2013 was achieved when Dubai was globally ranked in first place over other global capitals as the largest platform worldwide for attracting and listing Islamic Sukuk."
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Saudi sets up committee on Saudi Oger debt restructuring- sources | ZAWYA MENA Edition
Saudi sets up committee on Saudi Oger debt restructuring- sources | ZAWYA MENA Edition:
"Saudi Arabia is setting up a committee to handle the restructuring of debt owed by Saudi Oger, the construction company owned by the family of Lebanese Prime Minister Saad al-Hariri, said two sources familiar with the matter.
Authorities are keen to resolve the financial fallout from the company's collapse after it was crippled by state spending cuts, mismanagement and corruption, leaving thousands of workers and banks out of pocket.
The business is now no longer operational and Saudi banks owed around 13 billion riyals ($3.5 billion) in debt have come under pressure from the regulator in recent quarters to provision for their exposure."
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"Saudi Arabia is setting up a committee to handle the restructuring of debt owed by Saudi Oger, the construction company owned by the family of Lebanese Prime Minister Saad al-Hariri, said two sources familiar with the matter.
Authorities are keen to resolve the financial fallout from the company's collapse after it was crippled by state spending cuts, mismanagement and corruption, leaving thousands of workers and banks out of pocket.
The business is now no longer operational and Saudi banks owed around 13 billion riyals ($3.5 billion) in debt have come under pressure from the regulator in recent quarters to provision for their exposure."
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MIDEAST STOCKS-Saudi falls for second day, property stocks weigh on Dubai | Reuters
MIDEAST STOCKS-Saudi falls for second day, property stocks weigh on Dubai | Reuters:
"Saudi Arabia’s stock index fell for a second consecutive day on Wednesday as investors dumped blue-chip stocks, while property stocks dragged down Dubai’s market. The Saudi index closed 1.0 percent lower after hitting a more than two-year high earlier in the week. Saudi Basic Industries, the largest stock, was a big contributor to the decline, falling 0.9 percent. Banks Samba Financial Group and National Commercial Bank also weighed on the index, falling 3.2 percent and 1.3 percent, respectively."
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"Saudi Arabia’s stock index fell for a second consecutive day on Wednesday as investors dumped blue-chip stocks, while property stocks dragged down Dubai’s market. The Saudi index closed 1.0 percent lower after hitting a more than two-year high earlier in the week. Saudi Basic Industries, the largest stock, was a big contributor to the decline, falling 0.9 percent. Banks Samba Financial Group and National Commercial Bank also weighed on the index, falling 3.2 percent and 1.3 percent, respectively."
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Trump suggests he could be persuaded to stay in Iran deal
Trump suggests he could be persuaded to stay in Iran deal:
"Donald Trump has hinted that he could be persuaded to keep the US in the Iran nuclear deal after talks with French president Emmanuel Macron, who pledged to work with Washington to contain the Islamic republic.
Mr Trump, who has given European signatories to the deal a deadline of May 12 to “fix” the accord or face its collapse, said on Tuesday that “we could at least have an agreement among ourselves fairly quickly”.
“I think we are fairly close to understanding each other,” he said."
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"Donald Trump has hinted that he could be persuaded to keep the US in the Iran nuclear deal after talks with French president Emmanuel Macron, who pledged to work with Washington to contain the Islamic republic.
Mr Trump, who has given European signatories to the deal a deadline of May 12 to “fix” the accord or face its collapse, said on Tuesday that “we could at least have an agreement among ourselves fairly quickly”.
“I think we are fairly close to understanding each other,” he said."
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Trump’s oil tweet aimed at Saudi Arabia as prices rise
Trump’s oil tweet aimed at Saudi Arabia as prices rise:
"Even as US crude oil exports hit record levels this month, Donald Trump’s tweet late last week revealed that worrying about Opec’s policies is not a thing of the past for the president of the United States.
His comments came as a series of decisions are on his agenda, any one of which could impact on oil markets.
Most importantly, the US is due to decide whether to effectively re-impose sanctions against Iran."
'via Blog this'
"Even as US crude oil exports hit record levels this month, Donald Trump’s tweet late last week revealed that worrying about Opec’s policies is not a thing of the past for the president of the United States.
His comments came as a series of decisions are on his agenda, any one of which could impact on oil markets.
Most importantly, the US is due to decide whether to effectively re-impose sanctions against Iran."
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Shareholder Activism Creeps Up in the Middle East - Bloomberg
Shareholder Activism Creeps Up in the Middle East - Bloomberg:
"Shareholder activism is creeping up in the Gulf if events of the past week are a guide.
It’s unusual in the six members of the Gulf Cooperation Council, where shareholders tend to rubber-stamp board decisions. The impact was immediate on the stock markets with shares of three companies falling in Dubai and one in Kuwait."
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"Shareholder activism is creeping up in the Gulf if events of the past week are a guide.
It’s unusual in the six members of the Gulf Cooperation Council, where shareholders tend to rubber-stamp board decisions. The impact was immediate on the stock markets with shares of three companies falling in Dubai and one in Kuwait."
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Standard Chartered Is Top MENA Bond Arranger as Sales Boom - Bloomberg
Standard Chartered Is Top MENA Bond Arranger as Sales Boom - Bloomberg:
"For the first time since 2008, Standard Chartered Plc is topping the list of bond sales arrangers in the Middle East and North Africa.
The emerging markets-focused lender climbed four places from 2017 and has already built up a substantial lead on the competition just four months into the year, according to data compiled by Bloomberg. JPMorgan Chase & Co., last year’s MENA league table leader, sits at No. 5."
'via Blog this'
"For the first time since 2008, Standard Chartered Plc is topping the list of bond sales arrangers in the Middle East and North Africa.
The emerging markets-focused lender climbed four places from 2017 and has already built up a substantial lead on the competition just four months into the year, according to data compiled by Bloomberg. JPMorgan Chase & Co., last year’s MENA league table leader, sits at No. 5."
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Aramco and France’s Total Looking at Buying Saudi Fuel Stations - Bloomberg
Aramco and France’s Total Looking at Buying Saudi Fuel Stations - Bloomberg:
"Saudi Arabian Oil Co. and Total SA are weighing jointly buying businesses such as Tas’helat Marketing Co. to gain access to networks of retail fuel stations in the Gulf kingdom, according to people with knowledge of the matter. The state-owned company, known as Aramco, and the French oil giant are also looking at a range of options from consolidating some service stations to potentially starting the business from scratch, the people said, asking not to be identified as the matter is private. French lender Credit Agricole SA and local investment bank Saudi Fransi Capital are advising the firms on their plans, which are still in the early stages, they said. No final decisions have been taken and the group may decide against acquiring Tas’helat, which operates fuel stations under the Sahel brand, or any other business, they said. Representatives for Total and Credit Agricole declined to comment. Spokesmen for Aramco and Saudi Fransi didn’t respond to requests for comment."
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"Saudi Arabian Oil Co. and Total SA are weighing jointly buying businesses such as Tas’helat Marketing Co. to gain access to networks of retail fuel stations in the Gulf kingdom, according to people with knowledge of the matter. The state-owned company, known as Aramco, and the French oil giant are also looking at a range of options from consolidating some service stations to potentially starting the business from scratch, the people said, asking not to be identified as the matter is private. French lender Credit Agricole SA and local investment bank Saudi Fransi Capital are advising the firms on their plans, which are still in the early stages, they said. No final decisions have been taken and the group may decide against acquiring Tas’helat, which operates fuel stations under the Sahel brand, or any other business, they said. Representatives for Total and Credit Agricole declined to comment. Spokesmen for Aramco and Saudi Fransi didn’t respond to requests for comment."
'via Blog this'
Real estate investment trusts drive market growth in Saudi Arabia | ZAWYA MENA Edition
Real estate investment trusts drive market growth in Saudi Arabia | ZAWYA MENA Edition:
"The boom in real estate investment trusts – or REITs – listed on the Kingdom’s stock exchange will be explored at an exclusive executive briefing ahead of Euromoney Saudi Arabia Conference, taking place this May.
Since the Tadawul market was opened to REITs in 2016, there have been multiple listings in the Kingdom of Saudi Arabia, as well as in the UAE and Bahrain. With new listings planned in 2018 – including the possibility of a REIT from Kingdom Holding Company – investors within the Kingdom and globally are watching this sector closely.
The Euromoney Saudi Arabia Conference hosted a sell-out REITs briefing as a pre-conference event last year to introduce delegates to the sector, and this year’s briefing on May 1 will examine the impressive growth over the past 12 months."
'via Blog this'
"The boom in real estate investment trusts – or REITs – listed on the Kingdom’s stock exchange will be explored at an exclusive executive briefing ahead of Euromoney Saudi Arabia Conference, taking place this May.
Since the Tadawul market was opened to REITs in 2016, there have been multiple listings in the Kingdom of Saudi Arabia, as well as in the UAE and Bahrain. With new listings planned in 2018 – including the possibility of a REIT from Kingdom Holding Company – investors within the Kingdom and globally are watching this sector closely.
The Euromoney Saudi Arabia Conference hosted a sell-out REITs briefing as a pre-conference event last year to introduce delegates to the sector, and this year’s briefing on May 1 will examine the impressive growth over the past 12 months."
'via Blog this'
Saudi's Olayan says IPO depends on market conditions | ZAWYA MENA Edition
Saudi's Olayan says IPO depends on market conditions | ZAWYA MENA Edition:
"Saudi Arabian billionaire Lubna Olayan said on Wednesday that the timing for floating parts of her family's business, one of the kingdom's largest conglomerates, depends on market conditions and the economic situation.
"We had four quarters of negative GDP growth which impacted many private businesses," Olayan told a business conference in Riyadh.
Reuters reported last year that the Olayan family was considering listing at least 30 percent of its Saudi business in a sale that could value the company at several billion dollars."
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"Saudi Arabian billionaire Lubna Olayan said on Wednesday that the timing for floating parts of her family's business, one of the kingdom's largest conglomerates, depends on market conditions and the economic situation.
"We had four quarters of negative GDP growth which impacted many private businesses," Olayan told a business conference in Riyadh.
Reuters reported last year that the Olayan family was considering listing at least 30 percent of its Saudi business in a sale that could value the company at several billion dollars."
'via Blog this'
MIDEAST STOCKS-Saudi stocks slip again, Dubai contractor DSI falls | Reuters
MIDEAST STOCKS-Saudi stocks slip again, Dubai contractor DSI falls | Reuters:
"Saudi stocks slipped further in early trade on Wednesday from more than two-year highs earlier in the week, while Dubai’s market also fell.
After closing lower on Tuesday, the Saudi index dipped 0.5 percent, with market heavyweight Saudi Basic Industries the biggest drag, falling 0.6 percent. Another blue-chip stock, Samba Financial Group tumbled 1.8 percent.
After huge inflows in anticipation of the upgrade of Saudi stocks to emerging markets indexes, analysts said investors have begun to view some of the banks and petrochemical stocks as expensive."
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"Saudi stocks slipped further in early trade on Wednesday from more than two-year highs earlier in the week, while Dubai’s market also fell.
After closing lower on Tuesday, the Saudi index dipped 0.5 percent, with market heavyweight Saudi Basic Industries the biggest drag, falling 0.6 percent. Another blue-chip stock, Samba Financial Group tumbled 1.8 percent.
After huge inflows in anticipation of the upgrade of Saudi stocks to emerging markets indexes, analysts said investors have begun to view some of the banks and petrochemical stocks as expensive."
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