Dubal says net profit jumps 57% | GulfNews.com: "Dubal Holding, the Dubai government’s investment arm for the power, commodities, mining and industry, held its fourth annual general meeting on Thursday. Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of Dubal Holding praised company’s overall performance, noting that it achieved a good net profit in 2017, representing a 57 per cent increase compared to 2016, while net assets increased by two per cent by the end of the year. "
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Thursday, 26 April 2018
Challenges and risks in the historic Saudi Arabian privatization plan | Arab News
Challenges and risks in the historic Saudi Arabian privatization plan | Arab News:
"Saudi Arabia’s plan to kick-start its historic privatization program has been well received by an international investment community that is often skeptical of big announcements. Bankers have spoken of the “positive momentum” behind the plan, and that it looks realistic and achievable. Raising around $10 billion through state sell-offs, public private partnerships and trade sales is certainly a long way from the $200 billion put up as the total value of the privatization program just last year, but you have to start somewhere. The $10 billion figure relates to sell-off proceeds between now and the end of 2020, while the bigger figure was an estimate of the total value of proceeds from all asset sales and other privatization measures (excluding whatever comes from an IPO of Saudi Aramco) under the Vision 2030 strategy. Saudi policymakers still have the potential to meet the higher figures over the next 12 years as the pace of sell-offs accelerates and they — and global markets — become more familiar with the process."
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"Saudi Arabia’s plan to kick-start its historic privatization program has been well received by an international investment community that is often skeptical of big announcements. Bankers have spoken of the “positive momentum” behind the plan, and that it looks realistic and achievable. Raising around $10 billion through state sell-offs, public private partnerships and trade sales is certainly a long way from the $200 billion put up as the total value of the privatization program just last year, but you have to start somewhere. The $10 billion figure relates to sell-off proceeds between now and the end of 2020, while the bigger figure was an estimate of the total value of proceeds from all asset sales and other privatization measures (excluding whatever comes from an IPO of Saudi Aramco) under the Vision 2030 strategy. Saudi policymakers still have the potential to meet the higher figures over the next 12 years as the pace of sell-offs accelerates and they — and global markets — become more familiar with the process."
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Trump’s Threat to Ax ‘Insane’ Iran Deal Is Scaring Off Oil Traders - Bloomberg
Trump’s Threat to Ax ‘Insane’ Iran Deal Is Scaring Off Oil Traders - Bloomberg:
"Some oil traders are already steering clear of doing business with Iran as U.S. President Donald Trump signals he’ll ditch the nuclear deal with OPEC’s third-largest producer.
Traders are unwilling to sign contracts for Iranian crude and refined products that would be valid after May 12, the deadline for Trump to decide whether to reimpose sanctions, according to recent interviews with six companies that buy and sell oil in the Middle East.
French President Emmanuel Macron, who met Trump this week in Washington, said he thinks the U.S. leader will abandon the nuclear accord that Iran signed with world powers in 2015. Trump ridiculed the existing deal as “terrible” and “insane.” U.S. curbs would squeeze Iran’s oil exports this year by as much as 500,000 barrels a day, according to consultant FGE and trader Gunvor SA. Iran currently ships about 2.5 million barrels a day."
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"Some oil traders are already steering clear of doing business with Iran as U.S. President Donald Trump signals he’ll ditch the nuclear deal with OPEC’s third-largest producer.
Traders are unwilling to sign contracts for Iranian crude and refined products that would be valid after May 12, the deadline for Trump to decide whether to reimpose sanctions, according to recent interviews with six companies that buy and sell oil in the Middle East.
French President Emmanuel Macron, who met Trump this week in Washington, said he thinks the U.S. leader will abandon the nuclear accord that Iran signed with world powers in 2015. Trump ridiculed the existing deal as “terrible” and “insane.” U.S. curbs would squeeze Iran’s oil exports this year by as much as 500,000 barrels a day, according to consultant FGE and trader Gunvor SA. Iran currently ships about 2.5 million barrels a day."
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Crude Closes Near Three-Year High as Focus Remains on Iran Deal - Bloomberg
Crude Closes Near Three-Year High as Focus Remains on Iran Deal - Bloomberg:
"Crude settled near a three-year high as investors gauged the potential of a U.S. exit from the Iran nuclear deal.
Futures ended the session 0.2 percent higher, closing above $68 a barrel for a third time this week. French President Emmanuel Macron’s prediction that the U.S. will pull out of the Iran nuclear accord stoked concerns about a renewal of sanctions that would slash crude exports from OPEC’s third-largest producer. U.S. Defense Secretary Jim Mattis said Thursday that there’s been no decision on the nuclear deal.
“We are pricing in some geopolitical risk,” said Bart Melek, head of global commodity strategy at TD Securities in Toronto. “There are concerns that we might get into a difficult conversation with Iran.”"
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"Crude settled near a three-year high as investors gauged the potential of a U.S. exit from the Iran nuclear deal.
Futures ended the session 0.2 percent higher, closing above $68 a barrel for a third time this week. French President Emmanuel Macron’s prediction that the U.S. will pull out of the Iran nuclear accord stoked concerns about a renewal of sanctions that would slash crude exports from OPEC’s third-largest producer. U.S. Defense Secretary Jim Mattis said Thursday that there’s been no decision on the nuclear deal.
“We are pricing in some geopolitical risk,” said Bart Melek, head of global commodity strategy at TD Securities in Toronto. “There are concerns that we might get into a difficult conversation with Iran.”"
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No oil majors win contracts in Iraq oil licensing round | Reuters
No oil majors win contracts in Iraq oil licensing round | Reuters:
"Iraq failed to attract investment from the top global energy companies in its oil and gas exploration/development contract auction on Thursday, with no major firms winning any bids and only Italy’s Eni submitting an offer.
The Oil Ministry held an auction to award contracts to international energy companies, with 11 blocks on offer near the borders with Iran and Kuwait and in offshore Gulf waters.
“We have decided to speed up the development of border fields after five decades without investments ... leaving them without investments meant wasting the oil wealth of the country,” Oil Minister Jabar al-Luaibi said ahead of bidding.
"
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"Iraq failed to attract investment from the top global energy companies in its oil and gas exploration/development contract auction on Thursday, with no major firms winning any bids and only Italy’s Eni submitting an offer.
The Oil Ministry held an auction to award contracts to international energy companies, with 11 blocks on offer near the borders with Iran and Kuwait and in offshore Gulf waters.
“We have decided to speed up the development of border fields after five decades without investments ... leaving them without investments meant wasting the oil wealth of the country,” Oil Minister Jabar al-Luaibi said ahead of bidding.
"
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Qatar's Al Khalij Bank Weighs Sale of French, U.A.E. Units - Bloomberg
Qatar's Al Khalij Bank Weighs Sale of French, U.A.E. Units - Bloomberg:
"Qatar’s Al Khalij Commercial Bank PQSC has hired Barclays Plc to advise on the sale of its businesses in France and the United Arab Emirates, according to people familiar with the matter. The Doha-based lender, which plans to retain only it’s Qatar business, is drawing interest from global banks and financial institutions from the region for the assets, the people said, asking not to be identified because the information is private. The sale talks come amid a diplomatic standoff between Qatar and it’s neighbors including Saudi Arabia and the U.A.E., which has made it difficult for companies in the gas-rich state to operate in the rest of Gulf. The blockade has hurt the revenue of many Qatari companies, forcing them to shrink their workforce and sell non-core assets."
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"Qatar’s Al Khalij Commercial Bank PQSC has hired Barclays Plc to advise on the sale of its businesses in France and the United Arab Emirates, according to people familiar with the matter. The Doha-based lender, which plans to retain only it’s Qatar business, is drawing interest from global banks and financial institutions from the region for the assets, the people said, asking not to be identified because the information is private. The sale talks come amid a diplomatic standoff between Qatar and it’s neighbors including Saudi Arabia and the U.A.E., which has made it difficult for companies in the gas-rich state to operate in the rest of Gulf. The blockade has hurt the revenue of many Qatari companies, forcing them to shrink their workforce and sell non-core assets."
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UAE lender ADCB Q1 profit up 9% | ZAWYA MENA Edition
UAE lender ADCB Q1 profit up 9% | ZAWYA MENA Edition:
"Abu Dhabi Commercial Bank on Thursday posted a 9 percent rise in first quarter profit as net interest and Islamic financing income rose. The emirate's second-largest bank by assets made a net profit attributable to shareholders of 1.21 billion dirhams ($330 million) in the three months to Mar.31, compared to 1.11 billion dirhams in the first quarter of 2017, ADCB said in a statement. SICO Bahrain forecast a fourth-quarter profit of 1.09 billion dirhams, while EFG Hermes expected a profit of 1.14 billion dirhams. Total net interest and Islamic financing income reached 1.83 billion dirhams, 12 percent up from the same period of last year."
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"Abu Dhabi Commercial Bank on Thursday posted a 9 percent rise in first quarter profit as net interest and Islamic financing income rose. The emirate's second-largest bank by assets made a net profit attributable to shareholders of 1.21 billion dirhams ($330 million) in the three months to Mar.31, compared to 1.11 billion dirhams in the first quarter of 2017, ADCB said in a statement. SICO Bahrain forecast a fourth-quarter profit of 1.09 billion dirhams, while EFG Hermes expected a profit of 1.14 billion dirhams. Total net interest and Islamic financing income reached 1.83 billion dirhams, 12 percent up from the same period of last year."
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DP World reports 7.3% gross volume growth in Q1 2018 | ZAWYA MENA Edition
DP World reports 7.3% gross volume growth in Q1 2018 | ZAWYA MENA Edition:
"DP World Limited handled 17.6 million twenty-foot equivalent units, TEU, across its global portfolio of container terminals in the first quarter of 2018, with gross container volumes growing by 7.3 percent year-on-year on a reported basis, and 8.4 percent on a like-for-like basis, well ahead of Drewry Maritime’s industry estimate of 4.6 percent global throughput growth for the first quarter of 2018.
In a press statement, DP World stated that the first quarter witnessed a continuation of the recovery in global trade and all three regions delivered growth, especially in its terminals in Europe, Middle East and Africa and Australia. The UAE continues to deliver stable growth and handled 3.8 million TEU, growing 2.9 percent year-on-year in Q1 2018, it added.
At a consolidated level, DP World terminals handled 9.2 million TEU during the first quarter of 2018, a 6.6 percent improvement in performance on a reported basis and up 6.8 percent year-on-year on a like-for-like basis. Commenting on the results, DP World Group Chairman and Chief Executive Officer, Sultan Ahmed bin Sulayem, said, "Following a strong year for the global container market in 2017 with peak levels since 2011, our portfolio has had an encouraging start to 2018 delivering ahead-of-market growth."
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"DP World Limited handled 17.6 million twenty-foot equivalent units, TEU, across its global portfolio of container terminals in the first quarter of 2018, with gross container volumes growing by 7.3 percent year-on-year on a reported basis, and 8.4 percent on a like-for-like basis, well ahead of Drewry Maritime’s industry estimate of 4.6 percent global throughput growth for the first quarter of 2018.
In a press statement, DP World stated that the first quarter witnessed a continuation of the recovery in global trade and all three regions delivered growth, especially in its terminals in Europe, Middle East and Africa and Australia. The UAE continues to deliver stable growth and handled 3.8 million TEU, growing 2.9 percent year-on-year in Q1 2018, it added.
At a consolidated level, DP World terminals handled 9.2 million TEU during the first quarter of 2018, a 6.6 percent improvement in performance on a reported basis and up 6.8 percent year-on-year on a like-for-like basis. Commenting on the results, DP World Group Chairman and Chief Executive Officer, Sultan Ahmed bin Sulayem, said, "Following a strong year for the global container market in 2017 with peak levels since 2011, our portfolio has had an encouraging start to 2018 delivering ahead-of-market growth."
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MIDEAST STOCKS-Saudi petrochemical stocks under pressure despite index rise | Reuters
MIDEAST STOCKS-Saudi petrochemical stocks under pressure despite index rise | Reuters:
"Saudi petrochemical stocks ended Thursday’s trading on the downside after some disappointing earnings, but key banking and property stocks helped the index close slightly higher.
Other Gulf markets were mixed.
The Saudi index closed 0.2 percent up at 8,248 points, hovering near the level last seen in August 2015."
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"Saudi petrochemical stocks ended Thursday’s trading on the downside after some disappointing earnings, but key banking and property stocks helped the index close slightly higher.
Other Gulf markets were mixed.
The Saudi index closed 0.2 percent up at 8,248 points, hovering near the level last seen in August 2015."
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MIDEAST STOCKS-Saudi stocks slip; Qatar's Ooredo down on earnings miss | Reuters
MIDEAST STOCKS-Saudi stocks slip; Qatar's Ooredo down on earnings miss | Reuters:
"Saudi stocks slipped in early trade on Thursday, with investors continuing to sell some blue chips after the index hit a more than two-year high earlier in the week. Other Gulf markets were mostly sluggish. The Saudi index was down 0.5 percent. Petrochemicals firms were the biggest drag with the index’s most heavily weighted company, Saudi Basic Industries Corp, down 1.0 percent. Saudi International Petrochemical Co (Sipchem) dropped 5.4 percent after missing earnings forecasts with a first-quarter net profit of 151 million riyals, up 65 percent on year. Three analysts surveyed by Reuters had on average forecast a profit of 189 million riyals."
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"Saudi stocks slipped in early trade on Thursday, with investors continuing to sell some blue chips after the index hit a more than two-year high earlier in the week. Other Gulf markets were mostly sluggish. The Saudi index was down 0.5 percent. Petrochemicals firms were the biggest drag with the index’s most heavily weighted company, Saudi Basic Industries Corp, down 1.0 percent. Saudi International Petrochemical Co (Sipchem) dropped 5.4 percent after missing earnings forecasts with a first-quarter net profit of 151 million riyals, up 65 percent on year. Three analysts surveyed by Reuters had on average forecast a profit of 189 million riyals."
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Qatar economy proved resilient to blockade: QFB - The Peninsula Qatar
Qatar economy proved resilient to blockade: QFB - The Peninsula Qatar:
"Qatar’s economy has proven its resiliency and robustness as it swiftly recovered from the effects of this blockade, Qatar First Bank (QFB) Chairman Abdulla bin Fahad bin Ghorab Al Marri has stated.
Addressing QFB’s Annual General Meeting (AGM) yesterday, Al Marri said: “2017 was a challenging year for all financial institutions in the country, amid the ongoing illegal blockade imposed on Qatar by some neighbouring GCC countries, which impeded the flow of business both locally and regionally. Qatar’s economy, however, has proven its resiliency and robustness as it swiftly recovered from the effects of this blockade, and continues to do so.”
“At QFB we are not immune to the prevailing global and regional economic environment. In 2017 the bank recorded revenue of QR334.2m and a net loss of QR 269.3m, resulting mainly from the downward revision of the valuations of some of the bank’s private equity investments across several markets,” he added."
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"Qatar’s economy has proven its resiliency and robustness as it swiftly recovered from the effects of this blockade, Qatar First Bank (QFB) Chairman Abdulla bin Fahad bin Ghorab Al Marri has stated.
Addressing QFB’s Annual General Meeting (AGM) yesterday, Al Marri said: “2017 was a challenging year for all financial institutions in the country, amid the ongoing illegal blockade imposed on Qatar by some neighbouring GCC countries, which impeded the flow of business both locally and regionally. Qatar’s economy, however, has proven its resiliency and robustness as it swiftly recovered from the effects of this blockade, and continues to do so.”
“At QFB we are not immune to the prevailing global and regional economic environment. In 2017 the bank recorded revenue of QR334.2m and a net loss of QR 269.3m, resulting mainly from the downward revision of the valuations of some of the bank’s private equity investments across several markets,” he added."
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Foreign outflows from Dubai stocks gain momentum
Foreign outflows from Dubai stocks gain momentum:
"Foreign selling of Dubai’s stocks accelerated in the past week as the nation’s benchmark equity index fell and the Dubai dirham was little changed. The 5-day moving average of net foreign outflows accelerated to $4.57mn, compared with the 20-day average outflows of $4.06mn, according to data from the Dubai Financial Market compiled by Bloomberg. The Dubai Financial Market General Index fell 3.1% over the past week and the dirham was little changed against the dollar at 3.673."
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"Foreign selling of Dubai’s stocks accelerated in the past week as the nation’s benchmark equity index fell and the Dubai dirham was little changed. The 5-day moving average of net foreign outflows accelerated to $4.57mn, compared with the 20-day average outflows of $4.06mn, according to data from the Dubai Financial Market compiled by Bloomberg. The Dubai Financial Market General Index fell 3.1% over the past week and the dirham was little changed against the dollar at 3.673."
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Abu Dhabi's Al Hilal Bank Uncovers Internal Fraud - Bloomberg
Abu Dhabi's Al Hilal Bank Uncovers Internal Fraud - Bloomberg:
"Abu Dhabi’s Al Hilal Bank PJSC uncovered internal fraud worth more than 500 million dirhams ($136 million), according to people with knowledge of the matter.
Some employees at the Abu Dhabi state-owned Islamic lender allegedly withdrew funds from dormant customer accounts, said the people, asking not to be identified because the details aren’t public. Money was then transferred from the Al Hilal accounts to bogus accounts before being withdrawn, they said.
A total of 38 people from Asian and European backgrounds were arrested last summer for the "unlawful confiscation" of 635 million dirhams from a U.A.E. bank, Abu Dhabi’s Judicial Department said in an emailed statement, without identifying the lender."
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"Abu Dhabi’s Al Hilal Bank PJSC uncovered internal fraud worth more than 500 million dirhams ($136 million), according to people with knowledge of the matter.
Some employees at the Abu Dhabi state-owned Islamic lender allegedly withdrew funds from dormant customer accounts, said the people, asking not to be identified because the details aren’t public. Money was then transferred from the Al Hilal accounts to bogus accounts before being withdrawn, they said.
A total of 38 people from Asian and European backgrounds were arrested last summer for the "unlawful confiscation" of 635 million dirhams from a U.A.E. bank, Abu Dhabi’s Judicial Department said in an emailed statement, without identifying the lender."
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Oil Holds Above $68 as Iran Deal Speculation Counters Stockpiles - Bloomberg
Oil Holds Above $68 as Iran Deal Speculation Counters Stockpiles - Bloomberg:
"Oil held above $68 a barrel as America’s potential exit from the Iran nuclear deal increased concern over Middle East supplies, overshadowing expanding U.S. crude output and stockpiles.
Futures were little changed in New York after climbing 0.5 percent Wednesday. French President Emmanuel Macron predicted U.S. President Donald Trump will pull out of the Iran accord. A revival of sanctions on the Persian Gulf state is expected to cut oil exports from the third-largest OPEC producer. Meanwhile, investors largely shrugged off a government report showing record high American crude production and a surprise build in nationwide inventories."
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"Oil held above $68 a barrel as America’s potential exit from the Iran nuclear deal increased concern over Middle East supplies, overshadowing expanding U.S. crude output and stockpiles.
Futures were little changed in New York after climbing 0.5 percent Wednesday. French President Emmanuel Macron predicted U.S. President Donald Trump will pull out of the Iran accord. A revival of sanctions on the Persian Gulf state is expected to cut oil exports from the third-largest OPEC producer. Meanwhile, investors largely shrugged off a government report showing record high American crude production and a surprise build in nationwide inventories."
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Challenges in Indonesia, Algeria dent Qatar's Ooredoo's profit | ZAWYA MENA Edition
Challenges in Indonesia, Algeria dent Qatar's Ooredoo's profit | ZAWYA MENA Edition:
"Qatar's telecommunications firm Ooredoo's first-quarter profit fell 17 percent, citing challenges in Indonesia, its biggest international market, and Algeria which offset strong contributions from other market such as Myanmar. Ooredoo made a net profit attributable to shareholders of 486 million riyals ($133.50 million) in the three months ending March 31, 2018, it said in a statement. That compared with 584 million riyals in the same period a year ago. The result was below SICO Bahrain's forecast of 549 million riyals in net profit, but above EFG Hermes' forecast of 449 million riyals. "
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"Qatar's telecommunications firm Ooredoo's first-quarter profit fell 17 percent, citing challenges in Indonesia, its biggest international market, and Algeria which offset strong contributions from other market such as Myanmar. Ooredoo made a net profit attributable to shareholders of 486 million riyals ($133.50 million) in the three months ending March 31, 2018, it said in a statement. That compared with 584 million riyals in the same period a year ago. The result was below SICO Bahrain's forecast of 549 million riyals in net profit, but above EFG Hermes' forecast of 449 million riyals. "
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