Top Sainsbury's shareholder QIA backs Asda takeover talks: source | Reuters:
"Qatar Investment Authority (QIA), the biggest shareholder in J Sainsbury Plc, is supportive of merger talks between the British supermarket chain and rival Walmart Inc’s Asda, a source familiar with the matter told Reuters. Sainsbury’s statement regarding the discussions on Monday will reflect QIA’s position on the matter, the source said. Sainsbury’s declined to comment on Sunday."
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Sunday 29 April 2018
Audit finds Aramco oil reserves slightly higher than reported- sources | ZAWYA MENA Edition
Audit finds Aramco oil reserves slightly higher than reported- sources | ZAWYA MENA Edition:
"An audit of Saudi Aramco's oil reserves - an essential part of the preparatory work for its planned initial public offering - has found the state oil giant to have higher reserves than it previously reported, sources familiar with the matter told Reuters.
Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest.
Two sources, speaking on condition of anonymity, said the independent external audit has found the proven oil reserves to be at least 270 billion barrels, which is slightly higher than the 260.8 billion barrels the company reported in its 2016 annual review."
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"An audit of Saudi Aramco's oil reserves - an essential part of the preparatory work for its planned initial public offering - has found the state oil giant to have higher reserves than it previously reported, sources familiar with the matter told Reuters.
Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest.
Two sources, speaking on condition of anonymity, said the independent external audit has found the proven oil reserves to be at least 270 billion barrels, which is slightly higher than the 260.8 billion barrels the company reported in its 2016 annual review."
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Higher fees, less impairments lift First Abu Dhabi Bank Q1 profit | ZAWYA MENA Edition
Higher fees, less impairments lift First Abu Dhabi Bank Q1 profit | ZAWYA MENA Edition:
"First Abu Dhabi Bank, the largest bank in the United Arab Emirates, on Sunday reported a 2 percent rise in first quarter profit, helped by higher fees and commission and lower impairments. FAB made a net profit of 3.0 billion dirhams ($817 million) in the three months ending March 31, compared to 2.9 billion dirhams in the prior-year period, it said in a statement. SICO Bahrain and EFG Hermes had forecast FAB would make a first quarter profit of 2.9 billion dirhams and 2.8 billion dirhams, respectively. Loans and advances grew to 338 billion dirhams in the quarter, up 2 percent over the previous year first quarter. Deposits totalled 404 billion dirhams, up 3 percent year-on-year."
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"First Abu Dhabi Bank, the largest bank in the United Arab Emirates, on Sunday reported a 2 percent rise in first quarter profit, helped by higher fees and commission and lower impairments. FAB made a net profit of 3.0 billion dirhams ($817 million) in the three months ending March 31, compared to 2.9 billion dirhams in the prior-year period, it said in a statement. SICO Bahrain and EFG Hermes had forecast FAB would make a first quarter profit of 2.9 billion dirhams and 2.8 billion dirhams, respectively. Loans and advances grew to 338 billion dirhams in the quarter, up 2 percent over the previous year first quarter. Deposits totalled 404 billion dirhams, up 3 percent year-on-year."
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MIDEAST STOCKS-Alinma drags down Saudi index, Qatar rises, Dana weighs on Abu Dhabi | Reuters
MIDEAST STOCKS-Alinma drags down Saudi index, Qatar rises, Dana weighs on Abu Dhabi | Reuters:
"After a strong opening on the back of last week’s firm oil prices, Gulf stock markets were mixed on Sunday, with the Qatari index lifted by Industries Qatar’s positive first quarter results and Dana Gas weighing on the Abu Dhabi exchange.
The Saudi index lost 0.3 percent after rising in early trade. Blue chip Saudi Basic Industries Corp lost 0.6 percent despite reporting a 5.4 percent rise in first-quarter net profit, broadly in line with analysts’ forecasts.
Islamic lender Alinma, one of the most heavily traded stocks, climbed 0.5 percent early on Sunday but had dropped 0.7 percent by the market close. The bank reported a quarterly profit rise of 38 percent year on year."
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"After a strong opening on the back of last week’s firm oil prices, Gulf stock markets were mixed on Sunday, with the Qatari index lifted by Industries Qatar’s positive first quarter results and Dana Gas weighing on the Abu Dhabi exchange.
The Saudi index lost 0.3 percent after rising in early trade. Blue chip Saudi Basic Industries Corp lost 0.6 percent despite reporting a 5.4 percent rise in first-quarter net profit, broadly in line with analysts’ forecasts.
Islamic lender Alinma, one of the most heavily traded stocks, climbed 0.5 percent early on Sunday but had dropped 0.7 percent by the market close. The bank reported a quarterly profit rise of 38 percent year on year."
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BMI Research upbeat on Saudi Arabia's economic rebound this year - The National
BMI Research upbeat on Saudi Arabia's economic rebound this year - The National:
"The Saudi Arabian economy, the biggest in the Arab world, is poised to grow by 1.6 per cent this year amid a rebound in oil prices and an easing of fiscal austerity, according to BMI Research. Private sector activity, however, will regain traction at a slower pace as the introduction of VAT weighs on business confidence in the first half of the year. “The Saudi economy will recover in 2018, as continued gains in oil prices support the government’s move towards a more expansionary fiscal policy in turn boosting consumption in the kingdom,” BMI said in a report."
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"The Saudi Arabian economy, the biggest in the Arab world, is poised to grow by 1.6 per cent this year amid a rebound in oil prices and an easing of fiscal austerity, according to BMI Research. Private sector activity, however, will regain traction at a slower pace as the introduction of VAT weighs on business confidence in the first half of the year. “The Saudi economy will recover in 2018, as continued gains in oil prices support the government’s move towards a more expansionary fiscal policy in turn boosting consumption in the kingdom,” BMI said in a report."
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In its latest World QA flight to Cardiff to boost global profile of Wales - The Peninsula Qatar
In its latest World QA flight to Cardiff to boost global profile of Wales - The Peninsula Qatar:
"The inaugural Qatar Airways flight to Wales’ capital Cardiff in May is expected to enhance the global profile of Wales. The direct service between Doha and Cardiff will also help further boost Qatar-Wales bilateral trade relations.
The new route provides an unprecedented opportunity to enhance global tourism and trade links and showcase Wales internationally. In anticipation of the inaugural Qatar Airways flight to Cardiff next month, a marketing partnership agreement has been signed between Welsh Government and Qatar Airways which will increase Wales’ visibility in key markets as a holiday and business destination, Lord Elis-Thomas, Welsh Government Minister for Culture, Tourism and Sport, told The Peninsula.
The direct service between Cardiff and Doha is a huge boost for Wales. From the construction and energy supply chain to food and drink, there are already a number of Wales based companies active in Qatar, while Qatar Petroleum is the major shareholder in South Hook, one of the largest liquefied natural gas terminals in Europe, in Milford Haven, Pembrokeshire."
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"The inaugural Qatar Airways flight to Wales’ capital Cardiff in May is expected to enhance the global profile of Wales. The direct service between Doha and Cardiff will also help further boost Qatar-Wales bilateral trade relations.
The new route provides an unprecedented opportunity to enhance global tourism and trade links and showcase Wales internationally. In anticipation of the inaugural Qatar Airways flight to Cardiff next month, a marketing partnership agreement has been signed between Welsh Government and Qatar Airways which will increase Wales’ visibility in key markets as a holiday and business destination, Lord Elis-Thomas, Welsh Government Minister for Culture, Tourism and Sport, told The Peninsula.
The direct service between Cardiff and Doha is a huge boost for Wales. From the construction and energy supply chain to food and drink, there are already a number of Wales based companies active in Qatar, while Qatar Petroleum is the major shareholder in South Hook, one of the largest liquefied natural gas terminals in Europe, in Milford Haven, Pembrokeshire."
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Saudi Basic Industries Corp reports 5.4 pct Q1 profit rise | Reuters
Saudi Basic Industries Corp reports 5.4 pct Q1 profit rise | Reuters:
"Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, reported a 5.4 percent rise in first-quarter net profit on Sunday, broadly in line with analysts’ forecasts.
SABIC attributed the profit rise to higher average selling prices and sold quantities.
The company made a net profit of 5.51 billion riyals ($1.47 billion) in the three months to March 31, up from 5.23 billion riyals in the year-earlier period, the company said in a bourse statement."
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"Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, reported a 5.4 percent rise in first-quarter net profit on Sunday, broadly in line with analysts’ forecasts.
SABIC attributed the profit rise to higher average selling prices and sold quantities.
The company made a net profit of 5.51 billion riyals ($1.47 billion) in the three months to March 31, up from 5.23 billion riyals in the year-earlier period, the company said in a bourse statement."
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Saudi Aramco appoints first woman to the board | Reuters
Saudi Aramco appoints first woman to the board | Reuters:
"Saudi Aramco, the world’s top oil company which is preparing to go public, said on Sunday it has appointed new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives.
The appointments, which bring in more international experience, come as the Saudi government plans to float around 5 percent of Aramco in an initial public offering (IPO) - the world’s largest - later this year or early 2019.
Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement. "
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"Saudi Aramco, the world’s top oil company which is preparing to go public, said on Sunday it has appointed new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives.
The appointments, which bring in more international experience, come as the Saudi government plans to float around 5 percent of Aramco in an initial public offering (IPO) - the world’s largest - later this year or early 2019.
Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri were appointed as members of the board of directors, Aramco said in a statement. "
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Kuwait Finance House reports 13.9% first quarter profit rise | ZAWYA MENA Edition
Kuwait Finance House reports 13.9% first quarter profit rise | ZAWYA MENA Edition:
"Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a 13.9 percent rise in first-quarter net profit, according to a statement on Sunday. Net profit rose to 44.0 million dinars ($146 million) in the three months to March 31, from 38.6 million dinars in the same period a year ago, the statement said. EFG Hermes forecast the lender would make a quarterly net profit of 42.2 million dinars. "
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"Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a 13.9 percent rise in first-quarter net profit, according to a statement on Sunday. Net profit rose to 44.0 million dinars ($146 million) in the three months to March 31, from 38.6 million dinars in the same period a year ago, the statement said. EFG Hermes forecast the lender would make a quarterly net profit of 42.2 million dinars. "
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Mideast Stocks: Alinma Bank and SABIC lead Saudi up, Dana Gas weighs on Abu Dhabi | ZAWYA MENA Edition
Mideast Stocks: Alinma Bank and SABIC lead Saudi up, Dana Gas weighs on Abu Dhabi | ZAWYA MENA Edition:
"Most Gulf stock markets opened in positive territory on Sunday on the back of last week's gain in oil prices, although the Abu Dhabi index fell slightly, pulled down by energy producer Dana Gas. The Saudi index gained 0.4 percent in the first hour in a broad rise. Blue chip Saudi Basic Industries Corp was up 0.3 percent after reporting a 5.4 percent rise in first-quarter net profit, broadly in line with analysts' forecasts. Islamic lender Alinma , one of the most heavily traded stocks, climbed 0.5 percent after reporting a quarterly profit rise of 38 percent on year."
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"Most Gulf stock markets opened in positive territory on Sunday on the back of last week's gain in oil prices, although the Abu Dhabi index fell slightly, pulled down by energy producer Dana Gas. The Saudi index gained 0.4 percent in the first hour in a broad rise. Blue chip Saudi Basic Industries Corp was up 0.3 percent after reporting a 5.4 percent rise in first-quarter net profit, broadly in line with analysts' forecasts. Islamic lender Alinma , one of the most heavily traded stocks, climbed 0.5 percent after reporting a quarterly profit rise of 38 percent on year."
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Abu Dhabi state fund Mubadala's 2017 operating profit rises 11.5% | ZAWYA MENA Edition
Abu Dhabi state fund Mubadala's 2017 operating profit rises 11.5% | ZAWYA MENA Edition:
"Abu Dhabi's state investor Mubadala Investment Co on Sunday reported a 2017 operating income of 10.7 billion dirhams ($2.9 billion), rising 11.5 percent from 9.6 billion dirhams in 2016.
The company, formed through the merger of Mubadala Development Company and International Petroleum Investment Co in 2017, said total assets rose to 469.4 billion dirhams at the end of 2017, up from 449.7 billion dirhams at the end of 2016.
It reported total comprehensive income of 10.3 billion dirhams, compared to 5.1 billion dirhams in 2016."
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"Abu Dhabi's state investor Mubadala Investment Co on Sunday reported a 2017 operating income of 10.7 billion dirhams ($2.9 billion), rising 11.5 percent from 9.6 billion dirhams in 2016.
The company, formed through the merger of Mubadala Development Company and International Petroleum Investment Co in 2017, said total assets rose to 469.4 billion dirhams at the end of 2017, up from 449.7 billion dirhams at the end of 2016.
It reported total comprehensive income of 10.3 billion dirhams, compared to 5.1 billion dirhams in 2016."
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Institutional Money Fund foundations laid in Saudi Arabia: Fitch | ZAWYA MENA Edition
Institutional Money Fund foundations laid in Saudi Arabia: Fitch | ZAWYA MENA Edition:
"Fitch Ratings says in a new report that the foundations of an institutional money fund industry have been laid in Saudi Arabia. Retail investors represent the largest share of money fund investors in Saudi Arabia; however, Fitch has identified an increasing number of funds offering high minimum initial investment share classes, which are typically accessible only to large or sophisticated, ie non-retail, investors. The growth of this nascent institutional segment is supported by the growth of the money fund sector in Saudi Arabia and the solid regulatory framework already in-place for these funds. Overall, Fitch estimates that the Saudi Arabian money fund sector grew by around 10% over the three years to end-December 2017 in US dollar terms, with asset expansion particularly high in 2017. This compares with a global money fund growth of 5% over the same period. Saudi money funds are primarily denominated in Saudi riyals, although a limited number are denominated in US dollars. Saudi Arabia is approximately by total asset the 20th-largest money fund domicile (approximately 19 billion in US dollar terms) globally. While Saudi Arabia is a middle-ranking money fund domicile, it is by far the largest in the Middle East region. Money funds represent around 73% of total mutual fund assets domiciled in Saudi Arabia. As in other smaller mutual fund markets, money funds offer a first step into investment for risk-averse investors through effecting limited maturity transformation and hence offering superior rates - and diversification - to bank deposits. Fitch expects continued growth in the Saudi Asset management industry, which is already the largest Islamic asset management industry globally. "
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"Fitch Ratings says in a new report that the foundations of an institutional money fund industry have been laid in Saudi Arabia. Retail investors represent the largest share of money fund investors in Saudi Arabia; however, Fitch has identified an increasing number of funds offering high minimum initial investment share classes, which are typically accessible only to large or sophisticated, ie non-retail, investors. The growth of this nascent institutional segment is supported by the growth of the money fund sector in Saudi Arabia and the solid regulatory framework already in-place for these funds. Overall, Fitch estimates that the Saudi Arabian money fund sector grew by around 10% over the three years to end-December 2017 in US dollar terms, with asset expansion particularly high in 2017. This compares with a global money fund growth of 5% over the same period. Saudi money funds are primarily denominated in Saudi riyals, although a limited number are denominated in US dollars. Saudi Arabia is approximately by total asset the 20th-largest money fund domicile (approximately 19 billion in US dollar terms) globally. While Saudi Arabia is a middle-ranking money fund domicile, it is by far the largest in the Middle East region. Money funds represent around 73% of total mutual fund assets domiciled in Saudi Arabia. As in other smaller mutual fund markets, money funds offer a first step into investment for risk-averse investors through effecting limited maturity transformation and hence offering superior rates - and diversification - to bank deposits. Fitch expects continued growth in the Saudi Asset management industry, which is already the largest Islamic asset management industry globally. "
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