Dubai Aerospace Enterprise considers $500m bond raising - The National:
"Dubai Aerospace Enterprise, the UAE aircraft lessor with a global fleet worth some $14 billion, is mulling an issuance of at least a $500 million sukuk, its chief executive said on Monday. The Dubai Government-controlled company, which became one of the largest leasers of aeroplanes in the world after acquiring Dublin-based Awas in August, may tap the market later this year or in 2019 depending on “market appetite”, Firoz Tarapore, chief executive of DAE, said on the sidelines of an aerospace conference in Abu Dhabi, without elaborating on the change in timeline or discussions with investors."
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Monday, 30 April 2018
Emaar Development Q1 net income up 62% on project delivery - The National
Emaar Development Q1 net income up 62% on project delivery - The National:
"Emaar Development, the real estate arm of the UAE's biggest developer Emaar Properties, posted a 62 per cent rise in the first quarter net income as revenues surged on the back of continued delivery of projects. The company reported net profit of Dh819 million for the three months to the end of March, up from Dh506m reported a year earlier, the company said in a statement to the Dubai Financial Market, where its shares are traded. The quarterly revenues almost doubled to Dh3.27 billion, from Dh1.67bn, reflecting strong progress in construction of its projects, it said. Emaar Development, which follows a build-to-sell business model, floated its shares on DFM in the fourth quarter of 2017 in the largest listing on the bourse since 2014. It recorded sales of Dh3.91bn in the first three months of the year and currently has a total sales backlog of Dh41bn, which highlights a delivery pipeline of more than 27,200 residential units in the next four to five years."
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"Emaar Development, the real estate arm of the UAE's biggest developer Emaar Properties, posted a 62 per cent rise in the first quarter net income as revenues surged on the back of continued delivery of projects. The company reported net profit of Dh819 million for the three months to the end of March, up from Dh506m reported a year earlier, the company said in a statement to the Dubai Financial Market, where its shares are traded. The quarterly revenues almost doubled to Dh3.27 billion, from Dh1.67bn, reflecting strong progress in construction of its projects, it said. Emaar Development, which follows a build-to-sell business model, floated its shares on DFM in the fourth quarter of 2017 in the largest listing on the bourse since 2014. It recorded sales of Dh3.91bn in the first three months of the year and currently has a total sales backlog of Dh41bn, which highlights a delivery pipeline of more than 27,200 residential units in the next four to five years."
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Qatar Airways Cardiff flights strengthen Qatar, UK bonding: UK official
Qatar Airways Cardiff flights strengthen Qatar, UK bonding: UK official:
"Qatar Airways’ launch of direct flights to Cardiff will further cement the already strong relationship between Qatar and the UK, says Alun Cairns, secretary of state for Wales at the UK Government.
“Qatar Airways brings significant opportunities for Cardiff, the capital city of Wales. To have such a flagship carrier with an excellent reputation flying to Cardiff is something, which is very important to us,” Cairns said in an interview with Gulf Times on Monday.
For Wales, he said, Qatar is the second largest export market. Wales exported commodities worth £158mn to Qatar, which includes foodstuff (meat in particular), dairy products and machinery items.
Wales is also home to the South Hook LNG Terminal at Milford Haven, which is co-owned by Qatar Petroleum. Qatar provides for 24% of the UK’s gas supply through this terminal."
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"Qatar Airways’ launch of direct flights to Cardiff will further cement the already strong relationship between Qatar and the UK, says Alun Cairns, secretary of state for Wales at the UK Government.
“Qatar Airways brings significant opportunities for Cardiff, the capital city of Wales. To have such a flagship carrier with an excellent reputation flying to Cardiff is something, which is very important to us,” Cairns said in an interview with Gulf Times on Monday.
For Wales, he said, Qatar is the second largest export market. Wales exported commodities worth £158mn to Qatar, which includes foodstuff (meat in particular), dairy products and machinery items.
Wales is also home to the South Hook LNG Terminal at Milford Haven, which is co-owned by Qatar Petroleum. Qatar provides for 24% of the UK’s gas supply through this terminal."
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Etihad Won’t Be Reduced to ‘Boutique’ Airline Status, CEO Says - Bloomberg
Etihad Won’t Be Reduced to ‘Boutique’ Airline Status, CEO Says - Bloomberg:
" Etihad Airways PJSC intends to remain a major global carrier as it works on re-sizing its global business following record losses, according to new Chief Executive Officer Tony Douglas. The Persian Gulf company, which has built up a vast inter-continental route network and spent billions of dollars on plane purchases, has no intention of becoming a “boutique” operator and still aspires to being an “airline of choice,” Douglas said Monday in Abu Dhabi, where Etihad is based. At the same time, failed investments in Alitalia SpA and Air Berlin Plc -- which both filed for insolvency last year after Etihad pulled the plug on funding -- have led to a more “strategic” approach to expansion, according to Douglas, who took over in January."
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" Etihad Airways PJSC intends to remain a major global carrier as it works on re-sizing its global business following record losses, according to new Chief Executive Officer Tony Douglas. The Persian Gulf company, which has built up a vast inter-continental route network and spent billions of dollars on plane purchases, has no intention of becoming a “boutique” operator and still aspires to being an “airline of choice,” Douglas said Monday in Abu Dhabi, where Etihad is based. At the same time, failed investments in Alitalia SpA and Air Berlin Plc -- which both filed for insolvency last year after Etihad pulled the plug on funding -- have led to a more “strategic” approach to expansion, according to Douglas, who took over in January."
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Citigroup Sees MENA Syndicated Loans at More Than $70 Billion - Bloomberg
Citigroup Sees MENA Syndicated Loans at More Than $70 Billion - Bloomberg:
"The resurgence in syndicated loans in the Middle East and North Africa seems set for a slowdown as the deal pipeline dries up, according to Citigroup Inc.
Loans in the region have surged 85 percent in 2018 to $33.4 billion, helped by a jumbo $16 billion issue from Saudi Arabia, according to data compiled by Bloomberg. Overall volume will probably climb to more than $70 billion, according to Zain Zaidi, a director for loans and acquisition finance at Citigroup, the region’s biggest loan arranger. Syndicated loans in MENA fell 30 percent in 2017 to $82.9 billion."
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"The resurgence in syndicated loans in the Middle East and North Africa seems set for a slowdown as the deal pipeline dries up, according to Citigroup Inc.
Loans in the region have surged 85 percent in 2018 to $33.4 billion, helped by a jumbo $16 billion issue from Saudi Arabia, according to data compiled by Bloomberg. Overall volume will probably climb to more than $70 billion, according to Zain Zaidi, a director for loans and acquisition finance at Citigroup, the region’s biggest loan arranger. Syndicated loans in MENA fell 30 percent in 2017 to $82.9 billion."
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Heavy flows into Saudi to continue, Mideast funds say | Reuters
Heavy flows into Saudi to continue, Mideast funds say | Reuters:
"Middle East fund managers intend to pump more money into Saudi Arabian equities in coming months, despite concern about rich valuations, because of Riyadh’s expected entry into emerging market indexes next year, a Reuters poll showed on Monday. Foreign investors turned net sellers of Saudi stocks last week for the first time this year, according to exchange data. The Saudi stock index .TASI is up 13.8 percent this year, trading at over 16 times corporate earnings - higher than most other emerging markets. But the monthly poll of 13 leading regional fund managers, conducted over the past week, showed they believe capital inflows into the kingdom are unlikely to slow significantly."
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"Middle East fund managers intend to pump more money into Saudi Arabian equities in coming months, despite concern about rich valuations, because of Riyadh’s expected entry into emerging market indexes next year, a Reuters poll showed on Monday. Foreign investors turned net sellers of Saudi stocks last week for the first time this year, according to exchange data. The Saudi stock index .TASI is up 13.8 percent this year, trading at over 16 times corporate earnings - higher than most other emerging markets. But the monthly poll of 13 leading regional fund managers, conducted over the past week, showed they believe capital inflows into the kingdom are unlikely to slow significantly."
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OPEC April oil output hits year low on Venezuela slide: Reuters survey | Reuters
OPEC April oil output hits year low on Venezuela slide: Reuters survey | Reuters:
"OPEC oil output fell in April to a one-year low due to declining production in Venezuela and lower shipments from African producers, a Reuters survey found, sending compliance with a supply-cutting deal to another record.
The Organization of the Petroleum Exporting Countries pumped 32.12 million barrels per day this month, the survey found, down 70,000 bpd from March. The April total is the lowest since April 2017, according to Reuters surveys.
OPEC is reducing output by about 1.2 million bpd as part of a deal with Russia and other non-OPEC producers to get rid of excess supply. The pact started in January 2017 and runs until the end of 2018. "
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"OPEC oil output fell in April to a one-year low due to declining production in Venezuela and lower shipments from African producers, a Reuters survey found, sending compliance with a supply-cutting deal to another record.
The Organization of the Petroleum Exporting Countries pumped 32.12 million barrels per day this month, the survey found, down 70,000 bpd from March. The April total is the lowest since April 2017, according to Reuters surveys.
OPEC is reducing output by about 1.2 million bpd as part of a deal with Russia and other non-OPEC producers to get rid of excess supply. The pact started in January 2017 and runs until the end of 2018. "
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MIDEAST STOCKS-Dubai lifted by Emaar Dev earnings, weak oil depresses other markets | Reuters
MIDEAST STOCKS-Dubai lifted by Emaar Dev earnings, weak oil depresses other markets | Reuters:
"Dubai shares rose on Monday, helped by strong earnings at Emaar Development and outperforming the Gulf region, where most markets weakened amid a slight correction in oil prices and selective profit-taking.
Oil dipped after a rising rig count in the United States pointed to higher production there, but markets held near their highest in more than three years.
The Dubai index added 0.6 percent, fuelled by gains in property stocks and financials. Lender Emirates NBD was up 0.9 percent."
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"Dubai shares rose on Monday, helped by strong earnings at Emaar Development and outperforming the Gulf region, where most markets weakened amid a slight correction in oil prices and selective profit-taking.
Oil dipped after a rising rig count in the United States pointed to higher production there, but markets held near their highest in more than three years.
The Dubai index added 0.6 percent, fuelled by gains in property stocks and financials. Lender Emirates NBD was up 0.9 percent."
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Foreigners turn net sellers of Saudi equities for first time this year | Reuters
Foreigners turn net sellers of Saudi equities for first time this year | Reuters:
"Foreign investors turned net sellers of Saudi Arabian stocks last week for the first time this year, exchange data showed on Sunday, as fund managers became increasingly concerned about rich valuations.
Foreign portfolio funds have been flooding into the kingdom ahead of Riyadh’s expected inclusion in global emerging market indexes next year. In the week through April 19, foreigners bought a net $384 million of equities, a record sum.
In the week through last Thursday, however, foreigners were net sellers to the tune of $48 million, the data showed. They bought $313 million and sold $361 million."
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"Foreign investors turned net sellers of Saudi Arabian stocks last week for the first time this year, exchange data showed on Sunday, as fund managers became increasingly concerned about rich valuations.
Foreign portfolio funds have been flooding into the kingdom ahead of Riyadh’s expected inclusion in global emerging market indexes next year. In the week through April 19, foreigners bought a net $384 million of equities, a record sum.
In the week through last Thursday, however, foreigners were net sellers to the tune of $48 million, the data showed. They bought $313 million and sold $361 million."
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Turkish Stocks at Cheapest in Nine Years Still Find Few Buyers - Bloomberg
Turkish Stocks at Cheapest in Nine Years Still Find Few Buyers - Bloomberg:
"Turkish stocks haven’t been this cheap in almost a decade, but that doesn’t mean they’re a slam dunk.
Just two weeks after markets celebrated President Recep Tayyip Erdogan’s call for snap elections, a move that condensed a period of political uncertainty from 19 months to two, investors are beginning to reconsider the premise of that rally. The economy’s still overheating, and analysts are starting to doubt an easy victory for the incumbent.
As investors reassess their initial reaction to the news, Turkish stocks are headed for their biggest monthly slump since September, pushing the price-to-estimated earnings ratio of the benchmark Borsa Istanbul 100 Index to 7.2. The gauge was already one of the cheapest among emerging markets and now trades at the lowest multiple since 2009. The lira traded little changed even after the central bank raised rates by 75 basis points last week."
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"Turkish stocks haven’t been this cheap in almost a decade, but that doesn’t mean they’re a slam dunk.
Just two weeks after markets celebrated President Recep Tayyip Erdogan’s call for snap elections, a move that condensed a period of political uncertainty from 19 months to two, investors are beginning to reconsider the premise of that rally. The economy’s still overheating, and analysts are starting to doubt an easy victory for the incumbent.
As investors reassess their initial reaction to the news, Turkish stocks are headed for their biggest monthly slump since September, pushing the price-to-estimated earnings ratio of the benchmark Borsa Istanbul 100 Index to 7.2. The gauge was already one of the cheapest among emerging markets and now trades at the lowest multiple since 2009. The lira traded little changed even after the central bank raised rates by 75 basis points last week."
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Not Everybody’s Buying the Saudi Story, Even as Money Gushes In - Bloomberg
Not Everybody’s Buying the Saudi Story, Even as Money Gushes In - Bloomberg:
"While tens of billions of dollars gush into Saudi Arabia on a potential MSCI Inc. upgrade to emerging-market status, it will take more to keep investors enthused.
The Arab world’s biggest stock market will probably face difficulty in retaining foreign money unless companies become more transparent, according to some investors. Executives aren’t used to the level of scrutiny demanded by global funds as retail buyers, who typically focus on charts rather than financial analysis, account for about 75 percent of daily trading, according to Gary Dugan, chief investment officer at Dubai-based family office Namara Wealth Advisors Ltd.
Gary Greenberg, an investing veteran, isn’t joining the Saudi party. The London-based head of global emerging markets at Hermes Investment Management Ltd. wants more evidence of economic and political change as well as confidence in the rule of law as Crown Prince Mohammed bin Salman seeks to modernize the kingdom and wean it off its reliance on oil. Other investors including J O Hambro Capital Management are wary of adding to their emerging-market holdings as concern over the pace of U.S. policy tightening sent equities retreating from a multi-year high."
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"While tens of billions of dollars gush into Saudi Arabia on a potential MSCI Inc. upgrade to emerging-market status, it will take more to keep investors enthused.
The Arab world’s biggest stock market will probably face difficulty in retaining foreign money unless companies become more transparent, according to some investors. Executives aren’t used to the level of scrutiny demanded by global funds as retail buyers, who typically focus on charts rather than financial analysis, account for about 75 percent of daily trading, according to Gary Dugan, chief investment officer at Dubai-based family office Namara Wealth Advisors Ltd.
Gary Greenberg, an investing veteran, isn’t joining the Saudi party. The London-based head of global emerging markets at Hermes Investment Management Ltd. wants more evidence of economic and political change as well as confidence in the rule of law as Crown Prince Mohammed bin Salman seeks to modernize the kingdom and wean it off its reliance on oil. Other investors including J O Hambro Capital Management are wary of adding to their emerging-market holdings as concern over the pace of U.S. policy tightening sent equities retreating from a multi-year high."
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Saudi's REIT market grows in size and scale | ZAWYA MENA Edition
Saudi's REIT market grows in size and scale | ZAWYA MENA Edition:
"The number of real estate investment trusts (REITs) in Saudi Arabia has doubled over the past two quarters to 12, with the combined market capitalisation of these trusts now exceeding $2.3 billion, according to a new report from Knight Frank. The property consultancy said that six new REITs achieved listings on the Saudi stock market, Tadawul, in the final quarter of 2017 and the first quarter of this year. Research manager Raya Majdalani also said that a further six REITs are currently in the pipeline, having received initial approval from the Capital Markets Authority (CMA) to list, subject to regulatory requirements. The CMA has also proposed changes to the structure of REITs, which would see the minimum capital requirement raised to 500 million Saudi riyals ($133.3 million), up from the current level of just 100 million riyals, in a bid to avoid having smaller, less liquid REITs."
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"The number of real estate investment trusts (REITs) in Saudi Arabia has doubled over the past two quarters to 12, with the combined market capitalisation of these trusts now exceeding $2.3 billion, according to a new report from Knight Frank. The property consultancy said that six new REITs achieved listings on the Saudi stock market, Tadawul, in the final quarter of 2017 and the first quarter of this year. Research manager Raya Majdalani also said that a further six REITs are currently in the pipeline, having received initial approval from the Capital Markets Authority (CMA) to list, subject to regulatory requirements. The CMA has also proposed changes to the structure of REITs, which would see the minimum capital requirement raised to 500 million Saudi riyals ($133.3 million), up from the current level of just 100 million riyals, in a bid to avoid having smaller, less liquid REITs."
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ADIA eyes renewable technologies, long-term returns improve in 2017 | ZAWYA MENA Edition
ADIA eyes renewable technologies, long-term returns improve in 2017 | ZAWYA MENA Edition:
"Abu Dhabi Investment Authority (ADIA), the world's third-biggest sovereign wealth fund, said it may invest more in renewable energy, as climate change fears prompt fund managers even in the oil-rich Middle East to look beyond fossil fuels.
"The world's energy industry is in the early stages of a fundamental shift from fossil fuels to a more sustainable reliance on a range of renewable technologies," ADIA said in its 2017 annual review on Monday.
The ADIA's comments show how global sovereign funds are waking up to growing calls from governments to address climate change and to build a low-carbon society in the future."
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"Abu Dhabi Investment Authority (ADIA), the world's third-biggest sovereign wealth fund, said it may invest more in renewable energy, as climate change fears prompt fund managers even in the oil-rich Middle East to look beyond fossil fuels.
"The world's energy industry is in the early stages of a fundamental shift from fossil fuels to a more sustainable reliance on a range of renewable technologies," ADIA said in its 2017 annual review on Monday.
The ADIA's comments show how global sovereign funds are waking up to growing calls from governments to address climate change and to build a low-carbon society in the future."
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Prince Alwaleed's firm sells Movenpick Hotels to AccorHotels | ZAWYA MENA Edition
Prince Alwaleed's firm sells Movenpick Hotels to AccorHotels | ZAWYA MENA Edition:
"Prince Alwaleed bin Talal's Kingdom Holding 4280.SE and its partners have agreed to sell Movenpick Hotels and Resorts to its associate firm AccorHotels.
The deal is expected to close in the second half of 2018, Kingdom Holding said in a statement. Kingdom has a 5.7 percent stake in Accor SA.
AccorHotels said earlier it had agreed to buy rival Movenpick Hotels & Resorts for 560 million Swiss francs ($567 million), in a deal which Accor said would boost its earnings and marks the latest example of the French group's ambitious takeover strategy. Founded in 1973 in Switzerland, Movenpick Hotels & Resorts operates in 27 countries with 84 hotels, and has a strong presence in Europe and the Middle East."
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"Prince Alwaleed bin Talal's Kingdom Holding 4280.SE and its partners have agreed to sell Movenpick Hotels and Resorts to its associate firm AccorHotels.
The deal is expected to close in the second half of 2018, Kingdom Holding said in a statement. Kingdom has a 5.7 percent stake in Accor SA.
AccorHotels said earlier it had agreed to buy rival Movenpick Hotels & Resorts for 560 million Swiss francs ($567 million), in a deal which Accor said would boost its earnings and marks the latest example of the French group's ambitious takeover strategy. Founded in 1973 in Switzerland, Movenpick Hotels & Resorts operates in 27 countries with 84 hotels, and has a strong presence in Europe and the Middle East."
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MIDEAST STOCKS-Blue chips send Dubai, Saudi higher; other markets down | Reuters
MIDEAST STOCKS-Blue chips send Dubai, Saudi higher; other markets down | Reuters:
"Dubai and Saudi stock markets both rose on Monday backed by gains in key blue-chip stocks and strong corporate earnings, while Abu Dhabi and Qatar were down.
The Dubai index added 0.4 percent fueled by gains in property stocks and financials. Lender Emirates NBD was up 0.5 percent.
Emaar Properties jumped 1.4 percent, while its unit Emaar Development climbed 0.9 percent after the development firm recorded a net profit of 819 million dirhams ($223 million) in the first quarter of 2018, versus 506 million a year ago."
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"Dubai and Saudi stock markets both rose on Monday backed by gains in key blue-chip stocks and strong corporate earnings, while Abu Dhabi and Qatar were down.
The Dubai index added 0.4 percent fueled by gains in property stocks and financials. Lender Emirates NBD was up 0.5 percent.
Emaar Properties jumped 1.4 percent, while its unit Emaar Development climbed 0.9 percent after the development firm recorded a net profit of 819 million dirhams ($223 million) in the first quarter of 2018, versus 506 million a year ago."
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