Middle East Billionaire Gets Ready for Money Exchange IPO - Bloomberg:
"Middle East billionaire Bavaguthu Raghuram Shetty hired Evercore Inc. to advise on a potential initial public offering for his financial-services company, according to people with knowledge the matter, as he seeks to expand a sprawling empire built on offering money transfers and currency-exchange services. Finablr, the holding company for businesses including Travelex Holdings Ltd. and the UAE Exchange Centre LLC, is weighing a share sale in London as early as next year that may value the business at billions of dollars, said the people, asking not to be identified as the information is private. More advisers could be hired in the next few months, they said. No final decisions have been taken and the plans could change, the people said. The timing of an IPO is yet to be determined, according to Finablr Executive Director Promoth Manghat. The company is currently “focused on accelerating our transformation efforts,” he said. Representatives for Evercore couldn’t immediately be reached for comment."
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Tuesday, 1 May 2018
Qatar central bank sells 1.5 billion riyals of T-bills | Reuters
Qatar central bank sells 1.5 billion riyals of T-bills | Reuters:
"Qatar’s central banks sold 1.5 billion riyals ($399.98 million)of Treasury bills, it said on Tuesday.
It sold 900 million riyals of three-month bills at a yield of 2.49 percent, 400 million riyals of six-month bills with a 2.69 percent yield, and 200 million riyals of nine-month bills at 2.84 percent.
Last month, the central bank sold 550 million riyals of three-month bills at a yield of 2.65 percent, 300 million riyals of six-month bills with a 2.8 percent yield, and 150 million riyals of nine-month bills at 3 percent. ($1 = 3.7502 riyals)"
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"Qatar’s central banks sold 1.5 billion riyals ($399.98 million)of Treasury bills, it said on Tuesday.
It sold 900 million riyals of three-month bills at a yield of 2.49 percent, 400 million riyals of six-month bills with a 2.69 percent yield, and 200 million riyals of nine-month bills at 2.84 percent.
Last month, the central bank sold 550 million riyals of three-month bills at a yield of 2.65 percent, 300 million riyals of six-month bills with a 2.8 percent yield, and 150 million riyals of nine-month bills at 3 percent. ($1 = 3.7502 riyals)"
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Qatar Leans on Its Ties With Iran, Iraq to Attract Foreign Firms - Bloomberg
Qatar Leans on Its Ties With Iran, Iraq to Attract Foreign Firms - Bloomberg:
"Qatar’s financial hub plans to use its deepening political and economic ties with Turkey, Iraq and Iran to attract foreign companies seeking business with those countries. Yousuf Al Jaida, chief executive officer of the Qatar Financial Centre Authority, told Bloomberg TV that the logistics, political alliances and tax agreements makes Qatar an attractive “hub” to serve those countries, as well as Oman, Kuwait and Pakistan. “Qatar can put a very generous incentive plan to tap into those new markets,” he said."
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"Qatar’s financial hub plans to use its deepening political and economic ties with Turkey, Iraq and Iran to attract foreign companies seeking business with those countries. Yousuf Al Jaida, chief executive officer of the Qatar Financial Centre Authority, told Bloomberg TV that the logistics, political alliances and tax agreements makes Qatar an attractive “hub” to serve those countries, as well as Oman, Kuwait and Pakistan. “Qatar can put a very generous incentive plan to tap into those new markets,” he said."
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Oil Slumps as Traders Brace for Supply Increase, Stronger Dollar - Bloomberg
Oil Slumps as Traders Brace for Supply Increase, Stronger Dollar - Bloomberg:
"Oil fell the most in more than three weeks as traders anticipate another rise in U.S. storage, while a stronger dollar takes the shine off commodities.
Futures in New York declined 1.9 percent on Tuesday as crude stockpiles in the world’s biggest economy are estimated to have climbed for a second week, adding 1.23 million barrels, according to a Bloomberg survey. At the same time, the U.S. currency rose to its highest in more than three months, diminishing the appeal of commodities like oil.
“We are expecting builds this week. You’re still at that standpoint, are we going to start to see demand destruction?” said Tariq Zahir, a commodity fund manager at Tyche Capital Advisors LLC. Today’s trade is representative of “U.S. dollar strength, a little bit of equity weakness, risk-off.”"
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"Oil fell the most in more than three weeks as traders anticipate another rise in U.S. storage, while a stronger dollar takes the shine off commodities.
Futures in New York declined 1.9 percent on Tuesday as crude stockpiles in the world’s biggest economy are estimated to have climbed for a second week, adding 1.23 million barrels, according to a Bloomberg survey. At the same time, the U.S. currency rose to its highest in more than three months, diminishing the appeal of commodities like oil.
“We are expecting builds this week. You’re still at that standpoint, are we going to start to see demand destruction?” said Tariq Zahir, a commodity fund manager at Tyche Capital Advisors LLC. Today’s trade is representative of “U.S. dollar strength, a little bit of equity weakness, risk-off.”"
'via Blog this'
Qatar’s Wealth Fund Denies It’s Mulling Sale of European Hotels - Bloomberg
Qatar’s Wealth Fund Denies It’s Mulling Sale of European Hotels - Bloomberg:
"Qatar Investment Authority’s hotel division said it doesn’t plan to sell properties in Europe, after Bloomberg News reported it is weighing the disposal of two assets operated by InterContinental. “There’s no intention to sell any of these assets and it’s not even a topic that was discussed,” Sheikh Nawaf bin Jassim bin Jabor Al Thani, chairman of Katara Hospitality, said. Katara is a hotels unit of QIA. QIA has yet to appoint brokers for a possible sale of the properties in Cannes and Amsterdam, people familiar with discussion told Bloomberg earlier, asking not to be identified because the talks are private. A final decision about a sale has yet to be made, they said."
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"Qatar Investment Authority’s hotel division said it doesn’t plan to sell properties in Europe, after Bloomberg News reported it is weighing the disposal of two assets operated by InterContinental. “There’s no intention to sell any of these assets and it’s not even a topic that was discussed,” Sheikh Nawaf bin Jassim bin Jabor Al Thani, chairman of Katara Hospitality, said. Katara is a hotels unit of QIA. QIA has yet to appoint brokers for a possible sale of the properties in Cannes and Amsterdam, people familiar with discussion told Bloomberg earlier, asking not to be identified because the talks are private. A final decision about a sale has yet to be made, they said."
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Swiss investigate two PetroSaudi officials in 1MDB inquiry | ZAWYA MENA Edition
Swiss investigate two PetroSaudi officials in 1MDB inquiry | ZAWYA MENA Edition:
"Swiss prosecutors said on Tuesday they were investigating two officials from Saudi energy group PetroSaudi International as part of a wider inquiry into the suspected theft of assets from Malaysia's 1MDB state fund.
PetroSaudi said on Tuesday it was not itself the subject of any criminal investigations, denied any wrongdoing linked to its joint venture with the Malaysian fund, and said none of its officials had been involved in misappropriating any funds.
The news of the Swiss investigations marked an escalation in international inquiries into the suspected thefts, piling pressure on Malaysia's government in the build-up to May 9 national elections."
'via Blog this'
"Swiss prosecutors said on Tuesday they were investigating two officials from Saudi energy group PetroSaudi International as part of a wider inquiry into the suspected theft of assets from Malaysia's 1MDB state fund.
PetroSaudi said on Tuesday it was not itself the subject of any criminal investigations, denied any wrongdoing linked to its joint venture with the Malaysian fund, and said none of its officials had been involved in misappropriating any funds.
The news of the Swiss investigations marked an escalation in international inquiries into the suspected thefts, piling pressure on Malaysia's government in the build-up to May 9 national elections."
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Saudi SAMA assets drop 3% YoY in March | ZAWYA MENA Edition
Saudi SAMA assets drop 3% YoY in March | ZAWYA MENA Edition:
"The Saudi Arabian Monetary Authority's (SAMA) total assets registered a 3.1% year-on-year decrease during March 2018.
SAMA’s total assets tumbled to SAR 1.910 trillion in March 2018, from SAR 1.971 trillion during March 2017, according to its monthly report.
The year-on-year decline in SAMA assets was attributed to a 7.5% decrease in its investments in the securities abroad to hit SAR 1.211 trillion."
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"The Saudi Arabian Monetary Authority's (SAMA) total assets registered a 3.1% year-on-year decrease during March 2018.
SAMA’s total assets tumbled to SAR 1.910 trillion in March 2018, from SAR 1.971 trillion during March 2017, according to its monthly report.
The year-on-year decline in SAMA assets was attributed to a 7.5% decrease in its investments in the securities abroad to hit SAR 1.211 trillion."
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POLL-Oil to boost Gulf trade surpluses but growth will stay modest | ZAWYA MENA Edition
POLL-Oil to boost Gulf trade surpluses but growth will stay modest | ZAWYA MENA Edition:
"Higher oil prices are set to boost trade surpluses in the Gulf over the next 18 months but economies will grow only moderately because of government austerity policies, a quarterly Reuters poll of private economists shows.
The Brent oil price, now nearly $75 a barrel, has averaged over $68 so far this year -- a leap from last year's average of just below $55. That is good news for the six wealthy oil-exporting countries of the region.
"If prices stay at their current level that would translate into a $100 billion -- 7 percent of gross domestic product -- boost to the Gulf’s oil export revenues compared with last year," London-based Capital Economics wrote in a client note."
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"Higher oil prices are set to boost trade surpluses in the Gulf over the next 18 months but economies will grow only moderately because of government austerity policies, a quarterly Reuters poll of private economists shows.
The Brent oil price, now nearly $75 a barrel, has averaged over $68 so far this year -- a leap from last year's average of just below $55. That is good news for the six wealthy oil-exporting countries of the region.
"If prices stay at their current level that would translate into a $100 billion -- 7 percent of gross domestic product -- boost to the Gulf’s oil export revenues compared with last year," London-based Capital Economics wrote in a client note."
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MIDEAST STOCKS-Saudi hit by valuation woes, Drake & Scull hurts Dubai | ZAWYA MENA Edition
MIDEAST STOCKS-Saudi hit by valuation woes, Drake & Scull hurts Dubai | ZAWYA MENA Edition:
"Saudi stocks slid 0.6 percent on Tuesday as concerns grew about rich valuations for blue-chip stocks after the region's biggest stock market hit a more than a two-year high last week. Most Gulf markets were lower with Dubai and Qatar both falling more than 1 percent. Al Rajhi Bankdropped 1.9 percent despite reporting a 7.3 percent rise in first-quarter net profit on Tuesday, marking the ninth quarter of earnings growth in a row."
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"Saudi stocks slid 0.6 percent on Tuesday as concerns grew about rich valuations for blue-chip stocks after the region's biggest stock market hit a more than a two-year high last week. Most Gulf markets were lower with Dubai and Qatar both falling more than 1 percent. Al Rajhi Bankdropped 1.9 percent despite reporting a 7.3 percent rise in first-quarter net profit on Tuesday, marking the ninth quarter of earnings growth in a row."
'via Blog this'
Oil at $75: five factors driving the price
Oil at $75: five factors driving the price:
"Oil prices have risen as high as $75 a barrel for the first time in four years. But what has driven the rally and will it continue?
Here are the five key areas to watch.
1. Supply and demand
The simplest reason for the rise in oil prices is that markets have tightened markedly over the past 18 months. Inventories of crude that had built up during the glut of 2014-16 have largely been worked off because of strong demand driven by a booming global economy and supply cuts by Opec and Russia."
'via Blog this'
"Oil prices have risen as high as $75 a barrel for the first time in four years. But what has driven the rally and will it continue?
Here are the five key areas to watch.
1. Supply and demand
The simplest reason for the rise in oil prices is that markets have tightened markedly over the past 18 months. Inventories of crude that had built up during the glut of 2014-16 have largely been worked off because of strong demand driven by a booming global economy and supply cuts by Opec and Russia."
'via Blog this'
Qatar’s banking sector remains resilient: KPMG - The Peninsula Qatar
Qatar’s banking sector remains resilient: KPMG - The Peninsula Qatar:
"The banking sector in Qatar saw positive results in 2017, with an average 5.0 percent growth in net profit, and 8.1 percent growth in total assets – the highest in the region. In 2017, profitability for listed banks increased by 5.0 percent on an average from the previous year, mainly as a result of higher net interest income, which increased by 3.8 percent, and a further reduction in costs, despite a higher impairment charge on loans, KPMG’s latest version of the ‘GCC listed banks results’ report showed. The report , titled ‘Shifting Horizons’, that analyse the published results of listed banks across the region for the year ended 31 December 2017, noted listed banks in Qatar continue to have some of the lowest CIRS in the region."
'via Blog this'
"The banking sector in Qatar saw positive results in 2017, with an average 5.0 percent growth in net profit, and 8.1 percent growth in total assets – the highest in the region. In 2017, profitability for listed banks increased by 5.0 percent on an average from the previous year, mainly as a result of higher net interest income, which increased by 3.8 percent, and a further reduction in costs, despite a higher impairment charge on loans, KPMG’s latest version of the ‘GCC listed banks results’ report showed. The report , titled ‘Shifting Horizons’, that analyse the published results of listed banks across the region for the year ended 31 December 2017, noted listed banks in Qatar continue to have some of the lowest CIRS in the region."
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Oil pares gains, market supported by Iran worries | Reuters
Oil pares gains, market supported by Iran worries | Reuters:
"Oil prices held steady on Tuesday as the dollar remained near a four-month high, with crude supported by worries that U.S. President Donald Trump may pull out of the Iran nuclear deal.
U.S. West Texas Intermediate crude for June delivery CLc1 was up 2 cents at $68.59 a barrel by 0649 GMT, after settling up 47 cents on Monday.
London Brent crude LCOc1 for new July delivery was up 1 cent at $74.70. The June contract expired on Monday, settling up 53 cents at $75.17.
"
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"Oil prices held steady on Tuesday as the dollar remained near a four-month high, with crude supported by worries that U.S. President Donald Trump may pull out of the Iran nuclear deal.
U.S. West Texas Intermediate crude for June delivery CLc1 was up 2 cents at $68.59 a barrel by 0649 GMT, after settling up 47 cents on Monday.
London Brent crude LCOc1 for new July delivery was up 1 cent at $74.70. The June contract expired on Monday, settling up 53 cents at $75.17.
"
'via Blog this'
A Key Saudi Interbank Rate Is Now the Highest in Nine Years - Bloomberg
A Key Saudi Interbank Rate Is Now the Highest in Nine Years - Bloomberg:
"A rate used to price loans in Saudi Arabia climbed to the highest level since the financial crisis. But unlike 2016, it’s the race to stay ahead of Libor, and not a liquidity squeeze, that’s raising borrowing costs. The three-month Saudi interbank offered rate advanced on Tuesday to 2.38625 percent, two basis points above the London interbank offered rate on Monday, according to data compiled by Bloomberg."
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"A rate used to price loans in Saudi Arabia climbed to the highest level since the financial crisis. But unlike 2016, it’s the race to stay ahead of Libor, and not a liquidity squeeze, that’s raising borrowing costs. The three-month Saudi interbank offered rate advanced on Tuesday to 2.38625 percent, two basis points above the London interbank offered rate on Monday, according to data compiled by Bloomberg."
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MIDEAST STOCKS-Saudi falls on valuation concerns, Dubai hurt by DSI, DAMAC | Reuters
MIDEAST STOCKS-Saudi falls on valuation concerns, Dubai hurt by DSI, DAMAC | Reuters:
"Saudi stocks were down 0.6 percent in late morning trade on Tuesday as investors sold on concerns about rich valuations for blue-chip stocks after a rally this year.
Most Gulf markets were lower with Dubai falling 1.4 percent.
Al Rajhi Bank dropped 1.4 percent despite reporting a 7.3 percent rise in first-quarter net profit on Tuesday, marking the ninth quarter of earnings growth in a row."
'via Blog this'
"Saudi stocks were down 0.6 percent in late morning trade on Tuesday as investors sold on concerns about rich valuations for blue-chip stocks after a rally this year.
Most Gulf markets were lower with Dubai falling 1.4 percent.
Al Rajhi Bank dropped 1.4 percent despite reporting a 7.3 percent rise in first-quarter net profit on Tuesday, marking the ninth quarter of earnings growth in a row."
'via Blog this'
Qatar's Wealth Fund Is Said to Weigh Selling European Hotels - Bloomberg
Qatar's Wealth Fund Is Said to Weigh Selling European Hotels - Bloomberg:
"Qatar’s sovereign wealth fund is weighing the sale of three European hotels operated by InterContinental, according to people with knowledge of the matter. Qatar Investment Authority has yet to appoint brokers for a possible sale of the properties in Cannes, Amsterdam and Frankfurt, the people said, asking not to be identified because the talks are private. A final decision about a sale has yet to be made, they said. QIA, which has about $320 billion of assets, bought the hotels in 2014 as part of a wider push into luxury hotels. The Gulf state has been drawing on its wealth fund over the last 11 months to help stave off the negative impact of a diplomatic and economic boycott led by its larger neighbors Saudi Arabia and the United Arab Emirates. Representatives for QIA did not comment."
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"Qatar’s sovereign wealth fund is weighing the sale of three European hotels operated by InterContinental, according to people with knowledge of the matter. Qatar Investment Authority has yet to appoint brokers for a possible sale of the properties in Cannes, Amsterdam and Frankfurt, the people said, asking not to be identified because the talks are private. A final decision about a sale has yet to be made, they said. QIA, which has about $320 billion of assets, bought the hotels in 2014 as part of a wider push into luxury hotels. The Gulf state has been drawing on its wealth fund over the last 11 months to help stave off the negative impact of a diplomatic and economic boycott led by its larger neighbors Saudi Arabia and the United Arab Emirates. Representatives for QIA did not comment."
'via Blog this'
Emaar Properties Q1 profit rises on retail revenue jump | ZAWYA MENA Edition
Emaar Properties Q1 profit rises on retail revenue jump | ZAWYA MENA Edition:
"Dubai's Emaar Properties reported an 8.5 percent increase in net profit on Tuesday on the back of strong contributions from its shopping malls business despite a weaker property market.
Dubai's residential property market is showing few signs of rebounding from a three-year downturn caused by modest demand and increasing supply from new developments.
The developer, in which the government of Dubai owns a minority stake, made a net profit of 1.5 billion dirhams ($408 million) in the three months to March 31, it said in a bourse statement."
'via Blog this'
"Dubai's Emaar Properties reported an 8.5 percent increase in net profit on Tuesday on the back of strong contributions from its shopping malls business despite a weaker property market.
Dubai's residential property market is showing few signs of rebounding from a three-year downturn caused by modest demand and increasing supply from new developments.
The developer, in which the government of Dubai owns a minority stake, made a net profit of 1.5 billion dirhams ($408 million) in the three months to March 31, it said in a bourse statement."
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Dubai DFMGI falls 43 points with lower liquidity in April | ZAWYA MENA Edition
Dubai DFMGI falls 43 points with lower liquidity in April | ZAWYA MENA Edition:
"The Dubai Financial Market’s (DFM) general index lost 42.6 points, or 1.4%, to close at 3,065.96 points in April, amid strong selling trend.
Many companies announced that they will reduce their capital to address accumulated losses, which dragged down the DFM in the fourth month of 2018, capital market analyst Basel Abu Teima told Mubasher.
The UAE’s markets have seen low liquidity, which resulted partially in compromising investors’ confidence in the markets, Abu Teima added."
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"The Dubai Financial Market’s (DFM) general index lost 42.6 points, or 1.4%, to close at 3,065.96 points in April, amid strong selling trend.
Many companies announced that they will reduce their capital to address accumulated losses, which dragged down the DFM in the fourth month of 2018, capital market analyst Basel Abu Teima told Mubasher.
The UAE’s markets have seen low liquidity, which resulted partially in compromising investors’ confidence in the markets, Abu Teima added."
'via Blog this'
Saudi's Al Rajhi Bank Q1 net profit up 7.3% | ZAWYA MENA Edition
Saudi's Al Rajhi Bank Q1 net profit up 7.3% | ZAWYA MENA Edition:
"Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported a 7.3 percent rise in first-quarter net profit on Tuesday, marking the ninth quarter of earnings growth in a row.
The bank made a net profit of 2.38 billion riyals ($634.63 million) in the three months to March 31, up from 2.2 billion riyals in the same period a year earlier, it said in a bourse statement.
SICO Bahrain forecast the bank would make a net profit of 2.42 billion riyals, while EFG Hermes expected a net profit of 2.38 billion riyals. "
'via Blog this'
"Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported a 7.3 percent rise in first-quarter net profit on Tuesday, marking the ninth quarter of earnings growth in a row.
The bank made a net profit of 2.38 billion riyals ($634.63 million) in the three months to March 31, up from 2.2 billion riyals in the same period a year earlier, it said in a bourse statement.
SICO Bahrain forecast the bank would make a net profit of 2.42 billion riyals, while EFG Hermes expected a net profit of 2.38 billion riyals. "
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