Listed banking assets grow over 8% in Qatar to $389.4bn in 2017: KPMG:
"Total listed banking sector assets in Qatar increased by 8.1% to $389.4bn in 2017 from $360.2bn in 2016, driven by growth in corporate lending, cash and equivalents and investment securities, a new report has shown. This, according to KPMG, was the “highest” asset growth rate among all Gulf Co-operation Council countries last year. This growth can be predominantly attributed to the increase in financing asset balances (70%) and higher investment securities (15%)."
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Wednesday, 2 May 2018
Kuwait Investment Authority plans to increase investment in emerging markets -CEO | Reuters
Kuwait Investment Authority plans to increase investment in emerging markets -CEO | Reuters:
"Kuwait Investment Authority (KIA), one of the world’s biggest sovereign wealth funds, aims to diversify its portfolio and is looking to increase investments in emerging markets such as China, India and Brazil, the group CEO said on Wednesday.
“Kuwait...is diversifying its investments and is moving to increase its investments in emerging markets. This does not mean abandoning developed markets, but there could be a reduction in some investments in them,” Farouk Bastaki told Reuters.
He said markets such as China, India and Brazil were attractive because economic growth in these countries was outpacing that of the global economy."
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"Kuwait Investment Authority (KIA), one of the world’s biggest sovereign wealth funds, aims to diversify its portfolio and is looking to increase investments in emerging markets such as China, India and Brazil, the group CEO said on Wednesday.
“Kuwait...is diversifying its investments and is moving to increase its investments in emerging markets. This does not mean abandoning developed markets, but there could be a reduction in some investments in them,” Farouk Bastaki told Reuters.
He said markets such as China, India and Brazil were attractive because economic growth in these countries was outpacing that of the global economy."
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Mark Mobius Quits Retirement to Set Up New Firm - Bloomberg
Mark Mobius Quits Retirement to Set Up New Firm - Bloomberg:
"Turns out Mark Mobius isn’t one for retirement.
Less than four months after leaving Franklin Templeton Investments, the 81-year-old has set up a new asset management firm to invest in emerging and frontier markets. Mobius Capital Partners LLP has yet to line up outside investors and wants to raise about $1 billion within two to three years.
The active manager will run a concentrated portfolio of about 25 stocks after it starts in June and plans to hire nine investment managers. The firm will invest in India, China, Latin America and frontier markets."
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"Turns out Mark Mobius isn’t one for retirement.
Less than four months after leaving Franklin Templeton Investments, the 81-year-old has set up a new asset management firm to invest in emerging and frontier markets. Mobius Capital Partners LLP has yet to line up outside investors and wants to raise about $1 billion within two to three years.
The active manager will run a concentrated portfolio of about 25 stocks after it starts in June and plans to hire nine investment managers. The firm will invest in India, China, Latin America and frontier markets."
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Saudi Arabia's Economic Revamp Is Still an Oil Story - Bloomberg
Saudi Arabia's Economic Revamp Is Still an Oil Story - Bloomberg:
"Saudi Arabia’s efforts to shore up public finances and revive economic growth are still pretty much dependent on oil prices, even as the kingdom tries to reduce its reliance on revenue from crude exports. The world’s biggest oil exporter will need crude prices to average almost $88 a barrel this year to balance its budget, according to the latest IMF economic outlook released on Wednesday in Dubai. That compares with $70 in the previous forecast in October. Brent crude, an international benchmark, is currently trading above $70 a barrel, the highest level since 2014. The increase in the so-called breakeven price reflects the government’s plan to boost public spending to a record this year in an attempt to revive economic growth, after gross domestic product shrank 0.5 percent in 2017. The fund expects the breakeven price to fall to about $80 in 2019."
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"Saudi Arabia’s efforts to shore up public finances and revive economic growth are still pretty much dependent on oil prices, even as the kingdom tries to reduce its reliance on revenue from crude exports. The world’s biggest oil exporter will need crude prices to average almost $88 a barrel this year to balance its budget, according to the latest IMF economic outlook released on Wednesday in Dubai. That compares with $70 in the previous forecast in October. Brent crude, an international benchmark, is currently trading above $70 a barrel, the highest level since 2014. The increase in the so-called breakeven price reflects the government’s plan to boost public spending to a record this year in an attempt to revive economic growth, after gross domestic product shrank 0.5 percent in 2017. The fund expects the breakeven price to fall to about $80 in 2019."
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Saudi debt office head says able to issue up to 100-year bonds, but not keen at moment | ZAWYA MENA Edition
Saudi debt office head says able to issue up to 100-year bonds, but not keen at moment | ZAWYA MENA Edition:
"Saudi Arabia is able to issue 50- or 100-year bonds, but is not keen at the moment to sell debt of such long maturities, the head of its debt management office said on Wednesday. "Are we able to issue 50, 100 years, yes. Are we able to issue in different currencies other than dollars, yes. Are we keen to take that step at the moment, I don't think so," Fahad al-Saif told a business conference in Riyadh. "We don't wanna take a step unless it reflects that issuances are mature issuances," he said."
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"Saudi Arabia is able to issue 50- or 100-year bonds, but is not keen at the moment to sell debt of such long maturities, the head of its debt management office said on Wednesday. "Are we able to issue 50, 100 years, yes. Are we able to issue in different currencies other than dollars, yes. Are we keen to take that step at the moment, I don't think so," Fahad al-Saif told a business conference in Riyadh. "We don't wanna take a step unless it reflects that issuances are mature issuances," he said."
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Saudi bourse to ensure Aramco's weighting in index is not too big | ZAWYA MENA Edition
Saudi bourse to ensure Aramco's weighting in index is not too big | ZAWYA MENA Edition:
"Saudi Arabia's stock exchange will ensure the weighting of national oil giant Saudi Aramco in its main stock index is not too large when the company lists its shares, the exchange's chief executive said on Wednesday. "We have technical ways to address this issue," Khalid al-Hussan told the Euromoney business conference, adding that one step might be to impose an "index cap" on Aramco. He later told Reuters this would involve imposing a ceiling on its weighting in the index, a step taken by some exchanges in other countries."
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"Saudi Arabia's stock exchange will ensure the weighting of national oil giant Saudi Aramco in its main stock index is not too large when the company lists its shares, the exchange's chief executive said on Wednesday. "We have technical ways to address this issue," Khalid al-Hussan told the Euromoney business conference, adding that one step might be to impose an "index cap" on Aramco. He later told Reuters this would involve imposing a ceiling on its weighting in the index, a step taken by some exchanges in other countries."
'via Blog this'
MIDEAST STOCKS-Blue-chips lead declines as most Gulf stocks close down | Reuters
MIDEAST STOCKS-Blue-chips lead declines as most Gulf stocks close down | Reuters:
"Dubai and Abu Dhabi stock exchanges both closed lower on Wednesday, as markets across the Gulf struggled for direction after recent gains, notably in Saudi Arabia.
The move was in line with Asian equities, which also eased as investors awaited the U.S. Federal Reserve’s upcoming policy statement for clues on the future pace of monetary tightening.
The Dubai index closed down 0.9 percent, dragged down by property stocks. Emaar Malls fell 4.9 percent and major developers Emaar Properties and Damac Properties fell 1.4 percent and 1.6 percent, respectively."
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"Dubai and Abu Dhabi stock exchanges both closed lower on Wednesday, as markets across the Gulf struggled for direction after recent gains, notably in Saudi Arabia.
The move was in line with Asian equities, which also eased as investors awaited the U.S. Federal Reserve’s upcoming policy statement for clues on the future pace of monetary tightening.
The Dubai index closed down 0.9 percent, dragged down by property stocks. Emaar Malls fell 4.9 percent and major developers Emaar Properties and Damac Properties fell 1.4 percent and 1.6 percent, respectively."
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IMF official backs Iran's move to unify rial exchange rates | Reuters
IMF official backs Iran's move to unify rial exchange rates | Reuters:
"Iran’s decision last month to unify official and free-market exchange rates to support the rial “is a step that goes in the right direction,” an International Monetary Fund official said.
The rial has lost almost half its value since September, partly due to fears of a return of economic sanctions if U.S. President Donald Trump carries out his threat to exit a nuclear deal with Tehran.
Iranian authorities last month said they were unifying official and free-market exchange rates for the rial in favor of a single rate of 42,000 against the U.S. dollar. "
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"Iran’s decision last month to unify official and free-market exchange rates to support the rial “is a step that goes in the right direction,” an International Monetary Fund official said.
The rial has lost almost half its value since September, partly due to fears of a return of economic sanctions if U.S. President Donald Trump carries out his threat to exit a nuclear deal with Tehran.
Iranian authorities last month said they were unifying official and free-market exchange rates for the rial in favor of a single rate of 42,000 against the U.S. dollar. "
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Saudi finance minister says on track to cut budget deficit to 7 percent of GDP | Reuters
Saudi finance minister says on track to cut budget deficit to 7 percent of GDP | Reuters:
"Saudi Arabia is on track on to cut its budget deficit to 7 percent of gross domestic product this year, Finance Minister Mohammed al-Jadaan said on Wednesday. Speaking at a conference in Riyadh, he also said first quarter fiscal results show significant progress in growing non-oil revenues and raising spending efficiency in the kingdom, whose economy contracted last year. Saudi Arabia has projected a budget deficit of 195 billion riyals ($52 billion) in 2018, or 7.3 percent of GDP, down from 230 billion riyals last year. It plans to balance the budget by 2023."
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"Saudi Arabia is on track on to cut its budget deficit to 7 percent of gross domestic product this year, Finance Minister Mohammed al-Jadaan said on Wednesday. Speaking at a conference in Riyadh, he also said first quarter fiscal results show significant progress in growing non-oil revenues and raising spending efficiency in the kingdom, whose economy contracted last year. Saudi Arabia has projected a budget deficit of 195 billion riyals ($52 billion) in 2018, or 7.3 percent of GDP, down from 230 billion riyals last year. It plans to balance the budget by 2023."
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Iran Needs to Accelerate Reforms If Trump Quits Deal, IMF Says - Bloomberg
Iran Needs to Accelerate Reforms If Trump Quits Deal, IMF Says - Bloomberg:
"Iran’s government will need to accelerate economic reforms, including plans to overhaul its banking system, should President Donald Trump decide to quit the 2015 nuclear accord with the Islamic Republic, according to a senior International Monetary Fund official.
“The possibility that the U.S. walks out of the nuclear deal would increase uncertainty and uncertainty would require some measures to stabilize the market,” Jihad Azour, head of the IMF’s Middle East and Central Asia department, said in an interview in Dubai on Monday.
Trump will decide whether to leave the deal, which curbed Iran’s nuclear program in return for sanctions relief, by May 12. Speculation that he will pull out has added pressure on the Iranian economy, sending the rial down to a record low."
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"Iran’s government will need to accelerate economic reforms, including plans to overhaul its banking system, should President Donald Trump decide to quit the 2015 nuclear accord with the Islamic Republic, according to a senior International Monetary Fund official.
“The possibility that the U.S. walks out of the nuclear deal would increase uncertainty and uncertainty would require some measures to stabilize the market,” Jihad Azour, head of the IMF’s Middle East and Central Asia department, said in an interview in Dubai on Monday.
Trump will decide whether to leave the deal, which curbed Iran’s nuclear program in return for sanctions relief, by May 12. Speculation that he will pull out has added pressure on the Iranian economy, sending the rial down to a record low."
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Nakheel Q1 profit rises 5 percent, hands over fewer units | Reuters
Nakheel Q1 profit rises 5 percent, hands over fewer units | Reuters:
"Dubai developer Nakheel reported a 5 percent increase in first quarter net profit on Wednesday while handing over fewer than half the number of units it did a year earlier. 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. Net profit for the January-March quarter rose to 1.55 billion dirhams ($422 million) from 1.48 billion, the state-owned developer said in a statement."
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"Dubai developer Nakheel reported a 5 percent increase in first quarter net profit on Wednesday while handing over fewer than half the number of units it did a year earlier. 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. Net profit for the January-March quarter rose to 1.55 billion dirhams ($422 million) from 1.48 billion, the state-owned developer said in a statement."
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HSBC mandated on several privatizations in Saudi Arabia: executive | Reuters
HSBC mandated on several privatizations in Saudi Arabia: executive | Reuters:
"British bank HSBC (HSBA.L) has been mandated for several privatizations in Saudi Arabia and will announce them very soon, a senior bank executive said on Wednesday.
The Saudi government is working on a pipeline of privatizations as part of economic reforms aimed at diversifying the economy away from oil.
Speaking at a business conference in Riyadh, Samir Assaf, HSBC’s chief executive of global banking and markets, said HSBC was “very much contributing to the privatization program”."
'via Blog this'
"British bank HSBC (HSBA.L) has been mandated for several privatizations in Saudi Arabia and will announce them very soon, a senior bank executive said on Wednesday.
The Saudi government is working on a pipeline of privatizations as part of economic reforms aimed at diversifying the economy away from oil.
Speaking at a business conference in Riyadh, Samir Assaf, HSBC’s chief executive of global banking and markets, said HSBC was “very much contributing to the privatization program”."
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Saudi Contractors Still Struggle With Payment Delays - Bloomberg
Saudi Contractors Still Struggle With Payment Delays - Bloomberg:
"Some contractors in Saudi Arabia are still struggling to get paid on time by the government despite assurances from officials that the long-running problem has been resolved, potentially threatening a nascent economic recovery in the kingdom. While the Finance Ministry is honoring a pledge to pay the dues on time, many government departments are taking months to process the paperwork and send it to the ministry, according to four people with knowledge of the matter who asked not to be named because the issue is sensitive. In other cases, the delay is caused by a long backlog of payments that the government is gradually working through, two people said."
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"Some contractors in Saudi Arabia are still struggling to get paid on time by the government despite assurances from officials that the long-running problem has been resolved, potentially threatening a nascent economic recovery in the kingdom. While the Finance Ministry is honoring a pledge to pay the dues on time, many government departments are taking months to process the paperwork and send it to the ministry, according to four people with knowledge of the matter who asked not to be named because the issue is sensitive. In other cases, the delay is caused by a long backlog of payments that the government is gradually working through, two people said."
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UAE stock markets need government investment portfolio - analysts | ZAWYA MENA Edition
UAE stock markets need government investment portfolio - analysts | ZAWYA MENA Edition:
"A group of analysts called for the creation of a sovereign fund for stock investments or a government portfolio to control stock markets in the UAE, given the implausible losses that have been incurred by them since the beginning of the year.
The UAE government and national sovereign funds must interfere to stop those losses, capital market analyst Basel Abu Teima told Mubasher.
An independent entity should be incorporated to promote awareness in markets and supervise thereof, NamaaZone CEO Iyad Aref said."
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"A group of analysts called for the creation of a sovereign fund for stock investments or a government portfolio to control stock markets in the UAE, given the implausible losses that have been incurred by them since the beginning of the year.
The UAE government and national sovereign funds must interfere to stop those losses, capital market analyst Basel Abu Teima told Mubasher.
An independent entity should be incorporated to promote awareness in markets and supervise thereof, NamaaZone CEO Iyad Aref said."
'via Blog this'
Gulf economies set to recover in 2018 but debt pile a concern - IMF | ZAWYA MENA Edition
Gulf economies set to recover in 2018 but debt pile a concern - IMF | ZAWYA MENA Edition:
"The economies of Gulf Arab oil exporters are likely to recover this year, but at a slightly slower pace than previously expected, while a rapid build-up of debt in the region is a concern, the International Monetary Fund (IMF) said in a report on Wednesday.
Last year, weak oil prices and OPEC-led production cuts depressed economic activity across the six member states of the Gulf Cooperation Council (GCC) - Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Oman and Bahrain. The bloc's real gross domestic product fell 0.2 percent in 2017 as Saudi Arabia, its largest economy, saw its first economic contraction since 2009.
The IMF now expects growth in the GCC economies to accelerate to 1.9 percent this year and by 2.6 percent in 2019, largely thanks to a continued recovery in non-oil activity as fiscal consolidation slows. That is still a far cry, however, from an average rate of economic expansion of 4.9 percent seen in 2000-2014."
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"The economies of Gulf Arab oil exporters are likely to recover this year, but at a slightly slower pace than previously expected, while a rapid build-up of debt in the region is a concern, the International Monetary Fund (IMF) said in a report on Wednesday.
Last year, weak oil prices and OPEC-led production cuts depressed economic activity across the six member states of the Gulf Cooperation Council (GCC) - Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Oman and Bahrain. The bloc's real gross domestic product fell 0.2 percent in 2017 as Saudi Arabia, its largest economy, saw its first economic contraction since 2009.
The IMF now expects growth in the GCC economies to accelerate to 1.9 percent this year and by 2.6 percent in 2019, largely thanks to a continued recovery in non-oil activity as fiscal consolidation slows. That is still a far cry, however, from an average rate of economic expansion of 4.9 percent seen in 2000-2014."
'via Blog this'
Saudi stock exchange ready to handle Aramco listing - CEO | ZAWYA MENA Edition
Saudi stock exchange ready to handle Aramco listing - CEO | ZAWYA MENA Edition:
"Saudi Arabia's stock exchange (Tadawul) is ready from a regulatory and technical point of view to handle a listing of Saudi oil giant Aramco, the chief executive said on Wednesday. The government has said it plans to sell about 5 percent of Aramco in late 2018 or early 2019, hoping to raise some $100 billion or more in what is likely to be the world's biggest initial public offer. The Tadawul is prepared to take steps to ensure the Aramco weighting in the index would not be too big, Khalid al-Hussan said at a business conference in Riyadh. He added that steps in that direction might include imposing an "index cap"."
'via Blog this'
"Saudi Arabia's stock exchange (Tadawul) is ready from a regulatory and technical point of view to handle a listing of Saudi oil giant Aramco, the chief executive said on Wednesday. The government has said it plans to sell about 5 percent of Aramco in late 2018 or early 2019, hoping to raise some $100 billion or more in what is likely to be the world's biggest initial public offer. The Tadawul is prepared to take steps to ensure the Aramco weighting in the index would not be too big, Khalid al-Hussan said at a business conference in Riyadh. He added that steps in that direction might include imposing an "index cap"."
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MIDEAST STOCKS-Qatar, Dubai lead Gulf stock market decline in early trade | Reuters
MIDEAST STOCKS-Qatar, Dubai lead Gulf stock market decline in early trade | Reuters:
"Most Gulf stock markets were down in early trade on Wednesday, with Qatar and Dubai leading the declines, as the market lacked direction after recent gains notably in Saudi Arabia.
Asian equities also eased, as investors awaited the U.S. Federal Reserve’s upcoming policy statement for clues on the future pace of U.S. monetary tightening.
The Qatar index was down 1.1 percent as telecommunications group Ooredoo fell 3.5 percent and Vodafone Qatar dropped 2.9 percent."
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"Most Gulf stock markets were down in early trade on Wednesday, with Qatar and Dubai leading the declines, as the market lacked direction after recent gains notably in Saudi Arabia.
Asian equities also eased, as investors awaited the U.S. Federal Reserve’s upcoming policy statement for clues on the future pace of U.S. monetary tightening.
The Qatar index was down 1.1 percent as telecommunications group Ooredoo fell 3.5 percent and Vodafone Qatar dropped 2.9 percent."
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