Shuaa posts sharp drop in first quarter profits:
"Shares in Shuaa Capital fell sharply on Monday, after the Dubai-based investment bank’s first quarter profits more than halved. Shuaa’s profits for the three months to the end of March fell to 11.7 million dirhams ($3.18 million) from 24.8 million dirhams for the year ago period, the bank said in an announcement on the Dubai stock exchange. The bank’s shares fell 2.7 percent."
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Monday 7 May 2018
Qatar Petroleum to offer 49% of shares in Qatalum for public offering - The Peninsula Qatar
Qatar Petroleum to offer 49% of shares in Qatalum for public offering - The Peninsula Qatar:
"Qatar Petroleum has announced that it will be offering 49 percent of its shares in Qatalum for public offering, following the directives of the Amir H H Sheikh Tamim bin Hamad Al Thani to offer Qatari nationals shares in state-sponsored companies that enjoy safe investment environment and lucrative returns. This is an important step in implementing Qatar National Vision 2030’s goals in developing a diverse and competitive national economy capable of securing a high standard of living as part of the State’s plan to increase the participation of the private sector in economic activity and supporting an investment climate capable of attracting capital; all of which are the most important economic objectives of Qatar National Vision. It is expected that the necessary procedures and approvals will be taken for listing on the Qatar Exchange during the last quarter of this year. Qatar Petroleum will also establish a holding company that will acquire Qatar Petroleum’s stake in Qatalum."
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"Qatar Petroleum has announced that it will be offering 49 percent of its shares in Qatalum for public offering, following the directives of the Amir H H Sheikh Tamim bin Hamad Al Thani to offer Qatari nationals shares in state-sponsored companies that enjoy safe investment environment and lucrative returns. This is an important step in implementing Qatar National Vision 2030’s goals in developing a diverse and competitive national economy capable of securing a high standard of living as part of the State’s plan to increase the participation of the private sector in economic activity and supporting an investment climate capable of attracting capital; all of which are the most important economic objectives of Qatar National Vision. It is expected that the necessary procedures and approvals will be taken for listing on the Qatar Exchange during the last quarter of this year. Qatar Petroleum will also establish a holding company that will acquire Qatar Petroleum’s stake in Qatalum."
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Qatar bourse gains for second day
Qatar bourse gains for second day:
"The Qatar Stock Exchange gained for the second day on Monday mainly on the back of insurance, industrials and transport equities. Lower buying interests of domestic and Gulf funds and increased net selling by local retail investors led the 20-stock Qatar Index gain 0.85% to 8,983.79 points. Masraf Al Rayan sponsored exchange traded funds QATR gained 0.82%; whereas Doha Bank sponsored QETF witnessed 1.86% decline."
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"The Qatar Stock Exchange gained for the second day on Monday mainly on the back of insurance, industrials and transport equities. Lower buying interests of domestic and Gulf funds and increased net selling by local retail investors led the 20-stock Qatar Index gain 0.85% to 8,983.79 points. Masraf Al Rayan sponsored exchange traded funds QATR gained 0.82%; whereas Doha Bank sponsored QETF witnessed 1.86% decline."
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Qatar, EU look to enhance trade ties
Qatar, EU look to enhance trade ties:
"Qatar has made "substantial multibillion" euro investment in the European Union (EU) and its economic relations with it stands out in bilateral co-operation. The EU is also exploring options to restart the negotiations for the free trade agreement (FTA) with the Gulf Co-operation Council (GCC). "We are increasingly considering Qatar as a strategic partner. We have a two-pronged approach to engage with Qatar. One through the GCC and also bilaterally," Michele Cervone d'Urso, ambassador, head of delegation, EU Delegation to Saudi Arabia, Bahrain, Kuwait, Oman and Qatar, told reporters in Doha. Qatar plays a lead role and is the only Gulf country in the European Economic Network, which established business-to-business partnerships with the private sector, he highlighted."
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"Qatar has made "substantial multibillion" euro investment in the European Union (EU) and its economic relations with it stands out in bilateral co-operation. The EU is also exploring options to restart the negotiations for the free trade agreement (FTA) with the Gulf Co-operation Council (GCC). "We are increasingly considering Qatar as a strategic partner. We have a two-pronged approach to engage with Qatar. One through the GCC and also bilaterally," Michele Cervone d'Urso, ambassador, head of delegation, EU Delegation to Saudi Arabia, Bahrain, Kuwait, Oman and Qatar, told reporters in Doha. Qatar plays a lead role and is the only Gulf country in the European Economic Network, which established business-to-business partnerships with the private sector, he highlighted."
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Abraaj in Talks to Sell Fund Unit Stake to Colony NorthStar - Bloomberg
Abraaj in Talks to Sell Fund Unit Stake to Colony NorthStar - Bloomberg:
"Abraaj Group, the Middle East buyout firm roiled by allegations of misused funds, is in talks to sell a majority stake in its fund-management unit to Colony NorthStar Inc. to help stabilize the business, according to people with knowledge of the matter.
Discussions between the Dubai-based firm and U.S. asset manager about the newly-separated investment unit are preliminary and may not result in a sale, given the complex structure of the underlying holding company and funds, said the people, asking not to be identified because the talks are private. Abraaj’s business may also draw interest from other investors, the people said.
Abraaj is considering the sale of the stake to raise cash amid heightened regulatory scrutiny and the departure of key executives, people with knowledge of the plans said in March. The firm is separating the fund business from its holding company in what it said was a planned restructuring accelerated by reports that money in its $1 billion health fund had been misused."
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"Abraaj Group, the Middle East buyout firm roiled by allegations of misused funds, is in talks to sell a majority stake in its fund-management unit to Colony NorthStar Inc. to help stabilize the business, according to people with knowledge of the matter.
Discussions between the Dubai-based firm and U.S. asset manager about the newly-separated investment unit are preliminary and may not result in a sale, given the complex structure of the underlying holding company and funds, said the people, asking not to be identified because the talks are private. Abraaj’s business may also draw interest from other investors, the people said.
Abraaj is considering the sale of the stake to raise cash amid heightened regulatory scrutiny and the departure of key executives, people with knowledge of the plans said in March. The firm is separating the fund business from its holding company in what it said was a planned restructuring accelerated by reports that money in its $1 billion health fund had been misused."
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Rosneft CEO Sechin says welcomes Qatar as direct shareholder | Reuters
Rosneft CEO Sechin says welcomes Qatar as direct shareholder | Reuters:
"Rosneft (ROSN.MM) Chief Executive Igor Sechin said on Monday he welcomed Qatar as a direct shareholder in Rosneft, as the Qatari sovereign investment fund prepared to become the sole owner of a major stake in the Russian energy company.
“The consortium presented by Qatar and Glencore was already a shareholder and now they have decided upon direct ownership (by Qatar)... We welcome this direct ownership,” Sechin said. He declined to say how much Qatar would pay under the deal.
The Qatar Investment Authority (QIA) is taking a stake in Rosneft of nearly 19 percent, after a deal to sell a 14.16 percent stake to China’s CEFC fell through. Swiss trading giant Glencore (GLEN.L) will hold some 0.57 percent."
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"Rosneft (ROSN.MM) Chief Executive Igor Sechin said on Monday he welcomed Qatar as a direct shareholder in Rosneft, as the Qatari sovereign investment fund prepared to become the sole owner of a major stake in the Russian energy company.
“The consortium presented by Qatar and Glencore was already a shareholder and now they have decided upon direct ownership (by Qatar)... We welcome this direct ownership,” Sechin said. He declined to say how much Qatar would pay under the deal.
The Qatar Investment Authority (QIA) is taking a stake in Rosneft of nearly 19 percent, after a deal to sell a 14.16 percent stake to China’s CEFC fell through. Swiss trading giant Glencore (GLEN.L) will hold some 0.57 percent."
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Dubai Holding to invest in digital bank, first product launch in 2019 | Reuters
Dubai Holding to invest in digital bank, first product launch in 2019 | Reuters:
"Dubai Holding, the investment vehicle of the emirate’s ruler, said it plans to invest up to 1 billion dirhams ($272 million) over the next five years in a digital bank in the United Arab Emirates that is expected to launch its first product in 2019. The move comes as Dubai and other cities across the Gulf region are competing to establish themselves as regional powerhouses in financial technology or fintech. The digital bank will target small and medium-sized businesses, Dubai Holding said in a statement on Monday."
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"Dubai Holding, the investment vehicle of the emirate’s ruler, said it plans to invest up to 1 billion dirhams ($272 million) over the next five years in a digital bank in the United Arab Emirates that is expected to launch its first product in 2019. The move comes as Dubai and other cities across the Gulf region are competing to establish themselves as regional powerhouses in financial technology or fintech. The digital bank will target small and medium-sized businesses, Dubai Holding said in a statement on Monday."
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Iran says new sanctions would not stifle its oil industry | Reuters
Iran says new sanctions would not stifle its oil industry | Reuters:
"The Iranian oil industry will continue to develop even if the United States pulls out of the 2015 nuclear deal, and Tehran would see the accord as operational as long as it can sell oil, the Oil Ministry’s news service quoted senior officials as saying on Monday.
U.S. President Donald Trump has threatened to pull out of the Iran deal by not extending sanctions waivers when they expire on May 12 unless European signatories of the accord fix what he calls its “flaws”.
“They cannot stop Iran. Our oil industry’s development will continue even if new sanctions are imposed on Iran,” SHANA quoted Gholamreza Manouchehri, deputy head of the National Iranian Oil Company, as saying on its website."
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"The Iranian oil industry will continue to develop even if the United States pulls out of the 2015 nuclear deal, and Tehran would see the accord as operational as long as it can sell oil, the Oil Ministry’s news service quoted senior officials as saying on Monday.
U.S. President Donald Trump has threatened to pull out of the Iran deal by not extending sanctions waivers when they expire on May 12 unless European signatories of the accord fix what he calls its “flaws”.
“They cannot stop Iran. Our oil industry’s development will continue even if new sanctions are imposed on Iran,” SHANA quoted Gholamreza Manouchehri, deputy head of the National Iranian Oil Company, as saying on its website."
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UPDATE 2-Saudi Arabia Q1 budget gap 34.3 bln riyals -finance ministry | Reuters
UPDATE 2-Saudi Arabia Q1 budget gap 34.3 bln riyals -finance ministry | Reuters:
"Saudi Arabia’s first quarter budget deficit stood at 34.3 billion Saudi riyals ($9.15 billion), around 18 percent of the total gap forecast for 2018, the finance ministry said on Monday. The kingdom - which is making concerted efforts to diversify its oil-reliant economy - has projected a deficit of 195 billion riyals, or 7.3 percent of gross domestic product (GDP), this year, down from 230 billion last year. It plans to balance the budget by 2023."
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"Saudi Arabia’s first quarter budget deficit stood at 34.3 billion Saudi riyals ($9.15 billion), around 18 percent of the total gap forecast for 2018, the finance ministry said on Monday. The kingdom - which is making concerted efforts to diversify its oil-reliant economy - has projected a deficit of 195 billion riyals, or 7.3 percent of gross domestic product (GDP), this year, down from 230 billion last year. It plans to balance the budget by 2023."
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MIDEAST STOCKS-Gulf markets sluggish despite oil price gains | Reuters
MIDEAST STOCKS-Gulf markets sluggish despite oil price gains | Reuters:
"Markets in the Gulf were sluggish on Monday as a surge in oil prices to more than three-year highs failed to lift stocks.
Oil prices rose to their highest levels since late-2014 on Monday, lifted by Venezuela’s deepening economic crisis and an upcoming decision on whether the United States will re-impose sanctions on Iran.
The rise helped boost some Saudi Arabian petrochemical stocks. Yanbu National Petrochemicals rose 1.3 percent."
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"Markets in the Gulf were sluggish on Monday as a surge in oil prices to more than three-year highs failed to lift stocks.
Oil prices rose to their highest levels since late-2014 on Monday, lifted by Venezuela’s deepening economic crisis and an upcoming decision on whether the United States will re-impose sanctions on Iran.
The rise helped boost some Saudi Arabian petrochemical stocks. Yanbu National Petrochemicals rose 1.3 percent."
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Qatar weathers embargo storm, finance minister says
Qatar weathers embargo storm, finance minister says:
"Qatar has weathered the trade and travel embargo launched by four neighbours almost a year ago, and is accelerating economic reforms to boost investment, its finance minister said. The region was thrown into turmoil in June when a group of countries led by Saudi Arabia closed off Qatar’s access to their ports and airspace, claiming the gas-rich state supported terrorism. International and regional attempts to solve the dispute between US allies have been unsuccessful. Qatar has strongly denied the allegations. “The first few weeks of the blockade were most difficult, but today the economy has stabilised. Our growth rates are good,” Ali Shareef al-Emadi told the Financial Times in an interview."
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"Qatar has weathered the trade and travel embargo launched by four neighbours almost a year ago, and is accelerating economic reforms to boost investment, its finance minister said. The region was thrown into turmoil in June when a group of countries led by Saudi Arabia closed off Qatar’s access to their ports and airspace, claiming the gas-rich state supported terrorism. International and regional attempts to solve the dispute between US allies have been unsuccessful. Qatar has strongly denied the allegations. “The first few weeks of the blockade were most difficult, but today the economy has stabilised. Our growth rates are good,” Ali Shareef al-Emadi told the Financial Times in an interview."
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Exclusive: Dubai Airports chief expects substantial growth at DXB - The National
Exclusive: Dubai Airports chief expects substantial growth at DXB - The National:
"Dubai International Airport, the world’s busiest hub by international traffic, expects growth to accelerate in 2019, propelled by a partnership between its home airlines Emirates and flydubai, after passenger growth slowed last year. Closer cooperation between the two airlines will boost the airport’s business next year, although the rate of growth will remain just shy of double-digits because of capacity constraints at the hub, said Paul Griffiths, chief executive of the operator Dubai Airports. This year, it is on track to reach around 90 million passengers. “Growth will be slightly more modest than it has been in the past but in 2019 we expect the traffic to pick up again,” Mr Griffiths said. “It will be very, very substantial growth, certainly ahead of the norm of airports our size.”"
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"Dubai International Airport, the world’s busiest hub by international traffic, expects growth to accelerate in 2019, propelled by a partnership between its home airlines Emirates and flydubai, after passenger growth slowed last year. Closer cooperation between the two airlines will boost the airport’s business next year, although the rate of growth will remain just shy of double-digits because of capacity constraints at the hub, said Paul Griffiths, chief executive of the operator Dubai Airports. This year, it is on track to reach around 90 million passengers. “Growth will be slightly more modest than it has been in the past but in 2019 we expect the traffic to pick up again,” Mr Griffiths said. “It will be very, very substantial growth, certainly ahead of the norm of airports our size.”"
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QP offloading 49% stake in Qatalum through IPO
QP offloading 49% stake in Qatalum through IPO:
"Qatar Petroleum (QP) is offloading 49% stake in Qatalum through an initial public offering (IPO), which is expected to hit the market by the end of this year.
The move follows the directives of the Amir His Highness Sheikh Tamim bin Hamad al-Thani to offer Qatari nationals shares in state-sponsored companies that enjoy safe investment environment and lucrative returns.
It is expected that the necessary procedures and approvals will be taken for listing on the Qatar Stock Exchange (QSE) during the last quarter of this year. QP will also establish a holding company that will acquire QP's stake in Qatalum."
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"Qatar Petroleum (QP) is offloading 49% stake in Qatalum through an initial public offering (IPO), which is expected to hit the market by the end of this year.
The move follows the directives of the Amir His Highness Sheikh Tamim bin Hamad al-Thani to offer Qatari nationals shares in state-sponsored companies that enjoy safe investment environment and lucrative returns.
It is expected that the necessary procedures and approvals will be taken for listing on the Qatar Stock Exchange (QSE) during the last quarter of this year. QP will also establish a holding company that will acquire QP's stake in Qatalum."
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Oil prices reach highest since November 2014 on Venezuela, Iran worries | Reuters
Oil prices reach highest since November 2014 on Venezuela, Iran worries | Reuters:
"Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran.
"
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"Key crude oil prices rose by 1 percent to their highest levels since late-2014 on Monday, pushed up by a deepening economic crisis in Venezuela and a looming decision on whether the United States will re-impose sanctions against Iran.
"
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Russia's VTB ready to loan Qatar to buy out stake in Rosneft if needed | Reuters
Russia's VTB ready to loan Qatar to buy out stake in Rosneft if needed | Reuters:
"VTB, Russia’s second biggest lender, is ready to provide a loan to Qatar to buy out a stake in Russian state energy company Rosneft if needed, the bank’s chief executive Andrey Kostin told reporters on Monday.
“We are always ready to loan, it’s our work,” Kostin said when asked whether the bank would be ready to provide funds to Qatar Investment Authority (QIA), the country’s sovereign investment fund, for the deal.
QIA is taking a stake in Rosneft of nearly 19 percent, after a deal to sell a 14.16 percent stake to China’s CEFC fell through. QIA would control a stake of 18.93 percent and Glencore would hold some 0.57 percent."
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"VTB, Russia’s second biggest lender, is ready to provide a loan to Qatar to buy out a stake in Russian state energy company Rosneft if needed, the bank’s chief executive Andrey Kostin told reporters on Monday.
“We are always ready to loan, it’s our work,” Kostin said when asked whether the bank would be ready to provide funds to Qatar Investment Authority (QIA), the country’s sovereign investment fund, for the deal.
QIA is taking a stake in Rosneft of nearly 19 percent, after a deal to sell a 14.16 percent stake to China’s CEFC fell through. QIA would control a stake of 18.93 percent and Glencore would hold some 0.57 percent."
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Dubai's Abraaj to sell Middlesex University in Dubai-sources | Reuters
Dubai's Abraaj to sell Middlesex University in Dubai-sources | Reuters:
"Dubai’s Abraaj, the private equity firm rocked by a dispute with some investors over how it used their money, is in talks to sell its investment in Middlesex University’s overseas campus in Dubai, two sources familiar with the matter told Reuters.
Discussions between Abraaj and the potential buyer are at an advanced stage, said one of the sources who spoke on condition of anonymity due to commercial sensitivities.
Abraaj said it does not comment on market speculation. Middlesex University’s Dubai campus did not immediately respond to Reuters’ request for comment."
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"Dubai’s Abraaj, the private equity firm rocked by a dispute with some investors over how it used their money, is in talks to sell its investment in Middlesex University’s overseas campus in Dubai, two sources familiar with the matter told Reuters.
Discussions between Abraaj and the potential buyer are at an advanced stage, said one of the sources who spoke on condition of anonymity due to commercial sensitivities.
Abraaj said it does not comment on market speculation. Middlesex University’s Dubai campus did not immediately respond to Reuters’ request for comment."
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Aldar Properties to acquire assets from Abu Dhabi’s TDIC | Reuters
Aldar Properties to acquire assets from Abu Dhabi’s TDIC | Reuters:
"Aldar Properties (ALDR.AD) said on Monday it had reached agreement with Abu Dhabi’s Tourism Development & Investment Company (TDIC) to acquire real estate assets worth 3.7 billion dirhams ($1.01 billion), marking further consolidation of state-controlled entities in the emirate. The real estate developer agreed to buy 14 operating assets spanning hospitality, retail, residential and educational infrastructure. The acquisition will also include land and projects under development on Saadiyat Island, where the recently opened Louvre Abu Dhabi museum is located, Aldar said. The acquisition is expected to complete by the end of June."
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"Aldar Properties (ALDR.AD) said on Monday it had reached agreement with Abu Dhabi’s Tourism Development & Investment Company (TDIC) to acquire real estate assets worth 3.7 billion dirhams ($1.01 billion), marking further consolidation of state-controlled entities in the emirate. The real estate developer agreed to buy 14 operating assets spanning hospitality, retail, residential and educational infrastructure. The acquisition will also include land and projects under development on Saadiyat Island, where the recently opened Louvre Abu Dhabi museum is located, Aldar said. The acquisition is expected to complete by the end of June."
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Saudi sovereign fund plans entertainment centers across kingdom | Reuters
Saudi sovereign fund plans entertainment centers across kingdom | Reuters:
"Saudi Arabia’s main sovereign wealth fund will set up a network of entertainment centers across the kingdom as the government tries to jump-start a domestic leisure industry, the chairman of the company carrying out the plan said on Sunday. Abdullah al-Dawood, chairman of Development and Investment Entertainment Company (DIEC), said his firm envisaged about 20 centers, each around 50,000 to 100,000 sq metres (540,000 to 1.1 million sq feet), in 14 or 15 cities. DIEC, established in January by the Public Investment Fund, will invite private companies to invest alongside it on a commercial basis, aiming to set the centers up over the next several years, Dawood said."
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"Saudi Arabia’s main sovereign wealth fund will set up a network of entertainment centers across the kingdom as the government tries to jump-start a domestic leisure industry, the chairman of the company carrying out the plan said on Sunday. Abdullah al-Dawood, chairman of Development and Investment Entertainment Company (DIEC), said his firm envisaged about 20 centers, each around 50,000 to 100,000 sq metres (540,000 to 1.1 million sq feet), in 14 or 15 cities. DIEC, established in January by the Public Investment Fund, will invite private companies to invest alongside it on a commercial basis, aiming to set the centers up over the next several years, Dawood said."
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MIDEAST STOCKS-Largest Gulf markets edge down on worries about Iran, China-U.S. trade tensions | Reuters
MIDEAST STOCKS-Largest Gulf markets edge down on worries about Iran, China-U.S. trade tensions | Reuters:
"The main Gulf markets edged into negative territory on Monday, as uncertainty about an Iranian nuclear deal and Sino-U.S. trade tensions weighed on investor sentiment.
The clock is ticking down on a May 12 deadline United States President Donald Trump has set for Europeans to “fix” the deal with Iran over its nuclear program or he would refuse to extend U.S. sanctions relief for Iran.
Meanwhile, fears over trade tensions between the United States and China have been simmering for weeks."
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"The main Gulf markets edged into negative territory on Monday, as uncertainty about an Iranian nuclear deal and Sino-U.S. trade tensions weighed on investor sentiment.
The clock is ticking down on a May 12 deadline United States President Donald Trump has set for Europeans to “fix” the deal with Iran over its nuclear program or he would refuse to extend U.S. sanctions relief for Iran.
Meanwhile, fears over trade tensions between the United States and China have been simmering for weeks."
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