Abraaj reassures banks on liquidity concerns | GulfNews.com:
"Abraaj Group told creditors the sale of a stake in its fund-management unit and its Pakistani utility will help resolve potential liquidity issues, according to people with knowledge of the matter.
The Dubai-based firm, roiled by allegations of misused funds, last week met banks, including Societe Generale SA and Mashreqbank that have the biggest exposure, the people said, asking not to be identified because the meeting wasn’t public. Abraaj told lenders it’s close to finding a buyer for the asset-management stake and will soon complete the disposal of its holding in K-Electric Ltd, they said.
Abraaj raised a loan from Mashreqbank pledging the proceeds from the K-Electric sale, one of the people said. Abraaj declined to comment, while Societe Generale and Mashreqbank didn’t immediately respond to requests for comment."
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Tuesday, 15 May 2018
Investments in new LNG projects to help boost QSE
Investments in new LNG projects to help boost QSE:
"Increased investments in new projects related to expansion of liquefied natural gas (LNG) and those aimed at ensuring self-sufficiency as well as higher foreign ownership limits (FOLs) augur well for the Qatar Stock Exchange (QSE), which is now seeking to diversify investor base. The strategy was disclosed by the QSE chief executive Rashid bin Ali al-Mansoori-led delegation at the London Investors Forum which was organised in association with leading investment bank Deutsche Bank and QNB Financial Services (QNBFS). “Despite challenges we believe the macro picture for Qatar remains resilient with the market experts forecasting increased GDP (gross domestic product) forecasts for 2018 taking into account the impact of increased forecast oil prices; an expectation of a sharper rebound in hydrocarbon output and an expectation of a reduced economic impact of the blockade on 2018 GDP,” he told the forum that was attended by the world’s largest international fund managers."
'via Blog this'
"Increased investments in new projects related to expansion of liquefied natural gas (LNG) and those aimed at ensuring self-sufficiency as well as higher foreign ownership limits (FOLs) augur well for the Qatar Stock Exchange (QSE), which is now seeking to diversify investor base. The strategy was disclosed by the QSE chief executive Rashid bin Ali al-Mansoori-led delegation at the London Investors Forum which was organised in association with leading investment bank Deutsche Bank and QNB Financial Services (QNBFS). “Despite challenges we believe the macro picture for Qatar remains resilient with the market experts forecasting increased GDP (gross domestic product) forecasts for 2018 taking into account the impact of increased forecast oil prices; an expectation of a sharper rebound in hydrocarbon output and an expectation of a reduced economic impact of the blockade on 2018 GDP,” he told the forum that was attended by the world’s largest international fund managers."
'via Blog this'
Aberdeen, Goldman Are Picking Up Bargains in EM as Others Flee - Bloomberg
Aberdeen, Goldman Are Picking Up Bargains in EM as Others Flee - Bloomberg:
"A stronger dollar and geopolitical tensions have sent plenty of investors bolting from emerging markets. Then there’s Aberdeen Standard Investments and Goldman Sachs Asset Management.
Aberdeen Standard Investments, which oversees about $770 billion, took advantage of the recent selloff to increase its holding in the Russian ruble, South African rand and Indonesian rupiah. Goldman Sachs Group Inc.’s asset-management unit, which manages more than $1 trillion, increased its position in emerging-market debt as it viewed the recent weakness as excessive.
With the exception of Argentina and Turkey, the pullback has little to do with developing nations’ fundamentals as growth remains solid, according to Ashmore Group Plc."
'via Blog this'
"A stronger dollar and geopolitical tensions have sent plenty of investors bolting from emerging markets. Then there’s Aberdeen Standard Investments and Goldman Sachs Asset Management.
Aberdeen Standard Investments, which oversees about $770 billion, took advantage of the recent selloff to increase its holding in the Russian ruble, South African rand and Indonesian rupiah. Goldman Sachs Group Inc.’s asset-management unit, which manages more than $1 trillion, increased its position in emerging-market debt as it viewed the recent weakness as excessive.
With the exception of Argentina and Turkey, the pullback has little to do with developing nations’ fundamentals as growth remains solid, according to Ashmore Group Plc."
'via Blog this'
Dubai's Nakheel to add $272mln to recurring revenue this year, says chairman | ZAWYA MENA Edition
Dubai's Nakheel to add $272mln to recurring revenue this year, says chairman | ZAWYA MENA Edition:
"Dubai property developer Nakheel is set to add a further 1 billion UAE dirhams ($272.3 million) to its recurring revenue by the end of this year, according to the company's chairman, Ali Rashid Lootah. Lootah said the company currently generates about 25 percent of its total sales from recurring revenue, but added that this would be boosted by the addition of rents from the 1.2 billion UAE dirham Nakheel Mall project and the 800 million dirham The Pointe dining and entertainment complex on Palm Jumeirah, as well as through rentals of newly-completed villas at its Nad Al Sheba development, where 1,572 homes are being built. In January, Nakheel declared a 14 percent increase in profit of 5.67 billion dirhams for 2017, but the company did not disclose a revenue figure. However, Lootah told Reuters last year that the company will aim to generate over half of its revenue through recurring income by 2021."
'via Blog this'
"Dubai property developer Nakheel is set to add a further 1 billion UAE dirhams ($272.3 million) to its recurring revenue by the end of this year, according to the company's chairman, Ali Rashid Lootah. Lootah said the company currently generates about 25 percent of its total sales from recurring revenue, but added that this would be boosted by the addition of rents from the 1.2 billion UAE dirham Nakheel Mall project and the 800 million dirham The Pointe dining and entertainment complex on Palm Jumeirah, as well as through rentals of newly-completed villas at its Nad Al Sheba development, where 1,572 homes are being built. In January, Nakheel declared a 14 percent increase in profit of 5.67 billion dirhams for 2017, but the company did not disclose a revenue figure. However, Lootah told Reuters last year that the company will aim to generate over half of its revenue through recurring income by 2021."
'via Blog this'
Dutch ABN Amro to close Dubai office | ZAWYA MENA Edition
Dutch ABN Amro to close Dubai office | ZAWYA MENA Edition:
"The bank plans to transfer some of its international commodities business clients to Amsterdam The Dutch bank ABN Amro is winding down its operations in Dubai owing to limited scale and will transfer some of its existing clients in international commodities business to Amsterdam, according to a brief statement in the bank’s first quarter report published on Monday. According to The National ABN Amro plans to close down their Dubai office over the course of this year, pending regulatory approval; the amount of business for the bank in Dubai did not justify the overheads of having a branch in the emirate."
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"The bank plans to transfer some of its international commodities business clients to Amsterdam The Dutch bank ABN Amro is winding down its operations in Dubai owing to limited scale and will transfer some of its existing clients in international commodities business to Amsterdam, according to a brief statement in the bank’s first quarter report published on Monday. According to The National ABN Amro plans to close down their Dubai office over the course of this year, pending regulatory approval; the amount of business for the bank in Dubai did not justify the overheads of having a branch in the emirate."
'via Blog this'
UPDATE 1-Stake sale helps lift UAE's Aldar Properties first-quarter profit | Reuters
UPDATE 1-Stake sale helps lift UAE's Aldar Properties first-quarter profit | Reuters:
"Abu Dhabi’s largest developer Aldar Properties reported a 5 percent rise in first-quarter profit on Tuesday, beating analysts’ forecasts but mostly due to revenue from a stake sale. The property market in United Arab Emirates remains under pressure as a slowing economy in the last two years has depressed values and rentals, but Aldar said it was optimistic about sales of properties under development. “We continue to see an active and healthy off-plan market,” Greg Fewer, Aldar’s chief financial officer, said on a media call, adding that the recent acquisition of some assets in Abu Dhabi would add to the company’s earnings."
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"Abu Dhabi’s largest developer Aldar Properties reported a 5 percent rise in first-quarter profit on Tuesday, beating analysts’ forecasts but mostly due to revenue from a stake sale. The property market in United Arab Emirates remains under pressure as a slowing economy in the last two years has depressed values and rentals, but Aldar said it was optimistic about sales of properties under development. “We continue to see an active and healthy off-plan market,” Greg Fewer, Aldar’s chief financial officer, said on a media call, adding that the recent acquisition of some assets in Abu Dhabi would add to the company’s earnings."
'via Blog this'
Japan's SoftBank to open Saudi Arabian office: sources | Reuters
Japan's SoftBank to open Saudi Arabian office: sources | Reuters:
"SoftBank (9984.T) is planning to open a Saudi Arabian office, two sources familiar with the matter told Reuters on Tuesday, further strengthening its ties with the kingdom.
The Japanese technology investor already has close links with Riyadh after Saudi Arabia’s Public Investment Fund contributed to SoftBank’s $93 billion Vision Fund, the world’s largest private equity fund.
SoftBank and PIF, Saudi Arabia’s sovereign wealth fund, are also in early talks with banks about potential funding for the world’s biggest solar power project, which is being built in the kingdom, Reuters reported on Monday, citing sources."
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"SoftBank (9984.T) is planning to open a Saudi Arabian office, two sources familiar with the matter told Reuters on Tuesday, further strengthening its ties with the kingdom.
The Japanese technology investor already has close links with Riyadh after Saudi Arabia’s Public Investment Fund contributed to SoftBank’s $93 billion Vision Fund, the world’s largest private equity fund.
SoftBank and PIF, Saudi Arabia’s sovereign wealth fund, are also in early talks with banks about potential funding for the world’s biggest solar power project, which is being built in the kingdom, Reuters reported on Monday, citing sources."
'via Blog this'
UAE firm plans Abu Dhabi-listed ETF to play Saudi equities boom | Reuters
UAE firm plans Abu Dhabi-listed ETF to play Saudi equities boom | Reuters:
"A United Arab Emirates financial firm plans to create an exchange-traded fund focused on Saudi Arabian equities and list it on the Abu Dhabi Securities Exchange, tapping into surging regional demand for Saudi shares. Only a few exchange-traded fund (ETFs), which track indexes, are listed in the Gulf, and the planned product is believed to be the first cross-border ETF listed in the region and focused solely on Saudi Arabia, fund managers said. ADS Investment Solutions, a subsidiary of ADS Securities, aims to list the ETF as soon as in the next few weeks, depending on regulatory approvals, Ryan Lemand, senior executive officer at ADS Investment, said on Tuesday."
'via Blog this'
"A United Arab Emirates financial firm plans to create an exchange-traded fund focused on Saudi Arabian equities and list it on the Abu Dhabi Securities Exchange, tapping into surging regional demand for Saudi shares. Only a few exchange-traded fund (ETFs), which track indexes, are listed in the Gulf, and the planned product is believed to be the first cross-border ETF listed in the region and focused solely on Saudi Arabia, fund managers said. ADS Investment Solutions, a subsidiary of ADS Securities, aims to list the ETF as soon as in the next few weeks, depending on regulatory approvals, Ryan Lemand, senior executive officer at ADS Investment, said on Tuesday."
'via Blog this'
Islamic finance feels heat from $700 mln Dana sukuk saga | Reuters
Islamic finance feels heat from $700 mln Dana sukuk saga | Reuters:
"Islamic finance operators are scrambling to tighten the industry’s rules in order to make sure other companies cannot take the same path as Dana Gas, which this week forced a $700 million debt restructuring. Global standards are likely to become more detailed and explicit and a shift to centralised regulation may accelerate after the United Arab Emirates firm reached a conditional deal with creditors on Sunday over a contested sukuk issue. Dana shook the $2.5 trillion global industry last June, saying it would not redeem its sukuk on maturity. It proposed swapping them for new sukuk with lower profit rates. "
'via Blog this'
"Islamic finance operators are scrambling to tighten the industry’s rules in order to make sure other companies cannot take the same path as Dana Gas, which this week forced a $700 million debt restructuring. Global standards are likely to become more detailed and explicit and a shift to centralised regulation may accelerate after the United Arab Emirates firm reached a conditional deal with creditors on Sunday over a contested sukuk issue. Dana shook the $2.5 trillion global industry last June, saying it would not redeem its sukuk on maturity. It proposed swapping them for new sukuk with lower profit rates. "
'via Blog this'
Oil eases in late trading on U.S. stockpile concerns | Reuters
Oil eases in late trading on U.S. stockpile concerns | Reuters:
"Oil prices settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that U.S. sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.
Brent crude oil LCOc1 settled at $78.43 a barrel, up 20 cents, or 0.3 percent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014.
U.S. light crude CLc1 closed 35 cents, or 0.5 percent, higher at $71.31 a barrel, also not far off the day’s peak at $71.92, its highest since November 2014."
'via Blog this'
"Oil prices settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that U.S. sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.
Brent crude oil LCOc1 settled at $78.43 a barrel, up 20 cents, or 0.3 percent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014.
U.S. light crude CLc1 closed 35 cents, or 0.5 percent, higher at $71.31 a barrel, also not far off the day’s peak at $71.92, its highest since November 2014."
'via Blog this'
MIDEAST STOCKS-Emaar sends Dubai up; other markets close mixed | Reuters
MIDEAST STOCKS-Emaar sends Dubai up; other markets close mixed | Reuters:
"Dubai led a rise in United Arab Emirates (UAE) markets on Tuesday, closing more than 1 percent up, backed by solid gains in blue chips, while Saudi and Qatar reversed earlier gains and closed on a slightly negative note. The Dubai index closed 1.1 percent up on a 7 percent jump by Dubai Investments which rebounded after hitting a two-year low last week. Heavyweight Emaar Properties offered major support, rising 2.6 percent and maintaining an uptrend for a second day from a two-year low."
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"Dubai led a rise in United Arab Emirates (UAE) markets on Tuesday, closing more than 1 percent up, backed by solid gains in blue chips, while Saudi and Qatar reversed earlier gains and closed on a slightly negative note. The Dubai index closed 1.1 percent up on a 7 percent jump by Dubai Investments which rebounded after hitting a two-year low last week. Heavyweight Emaar Properties offered major support, rising 2.6 percent and maintaining an uptrend for a second day from a two-year low."
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Oil hits highest price in three years - The National
Oil hits highest price in three years - The National:
"Oil climbed to a three-year high above $79 a barrel in London on heightened political risks in parts of the Middle East following unrest in Gaza and the return of sanctions against Iran. Brent futures advanced 1.1 per cent. Dozens of Palestinians were killed in clashes with Israeli troops in Gaza after the US opened an embassy in Jerusalem. Foreign ministers from the UK, France and Germany will meet with their Iranian counterpart, Javad Zarif, to discuss salvaging an accord that allows Iranian oil exports, after the US withdrew last week. US President Donald Trump’s withdrawal from a 2015 nuclear accord with Iran has driven oil to the highest since November 2014. American measures could cut the Iran’s crude exports, and traders are watching whether Opec and its allies will end their agreement to curb supply and increase production instead to fill in the gap."
'via Blog this'
"Oil climbed to a three-year high above $79 a barrel in London on heightened political risks in parts of the Middle East following unrest in Gaza and the return of sanctions against Iran. Brent futures advanced 1.1 per cent. Dozens of Palestinians were killed in clashes with Israeli troops in Gaza after the US opened an embassy in Jerusalem. Foreign ministers from the UK, France and Germany will meet with their Iranian counterpart, Javad Zarif, to discuss salvaging an accord that allows Iranian oil exports, after the US withdrew last week. US President Donald Trump’s withdrawal from a 2015 nuclear accord with Iran has driven oil to the highest since November 2014. American measures could cut the Iran’s crude exports, and traders are watching whether Opec and its allies will end their agreement to curb supply and increase production instead to fill in the gap."
'via Blog this'
Qatar’s reforms can mitigate challenges arising from property sector
Qatar’s reforms can mitigate challenges arising from property sector:
"The US property market has witnessed surge in prices and is even higher than pre- recession levels in some places. The UK property market is subdued with falling house prices. China’s new home prices rose as the government supported demand from first-time buyers and despite persistent curbs to dampen speculative demand. Oman is working on improving its tourism sector to revive property market. Government spending in Kuwait can stimulate real estate activity. The lending growth in Qatar property market was more than 8% in first quarter 2018. Recently Qatar Cabinet has given its nod to a draft law on the regulation of ownership and usage of properties by non-Qataris in the country. Under the terms of the draft law, non-Qataris may own and use properties in Qatar in accordance with conditions specified by a decision of the Cabinet and based on suggestions of the commission for regulating non-Qatari ownership and use of real estate. The provisions of the draft law are applicable to land space, buildings and residential units, as well as certain units in residential complexes. Qatar Tourism Authority released its National Tourism Strategy, which set out targets for 2023. Targets include boosting occupancy rates to 72% across the sector, and doubling tourist arrivals to 5.6mn. Qatar also announced the expansion of visa free entry to 80 countries and the introduction of the e-visa platform in 2017. "
'via Blog this'
"The US property market has witnessed surge in prices and is even higher than pre- recession levels in some places. The UK property market is subdued with falling house prices. China’s new home prices rose as the government supported demand from first-time buyers and despite persistent curbs to dampen speculative demand. Oman is working on improving its tourism sector to revive property market. Government spending in Kuwait can stimulate real estate activity. The lending growth in Qatar property market was more than 8% in first quarter 2018. Recently Qatar Cabinet has given its nod to a draft law on the regulation of ownership and usage of properties by non-Qataris in the country. Under the terms of the draft law, non-Qataris may own and use properties in Qatar in accordance with conditions specified by a decision of the Cabinet and based on suggestions of the commission for regulating non-Qatari ownership and use of real estate. The provisions of the draft law are applicable to land space, buildings and residential units, as well as certain units in residential complexes. Qatar Tourism Authority released its National Tourism Strategy, which set out targets for 2023. Targets include boosting occupancy rates to 72% across the sector, and doubling tourist arrivals to 5.6mn. Qatar also announced the expansion of visa free entry to 80 countries and the introduction of the e-visa platform in 2017. "
'via Blog this'
Blackstone-Backed GEMS Chooses London IPO Over Stake Sale - Bloomberg
Blackstone-Backed GEMS Chooses London IPO Over Stake Sale - Bloomberg:
"GEMS Education is set to move ahead with an initial public offering, rebuffing interest from a private equity firm for a stake in the school operator backed by Blackstone Group LP, according to people with knowledge of the matter. The Dubai-based education provider may announce plans as early as this week to list in London, the people said, asking not to be identified because the matter is private. GEMS owners -- founder Sunny Varkey, Blackstone, Fajr Capital Ltd. and Bahrain’s Mumtalakat Holding Co. -- had been approached by a private equity company to buy a stake, they said. GEMS planned to hire investment banks including Bank of America Corp., Credit Suisse Group AG, JPMorgan Chase & Co. and Emirates NBD PJSC to manage the IPO, people familiar with the matter said in December. The company could be valued at about $4 billion or more, people said last year."
'via Blog this'
"GEMS Education is set to move ahead with an initial public offering, rebuffing interest from a private equity firm for a stake in the school operator backed by Blackstone Group LP, according to people with knowledge of the matter. The Dubai-based education provider may announce plans as early as this week to list in London, the people said, asking not to be identified because the matter is private. GEMS owners -- founder Sunny Varkey, Blackstone, Fajr Capital Ltd. and Bahrain’s Mumtalakat Holding Co. -- had been approached by a private equity company to buy a stake, they said. GEMS planned to hire investment banks including Bank of America Corp., Credit Suisse Group AG, JPMorgan Chase & Co. and Emirates NBD PJSC to manage the IPO, people familiar with the matter said in December. The company could be valued at about $4 billion or more, people said last year."
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NYC Hedge Fund Eyes Its Next Distressed-Debt Target: Bahrain - Bloomberg
NYC Hedge Fund Eyes Its Next Distressed-Debt Target: Bahrain - Bloomberg:
"Greylock Capital Management LLC, a hedge fund that holds the distressed bonds of Mozambique and Venezuela, says Bahrain is its next potential target. The cash-strapped Gulf nation has been slow to implement reforms compared with its richer neighbors, including Saudi Arabia, after the slide in oil prices that began in 2014 eroded their wealth. Bahrain will have to revive its financial fortunes to prevent its debt from slumping to distressed levels, according to Bashar Zakaria at the California Public Employees’ Retirement System, the largest U.S. pension fund. “There’s been a lot of chatter around some of their fiscal stresses,” said Hans Humes, the chief executive officer of New York-based Greylock Capital Management, which specializes in emerging-markets distressed debt."
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"Greylock Capital Management LLC, a hedge fund that holds the distressed bonds of Mozambique and Venezuela, says Bahrain is its next potential target. The cash-strapped Gulf nation has been slow to implement reforms compared with its richer neighbors, including Saudi Arabia, after the slide in oil prices that began in 2014 eroded their wealth. Bahrain will have to revive its financial fortunes to prevent its debt from slumping to distressed levels, according to Bashar Zakaria at the California Public Employees’ Retirement System, the largest U.S. pension fund. “There’s been a lot of chatter around some of their fiscal stresses,” said Hans Humes, the chief executive officer of New York-based Greylock Capital Management, which specializes in emerging-markets distressed debt."
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SoftBank, PIF in early funding talks with banks on huge solar project - sources | Reuters
SoftBank, PIF in early funding talks with banks on huge solar project - sources | Reuters:
"SoftBank Group Corp (9984.T) and Saudi Arabia’s Public Investment Fund are in early talks with banks about potential funding for a multi-billion dollar solar power project planned in the kingdom, say sources familiar with the matter.
The talks follow an agreement, signed and announced in March, between PIF and SoftBank to create the New Solar Energy Plan 2030, the world’s largest project of its type.
Saudi Arabia is embarking on a huge push to transform its economy and reduce its dependence on oil. One of the world’s biggest oil exporters, Saudi Arabia’s rulers view solar power as a way to cut the amount of crude it uses to generate power at home and raise its overseas shipments."
'via Blog this'
"SoftBank Group Corp (9984.T) and Saudi Arabia’s Public Investment Fund are in early talks with banks about potential funding for a multi-billion dollar solar power project planned in the kingdom, say sources familiar with the matter.
The talks follow an agreement, signed and announced in March, between PIF and SoftBank to create the New Solar Energy Plan 2030, the world’s largest project of its type.
Saudi Arabia is embarking on a huge push to transform its economy and reduce its dependence on oil. One of the world’s biggest oil exporters, Saudi Arabia’s rulers view solar power as a way to cut the amount of crude it uses to generate power at home and raise its overseas shipments."
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Qatar seeking more currency data from banks in FX manipulation probe -sources | Reuters
Qatar seeking more currency data from banks in FX manipulation probe -sources | Reuters:
"Qatar’s central bank is seeking more data from banks about U.S. dollar-riyal trades as it investigates suspected attempts to devalue its currency at the height of a diplomatic standoff with some other Gulf states, sources familiar with the matter said. Qatar keeps its riyal pegged at a fixed rate to the dollar like most of its Gulf neighbours. But after Saudi Arabia, the UAE, Bahrain and Egypt accused it of backing terrorism and imposed an economic boycott on it last June, Qatar has seen the riyal trade several percent weaker than its pegged rate of 3.64 per dollar in offshore markets. The central bank said in December it was investigating attempts by countries opposed to it to harm the Qatari economy by manipulating the currency, securities and derivatives markets."
'via Blog this'
"Qatar’s central bank is seeking more data from banks about U.S. dollar-riyal trades as it investigates suspected attempts to devalue its currency at the height of a diplomatic standoff with some other Gulf states, sources familiar with the matter said. Qatar keeps its riyal pegged at a fixed rate to the dollar like most of its Gulf neighbours. But after Saudi Arabia, the UAE, Bahrain and Egypt accused it of backing terrorism and imposed an economic boycott on it last June, Qatar has seen the riyal trade several percent weaker than its pegged rate of 3.64 per dollar in offshore markets. The central bank said in December it was investigating attempts by countries opposed to it to harm the Qatari economy by manipulating the currency, securities and derivatives markets."
'via Blog this'
Dubai's DAMAC Q1 profit falls 45 pct amid weak property market | Reuters
Dubai's DAMAC Q1 profit falls 45 pct amid weak property market | Reuters:
"Dubai’s DAMAC Properties , owner and operator of the only Trump-branded golf club in the Middle East, posted a 45 percent drop in first-quarter profit from a year earlier although profit rose marginally from the previous quarter. The results came as Dubai, its core real-estate market, is under pressure due to lower property prices and subdued sales as new developments hit the market. DAMAC’s net profit was 484 million dirhams ($132 million), down from 880 million dirhams a year earlier, it said in a statement."
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"Dubai’s DAMAC Properties , owner and operator of the only Trump-branded golf club in the Middle East, posted a 45 percent drop in first-quarter profit from a year earlier although profit rose marginally from the previous quarter. The results came as Dubai, its core real-estate market, is under pressure due to lower property prices and subdued sales as new developments hit the market. DAMAC’s net profit was 484 million dirhams ($132 million), down from 880 million dirhams a year earlier, it said in a statement."
'via Blog this'
Planned Iran sanctions, tight supply send oil to new multi-year high | Reuters
Planned Iran sanctions, tight supply send oil to new multi-year high | Reuters:
"Oil prices hit a 3-1/2-year high on Tuesday, supported by tight supply and planned U.S. sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.
Benchmark Brent crude oil LCOc1 reached $78.60 a barrel, up 37 cents and its highest since November 2014. By 0800 GMT, Brent was up 20 cents at $78.43.
U.S. light crude was 5 cents higher at $71.01 a barrel, also not far off its highest since November 2014."
'via Blog this'
"Oil prices hit a 3-1/2-year high on Tuesday, supported by tight supply and planned U.S. sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.
Benchmark Brent crude oil LCOc1 reached $78.60 a barrel, up 37 cents and its highest since November 2014. By 0800 GMT, Brent was up 20 cents at $78.43.
U.S. light crude was 5 cents higher at $71.01 a barrel, also not far off its highest since November 2014."
'via Blog this'
MIDEAST STOCKS-Region mostly firm; oil buoys Saudi, MSCI aids Qatar | Reuters
MIDEAST STOCKS-Region mostly firm; oil buoys Saudi, MSCI aids Qatar | Reuters:
"Most Gulf stock markets were firm in early trade on Tuesday, with Saudi Arabian petrochemicals aided by strong oil prices and Qatar buoyed by MSCI’s decision to increase the weightings of several blue chips.
The Saudi index rose 0.2 percent to 8,090 points in the first 55 minutes, with top petrochemical producer Saudi Basic Industries gaining 0.9 percent.
“The index has recovered from its recent correction and remains solid above 8,000 points, backed by upbeat sentiment as investors await MSCI’s announcement over next two to three weeks,” said Muhammad Faisal Potrik, head of research at Riyad Capital. MSCI will announce in June whether it will upgrade Saudi Arabia to emerging market status."
'via Blog this'
"Most Gulf stock markets were firm in early trade on Tuesday, with Saudi Arabian petrochemicals aided by strong oil prices and Qatar buoyed by MSCI’s decision to increase the weightings of several blue chips.
The Saudi index rose 0.2 percent to 8,090 points in the first 55 minutes, with top petrochemical producer Saudi Basic Industries gaining 0.9 percent.
“The index has recovered from its recent correction and remains solid above 8,000 points, backed by upbeat sentiment as investors await MSCI’s announcement over next two to three weeks,” said Muhammad Faisal Potrik, head of research at Riyad Capital. MSCI will announce in June whether it will upgrade Saudi Arabia to emerging market status."
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