The winners and losers from $80 a barrel crude oil:
"The government coffers of oil producing countries are swelling, but drivers in consumer nations are paying more for their fuel. As Brent hits $80 a barrel, who are the winners and losers of rising crude prices? Among the winners are the major oil producing countries and energy companies. In 2017 Opec and Russia began curbing supply to bolster crude prices and export revenues. Producer economies on the whole have benefited and the oil price is gaining further support as Iran has been hit by a new round of US sanctions and Venezuela’s energy sector is collapsing against a backdrop of an economic crisis."
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Sunday, 20 May 2018
Nasdaq Dubai to launch Saudi Arabian futures later this year
Nasdaq Dubai to launch Saudi Arabian futures later this year:
"Nasdaq Dubai, the UAE’s international stock exchange, is to launch futures trading in Saudi Arabian quoted companies before the end of this year, Arab News can reveal. The move will allow global investors to trade shares in Saudi Arabian listed companies via contracts to buy or sell shares at a set price in the future, and is expected to add to the attraction of the Kingdom’s financial markets among international investors. It will be the first time Saudi stocks can be traded in derivative form."
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"Nasdaq Dubai, the UAE’s international stock exchange, is to launch futures trading in Saudi Arabian quoted companies before the end of this year, Arab News can reveal. The move will allow global investors to trade shares in Saudi Arabian listed companies via contracts to buy or sell shares at a set price in the future, and is expected to add to the attraction of the Kingdom’s financial markets among international investors. It will be the first time Saudi stocks can be traded in derivative form."
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UAE approves new long-term visa for investors and professionals | ZAWYA MENA Edition
UAE approves new long-term visa for investors and professionals | ZAWYA MENA Edition:
"In line with UAE’s position as a primary destination for international investors and a global talents, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has adopted a new system of entry visas for investors and professional talents providing them with a long-term visa for up to 10 years. "The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents in the UAE," said His Highness Sheikh Mohammed bin Rashid Al Maktoum. His Highness directed the Ministry of Economy in coordination with the concerned parties to implement the resolution and follow up on its developments, and to submit a detailed study in the third quarter of this year. The new visa system will increase the chances of attracting investors and competencies to the UAE and thus increase the country's economic competitiveness globally. The global investors' ownership is expected to reach 100% by the end of the year. The system will grant investors and talents up to 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators, as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students. "
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"In line with UAE’s position as a primary destination for international investors and a global talents, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has adopted a new system of entry visas for investors and professional talents providing them with a long-term visa for up to 10 years. "The UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. Our open environment, tolerant values, infrastructure and flexible legislation are the best plan to attract global investment and exceptional talents in the UAE," said His Highness Sheikh Mohammed bin Rashid Al Maktoum. His Highness directed the Ministry of Economy in coordination with the concerned parties to implement the resolution and follow up on its developments, and to submit a detailed study in the third quarter of this year. The new visa system will increase the chances of attracting investors and competencies to the UAE and thus increase the country's economic competitiveness globally. The global investors' ownership is expected to reach 100% by the end of the year. The system will grant investors and talents up to 10-year residency visas for specialists in medical, scientific, research and technical fields, as well as for all scientists and innovators, as well as five-year residency visas for students studying in the UAE, and 10-year visas for exceptional students. "
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Global LNG glut is greatly exaggerated, says Novatek
Global LNG glut is greatly exaggerated, says Novatek:
"Novatek, the Russian liquefied natural gas producer, sees a global surplus of the super-chilled fuel disappearing faster than expected.
“I disagree that there is a global LNG capacity surplus,” chief executive officer Leonid Mikhelson said in an interview in Paris last week. Demand in the Asia-Pacific region is so robust that the industry’s assumptions about supply will have to be overhauled, probably within the next three years, he said.
One example of that change is China’s LNG imports, which soared 56% in the first quarter, according to Mikhelson."
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"Novatek, the Russian liquefied natural gas producer, sees a global surplus of the super-chilled fuel disappearing faster than expected.
“I disagree that there is a global LNG capacity surplus,” chief executive officer Leonid Mikhelson said in an interview in Paris last week. Demand in the Asia-Pacific region is so robust that the industry’s assumptions about supply will have to be overhauled, probably within the next three years, he said.
One example of that change is China’s LNG imports, which soared 56% in the first quarter, according to Mikhelson."
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MIDEAST STOCKS-Saudi flat, Drake and Scull International lifts Dubai | Reuters
MIDEAST STOCKS-Saudi flat, Drake and Scull International lifts Dubai | Reuters:
"Gulf stock markets were mostly flat on Sunday amid low trading volumes and a lack of significant events. The Saudi index was little changed, while the Dubai index closed up 0.2 percent. The rest of the region closed down, but with losses limited. Global stocks dipped last Friday because of persistent concerns over trade tensions. Oil prices also slipped on Friday, with Brent crude futures falling 79 cents, or 1 percent, to settle at $78.51 a barrel. But the dip came after a sixth week of gains, with prices breaking through $80 a barrel last week for the first time since November 2014."
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"Gulf stock markets were mostly flat on Sunday amid low trading volumes and a lack of significant events. The Saudi index was little changed, while the Dubai index closed up 0.2 percent. The rest of the region closed down, but with losses limited. Global stocks dipped last Friday because of persistent concerns over trade tensions. Oil prices also slipped on Friday, with Brent crude futures falling 79 cents, or 1 percent, to settle at $78.51 a barrel. But the dip came after a sixth week of gains, with prices breaking through $80 a barrel last week for the first time since November 2014."
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Rising debts and higher cost of funds could pose challenges to GCC | GulfNews.com
Rising debts and higher cost of funds could pose challenges to GCC | GulfNews.com:
"While public debt levels remain at manageable levels for most GCC countries, the rapid build-up in debt levels combined with a rising cost of funds, changes in credit global conditions and exchange rate dynamics could pose future financing risks for some of these countries, according to analysts and economists.
According to the latest regional economic outlook from the International Monetary Fund (IMF), the debt positions of the Middle East’s oil exporters have increased by an average of 10 percentage points of gross domestic product (GDP) each year since 2013, with countries financing large fiscal deficits through a combination of draw-downs of buffers (where available) and increased domestic and foreign borrowing.
“Looking ahead, several factors are likely to continue to drive debt upward for oil exporters. These include the slower pace of fiscal consolidation, weak growth prospects, and the possibility of higher financing costs — given the expected monetary policy tightening in advanced economies,” said Jihad Azour, the IMF’s director of the Middle East and Central Asia Department."
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"While public debt levels remain at manageable levels for most GCC countries, the rapid build-up in debt levels combined with a rising cost of funds, changes in credit global conditions and exchange rate dynamics could pose future financing risks for some of these countries, according to analysts and economists.
According to the latest regional economic outlook from the International Monetary Fund (IMF), the debt positions of the Middle East’s oil exporters have increased by an average of 10 percentage points of gross domestic product (GDP) each year since 2013, with countries financing large fiscal deficits through a combination of draw-downs of buffers (where available) and increased domestic and foreign borrowing.
“Looking ahead, several factors are likely to continue to drive debt upward for oil exporters. These include the slower pace of fiscal consolidation, weak growth prospects, and the possibility of higher financing costs — given the expected monetary policy tightening in advanced economies,” said Jihad Azour, the IMF’s director of the Middle East and Central Asia Department."
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BP chief sees shale, OPEC cooling oil markets - The Peninsula Qatar
BP chief sees shale, OPEC cooling oil markets - The Peninsula Qatar:
"BP Chief Executive Bob Dudley expects a flood of U.S. shale and the reopening of OPEC taps to cool the oil market after crude rose above $80 a barrel this week.
U.S. President Donald Trump's decision to exit an international nuclear deal with Iran and revive sanctions on the OPEC member country, as well as Venezuela's plummeting output, has helped to lift oil prices to their highest since 2014.
But BP sees oil falling to between $50 and $65 a barrel due to surging shale output and OPEC's capacity to boost production, Dudley told Reuters."
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"BP Chief Executive Bob Dudley expects a flood of U.S. shale and the reopening of OPEC taps to cool the oil market after crude rose above $80 a barrel this week.
U.S. President Donald Trump's decision to exit an international nuclear deal with Iran and revive sanctions on the OPEC member country, as well as Venezuela's plummeting output, has helped to lift oil prices to their highest since 2014.
But BP sees oil falling to between $50 and $65 a barrel due to surging shale output and OPEC's capacity to boost production, Dudley told Reuters."
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New York Plaza Hotel Buyers Ashkenazy, Alwaleed Sue Owner - Bloomberg
New York Plaza Hotel Buyers Ashkenazy, Alwaleed Sue Owner - Bloomberg:
"Ashkenazy Acquisition Corp. and Saudi Prince Alwaleed bin Talal’s Kingdom Holding Co., the investors trying to buy New York’s historic Plaza Hotel, sued the property’s majority owner for allegedly reneging on an agreement that gives the group the right to match another offer.
Sahara US Corp., which owns a 70 percent stake in the hotel, demanded a second deposit and has been negotiating with other parties, according to a complaint filed in New York state court Friday. Minority investors Ashkenazy and Kingdom earlier this month exercised their right of first refusal on a $600 million bid for the property to instead try to purchase it on their own.
The clash between the investors is another twist in a years-long sales process for the 111-year-old building at the corner of Fifth Avenue and Central Park South. Sahara US is an entity tied to Sahara India Pariwar, which has been attempting to sell its stake amid troubles faced by its chairman, Subrata Roy, who has been ordered to return billions of dollars to investors."
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"Ashkenazy Acquisition Corp. and Saudi Prince Alwaleed bin Talal’s Kingdom Holding Co., the investors trying to buy New York’s historic Plaza Hotel, sued the property’s majority owner for allegedly reneging on an agreement that gives the group the right to match another offer.
Sahara US Corp., which owns a 70 percent stake in the hotel, demanded a second deposit and has been negotiating with other parties, according to a complaint filed in New York state court Friday. Minority investors Ashkenazy and Kingdom earlier this month exercised their right of first refusal on a $600 million bid for the property to instead try to purchase it on their own.
The clash between the investors is another twist in a years-long sales process for the 111-year-old building at the corner of Fifth Avenue and Central Park South. Sahara US is an entity tied to Sahara India Pariwar, which has been attempting to sell its stake amid troubles faced by its chairman, Subrata Roy, who has been ordered to return billions of dollars to investors."
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EU could compensate firms hit by U.S. sanctions over Iran: French minister | Reuters
EU could compensate firms hit by U.S. sanctions over Iran: French minister | Reuters:
"France is looking to see if the European Union could compensate European companies that might be facing sanctions by the United States for doing business with Iran, said French finance minister Bruno Le Maire on Sunday.
Le Maire referred to EU rules going back to 1996 which he said could allow the EU to intervene in this manner to protect European companies against any U.S. sanctions, adding that France wanted the EU to toughen its stance in this area.
In 1996, when the United States tried to penalize foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions. "
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"France is looking to see if the European Union could compensate European companies that might be facing sanctions by the United States for doing business with Iran, said French finance minister Bruno Le Maire on Sunday.
Le Maire referred to EU rules going back to 1996 which he said could allow the EU to intervene in this manner to protect European companies against any U.S. sanctions, adding that France wanted the EU to toughen its stance in this area.
In 1996, when the United States tried to penalize foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions. "
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UK's top Qatari LNG importer seeks to broaden supply as cargoes slump | Reuters
UK's top Qatari LNG importer seeks to broaden supply as cargoes slump | Reuters:
"Britain’s busiest liquefied natural gas (LNG) import terminal, South Hook, is seeking to broaden its sources of supply as robust Asian demand diverts cargoes from Qatar - the world’s biggest exporter and the terminal’s majority shareholder. Volumes to the terminal, in which Qatar Petroleum owns a controlling stake, have halved so far this year from a year ago to 1.2 million cubic meters (mcm) and amount to just 15 percent of 2016 volumes for the same period. South Hook, in Wales, has been seeking to broaden the specification of its gas since January, a proposal that was approved late on Thursday by the Joint Office of Gas Transporters (JOGT), which administers the rules for transporting gas in Britain."
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"Britain’s busiest liquefied natural gas (LNG) import terminal, South Hook, is seeking to broaden its sources of supply as robust Asian demand diverts cargoes from Qatar - the world’s biggest exporter and the terminal’s majority shareholder. Volumes to the terminal, in which Qatar Petroleum owns a controlling stake, have halved so far this year from a year ago to 1.2 million cubic meters (mcm) and amount to just 15 percent of 2016 volumes for the same period. South Hook, in Wales, has been seeking to broaden the specification of its gas since January, a proposal that was approved late on Thursday by the Joint Office of Gas Transporters (JOGT), which administers the rules for transporting gas in Britain."
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Exclusive: Founder of Dubai-based Abraaj faces investor revolt: sources | Reuters
Exclusive: Founder of Dubai-based Abraaj faces investor revolt: sources | Reuters:
"Arif Naqvi, the founder of one of the Middle East’s biggest private equity firms, Abraaj, is facing calls from investors to further scale back his involvement in the group amid a row over misuse of funds, two people with knowledge of the matter said.
Naqvi, who set up Dubai-based Abraaj in 2002, in February passed the reins of the fund management arm to two new co-chief executives so he could concentrate on managing the parent company, Abraaj Holdings.
But some investors want him to step back even further."
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"Arif Naqvi, the founder of one of the Middle East’s biggest private equity firms, Abraaj, is facing calls from investors to further scale back his involvement in the group amid a row over misuse of funds, two people with knowledge of the matter said.
Naqvi, who set up Dubai-based Abraaj in 2002, in February passed the reins of the fund management arm to two new co-chief executives so he could concentrate on managing the parent company, Abraaj Holdings.
But some investors want him to step back even further."
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MIDEAST STOCKS-Jabal Omar up in Saudi, Drake and Scull heavily traded in Dubai | Reuters
MIDEAST STOCKS-Jabal Omar up in Saudi, Drake and Scull heavily traded in Dubai | Reuters:
"Gulf stock markets were mixed in early Sunday trading in light volumes, with Dubai dragged down by real estate developer Emaar and the Saudi exchange trading up, supported by last week’s gains in oil prices. Brent crude futures fell 79 cents, or 1 percent, to settle at $78.51 a barrel on Friday, but prices had logged a sixth week of gains and broke through $80 a barrel last week for the first time since November 2014. In Saudi Arabia, where the index was up 0.5 percent after one hour of trading, most companies in the oil and gas and petrochemical sectors were higher, with Saudi Kayan Petrochemical up 0.6 percent."
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"Gulf stock markets were mixed in early Sunday trading in light volumes, with Dubai dragged down by real estate developer Emaar and the Saudi exchange trading up, supported by last week’s gains in oil prices. Brent crude futures fell 79 cents, or 1 percent, to settle at $78.51 a barrel on Friday, but prices had logged a sixth week of gains and broke through $80 a barrel last week for the first time since November 2014. In Saudi Arabia, where the index was up 0.5 percent after one hour of trading, most companies in the oil and gas and petrochemical sectors were higher, with Saudi Kayan Petrochemical up 0.6 percent."
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