Saudi Arabia set to win MSCI emerging market status in June, says EFG Hermes - The National:
"Saudi Arabia has a 100 per cent probability of being included in the MSCI’s emerging market index next month, after the kingdom was put on a watchlist for inclusion last year, according to investment bank EFG Hermes. “We see no reason why MSCI would not upgrade Saudi Arabia to emerging markets status this June,” the analysis on Sunday said. Index compiler MSCI is expected to announce a decision on whether to upgrade Saudi stocks to EM (emerging market) status next month, a move that would help the country attract billions of dollars into the Middle East and North Africa (Mena)’s biggest stock exchange, which has a market capitalisation of $500 billion."
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Sunday, 27 May 2018
Iran sanctions shadow falls on smaller German banks
Iran sanctions shadow falls on smaller German banks:
"Germany’s biggest lenders have shied away from business with Iran after past penalties for breaching US sanctions, but smaller banks have leapt on opportunities afforded by the nuclear deal rejected by Donald Trump.
There are just months to go until a November deadline issued by Washington after the US president abandoned a hard-fought agreement that loosened business restrictions on the Islamic Republic in exchange for Tehran giving up its pursuit of nuclear weapons.
But some firms plan to press on in their dealings with Iran despite the looming threat of penalties."
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"Germany’s biggest lenders have shied away from business with Iran after past penalties for breaching US sanctions, but smaller banks have leapt on opportunities afforded by the nuclear deal rejected by Donald Trump.
There are just months to go until a November deadline issued by Washington after the US president abandoned a hard-fought agreement that loosened business restrictions on the Islamic Republic in exchange for Tehran giving up its pursuit of nuclear weapons.
But some firms plan to press on in their dealings with Iran despite the looming threat of penalties."
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Saudi-Russia Oil Policy Shift Sets Stage for Tense OPEC Meeting - Bloomberg
Saudi-Russia Oil Policy Shift Sets Stage for Tense OPEC Meeting - Bloomberg:
"When Saudi Arabia and Russia announced a new policy to revive oil production last week, one thing was missing: most of the other partners in their grand coalition.
With oil supplies tightening and prices soaring, the two countries agreed to restore some of the output they halted as part of an accord with 22 other producers, drawn from the Organization of Petroleum Exporting Countries and beyond. The trouble is, officials from several producers, both inside OPEC and outside, said they disapproved of the proposal to raise output and saw difficulties in reaching a consensus when they meet in Vienna next month.
“It might be a contentious meeting,” said Ed Morse, head of commodities research at Citigroup Inc. in New York."
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"When Saudi Arabia and Russia announced a new policy to revive oil production last week, one thing was missing: most of the other partners in their grand coalition.
With oil supplies tightening and prices soaring, the two countries agreed to restore some of the output they halted as part of an accord with 22 other producers, drawn from the Organization of Petroleum Exporting Countries and beyond. The trouble is, officials from several producers, both inside OPEC and outside, said they disapproved of the proposal to raise output and saw difficulties in reaching a consensus when they meet in Vienna next month.
“It might be a contentious meeting,” said Ed Morse, head of commodities research at Citigroup Inc. in New York."
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Gulf Capital targets Middle East's new oil in consumer boom | Reuters
Gulf Capital targets Middle East's new oil in consumer boom | Reuters:
"Abu Dhabi-based Gulf Capital aims to invest $350 million over the next two years in areas such as consumer-led sectors and renewable energy, in a shift away from oil and gas and infrastructure. “The new oil in this region is the consumer. We have the youngest, fastest-growing and wealthiest consumer society, so there are huge opportunities investing in fast-growing, consumer-led sectors,” Karim El Solh told Reuters. Earlier this month, the private equity firm bought a stake in Geidea, the leading provider of electronic payment solutions in Saudi Arabia, for a deal value exceeding 1 billion riyals ($267 million)."
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"Abu Dhabi-based Gulf Capital aims to invest $350 million over the next two years in areas such as consumer-led sectors and renewable energy, in a shift away from oil and gas and infrastructure. “The new oil in this region is the consumer. We have the youngest, fastest-growing and wealthiest consumer society, so there are huge opportunities investing in fast-growing, consumer-led sectors,” Karim El Solh told Reuters. Earlier this month, the private equity firm bought a stake in Geidea, the leading provider of electronic payment solutions in Saudi Arabia, for a deal value exceeding 1 billion riyals ($267 million)."
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MIDEAST STOCKS-Oil price dip pressures Saudi index | Reuters
MIDEAST STOCKS-Oil price dip pressures Saudi index | Reuters:
"Saudi stocks slid below a key barrier on Sunday, hurt by the latest drop in oil prices and concerns over valuations of blue-chip companies, while property and banking shares slipped in Dubai and Abu Dhabi after big gains last week. The Saudi index dropped 0.8 percent to 7,972 points, below the psychological barrer of 8,000 points. Oil refiner Petro Rabigh fell 1.1 percent and property company Dar Al Arkan slid by 3.3 percent. “It appears the market is reacting negatively to the decline in international oil prices,” said Muhammad Faisal Potrik, head of research at Riyad Capital. "
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"Saudi stocks slid below a key barrier on Sunday, hurt by the latest drop in oil prices and concerns over valuations of blue-chip companies, while property and banking shares slipped in Dubai and Abu Dhabi after big gains last week. The Saudi index dropped 0.8 percent to 7,972 points, below the psychological barrer of 8,000 points. Oil refiner Petro Rabigh fell 1.1 percent and property company Dar Al Arkan slid by 3.3 percent. “It appears the market is reacting negatively to the decline in international oil prices,” said Muhammad Faisal Potrik, head of research at Riyad Capital. "
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Saudi dairy firm Almarai plans $2.8 billion five-year capital investment | Reuters
Saudi dairy firm Almarai plans $2.8 billion five-year capital investment | Reuters:
"Saudi Arabia’s Almarai 2280.SE, the Gulf’s largest dairy company, plans to spend 10.6 billion riyals ($2.8 billion) in capital investment under a five year business plan aimed at boosting its efficiency and expanding its geographic footprint.
The investment for the period from 2019 to 2023 will be financed through growing operating cash flow, bank funding, local and international sukuk programs, as well as the Saudi Industrial Development Fund and the Agricultural Development Fund, it said.
“Given the persistent challenging economic conditions across the region, the focus on efficiency and cost optimization measures will continue throughout the plan period to ensure continuous competitive advantage,” the company said in a statement. "
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"Saudi Arabia’s Almarai 2280.SE, the Gulf’s largest dairy company, plans to spend 10.6 billion riyals ($2.8 billion) in capital investment under a five year business plan aimed at boosting its efficiency and expanding its geographic footprint.
The investment for the period from 2019 to 2023 will be financed through growing operating cash flow, bank funding, local and international sukuk programs, as well as the Saudi Industrial Development Fund and the Agricultural Development Fund, it said.
“Given the persistent challenging economic conditions across the region, the focus on efficiency and cost optimization measures will continue throughout the plan period to ensure continuous competitive advantage,” the company said in a statement. "
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MIDEAST STOCKS-Gulf stocks hit by real estate and bank reversal | Reuters
MIDEAST STOCKS-Gulf stocks hit by real estate and bank reversal | Reuters:
"Gulf markets made a tentative start to the week, with Dubai and Abu Dhabi stocks weighed down on Sunday by profit taking in property and banking shares, which made big gains last week. The Dubai index dropped 0.4 percent with shares in Emaar Properties down nearly 1 percent at 5.14 dirhams ($1.40). The stock had risen to an intraday high of 5.42 dirhams on May 21 after a decision of the United Arab Emirates to grant residency visas of up to 10 years to investors and specialists."
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"Gulf markets made a tentative start to the week, with Dubai and Abu Dhabi stocks weighed down on Sunday by profit taking in property and banking shares, which made big gains last week. The Dubai index dropped 0.4 percent with shares in Emaar Properties down nearly 1 percent at 5.14 dirhams ($1.40). The stock had risen to an intraday high of 5.42 dirhams on May 21 after a decision of the United Arab Emirates to grant residency visas of up to 10 years to investors and specialists."
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