Abraaj seeks ‘standstill’ agreement with creditors over debts:
"Abraaj Group, the embattled Dubai-based investment firm, is seeking a “standstill” agreement from some of its creditors, as it seeks to win time to resolve its increasingly pressing financial problems.The announcement came following a day of negotiations with creditors and investors in the UAE and in London on the future of the private-equity firm, which has been hit by allegations of misuse of funds and an exodus of senior executives. At least one creditor has filed papers to liquidate Abraaj’s holding company, based in the Cayman Islands. A standstill agreement is a deal reached between creditors and a debtor to delay repayment of interest and debts, until a full restructuring can be agreed. Abraaj said in a statement issued late on Monday: “We are pleased with the outcome of today’s meeting and the constructive support we have received from our secured creditors in enabling us to move forward and resolve outstanding issues."
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Monday, 4 June 2018
Mideast airlines expected to post a net profit of $1.3bn this year
Mideast airlines expected to post a net profit of $1.3bn this year:
"Middle East airlines, driven by Qatar Airways and some other GCC-based carriers, are expected to post a net profit of $1.3bn this year, up from $1bn clocked in 2017, the International Air Transport Association (IATA) said here yesterday.
This, according to IATA’s director general and CEO Alexandre de Juniac, translates into $5.89 per passenger compared with $4.81 in 2017.
Middle East airlines, an IATA report presented at the World Air Transport Summit at the International Convention Centre here yesterday, showed generating a recovery, though more muted than in Latin America. The rise of oil prices is helping revenues and the oil-based economies in the region, aero-political relations with the US have improved, while the Gulf airlines have substantially curbed growth. "
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"Middle East airlines, driven by Qatar Airways and some other GCC-based carriers, are expected to post a net profit of $1.3bn this year, up from $1bn clocked in 2017, the International Air Transport Association (IATA) said here yesterday.
This, according to IATA’s director general and CEO Alexandre de Juniac, translates into $5.89 per passenger compared with $4.81 in 2017.
Middle East airlines, an IATA report presented at the World Air Transport Summit at the International Convention Centre here yesterday, showed generating a recovery, though more muted than in Latin America. The rise of oil prices is helping revenues and the oil-based economies in the region, aero-political relations with the US have improved, while the Gulf airlines have substantially curbed growth. "
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Mideast Bets on $100 Billion Industry as Oil-Use Outlook Dims - Bloomberg
Mideast Bets on $100 Billion Industry as Oil-Use Outlook Dims - Bloomberg:
"They are the building blocks of our daily stuff, from sports shoes to computer keyboards, created when oil and natural gas molecules are split, or cracked, to produce ethylene, propylene and other chemicals.
The science may be esoteric, but petrochemicals are big business in the oil-rich Persian Gulf, and they’re poised for further growth. Energy producers view these compounds increasingly as a key to unlocking more profit from each barrel of crude they pump.
Just last month, Abu Dhabi and Qatar each announced plans for new plants. In April, Saudi Arabian Oil Co., the world’s biggest crude exporter also known as Saudi Aramco, teamed up with Total SA for a $5 billion facility in the kingdom and signaled its intention to invest in the U.S. Arab oil producers in the Gulf are boosting capacity at home and abroad to secure sales in a business that McKinsey and Co. estimates will drive 70 percent of the growth in demand for oil through 2035.
"
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"They are the building blocks of our daily stuff, from sports shoes to computer keyboards, created when oil and natural gas molecules are split, or cracked, to produce ethylene, propylene and other chemicals.
The science may be esoteric, but petrochemicals are big business in the oil-rich Persian Gulf, and they’re poised for further growth. Energy producers view these compounds increasingly as a key to unlocking more profit from each barrel of crude they pump.
Just last month, Abu Dhabi and Qatar each announced plans for new plants. In April, Saudi Arabian Oil Co., the world’s biggest crude exporter also known as Saudi Aramco, teamed up with Total SA for a $5 billion facility in the kingdom and signaled its intention to invest in the U.S. Arab oil producers in the Gulf are boosting capacity at home and abroad to secure sales in a business that McKinsey and Co. estimates will drive 70 percent of the growth in demand for oil through 2035.
"
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Oman’s Bank Sohar hires banks for $250 mln syndicated loan - sources | Reuters
Oman’s Bank Sohar hires banks for $250 mln syndicated loan - sources | Reuters:
"Bank Sohar, Oman’s fourth largest bank by assets, is seeking to raise $250 million through a syndicated loan after recently completing a $300 million debt facility, banking sources said. The bank has hired Bank ABC and Emirates NBD to lead the new transaction, which has a three-year maturity and offers a margin of 190 basis points over the London Interbank Offered Rate (Libor), said the sources. The Omani lender, which did not immediately respond to a request for comment, said in March it had closed a $300 million syndicated loan for general funding purposes."
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"Bank Sohar, Oman’s fourth largest bank by assets, is seeking to raise $250 million through a syndicated loan after recently completing a $300 million debt facility, banking sources said. The bank has hired Bank ABC and Emirates NBD to lead the new transaction, which has a three-year maturity and offers a margin of 190 basis points over the London Interbank Offered Rate (Libor), said the sources. The Omani lender, which did not immediately respond to a request for comment, said in March it had closed a $300 million syndicated loan for general funding purposes."
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Abraaj expects deal on secured debt, Kuwaiti creditor holds out | Reuters
Abraaj expects deal on secured debt, Kuwaiti creditor holds out | Reuters:
"Private equity firm Abraaj said on Monday it hopes to reach a deal with its secured creditors, although sources said that a Kuwaiti unsecured creditor was holding out, potentially stalling the sale of its investment management business. Dubai-based Abraaj Holdings is trying to push through a sale of Abraaj Investment Management to New York-based Cerberus Capital Management as it tries to stem the fallout from allegations it misused investor money in a $1 billion healthcare fund. Abraaj, which is the Middle East and Africa’s biggest private equity fund, denies any wrongdoing."
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"Private equity firm Abraaj said on Monday it hopes to reach a deal with its secured creditors, although sources said that a Kuwaiti unsecured creditor was holding out, potentially stalling the sale of its investment management business. Dubai-based Abraaj Holdings is trying to push through a sale of Abraaj Investment Management to New York-based Cerberus Capital Management as it tries to stem the fallout from allegations it misused investor money in a $1 billion healthcare fund. Abraaj, which is the Middle East and Africa’s biggest private equity fund, denies any wrongdoing."
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Analysis: Qatar crisis widens fissures among US allies
Analysis: Qatar crisis widens fissures among US allies:
"At a time when the United States hopes to exert maximum pressure on Iran, a regional bloc created by Gulf Arab countries to counter Tehran looks increasingly more divided ahead of the anniversary of the diplomatic crisis in Qatar.
The sheer lack of cooperation by the six members of the Gulf Cooperation Council already has seen the U.S. limit some military exercises and send Secretary of State Mike Pompeo to the region to urge allies to end the boycott of Qatar, a tiny, gas-rich nation.
The council consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. On June 5 last year, Bahrain, Saudi Arabia and the United Arab Emirates, along with Egypt, cut ties to Qatar, citing its close links with Iran and what they said was Qatar’s support for extremist groups in the region."
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"At a time when the United States hopes to exert maximum pressure on Iran, a regional bloc created by Gulf Arab countries to counter Tehran looks increasingly more divided ahead of the anniversary of the diplomatic crisis in Qatar.
The sheer lack of cooperation by the six members of the Gulf Cooperation Council already has seen the U.S. limit some military exercises and send Secretary of State Mike Pompeo to the region to urge allies to end the boycott of Qatar, a tiny, gas-rich nation.
The council consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. On June 5 last year, Bahrain, Saudi Arabia and the United Arab Emirates, along with Egypt, cut ties to Qatar, citing its close links with Iran and what they said was Qatar’s support for extremist groups in the region."
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Oil falls 2 percent, U.S. crude hits lowest since early April | Reuters
Oil falls 2 percent, U.S. crude hits lowest since early April | Reuters:
"Oil prices fell about 2 percent on Monday, with U.S. crude touching its lowest level in nearly two months, breaking below technical support levels as investors kept selling amid growing U.S. production, possible global supply growth and nagging trade tensions.
Brent crude futures LCOc1 lost $1.50 a barrel, or 2 percent, to settle at $75.29 a barrel. U.S. crude CLc1 ended $1.06, or 1.6 percent, lower at $64.75 a barrel, after earlier touching $64.57, its lowest since April 10.
“We are breaking key levels of support now,” said Phillip Streible, analyst at RJO Futures in Chicago. “Once we started taking out $65.50 or so, it really started to accelerate. People are not really believing that the rally will continue,” he said."
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"Oil prices fell about 2 percent on Monday, with U.S. crude touching its lowest level in nearly two months, breaking below technical support levels as investors kept selling amid growing U.S. production, possible global supply growth and nagging trade tensions.
Brent crude futures LCOc1 lost $1.50 a barrel, or 2 percent, to settle at $75.29 a barrel. U.S. crude CLc1 ended $1.06, or 1.6 percent, lower at $64.75 a barrel, after earlier touching $64.57, its lowest since April 10.
“We are breaking key levels of support now,” said Phillip Streible, analyst at RJO Futures in Chicago. “Once we started taking out $65.50 or so, it really started to accelerate. People are not really believing that the rally will continue,” he said."
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Saudi Aramco restructures non-oil assets ahead of IPO: sources | Reuters
Saudi Aramco restructures non-oil assets ahead of IPO: sources | Reuters:
"Saudi Aramco has created a subsidiary to house its multibillion-dollar pension fund and could spin off its aviation division, sources said, as it restructures some assets not related to oil and gas ahead of its planned initial public offering (IPO).
The move is designed to streamline Aramco’s operations and could make it easier to value since its business risk would be clearer and that may help it achieve a higher price for its shares, financial and industry sources told Reuters.
“This makes Aramco a leaner company,” said one source familiar with Aramco’s plans. "
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"Saudi Aramco has created a subsidiary to house its multibillion-dollar pension fund and could spin off its aviation division, sources said, as it restructures some assets not related to oil and gas ahead of its planned initial public offering (IPO).
The move is designed to streamline Aramco’s operations and could make it easier to value since its business risk would be clearer and that may help it achieve a higher price for its shares, financial and industry sources told Reuters.
“This makes Aramco a leaner company,” said one source familiar with Aramco’s plans. "
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MIDEAST STOCKS-Dubai, Qatar lead gains in most Gulf markets | Reuters
MIDEAST STOCKS-Dubai, Qatar lead gains in most Gulf markets | Reuters:
"Gulf markets mostly ended higher on Monday, led by Dubai and Qatar and fueled by by heavyweight stocks, while Saudi market stayed firm for the second straight day following appointment of new market-friendly labour minister. The Dubai index jumped 1.6 percent, on a 2.6 percent gain by the market’s largest listed developer, Emaar Properties, which hit a one-month high, closing at 5.4 dirhams. Shares in DAMAC Properties reached a four-week high, rising 2.6 percent to 2.4 dirhams."
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"Gulf markets mostly ended higher on Monday, led by Dubai and Qatar and fueled by by heavyweight stocks, while Saudi market stayed firm for the second straight day following appointment of new market-friendly labour minister. The Dubai index jumped 1.6 percent, on a 2.6 percent gain by the market’s largest listed developer, Emaar Properties, which hit a one-month high, closing at 5.4 dirhams. Shares in DAMAC Properties reached a four-week high, rising 2.6 percent to 2.4 dirhams."
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MIDEAST STOCKS-Dubai leads Gulf gains as DAMAC climbs; Saudi keeps rising | Reuters
MIDEAST STOCKS-Dubai leads Gulf gains as DAMAC climbs; Saudi keeps rising | Reuters:
"Dubai’s stock market rose in early trade on Monday as shares in DAMAC Properties reached a four-week high, and most other Gulf markets gained as Saudi Arabia continued a rally triggered by the appointment of a new labour minister. The Dubai index was up 0.9 percent with DAMAC gaining 3.4 percent to 2.43 dirhams. Dubai’s largest listed developer, Emaar Properties, rose 1.3 percent. A monthly Reuters poll of leading Middle East fund managers, published on Thursday, found sentiment shifting in favour of United Arab Emirates equities after their poor performance so far this year."
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"Dubai’s stock market rose in early trade on Monday as shares in DAMAC Properties reached a four-week high, and most other Gulf markets gained as Saudi Arabia continued a rally triggered by the appointment of a new labour minister. The Dubai index was up 0.9 percent with DAMAC gaining 3.4 percent to 2.43 dirhams. Dubai’s largest listed developer, Emaar Properties, rose 1.3 percent. A monthly Reuters poll of leading Middle East fund managers, published on Thursday, found sentiment shifting in favour of United Arab Emirates equities after their poor performance so far this year."
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