Emirates grounds 20 jets during sluggish travel period - The National:
"Emirates, the biggest operator of Airbus A380 and Boeing 777s, has grounded 20 jets as sluggish demand from business and regional travellers during Ramadan coincides with the typically low-season for international travel in May. The grounded jets, a mix of A380s and 777s, are expected to return to service after Eid, which will take place around mid-June, with the fleet returning to its maximum capacity by September or October, Emirates president Tim Clark said on Monday. The aircraft are currently parked in Dubai’s second hub at Al Maktoum International Airport and Emirates’ home base Dubai International Airport. He was speaking to reporters on the sidelines of the International Air Transport Association annual meeting in Sydney. “On top of Ramadan we have May, so demand for travel is down significantly in the Muslim world," Mr Clark said. "It’s not easy” doing business at that time, when traffic falls 50 per cent on the month before."
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Tuesday 5 June 2018
Dana Gas wins over creditors for sukuk restructuring plans
Dana Gas wins over creditors for sukuk restructuring plans:
"The Abu Dhabi-listed Dana Gas has won the support of its creditors to push forward with plans to restructure its $700 million sukuk after a lengthy legal battle. The Sharjah-based energy company has managed to secure 93.69 percent approval for the proposed restructuring terms, according to a filing on the Abu Dhabi bourse on Tuesday. It only required 75 percent approval to go ahead with its proposal."
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"The Abu Dhabi-listed Dana Gas has won the support of its creditors to push forward with plans to restructure its $700 million sukuk after a lengthy legal battle. The Sharjah-based energy company has managed to secure 93.69 percent approval for the proposed restructuring terms, according to a filing on the Abu Dhabi bourse on Tuesday. It only required 75 percent approval to go ahead with its proposal."
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Abraaj standing still, but how long will it still be standing? | Arab News
Abraaj standing still, but how long will it still be standing? | Arab News:
"A shudder went through some financial professionals in the UAE late on Monday night when Abraaj Group announced it was seeking a “standstill agreement” with creditors.
Many in Dubai and Abu Dhabi last heard those words in November 2009, when government-owned investment conglomerate Dubai World said that it was asking creditors for a moratorium on interest and debt repayments while it sorted out its finances.
That standstill request heralded a crisis for the UAE that still has repercussions today. Dubai World had to renegotiate $25 billion of borrowings in a protracted series of negotiations with banks and bondholders. Abu Dhabi had to come to the rescue with a $20 billion loan to its federal partner."
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"A shudder went through some financial professionals in the UAE late on Monday night when Abraaj Group announced it was seeking a “standstill agreement” with creditors.
Many in Dubai and Abu Dhabi last heard those words in November 2009, when government-owned investment conglomerate Dubai World said that it was asking creditors for a moratorium on interest and debt repayments while it sorted out its finances.
That standstill request heralded a crisis for the UAE that still has repercussions today. Dubai World had to renegotiate $25 billion of borrowings in a protracted series of negotiations with banks and bondholders. Abu Dhabi had to come to the rescue with a $20 billion loan to its federal partner."
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Saudi's SABIC in talks with banks for dollar bond - sources | Reuters
Saudi's SABIC in talks with banks for dollar bond - sources | Reuters:
"Saudi Basic Industries Corp (SABIC) is in talks with banks for a potential U.S. dollar-denominated bond, banking sources familiar with the matter said. SABIC, the world’s fourth-largest petrochemicals company, bought in a 25 percent stake in the Swiss specialty chemicals group Clariant in January, becoming the firm’s largest shareholder. CEO Yousef al-Benyan said at the time that SABIC could self-finance the Clariant stake acquisition, but did not exclude the possibility of inviting banks to part-finance the deal."
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"Saudi Basic Industries Corp (SABIC) is in talks with banks for a potential U.S. dollar-denominated bond, banking sources familiar with the matter said. SABIC, the world’s fourth-largest petrochemicals company, bought in a 25 percent stake in the Swiss specialty chemicals group Clariant in January, becoming the firm’s largest shareholder. CEO Yousef al-Benyan said at the time that SABIC could self-finance the Clariant stake acquisition, but did not exclude the possibility of inviting banks to part-finance the deal."
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UPDATE 1-Abu Dhabi crown prince approves $13.61 billion in economic stimulus | Reuters
UPDATE 1-Abu Dhabi crown prince approves $13.61 billion in economic stimulus | Reuters:
"Abu Dhabi’s crown prince said on Tuesday he had approved 50 billion dirham ($13.61 billion) worth of measures to stimulate growth in the emirate and make it easier to do business, create jobs and boost tourism. Sheikh Mohamed Bin Zayed, de facto leader of the United Arab Emirates (UAE), tweeted that the new initiative would also speed up contract payments to the private sector and exempt new licenses from the requirement of having a physical presence in the emirate in the first two years. “Under the guidance of HH Sheikh Khalifa bin Zayed, I have approved a 3-year, 50 billion dirham economic stimulus package to support Abu Dhabi’s economic development and have tasked the Executive Council’s Executive Committee to draw up a working plan for allocations within 90 days,” Sheikh Mohammed tweeted."
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"Abu Dhabi’s crown prince said on Tuesday he had approved 50 billion dirham ($13.61 billion) worth of measures to stimulate growth in the emirate and make it easier to do business, create jobs and boost tourism. Sheikh Mohamed Bin Zayed, de facto leader of the United Arab Emirates (UAE), tweeted that the new initiative would also speed up contract payments to the private sector and exempt new licenses from the requirement of having a physical presence in the emirate in the first two years. “Under the guidance of HH Sheikh Khalifa bin Zayed, I have approved a 3-year, 50 billion dirham economic stimulus package to support Abu Dhabi’s economic development and have tasked the Executive Council’s Executive Committee to draw up a working plan for allocations within 90 days,” Sheikh Mohammed tweeted."
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UAE's ADNOC may sell more of distribution business: sources | Reuters
UAE's ADNOC may sell more of distribution business: sources | Reuters:
"Abu Dhabi National Oil Company is considering selling another 10 percent stake in its fuel distribution business, which listed in an initial public offering last year, but the timing is uncertain, three sources familiar with the matter said.
ADNOC listed 10 percent of ADNOC Distribution ADNO.AD in December last year, but the sale of another 10 percent would help ADNOC in its aim of joining the MSCI Emerging Markets Index and attract more international investors, two of the sources said.
ADNOC Distribution, the largest operator of retail fuel service stations and convenience stores in the United Arab Emirates, is seeking a minimum free float of 15 percent to improve its chances of joining the index, one of the sources said. "
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"Abu Dhabi National Oil Company is considering selling another 10 percent stake in its fuel distribution business, which listed in an initial public offering last year, but the timing is uncertain, three sources familiar with the matter said.
ADNOC listed 10 percent of ADNOC Distribution ADNO.AD in December last year, but the sale of another 10 percent would help ADNOC in its aim of joining the MSCI Emerging Markets Index and attract more international investors, two of the sources said.
ADNOC Distribution, the largest operator of retail fuel service stations and convenience stores in the United Arab Emirates, is seeking a minimum free float of 15 percent to improve its chances of joining the index, one of the sources said. "
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Brent gains after reaching one-month low on supply concerns | Reuters
Brent gains after reaching one-month low on supply concerns | Reuters:
"Brent crude reversed losses on Tuesday, after hitting its lowest price in nearly a month following a report that the U.S. government asked Saudi Arabia and other major exporters to increase oil output.
Brent crude LCOc1 futures rose 9 cents to settle at $75.38 a barrel, a 0.12 percent gain. It touched a low of $73.81, its lowest since May 8.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 77 cents to settle at $65.52 a barrel, a 1.2 percent gain. Earlier, WTI hit a session low of $64.22, the lowest since April 10."
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"Brent crude reversed losses on Tuesday, after hitting its lowest price in nearly a month following a report that the U.S. government asked Saudi Arabia and other major exporters to increase oil output.
Brent crude LCOc1 futures rose 9 cents to settle at $75.38 a barrel, a 0.12 percent gain. It touched a low of $73.81, its lowest since May 8.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 77 cents to settle at $65.52 a barrel, a 1.2 percent gain. Earlier, WTI hit a session low of $64.22, the lowest since April 10."
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Saudi Aramco names new head of finance after government reshuffle: sources | Reuters
Saudi Aramco names new head of finance after government reshuffle: sources | Reuters:
"Saudi Aramco has named six new heads of departments including its finance unit after a government reshuffle last week saw several executives at the oil giant moving to other state posts, the company and industry sources said on Tuesday.
Khalid al-Dabbagh was named acting service line head for finance, strategy and development at the world’s largest oil producer, taking over on an interim basis from Abdallah al-Saadan, who was senior vice president of the department, the sources who are familiar with the matter told Reuters.
In his post, Saadan was effectively chief financial officer of Aramco, overseeing preparations for its initial public offering (IPO), which is expected to take place in 2019 and could be the world’s biggest."
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"Saudi Aramco has named six new heads of departments including its finance unit after a government reshuffle last week saw several executives at the oil giant moving to other state posts, the company and industry sources said on Tuesday.
Khalid al-Dabbagh was named acting service line head for finance, strategy and development at the world’s largest oil producer, taking over on an interim basis from Abdallah al-Saadan, who was senior vice president of the department, the sources who are familiar with the matter told Reuters.
In his post, Saadan was effectively chief financial officer of Aramco, overseeing preparations for its initial public offering (IPO), which is expected to take place in 2019 and could be the world’s biggest."
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MIDEAST STOCKS-Qatar gains on fund flows, Egypt falls ahead of energy subsidy cuts | Reuters
MIDEAST STOCKS-Qatar gains on fund flows, Egypt falls ahead of energy subsidy cuts | Reuters:
"Qatar and Saudi markets led Gulf stocks higher on Tuesday amid optimism index compiler MSCI will upgrade Riyadh to emerging market status and continued fund flows into Qatari blue-chips after MSCI recently raised their weightings. Qatari stocks climbed 2 percent, with market heavyweight Industries Qatar rising 2 percent, Qatar Insurance surging 6.2 percent, and Qatar Gas Transport gaining 5.7 percent. “We have noticed over the past few days since the MSCI rebalance that a lot of the residual buying from a lot of the active portfolios was still taking place,” said a portfolio manager in Doha."
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"Qatar and Saudi markets led Gulf stocks higher on Tuesday amid optimism index compiler MSCI will upgrade Riyadh to emerging market status and continued fund flows into Qatari blue-chips after MSCI recently raised their weightings. Qatari stocks climbed 2 percent, with market heavyweight Industries Qatar rising 2 percent, Qatar Insurance surging 6.2 percent, and Qatar Gas Transport gaining 5.7 percent. “We have noticed over the past few days since the MSCI rebalance that a lot of the residual buying from a lot of the active portfolios was still taking place,” said a portfolio manager in Doha."
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Emirates Clark Says Any Etihad Merger Plan Is Up to Shareholders - Bloomberg
Emirates Clark Says Any Etihad Merger Plan Is Up to Shareholders - Bloomberg:
"Emirates Airline said any merger plan with Abu Dhabi’s Etihad Airways PJSC is for shareholders to decide and no such development is likely any time soon.
“That is in the hands of the shareholders,” Emirates President Tim Clark said in a Bloomberg Television interview Tuesday in Sydney. “On the short-term, medium-term horizon, I would say no.”
Local press reports have said United Arab Emirates’ ruling families that control Emirates and Etihad have held talks about possibly combining the two. The Abu Dhabi carrier posted a loss of $1.87 billion in 2016 following the failure of an alliance-building strategy that saw it pour cash into Air Berlin Plc and Alitalia SpA, both of which later filed for insolvency. Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum said in May there have never been talks with Etihad about a merger."
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"Emirates Airline said any merger plan with Abu Dhabi’s Etihad Airways PJSC is for shareholders to decide and no such development is likely any time soon.
“That is in the hands of the shareholders,” Emirates President Tim Clark said in a Bloomberg Television interview Tuesday in Sydney. “On the short-term, medium-term horizon, I would say no.”
Local press reports have said United Arab Emirates’ ruling families that control Emirates and Etihad have held talks about possibly combining the two. The Abu Dhabi carrier posted a loss of $1.87 billion in 2016 following the failure of an alliance-building strategy that saw it pour cash into Air Berlin Plc and Alitalia SpA, both of which later filed for insolvency. Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum said in May there have never been talks with Etihad about a merger."
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Qatar’s Year of Solitude: A Gulf Embargo’s Impact in Six Charts - Bloomberg
Qatar’s Year of Solitude: A Gulf Embargo’s Impact in Six Charts - Bloomberg:
"It’s been a year since shocked investors sold off Qatari assets after a Saudi Arabia-led group of nations severed economic and diplomatic ties with the gas-rich country.
While the standoff shows no sign of ending, pressure on Qatari assets has eased. Bets against the nation’s long-held dollar peg have subsided and the government managed this year’s largest sovereign bond sale in the Middle East and Africa. Shares in Qatar’s biggest lender are higher than they were 12 months ago.
Qatar’s stock market “has been buoyed by very strong demand from foreign investors, with net buying in excess of $600 million,” said Akber Khan, senior director of asset management at Al Rayan Investment in Doha. “Oil is now averaging more than $70 and, while there are areas of economic weakness, a number of post-blockade initiatives are starting to bear fruit and certain companies are likely to see an acceleration in growth.”"
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"It’s been a year since shocked investors sold off Qatari assets after a Saudi Arabia-led group of nations severed economic and diplomatic ties with the gas-rich country.
While the standoff shows no sign of ending, pressure on Qatari assets has eased. Bets against the nation’s long-held dollar peg have subsided and the government managed this year’s largest sovereign bond sale in the Middle East and Africa. Shares in Qatar’s biggest lender are higher than they were 12 months ago.
Qatar’s stock market “has been buoyed by very strong demand from foreign investors, with net buying in excess of $600 million,” said Akber Khan, senior director of asset management at Al Rayan Investment in Doha. “Oil is now averaging more than $70 and, while there are areas of economic weakness, a number of post-blockade initiatives are starting to bear fruit and certain companies are likely to see an acceleration in growth.”"
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MIDEAST STOCKS-Abu Dhabi gains on TAQA, property stocks steady in Dubai | ZAWYA MENA Edition
MIDEAST STOCKS-Abu Dhabi gains on TAQA, property stocks steady in Dubai | ZAWYA MENA Edition:
"Gulf stocks were mostly higher on Tuesday, with Abu Dhabi shares boosted by gains in energy firm Abu Dhabi National Energy Co (TAQA) due to higher oil prices. Abu Dhabi's benchmark index was up 0.4 percent in early trade with TAQA shares rising 3.4 percent, fuelled by higher oil prices. TAQA shares have more than doubled this year. Oil prices edged higher after falling nearly 2 percent in the previous session, but growing U.S. production and expectations of higher OPEC supplies limited the bounce."
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"Gulf stocks were mostly higher on Tuesday, with Abu Dhabi shares boosted by gains in energy firm Abu Dhabi National Energy Co (TAQA) due to higher oil prices. Abu Dhabi's benchmark index was up 0.4 percent in early trade with TAQA shares rising 3.4 percent, fuelled by higher oil prices. TAQA shares have more than doubled this year. Oil prices edged higher after falling nearly 2 percent in the previous session, but growing U.S. production and expectations of higher OPEC supplies limited the bounce."
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Emirates sees oil, dollar 'double whammy', but demand strong | Reuters
Emirates sees oil, dollar 'double whammy', but demand strong | Reuters:
"The president of Emirates airline said the rare combination of higher oil and a stronger dollar, which usually move in opposite directions, represented a “double whammy” in terms of their impact on costs but that passenger demand remained strong.
“We have very strong summer bookings at higher prices,” Tim Clark told reporters at an airlines summit in Sydney, adding Emirates [EMIRA.UL] was monitoring those trends for any sign higher ticket prices were hurting demand.
Global airlines body IATA on Monday downgraded its profit forecast for the industry, citing higher oil and labor costs, but also said yields, a proxy for air fares, were expected to rise 3.2 percent this year."
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"The president of Emirates airline said the rare combination of higher oil and a stronger dollar, which usually move in opposite directions, represented a “double whammy” in terms of their impact on costs but that passenger demand remained strong.
“We have very strong summer bookings at higher prices,” Tim Clark told reporters at an airlines summit in Sydney, adding Emirates [EMIRA.UL] was monitoring those trends for any sign higher ticket prices were hurting demand.
Global airlines body IATA on Monday downgraded its profit forecast for the industry, citing higher oil and labor costs, but also said yields, a proxy for air fares, were expected to rise 3.2 percent this year."
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Qatar Airways could face 2nd straight annual loss amid Gulf crisis: CEO | Reuters
Qatar Airways could face 2nd straight annual loss amid Gulf crisis: CEO | Reuters:
"Qatar Airways could face a second straight year of losses in 2018 amid a regional dispute that has banned the airline from four Arab countries, the airline’s CEO said on Tuesday.
Qatar Airways has been blocked from flying to 18 cities in Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since June 2017 when those countries cut ties with Qatar, accusing it of supporting terrorism. Doha denies the charges.
The carrier made a “substantial loss” in 2017, CEO Akbar al-Baker said in April, without disclosing the figure.
"
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"Qatar Airways could face a second straight year of losses in 2018 amid a regional dispute that has banned the airline from four Arab countries, the airline’s CEO said on Tuesday.
Qatar Airways has been blocked from flying to 18 cities in Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since June 2017 when those countries cut ties with Qatar, accusing it of supporting terrorism. Doha denies the charges.
The carrier made a “substantial loss” in 2017, CEO Akbar al-Baker said in April, without disclosing the figure.
"
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Dubai's Mashreq applies for Saudi banking licence -sources | Reuters
Dubai's Mashreq applies for Saudi banking licence -sources | Reuters:
"Mashreq, Dubai’s third-largest bank by assets, has applied to Saudi Arabia’s central bank for a banking licence as it seeks to benefit from opportunities surrounding the kingdom’s ambitious economic reform plans, according to sources familiar with the matter.
It follows similar moves by other foreign lenders including Goldman Sachs, Citigroup and fellow United Arab Emirates-based lenders First Abu Dhabi Bank and Emirates NBD.
“Within the Saudi 2030 vision, we are exploring opportunities for Mashreq in the Saudi market,” Mashreq said in a statement, without commenting on what the sources said about the application for a banking licence."
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"Mashreq, Dubai’s third-largest bank by assets, has applied to Saudi Arabia’s central bank for a banking licence as it seeks to benefit from opportunities surrounding the kingdom’s ambitious economic reform plans, according to sources familiar with the matter.
It follows similar moves by other foreign lenders including Goldman Sachs, Citigroup and fellow United Arab Emirates-based lenders First Abu Dhabi Bank and Emirates NBD.
“Within the Saudi 2030 vision, we are exploring opportunities for Mashreq in the Saudi market,” Mashreq said in a statement, without commenting on what the sources said about the application for a banking licence."
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