End blockade now, prioritise unity, says FM:
"Qatar is stronger than it was before the blockade and it is time to end the unfortunate chapter in the history of the Gulf, HE the Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohamed bin Abdulrahman al-Thani has said. He said it is also time to abandon the illusion of victory and give priority to security interests of the Middle East. In an article published in New York Times, HE the Deputy Prime Minister said: "The past year Qatar has been subjected to a reckless and ill-considered blockade imposed by four countries: Saudi Arabia, Bahrain, the United Arab Emirates and Egypt. These nations felt threatened by Qatar's independent foreign policy and in response, they have closed our borders and barred flights to our country.""
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Wednesday, 6 June 2018
Qatar debt ratio to stay ‘stable’ this year: Fitch
Qatar debt ratio to stay ‘stable’ this year: Fitch:
"Qatar may not tap the global markets for fund in the near future as the public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-resident funding, according to Fitch, an international credit rating agency. “Qatar’s government will have little need to seek new international financing after a $12bn international bond issue in April 2018, which will cover its net financing requirement for 2018-2019,” Fitch said in a report. Despite the issuance, the rating agency expects Qatar’s debt ratio to be broadly “stable” this year as the government will reduce overdrafts to regular levels."
'via Blog this'
"Qatar may not tap the global markets for fund in the near future as the public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-resident funding, according to Fitch, an international credit rating agency. “Qatar’s government will have little need to seek new international financing after a $12bn international bond issue in April 2018, which will cover its net financing requirement for 2018-2019,” Fitch said in a report. Despite the issuance, the rating agency expects Qatar’s debt ratio to be broadly “stable” this year as the government will reduce overdrafts to regular levels."
'via Blog this'
Commercial Bank successfully issues $500m 5-year bond - The Peninsula Qatar
Commercial Bank successfully issues $500m 5-year bond - The Peninsula Qatar:
"The Commercial Bank announced yesterday about the successful issuance and pricing of a $500m five-year senior unsecured bond under the Bank and its subsidiary, CBQ Finance Limited’s $5bn European Medium Term Note (EMTN) Programme. The issue was arranged and offered through a syndicate of Joint Lead Managers comprising Standard Chartered Bank, Wells Fargo Securities, Barclays Bank PLC, QNB Capital LLC, Al Khaliji Commercial bank and Merrill Lynch International as Global Coordinator and attracted substantial global interest. To support the issue, senior representatives from Commercial Bank embarked on a roadshow with the Joint Lead Managers to meet investors in London, Singapore, Hong Kong and Frankfurt."
'via Blog this'
"The Commercial Bank announced yesterday about the successful issuance and pricing of a $500m five-year senior unsecured bond under the Bank and its subsidiary, CBQ Finance Limited’s $5bn European Medium Term Note (EMTN) Programme. The issue was arranged and offered through a syndicate of Joint Lead Managers comprising Standard Chartered Bank, Wells Fargo Securities, Barclays Bank PLC, QNB Capital LLC, Al Khaliji Commercial bank and Merrill Lynch International as Global Coordinator and attracted substantial global interest. To support the issue, senior representatives from Commercial Bank embarked on a roadshow with the Joint Lead Managers to meet investors in London, Singapore, Hong Kong and Frankfurt."
'via Blog this'
Africa's ‘Sleeping Giant’ Courts Foreign Investors With Reforms - Bloomberg
Africa's ‘Sleeping Giant’ Courts Foreign Investors With Reforms - Bloomberg:
"Ethiopia, Africa’s second-most-populous country and the continent’s fastest growing economy, is inviting big business to cash in. For so long a closed shop, the Horn of Africa nation on Tuesday invited foreign investors to buy stakes in state-owned telecoms, shipping, power generation and aviation companies, a rare opportunity to access such a large market. The bonanza will extend to railways, sugar mills and industrial parks, with the top brass of the ruling party embarking on long-awaited market reforms. The move continues a breakneck push led by new Prime Minister Abiy Ahmed, who took office two months ago. As well as green-lighting the liberalization of state companies, he’s taken steps to reduce the role of the military in the economy, agreed to the terms of a long-disputed peace deal with neighboring Eritrea, and lifted a state of emergency that followed the snap resignation of his predecessor, Hailemariam Desalegn."
'via Blog this'
"Ethiopia, Africa’s second-most-populous country and the continent’s fastest growing economy, is inviting big business to cash in. For so long a closed shop, the Horn of Africa nation on Tuesday invited foreign investors to buy stakes in state-owned telecoms, shipping, power generation and aviation companies, a rare opportunity to access such a large market. The bonanza will extend to railways, sugar mills and industrial parks, with the top brass of the ruling party embarking on long-awaited market reforms. The move continues a breakneck push led by new Prime Minister Abiy Ahmed, who took office two months ago. As well as green-lighting the liberalization of state companies, he’s taken steps to reduce the role of the military in the economy, agreed to the terms of a long-disputed peace deal with neighboring Eritrea, and lifted a state of emergency that followed the snap resignation of his predecessor, Hailemariam Desalegn."
'via Blog this'
Oil Slips After Surprise Increase in U.S. Crude Inventories - Bloomberg
Oil Slips After Surprise Increase in U.S. Crude Inventories - Bloomberg:
"Oil slid lower after a U.S. government report showed a surprise increase in domestic crude stockpiles. Futures dropped 1.2 percent in New York on Wednesday to the lowest level in almost two months. American crude inventories rose by 2.07 million barrels last week, confounding 12 of 13 analysts in a Bloomberg survey who were expecting supplies to decline. At the same time, gasoline stockpiles increased by the most since December as demand for the fuel weakened. “The report is best summarized as a rough one, for bulls anyway,” said Matt Sallee, who helps manage $16 billion at Tortoise in Leawood, Kansas. “No matter how you slice it and dice it, it was a pretty bearish report.”"
'via Blog this'
"Oil slid lower after a U.S. government report showed a surprise increase in domestic crude stockpiles. Futures dropped 1.2 percent in New York on Wednesday to the lowest level in almost two months. American crude inventories rose by 2.07 million barrels last week, confounding 12 of 13 analysts in a Bloomberg survey who were expecting supplies to decline. At the same time, gasoline stockpiles increased by the most since December as demand for the fuel weakened. “The report is best summarized as a rough one, for bulls anyway,” said Matt Sallee, who helps manage $16 billion at Tortoise in Leawood, Kansas. “No matter how you slice it and dice it, it was a pretty bearish report.”"
'via Blog this'
Franklin Templeton Sheds Bahrain Debt, Warns of Economic Crisis - Bloomberg
Franklin Templeton Sheds Bahrain Debt, Warns of Economic Crisis - Bloomberg:
"Franklin Templeton Investments has cut back its debt holdings in Bahrain, citing the “very serious” threat that the cash-strapped nation will experience an economic crisis in the next 12 months if financial aid from neighbors doesn’t come through. Templeton’s exposure is “much reduced today” because the government seems to lack a credible reform plan, according to Mohieddine Kronfol, the firm’s chief investment officer for global sukuk and Middle East and North Africa fixed income. At the same time, he’s holding onto a small stake in the nation’s bonds, in case Bahrain gets support from its Gulf Arab allies. The island kingdom has lagged other Gulf nations like Saudi Arabia in implementing reforms after the oil-price slide that began in 2014. Despite a rebound in crude this year, Bahrain’s dollar-denominated bonds have taken a battering, with bonds maturing in 2029 falling to a record this week. Currency derivatives show traders are the most bearish on the dinar in five months."
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"Franklin Templeton Investments has cut back its debt holdings in Bahrain, citing the “very serious” threat that the cash-strapped nation will experience an economic crisis in the next 12 months if financial aid from neighbors doesn’t come through. Templeton’s exposure is “much reduced today” because the government seems to lack a credible reform plan, according to Mohieddine Kronfol, the firm’s chief investment officer for global sukuk and Middle East and North Africa fixed income. At the same time, he’s holding onto a small stake in the nation’s bonds, in case Bahrain gets support from its Gulf Arab allies. The island kingdom has lagged other Gulf nations like Saudi Arabia in implementing reforms after the oil-price slide that began in 2014. Despite a rebound in crude this year, Bahrain’s dollar-denominated bonds have taken a battering, with bonds maturing in 2029 falling to a record this week. Currency derivatives show traders are the most bearish on the dinar in five months."
'via Blog this'
Second-Biggest Arab Economy Accelerates Steps to Boost Growth - Bloomberg
Second-Biggest Arab Economy Accelerates Steps to Boost Growth - Bloomberg:
"Dubai said it will waive some fees on aviation and real estate transactions, in the latest step by authorities in the United Arab Emirates to bolster economic growth and attract investments. The Executive Council also approved plans to cut charges levied on businesses, and freeze private school fees for a year, state-run WAM news agency reported on Wednesday. The move comes one day after neighboring Abu Dhabi announced plans to spend 50 billion dirham ($13.6 billion) over three years to stimulate growth. Abu Dhabi and Dubai are the largest of the seven emirates that make up the U.A.E., the second-biggest Arab economy after Saudi Arabia."
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"Dubai said it will waive some fees on aviation and real estate transactions, in the latest step by authorities in the United Arab Emirates to bolster economic growth and attract investments. The Executive Council also approved plans to cut charges levied on businesses, and freeze private school fees for a year, state-run WAM news agency reported on Wednesday. The move comes one day after neighboring Abu Dhabi announced plans to spend 50 billion dirham ($13.6 billion) over three years to stimulate growth. Abu Dhabi and Dubai are the largest of the seven emirates that make up the U.A.E., the second-biggest Arab economy after Saudi Arabia."
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Gateway Partners Mulls Saudi, U.A.E. Deals for $757 Million Fund - Bloomberg
Gateway Partners Mulls Saudi, U.A.E. Deals for $757 Million Fund - Bloomberg:
"Gateway Partners Ltd., the private equity company led by former Standard Chartered Plc banker Viswanathan Shankar, plans to fully invest its first $757 million fund within the next year and is working on deals in Saudi Arabia, the United Arab Emirates and Egypt. The fund has deployed about 65 percent of capital in 10 deals in countries such as Indonesia and Nigeria, partners Iyad Malas and Anil Dua said in an interview in Dubai. Its also exited one investment and partially exited two, earning returns of about 25 percent, they said. The eight-year fund that was started in 2015 can be extended for two years and is seeking gross returns of 2.5 to three times capital, said Malas, former chief executive officer of Dubai-based family conglomerate Majid Al Futtaim Holding LLC."
'via Blog this'
"Gateway Partners Ltd., the private equity company led by former Standard Chartered Plc banker Viswanathan Shankar, plans to fully invest its first $757 million fund within the next year and is working on deals in Saudi Arabia, the United Arab Emirates and Egypt. The fund has deployed about 65 percent of capital in 10 deals in countries such as Indonesia and Nigeria, partners Iyad Malas and Anil Dua said in an interview in Dubai. Its also exited one investment and partially exited two, earning returns of about 25 percent, they said. The eight-year fund that was started in 2015 can be extended for two years and is seeking gross returns of 2.5 to three times capital, said Malas, former chief executive officer of Dubai-based family conglomerate Majid Al Futtaim Holding LLC."
'via Blog this'
Monthly markets round-up: Middle East markets experience lower volumes during Ramadan | ZAWYA MENA Edition
Monthly markets round-up: Middle East markets experience lower volumes during Ramadan | ZAWYA MENA Edition:
"Most stock markets in the Middle East region traded lower in May, amid thin volumes during the holy month of Ramadan. Volatility in oil prices and geopolitical tensions were the main drags on the indices. Oil prices were trading at three and-a-half-year highs in May, after the United States President Donald Trump said that the U.S. would withdraw from the Iran nuclear deal, triggering a re-imposition of sanctions and the effective removal of Iranian supplies for most major economies."
'via Blog this'
"Most stock markets in the Middle East region traded lower in May, amid thin volumes during the holy month of Ramadan. Volatility in oil prices and geopolitical tensions were the main drags on the indices. Oil prices were trading at three and-a-half-year highs in May, after the United States President Donald Trump said that the U.S. would withdraw from the Iran nuclear deal, triggering a re-imposition of sanctions and the effective removal of Iranian supplies for most major economies."
'via Blog this'
Abu Dhabi, Qatar among top five global real estate investors- report | Reuters
Abu Dhabi, Qatar among top five global real estate investors- report | Reuters:
"Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority (QIA) are among the top five real estate investors in the world, a research report said, a sign of gulf sovereign wealth funds (SWFs) growing their alternate investments portfolio. SWFs in the Gulf have helped diversify their economies away from oil and invest in a wide range of non-oil related assets. ADIA, one of the richest sovereign wealth funds in the world, manages $62.1 billion in real estate assets, making it the number one real estate investor globally, Credit Agricole’s IndoSuez Wealth Management said in a research note."
'via Blog this'
"Abu Dhabi Investment Authority (ADIA) and Qatar Investment Authority (QIA) are among the top five real estate investors in the world, a research report said, a sign of gulf sovereign wealth funds (SWFs) growing their alternate investments portfolio. SWFs in the Gulf have helped diversify their economies away from oil and invest in a wide range of non-oil related assets. ADIA, one of the richest sovereign wealth funds in the world, manages $62.1 billion in real estate assets, making it the number one real estate investor globally, Credit Agricole’s IndoSuez Wealth Management said in a research note."
'via Blog this'
Kuwaiti creditor refuses Abraaj deal, may prompt provisional liquidation: sources | Reuters
Kuwaiti creditor refuses Abraaj deal, may prompt provisional liquidation: sources | Reuters:
"A Kuwaiti creditor is refusing to agree to a debt settlement deal with Abraaj, which could push the private equity firm to seek provisional liquidation, three sources close to the matter said. The refusal by Kuwait’s Public Institution for Social Security (PIFSS) to join other creditors in a debt freeze may complicate Abraaj’s efforts to sell its investment management unit to New York-based Cerberus Capital Management, the sources told Reuters. Abraaj, which bankers estimate has debt of about $1 billion, is already grappling with allegations that it misused investor money. The Middle East and Africa’s largest private equity firm has denied any wrongdoing."
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"A Kuwaiti creditor is refusing to agree to a debt settlement deal with Abraaj, which could push the private equity firm to seek provisional liquidation, three sources close to the matter said. The refusal by Kuwait’s Public Institution for Social Security (PIFSS) to join other creditors in a debt freeze may complicate Abraaj’s efforts to sell its investment management unit to New York-based Cerberus Capital Management, the sources told Reuters. Abraaj, which bankers estimate has debt of about $1 billion, is already grappling with allegations that it misused investor money. The Middle East and Africa’s largest private equity firm has denied any wrongdoing."
'via Blog this'
RPT-COLUMN-Saudis signal satisfaction with current crude oil prices, volumes: Russell | Reuters
RPT-COLUMN-Saudis signal satisfaction with current crude oil prices, volumes: Russell | Reuters:
"Saudi Arabia’s decision to increase the price of oil for July modestly for its major customers in Asia was a business-as-usual outcome, rather than any signal that the kingdom intends to produce and sell more crude. Saudi Aramco, the world’s biggest crude exporter, raised its official selling prices (OSPs) for four of its five grades for July cargoes to Asia, including a 20 cent a barrel increase for the benchmark Arab Light. This took the premium for Arab Light to $2.10 a barrel over regional benchmark Oman-Dubai, the highest in four years."
'via Blog this'
"Saudi Arabia’s decision to increase the price of oil for July modestly for its major customers in Asia was a business-as-usual outcome, rather than any signal that the kingdom intends to produce and sell more crude. Saudi Aramco, the world’s biggest crude exporter, raised its official selling prices (OSPs) for four of its five grades for July cargoes to Asia, including a 20 cent a barrel increase for the benchmark Arab Light. This took the premium for Arab Light to $2.10 a barrel over regional benchmark Oman-Dubai, the highest in four years."
'via Blog this'
Swiss bank Lombard Odier in talks on Saudi partnership | Reuters
Swiss bank Lombard Odier in talks on Saudi partnership | Reuters:
"Swiss private bank Lombard Odier is in talks to set up a partnership with a Saudi bank as it aims to strengthen its presence in the Gulf, its managing director said on Wednesday.
The Geneva-based bank, which had $281 billion in total client assets as of the end of last year, has a representative office in Dubai and is now looking at potential partnership options across the region, with a focus on Saudi Arabia.
“The model is to have a partnership with one of the best local banks so clients don’t have to transfer assets to Switzerland to us,” Arnaud Leclercq, partner and group managing director told Reuters."
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"Swiss private bank Lombard Odier is in talks to set up a partnership with a Saudi bank as it aims to strengthen its presence in the Gulf, its managing director said on Wednesday.
The Geneva-based bank, which had $281 billion in total client assets as of the end of last year, has a representative office in Dubai and is now looking at potential partnership options across the region, with a focus on Saudi Arabia.
“The model is to have a partnership with one of the best local banks so clients don’t have to transfer assets to Switzerland to us,” Arnaud Leclercq, partner and group managing director told Reuters."
'via Blog this'
MIDEAST STOCKS-Stimulus plan boosts Abu Dhabi, Saudi ends six-day surge | Reuters
MIDEAST STOCKS-Stimulus plan boosts Abu Dhabi, Saudi ends six-day surge | Reuters:
"Major Middle Eastern stock markets were mixed on Wednesday with news of a 50 billion dirham ($13.6 billion) economic stimulus plan boosting Abu Dhabi while Saudi Arabia pulled back after six straight days of gains. The Abu Dhabi index added 0.8 percent with some big banks and real estate firms outperforming. Abu Dhabi Commercial Bank gained 1.4 percent and Aldar Properties climbed 1.5 percent. The three-year stimulus package announced by the crown prince includes more investment in new technologies and tourism."
'via Blog this'
"Major Middle Eastern stock markets were mixed on Wednesday with news of a 50 billion dirham ($13.6 billion) economic stimulus plan boosting Abu Dhabi while Saudi Arabia pulled back after six straight days of gains. The Abu Dhabi index added 0.8 percent with some big banks and real estate firms outperforming. Abu Dhabi Commercial Bank gained 1.4 percent and Aldar Properties climbed 1.5 percent. The three-year stimulus package announced by the crown prince includes more investment in new technologies and tourism."
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A Year Later, Iran Is the Big Winner of the Qatar Embargo - Bloomberg
A Year Later, Iran Is the Big Winner of the Qatar Embargo - Bloomberg:
"It’s been a year since Saudi Arabia and three of its Arab allies hit Qatar with an economic embargo over ties to Iran and the alleged funding of terrorism. To listen to the Saudis, the embargo has been a great success, so much so that Crown Prince Mohammed bin Salman has dismissed his Gulf neighbor as too insignificant to bother with. The standoff is something for a junior minister to deal with, a royal court adviser tweeted in March, citing the prince. “We have not been deprived of anything,” the adviser said. “Qatar has been deprived of everything.” Not exactly. By most metrics, the embargo that closed Qatar off from major air, sea, and land links has failed. The country’s imports and exports are up, according to the International Monetary Fund. Qatar, the world’s richest country per capita thanks to massive reserves of natural gas, is on track to post a budget surplus in 2018. Its economy is growing faster than most of its peers."
'via Blog this'
"It’s been a year since Saudi Arabia and three of its Arab allies hit Qatar with an economic embargo over ties to Iran and the alleged funding of terrorism. To listen to the Saudis, the embargo has been a great success, so much so that Crown Prince Mohammed bin Salman has dismissed his Gulf neighbor as too insignificant to bother with. The standoff is something for a junior minister to deal with, a royal court adviser tweeted in March, citing the prince. “We have not been deprived of anything,” the adviser said. “Qatar has been deprived of everything.” Not exactly. By most metrics, the embargo that closed Qatar off from major air, sea, and land links has failed. The country’s imports and exports are up, according to the International Monetary Fund. Qatar, the world’s richest country per capita thanks to massive reserves of natural gas, is on track to post a budget surplus in 2018. Its economy is growing faster than most of its peers."
'via Blog this'
Qatar Petroleum to list 49% of Qatalum shares by end-2018 | ZAWYA MENA Edition
Qatar Petroleum to list 49% of Qatalum shares by end-2018 | ZAWYA MENA Edition:
"Qatar Petroleum (QP) on Tuesday has revealed plans to list around 49% of Qatar Aluminium's (Qatalum) shares on the Qatar Stock Exchange (QSE) by the end of 2018.
The decision will support Qatar’s local economy, CEO of QP Saad Sherida Al Kaabi has said.
"This is part of the government's plan to increase the participation of the private sector in the country's economic activity and supporting an investment climate capable of attracting capital, which is also one of the most important objectives of Qatar National Vision," Al Kaabi told local English-language newspaper Qatar Tribune."
'via Blog this'
"Qatar Petroleum (QP) on Tuesday has revealed plans to list around 49% of Qatar Aluminium's (Qatalum) shares on the Qatar Stock Exchange (QSE) by the end of 2018.
The decision will support Qatar’s local economy, CEO of QP Saad Sherida Al Kaabi has said.
"This is part of the government's plan to increase the participation of the private sector in the country's economic activity and supporting an investment climate capable of attracting capital, which is also one of the most important objectives of Qatar National Vision," Al Kaabi told local English-language newspaper Qatar Tribune."
'via Blog this'
MIDEAST STOCKS-Big Gulf markets rise, Saudi leads; Dubai's Arabtec leaps | ZAWYA MENA Edition
MIDEAST STOCKS-Big Gulf markets rise, Saudi leads; Dubai's Arabtec leaps | ZAWYA MENA Edition:
"Major Gulf stock markets rose in early trade on Wednesday, with Saudi Arabia gaining for a fourth straight day after the appointment of businessman Ahmed bin Suleiman al-Rajhi, a son of the founder of Al Rajhi Bank, as labour minister.
Rajhi's appointment has spurred hopes that labour reforms making it more expensive to hire foreign workers will be implemented with less disruption to the private sector.
Also, some analysts view his promotion as a sign that Saudi Arabia's old business families will continue to enjoy government favour after last November's detention of dozens of the business elite in Riyadh's crackdown on corruption."
'via Blog this'
"Major Gulf stock markets rose in early trade on Wednesday, with Saudi Arabia gaining for a fourth straight day after the appointment of businessman Ahmed bin Suleiman al-Rajhi, a son of the founder of Al Rajhi Bank, as labour minister.
Rajhi's appointment has spurred hopes that labour reforms making it more expensive to hire foreign workers will be implemented with less disruption to the private sector.
Also, some analysts view his promotion as a sign that Saudi Arabia's old business families will continue to enjoy government favour after last November's detention of dozens of the business elite in Riyadh's crackdown on corruption."
'via Blog this'
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