UAE’S economic reboot faces an immovable deadline in 2020 | Arab News:
"Suddenly, the Arabian Gulf is awash with stimulus packages and strategies to attract foreign investment and foreign expertise to the region, and to make the lives of the expatriates living there more comfortable. Saudi Arabia has had in place a rolling program of government-sponsored investment lures for the past couple of years, all under the banner of Vision 2030, and has an expansionary budget in place for the first time in three years. But in the past few weeks, the UAE has taken the lead in further opening up its already pretty open economy, with a series of decrees and initiatives all intended to shift the economy into a higher gear."
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Thursday 7 June 2018
QFMA plans stock split of QSE firms to attract investors
QFMA plans stock split of QSE firms to attract investors:
"The Qatar Financial Markets Authority (QFMA) will soon come out with the procedures and the appropriate mechanisms to regulate the stock split of the listed companies, a move that could lead to better price discovery.
The QFMA has outlined the scheme of splitting shares’ nominal value of the Qatar Stock Exchange-listed companies to QR1 per share (from the present face value of QR10), a move that is set to appeal small investors and enhance liquidity.
This step, which comes as a part of the QFMA’s regulatory and supervisory role over the capital market in the State, seeks to increase the prospects for investment in the financial market, expand the shareholders base, attract more small investors, give more choice opportunities for all participants dealing in the QSE, and increase the liquidity and turnover ratio of shares listed on the market."
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"The Qatar Financial Markets Authority (QFMA) will soon come out with the procedures and the appropriate mechanisms to regulate the stock split of the listed companies, a move that could lead to better price discovery.
The QFMA has outlined the scheme of splitting shares’ nominal value of the Qatar Stock Exchange-listed companies to QR1 per share (from the present face value of QR10), a move that is set to appeal small investors and enhance liquidity.
This step, which comes as a part of the QFMA’s regulatory and supervisory role over the capital market in the State, seeks to increase the prospects for investment in the financial market, expand the shareholders base, attract more small investors, give more choice opportunities for all participants dealing in the QSE, and increase the liquidity and turnover ratio of shares listed on the market."
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UPDATE 2-Kuwaiti creditor's refusal of Abraaj deal may prompt provisional liquidation -sources | Reuters
UPDATE 2-Kuwaiti creditor's refusal of Abraaj deal may prompt provisional liquidation -sources | Reuters:
"A Kuwaiti creditor’s refusal to agree to a debt settlement with Abraaj could push the private equity firm to seek provisional liquidation, three sources close to the matter told Reuters.
Kuwait’s Public Institution for Social Security (PIFSS) has refused to join other creditors in a debt freeze, complicating Abraaj’s efforts to sell its investment management business to New York-based Cerberus Capital Management, the sources said.
PIFSS said on Thursday that it filed a petition in the Grand Court of the Cayman Islands for the liquidation and winding up of Abraaj Holdings, which is registered there."
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"A Kuwaiti creditor’s refusal to agree to a debt settlement with Abraaj could push the private equity firm to seek provisional liquidation, three sources close to the matter told Reuters.
Kuwait’s Public Institution for Social Security (PIFSS) has refused to join other creditors in a debt freeze, complicating Abraaj’s efforts to sell its investment management business to New York-based Cerberus Capital Management, the sources said.
PIFSS said on Thursday that it filed a petition in the Grand Court of the Cayman Islands for the liquidation and winding up of Abraaj Holdings, which is registered there."
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U.S. lawmakers scramble for way to block Trump deal with China's ZTE
U.S. lawmakers scramble for way to block Trump deal with China's ZTE:
"Saudi Arabia’s Finance Ministry signed an agreement on Thursday to appoint five local banks as primary dealers in local government securities, a statement by the ministry said. The five institutions are Alinma Bank, Bank al-Jazira, National Commercial Bank, Samba Financial Group and Saudi British Bank, the statement said. "
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"Saudi Arabia’s Finance Ministry signed an agreement on Thursday to appoint five local banks as primary dealers in local government securities, a statement by the ministry said. The five institutions are Alinma Bank, Bank al-Jazira, National Commercial Bank, Samba Financial Group and Saudi British Bank, the statement said. "
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Saudi, UAE put economy at heart of alliance with joint investment plans | Reuters
Saudi, UAE put economy at heart of alliance with joint investment plans | Reuters:
"Saudi Arabia and the United Arab Emirates put jobs and investment at the center of their diplomatic alliance, saying on Thursday they would cooperate in areas ranging from energy and agriculture to tourism and financial services.
The countries are already close political allies, fighting efforts by Iran and the Muslim Brotherhood to gain influence in the region. Last year they launched a boycott of Qatar, which they accused of backing terrorism.
A joint statement by the two governments, after a meeting in Jeddah between the crown princes of Saudi Arabia and Abu Dhabi, listed dozens of steps to integrate the Arab world’s two largest economies more closely. "
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"Saudi Arabia and the United Arab Emirates put jobs and investment at the center of their diplomatic alliance, saying on Thursday they would cooperate in areas ranging from energy and agriculture to tourism and financial services.
The countries are already close political allies, fighting efforts by Iran and the Muslim Brotherhood to gain influence in the region. Last year they launched a boycott of Qatar, which they accused of backing terrorism.
A joint statement by the two governments, after a meeting in Jeddah between the crown princes of Saudi Arabia and Abu Dhabi, listed dozens of steps to integrate the Arab world’s two largest economies more closely. "
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MIDEAST STOCKS-Most Gulf markets fall, Dubai dips despite stimulus plan | Reuters
MIDEAST STOCKS-Most Gulf markets fall, Dubai dips despite stimulus plan | Reuters:
"Banking shares dragged down Saudi Arabia’s stock market on Thursday on selling ahead of the Eid holiday, profit-taking also weighed on Dubai shares despite news of new economic stimulus steps. Trading volume was high as retail investors - the majority in Gulf markets - took profits after strong gains in the past few sessions. Eid al-Fitr lasts for about two days and falls at the end of next week. The Saudi main index fell 0.5 percent with National Commercial Bank, the biggest lender, losing 0.5 percent, and Alinma Bank giving up 1.2 percent in heavy trade."
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"Banking shares dragged down Saudi Arabia’s stock market on Thursday on selling ahead of the Eid holiday, profit-taking also weighed on Dubai shares despite news of new economic stimulus steps. Trading volume was high as retail investors - the majority in Gulf markets - took profits after strong gains in the past few sessions. Eid al-Fitr lasts for about two days and falls at the end of next week. The Saudi main index fell 0.5 percent with National Commercial Bank, the biggest lender, losing 0.5 percent, and Alinma Bank giving up 1.2 percent in heavy trade."
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UPDATE 1-Kuwaiti creditor refuses Abraaj deal, could prompt provisional liquidation -sources | Reuters
UPDATE 1-Kuwaiti creditor refuses Abraaj deal, could 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 told Reuters.
The refusal by Kuwait’s Public Institution for Social Security (PIFSS) to join other creditors in a debt freeze could complicate Abraaj’s efforts to sell its investment management business to New York-based Cerberus Capital Management, the sources said.
On Thursday a PIFSS legal notice was published in UAE daily The National, seeking liquidation of Abraaj and the appointment of FTI consulting as liquidators."
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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 told Reuters.
The refusal by Kuwait’s Public Institution for Social Security (PIFSS) to join other creditors in a debt freeze could complicate Abraaj’s efforts to sell its investment management business to New York-based Cerberus Capital Management, the sources said.
On Thursday a PIFSS legal notice was published in UAE daily The National, seeking liquidation of Abraaj and the appointment of FTI consulting as liquidators."
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Oil rises as reality dawns over Venezuela's export crisis | Reuters
Oil rises as reality dawns over Venezuela's export crisis | Reuters:
"Oil rose on Thursday on concerns about a plunge in exports from Venezuela, although surging U.S. production kept gains in check.
Brent crude futures LCOc1 were up 23 cents at $75.59 a barrel by 0900 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was 14 cents higher at $64.87 a barrel.
Venezuela, which faces the threat of U.S. sanctions and is in the midst of an economic crisis, is nearly a month behind delivering crude to customers from its main oil export terminals, according to shipping data, and chronic delays and production declines could breach state-run PDVSA’s supply contracts if backlogs are not cleared soon.
"
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"Oil rose on Thursday on concerns about a plunge in exports from Venezuela, although surging U.S. production kept gains in check.
Brent crude futures LCOc1 were up 23 cents at $75.59 a barrel by 0900 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was 14 cents higher at $64.87 a barrel.
Venezuela, which faces the threat of U.S. sanctions and is in the midst of an economic crisis, is nearly a month behind delivering crude to customers from its main oil export terminals, according to shipping data, and chronic delays and production declines could breach state-run PDVSA’s supply contracts if backlogs are not cleared soon.
"
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MIDEAST STOCKS-Gulf slips early on, Dubai down despite new economic steps | Reuters
MIDEAST STOCKS-Gulf slips early on, Dubai down despite new economic steps | Reuters:
"Energy and petrochemical shares helped to drag down stock markets across the Gulf early on Thursday, with Dubai gaining little benefit from the announcement of fresh economic stimulus steps. Dubai’s index was down 0.4 percent as amusement park operator DXB Entertainments, by far the most heavily traded stock, sank 2.9 percent. The emirate’s government said it would reduce municipal fees, scrap some aviation charges and freeze school costs in the latest of a series of efforts to reduce corporate costs and stimulate economic growth. But it remains unclear whether such steps can revitalise a slumping real estate market."
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"Energy and petrochemical shares helped to drag down stock markets across the Gulf early on Thursday, with Dubai gaining little benefit from the announcement of fresh economic stimulus steps. Dubai’s index was down 0.4 percent as amusement park operator DXB Entertainments, by far the most heavily traded stock, sank 2.9 percent. The emirate’s government said it would reduce municipal fees, scrap some aviation charges and freeze school costs in the latest of a series of efforts to reduce corporate costs and stimulate economic growth. But it remains unclear whether such steps can revitalise a slumping real estate market."
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