MIDEAST STOCKS-Dubai lifted by new incentives, Qatar hurt by Commercial Bank | Reuters:
"Banking and property shares helped drive up Dubai’s stock market on Sunday, while the Qatari index fell on news that Commercial Bank’s talks to sell its stake in United Arab Bank (UAB) to a UAE investor had failed. Dubai’s benchmark index closed up 0.4 percent after the government announced over the weekend additional measures to boost the economy. Dubai Islamic Bank rose 1.2 percent after it said its 5.1 billion dirhams rights issue was nearly three times oversubscribed, and builder Arabtec surged 5.9 percent after gaining 4.3 percent on Thursday."
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Sunday 10 June 2018
Qatar Airport Cargo Surge Cushions Blow From Saudi-Led Embargo - Bloomberg
Qatar Airport Cargo Surge Cushions Blow From Saudi-Led Embargo - Bloomberg:
"Qatar’s Hamad International Airport may be struggling with dropping passenger numbers amid a travel and trade ban imposed by rival Arab states, but the embargo has spurred air-freight volumes to record highs. The closure of the Mideast nation’s only land border with Saudi Arabia has led to an airlift-style operation to safeguard the supply of goods and produce spanning fresh milk to industrial gear previously transported by truck, Badr Mohammed Al Meer, the airport’s chief operating officer, said in an interview. Freight volumes at the hub, which opened in 2014, jumped 10 percent to 514,000 tons in the first quarter, according to the latest available figures. At the same time, the passenger tally slid 11 percent to 8.73 million and the number of aircraft takeoffs and landings tumbled 17 percent to 52,200."
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"Qatar’s Hamad International Airport may be struggling with dropping passenger numbers amid a travel and trade ban imposed by rival Arab states, but the embargo has spurred air-freight volumes to record highs. The closure of the Mideast nation’s only land border with Saudi Arabia has led to an airlift-style operation to safeguard the supply of goods and produce spanning fresh milk to industrial gear previously transported by truck, Badr Mohammed Al Meer, the airport’s chief operating officer, said in an interview. Freight volumes at the hub, which opened in 2014, jumped 10 percent to 514,000 tons in the first quarter, according to the latest available figures. At the same time, the passenger tally slid 11 percent to 8.73 million and the number of aircraft takeoffs and landings tumbled 17 percent to 52,200."
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Hedge Funds Back Off Oil as Saudis Keep Market on Its Toes - Bloomberg
Hedge Funds Back Off Oil as Saudis Keep Market on Its Toes - Bloomberg:
"Money managers once again cut bets on rising oil prices -- the longest streak of declines since 2013. As investors digest the signals of increasing supplies from Saudi Arabia and Russia, and the U.S. is said to back the idea, futures have slumped 9 percent in less than three weeks. Total positioning on West Texas Intermediate is the lowest in almost a year ahead of an OPEC meeting in Vienna on June 22 and 23. “The commentary out of Saudi Arabia and Russia about easing the supply restrictions just undercut the bullish narrative that had built into the market,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund. “It’s obviously going to be a very contentious meeting.”"
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"Money managers once again cut bets on rising oil prices -- the longest streak of declines since 2013. As investors digest the signals of increasing supplies from Saudi Arabia and Russia, and the U.S. is said to back the idea, futures have slumped 9 percent in less than three weeks. Total positioning on West Texas Intermediate is the lowest in almost a year ahead of an OPEC meeting in Vienna on June 22 and 23. “The commentary out of Saudi Arabia and Russia about easing the supply restrictions just undercut the bullish narrative that had built into the market,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund. “It’s obviously going to be a very contentious meeting.”"
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Dubai gold retailer held for loans default is released- sources | ZAWYA MENA Edition
Dubai gold retailer held for loans default is released- sources | ZAWYA MENA Edition:
"The owner of a Dubai-based gold and jewellery retailer held for defaulting on loans worth about 500 million dirhams ($136 million), has been released, two sources said on Sunday, following local media reports. Indian born M.M. Ramachandran, the owner of Atlas Jewellery, was sentenced to three years in jail by a Dubai court in November 2015. Ramachandran was arrested on August 23 in cases related to suspected bounced cheques, Dubai police told Reuters at the time.
Ramachandran has been released on bail, the sources told Reuters, declining to be named due to the sensitivity of the matter. A spokesman for Dubai Police did not respond to calls. A spokesperson for Atlas Jewellery could not be reached.
The sources said Ramachandran plans to take steps to settle his loans.
"
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"The owner of a Dubai-based gold and jewellery retailer held for defaulting on loans worth about 500 million dirhams ($136 million), has been released, two sources said on Sunday, following local media reports. Indian born M.M. Ramachandran, the owner of Atlas Jewellery, was sentenced to three years in jail by a Dubai court in November 2015. Ramachandran was arrested on August 23 in cases related to suspected bounced cheques, Dubai police told Reuters at the time.
Ramachandran has been released on bail, the sources told Reuters, declining to be named due to the sensitivity of the matter. A spokesman for Dubai Police did not respond to calls. A spokesperson for Atlas Jewellery could not be reached.
The sources said Ramachandran plans to take steps to settle his loans.
"
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DMCC welcomes Afghan bank to trade platform | ZAWYA MENA Edition
DMCC welcomes Afghan bank to trade platform | ZAWYA MENA Edition:
"DMCC, a leading Free Zone and Dubai Government Authority on commodities trade and enterprise, has welcomed the Islamic Bank of Afghanistan as the newest member of its DMCC Tradeflow platform, a dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities. The announcement follows the signing of a memorandum of understanding (MoU) by Sanjeev Dutta, ?executive director, Commodities at DMCC and Amer Khalil ur Rehman, chief executive officer of the Islamic Bank of Afghanistan, at DMCC’s Almas Tower in Dubai. The collaboration will enable the Islamic Bank of Afghanistan to carry out Sharia-compliant Murabaha transactions using DMCC Tradeflow’s platform to take multi-currency trades from across the globe."
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"DMCC, a leading Free Zone and Dubai Government Authority on commodities trade and enterprise, has welcomed the Islamic Bank of Afghanistan as the newest member of its DMCC Tradeflow platform, a dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities. The announcement follows the signing of a memorandum of understanding (MoU) by Sanjeev Dutta, ?executive director, Commodities at DMCC and Amer Khalil ur Rehman, chief executive officer of the Islamic Bank of Afghanistan, at DMCC’s Almas Tower in Dubai. The collaboration will enable the Islamic Bank of Afghanistan to carry out Sharia-compliant Murabaha transactions using DMCC Tradeflow’s platform to take multi-currency trades from across the globe."
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Qatar's Commercial Bank ends UAB stake sale talks with Tabarak | ZAWYA MENA Edition
Qatar's Commercial Bank ends UAB stake sale talks with Tabarak | ZAWYA MENA Edition:
"Qatar's Commercial Bank (CBQ) said on Sunday it has ended talks with United Arab Emirates (UAE)-based Tabarak Investment to buy its 40 percent stake in United Arab Bank UAB.AD , after the pair failed to agree terms. CBQ made the announcement in separate filings on the Abu Dhabi and Doha bourses, without going into detail. The stake has a market value of about $308 million. A spokesman for Tabarak told Reuters that the parties could not agree final terms."
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"Qatar's Commercial Bank (CBQ) said on Sunday it has ended talks with United Arab Emirates (UAE)-based Tabarak Investment to buy its 40 percent stake in United Arab Bank UAB.AD , after the pair failed to agree terms. CBQ made the announcement in separate filings on the Abu Dhabi and Doha bourses, without going into detail. The stake has a market value of about $308 million. A spokesman for Tabarak told Reuters that the parties could not agree final terms."
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MIDEAST STOCKS-Qatar, Saudi down, Dubai lifted by new incentives for investors | Reuters
MIDEAST STOCKS-Qatar, Saudi down, Dubai lifted by new incentives for investors | Reuters:
"Qatar’s stock market was trading down early on Sunday as shares of Commercial Bank fell after talks to sell its stake in United Arab Bank to a UAE investor failed. Saudi Arabia’s index was also down, while Dubai showed some gains after the emirate’s government announced new measures to stimulate the economy. Qatar’s index shed 0.6 percent with Commercial Bank falling 1.9 percent after announcing talks with Tabarak had ended without a deal following months of negotiations. United Arab bank was flat on the Abu Dhabi index."
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"Qatar’s stock market was trading down early on Sunday as shares of Commercial Bank fell after talks to sell its stake in United Arab Bank to a UAE investor failed. Saudi Arabia’s index was also down, while Dubai showed some gains after the emirate’s government announced new measures to stimulate the economy. Qatar’s index shed 0.6 percent with Commercial Bank falling 1.9 percent after announcing talks with Tabarak had ended without a deal following months of negotiations. United Arab bank was flat on the Abu Dhabi index."
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