Moody's: Abu Dhabi's Dh50bn stimulus to be met by rise in oil revenues - The National:
"Abu Dhabi’s plan to invest Dh50 billion ($13.6bn) over three years to stimulate the economy is expected to be covered by an increase in hydrocarbon revenues as rebounding oil prices give the emirate more room to spend. The economic stimulus package will amount to 5 per cent increase in government spending, which can be bridged by petro-dollars if oil prices remain above $60 per barrel during the implementation of the plan, Moody’s Investor Service said in report released on Monday. The measures are not expected to accumulate any additional debt or asset drawdown, it said. “We anticipate the impact of the stimulus package on the government's fiscal strength will be modest,” the rating agency said."
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Tuesday, 12 June 2018
Islamic finance industry assets surpass $2tn-mark
Islamic finance industry assets surpass $2tn-mark:
"The new Islamic Financial Services Industry Stability Report 2018 released by the Islamic Financial Services Board (IFSB) in Kuala Lumpur on June 8 confirms earlier forecasts that the global Islamic finance industry now has surpassed the $2tn-mark in assets across its three main sectors: Banking, capital markets and takaful. Total assets were valued at $2.05tn as of the end of 2017, marking 8.3% growth in US dollar terms year-on-year and reversing the preceding two years of near stagnation of asset value of $1.89tn in 2016 and $1.88tn in 2015. The report says that the strong growth momentum in Islamic finance is mainly owing to the global economic recovery in 2017 which had witnessed its most assured sign of business confidence since the global financial crisis in 2008 among most market participants. An increase in investment activities and manufacturing output, as well as some respite for oil-producing and oil-exporting countries from the improvement in crude oil prices during the second half of 2017 were also part of the positive picture."
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"The new Islamic Financial Services Industry Stability Report 2018 released by the Islamic Financial Services Board (IFSB) in Kuala Lumpur on June 8 confirms earlier forecasts that the global Islamic finance industry now has surpassed the $2tn-mark in assets across its three main sectors: Banking, capital markets and takaful. Total assets were valued at $2.05tn as of the end of 2017, marking 8.3% growth in US dollar terms year-on-year and reversing the preceding two years of near stagnation of asset value of $1.89tn in 2016 and $1.88tn in 2015. The report says that the strong growth momentum in Islamic finance is mainly owing to the global economic recovery in 2017 which had witnessed its most assured sign of business confidence since the global financial crisis in 2008 among most market participants. An increase in investment activities and manufacturing output, as well as some respite for oil-producing and oil-exporting countries from the improvement in crude oil prices during the second half of 2017 were also part of the positive picture."
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Saudi Arabia said it raised oil output above 10m b/d — Opec report
Saudi Arabia said it raised oil output above 10m b/d — Opec report:
"Saudi Arabia said it has raised its production above 10m barrels a day — the highest in months — adding to the view that the kingdom is considering partially unwinding a supply cut deal among global producers.
The move, directly communicated to Opec for its monthly market report, comes ahead of next week’s meeting of energy ministers in Vienna and follows a quiet request from the US that producers raise production to compensate for any losses from Iran due to the reimposition of oil sanctions and keep prices in check.
The kingdom told Opec it had raised output to 10.03m barrels a day in May, up by 161,400 barrels from the previous month. Brent crude had risen above $80 a barrel in recent weeks, but has since retreated to around $77 a barrel."
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"Saudi Arabia said it has raised its production above 10m barrels a day — the highest in months — adding to the view that the kingdom is considering partially unwinding a supply cut deal among global producers.
The move, directly communicated to Opec for its monthly market report, comes ahead of next week’s meeting of energy ministers in Vienna and follows a quiet request from the US that producers raise production to compensate for any losses from Iran due to the reimposition of oil sanctions and keep prices in check.
The kingdom told Opec it had raised output to 10.03m barrels a day in May, up by 161,400 barrels from the previous month. Brent crude had risen above $80 a barrel in recent weeks, but has since retreated to around $77 a barrel."
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Report Describes Dubai Real Estate as Money-laundering Haven - Bloomberg
Report Describes Dubai Real Estate as Money-laundering Haven - Bloomberg:
"War profiteers, terror financiers and drug traffickers sanctioned by the U.S. in recent years have used Dubai's real-estate market as a haven for their assets, a new report released Tuesday alleges. The report by the Washington-based Center for Advanced Defense Studies, relying on leaked property data from the city-state, offers evidence to support the long-whispered rumors about Dubai's real-estate boom. It identifies some $100 million in suspicious purchases of apartments and villas across the city of skyscrapers in the United Arab Emirates, where foreign ownership fuels construction that now outpaces local demand. The government-run Dubai Media Office said it could not comment on the report."
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"War profiteers, terror financiers and drug traffickers sanctioned by the U.S. in recent years have used Dubai's real-estate market as a haven for their assets, a new report released Tuesday alleges. The report by the Washington-based Center for Advanced Defense Studies, relying on leaked property data from the city-state, offers evidence to support the long-whispered rumors about Dubai's real-estate boom. It identifies some $100 million in suspicious purchases of apartments and villas across the city of skyscrapers in the United Arab Emirates, where foreign ownership fuels construction that now outpaces local demand. The government-run Dubai Media Office said it could not comment on the report."
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Abraaj Holdings Plans to File for Provisional Liquidation - Bloomberg
Abraaj Holdings Plans to File for Provisional Liquidation - Bloomberg:
"Abraaj Holdings, once one of the developing world’s most influential investors, plans to file for provisional liquidation in the Cayman Islands as early as this week as it battles allegations of misused funds, according to people with knowledge of the matter.
The Dubai-based investment firm plans to file before June 29 when a court hearing of a petition to liquidate Abraaj Holdings by Kuwait’s Public Institution for Social Security is scheduled, the people said, asking not to be identified because the matter is private. No final decisions have been taken on the timing for the filing, the people said.
A court-supervised provisional liquidation would allow Abraaj to restructure debt, negotiate with creditors and sell assets, the people said. It would also allow a moratorium on the holding company’s unsecured claims, they said."
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"Abraaj Holdings, once one of the developing world’s most influential investors, plans to file for provisional liquidation in the Cayman Islands as early as this week as it battles allegations of misused funds, according to people with knowledge of the matter.
The Dubai-based investment firm plans to file before June 29 when a court hearing of a petition to liquidate Abraaj Holdings by Kuwait’s Public Institution for Social Security is scheduled, the people said, asking not to be identified because the matter is private. No final decisions have been taken on the timing for the filing, the people said.
A court-supervised provisional liquidation would allow Abraaj to restructure debt, negotiate with creditors and sell assets, the people said. It would also allow a moratorium on the holding company’s unsecured claims, they said."
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America's Gas Exports May Double Prices by 2040 - Bloomberg
America's Gas Exports May Double Prices by 2040 - Bloomberg:
"Exports of U.S. liquefied natural gas may double prices for the fuel by 2040, but rising output and better trade balances will soften the blow to consumers, according to a study commissioned by the Energy Department. There’s an almost 50 percent chance of gas reaching $5 to $6.50 per million British thermal units over the next two decades, the study shows. But shipments of LNG overseas will boost the U.S. economy, while higher output will meet most of the export boost, according to the report, conducted by NERA Economic Consulting. The U.S. is already shipping record amounts of super-cooled natural gas overseas as production from shale basins surges. The nation is now a net exporter of the fuel for the first time since the 1950s, putting the U.S. on course to rival Qatar and Australia for global LNG dominance in the next five years as new Gulf Coast terminals start up."
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"Exports of U.S. liquefied natural gas may double prices for the fuel by 2040, but rising output and better trade balances will soften the blow to consumers, according to a study commissioned by the Energy Department. There’s an almost 50 percent chance of gas reaching $5 to $6.50 per million British thermal units over the next two decades, the study shows. But shipments of LNG overseas will boost the U.S. economy, while higher output will meet most of the export boost, according to the report, conducted by NERA Economic Consulting. The U.S. is already shipping record amounts of super-cooled natural gas overseas as production from shale basins surges. The nation is now a net exporter of the fuel for the first time since the 1950s, putting the U.S. on course to rival Qatar and Australia for global LNG dominance in the next five years as new Gulf Coast terminals start up."
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Qatar's Nakilat, Excelerate sign deal on JV, FSRU stake | Reuters
Qatar's Nakilat, Excelerate sign deal on JV, FSRU stake | Reuters:
"Qatar Gas Transport Company (NAKILAT) said on Tuesday it had signed an agreement with U.S. firm Excelerate Energy to form a joint-venture company and acquire a 55 percent interest in a floating storage regasification unit (FSRU). “This acquisition is pivotal to the state of Qatar, as this is the first FSRU co-owned by a Qatari company, which paves the way for Qatari liquefied natural gas (LNG) to expand its outreach to developing and emerging markets,” Qatar’s Energy Minister Mohammed al-Sada said in a statement. “This will enable Nakilat to widen its international outreach and thus, secure its industry-leading position in the dynamic and competitive LNG market.”"
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"Qatar Gas Transport Company (NAKILAT) said on Tuesday it had signed an agreement with U.S. firm Excelerate Energy to form a joint-venture company and acquire a 55 percent interest in a floating storage regasification unit (FSRU). “This acquisition is pivotal to the state of Qatar, as this is the first FSRU co-owned by a Qatari company, which paves the way for Qatari liquefied natural gas (LNG) to expand its outreach to developing and emerging markets,” Qatar’s Energy Minister Mohammed al-Sada said in a statement. “This will enable Nakilat to widen its international outreach and thus, secure its industry-leading position in the dynamic and competitive LNG market.”"
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Exclusive: Saudi Aramco eyes partnerships as it expands refining, petrochems | Reuters
Exclusive: Saudi Aramco eyes partnerships as it expands refining, petrochems | Reuters:
"Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand.
Aramco, the world’s biggest oil producer, is expanding its footprint globally by signing downstream deals and boosting the capacity of its plants, ahead of an initial public offering next year - the largest IPO in history.
The state oil giant is moving ahead with multi-billion-dollar projects in China, India and Malaysia and aims to finalize new partnerships this year, Abdulaziz al-Judaimi, Aramco’s senior vice president for downstream, told Reuters. "
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"Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand.
Aramco, the world’s biggest oil producer, is expanding its footprint globally by signing downstream deals and boosting the capacity of its plants, ahead of an initial public offering next year - the largest IPO in history.
The state oil giant is moving ahead with multi-billion-dollar projects in China, India and Malaysia and aims to finalize new partnerships this year, Abdulaziz al-Judaimi, Aramco’s senior vice president for downstream, told Reuters. "
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MIDEAST STOCKS-Oil price supports Saudi; Dubai falls on profit-taking | Reuters
MIDEAST STOCKS-Oil price supports Saudi; Dubai falls on profit-taking | Reuters:
"Gulf stocks ended mixed on Tuesday, with the Saudi market supported by higher oil prices while Dubai and Qatar fell on profit-taking amid slack trade ahead of Eid. Markets struggled to keep up momentum two days before the start of the Muslim holiday, with the Dubai index easing by 0.6 percent to 3,079 points, weighed down by property, banking and logistics stocks. Emaar Properties, Dubai’s biggest developer, lost 0.8 percent while Commercial Bank of Dubai and courier company Aramex fell by 4.7 percent and 2.4 percent respectively."
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"Gulf stocks ended mixed on Tuesday, with the Saudi market supported by higher oil prices while Dubai and Qatar fell on profit-taking amid slack trade ahead of Eid. Markets struggled to keep up momentum two days before the start of the Muslim holiday, with the Dubai index easing by 0.6 percent to 3,079 points, weighed down by property, banking and logistics stocks. Emaar Properties, Dubai’s biggest developer, lost 0.8 percent while Commercial Bank of Dubai and courier company Aramex fell by 4.7 percent and 2.4 percent respectively."
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GEMS Plans to Delay IPO After Dubai’s Freeze on School Fees - Bloomberg
GEMS Plans to Delay IPO After Dubai’s Freeze on School Fees - Bloomberg:
"GEMS Education, the Dubai-based school operator backed by Blackstone Group LP, is planning to delay an initial public offering after the local government unexpectedly said it would freeze school fees, according to people with knowledge of the matter.
The closely held company is studying the potential impact on its earnings projections following the authorities’ decision to keep private school fees unchanged for a year, the people said, asking not to be identified because the matter is private. GEMS may revisit the share offering later in the year or consider selling a stake to a single buyer, they said.
Representatives for GEMS and Blackstone declined to comment."
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"GEMS Education, the Dubai-based school operator backed by Blackstone Group LP, is planning to delay an initial public offering after the local government unexpectedly said it would freeze school fees, according to people with knowledge of the matter.
The closely held company is studying the potential impact on its earnings projections following the authorities’ decision to keep private school fees unchanged for a year, the people said, asking not to be identified because the matter is private. GEMS may revisit the share offering later in the year or consider selling a stake to a single buyer, they said.
Representatives for GEMS and Blackstone declined to comment."
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Qatari Royal Urges Quicker Reforms as Doha Vies for Investors - Bloomberg
Qatari Royal Urges Quicker Reforms as Doha Vies for Investors - Bloomberg:
"Qatar shouldn’t be lulled by rising oil prices and the fading effect of a Saudi-led boycott if it wants to challenge rivals to become a regional trade hub, a leading businessman who once helped to steer the country’s economy said. Sheikh Mohamed A. Althani, a former economy minister and now chairman of Mohajl Group, urged the government to maintain new trade routes that developed as a result of the embargo, and to open the gas-rich economy further and faster. His observations are a rare assessment of the government’s handling of the Gulf crisis by a business owner and royal. Although Qatar handled things well during the embargo, it needs to press on with reforms, Sheikh Mohamed said. In the past, when oil was over $100 a barrel and money was easy, some officials would drag their feet rather than introduce changes, and they shouldn’t fall back into that pattern, he said. "
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"Qatar shouldn’t be lulled by rising oil prices and the fading effect of a Saudi-led boycott if it wants to challenge rivals to become a regional trade hub, a leading businessman who once helped to steer the country’s economy said. Sheikh Mohamed A. Althani, a former economy minister and now chairman of Mohajl Group, urged the government to maintain new trade routes that developed as a result of the embargo, and to open the gas-rich economy further and faster. His observations are a rare assessment of the government’s handling of the Gulf crisis by a business owner and royal. Although Qatar handled things well during the embargo, it needs to press on with reforms, Sheikh Mohamed said. In the past, when oil was over $100 a barrel and money was easy, some officials would drag their feet rather than introduce changes, and they shouldn’t fall back into that pattern, he said. "
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UPDATE 1-Malaysia's top prosecutor studying possible criminal and civil action related to 1MDB probe | Reuters
UPDATE 1-Malaysia's top prosecutor studying possible criminal and civil action related to 1MDB probe | Reuters:
"Malaysia’s attorney general on Tuesday said his office was studying possible criminal and civil action in the 1Malaysia Development Berhad (1MDB) case, after receiving investigation papers on the state fund from the anti-graft agency. Malaysia reopened a probe into 1MDB following a stunning election victory last month by 92-year-old Mahathir Mohamad, who has vowed to bring back funds allegedly siphoned from 1MDB and punish those responsible. Former prime minister Najib Razak, who founded 1MDB, is the subject of a money laundering probe. Najib has consistently denied wrongdoing. On Monday he said he did not benefit or steal money from 1MDB."
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"Malaysia’s attorney general on Tuesday said his office was studying possible criminal and civil action in the 1Malaysia Development Berhad (1MDB) case, after receiving investigation papers on the state fund from the anti-graft agency. Malaysia reopened a probe into 1MDB following a stunning election victory last month by 92-year-old Mahathir Mohamad, who has vowed to bring back funds allegedly siphoned from 1MDB and punish those responsible. Former prime minister Najib Razak, who founded 1MDB, is the subject of a money laundering probe. Najib has consistently denied wrongdoing. On Monday he said he did not benefit or steal money from 1MDB."
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OPEC will squeeze oil buffer to historic lows with an output hike | Reuters
OPEC will squeeze oil buffer to historic lows with an output hike | Reuters:
"The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price spike from any supply disruption.
Spare capacity is the extra production oil producing states can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage.
That buffer could shrink from more than 3 percent of global demand now to about 2 percent, its lowest since at least 1984, if the Organization of the Petroleum Exporting Countries, Russia and other producers decide to increase output when they meet on June 22-23, U.S. bank Jefferies said. "
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"The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price spike from any supply disruption.
Spare capacity is the extra production oil producing states can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage.
That buffer could shrink from more than 3 percent of global demand now to about 2 percent, its lowest since at least 1984, if the Organization of the Petroleum Exporting Countries, Russia and other producers decide to increase output when they meet on June 22-23, U.S. bank Jefferies said. "
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MIDEAST STOCKS-Dubai gives up fresh early gains before Eid | Reuters
MIDEAST STOCKS-Dubai gives up fresh early gains before Eid | Reuters:
"Dubai stocks edged higher in early trade on Tuesday, then retreated amid slack trade in the build up to the Eid holiday and some profit taking. Traders had taken heart from the emirate’s decision to cut local government fees on sales at hotels and restaurants. “Anything to revive the competitive scale of the business environment is considered positive,” said Tariq Qaqish, managing director of the asset-management division at Mena Corp. But the market struggled to keep up momentum two days before the start of the Muslim holiday."
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"Dubai stocks edged higher in early trade on Tuesday, then retreated amid slack trade in the build up to the Eid holiday and some profit taking. Traders had taken heart from the emirate’s decision to cut local government fees on sales at hotels and restaurants. “Anything to revive the competitive scale of the business environment is considered positive,” said Tariq Qaqish, managing director of the asset-management division at Mena Corp. But the market struggled to keep up momentum two days before the start of the Muslim holiday."
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NBK Capital, IHC announce closing of private placement of 35% of capital | ZAWYA MENA Edition
NBK Capital, IHC announce closing of private placement of 35% of capital | ZAWYA MENA Edition:
"Watani Investment Company (NBK Capital) and Integrated Holding Company (IHC), the largest crane operator in the Middle East focused on the oil, gas and energy sectors, announced the successful closing of the private placement of 35% of the company’s capital, with over-subscription exceeding 230%. Led by Watani Investment Company (NBK Capital) as the Lead Manager, the private placement of around 76 million shares of Integrated Holding Company was undertaken at a price of 730 fils per share and raised more than KD 130 million. The number of investors in the private placement exceeded 1,000, making the company eligible to list on Boursa Kuwait’s premier market. The listing of the company will provide an opportunity for investors to participate in one of the most promising sectors locally and globally. This was announced during a press conference jointly organized by NBK Capital and Integrated Holding Company to announce the successful closing of the private placement of secondary shares of Integrated Holding Company in preparation for listing on Boursa Kuwait’s premier market. "
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"Watani Investment Company (NBK Capital) and Integrated Holding Company (IHC), the largest crane operator in the Middle East focused on the oil, gas and energy sectors, announced the successful closing of the private placement of 35% of the company’s capital, with over-subscription exceeding 230%. Led by Watani Investment Company (NBK Capital) as the Lead Manager, the private placement of around 76 million shares of Integrated Holding Company was undertaken at a price of 730 fils per share and raised more than KD 130 million. The number of investors in the private placement exceeded 1,000, making the company eligible to list on Boursa Kuwait’s premier market. The listing of the company will provide an opportunity for investors to participate in one of the most promising sectors locally and globally. This was announced during a press conference jointly organized by NBK Capital and Integrated Holding Company to announce the successful closing of the private placement of secondary shares of Integrated Holding Company in preparation for listing on Boursa Kuwait’s premier market. "
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Report describes Dubai real estate as money-laundering haven
Report describes Dubai real estate as money-laundering haven:
"War profiteers, terror financiers and drug traffickers sanctioned by the U.S. in recent years have used Dubai’s real-estate market as a haven for their assets, a new report released Tuesday alleges. The report by the Washington-based Center for Advanced Defense Studies, relying on leaked property data from the city-state, offers evidence to support the long-whispered rumors about Dubai’s real-estate boom. It identifies some $100 million in suspicious purchases of apartments and villas across the city of skyscrapers in the United Arab Emirates, where foreign ownership fuels construction that now outpaces local demand. The government-run Dubai Media Office said it could not comment on the report. "
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"War profiteers, terror financiers and drug traffickers sanctioned by the U.S. in recent years have used Dubai’s real-estate market as a haven for their assets, a new report released Tuesday alleges. The report by the Washington-based Center for Advanced Defense Studies, relying on leaked property data from the city-state, offers evidence to support the long-whispered rumors about Dubai’s real-estate boom. It identifies some $100 million in suspicious purchases of apartments and villas across the city of skyscrapers in the United Arab Emirates, where foreign ownership fuels construction that now outpaces local demand. The government-run Dubai Media Office said it could not comment on the report. "
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