Swift turn of fortunes pushes Abraaj to edge:
"Last December, Abraaj’s asset management arm was valued at about $800m in a share sale. Today, with founder Arif Naqvi fighting to salvage his reputation after allegations of mishandling investor money, the best offer on the table is $125m. The scale and speed of the value destruction is impressive. Liquidity issues, aggravated by an 18-month delay in the sale of a Pakistani utility, have snowballed into a solvency crisis. His detractors accuse Mr Naqvi of hubris, deferring cost cuts until it was too late, and then failing to calm the rising storm. "
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Wednesday 13 June 2018
Now get a freelancer permit for just Dh7,500 a year | GulfNews.com
Now get a freelancer permit for just Dh7,500 a year | GulfNews.com:
"The TECOM Group has introduced a first-of-its-kind package under which you can become an independent freelancer in the fields of media and education.
The package, which comes for just Dh7,500 a year, is inclusive of the Freelancer Permit and access to a Business Centre. Assistance is also provided if the applicant requires a visa."
'via Blog this'
"The TECOM Group has introduced a first-of-its-kind package under which you can become an independent freelancer in the fields of media and education.
The package, which comes for just Dh7,500 a year, is inclusive of the Freelancer Permit and access to a Business Centre. Assistance is also provided if the applicant requires a visa."
'via Blog this'
QINVEST records $858m of completed exits - The Peninsula Qatar
QINVEST records $858m of completed exits - The Peninsula Qatar:
"QINVEST, Qatar’s leading private investment group and one of the region’s most prominent Islamic financial institutions, yesterday announced the successful exit of a real estate mezzanine murabaha transaction in the US. The transaction, backed by a diversified portfolio of 108 suburban commercial properties located across the USA, generated a realised IRR in excess of 13 percent and further demonstrates QINVEST’s international network and structuring expertise. This transaction brings QINVEST’s track record of completed exits to $858m across 24 transactions and funds with a weighted realised cash IRR of 15.5 percent."
'via Blog this'
"QINVEST, Qatar’s leading private investment group and one of the region’s most prominent Islamic financial institutions, yesterday announced the successful exit of a real estate mezzanine murabaha transaction in the US. The transaction, backed by a diversified portfolio of 108 suburban commercial properties located across the USA, generated a realised IRR in excess of 13 percent and further demonstrates QINVEST’s international network and structuring expertise. This transaction brings QINVEST’s track record of completed exits to $858m across 24 transactions and funds with a weighted realised cash IRR of 15.5 percent."
'via Blog this'
Qatar possesses 'competitive edge' in LNG market: Al-Sada
Qatar possesses 'competitive edge' in LNG market: Al-Sada:
"Qatar possesses a competitive edge over other producers to cater to the liquefied natural gas (LNG) market in view of its having the “first mover advantage” and being “the most cost effective supplier”, said HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada. With a forecast growth of 4-5% in LNG demand in the foreseeable future and with abundant proven gas reserves, it was but natural for Qatar to further monetise its huge gas resources and contribute towards global energy security, al-Sada told S&P Global Platts. He said: “Qatar's excellent track record of being the world's leading LNG supplier over the past more than two decades is well established. It has substantially invested across the entire LNG value chain and has established a name for being a reliable LNG supplier to all corners of the globe, served by its own world's largest LNG fleet comprising 65 LNG Tankers.”"
'via Blog this'
"Qatar possesses a competitive edge over other producers to cater to the liquefied natural gas (LNG) market in view of its having the “first mover advantage” and being “the most cost effective supplier”, said HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada. With a forecast growth of 4-5% in LNG demand in the foreseeable future and with abundant proven gas reserves, it was but natural for Qatar to further monetise its huge gas resources and contribute towards global energy security, al-Sada told S&P Global Platts. He said: “Qatar's excellent track record of being the world's leading LNG supplier over the past more than two decades is well established. It has substantially invested across the entire LNG value chain and has established a name for being a reliable LNG supplier to all corners of the globe, served by its own world's largest LNG fleet comprising 65 LNG Tankers.”"
'via Blog this'
Saudi Aramco Taps Silicon Valley Startup in Plastics Push - Bloomberg
Saudi Aramco Taps Silicon Valley Startup in Plastics Push - Bloomberg:
"Saudi Arabian Oil Co., the world’s biggest oil exporter, struck a deal to use a California startup’s chemical technology in new multi-billion-dollar crude-to-chemical factories. Saudi Aramco, as the oil giant is known, plans to employ Siluria Technologies Inc.’s process for converting natural gas left over from the crude-refining process into ethylene, the primary building block for plastics, according to a joint announcement by the companies on Wednesday. Terms of the deal were not disclosed. Siluria’s technology, known as oxidative methane coupling, is an alternative to the chemical industry’s traditional high-temperature method of processing gas, called cracking. Closely-held Siluria, which is based in San Francisco and has offices in Menlo Park, California, is headed by former Royal Dutch Shell Plc executive Robert Trout."
'via Blog this'
"Saudi Arabian Oil Co., the world’s biggest oil exporter, struck a deal to use a California startup’s chemical technology in new multi-billion-dollar crude-to-chemical factories. Saudi Aramco, as the oil giant is known, plans to employ Siluria Technologies Inc.’s process for converting natural gas left over from the crude-refining process into ethylene, the primary building block for plastics, according to a joint announcement by the companies on Wednesday. Terms of the deal were not disclosed. Siluria’s technology, known as oxidative methane coupling, is an alternative to the chemical industry’s traditional high-temperature method of processing gas, called cracking. Closely-held Siluria, which is based in San Francisco and has offices in Menlo Park, California, is headed by former Royal Dutch Shell Plc executive Robert Trout."
'via Blog this'
Oil Erases Drop as U.S. Crude Inventories Drop Most Since March - Bloomberg
Oil Erases Drop as U.S. Crude Inventories Drop Most Since March - Bloomberg:
"Oil reversed an early decline after a government report showed U.S. crude and fuel inventories tumbled last week. Futures in New York were little changed after the Energy Information Administration said U.S. stockpiles declined 4.14 million barrels, the most since March, counter to an industry report showing an increase. Prices fell as much as 1.3 percent after Russia, which has already started increasing output, was said to suggest that OPEC and its allies be allowed to return production to October 2016 levels within three months, although not all nations would be able to do so."
'via Blog this'
"Oil reversed an early decline after a government report showed U.S. crude and fuel inventories tumbled last week. Futures in New York were little changed after the Energy Information Administration said U.S. stockpiles declined 4.14 million barrels, the most since March, counter to an industry report showing an increase. Prices fell as much as 1.3 percent after Russia, which has already started increasing output, was said to suggest that OPEC and its allies be allowed to return production to October 2016 levels within three months, although not all nations would be able to do so."
'via Blog this'
Investment Corporation of Dubai posts 11.6% increase in yearly net income | ZAWYA MENA Edition
Investment Corporation of Dubai posts 11.6% increase in yearly net income | ZAWYA MENA Edition:
"ICD’s revenue increase was attributed to higher oil and gas revenues Investment Corporation of Dubai (ICD), has posted a 11.6 per cent increase in net income for the year ended 31st December 2017. The net income reached AED24.6 billion, reflecting strong earnings contribution from the banking and financial services segment and the improved performance of the transportation services segment."
'via Blog this'
"ICD’s revenue increase was attributed to higher oil and gas revenues Investment Corporation of Dubai (ICD), has posted a 11.6 per cent increase in net income for the year ended 31st December 2017. The net income reached AED24.6 billion, reflecting strong earnings contribution from the banking and financial services segment and the improved performance of the transportation services segment."
'via Blog this'
Kuwait’s Kufpec taps banks for over $1 billion loan - sources | Reuters
Kuwait’s Kufpec taps banks for over $1 billion loan - sources | Reuters:
"Kuwait Foreign Petroleum Exploration Company (Kufpec), a subsidiary of state-owned Kuwait Petroleum Corporation, is seeking a five-year loan of over $1 billion, banking sources familiar with the mater said. The company has sent a request for proposals to banks for a facility offering an interest margin of less than 100 basis points over the London Interbank Offered Rate (Libor), one of the bankers said. Kufpec, which did not immediately respond to a request for comment, is responsible for exploration, development and production of crude oil and natural gas outside Kuwait."
'via Blog this'
"Kuwait Foreign Petroleum Exploration Company (Kufpec), a subsidiary of state-owned Kuwait Petroleum Corporation, is seeking a five-year loan of over $1 billion, banking sources familiar with the mater said. The company has sent a request for proposals to banks for a facility offering an interest margin of less than 100 basis points over the London Interbank Offered Rate (Libor), one of the bankers said. Kufpec, which did not immediately respond to a request for comment, is responsible for exploration, development and production of crude oil and natural gas outside Kuwait."
'via Blog this'
Trump, Iran spar over oil prices ahead of OPEC meeting | Reuters
Trump, Iran spar over oil prices ahead of OPEC meeting | Reuters:
"U.S. President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran.
Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was “at it again.”
Oil prices have risen by around 60 percent over the last year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started reducing supplies in 2017. The cartel meets June 22-23 in Vienna, and producers are seen as likely to raise production, perhaps before the limits are due to sunset at year-end. "
'via Blog this'
"U.S. President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran.
Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was “at it again.”
Oil prices have risen by around 60 percent over the last year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started reducing supplies in 2017. The cartel meets June 22-23 in Vienna, and producers are seen as likely to raise production, perhaps before the limits are due to sunset at year-end. "
'via Blog this'
Qatar extends $500 million aid package to Jordan: official | Reuters
Qatar extends $500 million aid package to Jordan: official | Reuters:
"Qatar has extended a $500 mln aid package to Jordan that includes investments, project finance and job opportunities for Jordanians, an official source in Amman said on Wednesday.
Two days ago, Qatar’s Gulf neighbours Saudi Arabia and the United Arab Emirates - with which it is embroiled in a diplomatic row - and Kuwait pledged $2.5 billion to help Jordan.
The kingdom’s cash-strapped economy has been hit by regional turmoil and IMF-driven austerity measures triggered a wave of protests over price hikes and subsidy cuts this month that brought down the government."
'via Blog this'
"Qatar has extended a $500 mln aid package to Jordan that includes investments, project finance and job opportunities for Jordanians, an official source in Amman said on Wednesday.
Two days ago, Qatar’s Gulf neighbours Saudi Arabia and the United Arab Emirates - with which it is embroiled in a diplomatic row - and Kuwait pledged $2.5 billion to help Jordan.
The kingdom’s cash-strapped economy has been hit by regional turmoil and IMF-driven austerity measures triggered a wave of protests over price hikes and subsidy cuts this month that brought down the government."
'via Blog this'
MIDEAST STOCKS-Gulf stocks lose steam as investors cut position ahead holidays | Reuters
MIDEAST STOCKS-Gulf stocks lose steam as investors cut position ahead holidays | Reuters:
"Gulf stocks ended lower on Wednesday, led by losses in the Abu Dhabi market as investors cut positions amid low volumes ahead of the holidays for the Muslim festival of Eid. Abu Dhabi stocks ended 2.1 percent lower, led by a 3.5 percent drop in First Abu Dhabi Bank as investors took profit on one of the best performing large-cap stocks this year in the United Arab Emirates (UAE). FAB shares are still up 21 percent so far this year, outperforming a 5 percent rise in Abu Dhabi index."
'via Blog this'
"Gulf stocks ended lower on Wednesday, led by losses in the Abu Dhabi market as investors cut positions amid low volumes ahead of the holidays for the Muslim festival of Eid. Abu Dhabi stocks ended 2.1 percent lower, led by a 3.5 percent drop in First Abu Dhabi Bank as investors took profit on one of the best performing large-cap stocks this year in the United Arab Emirates (UAE). FAB shares are still up 21 percent so far this year, outperforming a 5 percent rise in Abu Dhabi index."
'via Blog this'
Oil must face its future as a declining industry
Oil must face its future as a declining industry:
"The energy transition is going to be expensive. The International Energy Agency estimates that by 2050 the global energy system will require an additional $29tn of capital to be invested — over and above the growth capital required to meet the growing demand for energy globally. Much of that investment will have to come from capital markets. Providing that capital without policy certainty is going to be a challenge. Whilst the 2015 climate agreement in Paris offers some help, we still lack clear policy signals on what the long term price for carbon is going to be, and when there will be an effective mechanism to implement it. Without this certainty, pricing carbon risks and opportunities is going to remain highly complex. In the context of this uncertainty, one of the most challenging sectors for investors is oil and gas. It is especially important for investors here in the UK as the sector makes up over 15 per cent of the FTSE 100."
'via Blog this'
"The energy transition is going to be expensive. The International Energy Agency estimates that by 2050 the global energy system will require an additional $29tn of capital to be invested — over and above the growth capital required to meet the growing demand for energy globally. Much of that investment will have to come from capital markets. Providing that capital without policy certainty is going to be a challenge. Whilst the 2015 climate agreement in Paris offers some help, we still lack clear policy signals on what the long term price for carbon is going to be, and when there will be an effective mechanism to implement it. Without this certainty, pricing carbon risks and opportunities is going to remain highly complex. In the context of this uncertainty, one of the most challenging sectors for investors is oil and gas. It is especially important for investors here in the UK as the sector makes up over 15 per cent of the FTSE 100."
'via Blog this'
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."
'via Blog this'
"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."
'via Blog this'
Russia to Seek Oil-Cuts Rollback for Most OPEC+ Nations - Bloomberg
Russia to Seek Oil-Cuts Rollback for Most OPEC+ Nations - Bloomberg:
"Russia plans to propose that OPEC and its allies be allowed to return production to October 2016 levels, rolling back most but not all of their output cuts within three months, according to a person familiar with Moscow’s thinking. The nations would proportionally share out a 1.8 million barrel-a-day increase to their output limit starting as soon as July, the person said, asking not to be identified because the information isn’t public. The actual boost in supply to the market would be less than that because some states, notably Venezuela, Angola and Mexico, aren’t able to increase, the person said. Russia and Saudi Arabia, leaders of the group of 24 producers, already suggested boosting output to stop prices going any higher and hurting oil demand. Moscow’s new proposal would go further, effectively ending the cuts for any country that has the ability to pump more crude. Such a move would have to be agreed by other members, several of whom have already come out in opposition."
'via Blog this'
"Russia plans to propose that OPEC and its allies be allowed to return production to October 2016 levels, rolling back most but not all of their output cuts within three months, according to a person familiar with Moscow’s thinking. The nations would proportionally share out a 1.8 million barrel-a-day increase to their output limit starting as soon as July, the person said, asking not to be identified because the information isn’t public. The actual boost in supply to the market would be less than that because some states, notably Venezuela, Angola and Mexico, aren’t able to increase, the person said. Russia and Saudi Arabia, leaders of the group of 24 producers, already suggested boosting output to stop prices going any higher and hurting oil demand. Moscow’s new proposal would go further, effectively ending the cuts for any country that has the ability to pump more crude. Such a move would have to be agreed by other members, several of whom have already come out in opposition."
'via Blog this'
UPDATE 1-Abu Dhabi's Mubadala to launch $400 million European tech fund | Reuters
UPDATE 1-Abu Dhabi's Mubadala to launch $400 million European tech fund | Reuters:
"Abu Dhabi’s Mubadala Investment Company said on Wednesday it plans to launch a $400 million fund to invest in leading European technology companies.
The state-owned firm is looking to set up a technology hub in Abu Dhabi, capital of the United Arab Emirates next year, aiming to attract leading tech companies.
It set up a venture capital arm, Mubadala Ventures in late 2017 to oversee and manage the $15 billion commitment to the SoftBank Vision Fund."
'via Blog this'
"Abu Dhabi’s Mubadala Investment Company said on Wednesday it plans to launch a $400 million fund to invest in leading European technology companies.
The state-owned firm is looking to set up a technology hub in Abu Dhabi, capital of the United Arab Emirates next year, aiming to attract leading tech companies.
It set up a venture capital arm, Mubadala Ventures in late 2017 to oversee and manage the $15 billion commitment to the SoftBank Vision Fund."
'via Blog this'
Creditor starts legal proceedings for Abraaj restructuring | Reuters
Creditor starts legal proceedings for Abraaj restructuring | Reuters:
"A creditor of Dubai-based Abraaj has started legal proceedings in the Cayman Islands seeking the restructuring of the private equity firm’s liabilities.
Auctus is the second creditor, after Kuwait’s Public Institution for Social Security (PIFSS), to start legal action in the Cayman Islands, where Abraaj Holdings is registered.
In a statement to Reuters from its representatives, legal firm Kobre & Kim, Auctus Fund Ltd. said it has filed an application that seeks the appointment of “court-approved professionals in the Cayman Islands” to manage the restructuring process."
'via Blog this'
"A creditor of Dubai-based Abraaj has started legal proceedings in the Cayman Islands seeking the restructuring of the private equity firm’s liabilities.
Auctus is the second creditor, after Kuwait’s Public Institution for Social Security (PIFSS), to start legal action in the Cayman Islands, where Abraaj Holdings is registered.
In a statement to Reuters from its representatives, legal firm Kobre & Kim, Auctus Fund Ltd. said it has filed an application that seeks the appointment of “court-approved professionals in the Cayman Islands” to manage the restructuring process."
'via Blog this'
MIDEAST STOCKS-Dubai gains on demand for bank stocks, Abu Dhabi falls | Reuters
MIDEAST STOCKS-Dubai gains on demand for bank stocks, Abu Dhabi falls | Reuters:
"Dubai stocks opened higher in response to selective buying in financial services companies such as Dubai Islamic Bank, but other Gulf markets were mixed with Abu Dhabi falling on profit taking in First Abu Dhabi Bank, while Qatar was flat. Saudi Arabia, the region’s biggest stock market, was closed for holidays during the Muslim festival of Eid, which marks the end of Ramadan. The Dubai index rose 0.1 percent, helped by a 0.6 percent gain in Dubai Islamic Bank (DIB) on optimism about its rights issue."
'via Blog this'
"Dubai stocks opened higher in response to selective buying in financial services companies such as Dubai Islamic Bank, but other Gulf markets were mixed with Abu Dhabi falling on profit taking in First Abu Dhabi Bank, while Qatar was flat. Saudi Arabia, the region’s biggest stock market, was closed for holidays during the Muslim festival of Eid, which marks the end of Ramadan. The Dubai index rose 0.1 percent, helped by a 0.6 percent gain in Dubai Islamic Bank (DIB) on optimism about its rights issue."
'via Blog this'
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