First Saudi Arabia ETF launches in Europe | Financial Times:
"The first exchange traded fund offering investors in Europe exposure to Saudi Arabia has been launched by Invesco. The Invesco MSCI Saudi Arabia UCITS ETF, which will be available on the London Stock Exchange, tracks the MSCI Saudi Arabia 20/35 index, which includes 22 companies and equates to around 85 per cent of the free float market in Saudi Arabia. The launch comes amid increasing investor interest in the Gulf state which opened its stock market to foreign investors in 2015."
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Tuesday 19 June 2018
Dubai-based Abraaj has restructuring approved by Cayman Islands court | GulfNews.com
Dubai-based Abraaj has restructuring approved by Cayman Islands court | GulfNews.com:
"The Grand Court of the Cayman Islands has appointed PricewaterCoopers (PwC) as provisional liquidator of Abraaj Holdings and Deloitte as provisional liquidators of Abraaj Investment Management Ltd.
This was revealed by Abraaj Holdings Limited on Tuesday.
Abraaj filed a petition last week in the Cayman Islands, asking the courts there to appoint provisional liquidators for the embattled entities."
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"The Grand Court of the Cayman Islands has appointed PricewaterCoopers (PwC) as provisional liquidator of Abraaj Holdings and Deloitte as provisional liquidators of Abraaj Investment Management Ltd.
This was revealed by Abraaj Holdings Limited on Tuesday.
Abraaj filed a petition last week in the Cayman Islands, asking the courts there to appoint provisional liquidators for the embattled entities."
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Air Arabia disclosure draws investor attention to Abraaj fallout
Air Arabia disclosure draws investor attention to Abraaj fallout:
"Air Arabia’s disclosure that it was an investor in Abraaj has focused investor attention on other market fallout after the buyout firm filed for voluntary liquidation last week.
Air Arabia shares held steady in Tuesday trading, a day after the stock tanked on the revelation the carrier was exposed to Dubai-based Abraaj.
The Sharjah-based carrier’s shares were slightly higher in afternoon trading, after slumping to an 11-month low on Monday."
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"Air Arabia’s disclosure that it was an investor in Abraaj has focused investor attention on other market fallout after the buyout firm filed for voluntary liquidation last week.
Air Arabia shares held steady in Tuesday trading, a day after the stock tanked on the revelation the carrier was exposed to Dubai-based Abraaj.
The Sharjah-based carrier’s shares were slightly higher in afternoon trading, after slumping to an 11-month low on Monday."
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OPEC's Supply Wildcards Elevate Risk of Wrong Call in Vienna - Bloomberg
OPEC's Supply Wildcards Elevate Risk of Wrong Call in Vienna - Bloomberg:
"As OPEC meets to decide whether to increase oil production, the market is focused on the fear that Iran could block a deal. Yet risks are also lurking in a successful outcome to the talks. Saudi Arabia, the group’s biggest member, is intent on reviving crude production as global inventories shrink, prices near $80 a barrel threaten economic growth, and fellow producers Iran and Venezuela face potentially massive supply losses. Deciding the right amount to add will require a tough call on how much sanctions will cut Iran’s exports, and whether the crisis in Venezuela will worsen. Getting it wrong could flood world markets with unwanted supplies, a mistake the Organization of Petroleum Exporting Countries has made before at great cost."
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"As OPEC meets to decide whether to increase oil production, the market is focused on the fear that Iran could block a deal. Yet risks are also lurking in a successful outcome to the talks. Saudi Arabia, the group’s biggest member, is intent on reviving crude production as global inventories shrink, prices near $80 a barrel threaten economic growth, and fellow producers Iran and Venezuela face potentially massive supply losses. Deciding the right amount to add will require a tough call on how much sanctions will cut Iran’s exports, and whether the crisis in Venezuela will worsen. Getting it wrong could flood world markets with unwanted supplies, a mistake the Organization of Petroleum Exporting Countries has made before at great cost."
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Iran rules out OPEC deal as Russia, Saudi push for oil output hike | Reuters
Iran rules out OPEC deal as Russia, Saudi push for oil output hike | Reuters:
"Iran said on Tuesday OPEC was unlikely to reach a deal on oil output this week, setting the stage for a clash with Saudi Arabia and Russia, which are pushing to raise production steeply from July to meet growing global demand.
The Organization of the Petroleum Exporting Countries meets on Friday to set output policy amid calls from U.S. President Donald Trump and China to cool down oil prices and support the global economy by producing more crude.
OPEC’s de facto leader, Saudi Arabia, and non-member Russia have proposed gradually relaxing production cuts - in place since the start of 2017 - while OPEC members Iran, Iraq, Venezuela and Algeria have opposed such a move."
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"Iran said on Tuesday OPEC was unlikely to reach a deal on oil output this week, setting the stage for a clash with Saudi Arabia and Russia, which are pushing to raise production steeply from July to meet growing global demand.
The Organization of the Petroleum Exporting Countries meets on Friday to set output policy amid calls from U.S. President Donald Trump and China to cool down oil prices and support the global economy by producing more crude.
OPEC’s de facto leader, Saudi Arabia, and non-member Russia have proposed gradually relaxing production cuts - in place since the start of 2017 - while OPEC members Iran, Iraq, Venezuela and Algeria have opposed such a move."
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MIDEAST STOCKS-Dubai slips on property and banking shares, Abu Dhabi also down | Reuters
MIDEAST STOCKS-Dubai slips on property and banking shares, Abu Dhabi also down | Reuters:
"Dubai’s main index fell almost 1.5 percent on Tuesday as concerns over trade tensions between the United States and China ricocheted through emerging markets. Asian stocks wilted to a four month low with a nearly 4 percent drop in Chinese stocks as China warned it would retaliate to a threat of new U.S. tariffs on Chinese goods. Property and banking shares dragged down Dubai’s main index as the exchange’s biggest developer Emaar Properties plunged 5.2 percent."
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"Dubai’s main index fell almost 1.5 percent on Tuesday as concerns over trade tensions between the United States and China ricocheted through emerging markets. Asian stocks wilted to a four month low with a nearly 4 percent drop in Chinese stocks as China warned it would retaliate to a threat of new U.S. tariffs on Chinese goods. Property and banking shares dragged down Dubai’s main index as the exchange’s biggest developer Emaar Properties plunged 5.2 percent."
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Saudi Dilemma: Output Boost Could Hurt Its Oil-Based Economy - Bloomberg
Saudi Dilemma: Output Boost Could Hurt Its Oil-Based Economy - Bloomberg:
"Saudi Arabia’s plan to halt the oil-price rally could hurt its economy, depriving the kingdom of billions of dollars in income that it needs more than many other OPEC members.
Although the country’s economy isn’t the most reliant on crude exports among the group’s five biggest producers -- Kuwait gets that distinction -- Saudi Arabia is the only member that will post a significant budget deficit despite higher-than-expected oil prices this year, according to Bloomberg calculations based on International Monetary Fund data.
A decline of just one dollar in average prices this year to $69 a barrel would wipe out any financial benefit for the kingdom if it boosts exports by about 500,000 barrels a day, according to the calculations."
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"Saudi Arabia’s plan to halt the oil-price rally could hurt its economy, depriving the kingdom of billions of dollars in income that it needs more than many other OPEC members.
Although the country’s economy isn’t the most reliant on crude exports among the group’s five biggest producers -- Kuwait gets that distinction -- Saudi Arabia is the only member that will post a significant budget deficit despite higher-than-expected oil prices this year, according to Bloomberg calculations based on International Monetary Fund data.
A decline of just one dollar in average prices this year to $69 a barrel would wipe out any financial benefit for the kingdom if it boosts exports by about 500,000 barrels a day, according to the calculations."
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Abu Dhabi Investment Authority acquires stake in pensions firm | ZAWYA MENA Edition
Abu Dhabi Investment Authority acquires stake in pensions firm | ZAWYA MENA Edition:
"The Abu Dhabi Investment Authority (ADIA) said on Tuesday its private equity department would acquire a stake of up to 21.4 percent in Pension Insurance Corporation Group from funds advised by private equity firm J.C. Flowers & Co. Hamad Shahwan Aldhaheri, executive director of ADIA's private equity department said the investment, subject to regulatory approvals, demonstrates the department's ongoing strategy to seek out "principal investments in market-leading businesses". PIC Group has become one of the world's biggest investors in bulk annuities, which cover the pension obligations of defined benefit, or final salary, pension schemes for staff."
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"The Abu Dhabi Investment Authority (ADIA) said on Tuesday its private equity department would acquire a stake of up to 21.4 percent in Pension Insurance Corporation Group from funds advised by private equity firm J.C. Flowers & Co. Hamad Shahwan Aldhaheri, executive director of ADIA's private equity department said the investment, subject to regulatory approvals, demonstrates the department's ongoing strategy to seek out "principal investments in market-leading businesses". PIC Group has become one of the world's biggest investors in bulk annuities, which cover the pension obligations of defined benefit, or final salary, pension schemes for staff."
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UPDATE 1-ADFG unit offers to buy Abraaj's investment management arm | Reuters
UPDATE 1-ADFG unit offers to buy Abraaj's investment management arm | Reuters:
"A unit of Abu Dhabi Financial Group has made a conditional offer to buy private equity firm Abraaj’s investment management business for $50 million, according to a document reviewed by Reuters.
The offer from Abu Dhabi Capital Management (ADCM) is well below the $125 million offered by New York-based private equity firm Cerberus Capital Management before Dubai-based Abraaj filed for provisional liquidation in the Cayman Islands last week.
It was unclear whether the terms of the offer that Cerberus made were different from the one made by ADCM."
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"A unit of Abu Dhabi Financial Group has made a conditional offer to buy private equity firm Abraaj’s investment management business for $50 million, according to a document reviewed by Reuters.
The offer from Abu Dhabi Capital Management (ADCM) is well below the $125 million offered by New York-based private equity firm Cerberus Capital Management before Dubai-based Abraaj filed for provisional liquidation in the Cayman Islands last week.
It was unclear whether the terms of the offer that Cerberus made were different from the one made by ADCM."
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OPEC sees strong oil market, possible need for more output | Reuters
OPEC sees strong oil market, possible need for more output | Reuters:
"Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the group.
OPEC meets on Friday to decide on output policy amid calls from major consumers such as the United States and China to cool down oil prices and therefore support the global economy by producing more crude.
OPEC’s de facto leader, Saudi Arabia, and non-member Russia have proposed relaxing production cuts gradually, while OPEC members Iran, Iraq, Venezuela and Algeria have opposed such a move. "
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"Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the group.
OPEC meets on Friday to decide on output policy amid calls from major consumers such as the United States and China to cool down oil prices and therefore support the global economy by producing more crude.
OPEC’s de facto leader, Saudi Arabia, and non-member Russia have proposed relaxing production cuts gradually, while OPEC members Iran, Iraq, Venezuela and Algeria have opposed such a move. "
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MIDEAST STOCKS-Dubai slips on Emaar and Air Arabia, Abu Dhabi posts modest gains | Reuters
MIDEAST STOCKS-Dubai slips on Emaar and Air Arabia, Abu Dhabi posts modest gains | Reuters:
"Dubai stocks were down in morning trade on Tuesday, hit by weakness in key property stocks and extended losses in Air Arabia, but Abu Dhabi stocks posted modest gains, coming back from bank-led selling a day earlier. Riyadh, the region’s biggest stock market, and Qatar are closed for holidays to mark the Muslim festival of Eid. Dubai’s index was down 0.3 percent. Shares of Air Arabia were down about 1 percent, after falling sharply a day earlier on concerns about its exposure to private equity firm Abraaj, which has filed for provisional liquidation."
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"Dubai stocks were down in morning trade on Tuesday, hit by weakness in key property stocks and extended losses in Air Arabia, but Abu Dhabi stocks posted modest gains, coming back from bank-led selling a day earlier. Riyadh, the region’s biggest stock market, and Qatar are closed for holidays to mark the Muslim festival of Eid. Dubai’s index was down 0.3 percent. Shares of Air Arabia were down about 1 percent, after falling sharply a day earlier on concerns about its exposure to private equity firm Abraaj, which has filed for provisional liquidation."
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