Dana Gas secures approval of shareholders for sukuk restructuring - The National:
"Dana Gas, the Abu Dhabi-listed energy firm embroiled in a $700 million sukuk dispute, secured on Thursday the approval of the majority of its shareholders to move ahead with its sukuk restructuring programme. “We had 62.3 per cent of the shareholders appearing at the first call, which we’re very pleased about, because we needed substantially more than quorum [more than 50 per cent] and again the shareholders, those who were present voted unanimously in favour of the consensual restructuring of the $700m,” chief executive Patrick Allman-Ward told The National in a phone interview after the firm’s annual general meeting of shareholders. The Sharjah-based firm, which operates gas concessions in Iraq's Kurdistan and Egypt, took the Islamic finance world by surprise last year when it declared its sukuk non-Sharia compliant, plunging it into a long legal battle with its debtholders, which include Blackrock, the world’s largest asset manager and investment bank Goldman Sachs."
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Thursday 21 June 2018
Is the Dubai economy turning the corner?
Is the Dubai economy turning the corner?:
"Is the Dubai economy finally turning the corner? At least one major international bank thinks so.
It follows a move by the emirate's leadership to reboot an economy that has been hit hard by corporate job losses, the introduction of VAT and a slowing real estate sector.
The UAE’s non-oil economy is likely to “turn a corner” next year with Dubai’s Expo 2020 infrastructure projects, changes to visa rules and increased government spending set to boost growth, according to a Bank of America Merrill Lynch (BofAML) research note."
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"Is the Dubai economy finally turning the corner? At least one major international bank thinks so.
It follows a move by the emirate's leadership to reboot an economy that has been hit hard by corporate job losses, the introduction of VAT and a slowing real estate sector.
The UAE’s non-oil economy is likely to “turn a corner” next year with Dubai’s Expo 2020 infrastructure projects, changes to visa rules and increased government spending set to boost growth, according to a Bank of America Merrill Lynch (BofAML) research note."
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OPEC rift deepens as Iran walks out of key meeting in Vienna
OPEC rift deepens as Iran walks out of key meeting in Vienna:
"Iran's oil minister walked out of a key meeting with OPEC peers on Thursday, as a rift deepened with regional rival Saudi over its push to ramp up the cartel's oil output. "I do not think we can reach an agreement," Bijan Namdar Zanganeh told reporters at his Vienna hotel after storming out of talks with a group of ministers on the eve of a crucial OPEC meet. The talks were meant to lay the groundwork for Friday's gathering of the 14-nation Organization of Petroleum Exporting Countries (OPEC), when the cartel will discuss easing a supply-cut deal with 10 partner countries that has cleared a global oil supply glut and pushed crude prices to multi-year highs."
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"Iran's oil minister walked out of a key meeting with OPEC peers on Thursday, as a rift deepened with regional rival Saudi over its push to ramp up the cartel's oil output. "I do not think we can reach an agreement," Bijan Namdar Zanganeh told reporters at his Vienna hotel after storming out of talks with a group of ministers on the eve of a crucial OPEC meet. The talks were meant to lay the groundwork for Friday's gathering of the 14-nation Organization of Petroleum Exporting Countries (OPEC), when the cartel will discuss easing a supply-cut deal with 10 partner countries that has cleared a global oil supply glut and pushed crude prices to multi-year highs."
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Saudi energy minister says Aramco IPO in 2019 would be nice, timing not critical | ZAWYA MENA Edition
Saudi energy minister says Aramco IPO in 2019 would be nice, timing not critical | ZAWYA MENA Edition:
"Saudi Arabian Energy Minister Khalid al-Falih said on Thursday it would be "nice" to see Saudi Aramco floated on the stock exchange next year, but he added the timing was not critical to the Saudi government.
Speaking in Vienna, Falih said Saudi Arabia's Tadawul bourse would be Aramco's primary listing, with an international secondary listing to be determined to some extent by where the market for its products is, which is "shifting to the east"."
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"Saudi Arabian Energy Minister Khalid al-Falih said on Thursday it would be "nice" to see Saudi Aramco floated on the stock exchange next year, but he added the timing was not critical to the Saudi government.
Speaking in Vienna, Falih said Saudi Arabia's Tadawul bourse would be Aramco's primary listing, with an international secondary listing to be determined to some extent by where the market for its products is, which is "shifting to the east"."
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Qatar may increase stake in Rosneft, but no current plans | Reuters
Qatar may increase stake in Rosneft, but no current plans | Reuters:
"Qatar may consider increasing its stake in Rosneft at some point but there are no immediate plans to do so, Faisal Alsuwaidi, a Qatari representative on the Rosneft board of directors, said on Thursday. A joint venture between Qatari sovereign investment fund QIA and Swiss trader Glencore bought 19.5 percent in Rosneft in 2016 and later agreed to sell the bulk of that stake to China’s CEFC in a deal which fell apart. QIA later decided to buy out most of Glencore’s stake in their JV, which will leave Qatar with almost 19 percent stake once the deal is closed."
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"Qatar may consider increasing its stake in Rosneft at some point but there are no immediate plans to do so, Faisal Alsuwaidi, a Qatari representative on the Rosneft board of directors, said on Thursday. A joint venture between Qatari sovereign investment fund QIA and Swiss trader Glencore bought 19.5 percent in Rosneft in 2016 and later agreed to sell the bulk of that stake to China’s CEFC in a deal which fell apart. QIA later decided to buy out most of Glencore’s stake in their JV, which will leave Qatar with almost 19 percent stake once the deal is closed."
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After Gazprom probe, EU investigates Qatar's long-term LNG contracts | Reuters
After Gazprom probe, EU investigates Qatar's long-term LNG contracts | Reuters:
"The European Commission is investigating the bloc’s biggest sea-borne gas supplier Qatar Petroleum over potentially restrictive 20-year supply agreements inhibiting development of a single gas market, its latest challenge to a major gas supplier.
The bloc, having just wrapped up a seven-year market abuse probe into Russian giant Gazprom, said it sought to determine if Qatar’s liquefied natural gas (LNG) supply deals with European utilities barred them from diverting shipments within the region.
So-called destination clauses are a fixture of long-term LNG deals that tie buyers to receiving shipments at a specific port, thereby preventing cargo diversions that could undercut Qatar in a third market. "
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"The European Commission is investigating the bloc’s biggest sea-borne gas supplier Qatar Petroleum over potentially restrictive 20-year supply agreements inhibiting development of a single gas market, its latest challenge to a major gas supplier.
The bloc, having just wrapped up a seven-year market abuse probe into Russian giant Gazprom, said it sought to determine if Qatar’s liquefied natural gas (LNG) supply deals with European utilities barred them from diverting shipments within the region.
So-called destination clauses are a fixture of long-term LNG deals that tie buyers to receiving shipments at a specific port, thereby preventing cargo diversions that could undercut Qatar in a third market. "
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UPDATE 1-UAE regulator asks listed companies to declare exposure to Abraaj | Reuters
UPDATE 1-UAE regulator asks listed companies to declare exposure to Abraaj | Reuters:
"United Arab Emirates’ top securities regulator has asked UAE-listed companies to declare their exposure to Dubai-based private equity firm Abraaj, which filed for provisional liquidation last week. The Securities & Commodities Authority sent a letter earlier this week and companies had until Thursday to submit their responses, Obaid al Zaabi, chief executive of the regulator told Reuters. Air Arabia, a Dubai-listed low cost carrier, said this week it had a $336 million exposure to Abraaj, which is the Middle East’s biggest private equity firm. Shares in the airline plunged because of its links to the company."
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"United Arab Emirates’ top securities regulator has asked UAE-listed companies to declare their exposure to Dubai-based private equity firm Abraaj, which filed for provisional liquidation last week. The Securities & Commodities Authority sent a letter earlier this week and companies had until Thursday to submit their responses, Obaid al Zaabi, chief executive of the regulator told Reuters. Air Arabia, a Dubai-listed low cost carrier, said this week it had a $336 million exposure to Abraaj, which is the Middle East’s biggest private equity firm. Shares in the airline plunged because of its links to the company."
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MIDEAST STOCKS-Saudi gains on MSCI decision, Dubai and Qatar also up | Reuters
MIDEAST STOCKS-Saudi gains on MSCI decision, Dubai and Qatar also up | Reuters:
"Saudi Arabian shares gained on Thursday, reflecting largely positive sentiment across the Gulf, after index provider MSCI announced overnight it would add the kingdom’s stock market to its emerging markets benchmark.
The addition was expected and Saudi Capital Market Authority Chairman Mohammed bin Abdullah Elkuwaiz told reporters it could help attract $40 billion in foreign inflows from funds.
But Kuwait’s index closed down after the MSCI also said that it would include it in its classification review next for a potential move from frontier to emerging markets."
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"Saudi Arabian shares gained on Thursday, reflecting largely positive sentiment across the Gulf, after index provider MSCI announced overnight it would add the kingdom’s stock market to its emerging markets benchmark.
The addition was expected and Saudi Capital Market Authority Chairman Mohammed bin Abdullah Elkuwaiz told reporters it could help attract $40 billion in foreign inflows from funds.
But Kuwait’s index closed down after the MSCI also said that it would include it in its classification review next for a potential move from frontier to emerging markets."
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Dubai’s Abraaj sells LATAM, Africa businesses to Colony Capital
Dubai’s Abraaj sells LATAM, Africa businesses to Colony Capital:
"Dubai-based Abraaj Group agreed to sell its Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business to U.S. investment management firm Colony Capital Inc, the companies said on Thursday.
The agreement comes after months of turmoil at Abraaj in the wake of its dispute with four of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), over the use of their money in a $1 billion healthcare fund. The group has denied it misused the funds.
The sale is part of a provisional liquidation and restructuring as set out in a court order. Financial terms of the deal were not disclosed."
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"Dubai-based Abraaj Group agreed to sell its Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business to U.S. investment management firm Colony Capital Inc, the companies said on Thursday.
The agreement comes after months of turmoil at Abraaj in the wake of its dispute with four of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), over the use of their money in a $1 billion healthcare fund. The group has denied it misused the funds.
The sale is part of a provisional liquidation and restructuring as set out in a court order. Financial terms of the deal were not disclosed."
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Here’s What the Founder of Embattled Abraaj Is Telling His Employees and Friends - Bloomberg
Here’s What the Founder of Embattled Abraaj Is Telling His Employees and Friends - Bloomberg:
"Abraaj, the Dubai-based private equity firm founded by Pakistani financier Arif Naqvi, filed for a court-supervised restructuring earlier this month after investors accused the company of mismanaging their money and creditors pressed for liquidation.
The downfall of what was once one of the most influential private equity firms in the Gulf has sent shock waves through the region’s investment professionals, who are worried that money will become harder to raise and deals more difficult to complete as Abraaj struggles for survival.
In messages sent last week to employees and “friends of Abraaj” announcing that the company was filing for provisional liquidation in the Cayman Islands, Naqvi apologized “unreservedly” for the events that led to the collapse of the buyout firm but denied any intentional wrongdoing."
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"Abraaj, the Dubai-based private equity firm founded by Pakistani financier Arif Naqvi, filed for a court-supervised restructuring earlier this month after investors accused the company of mismanaging their money and creditors pressed for liquidation.
The downfall of what was once one of the most influential private equity firms in the Gulf has sent shock waves through the region’s investment professionals, who are worried that money will become harder to raise and deals more difficult to complete as Abraaj struggles for survival.
In messages sent last week to employees and “friends of Abraaj” announcing that the company was filing for provisional liquidation in the Cayman Islands, Naqvi apologized “unreservedly” for the events that led to the collapse of the buyout firm but denied any intentional wrongdoing."
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Colony Capital Agrees to Buy Some of Abraaj's Key Funds - Bloomberg
Colony Capital Agrees to Buy Some of Abraaj's Key Funds - Bloomberg:
"Colony Capital Inc. agreed to buy some of Abraaj Group’s key funds and oversee others as the Dubai-based private-equity firm attempts a court-supervised restructuring amid allegations of misused funds.
The U.S. asset manager reached an initial agreement to acquire Abraaj’s Latin American, sub-Saharan African, North African and Turkey fund-management businesses, as well as its limited-partnership interests in the underlying funds, Abraaj said in an emailed statement. Staff in eight offices will be transferred as part of the pact.
Abraaj, once one of the developing world’s most influential investors, this week said a court in Cayman Islands appointed provisional liquidators for its holdings and investment management units. The move comes less than five months after some of its investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of money in Abraaj’s healthcare fund."
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"Colony Capital Inc. agreed to buy some of Abraaj Group’s key funds and oversee others as the Dubai-based private-equity firm attempts a court-supervised restructuring amid allegations of misused funds.
The U.S. asset manager reached an initial agreement to acquire Abraaj’s Latin American, sub-Saharan African, North African and Turkey fund-management businesses, as well as its limited-partnership interests in the underlying funds, Abraaj said in an emailed statement. Staff in eight offices will be transferred as part of the pact.
Abraaj, once one of the developing world’s most influential investors, this week said a court in Cayman Islands appointed provisional liquidators for its holdings and investment management units. The move comes less than five months after some of its investors, including the Bill & Melinda Gates Foundation, commissioned an audit to investigate the alleged mismanagement of money in Abraaj’s healthcare fund."
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Saudi Arabia Wins MSCI Upgrade; What Do Investors Think? - Bloomberg
Saudi Arabia Wins MSCI Upgrade; What Do Investors Think? - Bloomberg:
"Investors expect a pick up in liquidity and improvements in corporate governance after MSCI Inc. included the Middle East’s biggest stock market in its emerging-market index. Saudi Arabia’s Tadawul All Share Index has risen 13 percent this year in anticipation of MSCI’s decision, among the best performers in the world. That compares with a 6 percent drop in a gauge that tracks developing-nation equities. Saudi stocks advanced 0.1 percent as of 11:23 a.m. in Riyadh."
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"Investors expect a pick up in liquidity and improvements in corporate governance after MSCI Inc. included the Middle East’s biggest stock market in its emerging-market index. Saudi Arabia’s Tadawul All Share Index has risen 13 percent this year in anticipation of MSCI’s decision, among the best performers in the world. That compares with a 6 percent drop in a gauge that tracks developing-nation equities. Saudi stocks advanced 0.1 percent as of 11:23 a.m. in Riyadh."
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Saudi expects $40 billion foreign fund inflows after MSCI -CMA | Reuters
Saudi expects $40 billion foreign fund inflows after MSCI -CMA | Reuters:
"Saudi Arabia could attract 150 billion riyals ($40 billion) worth of foreign inflows from both passive and active funds, a Saudi official said, after index provider MSCI decided to add the Saudi bourse to its emerging markets benchmark. The MSCI move increases the attractiveness of Saudi Aramco’s planned initial public offering, Mohammed bin Abdullah Elkuwaiz, chairman of Capital Markets Authority (CMA), told a news conference. The listing depends on the company’s readiness and valuation for the deal, but he added the Saudi bourse operator and CMA are making sure that the necessary framework is in place for the IPO, which Saudi officials have earlier said could raise $100 billion."
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"Saudi Arabia could attract 150 billion riyals ($40 billion) worth of foreign inflows from both passive and active funds, a Saudi official said, after index provider MSCI decided to add the Saudi bourse to its emerging markets benchmark. The MSCI move increases the attractiveness of Saudi Aramco’s planned initial public offering, Mohammed bin Abdullah Elkuwaiz, chairman of Capital Markets Authority (CMA), told a news conference. The listing depends on the company’s readiness and valuation for the deal, but he added the Saudi bourse operator and CMA are making sure that the necessary framework is in place for the IPO, which Saudi officials have earlier said could raise $100 billion."
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UPDATE 1-Saudi bourse will be ready for inflows after MSCI EM inclusion, stocks rally | Reuters
UPDATE 1-Saudi bourse will be ready for inflows after MSCI EM inclusion, stocks rally | Reuters:
"Saudi Arabia’s stock exchange will work with stakeholders to ensure the substantial inflows of capital it is expecting in the coming months will not adversely affect the market, the bourse’s chief executive said on Wednesday. Khalid al-Hussan was speaking to Reuters after MSCI said it would include the Tadawul, as the exchange is known, in its emerging markets benchmark, a move that could draw as much as $45 billion of new capital into the kingdom. MSCI’s decision comes three months after another index provider, FTSE Russell, also gave Saudi Arabia emerging market status, a decision it is estimated will yield a further $30 billion of investor capital."
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"Saudi Arabia’s stock exchange will work with stakeholders to ensure the substantial inflows of capital it is expecting in the coming months will not adversely affect the market, the bourse’s chief executive said on Wednesday. Khalid al-Hussan was speaking to Reuters after MSCI said it would include the Tadawul, as the exchange is known, in its emerging markets benchmark, a move that could draw as much as $45 billion of new capital into the kingdom. MSCI’s decision comes three months after another index provider, FTSE Russell, also gave Saudi Arabia emerging market status, a decision it is estimated will yield a further $30 billion of investor capital."
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MIDEAST STOCKS-Saudi shares up on MSCI decision, Dubai listed Air Arabia tumbles | Reuters
MIDEAST STOCKS-Saudi shares up on MSCI decision, Dubai listed Air Arabia tumbles | Reuters:
"Saudi shares rose at the open on Thursday, while Dubai-listed Air Arabia tumbled after the carrier revealed it had an exposure of $336 million to embattled Dubai private equity firm Abraaj. The Tadawul All-Share Index was up 0.3 percent, led by financial shares, after the kingdom’s bourse was granted inclusion by MSCI into the index provider’s emerging markets benchmark. Al Rajhi Bank and the country’s largest lender National Commercial Bank were both up one percent. On the Dubai bourse Air Arabia declined more than six percent, as investors continued to sell shares of the carrier this week since it said on Monday it had appointed a team of experts to ensure the airline’s investment in Abraaj, which has filed for provisional liquidation, is protected."
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"Saudi shares rose at the open on Thursday, while Dubai-listed Air Arabia tumbled after the carrier revealed it had an exposure of $336 million to embattled Dubai private equity firm Abraaj. The Tadawul All-Share Index was up 0.3 percent, led by financial shares, after the kingdom’s bourse was granted inclusion by MSCI into the index provider’s emerging markets benchmark. Al Rajhi Bank and the country’s largest lender National Commercial Bank were both up one percent. On the Dubai bourse Air Arabia declined more than six percent, as investors continued to sell shares of the carrier this week since it said on Monday it had appointed a team of experts to ensure the airline’s investment in Abraaj, which has filed for provisional liquidation, is protected."
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