Dubai's Shuaa Capital joins First Abu Dhabi Bank in reporting Abraaj exposure - The National:
Shuaa Capital and Ajman Bank joined a growing list of UAE-listed companies with direct or indirect exposure to Abraaj Group, the embattled private equity firm that has been roiled by allegations of misusing investors' funds.
Dubai's Shuaa Capital and its clients hold a 3.6 per cent stake collectively worth $8.83 million (Dh32.5m) in The Abraaj Buyout Fund II, it said in a statement to the Dubai Financial Market, where its shares are traded.
This includes an amount of "$4.9m for Shuaa Capital and $3.92m for Shuaa Capital's clients", the company said in the bourse filing on Wednesday.
Wednesday, 11 July 2018
Former DSI chief refutes allegations of wrongdoing | GulfNews.com
Former DSI chief refutes allegations of wrongdoing | GulfNews.com:
The former head of Drake & Scull International (DSI) on Wednesday refuted allegations that he owes any money to the construction company.
Khaldoun Al Tabari also refuted suggestions that he was guilty of any wrongdoing.
“I refute in the strongest terms any suggestion that I or my daughter owe Drake & Scull International any money at all, let alone the huge sums mentioned by some media outlets, and any suggestions that the previous management of DSI was guilty of any wrongdoing, impropriety, negligence, or incompetence,” said Khaldoun Al Tabari, who is the former chief executive officer of DSI.
The former head of Drake & Scull International (DSI) on Wednesday refuted allegations that he owes any money to the construction company.
Khaldoun Al Tabari also refuted suggestions that he was guilty of any wrongdoing.
“I refute in the strongest terms any suggestion that I or my daughter owe Drake & Scull International any money at all, let alone the huge sums mentioned by some media outlets, and any suggestions that the previous management of DSI was guilty of any wrongdoing, impropriety, negligence, or incompetence,” said Khaldoun Al Tabari, who is the former chief executive officer of DSI.
Dubai rent, sale prices continue quarterly fall
Dubai rent, sale prices continue quarterly fall:
Dubai’s residential property market witnessed a continued decline in rents and sales prices during the second quarter of 2018 according to a new report on the emirate’s real estate sector.
Figures released by Cavendish Maxwell, in its 2Q 2018 Dubai Market Report, registered quarterly declines of 1.1 percent in residential sales prices and an average 2.5 percent drop in rental values.
International City (Clusters), The Greens in Emirates Living, Discovery Gardens and Al-Furjan witnessed the most pronounced decline.
Dubai’s residential property market witnessed a continued decline in rents and sales prices during the second quarter of 2018 according to a new report on the emirate’s real estate sector.
Figures released by Cavendish Maxwell, in its 2Q 2018 Dubai Market Report, registered quarterly declines of 1.1 percent in residential sales prices and an average 2.5 percent drop in rental values.
International City (Clusters), The Greens in Emirates Living, Discovery Gardens and Al-Furjan witnessed the most pronounced decline.
Saudi Wealth Fund Plans First Multi-Billion Dollar Loan - Bloomberg
Saudi Wealth Fund Plans First Multi-Billion Dollar Loan - Bloomberg:
Saudi Arabia’s sovereign wealth fund has started approaching banks for its first-ever loan, aiming to establish a group of banks with which it will work on future deals, according to people familiar with the matter.
The Public Investment Fund, or PIF, has asked lenders to participate in a multi-billion dollar loan, the people said, asking not to be identified as the information is private. Lenders that participate in the deal will form the core banking group for the PIF, which has ambitions of becoming the world’s largest sovereign fund, the people said.
A spokesman for the PIF declined to comment.
Saudi Arabia’s sovereign wealth fund has started approaching banks for its first-ever loan, aiming to establish a group of banks with which it will work on future deals, according to people familiar with the matter.
The Public Investment Fund, or PIF, has asked lenders to participate in a multi-billion dollar loan, the people said, asking not to be identified as the information is private. Lenders that participate in the deal will form the core banking group for the PIF, which has ambitions of becoming the world’s largest sovereign fund, the people said.
A spokesman for the PIF declined to comment.
Trump’s OPEC Tweets Have Putin Preparing for Oil Talks - Bloomberg
Trump’s OPEC Tweets Have Putin Preparing for Oil Talks - Bloomberg:
When Russian President Vladimir Putin meets Donald Trump next week, he’ll armed to discuss oil production following the U.S. leader’s series of tweets targeting OPEC, according to people familiar with preparations for the summit.
The Kremlin sees Trump as likely to raise the issue of adding crude supplies to the market in a bid to lower gasoline prices before the U.S. elections in November, according to one of the people. While Putin’s spokesman said last week that oil isn’t at the top of the list for the July 16 summit in Helsinki, officials are preparing extensive briefing notes for Putin, the people said, speaking on condition of anonymity.
Crude prices have jumped about 14 percent since April on supply concerns following Trump’s promised renewal of sanctions against Iran and outages at fields in Libya and Venezuela. The Organization of Petroleum Exporting Countries and its partners in production cuts, including Russia, have agreed to boost output to alleviate tightness, but concerns remain that it won’t be enough.
When Russian President Vladimir Putin meets Donald Trump next week, he’ll armed to discuss oil production following the U.S. leader’s series of tweets targeting OPEC, according to people familiar with preparations for the summit.
The Kremlin sees Trump as likely to raise the issue of adding crude supplies to the market in a bid to lower gasoline prices before the U.S. elections in November, according to one of the people. While Putin’s spokesman said last week that oil isn’t at the top of the list for the July 16 summit in Helsinki, officials are preparing extensive briefing notes for Putin, the people said, speaking on condition of anonymity.
Crude prices have jumped about 14 percent since April on supply concerns following Trump’s promised renewal of sanctions against Iran and outages at fields in Libya and Venezuela. The Organization of Petroleum Exporting Countries and its partners in production cuts, including Russia, have agreed to boost output to alleviate tightness, but concerns remain that it won’t be enough.
Abu Dhabi, Al Ain house rents continue to decline | ZAWYA MENA Edition
Abu Dhabi, Al Ain house rents continue to decline | ZAWYA MENA Edition:
Villa and apartment rents recorded a continued decline in Abu Dhabi and Al Ain in Q2 2018, according to Asteco, a property services company.
In Abu Dhabi, apartment and villa rents decreased by two per cent and four per cent in Q2 2018, and witnessed an annual drop of 10 per cent and nine per cent respectively.
The highest drops in the villa rental market since Q2 2017 were registered for Golf Gardens (14 per cent) and Al Raha Gardens (13 per cent).
Villa and apartment rents recorded a continued decline in Abu Dhabi and Al Ain in Q2 2018, according to Asteco, a property services company.
In Abu Dhabi, apartment and villa rents decreased by two per cent and four per cent in Q2 2018, and witnessed an annual drop of 10 per cent and nine per cent respectively.
The highest drops in the villa rental market since Q2 2017 were registered for Golf Gardens (14 per cent) and Al Raha Gardens (13 per cent).
MIDEAST STOCKS-Gulf markets end mixed as oil prices fall on U.S. tariff threat | ZAWYA MENA Edition
MIDEAST STOCKS-Gulf markets end mixed as oil prices fall on U.S. tariff threat | ZAWYA MENA Edition:
Gulf stock markets ended mixed on Wednesday as sentiment was hurt by a more than $2 a barrel drop in Brent crude after United States President Donald Trump threatened new tariffs on China.
Qatar shares , down 0.4 percent, and Oman's index, 1 percent lower, led the declines. But Abu Dhabi .ADI rose 0.5 percent, and Kuwait's premier index added 1.4 percent, extending gains from a day earlier.
Elsewhere, the concern of U.S. tariffs on a further $200 billion of Chinese goods weighed on commodities and Asian stock markets.
Gulf stock markets ended mixed on Wednesday as sentiment was hurt by a more than $2 a barrel drop in Brent crude after United States President Donald Trump threatened new tariffs on China.
Qatar shares , down 0.4 percent, and Oman's index, 1 percent lower, led the declines. But Abu Dhabi .ADI rose 0.5 percent, and Kuwait's premier index added 1.4 percent, extending gains from a day earlier.
Elsewhere, the concern of U.S. tariffs on a further $200 billion of Chinese goods weighed on commodities and Asian stock markets.
FIFA to take legal action against pirated sports channel | Reuters
FIFA to take legal action against pirated sports channel | Reuters:
Soccer’s governing body FIFA said on Wednesday it has engaged legal counsel to take action in Saudi Arabia against television channel beoutQ, which is widely available in the kingdom, for continuing to illegally broadcast the 2018 World Cup.
FIFA last month warned that it was exploring all options to stop the infringement of its rights over beoutQ’s airing of the opening games of the soccer tournament taking place in Russia.
Saudi Arabia says beoutQ is not based in the kingdom and that it has “relentlessly” combated the channel’s activities and is committed to protecting international property rights.
Soccer’s governing body FIFA said on Wednesday it has engaged legal counsel to take action in Saudi Arabia against television channel beoutQ, which is widely available in the kingdom, for continuing to illegally broadcast the 2018 World Cup.
FIFA last month warned that it was exploring all options to stop the infringement of its rights over beoutQ’s airing of the opening games of the soccer tournament taking place in Russia.
Saudi Arabia says beoutQ is not based in the kingdom and that it has “relentlessly” combated the channel’s activities and is committed to protecting international property rights.
Education company GEMS shelves multibillion dollar London IPO: sources | Reuters
Education company GEMS shelves multibillion dollar London IPO: sources | Reuters:
The initial public offering (IPO) of Blackstone-backed (BX.N), Middle East-focused education company GEMS has been shelved, three sources familiar with the matter said.
Sources familiar with the deal had said the London listing was delayed after authorities in Dubai unexpectedly decided to freeze tuition fees, meaning the company’s financial forecasts had to be adjusted.
“Bankers knew this wouldn’t go ahead as GEMS was unsure about its expansion plans, given that many students were leaving as families were packing up due to job losses,” a banker in the region said.
The initial public offering (IPO) of Blackstone-backed (BX.N), Middle East-focused education company GEMS has been shelved, three sources familiar with the matter said.
Sources familiar with the deal had said the London listing was delayed after authorities in Dubai unexpectedly decided to freeze tuition fees, meaning the company’s financial forecasts had to be adjusted.
“Bankers knew this wouldn’t go ahead as GEMS was unsure about its expansion plans, given that many students were leaving as families were packing up due to job losses,” a banker in the region said.
UPDATE 1-Bahrain's economy shrinks in Q1 as oil production sags | Reuters
UPDATE 1-Bahrain's economy shrinks in Q1 as oil production sags | Reuters:
Bahrain’s economy shrank on an annual basis in the first quarter of 2018 for the first time in at least seven years, hit by a fall in oil production, data from the official statistics agency showed on Wednesday.
The figures may increase concern about the health of Bahrain’s economy as it struggles with a current account gap and a large state budget deficit, which have dragged down prices of its international bonds and pushed the Bahraini dinar to a 17-year low against the U.S. dollar late last month.
The dinar then partly recovered after Saudi Arabia, the United Arab Emirates and Kuwait said they would soon announce an assistance programme to support the country’s fiscal stability and economic reforms.
Bahrain’s economy shrank on an annual basis in the first quarter of 2018 for the first time in at least seven years, hit by a fall in oil production, data from the official statistics agency showed on Wednesday.
The figures may increase concern about the health of Bahrain’s economy as it struggles with a current account gap and a large state budget deficit, which have dragged down prices of its international bonds and pushed the Bahraini dinar to a 17-year low against the U.S. dollar late last month.
The dinar then partly recovered after Saudi Arabia, the United Arab Emirates and Kuwait said they would soon announce an assistance programme to support the country’s fiscal stability and economic reforms.
UPDATE 1-Qatar National Bank sees Q2 boost in net interest income | Reuters
UPDATE 1-Qatar National Bank sees Q2 boost in net interest income | Reuters:
Qatar National Bank (QNB) reported a 6.3 percent increase in second-quarter net profit on Wednesday, as a rise in net interest income helped offset an increase in bad loans for the Middle East and Africa’s largest lender.
The bank made a net profit of 3.67 billion riyals ($1.01 billion) in the three months to June 30, compared with 3.45 billion riyals in the corresponding period of 2017, according to a financial statement.
Reuters had earlier calculated the profit rise at 5.7 percent in the initial absence of a quarterly breakdown, with the difference largely due to rounding.
Qatar National Bank (QNB) reported a 6.3 percent increase in second-quarter net profit on Wednesday, as a rise in net interest income helped offset an increase in bad loans for the Middle East and Africa’s largest lender.
The bank made a net profit of 3.67 billion riyals ($1.01 billion) in the three months to June 30, compared with 3.45 billion riyals in the corresponding period of 2017, according to a financial statement.
Reuters had earlier calculated the profit rise at 5.7 percent in the initial absence of a quarterly breakdown, with the difference largely due to rounding.
OPEC sees lower 2019 demand for its oil, points to return of surplus | Reuters
OPEC sees lower 2019 demand for its oil, points to return of surplus | Reuters:
OPEC on Wednesday forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to the return of an oil market surplus despite an OPEC-led pact to restrain supplies.
Giving its first 2019 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.18 million barrels per day (bpd) of crude from its 15 members next year, down 760,000 bpd from this year.
The drop in demand for OPEC crude means there will be less strain on producers such as Saudi Arabia in making up for supply losses such as falling Venezuelan and Libyan output, and an imminent drop in Iranian exports as U.S. sanctions return.
OPEC on Wednesday forecast world demand for its crude will decline next year as growth in consumption slows and rivals pump more, pointing to the return of an oil market surplus despite an OPEC-led pact to restrain supplies.
Giving its first 2019 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.18 million barrels per day (bpd) of crude from its 15 members next year, down 760,000 bpd from this year.
The drop in demand for OPEC crude means there will be less strain on producers such as Saudi Arabia in making up for supply losses such as falling Venezuelan and Libyan output, and an imminent drop in Iranian exports as U.S. sanctions return.
Qatar Is Said to Seek $4 Billion Loan for Typhoon Fighter Jets - Bloomberg
Qatar Is Said to Seek $4 Billion Loan for Typhoon Fighter Jets - Bloomberg:
Qatar is seeking to raise more than $4 billion from banks to finance the purchase of Eurofighter Typhoon combat jets, according to people with knowledge of the matter.
The government is working with financial advisers on the deal that will be backed by export credit agencies, the people said, asking not to be identified because the talks are private. Qatar has invited lenders to participate in the loan and a transaction could be finalized within a month, they said.
The gas-rich Gulf state is also holding talks with banks and credit export agencies from Italy, France and the U.K. to raise billions of dollars in loans for other defense deals, two other people said. A Qatari government official said the Typhoons “will advance Qatar’s strategic efforts towards stability” but that the “method and mechanism of payment has not been decided yet.”
Qatar is seeking to raise more than $4 billion from banks to finance the purchase of Eurofighter Typhoon combat jets, according to people with knowledge of the matter.
The government is working with financial advisers on the deal that will be backed by export credit agencies, the people said, asking not to be identified because the talks are private. Qatar has invited lenders to participate in the loan and a transaction could be finalized within a month, they said.
The gas-rich Gulf state is also holding talks with banks and credit export agencies from Italy, France and the U.K. to raise billions of dollars in loans for other defense deals, two other people said. A Qatari government official said the Typhoons “will advance Qatar’s strategic efforts towards stability” but that the “method and mechanism of payment has not been decided yet.”
Court case over Abraaj founder's bounced cheque adjourned until July 15 | ZAWYA MENA Edition
Court case over Abraaj founder's bounced cheque adjourned until July 15 | ZAWYA MENA Edition:
A case involving the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds was adjourned on Wednesday until July 15 by a court in the United Arab Emirates (UAE).
The adjournment was announced by judge Natheer al-Sousi in a court in Sharjah, one of the seven emirates in the UAE.
The court case relates to a cheque for 177.1 million dirhams ($48 million), signed by Naqvi and a fellow executive, and written to Hamid Jafar, another founding shareholder in Dubai-based Abraaj, a prosecution document showed.
A case involving the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds was adjourned on Wednesday until July 15 by a court in the United Arab Emirates (UAE).
The adjournment was announced by judge Natheer al-Sousi in a court in Sharjah, one of the seven emirates in the UAE.
The court case relates to a cheque for 177.1 million dirhams ($48 million), signed by Naqvi and a fellow executive, and written to Hamid Jafar, another founding shareholder in Dubai-based Abraaj, a prosecution document showed.
UAE firms have up to $1bln exposure to Abraaj Group | ZAWYA MENA Edition
UAE firms have up to $1bln exposure to Abraaj Group | ZAWYA MENA Edition:
UAE businesses and listed companies have an exposure of up to $1 billion to Abraaj Group, which is struggling to regain investor trust in the wake of a criminal case filed against its founder Arif Naqvi in a Sharjah court last month.
Sources said some of the major listed companies have big exposure to the struggling group which allegedly misused investor money in a healthcare fund. The firm has denied the allegations.
According to the sources, Commercial Bank of Dubai, Mashreq Bank, Societe Generale and Commercial Bank International are among secured lenders who have a significant exposure to the embattled group, while Kuwait Pension Funds and Actus Fund figure on the list of unsecured lenders.
UAE businesses and listed companies have an exposure of up to $1 billion to Abraaj Group, which is struggling to regain investor trust in the wake of a criminal case filed against its founder Arif Naqvi in a Sharjah court last month.
Sources said some of the major listed companies have big exposure to the struggling group which allegedly misused investor money in a healthcare fund. The firm has denied the allegations.
According to the sources, Commercial Bank of Dubai, Mashreq Bank, Societe Generale and Commercial Bank International are among secured lenders who have a significant exposure to the embattled group, while Kuwait Pension Funds and Actus Fund figure on the list of unsecured lenders.
Oil falls on trade fears after Trump tariff threat | Reuters
Oil falls on trade fears after Trump tariff threat | Reuters:
Oil prices fell on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China, deepening a trade dispute that could depress energy demand.
The specter of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world’s biggest economies intensified.
Benchmark Brent crude LCOc1 was down $1.50 at $77.36 a barrel by 0815 GMT, having fallen as low as $77.21. U.S. light crude CLc1 was down 60 cents at $73.51.
Oil prices fell on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China, deepening a trade dispute that could depress energy demand.
The specter of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world’s biggest economies intensified.
Benchmark Brent crude LCOc1 was down $1.50 at $77.36 a barrel by 0815 GMT, having fallen as low as $77.21. U.S. light crude CLc1 was down 60 cents at $73.51.
Owners of Saudi schools operator weigh sale of business: sources | Reuters
Owners of Saudi schools operator weigh sale of business: sources | Reuters:
The owners of Ma’arif for Education & Training, the largest owner and operator of private schools in Saudi Arabia, are in talks about selling the business, two sources familiar with the discussions told Reuters on Tuesday.
They are looking at either an outright sale or spinning off assets through a real estate investment trust, the sources said.
Ma’arif, owned by the Al Blehed family, runs more than 100 schools across the kingdom, offering Arabic, British and American curricula, according to its website.
The owners of Ma’arif for Education & Training, the largest owner and operator of private schools in Saudi Arabia, are in talks about selling the business, two sources familiar with the discussions told Reuters on Tuesday.
They are looking at either an outright sale or spinning off assets through a real estate investment trust, the sources said.
Ma’arif, owned by the Al Blehed family, runs more than 100 schools across the kingdom, offering Arabic, British and American curricula, according to its website.
MIDEAST STOCKS-Most Gulf markets open lower on financials, property shares | Reuters
MIDEAST STOCKS-Most Gulf markets open lower on financials, property shares | Reuters:
Gulf markets opened lower on Wednesday as financials weighed on Abu Dhabi and Saudi Arabian shares, while Qatar and Dubai were slightly down.
Abu Dhabi’s index was down 0.5 percent, pulled down by a 0.4 percent drop in First Abu Dhabi Bank (FAB) and a 0.6 percent decline in Emirates Telecom (Etisalat).
Saudi Arabia shares index were down 0.3 percent with Samba Financial Group falling 1.7 percent and National Commercial Bank shedding 0.8 percent.
Gulf markets opened lower on Wednesday as financials weighed on Abu Dhabi and Saudi Arabian shares, while Qatar and Dubai were slightly down.
Abu Dhabi’s index was down 0.5 percent, pulled down by a 0.4 percent drop in First Abu Dhabi Bank (FAB) and a 0.6 percent decline in Emirates Telecom (Etisalat).
Saudi Arabia shares index were down 0.3 percent with Samba Financial Group falling 1.7 percent and National Commercial Bank shedding 0.8 percent.
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