Dubai lenders Mashreq, CBD join FAB in declaring Abraaj exposure - The National:
Commercial Bank of Dubai and Mashreq Bank are the latest lenders to disclose their exposure to embattled private equity firm Abraaj Group that is reeling under allegations of misusing investors funds.
Dubai-headquartered CBD has $166.25m (Dh611.8m) worth of exposure to the buyout firm through “secure credit facilities," it said on Thursday in a statement to Dubai Financial Market. Mashreq owns 16.7 million shares in Abraaj Holding valued at Dh66.03m, the lender said in a separate statement to the bourse. The bank also holds 12.5 million shares in Menasa Capital Holding, a Dubai International Financial Centre subsidiary of Abraaj, worth Dh459,125, it said.
"Based on the disclosures made so far, it seems that for most banks the impact is manageable," Shabbir Malik, banking analyst at EFG-Hermes, said. "For Mashreq and most banks who disclosed exposure to Abraaj, there should not be a material impact on their profitability."
Thursday 12 July 2018
QNB Group’s net profit grows by 7% in H1, 2018 - The Peninsula Qatar
QNB Group’s net profit grows by 7% in H1, 2018 - The Peninsula Qatar:
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, recorded a net profit of QR7.1bn ($1.9bn) for the first half of 2018, reflecting a 7 percent growth compared to last year.
Driven by loans and advances, the QNB’s total assets increased by 10 percent from June 2017 to reach QR846bn ($232bn), the highest ever achieved by the Group.
The loans and advances grew by 9 percent to reach QR604bn ($166bn). This was mainly funded by customer deposits which increased by 9 percent to reach QR614bn ($169bn) from June 2017. This helped to maintain QNB Group’s loans to deposits ratio at 98.4 percent as at June 30, 2018.
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, recorded a net profit of QR7.1bn ($1.9bn) for the first half of 2018, reflecting a 7 percent growth compared to last year.
Driven by loans and advances, the QNB’s total assets increased by 10 percent from June 2017 to reach QR846bn ($232bn), the highest ever achieved by the Group.
The loans and advances grew by 9 percent to reach QR604bn ($166bn). This was mainly funded by customer deposits which increased by 9 percent to reach QR614bn ($169bn) from June 2017. This helped to maintain QNB Group’s loans to deposits ratio at 98.4 percent as at June 30, 2018.
Mubadala Is in Talks With Potential Bidders for Cepsa - Bloomberg
Mubadala Is in Talks With Potential Bidders for Cepsa - Bloomberg:
Mubadala Investment Co. is holding talks with potential bidders for its Spanish oil company Cepsa Trading SA as it weighs alternatives to an initial public offering planned for later this year, according to people familiar with the matter.
Investment firms including CVC Capital Partners and Blackstone Group LP as well as industry players may be interested in part or all of the company, which could be valued at about 10 billion euros ($11.7 billion) in either an IPO or a sale, the people said, asking not to be identified because the discussions are private.
No final decisions have been made as Mubadala continues to prepare for the listing, the people said. Discussions are at an early stage, they said. A spokesman for Mubadala referred to a statement that Musabbeh Al Kaabi, the head of the firm’s petroleum and petrochemicals platform, made in a March interview with English-language U.A.E. newspaper, the National. In it, Al Kabbi said they’re exploring options for Cepsa including a listing in Spain or bringing in a strategic partner. The spokesman declined to comment further.
Mubadala Investment Co. is holding talks with potential bidders for its Spanish oil company Cepsa Trading SA as it weighs alternatives to an initial public offering planned for later this year, according to people familiar with the matter.
Investment firms including CVC Capital Partners and Blackstone Group LP as well as industry players may be interested in part or all of the company, which could be valued at about 10 billion euros ($11.7 billion) in either an IPO or a sale, the people said, asking not to be identified because the discussions are private.
No final decisions have been made as Mubadala continues to prepare for the listing, the people said. Discussions are at an early stage, they said. A spokesman for Mubadala referred to a statement that Musabbeh Al Kaabi, the head of the firm’s petroleum and petrochemicals platform, made in a March interview with English-language U.A.E. newspaper, the National. In it, Al Kabbi said they’re exploring options for Cepsa including a listing in Spain or bringing in a strategic partner. The spokesman declined to comment further.
RAK Ceramics weighing up acquisition opportunities | ZAWYA MENA Edition
RAK Ceramics weighing up acquisition opportunities | ZAWYA MENA Edition:
RAK Ceramics is set to hit the acquisition trail as the company seeks to move back onto a growth footing after spending the past three years implementing a 'value creation plan'.
Speaking to Zawya at the company's headquarters in Ras Al Khaimah in May, chief executive Abdallah Massaad said that any potential target would have to operate within its core markets of tiles, tableware and sanitaryware.
"This is the core business. We are not looking to invest in other than our core business products," Massaad said.
RAK Ceramics is set to hit the acquisition trail as the company seeks to move back onto a growth footing after spending the past three years implementing a 'value creation plan'.
Speaking to Zawya at the company's headquarters in Ras Al Khaimah in May, chief executive Abdallah Massaad said that any potential target would have to operate within its core markets of tiles, tableware and sanitaryware.
"This is the core business. We are not looking to invest in other than our core business products," Massaad said.
Some investors want new Abraaj review, potentially delaying key sale - document | Reuters
Some investors want new Abraaj review, potentially delaying key sale - document | Reuters:
Some investors in funds managed by Dubai-based Abraaj want to block the sale of assets to Colony Capital pending a review of Abraaj’s handling of funds, according to a report seen by Reuters, potentially delaying a deal key to the survival of the investment management business.
United States-based Colony offered last month to buy the fund management unit that runs Abraaj’s Latin America, Sub Saharan Africa, North Africa and Turkey funds after months of turmoil at Abraaj triggered by a dispute with investors over the use of their money in a $1 billion healthcare fund.
Abraaj denies any wrongdoing, but the row has weighed heavily on the Middle East and Africa’s largest private equity firm, which filed for provisional liquidation in the Cayman Islands last month.
Some investors in funds managed by Dubai-based Abraaj want to block the sale of assets to Colony Capital pending a review of Abraaj’s handling of funds, according to a report seen by Reuters, potentially delaying a deal key to the survival of the investment management business.
United States-based Colony offered last month to buy the fund management unit that runs Abraaj’s Latin America, Sub Saharan Africa, North Africa and Turkey funds after months of turmoil at Abraaj triggered by a dispute with investors over the use of their money in a $1 billion healthcare fund.
Abraaj denies any wrongdoing, but the row has weighed heavily on the Middle East and Africa’s largest private equity firm, which filed for provisional liquidation in the Cayman Islands last month.
COLUMN-Brent stumbles as market resets after year-long rally: Kemp | Reuters
COLUMN-Brent stumbles as market resets after year-long rally: Kemp | Reuters:
Brent crude prices registered their largest one-day fall in more than two years on Wednesday, in what was probably an indication hedge fund managers and other traders are realising profits after a year-long rally.
Front-month futures slumped by $5.46 per barrel, or just under 7 percent, a daily price move more than three standard deviations away from the mean, and the largest one-day decline since February 2016.
The market has suffered a larger percentage decline on only 44 days since the start of 1990, and it comes after a long period in which price volatility has been very low by historical standards.
Brent crude prices registered their largest one-day fall in more than two years on Wednesday, in what was probably an indication hedge fund managers and other traders are realising profits after a year-long rally.
Front-month futures slumped by $5.46 per barrel, or just under 7 percent, a daily price move more than three standard deviations away from the mean, and the largest one-day decline since February 2016.
The market has suffered a larger percentage decline on only 44 days since the start of 1990, and it comes after a long period in which price volatility has been very low by historical standards.
MIDEAST STOCKS-Most markets slightly down on oil price concerns | Reuters
MIDEAST STOCKS-Most markets slightly down on oil price concerns | Reuters:
Most stock markets in the region closed on a slightly negative note on Thursday amid concerns about oil price declines and absence of local catalysts that would push the markets higher.
Brent crude prices had slumped $5.46 or 6.9 percent on Wednesday after U.S. President Donald Trump threatened new tariffs on China and Libya said it would resume oil exports. Prices recouped some losses on Thursday and traded around $74.30 by 1210 GMT.
The Saudi index lost 0.3 percent with 96 declining stocks out of 179 stocks traded.
Most stock markets in the region closed on a slightly negative note on Thursday amid concerns about oil price declines and absence of local catalysts that would push the markets higher.
Brent crude prices had slumped $5.46 or 6.9 percent on Wednesday after U.S. President Donald Trump threatened new tariffs on China and Libya said it would resume oil exports. Prices recouped some losses on Thursday and traded around $74.30 by 1210 GMT.
The Saudi index lost 0.3 percent with 96 declining stocks out of 179 stocks traded.
OPEC Output May Be Stretched to Limit by Supply Crises, IEA Says - Bloomberg
OPEC Output May Be Stretched to Limit by Supply Crises, IEA Says - Bloomberg:
OPEC’s Gulf members may need to pump almost as much crude as they can to cover swelling supply losses from Venezuela to Iran and beyond, the International Energy Agency said.
Saudi Arabia might have to draw harder than ever before on its spare production capacity as a spiraling economic crisis in Venezuela, renewed U.S. sanctions on Iran and disruptions in Libya strain global markets, the agency predicted.
“Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world’s spare-capacity cushion, which might be stretched to the limit,” the Paris-based IEA said in its monthly report. “This vulnerability currently underpins oil prices and seems likely to continue doing so.”
OPEC’s Gulf members may need to pump almost as much crude as they can to cover swelling supply losses from Venezuela to Iran and beyond, the International Energy Agency said.
Saudi Arabia might have to draw harder than ever before on its spare production capacity as a spiraling economic crisis in Venezuela, renewed U.S. sanctions on Iran and disruptions in Libya strain global markets, the agency predicted.
“Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world’s spare-capacity cushion, which might be stretched to the limit,” the Paris-based IEA said in its monthly report. “This vulnerability currently underpins oil prices and seems likely to continue doing so.”
U.S. says disrupts Iran finance operation in UAE to squeeze Tehran | Reuters
U.S. says disrupts Iran finance operation in UAE to squeeze Tehran | Reuters:
The United States and the United Arab Emirates have broken up a network funneling illicit funds to Iran as Washington steps up a drive to restrict Iranian trade and access to hard currency in the region, a senior U.S. official said on Thursday.
“We jointly disrupted a currency exchange network that was transferring millions of dollars to Iran’s Islamic Revolutionary Guards Corps’ Quds Force,” said Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence at the U.S. Treasury.
She said the network was dismantled in May. Currency exchanges had used the UAE financial system to transfer cash out of Iran and convert it into U.S. dollars for use by Iranian-supported proxy groups in the region, she said.
The United States and the United Arab Emirates have broken up a network funneling illicit funds to Iran as Washington steps up a drive to restrict Iranian trade and access to hard currency in the region, a senior U.S. official said on Thursday.
“We jointly disrupted a currency exchange network that was transferring millions of dollars to Iran’s Islamic Revolutionary Guards Corps’ Quds Force,” said Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence at the U.S. Treasury.
She said the network was dismantled in May. Currency exchanges had used the UAE financial system to transfer cash out of Iran and convert it into U.S. dollars for use by Iranian-supported proxy groups in the region, she said.
MIDEAST STOCKS-Saudi down on lower oil prices; Emaar rebounds | Reuters
MIDEAST STOCKS-Saudi down on lower oil prices; Emaar rebounds | Reuters:
Gulf markets opened mixed on Thursday as oil prices fell and investors found no local catalysts that would push the markets higher.
Brent had slumped on Wednesday $5.46 or 6.9 percent after United States President Donald Trump threatened new tariffs on China and Libya said it would resume oil exports. Prices recouped some losses on Thursday and traded around $74.50 by 0820 GMT.
The Saudi index lost 0.5 percent The main drag was petrochemical giant SABIC, which dropped 1.3 percent.
Gulf markets opened mixed on Thursday as oil prices fell and investors found no local catalysts that would push the markets higher.
Brent had slumped on Wednesday $5.46 or 6.9 percent after United States President Donald Trump threatened new tariffs on China and Libya said it would resume oil exports. Prices recouped some losses on Thursday and traded around $74.50 by 0820 GMT.
The Saudi index lost 0.5 percent The main drag was petrochemical giant SABIC, which dropped 1.3 percent.
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