Carlyle looks to raise $4bn fund for oil and gas assets | Financial Times:
Carlyle is seeking to raise a $4bn fund to invest in oil and gas assets outside of North America, as the private equity group looks to take advantage of a pullback in spending from some of the world’s biggest energy companies after a brutal downturn.
Most private equity investment in the sector is concentrated in the US but Carlyle’s London-based team is looking at opportunities across Europe, Africa, Latin America and Asia.
Glenn Youngkin, the Washington-based buyout group’s co-chief executive, and Marcel van Poecke, soon-to-be chairman of its energy, natural resources and infrastructure division, met investors on Tuesday, two people at the gathering said.
Tuesday 17 July 2018
Etihad to sell cargo aircraft as it shapes new vision - The National
Etihad to sell cargo aircraft as it shapes new vision - The National:
Etihad plans to sell half of its cargo plans after grounding them earlier in the year as part of a review of its operations, a company official said on Tuesday.
The Abu Dhabi airline grounded its five A330 Airbus freighters and is now focusing exclusively on the remaining five Boeing 777 fleet, Abdalla Shadid, managing director of the company’s Cargo and Logistics Services told The National.
"Earlier this year we made the decision to exit the fleet of five freighters," he said at the Farnborough International Airshow in the UK. "These have been grounded pending a sale and we are in advanced discussion with buyers for their sale. Hope it will materialise soon and the aircraft will exit our fleet.”
Etihad plans to sell half of its cargo plans after grounding them earlier in the year as part of a review of its operations, a company official said on Tuesday.
The Abu Dhabi airline grounded its five A330 Airbus freighters and is now focusing exclusively on the remaining five Boeing 777 fleet, Abdalla Shadid, managing director of the company’s Cargo and Logistics Services told The National.
"Earlier this year we made the decision to exit the fleet of five freighters," he said at the Farnborough International Airshow in the UK. "These have been grounded pending a sale and we are in advanced discussion with buyers for their sale. Hope it will materialise soon and the aircraft will exit our fleet.”
Emaar Hospitality seeks asset sales to focus on hotel management, chairman says - The National
Emaar Hospitality seeks asset sales to focus on hotel management, chairman says - The National:
Emaar Hospitality Group, a unit of Dubai's biggest developer Emaar Properties, will sell part of its portfolio to focus on hotel management and is still eyeing listing of its own shares, the parent company's chairman said on Tuesday.
The company is seeking to sell some of its assets but an initial public offering could be possible within four years, Mohamed Alabbar said in an interview with CNBC Arabia.
"It is the start of expanding into the hospitality sector," Mr Alabbar said. "We have to focus on the issue of management and hotel management contracts like other global brands such as Hilton and Marriot."
Emaar Hospitality Group, a unit of Dubai's biggest developer Emaar Properties, will sell part of its portfolio to focus on hotel management and is still eyeing listing of its own shares, the parent company's chairman said on Tuesday.
The company is seeking to sell some of its assets but an initial public offering could be possible within four years, Mohamed Alabbar said in an interview with CNBC Arabia.
"It is the start of expanding into the hospitality sector," Mr Alabbar said. "We have to focus on the issue of management and hotel management contracts like other global brands such as Hilton and Marriot."
Middle East plane demand forecast cut in tough market
Middle East plane demand forecast cut in tough market:
Boeing has cut its two-decade forecast for plane deliveries to the Middle East, as Gulf carriers face turbulent times amid a wider backdrop of regional strife.
The world’s biggest plane maker on Tuesday said it expects 2,990 aircraft deliveries to the Middle East over the next two decades, with a total market value of $660 billion.
That is lower than last year, when Boeing forecast that there would be 3,350 aircraft deliveries between 2017 and 2036, with a market value of $730 billion.
Boeing has cut its two-decade forecast for plane deliveries to the Middle East, as Gulf carriers face turbulent times amid a wider backdrop of regional strife.
The world’s biggest plane maker on Tuesday said it expects 2,990 aircraft deliveries to the Middle East over the next two decades, with a total market value of $660 billion.
That is lower than last year, when Boeing forecast that there would be 3,350 aircraft deliveries between 2017 and 2036, with a market value of $730 billion.
Qatar Central Bank foreign exchange reserves jump by 12.7% to $44.8bn - The Peninsula Qatar
Qatar Central Bank foreign exchange reserves jump by 12.7% to $44.8bn - The Peninsula Qatar:
The Qatar Central Bank’s (QCB) foreign exchange reserves jumped 12.7 percent to $44.8bn in May on month-on-month, equating to 7.0 months of import cover. Bank assets growth was 2.5 percent y/y in May. Credit growth was 2.7 percent as deposits from the non-resident and private sector remained stable in May.
QNB’s monthly monitor noted yesterday the country’s real GDP growth slowed in Q1 due to a further fall in hydrocarbon output. Powered by the construction sector, non-hydrocarbon real GDP growth was a solid 4.9percent y/y in Q1 2018. CPI inflation dropped to 0.1 percent y/y in June; food inflation continued to cool even as deflation in housing costs moderated.
Booming construction output, up 17.2 percent y/y, remained the key driver of activity in the non-hydrocarbon sector. Manufacturing gained 3 percent. Brent crude prices slipped to an average of $76/b in June; Qatar’s oil production fell to 578000b/d in April from 616000b/d prior.
The Qatar Central Bank’s (QCB) foreign exchange reserves jumped 12.7 percent to $44.8bn in May on month-on-month, equating to 7.0 months of import cover. Bank assets growth was 2.5 percent y/y in May. Credit growth was 2.7 percent as deposits from the non-resident and private sector remained stable in May.
QNB’s monthly monitor noted yesterday the country’s real GDP growth slowed in Q1 due to a further fall in hydrocarbon output. Powered by the construction sector, non-hydrocarbon real GDP growth was a solid 4.9percent y/y in Q1 2018. CPI inflation dropped to 0.1 percent y/y in June; food inflation continued to cool even as deflation in housing costs moderated.
Booming construction output, up 17.2 percent y/y, remained the key driver of activity in the non-hydrocarbon sector. Manufacturing gained 3 percent. Brent crude prices slipped to an average of $76/b in June; Qatar’s oil production fell to 578000b/d in April from 616000b/d prior.
Moody's strong rating shows strength of Qatar economy: QIIB
Moody's strong rating shows strength of Qatar economy: QIIB:
Global credit rating agency Moody's has affirmed QIIB's rating at 'A2' and changed its outlook to stable, reflecting the strength of the Qatari economy in its various institutions, especially the banking sector.
The change of the bank's outlook to "stable" is based on the operational environment flexibility in Qatar and the ability of the Qatari government to support local banks to stay unaffected by the regional conflict which only impacted the foreign inflows, compensated later on by the government, Moody's had said.
"This important event is founded primarily on the high soundness and solidity of the Qatari economy, interpreted by Moody's itself when it confirmed the strong rating of the Qatari economy and adjusted its future outlook to stable,” said QIIB chief executive Dr Abdulbasit Ahmad al-Shaibei.
Global credit rating agency Moody's has affirmed QIIB's rating at 'A2' and changed its outlook to stable, reflecting the strength of the Qatari economy in its various institutions, especially the banking sector.
The change of the bank's outlook to "stable" is based on the operational environment flexibility in Qatar and the ability of the Qatari government to support local banks to stay unaffected by the regional conflict which only impacted the foreign inflows, compensated later on by the government, Moody's had said.
"This important event is founded primarily on the high soundness and solidity of the Qatari economy, interpreted by Moody's itself when it confirmed the strong rating of the Qatari economy and adjusted its future outlook to stable,” said QIIB chief executive Dr Abdulbasit Ahmad al-Shaibei.
Corporate and infrastructure sukuk issuance in GCC seen muted in H1: S&P
Corporate and infrastructure sukuk issuance in GCC seen muted in H1: S&P:
Corporate and infrastructure sukuk issuance in the Gulf Co-operation Council (GCC) region was seen muted in the first half of 2018, according to Standard and Poor’s (S&P), an international credit rating agency.
Five issuers raised around $2.6bn in total, representing a 60% decline compared to the $6.5bn in the first half of 2017, S&P said in a report.
“There are a number of factors at play, including somewhat diminished funding needs, as many GCC corporates continue to operate with relatively limited investment programmers,” S&P primary credit analyst Timucin Engin said.
Corporate and infrastructure sukuk issuance in the Gulf Co-operation Council (GCC) region was seen muted in the first half of 2018, according to Standard and Poor’s (S&P), an international credit rating agency.
Five issuers raised around $2.6bn in total, representing a 60% decline compared to the $6.5bn in the first half of 2017, S&P said in a report.
“There are a number of factors at play, including somewhat diminished funding needs, as many GCC corporates continue to operate with relatively limited investment programmers,” S&P primary credit analyst Timucin Engin said.
Oil Steadies After Slump as Traders Still Wary on Supply Risks - Bloomberg
Oil Steadies After Slump as Traders Still Wary on Supply Risks - Bloomberg:
Oil steadied after another sharp pullback as traders remained wary over whether supplies will be sufficient to cover a range of global disruptions.
Futures in New York traded near $68 a barrel, having tumbled 4.2 percent on Monday as Libya restored output at some fields and the U.S. signaled it may take a slightly softer approach with sanctions on Iranian exports. Iraq is shipping the most crude since 2016 and the U.S. is considering tapping emergency reserves. Still, with American inventories forecast to have dropped further from the lowest level since 2015, traders remain on edge.
Oil steadied after another sharp pullback as traders remained wary over whether supplies will be sufficient to cover a range of global disruptions.
Futures in New York traded near $68 a barrel, having tumbled 4.2 percent on Monday as Libya restored output at some fields and the U.S. signaled it may take a slightly softer approach with sanctions on Iranian exports. Iraq is shipping the most crude since 2016 and the U.S. is considering tapping emergency reserves. Still, with American inventories forecast to have dropped further from the lowest level since 2015, traders remain on edge.
Kuwait Bank Seeks Talks to Create Islamic Lender With $92 Billion in Assets - Bloomberg
Kuwait Bank Seeks Talks to Create Islamic Lender With $92 Billion in Assets - Bloomberg:
Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC about a takeover, a potential boost to the island kingdom as it seeks financial support from richer neighbors.
Shares in Ahli United Bank, or AUB, rose 6.8 percent on Tuesday to the highest levels since April last year, valuing the Manama, Bahrain-based lender at $5.66 billion. KFH declined as much as 1.3 percent for a market value of about 3.88 billion dinar ($12.8 billion).
KFH said Monday that it contacted AUB about “establishing a new banking entity.” Bloomberg News in May last year reported that the banks began talks, aiming to create an entity with about $92 billion of assets, but those talks foundered about six months ago over valuation differences.
Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC about a takeover, a potential boost to the island kingdom as it seeks financial support from richer neighbors.
Shares in Ahli United Bank, or AUB, rose 6.8 percent on Tuesday to the highest levels since April last year, valuing the Manama, Bahrain-based lender at $5.66 billion. KFH declined as much as 1.3 percent for a market value of about 3.88 billion dinar ($12.8 billion).
KFH said Monday that it contacted AUB about “establishing a new banking entity.” Bloomberg News in May last year reported that the banks began talks, aiming to create an entity with about $92 billion of assets, but those talks foundered about six months ago over valuation differences.
Dubai's Emaar Properties says to double investments in Egypt | Reuters
Dubai's Emaar Properties says to double investments in Egypt | Reuters:
Dubai-based Emaar Properties plans to double its investments in Egypt to 100 billion Egyptian pounds ($5.60 billion) over the next five years, a local newspaper quoted the group’s chairman Mohamed Alabbar on Tuesday as saying.
Speaking on the sidelines of a hotel opening at Egypt’s north coast Sidi Abdel Rahman area on Monday, Alabbar said Emaar planned to increase the number of hotels in its Marassi project to six by 2021 with a total investment of 6 billion Egyptian pounds.
Located some 125 kms (80 miles) west of Alexandria, Egypt’s second biggest city, the Marassi project was originally planned to include more than 3,000 apartments and 600 hotel rooms and suites.
Dubai-based Emaar Properties plans to double its investments in Egypt to 100 billion Egyptian pounds ($5.60 billion) over the next five years, a local newspaper quoted the group’s chairman Mohamed Alabbar on Tuesday as saying.
Speaking on the sidelines of a hotel opening at Egypt’s north coast Sidi Abdel Rahman area on Monday, Alabbar said Emaar planned to increase the number of hotels in its Marassi project to six by 2021 with a total investment of 6 billion Egyptian pounds.
Located some 125 kms (80 miles) west of Alexandria, Egypt’s second biggest city, the Marassi project was originally planned to include more than 3,000 apartments and 600 hotel rooms and suites.
COLUMN-Global economic slowdown is likely and necessary later in 2018 or 2019: Kemp | Reuters
COLUMN-Global economic slowdown is likely and necessary later in 2018 or 2019: Kemp | Reuters:
No one likes to predict recession, but the global economy is likely to experience a significant slowdown before the end of 2019, and the slowdown may be necessary to relieve upward pressure on oil prices.
In its latest World Economic Outlook, the International Monetary Fund forecasts the global economy will expand at 3.9 percent in both 2018 and 2019, slightly faster than the 3.7 percent achieved in 2017.
But beneath the sanguine headline numbers, the outlook provides a long list of downside risk factors, including mounting trade tensions, rising interest rates, political uncertainty and complacent financial markets.
No one likes to predict recession, but the global economy is likely to experience a significant slowdown before the end of 2019, and the slowdown may be necessary to relieve upward pressure on oil prices.
In its latest World Economic Outlook, the International Monetary Fund forecasts the global economy will expand at 3.9 percent in both 2018 and 2019, slightly faster than the 3.7 percent achieved in 2017.
But beneath the sanguine headline numbers, the outlook provides a long list of downside risk factors, including mounting trade tensions, rising interest rates, political uncertainty and complacent financial markets.
EU, Switzerland, U.S. complain about Gulf excise tax at WTO | Reuters
EU, Switzerland, U.S. complain about Gulf excise tax at WTO | Reuters:
The European Union, Switzerland and the United States have complained at the World Trade Organisation about an excise tax imposed by several Gulf Arab states on carbonated and energy drinks, according to notes of a WTO meeting and diplomatic sources.
Saudi Arabia, the United Arab Emirates and Bahrain were asked to explain the rationale behind a 100 percent duty on energy drinks and a 50 percent tax on other carbonated beverages, notes of a July 3-4 WTO meeting show.
The tax was introduced in 2017 as governments in the oil-exporting region came under fiscal pressure from a sharp drop in oil prices. The Gulf states have said the tax aims to diversify revenues and promote healthy lifestyles in countries where there are high rates of diabetes and obesity.
The European Union, Switzerland and the United States have complained at the World Trade Organisation about an excise tax imposed by several Gulf Arab states on carbonated and energy drinks, according to notes of a WTO meeting and diplomatic sources.
Saudi Arabia, the United Arab Emirates and Bahrain were asked to explain the rationale behind a 100 percent duty on energy drinks and a 50 percent tax on other carbonated beverages, notes of a July 3-4 WTO meeting show.
The tax was introduced in 2017 as governments in the oil-exporting region came under fiscal pressure from a sharp drop in oil prices. The Gulf states have said the tax aims to diversify revenues and promote healthy lifestyles in countries where there are high rates of diabetes and obesity.
Abu Dhabi investor gatecrashes Cerberus bid for Abraaj | Financial Times
Abu Dhabi investor gatecrashes Cerberus bid for Abraaj | Financial Times:
An Abu Dhabi investor has made a $55m bid for Abraaj’s fund management rights, seeking to outbid Cerberus Capital Management’s proposal for the embattled private equity group.
Abu Dhabi Financial Group, based in the capital of the United Arab Emirates, has made a new offer of $30m for the management rights to Dubai-based Abraaj’s funds and another $25m to sustain operations and make debt payments.
“This is a good offer, and they are confident they are in the best position with the right regional experience to make a success of this,” said a person aware of the bid.
An Abu Dhabi investor has made a $55m bid for Abraaj’s fund management rights, seeking to outbid Cerberus Capital Management’s proposal for the embattled private equity group.
Abu Dhabi Financial Group, based in the capital of the United Arab Emirates, has made a new offer of $30m for the management rights to Dubai-based Abraaj’s funds and another $25m to sustain operations and make debt payments.
“This is a good offer, and they are confident they are in the best position with the right regional experience to make a success of this,” said a person aware of the bid.
MIDEAST STOCKS-Bahrain’s Ahli United jumps on merger news amid weak Gulf markets | Reuters
MIDEAST STOCKS-Bahrain’s Ahli United jumps on merger news amid weak Gulf markets | Reuters:
Most Middle East stock markets shed value on Tuesday, hit by a drop in oil prices and reflecting a slump in global stocks.
Brent futures fell to a three-month low as Libyan ports reopened and Russia and other producers said they would increase output. The contracts were trading at $71.95 per barrel at 1207 GMT, after falling as low as $71.35 during the day.
Apart from exchanges in Bahrain and Qatar, all the Gulf markets closed in negative territory.
Most Middle East stock markets shed value on Tuesday, hit by a drop in oil prices and reflecting a slump in global stocks.
Brent futures fell to a three-month low as Libyan ports reopened and Russia and other producers said they would increase output. The contracts were trading at $71.95 per barrel at 1207 GMT, after falling as low as $71.35 during the day.
Apart from exchanges in Bahrain and Qatar, all the Gulf markets closed in negative territory.
Oil's Below $68 as Possible Stockpile Drop Counters Supply Boost - Bloomberg
Oil's Below $68 as Possible Stockpile Drop Counters Supply Boost - Bloomberg:
Oil traded below $68 as investors weighed the prospect of shrinking U.S. inventories against more supply from Saudi Arabia and America’s emergency hoard.
Futures in New York declined 0.4 percent after a 4.2 percent plunge on Monday. Government data on Wednesday is forecast to show U.S. inventories last week dropped further from the lowest level since 2015. Meanwhile, Saudi Arabia is offering extra crude volumes on top of its contractual supplies to some buyers in Asia and the Trump administration is said to be considering tapping into America’s Strategic Petroleum Reserve to cool rising fuel prices.
Oil traded below $68 as investors weighed the prospect of shrinking U.S. inventories against more supply from Saudi Arabia and America’s emergency hoard.
Futures in New York declined 0.4 percent after a 4.2 percent plunge on Monday. Government data on Wednesday is forecast to show U.S. inventories last week dropped further from the lowest level since 2015. Meanwhile, Saudi Arabia is offering extra crude volumes on top of its contractual supplies to some buyers in Asia and the Trump administration is said to be considering tapping into America’s Strategic Petroleum Reserve to cool rising fuel prices.
RPT-Subsidiary of Saudi Arabia's Ma'aden amends loan terms | Reuters
RPT-Subsidiary of Saudi Arabia's Ma'aden amends loan terms | Reuters:
Saudi Arabian Mining Company (Ma’aden) said its subsidiary Ma’aden Bauxite and Alumina Company (MBAC) refinanced loans totalling 7.75 billion riyals ($2.1 billion) on improved terms.
State-controlled Ma’aden said MBAC had agreed with the Public Investment Fund (PIF) to amend the terms of an existing 3.75 billion riyal loan provided by the kingdom’s sovereign wealth fund.
Under the new arrangement, the loan, which has been reduced to 3.51 billion riyals through repayments, will have a maturity of 14 years, it said.
Saudi Arabian Mining Company (Ma’aden) said its subsidiary Ma’aden Bauxite and Alumina Company (MBAC) refinanced loans totalling 7.75 billion riyals ($2.1 billion) on improved terms.
State-controlled Ma’aden said MBAC had agreed with the Public Investment Fund (PIF) to amend the terms of an existing 3.75 billion riyal loan provided by the kingdom’s sovereign wealth fund.
Under the new arrangement, the loan, which has been reduced to 3.51 billion riyals through repayments, will have a maturity of 14 years, it said.
Goldman Sachs expects volatile oil market, prices between $70 and $80 per barrel | Reuters
Goldman Sachs expects volatile oil market, prices between $70 and $80 per barrel | Reuters:
Investment bank Goldman Sachs expects volatile oil prices in the short-term on the back of uncertainty over possible disruptions to supply, with benchmark Brent crude in a $70-80 per barrel range.
Oil prices have declined sharply the past week as the Sino-U.S. trade war intensifies and were hovering below $72 per barrel on Tuesday, not far from their lowest since mid-April. [O/R]
“Production disruptions and large supply shifts driven by U.S. political decisions are the drivers of this new fundamental volatility, with demand remaining robust so far,” the bank said in a note dated Monday.
Investment bank Goldman Sachs expects volatile oil prices in the short-term on the back of uncertainty over possible disruptions to supply, with benchmark Brent crude in a $70-80 per barrel range.
Oil prices have declined sharply the past week as the Sino-U.S. trade war intensifies and were hovering below $72 per barrel on Tuesday, not far from their lowest since mid-April. [O/R]
“Production disruptions and large supply shifts driven by U.S. political decisions are the drivers of this new fundamental volatility, with demand remaining robust so far,” the bank said in a note dated Monday.
Saudi's Riyad Bank posts 25 pct Q2 profit rise | Reuters
Saudi's Riyad Bank posts 25 pct Q2 profit rise | Reuters:
Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, posted a 25.2 percent rise in second-quarter net profit on Tuesday, in line with analysts’ forecasts as fees and commission income rose.
The bank made 1.06 billion riyals ($282.6 million) in the three months to June 30, up from 848 million a year earlier, it said in a bourse filing.
Three analysts polled by Reuters forecast a profit of 1.03 billion riyals.
Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, posted a 25.2 percent rise in second-quarter net profit on Tuesday, in line with analysts’ forecasts as fees and commission income rose.
The bank made 1.06 billion riyals ($282.6 million) in the three months to June 30, up from 848 million a year earlier, it said in a bourse filing.
Three analysts polled by Reuters forecast a profit of 1.03 billion riyals.
MIDEAST STOCKS-Oil pressures Gulf stocks, Ahli United Bank soars on possible merger | Reuters
MIDEAST STOCKS-Oil pressures Gulf stocks, Ahli United Bank soars on possible merger | Reuters:
Gulf stocks opened in negative territory on Tuesday on the back of sliding oil prices and mirroring a slump in Asian stocks.
Brent futures reached a three-month low, trading at $71.67 per barrel by 0915 GMT, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers.
The Saudi index shed 0.2 percent in the first hour of trading, with petrochemical companies such as Saudi Kayan Petrochemical Co down 1.2 percent and heavyweight Saudi Basic Industries Corporation (SABIC) dropping 1.1 percent.
Gulf stocks opened in negative territory on Tuesday on the back of sliding oil prices and mirroring a slump in Asian stocks.
Brent futures reached a three-month low, trading at $71.67 per barrel by 0915 GMT, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers.
The Saudi index shed 0.2 percent in the first hour of trading, with petrochemical companies such as Saudi Kayan Petrochemical Co down 1.2 percent and heavyweight Saudi Basic Industries Corporation (SABIC) dropping 1.1 percent.
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