Deyaar’s first-half net profit at Dh65.2m | GulfNews.com:
Deyaar Development on Sunday posted a net profit of Dh65.2 million for the six months ending June 30, 2018, a 2.6 per cent decrease over Dh67 million profit it made in the first half of last year. In the same period, the property developer reaped Dh314 million in revenues, 0.7 per cent less than Dh316 million revenue in the first half of 2017.
Deyaar said numbers indicate a “solid start” to the year. The company’s shares on Sunday closed down 0.7 per cent at Dh0.427 on the Dubai bourse. Chief executive Saeed Al Qatami said in a statement that the company is “confident about our ability to further expand Deyaar’s portfolio and continue to see positive results”.
Sunday, 29 July 2018
Abu Dhabi expands company licence package to boost growth | GulfNews.com
Abu Dhabi expands company licence package to boost growth | GulfNews.com:
The Abu Dhabi Department of Economic Development announced on Sunday that it has expanded Tajer Abu Dhabi licence package scheme by opening it up to all GCC nationals and UAE residents, in addition to increasing the number of commercial activities to more than 1,000.
Tajer Abu Dhabi was originally launched late last year, allowing only Emiratis to establish businesses in 100 different business activities without the need of an office.
The scheme has now been expanded to 1,057 commercial activities, with GCC nationals and UAE residents being allowed to start their business without having an office space or physical presence, according to a statement from the department. Legal formats accepted under Tajer Abu Dhabi licence have also been expanded to include a one-person company for Emiratis, a one-person company for GCC nationals, and limited liability company for residents in partnership with Emiratis.
The Abu Dhabi Department of Economic Development announced on Sunday that it has expanded Tajer Abu Dhabi licence package scheme by opening it up to all GCC nationals and UAE residents, in addition to increasing the number of commercial activities to more than 1,000.
Tajer Abu Dhabi was originally launched late last year, allowing only Emiratis to establish businesses in 100 different business activities without the need of an office.
The scheme has now been expanded to 1,057 commercial activities, with GCC nationals and UAE residents being allowed to start their business without having an office space or physical presence, according to a statement from the department. Legal formats accepted under Tajer Abu Dhabi licence have also been expanded to include a one-person company for Emiratis, a one-person company for GCC nationals, and limited liability company for residents in partnership with Emiratis.
Saudi stock market basking in global investor interest
Saudi stock market basking in global investor interest:
Is the Saudi stock market in the middle of a spectacular bull run? Some leading market experts think so.
Analysts at Jadwa Investments, the Riyadh-based financial group, believe it “totally plausible” that the Tadawul All Share Index (TASI), the main equity performance measure in the Kingdom, could be set for a 20 percent rise between now and early 2019, lifting it above the 10,000 point level for the first time since the heady days of 2014, before the oil price collapsed. It currently stands at around 8,400 points.
That would top an already strong performance in the first half of this year, boosted by inclusion in the top-three emerging market (EM) indices. The TASI is 17 percent ahead already this year, making it one of the best performing markets in the world, and the leading market in the Gulf.
Is the Saudi stock market in the middle of a spectacular bull run? Some leading market experts think so.
Analysts at Jadwa Investments, the Riyadh-based financial group, believe it “totally plausible” that the Tadawul All Share Index (TASI), the main equity performance measure in the Kingdom, could be set for a 20 percent rise between now and early 2019, lifting it above the 10,000 point level for the first time since the heady days of 2014, before the oil price collapsed. It currently stands at around 8,400 points.
That would top an already strong performance in the first half of this year, boosted by inclusion in the top-three emerging market (EM) indices. The TASI is 17 percent ahead already this year, making it one of the best performing markets in the world, and the leading market in the Gulf.
Foreign business leaders in UAE must be careful what they wish for | Arab News
Foreign business leaders in UAE must be careful what they wish for | Arab News:
Something is not quite right in the economy of the UAE, and policymakers in the country are increasingly looking to intervene with stimulus packages to lift it out of the rut it has fallen into over the past couple of years.
In June, the first tranche of stimulus was announced in Dubai and Abu Dhabi, with measures decreed to make the UAE more attractive to foreign investors and the foreign expatriates it depends on.
Now, there is much talk in Dubai financial circles that policymakers in both cities have decided there is a need for further action, and that another package of economic incentives is being prepared for the autumn.
Something is not quite right in the economy of the UAE, and policymakers in the country are increasingly looking to intervene with stimulus packages to lift it out of the rut it has fallen into over the past couple of years.
In June, the first tranche of stimulus was announced in Dubai and Abu Dhabi, with measures decreed to make the UAE more attractive to foreign investors and the foreign expatriates it depends on.
Now, there is much talk in Dubai financial circles that policymakers in both cities have decided there is a need for further action, and that another package of economic incentives is being prepared for the autumn.
Qatar banks’ total assets grow by QR54.3bn in June - The Peninsula Qatar
Qatar banks’ total assets grow by QR54.3bn in June - The Peninsula Qatar:
Qatar banks’ assets (and liabilities) increased by QR54.3bn to QR1.39trillion by the end of June 2018, compared to QR1.34trillion by the end of May, 6.6 percent higher than a year earlier.
Government and public sector deposits have increased by QR25.5bn to QR313.3bn. Government deposits recorded QR79.5bn, and Government Institutions made QR187.4bn, while the deposits of Semi-Government Institutions, in which government share is less than 100 percent and more than 50 percent, stood at QR28.5bn, The Group Securities noted in its reading of Qatar banks’ consolidated balance sheet figures for the month of June 2018.
On the other hand, the total loans of the government and public sector increased by QR27.4bn to reach QR330.8bn.
Qatar banks’ assets (and liabilities) increased by QR54.3bn to QR1.39trillion by the end of June 2018, compared to QR1.34trillion by the end of May, 6.6 percent higher than a year earlier.
Government and public sector deposits have increased by QR25.5bn to QR313.3bn. Government deposits recorded QR79.5bn, and Government Institutions made QR187.4bn, while the deposits of Semi-Government Institutions, in which government share is less than 100 percent and more than 50 percent, stood at QR28.5bn, The Group Securities noted in its reading of Qatar banks’ consolidated balance sheet figures for the month of June 2018.
On the other hand, the total loans of the government and public sector increased by QR27.4bn to reach QR330.8bn.
S&P affirms sovereign ratings on Qatar - The Peninsula Qatar
S&P affirms sovereign ratings on Qatar - The Peninsula Qatar:
S&P Global Ratings has affirmed its ‘AA-/A-1+’ long- and short-term foreign and local currency sovereign ratings on Qatar.
The ratings affirmation reflects the global ratings agency’s expectation that the Qatari authorities will continue to actively manage the boycott while preserving Qatar’s core rating strengths, including its strong public sector balance sheet.
The government has taken measures to ease the immediate economic and financial effects of the blockade. In particular, it has established new trade routes through other countries in the region, resulting in a recovery in imports, S&P said yesterday. The outlook is negative.
S&P Global Ratings has affirmed its ‘AA-/A-1+’ long- and short-term foreign and local currency sovereign ratings on Qatar.
The ratings affirmation reflects the global ratings agency’s expectation that the Qatari authorities will continue to actively manage the boycott while preserving Qatar’s core rating strengths, including its strong public sector balance sheet.
The government has taken measures to ease the immediate economic and financial effects of the blockade. In particular, it has established new trade routes through other countries in the region, resulting in a recovery in imports, S&P said yesterday. The outlook is negative.
Debt Is the Easy Way for Aramco - Bloomberg
Debt Is the Easy Way for Aramco - Bloomberg:
Saudi Arabian Oil Co. is a gigantic company that owns gigantic oil reserves and makes gigantic amounts of money every year by pumping and selling that oil. It is also a state-owned company whose fortunes are intertwined with Saudi Arabia’s ruling dynasty, and that has some history of confusing the desires of that dynasty with the business needs of the company. Also it, or rather they—Saudi Aramco and the Saudi rulers, jointly—want to raise something on the order of $100 billion to diversify the Saudi economy. The rough idea is that investors would give Aramco a lot of money, and Aramco would give it to the Saudi state, and the Saudi state would invest the money in its Public Investment Fund. The outside investors would then have an investment in Aramco, and the state would reduce its investment in Aramco and would diversify itself by using the PIF money to buy, like, stakes in tech startups or whatever.
Given that simplified background, here is a question: Should Aramco raise debt or equity? There are, it seems to me, some really good arguments for debt:
Aramco is a giant company with oceans of oil reserves and tons of cash flow, so it can probably pay back any money it borrows.
Saudi Arabian Oil Co. is a gigantic company that owns gigantic oil reserves and makes gigantic amounts of money every year by pumping and selling that oil. It is also a state-owned company whose fortunes are intertwined with Saudi Arabia’s ruling dynasty, and that has some history of confusing the desires of that dynasty with the business needs of the company. Also it, or rather they—Saudi Aramco and the Saudi rulers, jointly—want to raise something on the order of $100 billion to diversify the Saudi economy. The rough idea is that investors would give Aramco a lot of money, and Aramco would give it to the Saudi state, and the Saudi state would invest the money in its Public Investment Fund. The outside investors would then have an investment in Aramco, and the state would reduce its investment in Aramco and would diversify itself by using the PIF money to buy, like, stakes in tech startups or whatever.
Given that simplified background, here is a question: Should Aramco raise debt or equity? There are, it seems to me, some really good arguments for debt:
Aramco is a giant company with oceans of oil reserves and tons of cash flow, so it can probably pay back any money it borrows.
Dubai's DAFZA reduces free zone business set up fees by up to 65% | ZAWYA MENA Edition
Dubai's DAFZA reduces free zone business set up fees by up to 65% | ZAWYA MENA Edition:
Dubai Airport Freezone Authority (DAFZA) has reduced business setup cost by up to 65 per cent, as part of its aim to increase DAFZA’s regional competitiveness and activate several key sectors by attracting foreign direct investment (FDI).
Supporting Dubai’s efforts to become an ideal destination for investment and prosperity, the decision will help achieve further stability for the operational processes of free zone companies and consequently sustain and drive investment growth.
“These incentives were agreed upon following comprehensive studies and polls evaluating the free zone’s initiatives, services, and business environment. This has allowed us to ensure flexibility at DAFZA in meeting the requirements of new foreign investors and current customers. We are offering unique services that take into account the global economic climate and allow customers to increase earnings and operational profits as well as achieve business growth and prosperity. The ultimate goal is to drive local economic development and support the sustainability of direct FDI, accelerating and increasing its contribution to Dubai’s GDP,” said HE Dr. Mohammed Al Zarooni, Director General, DAFZA.
Dubai Airport Freezone Authority (DAFZA) has reduced business setup cost by up to 65 per cent, as part of its aim to increase DAFZA’s regional competitiveness and activate several key sectors by attracting foreign direct investment (FDI).
Supporting Dubai’s efforts to become an ideal destination for investment and prosperity, the decision will help achieve further stability for the operational processes of free zone companies and consequently sustain and drive investment growth.
“These incentives were agreed upon following comprehensive studies and polls evaluating the free zone’s initiatives, services, and business environment. This has allowed us to ensure flexibility at DAFZA in meeting the requirements of new foreign investors and current customers. We are offering unique services that take into account the global economic climate and allow customers to increase earnings and operational profits as well as achieve business growth and prosperity. The ultimate goal is to drive local economic development and support the sustainability of direct FDI, accelerating and increasing its contribution to Dubai’s GDP,” said HE Dr. Mohammed Al Zarooni, Director General, DAFZA.
Iran currency extends record fall as U.S. sanctions loom | Reuters
Iran currency extends record fall as U.S. sanctions loom | Reuters:
Iran’s currency hit a new record low on Sunday, dropping past 100,000 rials to the U.S. dollar as Iranians brace for Aug. 7 when Washington is due to reimpose a first lot of economic sanctions.
In May, the United States pulled out of a 2015 deal between world powers and Tehran under which international sanctions were lifted in return for curbs on its nuclear programme.
Washington decided to reimpose sanctions upon its withdrawal, accusing it of posing a security threat. It has told countries they must halt imports of Iranian oil from Nov. 4 or face U.S. financial measures.
Iran’s currency hit a new record low on Sunday, dropping past 100,000 rials to the U.S. dollar as Iranians brace for Aug. 7 when Washington is due to reimpose a first lot of economic sanctions.
In May, the United States pulled out of a 2015 deal between world powers and Tehran under which international sanctions were lifted in return for curbs on its nuclear programme.
Washington decided to reimpose sanctions upon its withdrawal, accusing it of posing a security threat. It has told countries they must halt imports of Iranian oil from Nov. 4 or face U.S. financial measures.
Iran's currency in free fall as American sanctions loom
Iran's currency in free fall as American sanctions loom:
Iran’s currency is continuing its downward spiral as increased American sanctions loom, hitting a new low on the thriving black market exchange.
The Iranian rial fell to 112,000 to the dollar on Sunday, from 98,000 to $1 on Saturday. The government-set exchange rate was 44,070 to the dollar, compared to 35,186 on Jan. 1.
The Iranian rial has been declining steadily for years but the drop has accelerated in recent months after the U.S. decision to pull out of the nuclear deal with Iran in May and announcement of increased sanctions beginning next month.
Iran’s currency is continuing its downward spiral as increased American sanctions loom, hitting a new low on the thriving black market exchange.
The Iranian rial fell to 112,000 to the dollar on Sunday, from 98,000 to $1 on Saturday. The government-set exchange rate was 44,070 to the dollar, compared to 35,186 on Jan. 1.
The Iranian rial has been declining steadily for years but the drop has accelerated in recent months after the U.S. decision to pull out of the nuclear deal with Iran in May and announcement of increased sanctions beginning next month.
UPDATE 1-Saudi's SABIC expects H2 positive growth; eyes overseas expansion | Reuters
UPDATE 1-Saudi's SABIC expects H2 positive growth; eyes overseas expansion | Reuters:
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, said on Sunday it expects positive growth in the second half of this year, backed by an increase in production and enhanced global economic outlook.
The comments came after SABIC reported an 81 percent leap in second-quarter net profit, citing higher selling prices and a jump in sales volumes.
The first half of 2018 was “very positive” and SABIC expects the second half of the year to be “equally positive,” CEO Yousef al-Benyan told a news conference.
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, said on Sunday it expects positive growth in the second half of this year, backed by an increase in production and enhanced global economic outlook.
The comments came after SABIC reported an 81 percent leap in second-quarter net profit, citing higher selling prices and a jump in sales volumes.
The first half of 2018 was “very positive” and SABIC expects the second half of the year to be “equally positive,” CEO Yousef al-Benyan told a news conference.
MIDEAST STOCKS-SABIC beat fails to lift Saudi; Dubai, Abu Dhabi lower | Reuters
MIDEAST STOCKS-SABIC beat fails to lift Saudi; Dubai, Abu Dhabi lower | Reuters:
Saudi Arabia’s stock market slid on Sunday as better-than-expected earnings from Saudi Basic Industries Corp (SABIC), the largest listed company in the Gulf, failed to lift investor sentiment.
The mood among investors was not helped by a decline in oil prices, weighed down by a fall in the U.S. equities market.
Shares in SABIC were flat after the company reported an 81 percent year-on-year jump in second-quarter net profit to 6.70 billion riyals ($1.79 billion). Analysts had on average expected 5.8 billion riyals.
Saudi Arabia’s stock market slid on Sunday as better-than-expected earnings from Saudi Basic Industries Corp (SABIC), the largest listed company in the Gulf, failed to lift investor sentiment.
The mood among investors was not helped by a decline in oil prices, weighed down by a fall in the U.S. equities market.
Shares in SABIC were flat after the company reported an 81 percent year-on-year jump in second-quarter net profit to 6.70 billion riyals ($1.79 billion). Analysts had on average expected 5.8 billion riyals.
Saudi's SABIC CEO says Aramco acquisition talks are only with PIF | Reuters
Saudi's SABIC CEO says Aramco acquisition talks are only with PIF | Reuters:
Talks on the potential acquisition of a stake in Saudi Basic Industries Corp 2010.SE are taking place solely between national oil firm Saudi Aramco and the kingdom’s top sovereign wealth fund, SABIC’s chief executive said on Sunday.
“Hard to expect anything in this regard — Aramco-PIF talks are between an owner and a future investor,” Yousef al-Benyan told a news conference. “I can assure you we have trust in our regulators.”
This month, Aramco confirmed a Reuters report that it was working on the possible purchase of a “strategic stake” in SABIC from the Public Investment Fund.
Talks on the potential acquisition of a stake in Saudi Basic Industries Corp 2010.SE are taking place solely between national oil firm Saudi Aramco and the kingdom’s top sovereign wealth fund, SABIC’s chief executive said on Sunday.
“Hard to expect anything in this regard — Aramco-PIF talks are between an owner and a future investor,” Yousef al-Benyan told a news conference. “I can assure you we have trust in our regulators.”
This month, Aramco confirmed a Reuters report that it was working on the possible purchase of a “strategic stake” in SABIC from the Public Investment Fund.
Iran woos local investors as U.S. sanctions loom, currency falls | Reuters
Iran woos local investors as U.S. sanctions loom, currency falls | Reuters:
Iran plans to offer price and tax incentives to private investors to take over idle state projects and help boost the economy, state media reported on Saturday, as the country faces likely U.S. sanctions and the exit of many foreign companies.
In May the United States pulled out of a multinational deal to lift sanctions against Iran in return for curbs on its nuclear program, and Washington has told countries they must halt all imports of Iranian oil from Nov. 4 or face U.S. financial measures.
The new Iranian plan, along with action against alleged financial crime, appears to be aimed at easing concern over the U.S. decision.
Iran plans to offer price and tax incentives to private investors to take over idle state projects and help boost the economy, state media reported on Saturday, as the country faces likely U.S. sanctions and the exit of many foreign companies.
In May the United States pulled out of a multinational deal to lift sanctions against Iran in return for curbs on its nuclear program, and Washington has told countries they must halt all imports of Iranian oil from Nov. 4 or face U.S. financial measures.
The new Iranian plan, along with action against alleged financial crime, appears to be aimed at easing concern over the U.S. decision.
Saudi Basic Industries Q2 net profit jumps 81 pct, beats estimates | Reuters
Saudi Basic Industries Q2 net profit jumps 81 pct, beats estimates | Reuters:
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, reported an 81 percent leap in second-quarter net profit on Sunday, citing higher selling prices and a jump in sales volumes.
SABIC made a net profit of 6.70 billion riyals ($1.79 billion) in the three months to June 30, up from 3.71 billion riyals in the year-earlier period, it said in a bourse statement.
Analysts had on average expected SABIC to make a net profit of 5.8 billion riyals.
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, reported an 81 percent leap in second-quarter net profit on Sunday, citing higher selling prices and a jump in sales volumes.
SABIC made a net profit of 6.70 billion riyals ($1.79 billion) in the three months to June 30, up from 3.71 billion riyals in the year-earlier period, it said in a bourse statement.
Analysts had on average expected SABIC to make a net profit of 5.8 billion riyals.
MIDEAST STOCKS-Saudi stocks edge down as SABIC shares move sideways | Reuters
MIDEAST STOCKS-Saudi stocks edge down as SABIC shares move sideways | Reuters:
Saudi Arabia’s stock index opened slightly lower on Sunday as Saudi Basic Industries Corp (SABIC) and Saudi Electricity Co (SEC) dragged down the market.
Most other Gulf indexes were also lower after oil prices fell on Friday, weighed down by a drop in the U.S. equities market.
Shares in SABIC edged down 0.3 pct in quiet, early trade after the company reported an 81 pct year-on-year leap in second-quarter net profit to 6.70 billion riyals ($1.79 billion). Analysts had on average expected 5.8 billion riyals, and some believe the stock is over-valued.
Saudi Arabia’s stock index opened slightly lower on Sunday as Saudi Basic Industries Corp (SABIC) and Saudi Electricity Co (SEC) dragged down the market.
Most other Gulf indexes were also lower after oil prices fell on Friday, weighed down by a drop in the U.S. equities market.
Shares in SABIC edged down 0.3 pct in quiet, early trade after the company reported an 81 pct year-on-year leap in second-quarter net profit to 6.70 billion riyals ($1.79 billion). Analysts had on average expected 5.8 billion riyals, and some believe the stock is over-valued.
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