Pakistan lines up $4bn loan from Saudi-backed bank | Financial Times:
Pakistan plans to borrow more than $4bn from the Saudi-backed Islamic Development Bank as part of its attempts to restore dangerously low stocks of foreign currency.
Two officials have told the Financial Times that the Jeddah-based bank has agreed to make a formal offer to lend Islamabad the money when Imran Khan takes over as prime minister. They added that they expect Asad Umar, Mr Khan’s proposed finance minister, to accept.
“The paperwork is all in place,” said one senior adviser in Islamabad. “The IDB is waiting for the elected government to take charge before giving their approval.”
Thursday, 9 August 2018
Air Arabia Q2 profit dips 24% on flat passenger numbers - The National
Air Arabia Q2 profit dips 24% on flat passenger numbers - The National:
Air Arabia, the UAE's only publicly-listed airline, posted a 24 per cent decline in second-quarter net profit as the number of passengers carried and seats filled remained flat.
Net profit in the three months ending June 30 reached Dh120 million compared with Dh158m a year earlier, it said in a statement on Thursday. EFG Hermes and Sico Bahrain had forecast the Sharjah-based low-cost airline would post a profit of Dh148.4m and Dh85.98m respectively. Quarterly revenues increased four per cent year-on-year to Dh938m.
"Trading conditions continue to be influenced by the regional geopolitical and economic challenges," Sheikh Abdullah Al Thani, chairman of Air Arabia, said.
Air Arabia, the UAE's only publicly-listed airline, posted a 24 per cent decline in second-quarter net profit as the number of passengers carried and seats filled remained flat.
Net profit in the three months ending June 30 reached Dh120 million compared with Dh158m a year earlier, it said in a statement on Thursday. EFG Hermes and Sico Bahrain had forecast the Sharjah-based low-cost airline would post a profit of Dh148.4m and Dh85.98m respectively. Quarterly revenues increased four per cent year-on-year to Dh938m.
"Trading conditions continue to be influenced by the regional geopolitical and economic challenges," Sheikh Abdullah Al Thani, chairman of Air Arabia, said.
Alwaleed's Kingdom Holdings posts 12% increase in Q2 net profit - The National
Alwaleed's Kingdom Holdings posts 12% increase in Q2 net profit - The National:
Saudi Arabia’s Prince Alwaleed bin Talal's Kingdom Holding reported a 12 per cent increase in second quarter net profit on the back of a rise in hotels and other operating revenues.
The Riyadh-listed company's net profit for the period ending June 30 climbed to 243 million riyals (Dh238m) compared with the same period a year earlier, it said on Thursday in a regulatory filing with the Tadawul market, where the firm’s shares are traded.
In addition to an increase in hotels and operating revenues, the company recognised a rise in income and gain on investments, an increase in dividend income and a rise in share of results from equity accounted investees, the company said.
Saudi Arabia’s Prince Alwaleed bin Talal's Kingdom Holding reported a 12 per cent increase in second quarter net profit on the back of a rise in hotels and other operating revenues.
The Riyadh-listed company's net profit for the period ending June 30 climbed to 243 million riyals (Dh238m) compared with the same period a year earlier, it said on Thursday in a regulatory filing with the Tadawul market, where the firm’s shares are traded.
In addition to an increase in hotels and operating revenues, the company recognised a rise in income and gain on investments, an increase in dividend income and a rise in share of results from equity accounted investees, the company said.
Weak Mideast revenues hit world's biggest security group
Weak Mideast revenues hit world's biggest security group:
Shares in Britain's G4S tumbled as much as 7 percent on Thursday after the world's largest security group reported a fall in first-half profit, hit by restructuring costs and weaker revenues from the Middle East.
G4S, which provides outsourced services to manage cash including guarding and security, is in the final stages of a four-year restructuring programme and is also cutting costs to boost productivity.
It said it secured new contracts in the first half which would lift revenues going forward and would start to reap technology-related productivity gains, but investors fretted about narrowing margins.
Shares in Britain's G4S tumbled as much as 7 percent on Thursday after the world's largest security group reported a fall in first-half profit, hit by restructuring costs and weaker revenues from the Middle East.
G4S, which provides outsourced services to manage cash including guarding and security, is in the final stages of a four-year restructuring programme and is also cutting costs to boost productivity.
It said it secured new contracts in the first half which would lift revenues going forward and would start to reap technology-related productivity gains, but investors fretted about narrowing margins.
DXB Entertainments sees 3.33% fall in Q2 revenue | GulfNews.com
DXB Entertainments sees 3.33% fall in Q2 revenue | GulfNews.com:
DXB Entertainments reported a 3.33 per cent fall in second-quarter revenue to Dh116 million, compared to Dh120 million a year ago, due to lower visitor numbers.
Out of the Dh116 million, Dh80 million was generated through theme parks, Dh5 million through retail and Dh17 million through hospitality, the theme parks operator said in a statement on Thursday.
In a statement to the Dubai Financial Market (DFM), the company said that hospitality revenue increased year on year by 47 per cent to Dh17 million in the quarter. Average occupancy stood at 46 per cent and the average daily rate stood at Dh556 for the second quarter.
DXB Entertainments reported a 3.33 per cent fall in second-quarter revenue to Dh116 million, compared to Dh120 million a year ago, due to lower visitor numbers.
Out of the Dh116 million, Dh80 million was generated through theme parks, Dh5 million through retail and Dh17 million through hospitality, the theme parks operator said in a statement on Thursday.
In a statement to the Dubai Financial Market (DFM), the company said that hospitality revenue increased year on year by 47 per cent to Dh17 million in the quarter. Average occupancy stood at 46 per cent and the average daily rate stood at Dh556 for the second quarter.
Industries Qatar net profit surges by 56% in H1 - The Peninsula Qatar
Industries Qatar net profit surges by 56% in H1 - The Peninsula Qatar:
Industries Qatar (IQ), one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertilizer and steel products, has reported a net profit of QR2.5bn and earnings per share of QR4.15 for the first half of 2018 (H1, 18). This compares with net profit of QR1.6bn and earnings per share of QR 2.66 for the corresponding period of 2017.
The results are also well ahead of the group budget expectations for 2018. Improved product prices, stable sales volumes, efficiently managed operating assets base and continued focus on cost improvements were the driving forces behind this impressive performance, the group stated yesterday.
The group’s sales volumes have moderately improved on last year, despite a number of planned and unplanned shutdowns in some facilities. Polyethylene sales improved through higher production, as the segment was on an extended unplanned shutdown during the first half (specifically during Q1, 2017) of 2017. Recovery in the global demand has aided the group’s fertilizer segment, while the sales of steel products have improved due to the change of geographical mix.
Industries Qatar (IQ), one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertilizer and steel products, has reported a net profit of QR2.5bn and earnings per share of QR4.15 for the first half of 2018 (H1, 18). This compares with net profit of QR1.6bn and earnings per share of QR 2.66 for the corresponding period of 2017.
The results are also well ahead of the group budget expectations for 2018. Improved product prices, stable sales volumes, efficiently managed operating assets base and continued focus on cost improvements were the driving forces behind this impressive performance, the group stated yesterday.
The group’s sales volumes have moderately improved on last year, despite a number of planned and unplanned shutdowns in some facilities. Polyethylene sales improved through higher production, as the segment was on an extended unplanned shutdown during the first half (specifically during Q1, 2017) of 2017. Recovery in the global demand has aided the group’s fertilizer segment, while the sales of steel products have improved due to the change of geographical mix.
Bahrain Makes Progress in Aid Talks With Gulf Allies - Bloomberg
Bahrain Makes Progress in Aid Talks With Gulf Allies - Bloomberg:
Bahrain and its Gulf Arab allies are said to be making progress on an aid program to help the island-kingdom repair its finances and avoid a devaluation that could roil neighboring markets.
Officials from Bahrain, Saudi Arabia, the United Arab Emirates and Kuwait are discussing a multi-year program that would involve spending cuts and measures to increase non-oil revenue, including the introduction of a value-added tax, according to five people with knowledge of the matter. They asked not to be identified because the details aren’t public.
The Arab Monetary Fund, an organization modeled on the Washington-based International Monetary Fund, has been involved in the discussions, some of the people said. The fund, based in Abu Dhabi, may also help to monitor the program’s implementation.
Bahrain and its Gulf Arab allies are said to be making progress on an aid program to help the island-kingdom repair its finances and avoid a devaluation that could roil neighboring markets.
Officials from Bahrain, Saudi Arabia, the United Arab Emirates and Kuwait are discussing a multi-year program that would involve spending cuts and measures to increase non-oil revenue, including the introduction of a value-added tax, according to five people with knowledge of the matter. They asked not to be identified because the details aren’t public.
The Arab Monetary Fund, an organization modeled on the Washington-based International Monetary Fund, has been involved in the discussions, some of the people said. The fund, based in Abu Dhabi, may also help to monitor the program’s implementation.
Saudi Arabia Starts to Weaponize Its Wealth - Bloomberg
Saudi Arabia Starts to Weaponize Its Wealth - Bloomberg:
Here’s a subject that Elon Musk might think twice before tweeting about.
Resource-rich Saudi Arabia, which in recent months amassed a $2 billion stake in the Twitter-mad billionaire’s electric-car company Tesla Inc., has declared economic war on Canada. The cause was a tweet by Canadian Foreign Minister Chrystia Freeland, whose call for the release of social activists arrested by the Gulf monarchy earned a stunningly disproportionate response this week.
Here’s a subject that Elon Musk might think twice before tweeting about.
Resource-rich Saudi Arabia, which in recent months amassed a $2 billion stake in the Twitter-mad billionaire’s electric-car company Tesla Inc., has declared economic war on Canada. The cause was a tweet by Canadian Foreign Minister Chrystia Freeland, whose call for the release of social activists arrested by the Gulf monarchy earned a stunningly disproportionate response this week.
Arabtec Holding's H1 net profit surges 97%, revenues up | ZAWYA MENA Edition
Arabtec Holding's H1 net profit surges 97%, revenues up | ZAWYA MENA Edition:
Arabtec Holding, a leading construction company in the Middle East, has registered a 97 per cent jump in its net profit for the first half which rose to Dh113 million ($31 million) from last year's Dh57.4 million ($15.6 million).
Announcing the results for the six-month period ended June 30, Arabtec Holding said the revenue increased by 13.3 per cent to Dh4.8 billion from last year's figure of Dh4.2 billion. The group's backlog stood at Dh16.1 billion, supported by Dh34.6 billion of tenders submitted or under preparation.
A leading contractor for social and economic infrastructure, Arabtec said this was the group's sixth consecutive quarter of profitability.
Arabtec Holding, a leading construction company in the Middle East, has registered a 97 per cent jump in its net profit for the first half which rose to Dh113 million ($31 million) from last year's Dh57.4 million ($15.6 million).
Announcing the results for the six-month period ended June 30, Arabtec Holding said the revenue increased by 13.3 per cent to Dh4.8 billion from last year's figure of Dh4.2 billion. The group's backlog stood at Dh16.1 billion, supported by Dh34.6 billion of tenders submitted or under preparation.
A leading contractor for social and economic infrastructure, Arabtec said this was the group's sixth consecutive quarter of profitability.
Oil slips as trade worries weigh on market | Reuters
Oil slips as trade worries weigh on market | Reuters:
Crude prices settled slightly lower on Thursday, extending the previous session’s losses as the escalating China-U.S. trade dispute casts doubt over the outlook for oil demand.
Brent crude futures LCOc1 fell 21 cents to settle at $72.07 a barrel. U.S. crude CLc1 fell 13 cents to $66.81 a barrel.
Both benchmarks tumbled more than 3 percent on Wednesday after U.S. data showed a smaller-than-expected weekly draw in crude inventories and a surprise build of 2.9 million barrels in gasoline supplies. Analysts polled by Reuters had forecast a 1.7 million-barrel draw in gasoline stocks USOILG=ECI. [EIA/S]
Crude prices settled slightly lower on Thursday, extending the previous session’s losses as the escalating China-U.S. trade dispute casts doubt over the outlook for oil demand.
Brent crude futures LCOc1 fell 21 cents to settle at $72.07 a barrel. U.S. crude CLc1 fell 13 cents to $66.81 a barrel.
Both benchmarks tumbled more than 3 percent on Wednesday after U.S. data showed a smaller-than-expected weekly draw in crude inventories and a surprise build of 2.9 million barrels in gasoline supplies. Analysts polled by Reuters had forecast a 1.7 million-barrel draw in gasoline stocks USOILG=ECI. [EIA/S]
MIDEAST STOCKS-Gulf stocks slide on volatile oil, property | Reuters
MIDEAST STOCKS-Gulf stocks slide on volatile oil, property | Reuters:
Gulf stocks were mostly lower, as volatile oil prices hit petrochemical and energy firms in the Saudi market, while lower-than-expected earnings of property firm Aldar Properties weighed on the Abu Dhabi market.
Abu Dhabi slipped 1.1 percent, easing from a near four-year high on Wednesday. Aldar Properties dropped 2.5 percent, as investors were disappointed after the firm this week missed estimates with a 28 percent fall in second-quarter profit, which it blamed on a revaluation of properties related to its retail portfolio.
First Abu Dhabi Bank also fell 2.4 percent. FAB shares have gained nearly 37 percent this year, fuelled by strong earnings and a move to expand in the Saudi market.
Gulf stocks were mostly lower, as volatile oil prices hit petrochemical and energy firms in the Saudi market, while lower-than-expected earnings of property firm Aldar Properties weighed on the Abu Dhabi market.
Abu Dhabi slipped 1.1 percent, easing from a near four-year high on Wednesday. Aldar Properties dropped 2.5 percent, as investors were disappointed after the firm this week missed estimates with a 28 percent fall in second-quarter profit, which it blamed on a revaluation of properties related to its retail portfolio.
First Abu Dhabi Bank also fell 2.4 percent. FAB shares have gained nearly 37 percent this year, fuelled by strong earnings and a move to expand in the Saudi market.
Caspian countries ready to end their sea of troubles | Financial Times
Caspian countries ready to end their sea of troubles | Financial Times:
When is a sea not a sea? The question has vexed the five states surrounding the Caspian Sea for 26 years. But the conundrum is set to be answered within days in a geopolitical breakthrough affecting both the global energy industry and Central Asian relations.
The Caspian, the world’s largest enclosed body of water, is rich in hydrocarbon deposits and a natural barrier between Turkmenistan’s large gas reserves and Europe. Once it was divided between the Soviet Union and Iran. But in 1992 the collapse of the USSR created four successor states with Caspian shores — Russia, Kazakhstan, Azerbaijan and Turkmenistan — and threw the status of the sea into a generation-long morass of diplomatic wrangling.
The impasse has stymied projects such as Turkmenistan’s proposed 300km-long undersea gas pipeline to Azerbaijan, to tap European markets.
When is a sea not a sea? The question has vexed the five states surrounding the Caspian Sea for 26 years. But the conundrum is set to be answered within days in a geopolitical breakthrough affecting both the global energy industry and Central Asian relations.
The Caspian, the world’s largest enclosed body of water, is rich in hydrocarbon deposits and a natural barrier between Turkmenistan’s large gas reserves and Europe. Once it was divided between the Soviet Union and Iran. But in 1992 the collapse of the USSR created four successor states with Caspian shores — Russia, Kazakhstan, Azerbaijan and Turkmenistan — and threw the status of the sea into a generation-long morass of diplomatic wrangling.
The impasse has stymied projects such as Turkmenistan’s proposed 300km-long undersea gas pipeline to Azerbaijan, to tap European markets.
Oil regains some poise after three percent drop | Reuters
Oil regains some poise after three percent drop | Reuters:
Oil inched up on Thursday, paring some of the previous day’s steep price slide, after the first round of U.S. sanctions against Iran came into effect, although confidence in crude demand has been hit by the escalating China-U.S. trade dispute.
Brent crude LCOc1 futures were up 14 cents at $72.42 barrel by 0855 GMT, after having dropped by more than 3 percent on Wednesday. U.S. crude futures CLc1 rose 8 cents to $67.02 a barrel, having closed down 3.2 percent the day before.
“The market is supported by concerns the sanctions on Iran are going to reduce Iranian supply,” said Tony Nunan, oil risk manager at Mitsubishi in Tokyo.
Oil inched up on Thursday, paring some of the previous day’s steep price slide, after the first round of U.S. sanctions against Iran came into effect, although confidence in crude demand has been hit by the escalating China-U.S. trade dispute.
Brent crude LCOc1 futures were up 14 cents at $72.42 barrel by 0855 GMT, after having dropped by more than 3 percent on Wednesday. U.S. crude futures CLc1 rose 8 cents to $67.02 a barrel, having closed down 3.2 percent the day before.
“The market is supported by concerns the sanctions on Iran are going to reduce Iranian supply,” said Tony Nunan, oil risk manager at Mitsubishi in Tokyo.
Abu Dhabi Natl Energy's Q2 profit jumps on higher oil prices | Reuters
Abu Dhabi Natl Energy's Q2 profit jumps on higher oil prices | Reuters:
Abu Dhabi National Energy Company (TAQA) on Thursday reported a nearly five-fold rise in second-quarter profit, as higher oil and liquids prices offset a drop in production.
The state-owned oil explorer and power supplier made a profit attributable to equity holders of 168 million dirhams ($45.7 million) in the three months ended June 30, it said in a bourse statement.
That compares with 35 million dirhams reported for the year-earlier period.
Abu Dhabi National Energy Company (TAQA) on Thursday reported a nearly five-fold rise in second-quarter profit, as higher oil and liquids prices offset a drop in production.
The state-owned oil explorer and power supplier made a profit attributable to equity holders of 168 million dirhams ($45.7 million) in the three months ended June 30, it said in a bourse statement.
That compares with 35 million dirhams reported for the year-earlier period.
Abu Dhabi Islamic Bank hires banks for $750 million sukuk – sources | Reuters
Abu Dhabi Islamic Bank hires banks for $750 million sukuk – sources | Reuters:
Abu Dhabi Islamic Bank (ADIB) , the largest sharia-compliant lender in Abu Dhabi, has hired international banks to arrange the sale of $750 million in Islamic bonds, three sources familiar with the matter said.
ADIB’s debt sale, which still needs final approval by the bank’s shareholders, would follow months of subdued activity in the Middle East primary bond market, as potential issuers in the region have held back their plans because of market volatility and the price premium they might have to pay to attract demand.
HSBC and JPMorgan have been hired as coordinators for the sukuk deal, said one of the sources, while other banks will join the transaction at a later stage.
Abu Dhabi Islamic Bank (ADIB) , the largest sharia-compliant lender in Abu Dhabi, has hired international banks to arrange the sale of $750 million in Islamic bonds, three sources familiar with the matter said.
ADIB’s debt sale, which still needs final approval by the bank’s shareholders, would follow months of subdued activity in the Middle East primary bond market, as potential issuers in the region have held back their plans because of market volatility and the price premium they might have to pay to attract demand.
HSBC and JPMorgan have been hired as coordinators for the sukuk deal, said one of the sources, while other banks will join the transaction at a later stage.
MIDEAST STOCKS-Property pulls back UAE; Saudi stocks fall on oil volatility | Reuters
MIDEAST STOCKS-Property pulls back UAE; Saudi stocks fall on oil volatility | Reuters:
Weakness in property shares weighed on the Abu Dhabi and Dubai markets on Thursday in fallout from an earnings miss by Aldar Properties, while oil price volatility hurt Saudi stocks.
Abu Dhabi stocks pulled back from a near four-year high and were down 0.7 percent in early trade. Aldar Properties dropped 2 percent.
Abu Dhabi’s largest property developer on Tuesday missed estimates with a 28 percent fall in second-quarter profit, which it blamed on a revaluation of properties related to its retail portfolio.
Weakness in property shares weighed on the Abu Dhabi and Dubai markets on Thursday in fallout from an earnings miss by Aldar Properties, while oil price volatility hurt Saudi stocks.
Abu Dhabi stocks pulled back from a near four-year high and were down 0.7 percent in early trade. Aldar Properties dropped 2 percent.
Abu Dhabi’s largest property developer on Tuesday missed estimates with a 28 percent fall in second-quarter profit, which it blamed on a revaluation of properties related to its retail portfolio.
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