Qatari issuers raise $19.97bn, lead GCC bonds and sukuk market in H1:
Qatari issuers led the GCC aggregate bonds and sukuk market in the first half of this year, raising a total of $19.97bn, according to Kuwait Financial Centre.
Qatari bonds and sukuk in H1 were through 47 issuances and represented nearly 32% of the total value raised in the Gulf Co-operation Council region, according to a recent report by Kuwait Financial Centre (Markaz).
The report stated that the aggregate primary issuance of bonds and sukuk by GCC entities, including central banks’ local issuances, GCC sovereign and corporate issuances, totalled $95.25bn in H1, 2018, which represents a 9.64% increase on H1, 2017.
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Sunday 26 August 2018
Turkish lira plunge sees Gulf property investors flock to Istanbul
Turkish lira plunge sees Gulf property investors flock to Istanbul:
The plunge in the value of the Turkish lira has fueled a foreign investor buying spree for Istanbul apartments, with the most interest coming from Gulf countries, according to market observers interviewed by Arab News.
Investors from the region are seeking to exploit the near 40 percent depreciation of the local currency against the dollar since January as a political spat with the US and market concern about the fragile Turkish economy has stoked a massive sell-off of the lira.
In an interview with Arab News, Cameron Deggin, founder of PropertyTurkey.com said: “In the last few weeks, unique visitor traffic to our site has more than doubled to over 5,000 a day. We can see from the data that most of the interest is from GCC countries, with Saudi Arabia — as the most populous GCC state — in the lead by a significant margin.”
The plunge in the value of the Turkish lira has fueled a foreign investor buying spree for Istanbul apartments, with the most interest coming from Gulf countries, according to market observers interviewed by Arab News.
Investors from the region are seeking to exploit the near 40 percent depreciation of the local currency against the dollar since January as a political spat with the US and market concern about the fragile Turkish economy has stoked a massive sell-off of the lira.
In an interview with Arab News, Cameron Deggin, founder of PropertyTurkey.com said: “In the last few weeks, unique visitor traffic to our site has more than doubled to over 5,000 a day. We can see from the data that most of the interest is from GCC countries, with Saudi Arabia — as the most populous GCC state — in the lead by a significant margin.”
Qatari Banks Said to Reveal Merger Plans as Early as This Week - Bloomberg
Qatari Banks Said to Reveal Merger Plans as Early as This Week - Bloomberg:
Barwa Bank QSC and International Bank of Qatar QSC may announce plans to merge as early as this week, according to people with knowledge of the matter.
Talks between the two closely held banks are advanced, though they could still be delayed or fall apart, the people said, asking not to be identified because the matter is private.
Combining Barwa and IBQ would partially salvage a proposed three-way merger with Masraf Al Rayan QSC that was abandoned in June after 18 months of talks. That consolidation would have created the country’s largest Shariah-compliant bank and the Middle East’s third-biggest Islamic lender with more than 178 billion riyals ($49 billion) of assets.
Barwa Bank QSC and International Bank of Qatar QSC may announce plans to merge as early as this week, according to people with knowledge of the matter.
Talks between the two closely held banks are advanced, though they could still be delayed or fall apart, the people said, asking not to be identified because the matter is private.
Combining Barwa and IBQ would partially salvage a proposed three-way merger with Masraf Al Rayan QSC that was abandoned in June after 18 months of talks. That consolidation would have created the country’s largest Shariah-compliant bank and the Middle East’s third-biggest Islamic lender with more than 178 billion riyals ($49 billion) of assets.
MIDEAST STOCKS-Saudi outperforms as markets reopen after Eid holidays | Reuters
MIDEAST STOCKS-Saudi outperforms as markets reopen after Eid holidays | Reuters:
Saudi Arabia’s stock market outperformed by a large margin on Sunday, led by petrochemical stocks, as Middle Eastern bourses reopened after a one-week break for the Muslim festival of Eid Al Adha.
The Saudi stock index rose 1.4 percent, although trading volume was the lowest this year as some individual investors had not yet returned from holidays. Gainers outnumbered losers by 146 to 23.
The market has been buoyed this year by inflows of foreign funds in anticipation of Riyadh joining emerging market indexes next year. Recent exchange data indicates those inflows have slowed but not halted as stock valuations have risen.
Saudi Arabia’s stock market outperformed by a large margin on Sunday, led by petrochemical stocks, as Middle Eastern bourses reopened after a one-week break for the Muslim festival of Eid Al Adha.
The Saudi stock index rose 1.4 percent, although trading volume was the lowest this year as some individual investors had not yet returned from holidays. Gainers outnumbered losers by 146 to 23.
The market has been buoyed this year by inflows of foreign funds in anticipation of Riyadh joining emerging market indexes next year. Recent exchange data indicates those inflows have slowed but not halted as stock valuations have risen.
Iranian parliament removes finance minister from office | Reuters
Iranian parliament removes finance minister from office | Reuters:
The Iranian parliament voted on Sunday to remove the minister of economic affairs and finance, Masoud Karbasian, from office, state media said, amid a sharp fall in the rial currency and a deterioration in the economic situation.
The move was the latest in a continuing shakeup of top economic personnel as the United States reimposes economic sanctions on Iran over its nuclear programme and other issues.
In early August Iranian lawmakers voted out the minister of labor and last month President Hassan Rouhani replaced the head of the central bank.
The Iranian parliament voted on Sunday to remove the minister of economic affairs and finance, Masoud Karbasian, from office, state media said, amid a sharp fall in the rial currency and a deterioration in the economic situation.
The move was the latest in a continuing shakeup of top economic personnel as the United States reimposes economic sanctions on Iran over its nuclear programme and other issues.
In early August Iranian lawmakers voted out the minister of labor and last month President Hassan Rouhani replaced the head of the central bank.
MIDEAST STOCKS-Gulf rises in quiet trade as Eid Al Adha holiday ends | Reuters
MIDEAST STOCKS-Gulf rises in quiet trade as Eid Al Adha holiday ends | Reuters:
Gulf stock markets rose in quiet, early trade on Sunday, led by broad-based gains in Saudi Arabia, as they reopened after a one-week break for the Muslim festival of Eid Al Adha.
During that week, the MSCI emerging market index climbed 2.7 percent as Turkish markets stabilised after plunging because of the country’s currency crisis.
This encouraged Gulf institutional investors to buy stocks on Sunday as they returned from holiday, although trading volumes remained modest as many individual investors were still absent.
Gulf stock markets rose in quiet, early trade on Sunday, led by broad-based gains in Saudi Arabia, as they reopened after a one-week break for the Muslim festival of Eid Al Adha.
During that week, the MSCI emerging market index climbed 2.7 percent as Turkish markets stabilised after plunging because of the country’s currency crisis.
This encouraged Gulf institutional investors to buy stocks on Sunday as they returned from holiday, although trading volumes remained modest as many individual investors were still absent.
Judgment in 'bounced check' case against Abraaj CEO postponed to Aug. 28: lawyers | Reuters
Judgment in 'bounced check' case against Abraaj CEO postponed to Aug. 28: lawyers | Reuters:
A United Arab Emirates court postponed judgment until Tuesday in a case against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a check without sufficient funds, two lawyers close to the case said.
The criminal case in the emirate of Sharjah relates to a check for 798.9 million dirhams ($218 million), signed by Naqvi and fellow executive Rafique Lakhani, and written to Hamid Jafar, another founding shareholder in Abraaj.
Dubai-based Abraaj has filed for provisional liquidation in the Cayman Islands after months of turmoil related to a row with investors over the use of their money in a $1 billion healthcare fund. Liquidators are also seeking to sell its investment management business.
A United Arab Emirates court postponed judgment until Tuesday in a case against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a check without sufficient funds, two lawyers close to the case said.
The criminal case in the emirate of Sharjah relates to a check for 798.9 million dirhams ($218 million), signed by Naqvi and fellow executive Rafique Lakhani, and written to Hamid Jafar, another founding shareholder in Abraaj.
Dubai-based Abraaj has filed for provisional liquidation in the Cayman Islands after months of turmoil related to a row with investors over the use of their money in a $1 billion healthcare fund. Liquidators are also seeking to sell its investment management business.