Abraaj restructure on smoother path following bounced cheque settlement - The National:
A long-awaited out-of-court settlement in a bounced cheque criminal case against the founder of private equity firm Abraaj Group dislodges concerns of complications in the firm’s provisional liquidation, and should comfort other creditors, analysts said.
“The settlement clears things up a lot, because whenever there is a criminal accusation in the background it complicates restructuring plans and the sale of parts of the business in question,” said Richard Segal, senior analyst at Manulife Asset Management.
The embattled buyout firm – once the Middle East’s largest with almost $14 billion (Dh51.42bn) of assets under management at its peak – has faced a liquidity crisis since some investors accused it in February of mismanaging funds. Abraaj is undergoing a court-supervised restructuring in the Cayman Islands to repay an estimated $1bn of debt.
Thursday 30 August 2018
Dubai targets Chinese real estate investors in global push
Dubai targets Chinese real estate investors in global push:
The Dubai Land Department (DLD) will host a real estate exhibition in Shanghai today as part of a series of events showcasing the sector worldwide.
It comes as the real estate sector in the emirate struggles with a glut of new homes and comes under pressure from rising interest rates which make mortgage payments more expensive.
Chinese interest in Dubai real estate has increased in recent years amid warnings that the domestic property market in China is becoming over-heated in some cities.
The Dubai Land Department (DLD) will host a real estate exhibition in Shanghai today as part of a series of events showcasing the sector worldwide.
It comes as the real estate sector in the emirate struggles with a glut of new homes and comes under pressure from rising interest rates which make mortgage payments more expensive.
Chinese interest in Dubai real estate has increased in recent years amid warnings that the domestic property market in China is becoming over-heated in some cities.
Qatar Stock Exchange market capitalisation reaches QR519.5bn
Qatar Stock Exchange market capitalisation reaches QR519.5bn:
Qatar Stock Exchange (QSE) has seen its market capitalisation reach QR519.5bn at the end of the trading week that closed on Thursday.
This was 5.2% more than the previous trading week, QNB Financial Services said in its ‘weekly market report.’
The QSE Index increased 438.57 points or 4.64% in five-day sessions to close at 9,886.45 during the trading week, QNB Financial Services said.
Qatar Stock Exchange (QSE) has seen its market capitalisation reach QR519.5bn at the end of the trading week that closed on Thursday.
This was 5.2% more than the previous trading week, QNB Financial Services said in its ‘weekly market report.’
The QSE Index increased 438.57 points or 4.64% in five-day sessions to close at 9,886.45 during the trading week, QNB Financial Services said.
Jobseekers from certain countries to pay security deposit for UAE visa | ZAWYA MENA Edition
Jobseekers from certain countries to pay security deposit for UAE visa | ZAWYA MENA Edition:
Jobseekers from certain countries coming to the UAE may need to pay a security deposit before they are issued visit and tourist visas, the Federal Authority for Identity and Citizenship has said.
Dr Yousuf Al Sharif, legal adviser to the Federal Authority for Identity and Citizenship, said the authority is considering putting in place "special or pre-conditions" for jobseekers. "If pre-conditions are put in place, it will ensure that these visitors leave the country after the expiry of their visas," said Dr Al Sharif.
The tougher regulations will help the UAE authorities reduce the number of visit visa violators.
Jobseekers from certain countries coming to the UAE may need to pay a security deposit before they are issued visit and tourist visas, the Federal Authority for Identity and Citizenship has said.
Dr Yousuf Al Sharif, legal adviser to the Federal Authority for Identity and Citizenship, said the authority is considering putting in place "special or pre-conditions" for jobseekers. "If pre-conditions are put in place, it will ensure that these visitors leave the country after the expiry of their visas," said Dr Al Sharif.
The tougher regulations will help the UAE authorities reduce the number of visit visa violators.
Crude rises to highest since July on sanction concerns | Reuters
Crude rises to highest since July on sanction concerns | Reuters:
Oil prices rose on Thursday to the highest in more than a month, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. inventories.
Brent crude oil LCOc1 rose 63 cents a barrel to settle at $77.77. U.S. crude CLc1 settled 74 cents higher at $70.25 a barrel, after earlier hitting a session high of $70.50. Both contracts were at their highest in more than one month.
A rally that started earlier in the day accelerated as U.S. crude rose above $70 a barrel, and more speculators entered the market, said Bob Yawger, director of futures at Mizuho in New York. “There are pretty good tailwinds here that will keep people jumping on board,” he said. Brent’s wide premium to WTI is likely to encourage exports of U.S. crude, keeping U.S. inventories lower and boosting activity following weekly inventory data, he said.
Oil prices rose on Thursday to the highest in more than a month, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. inventories.
Brent crude oil LCOc1 rose 63 cents a barrel to settle at $77.77. U.S. crude CLc1 settled 74 cents higher at $70.25 a barrel, after earlier hitting a session high of $70.50. Both contracts were at their highest in more than one month.
A rally that started earlier in the day accelerated as U.S. crude rose above $70 a barrel, and more speculators entered the market, said Bob Yawger, director of futures at Mizuho in New York. “There are pretty good tailwinds here that will keep people jumping on board,” he said. Brent’s wide premium to WTI is likely to encourage exports of U.S. crude, keeping U.S. inventories lower and boosting activity following weekly inventory data, he said.
Now you see it, now you don't: oil surplus vanishes ahead of Iran deadline | Reuters
Now you see it, now you don't: oil surplus vanishes ahead of Iran deadline | Reuters:
An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.
Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil.
The millions of unsold barrels of crude that had pooled around northwest Europe, the Mediterranean and West Africa over July and August are rapidly draining.
An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.
Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil.
The millions of unsold barrels of crude that had pooled around northwest Europe, the Mediterranean and West Africa over July and August are rapidly draining.
MIDEAST STOCKS-Saudi falls for second day on valuation concerns, other Gulf mkts up | Reuters
MIDEAST STOCKS-Saudi falls for second day on valuation concerns, other Gulf mkts up | Reuters:
Saudi stock market fell for the second day in a row on Thursday as investors continued to cut positions in the absence of fresh news and concerns about valuations. Other big Gulf markets rose.
Middle East fund managers have become less positive towards equities in Saudi Arabia and Kuwait after Turkey’s currency crisis triggered volatility in the markets this month, a monthly Reuters poll showed on Thursday.
The Saudi index fell 0.9 percent, hurt by selling in market heavyweight Saudi Basic Industries, which dropped 1.1 percent, and Al Rajhi Bank declined 1 percent. The Saudi index is still up 9.9 percent since the start of the year, but has seen selling this quarter.
Saudi stock market fell for the second day in a row on Thursday as investors continued to cut positions in the absence of fresh news and concerns about valuations. Other big Gulf markets rose.
Middle East fund managers have become less positive towards equities in Saudi Arabia and Kuwait after Turkey’s currency crisis triggered volatility in the markets this month, a monthly Reuters poll showed on Thursday.
The Saudi index fell 0.9 percent, hurt by selling in market heavyweight Saudi Basic Industries, which dropped 1.1 percent, and Al Rajhi Bank declined 1 percent. The Saudi index is still up 9.9 percent since the start of the year, but has seen selling this quarter.
Iran Says It Will Block Middle East Oil Exports If It Can't Ship - Bloomberg
Iran Says It Will Block Middle East Oil Exports If It Can't Ship - Bloomberg:
Iran will halt Middle East oil exports if it’s not allowed to ship its crude through the Strait of Hormuz, according to a top military official.
If the Islamic Republic can’t use the Strait for its oil exports, “there will be no security for others either and no other crude will be exported from this region,” Armed Forces Chief of Staff Mohammad Bagheri said, state-run Mehr news agency reported. The U.S. Army and other military forces present in the Middle East “know full well that the smallest mistake in the region will bear a heavy cost for them.”
Iran has been threatening to halt exports from Hormuz, the world’s most important oil chokepoint, since early July. Bagheri’s comments come after the U.S. reimposed a set of economic sanctions that had been eased against Iran as part of a 2015 international nuclear agreement. The measures are set to intensify in November when they will target Iran’s oil sales - the lifeline of its economy.
Iran will halt Middle East oil exports if it’s not allowed to ship its crude through the Strait of Hormuz, according to a top military official.
If the Islamic Republic can’t use the Strait for its oil exports, “there will be no security for others either and no other crude will be exported from this region,” Armed Forces Chief of Staff Mohammad Bagheri said, state-run Mehr news agency reported. The U.S. Army and other military forces present in the Middle East “know full well that the smallest mistake in the region will bear a heavy cost for them.”
Iran has been threatening to halt exports from Hormuz, the world’s most important oil chokepoint, since early July. Bagheri’s comments come after the U.S. reimposed a set of economic sanctions that had been eased against Iran as part of a 2015 international nuclear agreement. The measures are set to intensify in November when they will target Iran’s oil sales - the lifeline of its economy.
Actis bids for Abraaj's emerging market funds -sources | Reuters
Actis bids for Abraaj's emerging market funds -sources | Reuters:
Actis, a leading emerging market investor, has bid to buy the bulk of the private equity funds’ business of stricken Dubai-based Abraaj, two sources familiar with the matter said.
Actis’ joins other potential buyers such as Kuwait’s Agility , which has teamed up with New York-based Centerbridge Partners for its bid, York Capital and Abu Dhabi Financial Group.
Abraaj received bids this week to manage the funds and is expected to close the deal with the successful bidder by the end of the year, one of the two sources said.
Actis, a leading emerging market investor, has bid to buy the bulk of the private equity funds’ business of stricken Dubai-based Abraaj, two sources familiar with the matter said.
Actis’ joins other potential buyers such as Kuwait’s Agility , which has teamed up with New York-based Centerbridge Partners for its bid, York Capital and Abu Dhabi Financial Group.
Abraaj received bids this week to manage the funds and is expected to close the deal with the successful bidder by the end of the year, one of the two sources said.
Mideast funds less positive on Saudi, Kuwait after Turkey shock: Poll | ZAWYA MENA Edition
Mideast funds less positive on Saudi, Kuwait after Turkey shock: Poll | ZAWYA MENA Edition:
Middle East fund managers have become less positive towards equities in Saudi Arabia and Kuwait after Turkey's currency crisis triggered volatility in the markets this month, a monthly Reuters poll showed on Thursday.
For most of this year, Saudi Arabia and Kuwait were favourites of the funds, because of expectations for Riyadh to join emerging market indexes next year and FTSE Russell's decision to upgrade Kuwait to secondary emerging market status.
But even though Turkey is likely to have little direct impact on Middle Eastern economies, the market volatility has made investors more cautious about buying Saudi and Kuwaiti stocks at rich valuations relative to the United Arab Emirates and other emerging markets.
Middle East fund managers have become less positive towards equities in Saudi Arabia and Kuwait after Turkey's currency crisis triggered volatility in the markets this month, a monthly Reuters poll showed on Thursday.
For most of this year, Saudi Arabia and Kuwait were favourites of the funds, because of expectations for Riyadh to join emerging market indexes next year and FTSE Russell's decision to upgrade Kuwait to secondary emerging market status.
But even though Turkey is likely to have little direct impact on Middle Eastern economies, the market volatility has made investors more cautious about buying Saudi and Kuwaiti stocks at rich valuations relative to the United Arab Emirates and other emerging markets.
Russia’s Lukoil to begin $3bn share buyback | Financial Times
Russia’s Lukoil to begin $3bn share buyback | Financial Times:
Russian oil company Lukoil on Thursday announced the start of its $3bn share buyback program, part of a slew of recent investor-friendly initiatives by the country’s energy groups.
Russia’s oil and gas majors have cashed in over the past year as oil prices have risen and the rouble has weakened, mainly due to geopolitical tensions with the west.
Energy companies have been the star performers on the Moscow stock market this year, with the market’s oil and gas index up 35 per cent so far in 2018. The divergent fortunes of oil prices and the rouble — which had previously moved roughly in tandem — means that a barrel of crude today sells for around Rbs5,300, versus Rbs3,000 a year ago.
Russian oil company Lukoil on Thursday announced the start of its $3bn share buyback program, part of a slew of recent investor-friendly initiatives by the country’s energy groups.
Russia’s oil and gas majors have cashed in over the past year as oil prices have risen and the rouble has weakened, mainly due to geopolitical tensions with the west.
Energy companies have been the star performers on the Moscow stock market this year, with the market’s oil and gas index up 35 per cent so far in 2018. The divergent fortunes of oil prices and the rouble — which had previously moved roughly in tandem — means that a barrel of crude today sells for around Rbs5,300, versus Rbs3,000 a year ago.
Fitch Expects Etihad Airways to Keep Losing Money Through 2022 - Bloomberg
Fitch Expects Etihad Airways to Keep Losing Money Through 2022 - Bloomberg:
Etihad Airways will continue losing money through 2022, Fitch Ratings forecast, citing the “high execution risk” in the state-owned carrier’s turnaround plan.
The credit ratings company affirmed the airline’s long-term rating at ‘A’ with a stable outlook, given the support provided by the government of Abu Dhabi, Etihad’s owner.
“We continue to rate Etihad three notches below its ultimate sole shareholder Abu Dhabi, despite the change in criteria,” the company said in a statement Wednesday.
Etihad Airways will continue losing money through 2022, Fitch Ratings forecast, citing the “high execution risk” in the state-owned carrier’s turnaround plan.
The credit ratings company affirmed the airline’s long-term rating at ‘A’ with a stable outlook, given the support provided by the government of Abu Dhabi, Etihad’s owner.
“We continue to rate Etihad three notches below its ultimate sole shareholder Abu Dhabi, despite the change in criteria,” the company said in a statement Wednesday.
Saudi Bulls Retreat as Aramco Letdown Adds to Shock Over Policy - Bloomberg
Saudi Bulls Retreat as Aramco Letdown Adds to Shock Over Policy - Bloomberg:
The Arab world’s biggest bourse is losing its appeal to foreigners just two months after it won inclusion in MSCI Inc.’s emerging-market index.
That’s because the initial euphoria surrounding Crown Prince Mohammed bin Salman’s efforts to overhaul the nation’s economy has given way to skepticism as the kingdom put on hold the initial public offering of oil giant Aramco. A dispute over Canada’s criticism of the jailing of Saudi rights activists has also heightened concerns over the prince’s increasingly assertive policy and the impact it would have on capital flows.
Overseas money managers turned net sellers of Saudi stocks in six of the past eight weeks after MSCI said it will include the country in its emerging-market equity indexes starting June 2019. Global factors, including the roll-back of crisis-era stimulus and a global trade skirmish, have also dented demand for riskier assets.
The Arab world’s biggest bourse is losing its appeal to foreigners just two months after it won inclusion in MSCI Inc.’s emerging-market index.
That’s because the initial euphoria surrounding Crown Prince Mohammed bin Salman’s efforts to overhaul the nation’s economy has given way to skepticism as the kingdom put on hold the initial public offering of oil giant Aramco. A dispute over Canada’s criticism of the jailing of Saudi rights activists has also heightened concerns over the prince’s increasingly assertive policy and the impact it would have on capital flows.
Overseas money managers turned net sellers of Saudi stocks in six of the past eight weeks after MSCI said it will include the country in its emerging-market equity indexes starting June 2019. Global factors, including the roll-back of crisis-era stimulus and a global trade skirmish, have also dented demand for riskier assets.
Oil rises on Iran sanctions, lower U.S. fuel inventories | Reuters
Oil rises on Iran sanctions, lower U.S. fuel inventories | Reuters:
Oil prices rose on Thursday, extending gains on growing evidence of serious disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories.
Benchmark Brent crude oil LCOc1 was up 30 cents a barrel at $77.44 by 0745 GMT. U.S. light crude CLc1 was 30 cents higher at $69.81.
Brent has risen by almost 10 percent over the last two weeks on widespread perceptions that the global oil market is tightening and may run short in the next few months as U.S. sanctions restrict crude exports from Iran.
Oil prices rose on Thursday, extending gains on growing evidence of serious disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories.
Benchmark Brent crude oil LCOc1 was up 30 cents a barrel at $77.44 by 0745 GMT. U.S. light crude CLc1 was 30 cents higher at $69.81.
Brent has risen by almost 10 percent over the last two weeks on widespread perceptions that the global oil market is tightening and may run short in the next few months as U.S. sanctions restrict crude exports from Iran.
MIDEAST STOCKS-Saudi market slips in early trade as Dubai, Abu Dhabi rise | Reuters
MIDEAST STOCKS-Saudi market slips in early trade as Dubai, Abu Dhabi rise | Reuters:
Saudi Arabia’s stock market slipped in early trade on Thursday as investors continued to book profits after gains at the start of the week, while Dubai’s bourse saw support from financials.
Saudi Arabia’s main index was down 0.5 percent, with National Commercial Bank down 0.9 percent, Al Rajhi Bank 0.6 percent lower, and Arab Bank dropping 1.0 percent.
The index closed lower on Wednesday, ending a three day winning streak.
Saudi Arabia’s stock market slipped in early trade on Thursday as investors continued to book profits after gains at the start of the week, while Dubai’s bourse saw support from financials.
Saudi Arabia’s main index was down 0.5 percent, with National Commercial Bank down 0.9 percent, Al Rajhi Bank 0.6 percent lower, and Arab Bank dropping 1.0 percent.
The index closed lower on Wednesday, ending a three day winning streak.
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