Crown Prince reveals Tomorrow 2021 plan for Abu Dhabi's economy including Dh20bn for spending next year - The National:
Abu Dhabi's drive to accelerate its economic growth will come under the banner of Tomorrow 2021, the Crown Prince revealed on Sunday, in what marks the culmination of a summer of reforms aimed at preparing the emirate for a more prosperous future.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said the plan includes "50 initiatives that reflect the priorities of citizens, residents and investors". The move is part of an action plan to generate a vision of the future economy in a post-oil world that aims to stimulate investment, create jobs, spur innovation and improve the overall quality of life in the emirate.
Government officials were set a 90-day deadline on June 5 to put in motion wide-ranging economic reforms ordered as part of a Dh50 billion stimulus package over three years.
Sunday 16 September 2018
Marsh Saudi Arabia CEO Bassam Al-Bader: How KSA learned to love the insurance business
Marsh Saudi Arabia CEO Bassam Al-Bader: How KSA learned to love the insurance business:
The insurance industry was slow to gain traction in the Kingdom in comparison to other financial sectors such as banking and equities trading, but Bassam Al-Bader believes that its time has now come.
He is chief executive of Marsh Saudi Arabia, part of the global financial services group Marsh & McLennan, often rated the biggest broker in the world, and has spent most of his career in the insurance business in Saudi Arabia.
He has seen the industry develop through some challenging times.
The insurance industry was slow to gain traction in the Kingdom in comparison to other financial sectors such as banking and equities trading, but Bassam Al-Bader believes that its time has now come.
He is chief executive of Marsh Saudi Arabia, part of the global financial services group Marsh & McLennan, often rated the biggest broker in the world, and has spent most of his career in the insurance business in Saudi Arabia.
He has seen the industry develop through some challenging times.
Qatar-Sri Lanka economic ties enter defining moment - The Peninsula Qatar
Qatar-Sri Lanka economic ties enter defining moment - The Peninsula Qatar:
Sri Lanka’s Ambassador to Qatar, A S P Liyanage, has said the bilateral relations between Qatar and Sri Lanka in terms of trade, investment, tourism and other activities will be further bolstered with the launch of ‘Sri Lanka Qatar Business Council’.
The soon to be launched Council will offer unique opportunities for both countries to engage with each other, where Qatar based entrepreneurs can explore the opportunities in major areas such as investments, food & agriculture, hospitality, oil and gas, infrastructure, tourism; and trade services.
“I am pleased to inform that the Sri Lankan Embassy in Qatar, under the guidance of, the President of Democratic Socialist Republic of Sri Lanka, with the support of Doha Bank, have made arrangements to form ‘the Sri Lanka Qatar Business Council’ which would enable to improve the bilateral relations between two countries,” the Ambassador said while addressing a knowledge sharing session hosted by Doha Bank on ‘Qatar-Sri Lanka Bilateral Opportunities,’ here on Thursday.
Sri Lanka’s Ambassador to Qatar, A S P Liyanage, has said the bilateral relations between Qatar and Sri Lanka in terms of trade, investment, tourism and other activities will be further bolstered with the launch of ‘Sri Lanka Qatar Business Council’.
The soon to be launched Council will offer unique opportunities for both countries to engage with each other, where Qatar based entrepreneurs can explore the opportunities in major areas such as investments, food & agriculture, hospitality, oil and gas, infrastructure, tourism; and trade services.
“I am pleased to inform that the Sri Lankan Embassy in Qatar, under the guidance of, the President of Democratic Socialist Republic of Sri Lanka, with the support of Doha Bank, have made arrangements to form ‘the Sri Lanka Qatar Business Council’ which would enable to improve the bilateral relations between two countries,” the Ambassador said while addressing a knowledge sharing session hosted by Doha Bank on ‘Qatar-Sri Lanka Bilateral Opportunities,’ here on Thursday.
Arrests Spark Selloff in Egypt, Pacing Mideast Losses: Inside EM - Bloomberg
Arrests Spark Selloff in Egypt, Pacing Mideast Losses: Inside EM - Bloomberg:
Egypt’s main stocks index dropped the most since January 2017, leading declines among Middle Eastern markets on Sunday.
The selloff followed the detention of former President Hosni Mubarak’s two sons, as well as that of EFG-Hermes’s non-executive vice chairman and Citadel Capital SAE’s investor relations head in a case linked to stock market manipulation. In Dubai, the equities gauge fell to the lowest level since January 2016 after breaching a resistance level.
The stock manipulation case created “a bad sentiment in the market,” said Tarek Abaza, chief executive officer of Naeem Brokerage in Cairo. “Investors are in a selling mood and the volumes are low -- any negative news is merely an excuse for a fall.”
Egypt’s main stocks index dropped the most since January 2017, leading declines among Middle Eastern markets on Sunday.
The selloff followed the detention of former President Hosni Mubarak’s two sons, as well as that of EFG-Hermes’s non-executive vice chairman and Citadel Capital SAE’s investor relations head in a case linked to stock market manipulation. In Dubai, the equities gauge fell to the lowest level since January 2016 after breaching a resistance level.
The stock manipulation case created “a bad sentiment in the market,” said Tarek Abaza, chief executive officer of Naeem Brokerage in Cairo. “Investors are in a selling mood and the volumes are low -- any negative news is merely an excuse for a fall.”
UAE approves law granting residency to retired property investors | Reuters
UAE approves law granting residency to retired property investors | Reuters:
The United Arab Emirates government approved on Sunday a law that allows expatriates to stay in the country after retirement if they own a property valued about $545,000.
Current legislation provides for expatriates to leave when they reach the retirement age, between 60 and 65 years depending on the employer.
The new law could help prop up the real estate market of Dubai, the federation’s second-largest and second-wealthiest emirate, after oil-rich Abu Dhabi.
The United Arab Emirates government approved on Sunday a law that allows expatriates to stay in the country after retirement if they own a property valued about $545,000.
Current legislation provides for expatriates to leave when they reach the retirement age, between 60 and 65 years depending on the employer.
The new law could help prop up the real estate market of Dubai, the federation’s second-largest and second-wealthiest emirate, after oil-rich Abu Dhabi.
UAE's Brooge Petroleum plans to float 40 percent stake in London IPO | Reuters
UAE's Brooge Petroleum plans to float 40 percent stake in London IPO | Reuters:
The United Arab Emirates’ Brooge Petroleum & Gas Investment Co. plans to float 40 percent of its capital on the London Stock Exchange in October, Chief Executive Officer Nicolaas Paardenkooper said on Sunday.
Brooge Petroleum & Gas Investment (BPGIC) is looking to raise $400 million from Emirati and foreign investors in the IPO, to be conducted in a single tranche, Paardenkooper told Reuters on the sidelines of a company event in Dubai.
The company has already secured strategic investors and plans a roadshow next week in the United States and Europe, he said.
The United Arab Emirates’ Brooge Petroleum & Gas Investment Co. plans to float 40 percent of its capital on the London Stock Exchange in October, Chief Executive Officer Nicolaas Paardenkooper said on Sunday.
Brooge Petroleum & Gas Investment (BPGIC) is looking to raise $400 million from Emirati and foreign investors in the IPO, to be conducted in a single tranche, Paardenkooper told Reuters on the sidelines of a company event in Dubai.
The company has already secured strategic investors and plans a roadshow next week in the United States and Europe, he said.
UPDATE 1-Saudi forex reserves rising, capital outflows due to investment -c.bank | Reuters
UPDATE 1-Saudi forex reserves rising, capital outflows due to investment -c.bank | Reuters:
Foreign reserves at Saudi Arabia’s central bank have been increasing this year and a large proportion of recent capital outflows has been due to foreign investment by other Saudi institutions, a senior central bank official said on Sunday.
Brent oil has jumped near $80 a barrel from $67 at the end of 2017, swelling Saudi Arabia’s current account surplus and shrinking its state budget deficit; this has reduced the need to liquidate assets to finance government spending.
However, the central bank’s net foreign assets — a measure of the country’s ability to defend its currency if needed — have risen only marginally, to $493.8 billion at the end of July from $488.9 billion at the end of 2017.
Foreign reserves at Saudi Arabia’s central bank have been increasing this year and a large proportion of recent capital outflows has been due to foreign investment by other Saudi institutions, a senior central bank official said on Sunday.
Brent oil has jumped near $80 a barrel from $67 at the end of 2017, swelling Saudi Arabia’s current account surplus and shrinking its state budget deficit; this has reduced the need to liquidate assets to finance government spending.
However, the central bank’s net foreign assets — a measure of the country’s ability to defend its currency if needed — have risen only marginally, to $493.8 billion at the end of July from $488.9 billion at the end of 2017.
UPDATE 1-MIDEAST STOCKS-Saudi hits 6-month low, Egypt slips on emerging market woes | Reuters
UPDATE 1-MIDEAST STOCKS-Saudi hits 6-month low, Egypt slips on emerging market woes | Reuters:
Saudi Arabian shares closed at a new six-month low on Sunday, and stocks in Dubai and Egypt also fell sharply as risk aversion continued to spread across emerging markets.
The Egyptian index fell by 3.4 percent to end at 14,796, its lowest close since Feb. 13.
Radwa El-Swaify, head of research at Pharos, said news of the seizure of assets of some Muslim Brotherhood leaders and an arrest order on former President Hosni Mubrak’s sons Alaa and Gamal on charges of stock market manipulation, as well as concern about the Egyptian pound, had hurt the market.
Saudi Arabian shares closed at a new six-month low on Sunday, and stocks in Dubai and Egypt also fell sharply as risk aversion continued to spread across emerging markets.
The Egyptian index fell by 3.4 percent to end at 14,796, its lowest close since Feb. 13.
Radwa El-Swaify, head of research at Pharos, said news of the seizure of assets of some Muslim Brotherhood leaders and an arrest order on former President Hosni Mubrak’s sons Alaa and Gamal on charges of stock market manipulation, as well as concern about the Egyptian pound, had hurt the market.
US dollar and oil chasing $80 are in focus for investors this week | Financial Times
US dollar and oil chasing $80 are in focus for investors this week | Financial Times:
The oil market is suffering from altitude sickness. While the fundamentals of the market increasingly point to higher prices in the short term, with the International Energy Agency this week warning of a possible supply crunch once the US reimposes sanctions against Iran’s oil industry in November, Brent crude continues to struggle to break out of its well-defined $70-$80 a barrel trading range.
On Wednesday bullish traders briefly pierced the $80 a barrel level, getting within 50 cents of the high for the year. But rather than marching higher prices beat a quick retreat, like mountain climbers spooked by the effects of a lack of oxygen when scaling a Himalayan peak.
So what, if anything, can break the range that has been in place since April? Well the reasons for caution at the $80 a barrel level are multiple. That price level was one of the triggers back in May for US president Donald Trump to push Saudi Arabia and other major oil producers to add more supply to the market, partly to compensate for the looming loss of Iranian barrels. Further oil-related Tweets from the White House cannot be ruled out ahead of midterm elections in two months time.
The oil market is suffering from altitude sickness. While the fundamentals of the market increasingly point to higher prices in the short term, with the International Energy Agency this week warning of a possible supply crunch once the US reimposes sanctions against Iran’s oil industry in November, Brent crude continues to struggle to break out of its well-defined $70-$80 a barrel trading range.
On Wednesday bullish traders briefly pierced the $80 a barrel level, getting within 50 cents of the high for the year. But rather than marching higher prices beat a quick retreat, like mountain climbers spooked by the effects of a lack of oxygen when scaling a Himalayan peak.
So what, if anything, can break the range that has been in place since April? Well the reasons for caution at the $80 a barrel level are multiple. That price level was one of the triggers back in May for US president Donald Trump to push Saudi Arabia and other major oil producers to add more supply to the market, partly to compensate for the looming loss of Iranian barrels. Further oil-related Tweets from the White House cannot be ruled out ahead of midterm elections in two months time.
Iran's Export Pain Could Mean a Hot Winter for Oil - Bloomberg
Iran's Export Pain Could Mean a Hot Winter for Oil - Bloomberg:
Winter is coming, and the oil market is starting to look pretty tight.
Iran’s oil exports are down by almost a third since President Donald Trump said in April that the U.S. would withdraw from the nations’ nuclear deal and reimpose sanctions. They slid below 2 million barrels a day in August and continued to deteriorate in the first half of September, creating a build-up of crude held in tankers floating offshore.
On paper there is enough spare capacity among other OPEC producers and Russia to offset falling Iranian supply — but what exists on paper and what can be brought into production in the next month or so are not necessarily the same.
Winter is coming, and the oil market is starting to look pretty tight.
Iran’s oil exports are down by almost a third since President Donald Trump said in April that the U.S. would withdraw from the nations’ nuclear deal and reimpose sanctions. They slid below 2 million barrels a day in August and continued to deteriorate in the first half of September, creating a build-up of crude held in tankers floating offshore.
On paper there is enough spare capacity among other OPEC producers and Russia to offset falling Iranian supply — but what exists on paper and what can be brought into production in the next month or so are not necessarily the same.
Abu Dhabi Financial Group offers revised bid for Abraaj's ME funds | Reuters
Abu Dhabi Financial Group offers revised bid for Abraaj's ME funds | Reuters:
Abu Dhabi Financial Group (ADFG) has submitted a revised bid to acquire the management rights for the Middle East funds of stricken Dubai-based Abraaj, according to a document seen by Reuters.
The Abu Dhabi-based alternative investment firm is among more than a dozen bidders seeking to buy the bulk of Abraaj’s private equity funds.
But in a letter to investors in Abraaj Funds, ADFG said that the bid is unlikely to materialize given the “convolution” of the situation.
Abu Dhabi Financial Group (ADFG) has submitted a revised bid to acquire the management rights for the Middle East funds of stricken Dubai-based Abraaj, according to a document seen by Reuters.
The Abu Dhabi-based alternative investment firm is among more than a dozen bidders seeking to buy the bulk of Abraaj’s private equity funds.
But in a letter to investors in Abraaj Funds, ADFG said that the bid is unlikely to materialize given the “convolution” of the situation.
Exclusive: Saudi Arabia to auction detained tycoon's real estate assets - sources | Reuters
Exclusive: Saudi Arabia to auction detained tycoon's real estate assets - sources | Reuters:
Saudi Arabia will auction real estate owned by indebted billionaire Maan al-Sanea and his company starting next month to help repay billions of riyals due to creditors, sources familiar with the matter told Reuters.
Sanea, ranked by Forbes in 2007 as one of the world’s 100 richest people, was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted.
His case is separate from the scores of Saudi businessmen and prominent figures who were held on corruption charges last year at Riyadh’s Ritz Carlton hotel, although it touches on similar investor concerns about corporate governance.
Saudi Arabia will auction real estate owned by indebted billionaire Maan al-Sanea and his company starting next month to help repay billions of riyals due to creditors, sources familiar with the matter told Reuters.
Sanea, ranked by Forbes in 2007 as one of the world’s 100 richest people, was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted.
His case is separate from the scores of Saudi businessmen and prominent figures who were held on corruption charges last year at Riyadh’s Ritz Carlton hotel, although it touches on similar investor concerns about corporate governance.
Islamic banks face outdated property rules: industry body | Reuters
Islamic banks face outdated property rules: industry body | Reuters:
Regulators overseeing Islamic banking must revise guidance on real estate exposures to align with the post-financial crisis capital rules of Basel III, a global industry body said on Sunday.
The Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) said treatment of real estate across Islamic finance jurisdictions still reflected Basel II or pre-reform Basel III rules.
But a revised version of Basel III, finalised in December 2017, introduced additional requirements including concentration limits and independent asset valuations.
Regulators overseeing Islamic banking must revise guidance on real estate exposures to align with the post-financial crisis capital rules of Basel III, a global industry body said on Sunday.
The Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) said treatment of real estate across Islamic finance jurisdictions still reflected Basel II or pre-reform Basel III rules.
But a revised version of Basel III, finalised in December 2017, introduced additional requirements including concentration limits and independent asset valuations.
Major shareholder Tabarak says it's committed to Dubai's Drake & Scull | Reuters
Major shareholder Tabarak says it's committed to Dubai's Drake & Scull | Reuters:
United Arab Emirates private equity firm Tabarak Investment said it is committed to restoring Drake & Scull to financial health, despite a plunge in the Dubai construction company’s shares.
“Our business approach is to acquire low-performing companies and get them in shape. That’s what Tabarak is determined to do with Drake & Scull,” public relations manager Nader Muqbel said in an email to Reuters at the weekend.
“As the majority shareholder of DSI, we have committed over a billion dirhams ($272 million) of projects to Drake & Scull which will be awarded to the company,” he added.
United Arab Emirates private equity firm Tabarak Investment said it is committed to restoring Drake & Scull to financial health, despite a plunge in the Dubai construction company’s shares.
“Our business approach is to acquire low-performing companies and get them in shape. That’s what Tabarak is determined to do with Drake & Scull,” public relations manager Nader Muqbel said in an email to Reuters at the weekend.
“As the majority shareholder of DSI, we have committed over a billion dirhams ($272 million) of projects to Drake & Scull which will be awarded to the company,” he added.
CORRECTED-MIDEAST STOCKS-Saudi drops on blue-chip weakness, Dubai hurt by DSI | Reuters
CORRECTED-MIDEAST STOCKS-Saudi drops on blue-chip weakness, Dubai hurt by DSI | Reuters:
Gulf stocks were mostly lower on Sunday morning, with Saudi Arabia under pressure after closing at a six-month low in the previous session and Dubai hit by continued selling in contractor Drake & Scull International .
Declines in key blue-chip stocks pushed down the Saudi market by 0.2 percent in early trade.
Shares of top petrochemical firm Saudi Basic Industries were down 0.3 percent and refining firm Petro Rabigh fell 0.9 percent.
Gulf stocks were mostly lower on Sunday morning, with Saudi Arabia under pressure after closing at a six-month low in the previous session and Dubai hit by continued selling in contractor Drake & Scull International .
Declines in key blue-chip stocks pushed down the Saudi market by 0.2 percent in early trade.
Shares of top petrochemical firm Saudi Basic Industries were down 0.3 percent and refining firm Petro Rabigh fell 0.9 percent.
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