Saudi Electricity sets price guidance for sukuk | GulfNews.com:
State-controlled Saudi Electricity Co has set the final price guidance for a planned sale of dual-tenor US dollar-denominated sukuk, or Islamic bonds, according to documents seen by Reuters.
The company is marketing five-year sukuk, due in January 2024, and 10-year sukuk with a final price guidance of around 120 basis points over mid-swaps and 165 bps over mid-swaps, respectively.
The bonds are expected to price within a range of 5 bps above or below the set guidance. Orders for the issues topped $5 billion, the documents showed.
Thursday 20 September 2018
QFC officials discuss strengthening ties with Lord Mayor of London City - The Peninsula Qatar
QFC officials discuss strengthening ties with Lord Mayor of London City - The Peninsula Qatar:
Qatar Financial Centre (QFC) officials discussed with Lord Mayor of the City of London, Charles Bowman, the means to promote cooperation especially in doing business in the State of Qatar. The meeting took place during the visit of the the Lord Mayor and his accompanying delegation to the premises of QFC.
Senior officials from QFC, one of the world’s leading and fastest growing onshore business and financial centers, met with Lord Mayor of the City of London and his accompanying delegation to discuss a number of available fields of cooperation between the QFC and London in the near future.
The meeting comes as part of the QFC’s commitment to further reinforce the strong historical relationship that exist between the UK and Qatar and to continue to enhance relations with the City of London.
Qatar Financial Centre (QFC) officials discussed with Lord Mayor of the City of London, Charles Bowman, the means to promote cooperation especially in doing business in the State of Qatar. The meeting took place during the visit of the the Lord Mayor and his accompanying delegation to the premises of QFC.
Senior officials from QFC, one of the world’s leading and fastest growing onshore business and financial centers, met with Lord Mayor of the City of London and his accompanying delegation to discuss a number of available fields of cooperation between the QFC and London in the near future.
The meeting comes as part of the QFC’s commitment to further reinforce the strong historical relationship that exist between the UK and Qatar and to continue to enhance relations with the City of London.
Emirates Is Said to Explore Etihad Deal to Forge Biggest Airline - Bloomberg
Emirates Is Said to Explore Etihad Deal to Forge Biggest Airline - Bloomberg:
Dubai’s flagship airline Emirates is looking at taking over unprofitable neighbor Etihad, according to four people familiar with the matter, in a move that would create the world’s biggest carrier by passenger traffic.
The talks, which are at a preliminary stage, would see Emirates acquire the main airline business of Abu Dhabi’s Etihad, which would keep its maintenance arm, according to the people, who asked not to be named because the matter is confidential. The negotiations could yet fall through, they said.
Both airlines initially declined to comment, before later denying that any talks were underway. Were a transaction to go ahead the enlarged airline operation would be bigger than that of American Airlines Group Inc., which has a market value of $19.2 billion.
Dubai’s flagship airline Emirates is looking at taking over unprofitable neighbor Etihad, according to four people familiar with the matter, in a move that would create the world’s biggest carrier by passenger traffic.
The talks, which are at a preliminary stage, would see Emirates acquire the main airline business of Abu Dhabi’s Etihad, which would keep its maintenance arm, according to the people, who asked not to be named because the matter is confidential. The negotiations could yet fall through, they said.
Both airlines initially declined to comment, before later denying that any talks were underway. Were a transaction to go ahead the enlarged airline operation would be bigger than that of American Airlines Group Inc., which has a market value of $19.2 billion.
Iran Rant Reveals How Powerless It Really Is in OPEC: Julian Lee - Bloomberg
Iran Rant Reveals How Powerless It Really Is in OPEC: Julian Lee - Bloomberg:
Iranian oil minister Bijan Namdar Zanganeh’s threat to veto any OPEC decision that harms the Islamic Republic will have no impact on oil supply and will be ignored by those producers who are able to boost their oil production, just as happened in 2011, writes Bloomberg oil strategist Julian Lee.
Zanganeh is right to say that the Joint Ministerial Monitoring Committee, which will meet in Algeria on Sunday, does not have the authority to make any decision on a new production agreement. Its job is to oversee the implementation of an existing deal, reached in 2016 with a group of non-OPEC countries, to cut supply by around 1.8 million barrels a day to reduce excess stockpiles of oil.
By June 2018, the group’s output had come down more than intended and the deal was tweaked when oil ministers met in Vienna that month. According to Saudi Arabia and Russia, they decided to bring the group’s collective production into line with the level agreed in 2016, adding about 1 million barrels a day to supply. Under Iran’s interpretation, though, the agreement was for each country to bring its own production into line with its its individual target, yielding a smaller increase. The difference is important.
Iranian oil minister Bijan Namdar Zanganeh’s threat to veto any OPEC decision that harms the Islamic Republic will have no impact on oil supply and will be ignored by those producers who are able to boost their oil production, just as happened in 2011, writes Bloomberg oil strategist Julian Lee.
Zanganeh is right to say that the Joint Ministerial Monitoring Committee, which will meet in Algeria on Sunday, does not have the authority to make any decision on a new production agreement. Its job is to oversee the implementation of an existing deal, reached in 2016 with a group of non-OPEC countries, to cut supply by around 1.8 million barrels a day to reduce excess stockpiles of oil.
By June 2018, the group’s output had come down more than intended and the deal was tweaked when oil ministers met in Vienna that month. According to Saudi Arabia and Russia, they decided to bring the group’s collective production into line with the level agreed in 2016, adding about 1 million barrels a day to supply. Under Iran’s interpretation, though, the agreement was for each country to bring its own production into line with its its individual target, yielding a smaller increase. The difference is important.
UPDATE 1-Qatar's Commercial Bank says targets $750 million loan refinancing | Reuters
UPDATE 1-Qatar's Commercial Bank says targets $750 million loan refinancing | Reuters:
Commercial Bank, Qatar’s third-largest lender by assets, aims to raise $750 million through a syndicated loan, a bank spokesman said on Thursday.
The deal would be the second significant syndicated loan raised by Qatari banks over the next few months, as sources told Reuters this week that Qatar National Bank, the Middle East’s largest lender, plans to refinance a 2.25 billion euro ($2.64 billion) facility due in May next year.
The Commercial Bank loan is “business as usual” and would be used to refinance an existing loan, the bank spokesman said.
Commercial Bank, Qatar’s third-largest lender by assets, aims to raise $750 million through a syndicated loan, a bank spokesman said on Thursday.
The deal would be the second significant syndicated loan raised by Qatari banks over the next few months, as sources told Reuters this week that Qatar National Bank, the Middle East’s largest lender, plans to refinance a 2.25 billion euro ($2.64 billion) facility due in May next year.
The Commercial Bank loan is “business as usual” and would be used to refinance an existing loan, the bank spokesman said.
UPDATE 1-Saudi's ACWA Power delays plans for IPO - sources | Reuters
UPDATE 1-Saudi's ACWA Power delays plans for IPO - sources | Reuters:
Saudi Arabian utility developer ACWA Power IPO-ACPO.SE has delayed plans for an initial public offering (IPO), originally envisaged for this year, sources familiar with the matter said on Thursday.
It is the latest company to delay a public listing in Saudi Arabia at a time when the government is focused on attracting more investment to the stock market under its push to move the economy away from a dependence on oil revenues.
A spokesman for ACWA Power declined to comment. The company has $30 billion of assets under management and counts Saudi sovereign wealth fund Public Investment Fund as a shareholder.
Saudi Arabian utility developer ACWA Power IPO-ACPO.SE has delayed plans for an initial public offering (IPO), originally envisaged for this year, sources familiar with the matter said on Thursday.
It is the latest company to delay a public listing in Saudi Arabia at a time when the government is focused on attracting more investment to the stock market under its push to move the economy away from a dependence on oil revenues.
A spokesman for ACWA Power declined to comment. The company has $30 billion of assets under management and counts Saudi sovereign wealth fund Public Investment Fund as a shareholder.
VW rejects Trump envoy's take on Iran pullout | Reuters
VW rejects Trump envoy's take on Iran pullout | Reuters:
Carmaker Volkswagen AG (VOWG_p.DE) rejected on Thursday a report suggesting it had decided against doing business in Iran after coming under pressure from Donald Trump’s ambassador to Germany, saying its position on the country had not changed.
U.S. sanctions against Iran, introduced by President Trump after his decision to pull the United States out of the Iran nuclear deal, have forced companies in Germany and across Europe to reconsider their investments there.
Ambassador Richard Grenell has appeared to take credit for this shift in a series of tweets and interviews over the past weeks, announcing the withdrawal of German blue chips like Siemens (SIEGn.DE), BASF (BASFn.DE) and now Volkswagen, to the surprise of the companies themselves.
Carmaker Volkswagen AG (VOWG_p.DE) rejected on Thursday a report suggesting it had decided against doing business in Iran after coming under pressure from Donald Trump’s ambassador to Germany, saying its position on the country had not changed.
U.S. sanctions against Iran, introduced by President Trump after his decision to pull the United States out of the Iran nuclear deal, have forced companies in Germany and across Europe to reconsider their investments there.
Ambassador Richard Grenell has appeared to take credit for this shift in a series of tweets and interviews over the past weeks, announcing the withdrawal of German blue chips like Siemens (SIEGn.DE), BASF (BASFn.DE) and now Volkswagen, to the surprise of the companies themselves.
Oil prices pull back as Trump tweet shifts focus to OPEC | Reuters
Oil prices pull back as Trump tweet shifts focus to OPEC | Reuters:
Oil prices eased on Thursday, pulling back after U.S. President Donald Trump urged OPEC to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs.
Brent crude oil LCOc1 settled down 78 cents at $78.70 a barrel. U.S. light crude CLc1 was down 32 cents to settle at $70.80 a barrel after rising nearly 2 percent on Wednesday.
Global benchmark Brent has been trading just below $80 a barrel, near its highest level in almost four years, on expectations that U.S. sanctions against Iran, OPEC’s third biggest producer, will reduce global supply.
Oil prices eased on Thursday, pulling back after U.S. President Donald Trump urged OPEC to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs.
Brent crude oil LCOc1 settled down 78 cents at $78.70 a barrel. U.S. light crude CLc1 was down 32 cents to settle at $70.80 a barrel after rising nearly 2 percent on Wednesday.
Global benchmark Brent has been trading just below $80 a barrel, near its highest level in almost four years, on expectations that U.S. sanctions against Iran, OPEC’s third biggest producer, will reduce global supply.
Qatar’s Commercial Bank in talks for $1 billion loan - sources | Reuters
Qatar’s Commercial Bank in talks for $1 billion loan - sources | Reuters:
Commercial Bank, Qatar’s third-largest lender by assets, is in early talks with banks to refinance a $1 billion syndicated loan, sources close to the matter said.
The deal would be the second significant syndicated loan raised by Qatari banks over the next few months, as sources told Reuters this week that Qatar National Bank, the Middle East’s largest lender, plans to refinance a 2.25 billion euro ($2.64 billion) facility due in May next year.
Commercial Bank’s loan would replace an existing facility due in December this year. Discussions for the refinancing are at an early stage, said the sources.
Commercial Bank, Qatar’s third-largest lender by assets, is in early talks with banks to refinance a $1 billion syndicated loan, sources close to the matter said.
The deal would be the second significant syndicated loan raised by Qatari banks over the next few months, as sources told Reuters this week that Qatar National Bank, the Middle East’s largest lender, plans to refinance a 2.25 billion euro ($2.64 billion) facility due in May next year.
Commercial Bank’s loan would replace an existing facility due in December this year. Discussions for the refinancing are at an early stage, said the sources.
Emirates, Etihad airlines deny report they may merge | Reuters
Emirates, Etihad airlines deny report they may merge | Reuters:
State-owned Emirates and Etihad, two of the Middle East’s top airlines, denied a Bloomberg report on Thursday which quoted unnamed sources as saying Emirates was seeking to take over smaller Etihad to create the world’s largest carrier.
“There is no truth to this rumor,” an Emirates spokeswoman told Reuters. Etihad made a similar statement.
Emirates is owned by the government of Dubai, the region’s tourism hub, while Etihad is controlled by the government of neighboring Abu Dhabi, which thanks to oil exports is the wealthiest member of the United Arab Emirates.
State-owned Emirates and Etihad, two of the Middle East’s top airlines, denied a Bloomberg report on Thursday which quoted unnamed sources as saying Emirates was seeking to take over smaller Etihad to create the world’s largest carrier.
“There is no truth to this rumor,” an Emirates spokeswoman told Reuters. Etihad made a similar statement.
Emirates is owned by the government of Dubai, the region’s tourism hub, while Etihad is controlled by the government of neighboring Abu Dhabi, which thanks to oil exports is the wealthiest member of the United Arab Emirates.
Mideast Stocks: Kuwait positive ahead of FTSE entry; other markets mixed | ZAWYA MENA Edition
Mideast Stocks: Kuwait positive ahead of FTSE entry; other markets mixed | ZAWYA MENA Edition:
Kuwait's stock market closed on a positive note on Thursday on expectations of passive fund inflows when it partly joins the FTSE Russell emerging market index on Monday, while other markets were mixed.
Kuwait's blue chip index added 0.8 percent, trimming its earlier gains that reached 1.1 percent.
Telecom operator Zain rose 1.3 percent, Kuwait Finance House was up 2.4 percent and Boubyan Bank 3.0 percent.
Kuwait's stock market closed on a positive note on Thursday on expectations of passive fund inflows when it partly joins the FTSE Russell emerging market index on Monday, while other markets were mixed.
Kuwait's blue chip index added 0.8 percent, trimming its earlier gains that reached 1.1 percent.
Telecom operator Zain rose 1.3 percent, Kuwait Finance House was up 2.4 percent and Boubyan Bank 3.0 percent.
Aston Martin seeks valuation of up to £5bn in London IPO | Financial Times
Aston Martin seeks valuation of up to £5bn in London IPO | Financial Times:
Aston Martin is targeting a valuation of between £4bn and £5bn when it lists its shares on the London Stock Exchange next month, as the British luxury carmaker aims for a similarly racy earnings multiple to Ferrari.
The shares will be priced between £17.50 and £22.50 each, and will begin trading on October 3, the company has announced. The top end of the range would put Aston on 24 times 2017 earnings; Ferrari trades at 22 times.
“We have seen almost unprecedented investor interest,” Andy Palmer, chief executive, told the Financial Times.
Aston Martin is targeting a valuation of between £4bn and £5bn when it lists its shares on the London Stock Exchange next month, as the British luxury carmaker aims for a similarly racy earnings multiple to Ferrari.
The shares will be priced between £17.50 and £22.50 each, and will begin trading on October 3, the company has announced. The top end of the range would put Aston on 24 times 2017 earnings; Ferrari trades at 22 times.
“We have seen almost unprecedented investor interest,” Andy Palmer, chief executive, told the Financial Times.
Iran Warns It Will Veto OPEC Decisions Harming Its Interests - Bloomberg
Iran Warns It Will Veto OPEC Decisions Harming Its Interests - Bloomberg:
Iran said it will veto any OPEC decision that harms the Islamic Republic and warned that some oil producers are trying to create an alternative suppliers’ forum that supports U.S. policies hostile to the government in Tehran.
Oil Minister Bijan Namdar Zanganeh said the agreement that the Organization of Petroleum Exporting Countries and allied producers reached in 2016 to cut output is in tatters, and an OPEC committee set to meet this weekend in Algiers has no authority to impose a new supply arrangement.
“I will block any OPEC decision that poses the slightest threat to Iran,” Zanganeh said, without specifying possible actions he might take. Any decision on a new production agreement by OPEC’s Joint Ministerial Monitoring Committee that meets on Sunday would be “void” and “invalid,” he said. “Decisions can only be made at OPEC meetings in the presence of all OPEC members and by consensus of members.”
Iran said it will veto any OPEC decision that harms the Islamic Republic and warned that some oil producers are trying to create an alternative suppliers’ forum that supports U.S. policies hostile to the government in Tehran.
Oil Minister Bijan Namdar Zanganeh said the agreement that the Organization of Petroleum Exporting Countries and allied producers reached in 2016 to cut output is in tatters, and an OPEC committee set to meet this weekend in Algiers has no authority to impose a new supply arrangement.
“I will block any OPEC decision that poses the slightest threat to Iran,” Zanganeh said, without specifying possible actions he might take. Any decision on a new production agreement by OPEC’s Joint Ministerial Monitoring Committee that meets on Sunday would be “void” and “invalid,” he said. “Decisions can only be made at OPEC meetings in the presence of all OPEC members and by consensus of members.”
OPEC's Decade of Turmoil Leaves Cartel Seeking a New Way Forward - Bloomberg
OPEC's Decade of Turmoil Leaves Cartel Seeking a New Way Forward - Bloomberg:
A global recession, both $140 and $30 oil, the U.S. shale revolution, a market-share war, and output cuts. OPEC’s 60-year history has rarely confronted a more challenging period than the past decade.
Now, instead of enjoying the higher prices resulting from 18 months of joint production cuts with a coalition of other major producers, the cartel faces new problems. A tweet-happy American president is ramping up geopolitical risk, renewed sanctions are hammering Iran’s exports, Venezuelan production is tanking as its economy collapses, and a political attack from Washington in the form of the NOPEC bill.
The alliance of exporters, spearheaded by Saudi Arabia and Russia, meets on Sunday in Algeria to consider its response to these challenges, while also taking the next steps to cement their alliance into 2019 and beyond. The Organization of Petroleum Exporting Countries response to crises over the past decade offer clues to the path it might take forward.
A global recession, both $140 and $30 oil, the U.S. shale revolution, a market-share war, and output cuts. OPEC’s 60-year history has rarely confronted a more challenging period than the past decade.
Now, instead of enjoying the higher prices resulting from 18 months of joint production cuts with a coalition of other major producers, the cartel faces new problems. A tweet-happy American president is ramping up geopolitical risk, renewed sanctions are hammering Iran’s exports, Venezuelan production is tanking as its economy collapses, and a political attack from Washington in the form of the NOPEC bill.
The alliance of exporters, spearheaded by Saudi Arabia and Russia, meets on Sunday in Algeria to consider its response to these challenges, while also taking the next steps to cement their alliance into 2019 and beyond. The Organization of Petroleum Exporting Countries response to crises over the past decade offer clues to the path it might take forward.
Aramco Is Not Alone as Saudi Arabia's Privatization Push Slows - Bloomberg
Aramco Is Not Alone as Saudi Arabia's Privatization Push Slows - Bloomberg:
Aramco may have grabbed the biggest headlines, but the oil giant’s delayed initial public offering is just the latest sign of Saudi Arabia’s slowing privatization push.
The program is part of Crown Prince Mohammed bin Salman’s Saudi Vision 2030 to transform the economy and envisages the sale of stakes in ports, railways, utilities and airports. When the government began to consider the plans almost three years ago, Brent crude traded at less than $40 a barrel.
With oil prices now twice as high, there seems to be less urgency, even though the International Monetary Fund in July recommended privatization be accelerated. News in August that the sale of shares in Saudi Arabian Oil Co. was on hold was the most dramatic suggestion that officials were taking their feet off the pedal.
Aramco may have grabbed the biggest headlines, but the oil giant’s delayed initial public offering is just the latest sign of Saudi Arabia’s slowing privatization push.
The program is part of Crown Prince Mohammed bin Salman’s Saudi Vision 2030 to transform the economy and envisages the sale of stakes in ports, railways, utilities and airports. When the government began to consider the plans almost three years ago, Brent crude traded at less than $40 a barrel.
With oil prices now twice as high, there seems to be less urgency, even though the International Monetary Fund in July recommended privatization be accelerated. News in August that the sale of shares in Saudi Arabian Oil Co. was on hold was the most dramatic suggestion that officials were taking their feet off the pedal.
Kuwait's Burgan Bank Group opens rights offering | ZAWYA MENA Edition
Kuwait's Burgan Bank Group opens rights offering | ZAWYA MENA Edition:
Burgan Bank, Kuwait’s second largest conventional bank by assets, announced yesterday that it commenced its Capital Rights Offering process to raise up to KD 62.55 million of additional capital. The subscription period will end on the 10th of October 2018.
The bank said that the Rights Offering consists of the issuance of 240,581,530 ordinary shares at an offer price of KD 0.260 per share which includes a share premium of KD 0.160 and represents an increase in the total number of issued shares from 2,259,418,470 shares to2,500,000,000 shares, and an increase of 10.6 percent in the existing issued share capital of the bank.
The net proceeds of the Rights Offering will be used to improve the bank’s capital adequacy ratio under Basel III framework, and leveraging the Bank’s business model for general business purposes. As of 30th June, 2018 Burgan Bank’s Core Equity Tier 1 Ratio (CET1) reached 11.0 percent and Capital Adequacy Ratio (CAR) reached 16.6 percent.
Burgan Bank, Kuwait’s second largest conventional bank by assets, announced yesterday that it commenced its Capital Rights Offering process to raise up to KD 62.55 million of additional capital. The subscription period will end on the 10th of October 2018.
The bank said that the Rights Offering consists of the issuance of 240,581,530 ordinary shares at an offer price of KD 0.260 per share which includes a share premium of KD 0.160 and represents an increase in the total number of issued shares from 2,259,418,470 shares to2,500,000,000 shares, and an increase of 10.6 percent in the existing issued share capital of the bank.
The net proceeds of the Rights Offering will be used to improve the bank’s capital adequacy ratio under Basel III framework, and leveraging the Bank’s business model for general business purposes. As of 30th June, 2018 Burgan Bank’s Core Equity Tier 1 Ratio (CET1) reached 11.0 percent and Capital Adequacy Ratio (CAR) reached 16.6 percent.
Abu Dhabi state fund Mubadala H1 2018 profit $2.97 bln | Reuters
Abu Dhabi state fund Mubadala H1 2018 profit $2.97 bln | Reuters:
Abu Dhabi state fund Mubadala Investment Company on Thursday reported a group profit of 10.9 billion dirhams ($2.97 billion) for the half-year period ending June 30, helped by revenues from public equities and petroleum companies. The company did not provide a comparative profit figure for the same period of last year as Abu Dhabi Investment Council (ADIC) was merged with Mubadala in March this year. Total assets of Mubadala, including consolidated ADIC holdings, were 832 billion dirhams for the period ending June 30, Mubadala said in a statement. ($1 = 3.6730 UAE dirham)
Abu Dhabi state fund Mubadala Investment Company on Thursday reported a group profit of 10.9 billion dirhams ($2.97 billion) for the half-year period ending June 30, helped by revenues from public equities and petroleum companies. The company did not provide a comparative profit figure for the same period of last year as Abu Dhabi Investment Council (ADIC) was merged with Mubadala in March this year. Total assets of Mubadala, including consolidated ADIC holdings, were 832 billion dirhams for the period ending June 30, Mubadala said in a statement. ($1 = 3.6730 UAE dirham)
Oil rises on U.S. crude stock draw, supply concerns | Reuters
Oil rises on U.S. crude stock draw, supply concerns | Reuters:
Oil prices rose on Thursday after news of another drawdown in U.S. crude inventories and on signs that OPEC may not raise production enough to compensate for the loss of Iranian exports hit by U.S. sanctions.
Benchmark Brent crude LCOc1 was up 20 cents at $79.60 by 0740 GMT, its third day of gains. U.S. light crude oil CLc1 was 40 cents higher at $71.52 a barrel, after rising nearly 2 percent on Wednesday.
U.S. crude oil stockpiles fell for a fifth straight week to 3-1/2-year lows in the week to Sept. 14, while gasoline inventories also showed a larger-than-expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday.
Oil prices rose on Thursday after news of another drawdown in U.S. crude inventories and on signs that OPEC may not raise production enough to compensate for the loss of Iranian exports hit by U.S. sanctions.
Benchmark Brent crude LCOc1 was up 20 cents at $79.60 by 0740 GMT, its third day of gains. U.S. light crude oil CLc1 was 40 cents higher at $71.52 a barrel, after rising nearly 2 percent on Wednesday.
U.S. crude oil stockpiles fell for a fifth straight week to 3-1/2-year lows in the week to Sept. 14, while gasoline inventories also showed a larger-than-expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday.
MIDEAST STOCKS-Gulf mostly little changed; Kuwait climbs before FTSE entry | Reuters
MIDEAST STOCKS-Gulf mostly little changed; Kuwait climbs before FTSE entry | Reuters:
Gulf stock markets were mostly little changed early on Thursday, but Kuwait climbed on expectations for passive fund inflows as it joins the FTSE Russell emerging market index.
Kuwait’s blue-chip index climbed 1.1 percent, with National Bank of Kuwait gaining 1.3 percent to its highest intra-day level in more than seven years. Kuwait Finance House was up 1.5 percent and Boubyan Bank added 3.0 percent.
The main market index, which includes smaller stocks, was up just 0.2 percent.
Gulf stock markets were mostly little changed early on Thursday, but Kuwait climbed on expectations for passive fund inflows as it joins the FTSE Russell emerging market index.
Kuwait’s blue-chip index climbed 1.1 percent, with National Bank of Kuwait gaining 1.3 percent to its highest intra-day level in more than seven years. Kuwait Finance House was up 1.5 percent and Boubyan Bank added 3.0 percent.
The main market index, which includes smaller stocks, was up just 0.2 percent.
$9bn electric car plant in Qatar to reach full capacity after 7 years - The Peninsula Qatar
$9bn electric car plant in Qatar to reach full capacity after 7 years - The Peninsula Qatar:
The first plant for the production of electric cars in the State of Qatar is planned to be built on an area of 6 sq km, with an estimated cost of about $9bn, which represents the total investment until the production of the first car.
The full production capacity of the plant will be reached after 7 years, with 12 production lines running 24 hours a day. The initial production capacity of the plant will reach 500,000 cars till 2025, to reach 1 million cars by 2035. Takayuki Hirayama Chairman of the Japanese company ARM has revealed.
Director of the Environmental and Municipal Studies Center of the Ministry of Municipality and Environment Dr. Mohammed Saif Al Kuwari, stressed that the establishment of the first plant for the production of electric cars in the State of Qatar is one of the promising economic projects that support the national economy preserve the environment and achieve the Qatar National Vision 2030 and the National Development Strategy 2018 2022.
The first plant for the production of electric cars in the State of Qatar is planned to be built on an area of 6 sq km, with an estimated cost of about $9bn, which represents the total investment until the production of the first car.
The full production capacity of the plant will be reached after 7 years, with 12 production lines running 24 hours a day. The initial production capacity of the plant will reach 500,000 cars till 2025, to reach 1 million cars by 2035. Takayuki Hirayama Chairman of the Japanese company ARM has revealed.
Director of the Environmental and Municipal Studies Center of the Ministry of Municipality and Environment Dr. Mohammed Saif Al Kuwari, stressed that the establishment of the first plant for the production of electric cars in the State of Qatar is one of the promising economic projects that support the national economy preserve the environment and achieve the Qatar National Vision 2030 and the National Development Strategy 2018 2022.
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