Abraaj’s fund management rights to be transferred to investors | Financial Times:
Abraaj’s fund management rights are set to be broken up and transferred to investors including UK-based Actis, signalling an end for the group’s stewardship over its emerging markets funds.
Provisional liquidators have granted exclusivity to Actis for Abraaj’s Africa funds, citing the emerging market investor’s “level of on the ground diligence undertaken, flexibility in their approach and immediate working capital support,” according to an email sent by liquidators to Abraaj staff on Sunday.
The liquidators are also working to hand over the Latin American fund to Colony Capital of the US, saying the transaction has the “lowest execution risk,” and are pushing for the Turkish fund to move to Canada-based Brookfield Asset Management “once terms are agreed,” the email said.
Sunday, 23 September 2018
#UAE’s bad loan days ‘are behind us,’ says country’s top banking head Abdul Aziz Al-Ghurair
UAE’s bad loan days ‘are behind us,’ says country’s top banking head Abdul Aziz Al-Ghurair:
The UAE banking sector is well-positioned for future growth, with the days of “bad loans” dragging down bank balance sheets “behind us,” according to the country’s top banking head Abdul Aziz Al-Ghurair.
“I think banking in the UAE is in a very good position,” said Al-Ghurair, who is the CEO of Mashreq Bank in Dubai and the chairman of the UAE Banks Federation.
“Our capital adequacy is at 17 percent so this is pretty high around the world. The cost to income ratio is below 40, which is a really fantastic number so ability to generate profit is high,” he said, speaking to Arab News on the sidelines of a conference in London.
The UAE banking sector is well-positioned for future growth, with the days of “bad loans” dragging down bank balance sheets “behind us,” according to the country’s top banking head Abdul Aziz Al-Ghurair.
“I think banking in the UAE is in a very good position,” said Al-Ghurair, who is the CEO of Mashreq Bank in Dubai and the chairman of the UAE Banks Federation.
“Our capital adequacy is at 17 percent so this is pretty high around the world. The cost to income ratio is below 40, which is a really fantastic number so ability to generate profit is high,” he said, speaking to Arab News on the sidelines of a conference in London.
Qatar’s investment in the UK soars to over QR180bn - The Peninsula Qatar
Qatar’s investment in the UK soars to over QR180bn - The Peninsula Qatar:
Qatar’s investment in the UK has surged to about QR180bn (£38bn), which is expected to cross over Q200bn very soon as the country has reaffirmed its commitment to complete the £5bn worth of investment Qatar pledged to make, said the Lord Mayor of the City of London.
The trade and investment relations and economic cooperation between Qatar and the UK is set to reach new highs in the coming years as both sides have agreed to host a ‘Qatar Day’ event in London early January next year. At the upcoming event both sides will be showcasing the opportunities of investments and cooperation in the two economies.
The visiting Charles Bowman, the 690th The Lord Mayor of the City of London, and his accompanying trade delegation held meetings with top government and private officials, including Deputy Amir H H Sheikh Abdullah bin Hamad Al Thani, Minister of Finance H E Ali Shareef Al Emadi, Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin Saoud Al Thani, and leading bankers and top executives of private entities.
Qatar’s investment in the UK has surged to about QR180bn (£38bn), which is expected to cross over Q200bn very soon as the country has reaffirmed its commitment to complete the £5bn worth of investment Qatar pledged to make, said the Lord Mayor of the City of London.
The trade and investment relations and economic cooperation between Qatar and the UK is set to reach new highs in the coming years as both sides have agreed to host a ‘Qatar Day’ event in London early January next year. At the upcoming event both sides will be showcasing the opportunities of investments and cooperation in the two economies.
The visiting Charles Bowman, the 690th The Lord Mayor of the City of London, and his accompanying trade delegation held meetings with top government and private officials, including Deputy Amir H H Sheikh Abdullah bin Hamad Al Thani, Minister of Finance H E Ali Shareef Al Emadi, Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin Saoud Al Thani, and leading bankers and top executives of private entities.
Trump Aluminum Tariffs Said to Prompt U.A.E.'s EGA to Delay IPO - Bloomberg
Trump Aluminum Tariffs Said to Prompt U.A.E.'s EGA to Delay IPO - Bloomberg: A planned share sale in the United Arab Emirates may be the latest casualty of President Donald Trump’s trade policies.
U.S. tariffs on aluminum imports have prompted Emirates Global Aluminium, which produces about 4 percent of the metal globally, to delay an initial public offering, according to people with knowledge of the matter who spoke on condition of anonymity. The company confirmed the decision but attributed it to unfavorable market conditions.
Khaldoon Al Mubarak, the chief executive officer of Abu Dhabi’s sovereign fund Mubadala Investment Co., said in May that EGA could go public in the second half of the year or early 2019. EGA, owned equally by Mubadala and the Investment Corp. of Dubai, exports about 90 percent of its output and considers the U.S. a “key market.”
U.S. tariffs on aluminum imports have prompted Emirates Global Aluminium, which produces about 4 percent of the metal globally, to delay an initial public offering, according to people with knowledge of the matter who spoke on condition of anonymity. The company confirmed the decision but attributed it to unfavorable market conditions.
Khaldoon Al Mubarak, the chief executive officer of Abu Dhabi’s sovereign fund Mubadala Investment Co., said in May that EGA could go public in the second half of the year or early 2019. EGA, owned equally by Mubadala and the Investment Corp. of Dubai, exports about 90 percent of its output and considers the U.S. a “key market.”
Kuwaiti Stocks Retreat Ahead of FTSE Implementation: Inside EM - Bloomberg
Kuwaiti Stocks Retreat Ahead of FTSE Implementation: Inside EM - Bloomberg:
Kuwait’s main equities index fell a day before its inclusion in FTSE Russell’s emerging-markets gauge, trimming one of the best rallies in Middle Eastern stock markets this year.
A drop just before inclusion isn’t surprising: the same thing happened to stocks in Qatar and the United Arab Emirates when they were upgraded to emerging-market status by MSCI Inc. in 2014. In Pakistan, the main index lost 15 percent last year even after an upgrade.
EFG-Hermes expects $930 million in inflows to Kuwaiti stocks as a result of FTSE’s upgrade, which was first announced last year.
Kuwait’s main equities index fell a day before its inclusion in FTSE Russell’s emerging-markets gauge, trimming one of the best rallies in Middle Eastern stock markets this year.
A drop just before inclusion isn’t surprising: the same thing happened to stocks in Qatar and the United Arab Emirates when they were upgraded to emerging-market status by MSCI Inc. in 2014. In Pakistan, the main index lost 15 percent last year even after an upgrade.
EFG-Hermes expects $930 million in inflows to Kuwaiti stocks as a result of FTSE’s upgrade, which was first announced last year.
OPEC, Russia rebuff Trump's call for immediate boost to oil output | Reuters
OPEC, Russia rebuff Trump's call for immediate boost to oil output | Reuters:
OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s calls for action to cool the market.
“I do not influence prices,” Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.
Benchmark Brent oil LCOc1 reached $80 a barrel this month, prompting Trump to reiterate on Thursday his demand that the Organization of the Petroleum Exporting Countries lower prices.
OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s calls for action to cool the market.
“I do not influence prices,” Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.
Benchmark Brent oil LCOc1 reached $80 a barrel this month, prompting Trump to reiterate on Thursday his demand that the Organization of the Petroleum Exporting Countries lower prices.
MIDEAST STOCKS-Kuwait down ahead of FTSE entry, other Middle East markets mixed | Reuters
MIDEAST STOCKS-Kuwait down ahead of FTSE entry, other Middle East markets mixed | Reuters:
Kuwait’s stock market fell on Sunday, pausing after recent gains ahead of joining of the FTSE Russell emerging market index this week, which is expected to draw investment from passive funds.
Entry to the emerging market index will be in two phases, on Sept. 24 and Dec. 24. Arqaam Capital estimates the inflows in across the two phases will reach $1 billion.
Kuwait’s main index closed 1.4 percent down, pressured by telecoms and financial stocks.
Kuwait’s stock market fell on Sunday, pausing after recent gains ahead of joining of the FTSE Russell emerging market index this week, which is expected to draw investment from passive funds.
Entry to the emerging market index will be in two phases, on Sept. 24 and Dec. 24. Arqaam Capital estimates the inflows in across the two phases will reach $1 billion.
Kuwait’s main index closed 1.4 percent down, pressured by telecoms and financial stocks.
OPEC, Like a Dying Star, Is About to Go Supernova - Bloomberg
OPEC, Like a Dying Star, Is About to Go Supernova - Bloomberg:
OPEC is dying. President Donald Trump will probably rejoice. But he may not like what takes its place any better.
For a while, in its youth, the group burned so very bright, helping members wrest control over their oil industries and stand up to foreign producers — and their governments. But now, like every star, it is about to implode.
When a star runs out of hydrogen fuel its core contracts and heats up, while the outer layers expand. It will then go one of two ways — either collapsing into insignificance to become a black dwarf, or exploding as a supernova.
OPEC is dying. President Donald Trump will probably rejoice. But he may not like what takes its place any better.
For a while, in its youth, the group burned so very bright, helping members wrest control over their oil industries and stand up to foreign producers — and their governments. But now, like every star, it is about to implode.
When a star runs out of hydrogen fuel its core contracts and heats up, while the outer layers expand. It will then go one of two ways — either collapsing into insignificance to become a black dwarf, or exploding as a supernova.
Dubai real estate transactions top $35bln in 8 months | ZAWYA MENA Edition
Dubai real estate transactions top $35bln in 8 months | ZAWYA MENA Edition:
Dubai Land Department (DLD) said that its service centres across Dubai have served more than 39,000 investors, after helping them complete their investments with a total value of Dh131 billion ($35.6 billion) from January to August.
In the latest report issued by DLD, the number of transactions provided in service centres during the period mentioned amounted to 42,000, distributed between 24,000 transactions for the transfer of ownership, and 18,000 that provided excellent services to investors.
Sultan Butti bin Mejren, director general of Dubai Land Department commented: “The demand for service centres is evident due to the completed transactions of more than 39,000 investors, valued at more than Dh131 billion. This confirms the success of this project, which aims primarily to provide the department's services throughout Dubai to achieve the strategic vision of the Dubai Plan 2021 which aims to position the Emirate as the best global destination for living, working, and visiting.”
Dubai Land Department (DLD) said that its service centres across Dubai have served more than 39,000 investors, after helping them complete their investments with a total value of Dh131 billion ($35.6 billion) from January to August.
In the latest report issued by DLD, the number of transactions provided in service centres during the period mentioned amounted to 42,000, distributed between 24,000 transactions for the transfer of ownership, and 18,000 that provided excellent services to investors.
Sultan Butti bin Mejren, director general of Dubai Land Department commented: “The demand for service centres is evident due to the completed transactions of more than 39,000 investors, valued at more than Dh131 billion. This confirms the success of this project, which aims primarily to provide the department's services throughout Dubai to achieve the strategic vision of the Dubai Plan 2021 which aims to position the Emirate as the best global destination for living, working, and visiting.”
Saudi energy minister: I do not influence oil prices | ZAWYA MENA Edition
Saudi energy minister: I do not influence oil prices | ZAWYA MENA Edition:
Saudi Arabian Energy Minister Khalid al-Falih said on Sunday he does not influence oil prices, just two days after U.S. President Donald Trump called on OPEC to bring down the cost of fuel.
"I do not influence prices," Falih told reporters in Algiers ahead of a meeting of OPEC ministers and allies such as Russia to discuss the situation in oil markets.
Benchmark Brent oil reached $80 a barrel this month, prompting Trump to call again on the Organization of the Petroleum Exporting Countries to lower prices.
Saudi Arabian Energy Minister Khalid al-Falih said on Sunday he does not influence oil prices, just two days after U.S. President Donald Trump called on OPEC to bring down the cost of fuel.
"I do not influence prices," Falih told reporters in Algiers ahead of a meeting of OPEC ministers and allies such as Russia to discuss the situation in oil markets.
Benchmark Brent oil reached $80 a barrel this month, prompting Trump to call again on the Organization of the Petroleum Exporting Countries to lower prices.
MIDEAST STOCKS-Kuwait falls ahead of FTSE entry, other Gulf markets mostly rise | Reuters
MIDEAST STOCKS-Kuwait falls ahead of FTSE entry, other Gulf markets mostly rise | Reuters:
Kuwait’s stock market fell on Sunday, pausing after recent gains ahead of joining of the FTSE Russell emerging market index this week, which is expected to draw passive fund inflows.
Kuwait will join the emerging market index in two phases, on Sept. 24 and Dec. 24. Arqaam Capital estimates the inflows in the two phases combined at $1 billion.
Kuwait’s main index was down by 0.8 percent as National Bank of Kuwait (NBK) fell 1.5 percent and logistics company Agility dropped 1.9 percent.
Kuwait’s stock market fell on Sunday, pausing after recent gains ahead of joining of the FTSE Russell emerging market index this week, which is expected to draw passive fund inflows.
Kuwait will join the emerging market index in two phases, on Sept. 24 and Dec. 24. Arqaam Capital estimates the inflows in the two phases combined at $1 billion.
Kuwait’s main index was down by 0.8 percent as National Bank of Kuwait (NBK) fell 1.5 percent and logistics company Agility dropped 1.9 percent.
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