Dubai index falls more from key resistance level | GulfNews.com:
The Dubai index extended losses on Thursday after the gauge struggled to breach the key technical indicator amid continued pressure on Emaar Properties, which has the highest weightage on the index.
The Dubai Financial Market General index closed 0.83 per cent lower at 2,791.71. The Dubai index had been struggling to breach its 50-day moving average of 2,855. The index had earlier attempted to breach the important level for five consecutive times since Mid-August.
“The Dubai index may extend fall back towards the previous low at 2,727,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said. Emaar Properties closed 2.98 per cent lower at Dh4.88. Dubai Islamic Bank closed 0.56 per cent lower at Dh5.32.
Thursday, 4 October 2018
Lubna Al-Olayan to chair merged Saudi British Bank, Alawwal
Lubna Al-Olayan to chair merged Saudi British Bank, Alawwal:
Lubna Sulaiman Al-Olayan is set to lead the merged Saudi British Bank and Alawwal bank as chair of what would be the Kingdom’s third-largest lender.
It comes amid efforts to increase the representation of women at board level among Saudi corporates and follows a string of other appointments of women to senior roles over the last year.
Saudi British Bank (SABB) and Alawwal bank said in a statement on Thursday they had agreed to combine to create the country’s third largest bank in the latest sign of consolidation in the sector.
Lubna Sulaiman Al-Olayan is set to lead the merged Saudi British Bank and Alawwal bank as chair of what would be the Kingdom’s third-largest lender.
It comes amid efforts to increase the representation of women at board level among Saudi corporates and follows a string of other appointments of women to senior roles over the last year.
Saudi British Bank (SABB) and Alawwal bank said in a statement on Thursday they had agreed to combine to create the country’s third largest bank in the latest sign of consolidation in the sector.
Qatar stocks extend winning streak to 3rd day on buying interest
Qatar stocks extend winning streak to 3rd day on buying interest:
Bullish sentiments continued on the Qatar Stock Exchange for the third consecutive day on Thursday to help the bourse to settle above 9,900 levels mainly on the back of buying interests from Gulf institutions.
The consumer goods, banking and real estate counters witnessed higher-than-average demand, helping the 20-stock Qatar Index to gain 0.13% to 9,902.48 points.
The Islamic equities were seen declining vis-a-vis gains in the other indices in the market which is up 16.18% year-to-date.
Bullish sentiments continued on the Qatar Stock Exchange for the third consecutive day on Thursday to help the bourse to settle above 9,900 levels mainly on the back of buying interests from Gulf institutions.
The consumer goods, banking and real estate counters witnessed higher-than-average demand, helping the 20-stock Qatar Index to gain 0.13% to 9,902.48 points.
The Islamic equities were seen declining vis-a-vis gains in the other indices in the market which is up 16.18% year-to-date.
Moody's upgrades Qatar banking sector outlook to 'stable'
Moody's upgrades Qatar banking sector outlook to 'stable':
Global credit rating agency Moody’s has upgraded Qatar’s banking sector outlook to “stable” from “negative”, reflecting the resilience of the country's economy and banking system to the ongoing economic and diplomatic blockade.
The rating agency also noted that the country's banking sector profitability will remain "stable" with capital buffers remaining "strong".
Highlighting that the banks' operating environment stand to benefit from higher economic growth, Moody's forecasts Qatar's real gross domestic product (GDP) to grow 2.7% in 2018 (against 1.6% a year ago), supported by high levels of public spending.
Global credit rating agency Moody’s has upgraded Qatar’s banking sector outlook to “stable” from “negative”, reflecting the resilience of the country's economy and banking system to the ongoing economic and diplomatic blockade.
The rating agency also noted that the country's banking sector profitability will remain "stable" with capital buffers remaining "strong".
Highlighting that the banks' operating environment stand to benefit from higher economic growth, Moody's forecasts Qatar's real gross domestic product (GDP) to grow 2.7% in 2018 (against 1.6% a year ago), supported by high levels of public spending.
Trump's Request for OPEC to Max-Out Oil Output May Backfire - Bloomberg
Trump's Request for OPEC to Max-Out Oil Output May Backfire - Bloomberg:
If OPEC is the central bank of oil, then the Trump administration is commanding it to run the printing presses at full speed.
The U.S. State Department took the unusual step of issuing a statement on Wednesday asking the cartel to boost production by tapping the supply buffer it maintains in case of unexpected disruptions. It even gave a figure for how much more the group could pump -- 1.4 million barrels a day.
If the Organization of Petroleum Exporting Countries were to fill this request -- and Saudi Energy Minister Khalid Al-Falih said on Thursday that it could -- the oil market would be in uncharted territory. Even during the worst crises of the past two decades, including the U.S. invasion of Iraq and Libya’s civil war, the cartel has never been forced to pump flat out.
If OPEC is the central bank of oil, then the Trump administration is commanding it to run the printing presses at full speed.
The U.S. State Department took the unusual step of issuing a statement on Wednesday asking the cartel to boost production by tapping the supply buffer it maintains in case of unexpected disruptions. It even gave a figure for how much more the group could pump -- 1.4 million barrels a day.
If the Organization of Petroleum Exporting Countries were to fill this request -- and Saudi Energy Minister Khalid Al-Falih said on Thursday that it could -- the oil market would be in uncharted territory. Even during the worst crises of the past two decades, including the U.S. invasion of Iraq and Libya’s civil war, the cartel has never been forced to pump flat out.
Shareholders vote to allow Drake & Scull International to continue trading | ZAWYA MENA Edition
Shareholders vote to allow Drake & Scull International to continue trading | ZAWYA MENA Edition:
Shareholders in Dubai-based construction company Drake & Scull International voted overwhelmingly in favour of the business continuing to trade at a general meeting on Thursday.
Some 99.98 percent of shareholders voted in favour of a resolution allowing the business to continue to trade, which was triggered by a legal requirement for companies who accumulate losses that reach a value of more than half of their share capital.
The cash-strapped company's management will now prepare a new restructuring plan, which will then need to be approved by United Arab Emirates market regulator, the Securities and Commodities Authority.
Shareholders in Dubai-based construction company Drake & Scull International voted overwhelmingly in favour of the business continuing to trade at a general meeting on Thursday.
Some 99.98 percent of shareholders voted in favour of a resolution allowing the business to continue to trade, which was triggered by a legal requirement for companies who accumulate losses that reach a value of more than half of their share capital.
The cash-strapped company's management will now prepare a new restructuring plan, which will then need to be approved by United Arab Emirates market regulator, the Securities and Commodities Authority.
Two Omani banks announce agreement to merge | ZAWYA MENA Edition
Two Omani banks announce agreement to merge | ZAWYA MENA Edition:
Two of Oman's banks are likely to merge in the coming months, following an agreement being signed between the two financial bodies.
Alizz Islamic Bank and Oman Arab Bank are set to merge, after obtaining permission from the regulatory bodies, and a Memorandum of Understanding on the same has now been issued.
A statement released by Alizz Islamic Bank on the Muscat Securities Market website in this context said: “Further to the disclosure published on the Muscat Securities Market website on 24th of May 2018, Alizz Islamic Bank S.A.O.G. has signed a Memorandum of Understanding (MOU) on Thursday 4th October 2018 with Oman Arab Bank S.A.O.C. for the potential merger between the two entities after obtaining the in-principal approval from the regulatory bodies.
Two of Oman's banks are likely to merge in the coming months, following an agreement being signed between the two financial bodies.
Alizz Islamic Bank and Oman Arab Bank are set to merge, after obtaining permission from the regulatory bodies, and a Memorandum of Understanding on the same has now been issued.
A statement released by Alizz Islamic Bank on the Muscat Securities Market website in this context said: “Further to the disclosure published on the Muscat Securities Market website on 24th of May 2018, Alizz Islamic Bank S.A.O.G. has signed a Memorandum of Understanding (MOU) on Thursday 4th October 2018 with Oman Arab Bank S.A.O.C. for the potential merger between the two entities after obtaining the in-principal approval from the regulatory bodies.
Emirates to reduce flights during Dubai airport runway closure next year | Reuters
Emirates to reduce flights during Dubai airport runway closure next year | Reuters:
Emirates is to reduce the number of flights it operates by nearly a third for 45 days next year when one of two runways at Dubai International Airport is closed for upgrade work, the airline said on Thursday.
The southern runway will be closed from April 16 to May 30, 2019 for resurfacing and replacement of ground lighting and other infrastructure.
Dubai International, which handled 88.2 million passengers in 2017, is the base for airlines Emirates and flydubai, and an engine for Dubai’s economy, which relies heavily on tourism and travel.
Emirates is to reduce the number of flights it operates by nearly a third for 45 days next year when one of two runways at Dubai International Airport is closed for upgrade work, the airline said on Thursday.
The southern runway will be closed from April 16 to May 30, 2019 for resurfacing and replacement of ground lighting and other infrastructure.
Dubai International, which handled 88.2 million passengers in 2017, is the base for airlines Emirates and flydubai, and an engine for Dubai’s economy, which relies heavily on tourism and travel.
Oil falls from four-year highs; Saudi, Russia agree to up supply | Reuters
Oil falls from four-year highs; Saudi, Russia agree to up supply | Reuters:
Oil prices fell on Thursday as the prospect of increased crude production from Saudi Arabia and Russia prompted profit-taking the day after futures hit four-year highs on a boost from imminent U.S. sanctions on OPEC’s No. 3 producer Iran.
Price charts showed crude futures at technically overbought levels. The relative strength index (RSI) for both Brent and U.S. crude rose this week to above 70, a level often regarded as signaling a market that has risen too far.
“The market was a bit over-extended on a short-term basis,” said Brian LaRose, senior technical analyst at ICAP-TA.
Oil prices fell on Thursday as the prospect of increased crude production from Saudi Arabia and Russia prompted profit-taking the day after futures hit four-year highs on a boost from imminent U.S. sanctions on OPEC’s No. 3 producer Iran.
Price charts showed crude futures at technically overbought levels. The relative strength index (RSI) for both Brent and U.S. crude rose this week to above 70, a level often regarded as signaling a market that has risen too far.
“The market was a bit over-extended on a short-term basis,” said Brian LaRose, senior technical analyst at ICAP-TA.
MIDEAST STOCKS-Emerging-market jitters hit Egypt, Saudi's Alawwal up on merger | Reuters
MIDEAST STOCKS-Emerging-market jitters hit Egypt, Saudi's Alawwal up on merger | Reuters:
Egypt’s blue-chip stock index sank 1.5 percent on Thursday, weakened by global jitters over emerging markets, while a merger between Saudi’s Alawwal Bank and Saudi British Bank provided one of the few bright spots in the Gulf.
The Egyptian index fell to 14,105 points, close to this year’s intra-day low of 14,055 points, as all but seven of the 30 stocks in the index dropped. The index lost 3.6 percent this week.
A Reuters poll of Middle East fund managers, published at the start of this week, found them on balance turning negative towards Egypt for the next three months, given the risk emerging-market turmoil will drive capital out of the country.
Egypt’s blue-chip stock index sank 1.5 percent on Thursday, weakened by global jitters over emerging markets, while a merger between Saudi’s Alawwal Bank and Saudi British Bank provided one of the few bright spots in the Gulf.
The Egyptian index fell to 14,105 points, close to this year’s intra-day low of 14,055 points, as all but seven of the 30 stocks in the index dropped. The index lost 3.6 percent this week.
A Reuters poll of Middle East fund managers, published at the start of this week, found them on balance turning negative towards Egypt for the next three months, given the risk emerging-market turmoil will drive capital out of the country.
Bahrain awaits cash injection from Gulf neighbours | Financial Times
Bahrain awaits cash injection from Gulf neighbours | Financial Times:
Bulldozers rumble over land reclaimed from the sea, while cranes stretch above half-built high rises that will add to the gleaming office blocks, banks and malls shaping Manama. Over at Bahrain’s international airport, men work on a $1.1bn project to expand the terminal’s capacity from 9m to 14m passengers by next year.
The developments reflect the kingdom’s ambitions to revive its historical position as a regional financial and trade hub after Bahrain became swept up in Arab spring unrest in 2011. For years, the country had leveraged its reputation as one of the Gulf’s more liberal and open states to attract businesses keen to use Bahrain as a gateway to serve larger oil-rich neighbours.
The construction projects, partly funded by Gulf allies keen to bolster its stability, have helped drive growth during a period of subdued oil prices, with Bahrain’s economy outpacing other Gulf states since 2014. But as the expansion of Manama, the capital, has continued, Bahrain has fallen into a fiscal crisis, with policymakers failing to balance the books.
Bulldozers rumble over land reclaimed from the sea, while cranes stretch above half-built high rises that will add to the gleaming office blocks, banks and malls shaping Manama. Over at Bahrain’s international airport, men work on a $1.1bn project to expand the terminal’s capacity from 9m to 14m passengers by next year.
The developments reflect the kingdom’s ambitions to revive its historical position as a regional financial and trade hub after Bahrain became swept up in Arab spring unrest in 2011. For years, the country had leveraged its reputation as one of the Gulf’s more liberal and open states to attract businesses keen to use Bahrain as a gateway to serve larger oil-rich neighbours.
The construction projects, partly funded by Gulf allies keen to bolster its stability, have helped drive growth during a period of subdued oil prices, with Bahrain’s economy outpacing other Gulf states since 2014. But as the expansion of Manama, the capital, has continued, Bahrain has fallen into a fiscal crisis, with policymakers failing to balance the books.
Oil Halts Gain Near 4-Year High on Concern Rally May Be Overdone - Bloomberg
Oil Halts Gain Near 4-Year High on Concern Rally May Be Overdone - Bloomberg:
Oil halted gains near $76 a barrel on emerging concerns prices have rallied too fast as traders bracing for Iranian supply losses sent crude to a four-year high.
Futures in New York fell as much as 0.6 percent on Thursday. Prices have jumped 4 percent so far this week on concerns over tightening markets, with Iran at the risk of losing another customer, the United Arab Emirates. Traders also shrugged off growing output from Saudi Arabia and Russia, as well as a gain in U.S. inventories. Still, the Relative Strength Index topped 70 earlier this week for the first time since late June, signaling to some that the rally may be overdone.
Oil has rallied about 16 percent since mid-August on fears of a global supply crunch, prompting U.S. President Donald Trump to repeatedly demand the Organization of Petroleum Exporting Countries to lower prices. While Saudi Arabia and Russia could pump more, traders continue to speculate whether OPEC and allied producers can offset a supply loss in Iran and declining production in Venezuela.
Oil halted gains near $76 a barrel on emerging concerns prices have rallied too fast as traders bracing for Iranian supply losses sent crude to a four-year high.
Futures in New York fell as much as 0.6 percent on Thursday. Prices have jumped 4 percent so far this week on concerns over tightening markets, with Iran at the risk of losing another customer, the United Arab Emirates. Traders also shrugged off growing output from Saudi Arabia and Russia, as well as a gain in U.S. inventories. Still, the Relative Strength Index topped 70 earlier this week for the first time since late June, signaling to some that the rally may be overdone.
Oil has rallied about 16 percent since mid-August on fears of a global supply crunch, prompting U.S. President Donald Trump to repeatedly demand the Organization of Petroleum Exporting Countries to lower prices. While Saudi Arabia and Russia could pump more, traders continue to speculate whether OPEC and allied producers can offset a supply loss in Iran and declining production in Venezuela.
Dubai Aerospace says increases existing loan deal to $800 million | Reuters
Dubai Aerospace says increases existing loan deal to $800 million | Reuters:
State-owned aircraft lessor Dubai Aerospace Enterprise (DAE) said on Thursday it had increased an existing four-year loan deal to $800 million.
DAE said in May it had signed $480 million loan, which included both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.
State-owned aircraft lessor Dubai Aerospace Enterprise (DAE) said on Thursday it had increased an existing four-year loan deal to $800 million.
DAE said in May it had signed $480 million loan, which included both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.
Mideast Stocks: SABB and Alawwal up on merger, Gulf otherwise quiet | ZAWYA MENA Edition
Mideast Stocks: SABB and Alawwal up on merger, Gulf otherwise quiet | ZAWYA MENA Edition:
A merger between Saudi Arabia's Alawwal Bank and Saudi British Bank was one of the few sources of excitement in Gulf stock markets early on Thursday, with most shares moving little.
The Saudi Arabian stock index was flat. Most banks were sluggish but Alawwal surged 3.5 percent to 14.70 riyals in heavy trade while SABB gained 2.2 percent to 32.95 riyals.
Under the binding deal, reached after the banks revealed merger talks earlier this year, SABB will pay for the merger by issuing new shares and the deal values each Alawwal share at 16.26 riyals, the banks said.
A merger between Saudi Arabia's Alawwal Bank and Saudi British Bank was one of the few sources of excitement in Gulf stock markets early on Thursday, with most shares moving little.
The Saudi Arabian stock index was flat. Most banks were sluggish but Alawwal surged 3.5 percent to 14.70 riyals in heavy trade while SABB gained 2.2 percent to 32.95 riyals.
Under the binding deal, reached after the banks revealed merger talks earlier this year, SABB will pay for the merger by issuing new shares and the deal values each Alawwal share at 16.26 riyals, the banks said.
Saudi British Bank secures binding deal for $5 billion acquisition of Alawwal | Reuters
Saudi British Bank secures binding deal for $5 billion acquisition of Alawwal | Reuters:
Saudi British Bank (SABB) 1060.SE has secured a binding agreement to take over smaller rival Alawwal Bank 1040.SE to create Saudi Arabia’s third-biggest lender with a market capitalization of about $17.2 billion.
Under the deal that was announced in May as a non-binding agreement, Alawwal’s assets and liabilities will be transferred to SABB, the larger of the two lenders, the banks said.
The first major banking tie-up in the kingdom in two decades has taken longer than expected, partly because the regulatory environment for bank acquisitions in Saudi Arabia is relatively untested.
Saudi British Bank (SABB) 1060.SE has secured a binding agreement to take over smaller rival Alawwal Bank 1040.SE to create Saudi Arabia’s third-biggest lender with a market capitalization of about $17.2 billion.
Under the deal that was announced in May as a non-binding agreement, Alawwal’s assets and liabilities will be transferred to SABB, the larger of the two lenders, the banks said.
The first major banking tie-up in the kingdom in two decades has taken longer than expected, partly because the regulatory environment for bank acquisitions in Saudi Arabia is relatively untested.
Saudi, Kuwait, UAE to sign $10 billion Bahrain aid deal: Kuwait newspaper | Reuters
Saudi, Kuwait, UAE to sign $10 billion Bahrain aid deal: Kuwait newspaper | Reuters:
Saudi Arabia, Kuwait and the United Arab Emirates will soon sign an agreement to provide up to $10 billion of financial support to Bahrain, Kuwait’s Al Rai newspaper said on Thursday, quoting an unnamed Gulf diplomatic source.
The agreement will be signed in Bahrain after the ministers complete their current visit to Jordan, where they are concluding a financial aid deal for that country, the newspaper reported.
“A Gulf decision at the highest levels was taken to start the execution steps for a program to support the financial stability of Bahrain,” the diplomatic source was quoted as saying.
Saudi Arabia, Kuwait and the United Arab Emirates will soon sign an agreement to provide up to $10 billion of financial support to Bahrain, Kuwait’s Al Rai newspaper said on Thursday, quoting an unnamed Gulf diplomatic source.
The agreement will be signed in Bahrain after the ministers complete their current visit to Jordan, where they are concluding a financial aid deal for that country, the newspaper reported.
“A Gulf decision at the highest levels was taken to start the execution steps for a program to support the financial stability of Bahrain,” the diplomatic source was quoted as saying.
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