Fire sale of Abraaj art at auction: Million dollar work on the block starting at $66,000 - The National:
The art collection of the embattled private equity firm Abraaj Group, as well as that believed to be owned by its founder Arif Naqvi, are in the process of being sold in upcoming London auctions, with some works estimated at less than one-tenth of the amount initially paid for them.
“They’re basically priced to sell,” says Nima Sagharchi, director of Middle Eastern, Islamic and South Asian Art for Bonhams, which is handling a number of the works in two of its auctions in London on October 24. “It’s a really incredible collection and it’s hard to get works of that quality to market.”
“In essence, it’s a liquidation,” he adds.
Tuesday 9 October 2018
Dubai non-oil sector growth hits 5-month low | ZAWYA MENA Edition
Dubai non-oil sector growth hits 5-month low | ZAWYA MENA Edition:
Growth in Dubai’s non-oil private sector ended the third quarter on a weaker footing, with the latest expansion being the slowest since April, according to the latest Emirates NBD Dubai Economy Tracker.
A contraction in employment and softer output growth contributed to the slight loss of impetus. Nonetheless, September’s overall improvement in business conditions remained solid overall.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index – a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy – fell to 54.4 in September, down from 55.2 in August. Scoring above the 50.0 no-change mark, the latest figure signalled a solid overall expansion, albeit one that was below the historical average.
Growth in Dubai’s non-oil private sector ended the third quarter on a weaker footing, with the latest expansion being the slowest since April, according to the latest Emirates NBD Dubai Economy Tracker.
A contraction in employment and softer output growth contributed to the slight loss of impetus. Nonetheless, September’s overall improvement in business conditions remained solid overall.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index – a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy – fell to 54.4 in September, down from 55.2 in August. Scoring above the 50.0 no-change mark, the latest figure signalled a solid overall expansion, albeit one that was below the historical average.
UPDATE 1-Bahrain does not plan new dollar bond issue this year | Reuters
UPDATE 1-Bahrain does not plan new dollar bond issue this year | Reuters:
Bahrain does not plan to issue new U.S. dollar-denominated bonds this year, a central bank official told investors on Tuesday, after the kingdom secured a $10 billion aid package from Gulf neighbours last week, one source said.
A government spokesperson confirmed that in light of the government’s recently announced fiscal balance programme, there was no plan to issue a new bond this year.
Bahrain, which was hit hard over the past few years by a slump in oil prices, is one of the financially weakest states in the Gulf, with a public debt estimated at 85.5 percent of gross domestic product in 2018.
Bahrain does not plan to issue new U.S. dollar-denominated bonds this year, a central bank official told investors on Tuesday, after the kingdom secured a $10 billion aid package from Gulf neighbours last week, one source said.
A government spokesperson confirmed that in light of the government’s recently announced fiscal balance programme, there was no plan to issue a new bond this year.
Bahrain, which was hit hard over the past few years by a slump in oil prices, is one of the financially weakest states in the Gulf, with a public debt estimated at 85.5 percent of gross domestic product in 2018.
Natural gas here to stay beyond energy transition, Big Oil says | Reuters
Natural gas here to stay beyond energy transition, Big Oil says | Reuters:
Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy.
Top oil companies including Royal Dutch Shell (RDSa.AS), BP (BP.L) and Total (TOTF.PA) are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation.
Still, they see oil, and especially natural gas, the least polluting fossil fuel, playing a major role throughout the decades of transition and beyond as demand for electricity and plastics grows.
Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy.
Top oil companies including Royal Dutch Shell (RDSa.AS), BP (BP.L) and Total (TOTF.PA) are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power, electric vehicle technology and even forestation.
Still, they see oil, and especially natural gas, the least polluting fossil fuel, playing a major role throughout the decades of transition and beyond as demand for electricity and plastics grows.
Oil prices gain as Iranian crude exports fall, Hurricane Michael nears | Reuters
Oil prices gain as Iranian crude exports fall, Hurricane Michael nears | Reuters:
Oil prices rose about one percent on Tuesday on growing evidence of falling Iranian crude exports before the imposition of new U.S. sanctions, as well as a partial production shutdown in the Gulf of Mexico because of Hurricane Michael.
Brent crude futures rose $1.09 to settle at $85.00 a barrel, a 1.30 percent gain. The global benchmark hit a four-year high of $86.74 last week but slipped as low as $82.66 on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 67 cents to settle at $74.96 a barrel, a 0.90 percent gain.
Oil prices rose about one percent on Tuesday on growing evidence of falling Iranian crude exports before the imposition of new U.S. sanctions, as well as a partial production shutdown in the Gulf of Mexico because of Hurricane Michael.
Brent crude futures rose $1.09 to settle at $85.00 a barrel, a 1.30 percent gain. The global benchmark hit a four-year high of $86.74 last week but slipped as low as $82.66 on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 67 cents to settle at $74.96 a barrel, a 0.90 percent gain.
UPDATE 1-Saudi's NCB Capital advises finance duo on potential IPOs -sources | Reuters
UPDATE 1-Saudi's NCB Capital advises finance duo on potential IPOs -sources | Reuters:
NCB Capital, the investment banking unit of Saudi Arabia’s largest lender, is advising two local finance companies, Amlak International for Real Estate Finance and Nayifat Finance, on possible share listings, sources familiar with the matter said.
The kingdom is encouraging more companies to list on the stock market in an effort to deepen capital markets under an economic reform push aimed at reducing the reliance on oil revenue.
Both Amlak and Nayifat operate within sectors the government is keen to develop.
NCB Capital, the investment banking unit of Saudi Arabia’s largest lender, is advising two local finance companies, Amlak International for Real Estate Finance and Nayifat Finance, on possible share listings, sources familiar with the matter said.
The kingdom is encouraging more companies to list on the stock market in an effort to deepen capital markets under an economic reform push aimed at reducing the reliance on oil revenue.
Both Amlak and Nayifat operate within sectors the government is keen to develop.
MIDEAST STOCKS-Saudi falls on banks, most of Gulf moves little | Reuters
MIDEAST STOCKS-Saudi falls on banks, most of Gulf moves little | Reuters:
Most major Gulf stock markets moved little on Tuesday with Saudi Arabia pressured by banking stocks, while Egypt was marginally lower after plunging to a 12-month low on Monday as margin calls hit local investors.
The Egyptian blue-chip index, which has fallen 15 percent since the end of August, was down a further 0.1 percent. Global Telecom slid 4.7 percent and Edita Food Industries lost 7.1 percent.
But investment bank EFG Hermes rose 1.7 percent after saying it hopes to close a deal to buy a Nigerian broker next month and also aims to win initial public offer mandates in Saudi Arabia as it seeks new growth markets.
Most major Gulf stock markets moved little on Tuesday with Saudi Arabia pressured by banking stocks, while Egypt was marginally lower after plunging to a 12-month low on Monday as margin calls hit local investors.
The Egyptian blue-chip index, which has fallen 15 percent since the end of August, was down a further 0.1 percent. Global Telecom slid 4.7 percent and Edita Food Industries lost 7.1 percent.
But investment bank EFG Hermes rose 1.7 percent after saying it hopes to close a deal to buy a Nigerian broker next month and also aims to win initial public offer mandates in Saudi Arabia as it seeks new growth markets.
#Qatar to launch first Free Zone in first quarter of 2019 - The Peninsula Qatar
Qatar to launch first Free Zone in first quarter of 2019 - The Peninsula Qatar:
The first Free Zone in Qatar, Umm Al Houl Free Zone, located next to Hamad International Port, will be ready to receive local and foreign investors during the first quarter of 2019.
Addressing a session held in the framework of the second day of the International Product Exhibition and Conference (IPEC 2018), the Minister of State and Chairman of the Free Zones Authority H E Ahmed bin Mohammed Al Sayed, said that the foreign investor will not be a rival to the local private sector, but will be a starting point for communication between Qatar and the global market, which will provide more opportunities for the local investor and the Qatari private sector.
He noted that the second Free Zone, Abu Fontas, which is located next to Hamad International Airport and has a gate on the airport to facilitate cargo operations and associated matters, will also be launched next year and will be advanced in terms of the technology used.
The first Free Zone in Qatar, Umm Al Houl Free Zone, located next to Hamad International Port, will be ready to receive local and foreign investors during the first quarter of 2019.
Addressing a session held in the framework of the second day of the International Product Exhibition and Conference (IPEC 2018), the Minister of State and Chairman of the Free Zones Authority H E Ahmed bin Mohammed Al Sayed, said that the foreign investor will not be a rival to the local private sector, but will be a starting point for communication between Qatar and the global market, which will provide more opportunities for the local investor and the Qatari private sector.
He noted that the second Free Zone, Abu Fontas, which is located next to Hamad International Airport and has a gate on the airport to facilitate cargo operations and associated matters, will also be launched next year and will be advanced in terms of the technology used.
The winners and losers of $100 oil | FT Alphaville
The winners and losers of $100 oil | FT Alphaville:
Since the 1990s, oil prices have spiked above $100 per barrel only a handful of times. Once in the beginning of 2008, and for a longer stretch between 2011 and 2014, with a short reversal in 2012. In the past seven weeks, the price of Brent crude has risen 18 per cent on supply concerns triggered by looming US sanctions on Iran, the collapse of Venezuela's economy and bottlenecks building in the US shale industry. It now sits near a four-year high of $85 a barrel, prompting bets that triple-digit prices could soon be around the corner.
Emerging markets across Asia tend to suffer the most when oil surges. Advanced economies are not immune, and for the largest oil importers, consumption tends to fall. Unsurprisingly, higher prices are good for producing countries like Norway, Canada and Brazil. What is surprising, however, is that in the last year or so, despite the rally, these countries have eked out lower gains than in the past.
Since the 1990s, oil prices have spiked above $100 per barrel only a handful of times. Once in the beginning of 2008, and for a longer stretch between 2011 and 2014, with a short reversal in 2012. In the past seven weeks, the price of Brent crude has risen 18 per cent on supply concerns triggered by looming US sanctions on Iran, the collapse of Venezuela's economy and bottlenecks building in the US shale industry. It now sits near a four-year high of $85 a barrel, prompting bets that triple-digit prices could soon be around the corner.
Emerging markets across Asia tend to suffer the most when oil surges. Advanced economies are not immune, and for the largest oil importers, consumption tends to fall. Unsurprisingly, higher prices are good for producing countries like Norway, Canada and Brazil. What is surprising, however, is that in the last year or so, despite the rally, these countries have eked out lower gains than in the past.
Oil Link to Saudi Stocks Strengthens as Economy Crude-Dependent - Bloomberg
Oil Link to Saudi Stocks Strengthens as Economy Crude-Dependent - Bloomberg:
Saudi Arabian stocks and Brent crude are trading with the strongest link in 15 months as the increasing price of the commodity could lead to faster economic growth for the world’s biggest oil exporter.
The 120-day correlation between Brent crude and the Tadawul All Share Index is the most positive since July 2017, with oil prices and Saudi stocks moving in the same direction and reviving a pattern that has existed for most of the past two decades. For about eight months ended in March, the two went opposite ways as investors became more concerned with political headlines coming out of Riyadh than oil prices.
Saudi Arabian stocks and Brent crude are trading with the strongest link in 15 months as the increasing price of the commodity could lead to faster economic growth for the world’s biggest oil exporter.
The 120-day correlation between Brent crude and the Tadawul All Share Index is the most positive since July 2017, with oil prices and Saudi stocks moving in the same direction and reviving a pattern that has existed for most of the past two decades. For about eight months ended in March, the two went opposite ways as investors became more concerned with political headlines coming out of Riyadh than oil prices.
Jamal Khashoggi Disappearance Tests Saudi Arabia Reforms - Bloomberg
Jamal Khashoggi Disappearance Tests Saudi Arabia Reforms - Bloomberg:
In other circumstances, Crown Prince Mohammed bin Salman’s interview with Bloomberg News would have provided much-needed reassurance to investors anxious about the progress of his plans to reform Saudi Arabia.
The prince made it clear he remains committed to his ‘Vision 2030’ agenda to diversify his oil-dependent economy, even if some specific goals, such as Aramco’s initial public offering, have had to be delayed. The overall message of the interview was that construction is proceeding apace on the new Saudi Arabia of Prince Mohammed’s conception.
But this message has been overshadowed by the news from Istanbul, where a critic of the Crown Prince is missing, and possibly dead — murdered, authorities say, in the Saudi consulate.
In other circumstances, Crown Prince Mohammed bin Salman’s interview with Bloomberg News would have provided much-needed reassurance to investors anxious about the progress of his plans to reform Saudi Arabia.
The prince made it clear he remains committed to his ‘Vision 2030’ agenda to diversify his oil-dependent economy, even if some specific goals, such as Aramco’s initial public offering, have had to be delayed. The overall message of the interview was that construction is proceeding apace on the new Saudi Arabia of Prince Mohammed’s conception.
But this message has been overshadowed by the news from Istanbul, where a critic of the Crown Prince is missing, and possibly dead — murdered, authorities say, in the Saudi consulate.
Mideast Stocks: Petrochemicals pressure Saudi, Gulf mostly quiet early on | ZAWYA MENA Edition
Mideast Stocks: Petrochemicals pressure Saudi, Gulf mostly quiet early on | ZAWYA MENA Edition:
Most Gulf stock markets rose marginally in thin trade early on Tuesday, while Saudi Arabian petrochemical stocks pulled down that market.
Saudi Arabia's index edged down 0.3 percent in the first 45 minutes with Saudi Basic Industries slipping 0.2 pecent and Yanbu National Petrochemicals shedding 0.9 percent.
Al Tayyar Travel fell 2.2 percent after selling its 30 percent stake in Thakher Investment for 377.4 million riyals ($101 million). The company said the financial impact of the sale would appear in the third quarter.
Most Gulf stock markets rose marginally in thin trade early on Tuesday, while Saudi Arabian petrochemical stocks pulled down that market.
Saudi Arabia's index edged down 0.3 percent in the first 45 minutes with Saudi Basic Industries slipping 0.2 pecent and Yanbu National Petrochemicals shedding 0.9 percent.
Al Tayyar Travel fell 2.2 percent after selling its 30 percent stake in Thakher Investment for 377.4 million riyals ($101 million). The company said the financial impact of the sale would appear in the third quarter.
Emirates NBD unit mulls IPO | ZAWYA MENA Edition
Emirates NBD unit mulls IPO | ZAWYA MENA Edition:
Emirates NBD on Monday announced that its 51%-owned subsidiary Network International (NI) was considering an initial public offering (IPO) of its shares.
The bank further noted that talks of an IPO for NI, which is a leading payment solutions provider in the Middle East and North Africa (MENA) region, come at a time when the company and its stakeholders were pondering several strategic options.
The statement confirmed that no final decision has been yet made on whether or not the Network International or its shareholders will proceed with the IPO, Emirates NBD said in a statement published on the Dubai Financial Market (DFM).
Emirates NBD on Monday announced that its 51%-owned subsidiary Network International (NI) was considering an initial public offering (IPO) of its shares.
The bank further noted that talks of an IPO for NI, which is a leading payment solutions provider in the Middle East and North Africa (MENA) region, come at a time when the company and its stakeholders were pondering several strategic options.
The statement confirmed that no final decision has been yet made on whether or not the Network International or its shareholders will proceed with the IPO, Emirates NBD said in a statement published on the Dubai Financial Market (DFM).
Oil prices rise as Iranian crude exports fall | Reuters
Oil prices rise as Iranian crude exports fall | Reuters:
Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC’s third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico due to Hurricane Michael.
Benchmark Brent crude was up 65 cents at $84.56 a barrel by 0850 GMT, having fallen as low as $82.66 on Monday. Brent hit a four-year high of $86.74 last week. U.S. light crude was up 45 cents at $74.74.
“The oil market mood is exceptionally bullish, with fears growing that the U.S. demands for an Iran oil embargo could cause a significant supply shortfall,” said Julius Baer commodities research analyst Carsten Menke.
Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC’s third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico due to Hurricane Michael.
Benchmark Brent crude was up 65 cents at $84.56 a barrel by 0850 GMT, having fallen as low as $82.66 on Monday. Brent hit a four-year high of $86.74 last week. U.S. light crude was up 45 cents at $74.74.
“The oil market mood is exceptionally bullish, with fears growing that the U.S. demands for an Iran oil embargo could cause a significant supply shortfall,” said Julius Baer commodities research analyst Carsten Menke.
Oman launches electricity sector privatisation drive | Financial Times
Oman launches electricity sector privatisation drive | Financial Times:
Oman has launched a multi-billion-dollar privatisation process in its electricity sector, seeking to sell off strategic stakes in five transmission and distribution companies.
Nama Holding, the state electricity group, hopes over the next 12 months to finalise the sale of up to 49 per cent of its shares in Oman Electricity Transmission Company, which has assets of $2.2bn, and up to 70 per cent of shares in Muscat Electricity Distribution Company, with assets of about $1bn.
The process, launched in London on Monday, will be followed in 2019 with the sale of up to 70 per cent of shares in three other distribution and supply companies: Majan Electricity Distribution Company, Mazoon Electricity Distribution Company and Dhofar Power Company.
Oman has launched a multi-billion-dollar privatisation process in its electricity sector, seeking to sell off strategic stakes in five transmission and distribution companies.
Nama Holding, the state electricity group, hopes over the next 12 months to finalise the sale of up to 49 per cent of its shares in Oman Electricity Transmission Company, which has assets of $2.2bn, and up to 70 per cent of shares in Muscat Electricity Distribution Company, with assets of about $1bn.
The process, launched in London on Monday, will be followed in 2019 with the sale of up to 70 per cent of shares in three other distribution and supply companies: Majan Electricity Distribution Company, Mazoon Electricity Distribution Company and Dhofar Power Company.
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