Abraaj’s Naqvi denies reports on money transfer to family | GulfNews.com:
Arif Naqvi, founder of the embattled private equity firm Abraaj, denied a Wall Street Journal (WSJ) report that claimed Naqvi directed some of the company funds to his or family accounts.
The WSJ reported saying that about $600 million (Dh2.2 billion) was moved without the knowledge of most investors into bank accounts that forensic accountants call the Abraaj treasury, and about $200 million flowed from those accounts to Naqvi and people close to him. The WSJ report sourced this information to company documents and sources.
“The allegations against me are entirely false and vehemently denied. They are premised on isolated extracts from illegally obtained documents that have been taken entirely out of context,” Naqvi said in an emailed statement.
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Wednesday 17 October 2018
Qatar’s investment in Germany to reach €35bn in next 5 years - The Peninsula Qatar
Qatar’s investment in Germany to reach €35bn in next 5 years - The Peninsula Qatar:
With the completion of the recently announced €10bn worth of proposed investment in Germany by Qatar over the next five years, the combined value of the country’s investment in the Europe’s largest economy will reach €35bn (about QR147bn), Aisha Alfardan, Vice-Chairwoman of Qatari Businesswomen’s Association (QBWA) noted yesterday at a forum in Germany.
The Vice-Chairwoman of the QBWA, in her address at the ‘German-Arab Women Business Leaders Summit’, which concluded yesterday in Munich, bilateral economic cooperation is likely to see a major boost in the coming years as both the countries have signed a number of agreements between the public and private sectors. These include receiving the largest cruise ships coming from Germany at the end of this year, in the framework of cooperation in the field of sea tourism.
“We are delighted that this forum comes after nearly a month of the Qatar-Germany Business Forum in Berlin, which was attended by about 1,000 businessmen and businesswomen from both the countries, in the presence of the Amir H H Sheikh Tamim bin Hamad Al Thani, and Chancellor Angela Merkel as one of the world’s most influential lady,” Alfardan said.
With the completion of the recently announced €10bn worth of proposed investment in Germany by Qatar over the next five years, the combined value of the country’s investment in the Europe’s largest economy will reach €35bn (about QR147bn), Aisha Alfardan, Vice-Chairwoman of Qatari Businesswomen’s Association (QBWA) noted yesterday at a forum in Germany.
The Vice-Chairwoman of the QBWA, in her address at the ‘German-Arab Women Business Leaders Summit’, which concluded yesterday in Munich, bilateral economic cooperation is likely to see a major boost in the coming years as both the countries have signed a number of agreements between the public and private sectors. These include receiving the largest cruise ships coming from Germany at the end of this year, in the framework of cooperation in the field of sea tourism.
“We are delighted that this forum comes after nearly a month of the Qatar-Germany Business Forum in Berlin, which was attended by about 1,000 businessmen and businesswomen from both the countries, in the presence of the Amir H H Sheikh Tamim bin Hamad Al Thani, and Chancellor Angela Merkel as one of the world’s most influential lady,” Alfardan said.
QSE tops 10,100 level on bullish foreign institutions
QSE tops 10,100 level on bullish foreign institutions:
Robust expectations of nine-month financial performance, especially of underlying constituents, Wednesday helped the Qatar Stock Exchange surpass 10,100 levels as foreign institutions continued to be increasingly bullish.
An across-the-board buying, particularly in industrials and consumer goods, led the 20-stock Qatar Index to gain 1.25% to 10,157.48 points, which is up 19.17% year-to-date.
Stronger buying interests, particularly in large and midcap equities, resulted in market capitalisation to expand more than QR7bn or 1.28% to QR566.7bn.
Robust expectations of nine-month financial performance, especially of underlying constituents, Wednesday helped the Qatar Stock Exchange surpass 10,100 levels as foreign institutions continued to be increasingly bullish.
An across-the-board buying, particularly in industrials and consumer goods, led the 20-stock Qatar Index to gain 1.25% to 10,157.48 points, which is up 19.17% year-to-date.
Stronger buying interests, particularly in large and midcap equities, resulted in market capitalisation to expand more than QR7bn or 1.28% to QR566.7bn.
Top Bankers Quietly Prep for Saudi While Their Bosses Skip Forum - Bloomberg
Top Bankers Quietly Prep for Saudi While Their Bosses Skip Forum - Bloomberg:
In public, finance industry leaders have bailed on a key Saudi Arabian investment conference next week. Behind the scenes, dealmakers bringing in the hard cash are fretting -- and still going.
Senior investment bankers from HSBC Holdings Plc, Societe Generale SA and Credit Suisse Group AG are planning to attend the Future Investment Initiative -- dubbed “Davos in the Desert” -- even though their chief executives have told the world they’ve canceled appearances there.
Wall Street firms such as Morgan Stanley and Citigroup Inc., which have yet to publicly signal their intentions, are also expecting to send executives, people familiar with the companies said, asking not to be identified because the details are private. However, the situation remains fluid, they said.
In public, finance industry leaders have bailed on a key Saudi Arabian investment conference next week. Behind the scenes, dealmakers bringing in the hard cash are fretting -- and still going.
Senior investment bankers from HSBC Holdings Plc, Societe Generale SA and Credit Suisse Group AG are planning to attend the Future Investment Initiative -- dubbed “Davos in the Desert” -- even though their chief executives have told the world they’ve canceled appearances there.
Wall Street firms such as Morgan Stanley and Citigroup Inc., which have yet to publicly signal their intentions, are also expecting to send executives, people familiar with the companies said, asking not to be identified because the details are private. However, the situation remains fluid, they said.
Oil output from Saudi, Kuwait shared zone on hold as relations sour | Reuters
Oil output from Saudi, Kuwait shared zone on hold as relations sour | Reuters:
Saudi Arabia and Kuwait will struggle to resume oil production from jointly operated fields any time soon due to operational differences and souring political ties between the previously close Gulf OPEC allies, sources familiar with the matter said.
The two countries halted output from the jointly run oilfields - Khafji and Wafra - in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply.
As oil prices rose to a four-year high above $85 per barrel this year, Washington has been pressing its top Gulf ally Riyadh to reduce crude prices by increasing production.
Saudi Arabia and Kuwait will struggle to resume oil production from jointly operated fields any time soon due to operational differences and souring political ties between the previously close Gulf OPEC allies, sources familiar with the matter said.
The two countries halted output from the jointly run oilfields - Khafji and Wafra - in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply.
As oil prices rose to a four-year high above $85 per barrel this year, Washington has been pressing its top Gulf ally Riyadh to reduce crude prices by increasing production.
U.S. crude slumps below $70 a barrel after large stock build | Reuters
U.S. crude slumps below $70 a barrel after large stock build | Reuters:
Oil prices fell on Wednesday, with U.S. futures dropping below $70 a barrel for the first time in a month, after U.S. crude stockpiles rose 6.5 million barrels, almost triple what analysts had forecast, while exports dropped.
Oil had been rising this week on worries about Iranian sanctions and tensions between the United States and Saudi Arabia after the death of Saudi journalist Jamal Khashoggi.
U.S. crude oil CLc1 slumped $2.17, or 3 percent, to settle at $69.75 a barrel.
Oil prices fell on Wednesday, with U.S. futures dropping below $70 a barrel for the first time in a month, after U.S. crude stockpiles rose 6.5 million barrels, almost triple what analysts had forecast, while exports dropped.
Oil had been rising this week on worries about Iranian sanctions and tensions between the United States and Saudi Arabia after the death of Saudi journalist Jamal Khashoggi.
U.S. crude oil CLc1 slumped $2.17, or 3 percent, to settle at $69.75 a barrel.
Exclusive: Don't mention the oil price - U.S. legal threat prompts change at OPEC | Reuters
Exclusive: Don't mention the oil price - U.S. legal threat prompts change at OPEC | Reuters:
OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of U.S. legal action for manipulating the market, sources close to OPEC said.
Proposed U.S. legislation known as “NOPEC”, which could open the group up to anti-trust lawsuits, has long lain dormant, with previous American presidents signaling that they would veto any move to make it law.
But U.S. President Donald Trump has been a vocal critic of the Organisation of the Petroleum Exporting Countries, blaming it for high oil prices and urging it to increase output to relieve pressure on a market hovering around four-year highs.
OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of U.S. legal action for manipulating the market, sources close to OPEC said.
Proposed U.S. legislation known as “NOPEC”, which could open the group up to anti-trust lawsuits, has long lain dormant, with previous American presidents signaling that they would veto any move to make it law.
But U.S. President Donald Trump has been a vocal critic of the Organisation of the Petroleum Exporting Countries, blaming it for high oil prices and urging it to increase output to relieve pressure on a market hovering around four-year highs.
MIDEAST STOCKS-Saudi stabilises after swings on Khashoggi case, Gulf firm | Reuters
MIDEAST STOCKS-Saudi stabilises after swings on Khashoggi case, Gulf firm | Reuters:
Saudi Arabia’s stock market stabilised on Wednesday after swinging widely in recent days on concern that international pressure over journalist Jamal Khashoggi’s disappearance could hurt foreign investment inflows.
The index traded in a very narrow range and ended 0.1 percent lower as trading volume almost halved, suggesting that a scramble by jittery local retail investors to exit the market had ended.
State-linked Saudi funds had appeared to buy blue chips to support the market on Tuesday, and this may temporarily at least have put a floor under stocks, fund managers in the region said.
Saudi Arabia’s stock market stabilised on Wednesday after swinging widely in recent days on concern that international pressure over journalist Jamal Khashoggi’s disappearance could hurt foreign investment inflows.
The index traded in a very narrow range and ended 0.1 percent lower as trading volume almost halved, suggesting that a scramble by jittery local retail investors to exit the market had ended.
State-linked Saudi funds had appeared to buy blue chips to support the market on Tuesday, and this may temporarily at least have put a floor under stocks, fund managers in the region said.
The enduring myth of the young Arab reformer | Financial Times
The enduring myth of the young Arab reformer | Financial Times:
It is an enduring myth. As the era of the stubborn old Arab autocrat fades, the young son with a modern outlook rises. The people, who have no say in the matter, hope that the son will improve on the father. Western governments convince themselves that he will and set out to help him succeed.
Over the past decade, western policy towards the Middle East has relied, time and again, on the myth of the young Arab reformer.
He has appeared under different names: Syria’s Bashar al-Assad (son of longtime ruler Hafez), Libya’s Seif al-Islam (son of Muammer Gaddafi), Egypt’s Gamal Mubarak (son of Hosni, the former president), and, most recently, Saudi Arabia’s Mohammed bin Salman (son of King Salman).
It is an enduring myth. As the era of the stubborn old Arab autocrat fades, the young son with a modern outlook rises. The people, who have no say in the matter, hope that the son will improve on the father. Western governments convince themselves that he will and set out to help him succeed.
Over the past decade, western policy towards the Middle East has relied, time and again, on the myth of the young Arab reformer.
He has appeared under different names: Syria’s Bashar al-Assad (son of longtime ruler Hafez), Libya’s Seif al-Islam (son of Muammer Gaddafi), Egypt’s Gamal Mubarak (son of Hosni, the former president), and, most recently, Saudi Arabia’s Mohammed bin Salman (son of King Salman).
US and Turkey seek to avoid rupture with Saudi Arabia | Financial Times
US and Turkey seek to avoid rupture with Saudi Arabia | Financial Times:
More than two weeks have passed since Jamal Khashoggi entered the Saudi Arabian consulate in Istanbul and was not seen again. But despite mounting evidence that Saudi Arabia was responsible for the death of the veteran journalist, neither Donald Trump nor Turkey’s president Recep Tayyip Erdogan have publicly pointed the finger at the country’s leadership.
The reaction of the US president has caused serving and former administration officials to worry that he is preparing to help let King Salman and his son Mohammed bin Salman, the crown prince and de facto ruler of Saudi Arabia, off the hook.
Mike Pompeo, US secretary of state, denied giving Saudi Arabia “the benefit of the doubt” on Wednesday, but also said America needed to be “mindful” of important ties between the two countries “when we approach decisions that the US government will take”. To Washington, Saudi Arabia is an important oil producer and global investor, as well as an increasingly assertive regional power on security and intelligence, observers say.
More than two weeks have passed since Jamal Khashoggi entered the Saudi Arabian consulate in Istanbul and was not seen again. But despite mounting evidence that Saudi Arabia was responsible for the death of the veteran journalist, neither Donald Trump nor Turkey’s president Recep Tayyip Erdogan have publicly pointed the finger at the country’s leadership.
The reaction of the US president has caused serving and former administration officials to worry that he is preparing to help let King Salman and his son Mohammed bin Salman, the crown prince and de facto ruler of Saudi Arabia, off the hook.
Mike Pompeo, US secretary of state, denied giving Saudi Arabia “the benefit of the doubt” on Wednesday, but also said America needed to be “mindful” of important ties between the two countries “when we approach decisions that the US government will take”. To Washington, Saudi Arabia is an important oil producer and global investor, as well as an increasingly assertive regional power on security and intelligence, observers say.
Saudi crown prince loses his lustre over Khashoggi case | Financial Times
Saudi crown prince loses his lustre over Khashoggi case | Financial Times:
For three years, Crown Prince Mohammed bin Salman has been creating waves across the Middle East seemingly unchecked as he has shaken up the conservative kingdom and pursued an assertive foreign policy.
On the crown prince’s watch, western allies had said little about a series of provocative moves. Saudi Arabia apparently detained Lebanon’ s prime minister in Riyadh, where he announced his shock resignation last year; the kingdom led a regional blockade on Qatar; and a Saudi-led coalition has intensified its war in Yemen. At home, the authorities detained members of the Al-Saud ruling family, shook down some of the kingdom’s wealthiest businessmen in an anti-corruption purge, and locked up dozens of clerics, academics, activists and bloggers.
But the disappearance of Jamal Khashoggi, a prominent Saudi journalist, may mark the end of indulgence for Prince Mohammed, who finds his increasingly authoritarian rule under unprecedented scrutiny. The Khashoggi case risks plunging the world’s top oil exporter into its biggest diplomatic crisis with western allies since the 9/11 attacks on the Twin Towers and threatens to undermine Prince Mohammed’s uncontested hold on power.
For three years, Crown Prince Mohammed bin Salman has been creating waves across the Middle East seemingly unchecked as he has shaken up the conservative kingdom and pursued an assertive foreign policy.
On the crown prince’s watch, western allies had said little about a series of provocative moves. Saudi Arabia apparently detained Lebanon’ s prime minister in Riyadh, where he announced his shock resignation last year; the kingdom led a regional blockade on Qatar; and a Saudi-led coalition has intensified its war in Yemen. At home, the authorities detained members of the Al-Saud ruling family, shook down some of the kingdom’s wealthiest businessmen in an anti-corruption purge, and locked up dozens of clerics, academics, activists and bloggers.
But the disappearance of Jamal Khashoggi, a prominent Saudi journalist, may mark the end of indulgence for Prince Mohammed, who finds his increasingly authoritarian rule under unprecedented scrutiny. The Khashoggi case risks plunging the world’s top oil exporter into its biggest diplomatic crisis with western allies since the 9/11 attacks on the Twin Towers and threatens to undermine Prince Mohammed’s uncontested hold on power.
Saudi Tensions Add to Dubai Stock Market's Worst Year Since 2008 - Bloomberg
Saudi Tensions Add to Dubai Stock Market's Worst Year Since 2008 - Bloomberg:
Traders are running out of reasons to stay in Dubai’s stock market as it heads for its worst year since the 2008 debt crisis.
Dubai’s main equities gauge has lost 19 percent this year, pressured mostly by real-estate developers. The index is now caught between increasing geopolitical woes centering around its neighbor Saudi Arabia and those emanating from global emerging markets.
Saudi Arabia’s main index climbed 1.8 percent for the week as of Tuesday’s close. That followed a slump on Sunday amid the growing diplomatic row over the disappearance of Saudi column-writer Jamal Khashoggi, and analysts speculated that government-related funds were subsequently used to boost the securities. In Dubai, the benchmark showed no recovery and is down 1 percent for the week.
Traders are running out of reasons to stay in Dubai’s stock market as it heads for its worst year since the 2008 debt crisis.
Dubai’s main equities gauge has lost 19 percent this year, pressured mostly by real-estate developers. The index is now caught between increasing geopolitical woes centering around its neighbor Saudi Arabia and those emanating from global emerging markets.
Saudi Arabia’s main index climbed 1.8 percent for the week as of Tuesday’s close. That followed a slump on Sunday amid the growing diplomatic row over the disappearance of Saudi column-writer Jamal Khashoggi, and analysts speculated that government-related funds were subsequently used to boost the securities. In Dubai, the benchmark showed no recovery and is down 1 percent for the week.
Isolating Saudi Arabia Will Be Harder Than It Looks - Bloomberg
Isolating Saudi Arabia Will Be Harder Than It Looks - Bloomberg:
If, as many believe, dissident Saudi Arabian journalist Jamal Khashoggi was murdered in the Saudis’ Istanbul consulate on the orders of Crown Prince Mohammed bin Salman, it would be an act not just of brutality but of stunning arrogance. The backlash to the murder has been (relatively) swift and (somewhat) severe. Most notably, the Saudi government’s flagship investor event -- “Davos in the Desert,” as we’re apparently supposed to call it -- seems under threat after a series of high-profile withdrawals. Saudi arrogance has, one might suppose, received its comeuppance.
I wouldn’t be so sure. Yes, nobody might want to take the risk, right now, of hanging out with the bad guy of the moment. But the larger idea behind the informal boycott of Davos in the Desert is what -- that we are going to somehow isolate Saudi Arabia from the global economy? That’s not going to work as long as the country remains is the world’s largest oil exporter.
Or is the idea to scale back other kinds of economic engagement with the kingdom, in particular financial links? Davos in the Desert is an investor conference, after all, and most attention has been focused on whether the heads of the big investment banks would attend.
If, as many believe, dissident Saudi Arabian journalist Jamal Khashoggi was murdered in the Saudis’ Istanbul consulate on the orders of Crown Prince Mohammed bin Salman, it would be an act not just of brutality but of stunning arrogance. The backlash to the murder has been (relatively) swift and (somewhat) severe. Most notably, the Saudi government’s flagship investor event -- “Davos in the Desert,” as we’re apparently supposed to call it -- seems under threat after a series of high-profile withdrawals. Saudi arrogance has, one might suppose, received its comeuppance.
I wouldn’t be so sure. Yes, nobody might want to take the risk, right now, of hanging out with the bad guy of the moment. But the larger idea behind the informal boycott of Davos in the Desert is what -- that we are going to somehow isolate Saudi Arabia from the global economy? That’s not going to work as long as the country remains is the world’s largest oil exporter.
Or is the idea to scale back other kinds of economic engagement with the kingdom, in particular financial links? Davos in the Desert is an investor conference, after all, and most attention has been focused on whether the heads of the big investment banks would attend.
Dubai-listed Tabreed hires banks for dollar sukuk | ZAWYA MENA Edition
Dubai-listed Tabreed hires banks for dollar sukuk | ZAWYA MENA Edition:
Dubai-listed National Central Cooling Co (Tabreed) has hired banks to arrange fixed income meetings ahead of a planned sale of U.S. dollar-denominated sukuk, or Islamic bonds, according to documents reviewed by Reuters.
The company has hired Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, JPMorgan and Mashreq Bank as joint lead managers to arrange meetings in Europe, Asia and the Middle East starting on Oct. 19.
Tabreed plans to issue benchmark-sized sukuk, which generally means upwards of $500 million, with a seven-year maturity.
Dubai-listed National Central Cooling Co (Tabreed) has hired banks to arrange fixed income meetings ahead of a planned sale of U.S. dollar-denominated sukuk, or Islamic bonds, according to documents reviewed by Reuters.
The company has hired Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, JPMorgan and Mashreq Bank as joint lead managers to arrange meetings in Europe, Asia and the Middle East starting on Oct. 19.
Tabreed plans to issue benchmark-sized sukuk, which generally means upwards of $500 million, with a seven-year maturity.
Oil rises on surprise draw in U.S. crude stockpiles | Reuters
Oil rises on surprise draw in U.S. crude stockpiles | Reuters:
Oil prices rose for a fourth day on Wednesday after industry data showed a surprise decline in U.S. crude inventories and tension over the disappearance of a prominent Saudi journalist stoked supply worries.
Brent crude LCOc1 was up 40 cents at $81.81 a barrel by 0755 GMT, after gaining $1.15 in the previous three sessions. The global benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3.
U.S. light crude oil CLc1 was up 30 cents at $72.22.
Oil prices rose for a fourth day on Wednesday after industry data showed a surprise decline in U.S. crude inventories and tension over the disappearance of a prominent Saudi journalist stoked supply worries.
Brent crude LCOc1 was up 40 cents at $81.81 a barrel by 0755 GMT, after gaining $1.15 in the previous three sessions. The global benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3.
U.S. light crude oil CLc1 was up 30 cents at $72.22.
Analysis: Trump's Saudi bet has become much riskier
Analysis: Trump's Saudi bet has become much riskier:
President Donald Trump put a big and risky bet on Saudi Arabia and its 33-year-old crown prince. It’s now become much riskier.
From the early days of his presidency, Trump and his foreign policy team embraced the kingdom and Mohammed bin Salman as the anchors of their entire Middle East strategy. From Iran and Iraq to Syria, Yemen and the Israeli-Palestinian conflict, the administration gambled that Saudi Arabia, effectively run by the prince, could credibly lead, and willingly pay for, a “Pax Arabica” in a part of the world from which Trump is keen to disengage.
For nearly two years, through an ongoing crisis with Qatar and international outrage over civilian casualties in the Saudi-led campaign against Yemeni rebels, the prince has managed to keep Washington’s confidence. But now, the tide is turning amid growing outrage over the disappearance and likely death of a U.S.-based journalist inside a Saudi Consulate in Turkey, and that confidence appears to be waning. The Trump administration’s grand strategy may be upended with far-reaching ramifications that extend well outside the region.
President Donald Trump put a big and risky bet on Saudi Arabia and its 33-year-old crown prince. It’s now become much riskier.
From the early days of his presidency, Trump and his foreign policy team embraced the kingdom and Mohammed bin Salman as the anchors of their entire Middle East strategy. From Iran and Iraq to Syria, Yemen and the Israeli-Palestinian conflict, the administration gambled that Saudi Arabia, effectively run by the prince, could credibly lead, and willingly pay for, a “Pax Arabica” in a part of the world from which Trump is keen to disengage.
For nearly two years, through an ongoing crisis with Qatar and international outrage over civilian casualties in the Saudi-led campaign against Yemeni rebels, the prince has managed to keep Washington’s confidence. But now, the tide is turning amid growing outrage over the disappearance and likely death of a U.S.-based journalist inside a Saudi Consulate in Turkey, and that confidence appears to be waning. The Trump administration’s grand strategy may be upended with far-reaching ramifications that extend well outside the region.
MIDEAST STOCKS-Saudi moves sideways as instability over Khashoggi case eases | Reuters
MIDEAST STOCKS-Saudi moves sideways as instability over Khashoggi case eases | Reuters:
Saudi Arabia’s stock market moved sideways in a narrow range early on Wednesday as instability related to the disappearance of dissident journalist Jamal Khashoggi eased.
The index was flat after 45 minutes of trade, after swinging widely in the past several days on concern that the international furore over the Khashoggi case could hurt foreign investment inflows.
State-linked Saudi funds appeared to buy blue chips to support the market on Tuesday, fund managers in the region said, and this calmed nervous local retail investors.
Saudi Arabia’s stock market moved sideways in a narrow range early on Wednesday as instability related to the disappearance of dissident journalist Jamal Khashoggi eased.
The index was flat after 45 minutes of trade, after swinging widely in the past several days on concern that the international furore over the Khashoggi case could hurt foreign investment inflows.
State-linked Saudi funds appeared to buy blue chips to support the market on Tuesday, fund managers in the region said, and this calmed nervous local retail investors.