Biggest tender to date for Maktoum airport released | GulfNews.com:
The substructure package tender for Dubai’s second airport has been put out into the market by Dubai Aviation Engineering Projects.
This will form the “biggest” single value contract issued to date for the Al Maktoum International Airport, the world’s largest such facility in the making.
“An unprecedented scale... maybe the biggest ever released in its category,” said Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai Aviation City Corporation and Dubai Aviation Sector Board, in a statement. “We are targeting an award by early next year. More is yet to come and everyone is looking forward to a busy 2019.”
Thursday 18 October 2018
Moody’s raises GDP growth forecasts for Saudi Arabian economy
Moody’s raises GDP growth forecasts for Saudi Arabian economy:
Moody’s has raised Saudi Arabia’s GDP growth forecast for 2018 to 2.5 percent from 1.3 percent as it maintains a “stable outlook” for the Saudi economy.
The ratings agency also increased its 2019 GDP forecast to 2.7 percent, well above the 1.5 percent previously predicted, the Kingdom’s Ministry of Finance said.
Moody’s numbers exceed the forecasts of the Saudi Arabian government for the 2019 budget announced in September.
Moody’s has raised Saudi Arabia’s GDP growth forecast for 2018 to 2.5 percent from 1.3 percent as it maintains a “stable outlook” for the Saudi economy.
The ratings agency also increased its 2019 GDP forecast to 2.7 percent, well above the 1.5 percent previously predicted, the Kingdom’s Ministry of Finance said.
Moody’s numbers exceed the forecasts of the Saudi Arabian government for the 2019 budget announced in September.
Doha Bank leaves worst provisions behind as profit tops estimate
Doha Bank leaves worst provisions behind as profit tops estimate:
Doha Bank, whose quarterly profit beat estimates, has left the worst of bad loans behind as it seeks to scale up investments, its chief executive officer has said.
“Now we are back to normal and we have a programmed approach to make sure we mapped enterprise risk and market risk,” Dr R Seetharaman told Bloomberg TV. “We are on target in terms of sustainable performance yet again.”
The Qatari lender’s third-quarter profit of $73mn topped the highest analyst estimate. Net income fell in the second-quarter on provisions. Opportunity lies in scaling up investments as the investment book has grown 15% year-to-date, Seetharaman said.
Doha Bank, whose quarterly profit beat estimates, has left the worst of bad loans behind as it seeks to scale up investments, its chief executive officer has said.
“Now we are back to normal and we have a programmed approach to make sure we mapped enterprise risk and market risk,” Dr R Seetharaman told Bloomberg TV. “We are on target in terms of sustainable performance yet again.”
The Qatari lender’s third-quarter profit of $73mn topped the highest analyst estimate. Net income fell in the second-quarter on provisions. Opportunity lies in scaling up investments as the investment book has grown 15% year-to-date, Seetharaman said.
Khashoggi Saga Deepens Enigma of Saudi ‘Black-Box’ Stocks - Bloomberg
Khashoggi Saga Deepens Enigma of Saudi ‘Black-Box’ Stocks - Bloomberg:
A slump in stocks followed by an unexplained rebound. A bond market that appeared to be driven by an entirely different narrative. And at the end of it all, a gauge of volatility at its highest in almost three years.
By any measure, the past few days in Saudi Arabia’s markets have been a wild ride, as the unfolding drama surrounding the disappearance of Jamal Khashoggi drove prices this way and that.
But far from being unusual, the swings have merely served to underline an inescapable fact about the kingdom’s markets -- that it’s hard to know what determines price movements at the best of times.
A slump in stocks followed by an unexplained rebound. A bond market that appeared to be driven by an entirely different narrative. And at the end of it all, a gauge of volatility at its highest in almost three years.
By any measure, the past few days in Saudi Arabia’s markets have been a wild ride, as the unfolding drama surrounding the disappearance of Jamal Khashoggi drove prices this way and that.
But far from being unusual, the swings have merely served to underline an inescapable fact about the kingdom’s markets -- that it’s hard to know what determines price movements at the best of times.
Goldman Pulls Out of Saudi Conference After Mnuchin Withdrawal - Bloomberg
Goldman Pulls Out of Saudi Conference After Mnuchin Withdrawal - Bloomberg:
Goldman Sachs Group Inc. pulled its top executives from an investment conference in Saudi Arabia, hours after U.S. Treasury Secretary Steven Mnuchin backed out.
The firm was among the last of the biggest U.S. banks to withdraw after reports emerged that journalist and government critic Jamal Khashoggi had been tortured and killed by Saudi agents in the country’s Turkish consulate.
“This incident is unacceptable and clearly they have to answer questions,” Chief Executive Office David Solomon said Thursday in a CNBC interview. Saudi leaders’ response to the international uproar “will have an impact on how we all interact,” said Solomon, who took over at New York-based Goldman on Oct. 1. The remarks were among the strongest to emerge from a senior Wall Street executive since the furor erupted earlier this month.
Goldman Sachs Group Inc. pulled its top executives from an investment conference in Saudi Arabia, hours after U.S. Treasury Secretary Steven Mnuchin backed out.
The firm was among the last of the biggest U.S. banks to withdraw after reports emerged that journalist and government critic Jamal Khashoggi had been tortured and killed by Saudi agents in the country’s Turkish consulate.
“This incident is unacceptable and clearly they have to answer questions,” Chief Executive Office David Solomon said Thursday in a CNBC interview. Saudi leaders’ response to the international uproar “will have an impact on how we all interact,” said Solomon, who took over at New York-based Goldman on Oct. 1. The remarks were among the strongest to emerge from a senior Wall Street executive since the furor erupted earlier this month.
Oil Falls to One-Month Low After U.S. Crude Stockpiles Surge - Bloomberg
Oil Falls to One-Month Low After U.S. Crude Stockpiles Surge - Bloomberg:
Oil slipped to the lowest level in nearly a month after expanding American stockpiles overshadowed tensions between the U.S. and Saudi Arabia over the disappearance of a prominent kingdom critic.
Futures fell 1.6 percent in New York. U.S. inventories rose 6.49 million barrels last week, according to government data released Wednesday, more than twice the amount forecast in a Bloomberg survey. Even as the disappearance of Jamal Khashoggi kept the market on edge, President Donald Trump cautioned against putting the entire U.S.-Saudi relationship at risk.
“It seems as if things have kind of calmed down” said Gene McGillian, manager of market research at Tradition Energy. “I think we’ve endured a correction in the market and concerns surrounding lost Iranian barrels will re-emerge and the market will stabilize.”
Oil slipped to the lowest level in nearly a month after expanding American stockpiles overshadowed tensions between the U.S. and Saudi Arabia over the disappearance of a prominent kingdom critic.
Futures fell 1.6 percent in New York. U.S. inventories rose 6.49 million barrels last week, according to government data released Wednesday, more than twice the amount forecast in a Bloomberg survey. Even as the disappearance of Jamal Khashoggi kept the market on edge, President Donald Trump cautioned against putting the entire U.S.-Saudi relationship at risk.
“It seems as if things have kind of calmed down” said Gene McGillian, manager of market research at Tradition Energy. “I think we’ve endured a correction in the market and concerns surrounding lost Iranian barrels will re-emerge and the market will stabilize.”
For All Trump’s Talk, the Saudis Don’t Buy That Much Stuff From the U.S. - Bloomberg
For All Trump’s Talk, the Saudis Don’t Buy That Much Stuff From the U.S. - Bloomberg:
Listening to President Donald Trump, you’d think the U.S. economy has a huge amount riding on continued weapons sales to Saudi Arabia.
Arguing against a rush to judgment in the case of Jamal Khashoggi, the Washington-based journalist allegedly murdered by a Saudi hit team, Trump has repeatedly cited the importance of that trade -- and rejected growing calls in Congress to cut it off. “That would be hurting us,” the president said last week. “We have jobs, we have a lot of things happening in this country.”
Trump likes to tout what he describes as $110 billion in arms deals signed during his visit to Riyadh last year. The figure is inflated, according to Bruce Riedel at the Brookings Institution, who analyzed Trump’s claim and found the headline number to be a mishmash of previously signed agreements and vague wishlists. Still, it’s true that Saudi Arabia is a big military spender and one of the best customers for the U.S. arms industry. And its purchases from companies like Lockheed Martin Corp. do generate American jobs.
Listening to President Donald Trump, you’d think the U.S. economy has a huge amount riding on continued weapons sales to Saudi Arabia.
Arguing against a rush to judgment in the case of Jamal Khashoggi, the Washington-based journalist allegedly murdered by a Saudi hit team, Trump has repeatedly cited the importance of that trade -- and rejected growing calls in Congress to cut it off. “That would be hurting us,” the president said last week. “We have jobs, we have a lot of things happening in this country.”
Trump likes to tout what he describes as $110 billion in arms deals signed during his visit to Riyadh last year. The figure is inflated, according to Bruce Riedel at the Brookings Institution, who analyzed Trump’s claim and found the headline number to be a mishmash of previously signed agreements and vague wishlists. Still, it’s true that Saudi Arabia is a big military spender and one of the best customers for the U.S. arms industry. And its purchases from companies like Lockheed Martin Corp. do generate American jobs.
ADNOC prepares sale of stake in infrastructure assets- sources | ZAWYA MENA Edition
ADNOC prepares sale of stake in infrastructure assets- sources | ZAWYA MENA Edition:
State-owned Abu Dhabi National Oil Co (ADNOC) is looking to sell a stake in its multibillion-dollar pipeline infrastructure assets, three financial sources said.
ADNOC has embarked on a major transformation drive in the past two years to make it more competitive and commercially focused like other state-owned peers, selling and listing stakes in parts of its business.
A spokesman for ADNOC said the company was exploring a number of "potential innovative transaction opportunities" to improve its asset base and capital structure.
State-owned Abu Dhabi National Oil Co (ADNOC) is looking to sell a stake in its multibillion-dollar pipeline infrastructure assets, three financial sources said.
ADNOC has embarked on a major transformation drive in the past two years to make it more competitive and commercially focused like other state-owned peers, selling and listing stakes in parts of its business.
A spokesman for ADNOC said the company was exploring a number of "potential innovative transaction opportunities" to improve its asset base and capital structure.
Saudi unemployment stays at record high as companies struggle | Reuters
Saudi unemployment stays at record high as companies struggle | Reuters:
Unemployment among Saudi Arabian citizens stayed at a record high of 12.9 percent in the second quarter of this year, as private companies remained reluctant to hire despite rising oil prices, according to official figures released on Thursday.
The data suggest Saudi economic reforms, launched more than two years ago, are still having little success in creating jobs or developing non-oil industries.
In an effort to persuade foreign capital to back the reforms, authorities plan an international investment conference in Riyadh next week, but the furore over the disappearance of Saudi dissident Jamal Khashoggi has caused dozens of Western executives and officials to cancel their participation.
Unemployment among Saudi Arabian citizens stayed at a record high of 12.9 percent in the second quarter of this year, as private companies remained reluctant to hire despite rising oil prices, according to official figures released on Thursday.
The data suggest Saudi economic reforms, launched more than two years ago, are still having little success in creating jobs or developing non-oil industries.
In an effort to persuade foreign capital to back the reforms, authorities plan an international investment conference in Riyadh next week, but the furore over the disappearance of Saudi dissident Jamal Khashoggi has caused dozens of Western executives and officials to cancel their participation.
Qatar regulator approves listing of Qatalum shares | Reuters
Qatar regulator approves listing of Qatalum shares | Reuters:
Qatar Financial Markets Authority has approved a request to publicly list shares of Qatar Aluminium (Qatalum), Qatar News Agency said on Thursday.
State energy giant Qatar Petroleum said in May that it will list 49 percent of its shares in the aluminium smelter plant Qatalum in a public offering during the last quarter of this year. Norway’s Norsk Hydro owns 50 percent in the joint venture.
Qatar Financial Markets Authority has approved a request to publicly list shares of Qatar Aluminium (Qatalum), Qatar News Agency said on Thursday.
State energy giant Qatar Petroleum said in May that it will list 49 percent of its shares in the aluminium smelter plant Qatalum in a public offering during the last quarter of this year. Norway’s Norsk Hydro owns 50 percent in the joint venture.
Blackstone waves off concerns over Saudi funding | Reuters
Blackstone waves off concerns over Saudi funding | Reuters:
Blackstone Group LP (BX.N), the U.S. buyout firm which is relying on Saudi Arabia to provide half the money for its planned $40 billion infrastructure fund, waved off concerns about funding on Thursday even as controversy rages over the disappearance of a Saudi journalist that has frayed relations between Wall Street and the oil-rich kingdom.
Blackstone Chief Executive Stephen Schwarzman pulled out this week from a planned investment conference in Saudi Arabia, following other Wall Street and media leaders, over the disappearance of Jamal Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, who was last seen entering the Saudi consulate in Istanbul on Oct. 2.
Turkish officials have said they believe Khashoggi was murdered at the consulate and his body chopped up and removed. Saudi Arabia has denied involvement in the disappearance, and U.S. President Donald Trump said on Wednesday he needed to see evidence of any role by Riyadh.
Blackstone Group LP (BX.N), the U.S. buyout firm which is relying on Saudi Arabia to provide half the money for its planned $40 billion infrastructure fund, waved off concerns about funding on Thursday even as controversy rages over the disappearance of a Saudi journalist that has frayed relations between Wall Street and the oil-rich kingdom.
Blackstone Chief Executive Stephen Schwarzman pulled out this week from a planned investment conference in Saudi Arabia, following other Wall Street and media leaders, over the disappearance of Jamal Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, who was last seen entering the Saudi consulate in Istanbul on Oct. 2.
Turkish officials have said they believe Khashoggi was murdered at the consulate and his body chopped up and removed. Saudi Arabia has denied involvement in the disappearance, and U.S. President Donald Trump said on Wednesday he needed to see evidence of any role by Riyadh.
MIDEAST STOCKS-Saudi trades in tiny range as fears over Khashoggi case abate | Reuters
MIDEAST STOCKS-Saudi trades in tiny range as fears over Khashoggi case abate | Reuters:
Saudi Arabia’s stock index traded very narrowly on Thursday as fears partially eased that the disappearance of Saudi journalist Jamal Khashoggi could damage the market by hurting foreign investment.
U.S. President Donald Trump said on Wednesday he did not want to walk away from Saudi Arabia and that the United States needed the kingdom’s cooperation — a sign that Riyadh might escape any serious U.S. sanctions if an investigation finds Khashoggi was killed by Saudi personnel.
Also, state-linked Saudi funds bought blue chips in a support operation when the market plunged earlier this week, convincing some investors that there is little further downside for now at least.
Saudi Arabia’s stock index traded very narrowly on Thursday as fears partially eased that the disappearance of Saudi journalist Jamal Khashoggi could damage the market by hurting foreign investment.
U.S. President Donald Trump said on Wednesday he did not want to walk away from Saudi Arabia and that the United States needed the kingdom’s cooperation — a sign that Riyadh might escape any serious U.S. sanctions if an investigation finds Khashoggi was killed by Saudi personnel.
Also, state-linked Saudi funds bought blue chips in a support operation when the market plunged earlier this week, convincing some investors that there is little further downside for now at least.
Spectre of Iran’s ‘ghost ships’ haunts oil outlook | Financial Times
Spectre of Iran’s ‘ghost ships’ haunts oil outlook | Financial Times:
If the US wants to drive Iran’s oil exports to “zero”, as secretary of state Mike Pompeo has repeatedly said, it may have far more work to do than the oil market realises.
While Iran’s exports were thought to be falling sharply ahead of US sanctions that take effect on November 4, the latest data from one group using satellite tracking and imagery suggests that Tehran is still finding plenty of willing buyers.
TankerTrackers, an operation that monitors oil flows around the globe, said that, in the first two weeks of October, Iran’s oil exports had averaged more than 2.2m barrels a day.
If the US wants to drive Iran’s oil exports to “zero”, as secretary of state Mike Pompeo has repeatedly said, it may have far more work to do than the oil market realises.
While Iran’s exports were thought to be falling sharply ahead of US sanctions that take effect on November 4, the latest data from one group using satellite tracking and imagery suggests that Tehran is still finding plenty of willing buyers.
TankerTrackers, an operation that monitors oil flows around the globe, said that, in the first two weeks of October, Iran’s oil exports had averaged more than 2.2m barrels a day.
What Damage Control Looks Like in Saudi Arabia - Bloomberg
What Damage Control Looks Like in Saudi Arabia - Bloomberg:
On Oct. 13 newspapers in Saudi Arabia released a pointed reminder to the citizens of the kingdom: Article 6 of the Anti-Cyber Crime Law stipulates a maximum five years in prison and a maximum fine of 3 million riyals ($800,000) for sharing rumors or fake news that breach public order, religious values, public morals, and privacy. Everyone knew what it was directed at—speculation about the involvement of the government in the Oct. 2 disappearance and alleged murder of Jamal Khashoggi, a U.S.-based journalist and prominent critic of the regime’s de facto ruler, Crown Prince Mohammed bin Salman.
At first, the Saudi narrative had been simply to depict the case as an attempt to smear the country because of its power in the Middle East—even as Turkish officials claimed it was Saudi Arabia that ordered the killing. In the kingdom, government-controlled media and official comments stuck to the line Prince Mohammed made in an interview with Bloomberg News a day after Khashoggi vanished: The journalist entered the consulate to complete paperwork for his coming marriage to a Turkish woman and left unscathed.
On Oct. 13 newspapers in Saudi Arabia released a pointed reminder to the citizens of the kingdom: Article 6 of the Anti-Cyber Crime Law stipulates a maximum five years in prison and a maximum fine of 3 million riyals ($800,000) for sharing rumors or fake news that breach public order, religious values, public morals, and privacy. Everyone knew what it was directed at—speculation about the involvement of the government in the Oct. 2 disappearance and alleged murder of Jamal Khashoggi, a U.S.-based journalist and prominent critic of the regime’s de facto ruler, Crown Prince Mohammed bin Salman.
At first, the Saudi narrative had been simply to depict the case as an attempt to smear the country because of its power in the Middle East—even as Turkish officials claimed it was Saudi Arabia that ordered the killing. In the kingdom, government-controlled media and official comments stuck to the line Prince Mohammed made in an interview with Bloomberg News a day after Khashoggi vanished: The journalist entered the consulate to complete paperwork for his coming marriage to a Turkish woman and left unscathed.
Mideast Stocks: Shares move sideways as fears over Khashoggi case wane | ZAWYA MENA Edition
Mideast Stocks: Shares move sideways as fears over Khashoggi case wane | ZAWYA MENA Edition:
Most Gulf markets moved sideways in early trading on Thursday, with Saudi shares dipping only slightly, indicating that volatility related to the disappearance of journalist Jamal Khashoggi is easing.
Saudi Arabia's index edged down 0.3 percent within the first 45 minutes of trading, after large swings in recent days on concern that the furore over the Khashoggi case would hurt foreign investment.
U.S. President Donald Trump on Wednesday said he does not want to walk away from Saudi Arabia and said he hopes Saudi's royal leaders were not involved in Khashoggi's disappearance
Most Gulf markets moved sideways in early trading on Thursday, with Saudi shares dipping only slightly, indicating that volatility related to the disappearance of journalist Jamal Khashoggi is easing.
Saudi Arabia's index edged down 0.3 percent within the first 45 minutes of trading, after large swings in recent days on concern that the furore over the Khashoggi case would hurt foreign investment.
U.S. President Donald Trump on Wednesday said he does not want to walk away from Saudi Arabia and said he hopes Saudi's royal leaders were not involved in Khashoggi's disappearance
Gulf Arab economies to accelerate modestly through 2020: Reuters poll | Reuters
Gulf Arab economies to accelerate modestly through 2020: Reuters poll | Reuters:
Gulf Arab economies are likely to accelerate over the next couple of years as governments boost spending, but growth will not return to the boom levels enjoyed before oil prices plunged in 2014, a quarterly Reuters poll of economists found.
Since mid-2018, the countries have been increasing oil production as restrictions imposed by a global agreement to restrain output have eased. This is expected to inflate gross domestic product in their oil sectors.
Meanwhile, higher oil prices are giving governments more money that they can spend to stimulate demand in the non-oil parts of economies. Brent crude LCOc1 is above $80 a barrel, near four-year highs, up from around $75 three months ago.
Gulf Arab economies are likely to accelerate over the next couple of years as governments boost spending, but growth will not return to the boom levels enjoyed before oil prices plunged in 2014, a quarterly Reuters poll of economists found.
Since mid-2018, the countries have been increasing oil production as restrictions imposed by a global agreement to restrain output have eased. This is expected to inflate gross domestic product in their oil sectors.
Meanwhile, higher oil prices are giving governments more money that they can spend to stimulate demand in the non-oil parts of economies. Brent crude LCOc1 is above $80 a barrel, near four-year highs, up from around $75 three months ago.
Oil slips below $80 on rising U.S. stockpiles | Reuters
Oil slips below $80 on rising U.S. stockpiles | Reuters:
Oil slipped below $80 a barrel on Thursday as the fourth weekly increase in U.S. crude inventories suggested ample supply, while Saudi-U.S. tension and falling Iranian exports lent support.
U.S. crude inventories rose 6.5 million barrels last week, the Energy Information Administration said on Wednesday, the fourth straight weekly increase and almost three times what analysts had forecast. [EIA/S]
Brent crude, the global benchmark, was down 50 cents at $79.55 a barrel at 0840 GMT. It has dropped over $7 from a 2014 high of $86.74 reached on Oct. 3. U.S. crude was down 28 cents at $69.47.
Oil slipped below $80 a barrel on Thursday as the fourth weekly increase in U.S. crude inventories suggested ample supply, while Saudi-U.S. tension and falling Iranian exports lent support.
U.S. crude inventories rose 6.5 million barrels last week, the Energy Information Administration said on Wednesday, the fourth straight weekly increase and almost three times what analysts had forecast. [EIA/S]
Brent crude, the global benchmark, was down 50 cents at $79.55 a barrel at 0840 GMT. It has dropped over $7 from a 2014 high of $86.74 reached on Oct. 3. U.S. crude was down 28 cents at $69.47.
Saudi's Samba beats forecasts with 13.2 pct Q3 profit rise | Reuters
Saudi's Samba beats forecasts with 13.2 pct Q3 profit rise | Reuters:
Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 13.2 percent rise in third-quarter net profit on Thursday, beating analysts’ forecasts.
The bank, the first major bank from the kingdom to report earnings during the quarter, made a profit of 1.96 billion riyals ($522.5 million) in the three months to Sept. 30, up from 1.73 billion riyals in the same period a year earlier, it said in a bourse statement.
Three analysts on average forecast the bank would make a profit of 1.42 billion riyals.
Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 13.2 percent rise in third-quarter net profit on Thursday, beating analysts’ forecasts.
The bank, the first major bank from the kingdom to report earnings during the quarter, made a profit of 1.96 billion riyals ($522.5 million) in the three months to Sept. 30, up from 1.73 billion riyals in the same period a year earlier, it said in a bourse statement.
Three analysts on average forecast the bank would make a profit of 1.42 billion riyals.
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