Ahli United Bank and KFH say merger talks 'still ongoing' - The National:
Ahli United Bank, the Bahraini lender, and Kuwait Finance House are still in discussions for a potential merger, which would create a new Islamic entity with $92 billion (Dh337.6bn) in combined assets.
The two parties signed a preliminary and non-disclosure agreement on July 22 to appoint banks to undertake valuations required to explore the possibility of a tie-up.
“With reference to our earlier disclosures … please note that consultations are still under way regarding the valuation results of the studies prepared by HSBC and Credit Suisse to recommend and determine a fair share exchange ratio,” Ahli United said in a statement on Sunday to Boursa Kuwait, where its shares are traded.
Sunday, 28 October 2018
Air Arabia in early talks to buy 100 aircraft | GulfNews.com
Air Arabia in early talks to buy 100 aircraft | GulfNews.com:
Air Arabia, the Sharjah-based low-cost carrier, is planning to purchase at least 100 aircraft in 2019 as it aims to expand its fleet and replace old aircraft.
Adel Ali, chief executive of Air Arabia, said on Sunday the airline is currently in talks with manufacturers including Boeing, Airbus, and Embraer, but that it has not finalised its decision on which aircraft model(s) it will order.
“We’re due to make an order. We need an order to replace the existing airplanes in the next few years. We’re looking at A320s, A321s; we’re looking at Boeing, the CSeries, the new Embraer — we’d be naive not to,” the CEO told reporters.
Air Arabia, the Sharjah-based low-cost carrier, is planning to purchase at least 100 aircraft in 2019 as it aims to expand its fleet and replace old aircraft.
Adel Ali, chief executive of Air Arabia, said on Sunday the airline is currently in talks with manufacturers including Boeing, Airbus, and Embraer, but that it has not finalised its decision on which aircraft model(s) it will order.
“We’re due to make an order. We need an order to replace the existing airplanes in the next few years. We’re looking at A320s, A321s; we’re looking at Boeing, the CSeries, the new Embraer — we’d be naive not to,” the CEO told reporters.
Saudi Minister of Economy and Planning Mohammed Al-Tuwaijri: ‘The whole world is interested in Saudi Arabia’
Saudi Minister of Economy and Planning Mohammed Al-Tuwaijri: ‘The whole world is interested in Saudi Arabia’:
The “green room” at the Future Investment Initiative in Riyadh is an inappropriate name.
Like the rest of the King Abdulaziz International Conference Center, next to the five-star Ritz Carlton Hotel, the areas reserved for the elite speakers at the adjacent plenary hall is a melange of white marble, gold and the rich browns of teak and mahogany, with plenty of sparkling crystal in evidence too. Anything but green, really.
Last Thursday morning, Mohammed Al-Tuwaijri entered the room with weighty matters on his mind. The minister of economy and planning for Saudi Arabia was the top billing on a panel of luminaries from Jordan, Russia and Britain, considering the question: “Which model for privatization will prevail?”
The “green room” at the Future Investment Initiative in Riyadh is an inappropriate name.
Like the rest of the King Abdulaziz International Conference Center, next to the five-star Ritz Carlton Hotel, the areas reserved for the elite speakers at the adjacent plenary hall is a melange of white marble, gold and the rich browns of teak and mahogany, with plenty of sparkling crystal in evidence too. Anything but green, really.
Last Thursday morning, Mohammed Al-Tuwaijri entered the room with weighty matters on his mind. The minister of economy and planning for Saudi Arabia was the top billing on a panel of luminaries from Jordan, Russia and Britain, considering the question: “Which model for privatization will prevail?”
QSE opens week on almost flat note despite buying interests
QSE opens week on almost flat note despite buying interests:
The Qatar Stock Exchange Sunday opened the week on almost a flat note despite buying interests of local retail investors and foreign institutions.
Transport, telecom and banking counters witnessed selling pressure as the 20-stock Qatar Index settled mere 0.09% lower at 10,144.37 points, which is, however, up 19.02% year-to-date.
Small, large and microcap equities experienced buying interests, resulting in market capitalisation gain QR29mn or 0.05% to QR570.41bn.
The Qatar Stock Exchange Sunday opened the week on almost a flat note despite buying interests of local retail investors and foreign institutions.
Transport, telecom and banking counters witnessed selling pressure as the 20-stock Qatar Index settled mere 0.09% lower at 10,144.37 points, which is, however, up 19.02% year-to-date.
Small, large and microcap equities experienced buying interests, resulting in market capitalisation gain QR29mn or 0.05% to QR570.41bn.
Nakilat nine-month profit jumps 9% to QR659mn
Nakilat nine-month profit jumps 9% to QR659mn:
Nakilat has reported about 9% year-on-year increase in net profit to QR659mn during January-September this year. The company’s stronger performance is a result of its successful expansion, which is attributed to the strategic long-term plan to diversify and seek business opportunities with minimal risk, as well as effective cost optimisation across its integrated operations, its spokesman said.
This has been achieved through the acquisition of two additional jointly-owned liquefied natural gas (LNG) carriers and a major stake in the first floating storage regasification unit.
The expansion of Nakilat’s fleet opens a new horizon and business avenue for the company to sustain its long-term growth and development strategies, which in turn will further maximise value and returns for its shareholders.
Nakilat has reported about 9% year-on-year increase in net profit to QR659mn during January-September this year. The company’s stronger performance is a result of its successful expansion, which is attributed to the strategic long-term plan to diversify and seek business opportunities with minimal risk, as well as effective cost optimisation across its integrated operations, its spokesman said.
This has been achieved through the acquisition of two additional jointly-owned liquefied natural gas (LNG) carriers and a major stake in the first floating storage regasification unit.
The expansion of Nakilat’s fleet opens a new horizon and business avenue for the company to sustain its long-term growth and development strategies, which in turn will further maximise value and returns for its shareholders.
QFC, QSE & FTSE host global benchmarks roundtable - The Peninsula Qatar
QFC, QSE & FTSE host global benchmarks roundtable - The Peninsula Qatar:
The Qatar Financial Centre (QFC) has partnered with the Qatar Stock Exchange (QSE) and FTSE Russell, a world-leading provider of benchmarking, analytics and data solutions, to host a roundtable entitled “Outlook for 2019 and the GCC’s growing influence in global benchmarks”.
The roundtable discussion focused on the key issues that are expected to confront investors in 2019, the relevance of the Qatari market in global indices, and increasing investor interest.The event was attended by Philip Lawlor, Global Head of Markets Research, FTSE Russell; Kate MacPherson, Manager, Middle East & Africa, FTSE Russell; Mohsin Mujtaba, Director, Product and Market Development, Qatar Stock Exchange; and Henk Jan Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority.
Henk Jan Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority said: “We are honoured to partner with the Qatar Stock Exchange and FTSE Russell to host this key event that focuses on Qatar’s importance in the global indices and increasing investor appetite. This growing investor interest is clearly evident in the 27 percent increase in foreign direct investment inflows to Qatar between 2016 and 2017 which has been highlighted in the 2018 World Invest Report by the UN Conference on Trade and Development.”
The Qatar Financial Centre (QFC) has partnered with the Qatar Stock Exchange (QSE) and FTSE Russell, a world-leading provider of benchmarking, analytics and data solutions, to host a roundtable entitled “Outlook for 2019 and the GCC’s growing influence in global benchmarks”.
The roundtable discussion focused on the key issues that are expected to confront investors in 2019, the relevance of the Qatari market in global indices, and increasing investor interest.The event was attended by Philip Lawlor, Global Head of Markets Research, FTSE Russell; Kate MacPherson, Manager, Middle East & Africa, FTSE Russell; Mohsin Mujtaba, Director, Product and Market Development, Qatar Stock Exchange; and Henk Jan Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority.
Henk Jan Hoogendoorn, Managing Director, Financial Sector Office, QFC Authority said: “We are honoured to partner with the Qatar Stock Exchange and FTSE Russell to host this key event that focuses on Qatar’s importance in the global indices and increasing investor appetite. This growing investor interest is clearly evident in the 27 percent increase in foreign direct investment inflows to Qatar between 2016 and 2017 which has been highlighted in the 2018 World Invest Report by the UN Conference on Trade and Development.”
Doha Bank CEO showcases Qatar’s resilience at SIBOS - The Peninsula Qatar
Doha Bank CEO showcases Qatar’s resilience at SIBOS - The Peninsula Qatar:
Dr R Seetharaman, CEO of Doha Bank participated at the SIBOS 2018 Conference held at Sydney, Australia last week. At the Conference he gave insight on developments in global and Qatari economy.
Speaking on Qatari economy, he said the country is expected to grow by 2.7 percent in 2018 and 2.8 percent in 2019 respectively. Qatar is planning to increase its LNG production capacity from 77million tonnes per annum (mtpa) to 110 mtpa.
Citing IMF’s latest report, Dr Seetharaman said Qatar’s banking system needs no further support from the central bank and sovereign wealth fund as the decline in non-resident liabilities of lenders have subsided. A robust regulatory framework and effective supervision have helped ensure the resilience of the financial system.
Dr R Seetharaman, CEO of Doha Bank participated at the SIBOS 2018 Conference held at Sydney, Australia last week. At the Conference he gave insight on developments in global and Qatari economy.
Speaking on Qatari economy, he said the country is expected to grow by 2.7 percent in 2018 and 2.8 percent in 2019 respectively. Qatar is planning to increase its LNG production capacity from 77million tonnes per annum (mtpa) to 110 mtpa.
Citing IMF’s latest report, Dr Seetharaman said Qatar’s banking system needs no further support from the central bank and sovereign wealth fund as the decline in non-resident liabilities of lenders have subsided. A robust regulatory framework and effective supervision have helped ensure the resilience of the financial system.
Most Mideast Stocks Retreat as Traders Eye Earnings - Bloomberg
Most Mideast Stocks Retreat as Traders Eye Earnings - Bloomberg:
Most equity indexes in the Middle East declined as investors focus on third-quarter results.
Volatility in Saudi stocks dropped to the lowest level in two weeks as the uproar over the killing of columnist Jamal Khashoggi in Istanbul dissipate. Saudi Basic Industries Corp. fell even after third-quarter profit met analysts’ estimates.
Most equity indexes in the Middle East declined as investors focus on third-quarter results.
Volatility in Saudi stocks dropped to the lowest level in two weeks as the uproar over the killing of columnist Jamal Khashoggi in Istanbul dissipate. Saudi Basic Industries Corp. fell even after third-quarter profit met analysts’ estimates.
The Abraaj saga: What impact will the decline of the region's best-known private equity fund manager have on the industry? | ZAWYA MENA Edition
The Abraaj saga: What impact will the decline of the region's best-known private equity fund manager have on the industry? | ZAWYA MENA Edition:
The downfall of the Middle East’s biggest private equity fund this year will most likely have a negative impact on investment flowing into the region’s private equity funds over the coming years, according to experts.
“Definitely, this one is going to remain for the next three, four, or five years… But there are other players. It is not one industry, one player,” Anthony Hobeika, the chief executive officer of Dubai-based MENA Research Partners told Zawya on the sidelines of the Super Return Middle East conference. The conference, held in Abu Dhabi last week, is part of an international series discussing regional trends in the private equity and venture capital markets.
Abraaj’s story started 24 years ago, when an ambitious Pakistani businessman, Arif Naqvi, came to Dubai in the early 1990s with a positive outlook on emerging markets. He set up the Abraaj Group in 2002, and for many years it was the Middle East’s biggest and most respected private equity fund manager until its collapse earlier this year, which followed allegations that it had misused investor’s funds.
The downfall of the Middle East’s biggest private equity fund this year will most likely have a negative impact on investment flowing into the region’s private equity funds over the coming years, according to experts.
“Definitely, this one is going to remain for the next three, four, or five years… But there are other players. It is not one industry, one player,” Anthony Hobeika, the chief executive officer of Dubai-based MENA Research Partners told Zawya on the sidelines of the Super Return Middle East conference. The conference, held in Abu Dhabi last week, is part of an international series discussing regional trends in the private equity and venture capital markets.
Abraaj’s story started 24 years ago, when an ambitious Pakistani businessman, Arif Naqvi, came to Dubai in the early 1990s with a positive outlook on emerging markets. He set up the Abraaj Group in 2002, and for many years it was the Middle East’s biggest and most respected private equity fund manager until its collapse earlier this year, which followed allegations that it had misused investor’s funds.
Foreigners sold net $624 mln of Saudi stocks in week to Oct. 25 | Reuters
Foreigners sold net $624 mln of Saudi stocks in week to Oct. 25 | Reuters:
Foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market in the week ending Oct. 25, but the bourse was supported by local institutions which bought 8.06 billion riyals worth of stocks, stock exchange data showed.
The foreign selling slowed from a record 4.01 billion riyals in Saudi stocks in the previous week when investors were jolted by the kingdom’s deteriorating relations with foreign powers following the killing of journalist Jamal Khashoggi.
The data did not break down the names of Saudi institutions supporting the market, but Reuters reported last week that the Public Investment Fund has been indirectly supporting local stocks, using local institutions, to limit a market crash caused by the killing of Khashoggi.
Foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market in the week ending Oct. 25, but the bourse was supported by local institutions which bought 8.06 billion riyals worth of stocks, stock exchange data showed.
The foreign selling slowed from a record 4.01 billion riyals in Saudi stocks in the previous week when investors were jolted by the kingdom’s deteriorating relations with foreign powers following the killing of journalist Jamal Khashoggi.
The data did not break down the names of Saudi institutions supporting the market, but Reuters reported last week that the Public Investment Fund has been indirectly supporting local stocks, using local institutions, to limit a market crash caused by the killing of Khashoggi.
Iran starts oil sales to private exporters to beat U.S. sanctions | Reuters
Iran starts oil sales to private exporters to beat U.S. sanctions | Reuters:
Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter U.S. sanctions which come into effect on Nov. 4 and aim to stop the country’s key crude exports, the oil ministry’s news website SHANA reported.
Crude oil trade is state-controlled in Iran. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said.
Out of 1 million barrels offered on the energy bourse, 280,000 barrels were sold at $74.85 per barrel, SHANA added.
Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter U.S. sanctions which come into effect on Nov. 4 and aim to stop the country’s key crude exports, the oil ministry’s news website SHANA reported.
Crude oil trade is state-controlled in Iran. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said.
Out of 1 million barrels offered on the energy bourse, 280,000 barrels were sold at $74.85 per barrel, SHANA added.
UPDATE 1-UAE issues new law governing central bank, financial institutions | Reuters
UPDATE 1-UAE issues new law governing central bank, financial institutions | Reuters:
The United Arab Emirates has issued a new law governing the central bank and the regulation of financial institutions and activities in an effort to bolster monetary performance and confidence in the economy.
The new law, which updates old legislation dating back more than three decades, raises the central bank’s capital to 20 billion dirhams ($5.45 billion) and allows for the establishment of a general reserve of up to four times the paid up capital, the UAE said in a statement.
As well as ensuring prudent management of foreign reserves, the new rules are designed to protect stability of the financial system and help stability of the currency.
The United Arab Emirates has issued a new law governing the central bank and the regulation of financial institutions and activities in an effort to bolster monetary performance and confidence in the economy.
The new law, which updates old legislation dating back more than three decades, raises the central bank’s capital to 20 billion dirhams ($5.45 billion) and allows for the establishment of a general reserve of up to four times the paid up capital, the UAE said in a statement.
As well as ensuring prudent management of foreign reserves, the new rules are designed to protect stability of the financial system and help stability of the currency.
MIDEAST STOCKS-Saudi consolidates as Abu Dhabi outperforms mixed Gulf | Reuters
MIDEAST STOCKS-Saudi consolidates as Abu Dhabi outperforms mixed Gulf | Reuters:
Saudi Arabia’s stock market consolidated recent gains to close lower on Sunday, while other regional markets were mixed.
Saudi’s main index lost 0.4 percent having ended the previous day’s trading at its highest level in two weeks.
Blue chip Saudi Basic Industries Co. (SABIC) closed down 1.9 percent after reporting a 5.4 percent rise in third quarter net product, which was slightly above analysts forecasts.
Saudi Arabia’s stock market consolidated recent gains to close lower on Sunday, while other regional markets were mixed.
Saudi’s main index lost 0.4 percent having ended the previous day’s trading at its highest level in two weeks.
Blue chip Saudi Basic Industries Co. (SABIC) closed down 1.9 percent after reporting a 5.4 percent rise in third quarter net product, which was slightly above analysts forecasts.
Investors Vexed by Khashoggi Furor Say It Will Pass - Bloomberg
Investors Vexed by Khashoggi Furor Say It Will Pass - Bloomberg:
The furor over the murder of Saudi columnist Jamal Khashoggi may soon be seen as little more than a blip for the kingdom’s battered markets, according to investors.
After all, they’ve overcome so many crises before.
“It will probably create some negative headlines but at the end of the day, people will forget after a while and it will have minimum impact on Saudi Arabia’s economic activities and also the credit quality,” said Carl Wong, a senior money manager at Hong Kong-based Nexus Investment Advisors Ltd., which oversees $490 million.
The furor over the murder of Saudi columnist Jamal Khashoggi may soon be seen as little more than a blip for the kingdom’s battered markets, according to investors.
After all, they’ve overcome so many crises before.
“It will probably create some negative headlines but at the end of the day, people will forget after a while and it will have minimum impact on Saudi Arabia’s economic activities and also the credit quality,” said Carl Wong, a senior money manager at Hong Kong-based Nexus Investment Advisors Ltd., which oversees $490 million.
Rouhani reshuffles economic team, says U.S. isolated against Iran | Reuters
Rouhani reshuffles economic team, says U.S. isolated against Iran | Reuters:
Iran’s parliament approved a government economic reshuffle on Saturday, days before new U.S. sanctions on Tehran’s oil exports take effect, after President Hassan Rouhani said Washington was isolated among its allies in its confrontation with Iran.
“It does not happen often that the U.S. makes a decision and its traditional allies abandon it,” Rouhani told parliament before the vote to approve the new appointments.
Academic Farhad Dejpasand, widely seen as a technocrat, received a vote of confidence by a wide margin as the new minister of economics and finance.
Iran’s parliament approved a government economic reshuffle on Saturday, days before new U.S. sanctions on Tehran’s oil exports take effect, after President Hassan Rouhani said Washington was isolated among its allies in its confrontation with Iran.
“It does not happen often that the U.S. makes a decision and its traditional allies abandon it,” Rouhani told parliament before the vote to approve the new appointments.
Academic Farhad Dejpasand, widely seen as a technocrat, received a vote of confidence by a wide margin as the new minister of economics and finance.
UPDATE 1-Saudi’s SABIC optimistic on growth potential; mulling investments overseas | Reuters
UPDATE 1-Saudi’s SABIC optimistic on growth potential; mulling investments overseas | Reuters:
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, is evaluating investment opportunities in Africa, China and the United States, underpinned by a positive global economic outlook, its chief executive said on Sunday.
The petrochemical giant reported earlier on Sunday a 5.4 percent rise in third-quarter net profit citing higher average selling prices and increase in sale volumes.
Yousef al-Benyan told reporters at a press conference that he hoped the next quarter would be positive.
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, is evaluating investment opportunities in Africa, China and the United States, underpinned by a positive global economic outlook, its chief executive said on Sunday.
The petrochemical giant reported earlier on Sunday a 5.4 percent rise in third-quarter net profit citing higher average selling prices and increase in sale volumes.
Yousef al-Benyan told reporters at a press conference that he hoped the next quarter would be positive.
MIDEAST STOCKS-Gulf markets sluggish in early trade as Saudi consolidates | Reuters
MIDEAST STOCKS-Gulf markets sluggish in early trade as Saudi consolidates | Reuters:
Gulf stock markets were largely sluggish in early trade on Sunday, with Saudi Arabia consolidating Thursday’s gains when it closed at its highest level in two weeks.
The main index was down by 0.1 percent in the first hour of trading, with banks and petrochemical shares falling.
Saudi Basic Industries Co. (SABIC) was 0.9 percent lower after reporting a 5.4 percent rise in third quarter net product, which was slightly above analysts forecasts.
Gulf stock markets were largely sluggish in early trade on Sunday, with Saudi Arabia consolidating Thursday’s gains when it closed at its highest level in two weeks.
The main index was down by 0.1 percent in the first hour of trading, with banks and petrochemical shares falling.
Saudi Basic Industries Co. (SABIC) was 0.9 percent lower after reporting a 5.4 percent rise in third quarter net product, which was slightly above analysts forecasts.
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