Tabreed raises $500m with seven-year sukuk | GulfNews.com:
National Central Cooling Company (Tabreed) said that it has raised a $500 million (Dh1.8 billion) sukuk with a seven-year tenor after recent investment meeting in Europe, Asia and the UAE.
The new sukuk will be listed on the London Stock Exchange, according to a statement from the company on Tuesday.
Tabreed also said it secured new bank facilities of Dh1.5 billion. The proceeds of the sukuk as well as the bank facilities will be used to refinance Dh2.8 billion of current corporate debt.
Tuesday, 30 October 2018
US market fragility a matter of concern for Saudi Arabia | Arab News
US market fragility a matter of concern for Saudi Arabia | Arab News:
With all that is going on in Saudi Arabia, it was understandable that those at last week’s Future Investment Initiative in Riyadh did not pay too much attention to global markets.
They came to hear how the Kingdom’s economic policymakers would react to the repercussions of the death of Jamal Khashoggi, and were not minded to pay too much attention to the broader geo-financial background. But, to paraphrase a quote from Leon Trotsky, you may not be interested in financial markets, but financial markets are interested in you.
Economic Minister Mohammed Al-Tuwaijri did make the point that the government’s privatization plans, including the big initial public offering (IPO) of Saudi Aramco, depended in the last resort on the state of the world’s markets. The Aramco IPO, now slated for 2021, is so far away that it’s hard to predict how global equity markets will look by then.
With all that is going on in Saudi Arabia, it was understandable that those at last week’s Future Investment Initiative in Riyadh did not pay too much attention to global markets.
They came to hear how the Kingdom’s economic policymakers would react to the repercussions of the death of Jamal Khashoggi, and were not minded to pay too much attention to the broader geo-financial background. But, to paraphrase a quote from Leon Trotsky, you may not be interested in financial markets, but financial markets are interested in you.
Economic Minister Mohammed Al-Tuwaijri did make the point that the government’s privatization plans, including the big initial public offering (IPO) of Saudi Aramco, depended in the last resort on the state of the world’s markets. The Aramco IPO, now slated for 2021, is so far away that it’s hard to predict how global equity markets will look by then.
UPDATE 1-APM Terminals Bahrain aims to raise more than $30 mln with IPO | Reuters
UPDATE 1-APM Terminals Bahrain aims to raise more than $30 mln with IPO | Reuters:
Port operator APM Terminals Bahrain plans to raise almost 12 million Bahraini dinars ($32 million) through its planned initial public offering (IPO).
The company will offer 18 million shares, equivalent to 20 percent of its issued share capital, at 0.66 Bahraini dinars per share, it said in the IPO prospectus published on Monday.
APM Terminals Bahrain, which has operated in the country for 12 years, is part of the Netherlands-based group APM Terminals, which is itself part of the Maersk Group.
Port operator APM Terminals Bahrain plans to raise almost 12 million Bahraini dinars ($32 million) through its planned initial public offering (IPO).
The company will offer 18 million shares, equivalent to 20 percent of its issued share capital, at 0.66 Bahraini dinars per share, it said in the IPO prospectus published on Monday.
APM Terminals Bahrain, which has operated in the country for 12 years, is part of the Netherlands-based group APM Terminals, which is itself part of the Maersk Group.
UPDATE 1-UAE passes law to combat money laundering, terror financing | Reuters
UPDATE 1-UAE passes law to combat money laundering, terror financing | Reuters:
The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows.
The law, which is in line with the requirements and recommendations of the Financial Action Task Force (FATF), recommends the establishment of an independent financial information unit within the central bank to receive and investigate reports of illicit financing activity.
FATF is an international organisation that sets global standards for fighting illicit finance.
The United Arab Emirates has passed a law to combat money laundering and terrorism financing, it said on Tuesday, as it aims to bring its rules into line with international standards on combating illicit money flows.
The law, which is in line with the requirements and recommendations of the Financial Action Task Force (FATF), recommends the establishment of an independent financial information unit within the central bank to receive and investigate reports of illicit financing activity.
FATF is an international organisation that sets global standards for fighting illicit finance.
Qatar plans insurance fund for foreign workers: QNA agency | Reuters
Qatar plans insurance fund for foreign workers: QNA agency | Reuters:
Qatar plans to establish an insurance fund for foreign workers, the state-run Qatar News Agency said on Tuesday.
“The fund aims to support, ensure and provide care for workers, guarantee their rights and provide a healthy and safe working environment for them,” it said, citing a decree from the emir, Sheikh Tamim bin Hamad al-Thani.
Doha is keen to show it is tackling allegations of worker exploitation as it prepares to host the 2022 soccer World Cup, which it is presenting as a showcase of its progress and development.
Qatar plans to establish an insurance fund for foreign workers, the state-run Qatar News Agency said on Tuesday.
“The fund aims to support, ensure and provide care for workers, guarantee their rights and provide a healthy and safe working environment for them,” it said, citing a decree from the emir, Sheikh Tamim bin Hamad al-Thani.
Doha is keen to show it is tackling allegations of worker exploitation as it prepares to host the 2022 soccer World Cup, which it is presenting as a showcase of its progress and development.
Oil prices down more than 1 percent on rising supply, trade war | Reuters
Oil prices down more than 1 percent on rising supply, trade war | Reuters:
Oil prices dropped more than 1 percent on Tuesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war.
Brent crude LCOc1 futures fell $1.43, or 1.9 percent, to settle at $75.91 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 86 cents to settle at $66.18 a barrel, a 1.3 percent drop.
Earlier in the session, Brent reached a session low of $75.09 a barrel, the lowest since Aug. 24. WTI slumped to $65.33 a barrel, the weakest since Aug. 17.
Oil prices dropped more than 1 percent on Tuesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war.
Brent crude LCOc1 futures fell $1.43, or 1.9 percent, to settle at $75.91 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 86 cents to settle at $66.18 a barrel, a 1.3 percent drop.
Earlier in the session, Brent reached a session low of $75.09 a barrel, the lowest since Aug. 24. WTI slumped to $65.33 a barrel, the weakest since Aug. 17.
MIDEAST STOCKS-Real estate props Dubai, most Gulf markets little changed | Reuters
MIDEAST STOCKS-Real estate props Dubai, most Gulf markets little changed | Reuters:
Dubai’s blue-chip index rose sharply and marked its biggest intra-day gain in nearly three weeks, lifted by real estate and banks, while most major Gulf indexes dropped marginally on Tuesday.
The Dubai index added 1.1 percent, boosted by a near 3 percent gain in Emaar Properties and a 2.2 percent rise in Emirates NBD after it posted a double-digit jump in quarterly profit, led partly by higher net interest income.
Saudi Arabia’s bourse was down 0.2 percent, hurt by a 0.5 percent dip in bellwether Al Rajhi Banking & Investment Corp and a 2.4 percent slide in Arab National Bank .
Dubai’s blue-chip index rose sharply and marked its biggest intra-day gain in nearly three weeks, lifted by real estate and banks, while most major Gulf indexes dropped marginally on Tuesday.
The Dubai index added 1.1 percent, boosted by a near 3 percent gain in Emaar Properties and a 2.2 percent rise in Emirates NBD after it posted a double-digit jump in quarterly profit, led partly by higher net interest income.
Saudi Arabia’s bourse was down 0.2 percent, hurt by a 0.5 percent dip in bellwether Al Rajhi Banking & Investment Corp and a 2.4 percent slide in Arab National Bank .
Turkish executives seek clean break from Dubai-based troubled Abraaj | Financial Times
Turkish executives seek clean break from Dubai-based troubled Abraaj | Financial Times:
It is never easy to break up, but learning to start over is sometimes even harder.
Executives at the Turkish branch of Abraaj are looking to cut ties with the embattled private equity group based in Dubai.
Abraaj was once the Middle East’s largest buyout fund with close to $14bn of assets under management led by Pakistani-born founder and boss Arif Naqvi. It has been behind some of the biggest takeovers in the region, including buying stakes in ride-hailing app Careem in Dubai and online retailer Hepsiburada in Turkey.
It is never easy to break up, but learning to start over is sometimes even harder.
Executives at the Turkish branch of Abraaj are looking to cut ties with the embattled private equity group based in Dubai.
Abraaj was once the Middle East’s largest buyout fund with close to $14bn of assets under management led by Pakistani-born founder and boss Arif Naqvi. It has been behind some of the biggest takeovers in the region, including buying stakes in ride-hailing app Careem in Dubai and online retailer Hepsiburada in Turkey.
Russia-Saudi Arabia rapprochement reshapes more than the oil market | Financial Times
Russia-Saudi Arabia rapprochement reshapes more than the oil market | Financial Times:
As governments and businesses issued condemnations of Saudi Arabia this month amid the furore over the suspected murder of Jamal Khashoggi, one country just sat and shrugged.
“In truth, we do not know what happened,” said Russian president Vladimir Putin. “So why should we take any steps that could harm our relations with Saudi Arabia?”
Days later, at an investment conference in Riyadh shunned by many of the west’s business leaders, Russia arrived with a sizeable delegation including 30 top executives.
As governments and businesses issued condemnations of Saudi Arabia this month amid the furore over the suspected murder of Jamal Khashoggi, one country just sat and shrugged.
“In truth, we do not know what happened,” said Russian president Vladimir Putin. “So why should we take any steps that could harm our relations with Saudi Arabia?”
Days later, at an investment conference in Riyadh shunned by many of the west’s business leaders, Russia arrived with a sizeable delegation including 30 top executives.
Kazakh oil group finalising plans for $6.5bn IPO | Financial Times
Kazakh oil group finalising plans for $6.5bn IPO | Financial Times:
Kazakhstan’s state-run oil and gas company KazMunaiGas is finalising plans for an initial public offering that could raise as much as $6.5bn, in what could be Central Asia’s largest-ever stock market listing.
Bankers are in Kazakhstan this week pitching for work on the IPO, which will value the company at between $25bn and $26bn and seek to list 20-25 per cent of its shares, two people with knowledge of the plans told the FT.
The country plans to list the company on the London Stock Exchange and a local bourse, either in Almaty or Astana, but the people cautioned that the process was slow moving and a listing could be in late 2019.
Kazakhstan’s state-run oil and gas company KazMunaiGas is finalising plans for an initial public offering that could raise as much as $6.5bn, in what could be Central Asia’s largest-ever stock market listing.
Bankers are in Kazakhstan this week pitching for work on the IPO, which will value the company at between $25bn and $26bn and seek to list 20-25 per cent of its shares, two people with knowledge of the plans told the FT.
The country plans to list the company on the London Stock Exchange and a local bourse, either in Almaty or Astana, but the people cautioned that the process was slow moving and a listing could be in late 2019.
U.S. Raising Pressure on Saudi Arabia Over Qatar and Yemen, Sources Say - Bloomberg
U.S. Raising Pressure on Saudi Arabia Over Qatar and Yemen, Sources Say - Bloomberg:
The U.S. is raising pressure on Saudi Arabia to wind down its political and economic isolation of Qatar, according to three people familiar with the effort, as the kingdom continues to be buffeted by its role in the killing of journalist Jamal Khashoggi.
President Donald Trump has said little about Saudi Arabia’s role in the killing of Khashoggi, a U.S. resident and insider-turned-critic of the kingdom, since being briefed last week by CIA Director Gina Haspel. But the administration wants to see Saudi Arabia resolve the Qatar crisis and take similar steps toward its widely criticized war in Yemen, according to one U.S. official who, like the other people cited in this story, asked not to be identified.
The killing of Khashoggi and Saudi Arabia’s shifting explanations for what happened after he entered the kingdom’s consulate in Istanbul on Oct. 2 have focused attention on Crown Prince Mohammed bin Salman’s missteps and raised questions among critics about whether he’s fit to succeed his father, King Salman.
The U.S. is raising pressure on Saudi Arabia to wind down its political and economic isolation of Qatar, according to three people familiar with the effort, as the kingdom continues to be buffeted by its role in the killing of journalist Jamal Khashoggi.
President Donald Trump has said little about Saudi Arabia’s role in the killing of Khashoggi, a U.S. resident and insider-turned-critic of the kingdom, since being briefed last week by CIA Director Gina Haspel. But the administration wants to see Saudi Arabia resolve the Qatar crisis and take similar steps toward its widely criticized war in Yemen, according to one U.S. official who, like the other people cited in this story, asked not to be identified.
The killing of Khashoggi and Saudi Arabia’s shifting explanations for what happened after he entered the kingdom’s consulate in Istanbul on Oct. 2 have focused attention on Crown Prince Mohammed bin Salman’s missteps and raised questions among critics about whether he’s fit to succeed his father, King Salman.
INTERVIEW: UAE real estate market to soften over next two years, says MD of Perkins+Will | ZAWYA MENA Edition
INTERVIEW: UAE real estate market to soften over next two years, says MD of Perkins+Will | ZAWYA MENA Edition:
The real estate market in the United Arab Emirates could soften in the next one to two years as a growing number of expatriates leave the country, according to the Middle East head of second largest architectural firm in the world.
“There is a drift away from the region by professional expats, which has been well-documented,” said Roger Wilson, Managing Director, Perkins+Will during a telephone interview with Thomson Reuters Projects. “There are fewer jobs and the cost of living is rising so expatriates are moving away. I expect the number of expats leaving will continue to grow and I think the market will soften.”
Expatriates account for more than 80 percent of the UAE’s population and over 90 percent of the country’s workforce, according to various reports.
The real estate market in the United Arab Emirates could soften in the next one to two years as a growing number of expatriates leave the country, according to the Middle East head of second largest architectural firm in the world.
“There is a drift away from the region by professional expats, which has been well-documented,” said Roger Wilson, Managing Director, Perkins+Will during a telephone interview with Thomson Reuters Projects. “There are fewer jobs and the cost of living is rising so expatriates are moving away. I expect the number of expats leaving will continue to grow and I think the market will soften.”
Expatriates account for more than 80 percent of the UAE’s population and over 90 percent of the country’s workforce, according to various reports.
Bahrain central bank approves port operator IPO | ZAWYA MENA Edition
Bahrain central bank approves port operator IPO | ZAWYA MENA Edition:
Bahrain's central bank has approved an initial public offering (IPO) by APM Terminals Bahrain, a port operator, it said.
The company plans to list shares equivalent to 20 percent of its issued share capital.
APM Terminals said this month it had appointed Bahrain's SICO, an asset manager and investment bank, to arrange the IPO.
Bahrain's central bank has approved an initial public offering (IPO) by APM Terminals Bahrain, a port operator, it said.
The company plans to list shares equivalent to 20 percent of its issued share capital.
APM Terminals said this month it had appointed Bahrain's SICO, an asset manager and investment bank, to arrange the IPO.
Malaysia seeks payment relief by challenging 1MDB-IPIC settlement | Reuters
Malaysia seeks payment relief by challenging 1MDB-IPIC settlement | Reuters:
Malaysia will file a legal challenge to a settlement agreement between scandal-plagued state fund 1MDB and Abu Dhabi sovereign fund IPIC negotiated during the premiership of former leader Najib Razak, its attorney general said on Tuesday.
International Petroleum Investment Co, known as IPIC, and 1MDB had reached an agreement last year in a payment dispute over 1MDB bonds that IPIC had guaranteed.
The Malaysian fund had agreed to pay $1.2 billion to IPIC and assumed responsibility for future principal and interest payments for the bonds.
Malaysia will file a legal challenge to a settlement agreement between scandal-plagued state fund 1MDB and Abu Dhabi sovereign fund IPIC negotiated during the premiership of former leader Najib Razak, its attorney general said on Tuesday.
International Petroleum Investment Co, known as IPIC, and 1MDB had reached an agreement last year in a payment dispute over 1MDB bonds that IPIC had guaranteed.
The Malaysian fund had agreed to pay $1.2 billion to IPIC and assumed responsibility for future principal and interest payments for the bonds.
Abu Dhabi's Mubadala unaware of any legal action over 1MDB settlement | Reuters
Abu Dhabi's Mubadala unaware of any legal action over 1MDB settlement | Reuters:
Abu Dhabi’s Mubadala said on Tuesday it was neither aware of nor had been notified of a legal action challenging the outcome of arbitration in 2017 between Malaysian state fund 1MDB and Abu Dhabi’s International Petroleum Investment Co (IPIC).
“There remains in place a legally-binding settlement agreement that was agreed to by the arbitrating parties,” Mubadala, which Abu Dhabi merged with IPIC in January 2017, said in a statement.
Malaysia’s attorney general said on Tuesday the Asian nation would file a legal challenge to a 2017 consent award granted to IPIC in a debt dispute with scandal-hit state fund 1MDB.
Abu Dhabi’s Mubadala said on Tuesday it was neither aware of nor had been notified of a legal action challenging the outcome of arbitration in 2017 between Malaysian state fund 1MDB and Abu Dhabi’s International Petroleum Investment Co (IPIC).
“There remains in place a legally-binding settlement agreement that was agreed to by the arbitrating parties,” Mubadala, which Abu Dhabi merged with IPIC in January 2017, said in a statement.
Malaysia’s attorney general said on Tuesday the Asian nation would file a legal challenge to a 2017 consent award granted to IPIC in a debt dispute with scandal-hit state fund 1MDB.
Citi granted license to set up Citibank branch in Abu Dhabi | Reuters
Citi granted license to set up Citibank branch in Abu Dhabi | Reuters:
Citigroup has been granted a license to set up a branch of Citibank at Abu Dhabi Global Market (ADGAM), a financial center in Abu Dhabi, it said on Tuesday.
The new branch will provide liquidity management to Citi’s clients looking to establish regional treasury centers in the United Arab Emirates, as well as offering institutional banking services to its global clients, it said.
Citi is expanding in the United Arab Emirates where it has provided wholesale and retail banking since 1964, and in neighboring Saudi Arabia where it plans to apply for a full banking license.
Citigroup has been granted a license to set up a branch of Citibank at Abu Dhabi Global Market (ADGAM), a financial center in Abu Dhabi, it said on Tuesday.
The new branch will provide liquidity management to Citi’s clients looking to establish regional treasury centers in the United Arab Emirates, as well as offering institutional banking services to its global clients, it said.
Citi is expanding in the United Arab Emirates where it has provided wholesale and retail banking since 1964, and in neighboring Saudi Arabia where it plans to apply for a full banking license.
Qatar's Ooredoo Q3 profit falls 13 pct on currency weakness, Indonesia woes | Reuters
Qatar's Ooredoo Q3 profit falls 13 pct on currency weakness, Indonesia woes | Reuters:
Qatar’s telecommunications firm Ooredoo reported a 13 percent drop in third-quarter net profit on Tuesday, hurt by currency weakness in emerging markets and business challenges in Indonesia and Algeria.
Ooredoo, which operates in the Middle East, North Africa and Southeast Asia, made a net profit attributable to shareholders of 403 million Qatari riyals ($110.71 million) compared to 462 million riyals in the same period a year ago.
EFG Hermes had a net profit forecast of 217 million riyals for Ooredoo.
Qatar’s telecommunications firm Ooredoo reported a 13 percent drop in third-quarter net profit on Tuesday, hurt by currency weakness in emerging markets and business challenges in Indonesia and Algeria.
Ooredoo, which operates in the Middle East, North Africa and Southeast Asia, made a net profit attributable to shareholders of 403 million Qatari riyals ($110.71 million) compared to 462 million riyals in the same period a year ago.
EFG Hermes had a net profit forecast of 217 million riyals for Ooredoo.
Emirates NBD Q3 profit rises 16 pct, lifted by higher net interest income | Reuters
Emirates NBD Q3 profit rises 16 pct, lifted by higher net interest income | Reuters:
Emirates NBD (ENBD), Dubai’s largest lender, posted a 16 percent rise in third-quarter net profit on Tuesday as net interest income jumped and impairments for bad loans eased.
The bank made a net profit of 2.64 billion dirhams ($718.8 million) in the three months to Sept. 30, a statement from the bank said, compared to 2.28 billion dirhams in the corresponding period of 2017.
The results were broadly in line with the average forecast of three analysts polled by Reuters of a net profit of 2.57 billion dirhams.
Emirates NBD (ENBD), Dubai’s largest lender, posted a 16 percent rise in third-quarter net profit on Tuesday as net interest income jumped and impairments for bad loans eased.
The bank made a net profit of 2.64 billion dirhams ($718.8 million) in the three months to Sept. 30, a statement from the bank said, compared to 2.28 billion dirhams in the corresponding period of 2017.
The results were broadly in line with the average forecast of three analysts polled by Reuters of a net profit of 2.57 billion dirhams.
UPDATE 1-Kuwait's emir says economic reforms needed despite higher oil prices | Reuters
UPDATE 1-Kuwait's emir says economic reforms needed despite higher oil prices | Reuters:
Kuwait needs to push through economic reforms despite higher oil prices, the Gulf state’s ruler said on Tuesday, urging parliament to work with the government to implement measures aimed at diversifying revenues and developing the economy.
Kuwait, whose state finances are among the strongest in the region, has been trying to introduce new taxes and reform a lavish welfare system to curb state spending.
“I hope that the recent temporary improvement in oil prices does not obstruct this important path, which aims to protect future generations,” Emir Sheikh Sabah Al-Ahmad Al-Jaber al-Sabah told parliament in a speech at the start of its new session.
Kuwait needs to push through economic reforms despite higher oil prices, the Gulf state’s ruler said on Tuesday, urging parliament to work with the government to implement measures aimed at diversifying revenues and developing the economy.
Kuwait, whose state finances are among the strongest in the region, has been trying to introduce new taxes and reform a lavish welfare system to curb state spending.
“I hope that the recent temporary improvement in oil prices does not obstruct this important path, which aims to protect future generations,” Emir Sheikh Sabah Al-Ahmad Al-Jaber al-Sabah told parliament in a speech at the start of its new session.
MIDEAST STOCKS-Banks hurt Abu Dhabi, Emirates NBD results lift Dubai | Reuters
MIDEAST STOCKS-Banks hurt Abu Dhabi, Emirates NBD results lift Dubai | Reuters:
Abu Dhabi’s stock market opened lower on Tuesday, pressured by a fall in its bank stocks, while Emirates NBD boosted Dubai’s index and Saudi Arabia was largely unchanged in early trade.
The Abu Dhabi index lost 0.5 percent, hurt by a 1.3 percent slide in First Abu Dhabi Bank and a 8.6 percent plunge in Gulf Pharmaceutical Industries.
In contrast, Dubai’s index climbed 0.6 percent, boosted by a 2.2 percent rise in Emirates NBD after it posted a double-digit jump in quarterly profit, led partly by higher net interest income.
Abu Dhabi’s stock market opened lower on Tuesday, pressured by a fall in its bank stocks, while Emirates NBD boosted Dubai’s index and Saudi Arabia was largely unchanged in early trade.
The Abu Dhabi index lost 0.5 percent, hurt by a 1.3 percent slide in First Abu Dhabi Bank and a 8.6 percent plunge in Gulf Pharmaceutical Industries.
In contrast, Dubai’s index climbed 0.6 percent, boosted by a 2.2 percent rise in Emirates NBD after it posted a double-digit jump in quarterly profit, led partly by higher net interest income.
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