Emaar confirms discussion over sale of hotel assets is ongoing - The National:
Emaar Properties, Dubai's biggest listed developer, is in discussions with potential investors for the sale of some of its hotels.
The company will announce relevant details should the discussions materialise in a final transaction, Emaar Properties' general counsel and board secretary Ayman Hamdy said in a note to the Dubai Financial Markets on Thursday.
Emaar’s note comes amid market speculation that Abu Dhabi National Hotels was in talks to buy assets from the Dubai developer.
Thursday, 1 November 2018
The UAE wants the world’s money — but only if it is clean | Arab News
The UAE wants the world’s money — but only if it is clean | Arab News:
While the UAE wants the world to put its cash into the country, it is becoming increasingly choosy where that money comes from.
That is the lesson from two pieces of legislation introduced in the Emirates in the past week. Both have been some time in the making, which should ensure they can be implemented quickly and effectively, and both are vital if the UAE is to retain its position as the financial hub of the Middle East.
The first is a comprehensive UAE investment law, which will recognize a new class of incorporation — the “licensed foreign investment company.” The most important part of the new law is that these entities will “be granted the same treatment as national companies,” a vital stipulation if foreign cash is to be truly welcomed into the UAE.
While the UAE wants the world to put its cash into the country, it is becoming increasingly choosy where that money comes from.
That is the lesson from two pieces of legislation introduced in the Emirates in the past week. Both have been some time in the making, which should ensure they can be implemented quickly and effectively, and both are vital if the UAE is to retain its position as the financial hub of the Middle East.
The first is a comprehensive UAE investment law, which will recognize a new class of incorporation — the “licensed foreign investment company.” The most important part of the new law is that these entities will “be granted the same treatment as national companies,” a vital stipulation if foreign cash is to be truly welcomed into the UAE.
Combined profit of QSE-listed firms up 6.74% - The Peninsula Qatar
Combined profit of QSE-listed firms up 6.74% - The Peninsula Qatar:
The combined profit of Qatar’s publicly traded companies rose by 6.74 percent to QR31.13bn for the nine months’ period ended September on year-on-year. The growth in the net profit was mainly driven by Industries and Banking sectors.
Qatar’s big banks delivered a combined net profit of a solid QR17.76bn, up 8 percent from QR16.4bn posted during the same period in 2017. Commercial Bank made a major turnaround recording an increase of 386.37 percent growth in the profit. Banking major QNB was up by 5.57 percent, While QIB and Masraf Al Rayan recorded 12.9 percent and 4.48 percent growth, respectively.
Companies in the industrials sector collectively delivered QR6.98bn profit during the period, up 27.41 percent on year-on-year. The net profit of bellwether Industries Qatar (IQ) surged 62.27 percent. GISS profit jumped by 77.77 percent and MPHC was up by 27.54 percent.
The combined profit of Qatar’s publicly traded companies rose by 6.74 percent to QR31.13bn for the nine months’ period ended September on year-on-year. The growth in the net profit was mainly driven by Industries and Banking sectors.
Qatar’s big banks delivered a combined net profit of a solid QR17.76bn, up 8 percent from QR16.4bn posted during the same period in 2017. Commercial Bank made a major turnaround recording an increase of 386.37 percent growth in the profit. Banking major QNB was up by 5.57 percent, While QIB and Masraf Al Rayan recorded 12.9 percent and 4.48 percent growth, respectively.
Companies in the industrials sector collectively delivered QR6.98bn profit during the period, up 27.41 percent on year-on-year. The net profit of bellwether Industries Qatar (IQ) surged 62.27 percent. GISS profit jumped by 77.77 percent and MPHC was up by 27.54 percent.
Qatar shares slide on weakened buying interest
Qatar shares slide on weakened buying interest:
Substantially weakened buying interests from foreign and Gulf funds led the Qatar Stock Exchange to settle below 10,300 levels on Thursday.
The insurance, industrials, banking and real estate counters witnessed higher-than-average profit booking, leading the 20-stock Qatar Index to shed 0.19% to 10,280.96 points, which is up 20.62% year-to-date.
Market capitalisation eroded about QR2bn, or 0.34%, to QR578.52bn, mainly dragged by large and small cap equities.
Substantially weakened buying interests from foreign and Gulf funds led the Qatar Stock Exchange to settle below 10,300 levels on Thursday.
The insurance, industrials, banking and real estate counters witnessed higher-than-average profit booking, leading the 20-stock Qatar Index to shed 0.19% to 10,280.96 points, which is up 20.62% year-to-date.
Market capitalisation eroded about QR2bn, or 0.34%, to QR578.52bn, mainly dragged by large and small cap equities.
Emirates and FlyDubai Are Now Best Buddies - Bloomberg
Emirates and FlyDubai Are Now Best Buddies - Bloomberg:
When asked two years ago whether his Emirates airline and discount specialist FlyDubai would join forces, Tim Clark gave a withering look.
If ordered to do so by his bosses in Dubai then he would, Clark said, while making it abundantly clear that the process would be a painful one. Fast forward to the present day and the airlines are not just sister companies but partners -- sharing more routes, schedules and costs than ever before.
What’s more, it’s been a resounding success, a reformed Clark said in interviews last month. “Focusing the network according to two carriers playing their role is working well,” he told Bloomberg TV. “We haven’t finished that exercise by any stretch of the imagination.”
When asked two years ago whether his Emirates airline and discount specialist FlyDubai would join forces, Tim Clark gave a withering look.
If ordered to do so by his bosses in Dubai then he would, Clark said, while making it abundantly clear that the process would be a painful one. Fast forward to the present day and the airlines are not just sister companies but partners -- sharing more routes, schedules and costs than ever before.
What’s more, it’s been a resounding success, a reformed Clark said in interviews last month. “Focusing the network according to two carriers playing their role is working well,” he told Bloomberg TV. “We haven’t finished that exercise by any stretch of the imagination.”
Saudi Prince Starts to Pay Political Price for Khashoggi Murder - Bloomberg
Saudi Prince Starts to Pay Political Price for Khashoggi Murder - Bloomberg:
The fallout from the murder of Saudi critic Jamal Khashoggi is mounting for the kingdom’s young leader abroad, if not so far at home.
After some of the investors who courted Crown Prince Mohammed bin Salman stayed away from his glitzy gathering in Riyadh last week, the U.S. is now signaling its position on the man feted by President Donald Trump is shifting.
Two top officials in Washington demanded an end to the Saudi-led war in Yemen and the start of talks in November, deploying language they’ve rarely before used publicly. Three people with knowledge of the matter, including a US official, said the Trump administration is also pressuring the kingdom to resolve the crisis with Qatar.
The fallout from the murder of Saudi critic Jamal Khashoggi is mounting for the kingdom’s young leader abroad, if not so far at home.
After some of the investors who courted Crown Prince Mohammed bin Salman stayed away from his glitzy gathering in Riyadh last week, the U.S. is now signaling its position on the man feted by President Donald Trump is shifting.
Two top officials in Washington demanded an end to the Saudi-led war in Yemen and the start of talks in November, deploying language they’ve rarely before used publicly. Three people with knowledge of the matter, including a US official, said the Trump administration is also pressuring the kingdom to resolve the crisis with Qatar.
Saudi Arabia Quietly Revises Prince's Transformation Plan - Bloomberg
Saudi Arabia Quietly Revises Prince's Transformation Plan - Bloomberg:
Saudi Arabia has quietly revised its plan to overhaul its government and economy by 2020, lowering some targets as Crown Prince Mohammed bin Salman’s ambitions bump up against the reality of implementation.
The scaled-back blueprint -- posted unannounced online -- doesn’t affect major fiscal or energy-related reforms. But the lowered bar is a sign that parts of the original plan were overly optimistic, and illustrates the challenges ahead for the prince, whose reputation has been tarnished by the killing of critical journalist Jamal Khashoggi by Saudi agents in the kingdom’s Istanbul consulate.
The National Transformation Program, originally released in 2016, was designed to overhaul the Saudi economy and prepare for life after oil, setting hundreds of targets to achieve over four years. Its revision is much narrower in scope, with most economic, energy and housing-related goals now falling under other programs that are part of the prince’s broader "Vision 2030."
Saudi Arabia has quietly revised its plan to overhaul its government and economy by 2020, lowering some targets as Crown Prince Mohammed bin Salman’s ambitions bump up against the reality of implementation.
The scaled-back blueprint -- posted unannounced online -- doesn’t affect major fiscal or energy-related reforms. But the lowered bar is a sign that parts of the original plan were overly optimistic, and illustrates the challenges ahead for the prince, whose reputation has been tarnished by the killing of critical journalist Jamal Khashoggi by Saudi agents in the kingdom’s Istanbul consulate.
The National Transformation Program, originally released in 2016, was designed to overhaul the Saudi economy and prepare for life after oil, setting hundreds of targets to achieve over four years. Its revision is much narrower in scope, with most economic, energy and housing-related goals now falling under other programs that are part of the prince’s broader "Vision 2030."
Development bank APICORP expects 15 pct asset growth in 2019, CEO says | Reuters
Development bank APICORP expects 15 pct asset growth in 2019, CEO says | Reuters:
The Arab Petroleum Investments Corporation (APICORP) expects asset growth of up to 15 percent next year as it plans to enter new regional markets, its chief executive told Reuters.
APICORP’s mandate is to promote the development of the Middle East energy industry. The bank, a frequent issuer of international bonds, has also joined in several loan deals as the regional energy sector has had to raise money to cope with lower oil prices.
Owned by the Organization of Arab Petroleum Exporting Countries, APICORP had total assets of $6.6 billion at the end of June, according to its latest financial results.
The Arab Petroleum Investments Corporation (APICORP) expects asset growth of up to 15 percent next year as it plans to enter new regional markets, its chief executive told Reuters.
APICORP’s mandate is to promote the development of the Middle East energy industry. The bank, a frequent issuer of international bonds, has also joined in several loan deals as the regional energy sector has had to raise money to cope with lower oil prices.
Owned by the Organization of Arab Petroleum Exporting Countries, APICORP had total assets of $6.6 billion at the end of June, according to its latest financial results.
Oil prices drop as wave of supply meets global economic gloom | Reuters
Oil prices drop as wave of supply meets global economic gloom | Reuters:
Oil fell nearly 3 percent on Thursday, with U.S. crude futures hitting lows not seen since April, due to growing concerns that global demand is weakening at a time when output from the world’s major oil producers is surging.
Record production from the United States and post-Soviet Russia, along with a big move upward in output from the Organization of the Petroleum Exporting Countries, has culminated in a move to the exits by speculators.
Oil has also been under pressure on growing concern over a possible slowdown in global growth as the U.S-China trade dispute remains unresolved, and is starting to hit emerging market economies in particular.
Oil fell nearly 3 percent on Thursday, with U.S. crude futures hitting lows not seen since April, due to growing concerns that global demand is weakening at a time when output from the world’s major oil producers is surging.
Record production from the United States and post-Soviet Russia, along with a big move upward in output from the Organization of the Petroleum Exporting Countries, has culminated in a move to the exits by speculators.
Oil has also been under pressure on growing concern over a possible slowdown in global growth as the U.S-China trade dispute remains unresolved, and is starting to hit emerging market economies in particular.
Dubai theme park operator working with Moelis & Co on debt restructuring: sources | Reuters
Dubai theme park operator working with Moelis & Co on debt restructuring: sources | Reuters:
Ilyas & Mustafa Galadari Group (IMG), the Dubai-based operator of the world’s largest indoor theme park, has hired Moelis & Co (MC.N) to advise it on a debt-restructuring, four banking sources told Reuters.
IMG has been in long-running talks with banks to extend the term and size of a 1.2 billion dirham ($326.7 million) syndicated loan taken in 2014.
The loan, led by Abu Dhabi Islamic Bank ADIB.AD and including participation from Al Hilal Bank, Commercial Bank International CBI.AD, Noor Bank and Sharjah Islamic Bank SIB.AD, was partly used to build its Worlds of Adventure theme park.
Ilyas & Mustafa Galadari Group (IMG), the Dubai-based operator of the world’s largest indoor theme park, has hired Moelis & Co (MC.N) to advise it on a debt-restructuring, four banking sources told Reuters.
IMG has been in long-running talks with banks to extend the term and size of a 1.2 billion dirham ($326.7 million) syndicated loan taken in 2014.
The loan, led by Abu Dhabi Islamic Bank ADIB.AD and including participation from Al Hilal Bank, Commercial Bank International CBI.AD, Noor Bank and Sharjah Islamic Bank SIB.AD, was partly used to build its Worlds of Adventure theme park.
Dubai's Arabtec hires Moelis for debt restructuring: sources | Reuters
Dubai's Arabtec hires Moelis for debt restructuring: sources | Reuters:
Dubai’s Arabtec Holding ARTC.DU has hired New York-based investment bank Moelis & Co (MC.N) to work on a new debt-restructuring plan for the construction company, three sources told Reuters.
The move comes little more than a year after Arabtec raised 1.5 billion dirhams ($408.4 million) in a rights issue to wipe out accumulated losses and separately asked banks to waive terms on its debt (reut.rs/2PBhYdS).
The Gulf construction sector has slumped since a collapse in oil prices four years ago forced governments to rein in spending, leading to a debt crunch at some companies that operate across the Middle East.
Dubai’s Arabtec Holding ARTC.DU has hired New York-based investment bank Moelis & Co (MC.N) to work on a new debt-restructuring plan for the construction company, three sources told Reuters.
The move comes little more than a year after Arabtec raised 1.5 billion dirhams ($408.4 million) in a rights issue to wipe out accumulated losses and separately asked banks to waive terms on its debt (reut.rs/2PBhYdS).
The Gulf construction sector has slumped since a collapse in oil prices four years ago forced governments to rein in spending, leading to a debt crunch at some companies that operate across the Middle East.
MIDEAST STOCKS-Petrochemical firms weigh on Saudi, Most Gulf markets mixed | Reuters
MIDEAST STOCKS-Petrochemical firms weigh on Saudi, Most Gulf markets mixed | Reuters:
Saudi Arabia’s stock market edged lower in quiet trading on Thursday, pressured by petrochemical and bank shares, while Dubai gained on the back of real estate stocks.
The kingdom’s main index reversed course to fall 0.4 percent, a day after breaching its 200-day average for the first time in three weeks.
Middle East funds have become more wary, but not outright bearish, toward Saudi Arabia’s stock market because of concern over the fallout from the killing of Jamal Khashoggi, a monthly Reuters poll showed on Wednesday.
Saudi Arabia’s stock market edged lower in quiet trading on Thursday, pressured by petrochemical and bank shares, while Dubai gained on the back of real estate stocks.
The kingdom’s main index reversed course to fall 0.4 percent, a day after breaching its 200-day average for the first time in three weeks.
Middle East funds have become more wary, but not outright bearish, toward Saudi Arabia’s stock market because of concern over the fallout from the killing of Jamal Khashoggi, a monthly Reuters poll showed on Wednesday.
Murder Puts Brake on Saudi Prince’s Meteoric Rise - Bloomberg
Murder Puts Brake on Saudi Prince’s Meteoric Rise - Bloomberg:
The fallout from the murder of Saudi critic Jamal Khashoggi is mounting for the kingdom’s young leader abroad, if not so far at home.
After some of the investors who courted Crown Prince Mohammed bin Salman stayed away from his glitzy gathering in Riyadh last week, the U.S. is now signaling its position on the man feted by President Donald Trump is shifting.
Two top officials in Washington demanded an end to the Saudi-led war in Yemen and the start of talks in November, deploying language they’ve rarely before used publicly. Three people with knowledge of the matter, including a US official, said the Trump administration is also pressuring the kingdom to resolve the crisis with Qatar.
The fallout from the murder of Saudi critic Jamal Khashoggi is mounting for the kingdom’s young leader abroad, if not so far at home.
After some of the investors who courted Crown Prince Mohammed bin Salman stayed away from his glitzy gathering in Riyadh last week, the U.S. is now signaling its position on the man feted by President Donald Trump is shifting.
Two top officials in Washington demanded an end to the Saudi-led war in Yemen and the start of talks in November, deploying language they’ve rarely before used publicly. Three people with knowledge of the matter, including a US official, said the Trump administration is also pressuring the kingdom to resolve the crisis with Qatar.
Oil prices fall on signs of rising supply, economy worries | Reuters
Oil prices fall on signs of rising supply, economy worries | Reuters:
Oil prices fell on Thursday to extend losses from the previous session, pressured by signs of rising supply and by growing concerns that demand may weaken on the prospect of a global economic slowdown.
Brent crude futures for January had dropped 37 cents, or 0.49 percent, to $74.67 per barrel by 0527 GMT. West Texas Intermediate (WTI) crude futures declined 29 cents to $65.02 a barrel.
Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent down 8.8 percent for the month and WTI shedding 10.9 percent.
Oil prices fell on Thursday to extend losses from the previous session, pressured by signs of rising supply and by growing concerns that demand may weaken on the prospect of a global economic slowdown.
Brent crude futures for January had dropped 37 cents, or 0.49 percent, to $74.67 per barrel by 0527 GMT. West Texas Intermediate (WTI) crude futures declined 29 cents to $65.02 a barrel.
Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent down 8.8 percent for the month and WTI shedding 10.9 percent.
UAE telco du Q3 net profit falls 7.4 pct | Reuters
UAE telco du Q3 net profit falls 7.4 pct | Reuters:
Emirates Integrated Telecommunications Co (EITC), known as du, posted a 7.4 percent fall in third-quarter net profit on Thursday.
The United Arab Emirates’ No. 2 telecom operator reported a net profit after royalty of 441 million dirhams ($120 million) in the three months to Sept. 30, down from 476 million dirhams a year ago.
Revenue rose 6.4 percent to 3.3 billion dirhams, the company said.
Emirates Integrated Telecommunications Co (EITC), known as du, posted a 7.4 percent fall in third-quarter net profit on Thursday.
The United Arab Emirates’ No. 2 telecom operator reported a net profit after royalty of 441 million dirhams ($120 million) in the three months to Sept. 30, down from 476 million dirhams a year ago.
Revenue rose 6.4 percent to 3.3 billion dirhams, the company said.
Mideast Stocks: Most Gulf markets trade up, banks weigh on Qatar | ZAWYA MENA Edition
Mideast Stocks: Most Gulf markets trade up, banks weigh on Qatar | ZAWYA MENA Edition:
Most Middle Eastern stock markets rose marginally on Thursday, with Saudi's index inching up after breaching technical support in the last session.
Saudi Arabia's index was up 0.1 percent, a day after breaching its 200-day average for the first time in three weeks.
Middle East funds have become more wary, but not outright bearish, toward Saudi Arabia's stock market because of concern over the fallout from the killing of Jamal Khashoggi, a monthly Reuters poll showed on Wednesday.
Most Middle Eastern stock markets rose marginally on Thursday, with Saudi's index inching up after breaching technical support in the last session.
Saudi Arabia's index was up 0.1 percent, a day after breaching its 200-day average for the first time in three weeks.
Middle East funds have become more wary, but not outright bearish, toward Saudi Arabia's stock market because of concern over the fallout from the killing of Jamal Khashoggi, a monthly Reuters poll showed on Wednesday.
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