Katara Hospitality acquires Grosvenor House London - The Peninsula Qatar:
Katara Hospitality, Qatar Investment Authority’s hotel unit, a leading global hotel owner, developer and operator, announced the expansion of its global portfolio with the acquisition of JW Marriott Grosvenor House, a historic hotel on the famed Park Lane in London’s Mayfair district, reflecting trust in the United Kingdom’s market as part of State of Qatar £5bn investment plan.
The acquisition brings Katara Hospitality’s portfolio of properties in operation or under development to 40 and marks the company’s third acquisition in London after The Savoy, A Fairmont Managed Hotel and the Adria Boutique Hotel.
The announcement further builds on Katara Hospitality’s vision for iconic properties in strategic markets to commit significant investment over the long term. Opened in 1929 and frequented by royalty and celebrities, Grosvenor House was the first hotel in London at that time to have a separate bathroom and entrance lobby for each bedroom and running chilled water in every bathroom.
Wednesday, 7 November 2018
End Is Near for ‘Frack Holiday’ While Permian Readies 2019 Boom - Bloomberg
End Is Near for ‘Frack Holiday’ While Permian Readies 2019 Boom - Bloomberg:
The oil fields of West Texas don’t sit still for long.
Take Carrizo Oil & Gas Inc.’s operations, for instance. Just three months after moving drill rigs out of the Permian Basin because of pipeline shortages, the Houston-based explorer is already talking about bringing them back in the middle of next year.
That’s one of several signs the end may be near for a self-imposed slowdown executives call a “frack holiday.”
The oil fields of West Texas don’t sit still for long.
Take Carrizo Oil & Gas Inc.’s operations, for instance. Just three months after moving drill rigs out of the Permian Basin because of pipeline shortages, the Houston-based explorer is already talking about bringing them back in the middle of next year.
That’s one of several signs the end may be near for a self-imposed slowdown executives call a “frack holiday.”
Saudi shipper Bahri targets acquisitions in Asia, Middle East - CEO | Reuters
Saudi shipper Bahri targets acquisitions in Asia, Middle East - CEO | Reuters:
Saudi Arabia’s Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday.
Bahri is the world’s largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public Investment Fund (PIF) owns 22 percent of the company and Aramco has a 20 percent stake.
“We are looking at multiple acquisitions in the Middle East and Asia worth tens of millions of dollars,” Bahri CEO Abdullah Aldubaikhi told Reuters.
Saudi Arabia’s Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday.
Bahri is the world’s largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public Investment Fund (PIF) owns 22 percent of the company and Aramco has a 20 percent stake.
“We are looking at multiple acquisitions in the Middle East and Asia worth tens of millions of dollars,” Bahri CEO Abdullah Aldubaikhi told Reuters.
Luxury islands developer in Dubai hopes for Expo 2020 boost | Reuters
Luxury islands developer in Dubai hopes for Expo 2020 boost | Reuters:
Heart of Europe, a cluster of luxury homes on six islands off the coast of Dubai, will be ready when the city hosts the World Expo in 2020, says its developer, but concern remains about over-supply and falling prices in the local property market.
Resembling European destinations like Germany, Venice, Sweden, Switzerland and St. Petersburg, the project is part of The World, 300 man-made islands shaped like a map of the world.
The World project — costing $20 million to $50 million for each island — captured global attention when it was completed in 2008, at the height of Dubai’s property boom. Now, it’s a symbol of excess as the emirate grapples with a sluggish market.
Heart of Europe, a cluster of luxury homes on six islands off the coast of Dubai, will be ready when the city hosts the World Expo in 2020, says its developer, but concern remains about over-supply and falling prices in the local property market.
Resembling European destinations like Germany, Venice, Sweden, Switzerland and St. Petersburg, the project is part of The World, 300 man-made islands shaped like a map of the world.
The World project — costing $20 million to $50 million for each island — captured global attention when it was completed in 2008, at the height of Dubai’s property boom. Now, it’s a symbol of excess as the emirate grapples with a sluggish market.
UPDATE 2-UAE’s NMC Health prepares dollar sukuk | Reuters
UPDATE 2-UAE’s NMC Health prepares dollar sukuk | Reuters:
United Arab Emirates’ healthcare provider NMC Health plans to issue U.S. dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed on Wednesday, confirming what sources told Reuters earlier.
London-listed NMC has hired HSBC and Standard Chartered Bank to coordinate a series of meetings with fixed income investors ahead of the planned deal, which will be a five-year benchmark bond.
Benchmark issues are generally meant to be worth upwards of $500 million.
United Arab Emirates’ healthcare provider NMC Health plans to issue U.S. dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed on Wednesday, confirming what sources told Reuters earlier.
London-listed NMC has hired HSBC and Standard Chartered Bank to coordinate a series of meetings with fixed income investors ahead of the planned deal, which will be a five-year benchmark bond.
Benchmark issues are generally meant to be worth upwards of $500 million.
Oil slips after U.S. output hits record, crude stocks rise | Reuters
Oil slips after U.S. output hits record, crude stocks rise | Reuters:
Oil prices slipped on Wednesday, continuing a recent slide after surging U.S. crude output hit another record and domestic inventories rose more than expected.
The U.S. Energy Information Administration (EIA) said domestic crude inventories rose 5.8 million barrels in the latest week, more than double analysts’ expectations.
Crude output hit 11.6 million bpd, a weekly record, though weekly figures can be volatile. Most recent monthly data for August showed overall production at more than 11.3 million bpd.
Oil prices slipped on Wednesday, continuing a recent slide after surging U.S. crude output hit another record and domestic inventories rose more than expected.
The U.S. Energy Information Administration (EIA) said domestic crude inventories rose 5.8 million barrels in the latest week, more than double analysts’ expectations.
Crude output hit 11.6 million bpd, a weekly record, though weekly figures can be volatile. Most recent monthly data for August showed overall production at more than 11.3 million bpd.
MIDEAST STOCKS-Profit-taking weighs on Qatar; Egypt extends gains | Reuters
MIDEAST STOCKS-Profit-taking weighs on Qatar; Egypt extends gains | Reuters:
The Qatar stock index fell for a second consecutive session, bogged down by banks and profit-taking, while Egypt’s blue-chip index extended gains on institutional buying.
The Egyptian index added 1.3 percent to reach its highest in two weeks, buoyed by real estate shares. Talaat Mostafa shot up 4.9 percent and Eastern Co rose by 2.8 percent.
Egyptian institutions extended net buying of 33 million Egyptian pounds in the previous session with 64 million Egyptian pounds on Wednesday, Hussein Elalfy, Head of Research at SHUAA Securities Egypt said.
The Qatar stock index fell for a second consecutive session, bogged down by banks and profit-taking, while Egypt’s blue-chip index extended gains on institutional buying.
The Egyptian index added 1.3 percent to reach its highest in two weeks, buoyed by real estate shares. Talaat Mostafa shot up 4.9 percent and Eastern Co rose by 2.8 percent.
Egyptian institutions extended net buying of 33 million Egyptian pounds in the previous session with 64 million Egyptian pounds on Wednesday, Hussein Elalfy, Head of Research at SHUAA Securities Egypt said.
Russia and Saudi Arabia's oil-market management challenge: Kemp | Reuters
Russia and Saudi Arabia's oil-market management challenge: Kemp | Reuters:
Russia and Saudi Arabia have started to discuss cutting production next year following steep falls in oil prices in the last month, according to a report by Russia’s TASS news agency.
The report has not been confirmed but has arrested the rapid decline in prices, at least temporarily, and should not come as a surprise given the altered dynamics in the oil market.
The oil market is best thought of as a complex adaptive system, characterized by long lags and positive feedback mechanisms, which exaggerate the impact of even small changes in production and consumption.
Russia and Saudi Arabia have started to discuss cutting production next year following steep falls in oil prices in the last month, according to a report by Russia’s TASS news agency.
The report has not been confirmed but has arrested the rapid decline in prices, at least temporarily, and should not come as a surprise given the altered dynamics in the oil market.
The oil market is best thought of as a complex adaptive system, characterized by long lags and positive feedback mechanisms, which exaggerate the impact of even small changes in production and consumption.
Oil's Slump Spurs Talk of Another OPEC U-Turn - Bloomberg
Oil's Slump Spurs Talk of Another OPEC U-Turn - Bloomberg:
OPEC is enduring one of the most head-spinning years in its history, swerving from cutting oil production to boosting it as quickly as possible. It may need to reverse course again.
Saudi Arabia and other producers gathering in Abu Dhabi this weekend face a worrying prospect: Even though U.S. sanctions on Iran are removing significant amounts of crude from world markets, a fresh surge of American shale oil threatens to unleash a new surplus in 2019.
Crude prices already reflect these concerns. Brent for January delivery has retreated about 17 percent from a four-year high reached in early October. The Organization of Petroleum Exporting Countries and its allies are showing they’re worried, signaling last month that they might need to dial back near-record output levels.
OPEC is enduring one of the most head-spinning years in its history, swerving from cutting oil production to boosting it as quickly as possible. It may need to reverse course again.
Saudi Arabia and other producers gathering in Abu Dhabi this weekend face a worrying prospect: Even though U.S. sanctions on Iran are removing significant amounts of crude from world markets, a fresh surge of American shale oil threatens to unleash a new surplus in 2019.
Crude prices already reflect these concerns. Brent for January delivery has retreated about 17 percent from a four-year high reached in early October. The Organization of Petroleum Exporting Countries and its allies are showing they’re worried, signaling last month that they might need to dial back near-record output levels.
Mideast Stocks: Most Gulf markets fall, weak earnings drag Saudi | ZAWYA MENA Edition
Mideast Stocks: Most Gulf markets fall, weak earnings drag Saudi | ZAWYA MENA Edition:
Most major Middle Eastern stock indexes opened lower on Wednesday, with Saudi dragged down by a slew of weak earnings, while banks weighed on Qatar for a second consecutive session.
Saudi's main index moved 0.2 percent lower, pressured by an 8 percent fall in Savola Group , which was the biggest drag on the index.
The kingdom's largest food products company posted a quarterly loss compared to a year-ago profit.
Most major Middle Eastern stock indexes opened lower on Wednesday, with Saudi dragged down by a slew of weak earnings, while banks weighed on Qatar for a second consecutive session.
Saudi's main index moved 0.2 percent lower, pressured by an 8 percent fall in Savola Group , which was the biggest drag on the index.
The kingdom's largest food products company posted a quarterly loss compared to a year-ago profit.
Debt issuance v asset drawdowns: The GCC's $300 billion conundrum | ZAWYA MENA Edition
Debt issuance v asset drawdowns: The GCC's $300 billion conundrum | ZAWYA MENA Edition:
The six members of the Gulf Cooperation Council will need around $300 billion in sovereign funding between 2018 and 2021, down from $450 billion between 2015 and 2017, as the oil price improves and governments push ahead with revenue-generating programmes such as the introduction of value-added tax (VAT), according to the latest forecast issued on Wednesday by S&P Global Ratings. (Click Read the full report here.)
The cumulative deficits of the six GCC states (Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain) are forecast to be around $75 billion in 2019 (5.5 percent of total GCC gross domestic product), which is well below the high point of 2016 when deficits hit $190 billion and accounted for 16 percent of GCC GDP, the report added.
S&P Global Ratings said the shrinking deficits are due to two factors: oil and fiscal policies, such as the introduction of VAT in Saudi Arabia and the UAE. “The oil price has almost trebled from the $29 per barrel (/bbl) trough and is currently $80/bbl; that said, we assume the oil price will decline to $55/bbl by 2021,” the report said, adding that the lower oil price towards the end of the decade will mean the deficit reductions won’t be as sharp as some governments would like.
The six members of the Gulf Cooperation Council will need around $300 billion in sovereign funding between 2018 and 2021, down from $450 billion between 2015 and 2017, as the oil price improves and governments push ahead with revenue-generating programmes such as the introduction of value-added tax (VAT), according to the latest forecast issued on Wednesday by S&P Global Ratings. (Click Read the full report here.)
The cumulative deficits of the six GCC states (Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain) are forecast to be around $75 billion in 2019 (5.5 percent of total GCC gross domestic product), which is well below the high point of 2016 when deficits hit $190 billion and accounted for 16 percent of GCC GDP, the report added.
S&P Global Ratings said the shrinking deficits are due to two factors: oil and fiscal policies, such as the introduction of VAT in Saudi Arabia and the UAE. “The oil price has almost trebled from the $29 per barrel (/bbl) trough and is currently $80/bbl; that said, we assume the oil price will decline to $55/bbl by 2021,” the report said, adding that the lower oil price towards the end of the decade will mean the deficit reductions won’t be as sharp as some governments would like.
100% foreign ownership of UAE companies comes a step closer | ZAWYA MENA Edition
100% foreign ownership of UAE companies comes a step closer | ZAWYA MENA Edition:
A new foreign direct investment law, which will allow increased levels of foreign ownership of companies incorporated in the United Arab Emirates, was hailed as a ‘really positive development’ this week.
The new law follows an announcement earlier this year by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Dubai ruler, in which it was pledged to allow applicants from certain sectors to apply for 10-year UAE visas and 100 per cent foreign ownership of UAE companies.
It also comes on the back of the news last week that the UAE has jumped 10 places in the World Bank’s Ease of Doing Business report, to number 11 globally.
A new foreign direct investment law, which will allow increased levels of foreign ownership of companies incorporated in the United Arab Emirates, was hailed as a ‘really positive development’ this week.
The new law follows an announcement earlier this year by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Dubai ruler, in which it was pledged to allow applicants from certain sectors to apply for 10-year UAE visas and 100 per cent foreign ownership of UAE companies.
It also comes on the back of the news last week that the UAE has jumped 10 places in the World Bank’s Ease of Doing Business report, to number 11 globally.
UPDATE 1-Kuwait Finance House expects board to decide on AUB merger before year-end -CEO | Reuters
UPDATE 1-Kuwait Finance House expects board to decide on AUB merger before year-end -CEO | Reuters:
The board of Kuwait Finance House will likely decide on whether to go ahead with a merger with Bahrain’s Ahli United Bank before the end of the year, its chief executive told Reuters.
The two banks have been in talks since earlier this year on a potential merger that would create one of the largest Islamic banks in the Gulf.
“We are still waiting for the board’s decision,” Mazin Saad al-Nahedh said in an interview. “We should have closure on this subject.”
The board of Kuwait Finance House will likely decide on whether to go ahead with a merger with Bahrain’s Ahli United Bank before the end of the year, its chief executive told Reuters.
The two banks have been in talks since earlier this year on a potential merger that would create one of the largest Islamic banks in the Gulf.
“We are still waiting for the board’s decision,” Mazin Saad al-Nahedh said in an interview. “We should have closure on this subject.”
S&P says Gulf countries need to raise $300 billion by 2021 | Reuters
S&P says Gulf countries need to raise $300 billion by 2021 | Reuters:
Gulf Cooperation Council (GCC) countries will need to raise about $300 billion between 2018 and 2021, with Saudi Arabia having the largest financing requirements, according to rating agency S&P.
Gulf states have increasingly relied on external financing after a slump in oil prices created large budget deficits and prompted the introduction of sweeping economic reforms over the past few years.
Saudi Arabia has become the region’s most prominent issuer of international debt, having borrowed $52 billion through a combination of conventional and Islamic international bonds since its debut in the international markets in late 2016.
Gulf Cooperation Council (GCC) countries will need to raise about $300 billion between 2018 and 2021, with Saudi Arabia having the largest financing requirements, according to rating agency S&P.
Gulf states have increasingly relied on external financing after a slump in oil prices created large budget deficits and prompted the introduction of sweeping economic reforms over the past few years.
Saudi Arabia has become the region’s most prominent issuer of international debt, having borrowed $52 billion through a combination of conventional and Islamic international bonds since its debut in the international markets in late 2016.
Oil holds near $72 as supply ample despite Iran sanctions | Reuters
Oil holds near $72 as supply ample despite Iran sanctions | Reuters:
Oil held around $72 a barrel on Wednesday, close to its lowest since August, as rising U.S. inventories and sanction waivers allowing Iran to keep exporting crude reinforced an outlook for ample supplies.
The American Petroleum Institute, an industry group, said on Tuesday U.S. crude stocks rose by 7.8 million barrels last week, more than analysts had forecast. The government’s official supply report is due at 1530 GMT.
Brent crude LCOc1, the global benchmark, slipped 7 cents to $72.06 a barrel by 0926 GMT. The contract hit $71.18 on Tuesday, the lowest since Aug. 16.
Oil held around $72 a barrel on Wednesday, close to its lowest since August, as rising U.S. inventories and sanction waivers allowing Iran to keep exporting crude reinforced an outlook for ample supplies.
The American Petroleum Institute, an industry group, said on Tuesday U.S. crude stocks rose by 7.8 million barrels last week, more than analysts had forecast. The government’s official supply report is due at 1530 GMT.
Brent crude LCOc1, the global benchmark, slipped 7 cents to $72.06 a barrel by 0926 GMT. The contract hit $71.18 on Tuesday, the lowest since Aug. 16.
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