Qamco’s IPO launch evokes huge response - The Peninsula Qatar:
The initial public offering (IPO) of Qatar Aluminium Manufacturing Company (Qamco) has evoked huge response from investors. The first 10 days of the Qatar Petroleum’s offering of 49 percent of its shares to the public saw strong demand from investors; QNA reported after speaking to senior executives of some of the participating banks.
“The big response to Qamco IPO exceeded our expectations and we continue to expect strong demand during the remaining days”, QIB Group CEO Bassel Jamal said. The investors’ response affirms the strength of the Qatari economy, and the citizens’ awareness of the importance of investment in industrial companies.
In order to meet the demands of the large number of applicants for IPO, the QIB allocated 12 branches throughout the country to receive applications in the morning and evening, facilitating a smooth subscription to the shares, QIB CEO noted.
Sunday 11 November 2018
QSE gains 22 points as consumer goods sector witnesses maximum buying interests
QSE gains 22 points as consumer goods sector witnesses maximum buying interests:
The Qatar Stock Exchange remained above 10,400 levels for most part of the day on Sunday although it settled below it, but overall it gained 22 points.
Consumer goods sector witnessed maximum buying interests as the 20-stock Qatar Index settled 0.21% higher at 10,390.01points, which is up 21.9% year-to-date.
Market capitalisation grew QR29mn or 0.05% to QR581.75bn, mainly on account of midcap equities. Non-Qatari individuals and domestic institutions were seen bullish on the market, where Islamic stocks were seen gaining faster than the other indices.
The Qatar Stock Exchange remained above 10,400 levels for most part of the day on Sunday although it settled below it, but overall it gained 22 points.
Consumer goods sector witnessed maximum buying interests as the 20-stock Qatar Index settled 0.21% higher at 10,390.01points, which is up 21.9% year-to-date.
Market capitalisation grew QR29mn or 0.05% to QR581.75bn, mainly on account of midcap equities. Non-Qatari individuals and domestic institutions were seen bullish on the market, where Islamic stocks were seen gaining faster than the other indices.
Global Finance names IBQ ‘Best Private Bank in Qatar’
Global Finance names IBQ ‘Best Private Bank in Qatar’:
International Bank of Qatar (IBQ) was named ‘Best Private Bank in Qatar’ by Global Finance’s fourth annual ‘World’s Best Private Banks Awards’. The award yet again recognises IBQ’s excellence in private banking and wealth management and its commitment to developing long-lasting privileged relationships with its clients.
The winners are those banks that best-serve the specialised needs of high-net-worth individuals as they seek to enhance, preserve and pass on their wealth. IBQ said the winners are not always the biggest institutions, but rather the best: those with qualities that individuals rate highly when choosing a provider.
Global Finance’s editorial board selected the winners for the ‘Private Bank Awards’ with input from executives and industry insiders. The editors also use information from entries submitted by banks, in addition to independent research, to evaluate a series of objective and subjective factors.
International Bank of Qatar (IBQ) was named ‘Best Private Bank in Qatar’ by Global Finance’s fourth annual ‘World’s Best Private Banks Awards’. The award yet again recognises IBQ’s excellence in private banking and wealth management and its commitment to developing long-lasting privileged relationships with its clients.
The winners are those banks that best-serve the specialised needs of high-net-worth individuals as they seek to enhance, preserve and pass on their wealth. IBQ said the winners are not always the biggest institutions, but rather the best: those with qualities that individuals rate highly when choosing a provider.
Global Finance’s editorial board selected the winners for the ‘Private Bank Awards’ with input from executives and industry insiders. The editors also use information from entries submitted by banks, in addition to independent research, to evaluate a series of objective and subjective factors.
Egypt Stocks Lead Losses Across Mideast, North Africa: Inside EM - Bloomberg
Egypt Stocks Lead Losses Across Mideast, North Africa: Inside EM - Bloomberg:
Egypt’s main stock index posted the steepest drop among major gauges in the Middle East and North Africa as large caps announced earnings across the region. In Saudi Arabia, lenders including Al Rajhi Bank and National Commercial Bank were among the biggest contributors to the Tadawul’s decline.
Egypt’s main stock index posted the steepest drop among major gauges in the Middle East and North Africa as large caps announced earnings across the region. In Saudi Arabia, lenders including Al Rajhi Bank and National Commercial Bank were among the biggest contributors to the Tadawul’s decline.
Saudi Arabia to ship less oil in December as it floats cut talks possibility | Reuters
Saudi Arabia to ship less oil in December as it floats cut talks possibility | Reuters:
Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut.
Khalid al-Falih told reporters that Saudi Aramco’s customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 percent.
Saudi Arabia has increased output by just about 1 million bpd this year under pressure from U.S. President Donald Trump and other consuming countries to help balance the market to compensate for lower supplies from Iran due to U.S. sanctions.
Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut.
Khalid al-Falih told reporters that Saudi Aramco’s customer crude oil nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 percent.
Saudi Arabia has increased output by just about 1 million bpd this year under pressure from U.S. President Donald Trump and other consuming countries to help balance the market to compensate for lower supplies from Iran due to U.S. sanctions.
MIDEAST STOCKS-Saudi stocks hit more than two-week low as weak oil prices weigh on Gulf | Reuters
MIDEAST STOCKS-Saudi stocks hit more than two-week low as weak oil prices weigh on Gulf | Reuters:
Saudi stocks slumped to their weakest level in more than two weeks on Sunday, hurt by the latest slump in oil prices, which also dragged most Gulf markets lower.
Saudi Arabia’s index shed 0.4 percent to close at 7,711 points, its lowest close since Oct 24. Oil refiner Petro Rabigh dropped 1.7 percent and National Commercial Bank fell 0.6 percent.
Saudi insurance firm Mediterranean and Gulf Cooperative Insurance and Reinsurance (MedGulf) was also down 1.1 percent despite reporting a 70 percent rise in third-quarter net profit.
Saudi stocks slumped to their weakest level in more than two weeks on Sunday, hurt by the latest slump in oil prices, which also dragged most Gulf markets lower.
Saudi Arabia’s index shed 0.4 percent to close at 7,711 points, its lowest close since Oct 24. Oil refiner Petro Rabigh dropped 1.7 percent and National Commercial Bank fell 0.6 percent.
Saudi insurance firm Mediterranean and Gulf Cooperative Insurance and Reinsurance (MedGulf) was also down 1.1 percent despite reporting a 70 percent rise in third-quarter net profit.
Total Wins 40 Percent Stake in Abu Dhabi's Adnoc Gas Concession - Bloomberg
Total Wins 40 Percent Stake in Abu Dhabi's Adnoc Gas Concession - Bloomberg:
French oil giant Total SA won a 40 percent stake in an unconventional gas concession that will help boost Abu Dhabi’s production.
Total will explore, appraise and develop the Ruwais Diyab Unconventional Gas Concession, according to an statement from state energy producer Abu Dhabi National Oil Co. The project will help Adnoc reach its target of 1 billion cubic feet a day of unconventional gas output by 2030, it said.
The agreement includes a six to seven-year exploration and appraisal phase, which will then be followed by a 40-year production term, according to the statement. Adnoc retains a 60 percent stake in the concession.
French oil giant Total SA won a 40 percent stake in an unconventional gas concession that will help boost Abu Dhabi’s production.
Total will explore, appraise and develop the Ruwais Diyab Unconventional Gas Concession, according to an statement from state energy producer Abu Dhabi National Oil Co. The project will help Adnoc reach its target of 1 billion cubic feet a day of unconventional gas output by 2030, it said.
The agreement includes a six to seven-year exploration and appraisal phase, which will then be followed by a 40-year production term, according to the statement. Adnoc retains a 60 percent stake in the concession.
Surging Saudi Exporter Seeking to Restore Deal With Aramco - Bloomberg
Surging Saudi Exporter Seeking to Restore Deal With Aramco - Bloomberg:
Saudi Industrial Export Co.., the best performing stock in Saudi Arabia this year, has escaped recent volatility in the kingdom’s market and is seeking a new contract with state oil-giant Aramco.
Increasing demand for sulfur, the company’s main export, boosted results and shares. The stock has soared more than five-fold this year, giving it a market value of 1 billion riyals ($280 million). Saudi Arabia’s benchmark stock index has gained 6.7 percent in the period.
“Investors are trying to build a position and the demand for sulfur is higher, this is why the price has increased dramatically,” Chief Executive Officer Hazim Aldosary said in a phone interview with Bloomberg. “We are looking into acquiring” a contract with Aramco again, he said. The company exported Aramco’s products from 1990 until 2014.
Saudi Industrial Export Co.., the best performing stock in Saudi Arabia this year, has escaped recent volatility in the kingdom’s market and is seeking a new contract with state oil-giant Aramco.
Increasing demand for sulfur, the company’s main export, boosted results and shares. The stock has soared more than five-fold this year, giving it a market value of 1 billion riyals ($280 million). Saudi Arabia’s benchmark stock index has gained 6.7 percent in the period.
“Investors are trying to build a position and the demand for sulfur is higher, this is why the price has increased dramatically,” Chief Executive Officer Hazim Aldosary said in a phone interview with Bloomberg. “We are looking into acquiring” a contract with Aramco again, he said. The company exported Aramco’s products from 1990 until 2014.
OPEC Is in for a Shale Surge Shock in 2019 - Bloomberg
OPEC Is in for a Shale Surge Shock in 2019 - Bloomberg:
It was meant to be a short, sharp shock. Instead, OPEC members are facing a long, slow grind with no end in sight.
The deal reached with several non-OPEC countries in 2016 to cut oil supply and drain excess inventories was meant to last just six months. But after last week’s ugly slide into a bear market for prices, the agreement looks likely to drag into a third year as the group faces having to make further cuts in 2019.
Taking 1.8 million barrels a day of oil off the market from January 2017 was meant to drain excess inventories by the middle of that year, restore prices to an undefined “acceptable” level and balance supply and demand. Instead, the glut persisted. Although better than expected, compliance with the agreement was not complete and it was not until the deal was extended and Saudi Arabia started cutting shipments to the U.S. in the middle of 2017 that prices really began to pick up.
It was meant to be a short, sharp shock. Instead, OPEC members are facing a long, slow grind with no end in sight.
The deal reached with several non-OPEC countries in 2016 to cut oil supply and drain excess inventories was meant to last just six months. But after last week’s ugly slide into a bear market for prices, the agreement looks likely to drag into a third year as the group faces having to make further cuts in 2019.
Taking 1.8 million barrels a day of oil off the market from January 2017 was meant to drain excess inventories by the middle of that year, restore prices to an undefined “acceptable” level and balance supply and demand. Instead, the glut persisted. Although better than expected, compliance with the agreement was not complete and it was not until the deal was extended and Saudi Arabia started cutting shipments to the U.S. in the middle of 2017 that prices really began to pick up.
Auction of detained Saudi tycoon's properties to start Dec 2 -sources | Reuters
Auction of detained Saudi tycoon's properties to start Dec 2 -sources | Reuters:
Saudi Arabia will start auctioning real estate assets of billionaire Maan al-Sanea and his company on Dec. 2 to help repay billions of dollars due to creditors, sources familiar with the matter told Reuters.
The auction, originally planned for late October in the city of Khobar in Eastern Province, was delayed by a last-ditch attempt to reach a settlement, which failed to gain enough support from creditors, one source said.
Sanea, once ranked among the world’s 100 richest people by Forbes, was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted.
Saudi Arabia will start auctioning real estate assets of billionaire Maan al-Sanea and his company on Dec. 2 to help repay billions of dollars due to creditors, sources familiar with the matter told Reuters.
The auction, originally planned for late October in the city of Khobar in Eastern Province, was delayed by a last-ditch attempt to reach a settlement, which failed to gain enough support from creditors, one source said.
Sanea, once ranked among the world’s 100 richest people by Forbes, was detained last year for unpaid debts dating back to 2009 when his company, Saad Group, defaulted.
UAE C.Bank now free to link banks' exposure to real estate to market strength- senior banker | Reuters
UAE C.Bank now free to link banks' exposure to real estate to market strength- senior banker | Reuters:
The United Arab Emirates’ central bank now has the flexibility to set new exposure limits for banks to the real estate sector and can amend these to reflect market performance, a senior commercial banker said on Sunday
A new law introduced last month abolished a cap, dating from 1980, that restricted each bank’s lending to the construction and real estate sectors to a maximum of 20 percent of total deposits.
No new cap has been imposed, but Abdulaziz al-Ghurair, chairman of the UAE Banks Federation, said his federation has liaised with the central bank on what should be defined as real estate, suggesting a new cap could be looming.
The United Arab Emirates’ central bank now has the flexibility to set new exposure limits for banks to the real estate sector and can amend these to reflect market performance, a senior commercial banker said on Sunday
A new law introduced last month abolished a cap, dating from 1980, that restricted each bank’s lending to the construction and real estate sectors to a maximum of 20 percent of total deposits.
No new cap has been imposed, but Abdulaziz al-Ghurair, chairman of the UAE Banks Federation, said his federation has liaised with the central bank on what should be defined as real estate, suggesting a new cap could be looming.
Qatar National Bank appoints acting CEO | Reuters
Qatar National Bank appoints acting CEO | Reuters:
Qatar National Bank has appointed Abdulla Mubarak al-Khalifa as its acting chief executive, the Middle East and Africa’s largest lender said on Sunday.
The appointment of Khalifa, previously the bank’s chief business officer, follows former chief executive Ali Ahmed al-Kuwari moving to become Qatar’s minister of commerce and industry.
Kuwari’s appointment, announced last week, was part of the first government shuffle in Qatar, the world’s top liquefied natural gas producer, since early 2016.
Qatar National Bank has appointed Abdulla Mubarak al-Khalifa as its acting chief executive, the Middle East and Africa’s largest lender said on Sunday.
The appointment of Khalifa, previously the bank’s chief business officer, follows former chief executive Ali Ahmed al-Kuwari moving to become Qatar’s minister of commerce and industry.
Kuwari’s appointment, announced last week, was part of the first government shuffle in Qatar, the world’s top liquefied natural gas producer, since early 2016.
Saudi Arabia in talks to cut oil output after U.S. waivers hit prices | Reuters
Saudi Arabia in talks to cut oil output after U.S. waivers hit prices | Reuters:
Saudi Arabia is discussing a proposal that could see OPEC and non-OPEC oil producers cut output by up to 1 million barrels per day, two sources told Reuters on Sunday, as the world’s top oil exporter grapples with a drop in crude prices.
The sources said any such deal would depend on factors including the level of Iranian exports after the United States imposed sanctions on Tehran but granted Iran’s top oil buyers waivers to continue buying oil.
Riyadh was surprised by the waivers granted to customers such as China and India, a move which hit oil prices, at least three industry and OPEC sources told Reuters.
Saudi Arabia is discussing a proposal that could see OPEC and non-OPEC oil producers cut output by up to 1 million barrels per day, two sources told Reuters on Sunday, as the world’s top oil exporter grapples with a drop in crude prices.
The sources said any such deal would depend on factors including the level of Iranian exports after the United States imposed sanctions on Tehran but granted Iran’s top oil buyers waivers to continue buying oil.
Riyadh was surprised by the waivers granted to customers such as China and India, a move which hit oil prices, at least three industry and OPEC sources told Reuters.
Oman oil minister says majority of OPEC and its allies support cut | Reuters
Oman oil minister says majority of OPEC and its allies support cut | Reuters:
A majority of OPEC and allied oil exporters support a cut in the global supply of crude, Oman Oil Minister Mohammed bin Hamad al-Rumhi said on Sunday.
“Many of us share this view,” the minister said when asked about the need for a cut. Asked if it could amount to 500,000 or one million barrels per day, he replied: “I think it is unfair for me to throw numbers now.”
He was speaking in Abu Dhabi where an oil market monitoring committee was held on Sunday, attended by top exporters Saudi Arabia and Russia.
A majority of OPEC and allied oil exporters support a cut in the global supply of crude, Oman Oil Minister Mohammed bin Hamad al-Rumhi said on Sunday.
“Many of us share this view,” the minister said when asked about the need for a cut. Asked if it could amount to 500,000 or one million barrels per day, he replied: “I think it is unfair for me to throw numbers now.”
He was speaking in Abu Dhabi where an oil market monitoring committee was held on Sunday, attended by top exporters Saudi Arabia and Russia.
MIDEAST STOCKS-Most markets down as oil slump weighs on petrochemicals, financials | Reuters
MIDEAST STOCKS-Most markets down as oil slump weighs on petrochemicals, financials | Reuters:
Most Gulf markets were weak in early trade on Sunday, hurt by a sharp drop in oil prices which also rattled global stocks last week. The slide was led by losses in petrochemical and financial stocks.
Saudi Arabia’s index shed 0.9 percent as banks and petrochemical shares weighed on the market. Market heavyweight Saudi Basic Industries was down almost 1 percent, Saudi British Bank fell 1.2 percent and Al Rajhi Bank was down 1.1 percent.
Saudi insurance firm Mediterranean and Gulf Cooperative Insurance and Reinsurance (MedGulf) was also down 1.7 percent despite reporting a 70 percent rise in third-quarter net profit.
Most Gulf markets were weak in early trade on Sunday, hurt by a sharp drop in oil prices which also rattled global stocks last week. The slide was led by losses in petrochemical and financial stocks.
Saudi Arabia’s index shed 0.9 percent as banks and petrochemical shares weighed on the market. Market heavyweight Saudi Basic Industries was down almost 1 percent, Saudi British Bank fell 1.2 percent and Al Rajhi Bank was down 1.1 percent.
Saudi insurance firm Mediterranean and Gulf Cooperative Insurance and Reinsurance (MedGulf) was also down 1.7 percent despite reporting a 70 percent rise in third-quarter net profit.
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