Saudis Must Risk Trump's Wrath to Balance Oil Market: Julian Lee - Bloomberg:
Saudi Arabia needs to cut oil production and persuade fellow producers to follow suit if it is to avoid a further price rout. That risks angering President Donald Trump at a time when the U.S. is still considering its response to the assassination of Jamal Khashoggi, writes Bloomberg oil strategist Julian Lee.
Oil forecasts for 2019 from the International Energy Agency and the Organization of the Petroleum Exporting Countries show global stockpiles rising next year by as much as 1.7 million barrels a day, if OPEC continues producing at the current level of close to 33 million barrels a day. Saudi Arabia’s pledge to reduce daily exports by 500,000 barrels next month did little to reassure the market and earned a swift rebuke from the White House via Twitter.
If it cuts output, Saudi Arabia risks antagonizing the U.S. president just as Congress considers sanctions in response to the killing of Khashoggi at the kingdom’s consulate in Istanbul on Oct. 2. U.S. lawmakers have taken a much tougher stance against Crown Prince Mohammed bin Salman than has President Trump. Cutting production to boost prices while Trump is tweeting that they need to fall risks eroding his support for the Saudi leadership and perhaps weakening his opposition to sanctions
Wednesday, 14 November 2018
Crude Collapse Is Sending Shockwaves Across Global Markets - Bloomberg
Crude Collapse Is Sending Shockwaves Across Global Markets - Bloomberg:
Investors have gone from contemplating the prospect of oil at $100 to sub-$50 in less than two months. No wonder global markets are playing catch-up.
From stocks and bonds to currencies, assets worldwide are gripped by a crude awakening. Monday saw oil’s largest one-day drop in three years, securing its longest losing streak on record.
Early trading jitters on Wednesday suggested the sell-off may not be over, though West Texas Intermediate later climbed after OPEC President Suhail Al Mazrouei said the group and its allies would do what is needed to balance the market.
Investors have gone from contemplating the prospect of oil at $100 to sub-$50 in less than two months. No wonder global markets are playing catch-up.
From stocks and bonds to currencies, assets worldwide are gripped by a crude awakening. Monday saw oil’s largest one-day drop in three years, securing its longest losing streak on record.
Early trading jitters on Wednesday suggested the sell-off may not be over, though West Texas Intermediate later climbed after OPEC President Suhail Al Mazrouei said the group and its allies would do what is needed to balance the market.
Oil Snaps Record Losing Streak as Stronger OPEC Cuts Seen Likely - Bloomberg
Oil Snaps Record Losing Streak as Stronger OPEC Cuts Seen Likely - Bloomberg:
Oil rose, ending its longest string of declines amid strengthening signals that OPEC and allied producers are considering production cuts as soon as next year.
Futures in New York climbed 1 percent on Wednesday, breaking a 12-day slump. OPEC and its partners are said to be discussing a deeper-than-anticipated output cut. Meanwhile, cartel President Suhail Al Mazrouei said Wednesday that supplies will be curtailed as needed to balance the market.
“A lot of folks threw in the towel and got as bearish as can be so now it was ripe for us to at least attempt to move back higher,” said John Kilduff, a partner at New York-based hedge fund Again Capital LLC. Signals of impending supply cuts “helped stock the bullish spirits back in here for the first time in a while.”
Oil rose, ending its longest string of declines amid strengthening signals that OPEC and allied producers are considering production cuts as soon as next year.
Futures in New York climbed 1 percent on Wednesday, breaking a 12-day slump. OPEC and its partners are said to be discussing a deeper-than-anticipated output cut. Meanwhile, cartel President Suhail Al Mazrouei said Wednesday that supplies will be curtailed as needed to balance the market.
“A lot of folks threw in the towel and got as bearish as can be so now it was ripe for us to at least attempt to move back higher,” said John Kilduff, a partner at New York-based hedge fund Again Capital LLC. Signals of impending supply cuts “helped stock the bullish spirits back in here for the first time in a while.”
BRIEF: Dubai's Nakheel 9-Month Profit Falls | ZAWYA MENA Edition
BRIEF: Dubai's Nakheel 9-Month Profit Falls | ZAWYA MENA Edition:
* NINE-MONTH NET PROFIT 3.86 BILLION DIRHAMS VERSUS 4 BILLION DIRHAMS YEAR AGO
* NINE-MONTH NET PROFIT 3.86 BILLION DIRHAMS VERSUS 4 BILLION DIRHAMS YEAR AGO
Oman regulator suspends KPMG from new auditing work over "irregularities" | ZAWYA MENA Edition
Oman regulator suspends KPMG from new auditing work over "irregularities" | ZAWYA MENA Edition:
Oman's securities regulator said on Wednesday it has suspended audit firm KPMG from doing new work for a year after finding major financial and accounting irregularities at some listed companies.
The Capital Market Authority (CMA) took corrective steps at those companies to protect investors, it said in a statement without naming the firms or giving other details.
A review by the CMA "established professional negligence on the part of some audit firms that warranted disciplinary measures against them in the interests of the investors and other stakeholders," the CMA said.
Oman's securities regulator said on Wednesday it has suspended audit firm KPMG from doing new work for a year after finding major financial and accounting irregularities at some listed companies.
The Capital Market Authority (CMA) took corrective steps at those companies to protect investors, it said in a statement without naming the firms or giving other details.
A review by the CMA "established professional negligence on the part of some audit firms that warranted disciplinary measures against them in the interests of the investors and other stakeholders," the CMA said.
IMF expects Qatar GDP growth to rise to 2.4 percent in 2018 | Reuters
IMF expects Qatar GDP growth to rise to 2.4 percent in 2018 | Reuters:
Qatar’s GDP growth is projected to rise to 2.4 percent in 2018 from 1.6 percent in 2017 on the back of higher energy prices, the International Monetary Fund said on Wednesday.
Qatar has been on a drive to attract new investors and trade partners as it looks to overcome the effects of a diplomatic and trade boycott launched by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in 2017.
“The near- to- medium-term outlook for the Qatari economy is benefiting from increased oil prices and prudent macroeconomic policies,” the IMF said in a statement following a visit to the country.
Qatar’s GDP growth is projected to rise to 2.4 percent in 2018 from 1.6 percent in 2017 on the back of higher energy prices, the International Monetary Fund said on Wednesday.
Qatar has been on a drive to attract new investors and trade partners as it looks to overcome the effects of a diplomatic and trade boycott launched by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in 2017.
“The near- to- medium-term outlook for the Qatari economy is benefiting from increased oil prices and prudent macroeconomic policies,” the IMF said in a statement following a visit to the country.
UPDATE 1-UAE's NMC Healthcare seeks to raise $400 mln with debut sukuk | Reuters
UPDATE 1-UAE's NMC Healthcare seeks to raise $400 mln with debut sukuk | Reuters:
United Arab Emirates’ healthcare provider NMC Healthcare has set the size of its first international sukuk issue at $400 million, a document issued by one of the banks leading the deal showed.
Earlier on Wednesday, the company was aiming to raise between $300 million and $350 million, a document from the same bank showed. Orders for the transaction topped $1.1 billion, the document showed.
Companies raising money via bond issues often increase the total they aim to raise in response to strong demand from investors.
United Arab Emirates’ healthcare provider NMC Healthcare has set the size of its first international sukuk issue at $400 million, a document issued by one of the banks leading the deal showed.
Earlier on Wednesday, the company was aiming to raise between $300 million and $350 million, a document from the same bank showed. Orders for the transaction topped $1.1 billion, the document showed.
Companies raising money via bond issues often increase the total they aim to raise in response to strong demand from investors.
MIDEAST STOCKS-Oil tumble hits Saudi, MSCI snub hurts Qatar | Reuters
MIDEAST STOCKS-Oil tumble hits Saudi, MSCI snub hurts Qatar | Reuters:
Saudi Arabia’s stock market fell sharply on Wednesday as tumbling oil prices provoked broad selling of blue chips, while Qatar dived after MSCI excluded two of its major stocks in a semi-annual index review.
The Saudi index slid 1.2 percent to its lowest close in nearly three weeks after oil plunged roughly 7 percent overnight.
All 14 petrochemical stocks declined, with the biggest, Saudi Basic Industries, losing 1.8 percent. Eleven of 12 banking stocks also dropped as the largest, National Commercial Bank, declined 2.4 percent.
Saudi Arabia’s stock market fell sharply on Wednesday as tumbling oil prices provoked broad selling of blue chips, while Qatar dived after MSCI excluded two of its major stocks in a semi-annual index review.
The Saudi index slid 1.2 percent to its lowest close in nearly three weeks after oil plunged roughly 7 percent overnight.
All 14 petrochemical stocks declined, with the biggest, Saudi Basic Industries, losing 1.8 percent. Eleven of 12 banking stocks also dropped as the largest, National Commercial Bank, declined 2.4 percent.
Global oil market faces surplus throughout 2019 as demand growth slows | ZAWYA MENA Edition
Global oil market faces surplus throughout 2019 as demand growth slows | ZAWYA MENA Edition:
Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday.
In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption.
For the first half of 2019, based on its outlook for non-OPEC production and global demand, and assuming flat OPEC production, the IEA said the implied stock build is 2 million bpd.
Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday.
In its monthly report the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD demand growth, the engine of expansion in world oil consumption.
For the first half of 2019, based on its outlook for non-OPEC production and global demand, and assuming flat OPEC production, the IEA said the implied stock build is 2 million bpd.
Dubai's Emaar Properties reports 29 percent fall in third-quarter profit | Reuters
Dubai's Emaar Properties reports 29 percent fall in third-quarter profit | Reuters:
Dubai’s largest listed developer Emaar Properties EMAR.DU reported a 29 percent fall in third quarter profit on Wednesday, below analysts’ forecasts.
The developer of the Burj Khalifa, the world’s tallest building, did not say why profit fell, though Dubai’s property market has been suffering from a prolonged downturn.
Emaar made a net profit of 1.1 billion dirhams ($299.48 million) in the three months to Sept. 30, down from 1.5 billion dirhams a year earlier.
Dubai’s largest listed developer Emaar Properties EMAR.DU reported a 29 percent fall in third quarter profit on Wednesday, below analysts’ forecasts.
The developer of the Burj Khalifa, the world’s tallest building, did not say why profit fell, though Dubai’s property market has been suffering from a prolonged downturn.
Emaar made a net profit of 1.1 billion dirhams ($299.48 million) in the three months to Sept. 30, down from 1.5 billion dirhams a year earlier.
Qamco IPO oversubscribed 2.5 times - The Peninsula Qatar
Qamco IPO oversubscribed 2.5 times - The Peninsula Qatar:
Qatar Petroleum announced the successful closure of the Initial Public Offering (IPO) of shares representing 49% of the issued share capital of Qatar Aluminium Manufacturing Company Q.P.S.C (“QAMCO”).
The offering comprised a total of 273,425,880 ordinary Shares, all of which were subscribed for during the IPO subscription period, which ran from Tuesday, 30 October 2018 until the close of business on Monday, 12 November 2018.
H E Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, President and CEO of Qatar Petroleum, said: “This IPO followed the directive of His Highness Sheikh Tamim bin Hamad Al-Thani, the Amir of the State of Qatar, to encourage a strong investment climate and a long-term savings culture for Qatari citizens. The successful subscription of the IPO reflects the strength of Qatar’s economy, and the confidence in the State’s economic policies pursued under the Qatar National Vision 2030 which support the development of Qatar stock market.”
Qatar Petroleum announced the successful closure of the Initial Public Offering (IPO) of shares representing 49% of the issued share capital of Qatar Aluminium Manufacturing Company Q.P.S.C (“QAMCO”).
The offering comprised a total of 273,425,880 ordinary Shares, all of which were subscribed for during the IPO subscription period, which ran from Tuesday, 30 October 2018 until the close of business on Monday, 12 November 2018.
H E Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, President and CEO of Qatar Petroleum, said: “This IPO followed the directive of His Highness Sheikh Tamim bin Hamad Al-Thani, the Amir of the State of Qatar, to encourage a strong investment climate and a long-term savings culture for Qatari citizens. The successful subscription of the IPO reflects the strength of Qatar’s economy, and the confidence in the State’s economic policies pursued under the Qatar National Vision 2030 which support the development of Qatar stock market.”
The ruthless campaign to save Mohammed bin Salman | Financial Times
The ruthless campaign to save Mohammed bin Salman | Financial Times:
The once flamboyant Saudi billionaire, Alwaleed bin Talal, looked visibly uncomfortable in a television interview last week as he dispensed effusive praise for Saudi Arabia’s crown prince. Two weeks earlier, Lebanese prime minister Saad Hariri laughed nervously on stage as he applauded Mohammed bin Salman.
The Saudi financier and the Lebanese prime minister have been targets in the young prince’s ruthless attempt to impose his will on Saudi Arabia and the wider Middle East. But exhibiting public support appears to be a requirement now that Prince Mohammed is in trouble, and on a drive to clear his name.
Since Jamal Khashoggi, the Saudi columnist, was strangled and his body dismembered in the Saudi consulate in Istanbul last month, the propaganda campaign designed to insulate Prince Mohammed from a crime supposedly committed by rogue aides has gone into overdrive. Enlisting friends is not sufficient; victims too must join in the whitewashing. It is a charade that can be well captured by a popular Arab saying: “You kill and walk in the victim’s funeral procession.”
The once flamboyant Saudi billionaire, Alwaleed bin Talal, looked visibly uncomfortable in a television interview last week as he dispensed effusive praise for Saudi Arabia’s crown prince. Two weeks earlier, Lebanese prime minister Saad Hariri laughed nervously on stage as he applauded Mohammed bin Salman.
The Saudi financier and the Lebanese prime minister have been targets in the young prince’s ruthless attempt to impose his will on Saudi Arabia and the wider Middle East. But exhibiting public support appears to be a requirement now that Prince Mohammed is in trouble, and on a drive to clear his name.
Since Jamal Khashoggi, the Saudi columnist, was strangled and his body dismembered in the Saudi consulate in Istanbul last month, the propaganda campaign designed to insulate Prince Mohammed from a crime supposedly committed by rogue aides has gone into overdrive. Enlisting friends is not sufficient; victims too must join in the whitewashing. It is a charade that can be well captured by a popular Arab saying: “You kill and walk in the victim’s funeral procession.”
Oil's Collapse Deepens as Supply and Demand Concerns Roil Market - Bloomberg
Oil's Collapse Deepens as Supply and Demand Concerns Roil Market - Bloomberg:
Oil showed little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook.
Futures in New York held losses after plunging 7.1 percent in the previous session in the biggest one-day drop in more than three years. OPEC warned demand for its crude is falling faster than expected, underlining why Saudi Arabia and some other members are signaling output cuts. Still, President Donald Trump’s exhortation that the group shouldn’t cut output is stoking concerns producers may not change course to prevent a glut.
Oil’s record 12-session slide that’s taken it into a bear market has been exacerbated by a U.S. decision to grant some nations waivers from its sanctions, allowing them to continue buying some Iranian crude. Meanwhile, rising American output and inventories are pointing to an emerging glut and speculation is swirling over whether the Organization of Petroleum Exporting Countries and its allies including Russia will act to stem the price slump.
Oil showed little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook.
Futures in New York held losses after plunging 7.1 percent in the previous session in the biggest one-day drop in more than three years. OPEC warned demand for its crude is falling faster than expected, underlining why Saudi Arabia and some other members are signaling output cuts. Still, President Donald Trump’s exhortation that the group shouldn’t cut output is stoking concerns producers may not change course to prevent a glut.
Oil’s record 12-session slide that’s taken it into a bear market has been exacerbated by a U.S. decision to grant some nations waivers from its sanctions, allowing them to continue buying some Iranian crude. Meanwhile, rising American output and inventories are pointing to an emerging glut and speculation is swirling over whether the Organization of Petroleum Exporting Countries and its allies including Russia will act to stem the price slump.
Graham Calls Saudi Prince `Unstable,' Sees Sanctions Ahead - Bloomberg
Graham Calls Saudi Prince `Unstable,' Sees Sanctions Ahead - Bloomberg:
Senator Lindsey Graham called Saudi Arabia’s Crown Prince Mohammed bin Salman “unstable and unreliable” and said he and other senators were discussing sanctions against the longtime U.S. ally in the wake of Saudi journalist Jamal Khashoggi’s killing.
Graham, a South Carolina Republican, said he and other like-minded colleagues don’t yet have a plan of action. But he lambasted the leadership of Saudi Arabia’s de facto ruler. Prince Mohammed “has been unstable and unreliable and I don’t see the situation getting fixed as long as he’s around,” Graham said.
Asked if he was calling for a new crown prince to be named, Graham said it was up to Saudi Arabia to determine its leadership. “I am of the opinion that the current leadership, the MBS leadership, has been a disaster for the relationship and the region, and I will find it very difficult to do business as usual with somebody who’s been this unstable,” he said.
Senator Lindsey Graham called Saudi Arabia’s Crown Prince Mohammed bin Salman “unstable and unreliable” and said he and other senators were discussing sanctions against the longtime U.S. ally in the wake of Saudi journalist Jamal Khashoggi’s killing.
Graham, a South Carolina Republican, said he and other like-minded colleagues don’t yet have a plan of action. But he lambasted the leadership of Saudi Arabia’s de facto ruler. Prince Mohammed “has been unstable and unreliable and I don’t see the situation getting fixed as long as he’s around,” Graham said.
Asked if he was calling for a new crown prince to be named, Graham said it was up to Saudi Arabia to determine its leadership. “I am of the opinion that the current leadership, the MBS leadership, has been a disaster for the relationship and the region, and I will find it very difficult to do business as usual with somebody who’s been this unstable,” he said.
Abu Dhabi Commercial Bank picks Barclays to advise on merger: sources | Reuters
Abu Dhabi Commercial Bank picks Barclays to advise on merger: sources | Reuters:
Barclays (BARC.L) has been appointed by Abu Dhabi Commercial Bank (ADCB) ADCB.AD to advise on a potential merger plan involving Union National Bank (UNB) UNB.AD and Al Hilal Bank, banking sources told Reuters.
The merger, announced by the banks in September, is the latest consolidation among state-owned companies in the United Arab Emirates’ (UAE) capital.
ADCB, majority owned by the Abu Dhabi government and the second largest bank in the emirate after First Abu Dhabi Bank (FAB) FAB.AD, declined to comment. Barclays also declined to comment.
Barclays (BARC.L) has been appointed by Abu Dhabi Commercial Bank (ADCB) ADCB.AD to advise on a potential merger plan involving Union National Bank (UNB) UNB.AD and Al Hilal Bank, banking sources told Reuters.
The merger, announced by the banks in September, is the latest consolidation among state-owned companies in the United Arab Emirates’ (UAE) capital.
ADCB, majority owned by the Abu Dhabi government and the second largest bank in the emirate after First Abu Dhabi Bank (FAB) FAB.AD, declined to comment. Barclays also declined to comment.
UAE's Mubadala Petroleum eyes expansion in Asia, Russia - executive | Reuters
UAE's Mubadala Petroleum eyes expansion in Asia, Russia - executive | Reuters:
Abu Dhabi’s state-owned Mubadala Petroleum is focusing its expansion strategy abroad on upstream assets and sees Southeast Asia as an important market for its investment plans, the company’s chief operating officer said on Wednesday.
Mubadala Petroleum is also interested in expanding in Russia and is looking for the right investment there, COO Mazin al-Lamki told an industry event in Abu Dhabi.
Abu Dhabi’s state-owned Mubadala Petroleum is focusing its expansion strategy abroad on upstream assets and sees Southeast Asia as an important market for its investment plans, the company’s chief operating officer said on Wednesday.
Mubadala Petroleum is also interested in expanding in Russia and is looking for the right investment there, COO Mazin al-Lamki told an industry event in Abu Dhabi.
Russia says no emergency action warranted to halt oil price decline | Reuters
Russia says no emergency action warranted to halt oil price decline | Reuters:
Russia’s energy minister said on Wednesday no emergency action was warranted to stem a decline in oil prices, as crude benchmarks fell again.
Alexander Novak told reporters on the sideline of an international conference in Singapore that long-term oil prices should be taken into consideration when any decision was taken by oil producing countries.
He was talking as oil markets fell again, extending losses from a 7 percent plunge the previous session as surging supply and the specter of faltering demand scared off investors.
Russia’s energy minister said on Wednesday no emergency action was warranted to stem a decline in oil prices, as crude benchmarks fell again.
Alexander Novak told reporters on the sideline of an international conference in Singapore that long-term oil prices should be taken into consideration when any decision was taken by oil producing countries.
He was talking as oil markets fell again, extending losses from a 7 percent plunge the previous session as surging supply and the specter of faltering demand scared off investors.
UAE's ADNOC wants to rival oil majors as it expands in refining, gas | Reuters
UAE's ADNOC wants to rival oil majors as it expands in refining, gas | Reuters:
Abu Dhabi National Oil Co (ADNOC) will remain wholly owned by the Abu Dhabi government and has no plan to go public, but the firm aspires to compete with Big Oil by expanding in refining and gas, ADNOC’s CEO told Reuters.
ADNOC, which announced two gas deals with France’s Total and Italy’s Eni this week, will strike more agreements in that sector and seek investment opportunities abroad in liquefied natural gas (LNG), Sultan al-Jaber said.
“ADNOC will continue to be wholly owned by one and only one shareholder, and that is the Abu Dhabi government,” al-Jaber said.
Abu Dhabi National Oil Co (ADNOC) will remain wholly owned by the Abu Dhabi government and has no plan to go public, but the firm aspires to compete with Big Oil by expanding in refining and gas, ADNOC’s CEO told Reuters.
ADNOC, which announced two gas deals with France’s Total and Italy’s Eni this week, will strike more agreements in that sector and seek investment opportunities abroad in liquefied natural gas (LNG), Sultan al-Jaber said.
“ADNOC will continue to be wholly owned by one and only one shareholder, and that is the Abu Dhabi government,” al-Jaber said.
Dubai's DAMAC Properties Q3 profit dives 68 pct | Reuters
Dubai's DAMAC Properties Q3 profit dives 68 pct | Reuters:
Dubai’s DAMAC Properties , owner and operator of the only Trump-branded golf club in the Middle East, on Wednesday reported a 68 percent plunge in third-quarter net profit as revenue dropped.
The developer reported a net profit of 230.8 million dirhams ($62.8 million) for the three months ended Sept. 30, according to a statement to Dubai’s bourse.
This compared with a 719.3 million dirhams profit in the year-ago period. EFG Hermes forecast the firm would make a quarterly net profit of 340 million dirhams.
Dubai’s DAMAC Properties , owner and operator of the only Trump-branded golf club in the Middle East, on Wednesday reported a 68 percent plunge in third-quarter net profit as revenue dropped.
The developer reported a net profit of 230.8 million dirhams ($62.8 million) for the three months ended Sept. 30, according to a statement to Dubai’s bourse.
This compared with a 719.3 million dirhams profit in the year-ago period. EFG Hermes forecast the firm would make a quarterly net profit of 340 million dirhams.
UAE's NMC Healthcare starts marketing debut dollar sukuk | Reuters
UAE's NMC Healthcare starts marketing debut dollar sukuk | Reuters:
United Arab Emirates’ healthcare provider NMC Healthcare, part of London-listed NMC Health , has started marketing its planned five-year U.S. dollar-denominated sukuk sale in the low 6 percent area, a document issued by one of the banks leading the deal showed.
The sukuk, or Islamic bonds, are expected to price later on Wednesday.
HSBC and Standard Chartered have been appointed to coordinate the transaction, which is the company’s debut in the sukuk market.
United Arab Emirates’ healthcare provider NMC Healthcare, part of London-listed NMC Health , has started marketing its planned five-year U.S. dollar-denominated sukuk sale in the low 6 percent area, a document issued by one of the banks leading the deal showed.
The sukuk, or Islamic bonds, are expected to price later on Wednesday.
HSBC and Standard Chartered have been appointed to coordinate the transaction, which is the company’s debut in the sukuk market.
Drake & Scull appoints new restructuring advisors | ZAWYA MENA Edition
Drake & Scull appoints new restructuring advisors | ZAWYA MENA Edition:
Dubai-based Drake & Scull International (DSI) has brought in new advisors to lead a fresh restructuring exercise, as the contractor announced a third quarter loss of nearly half a billion dirhams.
The company said in a press release that Trussbridge Advisors (DIFC) has been appointed as financial advisors for the company's latest restructuring round, with Deloitte being brought in to advise on a new business plan.
Law firms Allen & Overy and Al Tamimi and Co have also been appointed to handle legal and regulatory aspects of its proposed restructuring respectively.
Dubai-based Drake & Scull International (DSI) has brought in new advisors to lead a fresh restructuring exercise, as the contractor announced a third quarter loss of nearly half a billion dirhams.
The company said in a press release that Trussbridge Advisors (DIFC) has been appointed as financial advisors for the company's latest restructuring round, with Deloitte being brought in to advise on a new business plan.
Law firms Allen & Overy and Al Tamimi and Co have also been appointed to handle legal and regulatory aspects of its proposed restructuring respectively.
Mideast Stocks - Oil plunge hits Saudi, MSCI decisions drag down Qatar | ZAWYA MENA Edition
Mideast Stocks - Oil plunge hits Saudi, MSCI decisions drag down Qatar | ZAWYA MENA Edition:
Saudi Arabia's stock market fell in early trade on Wednesday as a fresh plunge of oil prices triggered broad selling of blue chips, while Qatar dropped sharply after MSCI snubbed two of its major stocks in a semi-annual index review.
Saudi Arabia's main index was down 0.8 percent after an hour, following oil's roughly 7 percent decline overnight. All 14 petrochemical stocks declined with the biggest, Saudi Basic Industries, losing 0.7 percent.
Eleven of 12 banking stocks also dropped as the largest, National Commercial Bank, declined 1.7 percent. If the oil price slide continues, the government's plans to boost spending next year could be affected as revenues are hurt, squeezing liquidity at banks; Saudi interbank money rates SAIBOR= have been edging up in recent weeks.
Saudi Arabia's stock market fell in early trade on Wednesday as a fresh plunge of oil prices triggered broad selling of blue chips, while Qatar dropped sharply after MSCI snubbed two of its major stocks in a semi-annual index review.
Saudi Arabia's main index was down 0.8 percent after an hour, following oil's roughly 7 percent decline overnight. All 14 petrochemical stocks declined with the biggest, Saudi Basic Industries, losing 0.7 percent.
Eleven of 12 banking stocks also dropped as the largest, National Commercial Bank, declined 1.7 percent. If the oil price slide continues, the government's plans to boost spending next year could be affected as revenues are hurt, squeezing liquidity at banks; Saudi interbank money rates SAIBOR= have been edging up in recent weeks.
Oil extends 7% slide as outlook darkens | ZAWYA MENA Edition
Oil extends 7% slide as outlook darkens | ZAWYA MENA Edition:
Oil markets fell again on Wednesday, extending losses from a 7 percent plunge the previous session as surging supply and the spectre of faltering demand scared off investors.
U.S. West Texas Intermediate (WTI) crude oil futures were at $55.26 per barrel at 0600 GMT, down 43 cents, or 0.8 percent, from their last settlement.
International benchmark Brent crude oil futures LCOc1 were down 36 cents, or 0.6 percent, at $65.11 per barrel.
Oil markets fell again on Wednesday, extending losses from a 7 percent plunge the previous session as surging supply and the spectre of faltering demand scared off investors.
U.S. West Texas Intermediate (WTI) crude oil futures were at $55.26 per barrel at 0600 GMT, down 43 cents, or 0.8 percent, from their last settlement.
International benchmark Brent crude oil futures LCOc1 were down 36 cents, or 0.6 percent, at $65.11 per barrel.
UAE's Dana Gas says has $434mln in cash after sukuk restructuring | ZAWYA MENA Edition
UAE's Dana Gas says has $434mln in cash after sukuk restructuring | ZAWYA MENA Edition:
United Arab Emirates producer Dana Gas said on Wednesday it had $434 million in cash as of end-September after completing the restructuring of its outstanding sukuk, or Islamic bonds, earlier this year.
Dana Gas reached a consensual restructuring agreement with its creditors in May after a protracted and complex legal dispute that began in 2017, when it halted payments on $700 million in sukuk saying the instruments had become unlawful in the UAE.
The company said in a statement on Wednesday that its cash position at the end of September stood at $434 million, down from $608 million at the end of 2017. It attributed the decrease to the completion of the restructuring, which involved a $235 million payment of principal, accrued profit, and other costs.
United Arab Emirates producer Dana Gas said on Wednesday it had $434 million in cash as of end-September after completing the restructuring of its outstanding sukuk, or Islamic bonds, earlier this year.
Dana Gas reached a consensual restructuring agreement with its creditors in May after a protracted and complex legal dispute that began in 2017, when it halted payments on $700 million in sukuk saying the instruments had become unlawful in the UAE.
The company said in a statement on Wednesday that its cash position at the end of September stood at $434 million, down from $608 million at the end of 2017. It attributed the decrease to the completion of the restructuring, which involved a $235 million payment of principal, accrued profit, and other costs.
Subscribe to:
Posts (Atom)