Saudi ‘prince of darkness’ lingers in the shadows | Financial Times:
When the Trump administration imposed sanctions on 17 Saudis over Jamal Khashoggi’s brutal murder, Washington made it clear who it believed played a crucial role in planning the botched hit — Saud al-Qahtani.
Referred to in diplomatic circles as the “Prince of Darkness”, the former royal adviser’s was the first name on the US Treasury’s list; he was alleged to have been “part of the planning and execution of the operation”.
The 40-year-old, dismissed last month as the royal court’s supervisor of media affairs, was the most senior official sanctioned by the US and the closest link to Crown Prince Mohammed bin Salman, the country’s de facto leader
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Monday 19 November 2018
Strong buying interest helps Qatar shares settle near 10,400 levels
Strong buying interest helps Qatar shares settle near 10,400 levels:
Strong buying interests – especially at the realty, telecom, industrials and banking counters – imparted a more than 101 points thrust to the Qatar Stock Exchange, which on Monday settled near 10,400 levels.
Foreign institutions’ robust buying support led the 20-stock Qatar Index to gain about 1% for the second straight session to 10,398.31 points.
The overall bullish momentum came amidst strong selling pressure from local retail investors and Gulf institutions in the market, which is up 22% year-to-date.
Strong buying interests – especially at the realty, telecom, industrials and banking counters – imparted a more than 101 points thrust to the Qatar Stock Exchange, which on Monday settled near 10,400 levels.
Foreign institutions’ robust buying support led the 20-stock Qatar Index to gain about 1% for the second straight session to 10,398.31 points.
The overall bullish momentum came amidst strong selling pressure from local retail investors and Gulf institutions in the market, which is up 22% year-to-date.
Russian Energy Minister Novak says plans to sign OPEC partnership deal
Russian Energy Minister Novak says plans to sign OPEC partnership deal:
Russian Energy Minister Alexander Novak said on Monday that the country was planning to sign a partnership agreement with the Organization of the Petroleum Exporting Countries (OPEC) and that it would be discussed at OPEC’s Dec. 6 meeting.
Russian Energy Minister Alexander Novak said on Monday that the country was planning to sign a partnership agreement with the Organization of the Petroleum Exporting Countries (OPEC) and that it would be discussed at OPEC’s Dec. 6 meeting.
UAE eyes 15-20% FDI increase by 2020- Ministry of Economy official | ZAWYA MENA Edition
UAE eyes 15-20% FDI increase by 2020- Ministry of Economy official | ZAWYA MENA Edition:
The United Arab Emirates is expecting a 15-20 percent increase in the flow of Foreign Direct Investment (FDI) into the country between the end of this year and 2020, boosted by a new Foreign Direct Investment law that was passed last month, a Ministry of Economy official said on Monday.
Speaking to Zawya on the sidelines of a press conference in Sharjah held on behalf of the Sharjah FDI Forum, which will run from 10-11 December, Hind AlYouha, director of the investment department in the UAE’s Ministry of Economy said: “Since the issuance of the (Foreign Direct Investment) law in 2018, the expected growth (in FDI) until year 2020 will be between 15 and 20 percent”.
The UAE passed a new foreign investment law in October allowing foreign investors to own more than 49 percent and up to 100 percent in UAE-based businesses in certain sectors. It is not yet clear in which sectors foreign companies will be allowed 100 percent ownership, but UAE econmy minister Sultan bin Saeed al-Mansouri said in a press conference last week that a list of these will be published in the first quarter of next year. A negative list of restricted sectors in which foreign ownership will still be restricted has already been published.
The United Arab Emirates is expecting a 15-20 percent increase in the flow of Foreign Direct Investment (FDI) into the country between the end of this year and 2020, boosted by a new Foreign Direct Investment law that was passed last month, a Ministry of Economy official said on Monday.
Speaking to Zawya on the sidelines of a press conference in Sharjah held on behalf of the Sharjah FDI Forum, which will run from 10-11 December, Hind AlYouha, director of the investment department in the UAE’s Ministry of Economy said: “Since the issuance of the (Foreign Direct Investment) law in 2018, the expected growth (in FDI) until year 2020 will be between 15 and 20 percent”.
The UAE passed a new foreign investment law in October allowing foreign investors to own more than 49 percent and up to 100 percent in UAE-based businesses in certain sectors. It is not yet clear in which sectors foreign companies will be allowed 100 percent ownership, but UAE econmy minister Sultan bin Saeed al-Mansouri said in a press conference last week that a list of these will be published in the first quarter of next year. A negative list of restricted sectors in which foreign ownership will still be restricted has already been published.
Aramco Said to Be Still Considering Range of Options for Sabic - Bloomberg
Aramco Said to Be Still Considering Range of Options for Sabic - Bloomberg:
Saudi Aramco is still considering a range of options to finance the acquisition of a controlling stake in the country’s largest chemical company, according to people familiar with the matter.
Aramco, the world’s largest oil producer, is undertaking due diligence on the deal -- likely to be Saudi Arabia’s biggest ever at up to $70 billion -- and will decide on a financial structure next year, the people said, asking not to be identified discussing private deliberations.
The Wall Street Journal reported on Monday that Aramco had abandoned the idea of raising a record-breaking bond to pay for the Sabic stake. Instead, the company could use a combination of syndicated loans and bonds raised on Sabic’s balance sheet, the newspaper reported. One other option under consideration: staggering payments over a period of time, it said.
Saudi Aramco is still considering a range of options to finance the acquisition of a controlling stake in the country’s largest chemical company, according to people familiar with the matter.
Aramco, the world’s largest oil producer, is undertaking due diligence on the deal -- likely to be Saudi Arabia’s biggest ever at up to $70 billion -- and will decide on a financial structure next year, the people said, asking not to be identified discussing private deliberations.
The Wall Street Journal reported on Monday that Aramco had abandoned the idea of raising a record-breaking bond to pay for the Sabic stake. Instead, the company could use a combination of syndicated loans and bonds raised on Sabic’s balance sheet, the newspaper reported. One other option under consideration: staggering payments over a period of time, it said.
Oman Oil, ORPIC merge downstream businesses | Reuters
Oman Oil, ORPIC merge downstream businesses | Reuters:
Oman Oil Co and Oman Oil Refineries and Petroleum Industries Co (ORPRIC) have merged their downstream businesses and appointed a new group chief executive as part of plans to integrate the two companies, ORPIC said in a statement posted on its twitter account.
Musab al-Mahruqi will take over as group chief executive effective Dec. 2 and oversee the integration of the management and assets of the two companies, the statement said.
Al-Mahruqi was chief executive of ORPIC between 2010 and 2016 and led Oman’s first large-scale corporate integration between 2010-2012, it said. He earlier worked at Oman Oil.
Oman Oil Co and Oman Oil Refineries and Petroleum Industries Co (ORPRIC) have merged their downstream businesses and appointed a new group chief executive as part of plans to integrate the two companies, ORPIC said in a statement posted on its twitter account.
Musab al-Mahruqi will take over as group chief executive effective Dec. 2 and oversee the integration of the management and assets of the two companies, the statement said.
Al-Mahruqi was chief executive of ORPIC between 2010 and 2016 and led Oman’s first large-scale corporate integration between 2010-2012, it said. He earlier worked at Oman Oil.
Mideast ride-hailing firm Careem working with Jefferies: sources | Reuters
Mideast ride-hailing firm Careem working with Jefferies: sources | Reuters:
Middle East ride-hailing firm Careem has been working with investment bank Jefferies as an adviser on investment options and fundraising, including a potential Middle East M&A deal with Uber Technologies, three sources familiar with the matter told Reuters.
The appointment of Jefferies (JEF.N) indicates that talks between the two companies over a potential deal have become more serious, two of the sources said. Careem and Jefferies declined to comment.
Uber declined to comment on a potential deal with Careem.
Middle East ride-hailing firm Careem has been working with investment bank Jefferies as an adviser on investment options and fundraising, including a potential Middle East M&A deal with Uber Technologies, three sources familiar with the matter told Reuters.
The appointment of Jefferies (JEF.N) indicates that talks between the two companies over a potential deal have become more serious, two of the sources said. Careem and Jefferies declined to comment.
Uber declined to comment on a potential deal with Careem.
China's CEFC paid out compensation after Rosneft stake deal fell through | Reuters
China's CEFC paid out compensation after Rosneft stake deal fell through | Reuters:
CEFC paid almost 225 million euros ($257 million) in compensation to a consortium of Qatar Investment Authority and Glencore (GLEN.L) after the Chinese firm’s deal to buy a stake in Russian oil firm Rosneft fell through, a document showed.
The chief executive of Rosneft (ROSN.MM), Igor Sechin, said in September 2017 that CEFC had signed a deal to buy 14.2 percent of Rosneft from Qatar and Glencore.
The deal was not completed and the circumstances under which it fell through remain unclear.
CEFC paid almost 225 million euros ($257 million) in compensation to a consortium of Qatar Investment Authority and Glencore (GLEN.L) after the Chinese firm’s deal to buy a stake in Russian oil firm Rosneft fell through, a document showed.
The chief executive of Rosneft (ROSN.MM), Igor Sechin, said in September 2017 that CEFC had signed a deal to buy 14.2 percent of Rosneft from Qatar and Glencore.
The deal was not completed and the circumstances under which it fell through remain unclear.
Britain's top diplomat in Iran as US oil sanctions back on
Britain's top diplomat in Iran as US oil sanctions back on:
Iranian state media say the country’s foreign minister discussed ways of easing international financial transactions during a meeting with British Foreign Minister Jeremy Hunt in Tehran.
Britain’s top diplomat arrived in Iran on Monday, less than two weeks after the United States re-imposed sanctions on the country’s oil and banking sectors.
The official IRNA news agency said Hunt and Iranian Foreign Minister Mohammad Javad Zarif also discussed ways of ending the war in Yemen, where Iran supports the Houthi rebels against a Saudi-led coalition.
Iranian state media say the country’s foreign minister discussed ways of easing international financial transactions during a meeting with British Foreign Minister Jeremy Hunt in Tehran.
Britain’s top diplomat arrived in Iran on Monday, less than two weeks after the United States re-imposed sanctions on the country’s oil and banking sectors.
The official IRNA news agency said Hunt and Iranian Foreign Minister Mohammad Javad Zarif also discussed ways of ending the war in Yemen, where Iran supports the Houthi rebels against a Saudi-led coalition.
UAE fully complying with U.S. sanctions on Iran: official | Reuters
UAE fully complying with U.S. sanctions on Iran: official | Reuters:
The United Arab Emirates is fully complying with sanctions imposed this month by the United States on Iran even though it will mean a further drop in trade with Tehran, a UAE economy ministry official told Reuters on Monday.
Abu Dhabi, the political capital of the UAE federation, has taken a hawkish stand on Tehran, although Dubai, the country’s business hub, has traditionally been a major trading partner with Iran.
Washington announced on Nov. 5 a series of sanctions targeting Iran’s banks, shipping sector, national airline and 200 individuals after President Donald Trump pulled the United States out of an international nuclear deal with Tehran.
The United Arab Emirates is fully complying with sanctions imposed this month by the United States on Iran even though it will mean a further drop in trade with Tehran, a UAE economy ministry official told Reuters on Monday.
Abu Dhabi, the political capital of the UAE federation, has taken a hawkish stand on Tehran, although Dubai, the country’s business hub, has traditionally been a major trading partner with Iran.
Washington announced on Nov. 5 a series of sanctions targeting Iran’s banks, shipping sector, national airline and 200 individuals after President Donald Trump pulled the United States out of an international nuclear deal with Tehran.
In Dubai, US sanctions pressure historic business ties with Iran | Reuters
In Dubai, US sanctions pressure historic business ties with Iran | Reuters:
With its Persian restaurants and shop signs in Farsi, Murshid Bazaar, a dense maze of alleys in Dubai’s old quarter, has for decades been a center for small-scale trade with Iran.
That is changing. One in every dozen or so shops in the once-bustling area is shuttered or carries a “for rent” sign. Indian and Pakistani merchants now far outnumber the Iranians who used to dominate the area.
The Iranians who stayed say the fallout from U.S. sanctions has made their jobs harder. Dubai has long been one of Iran’s main links to the outside world, but trade between the two has slowed as sanctions approached.
With its Persian restaurants and shop signs in Farsi, Murshid Bazaar, a dense maze of alleys in Dubai’s old quarter, has for decades been a center for small-scale trade with Iran.
That is changing. One in every dozen or so shops in the once-bustling area is shuttered or carries a “for rent” sign. Indian and Pakistani merchants now far outnumber the Iranians who used to dominate the area.
The Iranians who stayed say the fallout from U.S. sanctions has made their jobs harder. Dubai has long been one of Iran’s main links to the outside world, but trade between the two has slowed as sanctions approached.
Oil slips on global supply fears even as OPEC mulls cut | Reuters
Oil slips on global supply fears even as OPEC mulls cut | Reuters:
Oil futures fell about 1 percent on Monday amid global oversupply worries, but losses were muted as investors eyed potential sanctions on Iran from the European Union, a possible production cut from OPEC and slightly bullish storage drawdown in U.S. crude stocks.
Brent crude was down 70 cents a barrel at $66.06 at 11:37 a.m. EST (1637 GMT), having recovered from a session low at $65.27. U.S. crude futures traded 15 cents lower at $56.31 a barrel.
EU foreign ministers endorsed a French government decision to sanction Iranian nationals accused of a bomb plot in France, potentially allowing the measures to take effect across the bloc, three diplomats said.
Oil futures fell about 1 percent on Monday amid global oversupply worries, but losses were muted as investors eyed potential sanctions on Iran from the European Union, a possible production cut from OPEC and slightly bullish storage drawdown in U.S. crude stocks.
Brent crude was down 70 cents a barrel at $66.06 at 11:37 a.m. EST (1637 GMT), having recovered from a session low at $65.27. U.S. crude futures traded 15 cents lower at $56.31 a barrel.
EU foreign ministers endorsed a French government decision to sanction Iranian nationals accused of a bomb plot in France, potentially allowing the measures to take effect across the bloc, three diplomats said.
MIDEAST STOCKS-Saudi bourse bounces from one-month low, Qatar banks up | Reuters
MIDEAST STOCKS-Saudi bourse bounces from one-month low, Qatar banks up | Reuters:
Banks helped Saudi Arabia’s stock market off a one-month low on Monday while other Gulf markets also gained.
The Saudi index rose 0.8 percent, with the kingdom’s largest lender National Commercial Bank climbing by 2 percent. Saudi Steel Pipes, meanwhile, gained 3.5 percent after it appointed a new chief executive.
Some cement stocks, especially those in the south of the country near Yemen, rose again on hopes that a possible end to the Yemen war could boost demand for reconstruction. Houthi rebels in Yemen said on Monday that they were halting drone and missile attacks on Saudi Arabia and were ready for a broader ceasefire.
Banks helped Saudi Arabia’s stock market off a one-month low on Monday while other Gulf markets also gained.
The Saudi index rose 0.8 percent, with the kingdom’s largest lender National Commercial Bank climbing by 2 percent. Saudi Steel Pipes, meanwhile, gained 3.5 percent after it appointed a new chief executive.
Some cement stocks, especially those in the south of the country near Yemen, rose again on hopes that a possible end to the Yemen war could boost demand for reconstruction. Houthi rebels in Yemen said on Monday that they were halting drone and missile attacks on Saudi Arabia and were ready for a broader ceasefire.
A Haven for Money in the Middle East, Dubai Is Losing Its Shine - Bloomberg
A Haven for Money in the Middle East, Dubai Is Losing Its Shine - Bloomberg:
Ever since the first gleaming towers sprang out of the desert, Dubai has gotten used to rapid change. It’s no stranger to boom-and-bust. What’s happening now is different: a slow bleed.
The city’s iconic builders are plowing ahead. Cranes are everywhere. But no one is sure who’ll occupy all that new retail and office space. Already, Dubai’s malls are noticeably less full of stores and restaurants than they once were. Expatriates, the lifeblood of the economy, have started to pack up and go home -- or at least talk about it, as the cost of living and doing business surges. Corporate mainstays, from Emirates airline to developer Emaar Properties, just reported disappointing third-quarter profits. The stock market is having its worst year since 2008.
Business unease was already apparent in April, when Sheikh Mohammed bin Rashid Al Maktoum convened a meeting with more than 100 executives in his palace overlooking the Persian Gulf. The bosses raised issues including hefty government fees -– which are eroding the comparative advantage of tax-free Dubai –- to strict visa rules that push foreigners out when they lose their jobs. The conclave was followed by a flurry of decisions, still working their way through the system.
Ever since the first gleaming towers sprang out of the desert, Dubai has gotten used to rapid change. It’s no stranger to boom-and-bust. What’s happening now is different: a slow bleed.
The city’s iconic builders are plowing ahead. Cranes are everywhere. But no one is sure who’ll occupy all that new retail and office space. Already, Dubai’s malls are noticeably less full of stores and restaurants than they once were. Expatriates, the lifeblood of the economy, have started to pack up and go home -- or at least talk about it, as the cost of living and doing business surges. Corporate mainstays, from Emirates airline to developer Emaar Properties, just reported disappointing third-quarter profits. The stock market is having its worst year since 2008.
Business unease was already apparent in April, when Sheikh Mohammed bin Rashid Al Maktoum convened a meeting with more than 100 executives in his palace overlooking the Persian Gulf. The bosses raised issues including hefty government fees -– which are eroding the comparative advantage of tax-free Dubai –- to strict visa rules that push foreigners out when they lose their jobs. The conclave was followed by a flurry of decisions, still working their way through the system.
Rouhani says Iran to continue oil exports and resist U.S. economic war | Reuters
Rouhani says Iran to continue oil exports and resist U.S. economic war | Reuters:
Iran will continue to export oil despite U.S. sanctions, which are part of a psychological war doomed to failure, Iranian President Hassan Rouhani said on Monday.
By reimposing sanctions on OPEC’s third biggest crude producer, Washington wants to force Tehran to drop its ballistic missile programmes, further curb its nuclear work and limit its support for proxy militias from Syria to Lebanon and Yemen.
“We will not yield to this pressure, which is part of the psychological war launched against Iran,” Rouhani said in a speech in the city of Khoy, broadcast live on state television.
Iran will continue to export oil despite U.S. sanctions, which are part of a psychological war doomed to failure, Iranian President Hassan Rouhani said on Monday.
By reimposing sanctions on OPEC’s third biggest crude producer, Washington wants to force Tehran to drop its ballistic missile programmes, further curb its nuclear work and limit its support for proxy militias from Syria to Lebanon and Yemen.
“We will not yield to this pressure, which is part of the psychological war launched against Iran,” Rouhani said in a speech in the city of Khoy, broadcast live on state television.
Oil climbs 1 percent on prospect of OPEC, Russia supply cut | Reuters
Oil climbs 1 percent on prospect of OPEC, Russia supply cut | Reuters:
Oil prices rose by around 1 percent on Monday amid expectations that top exporter Saudi Arabia will push producer club OPEC as well as perhaps Russia to cut supply toward year-end.
Front-month Brent crude oil futures were at $67.41 per barrel at 0746 GMT, up 65 cents, or 1 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures, were up 76 cents, or 1.4 percent, at $57.22 per barrel.
Oil prices rose by around 1 percent on Monday amid expectations that top exporter Saudi Arabia will push producer club OPEC as well as perhaps Russia to cut supply toward year-end.
Front-month Brent crude oil futures were at $67.41 per barrel at 0746 GMT, up 65 cents, or 1 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures, were up 76 cents, or 1.4 percent, at $57.22 per barrel.
Mideast Stocks: Banks aid Saudi gain, Dubai falls on real estate | ZAWYA MENA Edition
Mideast Stocks: Banks aid Saudi gain, Dubai falls on real estate | ZAWYA MENA Edition:
Saudi stocks rose early on Monday, a day after falling to a one-month low, as banks rebounded and oil prices gained amid expectations that the kingdom will push OPEC to cut supply.
Saudi Arabia's index added 0.4 percent, with heavyweights Al-Rajhi Bank climbing 0.6 percent and National Commercial Bank rising 1.2 percent.
Stock market data on Sunday showed that qualified foreign investors were net sellers in the week to Nov. 15, extending a wave of sell-offs on concerns over Saudi Arabia's deteriorating relations with foreign governments after the killing of journalist Jamal Khashoggi.
Saudi stocks rose early on Monday, a day after falling to a one-month low, as banks rebounded and oil prices gained amid expectations that the kingdom will push OPEC to cut supply.
Saudi Arabia's index added 0.4 percent, with heavyweights Al-Rajhi Bank climbing 0.6 percent and National Commercial Bank rising 1.2 percent.
Stock market data on Sunday showed that qualified foreign investors were net sellers in the week to Nov. 15, extending a wave of sell-offs on concerns over Saudi Arabia's deteriorating relations with foreign governments after the killing of journalist Jamal Khashoggi.