Battered oil roils Saudi’s Tadawul index:
Saudi Arabia’s Tadawul index closed more than 1 per cent lower on Sunday due to an 8 per cent fall in oil prices.
The Tadawul index closed 1.25 per cent lower at 7,512.57. The energy index closed 1.96 per cent lower at 4,723.21. The market breadth was negative with declines seen in 147 shares. Alinma Bank closed 0.77 per cent lower at 20.66 Saudi riyals, while Saudi Basic Industries Corp. closed 1.70 per cent lower at 115.40 riyals. Saudi Kayan Petrochemical Co. closed 3 per cent lower at 13.28 riyals.
Al Hassan Ghazi Ibrahim Shaker Co. closed 0.34 per cent lower at 8.77 riyals. “The trend still remains strong in Shaker and a break over shall push its way up towards the next target at 9.90 riyals in the short term. Traders may look to book partial profits and balance hold with stop loss trailed higher to the breakeven,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities, said in a note.
Sunday, 25 November 2018
INTERVIEW: UAE'S NMC Health's Prasanth Manghat has big plans for healthcare in Saudi Arabia
INTERVIEW: UAE'S NMC Health's Prasanth Manghat has big plans for healthcare in Saudi Arabia:
NMC Health has a reasonable claim to be the most successful company to emerge from the UAE on the global stage.
Started by the legendary Indian entrepreneur BR Shetty out of a door-to-door business selling basic medical supplies in the 1970s, NMC gradually became a universal health-care provider, expanding from the UAE capital across the region. For Emiratis, it was the closest they got to a national health service, obviating the need in many cases to travel abroad for medical treatment.
In a corporate sense, NMC is a standard bearer too. Its 2012 listing on the London stock market was a wealth creator for its backers — mainly prominent Emirati investors — who have seen the value of their shares more than triple.
NMC Health has a reasonable claim to be the most successful company to emerge from the UAE on the global stage.
Started by the legendary Indian entrepreneur BR Shetty out of a door-to-door business selling basic medical supplies in the 1970s, NMC gradually became a universal health-care provider, expanding from the UAE capital across the region. For Emiratis, it was the closest they got to a national health service, obviating the need in many cases to travel abroad for medical treatment.
In a corporate sense, NMC is a standard bearer too. Its 2012 listing on the London stock market was a wealth creator for its backers — mainly prominent Emirati investors — who have seen the value of their shares more than triple.
Qatar emerges stronger despite blockade: Canada’s Ambassador - The Peninsula Qatar
Qatar emerges stronger despite blockade: Canada’s Ambassador - The Peninsula Qatar:
Qatar and Canada bilateral trade volume is expected to witness sharp growth in 2018 and beyond as both sides are working very actively to deepen and expand bilateral cooperation in almost all fields, including economics, trade, investment and diplomacy, noted a top Canadian diplomat in Qatar at an event.
Although the bilateral trade volume between Qatar and Canada is modest at C$174m (about QR480m) but there is a huge untapped potential to enhance economic and commercial ties in a variety of sectors. In addition, both sides are also working for exchange of delegations, including high-level political visits between Qatar and Canada.
“There is a renewed interest and enthusiasm on both sides to strengthen economic, commercial and diplomatic ties between Canada and Qatar. We are also working to have exchange of high-level political visits which will help pave the way for expanding cooperation,” said Stefanie McCollum, Canada’s Ambassador to Qatar.
Qatar and Canada bilateral trade volume is expected to witness sharp growth in 2018 and beyond as both sides are working very actively to deepen and expand bilateral cooperation in almost all fields, including economics, trade, investment and diplomacy, noted a top Canadian diplomat in Qatar at an event.
Although the bilateral trade volume between Qatar and Canada is modest at C$174m (about QR480m) but there is a huge untapped potential to enhance economic and commercial ties in a variety of sectors. In addition, both sides are also working for exchange of delegations, including high-level political visits between Qatar and Canada.
“There is a renewed interest and enthusiasm on both sides to strengthen economic, commercial and diplomatic ties between Canada and Qatar. We are also working to have exchange of high-level political visits which will help pave the way for expanding cooperation,” said Stefanie McCollum, Canada’s Ambassador to Qatar.
U.A.E. Long-Term Visa Rules Bypass Most of Country's Residents - Bloomberg
U.A.E. Long-Term Visa Rules Bypass Most of Country's Residents - Bloomberg:
The United Arab Emirates’ plan to grant long-term visas to the country’s largely expatriate population excludes most foreign residents, benefiting only the affluent and people with specialized expertise.
The long-awaited program falls short of many people’s expectations after the Arab world’s second-largest economy said it plans to ease residency rules earlier this year. Foreigners make up close to 90 percent of the U.A.E.’s 9.7 million people, and the policy shift was meant to give expatriates a bigger stake in the economy and foster long-term growth.
Long-term visas of five to 10 years will be limited to wealthy property investors, entrepreneurs and “specialized talents and researchers,” according to a statement on state-run WAM news agency. A minimum investment of 5 million dirhams ($1.4 million) is needed to obtain a five-year visa, and double that amount is necessary for a decade-long visa.
The United Arab Emirates’ plan to grant long-term visas to the country’s largely expatriate population excludes most foreign residents, benefiting only the affluent and people with specialized expertise.
The long-awaited program falls short of many people’s expectations after the Arab world’s second-largest economy said it plans to ease residency rules earlier this year. Foreigners make up close to 90 percent of the U.A.E.’s 9.7 million people, and the policy shift was meant to give expatriates a bigger stake in the economy and foster long-term growth.
Long-term visas of five to 10 years will be limited to wealthy property investors, entrepreneurs and “specialized talents and researchers,” according to a statement on state-run WAM news agency. A minimum investment of 5 million dirhams ($1.4 million) is needed to obtain a five-year visa, and double that amount is necessary for a decade-long visa.
Donald Trump and America Can't Live Without OPEC - Bloomberg
Donald Trump and America Can't Live Without OPEC - Bloomberg: The U.S. Department of Justice is formally reviewing antitrust laws aimed at curbing OPEC’s power over oil markets, raising the prospect of anti-OPEC legislation landing on President Donald Trump’s desk for signature. Tempting as it might be, the long-term cost of ending the group’s influence over prices would far outweigh any quick gains.
Bipartisan anti-OPEC bills have been introduced in both the House and Senate, although neither chamber has voted on them yet. The House Judiciary Committee in June approved the “No Oil Producing and Exporting Cartels Act,” or NOPEC bill. That would amend the Sherman Antitrust Act of 1890 to give the U.S. Attorney General authority to file a suit against OPEC for trying to control oil production or affect crude prices. Previous presidents said they would veto any such legislation. How Trump would react is, as so often, impossible to predict.
His love of cheap gasoline and frequent Twitter rants against OPEC suggest that lawmakers have more of a friend in the White House. But Trump’s equally public support for Saudi Arabia’s embattled Crown Prince Mohammed bin Salman hints that even he may balk at signing into law an act that would damage the kingdom and its young leader-in-waiting and put at risk those arms sales the president is so keen on.
Bipartisan anti-OPEC bills have been introduced in both the House and Senate, although neither chamber has voted on them yet. The House Judiciary Committee in June approved the “No Oil Producing and Exporting Cartels Act,” or NOPEC bill. That would amend the Sherman Antitrust Act of 1890 to give the U.S. Attorney General authority to file a suit against OPEC for trying to control oil production or affect crude prices. Previous presidents said they would veto any such legislation. How Trump would react is, as so often, impossible to predict.
His love of cheap gasoline and frequent Twitter rants against OPEC suggest that lawmakers have more of a friend in the White House. But Trump’s equally public support for Saudi Arabia’s embattled Crown Prince Mohammed bin Salman hints that even he may balk at signing into law an act that would damage the kingdom and its young leader-in-waiting and put at risk those arms sales the president is so keen on.
House Panel to Probe Trump's Financial Ties With Saudi Arabia - Bloomberg
House Panel to Probe Trump's Financial Ties With Saudi Arabia - Bloomberg:
Democrats will probe whether President Donald Trump has financial ties with Saudi Arabia that colored his response to the murder of a U.S.-based journalist, said the top Democrat on the House Intelligence Committee.
“Is his personal financial interest driving U.S. policy in the Gulf?’’ Representative Adam Schiff of California, who’s expected to chair the panel in the new Congress, said on CNN’s “State of the Union” Sunday. “We don’t know, but it would be irresponsible not to find out.’’
Democratic Representative Elijah Cummings of Maryland, in line to lead the House Oversight and Government Reform Committee, also said on NBC’s “Meet the Press” that “it’s definitely something that we need to look into.”
Democrats will probe whether President Donald Trump has financial ties with Saudi Arabia that colored his response to the murder of a U.S.-based journalist, said the top Democrat on the House Intelligence Committee.
“Is his personal financial interest driving U.S. policy in the Gulf?’’ Representative Adam Schiff of California, who’s expected to chair the panel in the new Congress, said on CNN’s “State of the Union” Sunday. “We don’t know, but it would be irresponsible not to find out.’’
Democratic Representative Elijah Cummings of Maryland, in line to lead the House Oversight and Government Reform Committee, also said on NBC’s “Meet the Press” that “it’s definitely something that we need to look into.”
Abu Dhabi's FAB set for asset growth as cost synergies improve | ZAWYA MENA Edition
Abu Dhabi's FAB set for asset growth as cost synergies improve | ZAWYA MENA Edition:
Bahrain-based investment bank SICO has raised its target price on First Abu Dhabi Bank, citing stronger conditions, but maintained its 'Neutral' rating on the stock, arguing that the benefits of the likely improvement in its performance has already been priced into its stock.
A note published on Tuesday by banking analyst Chiradeep Ghose increased SICO's target price on FAB to 15 UAE dirhams ($4.08) per share, up from 12 dirhams previously. The stock closed on Sunday down 8 fils to 14.40 dirhams per share.
Ghose's note stated that the reason for the uplift in its target price is that it expects the bank's balance sheet to continue its recent growth. It anticipates loan book growth of 8 percent for the bank this year, in line with management guidance. It also expects sustainable growth of around 7 percent over the next three years, which is marginally higher than the forecast rate of 5-6 percent for the rest of the United Arab Emirates' banking sector.
Bahrain-based investment bank SICO has raised its target price on First Abu Dhabi Bank, citing stronger conditions, but maintained its 'Neutral' rating on the stock, arguing that the benefits of the likely improvement in its performance has already been priced into its stock.
A note published on Tuesday by banking analyst Chiradeep Ghose increased SICO's target price on FAB to 15 UAE dirhams ($4.08) per share, up from 12 dirhams previously. The stock closed on Sunday down 8 fils to 14.40 dirhams per share.
Ghose's note stated that the reason for the uplift in its target price is that it expects the bank's balance sheet to continue its recent growth. It anticipates loan book growth of 8 percent for the bank this year, in line with management guidance. It also expects sustainable growth of around 7 percent over the next three years, which is marginally higher than the forecast rate of 5-6 percent for the rest of the United Arab Emirates' banking sector.
Trade Bank of Iraq, StanChart, GE close $600 million power finance deal | Reuters
Trade Bank of Iraq, StanChart, GE close $600 million power finance deal | Reuters:
Trade Bank of Iraq, Standard Chartered (STAN.L) and General Electric (GE.N) closed a $600 million financing agreement to fund a power project in Iraq, the trio said on Sunday.
Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s rebuilding and modernization scheme, the parties said in a statement.
The financing agreement is the largest bespoke letter of credit confirmation and discounting transaction of its kind in the region.
Trade Bank of Iraq, Standard Chartered (STAN.L) and General Electric (GE.N) closed a $600 million financing agreement to fund a power project in Iraq, the trio said on Sunday.
Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s rebuilding and modernization scheme, the parties said in a statement.
The financing agreement is the largest bespoke letter of credit confirmation and discounting transaction of its kind in the region.
Saudi Aramco to sign 30 deals worth about $25 billion as part of local content push: executive | Reuters
Saudi Aramco to sign 30 deals worth about $25 billion as part of local content push: executive | Reuters:
Saudi Aramco will sign this week 30 agreements worth about $25 billion with local and foreign companies as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically, an Aramco executive said on Sunday.
The agreements will be signed on the sidelines of Aramco’s In-Kingdom Total Value Add Program (IKTVA), which will take place on Monday and Tuesday.
IKTVA is a plan outlined by the state oil giant a few years ago, aimed at doubling the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.
Saudi Aramco will sign this week 30 agreements worth about $25 billion with local and foreign companies as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically, an Aramco executive said on Sunday.
The agreements will be signed on the sidelines of Aramco’s In-Kingdom Total Value Add Program (IKTVA), which will take place on Monday and Tuesday.
IKTVA is a plan outlined by the state oil giant a few years ago, aimed at doubling the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.
Donald Trump and America Can't Live Without OPEC - Bloomberg
Donald Trump and America Can't Live Without OPEC - Bloomberg:
The U.S. Department of Justice is formally reviewing antitrust laws aimed at curbing OPEC’s power over oil markets, raising the prospect of anti-OPEC legislation landing on President Donald Trump’s desk for signature. Tempting as it might be, the long-term cost of ending the group’s influence over prices would far outweigh any quick gains.
Bipartisan anti-OPEC bills have been introduced in both the House and Senate, although neither chamber has voted on them yet. The House Judiciary Committee in June approved the “No Oil Producing and Exporting Cartels Act,” or NOPEC bill. That would amend the Sherman Antitrust Act of 1890 to give the U.S. Attorney General authority to file a suit against OPEC for trying to control oil production or affect crude prices. Previous presidents said they would veto any such legislation. How Trump would react is, as so often, impossible to predict.
His love of cheap gasoline and frequent Twitter rants against OPEC suggest that lawmakers have more of a friend in the White House. But Trump’s equally public support for Saudi Arabia’s embattled Crown Prince Mohammed bin Salman hints that even he may balk at signing into law an act that would damage the
The U.S. Department of Justice is formally reviewing antitrust laws aimed at curbing OPEC’s power over oil markets, raising the prospect of anti-OPEC legislation landing on President Donald Trump’s desk for signature. Tempting as it might be, the long-term cost of ending the group’s influence over prices would far outweigh any quick gains.
Bipartisan anti-OPEC bills have been introduced in both the House and Senate, although neither chamber has voted on them yet. The House Judiciary Committee in June approved the “No Oil Producing and Exporting Cartels Act,” or NOPEC bill. That would amend the Sherman Antitrust Act of 1890 to give the U.S. Attorney General authority to file a suit against OPEC for trying to control oil production or affect crude prices. Previous presidents said they would veto any such legislation. How Trump would react is, as so often, impossible to predict.
His love of cheap gasoline and frequent Twitter rants against OPEC suggest that lawmakers have more of a friend in the White House. But Trump’s equally public support for Saudi Arabia’s embattled Crown Prince Mohammed bin Salman hints that even he may balk at signing into law an act that would damage the
Saudi Prince’s Protectors Can’t Stop Speculation Over His Fate - Bloomberg
Saudi Prince’s Protectors Can’t Stop Speculation Over His Fate - Bloomberg:
Saudi Crown Prince Mohammed bin Salman has been spending remarkably more time with his father in public since the international condemnation of last month’s murder of a U.S.-based newspaper columnist. They pressed the flesh with Saudis on a tour of conservative heartlands and last week inaugurated a giant industrial park together.
Donald Trump, meanwhile, did his bit to shield the prince. He has repeatedly avoided laying blame for the Oct. 2 killing of Jamal Khashoggi and lauded Saudi Arabia for a sharp drop in oil prices.
With such powerful people in his corner, the conventional wisdom may be that Prince Mohammed will survive the fallout from the brutal dispatching of a critic. Indeed, he headed next door to the United Arab Emirates on Thursday for talks with a key ally and looks increasingly likely to attend the Group of 20 summit in Argentina. But there are still many unknowns, and the fate of the young leader is the talk of the town in Riyadh.
Saudi Crown Prince Mohammed bin Salman has been spending remarkably more time with his father in public since the international condemnation of last month’s murder of a U.S.-based newspaper columnist. They pressed the flesh with Saudis on a tour of conservative heartlands and last week inaugurated a giant industrial park together.
Donald Trump, meanwhile, did his bit to shield the prince. He has repeatedly avoided laying blame for the Oct. 2 killing of Jamal Khashoggi and lauded Saudi Arabia for a sharp drop in oil prices.
With such powerful people in his corner, the conventional wisdom may be that Prince Mohammed will survive the fallout from the brutal dispatching of a critic. Indeed, he headed next door to the United Arab Emirates on Thursday for talks with a key ally and looks increasingly likely to attend the Group of 20 summit in Argentina. But there are still many unknowns, and the fate of the young leader is the talk of the town in Riyadh.
Donald Trump and America Can't Live Without OPEC - Bloomberg
Donald Trump and America Can't Live Without OPEC - Bloomberg:
The U.S. Department of Justice is formally reviewing antitrust laws aimed at curbing OPEC’s power over oil markets, raising the prospect of anti-OPEC legislation landing on President Donald Trump’s desk for signature. Tempting as it might be, the long-term cost of ending the group’s influence over prices would far outweigh any quick gains.
Bipartisan anti-OPEC bills have been introduced in both the House and Senate, although neither chamber has voted on them yet. The House Judiciary Committee in June approved the “No Oil Producing and Exporting Cartels Act,” or NOPEC bill. That would amend the Sherman Antitrust Act of 1890 to give the U.S. Attorney General authority to file a suit against OPEC for trying to control oil production or affect crude prices. Previous presidents said they would veto any such legislation. How Trump would react is, as so often, impossible to predict.
His love of cheap gasoline and frequent Twitter rants against OPEC suggest that lawmakers have more of a friend in the White House. But Trump’s equally public support for Saudi Arabia’s embattled Crown Prince Mohammed bin Salman hints that even he may balk at signing into law an act that would damage the kingdom and its young leader-in-waiting and put at risk those arms sales the president is so keen on.
The U.S. Department of Justice is formally reviewing antitrust laws aimed at curbing OPEC’s power over oil markets, raising the prospect of anti-OPEC legislation landing on President Donald Trump’s desk for signature. Tempting as it might be, the long-term cost of ending the group’s influence over prices would far outweigh any quick gains.
Bipartisan anti-OPEC bills have been introduced in both the House and Senate, although neither chamber has voted on them yet. The House Judiciary Committee in June approved the “No Oil Producing and Exporting Cartels Act,” or NOPEC bill. That would amend the Sherman Antitrust Act of 1890 to give the U.S. Attorney General authority to file a suit against OPEC for trying to control oil production or affect crude prices. Previous presidents said they would veto any such legislation. How Trump would react is, as so often, impossible to predict.
His love of cheap gasoline and frequent Twitter rants against OPEC suggest that lawmakers have more of a friend in the White House. But Trump’s equally public support for Saudi Arabia’s embattled Crown Prince Mohammed bin Salman hints that even he may balk at signing into law an act that would damage the kingdom and its young leader-in-waiting and put at risk those arms sales the president is so keen on.
Dubai Investments expands healthcare portfolio | ZAWYA MENA Edition
Dubai Investments expands healthcare portfolio | ZAWYA MENA Edition:
Dubai Investments announced that it has expanded its healthcare portfolio with a 20 percent stake in an equity partnership in the AED465 million Clemenceau Medical Centre, a new development which will offer specialty care across multiple disciplines in Dubai Healthcare City Phase 2.
The equity partnership with Khansaheb Investments (55%) and CMC SAL (25%) is the latest addition to the Dubai Investments healthcare portfolio, which also includes an equity partnership for a multi-disciplinary hospital and day care clinics in Dubai, operated under the world renowned British teaching hospital, King’s College Hospital London. Construction at the Clemenceau Medical Centre is now 68 percent complete, and the 110-bed specialty care facility is expected to open in June 2019. "Healthcare is one of the core development sectors of the nation, and there are concerted initiatives to strengthen it and bring world-class medical facilities to the region. Through our equity participation in the new Clemenceau Medical Centre in Dubai, we are underpinning our focus on strategic investments in the sector that will contribute to the well-being of the people and improve upon the reputation of the Emirateas a hub for world-class medical care.
Dubai Investments announced that it has expanded its healthcare portfolio with a 20 percent stake in an equity partnership in the AED465 million Clemenceau Medical Centre, a new development which will offer specialty care across multiple disciplines in Dubai Healthcare City Phase 2.
The equity partnership with Khansaheb Investments (55%) and CMC SAL (25%) is the latest addition to the Dubai Investments healthcare portfolio, which also includes an equity partnership for a multi-disciplinary hospital and day care clinics in Dubai, operated under the world renowned British teaching hospital, King’s College Hospital London. Construction at the Clemenceau Medical Centre is now 68 percent complete, and the 110-bed specialty care facility is expected to open in June 2019. "Healthcare is one of the core development sectors of the nation, and there are concerted initiatives to strengthen it and bring world-class medical facilities to the region. Through our equity participation in the new Clemenceau Medical Centre in Dubai, we are underpinning our focus on strategic investments in the sector that will contribute to the well-being of the people and improve upon the reputation of the Emirateas a hub for world-class medical care.
Trade Bank of Iraq, StanChart, GE close $600 million power finance deal | Reuters
Trade Bank of Iraq, StanChart, GE close $600 million power finance deal | Reuters:
Trade Bank of Iraq, Standard Chartered (STAN.L) and General Electric (GE.N) closed a $600 million financing agreement to fund a power project in Iraq, the trio said on Sunday.
Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s rebuilding and modernization scheme, the parties said in a statement.
The financing agreement is the largest bespoke letter of credit confirmation and discounting transaction of its kind in the region.
Trade Bank of Iraq, Standard Chartered (STAN.L) and General Electric (GE.N) closed a $600 million financing agreement to fund a power project in Iraq, the trio said on Sunday.
Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s rebuilding and modernization scheme, the parties said in a statement.
The financing agreement is the largest bespoke letter of credit confirmation and discounting transaction of its kind in the region.
UPDATE 1-Iran says China's CNPC replacing France's Total in gas project | Reuters
UPDATE 1-Iran says China's CNPC replacing France's Total in gas project | Reuters:
China’s state-owned CNPC has replaced France’s Total in Iran’s multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Sunday.
“China’s CNPC has officially replaced Total in phase 11 of South Pars but it has not started work practically. Talks need to be held with CNPC ... about when it will start operations,” Zanganeh told ICANA, without giving further details.
Total, which had a 50.1 percent stake in the project, and CNPC could not immediately be reached for comment.
China’s state-owned CNPC has replaced France’s Total in Iran’s multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Sunday.
“China’s CNPC has officially replaced Total in phase 11 of South Pars but it has not started work practically. Talks need to be held with CNPC ... about when it will start operations,” Zanganeh told ICANA, without giving further details.
Total, which had a 50.1 percent stake in the project, and CNPC could not immediately be reached for comment.
UAE seeks rich, educated foreigners with long-term visa scheme | Reuters
UAE seeks rich, educated foreigners with long-term visa scheme | Reuters:
The United Arab Emirates will offer long-term visas to rich property investors, senior scientists and entrepreneurs in an effort to support its economy and real estate market, which have been hurt by low oil prices.
Until now, visas for foreigners to live in the Arab world’s second biggest economy have generally been valid for only a few years, and have depended on the main visa holder in each family remaining employed. The government said in May it planned to ease that policy.
Detailed rules approved by the cabinet on Saturday offer five-year residency to owners of UAE real estate worth at least 5 million dirhams ($1.4 million), as long as ownership is not based on loans, state news agency WAM reported.
The United Arab Emirates will offer long-term visas to rich property investors, senior scientists and entrepreneurs in an effort to support its economy and real estate market, which have been hurt by low oil prices.
Until now, visas for foreigners to live in the Arab world’s second biggest economy have generally been valid for only a few years, and have depended on the main visa holder in each family remaining employed. The government said in May it planned to ease that policy.
Detailed rules approved by the cabinet on Saturday offer five-year residency to owners of UAE real estate worth at least 5 million dirhams ($1.4 million), as long as ownership is not based on loans, state news agency WAM reported.
UAE lender UNB hires JPMorgan for merger talks: sources | Reuters
UAE lender UNB hires JPMorgan for merger talks: sources | Reuters:
Abu Dhabi lender Union National Bank (UNB) UNB.AD has hired JPMorgan (JPM.N) to advise on its merger talks with Abu Dhabi Commercial Bank (ADCB) ADCB.AD, three sources familiar with the move said.
The merger, which will also involve unlisted Al Hilal Bank, was announced by the banks in September and is the latest consolidation among state-owned companies in the United Arab Emirates’ capital.
If it goes ahead, a merger of the trio could create an entity with about $113 billion in assets, according to Refinitiv data, and the UAE’s third-biggest lender after First Abu Dhabi Bank (FAB) FAB.AD and Emirates NBD ENBD.DU.
Abu Dhabi lender Union National Bank (UNB) UNB.AD has hired JPMorgan (JPM.N) to advise on its merger talks with Abu Dhabi Commercial Bank (ADCB) ADCB.AD, three sources familiar with the move said.
The merger, which will also involve unlisted Al Hilal Bank, was announced by the banks in September and is the latest consolidation among state-owned companies in the United Arab Emirates’ capital.
If it goes ahead, a merger of the trio could create an entity with about $113 billion in assets, according to Refinitiv data, and the UAE’s third-biggest lender after First Abu Dhabi Bank (FAB) FAB.AD and Emirates NBD ENBD.DU.
Weekly Q&A: "The GCC construction sector is showing the first signs of recovery" | ZAWYA MENA Edition
Weekly Q&A: "The GCC construction sector is showing the first signs of recovery" | ZAWYA MENA Edition:
1. What is the general outlook for the real estate sector in the MENA region?
Giving the cyclicality of the sector, currently characterised by an oversupply in most of the countries in the regions, the global picture for the real estate sector has taken a serious hit. Apart from the significant pressure on margins, due to a severe price decline in properties and soaring prices of construction materials, the outlook is less rosier than we had expected following the oil rebound.
Another aspect that the majority of market observers neglect is the collapse of the purchasing power among youth taking their first steps in the world of work and that access to credit is even more problematic (particularly with the tightening of capital requirements). It is a structural problem, where the solutions are not easy to implement.
1. What is the general outlook for the real estate sector in the MENA region?
Giving the cyclicality of the sector, currently characterised by an oversupply in most of the countries in the regions, the global picture for the real estate sector has taken a serious hit. Apart from the significant pressure on margins, due to a severe price decline in properties and soaring prices of construction materials, the outlook is less rosier than we had expected following the oil rebound.
Another aspect that the majority of market observers neglect is the collapse of the purchasing power among youth taking their first steps in the world of work and that access to credit is even more problematic (particularly with the tightening of capital requirements). It is a structural problem, where the solutions are not easy to implement.
Mideast Stocks - Saudi petchems lead Gulf lower on oil price tumble | ZAWYA MENA Edition
Mideast Stocks - Saudi petchems lead Gulf lower on oil price tumble | ZAWYA MENA Edition:
Saudi Arabia's stock market led Gulf bourses lower early on Sunday after oil prices plunged nearly 8 percent at the end of last week because of intensifying fears of a supply glut.
The slide of the Brent oil price from $85 a barrel at the start of October to below $65 has wiped $130 billion or 9 percent of gross domestic product off the Gulf's oil export revenues on an annualised basis, London-based Capital Economics estimated last week.
That may do little direct damage to Gulf economies; fiscal reforms in the last few years mean most governments will remain able to spend more on economic growth next year, and do not face balance of payments crises.
Saudi Arabia's stock market led Gulf bourses lower early on Sunday after oil prices plunged nearly 8 percent at the end of last week because of intensifying fears of a supply glut.
The slide of the Brent oil price from $85 a barrel at the start of October to below $65 has wiped $130 billion or 9 percent of gross domestic product off the Gulf's oil export revenues on an annualised basis, London-based Capital Economics estimated last week.
That may do little direct damage to Gulf economies; fiscal reforms in the last few years mean most governments will remain able to spend more on economic growth next year, and do not face balance of payments crises.
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