Oil prices tumble in midday trade | Financial Times:
Oil prices took an unexpected tumble on Tuesday, giving up their morning gains, as investors weighed the latest flare-up in US-China trade tensions against expectations that Opec and its allies could cut production targets when they meet next week.
Brent crude, which had been up by as much as 1.5 per cent earlier today, dived at around midday in New York to trade down by as much as 2.6 per cent at $58.92 a barrel. It later trimmed that decline to 1.2 per cent.
West Texas Intermediate also suffered a similar sell-off, notching a loss of as much as 2.6 per cent before recovering to trade down 1 per cent at $51.32. At its session high this morning, it had been sitting 1.5 per cent higher.
Tuesday, 27 November 2018
Daman Securities joins Nasdaq Dubai to trade derivatives
Daman Securities joins Nasdaq Dubai to trade derivatives:
Daman Securities has joined Nasdaq Dubai as a member to trade equity derivatives.
The move enables clients of Daman Securities to make gains whether share prices rise or fall, by trading futures on the exchange, the bourse said in a statement.
The addition of Nasdaq Dubai futures trading is a further step in Daman Securities’ growth strategy, which included becoming a member of Nasdaq Dubai’s equity market in March 2017.
Daman Securities has joined Nasdaq Dubai as a member to trade equity derivatives.
The move enables clients of Daman Securities to make gains whether share prices rise or fall, by trading futures on the exchange, the bourse said in a statement.
The addition of Nasdaq Dubai futures trading is a further step in Daman Securities’ growth strategy, which included becoming a member of Nasdaq Dubai’s equity market in March 2017.
Emaar to sell five luxury hotels to Abu Dhabi National Hotels
Emaar to sell five luxury hotels to Abu Dhabi National Hotels:
Emaar Hospitality Group is to sell five of its hotels — including the iconic Address Dubai Mall and Address Boulevard — to Abu Dhabi National Hotels (ADNH), the company said on Tuesday.
The company — which is a subsidiary of the Dubai-listed real estate company Emaar Properties — has signed “definitive” documentation with ADNH, with the deal expected to be finalized this year or in early 2019, according to filings on the Dubai and Abu Dhabi stock exchanges.
Mohamed Alabbar, chairman of Emaar Properties, said in a statement, the sale was part of the company’s efforts to shift toward an “asset-light business model”.
Emaar Hospitality Group is to sell five of its hotels — including the iconic Address Dubai Mall and Address Boulevard — to Abu Dhabi National Hotels (ADNH), the company said on Tuesday.
The company — which is a subsidiary of the Dubai-listed real estate company Emaar Properties — has signed “definitive” documentation with ADNH, with the deal expected to be finalized this year or in early 2019, according to filings on the Dubai and Abu Dhabi stock exchanges.
Mohamed Alabbar, chairman of Emaar Properties, said in a statement, the sale was part of the company’s efforts to shift toward an “asset-light business model”.
#Qatar to open up more sectors for 100% foreign ownership - The Peninsula Qatar
Qatar to open up more sectors for 100% foreign ownership - The Peninsula Qatar:
Qatar is set to further expand its investment ecosystem allowing foreign investors for 100 percent ownership in more sectors.
Opening Qatar-France Business and Investment Forum here yesterday, Yahya bin Saeed Al Nuaimi, Assistant Undersecretary for Commerce Affairs at the Ministry of Commerce and Industry said the country is working towards the issuance of a new investment law that would represent an important step in the journey to attract foreign investors.
The Forum which was organized by the French Embassy in Doha, in partnership with the Ministry of Commerce and Industry, the Qatar Businessmen Association and Qatar Financial Centre (QFC), kicked off yesterday.
Qatar is set to further expand its investment ecosystem allowing foreign investors for 100 percent ownership in more sectors.
Opening Qatar-France Business and Investment Forum here yesterday, Yahya bin Saeed Al Nuaimi, Assistant Undersecretary for Commerce Affairs at the Ministry of Commerce and Industry said the country is working towards the issuance of a new investment law that would represent an important step in the journey to attract foreign investors.
The Forum which was organized by the French Embassy in Doha, in partnership with the Ministry of Commerce and Industry, the Qatar Businessmen Association and Qatar Financial Centre (QFC), kicked off yesterday.
#Qatar trade surplus surges to QR18.99bn year-on-year in October
Qatar trade surplus surges to QR18.99bn year-on-year in October:
Robust surge in the shipments of crude and non-crude helped Qatar more than double its trade surplus year-on-year to QR18.99bn in October 2018, according to official figures.
The country's trade surplus registered a healthy 22.9% increase on monthly basis, said the figures released by the Ministry of Development Planning and Statistics.
In absolute terms, South Korea, Japan, India, China and Singapore were among the largest export markets of Qatar; while imports mainly came from the US, China, the UK, Germany and India in the review period.
Robust surge in the shipments of crude and non-crude helped Qatar more than double its trade surplus year-on-year to QR18.99bn in October 2018, according to official figures.
The country's trade surplus registered a healthy 22.9% increase on monthly basis, said the figures released by the Ministry of Development Planning and Statistics.
In absolute terms, South Korea, Japan, India, China and Singapore were among the largest export markets of Qatar; while imports mainly came from the US, China, the UK, Germany and India in the review period.
Dubai, Abu Dhabi Stocks' Yearly Moves to Diverge for First Time - Bloomberg
Dubai, Abu Dhabi Stocks' Yearly Moves to Diverge for First Time - Bloomberg:
The fates of the two biggest stock gauges in the United Arab Emirates are set to diverge this year for the first time on record.
Abu Dhabi’s ADX General Index has climbed almost 13 percent this year, putting it among the world’s best performers. Headed in the opposite direction, Dubai’s main gauge has slumped 20 percent and is set for its worst annual performance in a decade.
The performance in the U.A.E. capital was boosted mostly by a 40 percent increase of First Abu Dhabi Bank PJSC. The country’s biggest lender obtained a higher weighting in the benchmark MSCI Emerging Markets Index earlier this month, with estimated passive inflows of around $400 million. In Dubai, real estate stocks slumped, pressuring the index the most, amid growing concern of an oversupply in the residential market.
The fates of the two biggest stock gauges in the United Arab Emirates are set to diverge this year for the first time on record.
Abu Dhabi’s ADX General Index has climbed almost 13 percent this year, putting it among the world’s best performers. Headed in the opposite direction, Dubai’s main gauge has slumped 20 percent and is set for its worst annual performance in a decade.
The performance in the U.A.E. capital was boosted mostly by a 40 percent increase of First Abu Dhabi Bank PJSC. The country’s biggest lender obtained a higher weighting in the benchmark MSCI Emerging Markets Index earlier this month, with estimated passive inflows of around $400 million. In Dubai, real estate stocks slumped, pressuring the index the most, amid growing concern of an oversupply in the residential market.
Mobius Says Fear of What Saudis Might Do Next Deters Investors - Bloomberg
Mobius Says Fear of What Saudis Might Do Next Deters Investors - Bloomberg:
Saudi Arabia will find it hard to attract foreign money as the murder of columnist Jamal Khashoggi raises concerns about governance and other political risks, said Mark Mobius, a veteran investor in developing nations.
The 82-year-old, who set up Mobius Capital Partners LLP this year after three decades at Franklin Templeton Investments, said he’s concerned about Saudi Arabia’s governance and commitment to reforms. Foreign investors dumped a record amount of stocks in October as the kingdom insulated Crown Prince Mohammed bin Salman from Khashoggi’s killing in the Saudi consulate in Istanbul.
“If the leadership has questionable governance, how about the companies?” Mobius said in an interview in Dubai. “There are other things going on that are very risky.”
Saudi Arabia will find it hard to attract foreign money as the murder of columnist Jamal Khashoggi raises concerns about governance and other political risks, said Mark Mobius, a veteran investor in developing nations.
The 82-year-old, who set up Mobius Capital Partners LLP this year after three decades at Franklin Templeton Investments, said he’s concerned about Saudi Arabia’s governance and commitment to reforms. Foreign investors dumped a record amount of stocks in October as the kingdom insulated Crown Prince Mohammed bin Salman from Khashoggi’s killing in the Saudi consulate in Istanbul.
“If the leadership has questionable governance, how about the companies?” Mobius said in an interview in Dubai. “There are other things going on that are very risky.”
#Saudi Money Lost Faith in Prince Long Before #Khashoggi's Murder - Bloomberg
Saudi Money Lost Faith in Prince Long Before Khashoggi's Murder - Bloomberg:
The murder of Saudi columnist Jamal Khashoggi last month has soured the world’s politicians on the once-feted Crown Prince Mohammed Bin Salman. Private capital turned against him long before that.
Ever since dozens of royals and business chiefs were detained in November 2017 as part of a declared crackdown on corruption, a growing number of rich Saudis have been trying to move money out of the kingdom or draw up plans to leave, according to interviews with more than 10 people familiar with the matter. They all spoke on condition of anonymity because the issue is sensitive.
Saudis who stayed put are mostly parking their cash instead of increasing investments, adding to the headwinds buffeting the biggest Arab economy. Khashoggi’s killing has only intensified the trends, some of the people said.
The murder of Saudi columnist Jamal Khashoggi last month has soured the world’s politicians on the once-feted Crown Prince Mohammed Bin Salman. Private capital turned against him long before that.
Ever since dozens of royals and business chiefs were detained in November 2017 as part of a declared crackdown on corruption, a growing number of rich Saudis have been trying to move money out of the kingdom or draw up plans to leave, according to interviews with more than 10 people familiar with the matter. They all spoke on condition of anonymity because the issue is sensitive.
Saudis who stayed put are mostly parking their cash instead of increasing investments, adding to the headwinds buffeting the biggest Arab economy. Khashoggi’s killing has only intensified the trends, some of the people said.
Brookfield Is Said to Be in Talks to Invest in Dubai's Meraas - Bloomberg
Brookfield Is Said to Be in Talks to Invest in Dubai's Meraas - Bloomberg:
Brookfield Asset Management Inc. is in early talks for an investment in Dubai property developer Meraas Holding, according to people with knowledge of the matter, in a deal that would signal a vote of confidence in the emirate’s ailing property market.
The Canadian firm is weighing options that would give it control of some retail properties from Meraas, including entering into a joint venture for those developments, the people said, declining to be identified as the deliberations are confidential. Brookfield is considering taking a stake in the state-run conglomerate as part of such a deal, they said. The discussions are in preliminary stages and may not result in an accord, they said.
Representatives for Brookfield and Meraas declined to comment.
Brookfield Asset Management Inc. is in early talks for an investment in Dubai property developer Meraas Holding, according to people with knowledge of the matter, in a deal that would signal a vote of confidence in the emirate’s ailing property market.
The Canadian firm is weighing options that would give it control of some retail properties from Meraas, including entering into a joint venture for those developments, the people said, declining to be identified as the deliberations are confidential. Brookfield is considering taking a stake in the state-run conglomerate as part of such a deal, they said. The discussions are in preliminary stages and may not result in an accord, they said.
Representatives for Brookfield and Meraas declined to comment.
"They've got to get bigger": GCC markets need better governance, more listings- Mobius | ZAWYA MENA Edition
"They've got to get bigger": GCC markets need better governance, more listings- Mobius | ZAWYA MENA Edition:
Renowned emerging markets fund manager Mark Mobius has said that the Gulf region needs both better governance and more sizeable initial public offerings (IPOs) if it is to attractive more investment flows from active money managers into regional markets.
Speaking to Zawya on the sidelines of the Alternative Investment Meeting Summit in Dubai on Monday, Mobius, who left his role as executive chairman of Franklin Templeton late last year to set up Mobius Capital Partners in January, said that for emerging market investors, "the GCC is small".
"They've got to get bigger," he said. "They've got to get more listings, and they've got to (make) big improvements in governance."
Renowned emerging markets fund manager Mark Mobius has said that the Gulf region needs both better governance and more sizeable initial public offerings (IPOs) if it is to attractive more investment flows from active money managers into regional markets.
Speaking to Zawya on the sidelines of the Alternative Investment Meeting Summit in Dubai on Monday, Mobius, who left his role as executive chairman of Franklin Templeton late last year to set up Mobius Capital Partners in January, said that for emerging market investors, "the GCC is small".
"They've got to get bigger," he said. "They've got to get more listings, and they've got to (make) big improvements in governance."
Dubai Aerospace authorised to buy back $300 mln in bonds | Reuters
Dubai Aerospace authorised to buy back $300 mln in bonds | Reuters:
State-controlled Dubai Aerospace Enterprise (DAE) said on Tuesday its board and shareholders had authorised the repurchase of an additional $300 million of its bonds through open market transactions.
“The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory,” DAE Chief Executive Firoz Tarapore said in a statement.
DAE said it had already bought back $295 million of principal amount of its public bonds under a previous limit of $300 million.
State-controlled Dubai Aerospace Enterprise (DAE) said on Tuesday its board and shareholders had authorised the repurchase of an additional $300 million of its bonds through open market transactions.
“The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory,” DAE Chief Executive Firoz Tarapore said in a statement.
DAE said it had already bought back $295 million of principal amount of its public bonds under a previous limit of $300 million.
Saudi Aramco aims to become gas exporter with $150 billion investment drive | Reuters
Saudi Aramco aims to become gas exporter with $150 billion investment drive | Reuters:
Saudi Aramco’s gas expansion strategy needs $150 billion worth of investments over the next decade as the company plans to increase output and become an exporter, its chief executive said on Tuesday.
Aramco is pushing ahead with its conventional and unconventional gas exploration and production program to feed its fast growing industries, freeing up more crude oil to export or turn into chemicals.
The state oil giant plans to boost its gas production to 23 billion standard cubic feet (scf) a day from 14 billion scf now, its CEO Amin Nasser told a chemicals industry event in Dubai.
Saudi Aramco’s gas expansion strategy needs $150 billion worth of investments over the next decade as the company plans to increase output and become an exporter, its chief executive said on Tuesday.
Aramco is pushing ahead with its conventional and unconventional gas exploration and production program to feed its fast growing industries, freeing up more crude oil to export or turn into chemicals.
The state oil giant plans to boost its gas production to 23 billion standard cubic feet (scf) a day from 14 billion scf now, its CEO Amin Nasser told a chemicals industry event in Dubai.
#Saudi's Almarai delays debut dollar bond on #Khashoggi fallout - sources | Reuters
Saudi's Almarai delays debut dollar bond on Khashoggi fallout - sources | Reuters:
Saudi Arabian dairy company Almarai has postponed a sale of international Islamic bonds because it faced having to pay a higher interest rate after the murder of Saudi journalist Jamal Khashoggi, banking sources familiar with the matter said.
The Gulf’s biggest dairy company had hired banks to arrange the issue, but the deal, which would have marked Almarai’s debut in international debt markets, has been delayed to next year, the sources said.
Almarai did not respond to a request for comment.
Saudi Arabian dairy company Almarai has postponed a sale of international Islamic bonds because it faced having to pay a higher interest rate after the murder of Saudi journalist Jamal Khashoggi, banking sources familiar with the matter said.
The Gulf’s biggest dairy company had hired banks to arrange the issue, but the deal, which would have marked Almarai’s debut in international debt markets, has been delayed to next year, the sources said.
Almarai did not respond to a request for comment.
DBS to almost double staff, triple revenue of Mideast private banking | Reuters
DBS to almost double staff, triple revenue of Mideast private banking | Reuters:
DBS (DBSM.SI), Southeast Asia’s largest bank, said it would almost double its Dubai private banking staff in its bid to triple revenue for those operations in the Middle East by 2023, capitalizing on a shift of investments towards Asia.
The Singapore bank is joining Citibank (C.N) and other global lenders expanding wealth management operations in the region. The prospective client base includes wealthy Middle East business people, family offices and non-resident Indians.
DBS said it planned to double headcount for its private bank in Dubai by 2023 from about 11 now to about 20.
DBS (DBSM.SI), Southeast Asia’s largest bank, said it would almost double its Dubai private banking staff in its bid to triple revenue for those operations in the Middle East by 2023, capitalizing on a shift of investments towards Asia.
The Singapore bank is joining Citibank (C.N) and other global lenders expanding wealth management operations in the region. The prospective client base includes wealthy Middle East business people, family offices and non-resident Indians.
DBS said it planned to double headcount for its private bank in Dubai by 2023 from about 11 now to about 20.
Column: Oil prices steady as funds near end of liquidation - Kemp | Reuters
Column: Oil prices steady as funds near end of liquidation - Kemp | Reuters:
Hedge fund managers continued to exit from their former bullish positions in crude oil and fuels last week but the worst of the selling may be over, which has helped steady futures prices.
Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by another 54 million barrels in the week to Nov. 20.
Portfolio managers have slashed their combined net long position by a total of 607 million barrels over the last eight weeks, the largest reduction over a comparable period since at least 2013, when the current data series began, and very likely the largest ever.
Hedge fund managers continued to exit from their former bullish positions in crude oil and fuels last week but the worst of the selling may be over, which has helped steady futures prices.
Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by another 54 million barrels in the week to Nov. 20.
Portfolio managers have slashed their combined net long position by a total of 607 million barrels over the last eight weeks, the largest reduction over a comparable period since at least 2013, when the current data series began, and very likely the largest ever.
UAE’s rail project back on track with financing sealed | Reuters
UAE’s rail project back on track with financing sealed | Reuters:
Etihad Rail, the developer and operator of the United Arab Emirates’ national rail network, said on Tuesday the government has agreed financing for phase two of the project which was put on hold in 2016.
The financing deal signals that the project is back on track after delays partly due to bureaucracy, technical difficulties and financing issues as the government slowed spending due to low oil prices.
State-owned Etihad Rail had suspended the tendering process for phase two of the project in 2016, saying it was reviewing options for the timing and delivery.
Etihad Rail, the developer and operator of the United Arab Emirates’ national rail network, said on Tuesday the government has agreed financing for phase two of the project which was put on hold in 2016.
The financing deal signals that the project is back on track after delays partly due to bureaucracy, technical difficulties and financing issues as the government slowed spending due to low oil prices.
State-owned Etihad Rail had suspended the tendering process for phase two of the project in 2016, saying it was reviewing options for the timing and delivery.
Oil prices fall more than 1 percent ahead of G20, OPEC meeting | Reuters
Oil prices fall more than 1 percent ahead of G20, OPEC meeting | Reuters:
Oil prices fell more than 1 percent on Tuesday, in conjunction with sagging stock markets after U.S. President Donald Trump threatened more tariffs on Chinese imports ahead of the coming G20 summit.
Brent crude LCOc1 futures fell $1.00 to $59.48 a barrel, a 1.7 percent loss, 12:53 p.m. EST (1753 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 84 cents to $50.79 a barrel, a 1.6 percent loss.
Prices fell to their lowest since October 2017 last week - Brent at $58.41 and WTI at $50.15.
Oil prices fell more than 1 percent on Tuesday, in conjunction with sagging stock markets after U.S. President Donald Trump threatened more tariffs on Chinese imports ahead of the coming G20 summit.
Brent crude LCOc1 futures fell $1.00 to $59.48 a barrel, a 1.7 percent loss, 12:53 p.m. EST (1753 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 84 cents to $50.79 a barrel, a 1.6 percent loss.
Prices fell to their lowest since October 2017 last week - Brent at $58.41 and WTI at $50.15.
MIDEAST STOCKS-Real estate weighs on #Dubai, Egypt ends losing streak | Reuters
MIDEAST STOCKS-Real estate weighs on Dubai, Egypt ends losing streak | Reuters:
Dubai’s stock market tumbled to a 34-month low on Tuesday as real estate shares continued to slide, while Egyptian blue chips rebounded after five straight sessions of losses.
The Dubai index fell 1.0 percent to 2,700 points, its lowest level since January 2016; it slipped below technical support on the October low of 2,707 points. Emaar Properties shed 3.2 percent after a unit agreed to sell five hotels in Dubai to Abu Dhabi National Hotels for an undisclosed amount.
Union Properties lost 3.4 percent, though another major property firm, DAMAC, added 1.0 percent. Dubai’s largest bank, Emirates NBD, lost 2.2 percent.
Dubai’s stock market tumbled to a 34-month low on Tuesday as real estate shares continued to slide, while Egyptian blue chips rebounded after five straight sessions of losses.
The Dubai index fell 1.0 percent to 2,700 points, its lowest level since January 2016; it slipped below technical support on the October low of 2,707 points. Emaar Properties shed 3.2 percent after a unit agreed to sell five hotels in Dubai to Abu Dhabi National Hotels for an undisclosed amount.
Union Properties lost 3.4 percent, though another major property firm, DAMAC, added 1.0 percent. Dubai’s largest bank, Emirates NBD, lost 2.2 percent.
Mideast Stocks: Dubai falls for fourth day, banks aid Saudi | ZAWYA MENA Edition
Mideast Stocks: Dubai falls for fourth day, banks aid Saudi | ZAWYA MENA Edition:
The Dubai stock market fell for a fourth straight session to a 34-month low on Tuesday morning as real estate shares continued to slide, while Saudi Arabia inched up on support from recovering bank stocks.
In Dubai, the index fell 1.0 percent to 2,699 points, its lowest level since January 2016. Emaar Properties shed 1.9 percent after a unit agreed to sell five hospitality assets in Dubai for an undisclosed amount to Abu Dhabi National Hotels , which did not trade.
Emirates NBD , Dubai's largest bank, lost 2.2 percent.
The Dubai stock market fell for a fourth straight session to a 34-month low on Tuesday morning as real estate shares continued to slide, while Saudi Arabia inched up on support from recovering bank stocks.
In Dubai, the index fell 1.0 percent to 2,699 points, its lowest level since January 2016. Emaar Properties shed 1.9 percent after a unit agreed to sell five hospitality assets in Dubai for an undisclosed amount to Abu Dhabi National Hotels , which did not trade.
Emirates NBD , Dubai's largest bank, lost 2.2 percent.
Low oil prices may not be good for global growth, says Abu Dhabi sovereign wealth fund research head | ZAWYA MENA Edition
Low oil prices may not be good for global growth, says Abu Dhabi sovereign wealth fund research head | ZAWYA MENA Edition:
The typical assumption that low oil prices are good for the global economy can no longer be held to be true, especially in the United States, according to Abu Dhabi Investment Authority's head of research.
In an opening address at the Alternative Investment Management Summit in Dubai on Monday, Christof Ruhl, head of global research for the world's third-biggest sovereign wealth fund, said that the shale revolution which has taken place over the past five years in the U.S. "alters the equation in a time-honoured way" between growth and oil.
He said that, traditionally, economists have said that a $10 decline in the price of oil equates to a 0.2 percent boost in global economic growth. "That relationship seems to have disappeared," he said, stating that in the U.S., at least, higher oil prices now equate to higher trade levels and higher investment. "The old thing that higher oil prices hurt consumption and vice versa is disappearing, as the U.S. consumer benefits from higher prices in some parts of the country and suffers from them in other parts.
The typical assumption that low oil prices are good for the global economy can no longer be held to be true, especially in the United States, according to Abu Dhabi Investment Authority's head of research.
In an opening address at the Alternative Investment Management Summit in Dubai on Monday, Christof Ruhl, head of global research for the world's third-biggest sovereign wealth fund, said that the shale revolution which has taken place over the past five years in the U.S. "alters the equation in a time-honoured way" between growth and oil.
He said that, traditionally, economists have said that a $10 decline in the price of oil equates to a 0.2 percent boost in global economic growth. "That relationship seems to have disappeared," he said, stating that in the U.S., at least, higher oil prices now equate to higher trade levels and higher investment. "The old thing that higher oil prices hurt consumption and vice versa is disappearing, as the U.S. consumer benefits from higher prices in some parts of the country and suffers from them in other parts.
Dubai's Emaar picks Standard Chartered to advise on sale of hotel assets | ZAWYA MENA Edition
Dubai's Emaar picks Standard Chartered to advise on sale of hotel assets | ZAWYA MENA Edition:
Standard Chartered has been appointed as financial adviser by Dubai's Emaar Properties on the sale of its hotel assets, the British lender said on Tuesday.
Emaar said in a separate statement on Tuesday that it plans to sell to Abu Dhabi National Hotels its interest in five hospitality assets in Dubai and that the transaction is expected to close at the beginning of next year at the latest.
The deal "helps achieve strategic priorities and unlocks shareholder value for both Emaar and ADNH," Rola Abu Manneh, chief executive officer of Standard Chartered Bank UAE said in a statement.
Standard Chartered has been appointed as financial adviser by Dubai's Emaar Properties on the sale of its hotel assets, the British lender said on Tuesday.
Emaar said in a separate statement on Tuesday that it plans to sell to Abu Dhabi National Hotels its interest in five hospitality assets in Dubai and that the transaction is expected to close at the beginning of next year at the latest.
The deal "helps achieve strategic priorities and unlocks shareholder value for both Emaar and ADNH," Rola Abu Manneh, chief executive officer of Standard Chartered Bank UAE said in a statement.
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