S&P: Abu Dhabi economic growth set for ‘steady’ rise:
There is a stable outlook for Abu Dhabi’s economy, with growth set to “steadily recover” to hit 3 percent in 2021, according to an S&P Global Ratings report.
The ratings agency affirmed its “AA/A-1+” sovereign credit rating for the emirate, saying that the government’s net asset position will “shield it against almost all possible external shocks.”
“The stable outlook on Abu Dhabi reflects our expectation that economic growth will steadily recover and that the country’s fiscal position will remain strong over the next two years, although structural and institutional weaknesses will likely persist,” S&P said.
Sunday 2 December 2018
Qamco shares to trade on QSE from December 10 - The Peninsula Qatar
Qamco shares to trade on QSE from December 10 - The Peninsula Qatar:
The shares of newly-established Qatar Aluminium Manufacturing Company (Qamco) are expected to begin trading on the Qatar Stock Exchange (QSE) from December 10, 2018, a source close to the company said on the sidelines of the Qamco’s first general assembly meeting yesterday.
The AGM was held after the successful completion of the initial public offering (IPO) process recently, which was oversubscribed.
In yesterday’s general assembly, the board received nod for all the items on the agenda of the meeting, including approval for the Memorandum of Association and Articles of Association to constitute the Company.
The shares of newly-established Qatar Aluminium Manufacturing Company (Qamco) are expected to begin trading on the Qatar Stock Exchange (QSE) from December 10, 2018, a source close to the company said on the sidelines of the Qamco’s first general assembly meeting yesterday.
The AGM was held after the successful completion of the initial public offering (IPO) process recently, which was oversubscribed.
In yesterday’s general assembly, the board received nod for all the items on the agenda of the meeting, including approval for the Memorandum of Association and Articles of Association to constitute the Company.
Doha Bank selected in ‘FTSE4Good Emerging Index’
Doha Bank selected in ‘FTSE4Good Emerging Index’:
Doha Bank has been selected in the ‘FTSE4Good Emerging Index’, reflecting the lender’s continued leadership in environmental, social and governance (ESG) performance.
The bank was rated above the threshold for companies in emerging markets, as well as that of developed markets, by FTSE Russell. It was selected amongst 134 financial services companies from emerging markets, including China, Brazil, South Africa and the Gulf Cooperation Council (GCC).
The Emerging Index comprises companies selected through an assessment of more than 300 data points that include: environmental pillar: climate change action, environmental footprint, and environmental supply chain; social pillar: community initiatives, human rights and labour practices; and governance pillar: corporate governance, customer responsibility, risk management and tax transparency.
Doha Bank has been selected in the ‘FTSE4Good Emerging Index’, reflecting the lender’s continued leadership in environmental, social and governance (ESG) performance.
The bank was rated above the threshold for companies in emerging markets, as well as that of developed markets, by FTSE Russell. It was selected amongst 134 financial services companies from emerging markets, including China, Brazil, South Africa and the Gulf Cooperation Council (GCC).
The Emerging Index comprises companies selected through an assessment of more than 300 data points that include: environmental pillar: climate change action, environmental footprint, and environmental supply chain; social pillar: community initiatives, human rights and labour practices; and governance pillar: corporate governance, customer responsibility, risk management and tax transparency.
QCB ‘continuously strengthens’ regulatory, supervisory systems to ensure financial resilience
QCB ‘continuously strengthens’ regulatory, supervisory systems to ensure financial resilience:
The Qatar Central Bank has been “continuously strengthening” the regulatory and supervisory systems to ensure that the “financial system remains resilient” enough to address global financial risks and unforeseen challenges, said HE the QCB Governor Sheikh Abdullah bin Saoud al-Thani.
Moreover, he said “frequent and various stress tests” are undertaken to assess the ability of the banking sector to withstand various stress scenarios.
“Our monetary policy stance though largely responds to the policy rate moves of the US Federal Reserve, gives due considerations to evolving domestic economic conditions and tries to ensure enough systemic liquidity that is consistent with the real economy,” Sheikh Abdullah said in the context of the upcoming Euromoney Qatar Conference in Doha on December 9 and 10.
The Qatar Central Bank has been “continuously strengthening” the regulatory and supervisory systems to ensure that the “financial system remains resilient” enough to address global financial risks and unforeseen challenges, said HE the QCB Governor Sheikh Abdullah bin Saoud al-Thani.
Moreover, he said “frequent and various stress tests” are undertaken to assess the ability of the banking sector to withstand various stress scenarios.
“Our monetary policy stance though largely responds to the policy rate moves of the US Federal Reserve, gives due considerations to evolving domestic economic conditions and tries to ensure enough systemic liquidity that is consistent with the real economy,” Sheikh Abdullah said in the context of the upcoming Euromoney Qatar Conference in Doha on December 9 and 10.
Saudi’s Tadawul Leads Gauges in Middle East Markets: Inside EM - Bloomberg
Saudi’s Tadawul Leads Gauges in Middle East Markets: Inside EM - Bloomberg:
The Tadawul All Share Index rose as much as 2 percent, leading gains in Middle East equity gauges, following upbeat third-quarter earnings and deal announcements.
“All recent deals and corporate announcements are positive, so there are expectations for foreign portfolio flows into the country, which could happen starting early next year,” said Muhammad Faisal Potrik, head of research at Riyad Capital. "News and sentiment is expected to be positive until year-end or early next year."
Saudi Company For Hardware, Yanbu National Petrochemical Company and Mouwasat Medical Services Company were among top gainers, rising at least 3.5 percent.
The Tadawul All Share Index rose as much as 2 percent, leading gains in Middle East equity gauges, following upbeat third-quarter earnings and deal announcements.
“All recent deals and corporate announcements are positive, so there are expectations for foreign portfolio flows into the country, which could happen starting early next year,” said Muhammad Faisal Potrik, head of research at Riyad Capital. "News and sentiment is expected to be positive until year-end or early next year."
Saudi Company For Hardware, Yanbu National Petrochemical Company and Mouwasat Medical Services Company were among top gainers, rising at least 3.5 percent.
Putin Says Russia, Saudi Arabia Will Extend OPEC+ Oil Pact - Bloomberg
Putin Says Russia, Saudi Arabia Will Extend OPEC+ Oil Pact - Bloomberg:
Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts.
Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown Prince Mohammed bin Salman. The comments open the door for a deal at the OPEC meeting next week in Vienna. OPEC delegates said the leaders have given their political blessing for an agreement, but plenty of work is left, including on the size of any potential output cut.
“There is no final decision on volumes, but together with Saudi Arabia we will do it,” Putin told reporters about extending the agreement in Buenos Aires. “And whatever number there will be based on this joint decision, we agreed that we will monitor the market situation and react to it quickly.”
Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts.
Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown Prince Mohammed bin Salman. The comments open the door for a deal at the OPEC meeting next week in Vienna. OPEC delegates said the leaders have given their political blessing for an agreement, but plenty of work is left, including on the size of any potential output cut.
“There is no final decision on volumes, but together with Saudi Arabia we will do it,” Putin told reporters about extending the agreement in Buenos Aires. “And whatever number there will be based on this joint decision, we agreed that we will monitor the market situation and react to it quickly.”
MIDEAST STOCKS-Saudi hits one-month high; Global Telecom drags Egypt down | Reuters
MIDEAST STOCKS-Saudi hits one-month high; Global Telecom drags Egypt down | Reuters:
Saudi Arabia’s stock market closed on Sunday at its highest level since early November amid solid gains by a number of blue chips, while Egypt’s bourse closed in negative territory, dragged down by Global Telecom’s huge losses.
United Arab Emirates markets were closed for a public holiday while other Gulf markets were mixed in lacklustre trade.
The Saudi index jumped 1.8 percent, recording its highest level since Nov. 4 as Al Rajhi Bank rose 2.5 percent, and petrochemical giant SABIC added 2.2 percent.
Saudi Arabia’s stock market closed on Sunday at its highest level since early November amid solid gains by a number of blue chips, while Egypt’s bourse closed in negative territory, dragged down by Global Telecom’s huge losses.
United Arab Emirates markets were closed for a public holiday while other Gulf markets were mixed in lacklustre trade.
The Saudi index jumped 1.8 percent, recording its highest level since Nov. 4 as Al Rajhi Bank rose 2.5 percent, and petrochemical giant SABIC added 2.2 percent.
UAE markets: Bears show who’s boss, and it’s not positive for stock prices
UAE markets: Bears show who’s boss, and it’s not positive for stock prices:
Last week the Dubai Financial Market General Index (DFMGI) fell the hardest in 15 weeks. The index was down 86.25 or 3.13 per cent to end at 2,668.66. Most of the listings participated in the sell-off as there were only three positive issues against 31 declining. Meanwhile, volume increased to a six-week high.
Given last week’s bearish performance, there are a number of developments that increase the chance for a continuation of the long-term decline in the index. The outlook for the DFMGI has turned decidedly bearish as the bulls failed to hold support following a bullish breakout of a descending wedge that triggered four weeks ago.
As of last week the breakout has clearly failed and subsequently triggered a bearish signal as the month of November ends at a new trend low, the low for the month, and the lowest monthly closing price since the long-term swing low in January 2016 at 2,590.72. That low is now at serious risk of being broken to the downside as we are less than 3.0 per cent away. So far, the index has corrected by 28.6 per cent from the peak of 3,738.69 in February 2017.
Last week the Dubai Financial Market General Index (DFMGI) fell the hardest in 15 weeks. The index was down 86.25 or 3.13 per cent to end at 2,668.66. Most of the listings participated in the sell-off as there were only three positive issues against 31 declining. Meanwhile, volume increased to a six-week high.
Given last week’s bearish performance, there are a number of developments that increase the chance for a continuation of the long-term decline in the index. The outlook for the DFMGI has turned decidedly bearish as the bulls failed to hold support following a bullish breakout of a descending wedge that triggered four weeks ago.
As of last week the breakout has clearly failed and subsequently triggered a bearish signal as the month of November ends at a new trend low, the low for the month, and the lowest monthly closing price since the long-term swing low in January 2016 at 2,590.72. That low is now at serious risk of being broken to the downside as we are less than 3.0 per cent away. So far, the index has corrected by 28.6 per cent from the peak of 3,738.69 in February 2017.
Putin Says Russia and Saudi Arabia to Extend OPEC+ Oil Pact - Bloomberg
Putin Says Russia and Saudi Arabia to Extend OPEC+ Oil Pact - Bloomberg:
Russia and Saudi Arabia agreed to extend into 2019 their agreement to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to agree on any fresh output cuts.
Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown Prince Mohammed bin Salman. The comments open the door for a deal at the OPEC meeting next week in Vienna. OPEC delegates said the leaders have given their political blessing for an agreement, but plenty of work is left, including on the size of any potential output cut.
“There is no final decision on volumes, but together with Saudi Arabia we will do it,” Putin told reporters about extending the agreement in Buenos Aires. “And whatever number there will be based on this joint decision, we agreed that we will monitor the market situation and react to it quickly.”
Russia and Saudi Arabia agreed to extend into 2019 their agreement to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to agree on any fresh output cuts.
Russian President Vladimir Putin announced the extension after a meeting Saturday on the sidelines of the Group of 20 with Saudi Arabian Crown Prince Mohammed bin Salman. The comments open the door for a deal at the OPEC meeting next week in Vienna. OPEC delegates said the leaders have given their political blessing for an agreement, but plenty of work is left, including on the size of any potential output cut.
“There is no final decision on volumes, but together with Saudi Arabia we will do it,” Putin told reporters about extending the agreement in Buenos Aires. “And whatever number there will be based on this joint decision, we agreed that we will monitor the market situation and react to it quickly.”
StanChart Said to Cut Dubai, Singapore Jobs Amid Cost Reductions - Bloomberg
StanChart Said to Cut Dubai, Singapore Jobs Amid Cost Reductions - Bloomberg:
Standard Chartered Plc is cutting jobs in Dubai and key markets including Singapore as it looks to curb expenses, people familiar with the matter said.
Some senior roles are included in the cuts, the people said, asking not to be identified because the emerging-markets lender’s strategy isn’t yet public. As many as 100 positions may be impacted in Dubai although the number hasn’t been finalized, two of the people said.
The eliminations also include leadership at the firm’s priority banking operations, which offer personalized wealth-management services, one of the people said. The staff reduction is coming as Standard Chartered Chief Executive Officer Bill Winters is looking for ways to reignite growth. The bank is weighing a plan to simplify its structure, reduce funding expenses and free up liquidity, people familiar with the matter said earlier this week.
Standard Chartered Plc is cutting jobs in Dubai and key markets including Singapore as it looks to curb expenses, people familiar with the matter said.
Some senior roles are included in the cuts, the people said, asking not to be identified because the emerging-markets lender’s strategy isn’t yet public. As many as 100 positions may be impacted in Dubai although the number hasn’t been finalized, two of the people said.
The eliminations also include leadership at the firm’s priority banking operations, which offer personalized wealth-management services, one of the people said. The staff reduction is coming as Standard Chartered Chief Executive Officer Bill Winters is looking for ways to reignite growth. The bank is weighing a plan to simplify its structure, reduce funding expenses and free up liquidity, people familiar with the matter said earlier this week.
Saudi Prince Finds Both Friends and Disapproval at G-20 Summit - Bloomberg
Saudi Prince Finds Both Friends and Disapproval at G-20 Summit - Bloomberg:
Saudi Arabian leaders are usually low-key attendees of international summits, leaving the public showboating to others.
This time the spotlight was unavoidable for Crown Prince Mohammed bin Salman. After spending two days hunkered in the Saudi residence in a posh neighborhood in the Argentinian capital, he emerged to join other Group of 20 leaders.
Courted just months ago by Western politicians and business elite for the economic and social reforms he promoted for the conservative kingdom, the young prince is now the focus of unwanted attention over the brutal murder of columnist Jamal Khashoggi in the Saudi consulate in Istanbul.
Saudi Arabian leaders are usually low-key attendees of international summits, leaving the public showboating to others.
This time the spotlight was unavoidable for Crown Prince Mohammed bin Salman. After spending two days hunkered in the Saudi residence in a posh neighborhood in the Argentinian capital, he emerged to join other Group of 20 leaders.
Courted just months ago by Western politicians and business elite for the economic and social reforms he promoted for the conservative kingdom, the young prince is now the focus of unwanted attention over the brutal murder of columnist Jamal Khashoggi in the Saudi consulate in Istanbul.
Russian oil production down from post-Soviet high in November | Reuters
Russian oil production down from post-Soviet high in November | Reuters:
Russian oil output stood at 11.37 million barrels per day (bpd) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Sunday.
In tonnes, oil output reached 46.532 million versus 48.262 million in October. Reuters uses a tonne/barrel conversion ratio of 7.33.
The fall in Russian output mirrored a drop in production from the Organization of the Petroleum Exporting Countries (OPEC), which according to a Reuters survey fell in November from a two-year high.
Russian oil output stood at 11.37 million barrels per day (bpd) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Sunday.
In tonnes, oil output reached 46.532 million versus 48.262 million in October. Reuters uses a tonne/barrel conversion ratio of 7.33.
The fall in Russian output mirrored a drop in production from the Organization of the Petroleum Exporting Countries (OPEC), which according to a Reuters survey fell in November from a two-year high.
Emirates partnership with easyJet set to strengthen company's European network | ZAWYA MENA Edition
Emirates partnership with easyJet set to strengthen company's European network | ZAWYA MENA Edition:
Emirates has long eschewed the formal alliances favored by the likes of British Airways, instead agreeing codeshare partnerships with 21 airlines, including several budget carriers such as US-based JetBlue Airways and Australia’s Jetstar Airways.
Last year, it began a complex partnership with FlyDubai, which is also wholly owned by Dubai’s government, in which the duo will codeshare, integrate their networks and deliver “fleet synergies.” The easyJet tie-up, although initially restricted to flights in and out of London Gatwick, could bring significant benefits; easyJet customers can now make a single booking for its flights to Britain’s No. 2 airport that includes a connecting Emirates flight to Dubai. The same is available in reverse.
The agreement will be expanded to other destinations, the companies said in a joint statement — easyJet’s fleet of 308 aircraft flies to 159 airports in 34 countries. Emirates, meanwhile, flies to 150 destinations worldwide and has about 130 non-stop flights from Britain to Dubai per week, including three daily from Gatwick.
Emirates has long eschewed the formal alliances favored by the likes of British Airways, instead agreeing codeshare partnerships with 21 airlines, including several budget carriers such as US-based JetBlue Airways and Australia’s Jetstar Airways.
Last year, it began a complex partnership with FlyDubai, which is also wholly owned by Dubai’s government, in which the duo will codeshare, integrate their networks and deliver “fleet synergies.” The easyJet tie-up, although initially restricted to flights in and out of London Gatwick, could bring significant benefits; easyJet customers can now make a single booking for its flights to Britain’s No. 2 airport that includes a connecting Emirates flight to Dubai. The same is available in reverse.
The agreement will be expanded to other destinations, the companies said in a joint statement — easyJet’s fleet of 308 aircraft flies to 159 airports in 34 countries. Emirates, meanwhile, flies to 150 destinations worldwide and has about 130 non-stop flights from Britain to Dubai per week, including three daily from Gatwick.
MSCI emerging-markets status inclusion of Saudi Arabia to attract $40bln FDI to country’s capital market | ZAWYA MENA Edition
MSCI emerging-markets status inclusion of Saudi Arabia to attract $40bln FDI to country’s capital market | ZAWYA MENA Edition:
Post-oil Saudi Arabia successfully launched economic reforms that gained massive attention of global investor confidence. Opening of Saudi Arabia is a milestone for the Kingdom’s economy, which brought a strategic $90.29 billion investment and trade ties between Britain and Saudi Arabia implanted in coming years. Bilateral ties will have positive repercussions on the UAE and GCC market.
Salah Shamma, Head of Investment, MENA Equity, Franklin Templeton UAE, said: “MSCI emerging-markets status inclusion of Saudi expected to attract $40 billion FDI to kingdom’s capital market, which is larger than some of the bigger emerging markets such as Russia and has strongly positive impact on UAE and other GCC market economies. 2.6% of MSCI Benchmark Index for the kingdom is a game-changer.”
“The recent upgradation of Saudi equity markets by the MSCI to its group of emerging markets will help the country attract billions of dollars into MENA’s biggest stock exchange, which has a market capitalization of $500 billion. Despite risks, the country has already received the attention of the global investor community and following further reforms, we expect the Kingdom’s economy to attract a large pool of investment and talent pool to spearhead the execution of large-scale projects. These developments offer greater opportunities for the global investor community – who are already taking note of the changes and have already started to shift their investments in to the GCC,” said William Mullally.
Post-oil Saudi Arabia successfully launched economic reforms that gained massive attention of global investor confidence. Opening of Saudi Arabia is a milestone for the Kingdom’s economy, which brought a strategic $90.29 billion investment and trade ties between Britain and Saudi Arabia implanted in coming years. Bilateral ties will have positive repercussions on the UAE and GCC market.
Salah Shamma, Head of Investment, MENA Equity, Franklin Templeton UAE, said: “MSCI emerging-markets status inclusion of Saudi expected to attract $40 billion FDI to kingdom’s capital market, which is larger than some of the bigger emerging markets such as Russia and has strongly positive impact on UAE and other GCC market economies. 2.6% of MSCI Benchmark Index for the kingdom is a game-changer.”
“The recent upgradation of Saudi equity markets by the MSCI to its group of emerging markets will help the country attract billions of dollars into MENA’s biggest stock exchange, which has a market capitalization of $500 billion. Despite risks, the country has already received the attention of the global investor community and following further reforms, we expect the Kingdom’s economy to attract a large pool of investment and talent pool to spearhead the execution of large-scale projects. These developments offer greater opportunities for the global investor community – who are already taking note of the changes and have already started to shift their investments in to the GCC,” said William Mullally.
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