Union Properties approves share buy-back amid restructuring - The National:
Shareholders of Union Properties, the Dubai real estate developer restructuring to narrow losses incurred during the oil-price slump, approved plans to buy-back up to 10 per cent of its shares for the purpose of reselling it, the company said in a bourse filing on Sunday.
The buy-back is intended to help the company shore up its finances as it continues to reorganise its business.
The company’s third-quarter net loss widened to Dh61.8 million, from a Dh44.1m loss recorded in the year-earlier period, as direct costs, administrative and finance charges rose, it said in a bourse filing in November.
Sunday, 30 December 2018
The #Abraaj saga is far from over and questions need answering in 2019 - The National
The Abraaj saga is far from over and questions need answering in 2019 - The National:
The collapse of Abraaj Group, once the Middle East’s biggest private equity firm, was a market-roiling business story of 2018, and it is far from over.
“Given the challenging legal and governance complexities of the case, compounded with multiple geographies in terms of assets, I think this will take at least a few years to conclude,” said Khalid Howladar, managing director and founder of Acreditus, a boutique risk and regulatory advisory firm based in Dubai.
“Nonetheless, there are probably some attractive assets on the balance sheet and a sale of one or more of these over 2019 is likely,” he told The National.
The collapse of Abraaj Group, once the Middle East’s biggest private equity firm, was a market-roiling business story of 2018, and it is far from over.
“Given the challenging legal and governance complexities of the case, compounded with multiple geographies in terms of assets, I think this will take at least a few years to conclude,” said Khalid Howladar, managing director and founder of Acreditus, a boutique risk and regulatory advisory firm based in Dubai.
“Nonetheless, there are probably some attractive assets on the balance sheet and a sale of one or more of these over 2019 is likely,” he told The National.
Small stocks recover on #UAE bourses
Small stocks recover on UAE bourses:
Small stocks in the UAE gained in trade on Sunday, recovering from their lows, when they witnessed profit-taking on Thursday.
Gulf Finance House closed 9.15 per cent higher at Dh0.930, after gaining 10 per cent in the previous session. Union Properties closed 1.23 per cent higher at Dh0.410. Salama Insurance closed 3.77 per cent higher at Dh0.440. Union Properties closed 1.23 per cent higher at Dh0.410. Dana Gas closed 2.77 per cent higher at Dh0.85. Dubai Islamic Bank closed 0.80 per cent lower at Dh4.96.
Traded value fell to a paltry Dh89 million in Dubai. “Going forward, the trading activity within the MENA region is likely to track the sentiments in global markets as well as the movement in oil prices, which continues to influence the performance of regional economies,” Allied Investment Partners said in a note.
Small stocks in the UAE gained in trade on Sunday, recovering from their lows, when they witnessed profit-taking on Thursday.
Gulf Finance House closed 9.15 per cent higher at Dh0.930, after gaining 10 per cent in the previous session. Union Properties closed 1.23 per cent higher at Dh0.410. Salama Insurance closed 3.77 per cent higher at Dh0.440. Union Properties closed 1.23 per cent higher at Dh0.410. Dana Gas closed 2.77 per cent higher at Dh0.85. Dubai Islamic Bank closed 0.80 per cent lower at Dh4.96.
Traded value fell to a paltry Dh89 million in Dubai. “Going forward, the trading activity within the MENA region is likely to track the sentiments in global markets as well as the movement in oil prices, which continues to influence the performance of regional economies,” Allied Investment Partners said in a note.
#Dubai Duty Free sales soar above $2bn
Dubai Duty Free sales soar above $2bn:
Annual sales clocked up by Dubai Duty Free (DDF) hit 7.3 billion dirhams ($2 billion) on Saturday morning, the emirate’s airport retailer said in a statement.
The sales figure marks a record for DDF, which reported 7.05 billion dirhams in sales in 2017, although the rate of growth has slowed.
The retailer reported sales worth 6.6 billion dirhams in 2016. “2018 has been a good year for Dubai Duty Free, and we have been building up toward the $2 billion sales figure all year,” said Colm McLoughlin, CEO of Dubai Duty Free.
Annual sales clocked up by Dubai Duty Free (DDF) hit 7.3 billion dirhams ($2 billion) on Saturday morning, the emirate’s airport retailer said in a statement.
The sales figure marks a record for DDF, which reported 7.05 billion dirhams in sales in 2017, although the rate of growth has slowed.
The retailer reported sales worth 6.6 billion dirhams in 2016. “2018 has been a good year for Dubai Duty Free, and we have been building up toward the $2 billion sales figure all year,” said Colm McLoughlin, CEO of Dubai Duty Free.
GECF member-countries can emerge as global LNG bunkering hubs - The Peninsula Qatar
GECF member-countries can emerge as global LNG bunkering hubs - The Peninsula Qatar:
The Doha-headquartered Gas Exporting Countries Forum (GECF) has said that its member-countries have great potential to emerge as international LNG bunkering hubs.
As LNG is all set to become a significant fuel in marine transport in long term, the GECF countries should consider becoming first movers instead of just taking a wait-and-see position, said Aydar Shakirov, Gas Transportation & Storage Analyst, Gas Market Analysis Department at GECF.
With International Maritime Organization (IMO) introducing the new sulphur cap of 0.5 percent from 2020, demand for LNG bunker fuel is expected to rise, Shakirov said in an ‘expert commentary’ released by GECF.
The Doha-headquartered Gas Exporting Countries Forum (GECF) has said that its member-countries have great potential to emerge as international LNG bunkering hubs.
As LNG is all set to become a significant fuel in marine transport in long term, the GECF countries should consider becoming first movers instead of just taking a wait-and-see position, said Aydar Shakirov, Gas Transportation & Storage Analyst, Gas Market Analysis Department at GECF.
With International Maritime Organization (IMO) introducing the new sulphur cap of 0.5 percent from 2020, demand for LNG bunker fuel is expected to rise, Shakirov said in an ‘expert commentary’ released by GECF.
#Qatar’s fiscal position strengthens on oil, gas revenues: EIU
Qatar’s fiscal position strengthens on oil, gas revenues: EIU:
The risk of capital outflows induced by the regional blockade on Qatar has largely subsided with the “recovery of foreign reserves and the return to a current-account surplus” in 2018, according to the Economist Intelligence Unit.
Moreover, reserves at the Qatar Investment Authority (QIA, the sovereign wealth fund) are sufficient to maintain the currency peg to the dollar for several years, meaning that a “devaluation remains a distant prospect” EIU said in an overview.
Qatar’s fiscal position (which is now in a surplus) is also strengthening, because of an increase in oil and gas revenue, although spending on subsidies and wages will remain a “constraint on the rating”.
The risk of capital outflows induced by the regional blockade on Qatar has largely subsided with the “recovery of foreign reserves and the return to a current-account surplus” in 2018, according to the Economist Intelligence Unit.
Moreover, reserves at the Qatar Investment Authority (QIA, the sovereign wealth fund) are sufficient to maintain the currency peg to the dollar for several years, meaning that a “devaluation remains a distant prospect” EIU said in an overview.
Qatar’s fiscal position (which is now in a surplus) is also strengthening, because of an increase in oil and gas revenue, although spending on subsidies and wages will remain a “constraint on the rating”.
MIDEAST STOCKS- #Saudi the only bright spot in a sluggish region | Reuters
MIDEAST STOCKS-Saudi the only bright spot in a sluggish region | Reuters:
Saudi Arabia’s stock market was the only bright spot in a sluggish Middle East on Sunday as most bourses moved sideways in trade thinned by the absence of some investors for year-end holidays.
The Saudi market has been dampened in the last few months by falling oil prices and geopolitical worries linked to the killing of journalist Jamal Khashoggi.
However, many fund managers expect a rally in the new year in anticipation of some $15 billion of passive funds that are due to enter the bourse when it joins emerging market indexes.
Saudi Arabia’s stock market was the only bright spot in a sluggish Middle East on Sunday as most bourses moved sideways in trade thinned by the absence of some investors for year-end holidays.
The Saudi market has been dampened in the last few months by falling oil prices and geopolitical worries linked to the killing of journalist Jamal Khashoggi.
However, many fund managers expect a rally in the new year in anticipation of some $15 billion of passive funds that are due to enter the bourse when it joins emerging market indexes.
#Lebanon Entering `Financial Crisis' Prompts Minister's Dire Call - Bloomberg
Lebanon Entering `Financial Crisis' Prompts Minister's Dire Call - Bloomberg: Lebanon’s plight is turning into a crisis that could ultimately threaten the Middle Eastern country’s economic foundations, according to its finance minister.
“The crisis today has started to transform into a financial crisis from an economic crisis,” Ali Hassan Khalil was cited as saying by Lebanon’s state-run National News Agency. “We hope that it doesn’t turn into a monetary crisis that will lead to the Lebanese losing trust in their country’s future and their institutions.”
A political stalemate that’s delayed formation of a government seven months after elections is undermining plans for reforms that would unlock $11 billion in aid for Lebanon. The impasse in one of the world’s most indebted countries comes as the central bank’s ability to paper over the crisis has been constrained by years of anemic economic growth, slowing foreign inflows and a surge in borrowing costs.
“The crisis today has started to transform into a financial crisis from an economic crisis,” Ali Hassan Khalil was cited as saying by Lebanon’s state-run National News Agency. “We hope that it doesn’t turn into a monetary crisis that will lead to the Lebanese losing trust in their country’s future and their institutions.”
A political stalemate that’s delayed formation of a government seven months after elections is undermining plans for reforms that would unlock $11 billion in aid for Lebanon. The impasse in one of the world’s most indebted countries comes as the central bank’s ability to paper over the crisis has been constrained by years of anemic economic growth, slowing foreign inflows and a surge in borrowing costs.
Emaar's Talks With Egypt Over New Capital City Project Stall - Bloomberg
Emaar's Talks With Egypt Over New Capital City Project Stall - Bloomberg:
Talks between Egyptian officials and the Dubai-based Emaar Properties PJSC to develop a 1,500 acre (607 hectares) plot in the new administrative capital have stalled, underscoring the country’s struggle to involve top-tier foreign companies in the mega project.
“The negotiations have stopped,” Ahmed Zaki Abdeen, who heads the company created to oversee the construction of the city, said in a phone interview. The Emirati company wanted to buy the land at a price below the 3,500-4,000 Egyptian pounds ($223) per square meter typically sought for the residential developments in the project, he said.
The participation by Emaar, the developer of the world’s tallest skyscraper in Dubai, had promised to add a luster to the multi-billion dollar venture overseen by President Abdel Fattah El-Sisi. Egypt’s plan involves transforming a 700 square-kilometer swath of desert into a gleaming capital and business hub, replete with gardens, lakes and the kind of order that has eluded Cairo and its roughly 20 million residents.
Talks between Egyptian officials and the Dubai-based Emaar Properties PJSC to develop a 1,500 acre (607 hectares) plot in the new administrative capital have stalled, underscoring the country’s struggle to involve top-tier foreign companies in the mega project.
“The negotiations have stopped,” Ahmed Zaki Abdeen, who heads the company created to oversee the construction of the city, said in a phone interview. The Emirati company wanted to buy the land at a price below the 3,500-4,000 Egyptian pounds ($223) per square meter typically sought for the residential developments in the project, he said.
The participation by Emaar, the developer of the world’s tallest skyscraper in Dubai, had promised to add a luster to the multi-billion dollar venture overseen by President Abdel Fattah El-Sisi. Egypt’s plan involves transforming a 700 square-kilometer swath of desert into a gleaming capital and business hub, replete with gardens, lakes and the kind of order that has eluded Cairo and its roughly 20 million residents.
#SaudiArabia's Government Shake-Up: Four Key Takeaways - Bloomberg
Saudi Arabia's Government Shake-Up: Four Key Takeaways - Bloomberg:
Saudi Arabia reshuffled its cabinet on Thursday in the first major change in government since the murder of Washington Post columnist Jamal Khashoggi in October.
While the shake-up was expected -- Saudi law requires the cabinet to be replaced or reappointed every four years -- some of the changes were surprising, such as appointing former Finance Minister Ibrahim Al-Assaf as foreign minister.
Saudi Arabia reshuffled its cabinet on Thursday in the first major change in government since the murder of Washington Post columnist Jamal Khashoggi in October.
While the shake-up was expected -- Saudi law requires the cabinet to be replaced or reappointed every four years -- some of the changes were surprising, such as appointing former Finance Minister Ibrahim Al-Assaf as foreign minister.
#SaudiArabia sells 1.285 billion riyals sukuk in monthly issue | Reuters
Saudi Arabia sells 1.285 billion riyals sukuk in monthly issue | Reuters:
Saudi Arabia’s Finance Ministry has issued 1.285 billion riyals ($343 million) of domestic Islamic bonds in a tap of a sukuk issue that was originally made in October under its monthly issuance programme, the ministry said on Sunday.
The tap brought total issuance of the October sukuk up to 6.535 billion riyals: 2.730 billion riyals of five-year sukuk, 1.435 billion riyals of seven-year and 2.370 billion riyals of 10-year.
Saudi Arabia’s Finance Ministry has issued 1.285 billion riyals ($343 million) of domestic Islamic bonds in a tap of a sukuk issue that was originally made in October under its monthly issuance programme, the ministry said on Sunday.
The tap brought total issuance of the October sukuk up to 6.535 billion riyals: 2.730 billion riyals of five-year sukuk, 1.435 billion riyals of seven-year and 2.370 billion riyals of 10-year.
Arab states need more structural reform, short-term plans to grow faster: economists | ZAWYA MENA Edition
Arab states need more structural reform, short-term plans to grow faster: economists | ZAWYA MENA Edition:
Arab nations should continue implementing long term structural reforms, but pushing through short-term policies is key to boosting growth in the coming few years, according to three senior economists.
Mohamed Abu Basha, head of macroeconomic analysis at Cairo-based investment bank EFG Hermes, said the region’s three biggest economies of Saudi Arabia, the UAE and Egypt have already started introducing short-term measures aimed at boosting employment and economic growth, while maintaining diversification plans.
“They do have short-term plans… and they have spotted the structural reforms they need to work on to boost their growth rates, so they are on the right track… But they need to continue to do that and (do) more of that,” Abu Basha told Zawya in a phone interview last week.
Arab nations should continue implementing long term structural reforms, but pushing through short-term policies is key to boosting growth in the coming few years, according to three senior economists.
Mohamed Abu Basha, head of macroeconomic analysis at Cairo-based investment bank EFG Hermes, said the region’s three biggest economies of Saudi Arabia, the UAE and Egypt have already started introducing short-term measures aimed at boosting employment and economic growth, while maintaining diversification plans.
“They do have short-term plans… and they have spotted the structural reforms they need to work on to boost their growth rates, so they are on the right track… But they need to continue to do that and (do) more of that,” Abu Basha told Zawya in a phone interview last week.
Fixed Income: Returns pressured by interest rate rises, but index inclusion could drive more investment into GCC bonds | ZAWYA MENA Edition
Fixed Income: Returns pressured by interest rate rises, but index inclusion could drive more investment into GCC bonds | ZAWYA MENA Edition:
Rising interest rates roiled debt markets worldwide this year, although higher hydrocarbon revenues enabled Gulf bonds and sukuk to fare better, and the region’s imminent inclusion in widely-followed fixed income benchmarks suggests a late-year rebound could extend into 2019.
Bond and sukuk issuance in the six-nation Gulf Cooperation Council (GCC) this year totalled $77 billion as of Dec. 10, down from $85 billion in the prior-year period, according to data from Emirates NBD, as shrinking budget deficits reduced the need for governments to sell debt.
Meanwhile, the Barclays GCC Credit + High Yield Index had a total 2018 return of 0.03 percent as of Dec. 7; the Bloomberg Barclays U.S. Corporate Total Return Index was down 3.18 percent over the same period.
Rising interest rates roiled debt markets worldwide this year, although higher hydrocarbon revenues enabled Gulf bonds and sukuk to fare better, and the region’s imminent inclusion in widely-followed fixed income benchmarks suggests a late-year rebound could extend into 2019.
Bond and sukuk issuance in the six-nation Gulf Cooperation Council (GCC) this year totalled $77 billion as of Dec. 10, down from $85 billion in the prior-year period, according to data from Emirates NBD, as shrinking budget deficits reduced the need for governments to sell debt.
Meanwhile, the Barclays GCC Credit + High Yield Index had a total 2018 return of 0.03 percent as of Dec. 7; the Bloomberg Barclays U.S. Corporate Total Return Index was down 3.18 percent over the same period.
#Sharjah makes enhanced offer for struggling Invest Bank | ZAWYA MENA Edition
Sharjah makes enhanced offer for struggling Invest Bank | ZAWYA MENA Edition:
The Government of Sharjah in the United Arab Emirates has made an enhanced offer to invest in struggling Invest Bank INVB.AD and the bank's shareholders will vote on the deal on Jan. 8, the lender said on Sunday.
Sharjah, one of seven emirates in UAE federation, had earlier offered to invest up to 1.9 billion dirhams ($517 million) in Invest Bank, one of the smaller banks in the UAE.
A shareholder vote had been scheduled for Dec. 29, but the meeting was adjourned until Jan. 8 to vote on the enhanced offer, the lender said in a stock exchange filing.
The Government of Sharjah in the United Arab Emirates has made an enhanced offer to invest in struggling Invest Bank INVB.AD and the bank's shareholders will vote on the deal on Jan. 8, the lender said on Sunday.
Sharjah, one of seven emirates in UAE federation, had earlier offered to invest up to 1.9 billion dirhams ($517 million) in Invest Bank, one of the smaller banks in the UAE.
A shareholder vote had been scheduled for Dec. 29, but the meeting was adjourned until Jan. 8 to vote on the enhanced offer, the lender said in a stock exchange filing.
Mideast Stocks: Gulf moves sideways early on, petchems support Saudi | ZAWYA MENA Edition
Mideast Stocks: Gulf moves sideways early on, petchems support Saudi | ZAWYA MENA Edition:
Most Gulf stock markets moved sideways in thin trading early on Sunday with petrochemicals supporting Saudi Arabia and real estate shares remaining soft in Dubai.
The Saudi stock index was up 0.5 percent after half an hour of trade with 11 of 14 petrochemical stocks higher and only two lower. The biggest, Saudi Basic Industries, added 0.7 percent.
Institutional investor aappeared less active because of global holiday season, leaving an unusually high protion of volume focused on second- or third-tier stocks. Home furnishings company Al Sorayai Trading and Industrial was the most heavily traded stock, rising 0.9 percent.
Most Gulf stock markets moved sideways in thin trading early on Sunday with petrochemicals supporting Saudi Arabia and real estate shares remaining soft in Dubai.
The Saudi stock index was up 0.5 percent after half an hour of trade with 11 of 14 petrochemical stocks higher and only two lower. The biggest, Saudi Basic Industries, added 0.7 percent.
Institutional investor aappeared less active because of global holiday season, leaving an unusually high protion of volume focused on second- or third-tier stocks. Home furnishings company Al Sorayai Trading and Industrial was the most heavily traded stock, rising 0.9 percent.
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