Nasdaq Dubai plans Saudi index launch after introducing kingdom's equity futures - The National:
Nasdaq Dubai plans to add this year trading on a Saudi index to its list of products after launching Saudi equity futures, its first single stock futures from outside the UAE, its chief executive said.
Nasdaq Dubai, on Wednesday, added Saudi equity futures, bringing the total number of the single stock futures trading on the bourse to 29, which include 17 of some of the biggest UAE companies. The exchange last year introduced futures on the Dubai Financial Market’s DFMGI share index as well as the ADI index of the Abu Dhabi Securities Exchange.
“The next step is to introduce a Saudi index [this year],” said Hamed Ali, declining to give more details.
Wednesday, 9 January 2019
#Saudi to slash oil exports by 800,000 bpd: minister
Saudi to slash oil exports by 800,000 bpd: minister:
OPEC member Saudi Arabia will slash its oil exports in January by 10 per cent compared to November, the energy minister said Wednesday.
Khalid Al Falih said the kingdom, the world's top crude supplier, would cut its output to 7.2 million barrels per day in January, from 8.0 million bpd in November, with a further 100,000 bpd cut in February.
OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting January to shore up sliding prices.
OPEC member Saudi Arabia will slash its oil exports in January by 10 per cent compared to November, the energy minister said Wednesday.
Khalid Al Falih said the kingdom, the world's top crude supplier, would cut its output to 7.2 million barrels per day in January, from 8.0 million bpd in November, with a further 100,000 bpd cut in February.
OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting January to shore up sliding prices.
#Dubai property declines pick up speed as more units come into market
Dubai property declines pick up speed as more units come into market:
Property prices in Dubai started falling at a faster pace towards the end of the year, most likely brought on by the sheer volume of new homes being delivered. Much the same was being felt in the residential rental space as well, according to the latest Knight Frank report.
The report estimates that in the three months up to November, values were down 4 per cent. Taken over a 12-month timeframe, the rate of decline is pegged at 4.1 per cent.
On rentals, the three-month period saw a 3.9 per cent dip, while from a year-on-year perspective, the decline was 8.6 per cent.
Property prices in Dubai started falling at a faster pace towards the end of the year, most likely brought on by the sheer volume of new homes being delivered. Much the same was being felt in the residential rental space as well, according to the latest Knight Frank report.
The report estimates that in the three months up to November, values were down 4 per cent. Taken over a 12-month timeframe, the rate of decline is pegged at 4.1 per cent.
On rentals, the three-month period saw a 3.9 per cent dip, while from a year-on-year perspective, the decline was 8.6 per cent.
#GCC economies to slow down to 2% in 2019 as Brent seen averaging $65: IIF
GCC economies to slow down to 2% in 2019 as Brent seen averaging $65: IIF:
Brent is expected to average $65 this year against $71.8 in 2018, thus leading the Gulf Co-operation Council (GCC) economies to slow down to 2% in 2019 compared to 2.3% estimated for the previous year, according to the Institute of International Finance (IIF).
The US-based economic think-tank said the GCC countries need to continue pursuing deeper structural reforms to strengthen the business climate and competitiveness to empower the private sector to achieve higher and sustainable growth.
“Timely implementation of the reform agenda will facilitate diversification away from oil. Laws and regulations governing business and investment should be revamped to draw on best practices in successful emerging economies and promote fairness, transparency, and predictability,” it said.
Brent is expected to average $65 this year against $71.8 in 2018, thus leading the Gulf Co-operation Council (GCC) economies to slow down to 2% in 2019 compared to 2.3% estimated for the previous year, according to the Institute of International Finance (IIF).
The US-based economic think-tank said the GCC countries need to continue pursuing deeper structural reforms to strengthen the business climate and competitiveness to empower the private sector to achieve higher and sustainable growth.
“Timely implementation of the reform agenda will facilitate diversification away from oil. Laws and regulations governing business and investment should be revamped to draw on best practices in successful emerging economies and promote fairness, transparency, and predictability,” it said.
#Qatar gains global interest as investment destination, says Chamber
Qatar gains global interest as investment destination, says Chamber:
The significant increase in the number of local and foreign meetings hosted by Qatar Chamber in 2018 reflects international interest on Qatar as a major investment destination, a top Chamber official has said.
To further enhance Qatari businesses' trade and economic ties with their international counterparts, Qatar Chamber hosted in 2018 as many as 95 foreign delegations compared to the 50 it received in 2017.
“These meetings reflected a great international interest in the investment climate in Qatar and high confidence in the Qatari economy,” Qatar Chamber director general Saleh bin Hamad al-Sharqi said in the January 2019 edition of Al Moltaqa, the Chamber’s monthly magazine.
The significant increase in the number of local and foreign meetings hosted by Qatar Chamber in 2018 reflects international interest on Qatar as a major investment destination, a top Chamber official has said.
To further enhance Qatari businesses' trade and economic ties with their international counterparts, Qatar Chamber hosted in 2018 as many as 95 foreign delegations compared to the 50 it received in 2017.
“These meetings reflected a great international interest in the investment climate in Qatar and high confidence in the Qatari economy,” Qatar Chamber director general Saleh bin Hamad al-Sharqi said in the January 2019 edition of Al Moltaqa, the Chamber’s monthly magazine.
Sins of 2018 Forgiven as #SaudiArabia, #Turkey Sell Dollar Bonds - Bloomberg
Sins of 2018 Forgiven as Saudi Arabia, Turkey Sell Dollar Bonds - Bloomberg:
Saudi Arabia and Turkey persuaded global investors to overlook last year’s unsavory headlines as they sought to sell new U.S. dollar-denominated bonds. The secret: juicier yields.
The kingdom kicked off the new year by selling $7.5 billion in dollar debt, while Turkey is offering as much as $2 billion of notes. Both governments offered a premium to their current 10-year yields, a welcome sign for money managers.
The two nations, whose missteps contributed to the first annual loss for emerging-market dollar bonds since 2013, joined the Philippines, which borrowed $1.5 billion this week. That ended a three-month lull in new sales amid growing optimism about a slower path of Federal Reserve tightening and an end to the U.S.-China trade war.
Saudi Arabia and Turkey persuaded global investors to overlook last year’s unsavory headlines as they sought to sell new U.S. dollar-denominated bonds. The secret: juicier yields.
The kingdom kicked off the new year by selling $7.5 billion in dollar debt, while Turkey is offering as much as $2 billion of notes. Both governments offered a premium to their current 10-year yields, a welcome sign for money managers.
The two nations, whose missteps contributed to the first annual loss for emerging-market dollar bonds since 2013, joined the Philippines, which borrowed $1.5 billion this week. That ended a three-month lull in new sales amid growing optimism about a slower path of Federal Reserve tightening and an end to the U.S.-China trade war.
Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg
Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg:
Oil stormed back into bull market territory, as investors who’d abandoned crude just a month ago were lured back by an OPEC-led campaign to bring runaway supplies in check.
West Texas Intermediate crude closed at $52.36 a barrel, completing a 23 percent recovery since hitting an 18-month low on Christmas Eve. Brent, the global benchmark, finished the day up 22 percent since bottoming out.
Crude ended 2018 in free fall but has reversed course on signs that Saudi Arabia, Russia and other major exporters will follow through on last month’s pledge to slash production -- Saudi Energy Minister Khalid Al-Falih said the plan was on track Wednesday. Progress in ending the U.S.-China trade war has turned the economic outlook brighter, adding to oil’s momentum.
Oil stormed back into bull market territory, as investors who’d abandoned crude just a month ago were lured back by an OPEC-led campaign to bring runaway supplies in check.
West Texas Intermediate crude closed at $52.36 a barrel, completing a 23 percent recovery since hitting an 18-month low on Christmas Eve. Brent, the global benchmark, finished the day up 22 percent since bottoming out.
Crude ended 2018 in free fall but has reversed course on signs that Saudi Arabia, Russia and other major exporters will follow through on last month’s pledge to slash production -- Saudi Energy Minister Khalid Al-Falih said the plan was on track Wednesday. Progress in ending the U.S.-China trade war has turned the economic outlook brighter, adding to oil’s momentum.
Struggling #Abraaj Gets 70% of Nigerian Firm by Converting Loan - Bloomberg
Struggling Abraaj Gets 70% of Nigerian Firm by Converting Loan - Bloomberg:
Abraaj Group, the private-equity firm that collapsed after defaulting on debt, will get a 70 percent stake in C&I Leasing Plc by converting a $10 million loan into equity in the Nigerian company.
“Abraaj knows that pulling out $10 million will be detrimental to the growth of the business, so rather than cash out, they decided to convert,” C&I Chief Executive Officer Andrew Otike-Odibi said by phone from Lagos. Once done, C&I plans a rights issue or an initial public offering that may dilute Abraaj’s stake to about 30 percent, he said.
Abraaj, once one of the most high-profile private-equity companies in the Middle East until its dramatic failure last year, is being restructured by liquidators in a bid to settle more than $1 billion of its debts through asset sales. The firm’s Lagos office didn’t respond to an email seeking comment.
Abraaj Group, the private-equity firm that collapsed after defaulting on debt, will get a 70 percent stake in C&I Leasing Plc by converting a $10 million loan into equity in the Nigerian company.
“Abraaj knows that pulling out $10 million will be detrimental to the growth of the business, so rather than cash out, they decided to convert,” C&I Chief Executive Officer Andrew Otike-Odibi said by phone from Lagos. Once done, C&I plans a rights issue or an initial public offering that may dilute Abraaj’s stake to about 30 percent, he said.
Abraaj, once one of the most high-profile private-equity companies in the Middle East until its dramatic failure last year, is being restructured by liquidators in a bid to settle more than $1 billion of its debts through asset sales. The firm’s Lagos office didn’t respond to an email seeking comment.
#Kuwait pension fund says files lawsuit against UK's MAN Group | ZAWYA MENA Edition
Kuwait pension fund says files lawsuit against UK's MAN Group | ZAWYA MENA Edition:
Kuwait’s Public Institution for Social Security (PIFSS) said on Wednesday it had filed a lawsuit against UK asset manager MAN Group Plc and its subsidiaries.
The pension fund is seeking $156 million in compensation relating to secret contracts between MAN Group and a former PIFSS executive between 1996 to 2013, it said in a statement.
The lawsuit was filed with the UK's Supreme Court, the fund said in the statement.
Kuwait’s Public Institution for Social Security (PIFSS) said on Wednesday it had filed a lawsuit against UK asset manager MAN Group Plc and its subsidiaries.
The pension fund is seeking $156 million in compensation relating to secret contracts between MAN Group and a former PIFSS executive between 1996 to 2013, it said in a statement.
The lawsuit was filed with the UK's Supreme Court, the fund said in the statement.
#SaudiArabia passes bond test as investors look past Khashoggi | Reuters
Saudi Arabia passes bond test as investors look past Khashoggi | Reuters:
Saudi Arabia drew a strong response on Wednesday in its first test of international bond market sentiment since coming under intense scrutiny in October from foreign governments and investors over the murder of journalist Jamal Khashoggi.
Seeking to raise $7.5 billion, Riyadh attracted demand that topped $27 billion for the dual-tranche paper maturing in 2029 and 2050, according to a document issued by one of the banks leading the deal and seen by Reuters.
The sale coincides with improved conditions across emerging markets, with yields compressing over the past few weeks, and Timothy Ash, senior emerging markets strategist at Bluebay Asset Management, called it “opportunistic”.
Saudi Arabia drew a strong response on Wednesday in its first test of international bond market sentiment since coming under intense scrutiny in October from foreign governments and investors over the murder of journalist Jamal Khashoggi.
Seeking to raise $7.5 billion, Riyadh attracted demand that topped $27 billion for the dual-tranche paper maturing in 2029 and 2050, according to a document issued by one of the banks leading the deal and seen by Reuters.
The sale coincides with improved conditions across emerging markets, with yields compressing over the past few weeks, and Timothy Ash, senior emerging markets strategist at Bluebay Asset Management, called it “opportunistic”.
Asian Football Confederation to raise lawsuit in #SaudiArabia over piracy | Reuters
Asian Football Confederation to raise lawsuit in Saudi Arabia over piracy | Reuters:
The Asian Football Confederation (AFC) said on Wednesday it was taking legal action in Saudi Arabia against television channel beoutQ for illegally broadcasting its Asian Cup, the region’s biggest football tournament.
BeoutQ has been accused by soccer’s governing body FIFA, tennis governing bodies and other sports bodies of illegally airing content whose exclusive Middle East television rights belong to Qatar-based broadcaster beIN.
BeoutQ emerged in 2017 after Saudi Arabia and its allies launched a diplomatic and trade boycott of Qatar and accused the tiny Gulf state of supporting terrorism, which Doha denies.
The Asian Football Confederation (AFC) said on Wednesday it was taking legal action in Saudi Arabia against television channel beoutQ for illegally broadcasting its Asian Cup, the region’s biggest football tournament.
BeoutQ has been accused by soccer’s governing body FIFA, tennis governing bodies and other sports bodies of illegally airing content whose exclusive Middle East television rights belong to Qatar-based broadcaster beIN.
BeoutQ emerged in 2017 after Saudi Arabia and its allies launched a diplomatic and trade boycott of Qatar and accused the tiny Gulf state of supporting terrorism, which Doha denies.
#SaudiAramco to issue bonds in second-quarter 2019, list in 2021: energy minister | Reuters
Saudi Aramco to issue bonds in second-quarter 2019, list in 2021: energy minister | Reuters:
Saudi Aramco [IPO-ARAM.SE] will issue bonds in the second quarter of 2019, Saudi Arabia’s energy minister said on Wednesday.
The Saudi oil giant has considered issuing bonds to help finance its planned acquisition of a controlling stake in petrochemical maker SABIC.
The deal is expected to involve the purchase of all or nearly all of the 70 percent stake in SABIC held by the Public Investment Fund (PIF), the kingdom’s top sovereign wealth fund. That implies a deal value of roughly $70 billion, though the acquisition price has not been made public yet.
Saudi Aramco [IPO-ARAM.SE] will issue bonds in the second quarter of 2019, Saudi Arabia’s energy minister said on Wednesday.
The Saudi oil giant has considered issuing bonds to help finance its planned acquisition of a controlling stake in petrochemical maker SABIC.
The deal is expected to involve the purchase of all or nearly all of the 70 percent stake in SABIC held by the Public Investment Fund (PIF), the kingdom’s top sovereign wealth fund. That implies a deal value of roughly $70 billion, though the acquisition price has not been made public yet.
MIDEAST STOCKS-Oil lifts #Saudi to 5-month high, most Gulf markets up | Reuters
MIDEAST STOCKS-Oil lifts Saudi to 5-month high, most Gulf markets up | Reuters:
Saudi Arabia's stock market climbed to a five month high on Wednesday, while most major Gulf markets also gained as oil prices rose 2 percent on optimism over U.S.-Chinese trade talks.
Both crude price benchmarks added to Tuesday's gains and have now been on the rise for eight straight days - their longest rally since June 2017.
The Saudi index rose 1.1 percent, helped by bank and petrochemical stocks. Market heavyweight Saudi Basic Industries added 1.5 percent and Al Rajhi Bank was up 1.4 percent.
Saudi Arabia's stock market climbed to a five month high on Wednesday, while most major Gulf markets also gained as oil prices rose 2 percent on optimism over U.S.-Chinese trade talks.
Both crude price benchmarks added to Tuesday's gains and have now been on the rise for eight straight days - their longest rally since June 2017.
The Saudi index rose 1.1 percent, helped by bank and petrochemical stocks. Market heavyweight Saudi Basic Industries added 1.5 percent and Al Rajhi Bank was up 1.4 percent.
What Slump? #Dubai Finance Hub Plans Canary Wharf-Sized Expansion - Bloomberg
What Slump? Dubai Finance Hub Plans Canary Wharf-Sized Expansion - Bloomberg:
Dubai plans to triple the size of its financial district, adding an area almost the size of London’s Canary Wharf, even as the emirate faces slower growth and rising competition from neighboring banking hubs.
The expansion, dubbed DIFC 2.0, will add 13 million square feet (1.2 million square meters) to the center over several phases, with a focus on fintech and innovation, the district’s operator said. It’ll include 6.4 million square feet of office space, as well as homes, shops and hotels. Canary Wharf in East London covers an area of 16 million square feet.
Opened in 2004, the Dubai International Financial Centre propelled the city to the region’s top spot as a banking hub and attracted lenders such as Goldman Sachs Group Inc. and JPMorgan Chase & Co., as well as asset managers and insurers, with promises of zero taxes for 50 years.
Dubai plans to triple the size of its financial district, adding an area almost the size of London’s Canary Wharf, even as the emirate faces slower growth and rising competition from neighboring banking hubs.
The expansion, dubbed DIFC 2.0, will add 13 million square feet (1.2 million square meters) to the center over several phases, with a focus on fintech and innovation, the district’s operator said. It’ll include 6.4 million square feet of office space, as well as homes, shops and hotels. Canary Wharf in East London covers an area of 16 million square feet.
Opened in 2004, the Dubai International Financial Centre propelled the city to the region’s top spot as a banking hub and attracted lenders such as Goldman Sachs Group Inc. and JPMorgan Chase & Co., as well as asset managers and insurers, with promises of zero taxes for 50 years.
Why Gulf Banks Are Merging Like Never Before: QuickTake - Bloomberg
Why Gulf Banks Are Merging Like Never Before: QuickTake - Bloomberg:
Lenders in the Persian Gulf have been rapidly consolidating as they seek to stay competitive in an era of lower oil prices. Saudi Arabia’s biggest bank announced talks about a mega-merger with a domestic rival less than a year after the kingdom’s first such tie-up in 20 years. Abu Dhabi is working on a merger of three of its banks, potentially the emirate’s second in just over a year. And the wave continues: About a dozen other regional lenders are involved in takeover or merger talks.
1. Why are banks merging?
Regional lenders are heavily reliant on government deposits, and those have been dwindling in sync with crude prices. At the same time, the six-nation Gulf Cooperation Council -- Saudi Arabia, Qatar, the United Arab Emirates, Oman, Kuwait and Bahrain -- is heavily over-banked. There are about 70 listed banks in the region, according to data compiled by Bloomberg, serving a population of around 51 million. Although hardly an exact comparison, there are only about a dozen listed banks in the U.K., a country of roughly 65 million people.
Lenders in the Persian Gulf have been rapidly consolidating as they seek to stay competitive in an era of lower oil prices. Saudi Arabia’s biggest bank announced talks about a mega-merger with a domestic rival less than a year after the kingdom’s first such tie-up in 20 years. Abu Dhabi is working on a merger of three of its banks, potentially the emirate’s second in just over a year. And the wave continues: About a dozen other regional lenders are involved in takeover or merger talks.
1. Why are banks merging?
Regional lenders are heavily reliant on government deposits, and those have been dwindling in sync with crude prices. At the same time, the six-nation Gulf Cooperation Council -- Saudi Arabia, Qatar, the United Arab Emirates, Oman, Kuwait and Bahrain -- is heavily over-banked. There are about 70 listed banks in the region, according to data compiled by Bloomberg, serving a population of around 51 million. Although hardly an exact comparison, there are only about a dozen listed banks in the U.K., a country of roughly 65 million people.
Brent Above $60 as Trade Talks Buoy Longest Rally Since 2017 - Bloomberg
Brent Above $60 as Trade Talks Buoy Longest Rally Since 2017 - Bloomberg:
Brent oil extended its longest rally in a year and a half, rebounding above $60 a barrel, on hopes of a resolution in the U.S.-China trade dispute.
Futures in London -- which last traded over $60 in December -- are up for an eighth session, recovering from a 35 percent collapse in the last quarter of 2018. U.S. President Donald Trump is said to be eager to strike a deal with China soon to perk up financial markets that have slumped on concerns over a trade war between the nations. Meanwhile, an industry report Tuesday was said to show American crude inventories declined.
Fears of a slowdown in oil demand are receding with an easing of the long-running trade tensions, which helped drag crude prices into a bear market after they hit a four-year high in October. Confidence is also strengthening that the Organization of Petroleum Exporting Countries and its allies including Russia will curb output enough to counter booming U.S. supplies and avoid an oversupply.
Brent oil extended its longest rally in a year and a half, rebounding above $60 a barrel, on hopes of a resolution in the U.S.-China trade dispute.
Futures in London -- which last traded over $60 in December -- are up for an eighth session, recovering from a 35 percent collapse in the last quarter of 2018. U.S. President Donald Trump is said to be eager to strike a deal with China soon to perk up financial markets that have slumped on concerns over a trade war between the nations. Meanwhile, an industry report Tuesday was said to show American crude inventories declined.
Fears of a slowdown in oil demand are receding with an easing of the long-running trade tensions, which helped drag crude prices into a bear market after they hit a four-year high in October. Confidence is also strengthening that the Organization of Petroleum Exporting Countries and its allies including Russia will curb output enough to counter booming U.S. supplies and avoid an oversupply.
#Qatar National Bank raising 2 billion euro loan - LPC | Reuters
Qatar National Bank raising 2 billion euro loan - LPC | Reuters:
Qatar National Bank (QNB) , the largest bank by assets in the Middle East and Africa, is raising a 2 billion euro ($2.29 billion) syndicated loan, according to LPC, a fixed income news service that is part of Refinitiv.
The loan would replace a 2.25 billion euro-denominated loan obtained in May 2016 which matures in May, sources familiar with the matter told Reuters in September.
Banca IMI, Credit Agricole, Societe Generale and UniCredit are the mandated lead arrangers and bookrunners of the new facility. Industrial and Commercial Bank of China and ING are also participating with senior roles before the deal is syndicated to other banks.
Qatar National Bank (QNB) , the largest bank by assets in the Middle East and Africa, is raising a 2 billion euro ($2.29 billion) syndicated loan, according to LPC, a fixed income news service that is part of Refinitiv.
The loan would replace a 2.25 billion euro-denominated loan obtained in May 2016 which matures in May, sources familiar with the matter told Reuters in September.
Banca IMI, Credit Agricole, Societe Generale and UniCredit are the mandated lead arrangers and bookrunners of the new facility. Industrial and Commercial Bank of China and ING are also participating with senior roles before the deal is syndicated to other banks.
#UAE energy minister says concerned about China-U.S. trade tensions | Reuters
UAE energy minister says concerned about China-U.S. trade tensions | Reuters:
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Wednesday that the trade tensions between China and the United States was a worry for the oil market, but that he was not pessimistic about the year ahead.
He also said the fluctuation and volatility in oil prices last year was counter productive and not acceptable.
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Wednesday that the trade tensions between China and the United States was a worry for the oil market, but that he was not pessimistic about the year ahead.
He also said the fluctuation and volatility in oil prices last year was counter productive and not acceptable.
Exclusive: #Saudi private jet industry stalls after corruption crackdown | Reuters
Exclusive: Saudi private jet industry stalls after corruption crackdown | Reuters:
A crackdown on corruption in Saudi Arabia has severely dented the kingdom’s private jet industry in a sign of the impact the campaign has had on private enterprise and the wealthy elite.
Dozens of planes, owned by individuals and charter companies and worth hundreds of millions of dollars, are stranded at airports across the kingdom including Riyadh and Jeddah, four people familiar with the matter told Reuters.
Some were handed over to the state in settlements reached after the crackdown was launched in late 2017, when dozens of princes, businessmen and government officials were detained, they said.
A crackdown on corruption in Saudi Arabia has severely dented the kingdom’s private jet industry in a sign of the impact the campaign has had on private enterprise and the wealthy elite.
Dozens of planes, owned by individuals and charter companies and worth hundreds of millions of dollars, are stranded at airports across the kingdom including Riyadh and Jeddah, four people familiar with the matter told Reuters.
Some were handed over to the state in settlements reached after the crackdown was launched in late 2017, when dozens of princes, businessmen and government officials were detained, they said.
UPDATE 1- #SaudiArabia tests demand for Gulf debt with dollar bond | Reuters
UPDATE 1-Saudi Arabia tests demand for Gulf debt with dollar bond | Reuters:
Saudi Arabia plans to issue U.S. dollar-denominated bonds on Wednesday, targeting longer dated maturities in a test of international investor demand for the Gulf region.
Hit by a slump in oil prices, Saudi Arabia has become one of the biggest issuers across emerging markets, having sold $52 billion in international bonds since its debut in 2016.
The kingdom, which plans to boost borrowing this year to back a planned increase in state spending, has started marketing bonds due in January 2029 and 2050, a document issued by one of the banks leading the deal showed on Wednesday.
Saudi Arabia plans to issue U.S. dollar-denominated bonds on Wednesday, targeting longer dated maturities in a test of international investor demand for the Gulf region.
Hit by a slump in oil prices, Saudi Arabia has become one of the biggest issuers across emerging markets, having sold $52 billion in international bonds since its debut in 2016.
The kingdom, which plans to boost borrowing this year to back a planned increase in state spending, has started marketing bonds due in January 2029 and 2050, a document issued by one of the banks leading the deal showed on Wednesday.
MIDEAST STOCKS-Banks lift #Saudi, property stocks aid #UAE | Reuters
MIDEAST STOCKS-Banks lift Saudi, property stocks aid UAE | Reuters:
The Saudi stock market inched up in early trading on Wednesday as its bank shares gained, while most Gulf markets were firm in quiet trading ahead of corporate earnings announcements next week.
Saudi Arabia’s main index was up 0.1 percent, with Al Rajhi Bank rising 0.2 percent and Samba Financial Group increasing 0.6 percent.
Al Ahsa Development gained 3 percent after signing an agreement to buy a 25 percent stake in Twareat Medical Center for 15 million riyals.
The Saudi stock market inched up in early trading on Wednesday as its bank shares gained, while most Gulf markets were firm in quiet trading ahead of corporate earnings announcements next week.
Saudi Arabia’s main index was up 0.1 percent, with Al Rajhi Bank rising 0.2 percent and Samba Financial Group increasing 0.6 percent.
Al Ahsa Development gained 3 percent after signing an agreement to buy a 25 percent stake in Twareat Medical Center for 15 million riyals.
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