Saudi bank Al Rajhi in merger talks for its Malaysian unit with another lender - The National:
Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, said it is in talks for a potential merger of its fully owned subsidiary in Malaysia with a state-backed financial institution in the Asian country.
The possibility of combining the balance sheets of Al Rajhi Banking & Investment Corporation Malaysia and Malaysian Industrial Development Finance (MIDF) are at early stages, the Saudi lender said in a statement on Sunday to the Saudi stock exchange, where its shares are traded.
Al Rajhi has received preliminary approvals from the Saudi Arabian Monetary Authority and Malaysian regulator Bank Negara, it said. If an agreement is achieved, it will still be subject to various conditions.
Sunday, 13 January 2019
#Dubai residential capital values dip 11.1 per cent in 2018
Dubai residential capital values dip 11.1 per cent in 2018:
Dubai’s apartments and villas are indeed becoming more affordable for both buyers and tenants, with sale and rental prices continuing to register a decline.
The city’s residential property market posted an overall 11.1 per cent drop in capital values in 2018, with quarterly declines of 3.1 per cent, according to the latest data released by ValuStrat.
Since the last quarter, all established freehold locations registered price reductions ranging from 2.3 per cent to 5.5 per cent.
Dubai’s apartments and villas are indeed becoming more affordable for both buyers and tenants, with sale and rental prices continuing to register a decline.
The city’s residential property market posted an overall 11.1 per cent drop in capital values in 2018, with quarterly declines of 3.1 per cent, according to the latest data released by ValuStrat.
Since the last quarter, all established freehold locations registered price reductions ranging from 2.3 per cent to 5.5 per cent.
#Qatar shares edge lower on increased selling pressure
Qatar shares edge lower on increased selling pressure:
The Qatar Stock Exchange on Sunday opened the week weak mainly owing to profit-booking pressure at the insurance, telecom, banking and real estate counters.
The increased selling pressure from domestic institutions and the bearish grip of the Gulf individuals were visible in the bourse, whose 20-stock Qatar Index settled marginally lower (0.04%) at 10,653.57 points.
The weakened buying interests from foreign funds also had its role in dampening the market, whose sensitive index has settled 3.44% year-to-date.
The Qatar Stock Exchange on Sunday opened the week weak mainly owing to profit-booking pressure at the insurance, telecom, banking and real estate counters.
The increased selling pressure from domestic institutions and the bearish grip of the Gulf individuals were visible in the bourse, whose 20-stock Qatar Index settled marginally lower (0.04%) at 10,653.57 points.
The weakened buying interests from foreign funds also had its role in dampening the market, whose sensitive index has settled 3.44% year-to-date.
Saudis Say OPEC+ Oil Cuts Provided `Lifeline' to U.S. Shale - Bloomberg
Saudis Say OPEC+ Oil Cuts Provided `Lifeline' to U.S. Shale - Bloomberg:
Saudi Arabia’s energy minister has no quarrels with U.S. shale and even sees output cuts by OPEC and its allies as directly aiding American drillers.
“The action we have taken, quickly in December and that we’re seeing implemented as we speak, is a lifeline to U.S. shale producers,” Khalid Al-Falih said at a conference in Abu Dhabi.
The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed to cut oil output this year to support prices. The group and its allies, known collectively as OPEC+, said they would start to trim 1.2 million barrels of daily production this month to stabilize the market. They already reduced output by 600,000 barrels a day in December, Al-Falih said last week.
Saudi Arabia’s energy minister has no quarrels with U.S. shale and even sees output cuts by OPEC and its allies as directly aiding American drillers.
“The action we have taken, quickly in December and that we’re seeing implemented as we speak, is a lifeline to U.S. shale producers,” Khalid Al-Falih said at a conference in Abu Dhabi.
The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed to cut oil output this year to support prices. The group and its allies, known collectively as OPEC+, said they would start to trim 1.2 million barrels of daily production this month to stabilize the market. They already reduced output by 600,000 barrels a day in December, Al-Falih said last week.
#Qatar Used to Sell a Case of Beer for $105. Now It's a Cool $92 - Bloomberg
Qatar Used to Sell a Case of Beer for $105. Now It's a Cool $92 - Bloomberg:
Qatar relented -- ever so little -- after slapping a “sin tax” on alcohol over New Year’s that raised the price of a 24-pack of Heineken from $53 to a whopping $105.
After making global headlines and prompting an outcry on social media, the country’s sole liquor store pared its prices on Sunday. Residents in Qatar can now get their brews for just about $92 a case.
Like most other countries in the oil-rich Persian Gulf, Qatar restricts alcohol sales to non-Muslim foreigners. Expats need permission from their employers to get a license that allows them access to the store that sells liquor and pork, located on the outskirts of Doha near the country’s main graveyard and church complex.
Qatar relented -- ever so little -- after slapping a “sin tax” on alcohol over New Year’s that raised the price of a 24-pack of Heineken from $53 to a whopping $105.
After making global headlines and prompting an outcry on social media, the country’s sole liquor store pared its prices on Sunday. Residents in Qatar can now get their brews for just about $92 a case.
Like most other countries in the oil-rich Persian Gulf, Qatar restricts alcohol sales to non-Muslim foreigners. Expats need permission from their employers to get a license that allows them access to the store that sells liquor and pork, located on the outskirts of Doha near the country’s main graveyard and church complex.
Slowdown Means Top Mideast Banker Pay Slashed by Up to a Quarter - Bloomberg
Slowdown Means Top Mideast Banker Pay Slashed by Up to a Quarter - Bloomberg:
Salaries for top banking and finance professionals in the Middle East have been slashed by as much as a quarter over the past year as an economic slowdown hit corporate pay in most industries, according to recruiter Michael Page.
Pay for senior bankers fell between 20 percent and 25 percent, while salaries for middle-management positions dropped 5 percent to 10 percent, according to the recruitment consultant’s annual salary survey. Bonuses have also been cut with the average payout now equaling to one or two months salary compared with three to four a few years ago.
“Before 2014 there was a lot of pressure on salaries and talented candidates were in high demand,” said Leith Ramsay, managing director at Page Group. “Now you have the best talent in the region and outside, and even if the salaries are 10 to 15 percent lower compared to those in the heyday, it’s still tax free.”
Salaries for top banking and finance professionals in the Middle East have been slashed by as much as a quarter over the past year as an economic slowdown hit corporate pay in most industries, according to recruiter Michael Page.
Pay for senior bankers fell between 20 percent and 25 percent, while salaries for middle-management positions dropped 5 percent to 10 percent, according to the recruitment consultant’s annual salary survey. Bonuses have also been cut with the average payout now equaling to one or two months salary compared with three to four a few years ago.
“Before 2014 there was a lot of pressure on salaries and talented candidates were in high demand,” said Leith Ramsay, managing director at Page Group. “Now you have the best talent in the region and outside, and even if the salaries are 10 to 15 percent lower compared to those in the heyday, it’s still tax free.”
SNOC awards Eni three onshore exploration concessions | Reuters
SNOC awards Eni three onshore exploration concessions | Reuters:
Sharjah National Oil Corporation (SNOC) awarded Italy’s Eni concessions in three areas, Eni said in a statement on Sunday.
“Concession Area A and C cover respectively an area of 437 square kilometers (169 square miles) and 1,184 square kilometers. Eni will act as operator with 75 percent participating interest, with SNOC as partner with a 25 percent stake,” the statement said.
“Concession Area B covers an area of 264 square kilometers. SNOC will act as operator with 50 percent participating interest, with Eni holding a 50 percent stake,” it added.
Sharjah National Oil Corporation (SNOC) awarded Italy’s Eni concessions in three areas, Eni said in a statement on Sunday.
“Concession Area A and C cover respectively an area of 437 square kilometers (169 square miles) and 1,184 square kilometers. Eni will act as operator with 75 percent participating interest, with SNOC as partner with a 25 percent stake,” the statement said.
“Concession Area B covers an area of 264 square kilometers. SNOC will act as operator with 50 percent participating interest, with Eni holding a 50 percent stake,” it added.
Secretary of State Pompeo urges Gulf states to heal rift | Reuters
Secretary of State Pompeo urges Gulf states to heal rift | Reuters:
U.S. Secretary of State Mike Pompeo said on Sunday that a rift between Qatar and its Gulf Arab neighbors had gone on for too long and was threatening regional unity needed to counter Iran.
Saudi Arabia, the United Arab Emirates, Bahrain and non-Gulf Cooperation Council (GCC) member Egypt cut diplomatic, transport and trade ties with Qatar in June 2017, accusing it of supporting terrorism and their regional foe Shi’ite Muslim Iran — something Doha denies.
The United States, an ally of the six-nation Sunni Muslim GCC, sees the rift as a threat to efforts to contain Iran and has pushed for a united Gulf front.
U.S. Secretary of State Mike Pompeo said on Sunday that a rift between Qatar and its Gulf Arab neighbors had gone on for too long and was threatening regional unity needed to counter Iran.
Saudi Arabia, the United Arab Emirates, Bahrain and non-Gulf Cooperation Council (GCC) member Egypt cut diplomatic, transport and trade ties with Qatar in June 2017, accusing it of supporting terrorism and their regional foe Shi’ite Muslim Iran — something Doha denies.
The United States, an ally of the six-nation Sunni Muslim GCC, sees the rift as a threat to efforts to contain Iran and has pushed for a united Gulf front.
MIDEAST STOCKS-Gulf mostly up ahead of results season, Global Telecom plunges in Egypt | Reuters
MIDEAST STOCKS-Gulf mostly up ahead of results season, Global Telecom plunges in Egypt | Reuters:
Most Gulf markets closed in positive territory on Sunday but trading volumes were thin as investors awaited company results reporting that will begin this week.
In Egypt, the index gained 1.2 percent, but Global Telecom Holding plunged 7 percent after announcing earlier on Sunday its plan to convert outstanding shareholder loans of $370.6 million plus accrued interest into equity.
Global Telecom Holding said its financial position and cash flow would remain unchanged after the conversion, given this is a non-cash transaction. But the stock took a hit, plunging to a month’s low.
Most Gulf markets closed in positive territory on Sunday but trading volumes were thin as investors awaited company results reporting that will begin this week.
In Egypt, the index gained 1.2 percent, but Global Telecom Holding plunged 7 percent after announcing earlier on Sunday its plan to convert outstanding shareholder loans of $370.6 million plus accrued interest into equity.
Global Telecom Holding said its financial position and cash flow would remain unchanged after the conversion, given this is a non-cash transaction. But the stock took a hit, plunging to a month’s low.
DP World Offers $502 Million to Buy Chile Ports Operator Pulogsa - Bloomberg
DP World Offers $502 Million to Buy Chile Ports Operator Pulogsa - Bloomberg:
DP World Ltd. plans to offer $502 million to acquire Chile ports company Puertos y Logistica as the Dubai-based ports operator expands in Latin America.
DP World entered into an agreement to acquire 71.3 percent of Pulogsa, as the Santiago-based company is known, from Minera Valparaiso and shareholders associated with the Matte Group, the company said. The acquisition will be made via a tender offer to acquire all outstanding shares in Pulogsa.
Pulogsa operates the Puerto Central port in San Antanio and Puerto Lirquen port in southern Chile. It is listed on the Santiago stock exchange and has a market value of about $170 million.
DP World Ltd. plans to offer $502 million to acquire Chile ports company Puertos y Logistica as the Dubai-based ports operator expands in Latin America.
DP World entered into an agreement to acquire 71.3 percent of Pulogsa, as the Santiago-based company is known, from Minera Valparaiso and shareholders associated with the Matte Group, the company said. The acquisition will be made via a tender offer to acquire all outstanding shares in Pulogsa.
Pulogsa operates the Puerto Central port in San Antanio and Puerto Lirquen port in southern Chile. It is listed on the Santiago stock exchange and has a market value of about $170 million.
Saudis Set for $11 Billion Asset-Sale Blitz After Slow Start - Bloomberg
Saudis Set for $11 Billion Asset-Sale Blitz After Slow Start - Bloomberg:
Saudi Arabia could be in for a busy year of asset sales if the kingdom sticks to its plans.
The government hopes to generate about $11 billion by 2020 through its privatization program that includes the sale of stakes in utilities, soccer clubs, flour mills and medical facilities. The sales are key to the country’s efforts to wean the economy off oil, but so far have been dogged by delays - most notably the IPO of oil giant Aramco.
“With the current status of the initiatives and the progress the privatization Supervisory Committees are making, we see these as attainable targets,” according to the National Center for Privatization and PPP, which is responsible for most of the privatizations expect certain deals like Aramco and the stock exchange. “Progress in most cases is going according to schedule.”
Saudi Arabia could be in for a busy year of asset sales if the kingdom sticks to its plans.
The government hopes to generate about $11 billion by 2020 through its privatization program that includes the sale of stakes in utilities, soccer clubs, flour mills and medical facilities. The sales are key to the country’s efforts to wean the economy off oil, but so far have been dogged by delays - most notably the IPO of oil giant Aramco.
“With the current status of the initiatives and the progress the privatization Supervisory Committees are making, we see these as attainable targets,” according to the National Center for Privatization and PPP, which is responsible for most of the privatizations expect certain deals like Aramco and the stock exchange. “Progress in most cases is going according to schedule.”
#SaudiAramco's bond will probably be in 10 billion range: energy minister | Reuters
Saudi Aramco's bond will probably be in 10 billion range: energy minister | Reuters:
Saudi Aramco will issue bonds which will probably be in the 10 billion range, Saudi Arabia’s energy minister said on Sunday.
Khalid al-Falih, speaking at a conference in Abu Dhabi, did not specify the currency of the planned debt issuance but last week he said at an event in Riyadh that the bonds - which would be Aramco’s debut in the international debt markets - are likely to be denominated in U.S. dollars.
The Saudi oil giant will issue the bonds in the second quarter of this year, he said last week.
Saudi Aramco will issue bonds which will probably be in the 10 billion range, Saudi Arabia’s energy minister said on Sunday.
Khalid al-Falih, speaking at a conference in Abu Dhabi, did not specify the currency of the planned debt issuance but last week he said at an event in Riyadh that the bonds - which would be Aramco’s debut in the international debt markets - are likely to be denominated in U.S. dollars.
The Saudi oil giant will issue the bonds in the second quarter of this year, he said last week.
#Qatar Investment Authority aims to reach $45 billion in U.S. investments: CEO | Reuters
Qatar Investment Authority aims to reach $45 billion in U.S. investments: CEO | Reuters:
Qatar Investment Authority aims to raise investments in the United States to $45 billion in the next two years as it rebalances its portfolio of assets away from Europe, its chief executive said on Sunday.
The sovereign wealth fund has built up a huge European portfolio through stakes in companies including Deutsche Bank (DBKGn.DE), Credit Suisse (CSGN.S), London Stock Exchange (LSE.L) and Volkswagen (VOWG_p.DE).
QIA currently has about $30 billion invested in the U.S., Mansour Ibrahim al-Mahmoud told reporters on the sidelines of a conference.
Qatar Investment Authority aims to raise investments in the United States to $45 billion in the next two years as it rebalances its portfolio of assets away from Europe, its chief executive said on Sunday.
The sovereign wealth fund has built up a huge European portfolio through stakes in companies including Deutsche Bank (DBKGn.DE), Credit Suisse (CSGN.S), London Stock Exchange (LSE.L) and Volkswagen (VOWG_p.DE).
QIA currently has about $30 billion invested in the U.S., Mansour Ibrahim al-Mahmoud told reporters on the sidelines of a conference.
MIDEAST STOCKS-Gulf edges up ahead of results season, DP World gains on Chile deal | Reuters
MIDEAST STOCKS-Gulf edges up ahead of results season, DP World gains on Chile deal | Reuters:
Gulf markets were slightly higher in thin trading volume early on Sunday, mirroring last week’s muted close in global stock markets as investors took a breather ahead of company results reporting, which will start this week.
In Dubai, major port operator DP World was up 0.7 percent after saying on Sunday it had agreed to acquire a 71.3 percent stake in Chile’s Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group.
DP World said it would offer $502 million for 100 percent equity ownership and that it expected the deal to be “earnings accretive in the first full year of consolidation” and would be financed from existing balance resources.
Gulf markets were slightly higher in thin trading volume early on Sunday, mirroring last week’s muted close in global stock markets as investors took a breather ahead of company results reporting, which will start this week.
In Dubai, major port operator DP World was up 0.7 percent after saying on Sunday it had agreed to acquire a 71.3 percent stake in Chile’s Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group.
DP World said it would offer $502 million for 100 percent equity ownership and that it expected the deal to be “earnings accretive in the first full year of consolidation” and would be financed from existing balance resources.
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