Banking results to set tone for UAE stocks:
Traders on UAE bourses waiting for a trigger has been selling at every recovery even as they eye the fourth results from banks.
The Dubai Financial Market general index closed 0.41 per cent lower at 2,527.28. Traders on the UAE bourses have been stuck with loss-making positions hoping to see a recovery to at least see a break-even. They have been eyeing fourth quarter to December results from Emirates NBD, Abu Dhabi Commercial Bank among others which are scheduled to announce their results this week. Emirates NBD closed 0.99 per cent higher at Dh9.19. Dubai Islamic Bank closed 1.18 per cent higher at Dh5.14.
Monday, 14 January 2019
#Dubai hotels report lower occupancy, room rates in December
Dubai hotels report lower occupancy, room rates in December:
The entry of new keys in Dubai’s hotel market pressured occupancy and room rates in December, preliminary data from industry monitor STR show.
“The story remains the same for Dubai. Demand (room nights sold) continues to grow, but an influx of new inventory is pressuring occupancy and ADR levels,” the London-based group said.
For the month, average occupancy rate in Dubai hotels dipped 2.7 percent to 79.2 percent while average daily rate (ADR) went down 4.3 percent to 758.80 dirhams.
The entry of new keys in Dubai’s hotel market pressured occupancy and room rates in December, preliminary data from industry monitor STR show.
“The story remains the same for Dubai. Demand (room nights sold) continues to grow, but an influx of new inventory is pressuring occupancy and ADR levels,” the London-based group said.
For the month, average occupancy rate in Dubai hotels dipped 2.7 percent to 79.2 percent while average daily rate (ADR) went down 4.3 percent to 758.80 dirhams.
Economy set to expand further on gas output gains - The Peninsula #Qatar
Economy set to expand further on gas output gains - The Peninsula Qatar:
Qatar’s economic recovery is to gain further traction as the country’s oil and non-oil sector output will expand going forward. Supported by continued infrastructure investment, regulatory reforms and output gains in the gas sector, Qatar’s economic growth is expected to gradually rise to 3.0 percent by 2020.
Qatar’s economy has been performing well, with output expected to increase by an annual average of 2.7 percent over 2018- 2020 from 1.6 percent in 2017 on the back of gains in the nonhydrocarbon sector, especially in manufacturing and construction, and in the gas sector, where the authorities are intent on expanding LNG capacity by 43 percent by 2024. Underpinning economic activity is the government’s expansive public investment program, which is now reaching an advanced stage with the FIFA World Cup only three years away, NBK’s ‘Qatar economic outlook’ noted.
Qatar’s economic recovery is to gain further traction as the country’s oil and non-oil sector output will expand going forward. Supported by continued infrastructure investment, regulatory reforms and output gains in the gas sector, Qatar’s economic growth is expected to gradually rise to 3.0 percent by 2020.
Qatar’s economy has been performing well, with output expected to increase by an annual average of 2.7 percent over 2018- 2020 from 1.6 percent in 2017 on the back of gains in the nonhydrocarbon sector, especially in manufacturing and construction, and in the gas sector, where the authorities are intent on expanding LNG capacity by 43 percent by 2024. Underpinning economic activity is the government’s expansive public investment program, which is now reaching an advanced stage with the FIFA World Cup only three years away, NBK’s ‘Qatar economic outlook’ noted.
Oil prices fall 2% as China stokes demand worries | Financial Times
Oil prices fall 2% as China stokes demand worries | Financial Times:
Oil prices extended their declines on Monday as weak economic data out of China stoked worries that a slowdown could drag on fuel demand.
China’s exports and imports fell in December, a fresh sign of troubles for the world’s second-largest economy. Exports declined 4.4 per cent, the steepest drop in two years and confounding economists who expected a 2.5 per cent increase.
Brent crude, the international benchmark, tumbled 2.5 per cent to $58.99 a barrel. West Texas Intermediate settled 2.1 per cent lower at $50.51 a barrel.
Oil prices extended their declines on Monday as weak economic data out of China stoked worries that a slowdown could drag on fuel demand.
China’s exports and imports fell in December, a fresh sign of troubles for the world’s second-largest economy. Exports declined 4.4 per cent, the steepest drop in two years and confounding economists who expected a 2.5 per cent increase.
Brent crude, the international benchmark, tumbled 2.5 per cent to $58.99 a barrel. West Texas Intermediate settled 2.1 per cent lower at $50.51 a barrel.
Oil Retreats With Equities as Rally to Bull Market Seen Overdone - Bloomberg
Oil Retreats With Equities as Rally to Bull Market Seen Overdone - Bloomberg:
Oil extended its retreat as disappointing economic data from China helped reignite concerns over economic growth.
Futures lost as much as 2.3 percent in New York on Monday, after falling Friday for the first time since late December. The decline mirrored a slide in equities across the globe as China posted its worst import and export figures since 2016 and the U.S. government shutdown dragged on.
“Oil is watching the other markets and following,”’ said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. “We got this weak Chinese data and everything changed.”
Oil extended its retreat as disappointing economic data from China helped reignite concerns over economic growth.
Futures lost as much as 2.3 percent in New York on Monday, after falling Friday for the first time since late December. The decline mirrored a slide in equities across the globe as China posted its worst import and export figures since 2016 and the U.S. government shutdown dragged on.
“Oil is watching the other markets and following,”’ said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. “We got this weak Chinese data and everything changed.”
Independent Audit #Saudi Oil Reserves Raises Question on Value - Bloomberg
Independent Audit Saudi Oil Reserves Raises Question on Value - Bloomberg:
In case you didn’t know it, Saudi Arabia is sitting on top of a lot of oil. The first independent assessment of reserves in about 40 years has just proved it. The question is how the kingdom ensures that most of it won’t still be there when the world no longer wants or needs it. Producers in the rest of the world had better pray it doesn’t decide to solve the problem.
The two-and-a-half-year study by Dallas-based consultant DeGolyer and MacNaughton is the first since Saudi Aramco was nationalized. It confirmed proved oil reserves at the end of 2017 at 263.1 billion barrels. That’s a little higher than Saudi Aramco’s own assessment of 260.9 billion. Both see a further 5.4 billion from Saudi Arabia’s half of the Neutral Zone it shares with Kuwait.
The audit comes as the kingdom doggedly pursues an IPO of the state oil company. This goal has already attracted no small amount of skepticism, some of which stems from long-held distrust about official reserves numbers.
In case you didn’t know it, Saudi Arabia is sitting on top of a lot of oil. The first independent assessment of reserves in about 40 years has just proved it. The question is how the kingdom ensures that most of it won’t still be there when the world no longer wants or needs it. Producers in the rest of the world had better pray it doesn’t decide to solve the problem.
The two-and-a-half-year study by Dallas-based consultant DeGolyer and MacNaughton is the first since Saudi Aramco was nationalized. It confirmed proved oil reserves at the end of 2017 at 263.1 billion barrels. That’s a little higher than Saudi Aramco’s own assessment of 260.9 billion. Both see a further 5.4 billion from Saudi Arabia’s half of the Neutral Zone it shares with Kuwait.
The audit comes as the kingdom doggedly pursues an IPO of the state oil company. This goal has already attracted no small amount of skepticism, some of which stems from long-held distrust about official reserves numbers.
Turkey Billionaire Said in Talks to Sell Hotels to #Dubai - Bloomberg
Turkey Billionaire Said in Talks to Sell Hotels to Dubai - Bloomberg:
Turkish billionaire Ferit Sahenk is in talks to sell some of Europe’s most famous luxury hotels to the investment firm owned by Dubai’s ruler as part of a debt restructuring, people with knowledge of the matter said.
The discussions involve properties including the historic Capri Palace in Italy, the Aldrovandi Villa Borghese in Rome and Istanbul’s Grand Hyatt, the people said, asking not to be identified because the talks are private.
Dubai Holding is doing due diligence on the Capri Palace and Aldrovandi, one of the people said. The firm, one of three main state holding companies in the emirate, owns Jumeirah Group, which would likely operate the hotels, the person said.
Turkish billionaire Ferit Sahenk is in talks to sell some of Europe’s most famous luxury hotels to the investment firm owned by Dubai’s ruler as part of a debt restructuring, people with knowledge of the matter said.
The discussions involve properties including the historic Capri Palace in Italy, the Aldrovandi Villa Borghese in Rome and Istanbul’s Grand Hyatt, the people said, asking not to be identified because the talks are private.
Dubai Holding is doing due diligence on the Capri Palace and Aldrovandi, one of the people said. The firm, one of three main state holding companies in the emirate, owns Jumeirah Group, which would likely operate the hotels, the person said.
Eastern Mediterranean countries to form regional gas market | ZAWYA MENA Edition
Eastern Mediterranean countries to form regional gas market | ZAWYA MENA Edition:
Eastern Mediterranean countries meeting in Cairo agreed to set up a forum to create a regional gas market, cut infrastructure costs and offer competitive prices, Egypt's petroleum ministry said on Monday.
The organisation aims to "create a regional gas market that serves the interests of its members by ensuring supply and demand, optimising resource development, rationalising the cost of infrastructure, offering competitive prices and improving trade relations," among other goals, the statement said.
The announcement is part of efforts to transform the Eastern Mediterranean into a major energy hub.
Eastern Mediterranean countries meeting in Cairo agreed to set up a forum to create a regional gas market, cut infrastructure costs and offer competitive prices, Egypt's petroleum ministry said on Monday.
The organisation aims to "create a regional gas market that serves the interests of its members by ensuring supply and demand, optimising resource development, rationalising the cost of infrastructure, offering competitive prices and improving trade relations," among other goals, the statement said.
The announcement is part of efforts to transform the Eastern Mediterranean into a major energy hub.
Etihad to raise stake in cash-strapped Jet Airways: source | Reuters
Etihad to raise stake in cash-strapped Jet Airways: source | Reuters:
Etihad Airways, which owns 24 percent of debt-laden company Jet Airways (JET.NS), plans to increase its stake in the Indian airline, a source close to the Abu Dhabi carrier told Reuters on Monday.
Shares in India’s Jet Airways jumped over 18 percent on Monday after CNBC TV18 reported earlier on Monday that founder and chairman Naresh Goyal was likely to step down from the board and give up majority control. The report also said that Etihad may infuse more capital into Jet.
The source, who spoke on condition of anonymity, said Goyal was on his way out but did not clarify if that would mean he is stepping down as chairman or from the board.
Etihad Airways, which owns 24 percent of debt-laden company Jet Airways (JET.NS), plans to increase its stake in the Indian airline, a source close to the Abu Dhabi carrier told Reuters on Monday.
Shares in India’s Jet Airways jumped over 18 percent on Monday after CNBC TV18 reported earlier on Monday that founder and chairman Naresh Goyal was likely to step down from the board and give up majority control. The report also said that Etihad may infuse more capital into Jet.
The source, who spoke on condition of anonymity, said Goyal was on his way out but did not clarify if that would mean he is stepping down as chairman or from the board.
U.S. wants #Qatar to challenge Russian gas in Europe -U.S. official | Reuters
U.S. wants Qatar to challenge Russian gas in Europe -U.S. official | Reuters:
The United States wants Qatar, the world’s top liquefied natural gas supplier, to challenge Russia’s gas dominance in Europe, a U.S. administration official said on Monday.
Deputy U.S. Energy Secretary Dan Brouillette told Reuters that the United States is talking with Doha about supplying Europe with LNG as it wants Germany and other countries to import Qatari and U.S. gas rather than from Russia, which now accounts for 60 percent of German gas imports.
The United States has warned German companies about possible sanctions over the Nord Stream 2 pipeline under construction which will double Russia’s export capacity to Germany via the Baltic Sea.
The United States wants Qatar, the world’s top liquefied natural gas supplier, to challenge Russia’s gas dominance in Europe, a U.S. administration official said on Monday.
Deputy U.S. Energy Secretary Dan Brouillette told Reuters that the United States is talking with Doha about supplying Europe with LNG as it wants Germany and other countries to import Qatari and U.S. gas rather than from Russia, which now accounts for 60 percent of German gas imports.
The United States has warned German companies about possible sanctions over the Nord Stream 2 pipeline under construction which will double Russia’s export capacity to Germany via the Baltic Sea.
MIDEAST STOCKS-Global woes hurt Egypt, weak oil pushes down #Saudi | Reuters
MIDEAST STOCKS-Global woes hurt Egypt, weak oil pushes down Saudi | Reuters:
Egypt's blue-chip index fell sharply on Monday, weighed down by financial shares, mirroring a slide in global stocks amid fears of a slowdown in global growth, while Saudi Arabia snapped a seven-day winning streak as its petrochemicals were pulled down by sliding oil prices.
Egypt's blue-chip index fell 1.4 percent with 23 of its 30 stocks declining.
The country's biggest lender Commercial International Bank retreated 1.4 percent, while the top loser, Global Telecom, shed 6 percent, having lost nearly 5 percent in the last session after announcing its plan to convert outstanding shareholder loans of $370.6 million plus accrued interest into equity.
Egypt's blue-chip index fell sharply on Monday, weighed down by financial shares, mirroring a slide in global stocks amid fears of a slowdown in global growth, while Saudi Arabia snapped a seven-day winning streak as its petrochemicals were pulled down by sliding oil prices.
Egypt's blue-chip index fell 1.4 percent with 23 of its 30 stocks declining.
The country's biggest lender Commercial International Bank retreated 1.4 percent, while the top loser, Global Telecom, shed 6 percent, having lost nearly 5 percent in the last session after announcing its plan to convert outstanding shareholder loans of $370.6 million plus accrued interest into equity.
Oil falls back to $60 on concerns about China slowdownv | ZAWYA MENA Edition
Oil falls back to $60 on concerns about China slowdownv | ZAWYA MENA Edition:
Oil slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world's second-largest oil consumer, raising the prospect of a slowdown in fuel demand.
China's exports fell by the most in two years in December while imports contracted, official figures showed, pointing to further weakness in what is also the world's second-largest economy.
Brent crude, the international benchmark, fell 50 cents to $59.98 a barrel by 0932 GMT, trading as low as $59.37 intraday. U.S. crude slipped 41 cents to $51.18.
Oil slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world's second-largest oil consumer, raising the prospect of a slowdown in fuel demand.
China's exports fell by the most in two years in December while imports contracted, official figures showed, pointing to further weakness in what is also the world's second-largest economy.
Brent crude, the international benchmark, fell 50 cents to $59.98 a barrel by 0932 GMT, trading as low as $59.37 intraday. U.S. crude slipped 41 cents to $51.18.
Saudi's Riyad Bank selects Goldman to advise on merger talks with NCB: sources | Reuters
Saudi's Riyad Bank selects Goldman to advise on merger talks with NCB: sources | Reuters:
Saudi Arabia’s Riyad Bank 1010.SE has picked Goldman Sachs (GS.N) to advise on its merger talks with National Commercial Bank 1180.SE, two sources familiar with the matter said.
NCB, the kingdom’s biggest lender by assets, and Riyad Bank have begun preliminary merger discussions, the two banks said in December in a deal that could potentially create a combined bank holding $183 billion in assets.
Riyad Bank did not immediately respond to a Reuters request for comment. Goldman Sachs declined to comment.
Saudi Arabia’s Riyad Bank 1010.SE has picked Goldman Sachs (GS.N) to advise on its merger talks with National Commercial Bank 1180.SE, two sources familiar with the matter said.
NCB, the kingdom’s biggest lender by assets, and Riyad Bank have begun preliminary merger discussions, the two banks said in December in a deal that could potentially create a combined bank holding $183 billion in assets.
Riyad Bank did not immediately respond to a Reuters request for comment. Goldman Sachs declined to comment.
Market Breathes Relief After Lebanon Disavows Debt Restructuring - Bloomberg
Market Breathes Relief After Lebanon Disavows Debt Restructuring - Bloomberg:
The bond market is finally taking Lebanon’s government at its word after top officials struggled to reassure investors panicking over the risk of debt restructuring.
Lebanese dollar bonds rose the most in almost a month on Monday, recovering after a plunge to a record low last week when initial efforts at damage control failed to calm markets. In a meeting on Sunday that included the president, the caretaker prime minister and the central bank, the officials said Lebanon was discussing how to reduce the budget deficit and implement fiscal reforms -- but would not restructure its debt.
“The issue of restructuring the public debt isn’t on the table at all,” caretaker Finance Minister Ali Hasan Khalil read from a statement after the meeting, which was also attended by the minister of economy and the head of the country’s bank association.
The bond market is finally taking Lebanon’s government at its word after top officials struggled to reassure investors panicking over the risk of debt restructuring.
Lebanese dollar bonds rose the most in almost a month on Monday, recovering after a plunge to a record low last week when initial efforts at damage control failed to calm markets. In a meeting on Sunday that included the president, the caretaker prime minister and the central bank, the officials said Lebanon was discussing how to reduce the budget deficit and implement fiscal reforms -- but would not restructure its debt.
“The issue of restructuring the public debt isn’t on the table at all,” caretaker Finance Minister Ali Hasan Khalil read from a statement after the meeting, which was also attended by the minister of economy and the head of the country’s bank association.
Citigroup's Azevedo Is Optimistic for IPOS in #SaudiArabia in 2019 – Bloomberg
Citigroup's Azevedo Is Optimistic for IPOS in Saudi Arabia in 2019 – Bloomberg:
Miguel Azevedo, head of investment banking for Middle East and Africa at Citigroup, discusses Saudi Arabia's IPO landscape, what's delaying listings for many companies, how equity and oil markets impact listings and where he's finding opportunities. He speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Miguel Azevedo, head of investment banking for Middle East and Africa at Citigroup, discusses Saudi Arabia's IPO landscape, what's delaying listings for many companies, how equity and oil markets impact listings and where he's finding opportunities. He speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Mideast Stocks: Saudi snaps winning streak as oil hurts most of Gulf | ZAWYA MENA Edition
Mideast Stocks: Saudi snaps winning streak as oil hurts most of Gulf | ZAWYA MENA Edition:
Most major Gulf markets fell on Monday due to falling oil prices and mounting fears of a global slowdown after Chinese data showed weakening imports and exports, while Saudi Arabia dropped on weak petrochemical stocks, snapping a seven-day winning streak.
Saudi Arabia's index edged down 0.1 percent, with top petrochemical producer Saudi Basic Industries dipping 0.8 percent and Yanbu National Petrochemicals losing 1.1 percent.
Saudi exchange data released on Sunday showed foreigners were net buyers of 1.03 billion riyals ($274.60 million) of stocks last week, up from the 134.3 miilion riyals of stocks foreigners bought the week before.
Most major Gulf markets fell on Monday due to falling oil prices and mounting fears of a global slowdown after Chinese data showed weakening imports and exports, while Saudi Arabia dropped on weak petrochemical stocks, snapping a seven-day winning streak.
Saudi Arabia's index edged down 0.1 percent, with top petrochemical producer Saudi Basic Industries dipping 0.8 percent and Yanbu National Petrochemicals losing 1.1 percent.
Saudi exchange data released on Sunday showed foreigners were net buyers of 1.03 billion riyals ($274.60 million) of stocks last week, up from the 134.3 miilion riyals of stocks foreigners bought the week before.
#AbuDhabi National Hotels secures 1.6 bln dirham loan for hotel purchase | Reuters
Abu Dhabi National Hotels secures 1.6 bln dirham loan for hotel purchase | Reuters:
First Abu Dhabi Bank said on Monday it had agreed to provide a 1.6 billion dirham ($436 million) loan to Abu Dhabi National Hotels (ADNH) for the acquisition of a number of Dubai-based hotels.
The statement didn’t specify the hotels, but ADNH said on Nov. 29 it had agreed to buy five hotels from Emaar Properties unit Emaar Hospitality for 2.2 billion dirhams.
First Abu Dhabi Bank said on Monday it had agreed to provide a 1.6 billion dirham ($436 million) loan to Abu Dhabi National Hotels (ADNH) for the acquisition of a number of Dubai-based hotels.
The statement didn’t specify the hotels, but ADNH said on Nov. 29 it had agreed to buy five hotels from Emaar Properties unit Emaar Hospitality for 2.2 billion dirhams.
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