Dubai Aerospace Enterprise grows fleet to 54 aircraft - The National:
Dubai Aerospace Enterprise, the Dubai aircraft lessor, added 19 jets to its portfolio over the course of 2018, taking its total managed fleet to 54, valued at more than $500 million (Dh1.83 billion).
In December, DAE agreed to sell 18 jets to institutional investors as part of plans to divest certain assets in order to grow its managed aircraft portfolio. The Middle East’s biggest plane lessor is also working with investors through its new Aircraft Investor Services (AIS) division to identify portfolios suited to their needs and the demands of the market, it said on Monday.
“DAE has listened to the investor community to discern what investors need in an aircraft manager,” said Firoz Tarapore, chief executive of DAE.
Monday, 21 January 2019
#Mashreq reports full year net profit of Dh2.1b
Mashreq reports full year net profit of Dh2.1b:
Mashreq on Monday reported a full year net profit of Dh2.1 billion for 2018 posting a marginal increase of 0.4 per cent year on year.
For the fourth quarter of the year the bank reported Dh312 million net profits, down 19 per cent year on year.
For the full year, Mashreq posted significant decline in impairment allowance with total impairment charges declining by 17.3 per cent year on year. The results also marked a high proportion of non-interest income that accounted for 38.7 per cent of total income.
Mashreq on Monday reported a full year net profit of Dh2.1 billion for 2018 posting a marginal increase of 0.4 per cent year on year.
For the fourth quarter of the year the bank reported Dh312 million net profits, down 19 per cent year on year.
For the full year, Mashreq posted significant decline in impairment allowance with total impairment charges declining by 17.3 per cent year on year. The results also marked a high proportion of non-interest income that accounted for 38.7 per cent of total income.
QNB considers 1:10 stock split to enhance liquidity
QNB considers 1:10 stock split to enhance liquidity:
QNB, the country’s largest lender, is considering a 1:10 stock split, whereby each share will be subdivided into 10 shares, a move that ought to enhance the liquidity of the scrip and thus help in price discovery.
The face value of QNB shares now at QR10 per piece will be reduced to QR1 after the split, a proposal which will be taken up by the extraordinary general assembly of shareholders, scheduled to be held next month.
QNB is the second entity to announce the 1:10 split after Qatar Insurance last year disclosed such a step.
QNB, the country’s largest lender, is considering a 1:10 stock split, whereby each share will be subdivided into 10 shares, a move that ought to enhance the liquidity of the scrip and thus help in price discovery.
The face value of QNB shares now at QR10 per piece will be reduced to QR1 after the split, a proposal which will be taken up by the extraordinary general assembly of shareholders, scheduled to be held next month.
QNB is the second entity to announce the 1:10 split after Qatar Insurance last year disclosed such a step.
Oil Steadies Near Two-Month High as U.S. Drilling Slows Down - Bloomberg
Oil Steadies Near Two-Month High as U.S. Drilling Slows Down - Bloomberg:
Oil steadied near a two-month high in New York amid a pullback in U.S. drilling activity, while ongoing U.S.-China trade talks left an uncertain outlook for demand.
Futures rose 0.2 percent Monday after surging 3.3 percent on Friday. The number of rigs drilling for oil in the U.S. fell to the lowest since May, according to Baker Hughes data. China and America, the world’s biggest oil consumers, have made little progress in talks on intellectual property, a major sticking point as they pursue a deal to end a tariff battle, according to people familiar with the discussions.
“The price volatility seen over the latter part of last year certainly appears to have made producers hesitant to pick up drilling activity,” said Warren Patterson, senior commodities strategist at ING Bank NV.
Oil steadied near a two-month high in New York amid a pullback in U.S. drilling activity, while ongoing U.S.-China trade talks left an uncertain outlook for demand.
Futures rose 0.2 percent Monday after surging 3.3 percent on Friday. The number of rigs drilling for oil in the U.S. fell to the lowest since May, according to Baker Hughes data. China and America, the world’s biggest oil consumers, have made little progress in talks on intellectual property, a major sticking point as they pursue a deal to end a tariff battle, according to people familiar with the discussions.
“The price volatility seen over the latter part of last year certainly appears to have made producers hesitant to pick up drilling activity,” said Warren Patterson, senior commodities strategist at ING Bank NV.
West Texas Intermediate crude for February was at $53.90 a barrel, up 10 cents, as of 12:59 p.m. on the New York Mercantile Exchange, when trading halted. U.S. markets were closed for the Martin Luther King holiday, and contracts will only be settled on Tuesday.
Brent for March settlement closed 4 cents higher at $62.74 a barrel on the London-based ICE Futures Europe exchange, after advancing $1.52 on Friday.
Oil Steadies Near Two-Month High as U.S. Drilling Slows Down - Bloomberg
Oil Steadies Near Two-Month High as U.S. Drilling Slows Down - Bloomberg:
Oil steadied near a two-month high in New York amid a pullback in U.S. drilling activity, while ongoing U.S.-China trade talks left an uncertain outlook for demand.
Futures were little changed after surging 3.3 percent on Friday. The number of rigs drilling for oil in the U.S. fell to the lowest since May, according to Baker Hughes data. China and America, the world’s biggest oil consumers, have made little progress in talks on intellectual property, a major sticking point as they pursue a deal to end a tariff battle, according to people familiar with the discussions.
“The price volatility seen over the latter part of last year certainly appears to have made producers hesitant to pick up drilling activity,” said Warren Patterson, senior commodities strategist at ING Bank NV.
Oil steadied near a two-month high in New York amid a pullback in U.S. drilling activity, while ongoing U.S.-China trade talks left an uncertain outlook for demand.
Futures were little changed after surging 3.3 percent on Friday. The number of rigs drilling for oil in the U.S. fell to the lowest since May, according to Baker Hughes data. China and America, the world’s biggest oil consumers, have made little progress in talks on intellectual property, a major sticking point as they pursue a deal to end a tariff battle, according to people familiar with the discussions.
“The price volatility seen over the latter part of last year certainly appears to have made producers hesitant to pick up drilling activity,” said Warren Patterson, senior commodities strategist at ING Bank NV.
#Saudi Stocks Enjoy Strong Start to Year as Oil, Indexes Eyed - Bloomberg
Saudi Stocks Enjoy Strong Start to Year as Oil, Indexes Eyed - Bloomberg:
Saudi Arabian stocks are enjoying their best start to a year in more than two decades amid improving prospects for oil prices and ahead of their long-awaited inclusion in major global benchmarks.
The main Saudi equities index climbed more than 7 percent in the first 20 days of the year, the best performance for the period since Bloomberg records began in 1995. The increase, more than that of any other major gauge in the Gulf, follows a gain of about 16 percent in the price of Brent crude -- the kingdom is the world’s largest oil exporter.
Brent has advanced every week this year amid expectations that production cuts by OPEC and resilient fuel demand will keep global markets in balance, supporting sentiment toward the Saudi economy. Additionally, large caps are rallying ahead of the kingdom’s inclusion in key emerging-market benchmarks compiled by MSCI Inc. and FTSE Russell later this year.
Saudi Arabian stocks are enjoying their best start to a year in more than two decades amid improving prospects for oil prices and ahead of their long-awaited inclusion in major global benchmarks.
The main Saudi equities index climbed more than 7 percent in the first 20 days of the year, the best performance for the period since Bloomberg records began in 1995. The increase, more than that of any other major gauge in the Gulf, follows a gain of about 16 percent in the price of Brent crude -- the kingdom is the world’s largest oil exporter.
Brent has advanced every week this year amid expectations that production cuts by OPEC and resilient fuel demand will keep global markets in balance, supporting sentiment toward the Saudi economy. Additionally, large caps are rallying ahead of the kingdom’s inclusion in key emerging-market benchmarks compiled by MSCI Inc. and FTSE Russell later this year.
#Saudi bonds index inclusion could pull in another $7bln: BAML | ZAWYA MENA Edition
Saudi bonds index inclusion could pull in another $7bln: BAML | ZAWYA MENA Edition:
Saudi Arabia could see another $7 billion pour into its sovereign debt markets as investors prepare for the kingdom's bonds to be included in a key index starting this month, Bank of America Merrill Lynch (BAML) estimated.
JP Morgan told investors in September that Saudi Arabia and four other Gulf states would join its emerging market government bond indexes - key performance benchmarks used by international investors - in a move likely to lure billions of dollars of new foreign investment into their debt.
Sovereign and quasi-sovereign debt issuers from Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait - all members of the Gulf Cooperation Council (GCC) - will become eligible for the EMBI Global Diversified (EMBIGD), EMBI Global (EMBIG) and EURO-EMBIG indexes with securities being added in a phased entry between Jan. 31 and Sept. 30, 2019
Saudi Arabia could see another $7 billion pour into its sovereign debt markets as investors prepare for the kingdom's bonds to be included in a key index starting this month, Bank of America Merrill Lynch (BAML) estimated.
JP Morgan told investors in September that Saudi Arabia and four other Gulf states would join its emerging market government bond indexes - key performance benchmarks used by international investors - in a move likely to lure billions of dollars of new foreign investment into their debt.
Sovereign and quasi-sovereign debt issuers from Saudi Arabia, Qatar, the United Arab Emirates, Bahrain and Kuwait - all members of the Gulf Cooperation Council (GCC) - will become eligible for the EMBI Global Diversified (EMBIGD), EMBI Global (EMBIG) and EURO-EMBIG indexes with securities being added in a phased entry between Jan. 31 and Sept. 30, 2019
UPDATE 1- #Kuwait to boost spending, eyes oil price at $55-$65/bbl | Reuters
UPDATE 1-Kuwait to boost spending, eyes oil price at $55-$65/bbl | Reuters:
Kuwait on Monday projected a 4.7 percent rise in spending to 22.5 billion dinars ($74.15 billion) as part of its state budget for the year ending on March 31, 2020, as the major oil producer seeks to spur economic growth.
The Kuwaiti Finance Minister Nayef al-Hajraf said he expected the average oil price to range between $55 to $65 per barrel, higher than the projected $50 a barrel in its last budget.
Brent crude oil futures traded around $63 on Monday.
Kuwait on Monday projected a 4.7 percent rise in spending to 22.5 billion dinars ($74.15 billion) as part of its state budget for the year ending on March 31, 2020, as the major oil producer seeks to spur economic growth.
The Kuwaiti Finance Minister Nayef al-Hajraf said he expected the average oil price to range between $55 to $65 per barrel, higher than the projected $50 a barrel in its last budget.
Brent crude oil futures traded around $63 on Monday.
#Iran fails to find any buyers for crude offered on exchange | Reuters
Iran fails to find any buyers for crude offered on exchange | Reuters:
Iran failed to find any buyers on Monday in its latest attempt to sell oil to private companies for export on the stock exchange, the ISNA news agency reported, in a setback to Tehran’s efforts to bypass U.S. sanctions.
Crude oil trade is state-controlled in Iran, but to try to work round U.S. sanctions, the government last year started to sell crude to private buyers through the stock exchange.
However, there were no buyers on Monday for the one million barrels it offered on the exchange at a starting price of $52 per barrel.
Iran failed to find any buyers on Monday in its latest attempt to sell oil to private companies for export on the stock exchange, the ISNA news agency reported, in a setback to Tehran’s efforts to bypass U.S. sanctions.
Crude oil trade is state-controlled in Iran, but to try to work round U.S. sanctions, the government last year started to sell crude to private buyers through the stock exchange.
However, there were no buyers on Monday for the one million barrels it offered on the exchange at a starting price of $52 per barrel.
UPDATE 1- #Russia says Japan's Mitsubishi interested in Arctic LNG 2 project | Reuters
UPDATE 1-Russia says Japan's Mitsubishi interested in Arctic LNG 2 project | Reuters:
Russia’s energy ministry said on Monday that Japan’s Mitsubishi Corp has expressed interest in participation in the Arctic LNG 2 project, which is due to start producing liquefied natural gas in the next decade.
Novatek owns a 90 percent stake in the project, with France’s Total holding the other 10 percent. Novatek intends to keep a 60 percent stake in Arctic LNG 2, offering 30 percent to other investors.
Energy ministry officials have met representatives from Mitsubishi, the ministry said without elaborating.
Russia’s energy ministry said on Monday that Japan’s Mitsubishi Corp has expressed interest in participation in the Arctic LNG 2 project, which is due to start producing liquefied natural gas in the next decade.
Novatek owns a 90 percent stake in the project, with France’s Total holding the other 10 percent. Novatek intends to keep a 60 percent stake in Arctic LNG 2, offering 30 percent to other investors.
Energy ministry officials have met representatives from Mitsubishi, the ministry said without elaborating.
#Russia committed to oil output cuts | Reuters
Russia committed to oil output cuts | Reuters:
Russia is committed to its pledges on oil output cuts, Energy Minister Alexander Novak said on Monday, after criticism from Saudi Arabia.
Last week, Saudi Energy Minister Khalid al-Falih said Russia was cutting its oil production more slowly than expected.
Novak also said he would meet his Saudi counterpart in Davos later this week if Falih attends the world economic forum in the Swiss resort. “It depends on his schedule,” Novak told reporters.
Russia is committed to its pledges on oil output cuts, Energy Minister Alexander Novak said on Monday, after criticism from Saudi Arabia.
Last week, Saudi Energy Minister Khalid al-Falih said Russia was cutting its oil production more slowly than expected.
Novak also said he would meet his Saudi counterpart in Davos later this week if Falih attends the world economic forum in the Swiss resort. “It depends on his schedule,” Novak told reporters.
MIDEAST STOCKS-Financials buoy Egypt, #Saudi inches up on banks | Reuters
MIDEAST STOCKS-Financials buoy Egypt, Saudi inches up on banks | Reuters:
Egypt's blue-chip shares rose on Monday, bolstered by financial stocks, while Saudi Arabia reversed early losses as most of its banks gained.
Egypt's blue-chip index rose 0.9 percent with its largest bank, Commercial International Bank, gaining 2.2 percent. The bank has gained in the last few sessions after its board decided to increase its authorised capital to 50 billion Egyptian pounds ($2.79 billion) from 20 billion pounds.
State-owned Abu Qir Fertilizers added 2.2 percent to snap a five-day losing streak. The stock had been sliding after the government hired financial firms to manage the sale of a stake in the company, Reuters had reported.
Egypt's blue-chip shares rose on Monday, bolstered by financial stocks, while Saudi Arabia reversed early losses as most of its banks gained.
Egypt's blue-chip index rose 0.9 percent with its largest bank, Commercial International Bank, gaining 2.2 percent. The bank has gained in the last few sessions after its board decided to increase its authorised capital to 50 billion Egyptian pounds ($2.79 billion) from 20 billion pounds.
State-owned Abu Qir Fertilizers added 2.2 percent to snap a five-day losing streak. The stock had been sliding after the government hired financial firms to manage the sale of a stake in the company, Reuters had reported.
UPDATE 1- #Dubai property developers put bond plans on hold -sources | Reuters
UPDATE 1-Dubai property developers put bond plans on hold -sources | Reuters:
Dubai’s Emaar Properties and state-owned developer Nakheel have put on hold plans to issue U.S. dollar-denominated bonds, Emaar and sources familiar with the bond issues said, amid a real estate downturn and volatility in emerging markets.
Emaar told Reuters that it had put on hold a planned bond issue, blaming rising interest rates but did not elaborate. Nakheel declined to comment.
Three financial sources said the firms had planned dollar-denominated sukuk, or Islamic bonds, and would have had to pay a yield premium to attract enough investors due to concerns about Dubai’s property price slide and emerging market volatility.
Dubai’s Emaar Properties and state-owned developer Nakheel have put on hold plans to issue U.S. dollar-denominated bonds, Emaar and sources familiar with the bond issues said, amid a real estate downturn and volatility in emerging markets.
Emaar told Reuters that it had put on hold a planned bond issue, blaming rising interest rates but did not elaborate. Nakheel declined to comment.
Three financial sources said the firms had planned dollar-denominated sukuk, or Islamic bonds, and would have had to pay a yield premium to attract enough investors due to concerns about Dubai’s property price slide and emerging market volatility.
#Qatar Plans to Support #Lebanon with $500 Million Bond Purchase - Bloomberg
Qatar Plans to Support Lebanon with $500 Million Bond Purchase - Bloomberg:
Qatar said on Monday it plans buy $500 million of Lebanese government bonds to help support one of the world’s most indebted countries. Eurobonds rallied by the most since September.
Lebanon’s struggling economy needs a cash infusion to reassure bond holders still reeling from mixed remarks by officials about the possibility of debt restructuring this month.
Lebanon’s Finance Minister Ali Hasan Khalil roiled bond markets when he told a newspaper the country may restructure its debt as part of a plan to repair public finances battered by sluggish economic growth, a political impasse that has left it without a functioning government for months and the war in neighboring Syria. He later denied the plans and officials got together to reassure investors the country would honor its obligations on time.
Qatar said on Monday it plans buy $500 million of Lebanese government bonds to help support one of the world’s most indebted countries. Eurobonds rallied by the most since September.
Lebanon’s struggling economy needs a cash infusion to reassure bond holders still reeling from mixed remarks by officials about the possibility of debt restructuring this month.
Lebanon’s Finance Minister Ali Hasan Khalil roiled bond markets when he told a newspaper the country may restructure its debt as part of a plan to repair public finances battered by sluggish economic growth, a political impasse that has left it without a functioning government for months and the war in neighboring Syria. He later denied the plans and officials got together to reassure investors the country would honor its obligations on time.
Oil falls as slowing China economy dents markets | Reuters
Oil falls as slowing China economy dents markets | Reuters:
Oil prices fell on Monday, in line with weaker stock markets after evidence that economic growth in China, the world’s second largest crude consumer, eased in 2018.
Brent crude oil futures LCOc1 were last down 35 cents on the day at $62.35 a barrel by 0946 GMT, while U.S. crude futures CLc1 were down 23 cents at $53.57 a barrel.
The broader financial markets were weaker after data showed China’s 2018 economic growth slowing to the weakest in 28 years, at 6.6 percent versus 6.8 percent in 2017.
Oil prices fell on Monday, in line with weaker stock markets after evidence that economic growth in China, the world’s second largest crude consumer, eased in 2018.
Brent crude oil futures LCOc1 were last down 35 cents on the day at $62.35 a barrel by 0946 GMT, while U.S. crude futures CLc1 were down 23 cents at $53.57 a barrel.
The broader financial markets were weaker after data showed China’s 2018 economic growth slowing to the weakest in 28 years, at 6.6 percent versus 6.8 percent in 2017.
#Saudi Alhokair's mall unit files for IPO, offering in Q2 -sources | ZAWYA MENA Edition
Saudi Alhokair's mall unit files for IPO, offering in Q2 -sources | ZAWYA MENA Edition:
Saudi Arabia's Fawaz Alhokair Group plans to offer shares in its shopping malls business in Riyadh in the second quarter of this year, sources told Reuters on Monday.
Arabian Centres Company, which has applied for an IPO with the Capital Market Authority, is eyeing a listing between April and June, said four sources who declined to be named due to commercial sensitivities.
Arabian Centres did not respond to requests for comment.
Saudi Arabia's Fawaz Alhokair Group plans to offer shares in its shopping malls business in Riyadh in the second quarter of this year, sources told Reuters on Monday.
Arabian Centres Company, which has applied for an IPO with the Capital Market Authority, is eyeing a listing between April and June, said four sources who declined to be named due to commercial sensitivities.
Arabian Centres did not respond to requests for comment.
MENA private equity set for another slow year despite positive long-term outlook | ZAWYA MENA Edition
MENA private equity set for another slow year despite positive long-term outlook | ZAWYA MENA Edition:
As the private equity industry in Middle East and North Africa region closes a year of consolidation and slow fundraising in 2018, the alternative investment asset class is not expected to record many transactions in 2019, either.
Amidst rising interest rates and tough global macro-economic conditions, corporate governance-related concerns mean the industry is bracing for more scrutiny by investors, according to analysts.
However, the rising potential of fintech in the GCC, and a likely economic recovery in both Saudi Arabia and the UAE are expected to give the industry a much-needed boost, with the long term prospects of the industry remaining positive, according to industry figures who have spoken to Zawya.
As the private equity industry in Middle East and North Africa region closes a year of consolidation and slow fundraising in 2018, the alternative investment asset class is not expected to record many transactions in 2019, either.
Amidst rising interest rates and tough global macro-economic conditions, corporate governance-related concerns mean the industry is bracing for more scrutiny by investors, according to analysts.
However, the rising potential of fintech in the GCC, and a likely economic recovery in both Saudi Arabia and the UAE are expected to give the industry a much-needed boost, with the long term prospects of the industry remaining positive, according to industry figures who have spoken to Zawya.
Mideast Stocks: Petrochemicals drag #Saudi shares down; major Gulf markets slide | ZAWYA MENA Edition
Mideast Stocks: Petrochemicals drag Saudi shares down; major Gulf markets slide | ZAWYA MENA Edition:
Saudi Arabia's stock market fell sharply on Monday, bogged down by petrochemical shares, while all major Gulf markets slipped, mostly weighed down by financial stocks.
Saudi Arabia's index fell 1.3 percent, in part due to a 7.3 percent plunge in petrochemical firm Saudi Kayan in heavy volume, despite posting a narrowed fourth-quarter net loss after zakat and tax of 110.9 million riyals ($29.57 million) from 220.3 million riyals a year ago.
Saudi's largest petrochemical maker Saudi Basic Industries dropped 1.8 percent and Al Rajhi Bank fell 0.6 percent.
Saudi Arabia's stock market fell sharply on Monday, bogged down by petrochemical shares, while all major Gulf markets slipped, mostly weighed down by financial stocks.
Saudi Arabia's index fell 1.3 percent, in part due to a 7.3 percent plunge in petrochemical firm Saudi Kayan in heavy volume, despite posting a narrowed fourth-quarter net loss after zakat and tax of 110.9 million riyals ($29.57 million) from 220.3 million riyals a year ago.
Saudi's largest petrochemical maker Saudi Basic Industries dropped 1.8 percent and Al Rajhi Bank fell 0.6 percent.
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