UNB, ADCB surge ahead of possible merger:
The Abu Dhabi story has been a far cry from that of its regional peers, but only selectively.
Most of the banks such as First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Union National Bank have surged multi-folds ahead of a possible merger, resulting in out performance of the Abu Dhabi index.
Abu Dhabi Commercial Bank has gained 24 per cent to its highest level in 52 weeks of Dh9.15 from a low of Dh7.41 seen on October 23. Union National Bank shares have gained 23 per cent since December 2018. FAB has been trading in a range of near to its near all-time high of Dh15.15. FAB had gained 46 per cent in the last 13 months since the merger news was announced. The ADX index has gained 18 per cent in the past 13 months, while the Dubai index has been on declining trend, shedding 25 per cent in the same time period.
Sunday 27 January 2019
#UAE cabinet to allow trading companies to issue IPOs
UAE cabinet to allow trading companies to issue IPOs:
The UAE Cabinet on Sunday adopted an amendment to the country’s Commercial Agencies Law, which would allow trade agencies to convert into public shareholding companies.
Trade agencies are a popular method of doing business in the country, created when a UAE entity, typically a family-owned business, entered into an agreement with international agents or distributors.
The change in the law would allow trading agencies to raise fund from local stock markets.
The UAE Cabinet on Sunday adopted an amendment to the country’s Commercial Agencies Law, which would allow trade agencies to convert into public shareholding companies.
Trade agencies are a popular method of doing business in the country, created when a UAE entity, typically a family-owned business, entered into an agreement with international agents or distributors.
The change in the law would allow trading agencies to raise fund from local stock markets.
INTERVIEW: Amin Nasser, #Saudi Aramco’s Davos man, spells out blueprint for IPO
INTERVIEW: Amin Nasser, Saudi Aramco’s Davos man, spells out blueprint for IPO:
Amin Nasser, the president and CEO of Saudi Aramco, had a busy few days at last week’s World Economic Forum (WEF) annual meeting in Davos.
“We had about six hours at the International Business Council, three hours at the oil and gas community, two hours on the climate change initiative — and then about 40 bilateral meetings. In Davos, you make every minute count,” he said.
Nasser was speaking in a private meeting salon at the Hotel Grischa near the main railway station of the Swiss Alpine town. He had a plane to catch, but spent some of his precious remaining minutes at Davos speaking to Arab News — about the Fourth Industrial Revolution, technology, the environment, carbon emissions and sustainability.
Amin Nasser, the president and CEO of Saudi Aramco, had a busy few days at last week’s World Economic Forum (WEF) annual meeting in Davos.
“We had about six hours at the International Business Council, three hours at the oil and gas community, two hours on the climate change initiative — and then about 40 bilateral meetings. In Davos, you make every minute count,” he said.
Nasser was speaking in a private meeting salon at the Hotel Grischa near the main railway station of the Swiss Alpine town. He had a plane to catch, but spent some of his precious remaining minutes at Davos speaking to Arab News — about the Fourth Industrial Revolution, technology, the environment, carbon emissions and sustainability.
CI affirms #Qatar’s foreign and local currency issuer ratings; upgrades outlook to 'stable'
CI affirms Qatar’s foreign and local currency issuer ratings; upgrades outlook to 'stable':
Capital Intelligence (CI), the international credit rating agency, has affirmed Qatar’s long-term foreign and local currency issuer ratings at ‘AA-’ and short-term foreign and local currency ratings at ‘A1+’, while upgrading the outlook on them to "stable" from "negative".
The ratings and "stable" outlook reflect substantial improvements in the budget and current account balances in 2018, as well as CI’s expectation that the country’s fiscal and external positions will remain relatively stable in the coming years.
Qatar’s ratings continue to be primarily supported by very large hydrocarbon reserves and substantial government assets under the management of Qatar Investment Authority, the sovereign wealth fund.
Capital Intelligence (CI), the international credit rating agency, has affirmed Qatar’s long-term foreign and local currency issuer ratings at ‘AA-’ and short-term foreign and local currency ratings at ‘A1+’, while upgrading the outlook on them to "stable" from "negative".
The ratings and "stable" outlook reflect substantial improvements in the budget and current account balances in 2018, as well as CI’s expectation that the country’s fiscal and external positions will remain relatively stable in the coming years.
Qatar’s ratings continue to be primarily supported by very large hydrocarbon reserves and substantial government assets under the management of Qatar Investment Authority, the sovereign wealth fund.
Europe Set to Announce #Iran Funding Vehicle, Defying Trump - Bloomberg
Europe Set to Announce Iran Funding Vehicle, Defying Trump - Bloomberg:
Three key European Union nations are set to make good on a pledge to help their companies trade with Iran despite U.S. sanctions, a move that could help to salvage a nuclear deal with the Islamic Republic but may have more political symbolism than economic impact.
The announcement of the so-called special purpose vehicle could come as soon as Monday, two diplomats familiar with the matter said, asking not to be identified as last-minute negotiations on the wording of the EU statement continued. The mechanism is key to the EU’s effort to keep Iran from quitting the 2015 accord to constrain its nuclear activities in exchange for sanctions relief. The U.S. pulled out of the deal in May and has since reimposed sanctions.
A draft EU statement seen by Bloomberg welcomes the initiative by U.K, France and Germany as providing “a positive impact on trade and economic relations with Iran, but most importantly on the lives of Iranian people.” The statement is going to be discussed by EU government envoys in Brussels on Monday morning and may be released soon after, if all 28 member states approve.
Three key European Union nations are set to make good on a pledge to help their companies trade with Iran despite U.S. sanctions, a move that could help to salvage a nuclear deal with the Islamic Republic but may have more political symbolism than economic impact.
The announcement of the so-called special purpose vehicle could come as soon as Monday, two diplomats familiar with the matter said, asking not to be identified as last-minute negotiations on the wording of the EU statement continued. The mechanism is key to the EU’s effort to keep Iran from quitting the 2015 accord to constrain its nuclear activities in exchange for sanctions relief. The U.S. pulled out of the deal in May and has since reimposed sanctions.
A draft EU statement seen by Bloomberg welcomes the initiative by U.K, France and Germany as providing “a positive impact on trade and economic relations with Iran, but most importantly on the lives of Iranian people.” The statement is going to be discussed by EU government envoys in Brussels on Monday morning and may be released soon after, if all 28 member states approve.
#Saudi-Ethiopian tycoon Amoudi freed from detention | Reuters
Saudi-Ethiopian tycoon Amoudi freed from detention | Reuters:
Saudi-Ethiopian businessman Mohammed Hussein al-Amoudi, arrested more than 14 months ago in a crackdown on corruption, has been released from detention in Saudi Arabia, two Saudi sources and Ethiopian state television said on Sunday.
“He was released today and is heading to Jeddah,” one of the sources told Reuters.
Ethiopian Television cited Arega Yirdaw, chief executive of Al Amoudi’s MIDROC Technology Group, as its source.
Saudi-Ethiopian businessman Mohammed Hussein al-Amoudi, arrested more than 14 months ago in a crackdown on corruption, has been released from detention in Saudi Arabia, two Saudi sources and Ethiopian state television said on Sunday.
“He was released today and is heading to Jeddah,” one of the sources told Reuters.
Ethiopian Television cited Arega Yirdaw, chief executive of Al Amoudi’s MIDROC Technology Group, as its source.
MIDEAST STOCKS-Egypt's EGX30 index rises, most Gulf markets firm | Reuters
MIDEAST STOCKS-Egypt's EGX30 index rises, most Gulf markets firm | Reuters:
Gulf markets closed mainly higher on Sunday thanks to strong financials, while Egypt's blue-chip index rose sharply, helping it catch up with gains in other emerging markets.
"Egypt is finally catching up with the risk-off trade emerging markets are witnessing," said Mohammed al-Hajj, senior macro strategy analyst at EFG Hermes, noting that the index was up around 6 percent year-to-date compared with around 7 percent for other emerging markets.
"There are also local drivers for the move such as the continuation of positive macro figures and falling T-bill yields," he added.
Gulf markets closed mainly higher on Sunday thanks to strong financials, while Egypt's blue-chip index rose sharply, helping it catch up with gains in other emerging markets.
"Egypt is finally catching up with the risk-off trade emerging markets are witnessing," said Mohammed al-Hajj, senior macro strategy analyst at EFG Hermes, noting that the index was up around 6 percent year-to-date compared with around 7 percent for other emerging markets.
"There are also local drivers for the move such as the continuation of positive macro figures and falling T-bill yields," he added.
#Dubai Commodity Centre DMCC's CEO Sashittal replaced by Bin Sulayem- statement | ZAWYA MENA Edition
Dubai Commodity Centre DMCC's CEO Sashittal replaced by Bin Sulayem- statement | ZAWYA MENA Edition:
The Dubai Multi Commodities Centre (DMCC) said on Sunday Gautam Sashittal is stepping down from his role as chief executive officer and was replaced by Ahmed Bin Sulayem.
Bin Sulayem will combine the position with his Executive Chairman role, the DMCC said in a statement, adding that Sashittal will leave in April.
The DMCC was established by the government in 2002 to provide the infrastructure required to establish a global commodities trade hub.
The Dubai Multi Commodities Centre (DMCC) said on Sunday Gautam Sashittal is stepping down from his role as chief executive officer and was replaced by Ahmed Bin Sulayem.
Bin Sulayem will combine the position with his Executive Chairman role, the DMCC said in a statement, adding that Sashittal will leave in April.
The DMCC was established by the government in 2002 to provide the infrastructure required to establish a global commodities trade hub.
ADNOC seals $5.8bln refining and trading deal with ENI, OMV | ZAWYA MENA Edition
ADNOC seals $5.8bln refining and trading deal with ENI, OMV | ZAWYA MENA Edition:
Italy's Eni and Austria's OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company's (ADNOC) refining business and establish a new trading operation owned by the three partners.
The transaction, which expands ADNOC's access to European markets, furthers Eni's diversification away from Africa and gives OMV a downstream oil business outside Europe. It was hailed as a "one of a kind" deal by ADNOC's Chief Executive Sultan al-Jaber.
"The whole oil and gas industry hasn't seen a transaction of this size and sophistication," he said.
Italy's Eni and Austria's OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company's (ADNOC) refining business and establish a new trading operation owned by the three partners.
The transaction, which expands ADNOC's access to European markets, furthers Eni's diversification away from Africa and gives OMV a downstream oil business outside Europe. It was hailed as a "one of a kind" deal by ADNOC's Chief Executive Sultan al-Jaber.
"The whole oil and gas industry hasn't seen a transaction of this size and sophistication," he said.
SABIC says challenges remain, views Aramco deal positively | Reuters
SABIC says challenges remain, views Aramco deal positively | Reuters:
Saudi Basic Industries Corp (SABIC) expects to face challenges this year due to uncertainty over the impact of a global trade war on the United States and China, its major markets, the company’s chief executive said on Sunday.
However, the world’s fourth-biggest petrochemicals company said it has the ability to deal with such challenges and started to see stabilization in prices of some products after a steep decline toward the end of 2018.
SABIC reported a 12.4 percent drop in fourth-quarter profit compared to the year earlier period, missing analyst forecasts. The company attributed the fall to lower average selling prices and a decrease in the share of results of associates.
Saudi Basic Industries Corp (SABIC) expects to face challenges this year due to uncertainty over the impact of a global trade war on the United States and China, its major markets, the company’s chief executive said on Sunday.
However, the world’s fourth-biggest petrochemicals company said it has the ability to deal with such challenges and started to see stabilization in prices of some products after a steep decline toward the end of 2018.
SABIC reported a 12.4 percent drop in fourth-quarter profit compared to the year earlier period, missing analyst forecasts. The company attributed the fall to lower average selling prices and a decrease in the share of results of associates.
REFILE- #Saudi SABIC misses forecasts with 12.4 pct profit drop | Reuters
REFILE-Saudi SABIC misses forecasts with 12.4 pct profit drop | Reuters:
Saudi Basic Industries Corp (SABIC) posted a 12.4 percent profit drop in the fourth quarter from a year earlier, citing lower average selling prices and a decrease in the share of results of associates.
SABIC made a net profit of 3.24 billion riyals ($864 million) in the three months to Dec. 31, down from 3.7 billion riyals in the year-earlier period, the company said in a bourse statement.
That was lower than the average forecasts of three analysts polled by Refinitiv, who expected SABIC to make a net profit of 4.92 billion riyals.
Saudi Basic Industries Corp (SABIC) posted a 12.4 percent profit drop in the fourth quarter from a year earlier, citing lower average selling prices and a decrease in the share of results of associates.
SABIC made a net profit of 3.24 billion riyals ($864 million) in the three months to Dec. 31, down from 3.7 billion riyals in the year-earlier period, the company said in a bourse statement.
That was lower than the average forecasts of three analysts polled by Refinitiv, who expected SABIC to make a net profit of 4.92 billion riyals.
#Saudi unemployment at 12.8 pct in Q3 2018 | Reuters
Saudi unemployment at 12.8 pct in Q3 2018 | Reuters:
Unemployment among Saudi Arabian citizens eased marginally to 12.8 percent in the third quarter of 2018, official figures released on Sunday showed.
The jobless rate first hit 12.9 percent, the highest level recorded by the statistics agency in data going back to 1999, in the first quarter of 2018 as private employers were hit by a new sales tax and a domestic fuel price hike.
Unemployment among Saudi Arabian citizens eased marginally to 12.8 percent in the third quarter of 2018, official figures released on Sunday showed.
The jobless rate first hit 12.9 percent, the highest level recorded by the statistics agency in data going back to 1999, in the first quarter of 2018 as private employers were hit by a new sales tax and a domestic fuel price hike.
MIDEAST STOCKS-SABIC weighs on #Saudi, most major Gulf markets mixed | Reuters
MIDEAST STOCKS-SABIC weighs on Saudi, most major Gulf markets mixed | Reuters:
Saudi Arabia’s stock index was little changed at Sunday’s open, with Saudi Basic Industries Corp (SABIC) weighing on the market.
SABIC was down 0.7 percent after reporting a drop in fourth-quarter net profit to 3.24 billion riyals ($863.88 million)versus 3.7 billion riyals a year ago.
The company attributed the fall to lower average selling prices and a decrease in the share of the results of associates and joint ventures.
Saudi Arabia’s stock index was little changed at Sunday’s open, with Saudi Basic Industries Corp (SABIC) weighing on the market.
SABIC was down 0.7 percent after reporting a drop in fourth-quarter net profit to 3.24 billion riyals ($863.88 million)versus 3.7 billion riyals a year ago.
The company attributed the fall to lower average selling prices and a decrease in the share of the results of associates and joint ventures.
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