INTERVIEW: Saudi Arabia open for business, says SAGIA governor Ibrahim Al-Omar:
Saudi Arabia is open for business, and wants the world to be involved in the multibillion-dollar transformation underway in the Kingdom as part of the Vision 2030 strategy.
That was the message from Ibrahim Al-Omar, governor of the Saudi Arabian General Investment Authority (SAGIA), to leading decision-makers at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, last week.
On the sidelines of the event, Al-Omar told Arab News that there had been “huge” interest from international investors to be partners in the strategy to diversify the economy away from oil dependency.
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Monday 28 January 2019
Doha Bank reports QR830m full-year net profit for 2018 - The Peninsula Qatar
Doha Bank reports QR830m full-year net profit for 2018 - The Peninsula Qatar:
Doha Bank, one of the leading conventional lenders in Qatar, reported a net profit of QR830m for the last financial year ended December 31, 2018, down by over 25 percent compared with QR1.11bn achieved for same period in 2017 after taking significant loan loss provision.
Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, announced that the Board of Directors (BoD) in its meeting held yesterday approved the draft of the Bank’s audited financial statements for the year 2018.
At the same meeting, the Board decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QR1 per share to the shareholders.
Doha Bank, one of the leading conventional lenders in Qatar, reported a net profit of QR830m for the last financial year ended December 31, 2018, down by over 25 percent compared with QR1.11bn achieved for same period in 2017 after taking significant loan loss provision.
Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, announced that the Board of Directors (BoD) in its meeting held yesterday approved the draft of the Bank’s audited financial statements for the year 2018.
At the same meeting, the Board decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QR1 per share to the shareholders.
QCB’s forex reserves rise 2.2% to $48.4bn in November: QNB
QCB’s forex reserves rise 2.2% to $48.4bn in November: QNB:
Qatar Central Bank’s foreign exchange reserves totalled $48.4bn in November, a 2.2% increase month-on-month, a new report by QNB has shown.
This, QNB said, equates to 8.7 months of import cover.
The country’s crude oil production marginally ticked down to 599,000 barrels per day (bpd) in November from 609,000bpd in October, QNB said in its latest ‘Qatar Monthly Monitor’.
Qatar Central Bank’s foreign exchange reserves totalled $48.4bn in November, a 2.2% increase month-on-month, a new report by QNB has shown.
This, QNB said, equates to 8.7 months of import cover.
The country’s crude oil production marginally ticked down to 599,000 barrels per day (bpd) in November from 609,000bpd in October, QNB said in its latest ‘Qatar Monthly Monitor’.
Doha Bank-sponsored QETF achieves return of 20% during 2018
Doha Bank-sponsored QETF achieves return of 20% during 2018:
Doha Bank-sponsored exchange traded fund, QETF, has achieved a total return of 20% during 2018, outperforming most ETFs in the world.
“This achievement is the culmination of untiring efforts of various parties who contributed to the QETF’s success in its first year of operations. This is a testament of the strength in the Qatari economy and market resilience, post the blockade,” Doha Bank Group chief executive Dr R Seetharaman said.
The QETF is a Qatari domiciled fund listed on the Qatar Stock Exchange and is one of the largest ETFs in the Gulf region. It is managed by Amwal.
Doha Bank-sponsored exchange traded fund, QETF, has achieved a total return of 20% during 2018, outperforming most ETFs in the world.
“This achievement is the culmination of untiring efforts of various parties who contributed to the QETF’s success in its first year of operations. This is a testament of the strength in the Qatari economy and market resilience, post the blockade,” Doha Bank Group chief executive Dr R Seetharaman said.
The QETF is a Qatari domiciled fund listed on the Qatar Stock Exchange and is one of the largest ETFs in the Gulf region. It is managed by Amwal.
Aramco Could Stagger Payments for Sabic Deal, Oil Minister Says - Bloomberg
Aramco Could Stagger Payments for Sabic Deal, Oil Minister Says - Bloomberg:
Saudi Aramco could stagger payments for the acquisition of chemical giant Sabic, offering flexibility in how to finance the largest deal in the kingdom’s history, energy minister Khalid Al-Falih said.
Aramco is close to agreeing on the purchase of a 70 percent stake in Sabic from the Public Investment Fund for as much as $70 billion. The state-run oil company carries almost no debt, but plans an unprecedented international bond issue in the second-quarter and has also asked banks to submit proposals for loans.
"We are negotiating with the PIF on what are the payment terms," Al-Falih, who’s also Aramco’s chairman, said in an interview in Riyadh on Monday. "If the payment terms are extended over a period of time that allows us to pay for a lot of it with self-generated cash."
Saudi Aramco could stagger payments for the acquisition of chemical giant Sabic, offering flexibility in how to finance the largest deal in the kingdom’s history, energy minister Khalid Al-Falih said.
Aramco is close to agreeing on the purchase of a 70 percent stake in Sabic from the Public Investment Fund for as much as $70 billion. The state-run oil company carries almost no debt, but plans an unprecedented international bond issue in the second-quarter and has also asked banks to submit proposals for loans.
"We are negotiating with the PIF on what are the payment terms," Al-Falih, who’s also Aramco’s chairman, said in an interview in Riyadh on Monday. "If the payment terms are extended over a period of time that allows us to pay for a lot of it with self-generated cash."
Oil Dips Most in a Month as China Slowdown Signals Demand Drop - Bloomberg
Oil Dips Most in a Month as China Slowdown Signals Demand Drop - Bloomberg:
Crude skidded to its worst loss in a month as disappointing corporate profit forecasts stoked concern about the economy, bruising a market already anxious about booming American oil supplies.
Futures dropped 3.2 percent in New York on Monday, joining a slide in equities after microchip-maker Nvidia Corp. and heavy-equipment giant Caterpillar Inc. warned of slowing growth in China and elsewhere. Saudi Arabia’s pledge to pump oil “well below” its self-imposed limit did little to mollify traders.
Oil has advanced 15 percent this year as the Organization of Petroleum Exporting Countries and allies curbed output to ease glut concerns. Nevertheless, price gains have been capped by record American output, expanding stockpiles and the U.S.-China trade war. Talks between the world’s two biggest economies later this week may provide the catalyst for crude to break through its recent narrow trading range.
Crude skidded to its worst loss in a month as disappointing corporate profit forecasts stoked concern about the economy, bruising a market already anxious about booming American oil supplies.
Futures dropped 3.2 percent in New York on Monday, joining a slide in equities after microchip-maker Nvidia Corp. and heavy-equipment giant Caterpillar Inc. warned of slowing growth in China and elsewhere. Saudi Arabia’s pledge to pump oil “well below” its self-imposed limit did little to mollify traders.
Oil has advanced 15 percent this year as the Organization of Petroleum Exporting Countries and allies curbed output to ease glut concerns. Nevertheless, price gains have been capped by record American output, expanding stockpiles and the U.S.-China trade war. Talks between the world’s two biggest economies later this week may provide the catalyst for crude to break through its recent narrow trading range.
In Dubai, Avalanche of New Homes Extends Stubborn Property Slump - Bloomberg
In #Dubai, Avalanche of New Homes Extends Stubborn Property Slump - Bloomberg:
Dubai’s homeowners will have to wait at least a couple more years for a long-running property slump to hit bottom as developers put a record number of new residences on the market this year.
About 31,500 homes will probably be completed this year, more than twice the city’s average annual demand over the last five years, according to Craig Plumb, head of Middle East research at broker Jones Lang Lasalle. That compares with the 22,000 homes finished in 2018.
The Dubai property market’s long decline since a peak in October 2014 has defied all predictions of a rebound over the last several years. While an oil price slump, fiscal austerity in Saudi Arabia and a strong dollar have driven away potential buyers, construction -- much of it by state controlled developers -- hasn’t slowed to meet the weaker demand.
Dubai’s homeowners will have to wait at least a couple more years for a long-running property slump to hit bottom as developers put a record number of new residences on the market this year.
About 31,500 homes will probably be completed this year, more than twice the city’s average annual demand over the last five years, according to Craig Plumb, head of Middle East research at broker Jones Lang Lasalle. That compares with the 22,000 homes finished in 2018.
The Dubai property market’s long decline since a peak in October 2014 has defied all predictions of a rebound over the last several years. While an oil price slump, fiscal austerity in Saudi Arabia and a strong dollar have driven away potential buyers, construction -- much of it by state controlled developers -- hasn’t slowed to meet the weaker demand.
Saudis Pledge Even Deeper Oil Cuts in February Under OPEC+ Deal - Bloomberg
Saudis Pledge Even Deeper Oil Cuts in February Under OPEC+ Deal - Bloomberg:
Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit it accepted under OPEC’s oil-cuts accord, Energy Minister Khalid Al-Falih said.
The world’s biggest exporter targeted production of 10.2 million barrels a day in January and is aiming to pump about 10.1 million in February, he said. Saudi Arabia’s voluntary limit under the December cuts deal with Russia and other producers was 10.33 million barrels a day.
“Saudi Arabia will be well below the voluntary cap that we agreed to” and will pump beneath its ceiling “for the full six months” of the December cuts accord, he said in a Bloomberg Television interview in Riyadh.
Saudi Arabia expects to reduce oil output once again in February and pump for six months at levels “well below” the production limit it accepted under OPEC’s oil-cuts accord, Energy Minister Khalid Al-Falih said.
The world’s biggest exporter targeted production of 10.2 million barrels a day in January and is aiming to pump about 10.1 million in February, he said. Saudi Arabia’s voluntary limit under the December cuts deal with Russia and other producers was 10.33 million barrels a day.
“Saudi Arabia will be well below the voluntary cap that we agreed to” and will pump beneath its ceiling “for the full six months” of the December cuts accord, he said in a Bloomberg Television interview in Riyadh.
ADCB's chairman, CEO to fill top positions in new Abu Dhabi merged bank-sources | ZAWYA MENA Edition
ADCB's chairman, CEO to fill top positions in new Abu Dhabi merged bank-sources | ZAWYA MENA Edition:
Abu Dhabi Commercial Bank's chairman and chief executive will fill the top positions within the company to be created after the merger with Union National Bank UNB.AD and Al Hilal Bank, three sources aware of the merger said.
ADCB is the largest bank within the three-way tie-up, which could form a bank with around $113 billion in assets and become the third largest lender in the United Arab Emirates after First Abu Dhabi Bank and Emirates NBD.
Eissa Mohamed al Suwaidi, chairman of ADCB, will take the same post at the new bank, with Ala'a Eraiqat, ADCB's chief executive, assuming the role of CEO, the sources said. Both have been in their current positions for roughly a decade.
Abu Dhabi Commercial Bank's chairman and chief executive will fill the top positions within the company to be created after the merger with Union National Bank UNB.AD and Al Hilal Bank, three sources aware of the merger said.
ADCB is the largest bank within the three-way tie-up, which could form a bank with around $113 billion in assets and become the third largest lender in the United Arab Emirates after First Abu Dhabi Bank and Emirates NBD.
Eissa Mohamed al Suwaidi, chairman of ADCB, will take the same post at the new bank, with Ala'a Eraiqat, ADCB's chief executive, assuming the role of CEO, the sources said. Both have been in their current positions for roughly a decade.
#Qatar International Islamic Bank's results roughly in line with its Islamic banking peers in Qatar, analyst says | ZAWYA MENA Edition
Qatar International Islamic Bank's results roughly in line with its Islamic banking peers in Qatar, analyst says | ZAWYA MENA Edition:
Qatar International Islamic Bank reported on Monday a 6 percent rise in net profit for 2018 and an 11.3 percent rise in fourth quarter earnings (Q4).
Net profit for the year 2018 amounted to 882.1 million Qatari riyals ($242.24 million), compared to 832.2 million Qatari riyals for 2017. Net profit for Q4 2018 was 147.01 million Qatari riyals, versus 132.09 million Qatari riyals in the same period a year earlier.
“QIIB (Qatar International Islamic Bank) delivered a result roughly in line with its Islamic banking peers in Qatar,” Akber Khan, senior director of asset management at Qatari-based Al Rayan Investment, told Zawya by email.
Qatar International Islamic Bank reported on Monday a 6 percent rise in net profit for 2018 and an 11.3 percent rise in fourth quarter earnings (Q4).
Net profit for the year 2018 amounted to 882.1 million Qatari riyals ($242.24 million), compared to 832.2 million Qatari riyals for 2017. Net profit for Q4 2018 was 147.01 million Qatari riyals, versus 132.09 million Qatari riyals in the same period a year earlier.
“QIIB (Qatar International Islamic Bank) delivered a result roughly in line with its Islamic banking peers in Qatar,” Akber Khan, senior director of asset management at Qatari-based Al Rayan Investment, told Zawya by email.
#Saudi signs $54.4 billion of deals, offers manufacturing incentives | Reuters
Saudi signs $54.4 billion of deals, offers manufacturing incentives | Reuters:
Saudi Arabia said on Monday it had signed agreements worth 204 billion riyals ($54.4 billion) and offered fresh incentives to attract capital as part of a 10-year program that would help diversify the economy of the world’s top oil exporter.
The kingdom is offering investment opportunities in mining, industry, logistics and energy through its National Industrial Development and Logistics Program (NIDLP).
That is part of an economic plan launched by Crown Prince Mohammed bin Salman in 2016 to end dependence on hydrocarbons and create jobs for young Saudis.
Saudi Arabia said on Monday it had signed agreements worth 204 billion riyals ($54.4 billion) and offered fresh incentives to attract capital as part of a 10-year program that would help diversify the economy of the world’s top oil exporter.
The kingdom is offering investment opportunities in mining, industry, logistics and energy through its National Industrial Development and Logistics Program (NIDLP).
That is part of an economic plan launched by Crown Prince Mohammed bin Salman in 2016 to end dependence on hydrocarbons and create jobs for young Saudis.
#SaudiArabia slashes exposure to Tesla via hedging deal | Financial Times
Saudi Arabia slashes exposure to Tesla via hedging deal | Financial Times:
Saudi Arabia has slashed its exposure to Tesla less than four months after the carmaker’s chief executive Elon Musk settled fraud charges over his claim the kingdom was ready to back a management buyout.
The Saudis’ Public Investment Fund hedged most of its 4.9 per cent stake in Tesla with the help of bankers at JPMorgan Chase after the market closed on January 17, according to four people with direct knowledge of the trade.
The arrangement means that, although it still holds the shares, the Saudi sovereign wealth fund is left with little exposure should the price fall. Its potential gains are also capped if the stock rises, freezing its $2.9bn bet on the company.
Saudi Arabia has slashed its exposure to Tesla less than four months after the carmaker’s chief executive Elon Musk settled fraud charges over his claim the kingdom was ready to back a management buyout.
The Saudis’ Public Investment Fund hedged most of its 4.9 per cent stake in Tesla with the help of bankers at JPMorgan Chase after the market closed on January 17, according to four people with direct knowledge of the trade.
The arrangement means that, although it still holds the shares, the Saudi sovereign wealth fund is left with little exposure should the price fall. Its potential gains are also capped if the stock rises, freezing its $2.9bn bet on the company.
MIDEAST STOCKS-Banks lift #Saudi, blue-chips elevate major Gulf markets | Reuters
MIDEAST STOCKS-Banks lift Saudi, blue-chips elevate major Gulf markets | Reuters:
Saudi Arabia's stock market rose sharply on Monday to a three- and-a-half year high boosted by blue-chip bank shares, while Dubai was buoyed by financials and real estate stocks.
Saudi Arabia's index rose 1.4 percent to its highest since Aug. 2015, with Al Rajhi Bank adding 2.2 percent and Riyad Bank increasing 4.2 percent.
Saudi exchange data released late on Sunday showed that foreigners were the net-buyers of 958.3 million riyals ($256 million) of stocks last week.
Saudi Arabia's stock market rose sharply on Monday to a three- and-a-half year high boosted by blue-chip bank shares, while Dubai was buoyed by financials and real estate stocks.
Saudi Arabia's index rose 1.4 percent to its highest since Aug. 2015, with Al Rajhi Bank adding 2.2 percent and Riyad Bank increasing 4.2 percent.
Saudi exchange data released late on Sunday showed that foreigners were the net-buyers of 958.3 million riyals ($256 million) of stocks last week.
#Qatar National Bank hires banks for U.S. dollar bond deal: sources | Reuters
Qatar National Bank hires banks for U.S. dollar bond deal: sources | Reuters:
Qatar National Bank, the largest bank by assets in the Middle East and Africa, is planning to issue shortly U.S. dollar-denominated bonds and has hired banks to arrange the debt sale, sources familiar with the matter said.
The planned bond issue would be QNB’s first public dollar bond transaction in over two years.
The lender has hired a group of banks including Barclays, Deutsche Bank, ING and Standard Chartered to arrange the transaction, said the sources.
Qatar National Bank, the largest bank by assets in the Middle East and Africa, is planning to issue shortly U.S. dollar-denominated bonds and has hired banks to arrange the debt sale, sources familiar with the matter said.
The planned bond issue would be QNB’s first public dollar bond transaction in over two years.
The lender has hired a group of banks including Barclays, Deutsche Bank, ING and Standard Chartered to arrange the transaction, said the sources.
Deutsche Bank Gets Qatari Commitment For More Funds - Bloomberg
Deutsche Bank Gets Qatari Commitment For More Funds - Bloomberg:
Deutsche Bank AG won a commitment for new investment from Qatar as the troubled German lender moves toward a potential merger with Commerzbank AG.
The investment is likely to be made through the Qatar Investment Authority, the country’s sovereign wealth fund, according to people familiar with the matter, who asked not to be identified because the talks are private. Two other Qatari investment vehicles, controlled by members of the royal family and other prominent politicians, already own a stake in Deutsche Bank.
Germany is backing a Deutsche Bank merger with Commerzbank to ensure the country has a strong domestic lender to help fund the country’s export-oriented economy even during a crisis. While it’s viewed by some as an imperfect solution that forces two weakened entities together, a combination may allow Qatar to recover part of its investment in Deutsche Bank after the stock last more than half its value last year. A big domestic bank may also appeal to Qatar because of its plans to boost investment in the German economy.
Deutsche Bank AG won a commitment for new investment from Qatar as the troubled German lender moves toward a potential merger with Commerzbank AG.
The investment is likely to be made through the Qatar Investment Authority, the country’s sovereign wealth fund, according to people familiar with the matter, who asked not to be identified because the talks are private. Two other Qatari investment vehicles, controlled by members of the royal family and other prominent politicians, already own a stake in Deutsche Bank.
Germany is backing a Deutsche Bank merger with Commerzbank to ensure the country has a strong domestic lender to help fund the country’s export-oriented economy even during a crisis. While it’s viewed by some as an imperfect solution that forces two weakened entities together, a combination may allow Qatar to recover part of its investment in Deutsche Bank after the stock last more than half its value last year. A big domestic bank may also appeal to Qatar because of its plans to boost investment in the German economy.
Oil Snaps 3-Day Rally as U.S. Rigs Climb for First Time in 2019 - Bloomberg
Oil Snaps 3-Day Rally as U.S. Rigs Climb for First Time in 2019 - Bloomberg:
Oil fell to near $53 a barrel as America’s rig count rose for the first time this year, signaling further increases in the nation’s crude production, while Venezuela’s rival leaders jockeyed for control of the military.
Futures in New York dropped as much as 1.6 percent after climbing 2.1 percent over the previous three sessions. The number of rigs targeting oil rose by 10 to 862, data from oilfield-services provider Baker Hughes showed, as this year’s rising crude prices buoyed optimism. Venezuela abandoned its decision to sever diplomatic ties with the U.S., while President Nicolas Maduro and National Assembly leader Juan Guaido sought the backing of the country’s armed forces.
Oil has advanced 17 percent in 2019 as the Organization of Petroleum Exporting Countries and its allies began cutting production to ease concerns over a supply glut, although record U.S. production, rising stockpiles and the trade war are capping gains. A deepening crisis in Venezuela had a small upward impact on prices last week, and the prospect of U.S. sanctions on the nation is also threatening to make it more challenging for OPEC to manage markets.
Oil fell to near $53 a barrel as America’s rig count rose for the first time this year, signaling further increases in the nation’s crude production, while Venezuela’s rival leaders jockeyed for control of the military.
Futures in New York dropped as much as 1.6 percent after climbing 2.1 percent over the previous three sessions. The number of rigs targeting oil rose by 10 to 862, data from oilfield-services provider Baker Hughes showed, as this year’s rising crude prices buoyed optimism. Venezuela abandoned its decision to sever diplomatic ties with the U.S., while President Nicolas Maduro and National Assembly leader Juan Guaido sought the backing of the country’s armed forces.
Oil has advanced 17 percent in 2019 as the Organization of Petroleum Exporting Countries and its allies began cutting production to ease concerns over a supply glut, although record U.S. production, rising stockpiles and the trade war are capping gains. A deepening crisis in Venezuela had a small upward impact on prices last week, and the prospect of U.S. sanctions on the nation is also threatening to make it more challenging for OPEC to manage markets.
Aramco's $1.6 Billion Korea Deal Deepens Asian Refining Ties - Bloomberg
Aramco's $1.6 Billion Korea Deal Deepens Asian Refining Ties - Bloomberg:
Saudi Arabian Oil Co. is taking a nearly 20 percent stake in South Korean oil refiner Hyundai Oilbank Co. for $1.6 billion, tightening the grip of the world’s top crude exporter on the biggest oil consuming region.
The Saudi state-owned giant, known as Aramco, is seeking to firm up its customer base and market share in Asia as it moves toward a partial listing in what could be the biggest-ever initial public offering.
The Hyundai Oilbank purchase announced Monday would be the latest in Aramco’s refining asset spree across the region in recent years, eyeing stakes in plants in China, India, Indonesia, Malaysia and Pakistan. Aramco has also taken equity positions in whole refining companies, such as its 15 percent share in Japan’s Showa Shell Sekiyu KK or its 63 percent of the common stock in South Korea’s S-Oil Corp.
Saudi Arabian Oil Co. is taking a nearly 20 percent stake in South Korean oil refiner Hyundai Oilbank Co. for $1.6 billion, tightening the grip of the world’s top crude exporter on the biggest oil consuming region.
The Saudi state-owned giant, known as Aramco, is seeking to firm up its customer base and market share in Asia as it moves toward a partial listing in what could be the biggest-ever initial public offering.
The Hyundai Oilbank purchase announced Monday would be the latest in Aramco’s refining asset spree across the region in recent years, eyeing stakes in plants in China, India, Indonesia, Malaysia and Pakistan. Aramco has also taken equity positions in whole refining companies, such as its 15 percent share in Japan’s Showa Shell Sekiyu KK or its 63 percent of the common stock in South Korea’s S-Oil Corp.
#SaudiArabia put on EU blacklist for money laundering failures | Financial Times
Saudi Arabia put on EU blacklist for money laundering failures | Financial Times:
Brussels will name Saudi Arabia on a blacklist of countries and jurisdictions that are failing in the fight against money laundering and terrorist financing, a move that will require European banks to carry out intrusive vetting of customers from the Gulf state.
EU officials said the European Commission was in the final stages of adopting the 23-country list, which is likely to be politically contentious and will accuse governments of “strategic deficiencies” in their efforts to combat dirty money.
Also on the list is the US Virgin Islands, American Samoa, Libya and Panama, although Russia is not listed despite revelations last year of billions in criminal funds being transferred from the country through EU banks. EU officials said Russia was being kept under review.
Brussels will name Saudi Arabia on a blacklist of countries and jurisdictions that are failing in the fight against money laundering and terrorist financing, a move that will require European banks to carry out intrusive vetting of customers from the Gulf state.
EU officials said the European Commission was in the final stages of adopting the 23-country list, which is likely to be politically contentious and will accuse governments of “strategic deficiencies” in their efforts to combat dirty money.
Also on the list is the US Virgin Islands, American Samoa, Libya and Panama, although Russia is not listed despite revelations last year of billions in criminal funds being transferred from the country through EU banks. EU officials said Russia was being kept under review.
Ailing Jet Air Seeks Investor Approval to Swap Debt for Shares - Bloomberg
Ailing Jet Air Seeks Investor Approval to Swap Debt for Shares - Bloomberg:
Jet Airways India Ltd. is seeking the approval of shareholders to convert loans into equity as the ailing carrier saddled with $1.1 billion of debt negotiates a rescue deal with its lenders and partner Etihad Airways PJSC.
India’s biggest full-service carrier has called an extraordinary general meeting on Feb. 21 in Mumbai, during which it will also seek consent for lenders to appoint company directors and boost its capital, according to a filing Monday. The airline, 24 percent owned by Etihad, didn’t say whether the three sides have reached an agreement over the terms of the rescue.
Jet Airways, Etihad and lenders have been in talks for weeks to work out a revival plan, although no commonly agreed proposal was presented to the government, a ministry official said Jan. 25 in New Delhi. The Mumbai-based carrier has struggled with low fares in an increasingly competitive market, losing money in all but two of the past 11 years.
Jet Airways India Ltd. is seeking the approval of shareholders to convert loans into equity as the ailing carrier saddled with $1.1 billion of debt negotiates a rescue deal with its lenders and partner Etihad Airways PJSC.
India’s biggest full-service carrier has called an extraordinary general meeting on Feb. 21 in Mumbai, during which it will also seek consent for lenders to appoint company directors and boost its capital, according to a filing Monday. The airline, 24 percent owned by Etihad, didn’t say whether the three sides have reached an agreement over the terms of the rescue.
Jet Airways, Etihad and lenders have been in talks for weeks to work out a revival plan, although no commonly agreed proposal was presented to the government, a ministry official said Jan. 25 in New Delhi. The Mumbai-based carrier has struggled with low fares in an increasingly competitive market, losing money in all but two of the past 11 years.
INTERVIEW: #UAE-based solar developer raises $65mln from global investors, eyes larger funding by 2020 - CEO | ZAWYA MENA Edition
INTERVIEW: UAE-based solar developer raises $65mln from global investors, eyes larger funding by 2020 - CEO | ZAWYA MENA Edition:
Dubai-based Yellow Door Energy (YDE), a provider of solar energy solutions in the Middle East and Africa, has raised $65 million from international investors in Series A funding, its chief executive said.
“We have five global investors that are funding this equity in Yellow Door Energy,” Jeremy Crane, CEO and co-founder of Yellow Door Energy (YDE), told Zawya in a telephone interview.
“This amount is going to provide the growth capital that we need to expand our operations in the Middle East, Africa, and South Asia,” he said adding that the firm, which is a developer of solar projecs, aims to build 300 megawatts of solar installations in the next two years.
Dubai-based Yellow Door Energy (YDE), a provider of solar energy solutions in the Middle East and Africa, has raised $65 million from international investors in Series A funding, its chief executive said.
“We have five global investors that are funding this equity in Yellow Door Energy,” Jeremy Crane, CEO and co-founder of Yellow Door Energy (YDE), told Zawya in a telephone interview.
“This amount is going to provide the growth capital that we need to expand our operations in the Middle East, Africa, and South Asia,” he said adding that the firm, which is a developer of solar projecs, aims to build 300 megawatts of solar installations in the next two years.
#Dubai airport handles 89.1 million passengers in 2018, misses target | Reuters
Dubai airport handles 89.1 million passengers in 2018, misses target | Reuters:
Dubai International Airport handled 89.1 million passengers in 2018, missing its target but remaining the world’s busiest for international travelers.
Passenger traffic rose one percent last year, operator Dubai Airports said on Monday, its weakest annual growth rate in at least a decade and short of its 90.3 million target.
Dubai airport, the hub for airlines Emirates and flydubai, saw growth slow throughout 2018 after 15 years of strong increases. Among other factors, the Gulf’s economic slowdown because of low oil prices has dented the region’s travel industry.
Dubai International Airport handled 89.1 million passengers in 2018, missing its target but remaining the world’s busiest for international travelers.
Passenger traffic rose one percent last year, operator Dubai Airports said on Monday, its weakest annual growth rate in at least a decade and short of its 90.3 million target.
Dubai airport, the hub for airlines Emirates and flydubai, saw growth slow throughout 2018 after 15 years of strong increases. Among other factors, the Gulf’s economic slowdown because of low oil prices has dented the region’s travel industry.
#Qatar energy minister says plans to order 60 new LNG carriers: South Korea | Reuters
Qatar energy minister says plans to order 60 new LNG carriers: South Korea | Reuters:
South Korea’s presidential office said on Monday that Qatar’s energy minister outlined plans during a bilateral summit for Doha to order 60 new liquefied natural gas (LNG) carriers.
The energy minister, Saad Sherida Al-Kaabi, who also serves as deputy chairman of Qatar Petroleum, said he expects cooperation with experienced Korean shipbuilders on constructing the LNG carriers, according to a statement issued by South Korea’s presidential office. Financial details of the plan weren’t disclosed.
Speaking during a luncheon after the summit, the chief executive of South Korea’s Daewoo Shipbuilding & Marine Engineering Co said most of the LNG carriers owned by Qatar were built by Korea’s top three shipbuilders.
South Korea’s presidential office said on Monday that Qatar’s energy minister outlined plans during a bilateral summit for Doha to order 60 new liquefied natural gas (LNG) carriers.
The energy minister, Saad Sherida Al-Kaabi, who also serves as deputy chairman of Qatar Petroleum, said he expects cooperation with experienced Korean shipbuilders on constructing the LNG carriers, according to a statement issued by South Korea’s presidential office. Financial details of the plan weren’t disclosed.
Speaking during a luncheon after the summit, the chief executive of South Korea’s Daewoo Shipbuilding & Marine Engineering Co said most of the LNG carriers owned by Qatar were built by Korea’s top three shipbuilders.
#SaudiArabia to build metal smelter with Trafigura worth $2.8 billion: statement | Reuters
Saudi Arabia to build metal smelter with Trafigura worth $2.8 billion: statement | Reuters:
Saudi Arabia signed an agreement to build a metal smelter with global commodities trader Trafigura worth $2.8 billion, according to a statement reviewed by Reuters on Monday.
The project with Trafigura Singapore will be the first copper smelter in a GCC country and it aims to produce 400,000 tons of copper, 200,000 tons of zinc, and 55,000 tons of lead annually.
Saudi Arabia signed an agreement to build a metal smelter with global commodities trader Trafigura worth $2.8 billion, according to a statement reviewed by Reuters on Monday.
The project with Trafigura Singapore will be the first copper smelter in a GCC country and it aims to produce 400,000 tons of copper, 200,000 tons of zinc, and 55,000 tons of lead annually.
#Saudi government to spend 100 billion riyals on industry plan | Reuters
Saudi government to spend 100 billion riyals on industry plan | Reuters:
The Saudi Arabian government will spend 100 billion riyals ($27 billion) in 2019 and 2020 as part of its industrial development program, Aabed Abdullah al-Saadoun, deputy minister of Energy, Industry and Mineral Resources said on Monday.
The program is offering investment opportunities in mining, industry, logistics and energy sectors inside the kingdom, according to a document distributed to participants at an investment conference the deputy minister was addressing in Riyadh.
The program is offering investors the opportunity to invest in projects such as plants that manufacture rubber, catalysts and vehicles, it said.
The Saudi Arabian government will spend 100 billion riyals ($27 billion) in 2019 and 2020 as part of its industrial development program, Aabed Abdullah al-Saadoun, deputy minister of Energy, Industry and Mineral Resources said on Monday.
The program is offering investment opportunities in mining, industry, logistics and energy sectors inside the kingdom, according to a document distributed to participants at an investment conference the deputy minister was addressing in Riyadh.
The program is offering investors the opportunity to invest in projects such as plants that manufacture rubber, catalysts and vehicles, it said.
MIDEAST STOCKS-Banks Propel #Saudi, most Gulf markets up | Reuters
MIDEAST STOCKS-Banks Propel Saudi, most Gulf markets up | Reuters:
Saudi Arabia’s stock market rose on Monday aided by rising bank shares, while Dubai was lifted as most of its real estate stocks rebounded.
The Saudi Arabia index was up 0.6 percent with Al Rajhi Bank adding 1.2 percent and the country’s largest lender, National Commercial Bank (NCB), gaining 0.8 percent. NCB had last week reported a 3.5 percent increase in its fourth-quarter net profit.
Saudi exchange data released late Sunday showed that foreigners were the net-buyers of 958.3 million riyals ($256 million) of stocks last week.
Saudi Arabia’s stock market rose on Monday aided by rising bank shares, while Dubai was lifted as most of its real estate stocks rebounded.
The Saudi Arabia index was up 0.6 percent with Al Rajhi Bank adding 1.2 percent and the country’s largest lender, National Commercial Bank (NCB), gaining 0.8 percent. NCB had last week reported a 3.5 percent increase in its fourth-quarter net profit.
Saudi exchange data released late Sunday showed that foreigners were the net-buyers of 958.3 million riyals ($256 million) of stocks last week.