Saudi-UAE business forum kicks off in Riyadh:
Saudi Arabia’s minister of commerce and investment has praised relations with the United Arab Emirates during the second Saudi-UAE Business Forum which kicked off on Thursday in Riyadh.
Majid bin Abdullah Al-Qasabi stressed that distinguished relations in all fields between Saudi Arabia and the UAE derive their strength from brotherly ties between the two countries and their leaderships.
“The vision of the two brotherly countries seeks sustainable development and diversified economies, in order to become among the world’s major economies. It has also contributed in opening wider domains for the private sector considering it an important partner for the economy and a major recruitment player, and a source to achieve prosperity and the well-being of the nation,” the minister said.
Thursday 31 January 2019
#Qatar shares close flat despite buying interests from foreign institutions
Qatar shares close flat despite buying interests from foreign institutions:
Foreign institutions’ substantial buying interests were largely contained by strong selling pressure from local retail investors and domestic funds, leading the Qatar Stock Exchange tread a flat course on Thursday.
Notwithstanding robust buying interests at the telecom, real estate and banking counters, the 20-stock Qatar Index settled mere 0.01% higher at 10,720.31 points.
Gulf institutions were seen bearish in the market, whose sensitive index is up 4.09% year-to-date.
Foreign institutions’ substantial buying interests were largely contained by strong selling pressure from local retail investors and domestic funds, leading the Qatar Stock Exchange tread a flat course on Thursday.
Notwithstanding robust buying interests at the telecom, real estate and banking counters, the 20-stock Qatar Index settled mere 0.01% higher at 10,720.31 points.
Gulf institutions were seen bearish in the market, whose sensitive index is up 4.09% year-to-date.
#Dubai Holding to Develop Mega Project Near Burj Al Arab - Bloomberg
Dubai Holding to Develop Mega Project Near Burj Al Arab - Bloomberg:
Dubai Holding LLC, the investment firm owned by the emirate’s ruler, will develop an area close to its iconic Burj al Arab hotel.
Downtown Jumeira will include a 550 meter (1,640 foot) high tower called Burj Jumeira, the company said in a statement, confirming an earlier story by Bloomberg News. The construction will start immediately and the first phase of the development will be delivered in 2023.
The development in the Al Sufouh district of Dubai will include homes, office space, as well as hotels. Burj Jumeira will have multiple observation decks giving visitors a panoramic views of Dubai. There have been previous attempts to develop the site.
Dubai Holding LLC, the investment firm owned by the emirate’s ruler, will develop an area close to its iconic Burj al Arab hotel.
Downtown Jumeira will include a 550 meter (1,640 foot) high tower called Burj Jumeira, the company said in a statement, confirming an earlier story by Bloomberg News. The construction will start immediately and the first phase of the development will be delivered in 2023.
The development in the Al Sufouh district of Dubai will include homes, office space, as well as hotels. Burj Jumeira will have multiple observation decks giving visitors a panoramic views of Dubai. There have been previous attempts to develop the site.
Airbus A380 Future on Line as Emirates Considers A350 Switch - Bloomberg
Airbus A380 Future on Line as Emirates Considers A350 Switch - Bloomberg:
A year after Airbus SE won what appeared to be a lifesaving order for its A380 double-decker, the flagship program’s future is once again on the line.
Gulf carrier Emirates may convert some or all of its most recent 20 superjumbo orders into smaller A350s, people familiar with the matter said. That would slash the backlog and lead Airbus to kill off a plane that’s had limited interest from other airlines, just 11 years after it entered commercial service.
Airbus would keep the superjumbo going until other outstanding orders for the model were fulfilled, mostly from an earlier Emirates deal, according to the people, who asked not to be named as the talks are private. But the move would ultimately mean shuttering a production line the manufacturer has fought to retain in anticipation of a revival in demand.
A year after Airbus SE won what appeared to be a lifesaving order for its A380 double-decker, the flagship program’s future is once again on the line.
Gulf carrier Emirates may convert some or all of its most recent 20 superjumbo orders into smaller A350s, people familiar with the matter said. That would slash the backlog and lead Airbus to kill off a plane that’s had limited interest from other airlines, just 11 years after it entered commercial service.
Airbus would keep the superjumbo going until other outstanding orders for the model were fulfilled, mostly from an earlier Emirates deal, according to the people, who asked not to be named as the talks are private. But the move would ultimately mean shuttering a production line the manufacturer has fought to retain in anticipation of a revival in demand.
#SaudiArabia Is Said to Seek Funding for Mega Tourism Projects - Bloomberg
Saudi Arabia Is Said to Seek Funding for Mega Tourism Projects - Bloomberg:
Saudi Arabia has approached banks to raise financing for two mega tourism projects as the kingdom pushes ahead with ambitious plans for life after oil, according to people familiar with the matter.
Red Sea Development Co. and Qiddiya Investment Co., which are managing the developments, have sent out so-called request for proposals to banks to see how much they could lend, the people said, asking not to be identified because the matter is private. The companies haven’t said how much they plan to borrow and are gauging how much they could raise, the people said.
Representatives for Red Sea Development and Qiddiya Investment didn’t immediately respond to requests for comment.
Saudi Arabia has approached banks to raise financing for two mega tourism projects as the kingdom pushes ahead with ambitious plans for life after oil, according to people familiar with the matter.
Red Sea Development Co. and Qiddiya Investment Co., which are managing the developments, have sent out so-called request for proposals to banks to see how much they could lend, the people said, asking not to be identified because the matter is private. The companies haven’t said how much they plan to borrow and are gauging how much they could raise, the people said.
Representatives for Red Sea Development and Qiddiya Investment didn’t immediately respond to requests for comment.
Barclays trial judge says SFO claims implicate #Qatar | Financial Times
Barclays trial judge says SFO claims implicate Qatar | Financial Times:
Qatari entities must be just as dishonest as the Barclays bankers on trial for fraud if the prosecution is correct, a judge told a jury hearing a criminal trial over the UK lender’s attempts to avoid a government bailout during the financial crisis.
Mr Justice Jay intervened in a jury trial at Southwark Crown Court on Thursday to spell out that the logic behind the Serious Fraud Office’s case against John Varley, the former chief executive of Barclays, and three other top bankers, rests on the allegation that side deals struck with the prime minister and sovereign-wealth fund of Qatar at the same time as two emergency capital calls in 2008 were shams.
“A sham agreement is one that does not mean what it says,” Mr Justice Jay said on the seventh day of trial. “It requires two parties.
Qatari entities must be just as dishonest as the Barclays bankers on trial for fraud if the prosecution is correct, a judge told a jury hearing a criminal trial over the UK lender’s attempts to avoid a government bailout during the financial crisis.
Mr Justice Jay intervened in a jury trial at Southwark Crown Court on Thursday to spell out that the logic behind the Serious Fraud Office’s case against John Varley, the former chief executive of Barclays, and three other top bankers, rests on the allegation that side deals struck with the prime minister and sovereign-wealth fund of Qatar at the same time as two emergency capital calls in 2008 were shams.
“A sham agreement is one that does not mean what it says,” Mr Justice Jay said on the seventh day of trial. “It requires two parties.
First Abu Dhabi Bank to raise foreign shareholder limit | Reuters
First Abu Dhabi Bank to raise foreign shareholder limit | Reuters:
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, beat analysts’ forecasts with a 4 percent rise in fourth-quarter profit on Thursday and said it planned to raise its foreign ownership limit.
FAB said it proposed to its board increasing its foreign ownership limit to 40 percent from 25 percent, the latest Abu Dhabi bank hoping to attract foreign investors after Abu Dhabi Islamic Bank lifted its foreign ownership limit to 25 percent in November.
After a mixed year for UAE stock markets in 2018, analysts say moves by companies to raise foreign ownership limits could help boost investor appetite in 2019.
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, beat analysts’ forecasts with a 4 percent rise in fourth-quarter profit on Thursday and said it planned to raise its foreign ownership limit.
FAB said it proposed to its board increasing its foreign ownership limit to 40 percent from 25 percent, the latest Abu Dhabi bank hoping to attract foreign investors after Abu Dhabi Islamic Bank lifted its foreign ownership limit to 25 percent in November.
After a mixed year for UAE stock markets in 2018, analysts say moves by companies to raise foreign ownership limits could help boost investor appetite in 2019.
MIDEAST STOCKS-New #Saudi-MSCI index dips; earnings boost Dubai | Reuters
MIDEAST STOCKS-New Saudi-MSCI index dips; earnings boost Dubai | Reuters:
Saudi Arabia's stock market, which introduced the MSCI Tadawul 30 index, fell on Thursday as its bank stocks slid, while Dubai gained sharply lifted by corporate earnings results.
Saudi Arabia's main index fell 0.3 percent. National Shipping Company of Saudi Arabia dropped 2.5 percent after its fourth-quarter net profit more than halved.
But Riyad Bank rose 2.1 percent after posting a 39 percent gain in its fourth-quarter net profit, according to Reuters calculations.
Saudi Arabia's stock market, which introduced the MSCI Tadawul 30 index, fell on Thursday as its bank stocks slid, while Dubai gained sharply lifted by corporate earnings results.
Saudi Arabia's main index fell 0.3 percent. National Shipping Company of Saudi Arabia dropped 2.5 percent after its fourth-quarter net profit more than halved.
But Riyad Bank rose 2.1 percent after posting a 39 percent gain in its fourth-quarter net profit, according to Reuters calculations.
With its Iran SPV, Europe Protects Itself From American Caprice - Bloomberg
With its Iran SPV, Europe Protects Itself From American Caprice - Bloomberg:
It’s been a surprisingly short time in coming. It was only last September that Federica Mogherini, the European Union’s high representative for foreign affairs, announced that the European parties to the Iranian nuclear deal—formally known as the Joint Comprehensive Plan of Action—would establish an a special purpose vehicle to “assist and reassure economic operators pursuing legitimate business with Iran,” giving them a route around secondary sanctions imposed by the Trump administration.
Just four months later, France, Germany, and the United Kingdom are ready to launch the much-anticipated SPV, a first-of-its-kind state-owned trade intermediary. It will initially facilitate what French Foreign Minister Jean-Yves Le Drian has described as trade in “essential goods”—mostly European exports of food and medicine to Iran. These, although not technically sanctioned by the U.S., have been restricted by the reluctance of European banks to facilitate payments for fear of American retribution.
The SPV, called INSTEX, or Instrument in Support of Trade Exchanges, is registered in France with a German managing director. It will take some months to become operational, but its registration marks an important milestone in the European effort to counterbalance U.S. economic power.
It’s been a surprisingly short time in coming. It was only last September that Federica Mogherini, the European Union’s high representative for foreign affairs, announced that the European parties to the Iranian nuclear deal—formally known as the Joint Comprehensive Plan of Action—would establish an a special purpose vehicle to “assist and reassure economic operators pursuing legitimate business with Iran,” giving them a route around secondary sanctions imposed by the Trump administration.
Just four months later, France, Germany, and the United Kingdom are ready to launch the much-anticipated SPV, a first-of-its-kind state-owned trade intermediary. It will initially facilitate what French Foreign Minister Jean-Yves Le Drian has described as trade in “essential goods”—mostly European exports of food and medicine to Iran. These, although not technically sanctioned by the U.S., have been restricted by the reluctance of European banks to facilitate payments for fear of American retribution.
The SPV, called INSTEX, or Instrument in Support of Trade Exchanges, is registered in France with a German managing director. It will take some months to become operational, but its registration marks an important milestone in the European effort to counterbalance U.S. economic power.
Biggest U.A.E. Bank Posts 10% Increase in Profit on Forex Gains - Bloomberg
Biggest U.A.E. Bank Posts 10% Increase in Profit on Forex Gains - Bloomberg:
First Abu Dhabi Bank PJSC reported a 10 percent jump in full-year profit, meeting analysts estimates, as foreign exchange gains doubled and impairment charges dropped.
The United Arab Emirates’ biggest lender recommended a dividend of 74 fils a share. That compares with 70 fils for 2017.
First Abu Dhabi Bank PJSC reported a 10 percent jump in full-year profit, meeting analysts estimates, as foreign exchange gains doubled and impairment charges dropped.
The United Arab Emirates’ biggest lender recommended a dividend of 74 fils a share. That compares with 70 fils for 2017.
#Dubai Holding Is Said Set to Unveil Mega Project This Week - Bloomberg
Dubai Holding Is Said Set to Unveil Mega Project This Week - Bloomberg:
Dubai Holding LLC, the investment firm owned by the emirate’s ruler, is set to announce a development close to its iconic Burj al Arab hotel, according to a person with knowledge of the plans.
Downtown Jumeira will include a 550 meter high tower called Burj Jumeira, the person said, asking not to be identified because the plans are private. The project could be announced as soon as this week and construction will start immediately, the person said.
The development in the Al Sufouh district of Dubai will include homes, office space, as well as hotels. The first phase is due to be completed in 2023, the person said. There have been previous attempts to develop the site.
Dubai Holding LLC, the investment firm owned by the emirate’s ruler, is set to announce a development close to its iconic Burj al Arab hotel, according to a person with knowledge of the plans.
Downtown Jumeira will include a 550 meter high tower called Burj Jumeira, the person said, asking not to be identified because the plans are private. The project could be announced as soon as this week and construction will start immediately, the person said.
The development in the Al Sufouh district of Dubai will include homes, office space, as well as hotels. The first phase is due to be completed in 2023, the person said. There have been previous attempts to develop the site.
Emirates Global Aluminium secures $6.5bln loan | ZAWYA MENA Edition
Emirates Global Aluminium secures $6.5bln loan | ZAWYA MENA Edition:
Emirates Global Aluminium (EGA), one of the largest industrial companies in the United Arab Emirates, said on Thursday it had secured a $6.5 billion seven-year loan from a group of international and regional banks to refinance part of its debt.
The loan refinances an existing $4.9 billion debt facility agreed in December 2015 and will also be used to fully repay a $1.8 billion loan raised by EGA's subsidiary Dubai Aluminium.
"Building on the previous transaction in 2015, this transaction further consolidates our debt at the EGA level, and strengthens our credit profile," Danny Dweik, EGA's chief financial officer, said in a statement.
Emirates Global Aluminium (EGA), one of the largest industrial companies in the United Arab Emirates, said on Thursday it had secured a $6.5 billion seven-year loan from a group of international and regional banks to refinance part of its debt.
The loan refinances an existing $4.9 billion debt facility agreed in December 2015 and will also be used to fully repay a $1.8 billion loan raised by EGA's subsidiary Dubai Aluminium.
"Building on the previous transaction in 2015, this transaction further consolidates our debt at the EGA level, and strengthens our credit profile," Danny Dweik, EGA's chief financial officer, said in a statement.
#Saudi economy grows 2.21 percent in 2018, modest growth seen in 2019 | Reuters
Saudi economy grows 2.21 percent in 2018, modest growth seen in 2019 | Reuters:
Saudi Arabia’s economy grew at a pace of 2.21 percent in 2018, buoyed by strong oil sector growth and recovering from a contraction in 2017 when the economy was hurt by weak oil prices and austerity measures, government data showed on Thursday.
In 2017, it shrank 0.74 percent, the first annual decline since the global financial crisis nearly a decade earlier.
The oil sector grew 2.85 percent, from a contraction in 2017, while the non-oil sector grew 2.05 percent, the data showed here
Saudi Arabia’s economy grew at a pace of 2.21 percent in 2018, buoyed by strong oil sector growth and recovering from a contraction in 2017 when the economy was hurt by weak oil prices and austerity measures, government data showed on Thursday.
In 2017, it shrank 0.74 percent, the first annual decline since the global financial crisis nearly a decade earlier.
The oil sector grew 2.85 percent, from a contraction in 2017, while the non-oil sector grew 2.05 percent, the data showed here
#Qatar Airways upgrades Airbus A321 order to include longer range jets | Reuters
Qatar Airways upgrades Airbus A321 order to include longer range jets | Reuters:
Qatar Airways has upgraded an existing order for 50 Airbus A321neo jets to include 10 long-range models, as a regional diplomatic rift has forced the airline to fly longer routes.
The airline said on Thursday that 10 of those 50 aircraft would now be the A321LR, to be delivered from 2020.
A321s are the larger version of Airbus’ best-selling A320 narrow-body jet.
Qatar Airways has upgraded an existing order for 50 Airbus A321neo jets to include 10 long-range models, as a regional diplomatic rift has forced the airline to fly longer routes.
The airline said on Thursday that 10 of those 50 aircraft would now be the A321LR, to be delivered from 2020.
A321s are the larger version of Airbus’ best-selling A320 narrow-body jet.
China calls for harmony as it welcomes #Qatar emir amid Gulf dispute | Reuters
China calls for harmony as it welcomes Qatar emir amid Gulf dispute | Reuters:
Chinese President Xi Jinping called for a return to “unity and harmony” on Thursday as he welcomed gas-rich Qatar’s emir to Beijing, amid a festering dispute that has seen some Arab states lead by Saudi Arabia severing relations with Doha.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic, trade and transport ties with Qatar in June 2017. They accuse Qatar of supporting terrorism and cultivating ties with Saudi Arabia’s regional foe, Iran.
Qatar, which denies the charge, says the boycott seeks to curtail its sovereignty, while the row has defied mediation efforts by Kuwait and the United States which sees Gulf unity as essential to containing Iran.
Chinese President Xi Jinping called for a return to “unity and harmony” on Thursday as he welcomed gas-rich Qatar’s emir to Beijing, amid a festering dispute that has seen some Arab states lead by Saudi Arabia severing relations with Doha.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic, trade and transport ties with Qatar in June 2017. They accuse Qatar of supporting terrorism and cultivating ties with Saudi Arabia’s regional foe, Iran.
Qatar, which denies the charge, says the boycott seeks to curtail its sovereignty, while the row has defied mediation efforts by Kuwait and the United States which sees Gulf unity as essential to containing Iran.
Mideast Stocks: Earnings lift #Dubai; new #Saudi-MSCI index begins trade | ZAWYA MENA Edition
Mideast Stocks: Earnings lift Dubai; new Saudi-MSCI index begins trade | ZAWYA MENA Edition:
Saudi Arabia's stock market rose on Thursday as banks gained, and it introduced the MSCI Tadawul 30 index. Dubai was lifted by corporate earnings.
Saudi Arabia's main index rose 0.3 percent. Riyad Bank rose 1.2 percent after posting a 39 percent gain in its fourth-quarter net profit, according to Reuters calculations.
The MSCI Tadawul 30 Index (MT30) rose 0.3 percent. The index of the 30 largest securities listed on the Saudi Arabian Equity Market live on Wednesday.
Saudi Arabia's stock market rose on Thursday as banks gained, and it introduced the MSCI Tadawul 30 index. Dubai was lifted by corporate earnings.
Saudi Arabia's main index rose 0.3 percent. Riyad Bank rose 1.2 percent after posting a 39 percent gain in its fourth-quarter net profit, according to Reuters calculations.
The MSCI Tadawul 30 Index (MT30) rose 0.3 percent. The index of the 30 largest securities listed on the Saudi Arabian Equity Market live on Wednesday.
Subscribe to:
Posts (Atom)