MIDEAST STOCKS-Real estate weighs on Dubai, major Gulf markets down | Reuters:
Dubai's stock market fell sharply on Sunday dragged down by property stocks, as other major Gulf bourses also saw losses.
In Dubai, the index dropped 1.1 percent. The emirate’s largest listed developer, Emaar Properties, slid 3.3 percent, Emaar Malls dropped 4.5 percent, and DAMAC properties fell 2.3 percent.
Dubai’s weak real estate market has been a big drag for property shares this year. Prices have been falling quarter-on-quarter almost continually since the start of 2017, with analysts blaming a glut of properties on the market.
Sunday, 3 February 2019
#Saudi property sector to see a “healthy correction” in 2019: KPMG | ZAWYA MENA Edition
Saudi property sector to see a “healthy correction” in 2019: KPMG | ZAWYA MENA Edition:
The Saudi real estate industry is set to witness a “healthy correction” during 2019, following the sharp rise in property prices in the past several years, according to head of advisory at KPMG Al Fozan & Partners in Saudi Arabia Islam Albayaa.
The public and private sectors’ initiatives to enhance this sector are considered the main reason for this notable growth, he added. "This correction is expected to continue over the short-term, but the market will pick up in the medium to long term, given the recent government initiatives to incentivise the sector, particularly the Ministry of Housing initiatives," Albayaa explained.
The Saudi real estate industry is set to witness a “healthy correction” during 2019, following the sharp rise in property prices in the past several years, according to head of advisory at KPMG Al Fozan & Partners in Saudi Arabia Islam Albayaa.
The public and private sectors’ initiatives to enhance this sector are considered the main reason for this notable growth, he added. "This correction is expected to continue over the short-term, but the market will pick up in the medium to long term, given the recent government initiatives to incentivise the sector, particularly the Ministry of Housing initiatives," Albayaa explained.
Freed Saudis Resurface Billions Poorer After Prince's Crackdown - Bloomberg
Freed Saudis Resurface Billions Poorer After Prince's Crackdown - Bloomberg:
Almost 15 months after rounding up dozens of Saudi Arabia’s richest and most powerful people and imprisoning them in Riyadh’s Ritz-Carlton, Crown Prince Mohammed bin Salman has declared the raid a lucrative success.
An anti-corruption commission headed by the crown prince said a total of about $107 billion -- a mix of cash, real estate, companies and securities -- has been recovered from 87 people.
Aside from confirming a $1 billion payment from the former head of the National Guard, the government has said little about the nature of the individual settlements. Less than four months ago, the crown prince told Bloomberg News that $35 billion had been collected from the prisoners. Verifying the commission’s claims is made more challenging by the opacity of the Saudi market. Closely held companies rarely disclose financials and the value of real estate -- the preferred asset of many wealthy Saudis -- is obscured by unrecorded transactions and restrictions on buyers.
Almost 15 months after rounding up dozens of Saudi Arabia’s richest and most powerful people and imprisoning them in Riyadh’s Ritz-Carlton, Crown Prince Mohammed bin Salman has declared the raid a lucrative success.
An anti-corruption commission headed by the crown prince said a total of about $107 billion -- a mix of cash, real estate, companies and securities -- has been recovered from 87 people.
Aside from confirming a $1 billion payment from the former head of the National Guard, the government has said little about the nature of the individual settlements. Less than four months ago, the crown prince told Bloomberg News that $35 billion had been collected from the prisoners. Verifying the commission’s claims is made more challenging by the opacity of the Saudi market. Closely held companies rarely disclose financials and the value of real estate -- the preferred asset of many wealthy Saudis -- is obscured by unrecorded transactions and restrictions on buyers.
Abu Dhabi's FAB Surges as It Seeks More Foreign Investment - Bloomberg
Abu Dhabi's FAB Surges as It Seeks More Foreign Investment - Bloomberg:
First Abu Dhabi Bank PJSC jumped on optimism the lender will follow regional peers and raise the foreign-ownership limit on its stock.
The shares climbed in Abu Dhabi as much as 5.8 percent, the biggest increase since April 2017, before paring gains to 3.5 percent as of 12:29 p.m. local time. The ADX General Index added 1.6 percent. The United Arab Emirates’ biggest lender aims to raise the cap for foreign ownership to 40 percent from 25 percent, it said last week.
Shareholders still need to approve the change at a meeting on Feb. 25. Investors from abroad held about 12 percent of FAB shares as of the end of last month, according to information on the stock exchange’s website.
First Abu Dhabi Bank PJSC jumped on optimism the lender will follow regional peers and raise the foreign-ownership limit on its stock.
The shares climbed in Abu Dhabi as much as 5.8 percent, the biggest increase since April 2017, before paring gains to 3.5 percent as of 12:29 p.m. local time. The ADX General Index added 1.6 percent. The United Arab Emirates’ biggest lender aims to raise the cap for foreign ownership to 40 percent from 25 percent, it said last week.
Shareholders still need to approve the change at a meeting on Feb. 25. Investors from abroad held about 12 percent of FAB shares as of the end of last month, according to information on the stock exchange’s website.
#Dubai's DP World chairman says 2019 will be challenging | ZAWYA MENA Edition
Dubai's DP World chairman says 2019 will be challenging | ZAWYA MENA Edition:
The chairman of Dubai's DP World said on Sunday the port operator was facing a challenging 2019 and the US-China trade dispute had created uncertainty in the market.
Sultan Ahmed Bin Sulayem said he expected both sides to reach an agreement and that the company would be able to cope, whatever happened with US-China trade negotiations.
The chairman of Dubai's DP World said on Sunday the port operator was facing a challenging 2019 and the US-China trade dispute had created uncertainty in the market.
Sultan Ahmed Bin Sulayem said he expected both sides to reach an agreement and that the company would be able to cope, whatever happened with US-China trade negotiations.
#Qatar Navigation in Debut Europe Container Shipping Service - Bloomberg
Qatar Navigation in Debut Europe Container Shipping Service - Bloomberg:
Qatar Navigation QSC will start a direct container shipping service connecting the Black Sea and the Mediterranean in its first foray into Europe.
The Black Sea Service will connect Greece, Turkey, Georgia and Russia, the company said in a statement. It follows a maritime route from Athens to Istanbul, Georgia’s Poti, Novorossiysk in Russia, and then to Athens. Two ships with 1,700 containers and 300 refrigerated containers will be set up for the service, the company said.
It didn’t say when the service would start.
Qatar Navigation QSC will start a direct container shipping service connecting the Black Sea and the Mediterranean in its first foray into Europe.
The Black Sea Service will connect Greece, Turkey, Georgia and Russia, the company said in a statement. It follows a maritime route from Athens to Istanbul, Georgia’s Poti, Novorossiysk in Russia, and then to Athens. Two ships with 1,700 containers and 300 refrigerated containers will be set up for the service, the company said.
It didn’t say when the service would start.
Cash-Strapped Oman May Be Next Blowout After Bahrain Crisis - Bloomberg
Cash-Strapped Oman May Be Next Blowout After Bahrain Crisis - Bloomberg:
Bond investors rattled by Bahrain’s fiscal woes last year are bracing for the next potential crisis in the Gulf region: Oman.
The cash-strapped sultanate has been slow to implement reforms following the crash in oil prices in 2014 and is seeking to tap the debt market for a fourth year. Its budget deficit is among the largest of all the sovereigns tracked by Fitch Ratings, which downgraded its debt to junk in December. Concerns over Oman’s dwindling buffers have also sparked a debate on whether it’ll need a bailout similar to the one that Bahrain got last year.
“Oman has the most concerning credit trends in the region,” said Abdul Kadir Hussain, the head of fixed income at Arqaam Capital, a Dubai-based investment bank. “Issuance needs are high.”
Bond investors rattled by Bahrain’s fiscal woes last year are bracing for the next potential crisis in the Gulf region: Oman.
The cash-strapped sultanate has been slow to implement reforms following the crash in oil prices in 2014 and is seeking to tap the debt market for a fourth year. Its budget deficit is among the largest of all the sovereigns tracked by Fitch Ratings, which downgraded its debt to junk in December. Concerns over Oman’s dwindling buffers have also sparked a debate on whether it’ll need a bailout similar to the one that Bahrain got last year.
“Oman has the most concerning credit trends in the region,” said Abdul Kadir Hussain, the head of fixed income at Arqaam Capital, a Dubai-based investment bank. “Issuance needs are high.”
Gulf Bank Shareholder Aims to Build $880 Million Stake in Lender - Bloomberg
Gulf Bank Shareholder Aims to Build $880 Million Stake in Lender - Bloomberg:
Gulf Bank’s second-biggest shareholder agreed to more than double its stake in the Kuwaiti lender as it seeks to build a holding valued at about $880 million.
Alghanim Trading Co. made arrangements with related parties to acquire a 9.2 percent stake off-market, taking its stake to 16.62 percent, according to a statement. The company, which operates in industries ranging from construction to energy, last week received central bank approval to boost its ownership in Gulf Bank to 33 percent.
Alghanim Trading, controlled by Omar Kutayba Ahmad Alghanim, said further purchases will be through Boursa Kuwait and depend on market conditions. Omar Kutayba Alghanim is the chairman of Gulf Bank.
Gulf Bank’s second-biggest shareholder agreed to more than double its stake in the Kuwaiti lender as it seeks to build a holding valued at about $880 million.
Alghanim Trading Co. made arrangements with related parties to acquire a 9.2 percent stake off-market, taking its stake to 16.62 percent, according to a statement. The company, which operates in industries ranging from construction to energy, last week received central bank approval to boost its ownership in Gulf Bank to 33 percent.
Alghanim Trading, controlled by Omar Kutayba Ahmad Alghanim, said further purchases will be through Boursa Kuwait and depend on market conditions. Omar Kutayba Alghanim is the chairman of Gulf Bank.
MIDEAST STOCKS-FAB leads #AbuDhabi index higher, Saudi subdued | Reuters
MIDEAST STOCKS-FAB leads Abu Dhabi index higher, Saudi subdued | Reuters:
Abu Dhabi’s stock index led gains on Sunday, boosted by a surge in First Abu Dhabi Bank, while Saudi Arabia’s main market was buoyed by Al Rajhi Bank .
First Abu Dhabi Bank, which last week said it had proposed increasing its foreign ownership limit to 40 percent from 25 percent, has now risen close to 50 percent since its creation in April 2017.
The United Arab Emirates’ largest bank also beat analysts’ forecasts on Thursday with a 4 percent rise in fourth-quarter profit.
Abu Dhabi’s stock index led gains on Sunday, boosted by a surge in First Abu Dhabi Bank, while Saudi Arabia’s main market was buoyed by Al Rajhi Bank .
First Abu Dhabi Bank, which last week said it had proposed increasing its foreign ownership limit to 40 percent from 25 percent, has now risen close to 50 percent since its creation in April 2017.
The United Arab Emirates’ largest bank also beat analysts’ forecasts on Thursday with a 4 percent rise in fourth-quarter profit.
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