Dubai Islamic Bank marks listing of $750m bond:
Dubai Islamic Bank (DIB) on Wednesday marked the listing of a $750 million sukuk — or Islamic bond — on the Nasdaq Dubai exchange. Executives on Wednesday rang the opening bell at the exchange following the listing, which took place on Jan. 22.
The value of DIB’s sukuk listed on the exchange is now $6 billion, including the latest listing, from seven instruments. The sukuk was 4.9 times oversubscribed with a profit rate of 6.25 percent per annum, and nearly 40 percent of investor interest coming from outside the Middle East, the UAE state news agency WAM reported.
“The high subscription rate for our latest sukuk demonstrates strong global investor confidence in DIB’s performance and strategy,” said Adnan Chilwan, group chief executive of DIB.
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Wednesday, 6 February 2019
QFC committed to developing #Qatar’s $20bn sports business industry - The Peninsula Qatar
QFC committed to developing Qatar’s $20bn sports business industry - The Peninsula Qatar:
The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, celebrated Qatar’s historic victory at the Asian Cup, and with it, the growing importance of Qatar’s sports ecosystem.
The QFC recently welcomed the FIFA World Cup Qatar 2022 LLC to its platform. The joint venture will be responsible for key aspects of the 2022 edition, such as planning and delivery of operations and services for the tournament.
The QFC continues to make progress towards developing the sports sector and becoming an international hub for sports services, and in 2018 signed an MoU with Aspire Zone Foundation to establish the Qatar Sports Business District. The MoU aims to attract large sports-related multinationals, promote the setup of sustainable businesses and start-ups and facilitate the commercialisation of sports-related products and services in Qatar.
The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, celebrated Qatar’s historic victory at the Asian Cup, and with it, the growing importance of Qatar’s sports ecosystem.
The QFC recently welcomed the FIFA World Cup Qatar 2022 LLC to its platform. The joint venture will be responsible for key aspects of the 2022 edition, such as planning and delivery of operations and services for the tournament.
The QFC continues to make progress towards developing the sports sector and becoming an international hub for sports services, and in 2018 signed an MoU with Aspire Zone Foundation to establish the Qatar Sports Business District. The MoU aims to attract large sports-related multinationals, promote the setup of sustainable businesses and start-ups and facilitate the commercialisation of sports-related products and services in Qatar.
Emirates to Fill Pilot Gap With Exodus From Etihad, Norwegian - Bloomberg
Emirates to Fill Pilot Gap With Exodus From Etihad, Norwegian - Bloomberg:
Emirates, the world’s biggest long-haul airline, may feed its appetite for new pilots with recruits from ailing neighbor Etihad Airways and cash-strapped discounter Norwegian Air Shuttle ASA, according to an internal memo from the Gulf carrier obtained by Bloomberg News.
Hong Kong Airlines has also contacted Dubai-based Emirates about opportunities to temporarily transfer some cockpit crew, according to the document. Pilots at the unit of beleaguered HNA Group are Airbus SE-rated, meaning they could be trained to fly the Mideast company’s A380 superjumbos.
“The current situation with several airlines in financial difficulty globally leaves Emirates in a good position to be sourcing and selecting good-quality pilots,” the memo says. It said the airline recruited 52 pilots last month, the highest number since August 2016, and that the number of viable applications it’s receiving “is higher than the number of candidates that can be invited.”
Emirates, the world’s biggest long-haul airline, may feed its appetite for new pilots with recruits from ailing neighbor Etihad Airways and cash-strapped discounter Norwegian Air Shuttle ASA, according to an internal memo from the Gulf carrier obtained by Bloomberg News.
Hong Kong Airlines has also contacted Dubai-based Emirates about opportunities to temporarily transfer some cockpit crew, according to the document. Pilots at the unit of beleaguered HNA Group are Airbus SE-rated, meaning they could be trained to fly the Mideast company’s A380 superjumbos.
“The current situation with several airlines in financial difficulty globally leaves Emirates in a good position to be sourcing and selecting good-quality pilots,” the memo says. It said the airline recruited 52 pilots last month, the highest number since August 2016, and that the number of viable applications it’s receiving “is higher than the number of candidates that can be invited.”
Oil Rebounds as Strong U.S. Fuel Demand Quells Economic Worries - Bloomberg
Oil Rebounds as Strong U.S. Fuel Demand Quells Economic Worries - Bloomberg:
Oil rebounded Wednesday after a report showed surprisingly strong gasoline demand and a drawdown of heating fuels in the U.S., tempering fears of a global oversupply.
Futures in New York closed 0.7 percent higher, snapping a two-day losing streak. While the Energy Information Administration said domestic crude and gasoline inventories rose last week, both trailed analyst estimates. The fallout from the brutal cold that hit the U.S. also showed up in the data, with stocks of winter fuels shrinking by almost 5 million barrels combined.
The bullish hints on demand offered relief to traders jittery about economic growth. Despite OPEC’s efforts to cut global supplies, crude was on track for a third straight loss earlier in the session as slowing factory activity in Germany built upon reports of declining service-sector orders in the U.S.
Oil rebounded Wednesday after a report showed surprisingly strong gasoline demand and a drawdown of heating fuels in the U.S., tempering fears of a global oversupply.
Futures in New York closed 0.7 percent higher, snapping a two-day losing streak. While the Energy Information Administration said domestic crude and gasoline inventories rose last week, both trailed analyst estimates. The fallout from the brutal cold that hit the U.S. also showed up in the data, with stocks of winter fuels shrinking by almost 5 million barrels combined.
The bullish hints on demand offered relief to traders jittery about economic growth. Despite OPEC’s efforts to cut global supplies, crude was on track for a third straight loss earlier in the session as slowing factory activity in Germany built upon reports of declining service-sector orders in the U.S.
Etihad approaches banks for over $500 million for Boeing deliveries: sources | Reuters
Etihad approaches banks for over $500 million for Boeing deliveries: sources | Reuters:
Abu Dhabi’s Etihad Airways has approached banks to raise over $500 million to finance four Boeing 787 Dreamliners it previously ordered, two sources familiar with the matter said.
The state carrier sent a request for proposals to banks last week for the financing, which is likely to be provided through bilateral loans or loans involving a small club of lenders, they said.
Etihad declined to comment.
Abu Dhabi’s Etihad Airways has approached banks to raise over $500 million to finance four Boeing 787 Dreamliners it previously ordered, two sources familiar with the matter said.
The state carrier sent a request for proposals to banks last week for the financing, which is likely to be provided through bilateral loans or loans involving a small club of lenders, they said.
Etihad declined to comment.
UPDATE 1-Iran says gas production at South Pars hits 610 mln cubic metres per day | Reuters
UPDATE 1-Iran says gas production at South Pars hits 610 mln cubic metres per day | Reuters:
Iran’s gas production at South Pars, the world’s largest gas field, has hit 610 million cubic metres per day, Oil Minister Bijan Zanganeh told state TV on Wednesday.
The offshore field, which Iran calls South Pars and Qatar calls North Field, is shared between Iran and Qatar.
Iran’s daily gas production from the field now exceeds that of Qatar, Zanganeh said.
Iran’s gas production at South Pars, the world’s largest gas field, has hit 610 million cubic metres per day, Oil Minister Bijan Zanganeh told state TV on Wednesday.
The offshore field, which Iran calls South Pars and Qatar calls North Field, is shared between Iran and Qatar.
Iran’s daily gas production from the field now exceeds that of Qatar, Zanganeh said.
Gazprom seeks bigger gas market share in Europe after bumper exports | Reuters
Gazprom seeks bigger gas market share in Europe after bumper exports | Reuters:
Russia’s Gazprom is looking to gain an even larger gas market share in Europe following record-high 2018 exports, expecting a decline in Europe’s gas output combined with rising demand, a senior manager at the company said.
Last year it sold more than 200 billion cubic meters of gas to Europe, including Turkey, while its gas market share in the region rose to more than a third.
Elena Burmistrova, in charge of the Russian company’s exports, said Gazprom would be able to offset a production decline in the European Union, mainly at the Netherlands’ Groningen, once Europe’s largest natural gas field.
Russia’s Gazprom is looking to gain an even larger gas market share in Europe following record-high 2018 exports, expecting a decline in Europe’s gas output combined with rising demand, a senior manager at the company said.
Last year it sold more than 200 billion cubic meters of gas to Europe, including Turkey, while its gas market share in the region rose to more than a third.
Elena Burmistrova, in charge of the Russian company’s exports, said Gazprom would be able to offset a production decline in the European Union, mainly at the Netherlands’ Groningen, once Europe’s largest natural gas field.
Venezuela sold 73 tonnes of gold to Turkey, #UAE last year: legislator | Reuters
Venezuela sold 73 tonnes of gold to Turkey, UAE last year: legislator | Reuters:
Venezuelan President Nicolas Maduro’s government last year sold 73 tonnes of gold to Turkey and the United Arab Emirates without the required approval of the opposition-led National Assembly, an opposition legislator said on Wednesday.
Of that total, Abu Dhabi investment firm Noor Capital bought the largest amount, 27.3 tonnes of gold, opposition legislator Carlos Paparoni told a news conference, without providing evidence. Paparoni also said a Turkish firm bought 23.9 tonnes of gold last year.
Venezuela’s opposition, led by National Assembly leader Juan Guaido, has sought to prevent the gold sales, believing Maduro’s government is using the proceeds to try to stay solvent as U.S.-imposed sanctions cut off other revenue streams. The United States and numerous other countries have recognized Guaido as Venezuela’s interim leader in the aftermath of Maduro’s re-election last year in a vote critics have called a sham.
Venezuelan President Nicolas Maduro’s government last year sold 73 tonnes of gold to Turkey and the United Arab Emirates without the required approval of the opposition-led National Assembly, an opposition legislator said on Wednesday.
Of that total, Abu Dhabi investment firm Noor Capital bought the largest amount, 27.3 tonnes of gold, opposition legislator Carlos Paparoni told a news conference, without providing evidence. Paparoni also said a Turkish firm bought 23.9 tonnes of gold last year.
Venezuela’s opposition, led by National Assembly leader Juan Guaido, has sought to prevent the gold sales, believing Maduro’s government is using the proceeds to try to stay solvent as U.S.-imposed sanctions cut off other revenue streams. The United States and numerous other countries have recognized Guaido as Venezuela’s interim leader in the aftermath of Maduro’s re-election last year in a vote critics have called a sham.
UPDATE 1-Six Flags #Dubai theme park put on hold as funding withdrawn | Reuters
UPDATE 1-Six Flags Dubai theme park put on hold as funding withdrawn | Reuters:
DXB Entertainments PJSC said on Wednesday that the Six Flags theme park in Dubai had been put on hold as the financing for the project was no longer available.
The move is the latest sign that the Gulf’s leading tourism and commerce hotspot is being buffeted by the impact of an economic slowdown in the region triggered by lower oil prices and geopolitical tensions.
DXB Entertainments said the decision came after its board in August 2018 mandated a strategic review of its future development plans and capital deployment. That included Six Flags Dubai, once slated to open later this year.
DXB Entertainments PJSC said on Wednesday that the Six Flags theme park in Dubai had been put on hold as the financing for the project was no longer available.
The move is the latest sign that the Gulf’s leading tourism and commerce hotspot is being buffeted by the impact of an economic slowdown in the region triggered by lower oil prices and geopolitical tensions.
DXB Entertainments said the decision came after its board in August 2018 mandated a strategic review of its future development plans and capital deployment. That included Six Flags Dubai, once slated to open later this year.
MIDEAST STOCKS-Financials weigh on #Qatar, most major Gulf markets gain | Reuters
MIDEAST STOCKS-Financials weigh on Qatar, most major Gulf markets gain | Reuters:
Most major Gulf stock markets rose on Wednesday with Dubai leading gains on the back of its financial stocks, while Qatar was pulled down by its banking shares.
Saudi Arabia's index inched up 0.1 percent with bank Samba Financial Group rising 2 percent and petrochemical maker Saudi Basic Industries gaining 0.8 percent.
Insurance provider United Cooperative Assurance Co climbed 6.3 percent after the Council of Cooperative Health Insurance renewed its licence for one year.
Most major Gulf stock markets rose on Wednesday with Dubai leading gains on the back of its financial stocks, while Qatar was pulled down by its banking shares.
Saudi Arabia's index inched up 0.1 percent with bank Samba Financial Group rising 2 percent and petrochemical maker Saudi Basic Industries gaining 0.8 percent.
Insurance provider United Cooperative Assurance Co climbed 6.3 percent after the Council of Cooperative Health Insurance renewed its licence for one year.
More Bullish on Brent Prices, Al Dhabi Capital Says – Bloomberg
More Bullish on Brent Prices, Al Dhabi Capital Says – Bloomberg:
Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd., talks about Saudi Arabian and U.A.E. banks, and oil prices. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd., talks about Saudi Arabian and U.A.E. banks, and oil prices. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
COLUMN-U.S.-China talks dominate oil outlook: Kemp | Reuters
COLUMN-U.S.-China talks dominate oil outlook: Kemp | Reuters:
The deadline for the United States and China to reach a trade deal before U.S. tariffs increase on $200 billion worth of Chinese imports (scheduled for March 2) is the most important date in the calendar for oil traders.
The deadline will probably have more impact than the next OPEC+ joint ministerial monitoring committee (March 18), OPEC’s extraordinary meeting (April 17-18) or even the White House review of Iran sanctions waivers (May 4).
The outcome of trade talks will have a decisive influence on the oil consumption outlook for the rest of the year since the threat of tariffs and associated uncertainty are proving the largest drag on global economic growth.
The deadline for the United States and China to reach a trade deal before U.S. tariffs increase on $200 billion worth of Chinese imports (scheduled for March 2) is the most important date in the calendar for oil traders.
The deadline will probably have more impact than the next OPEC+ joint ministerial monitoring committee (March 18), OPEC’s extraordinary meeting (April 17-18) or even the White House review of Iran sanctions waivers (May 4).
The outcome of trade talks will have a decisive influence on the oil consumption outlook for the rest of the year since the threat of tariffs and associated uncertainty are proving the largest drag on global economic growth.
#UAE releases $496 million frozen funds, ending #Kuwait dispute | Reuters
UAE releases $496 million frozen funds, ending Kuwait dispute | Reuters:
A dispute between Dubai and Kuwait appeared to have ended on Tuesday as the United Arab Emirates’ central bank authorized the release of $496 million which had been frozen at Dubai’s state-owned Noor Bank since late 2017.
Cayman Islands-registered Port Fund, part of a Kuwaiti private equity group and holder of the account at Noor Bank, said the funds had been released. The UAE central bank and Noor Bank did not immediately respond to requests for comment.
Two Kuwaiti government entities, its port authority and pension fund, were owed around $200 million after the funds were frozen when Dubai’s public prosecutor, working with its Kuwaiti counterpart, investigated its transfer from the Philippines.
A dispute between Dubai and Kuwait appeared to have ended on Tuesday as the United Arab Emirates’ central bank authorized the release of $496 million which had been frozen at Dubai’s state-owned Noor Bank since late 2017.
Cayman Islands-registered Port Fund, part of a Kuwaiti private equity group and holder of the account at Noor Bank, said the funds had been released. The UAE central bank and Noor Bank did not immediately respond to requests for comment.
Two Kuwaiti government entities, its port authority and pension fund, were owed around $200 million after the funds were frozen when Dubai’s public prosecutor, working with its Kuwaiti counterpart, investigated its transfer from the Philippines.
Mideast Stocks: Banks bolster #Saudi, financials pull down #AbuDhabi | ZAWYA MENA Edition
Mideast Stocks: Banks bolster Saudi, financials pull down Abu Dhabi | ZAWYA MENA Edition:
Saudi Arabian stocks rose in early trading on Wednesday as banks gained, while Abu Dhabi was weighed down by financial stocks.
Saudi Arabia's index rose 0.6 percent with its biggest petrochemical maker, Saudi Basic Industries Corp, adding 1 percent.
Al Rajhi Bank gained 0.8 percent. The Capital Market Authority has approved a capital increase at the bank, which is currently capitalised at 16.25 billion riyals ($4.3 billion). Al Rajhi has proposed increasing its capital to up to 25 billion riyals.
Saudi Arabian stocks rose in early trading on Wednesday as banks gained, while Abu Dhabi was weighed down by financial stocks.
Saudi Arabia's index rose 0.6 percent with its biggest petrochemical maker, Saudi Basic Industries Corp, adding 1 percent.
Al Rajhi Bank gained 0.8 percent. The Capital Market Authority has approved a capital increase at the bank, which is currently capitalised at 16.25 billion riyals ($4.3 billion). Al Rajhi has proposed increasing its capital to up to 25 billion riyals.