World Bank’s IFC to grow Mena investments in 2019 - The National:
International Finance Corporation (IFC), the World Bank’s private sector arm, aims to invest more than $2 billion in the Middle East and North Africa (Mena) region in the 2019 fiscal year, as it seeks to grow the private sector and expand regional economies. “
We do need the private sector to play a bigger role in Mena economies, so we’re looking for ways to leverage our resources to create new markets and sustainable jobs in the countries in which we operate,” said Sergio Pimenta, IFC’s vice president for the Middle East and Africa, in an interview with The National in Dubai.
IFC, a development finance institution, supports emerging economies through loans and other financing, such as by taking stakes in high-growth companies. In 2014, for example, it made a $100 million equity investment in Saudi Arabia-based utility developer Acwa Power.
Monday 11 February 2019
France agrees strategic pact with #Qatar - The Peninsula Qatar
France agrees strategic pact with Qatar - The Peninsula Qatar:
Qatar and France signed a deal Monday to cooperate on security and economic matters.
Qatar Deputy Prime Minister and Minister of Foreign Affairs HE Sheikh Mohamed bin Abdulrahman Al Thani met with his French counterpart Jean-Yves Le Drian in Doha to sign the "strategic dialogue" agreement.
The deal marked a "new phase" for the two countries, Al-Thani said during a press conference.
Qatar and France signed a deal Monday to cooperate on security and economic matters.
Qatar Deputy Prime Minister and Minister of Foreign Affairs HE Sheikh Mohamed bin Abdulrahman Al Thani met with his French counterpart Jean-Yves Le Drian in Doha to sign the "strategic dialogue" agreement.
The deal marked a "new phase" for the two countries, Al-Thani said during a press conference.
#Qatar PMI points to sharp rise in employment after blockade
Qatar PMI points to sharp rise in employment after blockade:
The operationalisation of 40 new Qatari-owned manufacturing units, especially after the blockade, substantially enhanced employment, particularly within the non-energy private sector, thus helping Qatar’s PMI (Purchasing Managers Index) touch a six-month high in January, according to the Qatar Financial Center (QFC).
“Businesses remained strongly confident regarding expected activity at the start of 2019,” the QFC said, adding that driving the latest improvement was a series-record increase in employment, while both short-term output and new business measures ebbed slightly.
Highlighting the sharp rise in the employment, the QFC said companies in the non-hydrocarbon private sector raised headcounts at the strongest rate since the survey began in April 2017.
The operationalisation of 40 new Qatari-owned manufacturing units, especially after the blockade, substantially enhanced employment, particularly within the non-energy private sector, thus helping Qatar’s PMI (Purchasing Managers Index) touch a six-month high in January, according to the Qatar Financial Center (QFC).
“Businesses remained strongly confident regarding expected activity at the start of 2019,” the QFC said, adding that driving the latest improvement was a series-record increase in employment, while both short-term output and new business measures ebbed slightly.
Highlighting the sharp rise in the employment, the QFC said companies in the non-hydrocarbon private sector raised headcounts at the strongest rate since the survey began in April 2017.
Oil prices fall 1 percent; slow progress in trade talks counters OPEC cuts | Reuters
Oil prices fall 1 percent; slow progress in trade talks counters OPEC cuts | Reuters:
Oil prices fell about 1 percent on Monday as worries surrounding the resumption of U.S.-China trade talks overshadowed support from OPEC-led supply restraint.
Brent crude futures lost 49 cents, or 0.8 percent to $61.61 a barrel by 12:53 p.m. EST (1753 GMT).
U.S. West Texas Intermediate (WTI) crude fell 65 cents, or 1.2 percent, to $52.07 a barrel.
Oil prices fell about 1 percent on Monday as worries surrounding the resumption of U.S.-China trade talks overshadowed support from OPEC-led supply restraint.
Brent crude futures lost 49 cents, or 0.8 percent to $61.61 a barrel by 12:53 p.m. EST (1753 GMT).
U.S. West Texas Intermediate (WTI) crude fell 65 cents, or 1.2 percent, to $52.07 a barrel.
#SaudiArabia would need oil at $80-$85 a barrel to balance budget: IMF official | Reuters
Saudi Arabia would need oil at $80-$85 a barrel to balance budget: IMF official | Reuters:
Top oil exporter Saudi Arabia would need oil priced at $80-$85 a barrel to balance its budget this year, an International Monetary Fund official said.
Riyadh’s breakeven oil price depends on several factors, including the level of oil production, how much of Saudi oil revenues are transferred to the budget, and how non-oil revenues perform this year.
“But if you take the (2019) budget as presented with everything remaining equal, a breakeven point would be around $80-$85 dollars,” Jihad Azour, director of the IMF’s Middle East and Central Asia department, told Reuters.
Top oil exporter Saudi Arabia would need oil priced at $80-$85 a barrel to balance its budget this year, an International Monetary Fund official said.
Riyadh’s breakeven oil price depends on several factors, including the level of oil production, how much of Saudi oil revenues are transferred to the budget, and how non-oil revenues perform this year.
“But if you take the (2019) budget as presented with everything remaining equal, a breakeven point would be around $80-$85 dollars,” Jihad Azour, director of the IMF’s Middle East and Central Asia department, told Reuters.
Aluminium #Bahrain the worst performer on the exchange after announcing drop in earnings and no dividends for 2018 | ZAWYA MENA Edition
Aluminium Bahrain the worst performer on the exchange after announcing drop in earnings and no dividends for 2018 | ZAWYA MENA Edition:
Shares of Aluminium Bahrain (Alba) fell sharply on Monday after the company reported a drop in fourth quarter (Q4) 2018 earnings results and said that its board recommended not paying a dividend for 2018.
The company announced a Q4 2018 net loss of 17.5 million Bahraini dinars ($46.5 million) compared to a net profit of 23.4 million Bahraini dinars in Q4 2017.
For its full year results for 2018, Alba’s net profit stood at 59.8 million Bahraini dinars, down by 35 percent year-on-year, compared to 92.5 million Bahraini dinars in 2017.
Shares of Aluminium Bahrain (Alba) fell sharply on Monday after the company reported a drop in fourth quarter (Q4) 2018 earnings results and said that its board recommended not paying a dividend for 2018.
The company announced a Q4 2018 net loss of 17.5 million Bahraini dinars ($46.5 million) compared to a net profit of 23.4 million Bahraini dinars in Q4 2017.
For its full year results for 2018, Alba’s net profit stood at 59.8 million Bahraini dinars, down by 35 percent year-on-year, compared to 92.5 million Bahraini dinars in 2017.
OPEC, Russia draft cooperation charter offers no formal body -document | ZAWYA MENA Edition
OPEC, Russia draft cooperation charter offers no formal body -document | ZAWYA MENA Edition:
Scared by looming U.S. anti-cartel legislation for the oil industry, the Organization for the Petroleum Exporting Countries and its allies such as Russia have decided against creating a formal body, at least on paper.
A draft of a document - setting up a new alliance and dated January 2019 - and seen by Reuters carefully avoids any mention of sensitive issues such as oil prices, market share and production cuts.
OPEC and Russia have been cutting production together to support prices since 2017, after clinching a deal in December 2016, in moves that have provoked criticism from U.S. President Donald Trump.
Scared by looming U.S. anti-cartel legislation for the oil industry, the Organization for the Petroleum Exporting Countries and its allies such as Russia have decided against creating a formal body, at least on paper.
A draft of a document - setting up a new alliance and dated January 2019 - and seen by Reuters carefully avoids any mention of sensitive issues such as oil prices, market share and production cuts.
OPEC and Russia have been cutting production together to support prices since 2017, after clinching a deal in December 2016, in moves that have provoked criticism from U.S. President Donald Trump.
MIDEAST STOCKS-Oil prices weigh on most Gulf markets; #Dubai, #Qatar lead losses | Reuters
MIDEAST STOCKS-Oil prices weigh on most Gulf markets; Dubai, Qatar lead losses | Reuters:
Weak oil prices led to falls in most Gulf stock markets on Monday, while Qatar and Dubai were dragged lower by their blue-chip bank stocks.
Qatar's index fell 1.3 percent as the Middle East's largest lender Qatar National Bank slid 5.2 percent, its biggest intraday loss since June 2017. The stock gained more than 65 percent last year after QNB announced plans to lift its foreign ownership ceiling to 49 percent from 25 percent.
The Qatari index was one of the world's best-performing in 2018, jumping 21 percent as companies raised limits on foreign ownership of their shares.
Weak oil prices led to falls in most Gulf stock markets on Monday, while Qatar and Dubai were dragged lower by their blue-chip bank stocks.
Qatar's index fell 1.3 percent as the Middle East's largest lender Qatar National Bank slid 5.2 percent, its biggest intraday loss since June 2017. The stock gained more than 65 percent last year after QNB announced plans to lift its foreign ownership ceiling to 49 percent from 25 percent.
The Qatari index was one of the world's best-performing in 2018, jumping 21 percent as companies raised limits on foreign ownership of their shares.
Oil Near $52 After Worst Week Since December on Growth Concerns - Bloomberg
Oil Near $52 After Worst Week Since December on Growth Concerns - Bloomberg:
Oil slipped again, trading near $52 a barrel in New York after mounting concerns about the health of the global economy triggered the sharpest weekly price drop since December.
Futures retreated 0.5 percent in New York, following a decline of 4.6 percent last week. U.S. negotiators will resume talks in Beijing before new tariffs kick in on Chinese goods next month, seeking to end a trade dispute that’s weighing on a global economy already showing signs of weakness. The spat is damping appetite for risk assets among hedge funds, who plowed back into bearish bets on Brent crude in the week through Feb. 5.
West Texas Intermediate oil has reversed course after the best January on record as a lack of progress on the trade war and growth warnings from Europe, Asia and elsewhere depressed the demand outlook. In more bearish news, American drillers added seven working oil rigs last week, bolstering concern that record U.S. production will undermine efforts by the Organization of Petroleum Exporting Countries and its allies to curb a global glut.
Oil slipped again, trading near $52 a barrel in New York after mounting concerns about the health of the global economy triggered the sharpest weekly price drop since December.
Futures retreated 0.5 percent in New York, following a decline of 4.6 percent last week. U.S. negotiators will resume talks in Beijing before new tariffs kick in on Chinese goods next month, seeking to end a trade dispute that’s weighing on a global economy already showing signs of weakness. The spat is damping appetite for risk assets among hedge funds, who plowed back into bearish bets on Brent crude in the week through Feb. 5.
West Texas Intermediate oil has reversed course after the best January on record as a lack of progress on the trade war and growth warnings from Europe, Asia and elsewhere depressed the demand outlook. In more bearish news, American drillers added seven working oil rigs last week, bolstering concern that record U.S. production will undermine efforts by the Organization of Petroleum Exporting Countries and its allies to curb a global glut.
UBS Sees $121 Billion of EM Flows Amid `Seismic' Index Shifts - Bloomberg
UBS Sees $121 Billion of EM Flows Amid `Seismic' Index Shifts - Bloomberg:
Investors should prepare for unprecedented opportunities in emerging markets over the next year as new entrants including Saudi Arabia and China’s domestic shares are added to global indexes in what UBS Group AG calls “relatively seismic shifts.”
The world’s largest index providers such as London Stock Exchange Group Plc unit FTSE Russell, MSCI Inc., and S&P Dow Jones Indices are due to review a series of indexes to take on the so-called SACKs -- Saudi Arabia, Argentina, China onshore shares (also called A-shares), and Kuwait, David Rabinowitz, UBS head of Asia-Pacific market structure, wrote in a report.
The rejig will likely result in some $121 billion in active and passive fund flows shifting across the emerging-market universe, according to UBS.
Investors should prepare for unprecedented opportunities in emerging markets over the next year as new entrants including Saudi Arabia and China’s domestic shares are added to global indexes in what UBS Group AG calls “relatively seismic shifts.”
The world’s largest index providers such as London Stock Exchange Group Plc unit FTSE Russell, MSCI Inc., and S&P Dow Jones Indices are due to review a series of indexes to take on the so-called SACKs -- Saudi Arabia, Argentina, China onshore shares (also called A-shares), and Kuwait, David Rabinowitz, UBS head of Asia-Pacific market structure, wrote in a report.
The rejig will likely result in some $121 billion in active and passive fund flows shifting across the emerging-market universe, according to UBS.
#Egypt Dangles Incentives to Attract More Oil and Gas Investors - Bloomberg
Egypt Dangles Incentives to Attract More Oil and Gas Investors - Bloomberg:
Egypt is finalizing details of a new type of oil and gas contract to attract even more foreign investment than the $10 billion already coming into its energy industry this year.
The contract will provide investors with incentives to explore for fossil fuels in undeveloped areas, Egypt’s oil minister Tarek El-Molla said in an interview. He didn’t provide details of the changes to the contract.
“We’re improving the cost-recovery process to be faster, less bureaucratic and more efficient,” El-Molla said. The government will launch a new bid round in the Red Sea this quarter, he said.
Egypt is finalizing details of a new type of oil and gas contract to attract even more foreign investment than the $10 billion already coming into its energy industry this year.
The contract will provide investors with incentives to explore for fossil fuels in undeveloped areas, Egypt’s oil minister Tarek El-Molla said in an interview. He didn’t provide details of the changes to the contract.
“We’re improving the cost-recovery process to be faster, less bureaucratic and more efficient,” El-Molla said. The government will launch a new bid round in the Red Sea this quarter, he said.
#Dubai Plans Desert City's First Solar-Powered Desalination Plant - Bloomberg
Dubai Plans Desert City's First Solar-Powered Desalination Plant - Bloomberg:
Dubai will seek partners this year to build its first solar-powered desalination plant as the emirate tries to diversify away from burning fossil fuels to increase its water supply, the head of the Dubai Electricity and Water Authority said in an interview.
The plant, using reverse osmosis technology, will have capacity to produce 120 million gallons a day of drinkable water by 2024, Chief Executive Officer Saeed Mohammed Al Tayer said in Dubai. DEWA is also developing a reservoir to hold as much as 6 billion gallons of water reserves, and the utility currently stores about 700 million gallons, Al Tayer said at the World Government Summit in Dubai.
Dubai will seek partners this year to build its first solar-powered desalination plant as the emirate tries to diversify away from burning fossil fuels to increase its water supply, the head of the Dubai Electricity and Water Authority said in an interview.
The plant, using reverse osmosis technology, will have capacity to produce 120 million gallons a day of drinkable water by 2024, Chief Executive Officer Saeed Mohammed Al Tayer said in Dubai. DEWA is also developing a reservoir to hold as much as 6 billion gallons of water reserves, and the utility currently stores about 700 million gallons, Al Tayer said at the World Government Summit in Dubai.
Saudis Get Behind $705 Million Project for Fellow Arab Monarchy - Bloomberg
Saudis Get Behind $705 Million Project for Fellow Arab Monarchy - Bloomberg:
Saudi Arabia is bolstering efforts to shore up the economy of a fellow Arab monarchy with a 500 million-dinar ($705 million) joint investment in Jordan.
The Saudi Jordanian Investment Fund and the Aqaba Special Economic Zone Authority signed a memorandum of understanding on Sunday to establish, develop and manage a railway connecting Aqaba, on the Red Sea across from the Israeli city of Eilat, to a future dry port in the Ma’an governorate, according to a joint statement.
Saudi Arabia and other Gulf states have used their financial muscle to keep friendly Arab governments in their orbit or to lure away those allied with their adversaries. The International Monetary Fund, which is backing Jordan with a $700 million loan, last month said “international donor support is more important than ever” for the country following talks between Managing Director Christine Lagarde and Prime Minister Omar Al-Razzaz.
Saudi Arabia is bolstering efforts to shore up the economy of a fellow Arab monarchy with a 500 million-dinar ($705 million) joint investment in Jordan.
The Saudi Jordanian Investment Fund and the Aqaba Special Economic Zone Authority signed a memorandum of understanding on Sunday to establish, develop and manage a railway connecting Aqaba, on the Red Sea across from the Israeli city of Eilat, to a future dry port in the Ma’an governorate, according to a joint statement.
Saudi Arabia and other Gulf states have used their financial muscle to keep friendly Arab governments in their orbit or to lure away those allied with their adversaries. The International Monetary Fund, which is backing Jordan with a $700 million loan, last month said “international donor support is more important than ever” for the country following talks between Managing Director Christine Lagarde and Prime Minister Omar Al-Razzaz.
Franklin Templeton, Actera eyeing #Abraaj's Turkey funds -sources | ZAWYA MENA Edition
Franklin Templeton, Actera eyeing Abraaj's Turkey funds -sources | ZAWYA MENA Edition:
U.S. fund manager Franklin Templeton and Turkish private equity firm Actera are among the bidders in talks to take control of Abraaj's Turkish assets after negotiations with other buyers faltered, two sources familiar with the deal said.
Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund.
Other potential bidders for the Turkish assets such as Turkish private equity company Turkven are out of the race, the sources told Reuters.
U.S. fund manager Franklin Templeton and Turkish private equity firm Actera are among the bidders in talks to take control of Abraaj's Turkish assets after negotiations with other buyers faltered, two sources familiar with the deal said.
Dubai-based Abraaj was the largest buyout fund in the Middle East and North Africa until it collapsed last year in the aftermath of a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund.
Other potential bidders for the Turkish assets such as Turkish private equity company Turkven are out of the race, the sources told Reuters.
#Qatar-French dialogue to address broad regional issues: ministers | Reuters
Qatar-French dialogue to address broad regional issues: ministers | Reuters:
Qatar and France have agreed to launch a strategic dialogue initiative to address a broad range of regional issues, their foreign ministers said on Monday.
The dialogue will address the wars in Libya and Syria, regional tension with Iran, and the Palestinian-Israeli conflict, they told a news conference in Doha.
It will also address Qatar’s dispute with other Arab countries.
Qatar and France have agreed to launch a strategic dialogue initiative to address a broad range of regional issues, their foreign ministers said on Monday.
The dialogue will address the wars in Libya and Syria, regional tension with Iran, and the Palestinian-Israeli conflict, they told a news conference in Doha.
It will also address Qatar’s dispute with other Arab countries.
Oil market to reach balance in Q1: #UAE energy minister | Reuters
Oil market to reach balance in Q1: UAE energy minister | Reuters:
The oil market should reach a balance between supply and demand in the first quarter of this year, UAE Energy Minister Suhail Al Mazrouei told Al-Arabiya television on Monday.
He said he was satisfied with the implementation of an agreement to cut supply by the Organization of the Petroleum Exporting Countries and allies, including Russia.
OPEC, Russia and other non-OPEC producers - an alliance known as OPEC+ - agreed to reduce supply by 1.2 million bpd from Jan. 1.
The oil market should reach a balance between supply and demand in the first quarter of this year, UAE Energy Minister Suhail Al Mazrouei told Al-Arabiya television on Monday.
He said he was satisfied with the implementation of an agreement to cut supply by the Organization of the Petroleum Exporting Countries and allies, including Russia.
OPEC, Russia and other non-OPEC producers - an alliance known as OPEC+ - agreed to reduce supply by 1.2 million bpd from Jan. 1.
#Qatar revamps investment strategy after Kushner building bailout | Reuters
Qatar revamps investment strategy after Kushner building bailout | Reuters:
When news emerged that Qatar may have unwittingly helped bail out a New York skyscraper owned by the family of Jared Kushner, Donald Trump’s son-in-law, eyebrows were raised in Doha.
Kushner, a senior White House adviser, was a close ally of Saudi Crown Prince Mohammed bin Salman - a key architect of a regional boycott against Qatar, which Riyadh accuses of sponsoring terrorism. Doha denies the charge.
Brookfield, a global property investor in which the Qatari government has placed investments, struck a deal last year that rescued the Kushner Companies’ 666 Fifth Avenue tower in Manhattan from financial straits.
When news emerged that Qatar may have unwittingly helped bail out a New York skyscraper owned by the family of Jared Kushner, Donald Trump’s son-in-law, eyebrows were raised in Doha.
Kushner, a senior White House adviser, was a close ally of Saudi Crown Prince Mohammed bin Salman - a key architect of a regional boycott against Qatar, which Riyadh accuses of sponsoring terrorism. Doha denies the charge.
Brookfield, a global property investor in which the Qatari government has placed investments, struck a deal last year that rescued the Kushner Companies’ 666 Fifth Avenue tower in Manhattan from financial straits.
UK approaches Gulf countries on post-Brexit trade pact - UAE minister | Reuters
UK approaches Gulf countries on post-Brexit trade pact - UAE minister | Reuters:
Britain has approached the United Arab Emirates and other Gulf countries on a possible trade pact after Britain leaves the European Union, the UAE economy minister said on Monday.
Such agreements can take years to negotiate, Sultan bin Saeed al-Mansouri said on a panel at the World Government Summit in Dubai. He gave no further details.
Britain is due to leave the EU on March 29, but it has yet to find an agreement acceptable to both Brussels and UK lawmakers, raising the prospect of a disorderly exit that could damage the world’s fifth-largest economy.
Britain has approached the United Arab Emirates and other Gulf countries on a possible trade pact after Britain leaves the European Union, the UAE economy minister said on Monday.
Such agreements can take years to negotiate, Sultan bin Saeed al-Mansouri said on a panel at the World Government Summit in Dubai. He gave no further details.
Britain is due to leave the EU on March 29, but it has yet to find an agreement acceptable to both Brussels and UK lawmakers, raising the prospect of a disorderly exit that could damage the world’s fifth-largest economy.
MIDEAST STOCKS-Weak oil weighs on major Gulf bourses, Qatar leads losses | Reuters
MIDEAST STOCKS-Weak oil weighs on major Gulf bourses, Qatar leads losses | Reuters:
All major Gulf stock markets slipped on Monday amid falling oil prices, with Qatar dropping sharply as its blue-chip banks slid.
Oil prices fell as drilling activity in the United States picked up and a refinery fire in the U.S. state of Illinois resulted in the shutdown of a large crude distillation unit.
Saudi Arabia’s stock market edged down 0.1 percent with Al Rajhi Bank declining 0.4 percent and Saudi British Bank shedding 0.4 percent.
All major Gulf stock markets slipped on Monday amid falling oil prices, with Qatar dropping sharply as its blue-chip banks slid.
Oil prices fell as drilling activity in the United States picked up and a refinery fire in the U.S. state of Illinois resulted in the shutdown of a large crude distillation unit.
Saudi Arabia’s stock market edged down 0.1 percent with Al Rajhi Bank declining 0.4 percent and Saudi British Bank shedding 0.4 percent.
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