German firms in talks with QP for sourcing future LNG supply:
Germany is looking to source some of its liquefied natural gas (LNG) needs from Qatar as part of the Western European country’s energy supply diversification plans, German ambassador Hans-Udo Muzel said.
“Germany is also actively looking at diversifying its energy supply and considering options to set up an LNG terminal. In this context, German companies are, of course, talking to Qatar Petroleum concerning the supply of LNG to Germany in the near future,” Muzel said in a statement yesterday.
Germany’s plans to diversify its energy supply sources was among the major topics discussed during the sixth session of the two-day ‘Qatari-German Joint Economic Commission on Trade, Economic and Technical Cooperation’, which concludes in Berlin today.
Monday, 18 February 2019
$10 Billion Bailout Makes #Bahrain Debt Best in Gulf as #Oman Lags - Bloomberg
$10 Billion Bailout Makes Bahrain Debt Best in Gulf as Oman Lags - Bloomberg:
Bonds of Bahrain, the smallest member of the Gulf Cooperation Council, have handed investors the biggest return since the island nation’s $10 billion bailout last year. For those holding Oman’s debt, the losses have piled up.
Corporate and sovereign notes from Bahrain delivered an average return of almost 5 percent since the aid was pledged at the start of October, data compiled by Bloomberg show. The tiny Gulf kingdom, which is closely allied with Saudi Arabia and the U.S., has taken steps to cut its budget deficit as part of the deal. Inclusion in JPMorgan Chase & Co.’s emerging-market indexes, which began last month, also helped.
Bonds of Bahrain, the smallest member of the Gulf Cooperation Council, have handed investors the biggest return since the island nation’s $10 billion bailout last year. For those holding Oman’s debt, the losses have piled up.
Corporate and sovereign notes from Bahrain delivered an average return of almost 5 percent since the aid was pledged at the start of October, data compiled by Bloomberg show. The tiny Gulf kingdom, which is closely allied with Saudi Arabia and the U.S., has taken steps to cut its budget deficit as part of the deal. Inclusion in JPMorgan Chase & Co.’s emerging-market indexes, which began last month, also helped.
Oil gains as investors grow optimistic over OPEC output deal | Reuters
Oil gains as investors grow optimistic over OPEC output deal | Reuters:
Oil rose for a fifth day on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC’s supply cuts will prevent a build-up in unused fuel, though concern over China’s economy tempered gains.
Brent futures were last up 16 cents at $66.41 a barrel by 1850 GMT, having touched a 2019 high of $66.83 earlier in the day, while U.S. futures rose 47 cents to $56.04 a barrel.
Oil has risen nearly 25 percent so far this year and is on course for its strongest first-quarter performance since 2011, thanks largely to a commitment by the Organization of the Petroleum Exporting Countries and allies to cut output.
Oil rose for a fifth day on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC’s supply cuts will prevent a build-up in unused fuel, though concern over China’s economy tempered gains.
Brent futures were last up 16 cents at $66.41 a barrel by 1850 GMT, having touched a 2019 high of $66.83 earlier in the day, while U.S. futures rose 47 cents to $56.04 a barrel.
Oil has risen nearly 25 percent so far this year and is on course for its strongest first-quarter performance since 2011, thanks largely to a commitment by the Organization of the Petroleum Exporting Countries and allies to cut output.
Exclusive: Saad Group seeks debt resolution under #Saudi bankruptcy law - sources | Reuters
Exclusive: Saad Group seeks debt resolution under Saudi bankruptcy law - sources | Reuters:
The company of indebted Saudi Arabian billionaire Maan al-Sanea has filed for bankruptcy under a new Saudi law that makes it easier for creditors to recover payments, three sources familiar with the matter said, a move that could provide a breakthrough in the kingdom’s longest-running debt dispute.
Saad Group, with interests spanning from banking to healthcare, defaulted together with another conglomerate, Ahmad Hamad al-Gosaibi and Brothers (AHAB), in 2009, leaving banks with unpaid debt of about $22 billion. The creditors have been pursuing the two companies for repayment for the past decade.
“Saad Group has recently filed for bankruptcy and the commercial court in Dammam will handle the case,” one of the sources familiar with the matter said, declining to be named as the matter is not public.
The company of indebted Saudi Arabian billionaire Maan al-Sanea has filed for bankruptcy under a new Saudi law that makes it easier for creditors to recover payments, three sources familiar with the matter said, a move that could provide a breakthrough in the kingdom’s longest-running debt dispute.
Saad Group, with interests spanning from banking to healthcare, defaulted together with another conglomerate, Ahmad Hamad al-Gosaibi and Brothers (AHAB), in 2009, leaving banks with unpaid debt of about $22 billion. The creditors have been pursuing the two companies for repayment for the past decade.
“Saad Group has recently filed for bankruptcy and the commercial court in Dammam will handle the case,” one of the sources familiar with the matter said, declining to be named as the matter is not public.
#Dubai's DMCC in talks with major coffee traders for new coffee centre | ZAWYA MENA Edition
Dubai's DMCC in talks with major coffee traders for new coffee centre | ZAWYA MENA Edition:
The Dubai Multi Commodities Centre (DMCC) said on Monday it was in talks with more than one major coffee trading house to bring their business to its newly opened Coffee Centre.
The Coffee Centre near Dubai's Jebel Ali port is a temperature-controlled facility offering infrastructure and services for processing and delivery of coffee, and the only location in the Middle East that offers green bean storage and processing.
The centre, which officially opened on Monday after a soft opening in November, can accommodate both speciality and bulk coffee, and is seeking "small and medium players" in the coffee market, and also bigger firms, said DMCC's executive chairman Ahmed bin Sulayem.
The Dubai Multi Commodities Centre (DMCC) said on Monday it was in talks with more than one major coffee trading house to bring their business to its newly opened Coffee Centre.
The Coffee Centre near Dubai's Jebel Ali port is a temperature-controlled facility offering infrastructure and services for processing and delivery of coffee, and the only location in the Middle East that offers green bean storage and processing.
The centre, which officially opened on Monday after a soft opening in November, can accommodate both speciality and bulk coffee, and is seeking "small and medium players" in the coffee market, and also bigger firms, said DMCC's executive chairman Ahmed bin Sulayem.
Mideast Stocks: #Saudi slips on profit-taking, banks drag #AbuDhabi lower | ZAWYA MENA Edition
Mideast Stocks: Saudi slips on profit-taking, banks drag Abu Dhabi lower | ZAWYA MENA Edition:
Saudi Arabia's stock market fell on Monday with most sectors turning red, led by the banks as investors focused on profit-taking after the market by far outperformed its major Gulf peers. Financial stocks also pulled Abu Dhabi down.
Saudi Arabia's index was down 0.3 percent with its biggest lender, National Commercial Bank, decreasing 1.3 percent and Al Jazira Bank shedding 1.7 percent.
The Saudi index has got off to a strong start this year, taking many by surprise, with a 10 percent gain year-to-date after returning 8.3 percent in 2018.
Saudi Arabia's stock market fell on Monday with most sectors turning red, led by the banks as investors focused on profit-taking after the market by far outperformed its major Gulf peers. Financial stocks also pulled Abu Dhabi down.
Saudi Arabia's index was down 0.3 percent with its biggest lender, National Commercial Bank, decreasing 1.3 percent and Al Jazira Bank shedding 1.7 percent.
The Saudi index has got off to a strong start this year, taking many by surprise, with a 10 percent gain year-to-date after returning 8.3 percent in 2018.
Swiss, #UAE-owned, private bank Falcon to exit UK, sell assets to Dolfin | ZAWYA MENA Edition
Swiss, UAE-owned, private bank Falcon to exit UK, sell assets to Dolfin | ZAWYA MENA Edition:
Switzerland's Falcon Private Bank will halt operations in the UK market and sell the assets of its London-based Falcon Private Wealth Ltd unit to Dolfin Financial (UK) Ltd, it said on Monday without giving financial details.
Falcon, owned by Middle Eastern investment firm Aabar Investments INPTVA.UL , said in a statement the sale reflected its strategic priorities to focus on select markets via main platforms in Zurich and Dubai.
Falcon will continue to provide custodian services to its UK clients, whose wealth management needs will be served by Dolfin under the deal, which is expected to close in May at the latest.
Switzerland's Falcon Private Bank will halt operations in the UK market and sell the assets of its London-based Falcon Private Wealth Ltd unit to Dolfin Financial (UK) Ltd, it said on Monday without giving financial details.
Falcon, owned by Middle Eastern investment firm Aabar Investments INPTVA.UL , said in a statement the sale reflected its strategic priorities to focus on select markets via main platforms in Zurich and Dubai.
Falcon will continue to provide custodian services to its UK clients, whose wealth management needs will be served by Dolfin under the deal, which is expected to close in May at the latest.
COLUMN-Hedge funds accelerate oil buying: Kemp | ZAWYA MENA Edition
COLUMN-Hedge funds accelerate oil buying: Kemp | ZAWYA MENA Edition:
Investors bought crude oil futures and options at the fastest rate for almost six months in the week to Feb. 12.
Hedge fund managers are becoming steadily more bullish on the outlook for oil prices as Saudi Arabia makes deep cuts in production, sanctions hit Venezuela and Iran, and the U.S. and China inch towards a trade deal.
Hedge funds and other money managers were net buyers of 32 million barrels of Brent crude futures and options in the week to Feb. 22, according to position records published by ICE Futures Europe.
Investors bought crude oil futures and options at the fastest rate for almost six months in the week to Feb. 12.
Hedge fund managers are becoming steadily more bullish on the outlook for oil prices as Saudi Arabia makes deep cuts in production, sanctions hit Venezuela and Iran, and the U.S. and China inch towards a trade deal.
Hedge funds and other money managers were net buyers of 32 million barrels of Brent crude futures and options in the week to Feb. 22, according to position records published by ICE Futures Europe.
DXB Entertainment's stock drops as theme park owner announces earnings loss | ZAWYA MENA Edition
DXB Entertainment's stock drops as theme park owner announces earnings loss | ZAWYA MENA Edition:
Shares of DXB Entertainments (DXBE) dropped on Monday, after the company announced prelimnary results showing a net loss of one billion dirhams for 2018, which was 11 percent lower than the 1.12 billion dirhams loss declared for 2017.
The company recorded a fourth quarter (Q4) 2018 net loss of 268 million dirhams, a 5.1 percent year-on-year increase on the net loss of 255 million dirhams for Q4 2017.
“(The) company continues to struggle with achieving meaningful growth in park arrivals, as well as visitor spending,’ Ayub Ansari, senior analyst at Bahrain-based bank SICO told Zawya by email.
Shares of DXB Entertainments (DXBE) dropped on Monday, after the company announced prelimnary results showing a net loss of one billion dirhams for 2018, which was 11 percent lower than the 1.12 billion dirhams loss declared for 2017.
The company recorded a fourth quarter (Q4) 2018 net loss of 268 million dirhams, a 5.1 percent year-on-year increase on the net loss of 255 million dirhams for Q4 2017.
“(The) company continues to struggle with achieving meaningful growth in park arrivals, as well as visitor spending,’ Ayub Ansari, senior analyst at Bahrain-based bank SICO told Zawya by email.
#UAE real estate remains tough for home buyers, but equity investors may see some respite in 2019 | ZAWYA MENA Edition
UAE real estate remains tough for home buyers, but equity investors may see some respite in 2019 | ZAWYA MENA Edition:
Although few observers of the real estate markets in the United Arab Emirates are forecasting a recovery in prices in a market where the supply pipeline continues to outstrip demand, the prospects for some of its developers may be looking a little brighter, according to analysts who spoke to Zawya following a rush of preliminary results announcements at the end of last week.
"The better-than-expected results from UAE real estate majors Aldar Properties, Damac, Emaar and Union Properties offer a beacon of hope for UAE equity as well as real estate investors," Arun Leslie John, lead researcher at Dubai-based brokerage Century Financial told Zawya in an email following the market's close on Thursday.
Dubai's blue-chip developer Emaar Properties reported a 30 percent increase in full-year net profit of around 7.22 billion UAE dirhams ($1.97 billion) for 2018 as revenue increased by 37 percent to 25.69 billion dirhams, the company said in a statement issued following the Dubai Financial Market's (DFM) close on Thursday.
Although few observers of the real estate markets in the United Arab Emirates are forecasting a recovery in prices in a market where the supply pipeline continues to outstrip demand, the prospects for some of its developers may be looking a little brighter, according to analysts who spoke to Zawya following a rush of preliminary results announcements at the end of last week.
"The better-than-expected results from UAE real estate majors Aldar Properties, Damac, Emaar and Union Properties offer a beacon of hope for UAE equity as well as real estate investors," Arun Leslie John, lead researcher at Dubai-based brokerage Century Financial told Zawya in an email following the market's close on Thursday.
Dubai's blue-chip developer Emaar Properties reported a 30 percent increase in full-year net profit of around 7.22 billion UAE dirhams ($1.97 billion) for 2018 as revenue increased by 37 percent to 25.69 billion dirhams, the company said in a statement issued following the Dubai Financial Market's (DFM) close on Thursday.
Mideast Stocks: Banks lift #Saudi, #UAE markets slip as earnings impact fades | ZAWYA MENA Edition
Mideast Stocks: Banks lift Saudi, UAE markets slip as earnings impact fades | ZAWYA MENA Edition:
Saudi Arabia's stock market rose in early trading on Monday as financial stocks gained while UAE stock markets fell back as impact from strong earnings by real estate firms in particular faded.
Saudi Arabia's index rose 0.2 percent with Al Rajhi Bank gaining 0.8 percent.
Arab National Bank rose 1.3 percent after it reported a full-year net profit of 3.31 billion riyals ($882.62 million) versus 3.03 billion riyals a year earlier.
Saudi Arabia's stock market rose in early trading on Monday as financial stocks gained while UAE stock markets fell back as impact from strong earnings by real estate firms in particular faded.
Saudi Arabia's index rose 0.2 percent with Al Rajhi Bank gaining 0.8 percent.
Arab National Bank rose 1.3 percent after it reported a full-year net profit of 3.31 billion riyals ($882.62 million) versus 3.03 billion riyals a year earlier.
Oil prices hit 2019 highs amid supply cuts, trade talk hopes | Reuters
Oil prices hit 2019 highs amid supply cuts, trade talk hopes | Reuters:
Oil prices on Monday hit their highest levels since November last year, lifted by OPEC-led supply cuts, U.S. sanctions on Iran and Venezuela, and hopes that the Sino-U.S. trade dispute may soon end.
International Brent crude futures were at $66.66 per barrel at 0746 GMT, up 41 cents, or 0.6 percent, from their last close. Brent earlier climbed to its highest since November 2018 at $66.78 a barrel.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.07 per barrel, up 48 cents, or 0.9 percent, from their close. WTI prices also rose to their highest since November, at $56.13 per barrel, earlier on Monday.
Oil prices on Monday hit their highest levels since November last year, lifted by OPEC-led supply cuts, U.S. sanctions on Iran and Venezuela, and hopes that the Sino-U.S. trade dispute may soon end.
International Brent crude futures were at $66.66 per barrel at 0746 GMT, up 41 cents, or 0.6 percent, from their last close. Brent earlier climbed to its highest since November 2018 at $66.78 a barrel.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.07 per barrel, up 48 cents, or 0.9 percent, from their close. WTI prices also rose to their highest since November, at $56.13 per barrel, earlier on Monday.
#Qatar Petroleum signs initial deals to boost local energy industry | Reuters
Qatar Petroleum signs initial deals to boost local energy industry | Reuters:
Qatar Petroleum signed preliminary deals worth more than 9 billion Qatari riyals ($2.47 billion) on Monday with oil services firms Schlumberger and Baker Hughes to boost the local energy industry.
Qatar, the world’s top liquefied natural gas (LNG) exporter which is facing a trade boycott by some Arab states, wants to reduce reliance on imports and lift domestic production.
“As part of our national duty to develop the industry in Qatar and to promote self-reliance, we saw the need to localize many of the supporting industries in the sector,” QP Chief Executive Officer Saad al-Kaabi said at an event to sign memorandums of understanding with Schlumberger and Baker Hughes.
Qatar Petroleum signed preliminary deals worth more than 9 billion Qatari riyals ($2.47 billion) on Monday with oil services firms Schlumberger and Baker Hughes to boost the local energy industry.
Qatar, the world’s top liquefied natural gas (LNG) exporter which is facing a trade boycott by some Arab states, wants to reduce reliance on imports and lift domestic production.
“As part of our national duty to develop the industry in Qatar and to promote self-reliance, we saw the need to localize many of the supporting industries in the sector,” QP Chief Executive Officer Saad al-Kaabi said at an event to sign memorandums of understanding with Schlumberger and Baker Hughes.
#UAE's Emirates Development Bank hires arrangers for dollar bond | Reuters
UAE's Emirates Development Bank hires arrangers for dollar bond | Reuters:
Emirates Development Bank (EDB), wholly owned by the federal government of the United Arab Emirates, has hired banks to arrange a series of fixed income investor meetings ahead of a potential sale of benchmark U.S. dollar-denominated five-year bonds, a document issued by one of the banks showed.
Emirates NBD Capital has been appointed as the financial adviser and, together with Standard Chartered, as joint global coordinators.
Emirates NBD Capital, Industrial and Commercial Bank of China Ltd, and Standard Chartered Bank have been hired as joint lead managers.
Emirates Development Bank (EDB), wholly owned by the federal government of the United Arab Emirates, has hired banks to arrange a series of fixed income investor meetings ahead of a potential sale of benchmark U.S. dollar-denominated five-year bonds, a document issued by one of the banks showed.
Emirates NBD Capital has been appointed as the financial adviser and, together with Standard Chartered, as joint global coordinators.
Emirates NBD Capital, Industrial and Commercial Bank of China Ltd, and Standard Chartered Bank have been hired as joint lead managers.
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