Aldar to acquire Etihad properties for Dh1.2b:
Aldar Investments announced on Wednesday it will be acquiring full ownership of Etihad Plaza and Etihad Airways Centre from Abu Dhabi’s Etihad Group for Dh1.2 billion.
The transaction is expected to complete in the second quarter of this year, and will come in exchange for transfer of full ownership of Etihad Headquarters to Etihad Airways. The three buildings were previously held in 50/50 joint ventures between Aldar and Etihad.
As part of the transaction, Aldar Investments, a subsidiary under the publicly-listed Aldar Properties, will assume existing debt within the Etihad Plaza and Etihad Airways Centre.
Wednesday 27 February 2019
QCB’s foreign exchange reserves at $49.3bn - The Peninsula #Qatar
QCB’s foreign exchange reserves at $49.3bn - The Peninsula Qatar:
Qatar Central Bank’s (QCB) foreign exchange reserves rose 1.8 percent month-on-month to reach $49.3bn in December 2018, equating to 8.8 months of import cover. Qatar’s bank asset growth was 1.8 percent y-o-y in January.
QNB monthly report noted yesterday credit growth was 3.1 percent y/y in January. Bank deposit growth was down 1.7 percent y/y in January. Private sector, public sector and non-resident deposits declined respectively 0.3 percent, 4.3 percent and 4.4 percent m/m in January. Broad money supply (M2) declined 6.5 percent y/y in December. Interbank rates remained stable.
Qatar’s real GDP growth has accelerated in Q3 on the back of a stabilisation in hydrocarbon output. Construction as well as finance & real estate led the way for a 4.3 percent growth in non-hydrocarbon GDP over Q3 2018. Industrial production was broadly flat at 0.3 percent in December. The real estate price index is signaling prices are stabilising. 5-star and 4-star hotel occupancy rates were stable at 56 percent and 62 percent respectively in December.
Qatar Central Bank’s (QCB) foreign exchange reserves rose 1.8 percent month-on-month to reach $49.3bn in December 2018, equating to 8.8 months of import cover. Qatar’s bank asset growth was 1.8 percent y-o-y in January.
QNB monthly report noted yesterday credit growth was 3.1 percent y/y in January. Bank deposit growth was down 1.7 percent y/y in January. Private sector, public sector and non-resident deposits declined respectively 0.3 percent, 4.3 percent and 4.4 percent m/m in January. Broad money supply (M2) declined 6.5 percent y/y in December. Interbank rates remained stable.
Qatar’s real GDP growth has accelerated in Q3 on the back of a stabilisation in hydrocarbon output. Construction as well as finance & real estate led the way for a 4.3 percent growth in non-hydrocarbon GDP over Q3 2018. Industrial production was broadly flat at 0.3 percent in December. The real estate price index is signaling prices are stabilising. 5-star and 4-star hotel occupancy rates were stable at 56 percent and 62 percent respectively in December.
#Qatar banks' assets, credit grow in January: QNB
Qatar banks' assets, credit grow in January: QNB:
Qatar’s banks have seen their assets and credit growing in January, at 1.8% and 3.1% year-on-year (y-o-y) respectively, QNB said in its latest "Qatar Monthly Monitor".
However, local banks’ deposit growth was negative last month at -1.7% year-on-year. Private sector, public sector and non-resident deposits declined 0.3%, 4.3% and 4.4% month-on-month respectively in January, the report showed. Interbank rates remained stable in December.
Qatar's sovereign five-year credit default swap spread (CDS Spreads) remained stable at around 75 bps; QIBOR three-month interest rates remained stable while Libor three-month interest rates declined.
Qatar’s banks have seen their assets and credit growing in January, at 1.8% and 3.1% year-on-year (y-o-y) respectively, QNB said in its latest "Qatar Monthly Monitor".
However, local banks’ deposit growth was negative last month at -1.7% year-on-year. Private sector, public sector and non-resident deposits declined 0.3%, 4.3% and 4.4% month-on-month respectively in January, the report showed. Interbank rates remained stable in December.
Qatar's sovereign five-year credit default swap spread (CDS Spreads) remained stable at around 75 bps; QIBOR three-month interest rates remained stable while Libor three-month interest rates declined.
#Bahrain bailout tied to "general assessment" of rebalancing, not specific numbers: FinMin | ZAWYA MENA Edition
Bahrain bailout tied to "general assessment" of rebalancing, not specific numbers: FinMin | ZAWYA MENA Edition:
A $10 billion bailout pledged to Bahrain – one of the Gulf's weakest economies – from Saudi Arabia, Kuwait and the United Arab Emirates is tied to a "general assessment" of its progress in rebalancing its fiscal position rather than to specific numbers, its finance minister said.
Bahrain in October was promised the $10 billion in assistance over five years from the three Gulf allies after experiencing severe pressure in currency and debt markets.
"We put together a fiscal balance plan for Bahrain, by Bahrain, which was then presented to the three countries. The main thing with regards to the support attached to that plan is an assessment of us staying on plan," Sheikh Salman bin Khalifa Al Khalifa told Reuters on the sidelines of an investment conference in Manama.
A $10 billion bailout pledged to Bahrain – one of the Gulf's weakest economies – from Saudi Arabia, Kuwait and the United Arab Emirates is tied to a "general assessment" of its progress in rebalancing its fiscal position rather than to specific numbers, its finance minister said.
Bahrain in October was promised the $10 billion in assistance over five years from the three Gulf allies after experiencing severe pressure in currency and debt markets.
"We put together a fiscal balance plan for Bahrain, by Bahrain, which was then presented to the three countries. The main thing with regards to the support attached to that plan is an assessment of us staying on plan," Sheikh Salman bin Khalifa Al Khalifa told Reuters on the sidelines of an investment conference in Manama.
#Qatar Airways suspended some destinations planned for Africa after Gulf boycott | Reuters
Qatar Airways suspended some destinations planned for Africa after Gulf boycott | Reuters:
Qatar Airways said on Wednesday that it had decided not to go ahead with routes to some planned destinations following a Gulf boycott, particularly in West and Central Africa, the company said in a Twitter post.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed ties with the Gulf state in 2017 and closed their airspace to Qatari planes as part of their attempt to isolate it.
“Due to the unjust blockade against Qatar, we had to suspend some planned new destinations especially in West and Central Africa,” the post said, referring to the boycott.
Qatar Airways said on Wednesday that it had decided not to go ahead with routes to some planned destinations following a Gulf boycott, particularly in West and Central Africa, the company said in a Twitter post.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed ties with the Gulf state in 2017 and closed their airspace to Qatari planes as part of their attempt to isolate it.
“Due to the unjust blockade against Qatar, we had to suspend some planned new destinations especially in West and Central Africa,” the post said, referring to the boycott.
UPDATE 1- #UAE's EDB sets final price guidance for debut dollar bond -document | Reuters
UPDATE 1-UAE's EDB sets final price guidance for debut dollar bond -document | Reuters:
Emirates Development Bank (EDB), owned by the United Arab Emirates federal government, set final price guidance for its $750 million dollar bond issue at 98 basis points over midswaps, a document issued by one of the banks leading the deal showed on Wednesday.
Orders for the five-year senior unsecured bonds, EDB’s debut dollar issue, totalled almost $3.5 billion. Emirates NBD Capital and Standard Chartered Bank are coordinating the sale. Emirates Development Bank is rated AA-(minus) by Fitch.
The pricing for the issue was revised from earlier guidance of around 130 basis points over mid-swaps.
Emirates Development Bank (EDB), owned by the United Arab Emirates federal government, set final price guidance for its $750 million dollar bond issue at 98 basis points over midswaps, a document issued by one of the banks leading the deal showed on Wednesday.
Orders for the five-year senior unsecured bonds, EDB’s debut dollar issue, totalled almost $3.5 billion. Emirates NBD Capital and Standard Chartered Bank are coordinating the sale. Emirates Development Bank is rated AA-(minus) by Fitch.
The pricing for the issue was revised from earlier guidance of around 130 basis points over mid-swaps.
#Saudi Aramco adds Goldman Sachs as bookrunner for planned bond: sources | Reuters
Saudi Aramco adds Goldman Sachs as bookrunner for planned bond: sources | Reuters:
Saudi Aramco has added Goldman Sachs as a bookrunner for a planned bond which will help finance its purchase of a stake in Saudi Arabian Basic Industries Corp (SABIC), two sources familiar with the matter told Reuters.
The U.S. investment bank flew out a team of senior executives including partner Dina Powell, a veteran of the administration of U.S. President Donald Trump, to pitch for the deal, the sources said.
Saudi Aramco did not respond to queries for immediate comment. Goldman Sachs declined to comment.
Saudi Aramco has added Goldman Sachs as a bookrunner for a planned bond which will help finance its purchase of a stake in Saudi Arabian Basic Industries Corp (SABIC), two sources familiar with the matter told Reuters.
The U.S. investment bank flew out a team of senior executives including partner Dina Powell, a veteran of the administration of U.S. President Donald Trump, to pitch for the deal, the sources said.
Saudi Aramco did not respond to queries for immediate comment. Goldman Sachs declined to comment.
Oil rises 2 percent as U.S. crude stocks plunge, OPEC brushes off Trump | Reuters
Oil rises 2 percent as U.S. crude stocks plunge, OPEC brushes off Trump | Reuters:
Oil futures gained about 2 percent on Wednesday after U.S. crude inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from U.S. President Donald Trump seeking to keep oil prices from climbing.
U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.
The drawdown, which breaks five consecutive weeks of builds, was due to net crude imports slowing to a record low of 2.6 million barrels per day in the wake of declining OPEC production and U.S. sanctions against Venezuela.
U.S. crude futures settled at $56.94 a barrel, up $1.44, or 2.6 percent, the biggest daily percentage rise in nearly four weeks. Brent crude futures rose $1.18, or 1.8 percent, to end at $66.39 a barrel.
Oil futures gained about 2 percent on Wednesday after U.S. crude inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from U.S. President Donald Trump seeking to keep oil prices from climbing.
U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.
The drawdown, which breaks five consecutive weeks of builds, was due to net crude imports slowing to a record low of 2.6 million barrels per day in the wake of declining OPEC production and U.S. sanctions against Venezuela.
U.S. crude futures settled at $56.94 a barrel, up $1.44, or 2.6 percent, the biggest daily percentage rise in nearly four weeks. Brent crude futures rose $1.18, or 1.8 percent, to end at $66.39 a barrel.
MIDEAST STOCKS- #Qatar slides on sell-off, rest of Gulf mixed | Reuters
MIDEAST STOCKS-Qatar slides on sell-off, rest of Gulf mixed | Reuters:
Qatar's index fell on Wednesday as it witnessed heavy selling from local and GCC investors, while Saudi Arabia inched up, partly lifted by corporate results.
The Qatar index fell 1.2 percent, with 16 of its 20 stocks dropping.
Blue-chips Qatar Insurance slid 6 percent and Qatar Islamic Bank was down 2 percent.
The Qatar exchange, which jumped 21 percent in 2018, was one of the world's best-performing markets for the year, after limits were lifted on foreign ownership of shares.
Qatar's index fell on Wednesday as it witnessed heavy selling from local and GCC investors, while Saudi Arabia inched up, partly lifted by corporate results.
The Qatar index fell 1.2 percent, with 16 of its 20 stocks dropping.
Blue-chips Qatar Insurance slid 6 percent and Qatar Islamic Bank was down 2 percent.
The Qatar exchange, which jumped 21 percent in 2018, was one of the world's best-performing markets for the year, after limits were lifted on foreign ownership of shares.
#Dubai Property Giant's Fabulous February Triggers Sentiment Test - Bloomberg
Dubai Property Giant's Fabulous February Triggers Sentiment Test - Bloomberg:
A rally in Emaar Properties PJSC, Dubai’s biggest listed real-estate company, has pushed the stock beyond a key level for the first time since 2017, testing sentiment among investors still wary about the health of the sector.
The shares had climbed 14 percent in February before Wednesday’s session, headed for the best month in three years. The gains have taken the stock beyond its 200-day moving average, a level it held for some five months the last time this happened.
Emaar Properties is seen as a bellwether for Dubai’s real-estate market. The recent recovery comes after a 40 percent drop last year, the worst loss in a decade, as the stock was dragged lower by worries about an increase in supply at a time of falling demand in the emirate.
A rally in Emaar Properties PJSC, Dubai’s biggest listed real-estate company, has pushed the stock beyond a key level for the first time since 2017, testing sentiment among investors still wary about the health of the sector.
The shares had climbed 14 percent in February before Wednesday’s session, headed for the best month in three years. The gains have taken the stock beyond its 200-day moving average, a level it held for some five months the last time this happened.
Emaar Properties is seen as a bellwether for Dubai’s real-estate market. The recent recovery comes after a 40 percent drop last year, the worst loss in a decade, as the stock was dragged lower by worries about an increase in supply at a time of falling demand in the emirate.
Bahrain Fund Open to McLaren IPO Even as It Grapples With Brexit - Bloomberg
Bahrain Fund Open to McLaren IPO Even as It Grapples With Brexit - Bloomberg:
Bahrain’s sovereign wealth fund remains open to an initial public offering of McLaren Group Ltd., though it isn’t in a rush to sell its controlling stake in the supercar maker and Formula One racing team.
“When we think it’s the right time, we’ll go” for an IPO, said Mahmood Al Kooheji, chief executive officer of Bahrain Mumtalakat Holding Co. “We’re a happy investor in McLaren.”
While U.K.-based McLaren will be affected by the uncertainty surrounding Brexit, it will need to “redefine a solution for it,” Al Kooheji said in an interview with Bloomberg TV in Manama, Bahrain. “Life goes on.”
Bahrain’s sovereign wealth fund remains open to an initial public offering of McLaren Group Ltd., though it isn’t in a rush to sell its controlling stake in the supercar maker and Formula One racing team.
“When we think it’s the right time, we’ll go” for an IPO, said Mahmood Al Kooheji, chief executive officer of Bahrain Mumtalakat Holding Co. “We’re a happy investor in McLaren.”
While U.K.-based McLaren will be affected by the uncertainty surrounding Brexit, it will need to “redefine a solution for it,” Al Kooheji said in an interview with Bloomberg TV in Manama, Bahrain. “Life goes on.”
Saudis Hold Firm on Oil Output Cuts After Trump Says `Relax' - Bloomberg
Saudis Hold Firm on Oil Output Cuts After Trump Says `Relax' - Bloomberg:
Saudi Arabia is leaning toward extending OPEC cuts into the second half of 2019, potentially pitting the group against U.S. President Donald Trump’s demand to keep prices down.
Oil inventories in the U.S. are “brimming,” and reducing that glut remains the main goal for the group, Saudi Arabian Energy Minister Khalid Al-Falih said in Riyadh. The kingdom plans further curbs to output in March, he said.
Trump has renewed his pressure on OPEC and its allies, a coalition referred to as OPEC+, after they started a new round of production cuts last month. The group’s supply reduction, plus U.S. sanctions on Venezuela and Iran, have contributed to a crude-price rally of more than 20 percent this year.
Saudi Arabia is leaning toward extending OPEC cuts into the second half of 2019, potentially pitting the group against U.S. President Donald Trump’s demand to keep prices down.
Oil inventories in the U.S. are “brimming,” and reducing that glut remains the main goal for the group, Saudi Arabian Energy Minister Khalid Al-Falih said in Riyadh. The kingdom plans further curbs to output in March, he said.
Trump has renewed his pressure on OPEC and its allies, a coalition referred to as OPEC+, after they started a new round of production cuts last month. The group’s supply reduction, plus U.S. sanctions on Venezuela and Iran, have contributed to a crude-price rally of more than 20 percent this year.
The impact consolidation will have on #AbuDhabi's banking sector | ZAWYA MENA Edition
The impact consolidation will have on Abu Dhabi's banking sector | ZAWYA MENA Edition:
Planned mergers are set to create a more consolidated and robust banking sector in Abu Dhabi, strengthening its position as a leader in the regional financial market.
In January Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) issued a statement to the Abu Dhabi Securities Exchange stating that they had formalised plans to merge, and that the new entity would continue to trade under the ADCB name.
Furthermore, they announced that the merged bank would acquire the sharia-compliant lender Al Hilal Bank.
Planned mergers are set to create a more consolidated and robust banking sector in Abu Dhabi, strengthening its position as a leader in the regional financial market.
In January Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) issued a statement to the Abu Dhabi Securities Exchange stating that they had formalised plans to merge, and that the new entity would continue to trade under the ADCB name.
Furthermore, they announced that the merged bank would acquire the sharia-compliant lender Al Hilal Bank.
#Iran's president rejects resignation of his foreign minister
Iran's president rejects resignation of his foreign minister:
Iran’s president rejected the resignation of his foreign minister on Wednesday, throwing his full support behind the diplomat who negotiated the country’s nuclear deal with world powers as both men face growing pressure from hard-liners as the accord unravels under American pressure.
President Hassan Rouhani earlier gave a speech praising Mohammad Javad Zarif after the foreign minister’s sudden resignation shocked the Islamic Republic late on Monday night. His rejection of the resignation, reported by the state-run IRNA news agency, continued that praise.
“Since I consider you in the front line of resistance against broad pressures by the U.S., I consider acceptance of your resignation against the expedience of the country and I do not agree with it,” Rouhani reportedly told Zarif.
Iran’s president rejected the resignation of his foreign minister on Wednesday, throwing his full support behind the diplomat who negotiated the country’s nuclear deal with world powers as both men face growing pressure from hard-liners as the accord unravels under American pressure.
President Hassan Rouhani earlier gave a speech praising Mohammad Javad Zarif after the foreign minister’s sudden resignation shocked the Islamic Republic late on Monday night. His rejection of the resignation, reported by the state-run IRNA news agency, continued that praise.
“Since I consider you in the front line of resistance against broad pressures by the U.S., I consider acceptance of your resignation against the expedience of the country and I do not agree with it,” Rouhani reportedly told Zarif.
#UAE's EDB starts marketing debut dollar bond - document | Reuters
UAE's EDB starts marketing debut dollar bond - document | Reuters:
Emirates Development Bank (EDB), owned by the United Arab Emirates federal government, started marketing its debut dollar bond issue at around 130 basis points over mid-swaps, a document issued by one of the banks leading the deal showed on Wednesday.
The five-year senior, unsecured bonds are expected to be priced later on Wednesday. Emirates NBD Capital and Standard Chartered Bank are coordinating the debt sale. Emirates Development Bank is rated AA-(minus) by Fitch.
Emirates Development Bank (EDB), owned by the United Arab Emirates federal government, started marketing its debut dollar bond issue at around 130 basis points over mid-swaps, a document issued by one of the banks leading the deal showed on Wednesday.
The five-year senior, unsecured bonds are expected to be priced later on Wednesday. Emirates NBD Capital and Standard Chartered Bank are coordinating the debt sale. Emirates Development Bank is rated AA-(minus) by Fitch.
MIDEAST STOCKS- #Dubai's property stocks drop, most Gulf markets slide | Reuters
MIDEAST STOCKS-Dubai's property stocks drop, most Gulf markets slide | Reuters:
Dubai’s stock market fell in early trading on Wednesday, a day after reaching a three-month high, as all its property shares declined.
Most major Gulf markets slid. The Dubai index dipped 0.4 percent, with Emaar Properties losing 0.8 percent and its retail arm, Emaar Malls, falling 2.2 percent.
Emaar Malls bought the 49 percent of e-commerce fashion website Namshi it did not own from Global Fashion Group for 475.5 million dirhams ($129.47 million).
Dubai’s stock market fell in early trading on Wednesday, a day after reaching a three-month high, as all its property shares declined.
Most major Gulf markets slid. The Dubai index dipped 0.4 percent, with Emaar Properties losing 0.8 percent and its retail arm, Emaar Malls, falling 2.2 percent.
Emaar Malls bought the 49 percent of e-commerce fashion website Namshi it did not own from Global Fashion Group for 475.5 million dirhams ($129.47 million).
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