Traders give cold shoulder to shipping ban ease offer - The Peninsula Qatar:
It sounded like a good news for an ordinary consumer. Recent media reports of the UAE easing its ban on the shipping of goods between that country and Qatar, barring Qatari-flagged vessels owned by Qatari shipping firms or Qataris should have been a welcome thing; after the unjust blockade imposed on Qatar by the Arab quartet, including the UAE.
But the fact is that the market has received this gesture with lukewarm response. A section of Doha traders who spoke to The Peninsula, said they don’t attribute much to the announcement. “Ban or no ban, business is just usual here”, said a market leader.
Alfred Sequeira, managing director of Gulf International Enterprises, which supplies food and beverage products to Al Meera and Carrefour supermarkets, a number of grocery stores, hotels and restaurants here said the easing of the shipping ban won’t have much significant effect in the already well-adjusted Qatari market.
Sunday, 3 March 2019
#Dubai Plans to Expedite SME Payments to Revive Its Economy - Bloomberg
Dubai Plans to Expedite SME Payments to Revive Its Economy - Bloomberg:
Dubai plans to expedite government payments to small and medium-sized companies in an effort to revive economic growth in the Middle East’s trade and business hub.
The government will pay SMEs within 30 days instead of 90 days, according to the state-run WAM news agency. The measure is expected to result in 1.6 billion dirhams ($435 million) of additional liquidity to the companies, the news agency said without elaborating.
The plan also includes a reduction in insurance costs for SMEs that will not affect their eligibility for government tenders.
Dubai plans to expedite government payments to small and medium-sized companies in an effort to revive economic growth in the Middle East’s trade and business hub.
The government will pay SMEs within 30 days instead of 90 days, according to the state-run WAM news agency. The measure is expected to result in 1.6 billion dirhams ($435 million) of additional liquidity to the companies, the news agency said without elaborating.
The plan also includes a reduction in insurance costs for SMEs that will not affect their eligibility for government tenders.
#Iran's Military Steps Back From Economy With Six-Way Bank Merger - Bloomberg
Iran's Military Steps Back From Economy With Six-Way Bank Merger - Bloomberg:
Iran is combining six local banks as President Hassan Rouhani looks to curb the military’s role in the economy and bolster the country’s financial industry.
State-run Bank Sepah will take over five lenders linked with the security forces -- Ansar Bank, Ghavamin Bank, Hekmat Iranian Bank, Mehr Eqtesad and the Kowsar financial credit institution. This is “an important step with a view to maintaining stability and the health of the banking system,” Iran’s central bank said on its website Saturday.
With the economy under strain after the re-imposition of U.S. sanctions, the merger is a step forward for Rouhani in his efforts to reduce the security forces’ footprint. The Revolutionary Guard Corps, a powerful military organization, controls local businesses in industries ranging from energy and telecommunications to infrastructure.
Iran is combining six local banks as President Hassan Rouhani looks to curb the military’s role in the economy and bolster the country’s financial industry.
State-run Bank Sepah will take over five lenders linked with the security forces -- Ansar Bank, Ghavamin Bank, Hekmat Iranian Bank, Mehr Eqtesad and the Kowsar financial credit institution. This is “an important step with a view to maintaining stability and the health of the banking system,” Iran’s central bank said on its website Saturday.
With the economy under strain after the re-imposition of U.S. sanctions, the merger is a step forward for Rouhani in his efforts to reduce the security forces’ footprint. The Revolutionary Guard Corps, a powerful military organization, controls local businesses in industries ranging from energy and telecommunications to infrastructure.
#SaudiArabia has deposited $334mln in Jordan central bank -Al Arabiya | ZAWYA MENA Edition
Saudi Arabia has deposited $334mln in Jordan central bank -Al Arabiya | ZAWYA MENA Edition:
Saudi Arabia has deposited $334 million in Jordan's central bank and is working with Kuwait and the United Arab Emirates for more financial support, finance minister Mohammed al-Jadaan was quoted by broadcaster Al Arabiya as saying.
Saudi Arabia alongside Kuwait and the United Arab Emirates put together a $2.5 billion package in June to help shore up Jordan's struggling economy.
Jordan's government fell last year after spending cuts and tax rises imposed under an IMF programme caused rare public protests. The country, which sits between Israel, Syria, Iraq and Saudi Arabia, is traditionally a regional diplomatic hub.
Saudi Arabia has deposited $334 million in Jordan's central bank and is working with Kuwait and the United Arab Emirates for more financial support, finance minister Mohammed al-Jadaan was quoted by broadcaster Al Arabiya as saying.
Saudi Arabia alongside Kuwait and the United Arab Emirates put together a $2.5 billion package in June to help shore up Jordan's struggling economy.
Jordan's government fell last year after spending cuts and tax rises imposed under an IMF programme caused rare public protests. The country, which sits between Israel, Syria, Iraq and Saudi Arabia, is traditionally a regional diplomatic hub.
#Qatar's Nebras Power to acquire AES Corp stakes in Jordan power projects | Reuters
Qatar's Nebras Power to acquire AES Corp stakes in Jordan power projects | Reuters:
Qatar’s Nebras Power is to acquire AES Corp’s (AES.N) stakes in three Jordanian power generation projects to become the largest shareholder, Qatar News Agency said on Sunday.
Nebras currently owns 24 percent of these projects and Japan’s Mitsui & Co has a 40 percent stake.
The three projects together account for 650 megawatts or 14 percent of Jordan’s power production capacity.
Qatar’s Nebras Power is to acquire AES Corp’s (AES.N) stakes in three Jordanian power generation projects to become the largest shareholder, Qatar News Agency said on Sunday.
Nebras currently owns 24 percent of these projects and Japan’s Mitsui & Co has a 40 percent stake.
The three projects together account for 650 megawatts or 14 percent of Jordan’s power production capacity.
MIDEAST STOCKS- #Saudi index rises as countdown begins for entry to FTSE Russell index | Reuters
MIDEAST STOCKS-Saudi index rises as countdown begins for entry to FTSE Russell index | Reuters:
Saudi stocks ended higher on Sunday, helped by optimism over more fund inflows ahead of the entry of Gulf's biggest market to the FTSE Russell's emerging market index is just over two weeks.
The Tadawul main index was up 0.5 percent, led by financial stocks. Samba Financial Group rose 1.1 percent and Al Rajhi Bank climbed 0.4 percent.
Al Tayyar Travel Group surged 5.7 percent as investors went past its full-year loss in 2018 to take comfort from its plans to raise 3 billion riyals ($800 million)in fresh capital.
Saudi stocks ended higher on Sunday, helped by optimism over more fund inflows ahead of the entry of Gulf's biggest market to the FTSE Russell's emerging market index is just over two weeks.
The Tadawul main index was up 0.5 percent, led by financial stocks. Samba Financial Group rose 1.1 percent and Al Rajhi Bank climbed 0.4 percent.
Al Tayyar Travel Group surged 5.7 percent as investors went past its full-year loss in 2018 to take comfort from its plans to raise 3 billion riyals ($800 million)in fresh capital.
Uber Is in Advanced Talks to Buy Mideast Rival Careem - Bloomberg
Uber Is in Advanced Talks to Buy Mideast Rival Careem - Bloomberg:
Uber Technologies Inc. is in advanced discussions to buy its Dubai-based rival Careem Networks FZ, a deal that would expand the ride-hailing giant’s operations in the Middle East, according to people familiar with the matter.
The companies may announce a cash-and-shares transaction that values Careem at about $3 billion in the coming weeks, the people said, asking not to be identified because the talks are private.
Negotiations are ongoing and no final agreements have been reached, the people said. Representatives for the companies declined to comment.
Uber Technologies Inc. is in advanced discussions to buy its Dubai-based rival Careem Networks FZ, a deal that would expand the ride-hailing giant’s operations in the Middle East, according to people familiar with the matter.
The companies may announce a cash-and-shares transaction that values Careem at about $3 billion in the coming weeks, the people said, asking not to be identified because the talks are private.
Negotiations are ongoing and no final agreements have been reached, the people said. Representatives for the companies declined to comment.
Egypt Shares Gain in Best Start to a Year Since 2014: Inside EM - Bloomberg
Egypt Shares Gain in Best Start to a Year Since 2014: Inside EM - Bloomberg:
Egyptian stocks were among the biggest gainers in the Middle East, extending the main index’s best start to a year since 2014.
The EGX30 Index, already one of the world’s top performers so far this year, climbed 0.8 percent, led by an advance in Commercial International Bank Egypt, which accounts for more than a third of the gauge. Eastern Tobacco jumped as much as 5.6 percent after Chemical Industries Holding Co. said it would sell part of its stake in the company.
Egyptian stocks were among the biggest gainers in the Middle East, extending the main index’s best start to a year since 2014.
The EGX30 Index, already one of the world’s top performers so far this year, climbed 0.8 percent, led by an advance in Commercial International Bank Egypt, which accounts for more than a third of the gauge. Eastern Tobacco jumped as much as 5.6 percent after Chemical Industries Holding Co. said it would sell part of its stake in the company.
#Iran to Merge Five Financial Lenders Linked With Military - Bloomberg
Iran to Merge Five Financial Lenders Linked With Military - Bloomberg:
Iran will merge five lenders linked with military institutions into state-run Bank Sepah amid a wider push by President Hassan Rouhani for the armed forces to divest from businesses.
The entities being consolidated include Ansar Bank, Ghavamin Bank, Hekmat Iranian Bank, Mehr Eqtesad and the Kowsar financial credit institution, the Central Bank of Iran said in a report on its website Saturday.
“Bank Sepah is one of the reputable government banks” and this is “an important step with a view to maintaining stability and the health of the banking system,” the regulator said.
Iran will merge five lenders linked with military institutions into state-run Bank Sepah amid a wider push by President Hassan Rouhani for the armed forces to divest from businesses.
The entities being consolidated include Ansar Bank, Ghavamin Bank, Hekmat Iranian Bank, Mehr Eqtesad and the Kowsar financial credit institution, the Central Bank of Iran said in a report on its website Saturday.
“Bank Sepah is one of the reputable government banks” and this is “an important step with a view to maintaining stability and the health of the banking system,” the regulator said.
Strong investor appetite for Emirates Development Bank's bond | ZAWYA MENA Edition
Strong investor appetite for Emirates Development Bank's bond | ZAWYA MENA Edition:
Emirates Development Bank (EDB) on Saturday announced that it raised $750 million (Dh2.75 billion) through five-year bonds at 3.516 per cent coupon rate and was strongly oversubscribed.
The UAE government-owned lender, which has been rated AA- by Fitch, is the first federal entity in the UAE to tap capital markets after the introduction of new debt law issued last year.
The bond was issued under the bank's $3 billion Euro Medium Term Note programme to provide the bank accessibility to capital markets and further strengthen its funding profile.
Emirates Development Bank (EDB) on Saturday announced that it raised $750 million (Dh2.75 billion) through five-year bonds at 3.516 per cent coupon rate and was strongly oversubscribed.
The UAE government-owned lender, which has been rated AA- by Fitch, is the first federal entity in the UAE to tap capital markets after the introduction of new debt law issued last year.
The bond was issued under the bank's $3 billion Euro Medium Term Note programme to provide the bank accessibility to capital markets and further strengthen its funding profile.
#Dubai regulator says Abraaj collapse may spur oversight changes | Reuters
Dubai regulator says Abraaj collapse may spur oversight changes | Reuters:
The Dubai Financial Services Authority (DFSA) could make changes to its oversight procedures following last year’s collapse of private equity group Abraaj, its chief executive said in a report published on Sunday.
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 a $1 billion healthcare fund.
“The collapse of this firm will influence our thinking on corporate governance, on the allocation of responsibilities amongst the senior management of firms, and on the best way to assign responsibility for compliance within regulated firms,” DFSA Chief Executive Bryan Stirewalt said in the report.
The Dubai Financial Services Authority (DFSA) could make changes to its oversight procedures following last year’s collapse of private equity group Abraaj, its chief executive said in a report published on Sunday.
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 a $1 billion healthcare fund.
“The collapse of this firm will influence our thinking on corporate governance, on the allocation of responsibilities amongst the senior management of firms, and on the best way to assign responsibility for compliance within regulated firms,” DFSA Chief Executive Bryan Stirewalt said in the report.
Jet Airways founder agrees to step down, sources say; shares rise | Reuters
Jet Airways founder agrees to step down, sources say; shares rise | Reuters:
Jet Airways’ founder Naresh Goyal has agreed to step down as chairman of the airline’s board, two sources with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier struggles to finalize a rescue deal.
Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 percent stake in the airline but would continue to be a part of the company in some capacity even after stepping down as chairman, one of the sources said.
Shares of Jet rose as much as 7 percent in early trade on Friday.
Jet Airways’ founder Naresh Goyal has agreed to step down as chairman of the airline’s board, two sources with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier struggles to finalize a rescue deal.
Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 percent stake in the airline but would continue to be a part of the company in some capacity even after stepping down as chairman, one of the sources said.
Shares of Jet rose as much as 7 percent in early trade on Friday.
Emerging markets bring in $25.6 bln of foreign capital in Feb - IIF | Reuters
Emerging markets bring in $25.6 bln of foreign capital in Feb - IIF | Reuters:
Emerging markets sucked in a further $25.6 billion of foreign fund flows in February, a slimmer volume than January, but enough to signal investor sentiment remained positive, according to Institute of International Finance (IIF) data.
A dovish shift from the United States Federal Reserve, easing China-U.S. trade tensions and fading anxiety about global growth had helped buoy investors about the outlook for emerging markets, said the IIF, which tracks investor flows across capital markets.
Emerging markets have made a strong turnaround this year after a punishing 2018, with the MSCI Emerging Markets equity index up 9.2 percent so far this year.
Emerging markets sucked in a further $25.6 billion of foreign fund flows in February, a slimmer volume than January, but enough to signal investor sentiment remained positive, according to Institute of International Finance (IIF) data.
A dovish shift from the United States Federal Reserve, easing China-U.S. trade tensions and fading anxiety about global growth had helped buoy investors about the outlook for emerging markets, said the IIF, which tracks investor flows across capital markets.
Emerging markets have made a strong turnaround this year after a punishing 2018, with the MSCI Emerging Markets equity index up 9.2 percent so far this year.
MIDEAST STOCKS- #Saudi stocks edge higher in run-up to joining FTSE emerging market index | Reuters
MIDEAST STOCKS-Saudi stocks edge higher in run-up to joining FTSE emerging market index | Reuters:
Saudi stocks opened firmer on Sunday, just over two weeks before the Gulf’s biggest market is set to enter the FTSE Russell’s emerging market index.
The Tadawul main index was up 0.5 percent, led by financial stocks. Samba Financial Group rose 1 percent and Al Rajhi Bank climbed 0.8 percent.
Saudi Arabia’s stock exchange expects passive fund inflows of $15 to $20 billion this year as it gears up for inclusion in emerging market benchmarks, its chief executive told Reuters on Thursday.
Saudi stocks opened firmer on Sunday, just over two weeks before the Gulf’s biggest market is set to enter the FTSE Russell’s emerging market index.
The Tadawul main index was up 0.5 percent, led by financial stocks. Samba Financial Group rose 1 percent and Al Rajhi Bank climbed 0.8 percent.
Saudi Arabia’s stock exchange expects passive fund inflows of $15 to $20 billion this year as it gears up for inclusion in emerging market benchmarks, its chief executive told Reuters on Thursday.
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