An opportunity for natural gas in the eastern Mediterranean | Financial Times:
The past few months have been busy for the eastern Mediterranean gas sector. After nearly a decade of speculation about the potential of the region’s resources, recent developments seem finally to have set it in the right direction.
In January, energy ministers from Cyprus, Egypt, Greece, Jordan and Israel, with representatives from Italy and the Palestinian Authority, met in Cairo to discuss regional co-operation in offshore gas.
The result was the Eastern Mediterranean Gas Forum, a platform aimed at developing a regional natural gas market and taking advantage of existing liquefied natural gas infrastructure in Egypt.
Thursday, 7 March 2019
Oil Rises as Fuel Demand Outweighs Equity Slump, Dollar Gain - Bloomberg
Oil Rises as Fuel Demand Outweighs Equity Slump, Dollar Gain - Bloomberg:
Oil posted the first gain in three days as a government report showing stronger U.S. fuel demand overshadowed a slump in equities.
Futures closed 0.8 percent higher after rising as much as 1.4 percent earlier in the session. The day’s gains were limited by a strengthening greenback and faltering equities, while Wednesday’s inventory report showed growing demand and a substantial drop in fuel stockpiles that offset a large crude build.
“I think the report’s details were much less bearish than the headline,” said Kyle Cooper, consultant at Ion Energy Group in Houston. “There’s a slight bias higher, but not huge, with prices driven by equities and the next tweet. That’s just the reality of the market now.”
Oil posted the first gain in three days as a government report showing stronger U.S. fuel demand overshadowed a slump in equities.
Futures closed 0.8 percent higher after rising as much as 1.4 percent earlier in the session. The day’s gains were limited by a strengthening greenback and faltering equities, while Wednesday’s inventory report showed growing demand and a substantial drop in fuel stockpiles that offset a large crude build.
“I think the report’s details were much less bearish than the headline,” said Kyle Cooper, consultant at Ion Energy Group in Houston. “There’s a slight bias higher, but not huge, with prices driven by equities and the next tweet. That’s just the reality of the market now.”
MIDEAST STOCKS-Most Gulf markets fall, Egypt lifted by blue-chips | Reuters
MIDEAST STOCKS-Most Gulf markets fall, Egypt lifted by blue-chips | Reuters:
Most major Gulf markets slipped sharply on Thursday, with a possible increase to Islamic tax pulling down Saudi Arabia's banks and Qatar hitting a five-month low.
Saudi Arabia's index was down 0.6 percent due to a sell-off in its bank stocks, with Al Rajhi Bank shedding 2 percent and the country's largest bank, National Commercial Bank, declining 2.1 percent.
The kingdom is considering plans to increase an Islamic tax paid by local banks to as much as 20 percent, or double the current rate, Bloomberg reported.
Most major Gulf markets slipped sharply on Thursday, with a possible increase to Islamic tax pulling down Saudi Arabia's banks and Qatar hitting a five-month low.
Saudi Arabia's index was down 0.6 percent due to a sell-off in its bank stocks, with Al Rajhi Bank shedding 2 percent and the country's largest bank, National Commercial Bank, declining 2.1 percent.
The kingdom is considering plans to increase an Islamic tax paid by local banks to as much as 20 percent, or double the current rate, Bloomberg reported.
EU states block blacklisting #Saudi, Panama over dirty money | Reuters
EU states block blacklisting Saudi, Panama over dirty money | Reuters:
The 28 member states of the European Union all backed a decision on Thursday to reject a proposal from the EU executive to add Saudi Arabia to a blacklist of countries suspected of being lax on terrorist financing and money laundering.
The decision comes after pressure from Riyadh and other listed jurisdictions not to be blacklisted.
EU states said in a statement the unanimous decision was taken because the European Commission’s proposed list was not established in a transparent process that encouraged countries to take action while also respected their right to be heard.
The 28 member states of the European Union all backed a decision on Thursday to reject a proposal from the EU executive to add Saudi Arabia to a blacklist of countries suspected of being lax on terrorist financing and money laundering.
The decision comes after pressure from Riyadh and other listed jurisdictions not to be blacklisted.
EU states said in a statement the unanimous decision was taken because the European Commission’s proposed list was not established in a transparent process that encouraged countries to take action while also respected their right to be heard.
MIDEAST STOCKS-Property weighs on #Dubai, most major Gulf markets fall | Reuters
MIDEAST STOCKS-Property weighs on Dubai, most major Gulf markets fall | Reuters:
Dubai stocks fell on Thursday when its property firms declined, while bank shares hurt the Saudi market.
Saudi Arabia’s index was down 0.7 percent, with Al Rajhi Bank shedding 1.2 percent and the country’s largest bank, National Commercial Bank, declined 1.5 percent.
Saudi International Petrochemical slipped 1.5 percent. The firm said potential synergies from a possible merger with Sahara Petrochemical is expected to be 175 million to 225 million riyals recurrent EBITDA impact a year. Sahara Petrochemical added 0.2 percent.
Dubai stocks fell on Thursday when its property firms declined, while bank shares hurt the Saudi market.
Saudi Arabia’s index was down 0.7 percent, with Al Rajhi Bank shedding 1.2 percent and the country’s largest bank, National Commercial Bank, declined 1.5 percent.
Saudi International Petrochemical slipped 1.5 percent. The firm said potential synergies from a possible merger with Sahara Petrochemical is expected to be 175 million to 225 million riyals recurrent EBITDA impact a year. Sahara Petrochemical added 0.2 percent.
#Qatar attracts $50bn of bids for $12bn bond sale | Financial Times
Qatar attracts $50bn of bids for $12bn bond sale | Financial Times:
Qatar has carried out a bumper bond sale — raising $12bn — in the latest sign that the market for emerging market sovereign debt is again booming.
The Gulf state racked up order books of $50bn for the five-, 10- and 30-year bonds. Its first dollar-denominated debt sale of the year on Wednesday came two months after regional rival Saudi Arabia sold $7.5bn in bonds after drawing orders of $27bn.
The strong investor appetite for Qatar’s offering underscored the renewed interest in EM assets amid diminishing expectations for further US interest rate rises this year.
Qatar has carried out a bumper bond sale — raising $12bn — in the latest sign that the market for emerging market sovereign debt is again booming.
The Gulf state racked up order books of $50bn for the five-, 10- and 30-year bonds. Its first dollar-denominated debt sale of the year on Wednesday came two months after regional rival Saudi Arabia sold $7.5bn in bonds after drawing orders of $27bn.
The strong investor appetite for Qatar’s offering underscored the renewed interest in EM assets amid diminishing expectations for further US interest rate rises this year.
Nobody Knows How #Dubai’s Economy Has Been Doing Lately – Bloomberg
Nobody Knows How Dubai’s Economy Has Been Doing Lately – Bloomberg:
Dubai often focuses on the economy of tomorrow, but the Middle East financial hub hasn’t reported how it’s GDP performed since 2017. Other basic figures are missing as well, ranging from retail and auto sales all the way to industrial production. Bloomberg’s Netty Ismail reports on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Dubai often focuses on the economy of tomorrow, but the Middle East financial hub hasn’t reported how it’s GDP performed since 2017. Other basic figures are missing as well, ranging from retail and auto sales all the way to industrial production. Bloomberg’s Netty Ismail reports on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
A Tale of Two Gulf Bond Markets Lays Bare Rifts That Run Deep - Bloomberg
A Tale of Two Gulf Bond Markets Lays Bare Rifts That Run Deep - Bloomberg:
Nations in the Gulf are attracting billions of dollars of inflows into their bond markets this year, but beneath the bonanza lies a geopolitical rift that sets the haves and have-nots of the region apart.
Qatar sold a three-part dollar bond offering on Wednesday, a day after Oman was downgraded to junk by Moody’s Investors Service. Speculation is growing that the cash-strapped country will need a bailout package from its neighbors, similar to the deal that buoyed Bahrain’s finances last year.
But unlike Bahrain, which has a close relationship with Saudi Arabia, Oman’s independent foreign policy has left it without support in the region. And neither does Oman have Qatar’s deep pockets or gas resources that allowed the nation to skirt a Saudi-led standoff, raised less $24 billion in less than a year and put it on track to post a budget surplus.
Nations in the Gulf are attracting billions of dollars of inflows into their bond markets this year, but beneath the bonanza lies a geopolitical rift that sets the haves and have-nots of the region apart.
Qatar sold a three-part dollar bond offering on Wednesday, a day after Oman was downgraded to junk by Moody’s Investors Service. Speculation is growing that the cash-strapped country will need a bailout package from its neighbors, similar to the deal that buoyed Bahrain’s finances last year.
But unlike Bahrain, which has a close relationship with Saudi Arabia, Oman’s independent foreign policy has left it without support in the region. And neither does Oman have Qatar’s deep pockets or gas resources that allowed the nation to skirt a Saudi-led standoff, raised less $24 billion in less than a year and put it on track to post a budget surplus.
#Saudi Banks Fall as Investors Fret Over Prospect of Higher Tax - Bloomberg
Saudi Banks Fall as Investors Fret Over Prospect of Higher Tax - Bloomberg:
Saudi Arabian banks dropped on concern that the government may double the current rate they pay under an Islamic tax.
The Tadawul Banks Index fell 1.1 percent as of 10:54 a.m. in Riyadh, as all but one of its 12 members declined. The gauge was set to end at the lowest level since Jan. 20. Al Rajhi Bank’s 1.7 percent drop was that biggest drag on the kingdom’s main stock gauge. National Commercial Bank and Riyad Bank lost at least 1.5 percent.
The Saudi tax authority is talking to lenders about raising the religious levy, known as Zakat, potentially bringing it in line with the 20 percent rate paid by foreign banks, people familiar with the matter said, asking not to be identified because the discussions are private. The talks are continuing and the final rate could be lower, they said.
Saudi Arabian banks dropped on concern that the government may double the current rate they pay under an Islamic tax.
The Tadawul Banks Index fell 1.1 percent as of 10:54 a.m. in Riyadh, as all but one of its 12 members declined. The gauge was set to end at the lowest level since Jan. 20. Al Rajhi Bank’s 1.7 percent drop was that biggest drag on the kingdom’s main stock gauge. National Commercial Bank and Riyad Bank lost at least 1.5 percent.
The Saudi tax authority is talking to lenders about raising the religious levy, known as Zakat, potentially bringing it in line with the 20 percent rate paid by foreign banks, people familiar with the matter said, asking not to be identified because the discussions are private. The talks are continuing and the final rate could be lower, they said.
Emirates NBD hires banks for dollar bond issue | ZAWYA MENA Edition
Emirates NBD hires banks for dollar bond issue | ZAWYA MENA Edition:
Emirates NBD, Dubai's largest bank, has hired banks to arrange fixed income investor meetings before a potential issue of U.S. dollar-denominated bonds, a document issued by one of the banks showed.
The bank has mandated BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Nomura and Standard Chartered Bank.
The planned deal would be of benchmark size, which generally means at least $500 million, and will be an Additional Tier 1 perpetual bond not callable for six years.
Emirates NBD, Dubai's largest bank, has hired banks to arrange fixed income investor meetings before a potential issue of U.S. dollar-denominated bonds, a document issued by one of the banks showed.
The bank has mandated BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Nomura and Standard Chartered Bank.
The planned deal would be of benchmark size, which generally means at least $500 million, and will be an Additional Tier 1 perpetual bond not callable for six years.
#Saudi real estate loans to individuals rise by 16% in 2018 | ZAWYA MENA Edition
Saudi real estate loans to individuals rise by 16% in 2018 | ZAWYA MENA Edition:
The total value of real estate loans to individuals in Saudi Arabia increased by around 16 percent to 154.67 billion Saudi riyals ($41.24 billion) in 2018, up from 133.58 billion Saudi riyals in 2017, the latest official figures show.
Banks’ total amount of property loans to individuals reached 141.36 billion Saudi riyals in 2018, in comparison to 121.44 billion Saudi riyals in 2017, according to a statistical report by the Saudi Arabian Monetary Authority (SAMA).
As for finance companies, the total value of real estate loans to individual reached 13.31 billion Saudi riyals in 2018 in comparison to 12.14 billion Saudi riyals in 2017.
The total value of real estate loans to individuals in Saudi Arabia increased by around 16 percent to 154.67 billion Saudi riyals ($41.24 billion) in 2018, up from 133.58 billion Saudi riyals in 2017, the latest official figures show.
Banks’ total amount of property loans to individuals reached 141.36 billion Saudi riyals in 2018, in comparison to 121.44 billion Saudi riyals in 2017, according to a statistical report by the Saudi Arabian Monetary Authority (SAMA).
As for finance companies, the total value of real estate loans to individual reached 13.31 billion Saudi riyals in 2018 in comparison to 12.14 billion Saudi riyals in 2017.
Oil edges up on Venezuela and Iran sanctions, OPEC supply cuts | Reuters
Oil edges up on Venezuela and Iran sanctions, OPEC supply cuts | Reuters:
Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories.
Brent crude futures were at $66.12 per barrel at 0757 GMT, up 13 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.24 per barrel, up 2 cents.
Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories.
Brent crude futures were at $66.12 per barrel at 0757 GMT, up 13 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.24 per barrel, up 2 cents.
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