Dubai index hits 2019 high:
The Dubai index hit its highest level in 2019 as renewed buying in Emaar Properties triggered a more than 2 per cent rise in Dubai index.
The Dubai Financial Market general index rose to a high of 2,704.95, before closing 2.35 per cent higher at 2,696.85. This brings the total gains to 6.6 per cent in the year so far.
Emaar Properties closed 3.97 per cent higher at Dh4.97. Emirates NBD closed 4.5 per cent higher at Dh10.50 after reports of strong demand for the IPO of Network International. Dubai Islamic Bank (DIB) closed 0.62 per cent higher at Dh4.88. “The trend in DIB is sideways down with resistance at Dh4.95 and support at Dh4.78/4.70 level,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities. In other stocks, DP World closed 1.23 per cent lower at $16. The Abu Dhabi Securities Exchange general index closed 0.38 per cent lower at 5,055.29. First Abu Dhabi Bank closed 0.53 per cent lower at Dh15.12. Union National Bank ended 0.95 per cent higher at Dh5.31.
Monday, 1 April 2019
Foreign institutions’ increased buying interests lift QSE above 10,500 levels
Foreign institutions’ increased buying interests lift QSE above 10,500 levels:
Foreign institutions’ increased buying interests on Monday lifted the Qatar Stock Exchange above 10,500 levels.
Transport, consumer goods, industrials and insurance counters witnessed higher-than-average demand, leading to the 20-stock Qatar Index gain 0.47% to 10,154.89 points. Domestic funds’ selling pressure considerably weakened on the market, whose sensitive index is down 1.4% year-to-date.
Market capitalisation however shed more than QR1bn or 0.27% to QR566.26bn mainly owing to large cap segments.
Foreign institutions’ increased buying interests on Monday lifted the Qatar Stock Exchange above 10,500 levels.
Transport, consumer goods, industrials and insurance counters witnessed higher-than-average demand, leading to the 20-stock Qatar Index gain 0.47% to 10,154.89 points. Domestic funds’ selling pressure considerably weakened on the market, whose sensitive index is down 1.4% year-to-date.
Market capitalisation however shed more than QR1bn or 0.27% to QR566.26bn mainly owing to large cap segments.
Network International IPO has Demand for all Shares on First Day - Bloomberg
Network International IPO has Demand for all Shares on First Day - Bloomberg:
Network International has demand for all stock being sold on the first day of an initial public offering that will value the Middle Eastern payment processor at as much as $3.1 billion, people familiar with the matter said.
Network International set the price range for its London IPO at 395 pence to 465 pence per share, implying a market value of 1.98 billion pounds to 2.33 billion pounds ($2.6 billion to $3.1 billion), the firm said in a statement on Monday. The offering will allow shareholders Emirates NBD PJSC, Warburg Pincus and General Atlantic to reduce their stakes.
Network International will be among the first companies of scale to test investor appetite in Europe’s lackluster IPO market, where concerns over Brexit and slowing growth in Germany and France have helped push volumes at the start of the year to the lowest level since the financial crisis, according to data compiled by Bloomberg.
Network International has demand for all stock being sold on the first day of an initial public offering that will value the Middle Eastern payment processor at as much as $3.1 billion, people familiar with the matter said.
Network International set the price range for its London IPO at 395 pence to 465 pence per share, implying a market value of 1.98 billion pounds to 2.33 billion pounds ($2.6 billion to $3.1 billion), the firm said in a statement on Monday. The offering will allow shareholders Emirates NBD PJSC, Warburg Pincus and General Atlantic to reduce their stakes.
Network International will be among the first companies of scale to test investor appetite in Europe’s lackluster IPO market, where concerns over Brexit and slowing growth in Germany and France have helped push volumes at the start of the year to the lowest level since the financial crisis, according to data compiled by Bloomberg.
Oil-rich sovereign funds look to renewables alongside fossil fuels | Reuters
Oil-rich sovereign funds look to renewables alongside fossil fuels | Reuters:
Sovereign wealth funds from oil-rich countries in the Middle East are moving to diversify into renewable energy, pushed by regulators and pledges on climate change, but are stopping short of following Norway in shedding some oil and gas investments.
Total sovereign wealth fund investments within the oil and gas industry have dwarfed those within renewable energy in the past decade.
But data on private equity investments with sovereign wealth fund participation suggests this balance might be shifting. In 2018, $6.36 billion went into hydrocarbons, compared to $5.81 billion in renewable energy, one of the narrowest margins in the past decade, according to PitchBook, a data and research firm.
Sovereign wealth funds from oil-rich countries in the Middle East are moving to diversify into renewable energy, pushed by regulators and pledges on climate change, but are stopping short of following Norway in shedding some oil and gas investments.
Total sovereign wealth fund investments within the oil and gas industry have dwarfed those within renewable energy in the past decade.
But data on private equity investments with sovereign wealth fund participation suggests this balance might be shifting. In 2018, $6.36 billion went into hydrocarbons, compared to $5.81 billion in renewable energy, one of the narrowest margins in the past decade, according to PitchBook, a data and research firm.
MIDEAST STOCKS- #Dubai hits 4-month high, top lender elevates Egypt | Reuters - FULL
MIDEAST STOCKS-Dubai hits 4-month high, top lender elevates Egypt | Reuters:
Dubai's stock market hit a four-month high on Monday, partly lifted by its largest lender Emirates NBD as one of its businesses prepares to list on the London Stock Exchange, while Egypt was boosted by its top lender Commercial International Bank.
The Dubai index rose 2.4 percent with Emirates NBD climbing 4.5 percent to a 10-month high.
Payments processor Network International said shares in its Initial Public Offering (IPO) would be priced at between 395 pence and 465 pence each, implying a valuation of between 1.9 billion pounds and 2.3 billion pounds ($2.5-3.0 billion).
Dubai's stock market hit a four-month high on Monday, partly lifted by its largest lender Emirates NBD as one of its businesses prepares to list on the London Stock Exchange, while Egypt was boosted by its top lender Commercial International Bank.
The Dubai index rose 2.4 percent with Emirates NBD climbing 4.5 percent to a 10-month high.
Payments processor Network International said shares in its Initial Public Offering (IPO) would be priced at between 395 pence and 465 pence each, implying a valuation of between 1.9 billion pounds and 2.3 billion pounds ($2.5-3.0 billion).
#Saudi Aramco leaves questions for potential investors | Financial Times
Saudi Aramco leaves questions for potential investors | Financial Times:
Saudi Aramco might have lifted the lid on its financials to reveal profits that dwarf even the largest energy majors, but future investors in the state oil company — should it ever go public — still have a number of unanswered questions.
The company’s first international bond prospectus revealed net income of $111bn last year — more than Apple and Alphabet made combined in 2018 — and enough cash on hand to assuage any doubts about its ability to finance the $69bn purchase of Sabic, the state-backed petrochemical company.
However, if Aramco wants to position itself as a supersized rival to the likes of Royal Dutch Shell or ExxonMobil — and keep alive its ambition of going public — investors will want to learn about more than just the profits at the company. They will also want to know how much it needs to spend on everything from investments to government payments.
Saudi Aramco might have lifted the lid on its financials to reveal profits that dwarf even the largest energy majors, but future investors in the state oil company — should it ever go public — still have a number of unanswered questions.
The company’s first international bond prospectus revealed net income of $111bn last year — more than Apple and Alphabet made combined in 2018 — and enough cash on hand to assuage any doubts about its ability to finance the $69bn purchase of Sabic, the state-backed petrochemical company.
However, if Aramco wants to position itself as a supersized rival to the likes of Royal Dutch Shell or ExxonMobil — and keep alive its ambition of going public — investors will want to learn about more than just the profits at the company. They will also want to know how much it needs to spend on everything from investments to government payments.
#Saudi Aramco's $10bn bond | FT Alphaville
Saudi Aramco's $10bn bond | FT Alphaville:
Well, it would be a large amount for most companies. Except Saudi Aramco isn't most companies. Last year, according to the document, it recorded $111bn of net income.
For comparison, Apple managed $59bn over the same period, according to S&P Capital IQ.
So all aboard the world's least innovative model! For all the talk of the new economy, it seems nothing beats extracting black stuff out of the ground at low costs.
Well, it would be a large amount for most companies. Except Saudi Aramco isn't most companies. Last year, according to the document, it recorded $111bn of net income.
For comparison, Apple managed $59bn over the same period, according to S&P Capital IQ.
So all aboard the world's least innovative model! For all the talk of the new economy, it seems nothing beats extracting black stuff out of the ground at low costs.
MIDEAST STOCKS- #Dubai hits one-month high, major Gulf markets rise | Reuters
MIDEAST STOCKS-Dubai hits one-month high, major Gulf markets rise | Reuters:
Dubai’s stock market hit a one-month high on Monday, partly lifted by its largest bank Emirates NBD as one of its businesses prepares to list on the London Stock Exchange, while Qatar rose on back of its blue-chip banks.
The Dubai index added 1.5 percent with Emirates NBD gaining 3 percent.
Payments processor Network International said shares in its Initial Public Offering (IPO) would be priced at between 395 pence and 465 pence each, implying a valuation of between 1.9 billion pounds and 2.3 billion pounds ($2.5-3.0 billion).
Dubai’s stock market hit a one-month high on Monday, partly lifted by its largest bank Emirates NBD as one of its businesses prepares to list on the London Stock Exchange, while Qatar rose on back of its blue-chip banks.
The Dubai index added 1.5 percent with Emirates NBD gaining 3 percent.
Payments processor Network International said shares in its Initial Public Offering (IPO) would be priced at between 395 pence and 465 pence each, implying a valuation of between 1.9 billion pounds and 2.3 billion pounds ($2.5-3.0 billion).
#Dubai fears the end of its ‘build it and they will come’ model | Financial Times
Dubai fears the end of its ‘build it and they will come’ model | Financial Times:
The shimmering Palace Residences apartment blocks will look out through palm trees, across calm creek waters lapping in from the Gulf towards what developers boast will be the world’s tallest structure. The futuristic, rocket-shaped Dubai Creek Tower will be a “notch” higher than the Burj Khalifa, the current holder of that title, just down the road.
Off-plan sales of the Palace Residences were launched in January, with one-bedroom flats on the market for Dh1m ($272,000), generating “significant demand”. The plan is for the 6 sq km Dubai Creek Harbour to eventually house 200,000 residents.
The project is a classic example of the “build it and they will come” development model that has served the rulers of Dubai well for the past four decades: carve out a space in the desert or on land reclaimed from the sea; build bigger and better luxury residences; offer top-class amenities; and sit back as wealthy expatriates snap them up.
The shimmering Palace Residences apartment blocks will look out through palm trees, across calm creek waters lapping in from the Gulf towards what developers boast will be the world’s tallest structure. The futuristic, rocket-shaped Dubai Creek Tower will be a “notch” higher than the Burj Khalifa, the current holder of that title, just down the road.
Off-plan sales of the Palace Residences were launched in January, with one-bedroom flats on the market for Dh1m ($272,000), generating “significant demand”. The plan is for the 6 sq km Dubai Creek Harbour to eventually house 200,000 residents.
The project is a classic example of the “build it and they will come” development model that has served the rulers of Dubai well for the past four decades: carve out a space in the desert or on land reclaimed from the sea; build bigger and better luxury residences; offer top-class amenities; and sit back as wealthy expatriates snap them up.
Aramco Unveils Financial Secrets of World's Most Profitable Firm - Bloomberg
Aramco Unveils Financial Secrets of World's Most Profitable Firm - Bloomberg:
The first official glimpse of Saudi Aramco’s financial performance confirms the state-run oil giant can generate profit like no other company on Earth: net income last year was $111.1 billion, easily outstripping U.S. behemoths including Apple Inc. and Exxon Mobil Corp.
But accounts published before the firm’s debut in the international bond market also show Aramco -- an organization that produces about 10 percent of the world’s crude-- doesn’t generate as much cash per barrel as other leading oil companies like Royal Dutch Shell Plc because of the heavy tax burden imposed by the Saudi state.
The bond sale, being pitched to investors this week in a global roadshow, has forced Aramco to reveal secrets held close since the company’s nationalization in the late 1970s, casting a light on the relationship between the kingdom and its most important asset. Both Fitch Ratings and Moody’s Investors Service assigned Aramco the fifth-highest investment grade, the same as Saudi sovereign debt, but lower than oil majors Exxon, Shell and Chevron Corp.
The first official glimpse of Saudi Aramco’s financial performance confirms the state-run oil giant can generate profit like no other company on Earth: net income last year was $111.1 billion, easily outstripping U.S. behemoths including Apple Inc. and Exxon Mobil Corp.
But accounts published before the firm’s debut in the international bond market also show Aramco -- an organization that produces about 10 percent of the world’s crude-- doesn’t generate as much cash per barrel as other leading oil companies like Royal Dutch Shell Plc because of the heavy tax burden imposed by the Saudi state.
The bond sale, being pitched to investors this week in a global roadshow, has forced Aramco to reveal secrets held close since the company’s nationalization in the late 1970s, casting a light on the relationship between the kingdom and its most important asset. Both Fitch Ratings and Moody’s Investors Service assigned Aramco the fifth-highest investment grade, the same as Saudi sovereign debt, but lower than oil majors Exxon, Shell and Chevron Corp.
Saudi Aramco to pay $69.1bln SABIC acquisition in tranches - document | ZAWYA MENA Edition
Saudi Aramco to pay $69.1bln SABIC acquisition in tranches - document | ZAWYA MENA Edition:
Saudi Aramco intends to pay for its $69.1 billion acquisition of a majority stake in Saudi Basic Industries Corp's (SABIC) in separate tranches, according to a presentation given by Aramco to bond investors that was seen by Reuters.
The world's biggest oil producer intends to pay 50 percent of the acquisition price at the closing of the SABIC deal, while the remainder will be paid over a two-year period from internal cash generation and, potentially, other sources, according to the document.
Aramco this week will meet global bond investors ahead of its first international bond sale after obtaining its first credit ratings from Moody's and Fitch.
Saudi Aramco intends to pay for its $69.1 billion acquisition of a majority stake in Saudi Basic Industries Corp's (SABIC) in separate tranches, according to a presentation given by Aramco to bond investors that was seen by Reuters.
The world's biggest oil producer intends to pay 50 percent of the acquisition price at the closing of the SABIC deal, while the remainder will be paid over a two-year period from internal cash generation and, potentially, other sources, according to the document.
Aramco this week will meet global bond investors ahead of its first international bond sale after obtaining its first credit ratings from Moody's and Fitch.
#Dubai-based Network International announces pricing for up to $3bln listing | ZAWYA MENA Edition
Dubai-based Network International announces pricing for up to $3bln listing | ZAWYA MENA Edition:
Payments processor Network International on Monday said shares in its forthcoming listing would be priced at between 395 pence and 465 pence each, implying a valuation for the company of between 1.9 billion pounds and 2.3 billion pounds ($2.48 bln - $3 billion).
Dubai-based Network International is the largest payments processor in the Middle East and Africa and is set to be the first international IPO in London this year.
The stock is expected to begin trading on the London Stock Exchange on April 11.
Payments processor Network International on Monday said shares in its forthcoming listing would be priced at between 395 pence and 465 pence each, implying a valuation for the company of between 1.9 billion pounds and 2.3 billion pounds ($2.48 bln - $3 billion).
Dubai-based Network International is the largest payments processor in the Middle East and Africa and is set to be the first international IPO in London this year.
The stock is expected to begin trading on the London Stock Exchange on April 11.
Oil prices rise on supply worries, extend strong first-quarter gains | Reuters
Oil prices rise on supply worries, extend strong first-quarter gains | Reuters:
Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy.
Positive Chinese factory gauges and signs of progress in Sino-U.S. trade talks also boosted sentiment, helping buoy regional stockmarkets.
Brent crude for June delivery was up by 64 cents, or 1 percent, at $68.22 a barrel by 0606 GMT, having risen 27 percent in the first quarter.
U.S. West Texas Intermediate (WTI) futures rose 43 cents, or 0.7 percent, to $60.57 barrel, after posting a rise of 32 percent in the January-March period.
Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy.
Positive Chinese factory gauges and signs of progress in Sino-U.S. trade talks also boosted sentiment, helping buoy regional stockmarkets.
Brent crude for June delivery was up by 64 cents, or 1 percent, at $68.22 a barrel by 0606 GMT, having risen 27 percent in the first quarter.
U.S. West Texas Intermediate (WTI) futures rose 43 cents, or 0.7 percent, to $60.57 barrel, after posting a rise of 32 percent in the January-March period.
Spot deals make up more of global LNG market as sellers get flexible | Reuters
Spot deals make up more of global LNG market as sellers get flexible | Reuters:
Spot trades and other short-term deals are making up more of the transactions in the global liquefied natural gas (LNG) market as producers in the United States and Russia offer more flexible volumes and traders increasingly handle cargoes.
Spot and short-term LNG trades, defined as cargoes delivered through contracts of four years or less, made up 32 percent of overall import volumes in 2018, up from 27 percent of imports in 2017, the Paris-based International Group of LNG Importers (GIIGNL) said on Monday in its annual report.
Cargoes delivered in less than three months from the transaction date increased to 25 percent of the market in 2018, compared with 20 percent in 2017, the GIIGNL said.
Spot trades and other short-term deals are making up more of the transactions in the global liquefied natural gas (LNG) market as producers in the United States and Russia offer more flexible volumes and traders increasingly handle cargoes.
Spot and short-term LNG trades, defined as cargoes delivered through contracts of four years or less, made up 32 percent of overall import volumes in 2018, up from 27 percent of imports in 2017, the Paris-based International Group of LNG Importers (GIIGNL) said on Monday in its annual report.
Cargoes delivered in less than three months from the transaction date increased to 25 percent of the market in 2018, compared with 20 percent in 2017, the GIIGNL said.
Rare glimpse into Saudi Aramco shows $224 billion in profit
Rare glimpse into Saudi Aramco shows $224 billion in profit:
Rating agencies have given oil giant Saudi Aramco high ratings ahead of its upcoming bonds sale, with Fitch Ratings saying the company had profits of $224 billion last year before taxes.
Fitch gave it an A+, its first ever such rating for Aramco.
Moody’s Investors Services gave it an A1 rating and says Aramco reported $355.9 billion in revenue and $111.1 billion in net income last year.
Rating agencies have given oil giant Saudi Aramco high ratings ahead of its upcoming bonds sale, with Fitch Ratings saying the company had profits of $224 billion last year before taxes.
Fitch gave it an A+, its first ever such rating for Aramco.
Moody’s Investors Services gave it an A1 rating and says Aramco reported $355.9 billion in revenue and $111.1 billion in net income last year.
Britain's Serco extends contract with #Dubai Metro for up to $185 mln | Reuters
Britain's Serco extends contract with Dubai Metro for up to $185 mln | Reuters:
British outsourcing company Serco said on Monday it signed a contract to operate the Dubai Metro for another two years for up to AED 680 million ($185.14 million).
Under the contract with the Roads and Transport Authority (RTA), the company will maintain and operate the Red line of the Dubai Metro till September 2021. Serco first began providing its services to the Dubai Metro in 2009.
A run of recent contract wins had led the British outsourcer to raise its 2019 profit and revenue forecasts in February, marking a bright spot in a troubled outsourcing sector in Britain which is grappling with Brexit related uncertainties.
British outsourcing company Serco said on Monday it signed a contract to operate the Dubai Metro for another two years for up to AED 680 million ($185.14 million).
Under the contract with the Roads and Transport Authority (RTA), the company will maintain and operate the Red line of the Dubai Metro till September 2021. Serco first began providing its services to the Dubai Metro in 2009.
A run of recent contract wins had led the British outsourcer to raise its 2019 profit and revenue forecasts in February, marking a bright spot in a troubled outsourcing sector in Britain which is grappling with Brexit related uncertainties.
RPT-COLUMN-Trump and #SaudiArabia at odds over oil prices: Kemp | Reuters
RPT-COLUMN-Trump and Saudi Arabia at odds over oil prices: Kemp | Reuters:
U.S. President Donald Trump and the Saudi government have closely aligned views on most issues but they disagree significantly on the desirable level for oil prices, which could become a source of volatility in 2019/2020.
In keeping with his iconoclastic approach to governing, Trump has kept up a public commentary on oil prices and the role of Saudi-led OPEC in messages on Twitter as well as television interviews.
So far in 2018/19, the president’s interventions have revealed his preference for a benchmark oil price below $70 per barrel (using front-month Brent futures as a benchmark)
U.S. President Donald Trump and the Saudi government have closely aligned views on most issues but they disagree significantly on the desirable level for oil prices, which could become a source of volatility in 2019/2020.
In keeping with his iconoclastic approach to governing, Trump has kept up a public commentary on oil prices and the role of Saudi-led OPEC in messages on Twitter as well as television interviews.
So far in 2018/19, the president’s interventions have revealed his preference for a benchmark oil price below $70 per barrel (using front-month Brent futures as a benchmark)
#Saudi Aramco gets first credit ratings ahead of bond debut | Reuters
Saudi Aramco gets first credit ratings ahead of bond debut | Reuters:
Saudi Aramco, the world’s top oil producer, has been rated A+ by Fitch and A1 by Moody’s in its first-ever credit ratings, ahead of the state oil giant’s first global bond sale and following 2018 earnings that dwarfed those of international oil majors.
Aramco will start meeting international bond investors this week for its debut in the international capital markets, opening its books to investor scrutiny for the first time. Given Aramco is fully state owned, its ratings are in line with the credit rating of Saudi Arabia.
Aramco generated earnings before interest, tax and depreciation (EBITDA) of $224 billion in 2018, Fitch said on Monday, surpassing ExxonMobil, the world’s largest listed oil firm.
Saudi Aramco, the world’s top oil producer, has been rated A+ by Fitch and A1 by Moody’s in its first-ever credit ratings, ahead of the state oil giant’s first global bond sale and following 2018 earnings that dwarfed those of international oil majors.
Aramco will start meeting international bond investors this week for its debut in the international capital markets, opening its books to investor scrutiny for the first time. Given Aramco is fully state owned, its ratings are in line with the credit rating of Saudi Arabia.
Aramco generated earnings before interest, tax and depreciation (EBITDA) of $224 billion in 2018, Fitch said on Monday, surpassing ExxonMobil, the world’s largest listed oil firm.
MIDEAST STOCKS- #Dubai hits one-month high, major Gulf markets rise | Reuters
MIDEAST STOCKS-Dubai hits one-month high, major Gulf markets rise | Reuters:
Dubai’s stock market hit a one-month high on Monday, partly lifted by its largest bank Emirates NBD as one of its businesses prepares to list on the London Stock Exchange, while Qatar rose on back of its blue-chip banks.
The Dubai index added 1.5 percent with Emirates NBD gaining 3 percent.
Payments processor Network International said shares in its Initial Public Offering (IPO) would be priced at between 395 pence and 465 pence each, implying a valuation of between 1.9 billion pounds and 2.3 billion pounds ($2.5-3.0 billion).
Dubai’s stock market hit a one-month high on Monday, partly lifted by its largest bank Emirates NBD as one of its businesses prepares to list on the London Stock Exchange, while Qatar rose on back of its blue-chip banks.
The Dubai index added 1.5 percent with Emirates NBD gaining 3 percent.
Payments processor Network International said shares in its Initial Public Offering (IPO) would be priced at between 395 pence and 465 pence each, implying a valuation of between 1.9 billion pounds and 2.3 billion pounds ($2.5-3.0 billion).
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