Nasdaq Dubai lists $1b Sharjah’s sukuk:
Nasdaq Dubai said it has listed sukuk worth $1 billion (Dh3.67 billion) issued by the emirate of Sharjah.
The issuance takes the emirate’s total sukuk value on the Middle East financial exchange to $3.45 billion (Dh12.67 billion).
The joint lead managers for the latest listing are the Arab Banking Corporation, Dubai Islamic Bank, HSBC Bank, KFH Capital Investment Company, Sharjah Islamic Bank and Standard Chartered Bank. The legal advisers to the emirate of Sharjah were Clifford Chance, and Maples and Calder (Dubai).
Wednesday, 3 April 2019
Post-Expo effect on #Dubai realty will be greater
Post-Expo effect on Dubai realty will be greater:
With a little more than a year left until Expo 2020 Dubai, industry experts at the Dubai Property Festival say they are now finding a spate of high demand for Dubai’s real estate sector.
Expo 2020 is expected to attract 25 million visitors, of which 70 per cent will be from outside the UAE. In an interview with Property Weekly, Robert Booth, managing director of Ellington Properties, says, “I am personally very excited about Expo 2020. I had the benefit of growing up in Vancouver that hosted the 1986 Expo, and once people saw the city, they kept coming back and buying property. So I think the great thing about the Expo here is that it will have a huge long-term impact. In fact the post-Expo impact will be greater.”
According to Booth, developers have the mandate to support the government in ensuring there is enough units to service Expo 2020 Dubai and the new stream of population that will come as a result.
With a little more than a year left until Expo 2020 Dubai, industry experts at the Dubai Property Festival say they are now finding a spate of high demand for Dubai’s real estate sector.
Expo 2020 is expected to attract 25 million visitors, of which 70 per cent will be from outside the UAE. In an interview with Property Weekly, Robert Booth, managing director of Ellington Properties, says, “I am personally very excited about Expo 2020. I had the benefit of growing up in Vancouver that hosted the 1986 Expo, and once people saw the city, they kept coming back and buying property. So I think the great thing about the Expo here is that it will have a huge long-term impact. In fact the post-Expo impact will be greater.”
According to Booth, developers have the mandate to support the government in ensuring there is enough units to service Expo 2020 Dubai and the new stream of population that will come as a result.
Desperate and hiding, collapsed Saudi Oger workers left in limbo - The Peninsula Qatar
Desperate and hiding, collapsed Saudi Oger workers left in limbo - The Peninsula Qatar:
Nearly two years after the collapse of the construction giant Saudi Oger rendered thousands jobless, Lebanese worker Mohammed remains stranded in limbo in Riyadh -- and desperate to avoid arrest.
The demise in 2017 of the once-mighty company owned by the family of Lebanese Prime Minister Saad Hariri forced thousands of its expatriate workers to exit the kingdom without months of unpaid wages and end-of-service benefits.
But many like 60-year-old Mohammed, who worked for the company for 35 years, are still stuck in Saudi Arabia.
Nearly two years after the collapse of the construction giant Saudi Oger rendered thousands jobless, Lebanese worker Mohammed remains stranded in limbo in Riyadh -- and desperate to avoid arrest.
The demise in 2017 of the once-mighty company owned by the family of Lebanese Prime Minister Saad Hariri forced thousands of its expatriate workers to exit the kingdom without months of unpaid wages and end-of-service benefits.
But many like 60-year-old Mohammed, who worked for the company for 35 years, are still stuck in Saudi Arabia.
Saudis Quietly Raised Aramco Royalties With Switch to Brent Oil - Bloomberg
Saudis Quietly Raised Aramco Royalties With Switch to Brent Oil - Bloomberg:
Saudi Arabia quietly raised taxation on Aramco by switching the oil benchmark used to calculate royalties, from the actual value of the kingdom’s crude to the more expensive benchmark Brent.
The switch, made in 2017 but revealed this week in the prospectus for Saudi Arabian Oil Co.’s first ever international bond, shows how the kingdom is squeezing its oil company for money even after lowering other taxes. The change could add nearly 7 percent to the price used to determine the royalty, according to Bloomberg News calculations based on the prospectus. It also exposes Aramco to a significant new risk, related to the price difference between Saudi crude and Brent, which over the past decade has been extremely volatile.
Aramco declined to comment on the switch. The company said the most significant change to its fiscal regime was publicly announced in 2017, when its income tax was lowered to 50 percent from 85 percent.
Saudi Arabia quietly raised taxation on Aramco by switching the oil benchmark used to calculate royalties, from the actual value of the kingdom’s crude to the more expensive benchmark Brent.
The switch, made in 2017 but revealed this week in the prospectus for Saudi Arabian Oil Co.’s first ever international bond, shows how the kingdom is squeezing its oil company for money even after lowering other taxes. The change could add nearly 7 percent to the price used to determine the royalty, according to Bloomberg News calculations based on the prospectus. It also exposes Aramco to a significant new risk, related to the price difference between Saudi crude and Brent, which over the past decade has been extremely volatile.
Aramco declined to comment on the switch. The company said the most significant change to its fiscal regime was publicly announced in 2017, when its income tax was lowered to 50 percent from 85 percent.
#SaudiArabia's Gold Miner Plans to Be a Global Top-20 Supplier - Bloomberg
Saudi Arabia's Gold Miner Plans to Be a Global Top-20 Supplier - Bloomberg:
Saudi Arabian Mining Co. wants to more than double gold output within five years.
Maaden, as the state-backed company is known, plans to boost gold output from about 415,000 ounces this year to one million by 2025, Chief Executive Officer Darren Davis said in an interview. That would catapult the oil-rich kingdom from a marginal gold producer to one of the world’s top-20 suppliers.
Gold demand is rising as U.S.-China trade tensions and fear of a recession persist. With declining prices of some commodities including aluminum, which generated 40 percent of Maaden’s revenue last year, the company may be counting on the precious metal’s allure as a safe-haven investment to soften the hit.
Saudi Arabian Mining Co. wants to more than double gold output within five years.
Maaden, as the state-backed company is known, plans to boost gold output from about 415,000 ounces this year to one million by 2025, Chief Executive Officer Darren Davis said in an interview. That would catapult the oil-rich kingdom from a marginal gold producer to one of the world’s top-20 suppliers.
Gold demand is rising as U.S.-China trade tensions and fear of a recession persist. With declining prices of some commodities including aluminum, which generated 40 percent of Maaden’s revenue last year, the company may be counting on the precious metal’s allure as a safe-haven investment to soften the hit.
#AbuDhabi Said to Weigh Merger to Create Top Mideast Lender - Bloomberg
Abu Dhabi Said to Weigh Merger to Create Top Mideast Lender - Bloomberg:
Abu Dhabi is considering combining Abu Dhabi Islamic Bank PJSC with First Abu Dhabi Bank PJSC to create the Middle East’s largest lender, according to people with knowledge of the matter.
The emirate plans to wait for a three-way combination of Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and Al Hilal Bank to close before starting fresh talks to condense the finance industry further, the people said, asking not to be identified as the talks are private.
Deliberations about a potential combination are in early stages and is being currently being discussed at the shareholder level of both banks, the people said. The banks have not formally appointed advisers, and discussions may not lead to a deal, they said.
Abu Dhabi is considering combining Abu Dhabi Islamic Bank PJSC with First Abu Dhabi Bank PJSC to create the Middle East’s largest lender, according to people with knowledge of the matter.
The emirate plans to wait for a three-way combination of Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and Al Hilal Bank to close before starting fresh talks to condense the finance industry further, the people said, asking not to be identified as the talks are private.
Deliberations about a potential combination are in early stages and is being currently being discussed at the shareholder level of both banks, the people said. The banks have not formally appointed advisers, and discussions may not lead to a deal, they said.
#Dubai logistics firm Tristar seeks banks to advise on IPO: sources | Reuters
Dubai logistics firm Tristar seeks banks to advise on IPO: sources | Reuters:
Dubai logistics firm Tristar has asked investment banks to pitch for advisory roles for its planned listing in London, two sources told Reuters.
Tristar is seeking to raise $250 million in a potential public share sale this year, said one of the sources, who declined to be named due to commercial sensitivities.
Moelis & Co is acting as an independent financial advisor, the source said.
Dubai logistics firm Tristar has asked investment banks to pitch for advisory roles for its planned listing in London, two sources told Reuters.
Tristar is seeking to raise $250 million in a potential public share sale this year, said one of the sources, who declined to be named due to commercial sensitivities.
Moelis & Co is acting as an independent financial advisor, the source said.
#SaudiArabia's AlRajhi and #Dubai's Al Ghurair eye SAGO flour mills- sources | Reuters
Saudi Arabia's AlRajhi and Dubai's Al Ghurair eye SAGO flour mills- sources | Reuters:
Saudi Arabia’s AlRajhi Holding Group and Dubai’s Al Ghurair have teamed up in a consortium to bid for Saudi Arabian state grain buyer SAGO’s flour mills, three sources familiar with the matter told Reuters.
SAGO, among the world’s largest wheat and barley buyers and which imports Saudi Arabia’s entire wheat supply of about 3.5 million tonnes a year, last year put up the mills for sale in one of the kingdom’s first privatizations.
AlRajhi and Al Ghurair, two large family conglomerates, are seeking an adviser to help with a potential deal and raise financing for the purchase, said the sources who declined to be named due to commercial sensitivities.
Saudi Arabia’s AlRajhi Holding Group and Dubai’s Al Ghurair have teamed up in a consortium to bid for Saudi Arabian state grain buyer SAGO’s flour mills, three sources familiar with the matter told Reuters.
SAGO, among the world’s largest wheat and barley buyers and which imports Saudi Arabia’s entire wheat supply of about 3.5 million tonnes a year, last year put up the mills for sale in one of the kingdom’s first privatizations.
AlRajhi and Al Ghurair, two large family conglomerates, are seeking an adviser to help with a potential deal and raise financing for the purchase, said the sources who declined to be named due to commercial sensitivities.
Oil eases on U.S. crude stock build but holds near five-month high | Reuters
Oil eases on U.S. crude stock build but holds near five-month high | Reuters:
Oil prices edged down on Wednesday after U.S. government data showed a surprise build in crude inventories, but futures held near their highest in almost five months as OPEC-led output cuts and sanctions on Iran tightened the supply outlook.
Brent futures settled at $69.31 a barrel, losing 6 cents. Their session high was $69.96, the strongest since Nov. 12, when they traded above $70.
U.S. West Texas Intermediate crude settled at $62.46 a barrel, falling 12 cents after briefly hitting $62.99, the highest since Nov. 7.
Oil prices edged down on Wednesday after U.S. government data showed a surprise build in crude inventories, but futures held near their highest in almost five months as OPEC-led output cuts and sanctions on Iran tightened the supply outlook.
Brent futures settled at $69.31 a barrel, losing 6 cents. Their session high was $69.96, the strongest since Nov. 12, when they traded above $70.
U.S. West Texas Intermediate crude settled at $62.46 a barrel, falling 12 cents after briefly hitting $62.99, the highest since Nov. 7.
Aramco tapped Allianz's El-Erian as informal adviser before bond roadshow | Reuters
Aramco tapped Allianz's El-Erian as informal adviser before bond roadshow | Reuters:
Saudi Aramco, the world’s biggest oil producer, tapped Mohamed El-Erian, chief economic adviser at Allianz, as an informal adviser prior to the company’s roadshow for its first-ever debt offering, according to two sources.
Aramco is launching its worldwide roadshow this week for a pending bond offering that is expected to be at least $10 billion in size. The company is meeting with investors in Europe, Asia and the United States all week.
Saudi Aramco, the world’s biggest oil producer, tapped Mohamed El-Erian, chief economic adviser at Allianz, as an informal adviser prior to the company’s roadshow for its first-ever debt offering, according to two sources.
Aramco is launching its worldwide roadshow this week for a pending bond offering that is expected to be at least $10 billion in size. The company is meeting with investors in Europe, Asia and the United States all week.
MIDEAST STOCKS-Emirates NBD jumps to 11-year high, lifts #Dubai | Reuters
MIDEAST STOCKS-Emirates NBD jumps to 11-year high, lifts Dubai | Reuters:
Dubai's stock market rose on Wednesday, lifted by gains in top lender Emirates NBD after it agreed to buy Turkey's Denizbank, while Saudi Arabian stocks climbed as banks rose across the board.
The Dubai index gained 1.1 percent, with Emirates NBD rising 6.1 percent in its highest trading volume in a year, with 8.8 million shares changing hands.
The bank will buy Denizbank for 15.48 billion lira ($2.8 billion) after reaching a new agreement with Russia's state-owned Sberbank. The offer is a roughly 20 percent discount to a previously agreed price, after a steep fall in the Turkish lira.
Dubai's stock market rose on Wednesday, lifted by gains in top lender Emirates NBD after it agreed to buy Turkey's Denizbank, while Saudi Arabian stocks climbed as banks rose across the board.
The Dubai index gained 1.1 percent, with Emirates NBD rising 6.1 percent in its highest trading volume in a year, with 8.8 million shares changing hands.
The bank will buy Denizbank for 15.48 billion lira ($2.8 billion) after reaching a new agreement with Russia's state-owned Sberbank. The offer is a roughly 20 percent discount to a previously agreed price, after a steep fall in the Turkish lira.
#Saudi Aramco in four charts | Financial Times
Saudi Aramco in four charts | Financial Times:
Secretive state oil company Saudi Aramco has given a glimpse of its financial performance. In the hope of whetting investors’ appetites, it has published a prospectus for its 30-year bond offering to finance its purchase of state petrochemicals company Sabic. Long known as the largest energy company in the world, Aramco has revealed it makes more in profit than any other company anywhere.
The charts below highlight some of the factors that make Aramco such a behemoth, and put the numbers into perspective compared with other oil majors.
Secretive state oil company Saudi Aramco has given a glimpse of its financial performance. In the hope of whetting investors’ appetites, it has published a prospectus for its 30-year bond offering to finance its purchase of state petrochemicals company Sabic. Long known as the largest energy company in the world, Aramco has revealed it makes more in profit than any other company anywhere.
The charts below highlight some of the factors that make Aramco such a behemoth, and put the numbers into perspective compared with other oil majors.
Mideast Stocks: Emirates NBD's $2.8bln Turkish deal lifts #Dubai | ZAWYA MENA Edition
Mideast Stocks: Emirates NBD's $2.8bln Turkish deal lifts Dubai | ZAWYA MENA Edition:
Dubai's stock market rose on Wednesday led by gains in its largest bank Emirates NBD after it signed a $2.8 billion deal to buy Turkey's Denizbank, while Saudi Arabia edged up on the back of its banks.
The Dubai index rose 1 percent with Emirates NBD increasing 4.7 percent after hitting its highest level since 2008 earlier in the session.
The bank will buy Denizbank for 15.48 billion lira ($2.8 billion) after reaching a new agreement with Russia's state-owned Sberbank. The offer is a roughly 20 percent discount to a previously agreed price, after a steep fall in the Turkish lira.
Dubai's stock market rose on Wednesday led by gains in its largest bank Emirates NBD after it signed a $2.8 billion deal to buy Turkey's Denizbank, while Saudi Arabia edged up on the back of its banks.
The Dubai index rose 1 percent with Emirates NBD increasing 4.7 percent after hitting its highest level since 2008 earlier in the session.
The bank will buy Denizbank for 15.48 billion lira ($2.8 billion) after reaching a new agreement with Russia's state-owned Sberbank. The offer is a roughly 20 percent discount to a previously agreed price, after a steep fall in the Turkish lira.
First #AbuDhabi Bank raises $1.1bln in bonds - document | ZAWYA MENA Edition
First Abu Dhabi Bank raises $1.1bln in bonds - document | ZAWYA MENA Edition:
First Abu Dhabi Bank (FAB) raised $1.1 billion in three-year bonds, a document issued by one of the banks leading the deal showed.
The floating rate notes are listed on the London Stock Exchange and the Taipei Exchange.
Citi and Standard Chartered arranged the issue.
First Abu Dhabi Bank (FAB) raised $1.1 billion in three-year bonds, a document issued by one of the banks leading the deal showed.
The floating rate notes are listed on the London Stock Exchange and the Taipei Exchange.
Citi and Standard Chartered arranged the issue.
INTERVIEW- Russia's largest bank in talks with top GCC funds and banks- deputy chairman | ZAWYA MENA Edition
INTERVIEW- Russia's largest bank in talks with top GCC funds and banks- deputy chairman | ZAWYA MENA Edition:
Russia’s largest bank, Sberbank, which holds nearly one-third of aggregate Russian banking assets, is looking into new opportunities in the Gulf region as it expands its shariah-compliant offerings, the bank’s first deputy chairman said.
“We are in talks with biggest banks here in the region and the largest funds and we see a lot of interest in Russian companies. We also have our interest in doing business here in payments and other business opportunities,” Alexander Vedyakhin told Zawya in a recent interview in Abu Dhabi.
The Central Bank of the Russian Federation is the founder and majority shareholder of Sberbank, owning just over 50 percent of its capital. International and domestic investors hold the remainder.
Russia’s largest bank, Sberbank, which holds nearly one-third of aggregate Russian banking assets, is looking into new opportunities in the Gulf region as it expands its shariah-compliant offerings, the bank’s first deputy chairman said.
“We are in talks with biggest banks here in the region and the largest funds and we see a lot of interest in Russian companies. We also have our interest in doing business here in payments and other business opportunities,” Alexander Vedyakhin told Zawya in a recent interview in Abu Dhabi.
The Central Bank of the Russian Federation is the founder and majority shareholder of Sberbank, owning just over 50 percent of its capital. International and domestic investors hold the remainder.
Brent nears $70 as oil prices rise for fourth day | Reuters
Brent nears $70 as oil prices rise for fourth day | Reuters:
Oil prices rose for a fourth day on Wednesday, pushing Brent towards $70 a barrel as support from OPEC-led supply cuts and U.S. sanctions overshadowed a report showing an unexpected rise in U.S. inventories.
Brent futures rose 36 cents, or 0.5 percent, to $69.73 a barrel by 0554 GMT, after earlier reaching $69.87, the highest since Nov. 12, the last time they traded above $70.
U.S. West Texas Intermediate crude rose 26 cents, or 0.4 percent, to $62.84 cents a barrel, earlier rising to $62.90, the highest since Nov. 7.
Oil prices rose for a fourth day on Wednesday, pushing Brent towards $70 a barrel as support from OPEC-led supply cuts and U.S. sanctions overshadowed a report showing an unexpected rise in U.S. inventories.
Brent futures rose 36 cents, or 0.5 percent, to $69.73 a barrel by 0554 GMT, after earlier reaching $69.87, the highest since Nov. 12, the last time they traded above $70.
U.S. West Texas Intermediate crude rose 26 cents, or 0.4 percent, to $62.84 cents a barrel, earlier rising to $62.90, the highest since Nov. 7.
U.S. LNG producers offer alternative pricing to woo buyers | Reuters
U.S. LNG producers offer alternative pricing to woo buyers | Reuters:
U.S. producers of liquefied natural gas (LNG) are wooing buyers with offers to sell gas priced against benchmarks other than U.S. domestic prices, ahead of an expected flood of supplies on global markets this year.
The United States, the world’s fastest growing gas exporter thanks to surging output from shale fields, is set to become the world’s third-largest LNG exporter this year, taking on more established suppliers such as Qatar and Australia.
U.S. producers only began exporting LNG in early 2016 and typically price their sales against U.S. domestic benchmarks such as Henry Hub.
U.S. producers of liquefied natural gas (LNG) are wooing buyers with offers to sell gas priced against benchmarks other than U.S. domestic prices, ahead of an expected flood of supplies on global markets this year.
The United States, the world’s fastest growing gas exporter thanks to surging output from shale fields, is set to become the world’s third-largest LNG exporter this year, taking on more established suppliers such as Qatar and Australia.
U.S. producers only began exporting LNG in early 2016 and typically price their sales against U.S. domestic benchmarks such as Henry Hub.
#Dubai's Emirates NBD to buy Turkey's Denizbank for $2.8 billion in revised deal | Reuters
Dubai's Emirates NBD to buy Turkey's Denizbank for $2.8 billion in revised deal | Reuters:
Dubai’s Emirates NBD said on Wednesday it will buy Turkey’s Denizbank from Russia’s Sberbank at a roughly 20 percent discount to a previously agreed price, after a steep fall in the Turkish lira.
Under a new agreement reached with state-owned Sberbank, Dubai’s largest lender said it will buy Turkey’s fifth largest private bank for 15.48 billion lira ($2.8 billion), compared to the 14.6 billion lira announced in May.
Although the deal’s lira value is higher, the dollar value when it was announced in May was put at the equivalent of $3.2 billion, about $400 million more that the new price.
Dubai’s Emirates NBD said on Wednesday it will buy Turkey’s Denizbank from Russia’s Sberbank at a roughly 20 percent discount to a previously agreed price, after a steep fall in the Turkish lira.
Under a new agreement reached with state-owned Sberbank, Dubai’s largest lender said it will buy Turkey’s fifth largest private bank for 15.48 billion lira ($2.8 billion), compared to the 14.6 billion lira announced in May.
Although the deal’s lira value is higher, the dollar value when it was announced in May was put at the equivalent of $3.2 billion, about $400 million more that the new price.
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