Saudi Aramco attracts $30bn demand for expected $10bn bond issue | Financial Times:
Saudi Aramco’s impending debut international bond has already drawn tens of billions of dollars of demand from investors, who are putting aside concerns over close linkages with a repressive state government to back the world’s most profitable company.
Reflecting the scale of appetite for the deal, bankers are pushing for the multibillion-dollar bond to come at a cheaper borrowing cost for the oil company than for Saudi Arabian government bonds, according to people familiar with the debt sale — a highly unusual quirk.
Early indicative interest from investors has already swelled to nearly $30bn for an expected total issuance of around $10bn across several maturities, said the people, although some investors expect the deal will increase in size.
Sunday, 7 April 2019
#Qatar shares edge up amid strong realty buying interest
Qatar shares edge up amid strong realty buying interest:
The Qatar Stock Exchange on Sunday witnessed strong buying interests, especially in the real estate segment; even as it could gain only three points.
Foreign and Gulf funds’ buying interests were visible as the 20-stock Qatar Index settled 0.03% higher at 10,192.19 points.
Local retail investors continued to be net sellers but with lesser intensity in the market, whose sensitive index is down 1.04% year-to-date.
The Qatar Stock Exchange on Sunday witnessed strong buying interests, especially in the real estate segment; even as it could gain only three points.
Foreign and Gulf funds’ buying interests were visible as the 20-stock Qatar Index settled 0.03% higher at 10,192.19 points.
Local retail investors continued to be net sellers but with lesser intensity in the market, whose sensitive index is down 1.04% year-to-date.
#Dubai Islamic Bank Is Said to Consider Acquiring Noor Bank - Bloomberg
Dubai Islamic Bank Is Said to Consider Acquiring Noor Bank - Bloomberg:
Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest Islamic lender, is considering buying its smaller rival Noor Bank PJSC, people with knowledge of the talks said.
The bank has held preliminary discussions with Dubai-based Noor Bank’s shareholders, said the people, asking not to be identified because the information is private. Discussions are at an early stage and may not lead to a deal. The acquisition would create a lender with $75 billion in assets.
Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest Islamic lender, is considering buying its smaller rival Noor Bank PJSC, people with knowledge of the talks said.
The bank has held preliminary discussions with Dubai-based Noor Bank’s shareholders, said the people, asking not to be identified because the information is private. Discussions are at an early stage and may not lead to a deal. The acquisition would create a lender with $75 billion in assets.
Shares in ADNOC Distribution surge on new dividend policy | ZAWYA MENA Edition
Shares in ADNOC Distribution surge on new dividend policy | ZAWYA MENA Edition:
Shares in Abu Dhabi based ADNOC Distribution rose sharply in early trading on Sunday as investors reacted to a move announced late last week to introduce a new dividend policy.
The shareholders of the fuel distribution arm of Abu Dhabi National Oil Company, approved on Thursday a 63 percent increase in the company’s annual dividend for the fiscal year 2019 to 2.39 billion dirhams ($650 million), or 0.1910 dirhams per share.
Issam Kassabieh, senior financial analyst at Menacorp Financial Services, told Zawya by email that the new dividend policy “is a progressive policy that allows for significant dividend growth and added value for shareholders”.
Shares in Abu Dhabi based ADNOC Distribution rose sharply in early trading on Sunday as investors reacted to a move announced late last week to introduce a new dividend policy.
The shareholders of the fuel distribution arm of Abu Dhabi National Oil Company, approved on Thursday a 63 percent increase in the company’s annual dividend for the fiscal year 2019 to 2.39 billion dirhams ($650 million), or 0.1910 dirhams per share.
Issam Kassabieh, senior financial analyst at Menacorp Financial Services, told Zawya by email that the new dividend policy “is a progressive policy that allows for significant dividend growth and added value for shareholders”.
#AbuDhabi orders prompt payments to construction contractors and suppliers - Reuters
Abu Dhabi orders prompt payments to construction contractors and suppliers - Reuters:
Abu Dhabi, the capital of the United Arab Emirates, has instructed government departments and state-owned companies to pay construction contractors and suppliers within 30 days of receipt of invoices, a document seen by Reuters showed.
Contractors in the UAE have been bruised over the past few years after a drop in oil prices slowed economic growth.
In a circular from the Executive Council dated March 26, Abu Dhabi also asked to amend contracts so to oblige contractors and suppliers to pay subcontractors within 30 days of receipt of government payments.
Abu Dhabi, the capital of the United Arab Emirates, has instructed government departments and state-owned companies to pay construction contractors and suppliers within 30 days of receipt of invoices, a document seen by Reuters showed.
Contractors in the UAE have been bruised over the past few years after a drop in oil prices slowed economic growth.
In a circular from the Executive Council dated March 26, Abu Dhabi also asked to amend contracts so to oblige contractors and suppliers to pay subcontractors within 30 days of receipt of government payments.
UPDATE 1-Saudi central bank revokes licence of Abdulaziz Abdullah Al-Zamil at company's request - Reuters
UPDATE 1-Saudi central bank revokes licence of Abdulaziz Abdullah Al-Zamil at company's request - Reuters:
Saudi Arabia’s central bank has revoked foreign exchange firm Abdulaziz Abdullah al-Zamil Co’s licence for exchange services.
The regulator issued a resolution to cancel the company’s licence to carry out money exchange and cash transfers, it said.
The licence was revoked at the company’s request, the central bank’s statement said.
Saudi Arabia’s central bank has revoked foreign exchange firm Abdulaziz Abdullah al-Zamil Co’s licence for exchange services.
The regulator issued a resolution to cancel the company’s licence to carry out money exchange and cash transfers, it said.
The licence was revoked at the company’s request, the central bank’s statement said.
#Saudi Banks to see double-digit asset growth by early 2020: Samba CEO - Reuters
Saudi Banks to see double-digit asset growth by early 2020: Samba CEO - Reuters:
Samba Financial Group, Saudi Arabia’s third-largest bank by assets, expects Saudi banks to see double-digit asset growth by early 2020, supported by government plans to diversify its oil-based economy, its chief executive told Reuters.
Riyadh plans to increase state spending to an all-time high of 1.11 trillion riyals ($295 billion) this year, from 1.03 trillion in 2018, in an effort to spur economic growth that has been hurt by relatively low oil prices.
Exemplifying the investment spree is the multi-billion dollar Qiddiya entertainment resort near Riyadh, whose construction was begun in April last year and which promises more than 300 recreational and educational facilities.
Samba Financial Group, Saudi Arabia’s third-largest bank by assets, expects Saudi banks to see double-digit asset growth by early 2020, supported by government plans to diversify its oil-based economy, its chief executive told Reuters.
Riyadh plans to increase state spending to an all-time high of 1.11 trillion riyals ($295 billion) this year, from 1.03 trillion in 2018, in an effort to spur economic growth that has been hurt by relatively low oil prices.
Exemplifying the investment spree is the multi-billion dollar Qiddiya entertainment resort near Riyadh, whose construction was begun in April last year and which promises more than 300 recreational and educational facilities.
MIDEAST STOCKS-ADNOC Distribution shines in #AbuDhabi, #Saudi drops - Reuters
MIDEAST STOCKS-ADNOC Distribution shines in Abu Dhabi, Saudi drops - Reuters:
ADNOC Distribution lifted the Abu Dhabi stock market on Sunday and Dubai continued its winning streak, while Saudi Arabia lagged behind.
The Abu Dhabi index was up 0.4 percent, as ADNOC Distribution rose 8 percent to a one year high of 2.7 dirhams ($0.7351).
Last week, the company's shareholders approved an increase in the firm's dividend policy. The company also won shareholder approval to buy back up to 62.5 million shares, equivalent to 5 percent of its free float during a 12-month period, should it choose to do so.
ADNOC Distribution lifted the Abu Dhabi stock market on Sunday and Dubai continued its winning streak, while Saudi Arabia lagged behind.
The Abu Dhabi index was up 0.4 percent, as ADNOC Distribution rose 8 percent to a one year high of 2.7 dirhams ($0.7351).
Last week, the company's shareholders approved an increase in the firm's dividend policy. The company also won shareholder approval to buy back up to 62.5 million shares, equivalent to 5 percent of its free float during a 12-month period, should it choose to do so.
Independent oil explorers struggle to go green | Financial Times
Independent oil explorers struggle to go green | Financial Times:
As UK oil and gas executives queued to get through security at the National Museum of Scotland in central Edinburgh last month, environment campaigners chanted: “How do you sleep at night?”.
The oil majors have long been targets for climate change activists but the lively protests at the industry dinner attended by many smaller explorers were also a reminder for companies such as Premier Oil and Tullow that more attention is coming their way.
For the “independents”, questions around climate change and the shift to low carbon energy generation — which have been a key feature of every big energy conference this year — are even more uncomfortable given they are specialist exploration and production companies.
As UK oil and gas executives queued to get through security at the National Museum of Scotland in central Edinburgh last month, environment campaigners chanted: “How do you sleep at night?”.
The oil majors have long been targets for climate change activists but the lively protests at the industry dinner attended by many smaller explorers were also a reminder for companies such as Premier Oil and Tullow that more attention is coming their way.
For the “independents”, questions around climate change and the shift to low carbon energy generation — which have been a key feature of every big energy conference this year — are even more uncomfortable given they are specialist exploration and production companies.
Etihad Airways Is Said to Seek $600 Million Loan for Planes - Bloomberg
Etihad Airways Is Said to Seek $600 Million Loan for Planes - Bloomberg:
Etihad Airways PJSC is seeking a loan of about $600 million to help make initial payments for planes, according to people familiar with the matter.
Abu Dhabi’s state-owned carrier is arranging the loan on its own and has reached out to banks that may be willing to provide the unsecured facility with maturity of one or two years, said the people, who asked not to be identified because the information is private. A spokesman for Etihad Airways said the company doesn’t comment on rumors or speculation.
Etihad Airways has 43 unfilled orders from the Boeing Co.’s 787 family, according to a Boeing January report.
Etihad Airways PJSC is seeking a loan of about $600 million to help make initial payments for planes, according to people familiar with the matter.
Abu Dhabi’s state-owned carrier is arranging the loan on its own and has reached out to banks that may be willing to provide the unsecured facility with maturity of one or two years, said the people, who asked not to be identified because the information is private. A spokesman for Etihad Airways said the company doesn’t comment on rumors or speculation.
Etihad Airways has 43 unfilled orders from the Boeing Co.’s 787 family, according to a Boeing January report.
The next chapter in oil benchmarks? | ZAWYA MENA Edition
The next chapter in oil benchmarks? | ZAWYA MENA Edition:
What can be guaranteed looking at well-trodden mountain range paths? All are interconnected. Consider that the range represents the global oil market and that each path is an oil price benchmark.
No benchmark works in isolation, each act as a ‘guide’ to offer market participants the necessary transparency to trek the summits of success in trading ecosystems. The robustness of these symbiotic relationships—in the Middle East and beyond—has a major bearing on the black gold market.
Three benchmark markets largely define global crude oil trading— Brent, WTI and Dubai—with Brent having the widest and deepest global reach of the three.
What can be guaranteed looking at well-trodden mountain range paths? All are interconnected. Consider that the range represents the global oil market and that each path is an oil price benchmark.
No benchmark works in isolation, each act as a ‘guide’ to offer market participants the necessary transparency to trek the summits of success in trading ecosystems. The robustness of these symbiotic relationships—in the Middle East and beyond—has a major bearing on the black gold market.
Three benchmark markets largely define global crude oil trading— Brent, WTI and Dubai—with Brent having the widest and deepest global reach of the three.
#Iran, #Iraq agree deal to develop two oilfields - Reuters
Iran, Iraq agree deal to develop two oilfields - Reuters:
Iran and Iraq have come to an agreement about developing two oilfields on their mutual border, Iran’s Oil Minister Bijan Zanganeh was quoted saying on Sunday.
The agreement is for the development of the Naft Shahr and Khorramshahr oilfields, Zanganeh said, according to a report on Iran’s oil ministry website.
The report gave no details on what the agreement involved, how much investment would be made, or what timescale was envisaged for the project.
Iran and Iraq have come to an agreement about developing two oilfields on their mutual border, Iran’s Oil Minister Bijan Zanganeh was quoted saying on Sunday.
The agreement is for the development of the Naft Shahr and Khorramshahr oilfields, Zanganeh said, according to a report on Iran’s oil ministry website.
The report gave no details on what the agreement involved, how much investment would be made, or what timescale was envisaged for the project.
#Dubai says foreign direct investment increased 41 percent in 2018 - Reuters
Dubai says foreign direct investment increased 41 percent in 2018 - Reuters:
Foreign direct investment (FDI) in Dubai rose 41 percent in 2018 compared to one year earlier, the government said on Sunday.
The second-largest of the seven-member United Arab Emirates federation received 38.5 billion dirhams ($10.5 billion) in FDI capital flows in 2018, the statement said.
The United States, India, Spain, China and the United Kingdom accounted for 70 percent of that figure.
Foreign direct investment (FDI) in Dubai rose 41 percent in 2018 compared to one year earlier, the government said on Sunday.
The second-largest of the seven-member United Arab Emirates federation received 38.5 billion dirhams ($10.5 billion) in FDI capital flows in 2018, the statement said.
The United States, India, Spain, China and the United Kingdom accounted for 70 percent of that figure.
MIDEAST STOCKS- #Dubai continues hot streak, #AbuDhabi up on ADNOC Distribution - Reuters
MIDEAST STOCKS-Dubai continues hot streak, Abu Dhabi up on ADNOC Distribution - Reuters:
The Dubai stock market continued its winning streak on Sunday, while Abu Dhabi also rose, boosted by ADNOC Distribution.
The Dubai index increased 0.43 percent, rising for its seventh straight session. Union Properties was by far the most traded stock, gaining 1.1 percent.
Emirates NBD Bank was up 1.27 percent following its announcement last week that it will buy Denizbank .
The Dubai stock market continued its winning streak on Sunday, while Abu Dhabi also rose, boosted by ADNOC Distribution.
The Dubai index increased 0.43 percent, rising for its seventh straight session. Union Properties was by far the most traded stock, gaining 1.1 percent.
Emirates NBD Bank was up 1.27 percent following its announcement last week that it will buy Denizbank .
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