Abraaj arrests show long arm of the law amid need for tighter controls - The National:
Fourteen months after concerned investors commissioned an investigation into a $1 billion (Dh3.67bn) healthcare fund managed by the Abraaj Group, two former executives were charged with fraud in the US.
The arrests underscore the long arm of the law across jurisdictions and demonstrates that companies seeking international investment must withstand heightened scrutiny and demonstrate transparency, analysts say.
The arrests of Abraaj founder Arif Naqvi and former managing partner Mustafa Abdel-Wadood last week sent shock waves through the finance industry as it revealed the depth of the company's troubles. The scandal has also highlighted the need for local regulators to prosecute companies when corporate governance fails, according to asset managers, former Abraaj employees and analysts. International frameworks for financial regulation means executives committing a crime in one jurisdiction can be liable for their illegal activity in another.
Sunday 14 April 2019
Insurance, industrial and telecom sectors weigh on QSE
Insurance, industrial and telecom sectors weigh on QSE:
Qatar Stock Exchange on Sunday opened the week weak, mainly dragged by insurance, industrial and telecom sectors, but remained above 10,200 levels.
Foreign funds turned bearish and domestic institutions were increasingly net sellers as the 20-stock Qatar Index settled 0.23% higher at 10,235.76 points.
However, local retail investors and Gulf institutions turned bullish in the market, whose sensitive index is down 0.61% year-to-date.
Qatar Stock Exchange on Sunday opened the week weak, mainly dragged by insurance, industrial and telecom sectors, but remained above 10,200 levels.
Foreign funds turned bearish and domestic institutions were increasingly net sellers as the 20-stock Qatar Index settled 0.23% higher at 10,235.76 points.
However, local retail investors and Gulf institutions turned bullish in the market, whose sensitive index is down 0.61% year-to-date.
FAB's Foreign-Ownership Change Lifts #AbuDhabi Stocks: Inside EM - Bloomberg
FAB's Foreign-Ownership Change Lifts Abu Dhabi Stocks: Inside EM - Bloomberg:
Stocks in Abu Dhabi reached their highest since September 2014 after the main gauge’s largest constituent implemented a decision to raise its foreign ownership limit.
First Abu Dhabi Bank PJSC shares advanced 5 percent, the most in a month. The raised cap for foreigners could trigger passive inflows of about $730 million from investors tracking MSCI Inc. and FTSE Russell benchmarks by June, according to estimates by Mohamad Al Hajj, an equities strategist at EFG-Hermes in Dubai.
“FAB’s weight in the MSCI Emerging Markets index will increase from about 21 basis points to 32 basis points, putting it in the Top 15 banks in EM by weight, from number 33 currently,” he wrote.
Stocks in Abu Dhabi reached their highest since September 2014 after the main gauge’s largest constituent implemented a decision to raise its foreign ownership limit.
First Abu Dhabi Bank PJSC shares advanced 5 percent, the most in a month. The raised cap for foreigners could trigger passive inflows of about $730 million from investors tracking MSCI Inc. and FTSE Russell benchmarks by June, according to estimates by Mohamad Al Hajj, an equities strategist at EFG-Hermes in Dubai.
“FAB’s weight in the MSCI Emerging Markets index will increase from about 21 basis points to 32 basis points, putting it in the Top 15 banks in EM by weight, from number 33 currently,” he wrote.
The Economic Chill Gripping #Dubai in Five Charts - Bloomberg
The Economic Chill Gripping Dubai in Five Charts - Bloomberg:
Dubai’s $108 billion economy is still eking out growth, but distress is increasingly felt far beyond its bellwether property industry.
Despite the emirate’s standing as the Middle East’s commercial hub, businesses are pulling up stakes and private schools are suffering from tepid growth in student numbers. Dubai’s gross domestic product last year expanded at the weakest clip since 2010.
Figures published on Dubai’s statistics center website paint a picture of an economy still struggling to find its footing last year despite an improving outlook for crude.
Dubai’s $108 billion economy is still eking out growth, but distress is increasingly felt far beyond its bellwether property industry.
Despite the emirate’s standing as the Middle East’s commercial hub, businesses are pulling up stakes and private schools are suffering from tepid growth in student numbers. Dubai’s gross domestic product last year expanded at the weakest clip since 2010.
Figures published on Dubai’s statistics center website paint a picture of an economy still struggling to find its footing last year despite an improving outlook for crude.
MIDEAST STOCKS- #AbuDhabi hits multi-year on FAB foreign ownership change - Reuters
MIDEAST STOCKS-Abu Dhabi hits multi-year on FAB foreign ownership change - Reuters:
Abu Dhabi stocks closed up 2.4 percent on Sunday, reaching a four-and-a-half year high as First Abu Dhabi Bank (FAB) surged after it obtained regulatory approval to increase its foreign ownership limit.
Other Gulf markets were weak.
Foreigners will be allowed to own as much as 40 percent of FAB stock, up from a previous limit of 25 percent, lifting FAB shares by almost 5 percent.
Abu Dhabi stocks closed up 2.4 percent on Sunday, reaching a four-and-a-half year high as First Abu Dhabi Bank (FAB) surged after it obtained regulatory approval to increase its foreign ownership limit.
Other Gulf markets were weak.
Foreigners will be allowed to own as much as 40 percent of FAB stock, up from a previous limit of 25 percent, lifting FAB shares by almost 5 percent.
#Saudi wealth fund in talks to raise up to $8 bln bridge loan -sources - Reuters
Saudi wealth fund in talks to raise up to $8 bln bridge loan -sources - Reuters:
Saudi Arabia’s Public Investment Fund (PIF) is in talks with banks to raise a short-term bridge loan for as much as $8 billion to use for new investments, two sources said.
The sovereign wealth fund finalised a deal last month to sell its 70 percent stake in Saudi Basic Industries (Sabic) to Saudi Aramco for $69.1 billion.
Proceeds from the Sabic deal, which Saudi Aramco has said is expected to close in 2020, could take a few months to come through to PIF, while a document seen by Reuters said the oil giant will pay for the deal in tranches.
Saudi Arabia’s Public Investment Fund (PIF) is in talks with banks to raise a short-term bridge loan for as much as $8 billion to use for new investments, two sources said.
The sovereign wealth fund finalised a deal last month to sell its 70 percent stake in Saudi Basic Industries (Sabic) to Saudi Aramco for $69.1 billion.
Proceeds from the Sabic deal, which Saudi Aramco has said is expected to close in 2020, could take a few months to come through to PIF, while a document seen by Reuters said the oil giant will pay for the deal in tranches.
Iran says U.S. pressures on Iran, Venezuela making oil market fragile - Reuters
Iran says U.S. pressures on Iran, Venezuela making oil market fragile - Reuters:
Iran’s oil minister said on Sunday that U.S. sanctions on Iran and Venezuela and tensions in Libya have made the supply-demand balance in the global oil market fragile, and warned of consequences for increasing pressures on Tehran.
Oil prices have risen more than 30 percent this year on the back of supply cuts led by the Organization of the Petroleum Exporting Countries and U.S. sanctions on oil exporters Iran and Venezuela, plus escalating conflict in OPEC member Libya.
“Oil prices are increasing every day. That shows the market is worried,” Bijan Zanganeh was quoted as saying by Tasnim news agency.
Iran’s oil minister said on Sunday that U.S. sanctions on Iran and Venezuela and tensions in Libya have made the supply-demand balance in the global oil market fragile, and warned of consequences for increasing pressures on Tehran.
Oil prices have risen more than 30 percent this year on the back of supply cuts led by the Organization of the Petroleum Exporting Countries and U.S. sanctions on oil exporters Iran and Venezuela, plus escalating conflict in OPEC member Libya.
“Oil prices are increasing every day. That shows the market is worried,” Bijan Zanganeh was quoted as saying by Tasnim news agency.
DIB seeks to expand activities, mulls acquisitions | ZAWYA MENA Edition
DIB seeks to expand activities, mulls acquisitions | ZAWYA MENA Edition:
Dubai Islamic Bank (DIB) is looking at opportunities to support the expansion of its activities.
To this end, the UAE's largest Islamic Bank might acquire financial institutions in line with the bank’s strategy and directions of its shareholders and board of directors, the lender said in a statement to the Dubai Financial Market (DFM) on Sunday.
DIB is in talks to acquire Noor Bank, but negotiations are still at an early stage, Bloomberg previously reported.
Dubai Islamic Bank (DIB) is looking at opportunities to support the expansion of its activities.
To this end, the UAE's largest Islamic Bank might acquire financial institutions in line with the bank’s strategy and directions of its shareholders and board of directors, the lender said in a statement to the Dubai Financial Market (DFM) on Sunday.
DIB is in talks to acquire Noor Bank, but negotiations are still at an early stage, Bloomberg previously reported.
#Dubai International Runway Closure May Cut Seats by 29 Percent - Bloomberg
Dubai International Runway Closure May Cut Seats by 29 Percent - Bloomberg:
Available airline seats at Dubai International will decline by 29 percent as the world’s busiest airport upgrades a runway.
Dubai Airports will commence the 45-day long refurbishment of the southern runway at Dubai International at 3 p.m. on April 16, it said in an emailed statement on Sunday. “The runway is nearing the end of its design life and requires a complete upgrade to accommodate future traffic growth,” it said.
Dubai Airports will move some flights to the city’s second airport in the south, Dubai World Central, to try to reduce the impact, according to the statement. As a result, the number of seats across Dubai will decline by 20 percent.
Available airline seats at Dubai International will decline by 29 percent as the world’s busiest airport upgrades a runway.
Dubai Airports will commence the 45-day long refurbishment of the southern runway at Dubai International at 3 p.m. on April 16, it said in an emailed statement on Sunday. “The runway is nearing the end of its design life and requires a complete upgrade to accommodate future traffic growth,” it said.
Dubai Airports will move some flights to the city’s second airport in the south, Dubai World Central, to try to reduce the impact, according to the statement. As a result, the number of seats across Dubai will decline by 20 percent.
#Saudi Wealth Fund Said to Seek Bridge Loan of Up to $8 Billion - Bloomberg
Saudi Wealth Fund Said to Seek Bridge Loan of Up to $8 Billion - Bloomberg:
Saudi Arabia’s sovereign wealth fund has started preliminary talks with banks to raise a loan expected to be between $5 billion and $8 billion as it seeks funding for new investments to diversify the kingdom’s economy, people familiar with the matter said.
The Public Investment Fund, or PIF, is looking for a bridge loan that will be fully underwritten by lenders and would be repaid with proceeds from the $69.1 billion sale of its stake in Saudi Basic Industries Corp. to Saudi Aramco, the people said, asking not to be identified because the information is private. Talks with banks are still at an early stage and the final size of the loan will depend on their response, the people said.
A spokesman for the PIF said its funding strategy includes “four sources of finance, including capital injections and asset transfers by the government, retained investment returns, and loans and debt instruments.” He declined to comment further.
Saudi Arabia’s sovereign wealth fund has started preliminary talks with banks to raise a loan expected to be between $5 billion and $8 billion as it seeks funding for new investments to diversify the kingdom’s economy, people familiar with the matter said.
The Public Investment Fund, or PIF, is looking for a bridge loan that will be fully underwritten by lenders and would be repaid with proceeds from the $69.1 billion sale of its stake in Saudi Basic Industries Corp. to Saudi Aramco, the people said, asking not to be identified because the information is private. Talks with banks are still at an early stage and the final size of the loan will depend on their response, the people said.
A spokesman for the PIF said its funding strategy includes “four sources of finance, including capital injections and asset transfers by the government, retained investment returns, and loans and debt instruments.” He declined to comment further.
#AbuDhabi's pension fund joins KKR, BlackRock in ADNOC pipeline deal | ZAWYA MENA Edition
Abu Dhabi's pension fund joins KKR, BlackRock in ADNOC pipeline deal | ZAWYA MENA Edition:
Abu Dhabi National Oil Company (ADNOC) said on Sunday that Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) has signed a deal to invest in a pipeline infrastructure entity that ADNOC is setting up with BlackRock and KKR.
ADRPBF will invest 1.1 billion dirhams ($300 million) and will acquire a 3 percent stake in the newly formed entity, ADNOC Oil Pipelines, with BlackRock and KKR together holding 40 percent and ADNOC the remaining 57 percent, ADNOC said in a statement.
In February, ADNOC sealed a $4 billion midstream pipeline infrastructure deal with U.S. investment firms KKR and BlackRock.
Abu Dhabi National Oil Company (ADNOC) said on Sunday that Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) has signed a deal to invest in a pipeline infrastructure entity that ADNOC is setting up with BlackRock and KKR.
ADRPBF will invest 1.1 billion dirhams ($300 million) and will acquire a 3 percent stake in the newly formed entity, ADNOC Oil Pipelines, with BlackRock and KKR together holding 40 percent and ADNOC the remaining 57 percent, ADNOC said in a statement.
In February, ADNOC sealed a $4 billion midstream pipeline infrastructure deal with U.S. investment firms KKR and BlackRock.
National Bank of #Kuwait Q1 net profit up 15.1 pct, beats forecasts - Reuters
National Bank of Kuwait Q1 net profit up 15.1 pct, beats forecasts - Reuters:
National Bank of Kuwait , the country’s biggest lender, reported a 15.1 percent rise in first-quarter profit, helped by higher net interest income and lower provisioning charges, beating analysts’ forecasts.
The bank said net profit totalled 107.7 million kuwaiti dinars ($354.45 million) during the January to March period, up from 93.6 million dinars a year earlier.
EFG Hermes had made a net profit projection for NBK of 100 dinars for the period, while SICO Bahrain had an estimate of 96 million dinars.
National Bank of Kuwait , the country’s biggest lender, reported a 15.1 percent rise in first-quarter profit, helped by higher net interest income and lower provisioning charges, beating analysts’ forecasts.
The bank said net profit totalled 107.7 million kuwaiti dinars ($354.45 million) during the January to March period, up from 93.6 million dinars a year earlier.
EFG Hermes had made a net profit projection for NBK of 100 dinars for the period, while SICO Bahrain had an estimate of 96 million dinars.
MIDEAST STOCKS- #AbuDhabi outperforms on FAB's foreign ownership limit increase - Reuters
MIDEAST STOCKS-Abu Dhabi outperforms on FAB's foreign ownership limit increase - Reuters:
Abu Dhabi stocks climbed over 2 percent early on Sunday, outperforming other Gulf bourses, as First Abu Dhabi Bank (FAB) surged to a more than two-month high after it obtained regulatory approval to increase its foreign ownership limit.
Foreigners will be allowed to own as much as 40 percent of FAB stock from a previous limit of 25 percent, lifting FAB shares by as much as 4.6 percent.
At 0712 GMT, FAB shares were trading at 15.52 dirhams ($4.23), their highest level since early February.
Abu Dhabi stocks climbed over 2 percent early on Sunday, outperforming other Gulf bourses, as First Abu Dhabi Bank (FAB) surged to a more than two-month high after it obtained regulatory approval to increase its foreign ownership limit.
Foreigners will be allowed to own as much as 40 percent of FAB stock from a previous limit of 25 percent, lifting FAB shares by as much as 4.6 percent.
At 0712 GMT, FAB shares were trading at 15.52 dirhams ($4.23), their highest level since early February.
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