Where foreigners can buy freehold property in Abu Dhabi - The National:
Under Abu Dhabi’s new freehold law, foreign investors can buy property for the first time in the emirate within designated investment zones, which include private resort Nurai Island, eco-friendly Masdar City and Al Maryah Island, the location of the capital's future start-up centre Hub71.
The National received the full list of the designated zones from the Department of Urban Planning and Municipalities. Here is where non-GCC nationals can buy freehold property:
Sunday, 21 April 2019
Aramco floats downstream in deals flurry | Arab News
Aramco floats downstream in deals flurry | Arab News:
Suddenly, Saudi Aramco is a blurred frenzy of corporate activity. In a little under a month, the KSA oil giant has pulled off some of the biggest deals in the business world this year, and enhanced its reputation beyond crude oil into the fields of finance, petrochemicals and refining. Whatever next?
Since late last month, when Aramco announced it had agreed terms to clinch the purchase of a majority stake in SABIC — the biggest corporate transaction in the Kingdom’s history — it has gone on to break all records for emerging market debt issuance with the $12 billion bond that attracted eight times that amount in interest from global investors.
Then came the $1.25 billion deal to acquire a 17 percent stake in South Korea’s Hyundai Oilbank, followed a couple of days later with news of a possible $15 billion deal to take a stake of up to 25 percent in the refining and petrochemicals business of Reliance Industries of India. Finally — though the deals are coming so fast there is no guarantee of any finality — it was announced that Aramco has signed up to buy from Royal Dutch Shell the 50 percent it does not already own of the SASREF refining joint venture in the Kingdom.
Suddenly, Saudi Aramco is a blurred frenzy of corporate activity. In a little under a month, the KSA oil giant has pulled off some of the biggest deals in the business world this year, and enhanced its reputation beyond crude oil into the fields of finance, petrochemicals and refining. Whatever next?
Since late last month, when Aramco announced it had agreed terms to clinch the purchase of a majority stake in SABIC — the biggest corporate transaction in the Kingdom’s history — it has gone on to break all records for emerging market debt issuance with the $12 billion bond that attracted eight times that amount in interest from global investors.
Then came the $1.25 billion deal to acquire a 17 percent stake in South Korea’s Hyundai Oilbank, followed a couple of days later with news of a possible $15 billion deal to take a stake of up to 25 percent in the refining and petrochemicals business of Reliance Industries of India. Finally — though the deals are coming so fast there is no guarantee of any finality — it was announced that Aramco has signed up to buy from Royal Dutch Shell the 50 percent it does not already own of the SASREF refining joint venture in the Kingdom.
GCC debt market continues to be strong - The Peninsula Qatar
GCC debt market continues to be strong - The Peninsula Qatar:
Sovereign bond issuances dominated GCC’s debt market activity in the first quarter of 2019, with notable multi-tranche issuances by the State of Qatar and the Saudi Arabia.
The PwC GCC Capital Market Watch for Q1, 2019 noted that Qatar issued $12.0bn worth of sovereign bonds in three tranches: a $6.0bn tranche with a coupon rate of 4.8 percent, maturing in 30 years; a $4.0bn tranche with a coupon rate of 4.0 percent, maturing in 10 years and a $2.0bn tranche with a coupon rate of 3.4 percent, maturing in five years. QNB Finance Limited issued a single tranche of corporate bonds with a coupon rate of 3.5 percent, maturing in five years.
The inclusion of GCC sovereign bonds to JP Morgan’s Emerging Market Bond Index (EMBI) from January 2019 is expected to further boost the demand for GCC sovereign bonds, as evidenced by the over-subscription of Qatar and recent Saudi bond issuances.
Sovereign bond issuances dominated GCC’s debt market activity in the first quarter of 2019, with notable multi-tranche issuances by the State of Qatar and the Saudi Arabia.
The PwC GCC Capital Market Watch for Q1, 2019 noted that Qatar issued $12.0bn worth of sovereign bonds in three tranches: a $6.0bn tranche with a coupon rate of 4.8 percent, maturing in 30 years; a $4.0bn tranche with a coupon rate of 4.0 percent, maturing in 10 years and a $2.0bn tranche with a coupon rate of 3.4 percent, maturing in five years. QNB Finance Limited issued a single tranche of corporate bonds with a coupon rate of 3.5 percent, maturing in five years.
The inclusion of GCC sovereign bonds to JP Morgan’s Emerging Market Bond Index (EMBI) from January 2019 is expected to further boost the demand for GCC sovereign bonds, as evidenced by the over-subscription of Qatar and recent Saudi bond issuances.
#Dubai's economic growth will accelerate in 2019 and 2020 - Khaleej Times
Dubai's economic growth will accelerate in 2019 and 2020 - Khaleej Times:
Dubai's economic growth will accelerate in 2019 and 2020, with tourism, logistics, transport, wholesale and retail sectors replacing the real estate as main growth driver next year, official data showed.
Data released by Dubai Economy on Sunday showed that Dubai's GDP grew 1.94 per cent last year but it will pick up to 2.1 per cent this year and 3.8 per cent next year before easing to 2.8 per cent in 2021.
The emirate's economy will continue to rely on real estate as its main growth driver at 3.65 per cent for 2019 followed by 3.1 per cent for logistics and transport; 2.8 per cent growth in tourism; 2.4 per cent in financial services and 1.9 per cent in wholesale and retail trade.
Dubai's economic growth will accelerate in 2019 and 2020, with tourism, logistics, transport, wholesale and retail sectors replacing the real estate as main growth driver next year, official data showed.
Data released by Dubai Economy on Sunday showed that Dubai's GDP grew 1.94 per cent last year but it will pick up to 2.1 per cent this year and 3.8 per cent next year before easing to 2.8 per cent in 2021.
The emirate's economy will continue to rely on real estate as its main growth driver at 3.65 per cent for 2019 followed by 3.1 per cent for logistics and transport; 2.8 per cent growth in tourism; 2.4 per cent in financial services and 1.9 per cent in wholesale and retail trade.
Once A-Rated at S&P, #Oman Now Risks Descending Deeper Into Junk - Bloomberg
Once A-Rated at S&P, Oman Now Risks Descending Deeper Into Junk - Bloomberg:
S&P Global Ratings started a 12-month countdown for Oman to steady its public finances and stop loading up on external debt -- or risk an even deeper descent into junk.
Rated A by S&P as recently as four years ago, the company put the sultanate on notice on Friday by cutting the outlook to negative while affirming its debt score at BB, two levels below investment grade and on par with Paraguay and Serbia. Both Fitch Ratings and Moody’s Investors Service have Oman one notch higher than S&P.
S&P Global Ratings started a 12-month countdown for Oman to steady its public finances and stop loading up on external debt -- or risk an even deeper descent into junk.
Rated A by S&P as recently as four years ago, the company put the sultanate on notice on Friday by cutting the outlook to negative while affirming its debt score at BB, two levels below investment grade and on par with Paraguay and Serbia. Both Fitch Ratings and Moody’s Investors Service have Oman one notch higher than S&P.
MIDEAST STOCKS- #AbuDhabi outperforms on financials and real estate, most Gulf markets rise - Reuters
MIDEAST STOCKS-Abu Dhabi outperforms on financials and real estate, most Gulf markets rise - Reuters:
Abu Dhabi stocks outperformed
Gulf markets on Sunday on expectations that banks and real
estate companies will benefit from new rules which would allow
foreigners to own land and property in investment areas on a
freehold basis.
The Abu Dhabi index rose 1 percent, lifted by RAK
Properties, up 2.7 percent, and Aldar Properties
, up 2.1 percent.
Abu Dhabi Commercial Bank rose 1.8 percent and
Union National Bank rose 2.3 percent.
Abu Dhabi stocks outperformed
Gulf markets on Sunday on expectations that banks and real
estate companies will benefit from new rules which would allow
foreigners to own land and property in investment areas on a
freehold basis.
The Abu Dhabi index rose 1 percent, lifted by RAK
Properties, up 2.7 percent, and Aldar Properties
, up 2.1 percent.
Abu Dhabi Commercial Bank rose 1.8 percent and
Union National Bank rose 2.3 percent.
#SaudiArabia's Al Rajhi Bank to boost mortgage lending - CEO | ZAWYA MENA Edition
Saudi Arabia's Al Rajhi Bank to boost mortgage lending - CEO | ZAWYA MENA Edition:
Al Rajhi Bank, Saudi Arabia’s biggest Islamic lender, aims to boost mortgage lending as more affordable housing comes on the market, its chief executive told Reuters.
The bank's mortgage book grew 27 percent year-on-year in 2018 and it is looking for double digit growth for the next two to three years, Steve Bertamini said in an interview.
The kingdom has been working with developers and local banks to solve one of Saudi Arabia’s biggest social and economic problems - a shortage of affordable housing. Saudi Arabia wants 60 percent of its nationals to own homes by 2020, up from 47 percent in 2016.
Al Rajhi Bank, Saudi Arabia’s biggest Islamic lender, aims to boost mortgage lending as more affordable housing comes on the market, its chief executive told Reuters.
The bank's mortgage book grew 27 percent year-on-year in 2018 and it is looking for double digit growth for the next two to three years, Steve Bertamini said in an interview.
The kingdom has been working with developers and local banks to solve one of Saudi Arabia’s biggest social and economic problems - a shortage of affordable housing. Saudi Arabia wants 60 percent of its nationals to own homes by 2020, up from 47 percent in 2016.
Owner of #AbuDhabi's Al Hilal Bank appoints chairman and CEO | ZAWYA MENA Edition
Owner of Abu Dhabi's Al Hilal Bank appoints chairman and CEO | ZAWYA MENA Edition:
Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB) ADCB.AD , which is expected to merge with Al Hilal Bank and Union National Bank (UNB) UNB.AD in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB) ADCB.AD , which is expected to merge with Al Hilal Bank and Union National Bank (UNB) UNB.AD in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
BP leads $6bn of fresh investment in Azeri oil project | Financial Times
BP leads $6bn of fresh investment in Azeri oil project | Financial Times:
A BP-led consortium will spend $6bn on expanding a major offshore oil project in Azerbaijan, deepening the energy company’s ties to the country and prolonging the life of one of the biggest oilfields in the Caucasus region.
The investment is the first since a 2017 decision by BP and its partners to commit to the $36bn Caspian Sea project until 2049, and will significantly increase output from the “supergiant” field.
BP, which operates the project alongside Azerbaijan’s state oil company SOCAR, and international partners including Chevron and ExxonMobil, said a new offshore platform would increase production from the Azeri-Chirag-Deepwater Gunashli (ACG) field by 100,000 barrels a day.
A BP-led consortium will spend $6bn on expanding a major offshore oil project in Azerbaijan, deepening the energy company’s ties to the country and prolonging the life of one of the biggest oilfields in the Caucasus region.
The investment is the first since a 2017 decision by BP and its partners to commit to the $36bn Caspian Sea project until 2049, and will significantly increase output from the “supergiant” field.
BP, which operates the project alongside Azerbaijan’s state oil company SOCAR, and international partners including Chevron and ExxonMobil, said a new offshore platform would increase production from the Azeri-Chirag-Deepwater Gunashli (ACG) field by 100,000 barrels a day.
Sovereign wealth funds lay foundations for a low-oil future | Financial Times
Sovereign wealth funds lay foundations for a low-oil future | Financial Times:
Norway’s plan to ditch a host of oil and gas companies has highlighted the pressure on petroleum-rich sovereign funds to cut their exposure to a sector that is facing serious questions from investors over its long-term prospects.
Norway’s $1tn sovereign wealth fund, the biggest in the world, last month said it planned to divest holdings worth about $7.5bn from oil and gas companies that focus on exploration and production.
It stopped short of dumping larger energy companies such as BP and ExxonMobil but the move, which is subject to parliamentary approval, is still likely to result in one of the largest divestments of fossil fuel assets. The fund owns oil and gas shares worth about $37bn in its $623bn equities portfolio.
Norway’s plan to ditch a host of oil and gas companies has highlighted the pressure on petroleum-rich sovereign funds to cut their exposure to a sector that is facing serious questions from investors over its long-term prospects.
Norway’s $1tn sovereign wealth fund, the biggest in the world, last month said it planned to divest holdings worth about $7.5bn from oil and gas companies that focus on exploration and production.
It stopped short of dumping larger energy companies such as BP and ExxonMobil but the move, which is subject to parliamentary approval, is still likely to result in one of the largest divestments of fossil fuel assets. The fund owns oil and gas shares worth about $37bn in its $623bn equities portfolio.
Bahrain's GIB Establishes #Saudi Arm With $2 Billion Capital - Bloomberg
Bahrain's GIB Establishes Saudi Arm With $2 Billion Capital - Bloomberg:
Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capital, as the lender looks to boost its presence in the kingdom.
The bank’s Saudi arm will be owned equally by GIB, as the Bahraini lender is known, and Saudi Arabia’s Public Investment Fund, according to a statement. Abdulla bin Mohammed Al Zamil is chairman of GIB Saudi Arabia, while GIB Chief Executive Officer Abdulaziz bin Abdulrahman Al-Helaissi will be executive director and CEO of the Saudi business.
Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capital, as the lender looks to boost its presence in the kingdom.
The bank’s Saudi arm will be owned equally by GIB, as the Bahraini lender is known, and Saudi Arabia’s Public Investment Fund, according to a statement. Abdulla bin Mohammed Al Zamil is chairman of GIB Saudi Arabia, while GIB Chief Executive Officer Abdulaziz bin Abdulrahman Al-Helaissi will be executive director and CEO of the Saudi business.
Aramco to buy Shell's 50 percent stake in #Saudi refining JV for $631 million - Reuters
Aramco to buy Shell's 50 percent stake in Saudi refining JV for $631 million - Reuters:
Saudi Aramco said on Sunday it would acquire Royal Dutch Shell’s 50 percent stake in Saudi refining joint venture SASREF for $631 million.
The sale is expected to complete later this year, the two companies said in a joint statement.
Saudi Aramco Shell Refinery Co (SASREF), based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd).
Saudi Aramco said on Sunday it would acquire Royal Dutch Shell’s 50 percent stake in Saudi refining joint venture SASREF for $631 million.
The sale is expected to complete later this year, the two companies said in a joint statement.
Saudi Aramco Shell Refinery Co (SASREF), based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd).
MIDEAST STOCKS-SABB's HSBC deal lifts #Saudi, major Gulf markets rise - Reuters
MIDEAST STOCKS-SABB's HSBC deal lifts Saudi, major Gulf markets rise - Reuters:
Saudi British Bank (SABB) rose on Sunday after the lender said it agreed to sell 2 percent of HSBC Saudi Arabia, its investment bank, while Gulf stocks were higher as companies begin to report first-quarter earnings.
SABB was up 0.4 percent. The lender said the value of the sale was 36 million riyals ($9.60 million). Following the completion of the transaction, SABB will own 49 percent, while HSBC Asia Holdings will own 51 percent in HSBC Saudi Arabia.
Saudi Arabia’s main index, the Tadawul All-Share benchmark , was up 0.04 percent.
Saudi British Bank (SABB) rose on Sunday after the lender said it agreed to sell 2 percent of HSBC Saudi Arabia, its investment bank, while Gulf stocks were higher as companies begin to report first-quarter earnings.
SABB was up 0.4 percent. The lender said the value of the sale was 36 million riyals ($9.60 million). Following the completion of the transaction, SABB will own 49 percent, while HSBC Asia Holdings will own 51 percent in HSBC Saudi Arabia.
Saudi Arabia’s main index, the Tadawul All-Share benchmark , was up 0.04 percent.
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