Former Abraaj director fights on in London extradition battle - The National:
A recently arrested senior director of the now-defunct private equity firm Abraaj has been permitted by a London judge to alter the place where he checked in with police as part of his bail conditions.
Sivendran Vettivetpillai is fighting an American extradition request over accusations by US prosecutors that he fraudulent misaproaopted millions of dollars.
A week ago, Mr Vettivetpillai became the third former director of Abraaj to be detained amid the aftermath of the industry giant’s insolvency. US prosecutors allege he duped investors, which include the Bill & Melinda Gates Foundation.
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Thursday 25 April 2019
#SaudiArabia considers relaxing ownership limits for foreign investors | Business | The Journal Pioneer
Saudi Arabia considers relaxing ownership limits for foreign investors | Business | The Journal Pioneer:
Saudi Arabia’s Capital Market Authority (CMA) is considering relaxing a 49 percent limit for foreign strategic investors in shares of listed companies due to increased demand, its chairman said on Thursday.
Foreigners currently own 5.5 percent of Saudi equities but that could nearly double by the end of 2020, Mohammed El Kuwaiz said in an interview on the sidelines of a financial conference in Riyadh.
"We found most strategic investors are maybe looking to build more sizeable stakes," Kuwaiz said.
Saudi Arabia’s Capital Market Authority (CMA) is considering relaxing a 49 percent limit for foreign strategic investors in shares of listed companies due to increased demand, its chairman said on Thursday.
Foreigners currently own 5.5 percent of Saudi equities but that could nearly double by the end of 2020, Mohammed El Kuwaiz said in an interview on the sidelines of a financial conference in Riyadh.
"We found most strategic investors are maybe looking to build more sizeable stakes," Kuwaiz said.
#Saudi Wealth Fund on Track to Manage $400 Billion Assets in 2020 - Bloomberg
Saudi Wealth Fund on Track to Manage $400 Billion Assets in 2020 - Bloomberg:
Saudi Arabia’s sovereign wealth fund is on track to manage $400 billion of assets by the end of next year, its head of corporate finance and treasury said.
“We are going to become one of the largest and most impactful sovereign wealth funds in the world," Alireza Zaimi said at a financial summit in Riyadh. “We are growing our assets faster on the international pool as we are trying to diversify, and increase the size and proportion of our international assets.”
Saudi Arabia is seeking to transform the Public Investment Fund from a domestic holding company into the world’s largest sovereign fund. It’s already made a series of investments in companies such as Tesla Inc. and Uber Technologies Inc. as well as a $45 billion commitment to SoftBank Group Corp.’s Vision Fund.
Saudi Arabia’s sovereign wealth fund is on track to manage $400 billion of assets by the end of next year, its head of corporate finance and treasury said.
“We are going to become one of the largest and most impactful sovereign wealth funds in the world," Alireza Zaimi said at a financial summit in Riyadh. “We are growing our assets faster on the international pool as we are trying to diversify, and increase the size and proportion of our international assets.”
Saudi Arabia is seeking to transform the Public Investment Fund from a domestic holding company into the world’s largest sovereign fund. It’s already made a series of investments in companies such as Tesla Inc. and Uber Technologies Inc. as well as a $45 billion commitment to SoftBank Group Corp.’s Vision Fund.
#Israel to Participate in 2020 #Dubai Expo as Ties With Gulf Warm - Bloomberg
Israel to Participate in 2020 Dubai Expo as Ties With Gulf Warm - Bloomberg:
Israel said Thursday it will take part in next year’s World Expo in Dubai, a further sign of improving ties with Persian Gulf states that once shunned contact with it.
“We look forward to sharing our innovative spirit and the advances our entrepreneurs and innovators are making in the various fields such as water, information and medical technologies,” the Foreign Ministry said in a statement.
In a statement on the Expo’s official website, organizers noted they had invited “all countries” to take part, and that 192 had accepted. It didn’t mention Israel by name.
Israel said Thursday it will take part in next year’s World Expo in Dubai, a further sign of improving ties with Persian Gulf states that once shunned contact with it.
“We look forward to sharing our innovative spirit and the advances our entrepreneurs and innovators are making in the various fields such as water, information and medical technologies,” the Foreign Ministry said in a statement.
In a statement on the Expo’s official website, organizers noted they had invited “all countries” to take part, and that 192 had accepted. It didn’t mention Israel by name.
Aramco Cash Behind #Saudi Oil Revenue Rise That Puzzled Analysts - Bloomberg
Aramco Cash Behind Saudi Oil Revenue Rise That Puzzled Analysts - Bloomberg:
Payments from oil giant Saudi Aramco were behind the surge in the kingdom’s oil revenue in the first quarter, Finance Minister Mohammed Al-Jadaan said, explaining an increase that puzzled economists.
“We received royalties, tax, dividends and special dividends in the first quarter, like we did last year” from Aramco, Al-Jadaan told Bloomberg Television in an interview in Riyadh on Thursday. He also said the kingdom plans to tap international bond markets again this year.
The minister spoke one day after data showed oil revenue climbed to about 169 billion riyals ($45 billion) from 114 billion riyals in the first quarter of 2018. Overall, the biggest Arab economy started the year with a budget surplus for the first time since 2014 as non-oil revenue also increased.
Payments from oil giant Saudi Aramco were behind the surge in the kingdom’s oil revenue in the first quarter, Finance Minister Mohammed Al-Jadaan said, explaining an increase that puzzled economists.
“We received royalties, tax, dividends and special dividends in the first quarter, like we did last year” from Aramco, Al-Jadaan told Bloomberg Television in an interview in Riyadh on Thursday. He also said the kingdom plans to tap international bond markets again this year.
The minister spoke one day after data showed oil revenue climbed to about 169 billion riyals ($45 billion) from 114 billion riyals in the first quarter of 2018. Overall, the biggest Arab economy started the year with a budget surplus for the first time since 2014 as non-oil revenue also increased.
#Dubai's Emaar eyeing entry into China's real estate market | ZAWYA MENA Edition
Dubai's Emaar eyeing entry into China's real estate market | ZAWYA MENA Edition:
Dubai-headquartered property developer Emaar announced on Thursday that it had signed a memorandum of understanding (MoU) with the Dubai branch of Industrial and Commercial Bank of China (ICBC) and Dubai’s largest bank, Emirates NBD, to explore tripartite collaboration with an view to entering the Chinese real estate market.
The MoU was signed during a Belt & Road Bankers Roundtable hosted by ICBC in Beijing on Wednesday, the Dubai Financial Market-listed developer said in a press statement.
The statement said that the cooperation between the three entities would not be limited to financial services support with regard to Emaar’s development in China and other countries in the ‘Belt and Road’ initiative, but would also include joint exploration of urban development and the creation of high-quality living communities in China.
Dubai-headquartered property developer Emaar announced on Thursday that it had signed a memorandum of understanding (MoU) with the Dubai branch of Industrial and Commercial Bank of China (ICBC) and Dubai’s largest bank, Emirates NBD, to explore tripartite collaboration with an view to entering the Chinese real estate market.
The MoU was signed during a Belt & Road Bankers Roundtable hosted by ICBC in Beijing on Wednesday, the Dubai Financial Market-listed developer said in a press statement.
The statement said that the cooperation between the three entities would not be limited to financial services support with regard to Emaar’s development in China and other countries in the ‘Belt and Road’ initiative, but would also include joint exploration of urban development and the creation of high-quality living communities in China.
U.S.-based Six Flags to contest #Dubai park cancellation | ZAWYA MENA Edition
U.S.-based Six Flags to contest Dubai park cancellation | ZAWYA MENA Edition:
U.S.-based theme parks operator Six Flags Entertainment Corporation has said that it will "pursue all our rights and remedies" under its agreement with Dubai-based DXB Entertainments after being formally notified that contracts for a Six Flags Dubai park had been terminated.
In a statement accompanying its quarterly results on Wednesday, Six Flags Entertainment Corporation said that "our partner in Dubai sent us notice purporting to terminate our various contracts with them" on Wednesday.
"We believe that they have no basis to do so and we will pursue all our rights and remedies under our agreements."
U.S.-based theme parks operator Six Flags Entertainment Corporation has said that it will "pursue all our rights and remedies" under its agreement with Dubai-based DXB Entertainments after being formally notified that contracts for a Six Flags Dubai park had been terminated.
In a statement accompanying its quarterly results on Wednesday, Six Flags Entertainment Corporation said that "our partner in Dubai sent us notice purporting to terminate our various contracts with them" on Wednesday.
"We believe that they have no basis to do so and we will pursue all our rights and remedies under our agreements."
#Saudi wealth fund "not in a hurry" to issue bonds, considers funding options | ZAWYA MENA Edition
Saudi wealth fund "not in a hurry" to issue bonds, considers funding options | ZAWYA MENA Edition:
Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) is "not in a hurry" to issue bonds but is assessing several funding options, an executive said on Thursday.
The PIF has been given the task of helping to deliver the so-called Vision 2030 reform plan, an ambitious economic programme announced by the government in 2016 designed to free the kingdom from dependence on oil exports.
Last year the fund raised an $11 billion international syndicated loan, its first commercial borrowing, and sources told Reuters this month it has been in talks with banks to raise a short-term bridge loan for as much as $8 billion to use for new investments.
Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) is "not in a hurry" to issue bonds but is assessing several funding options, an executive said on Thursday.
The PIF has been given the task of helping to deliver the so-called Vision 2030 reform plan, an ambitious economic programme announced by the government in 2016 designed to free the kingdom from dependence on oil exports.
Last year the fund raised an $11 billion international syndicated loan, its first commercial borrowing, and sources told Reuters this month it has been in talks with banks to raise a short-term bridge loan for as much as $8 billion to use for new investments.
MIDEAST STOCKS- #Dubai Investments weighs on Dubai index, banks lift #Saudi - Reuters
MIDEAST STOCKS-Dubai Investments weighs on Dubai index, banks lift Saudi - Reuters:
Dubai's stock market fell on Thursday,
pressured by Dubai Investments trading ex-dividend, while banks
lifted the Saudi index.
Dubai's index dropped 0.5 percent, with Dubai
Investments plunging 9.8 percent to its biggest
one-day loss since August 2015, as the stock went ex-dividend.
Takaful Emarat Insurance was down 1.3 percent
after it said it will no longer proceed with the proposed
acquisition of Al Hilal Takaful.
Dubai's stock market fell on Thursday,
pressured by Dubai Investments trading ex-dividend, while banks
lifted the Saudi index.
Dubai's index dropped 0.5 percent, with Dubai
Investments plunging 9.8 percent to its biggest
one-day loss since August 2015, as the stock went ex-dividend.
Takaful Emarat Insurance was down 1.3 percent
after it said it will no longer proceed with the proposed
acquisition of Al Hilal Takaful.
Iraq to Deliver Third-Biggest Chunk of New Oil to 2030, IEA Says - Bloomberg
Iraq to Deliver Third-Biggest Chunk of New Oil to 2030, IEA Says - Bloomberg:
Iraq will be the third-biggest provider of new oil supplies over the next decade, boosting its production by almost 30 percent, according to the International Energy Agency.
The OPEC member will raise output to almost 6 million barrels a day by 2030, overtaking Canada as the world’s fourth-largest producer, as it continues to rehabilitate an oil industry ravaged by decades of conflict and sanctions, the IEA said Thursday. Only the U.S. and Brazil will add more output in the period.
Iraq will be the third-biggest provider of new oil supplies over the next decade, boosting its production by almost 30 percent, according to the International Energy Agency.
The OPEC member will raise output to almost 6 million barrels a day by 2030, overtaking Canada as the world’s fourth-largest producer, as it continues to rehabilitate an oil industry ravaged by decades of conflict and sanctions, the IEA said Thursday. Only the U.S. and Brazil will add more output in the period.
DP World's Q1 shipping container volumes fall in UAE, flat globally | ZAWYA MENA Edition
DP World's Q1 shipping container volumes fall in UAE, flat globally | ZAWYA MENA Edition:
Ports operator DP World on Thursday reported a sharp drop in shipping container volumes in the United Arab Emirates in the first quarter of 2019 and flat growth globally.
DP World operates 78 marine and inland terminals, supported by over 50 related businesses in over 40 countries.
Gross container volumes fell by 0.6 percent on a reported basis and gross like-for-like volumes declined by 0.7 percent, it said in a statement.
Ports operator DP World on Thursday reported a sharp drop in shipping container volumes in the United Arab Emirates in the first quarter of 2019 and flat growth globally.
DP World operates 78 marine and inland terminals, supported by over 50 related businesses in over 40 countries.
Gross container volumes fell by 0.6 percent on a reported basis and gross like-for-like volumes declined by 0.7 percent, it said in a statement.
KKR, BlackRock raising $3 billion for ADNOC pipeline deal -PFI | ZAWYA MENA Edition
KKR, BlackRock raising $3 billion for ADNOC pipeline deal -PFI | ZAWYA MENA Edition:
U.S. investment firms KKR and BlackRock are raising a $3 billion loan to back the purchase of a 40 percent stake in ADNOC Oil Pipelines, an entity of the Abu Dhabi state oil company, according to Project Finance International, a news service that is part of Refinitiv.
BNP Paribas, SMBC, Mizuho, Santander and First Abu Dhabi Bank are leading the loan, which has a 23-year maturity and is now being syndicated to other banks, PFI reported.
ADNOC Oil Pipelines will lease the oil company's interest in 18 pipelines covering 350 km, transporting crude oil and condensates across ADNOC's upstream concessions, for 23 years.
U.S. investment firms KKR and BlackRock are raising a $3 billion loan to back the purchase of a 40 percent stake in ADNOC Oil Pipelines, an entity of the Abu Dhabi state oil company, according to Project Finance International, a news service that is part of Refinitiv.
BNP Paribas, SMBC, Mizuho, Santander and First Abu Dhabi Bank are leading the loan, which has a 23-year maturity and is now being syndicated to other banks, PFI reported.
ADNOC Oil Pipelines will lease the oil company's interest in 18 pipelines covering 350 km, transporting crude oil and condensates across ADNOC's upstream concessions, for 23 years.
#Saudi Telecom hires banks for debut dollar sukuk - Reuters
Saudi Telecom hires banks for debut dollar sukuk - Reuters:
State-run Saudi Telecom has hired six banks to arrange its first issue of U.S. dollar-denominated sukuk, or Islamic bonds, the company said on Thursday.
Saudi corporates are increasingly expected to tap the international debt markets following the inclusion of Saudi government and quasi-government debt in key JP Morgan emerging market bond indexes this year.
The recent jumbo inaugural bond by state-owned oil giant Saudi Aramco has also attracted new interest in Saudi borrowers, and has provided a fresh pricing benchmark for future issues by state-backed entities.
State-run Saudi Telecom has hired six banks to arrange its first issue of U.S. dollar-denominated sukuk, or Islamic bonds, the company said on Thursday.
Saudi corporates are increasingly expected to tap the international debt markets following the inclusion of Saudi government and quasi-government debt in key JP Morgan emerging market bond indexes this year.
The recent jumbo inaugural bond by state-owned oil giant Saudi Aramco has also attracted new interest in Saudi borrowers, and has provided a fresh pricing benchmark for future issues by state-backed entities.
Brent oil hits $75 for first time in 2019 amid tighter Iran sanctions - Reuters
Brent oil hits $75 for first time in 2019 amid tighter Iran sanctions - Reuters:
Brent crude oil on Thursday rose above $75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran, while gains in U.S. prices were crimped by a surge in U.S. supply.
Brent crude futures rose to a 2019 high of $75.01 per barrel on Thursday and were at $74.90 per barrel at 0705 GMT, up 33 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $65.94 per barrel, up 5 cents from their previous settlement.
Brent crude oil on Thursday rose above $75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran, while gains in U.S. prices were crimped by a surge in U.S. supply.
Brent crude futures rose to a 2019 high of $75.01 per barrel on Thursday and were at $74.90 per barrel at 0705 GMT, up 33 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $65.94 per barrel, up 5 cents from their previous settlement.
MIDEAST STOCKS- #UAE markets slip on ex-dividend stocks, Saudi inches up - Reuters
MIDEAST STOCKS-UAE markets slip on ex-dividend stocks, Saudi inches up - Reuters:
Dubai and Abu Dhabi’s stock markets slid on Thursday, pulled down by firms which traded ex-dividend, while most major Gulf markets fell.
Dubai’s index declined 0.8 percent, with Dubai Investments plunging 8 percent as the stock traded ex-dividend. Emaar Properties, the Emirate’s largest listed developer, was down 1 percent.
The Abu Dhabi index was down 0.6 percent, led by a 6.4 percent decrease in energy company Dana Gas after the stock went ex-dividend.
Dubai and Abu Dhabi’s stock markets slid on Thursday, pulled down by firms which traded ex-dividend, while most major Gulf markets fell.
Dubai’s index declined 0.8 percent, with Dubai Investments plunging 8 percent as the stock traded ex-dividend. Emaar Properties, the Emirate’s largest listed developer, was down 1 percent.
The Abu Dhabi index was down 0.6 percent, led by a 6.4 percent decrease in energy company Dana Gas after the stock went ex-dividend.