Donald Trump’s tactics put general on track to be next Iranian president | Financial Times:
I should know better than to make a prediction about the Middle East. But here I am, making a prediction. The next president of Iran will be Qasem Soleimani, commander of the overseas arm of the hardline Revolutionary Guard and master of Tehran’s influence across the region. And here’s more: if he’s not president in two years, he will be more powerful still — as the kingmaker deciding on the next supreme leader, the highest position in the Islamic republic.
If I’m wrong, I’ll blame the IMF for this bet. It was while reading about the fund’s latest forecasts that I realised the Islamic republic was heading for more militarism. The main beneficiary will be Major General Soleimani, the charismatic 62-year-old soldier already basking in (Iranian-style) glory.
Of course, most of the world, which once looked forward to rehabilitating Iran and ridding it of nuclear weapons, will blame the US administration of Donald Trump — and they would be right. Iran is a troublemaker, no doubt. But it is US radicalism that is now feeding more Iranian extremism.
Wednesday 1 May 2019
#Dubai considering three-year rent freeze on new contracts
Dubai considering three-year rent freeze on new contracts:
The Dubai Land Department is considering a proposal on a no-rental hike provision for three years after the signing of a lease agreement between landlord and tenant.
“The Dispute Resolution Committee is studying such a proposal, but no decision has been taken on the ‘if and when’ to roll it out,” a spokesperson said. “Right now, all rental decisions are based on the Dubai Rent Index, and it will continue to be so until the three-year no-hike proposal is cleared.”
Sharjah currently has a three-year cut-off on new contracts when it comes to rental increases.
The Dubai Land Department is considering a proposal on a no-rental hike provision for three years after the signing of a lease agreement between landlord and tenant.
“The Dispute Resolution Committee is studying such a proposal, but no decision has been taken on the ‘if and when’ to roll it out,” a spokesperson said. “Right now, all rental decisions are based on the Dubai Rent Index, and it will continue to be so until the three-year no-hike proposal is cleared.”
Sharjah currently has a three-year cut-off on new contracts when it comes to rental increases.
ADNOC launches second bid round for oil, gas blocks
ADNOC launches second bid round for oil, gas blocks:
Abu Dhabi National Oil Company (ADNOC) said on Wednesday that it has launched the second exploration bid round for five new oil and gas blocks.
The bidding will be for both conventional and unconventional resources, and the successful bidders will enter into agreements granting them exploration rights, ADNOC said in a statement.
The new blocks are three offshore and two onshore.
Abu Dhabi National Oil Company (ADNOC) said on Wednesday that it has launched the second exploration bid round for five new oil and gas blocks.
The bidding will be for both conventional and unconventional resources, and the successful bidders will enter into agreements granting them exploration rights, ADNOC said in a statement.
The new blocks are three offshore and two onshore.
Doha Bank reports Q1 net profit of QR307mn
Doha Bank reports Q1 net profit of QR307mn:
Doha Bank has reported net profit of QR307mn in the first three months (Q1) of this year.
“The bank has made significant progress in improving the cost management and efficient utilisation of resources where the operating cost for the period decreased by 10.8% as compared to same period last year, thus reducing the cost to income ratio to 35.7% from 37.3% showing bank’s productive operational performance,” said Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani.
The bank’s total assets expanded 3% year-on-year to QR96.3bn at the end of March 31, 2019 with net loans and advances at QR58.7bn; while customer deposits stood at QR54.5bn.
Doha Bank has reported net profit of QR307mn in the first three months (Q1) of this year.
“The bank has made significant progress in improving the cost management and efficient utilisation of resources where the operating cost for the period decreased by 10.8% as compared to same period last year, thus reducing the cost to income ratio to 35.7% from 37.3% showing bank’s productive operational performance,” said Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani.
The bank’s total assets expanded 3% year-on-year to QR96.3bn at the end of March 31, 2019 with net loans and advances at QR58.7bn; while customer deposits stood at QR54.5bn.
Oil Slides as U.S. Supplies Sound `Alarm Bells' for Traders - Bloomberg
Oil Slides as U.S. Supplies Sound `Alarm Bells' for Traders - Bloomberg:
Oil slid Wednesday as a report showed U.S. crude stockpiles swelled to their highest levels since 2017 while American production set a new record.
Futures in New York closed down 0.5 percent after the U.S. Energy Information Administration said oil inventories in the world’s largest economy rose by almost 10 million barrels last week, blowing by both analyst and industry estimates. Gasoline stocks also showed a surprise increase, undercutting signs of tightening supplies elsewhere.
Oil hit a six-month high last week as a U.S. vow to tighten sanctions on Iran amplified strife in Venezuela and production cuts by the rest of OPEC to pump less. Yet surging output in America -- now at an estimated 12.3 million barrels a day -- still threatens the rally.
Oil slid Wednesday as a report showed U.S. crude stockpiles swelled to their highest levels since 2017 while American production set a new record.
Futures in New York closed down 0.5 percent after the U.S. Energy Information Administration said oil inventories in the world’s largest economy rose by almost 10 million barrels last week, blowing by both analyst and industry estimates. Gasoline stocks also showed a surprise increase, undercutting signs of tightening supplies elsewhere.
Oil hit a six-month high last week as a U.S. vow to tighten sanctions on Iran amplified strife in Venezuela and production cuts by the rest of OPEC to pump less. Yet surging output in America -- now at an estimated 12.3 million barrels a day -- still threatens the rally.
Revenues boost #SaudiArabia's first-quarter budget, expenditure up 8% - Reuters
Revenues boost Saudi Arabia's first-quarter budget, expenditure up 8% - Reuters:
Saudi Arabia posted a surplus of 27.8 billion riyals ($7.41 billion) in the first quarter of this year, its first since 2014 and boosted by both oil and non-oil revenues.
The world’s top oil exporter was hit hard by a slump in oil prices in 2014, leading to a budget deficit of 367 billion riyals, or about 15 percent of gross domestic product, in 2015.
Over the past few years it has embarked on a number of reforms aimed at diversifying the economy away from its dependence on oil.
Saudi Arabia posted a surplus of 27.8 billion riyals ($7.41 billion) in the first quarter of this year, its first since 2014 and boosted by both oil and non-oil revenues.
The world’s top oil exporter was hit hard by a slump in oil prices in 2014, leading to a budget deficit of 367 billion riyals, or about 15 percent of gross domestic product, in 2015.
Over the past few years it has embarked on a number of reforms aimed at diversifying the economy away from its dependence on oil.
The U.S. and #SaudiArabia Can't Get a Divorce - Bloomberg
The U.S. and Saudi Arabia Can't Get a Divorce - Bloomberg:
Few American foreign-policy challenges are more vexing or divisive than relations with Saudi Arabia today. U.S. interests would seem to dictate close ties, but American values argue otherwise. For President Trump, who is all about transactions, it is a no-brainer to focus on arms sales and oil, and little else matters. For Congress, there must be a price for the killing of the dissident journalist Jamal Khashoggi, as well as conduct of the war in Yemen. Congressional attempts to punish the Saudis, including ending all U.S. military support for the Yemen conflict, have been blocked by the White House.
Historically, presidents — Democrats and Republicans alike — have turned a blind eye to Saudi Arabia’s repressive domestic policies, in return for guarantees of a stable oil market. Two things are different today. First, in Congress there is a broad consensus that the Saudis crossed the line and that the administration’s protecting them is simply wrong. Second, the U.S. is increasingly energy-independent and buys little Saudi oil — making many on Capitol Hill believe our stakes in the Saudis are far lower than before.
Few American foreign-policy challenges are more vexing or divisive than relations with Saudi Arabia today. U.S. interests would seem to dictate close ties, but American values argue otherwise. For President Trump, who is all about transactions, it is a no-brainer to focus on arms sales and oil, and little else matters. For Congress, there must be a price for the killing of the dissident journalist Jamal Khashoggi, as well as conduct of the war in Yemen. Congressional attempts to punish the Saudis, including ending all U.S. military support for the Yemen conflict, have been blocked by the White House.
Historically, presidents — Democrats and Republicans alike — have turned a blind eye to Saudi Arabia’s repressive domestic policies, in return for guarantees of a stable oil market. Two things are different today. First, in Congress there is a broad consensus that the Saudis crossed the line and that the administration’s protecting them is simply wrong. Second, the U.S. is increasingly energy-independent and buys little Saudi oil — making many on Capitol Hill believe our stakes in the Saudis are far lower than before.
Millennials Hooked on Freebies Are Unweaned in Gulf Nanny States - Bloomberg
Millennials Hooked on Freebies Are Unweaned in Gulf Nanny States - Bloomberg:
The generation that came of age after the Arab Spring is clinging to the perks that helped the richest states in the region dodge turmoil even as their governments now grapple with lower oil prices.
Most young Arabs say it’s their government’s responsibility to foot the bill for essential needs such as education and housing, according to a survey published this week by Dubai-based communications agency ASDA’A BCW.
The attitude was particularly true of respondents in the Gulf Cooperation Council, comprising six monarchies including Saudi Arabia, where around four-fifths or more want the state to provide benefits ranging from energy subsidies to jobs and health care.
The generation that came of age after the Arab Spring is clinging to the perks that helped the richest states in the region dodge turmoil even as their governments now grapple with lower oil prices.
Most young Arabs say it’s their government’s responsibility to foot the bill for essential needs such as education and housing, according to a survey published this week by Dubai-based communications agency ASDA’A BCW.
The attitude was particularly true of respondents in the Gulf Cooperation Council, comprising six monarchies including Saudi Arabia, where around four-fifths or more want the state to provide benefits ranging from energy subsidies to jobs and health care.
#AbuDhabi’s Mubadala finalising $2 billion revolving loan -sources - Reuters
Abu Dhabi’s Mubadala finalising $2 billion revolving loan -sources - Reuters:
Abu Dhabi’s Mubadala is arranging a $2 billion revolving credit facility to refinance a $1.75 billion revolving loan it put in place three years ago, two sources familiar with the matter said on Wednesday.
The transaction is a rare loan deal in Gulf debt markets, where borrowers are increasingly issuing bonds to diversify their funding base and, more recently, to take advantage of favourable conditions across emerging markets.
The state investment fund signed the original loan in 2016 with a group of 21 international banks. A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.
Abu Dhabi’s Mubadala is arranging a $2 billion revolving credit facility to refinance a $1.75 billion revolving loan it put in place three years ago, two sources familiar with the matter said on Wednesday.
The transaction is a rare loan deal in Gulf debt markets, where borrowers are increasingly issuing bonds to diversify their funding base and, more recently, to take advantage of favourable conditions across emerging markets.
The state investment fund signed the original loan in 2016 with a group of 21 international banks. A revolving loan is one that can be drawn, repaid and drawn again during the agreed lending period.
#Qatar says tightening #Iran sanctions harms oil consuming nations - Reuters
Qatar says tightening Iran sanctions harms oil consuming nations - Reuters:
The foreign minister of U.S.-allied Qatar said on Wednesday that Washington’s decision not to extend sanction waivers on Iranian oil exports would harm countries that rely on the supplies.
The United States has demanded that buyers of Iranian oil stop purchases by May 1 or face the prospect of sanctions, ending six months of waivers that had allowed Iran’s eight biggest customers, most of them in Asia, to import limited volumes.
“The sanctions should not be extended because they have an adverse impact on countries benefiting from Iranian oil,” Sheikh Mohammed bin Abdulrahman al-Thani told a press conference in Doha.
The foreign minister of U.S.-allied Qatar said on Wednesday that Washington’s decision not to extend sanction waivers on Iranian oil exports would harm countries that rely on the supplies.
The United States has demanded that buyers of Iranian oil stop purchases by May 1 or face the prospect of sanctions, ending six months of waivers that had allowed Iran’s eight biggest customers, most of them in Asia, to import limited volumes.
“The sanctions should not be extended because they have an adverse impact on countries benefiting from Iranian oil,” Sheikh Mohammed bin Abdulrahman al-Thani told a press conference in Doha.
Oil prices dip after U.S. crude stocks rise - Reuters
Oil prices dip after U.S. crude stocks rise - Reuters:
Oil prices inched down on Wednesday after an unexpected rise in U.S. crude inventories, but the fall was limited by an intensifying crisis in Venezuela along with tightened U.S. sanctions on Iran.
Brent crude oil futures were down at $71.82 per barrel at 1300 GMT, down 24 cents from their last close and erasing gains from earlier in the session.
U.S. crude futures were down 50 cents at $63.41 per barrel.
Trading was thin as May 1 is a holiday in many markets.
Oil prices inched down on Wednesday after an unexpected rise in U.S. crude inventories, but the fall was limited by an intensifying crisis in Venezuela along with tightened U.S. sanctions on Iran.
Brent crude oil futures were down at $71.82 per barrel at 1300 GMT, down 24 cents from their last close and erasing gains from earlier in the session.
U.S. crude futures were down 50 cents at $63.41 per barrel.
Trading was thin as May 1 is a holiday in many markets.
MIDEAST STOCKS-Cement makers stir #Saudi stock rally, #Dubai slips - Reuters
MIDEAST STOCKS-Cement makers stir Saudi stock rally, Dubai slips - Reuters:
Saudi Arabia's stock market gained on
Wednesday, lifted for a second session by a results-driven rally
in cement producers, while Dubai's slipped after Emaar
Properties traded ex-dividend and its shares hit a one-month
low.
Saudi Arabia's index rose 0.6 percent, with Umm Al
Qura Cement the top gainer with a 9.9 percent leap
after reporting a significant rise in first-quarter net profit.
Most Saudi cement producers gained for the second straight
day after strong first-quarter results, driven by higher selling
prices and volume.
Saudi Arabia's stock market gained on
Wednesday, lifted for a second session by a results-driven rally
in cement producers, while Dubai's slipped after Emaar
Properties traded ex-dividend and its shares hit a one-month
low.
Saudi Arabia's index rose 0.6 percent, with Umm Al
Qura Cement the top gainer with a 9.9 percent leap
after reporting a significant rise in first-quarter net profit.
Most Saudi cement producers gained for the second straight
day after strong first-quarter results, driven by higher selling
prices and volume.
Who's Talking to Whom as Record Merger Wave Shakes Up Gulf Banks - Bloomberg
Who's Talking to Whom as Record Merger Wave Shakes Up Gulf Banks - Bloomberg:
If you’re struggling to keep up with the pace of bank consolidation in the Gulf, here’s an overview of which lenders are in merger talks and where those conversations are at. (Listed by the size of the combined assets based on the latest filing.)
If you’re struggling to keep up with the pace of bank consolidation in the Gulf, here’s an overview of which lenders are in merger talks and where those conversations are at. (Listed by the size of the combined assets based on the latest filing.)
#AbuDhabi lenders merge into ADCB Group as consolidation gathers pace - Reuters
Abu Dhabi lenders merge into ADCB Group as consolidation gathers pace - Reuters:
Abu Dhabi Commercial Bank and peers Union National Bank and Al Hilal Bank merged on Wednesday to create a banking heavyweight with 423 billion dirhams ($115 billion) in assets, the third biggest in the United Arab Emirates.
The transaction is the latest example of consolidation in the Gulf’s banking sector, where profit margins are being squeezed by lower government and consumer spending because of weak oil prices. The UAE has almost 50 commercial banks in a country of about 9.5 million people.
Shares in the new combined entity, which becomes the second biggest financial institution in Abu Dhabi, began trading on Wednesday. The merger plan was announced last September.
Abu Dhabi Commercial Bank and peers Union National Bank and Al Hilal Bank merged on Wednesday to create a banking heavyweight with 423 billion dirhams ($115 billion) in assets, the third biggest in the United Arab Emirates.
The transaction is the latest example of consolidation in the Gulf’s banking sector, where profit margins are being squeezed by lower government and consumer spending because of weak oil prices. The UAE has almost 50 commercial banks in a country of about 9.5 million people.
Shares in the new combined entity, which becomes the second biggest financial institution in Abu Dhabi, began trading on Wednesday. The merger plan was announced last September.
#Saudi PIF MD says plans to borrow via debt twice this year-CNBC - Reuters
Saudi PIF MD says plans to borrow via debt twice this year-CNBC - Reuters:
The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, will raise money through debt twice this year including foreign currency borrowings, its managing director told CNBC.
“I think it’s going to be in the neighbourhood of 14 billion Saudi riyals ($3.73 billion) and for the U.S. dollar I think it’s going to be north of $8 or $10 billion,” Yasir al-Rumayyan said in an interview at a conference in Los Angeles on Tuesday.
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. Recently a fund executive said he the PIF is no hurry to issue a bond.
The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, will raise money through debt twice this year including foreign currency borrowings, its managing director told CNBC.
“I think it’s going to be in the neighbourhood of 14 billion Saudi riyals ($3.73 billion) and for the U.S. dollar I think it’s going to be north of $8 or $10 billion,” Yasir al-Rumayyan said in an interview at a conference in Los Angeles on Tuesday.
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. Recently a fund executive said he the PIF is no hurry to issue a bond.
Oil falls on swelling U.S. stockpiles, Venezuela adds to market uncertainty - Reuters
Oil falls on swelling U.S. stockpiles, Venezuela adds to market uncertainty - Reuters:
Oil prices fell on Wednesday after a rise in U.S. crude inventories, while an intensifying crisis in Venezuela and tightened U.S. sanctions on Iran added further uncertainty to markets.
Brent crude oil futures were at $71.74 per barrel at 0855 GMT, down 32 cents or 0.44 percent from their last close.
U.S. crude futures were down 49 cents or 0.77 percent at $63.42 per barrel.
Trading was thin as May 1 is a holiday in many markets.
Oil prices fell on Wednesday after a rise in U.S. crude inventories, while an intensifying crisis in Venezuela and tightened U.S. sanctions on Iran added further uncertainty to markets.
Brent crude oil futures were at $71.74 per barrel at 0855 GMT, down 32 cents or 0.44 percent from their last close.
U.S. crude futures were down 49 cents or 0.77 percent at $63.42 per barrel.
Trading was thin as May 1 is a holiday in many markets.
MIDEAST STOCKS-Newly formed ADCB dents #AbuDhabi; major Gulf markets slide - Reuters
MIDEAST STOCKS-Newly formed ADCB dents Abu Dhabi; major Gulf markets slide - Reuters:
Abu Dhabi’s stock market dropped on Wednesday, pressured by Abu Dhabi Commercial Bank, as it traded for the first time as a merged entity after its three-way merger with Union National Bank and Al Hilal Bank.
The Abu Dhabi index was down 0.6 percent, led by a 2.9 percent decrease in Abu Dhabi Commercial Bank. The company, along with Union National Bank and Al Hilal Bank had agreed to a merger in January to create the third-largest bank in the United Arab Emirates.
First Abu Dhabi Bank continued its losing streak for the sixth straight day, falling 0.6 percent. The lender saw a fall in its first-quarter customer deposits, net interest margins and a rise in expenses.
Abu Dhabi’s stock market dropped on Wednesday, pressured by Abu Dhabi Commercial Bank, as it traded for the first time as a merged entity after its three-way merger with Union National Bank and Al Hilal Bank.
The Abu Dhabi index was down 0.6 percent, led by a 2.9 percent decrease in Abu Dhabi Commercial Bank. The company, along with Union National Bank and Al Hilal Bank had agreed to a merger in January to create the third-largest bank in the United Arab Emirates.
First Abu Dhabi Bank continued its losing streak for the sixth straight day, falling 0.6 percent. The lender saw a fall in its first-quarter customer deposits, net interest margins and a rise in expenses.
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