Arif Naqvi faces 24-hour curfew after bail decision - The National:
A British court has ordered former Abraaj chief executive Arif Naqvi be freed on £15 million bail while he fights extradition to the United States to face fraud charges, an official said on Thursday.
Mr Naqvi, 58, must also remain under curfew around the clock at his west London home under the terms agreed at a hearing on Wednesday, the official said.
US prosecutors have appealed against the decision and Mr Naqvi remained in custody on Thursday pending a hearing at the UK’s High Court. Legal sources said the hearing was likely to be held within days, which could reject the offer or vary its terms.
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Thursday 2 May 2019
McKinsey tells how to weather the ‘perfect storm’ in Gulf retail | Arab News
McKinsey tells how to weather the ‘perfect storm’ in Gulf retail | Arab News:
The consumer retail market is always dynamic, always changing. But maybe now, especially in the Middle East, it is changing faster and more unpredictably than ever, and companies in this sector are going to have to stay on their toes to avoid getting left behind.
This is the central message of a new piece of research by those smart people at McKinsey & Co., the consulting firm to kings and presidents throughout the world. In fact, McKinsey calls the current climate in the region’s retail industries “the perfect storm,” with consumers changing their buying habits arbitrarily and companies buffeted by commercial and technological factors largely outside of their control.
The most adaptable will survive and thrive, the rest “will get left behind,” said McKinsey.
The consumer retail market is always dynamic, always changing. But maybe now, especially in the Middle East, it is changing faster and more unpredictably than ever, and companies in this sector are going to have to stay on their toes to avoid getting left behind.
This is the central message of a new piece of research by those smart people at McKinsey & Co., the consulting firm to kings and presidents throughout the world. In fact, McKinsey calls the current climate in the region’s retail industries “the perfect storm,” with consumers changing their buying habits arbitrarily and companies buffeted by commercial and technological factors largely outside of their control.
The most adaptable will survive and thrive, the rest “will get left behind,” said McKinsey.
#Qatar stock exchange seeks to gain retail investors with stock split - The Peninsula Qatar
Qatar stock exchange seeks to gain retail investors with stock split - The Peninsula Qatar:
Qatar’s stock exchange is setting the stage for a split in the price of stocks in an effort to attract more individual investors to the $160 billion market.
The bourse is preparing to change the nominal value of a share in all listed companies to one Qatari riyal (27 cents) starting next month. Such a move is typically designed to lower the price of an equity and thereby stimulate dealing. Holders of Qatar National Bank QPSC, for example, with a share worth 195.40 riyals on May 2, would hold 10 times the number of equities with a price of 19.54 riyals apiece after the split.
The "face value of the stocks should be at par with other markets in the region, so retail investors can have a better sense of pricing,” Mohsin Mujtaba, director of products and market development at the Qatar Stock Exchange, said by phone. "The economic value of the companies will be the same, at the end of the day.’’
Qatar’s stock exchange is setting the stage for a split in the price of stocks in an effort to attract more individual investors to the $160 billion market.
The bourse is preparing to change the nominal value of a share in all listed companies to one Qatari riyal (27 cents) starting next month. Such a move is typically designed to lower the price of an equity and thereby stimulate dealing. Holders of Qatar National Bank QPSC, for example, with a share worth 195.40 riyals on May 2, would hold 10 times the number of equities with a price of 19.54 riyals apiece after the split.
The "face value of the stocks should be at par with other markets in the region, so retail investors can have a better sense of pricing,” Mohsin Mujtaba, director of products and market development at the Qatar Stock Exchange, said by phone. "The economic value of the companies will be the same, at the end of the day.’’
Top Oil Buyers Said to Seek More Saudi Crude Amid Disruption - Bloomberg
Top Oil Buyers Said to Seek More Saudi Crude Amid Disruption - Bloomberg:
Oil refiners in Asia are asking Saudi Arabia for more crude as the world’s top consuming region deals with supply disruptions from Iran to Venezuela, according to people with knowledge of the matter.
Customers are seeking additional cargoes for loading in June and July from OPEC’s biggest producer, the people said, asking not to be identified because the information is confidential. The requests are for supplies on top of what the refiners are due as part of term contracts with state-run Saudi Aramco, they said.
The scramble for shipments comes just as the U.S. tightens its squeeze on Iranian flows, with sanctions waivers for several buyers such as China and India coming to an end on Thursday. Unexpected disruptions to supply from Russia and Nigeria as well as turmoil in OPEC member Venezuela are also adding to fears of a crunch.
Oil refiners in Asia are asking Saudi Arabia for more crude as the world’s top consuming region deals with supply disruptions from Iran to Venezuela, according to people with knowledge of the matter.
Customers are seeking additional cargoes for loading in June and July from OPEC’s biggest producer, the people said, asking not to be identified because the information is confidential. The requests are for supplies on top of what the refiners are due as part of term contracts with state-run Saudi Aramco, they said.
The scramble for shipments comes just as the U.S. tightens its squeeze on Iranian flows, with sanctions waivers for several buyers such as China and India coming to an end on Thursday. Unexpected disruptions to supply from Russia and Nigeria as well as turmoil in OPEC member Venezuela are also adding to fears of a crunch.
Oil Tumbles to One-Month Low as U.S., Russia Stanch Supply Risk - Bloomberg
Oil Tumbles to One-Month Low as U.S., Russia Stanch Supply Risk - Bloomberg:
Oil tumbled to its lowest in a month despite the promise of tighter sanctions on Iran, as investors saw the U.S., Russia and Saudi Arabia all potentially filling the gap.
Futures in New York fell 2.8 percent as the global supply balance looked less severe. While U.S. exemptions for several Iranian crude buyers were due to expire Thursday, data also showed American crude inventories hitting the highest level in two years while Russia missed a target for production cuts in April. Oil refiners in Asia were said to be asking the Saudis to replace Iranian barrels.
Oil tumbled to its lowest in a month despite the promise of tighter sanctions on Iran, as investors saw the U.S., Russia and Saudi Arabia all potentially filling the gap.
Futures in New York fell 2.8 percent as the global supply balance looked less severe. While U.S. exemptions for several Iranian crude buyers were due to expire Thursday, data also showed American crude inventories hitting the highest level in two years while Russia missed a target for production cuts in April. Oil refiners in Asia were said to be asking the Saudis to replace Iranian barrels.
Oil drops nearly 3 percent on oversupply worries - Reuters
Oil drops nearly 3 percent on oversupply worries - Reuters:
Oil plunged Thursday, with U.S. crude dropping almost 3 percent as the market grappled with oversupply fears as increased U.S. sanctions on Iran had more gradual impact than expected and U.S. crude oil inventories rose sharply.
U.S. crude settled down $1.79 or 2.8 percent at $61.81 a barrel, heading for its biggest weekly fall since February.
Brent crude futures fell $1.43 a barrel, or 2 percent to $70.75.
Market sentiment became more bearish as shifting U.S. policy on Iran had less immediate impact than initially feared, analysts said.
Oil plunged Thursday, with U.S. crude dropping almost 3 percent as the market grappled with oversupply fears as increased U.S. sanctions on Iran had more gradual impact than expected and U.S. crude oil inventories rose sharply.
U.S. crude settled down $1.79 or 2.8 percent at $61.81 a barrel, heading for its biggest weekly fall since February.
Brent crude futures fell $1.43 a barrel, or 2 percent to $70.75.
Market sentiment became more bearish as shifting U.S. policy on Iran had less immediate impact than initially feared, analysts said.
#UAE market regulator forms forensic audit committee on Drake and Scull - Reuters
UAE market regulator forms forensic audit committee on Drake and Scull - Reuters:
The United Arab Emirates’ Securities and Commodities Authority has formed a forensic audit committee to investigate Drake and Scull International , it said in a statement on Thursday.
The committee is investigating “the reasons for [Drake and Scull’s] floundering financial position and accumulated losses,” it said.
DSI posted a net loss of 4.5 billion dirhams ($1.23 billion)in 2018, which widened from a loss of 1.18 billion dirhams in 2017.
The United Arab Emirates’ Securities and Commodities Authority has formed a forensic audit committee to investigate Drake and Scull International , it said in a statement on Thursday.
The committee is investigating “the reasons for [Drake and Scull’s] floundering financial position and accumulated losses,” it said.
DSI posted a net loss of 4.5 billion dirhams ($1.23 billion)in 2018, which widened from a loss of 1.18 billion dirhams in 2017.
#Saudi developer Raza plans projects for a more open society - Reuters
Saudi developer Raza plans projects for a more open society - Reuters:
State-owned Saudi property developer Raza is planning more mixed-use projects that could combine offices, homes and leisure facilities in the latest sign of the conservative Islamic kingdom experimenting with a more open society.
Under plans to transform Saudi Arabia’s economy and society, Crown Prince Mohammed bin Salman has sanctioned movies, music and sports once deemed un-Islamic to try to appeal to the country’s overwhelmingly young population.
Strict social rules have also been relaxed, especially in the capital Riyadh, after the crown prince clipped the wings of the religious police which for decades had punished people for playing music in public, dressing immodestly or mixing with members of the opposite sex.
State-owned Saudi property developer Raza is planning more mixed-use projects that could combine offices, homes and leisure facilities in the latest sign of the conservative Islamic kingdom experimenting with a more open society.
Under plans to transform Saudi Arabia’s economy and society, Crown Prince Mohammed bin Salman has sanctioned movies, music and sports once deemed un-Islamic to try to appeal to the country’s overwhelmingly young population.
Strict social rules have also been relaxed, especially in the capital Riyadh, after the crown prince clipped the wings of the religious police which for decades had punished people for playing music in public, dressing immodestly or mixing with members of the opposite sex.
MIDEAST STOCKS- #Qatar hits 3 month high, financials weigh on #AbuDhabi - Reuters
MIDEAST STOCKS-Qatar hits 3 month high, financials weigh on Abu Dhabi - Reuters:
Qatar's stock market closed at a
three-month high on Thursday, buoyed by drilling rig provider
Gulf International Services, while the Abu Dhabi index was
pressured by financial shares.
The Qatar index rose 0.8 percent, with Gulf
International Services jumping 10 percent after its
unit was awarded contracts by Qatar Petroleum to provide six
offshore drilling rigs.
Brokerage firm QNB Financial Services raised its rating on
the stock to 'outperform' from 'accumulate', citing its ability
to secure contracts for six rigs out of a total deal size of
eight.
Qatar's stock market closed at a
three-month high on Thursday, buoyed by drilling rig provider
Gulf International Services, while the Abu Dhabi index was
pressured by financial shares.
The Qatar index rose 0.8 percent, with Gulf
International Services jumping 10 percent after its
unit was awarded contracts by Qatar Petroleum to provide six
offshore drilling rigs.
Brokerage firm QNB Financial Services raised its rating on
the stock to 'outperform' from 'accumulate', citing its ability
to secure contracts for six rigs out of a total deal size of
eight.
Exclusive: #SaudiArabia to issue $3 billion-$5 billion in international sukuk by third quarter - DMO chief - Reuters
Exclusive: Saudi Arabia to issue $3 billion-$5 billion in international sukuk by third quarter - DMO chief - Reuters:
Saudi Arabia will issue $3 billion to $5 billion in new international sukuk, or Islamic bonds, around the third quarter as part of plans to diversify financing of the national budget deficit, a senior finance ministry official told Reuters.
Riyadh began issuing debt in international markets in 2016 after its finances were snagged by lower global oil prices. It has since become one of the biggest emerging markets issuers, having sold nearly $60 billion in international bonds, including $11 billion in sukuk.
At the end of 2018, it also had more than $80 billion in outstanding domestic debt, borrowed through conventional and Islamic bonds, which bypass a religious prohibition on interest.
Saudi Arabia will issue $3 billion to $5 billion in new international sukuk, or Islamic bonds, around the third quarter as part of plans to diversify financing of the national budget deficit, a senior finance ministry official told Reuters.
Riyadh began issuing debt in international markets in 2016 after its finances were snagged by lower global oil prices. It has since become one of the biggest emerging markets issuers, having sold nearly $60 billion in international bonds, including $11 billion in sukuk.
At the end of 2018, it also had more than $80 billion in outstanding domestic debt, borrowed through conventional and Islamic bonds, which bypass a religious prohibition on interest.
#Dubai Logistics Firm Tristar Is Said to Pick BofA, Citi for IPO - Bloomberg
Dubai Logistics Firm Tristar Is Said to Pick BofA, Citi for IPO - Bloomberg:
Middle East logistics firm Tristar Group has selected Bank of America Corp. and Citigroup Inc. to advise it on an initial public offering in London as early as this year, according to people familiar with the matter.
Tristar could seek a valuation of more than $1 billion in a share sale that could raise as much as $400 million, said one of the people, who asked not to be named because the details aren’t public.
Representatives for Bank of America and Citigroup declined to comment. A representative for Dubai-based Tristar didn’t immediately respond to a request for comment.
Middle East logistics firm Tristar Group has selected Bank of America Corp. and Citigroup Inc. to advise it on an initial public offering in London as early as this year, according to people familiar with the matter.
Tristar could seek a valuation of more than $1 billion in a share sale that could raise as much as $400 million, said one of the people, who asked not to be named because the details aren’t public.
Representatives for Bank of America and Citigroup declined to comment. A representative for Dubai-based Tristar didn’t immediately respond to a request for comment.
#SaudiArabia's Economy Is Starting to Show More Signs of Life - Bloomberg
Saudi Arabia's Economy Is Starting to Show More Signs of Life - Bloomberg:
It’s far from booming, but things are finally starting to look up for Saudi Arabia’s non-oil economy.
Bank lending to private businesses grew last quarter at the fastest pace since 2016 and a gauge of economic activity rose the most in over a year. Consumer spending also improved, albeit slightly.
Early signs of a turnaround suggest that the rout which followed the 2014 oil crash has run its course as a gradual recovery takes hold, helped by an increase in public spending.
It’s far from booming, but things are finally starting to look up for Saudi Arabia’s non-oil economy.
Bank lending to private businesses grew last quarter at the fastest pace since 2016 and a gauge of economic activity rose the most in over a year. Consumer spending also improved, albeit slightly.
Early signs of a turnaround suggest that the rout which followed the 2014 oil crash has run its course as a gradual recovery takes hold, helped by an increase in public spending.
#Saudi Developer Raza Seeks to Grow Assets to $7 Billion by 2024 - Bloomberg
Saudi Developer Raza Seeks to Grow Assets to $7 Billion by 2024 - Bloomberg:
Saudi Arabian property developer Raza plans to double the assets it manages to 26 billion riyals ($6.9 billion) by 2024 amid growing demand for mid- to high-end properties in the kingdom.
The real estate management arm of the Public Pension Agency wants to manage assets belonging to third-party investors such as banks, real estate investment trusts and government entities, Chief Executive Officer Waleed Al Eisa said in an interview in Riyadh.
“The demand is there,” Al Eisa said. “We don’t see much competition in property asset management. I think we’re at a phase where we are close to a bottom-up when we talk about the medium to high-end property segment.”
Saudi Arabian property developer Raza plans to double the assets it manages to 26 billion riyals ($6.9 billion) by 2024 amid growing demand for mid- to high-end properties in the kingdom.
The real estate management arm of the Public Pension Agency wants to manage assets belonging to third-party investors such as banks, real estate investment trusts and government entities, Chief Executive Officer Waleed Al Eisa said in an interview in Riyadh.
“The demand is there,” Al Eisa said. “We don’t see much competition in property asset management. I think we’re at a phase where we are close to a bottom-up when we talk about the medium to high-end property segment.”
#Dubai's Emaar and P&O Marinas announce $6.8bln Mina Rashid project | ZAWYA MENA Edition
Dubai's Emaar and P&O Marinas announce $6.8bln Mina Rashid project | ZAWYA MENA Edition:
Emaar Properties and P&O Marinas, a division of Dubai ports operator DP World, have announced plans for a 25 billion United Arab Emirates dirhams ($6.8 billion) redevelopment of the area around the city's Mina Rashid Port.
The area, whose primary current use is to receive cruise liners, will be redeveloped to include a major new mall, hotels, a floating yacht club, a private beach resort, and a beach area of 12,600 square metres, a press release issued by Emaar Properties on Wednesday said.
DP World is providing land for the project, which will be developed by Emaar Properties.
Emaar Properties and P&O Marinas, a division of Dubai ports operator DP World, have announced plans for a 25 billion United Arab Emirates dirhams ($6.8 billion) redevelopment of the area around the city's Mina Rashid Port.
The area, whose primary current use is to receive cruise liners, will be redeveloped to include a major new mall, hotels, a floating yacht club, a private beach resort, and a beach area of 12,600 square metres, a press release issued by Emaar Properties on Wednesday said.
DP World is providing land for the project, which will be developed by Emaar Properties.
Infograph: How have #Saudi, Egyptian and #UAE funds performed? | ZAWYA MENA Edition
Infograph: How have Saudi, Egyptian and UAE funds performed? | ZAWYA MENA Edition:
The funds market in the Middle East and North Africa has been through turbulent times since the financial crisis, but there are still more than than 1,000 funds domiciled in regional markets, with just over 375 of these housed in the GCC, and 266 of these in Saudi Arabia, according to Eikon data.
Although this still makes the region a relative minnow globally, with the European Fund and Asset Management Association counting 131,994 funds globally at the end of 2018 (of which over 58,000 were domiciled in Europe, 37,551 in the Americas and 34,342 in the Asia-Pacific region), the MENA region is one where concerted efforts are being made to grow a funds industry in various territories as part of wider capital market reforms in the region as governments look to diversify away from oil revenues.
Speaking at a recent event organised by funds administrator Ocorian looking at the funds ecosystem in the Dubai International Financial Centre, Philip Dowsett, a partner at law firm Morgan, Lewis said that there was “a real mix” of fund types being established, with many being created with a view to attracting investors from the GCC.
The funds market in the Middle East and North Africa has been through turbulent times since the financial crisis, but there are still more than than 1,000 funds domiciled in regional markets, with just over 375 of these housed in the GCC, and 266 of these in Saudi Arabia, according to Eikon data.
Although this still makes the region a relative minnow globally, with the European Fund and Asset Management Association counting 131,994 funds globally at the end of 2018 (of which over 58,000 were domiciled in Europe, 37,551 in the Americas and 34,342 in the Asia-Pacific region), the MENA region is one where concerted efforts are being made to grow a funds industry in various territories as part of wider capital market reforms in the region as governments look to diversify away from oil revenues.
Speaking at a recent event organised by funds administrator Ocorian looking at the funds ecosystem in the Dubai International Financial Centre, Philip Dowsett, a partner at law firm Morgan, Lewis said that there was “a real mix” of fund types being established, with many being created with a view to attracting investors from the GCC.
OPEC tries to depoliticize oil, secretary-general Barkindo says in Tehran - Reuters
OPEC tries to depoliticize oil, secretary-general Barkindo says in Tehran - Reuters:
OPEC tries to depoliticize oil, the producer group’s secretary-general was quoted by the Iranian oil ministry as saying on Thursday, following accusations by Iran that the United States is using oil as a weapon against Tehran.
The United States has demanded that buyers of Iranian oil stop purchases by the start of May or face sanctions, ending six months of waivers that had allowed OPEC member Iran’s eight top customers, most of them in Asia, to import limited volumes.
Iranian Oil Minister Bijan Zanganeh warned on Wednesday that nations that use oil as a weapon will bring about the collapse of the Organization of the Petroleum Exporting Countries.
OPEC tries to depoliticize oil, the producer group’s secretary-general was quoted by the Iranian oil ministry as saying on Thursday, following accusations by Iran that the United States is using oil as a weapon against Tehran.
The United States has demanded that buyers of Iranian oil stop purchases by the start of May or face sanctions, ending six months of waivers that had allowed OPEC member Iran’s eight top customers, most of them in Asia, to import limited volumes.
Iranian Oil Minister Bijan Zanganeh warned on Wednesday that nations that use oil as a weapon will bring about the collapse of the Organization of the Petroleum Exporting Countries.
Oil prices weighed down by record U.S. output, inventories - Reuters
Oil prices weighed down by record U.S. output, inventories - Reuters:
Oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in inventories.
Brent crude oil futures were at $71.57 per barrel at 0837 GMT, 61 cents below their last close. Brent is set for a weekly loss, which would break its longest string of weekly gains for a year.
U.S. West Texas Intermediate crude futures were down 60 cents at $63.00 per barrel.
Oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in inventories.
Brent crude oil futures were at $71.57 per barrel at 0837 GMT, 61 cents below their last close. Brent is set for a weekly loss, which would break its longest string of weekly gains for a year.
U.S. West Texas Intermediate crude futures were down 60 cents at $63.00 per barrel.
#Saudi Telecom starts marketing debut 10-year dollar sukuk - Reuters
Saudi Telecom starts marketing debut 10-year dollar sukuk - Reuters:
State-run Saudi Telecom has started marketing its debut sale of U.S. dollar-denominated sukuk, or Islamic bonds, with an initial price of around 155 basis points over midswaps, a document issued by one of the banks leading the deal showed.
Saudi Arabia’s biggest telecommunications operator, rated A1 and A-(minus) by Moody’s and S&P, respectively, is expected to issue the paper later on Thursday, according to the document.
The bonds will be of benchmark size, which generally means upwards of $500 million.
State-run Saudi Telecom has started marketing its debut sale of U.S. dollar-denominated sukuk, or Islamic bonds, with an initial price of around 155 basis points over midswaps, a document issued by one of the banks leading the deal showed.
Saudi Arabia’s biggest telecommunications operator, rated A1 and A-(minus) by Moody’s and S&P, respectively, is expected to issue the paper later on Thursday, according to the document.
The bonds will be of benchmark size, which generally means upwards of $500 million.
MIDEAST STOCKS- #Saudi Cement producers extend rally; major Gulf markets rise - Reuters
MIDEAST STOCKS-Saudi Cement producers extend rally; major Gulf markets rise - Reuters:
Saudi Arabia’s stock market inched up on Thursday, aided by a results-driven rally in cement producers for the third session, while most major Middle Eastern markets gained.
The Saudi Arabian index rose 0.4 percent, with Umm Al Qura Cement leading the gains at 6.5 percent after posting a significant rise in its first-quarter net profit.
Most cement producers in Saudi continued their rally after strong first-quarter results. Hail Cement rose 2.8 percent and Najran Cement 2.4 percent.
Saudi Arabia’s stock market inched up on Thursday, aided by a results-driven rally in cement producers for the third session, while most major Middle Eastern markets gained.
The Saudi Arabian index rose 0.4 percent, with Umm Al Qura Cement leading the gains at 6.5 percent after posting a significant rise in its first-quarter net profit.
Most cement producers in Saudi continued their rally after strong first-quarter results. Hail Cement rose 2.8 percent and Najran Cement 2.4 percent.