Emirates NBD hires Mizuho to arrange $200mln syndicated loan- LPC | ZAWYA MENA Edition:
Emirates NBD, Dubai's largest bank, has mandated Japan's Mizuho Bankto arrange a $200 million loan, according to Loan Pricing Corporation (LPC), a fixed income news service that is part of Refinitiv.
The loan has tranches with three- and five-year maturities and a $200 million greenshoe option, meaning the final size could rise to as much as $400 million.
Emirates NBD declined to comment while Mizuho did not immediately respond to a request for comment.
Monday, 10 June 2019
Oil falls 1% amid U.S.-China trade dispute, uncertainty on supply cuts - Reuters
Oil falls 1% amid U.S.-China trade dispute, uncertainty on supply cuts - Reuters:
Oil prices fell more than 1% on Monday as U.S.-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal.
Brent crude futures fell $1, or 1.6%, to settle at $62.29 a barrel. U.S. West Texas Intermediate (WTI) crude lost 73 cents, or 1.4%, to end at $53.26 a barrel.
U.S. President Donald Trump said he was ready to impose another round of punitive tariffs on Chinese imports if he does not reach a trade deal with China’s president at a Group of 20 summit later this month.
Oil prices fell more than 1% on Monday as U.S.-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal.
Brent crude futures fell $1, or 1.6%, to settle at $62.29 a barrel. U.S. West Texas Intermediate (WTI) crude lost 73 cents, or 1.4%, to end at $53.26 a barrel.
U.S. President Donald Trump said he was ready to impose another round of punitive tariffs on Chinese imports if he does not reach a trade deal with China’s president at a Group of 20 summit later this month.
UPDATE 1-Goldman was top broker in #Saudi market in May as foreign interest surged - Reuters
UPDATE 1-Goldman was top broker in Saudi market in May as foreign interest surged - Reuters:
Goldman Sachs was the Saudi market’s top broker by trading volumes and value in May, stock exchange data showed, as foreign banks benefited from a surge of international money into the kingdom.
Foreign investment interest in Saudi Arabia picked up ahead of the inclusion of the country’s stock market in global index provider MSCI’s emerging market indexes last month.
Goldman, which was not even among the top 10 brokers in Saudi Arabia in April, handled 18.6% of trades by value and 12.3% by volume in May, data from the Tadawul bourse showed.
Goldman Sachs was the Saudi market’s top broker by trading volumes and value in May, stock exchange data showed, as foreign banks benefited from a surge of international money into the kingdom.
Foreign investment interest in Saudi Arabia picked up ahead of the inclusion of the country’s stock market in global index provider MSCI’s emerging market indexes last month.
Goldman, which was not even among the top 10 brokers in Saudi Arabia in April, handled 18.6% of trades by value and 12.3% by volume in May, data from the Tadawul bourse showed.
Russia says still a risk of excessive oil output, sharp price fall - Reuters
Russia says still a risk of excessive oil output, sharp price fall - Reuters:
There is a still a risk that oil producers pump out too much crude and prices fall sharply, Russia’s energy minister said on Monday, suggesting Moscow might support an extension of output cuts at a meeting of leading oil producing countries next month.
The Organization of the Petroleum Exporting Countries and some non-members including Russia, known collectively as OPEC+, have curbed supplies since January to prop up prices.
Earlier on Monday, Saudi Energy Minister Khalid al-Falih said Russia was the only oil exporter still undecided on the need to extend the curbs - due to expire this month - until the end of the year, according to TASS news agency.
There is a still a risk that oil producers pump out too much crude and prices fall sharply, Russia’s energy minister said on Monday, suggesting Moscow might support an extension of output cuts at a meeting of leading oil producing countries next month.
The Organization of the Petroleum Exporting Countries and some non-members including Russia, known collectively as OPEC+, have curbed supplies since January to prop up prices.
Earlier on Monday, Saudi Energy Minister Khalid al-Falih said Russia was the only oil exporter still undecided on the need to extend the curbs - due to expire this month - until the end of the year, according to TASS news agency.
Oil dips in volatile trade amid uncertainty on supply cuts, U.S.-China tariffs - Reuters
Oil dips in volatile trade amid uncertainty on supply cuts, U.S.-China tariffs - Reuters:
Oil prices edged lower on Monday in volatile trading as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal and U.S.-China trade tensions continued to threaten demand for crude.
Brent crude futures fell 45 cents to $62.84 a barrel by 1:02 p.m. EDT (1702 GMT), after trading between $62.52 and $64.10. U.S. West Texas Intermediate (WTI) crude lost 5 cents to $53.94 a barrel.
Saudi Energy Minister Khalid al-Falih said that Russia was the only oil exporter still undecided on the need to extend the output deal agreed by top producers.
Oil prices edged lower on Monday in volatile trading as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal and U.S.-China trade tensions continued to threaten demand for crude.
Brent crude futures fell 45 cents to $62.84 a barrel by 1:02 p.m. EDT (1702 GMT), after trading between $62.52 and $64.10. U.S. West Texas Intermediate (WTI) crude lost 5 cents to $53.94 a barrel.
Saudi Energy Minister Khalid al-Falih said that Russia was the only oil exporter still undecided on the need to extend the output deal agreed by top producers.
MIDEAST STOCKS- #Saudi, #Qatar lead Gulf markets higher after Eid holidays - Reuters
MIDEAST STOCKS-Saudi, Qatar lead Gulf markets higher after Eid holidays - Reuters:
All major Gulf markets performed
strongly on Monday after last week's holidays as a global rally
lifted regional sentiment, with Saudi and Qatar outperforming
and boosted respectively by expected foreign fund inflows and a
stock split.
"All MENA markets have come back strong from the Eid break.
The Global lead has been positive but the local factors are also
supportive," said Vrajesh Bhandari, senior portfolio manager at
Al Mal Capital.
Saudi's index rose 1.7% with its largest lender
National Commercial Bank jumping 3.6% and biggest
petrochemical maker Saudi Basic Industries adding
2.6%.
All major Gulf markets performed
strongly on Monday after last week's holidays as a global rally
lifted regional sentiment, with Saudi and Qatar outperforming
and boosted respectively by expected foreign fund inflows and a
stock split.
"All MENA markets have come back strong from the Eid break.
The Global lead has been positive but the local factors are also
supportive," said Vrajesh Bhandari, senior portfolio manager at
Al Mal Capital.
Saudi's index rose 1.7% with its largest lender
National Commercial Bank jumping 3.6% and biggest
petrochemical maker Saudi Basic Industries adding
2.6%.
Two Biggest Arab Economies Get in Sync With Best Pickup in Years - Bloomberg
Two Biggest Arab Economies Get in Sync With Best Pickup in Years - Bloomberg:
Business conditions in Saudi Arabia and the United Arab Emirates improved the most in years, signaling that recoveries may be taking hold in the Arab world’s two biggest economies.
In May, Saudi Arabia’s Emirates NBD Purchasing Managers’ Index rose to its highest since December 2017. A similar gauge for the U.A.E. posted its best reading since October 2014. Both moved further above the threshold of 50 that separates contraction from growth, reaching 59.4 in the U.A.E. and 57.3 in Saudi Arabia.
In the U.A.E., the improvement was “partly due to external demand, particularly from Saudi Arabia and Oman,” Khatija Haque, head of Middle East and North Africa research at Emirates NBD, said in a report on Monday. Output and new export orders in OPEC’s third-biggest producer expanded the fastest on record.
Business conditions in Saudi Arabia and the United Arab Emirates improved the most in years, signaling that recoveries may be taking hold in the Arab world’s two biggest economies.
In May, Saudi Arabia’s Emirates NBD Purchasing Managers’ Index rose to its highest since December 2017. A similar gauge for the U.A.E. posted its best reading since October 2014. Both moved further above the threshold of 50 that separates contraction from growth, reaching 59.4 in the U.A.E. and 57.3 in Saudi Arabia.
In the U.A.E., the improvement was “partly due to external demand, particularly from Saudi Arabia and Oman,” Khatija Haque, head of Middle East and North Africa research at Emirates NBD, said in a report on Monday. Output and new export orders in OPEC’s third-biggest producer expanded the fastest on record.
Learning From OPEC: Alberta's Oil Supply Cuts Find a Sweet Spot - Bloomberg
Learning From OPEC: Alberta's Oil Supply Cuts Find a Sweet Spot - Bloomberg:
Alberta may have finally found the right level for its oil curtailment program that has sent local oil prices on a roller coaster for the last few months.
Last week, Jason Kenney’s new provincial government announced it would roll the 3.71 million barrel a day June production limit into July. That production level seems to finally be doing what the curtailment program was designed to achieve: alleviate a glut caused by too much oil encountering too few pipelines. It also has strengthened prices to a point that makes crude by rail exports worth the cost.
“Certainly, it appears, at this point, you do have a widening differential scenario that’s more supportive of rail,” Kevin Birn, IHS Markit’s director of North American crude oil markets, said by phone.
Alberta may have finally found the right level for its oil curtailment program that has sent local oil prices on a roller coaster for the last few months.
Last week, Jason Kenney’s new provincial government announced it would roll the 3.71 million barrel a day June production limit into July. That production level seems to finally be doing what the curtailment program was designed to achieve: alleviate a glut caused by too much oil encountering too few pipelines. It also has strengthened prices to a point that makes crude by rail exports worth the cost.
“Certainly, it appears, at this point, you do have a widening differential scenario that’s more supportive of rail,” Kevin Birn, IHS Markit’s director of North American crude oil markets, said by phone.
Middle East losing its shine? Construction activity to cool across region in near-term, says survey | ZAWYA MENA Edition
Middle East losing its shine? Construction activity to cool across region in near-term, says survey | ZAWYA MENA Edition:
Construction activity in the Middle East, with the exception of Saudi Arabia, is expected to remain soft in the near-term due to reduction in business enquiries and workloads in the first quarter, according to the latest RICS Middle East Construction and Infrastructure survey.
In its statement on the survey results, RICS pointed out that while subdued oil prices contributed to the weak first quarter sentiment, there was a general reduction in new business enquiries and workloads in Oman, UAE and Qatar, which signals a near-term softening of activity.
For the next 12 months, tender price predictions for building and civil engineering in Oman, UAE and Qatar indicate a decline, the statement said, with more than 70 percent of survey participants citing competition and lack of demand as a constraint on activity.
Construction activity in the Middle East, with the exception of Saudi Arabia, is expected to remain soft in the near-term due to reduction in business enquiries and workloads in the first quarter, according to the latest RICS Middle East Construction and Infrastructure survey.
In its statement on the survey results, RICS pointed out that while subdued oil prices contributed to the weak first quarter sentiment, there was a general reduction in new business enquiries and workloads in Oman, UAE and Qatar, which signals a near-term softening of activity.
For the next 12 months, tender price predictions for building and civil engineering in Oman, UAE and Qatar indicate a decline, the statement said, with more than 70 percent of survey participants citing competition and lack of demand as a constraint on activity.
UPDATE 1-MOVES- #AbuDhabi's Waha Capital CEO leaves -sources - Reuters
UPDATE 1-MOVES-Abu Dhabi's Waha Capital CEO leaves -sources - Reuters:
The chief executive of Abu Dhabi-based Waha Capital has left the company after serving a little more than a year in that role, three sources familiar with the matter said on Monday.
Michael Raynes was appointed to lead the company in late March 2018, after holding several senior positions at Waha over the last decade.
A spokesman for Waha declined to comment, saying that as a publicly listed company, any announcement would have to go through the right channels. Raynes did not answer his phone.
The chief executive of Abu Dhabi-based Waha Capital has left the company after serving a little more than a year in that role, three sources familiar with the matter said on Monday.
Michael Raynes was appointed to lead the company in late March 2018, after holding several senior positions at Waha over the last decade.
A spokesman for Waha declined to comment, saying that as a publicly listed company, any announcement would have to go through the right channels. Raynes did not answer his phone.
Falih: #Saudi Aramco extends offer to buy stake in Arctic LNG 2 - TASS - Reuters
Falih: Saudi Aramco extends offer to buy stake in Arctic LNG 2 - TASS - Reuters:
Saudi Energy Minister Khalid al-Falih said Saudi Aramco had extended its offer to join Russian gas producer Novatek’s Arctic LNG 2 project and that he hoped Novatek would agree to it, TASS news agency reported on Monday.
Falih told TASS in an interview Saudi Aramco was also studying Russian energy giants Rosneft and Gazprom’s LNG projects and that Saudi Arabia might be interested in investing in Russian petrochemical company Sibur.
Saudi Energy Minister Khalid al-Falih said Saudi Aramco had extended its offer to join Russian gas producer Novatek’s Arctic LNG 2 project and that he hoped Novatek would agree to it, TASS news agency reported on Monday.
Falih told TASS in an interview Saudi Aramco was also studying Russian energy giants Rosneft and Gazprom’s LNG projects and that Saudi Arabia might be interested in investing in Russian petrochemical company Sibur.
Russia's Putin to visit #SaudiArabia in October, says Falih - Reuters
Russia's Putin to visit Saudi Arabia in October, says Falih - Reuters:
Russian President Vladimir Putin will visit Saudi Arabia, a traditional U.S. ally in the Middle East, in October this year, Saudi Energy Minister Khalid al-Falih said on Monday.
Falih, who was in Moscow for talks with his Russian counterpart, said Saudi companies were considering taking part in a methanol plant project in Russia’s east, the Interfax news agency reported.
Russian President Vladimir Putin will visit Saudi Arabia, a traditional U.S. ally in the Middle East, in October this year, Saudi Energy Minister Khalid al-Falih said on Monday.
Falih, who was in Moscow for talks with his Russian counterpart, said Saudi companies were considering taking part in a methanol plant project in Russia’s east, the Interfax news agency reported.
#Saudi business feels ‘pain’ of the crown prince’s reforms | Financial Times
Saudi business feels ‘pain’ of the crown prince’s reforms | Financial Times:
Among a network of alleyways and cobbled streets in Jeddah’s old town more than 20 stores are firmly shuttered, “for rent” signs plastered on large wooden doors. Traders in adjacent shops, selling everything from abayas to mattresses, Chinese watches, perfumes and spices, lament plummeting sales, the exodus of more than 1.7m foreigners and rising costs driven by government policies.
Across town, a Saudi lawyer echoes the pessimistic tones — their office has been involved in the closure of more than 50 businesses over the past 18 months. “It’s mainly cash, it’s not the viability of the business, it’s [a shortage of revenue],” says the lawyer, who like many people interviewed asks not to be named for fear of falling foul of the regime. “[Closures have] gone up over the past year.”
Yet in a sand-blown industrial park on the other side of the Saudi Arabian city — where camel and sheep markets meet modern manufacturing — Sami al-Safran, chief executive of Mepco, one of the region’s biggest paper producers, is unwaveringly upbeat.
Among a network of alleyways and cobbled streets in Jeddah’s old town more than 20 stores are firmly shuttered, “for rent” signs plastered on large wooden doors. Traders in adjacent shops, selling everything from abayas to mattresses, Chinese watches, perfumes and spices, lament plummeting sales, the exodus of more than 1.7m foreigners and rising costs driven by government policies.
Across town, a Saudi lawyer echoes the pessimistic tones — their office has been involved in the closure of more than 50 businesses over the past 18 months. “It’s mainly cash, it’s not the viability of the business, it’s [a shortage of revenue],” says the lawyer, who like many people interviewed asks not to be named for fear of falling foul of the regime. “[Closures have] gone up over the past year.”
Yet in a sand-blown industrial park on the other side of the Saudi Arabian city — where camel and sheep markets meet modern manufacturing — Sami al-Safran, chief executive of Mepco, one of the region’s biggest paper producers, is unwaveringly upbeat.
OPEC Will Keep Oil $65 to $70 in Second Half of the Year, Says FGE’s Fesharaki – Bloomberg
OPEC Will Keep Oil $65 to $70 in Second Half of the Year, Says FGE’s Fesharaki – Bloomberg:
Fereidun Fesharaki, founder and chairman at FGE, discusses the price of oil, OPEC, the relationship between the Saudis and the Russians and the health of the oil industry. He speaks on “Bloomberg Markets: Asia.” (Source: Bloomberg)
Fereidun Fesharaki, founder and chairman at FGE, discusses the price of oil, OPEC, the relationship between the Saudis and the Russians and the health of the oil industry. He speaks on “Bloomberg Markets: Asia.” (Source: Bloomberg)
#Dubai Islamic Bank Board Recommends Buying Local Competitor - Bloomberg
Dubai Islamic Bank Board Recommends Buying Local Competitor - Bloomberg:
Dubai Islamic Bank PJSC is proceeding with plans to acquire a smaller local rival as the United Arab Emirates’ biggest Islamic lender joins a regional wave of mergers and acquisitions. The shares rose.
The state-controlled bank’s board recommended calling a shareholder meeting to consider buying 100% of Noor Bank PJSC, it said in a statement on Monday. The deal would create a lender with about 278 billion dirhams ($76 billion) in assets.
The deal is “positive for the sector and Dubai Islamic Bank,” Aarthi Chandrasekaran, a money manager at investment bank Shuaa Capital PSC, said in an email. Dubai Islamic Bank may pay around 0.8 to 0.9 times book value for Noor Bank shares and the deal may lead to savings of at least 20% for Noor Bank, she said.
Dubai Islamic Bank PJSC is proceeding with plans to acquire a smaller local rival as the United Arab Emirates’ biggest Islamic lender joins a regional wave of mergers and acquisitions. The shares rose.
The state-controlled bank’s board recommended calling a shareholder meeting to consider buying 100% of Noor Bank PJSC, it said in a statement on Monday. The deal would create a lender with about 278 billion dirhams ($76 billion) in assets.
The deal is “positive for the sector and Dubai Islamic Bank,” Aarthi Chandrasekaran, a money manager at investment bank Shuaa Capital PSC, said in an email. Dubai Islamic Bank may pay around 0.8 to 0.9 times book value for Noor Bank shares and the deal may lead to savings of at least 20% for Noor Bank, she said.
#UAE business optimism remains robust in May | ZAWYA MENA Edition
UAE business optimism remains robust in May | ZAWYA MENA Edition:
The UAE Purchasing Managers' Index, a gauge designed to give an overview of operating conditions in the non-oil private sector economy, recorded its third successive monthly increase in May to hit its highest since October 2014.
The PMI rose to 59.4 in May from 57.6 in April. Companies responded to the expansions in business activity and near record-high new orders by increasing purchasing activity sharply, but employment was left broadly unchanged, Emirates NBD said in its report.
Stronger market demand, marketing activity and the start of new projects all contributed to the latest increase. Companies largely expect growth to continue over the coming year, with business optimism only fractionally weaker than the previous month's record high, the bank said.
The UAE Purchasing Managers' Index, a gauge designed to give an overview of operating conditions in the non-oil private sector economy, recorded its third successive monthly increase in May to hit its highest since October 2014.
The PMI rose to 59.4 in May from 57.6 in April. Companies responded to the expansions in business activity and near record-high new orders by increasing purchasing activity sharply, but employment was left broadly unchanged, Emirates NBD said in its report.
Stronger market demand, marketing activity and the start of new projects all contributed to the latest increase. Companies largely expect growth to continue over the coming year, with business optimism only fractionally weaker than the previous month's record high, the bank said.
#Saudi private sector growth rises to 17-month high in May -PMI | ZAWYA MENA Edition
Saudi private sector growth rises to 17-month high in May -PMI | ZAWYA MENA Edition:
Saudi Arabia's non-oil private sector growth rose to a 17-month high in May as credit conditions improved, output expanded and output prices increased, a monthly survey of companies showed on Monday.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers' Index rose to 57.3 in May from 56.8 in April, well above the 50 mark indicating expansion.
Saudi Arabia's private sector was subdued last year as it felt the impact of fuel price hikes, the introduction of a 5% value-added tax and the higher cost of hiring foreign workers.
Saudi Arabia's non-oil private sector growth rose to a 17-month high in May as credit conditions improved, output expanded and output prices increased, a monthly survey of companies showed on Monday.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers' Index rose to 57.3 in May from 56.8 in April, well above the 50 mark indicating expansion.
Saudi Arabia's private sector was subdued last year as it felt the impact of fuel price hikes, the introduction of a 5% value-added tax and the higher cost of hiring foreign workers.
#Saudi's Falih says only Russia is still undecided on OPEC deal extension - TASS | ZAWYA MENA Edition
Saudi's Falih says only Russia is still undecided on OPEC deal extension - TASS | ZAWYA MENA Edition:
Saudi Energy Minister Khalid al-Falih said Russia was the only oil exporter still undecided on the need to extend an output deal between OPEC and its allies until the end of the year, TASS news agency reported on Monday.
Falih, in Moscow for talks with his Russian counterpart Alexander Novak, said there was clearly disagreement in Russia about whether to prolong the pact at a policy meeting in Vienna in coming weeks.
"So, I think the remaining country to jump onboard now is Russia. I will wait for the Russian dynamics to work themselves out," Falih told TASS in an interview.
Saudi Energy Minister Khalid al-Falih said Russia was the only oil exporter still undecided on the need to extend an output deal between OPEC and its allies until the end of the year, TASS news agency reported on Monday.
Falih, in Moscow for talks with his Russian counterpart Alexander Novak, said there was clearly disagreement in Russia about whether to prolong the pact at a policy meeting in Vienna in coming weeks.
"So, I think the remaining country to jump onboard now is Russia. I will wait for the Russian dynamics to work themselves out," Falih told TASS in an interview.
Oil rises on supply cuts, but weak economy holds market back - Reuters
Oil rises on supply cuts, but weak economy holds market back - Reuters:
Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should restrict supplies to current levels, while Washington’s withdrawal of a tariff threat against Mexico removed a cloud over the global economy.
However, traders said concerns about the health of the global economy and the impact on fuel demand were still weighing on oil market sentiment.
Front-month Brent crude futures were at $63.61 at 0645 GMT, 32 cents, or 0.5%, above Friday’s close.
U.S. West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6%.
Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia should restrict supplies to current levels, while Washington’s withdrawal of a tariff threat against Mexico removed a cloud over the global economy.
However, traders said concerns about the health of the global economy and the impact on fuel demand were still weighing on oil market sentiment.
Front-month Brent crude futures were at $63.61 at 0645 GMT, 32 cents, or 0.5%, above Friday’s close.
U.S. West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6%.
MIDEAST STOCKS- #Saudi, #UAE markets rise on strong private sector growth - Reuters
MIDEAST STOCKS-Saudi, UAE markets rise on strong private sector growth - Reuters:
Saudi Arabia and United Arab Emirates’ stock markets rose on Monday after a survey showed their private sectors registered strong growth last month, while other major Gulf markets also gained reflecting the global rally.
Saudi’s index was up 0.4% in early trade with Al Rajhi Bank gaining 0.7% and petrochemical maker Saudi Basic Industries adding 1.4%.
Saudi Arabia’s non-oil private sector growth rose to a 17-month high in May as credit conditions improved, output expanded and output prices increased, a monthly survey of companies showed on Monday.
Saudi Arabia and United Arab Emirates’ stock markets rose on Monday after a survey showed their private sectors registered strong growth last month, while other major Gulf markets also gained reflecting the global rally.
Saudi’s index was up 0.4% in early trade with Al Rajhi Bank gaining 0.7% and petrochemical maker Saudi Basic Industries adding 1.4%.
Saudi Arabia’s non-oil private sector growth rose to a 17-month high in May as credit conditions improved, output expanded and output prices increased, a monthly survey of companies showed on Monday.
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