U.A.E. Wealth Fund Boosts Du Holding With $630 Million Stake - Bloomberg:
The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator Du, snapping up a stake valued at about $630 million.
The Emirates Investment Authority bought 463.3 million shares in the phone company from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2% of Du’s issued share capital. The statement didn’t provide a value for the deal.
"This monetization is part of our strategy of continuously evaluating our portfolio, and realizing a return on an investment at the opportune time,” said Mounir Barakat, executive director of information and communications technology at Mubadala Investment Co. The fund continues to be a "significant" equity investor in Du, he said.
Sunday, 16 June 2019
RBS says Saudi bank merger boosts its core capital | ZAWYA MENA Edition
RBS says Saudi bank merger boosts its core capital | ZAWYA MENA Edition:
Royal Bank of Scotland (RBS) said on Sunday the completion of a merger between Alawwal bank 1040.SE and Saudi British Bank1060.SE would lead to RBS shedding 4.7 billion pounds ($5.9 billion) of risk weighted assets and boost its core capital.
RBS RBS.L , through Dutch subsidiary NatWest Markets N.V., was part of a consortium including NLFI and Banco Santander S.A. that held an aggregate 40% equity stake in Alawwal bank, the British bank said in a statement. RBS also had an interest equivalent to a 15.3% stake in Alawwal bank.
RBS said that as a result of the merger completion, it would recognise an income gain on disposal of the Alawwal bank stake for shares received in Saudi British Bank of 400 million pounds and a reduction in risk weighted assets of 4.7 billion pounds.
Royal Bank of Scotland (RBS) said on Sunday the completion of a merger between Alawwal bank 1040.SE and Saudi British Bank1060.SE would lead to RBS shedding 4.7 billion pounds ($5.9 billion) of risk weighted assets and boost its core capital.
RBS RBS.L , through Dutch subsidiary NatWest Markets N.V., was part of a consortium including NLFI and Banco Santander S.A. that held an aggregate 40% equity stake in Alawwal bank, the British bank said in a statement. RBS also had an interest equivalent to a 15.3% stake in Alawwal bank.
RBS said that as a result of the merger completion, it would recognise an income gain on disposal of the Alawwal bank stake for shares received in Saudi British Bank of 400 million pounds and a reduction in risk weighted assets of 4.7 billion pounds.
Sentiment becomes "marginally less optimistic" towards Saudi banks post-MSCI first tranche inclusion | ZAWYA MENA Edition
Sentiment becomes "marginally less optimistic" towards Saudi banks post-MSCI first tranche inclusion | ZAWYA MENA Edition:
Sentiment towards Saudi banks has turned less optimistic after the first tranche inclusion of the kingdom’s stock exchange in the MSCI Emerging Markets index, a report said last week.
“Despite the recent correction in Saudi banks, valuation multiples are above historical levels and sentiments are now marginally less optimistic than before, post-first tranche of MSCI inclusion,” Pritish Devassy, head of equity research at Al Rajhi Capital said in a note published on Tuesday last week.
Saudi Arabia’s stock market joined the MSCI emerging market (EM) index at the close of the trading session on Tuesday, May 28. A total of $40 billion of foreign fund inflows is expected to flow into the market as a result of the inclusion.
Sentiment towards Saudi banks has turned less optimistic after the first tranche inclusion of the kingdom’s stock exchange in the MSCI Emerging Markets index, a report said last week.
“Despite the recent correction in Saudi banks, valuation multiples are above historical levels and sentiments are now marginally less optimistic than before, post-first tranche of MSCI inclusion,” Pritish Devassy, head of equity research at Al Rajhi Capital said in a note published on Tuesday last week.
Saudi Arabia’s stock market joined the MSCI emerging market (EM) index at the close of the trading session on Tuesday, May 28. A total of $40 billion of foreign fund inflows is expected to flow into the market as a result of the inclusion.
MIDEAST STOCKS-Gulf stocks extend losses on tanker attacks, Saudi banks fall - Reuters
MIDEAST STOCKS-Gulf stocks extend losses on tanker attacks, Saudi banks fall - Reuters:
Stock markets in the Gulf
extended losses on Sunday reflecting a cautious mood among
investors following last week’s oil tanker attacks.
The attacks on the tankers in the Gulf of Oman on Thursday
raised fears of a military confrontation in a vital shipping
route for global oil supply and heightened tensions between Iran
and the United States, which have been in a standoff over Iran’s
nuclear programme.
The Saudi index had dropped 1.6% on Thursday and
fell a further 0.6% on Sunday after slight gains in early trade.
Stock markets in the Gulf
extended losses on Sunday reflecting a cautious mood among
investors following last week’s oil tanker attacks.
The attacks on the tankers in the Gulf of Oman on Thursday
raised fears of a military confrontation in a vital shipping
route for global oil supply and heightened tensions between Iran
and the United States, which have been in a standoff over Iran’s
nuclear programme.
The Saudi index had dropped 1.6% on Thursday and
fell a further 0.6% on Sunday after slight gains in early trade.
#SaudiArabia Hopes to Extend OPEC+ Production Cuts by Early July - Bloomberg
Saudi Arabia Hopes to Extend OPEC+ Production Cuts by Early July - Bloomberg:
Saudi Arabia hopes OPEC and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July, according to the country’s energy minister.
“We are hoping that we will reach consensus to extend our agreement when we meet in two weeks time in Vienna” Khalid Al-Falih told reporters Sunday on the sidelines of a G-20 ministerial meeting on energy and environment in Japan. The group will probably meet “the first week of July and that will secure the rebalancing the market as we strive for it.”
Saudi Arabia, the group’s defacto leader, is seeking to balance global oil markets before 2020, Al-Falih said over the weekend. A seasonal pickup in demand in the second half of the year and refineries returning from maintenance will help align supply and consumption, he said.
Saudi Arabia hopes OPEC and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July, according to the country’s energy minister.
“We are hoping that we will reach consensus to extend our agreement when we meet in two weeks time in Vienna” Khalid Al-Falih told reporters Sunday on the sidelines of a G-20 ministerial meeting on energy and environment in Japan. The group will probably meet “the first week of July and that will secure the rebalancing the market as we strive for it.”
Saudi Arabia, the group’s defacto leader, is seeking to balance global oil markets before 2020, Al-Falih said over the weekend. A seasonal pickup in demand in the second half of the year and refineries returning from maintenance will help align supply and consumption, he said.
Two Executives Linked to 1MDB Scandal Jailed in #AbuDhabi: WSJ - Bloomberg
Two Executives Linked to 1MDB Scandal Jailed in Abu Dhabi: WSJ - Bloomberg:
Two executives linked to a Malaysia wealth fund scandal were convicted of financial crimes and sentenced to prison in Abu Dhabi, the Wall Street Journal reported, citing people familiar with the matter.
Khadem al Qubaisi, who once headed Abu Dhabi’s International Petroleum Investment Co., was handed a 15-year prison sentence and Mohammed Badawy al Husseiny, a U.S. citizen who ran a subsidiary of IPIC, was sentenced to 10 years, according to the report. They jointly must pay about $336 million, the WSJ reported, cited a statement from the emirate’s court.
The court statement didn’t identify the men by name, but people familiar with the judicial actions told the Journal that the unidentified defendants were Al Qubaisi and Al Husseiny. It also cited people familiar as saying the convictions weren’t related to the Malaysian fund scandal. Lawyers for both men and a representative of the Abu Dhabi Criminal Court declined to comment on the charges, the Journal reported.
Two executives linked to a Malaysia wealth fund scandal were convicted of financial crimes and sentenced to prison in Abu Dhabi, the Wall Street Journal reported, citing people familiar with the matter.
Khadem al Qubaisi, who once headed Abu Dhabi’s International Petroleum Investment Co., was handed a 15-year prison sentence and Mohammed Badawy al Husseiny, a U.S. citizen who ran a subsidiary of IPIC, was sentenced to 10 years, according to the report. They jointly must pay about $336 million, the WSJ reported, cited a statement from the emirate’s court.
The court statement didn’t identify the men by name, but people familiar with the judicial actions told the Journal that the unidentified defendants were Al Qubaisi and Al Husseiny. It also cited people familiar as saying the convictions weren’t related to the Malaysian fund scandal. Lawyers for both men and a representative of the Abu Dhabi Criminal Court declined to comment on the charges, the Journal reported.
#SaudiArabia hires Goldman, SocGen for bond meetings in Europe- sources | ZAWYA MENA Edition
Saudi Arabia hires Goldman, SocGen for bond meetings in Europe- sources | ZAWYA MENA Edition:
Saudi Arabia has hired Goldman Sachs and Societe Generale to help arrange meetings with fixed income investors in the coming days, sources familiar with the matter said, potentially paving the way for the kingdom to launch its first bonds in euros.
Riyadh began issuing international bonds in 2016 after lower oil prices hit its finances. Since then, it has become one of the biggest international debt issuers, having sold nearly $60 billion in U.S. dollar-denominated bonds.
Finance Minister Mohammed al-Jadaan said in April the kingdom was considering issuing its first euro-denominated bonds this year, as it looks to diversify its funding base.
Saudi Arabia has hired Goldman Sachs and Societe Generale to help arrange meetings with fixed income investors in the coming days, sources familiar with the matter said, potentially paving the way for the kingdom to launch its first bonds in euros.
Riyadh began issuing international bonds in 2016 after lower oil prices hit its finances. Since then, it has become one of the biggest international debt issuers, having sold nearly $60 billion in U.S. dollar-denominated bonds.
Finance Minister Mohammed al-Jadaan said in April the kingdom was considering issuing its first euro-denominated bonds this year, as it looks to diversify its funding base.
Blast-hit Japanese tanker anchors off #UAE coast: operator - Reuters
Blast-hit Japanese tanker anchors off UAE coast: operator - Reuters:
One of two oil tankers crippled in attacks in the Gulf of Oman last week that Washington and Riyadh have blamed on Iran is now anchored off the coast of the United Arab Emirates with crew on board, the ship’s operator said on Sunday.
Damage assessment on Japan’s Kokuka Courageous and preparation for ship-to-ship transfer of its cargo would start after authorities in Sharjah, one of the UAE’s seven emirates, complete security checks, Bernhard Schulte Shipmanagement said.
Thursday’s attacks, which also hit Norwegian tanker Front Altair, have heightened tensions between Iran and the United States and its Gulf allies after similar blasts in May struck four ships, including two Saudi oil tankers, off the UAE.
One of two oil tankers crippled in attacks in the Gulf of Oman last week that Washington and Riyadh have blamed on Iran is now anchored off the coast of the United Arab Emirates with crew on board, the ship’s operator said on Sunday.
Damage assessment on Japan’s Kokuka Courageous and preparation for ship-to-ship transfer of its cargo would start after authorities in Sharjah, one of the UAE’s seven emirates, complete security checks, Bernhard Schulte Shipmanagement said.
Thursday’s attacks, which also hit Norwegian tanker Front Altair, have heightened tensions between Iran and the United States and its Gulf allies after similar blasts in May struck four ships, including two Saudi oil tankers, off the UAE.
#UAE Wealth Fund Boosts Du Holding With $630 Million Stake - Bloomberg
U.A.E. Wealth Fund Boosts Du Holding With $630 Million Stake - Bloomberg:
The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator Du, snapping a stake valued at about $630 million.
The Emirates Investment Authority bought 463.3 million shares in the telecom firm from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2% of Du’s issued share capital.
The statement didn’t provide a value for the deal. Du shares closed at 5.02 dirhams in Dubai on Thursday.
The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator Du, snapping a stake valued at about $630 million.
The Emirates Investment Authority bought 463.3 million shares in the telecom firm from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2% of Du’s issued share capital.
The statement didn’t provide a value for the deal. Du shares closed at 5.02 dirhams in Dubai on Thursday.
Foreigners Bolster #Saudi Stocks as Tension in the Region Mounts - Bloomberg
Foreigners Bolster Saudi Stocks as Tension in the Region Mounts - Bloomberg: Rising tensions in the Gulf region aren’t stopping foreign investors from supporting Saudi Arabian stocks, just four years after funds from abroad were first allowed to trade directly in Riyadh.
International funds helped contain losses in the final trading session last week, when Gulf stocks were sold off amid escalating tensions in the region. Qualified foreign funds have been net buyers almost every week this year, helped by the addition of the kingdom to the emerging-markets benchmarks compiled by MSCI Inc. and FTSE Russell.
The Tadawul All Share Index dropped 1.6% on Thursday, trimming weekly gains to 5%, after two oil tankers were damaged near the Strait of Hormuz in a suspected attack, the second such episode in a month. The loss to the gauge would probably be steeper without passive flows, analysts said.
International funds helped contain losses in the final trading session last week, when Gulf stocks were sold off amid escalating tensions in the region. Qualified foreign funds have been net buyers almost every week this year, helped by the addition of the kingdom to the emerging-markets benchmarks compiled by MSCI Inc. and FTSE Russell.
The Tadawul All Share Index dropped 1.6% on Thursday, trimming weekly gains to 5%, after two oil tankers were damaged near the Strait of Hormuz in a suspected attack, the second such episode in a month. The loss to the gauge would probably be steeper without passive flows, analysts said.
#Saudi Crown Prince Expects Aramco IPO in 2020-2021, Paper Says - Bloomberg
Saudi Crown Prince Expects Aramco IPO in 2020-2021, Paper Says - Bloomberg:
Saudi Arabia is committed to selling shares in Saudi Aramco as soon as next year, Crown Prince Mohammed Bin Salman said in an interview with the Saudi-owned Ahsarq Al Awsat newspaper.
“We are committed to the Aramco IPO, given the proper circumstances and the right time, and as I said before I expect it will be between 2020 and early 2021,” the crown prince told the newspaper.
In the wide ranging interview with the Saudi-owned newspaper, the crown prince also commented on recent attacks on oil tankers near the Strait of Hormuz and Saudi Arabia’s 2030 development goals. Here are the highlights from the interview:
Saudi Arabia is committed to selling shares in Saudi Aramco as soon as next year, Crown Prince Mohammed Bin Salman said in an interview with the Saudi-owned Ahsarq Al Awsat newspaper.
“We are committed to the Aramco IPO, given the proper circumstances and the right time, and as I said before I expect it will be between 2020 and early 2021,” the crown prince told the newspaper.
In the wide ranging interview with the Saudi-owned newspaper, the crown prince also commented on recent attacks on oil tankers near the Strait of Hormuz and Saudi Arabia’s 2030 development goals. Here are the highlights from the interview:
Business activity in #Dubai grows at its strongest pace since 2010 | ZAWYA MENA Edition
Business activity in Dubai grows at its strongest pace since 2010 | ZAWYA MENA Edition:
The rate of growth in total non-oil private-sector business activity in Dubai accelerated in May to its strongest pace since 2010, driven by competitive pricing mostly in the construction and wholesale and retail sectors.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index rose to a four-year high of 58.5 in May from 57.9 in April. The Emirates NBD Dubai Economy Tracker Index is a composite indicator providing an overview of operating conditions in the non-oil private-sector economy. A reading above the 50-mark indicates expansion and below 50 signals decline.
“The rise in output and new work continues to be underpinned by price discounting, as firms reduced their selling prices for the 13th consecutive month,” Khatija Haque, Head of MENA Research at Emirates NBD, said in a statement.
The rate of growth in total non-oil private-sector business activity in Dubai accelerated in May to its strongest pace since 2010, driven by competitive pricing mostly in the construction and wholesale and retail sectors.
The seasonally adjusted Emirates NBD Dubai Economy Tracker Index rose to a four-year high of 58.5 in May from 57.9 in April. The Emirates NBD Dubai Economy Tracker Index is a composite indicator providing an overview of operating conditions in the non-oil private-sector economy. A reading above the 50-mark indicates expansion and below 50 signals decline.
“The rise in output and new work continues to be underpinned by price discounting, as firms reduced their selling prices for the 13th consecutive month,” Khatija Haque, Head of MENA Research at Emirates NBD, said in a statement.
UPDATE 1- #Saudi crown prince says to finalise $533 mln privatisation deals this year -Asharq al-Awsat - Reuters
UPDATE 1-Saudi crown prince says to finalise $533 mln privatisation deals this year -Asharq al-Awsat - Reuters:
Saudi Arabia’s crown prince said on Sunday that the government will finalise privatisation deals worth 2 billion riyals ($533 million) before the end of this year, according to an interview with the Saudi-owned Asharq al-Awsat newspaper.
The privatisation drive is part of Vision 2030, a package of reforms led by Crown Prince Mohammed bin Salman that is intended to wean the economy off oil and create jobs for young Saudis.
The expected deals will be in sectors that include rain silos, medical and shipping services.
Saudi Arabia’s crown prince said on Sunday that the government will finalise privatisation deals worth 2 billion riyals ($533 million) before the end of this year, according to an interview with the Saudi-owned Asharq al-Awsat newspaper.
The privatisation drive is part of Vision 2030, a package of reforms led by Crown Prince Mohammed bin Salman that is intended to wean the economy off oil and create jobs for young Saudis.
The expected deals will be in sectors that include rain silos, medical and shipping services.
#SaudiArabia blames #Iran for tanker attacks but doesn't want war - Reuters
Saudi Arabia blames Iran for tanker attacks but doesn't want war - Reuters:
Saudi Arabia’s crown prince blamed Iran for attacks on two oil tankers in the Gulf of Oman and called on the international community to take a “decisive stand” but said in an interview published on Sunday that the kingdom does not want a war in the region.
Attacks on two oil tankers on Thursday, which the United States also blamed on Iran, have raised fears of broader confrontation in the region. Iran has denied any role in the strikes south of the Strait of Hormuz, a vital shipping route and major transit route for oil.
The explosions that damaged the Norwegian-owned Front Altair and the Japanese-owned Kokuka Courageous occurred while Japanese Prime Minister Shinzo Abe was in Tehran trying to help ease rising tensions between the United States and Iran.
Saudi Arabia’s crown prince blamed Iran for attacks on two oil tankers in the Gulf of Oman and called on the international community to take a “decisive stand” but said in an interview published on Sunday that the kingdom does not want a war in the region.
Attacks on two oil tankers on Thursday, which the United States also blamed on Iran, have raised fears of broader confrontation in the region. Iran has denied any role in the strikes south of the Strait of Hormuz, a vital shipping route and major transit route for oil.
The explosions that damaged the Norwegian-owned Front Altair and the Japanese-owned Kokuka Courageous occurred while Japanese Prime Minister Shinzo Abe was in Tehran trying to help ease rising tensions between the United States and Iran.
MIDEAST STOCKS- #Dubai climbs but tanker attacks weigh on other Gulf markets - Reuters
MIDEAST STOCKS-Dubai climbs but tanker attacks weigh on other Gulf markets - Reuters:
Gulf stock mostly fell on Sunday, weighed down by tensions over last week’s oil tanker attacks, with Dubai alone managing gains in early trade, boosted by real estate companies and an announcement from telecoms firm Du .
The attacks on the tankers at the entrance of the Gulf on Thursday raised fears of a military confrontation in the oil shipping route amid heightened tensions between Iran and the United States and military moves in the Middle East.
The Dubai index was up 0.3% in the first hour of trading, with real estate companies registering the highest trading volumes.
Gulf stock mostly fell on Sunday, weighed down by tensions over last week’s oil tanker attacks, with Dubai alone managing gains in early trade, boosted by real estate companies and an announcement from telecoms firm Du .
The attacks on the tankers at the entrance of the Gulf on Thursday raised fears of a military confrontation in the oil shipping route amid heightened tensions between Iran and the United States and military moves in the Middle East.
The Dubai index was up 0.3% in the first hour of trading, with real estate companies registering the highest trading volumes.
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