World Cup 2022: Qatar's $200 Billion Dash Hits Construction Cliff - Bloomberg:
Qatar is experiencing economic whiplash as it winds down $200 billion of infrastructure works to prepare for the 2022 soccer World Cup.
Construction shrank 1.2% in the first three months of 2019, contracting for the first time since the data series began, according to Qatar’s Planning and Statistics Authority. It grew at an annual average of 18% a quarter since the end of 2012.
The downturn is increasingly putting the brakes on the broader economy, with output excluding oil and gas extraction rising less than 2% in the last six months, figures released on Thursday showed. Qatar’s gross domestic product has jumped 10-fold since 2000 to $192 billion last year, according to the World Bank.
Thursday 4 July 2019
Billionaire Alwaleed Hires Deutsche Bank's #Saudi CEO for Deals - Bloomberg
Billionaire Alwaleed Hires Deutsche Bank's Saudi CEO for Deals - Bloomberg:
Prince Alwaleed bin Talal’s investment firm Kingdom Holding Co. hired Deutsche Bank AG’s chief executive officer in Saudi Arabia as head of international investments, people familiar with the matter said.
Tamim Jabr will join Kingdom Holding later this year, said the people, asking not to be identified because the appointment isn’t public. Jabr was Deutsche Bank’s first hire in Saudi Arabia and had been with the lender for 16 years. Before becoming CEO of Deutsche Securities Saudi Arabia in 2017, he was head of corporate and investment banking in the kingdom.
His departure comes as CEO Christian Sewing prepares to announce the latest in a series of turnaround plans to cut cost and boost profitability. The revamp may include a headcount reduction of as many as 20,000 positions, the scaling back of some investment banking businesses, as well as asset disposals, people familiar with the matter have said.
Prince Alwaleed bin Talal’s investment firm Kingdom Holding Co. hired Deutsche Bank AG’s chief executive officer in Saudi Arabia as head of international investments, people familiar with the matter said.
Tamim Jabr will join Kingdom Holding later this year, said the people, asking not to be identified because the appointment isn’t public. Jabr was Deutsche Bank’s first hire in Saudi Arabia and had been with the lender for 16 years. Before becoming CEO of Deutsche Securities Saudi Arabia in 2017, he was head of corporate and investment banking in the kingdom.
His departure comes as CEO Christian Sewing prepares to announce the latest in a series of turnaround plans to cut cost and boost profitability. The revamp may include a headcount reduction of as many as 20,000 positions, the scaling back of some investment banking businesses, as well as asset disposals, people familiar with the matter have said.
Oil prices fall on U.S. inventory data, concerns about demand - Reuters
Oil prices fall on U.S. inventory data, concerns about demand - Reuters:
Oil prices fell in thin trade on Thursday, weighed down by data showing a smaller-than-expected draw on U.S. crude stockpiles and worries about the global economy.
Front-month Brent crude futures LCOc1, the international benchmark for oil prices, settled down 52 cents or 0.81% at $63.30 per barrel. Brent closed up 2.3% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 54 cents or 0.94% at $56.89 per barrel. WTI closed up 1.9% on Wednesday.
Trading volumes were light due to the July 4 holiday in the United States.
Oil prices fell in thin trade on Thursday, weighed down by data showing a smaller-than-expected draw on U.S. crude stockpiles and worries about the global economy.
Front-month Brent crude futures LCOc1, the international benchmark for oil prices, settled down 52 cents or 0.81% at $63.30 per barrel. Brent closed up 2.3% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 54 cents or 0.94% at $56.89 per barrel. WTI closed up 1.9% on Wednesday.
Trading volumes were light due to the July 4 holiday in the United States.
MIDEAST STOCKS-Egypt snaps winning streak, while MSCI upgrade keeps lifting #Kuwait - Reuters
MIDEAST STOCKS-Egypt snaps winning streak, while MSCI upgrade keeps lifting Kuwait - Reuters:
Egypt's blue-chip index snapped four
straight days of gains on Thursday as most of its stocks
dropped, while Kuwait rose for the sixth consecutive session
after MSCI decided to upgrade Kuwaiti equities to its main
emerging markets index.
Egypt's blue-chip index slipped into negative
territory after four days of gains. The index was down 0.9% with
Egypt Kuwait Holding losing 4.2%.
Egypt's current account deficit widened to $7.6 billion in
the first nine months of the fiscal year from $5.47 billion a
year earlier, while net foreign direct investments narrowed in
the same period.
Egypt's blue-chip index snapped four
straight days of gains on Thursday as most of its stocks
dropped, while Kuwait rose for the sixth consecutive session
after MSCI decided to upgrade Kuwaiti equities to its main
emerging markets index.
Egypt's blue-chip index slipped into negative
territory after four days of gains. The index was down 0.9% with
Egypt Kuwait Holding losing 4.2%.
Egypt's current account deficit widened to $7.6 billion in
the first nine months of the fiscal year from $5.47 billion a
year earlier, while net foreign direct investments narrowed in
the same period.
#UAE Rail Operator Seeks Adviser to Raise Up to $3 Billion - Bloomberg
U.A.E. Rail Operator Seeks Adviser to Raise Up to $3 Billion - Bloomberg:
Etihad Rail PJSC is seeking a financial adviser to raise as much as $3 billion to build the second stage of a rail network in the United Arab Emirates, four people with knowledge of the plan said.
The Abu Dhabi-based company may seek $2 billion to $3 billion in loans for the project, said the people, asking not to be identified because the information is private. The funds will be used to lay more than 600 kilometers (373 miles) of track from Ghuweifat, at the Saudi border, to Fujairah on the U.A.E.’s east coast.
The U.A.E.’s Ministry of Finance and Abu Dhabi’s Department of Finance are also helping finance the second stage of the project.
Etihad Rail PJSC is seeking a financial adviser to raise as much as $3 billion to build the second stage of a rail network in the United Arab Emirates, four people with knowledge of the plan said.
The Abu Dhabi-based company may seek $2 billion to $3 billion in loans for the project, said the people, asking not to be identified because the information is private. The funds will be used to lay more than 600 kilometers (373 miles) of track from Ghuweifat, at the Saudi border, to Fujairah on the U.A.E.’s east coast.
The U.A.E.’s Ministry of Finance and Abu Dhabi’s Department of Finance are also helping finance the second stage of the project.
Oil Near $57 as Smaller U.S. Stockpile Drop Adds to Economy Woes - Bloomberg
Oil Near $57 as Smaller U.S. Stockpile Drop Adds to Economy Woes - Bloomberg:
Oil declined as a smaller-than-expected draw in U.S. inventories added bearish sentiment to a market already reeling from gloomy economic news.
Futures lost 0.4% in New York, after earlier retreating 1.5%. While American crude and gasoline stockpiles both fell for a third week, they dropped less than forecast in a Bloomberg survey. Anxieties over demand resurfaced earlier this week following a slew of sluggish economic indicators from the U.S., China and Europe, even as the Organization of Petroleum Exporting Countries and its allies agreed to extend output cuts into 2020.
West Texas Intermediate oil for August delivery declined 23 cents, or 0.4%, to $57.11 a barrel on the New York Mercantile Exchange as of 8:40 a.m. local time. The contract gained $1.09 on Wednesday, recovering some ground after slumping the most since May 31 in the previous session.
Brent for September settlement slipped 4 cents to $63.78 a barrel on the ICE Futures Europe Exchange, after adding 2.3% on Wednesday. The benchmark global crude traded at a premium of $6.58 to WTI for the same month.
Oil declined as a smaller-than-expected draw in U.S. inventories added bearish sentiment to a market already reeling from gloomy economic news.
Futures lost 0.4% in New York, after earlier retreating 1.5%. While American crude and gasoline stockpiles both fell for a third week, they dropped less than forecast in a Bloomberg survey. Anxieties over demand resurfaced earlier this week following a slew of sluggish economic indicators from the U.S., China and Europe, even as the Organization of Petroleum Exporting Countries and its allies agreed to extend output cuts into 2020.
West Texas Intermediate oil for August delivery declined 23 cents, or 0.4%, to $57.11 a barrel on the New York Mercantile Exchange as of 8:40 a.m. local time. The contract gained $1.09 on Wednesday, recovering some ground after slumping the most since May 31 in the previous session.
Brent for September settlement slipped 4 cents to $63.78 a barrel on the ICE Futures Europe Exchange, after adding 2.3% on Wednesday. The benchmark global crude traded at a premium of $6.58 to WTI for the same month.
IMF slashes #Oman's 2019 economic growth forecast to 0.3% - Reuters
IMF slashes Oman's 2019 economic growth forecast to 0.3% - Reuters:
The International Monetary Fund has cut Oman’s 2019 economic growth forecast to 0.3% from 1.1% as OPEC-led production curbs slash oil-related growth among Gulf energy producers.
The forecast comes after Saudi Arabia - the world’s top crude exporter - said on June 30 its first-quarter rate of economic growth shrank by more than half on a quarterly basis.
In lowering Oman’s expected real GDP growth rate to 0.3% from 1.1% the IMF said it expected its oil GDP to decrease by 1.1% against April’s estimate of a 0.6% contraction, the fund said in a statement late on Wednesday.
The International Monetary Fund has cut Oman’s 2019 economic growth forecast to 0.3% from 1.1% as OPEC-led production curbs slash oil-related growth among Gulf energy producers.
The forecast comes after Saudi Arabia - the world’s top crude exporter - said on June 30 its first-quarter rate of economic growth shrank by more than half on a quarterly basis.
In lowering Oman’s expected real GDP growth rate to 0.3% from 1.1% the IMF said it expected its oil GDP to decrease by 1.1% against April’s estimate of a 0.6% contraction, the fund said in a statement late on Wednesday.
#Dubai's Limitless Seeks to Delay Debt Repayments for Third Time - Bloomberg
Dubai's Limitless Seeks to Delay Debt Repayments for Third Time - Bloomberg:
Limitless LLC asked banks to delay debt repayments for a third time as an going slump in property prices weighs on the Dubai-based developer, people with knowledge of the plan said.
The company is seeking to reschedule about $600 million-worth of loans and is also asking banks for a new loan of 475 million dirhams ($129 million) to help complete existing projects, said the people, asking not to be identified because the information is private. The developer hasn’t proposed a formal restructuring plan to banks yet, they said.
A Limitless spokeswoman declined to comment.
Limitless LLC asked banks to delay debt repayments for a third time as an going slump in property prices weighs on the Dubai-based developer, people with knowledge of the plan said.
The company is seeking to reschedule about $600 million-worth of loans and is also asking banks for a new loan of 475 million dirhams ($129 million) to help complete existing projects, said the people, asking not to be identified because the information is private. The developer hasn’t proposed a formal restructuring plan to banks yet, they said.
A Limitless spokeswoman declined to comment.
UPDATE 2-Oil prices fall on signs of slowing U.S. demand, economic concerns - Reuters
UPDATE 2-Oil prices fall on signs of slowing U.S. demand, economic concerns - Reuters:
Oil prices fell on Thursday, weighed down by data showing a smaller-than-expected draw on U.S. crude stockpiles and worries about the global economy.
Front-month Brent crude futures, the international benchmark for oil prices, were down 49 cents or 0.77% at $63.33 per barrel by 0830 GMT. Brent closed up 2.3% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were down 47 cents or 0.82% at $56.87 per barrel. WTI closed up 1.9% on Wednesday.
Oil prices fell on Thursday, weighed down by data showing a smaller-than-expected draw on U.S. crude stockpiles and worries about the global economy.
Front-month Brent crude futures, the international benchmark for oil prices, were down 49 cents or 0.77% at $63.33 per barrel by 0830 GMT. Brent closed up 2.3% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were down 47 cents or 0.82% at $56.87 per barrel. WTI closed up 1.9% on Wednesday.
#SaudiArabia, #Kuwait Make Breakthrough in Neutral Zone Oil Talks - Bloomberg
Saudi Arabia, Kuwait Make Breakthrough in Neutral Zone Oil Talks - Bloomberg:
Saudi Arabia and Kuwait are the closest in years to restoring oil output from the neutral zone shared by the neighboring nations after making a breakthrough in recent talks, according to people familiar with the matter.
While Kuwait and Riyadh haven’t yet reached a final agreement, in a recent meeting the Middle East nations made significant progress in resolving sovereignty issues that have thwarted negotiations in the past, the same people said, asking not to be named discussing diplomatic talks.
The neutral zone hasn’t produced anything since fields there were shut down after spats between the two countries in 2014 and 2015. The barren strip of desert straddling Saudi Arabia and Kuwait -- a relic of the time when European powers drew implausible ruler-straight borders across the Middle East -- can pump about 500,000 barrels a day, as much as OPEC-member Ecuador.
Saudi Arabia and Kuwait are the closest in years to restoring oil output from the neutral zone shared by the neighboring nations after making a breakthrough in recent talks, according to people familiar with the matter.
While Kuwait and Riyadh haven’t yet reached a final agreement, in a recent meeting the Middle East nations made significant progress in resolving sovereignty issues that have thwarted negotiations in the past, the same people said, asking not to be named discussing diplomatic talks.
The neutral zone hasn’t produced anything since fields there were shut down after spats between the two countries in 2014 and 2015. The barren strip of desert straddling Saudi Arabia and Kuwait -- a relic of the time when European powers drew implausible ruler-straight borders across the Middle East -- can pump about 500,000 barrels a day, as much as OPEC-member Ecuador.
#Abraaj Takes a Step Closer to Selling Two of Its Funds to Actis - Bloomberg
Abraaj Takes a Step Closer to Selling Two of Its Funds to Actis - Bloomberg:
Actis received investor approval to take over two funds managed by the collapsed Abraaj Group, clearing a major hurdle for the emerging-market investor to complete a deal, according to people familiar with the matter.
London-based Actis last week got the 75% of investor support required to take over the $1.6 billion Abraaj Private Equity Fund IV and the $990 million Africa Fund III, said the people, asking not to be identified because the matter is private. A final deal hasn’t been agreed and may take at least a few more weeks to complete, they said.
Until last year, Dubai-based Abraaj was the Middle East’s biggest private equity fund and one of the world’s most influential emerging-market investors, with investments across Africa, Asia, Latin America and Turkey. At its peak, it managed $14 billion of assets, but was forced to file for insolvency last year after being accused of misusing investor funds. Six executives now face racketeering and securities-fraud charges in the U.S.
Actis received investor approval to take over two funds managed by the collapsed Abraaj Group, clearing a major hurdle for the emerging-market investor to complete a deal, according to people familiar with the matter.
London-based Actis last week got the 75% of investor support required to take over the $1.6 billion Abraaj Private Equity Fund IV and the $990 million Africa Fund III, said the people, asking not to be identified because the matter is private. A final deal hasn’t been agreed and may take at least a few more weeks to complete, they said.
Until last year, Dubai-based Abraaj was the Middle East’s biggest private equity fund and one of the world’s most influential emerging-market investors, with investments across Africa, Asia, Latin America and Turkey. At its peak, it managed $14 billion of assets, but was forced to file for insolvency last year after being accused of misusing investor funds. Six executives now face racketeering and securities-fraud charges in the U.S.
MIDEAST STOCKS-Oil prices fall weigh on most Gulf markets, #Kuwait extends rally - Reuters
MIDEAST STOCKS-Oil prices fall weigh on most Gulf markets, Kuwait extends rally - Reuters:
Most major gulf markets declined on Thursday amid sliding oil prices, while Kuwait continued its run of gains for the sixth straight session following MSCI’s decision to upgrade Kuwaiti equities to its main emerging markets index.
Oil prices fell on Thursday, weighed down by data showing a smaller-than-expected decline in U.S. crude stockpiles and worries about the global economy.
The Saudi index edged down 0.1% pressured by petrochemical and financial stocks. Saudi Basic Industries shed 0.4%, while National Commercial Bank was also down 0.4%.
Most major gulf markets declined on Thursday amid sliding oil prices, while Kuwait continued its run of gains for the sixth straight session following MSCI’s decision to upgrade Kuwaiti equities to its main emerging markets index.
Oil prices fell on Thursday, weighed down by data showing a smaller-than-expected decline in U.S. crude stockpiles and worries about the global economy.
The Saudi index edged down 0.1% pressured by petrochemical and financial stocks. Saudi Basic Industries shed 0.4%, while National Commercial Bank was also down 0.4%.
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