U.A.E. Julphar Seeks Adviser to Restructure as Saudi Ban Weighs - Bloomberg:
Gulf Pharmaceutical Industries is looking to hire a restructuring adviser after cutting jobs as a ban on the medicine maker’s exports to Saudi Arabia weighs on its finances.
The company known as Julphar replaced most of its top management and appointed new board members as it comes under increasing financial strain. The United Arab Emirates-based firm also cut about 150 jobs, or 3% of its workforce, according to a person with knowledge of the plans who asked not to be identified because they are private.
A small proportion of staff were affected by a “modest restructuring” and all key positions have been filled, according to Chief Executive Officer Jerome Carle. The company will soon announce its new executive team and is working with consultancy firms to help optimize the business, he said.
Monday 8 July 2019
Oil Dives in Final Minutes of Trading as Economic Woes Dominate - Bloomberg
Oil Dives in Final Minutes of Trading as Economic Woes Dominate - Bloomberg:
Oil plunged in the last few minutes of trading as economic anxiety hangs over the market.
Futures gave up more than 1% of the day’s gains moments before settlement, closing just 0.3% higher in New York on Monday. Prices had risen for much of the session after BP Plc diverted a vessel in the Persian Gulf, fearing it might be targeted for retaliation after British forces seized an Iranian tanker last week. Saudi Arabia, meanwhile, said it had foiled an attack on a commercial ship in the Red Sea by Iran-backed Houthi rebels.
The retreat near the close suggested traders are still contending with an “overriding negative sentiment,” said Ashley Petersen, an oil analyst at Stratas Advisors LLC in New York. Relatively light summer trading volumes may have exacerbated the slide.
West Texas Intermediate oil for August delivery closed 15 cents higher at $57.66 a barrel on the New York Mercantile Exchange. It had risen as much as 1.7% earlier in the day. Brent for September settlement fell 12 cents to $64.11 a barrel on the ICE Futures Europe Exchange.
Oil plunged in the last few minutes of trading as economic anxiety hangs over the market.
Futures gave up more than 1% of the day’s gains moments before settlement, closing just 0.3% higher in New York on Monday. Prices had risen for much of the session after BP Plc diverted a vessel in the Persian Gulf, fearing it might be targeted for retaliation after British forces seized an Iranian tanker last week. Saudi Arabia, meanwhile, said it had foiled an attack on a commercial ship in the Red Sea by Iran-backed Houthi rebels.
The retreat near the close suggested traders are still contending with an “overriding negative sentiment,” said Ashley Petersen, an oil analyst at Stratas Advisors LLC in New York. Relatively light summer trading volumes may have exacerbated the slide.
West Texas Intermediate oil for August delivery closed 15 cents higher at $57.66 a barrel on the New York Mercantile Exchange. It had risen as much as 1.7% earlier in the day. Brent for September settlement fell 12 cents to $64.11 a barrel on the ICE Futures Europe Exchange.
Oil rises amid Iran's new nuclear threats - Reuters
Oil rises amid Iran's new nuclear threats - Reuters:
Oil prices firmed on Monday amid tensions over Iran’s nuclear program but gains were tempered by concerns about global economic growth and consequently oil demand.
Brent crude futures were up 66 cents by 1353 GMT at $64.89 a barrel. U.S. West Texas Intermediate (WTI) was up 60 cents at $58.11.
Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.
Oil prices firmed on Monday amid tensions over Iran’s nuclear program but gains were tempered by concerns about global economic growth and consequently oil demand.
Brent crude futures were up 66 cents by 1353 GMT at $64.89 a barrel. U.S. West Texas Intermediate (WTI) was up 60 cents at $58.11.
Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.
#Oman gets $19.6bln FDI in 2018: report | ZAWYA MENA Edition
Oman gets $19.6bln FDI in 2018: report | ZAWYA MENA Edition:
The sultanate received US$19.6bn as foreign direct investment (FDI), the maximum in the Arab world during 2018, a new report by the Arab Investment and Export Credit Guarantee Corporation (AIECGC) has revealed.
The ‘Investment Climate Report 2019’ published by AIECGC stated that the Arab nations got US$83.45bn in 2018, while the GCC countries attracted a total of US$51.6bn as FDI.
Among the Arab countries, Oman got the maximum at US$19.635bn, providing 10,897 new jobs. Fifty seven projects executed by 44 companies received the FDI.
The sultanate received US$19.6bn as foreign direct investment (FDI), the maximum in the Arab world during 2018, a new report by the Arab Investment and Export Credit Guarantee Corporation (AIECGC) has revealed.
The ‘Investment Climate Report 2019’ published by AIECGC stated that the Arab nations got US$83.45bn in 2018, while the GCC countries attracted a total of US$51.6bn as FDI.
Among the Arab countries, Oman got the maximum at US$19.635bn, providing 10,897 new jobs. Fifty seven projects executed by 44 companies received the FDI.
Wealth Creators: Where are region's big investors putting their money? | ZAWYA MENA Edition
Wealth Creators: Where are region's big investors putting their money? | ZAWYA MENA Edition:
Europe may no longer be a favourite investment destination for the Middle East sovereign wealth funds. Instead, investors are increasingly training their sights on Asia, mainly China.
As the political uncertainty triggered by Brexit continues to plague Europe, some 88 per cent of investors from the Middle East have exposure to China, versus 73 per cent for all investors globally, according to Invesco’s latest Global Sovereign Asset Management Study.
Slowing economic growth and perceptions of rising political risk have led to a decline in the attractiveness of major European economies. The report said that Brexit is now influencing asset allocation decisions for 64 per cent of all sovereigns, and this is higher in the Middle East, at 78 percent.
Europe may no longer be a favourite investment destination for the Middle East sovereign wealth funds. Instead, investors are increasingly training their sights on Asia, mainly China.
As the political uncertainty triggered by Brexit continues to plague Europe, some 88 per cent of investors from the Middle East have exposure to China, versus 73 per cent for all investors globally, according to Invesco’s latest Global Sovereign Asset Management Study.
Slowing economic growth and perceptions of rising political risk have led to a decline in the attractiveness of major European economies. The report said that Brexit is now influencing asset allocation decisions for 64 per cent of all sovereigns, and this is higher in the Middle East, at 78 percent.
UPDATE 1-DP World hires Citi, StanChart for new 10-year Islamic bond - Reuters
UPDATE 1-DP World hires Citi, StanChart for new 10-year Islamic bond - Reuters:
Port operator DP World has hired banks to arrange a series of investor meetings ahead of a potential issue of 10-year U.S. dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed on Monday.
DP World, majority owned by the Dubai government, mandated Citi, Dubai Islamic Bank and Standard Chartered to arrange the meetings to be held in Hong Kong, Singapore and London, starting on Wednesday July 10.
The three banks, together with Barclays, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank , and HSBC have been mandated as joint lead managers and joint bookrunners for the sukuk offering.
Port operator DP World has hired banks to arrange a series of investor meetings ahead of a potential issue of 10-year U.S. dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed on Monday.
DP World, majority owned by the Dubai government, mandated Citi, Dubai Islamic Bank and Standard Chartered to arrange the meetings to be held in Hong Kong, Singapore and London, starting on Wednesday July 10.
The three banks, together with Barclays, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank , and HSBC have been mandated as joint lead managers and joint bookrunners for the sukuk offering.
Oil steadies as demand concern counters Middle East tensions - Reuters
Oil steadies as demand concern counters Middle East tensions - Reuters:
Oil prices steadied on Monday as tensions over Iran’s nuclear program were tempered by global economic growth concerns and consequently oil demand.
Brent crude futures were down 1 cent by 1122 GMT at $64.22 a barrel. U.S. West Texas Intermediate (WTI) was down 2 cent at $57.49.
Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.
Oil prices steadied on Monday as tensions over Iran’s nuclear program were tempered by global economic growth concerns and consequently oil demand.
Brent crude futures were down 1 cent by 1122 GMT at $64.22 a barrel. U.S. West Texas Intermediate (WTI) was down 2 cent at $57.49.
Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.
MIDEAST STOCKS-Most Gulf markets bounce back from early losses, #Kuwait rallies - Reuters
MIDEAST STOCKS-Most Gulf markets bounce back from early losses, Kuwait rallies - Reuters:
Most Gulf markets recovered from earlier
losses on Monday to close higher, with Saudi lifted by financial
shares and Kuwait rising for the eighth straight session
following MSCI's decision to include the country in its main
emerging markets index.
The Saudi index gained 0.2% with Al Rajhi Bank
rising 0.6% and Riyad Bank adding 1.7% after
its board proposed a higher dividend for the first-half of the
year.
The market is up nearly 13% so far this year in a rally led
by foreign investors.
Most Gulf markets recovered from earlier
losses on Monday to close higher, with Saudi lifted by financial
shares and Kuwait rising for the eighth straight session
following MSCI's decision to include the country in its main
emerging markets index.
The Saudi index gained 0.2% with Al Rajhi Bank
rising 0.6% and Riyad Bank adding 1.7% after
its board proposed a higher dividend for the first-half of the
year.
The market is up nearly 13% so far this year in a rally led
by foreign investors.
The weakness of Opec+ is evident | Financial Times
The weakness of Opec+ is evident | Financial Times:
The agreement between the oil cartel Opec and a group of non-Opec countries led by Russia to maintain the quotas they established last December for another six to nine months confirms the shift in power within the market away from the producers.
In the short term, the defensive deal agreed in Vienna is designed to prop up prices at their current levels. The cartel and its new allies, including Russia, Kazakhstan and Mexico, will continue to take some 1.2m barrels a day of potential supply off the market.
But the immediate market reaction and the further fall in prices in the following days show that the shift in income and wealth away from producers is one that even an agreement by Opec+ — led by Russia and Saudi Arabia — cannot halt.
The agreement between the oil cartel Opec and a group of non-Opec countries led by Russia to maintain the quotas they established last December for another six to nine months confirms the shift in power within the market away from the producers.
In the short term, the defensive deal agreed in Vienna is designed to prop up prices at their current levels. The cartel and its new allies, including Russia, Kazakhstan and Mexico, will continue to take some 1.2m barrels a day of potential supply off the market.
But the immediate market reaction and the further fall in prices in the following days show that the shift in income and wealth away from producers is one that even an agreement by Opec+ — led by Russia and Saudi Arabia — cannot halt.
Oil Tankers Dodge Top Mideast Refueling Hub After Ship Attacks - Bloomberg
Oil Tankers Dodge Top Mideast Refueling Hub After Ship Attacks - Bloomberg:
Oil tanker owners are avoiding sending their ships to the Middle East’s main refueling hub after a spate of attacks on vessels in the past two months ratcheted up tensions and highlighted the growing risks of operating in the region.
Strikes on tankers just outside the Persian Gulf in mid-June were the second in a month near the Strait of Hormuz, the chokepoint through which about a third of global seaborne oil moves. Now demand for ship fuel at Fujairah, the United Arab Emirates coastal shipping hub close to the Strait, has waned as some tankers stay away, traders involved in the regional market said.
“Only expect issues to get worse before they get better,” said Matt Stanley, a senior broker at Star Fuels in Dubai. Fujairah is seeing “a significant drop in demand owing to war-risk premiums” that are levied by ship insurers, he said.
Oil tanker owners are avoiding sending their ships to the Middle East’s main refueling hub after a spate of attacks on vessels in the past two months ratcheted up tensions and highlighted the growing risks of operating in the region.
Strikes on tankers just outside the Persian Gulf in mid-June were the second in a month near the Strait of Hormuz, the chokepoint through which about a third of global seaborne oil moves. Now demand for ship fuel at Fujairah, the United Arab Emirates coastal shipping hub close to the Strait, has waned as some tankers stay away, traders involved in the regional market said.
“Only expect issues to get worse before they get better,” said Matt Stanley, a senior broker at Star Fuels in Dubai. Fujairah is seeing “a significant drop in demand owing to war-risk premiums” that are levied by ship insurers, he said.
MIDEAST STOCKS-Global stock slide pulls down most Gulf markets - Reuters
MIDEAST STOCKS-Global stock slide pulls down most Gulf markets - Reuters:
Most Gulf stock markets dropped on Monday, mirroring losses in global stocks after strong U.S. job gains dampened expectations the Federal Reserve will deliver a large rate cut.
The Kuwait bourse fell back after seven straight gains triggered by MSCI decision to upgrade Kuwaiti equities to its main emerging markets index.
Kuwait’s index decreased 0.3% after rallying recently on expectations that the MSCI move would trigger billions of dollars of inflows in Kuwaiti stocks.
Most Gulf stock markets dropped on Monday, mirroring losses in global stocks after strong U.S. job gains dampened expectations the Federal Reserve will deliver a large rate cut.
The Kuwait bourse fell back after seven straight gains triggered by MSCI decision to upgrade Kuwaiti equities to its main emerging markets index.
Kuwait’s index decreased 0.3% after rallying recently on expectations that the MSCI move would trigger billions of dollars of inflows in Kuwaiti stocks.
UAE real estate: #Dubai considers rent-to-own, multiple owners scheme | ZAWYA MENA Edition
UAE real estate: Dubai considers rent-to-own, multiple owners scheme | ZAWYA MENA Edition:
Dubai is working on a host of new initiatives and regulations such as a rent-to-own system, partial title deeds that will allow multiple ownerships in a property, the launch of collective real estate investment funds and investment portfolio applications in order to give fillip to the local real estate market.
These initiatives will bring in more liquidity into the real estate market which has been persistently going down due to falling demand over the last few years.
Rent-to-own system, already in place in developed markets, will significantly enhance the emirate's position among top realty markets. Interestingly, some of the developers are already offering this facility to tenants in the UAE.
Dubai is working on a host of new initiatives and regulations such as a rent-to-own system, partial title deeds that will allow multiple ownerships in a property, the launch of collective real estate investment funds and investment portfolio applications in order to give fillip to the local real estate market.
These initiatives will bring in more liquidity into the real estate market which has been persistently going down due to falling demand over the last few years.
Rent-to-own system, already in place in developed markets, will significantly enhance the emirate's position among top realty markets. Interestingly, some of the developers are already offering this facility to tenants in the UAE.
Oil prices tread water as market eyes global risks - Reuters
Oil prices tread water as market eyes global risks - Reuters:
Crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the Sino-U.S. trade war on the global economy, although last week’s better-than-expected U.S. jobs data offered some supprt.
Brent crude futures were down 3 cents by 0300 GMT at $64.20. U.S. West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel.
“A very cautious open this morning supported by a better than expected (non-farm payrolls),” said Stephen Innes, managing partner at Vanguard Markets in Bangkok. “Traders remain incredibly cautious about the dimmer global economic overhang.”
Crude prices were little changed on Monday as traders weighed geopolitical risks against the impact of the Sino-U.S. trade war on the global economy, although last week’s better-than-expected U.S. jobs data offered some supprt.
Brent crude futures were down 3 cents by 0300 GMT at $64.20. U.S. West Texas Intermediate (WTI) was up 6 cents at $57.57 a barrel.
“A very cautious open this morning supported by a better than expected (non-farm payrolls),” said Stephen Innes, managing partner at Vanguard Markets in Bangkok. “Traders remain incredibly cautious about the dimmer global economic overhang.”
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