Dubai's Emaar buys remaining 35% of resort developer Mirage: exclusive - The National:
Dubai's blue-chip property developer, Emaar Properties, completed its buy-out of development management company Mirage Leisure and Development, taking the remaining 35 per cent of the business it did not already own for Dh66.5 million.
The developer secured a 65 per cent stake in Mirage in October 2015 for Dh123.5m, but financial statements filed last week show that it acquired the remainder of the firm at the end of April this year.
"Managing Mirage fully is the best fit for Emaar as the company performs exceptionally well and also manages the development of Emaar’s hospitality assets," a spokesman for Emaar Properties told The National.
Sunday, 18 August 2019
Why are Some ETFs Cheaper than Others? | Morningstar
Why are Some ETFs Cheaper than Others? | Morningstar:
Time-poor investors have increasingly turned to passive funds as they don’t have the time to cherry-pick stocks themselves and don’t want to pay high fees for active funds. It is no wonder then, that the exchange-traded fund (ETF) industry has flourished as a result.
According to Morningstar research, the amount held in European-domiciled ETFs has more than doubled over the past five years, with ETFs accounting for 8.6% of total assets under management as of March 2019.
ETFs are not new products – the first tracker listed on the London Stock Exchange back in 2000 – but they have matured over the subsequent two decades. Competition has increased and prices have fallen as a strong demand for these tracker funds has sparked a proliferation of new products.
Time-poor investors have increasingly turned to passive funds as they don’t have the time to cherry-pick stocks themselves and don’t want to pay high fees for active funds. It is no wonder then, that the exchange-traded fund (ETF) industry has flourished as a result.
According to Morningstar research, the amount held in European-domiciled ETFs has more than doubled over the past five years, with ETFs accounting for 8.6% of total assets under management as of March 2019.
ETFs are not new products – the first tracker listed on the London Stock Exchange back in 2000 – but they have matured over the subsequent two decades. Competition has increased and prices have fallen as a strong demand for these tracker funds has sparked a proliferation of new products.
#Saudi Oil Fields Are in the Firing Line as Gulf Conflicts Rage - Bloomberg
Saudi Oil Fields Are in the Firing Line as Gulf Conflicts Rage - Bloomberg:
Saudi Arabia’s oil fields, responsible for almost a 10th of global crude production, are in the firing line. Recently, they’ve been targeted by air, sea and land.
Flaring tensions in the Persian Gulf have seen some of the the world’s biggest crude deposits, along with processing and transport infrastructure and vessels, targeted by explosives-laden drones and bombings.
The threats to the kingdom’s crude production and infrastructure shine a light on the risk to global oil supply given that state-owned Saudi Aramco is the world’s largest exporter. Saudi Arabia’s more than 100 crude deposits contain some 257 billion barrels of proved oil reserves, the world’s biggest conventional finds.
Saudi Arabia’s oil fields, responsible for almost a 10th of global crude production, are in the firing line. Recently, they’ve been targeted by air, sea and land.
Flaring tensions in the Persian Gulf have seen some of the the world’s biggest crude deposits, along with processing and transport infrastructure and vessels, targeted by explosives-laden drones and bombings.
The threats to the kingdom’s crude production and infrastructure shine a light on the risk to global oil supply given that state-owned Saudi Aramco is the world’s largest exporter. Saudi Arabia’s more than 100 crude deposits contain some 257 billion barrels of proved oil reserves, the world’s biggest conventional finds.
Qatari Stocks Break Losing Streak, Lead Mideast Gains: Inside EM - Bloomberg
Qatari Stocks Break Losing Streak, Lead Mideast Gains: Inside EM - Bloomberg:
Qatar’s QE Index of stocks interrupted a three-day losing streak to rise 1.7% at close, its biggest daily gain since June 20.
Still, the benchmark remains among the world’s worst equity performers this month, according to major gauges tracked by Bloomberg. It’s headed toward its worst monthly performance since June 2017, when a group of neighbors including Saudi Arabia severed diplomatic relations with the Gulf country.
Qatari stocks lost 2.2% in the week ended Aug. 15 amid selling pressure across the spectrum of riskier assets, and a dash for havens such as U.S. Treasuries. The decline is set to “subside” this week, according to Talal Samhouri, the head of asset management at Doha-based Amwal LLC, as investors return to trading desks.
Qatar’s QE Index of stocks interrupted a three-day losing streak to rise 1.7% at close, its biggest daily gain since June 20.
Still, the benchmark remains among the world’s worst equity performers this month, according to major gauges tracked by Bloomberg. It’s headed toward its worst monthly performance since June 2017, when a group of neighbors including Saudi Arabia severed diplomatic relations with the Gulf country.
Qatari stocks lost 2.2% in the week ended Aug. 15 amid selling pressure across the spectrum of riskier assets, and a dash for havens such as U.S. Treasuries. The decline is set to “subside” this week, according to Talal Samhouri, the head of asset management at Doha-based Amwal LLC, as investors return to trading desks.
GCC IPO activity picks up pace in Q2: PwC | ZAWYA MENA Edition
GCC IPO activity picks up pace in Q2: PwC | ZAWYA MENA Edition:
A slight increase in IPO activity marked the second quarter of this year, offering some optimism for GCC markets with two companies listing on Saudi Arabia’s Tadawul, said professional services firm PwC in its GCC Capital Markets Watch.
A slight increase in IPO activity marked the second quarter of this year, offering some optimism for GCC markets with two companies listing on Saudi Arabia’s Tadawul, said professional services firm PwC in its latest GCC Capital Markets Watch.
Both the UAE’s promising pipeline and Tadawul stock exchange’s development offer some optimism for the GCC market. Despite this, GCC market activity continues to be slow with only two IPOs on Tadawul in Q2 2019, compared with five in the same quarter last year.
A slight increase in IPO activity marked the second quarter of this year, offering some optimism for GCC markets with two companies listing on Saudi Arabia’s Tadawul, said professional services firm PwC in its GCC Capital Markets Watch.
A slight increase in IPO activity marked the second quarter of this year, offering some optimism for GCC markets with two companies listing on Saudi Arabia’s Tadawul, said professional services firm PwC in its latest GCC Capital Markets Watch.
Both the UAE’s promising pipeline and Tadawul stock exchange’s development offer some optimism for the GCC market. Despite this, GCC market activity continues to be slow with only two IPOs on Tadawul in Q2 2019, compared with five in the same quarter last year.
MIDEAST STOCKS- #Saudi stocks pressured by banks, Industries #Qatar lifts Doha - Reuters
MIDEAST STOCKS-Saudi stocks pressured by banks, Industries Qatar lifts Doha - Reuters:
Saudi shares ended lower on Sunday, hit by
weakness in banking stocks, while the Qatari index snapped a three-day losing
streak as Industries Qatar's rebounded after steep declines on its
first-half results.
The Saudi index eased by 0.3%, with Saudi British Bank
dropping about 1.3% and Samba Financial Group falling 1.3%. The Riyadh
market had resumed trade after closing last week for the Eidul Adha religious
festival.
Banking stocks have come under pressure in recent weeks from the Saudi
central bank's decision to follow the U.S. Federal Reserve in cutting interest
rates, which analysts expect to squeeze lenders' profit margins.
Saudi shares ended lower on Sunday, hit by
weakness in banking stocks, while the Qatari index snapped a three-day losing
streak as Industries Qatar's rebounded after steep declines on its
first-half results.
The Saudi index eased by 0.3%, with Saudi British Bank
dropping about 1.3% and Samba Financial Group falling 1.3%. The Riyadh
market had resumed trade after closing last week for the Eidul Adha religious
festival.
Banking stocks have come under pressure in recent weeks from the Saudi
central bank's decision to follow the U.S. Federal Reserve in cutting interest
rates, which analysts expect to squeeze lenders' profit margins.
GCC Islamic banks headed for more M&A deals | Banking – Gulf News
GCC Islamic banks headed for more M&A deals | Banking – Gulf News:
Mergers and acquisitions (M&A) among Islamic banks across the GCC region are expected to pick up pace to boost their competitive position in an increasingly overbanked region, according to a recent report from Fitch Ratings
“Islamic bank mergers and acquisitions in the GCC region are likely to increase as many Islamic banks still lack the market position needed to compete with large established peers, particularly in overbanked markets such as the UAE,” Fitch Ratings said.
Consolidation, according to the rating agency, should ultimately be positive for the Islamic banking sector by creating larger, stronger and more efficient Islamic banks.
Mergers and acquisitions (M&A) among Islamic banks across the GCC region are expected to pick up pace to boost their competitive position in an increasingly overbanked region, according to a recent report from Fitch Ratings
“Islamic bank mergers and acquisitions in the GCC region are likely to increase as many Islamic banks still lack the market position needed to compete with large established peers, particularly in overbanked markets such as the UAE,” Fitch Ratings said.
Consolidation, according to the rating agency, should ultimately be positive for the Islamic banking sector by creating larger, stronger and more efficient Islamic banks.
#Israel's Economy Slows More Than Forecast on Exports, Investment - Bloomberg
Israel's Economy Slows More Than Forecast on Exports, Investment - Bloomberg:
The Israeli economy stumbled more than forecast in the second quarter, hampered by slowing trade, investment and private consumption.
Gross domestic product rose 1% from the previous three months on an annualized basis, after a downwardly revised 4.7% gain in the first quarter, according to an initial estimate from the Central Bureau of Statistics published on Sunday. That was worse than every estimate in a Bloomberg survey of nine economists, whose median was for an advance of 1.5%.
The Israeli economy stumbled more than forecast in the second quarter, hampered by slowing trade, investment and private consumption.
Gross domestic product rose 1% from the previous three months on an annualized basis, after a downwardly revised 4.7% gain in the first quarter, according to an initial estimate from the Central Bureau of Statistics published on Sunday. That was worse than every estimate in a Bloomberg survey of nine economists, whose median was for an advance of 1.5%.
Qatari Stocks Break Losing Streak, Lead Mideast Gains: Inside EM - Bloomberg
Qatari Stocks Break Losing Streak, Lead Mideast Gains: Inside EM - Bloomberg:
Qatar’s QE Index of stocks interrupted a three-day losing streak to rise as much as 2%, its biggest intraday gain in more than two months.
Still, the benchmark remains among the world’s worst equity performers this month, according to major gauges tracked by Bloomberg. It’s headed toward its worst monthly performance since June 2017, when a group of neighbors including Saudi Arabia severed diplomatic relations with the Gulf country.
Qatari stocks lost 2.2% in the week ended Aug. 15 amid selling pressure across the spectrum of riskier assets, and a dash for havens such as U.S. Treasuries. The decline is set to “subside” this week, according to Talal Samhouri, the head of asset management at Doha-based Amwal LLC, as investors return to trading desks.
Qatar’s QE Index of stocks interrupted a three-day losing streak to rise as much as 2%, its biggest intraday gain in more than two months.
Still, the benchmark remains among the world’s worst equity performers this month, according to major gauges tracked by Bloomberg. It’s headed toward its worst monthly performance since June 2017, when a group of neighbors including Saudi Arabia severed diplomatic relations with the Gulf country.
Qatari stocks lost 2.2% in the week ended Aug. 15 amid selling pressure across the spectrum of riskier assets, and a dash for havens such as U.S. Treasuries. The decline is set to “subside” this week, according to Talal Samhouri, the head of asset management at Doha-based Amwal LLC, as investors return to trading desks.
#Kuwait sovereign fund in portfolio shift on signs of global economic weakness: report - Reuters
Kuwait sovereign fund in portfolio shift on signs of global economic weakness: report - Reuters:
The Kuwait Investment Authority (KIA) began increasing its exposure to bonds and cash two years ago to boost liquidity in its portfolio as the global economy showed signs of weakness, Kuwaiti newspaper Alqabas reported on Sunday, citing sources.
The report provided rare insight on the strategy of one of the world’s biggest sovereign wealth funds, though it did not give a breakdown of KIA’s investments in various asset classes.
KIA, which the Sovereign Wealth Fund Institute estimates manage $592 billion of assets, does not publicly disclose its investments or detailed strategy.
The Kuwait Investment Authority (KIA) began increasing its exposure to bonds and cash two years ago to boost liquidity in its portfolio as the global economy showed signs of weakness, Kuwaiti newspaper Alqabas reported on Sunday, citing sources.
The report provided rare insight on the strategy of one of the world’s biggest sovereign wealth funds, though it did not give a breakdown of KIA’s investments in various asset classes.
KIA, which the Sovereign Wealth Fund Institute estimates manage $592 billion of assets, does not publicly disclose its investments or detailed strategy.
MIDEAST STOCKS-Banks push #Saudi, #AbuDhabi lower; Industries #Qatar rebounds - Reuters
MIDEAST STOCKS-Banks push Saudi, Abu Dhabi lower; Industries Qatar rebounds - Reuters:
Weakness in banking shares pushed indexes in Saudi Arabia and Abu Dhabi lower in early trade on Sunday, while Qatari stocks rebounded on demand for Industries Qatar, which bounced back after sharp losses this month on weak earnings.
Saudi stocks were down 0.1%, with Saudi British Bank down about 1% and Samba Financial Group falling 1.2%.
Banking stocks have been under pressure in recent weeks from the Saudi central bank’s decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect will squeeze profit margins at Saudi lenders.
Weakness in banking shares pushed indexes in Saudi Arabia and Abu Dhabi lower in early trade on Sunday, while Qatari stocks rebounded on demand for Industries Qatar, which bounced back after sharp losses this month on weak earnings.
Saudi stocks were down 0.1%, with Saudi British Bank down about 1% and Samba Financial Group falling 1.2%.
Banking stocks have been under pressure in recent weeks from the Saudi central bank’s decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect will squeeze profit margins at Saudi lenders.
#SaudiArabia's Promise to Boost the Oil Price Just Doesn't Add Up - Bloomberg
Saudi Arabia's Promise to Boost the Oil Price Just Doesn't Add Up - Bloomberg:
Saudi Arabia isn’t as willing to do whatever it takes to support oil prices as it would have us believe. That’s the only conclusion one can draw from what we’ve learnt since a government official said the kingdom wouldn’t tolerate a continued price slide.
After crude fell to a seven-month low earlier this month, Saudi Arabia got on the phone to other members of the OPEC+ group of nations to discuss possible policy responses. It doesn’t appear to have got very far.
Russia – the key non-OPEC member of the extended producer group – made all the right noises. An emailed statement from its energy ministry said it was “utterly important to act responsibly” by giving the market only as much oil as was needed. You might think that would mean Russia sticking to the production target it agreed with OPEC in December. You’d be wrong.
Saudi Arabia isn’t as willing to do whatever it takes to support oil prices as it would have us believe. That’s the only conclusion one can draw from what we’ve learnt since a government official said the kingdom wouldn’t tolerate a continued price slide.
After crude fell to a seven-month low earlier this month, Saudi Arabia got on the phone to other members of the OPEC+ group of nations to discuss possible policy responses. It doesn’t appear to have got very far.
Russia – the key non-OPEC member of the extended producer group – made all the right noises. An emailed statement from its energy ministry said it was “utterly important to act responsibly” by giving the market only as much oil as was needed. You might think that would mean Russia sticking to the production target it agreed with OPEC in December. You’d be wrong.
#Qatar says economic growth to accelerate in 2019-2020 - Energy & Oil - Reuters
Qatar says economic growth to accelerate in 2019-2020 - Energy & Oil - Reuters:
Qatar’s economic growth will accelerate over the next two years amid expectations of stable oil prices and continued strong exports, the central bank said on Thursday.
Qatar, a major gas exporter, saw its economy grow 1.4% in 2018, down from 1.6% in 2017, government data showed.
“Although real GDP growth was somewhat slower than the preceding year, the economic outlook for 2019 remains positive,” Qatar Central Bank said in its 2018 report.
Qatar’s economic growth will accelerate over the next two years amid expectations of stable oil prices and continued strong exports, the central bank said on Thursday.
Qatar, a major gas exporter, saw its economy grow 1.4% in 2018, down from 1.6% in 2017, government data showed.
“Although real GDP growth was somewhat slower than the preceding year, the economic outlook for 2019 remains positive,” Qatar Central Bank said in its 2018 report.
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