BlackRock Mideast Foray May Grow With Israel Infrastructure Push - Bloomberg:
The world’s largest asset manager BlackRock Inc. could add to its footprint in the Middle East by joining Israel’s infrastructure boom.
Representatives of the Israeli government and the New York-based financial giant are discussing an investment in the country’s infrastructure, according to Prime Minister Benjamin Netanyahu’s top economic adviser Avi Simhon.
BlackRock expressed interest in an investment and Israel offered to help with any regulatory barriers, he said in an interview this month in Jerusalem, adding that it was too early for specifics. A spokeswoman for BlackRock in Israel declined to comment.
Sunday, 25 August 2019
Mideast Stocks Slide in Sign of Damage to Come From Trade War - Bloomberg
Mideast Stocks Slide in Sign of Damage to Come From Trade War - Bloomberg:
Stocks across the Middle East’s most liquid markets declined in a sign that the latest escalation in the U.S.-China trade war is deepening concern about a global recession.
Israeli stocks led the retreat, losing 3%, as all but one member of the TA-35 index fell in the wake of the sell-off in the U.S. Friday. Gauges in Saudi Arabia, Kuwait and Dubai lost at least 1.7% on speculation slowing growth will sap demand for oil.
“If there is regional tension or if oil faces pressure, Saudi markets tend to be the most impacted in the GCC,” said Aarthi Chandrasekaran, a money manager at investment bank Shuaa Capital PSC in Abu Dhabi. “If there is a global meltdown, Dubai and the United Arab Emirates tend to be most impacted as the role of international investors remains high inside the financial market.”
Stocks across the Middle East’s most liquid markets declined in a sign that the latest escalation in the U.S.-China trade war is deepening concern about a global recession.
Israeli stocks led the retreat, losing 3%, as all but one member of the TA-35 index fell in the wake of the sell-off in the U.S. Friday. Gauges in Saudi Arabia, Kuwait and Dubai lost at least 1.7% on speculation slowing growth will sap demand for oil.
“If there is regional tension or if oil faces pressure, Saudi markets tend to be the most impacted in the GCC,” said Aarthi Chandrasekaran, a money manager at investment bank Shuaa Capital PSC in Abu Dhabi. “If there is a global meltdown, Dubai and the United Arab Emirates tend to be most impacted as the role of international investors remains high inside the financial market.”
Bankers Head to #SaudiArabia to Compete for World's Biggest IPO - Bloomberg
Bankers Head to Saudi Arabia to Compete for World's Biggest IPO - Bloomberg: Global banks will this week start making their case on why they should be hired for what’s set to be the world’s biggest initial public offering, according to people with knowledge of the matter.
Dealmakers representing advisory firms from around the world will from Tuesday travel to Saudi Aramco’s headquarters in Dhahran in the kingdom’s Eastern Province to compete for a role on the offering that’s planned for as early as 2020, the people said, asking not to be identified as the information is private.
Aramco, which posted a profit of $46.9 billion in the first six months, has revived its much anticipated share sale after shelving plans to focus on its acquisition of a 70% stake in Saudi Basic Industries Corp. Lazard Ltd. and Moelis & Co. have restarted preparatory work and are expected to play a key role in the listing, including in the selection of underwriters and venues.
Dealmakers representing advisory firms from around the world will from Tuesday travel to Saudi Aramco’s headquarters in Dhahran in the kingdom’s Eastern Province to compete for a role on the offering that’s planned for as early as 2020, the people said, asking not to be identified as the information is private.
Aramco, which posted a profit of $46.9 billion in the first six months, has revived its much anticipated share sale after shelving plans to focus on its acquisition of a 70% stake in Saudi Basic Industries Corp. Lazard Ltd. and Moelis & Co. have restarted preparatory work and are expected to play a key role in the listing, including in the selection of underwriters and venues.
Qatari Regulator Fines #UAE's Biggest Lender $55 Million - Bloomberg
Qatari Regulator Fines U.A.E.'s Biggest Lender $55 Million - Bloomberg:
Qatar Financial Centre Regulatory Authority fined First Abu Dhabi Bank PJSC 200 million Qatari riyals ($55 million) for obstructing an investigation into suspected market manipulation by the United Arab Emirates’ biggest lender.
The fine “reflects the gravity and seriousness of the breaches of regulatory requirements caused by the deliberate and intentional steps taken by FAB” to obstruct the investigation into the manipulation of the riyal, Qatari government securities and related financial instruments, the regulator said in a statement on Sunday.
The QFCRA started its investigation last March. As part of the investigation, the regulator asked First Abu Dhabi Bank to provide copies of the relevant trading records and related documentation it held, but the Abu Dhabi-based lender failed to do so, according to the statement.
Qatar Financial Centre Regulatory Authority fined First Abu Dhabi Bank PJSC 200 million Qatari riyals ($55 million) for obstructing an investigation into suspected market manipulation by the United Arab Emirates’ biggest lender.
The fine “reflects the gravity and seriousness of the breaches of regulatory requirements caused by the deliberate and intentional steps taken by FAB” to obstruct the investigation into the manipulation of the riyal, Qatari government securities and related financial instruments, the regulator said in a statement on Sunday.
The QFCRA started its investigation last March. As part of the investigation, the regulator asked First Abu Dhabi Bank to provide copies of the relevant trading records and related documentation it held, but the Abu Dhabi-based lender failed to do so, according to the statement.
MIDEAST STOCKS- #Saudi index drops amid global weakness, Aldar tumbles in #AbuDhabi - Reuters
MIDEAST STOCKS-Saudi index drops amid global weakness, Aldar tumbles in Abu Dhabi - Reuters:
Most Middle East markets dropped
on Sunday amid thin trading volumes, mirroring a tumble in
global stocks last week and weighed down by sliding oil prices.
Brent crude futures fell 58 cents on Friday, or 1%,
to settle at $59.34 a barrel, while Wall Street stocks tumbled
after President Donald Trump told U.S. companies to look at
alternatives to China for manufacturing, following Chinese
retaliatory tariffs on American goods.
The Saudi index was the worst performer, losing
2.4%, dragged down by banks and the petrochemical sector.
The rest of the region was also in red territory, except the
Egyptian and the Bahraini exchanges, which were little changed.
Most Middle East markets dropped
on Sunday amid thin trading volumes, mirroring a tumble in
global stocks last week and weighed down by sliding oil prices.
Brent crude futures fell 58 cents on Friday, or 1%,
to settle at $59.34 a barrel, while Wall Street stocks tumbled
after President Donald Trump told U.S. companies to look at
alternatives to China for manufacturing, following Chinese
retaliatory tariffs on American goods.
The Saudi index was the worst performer, losing
2.4%, dragged down by banks and the petrochemical sector.
The rest of the region was also in red territory, except the
Egyptian and the Bahraini exchanges, which were little changed.
MIDEAST STOCKS- #Saudi slides amid global weakness, developers down in #UAE - Reuters
MIDEAST STOCKS-Saudi slides amid global weakness, developers down in UAE - Reuters:
Gulf stocks shed value in early trading on Sunday after global stocks and oil prices slid last week amid a further escalation of the U.S.-China trade war.
The Saudi index was down 1.3% in the first 10 minutes of trading, with banks and petrochemical companies feeling the pressure.
Alinma Bank – among the shares registering the highest trading volume – was down 1.5% and Al Rajhi Banking & Investment Corporation slid 1.2%.
Gulf stocks shed value in early trading on Sunday after global stocks and oil prices slid last week amid a further escalation of the U.S.-China trade war.
The Saudi index was down 1.3% in the first 10 minutes of trading, with banks and petrochemical companies feeling the pressure.
Alinma Bank – among the shares registering the highest trading volume – was down 1.5% and Al Rajhi Banking & Investment Corporation slid 1.2%.
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