Australia's Battle With Qatar for LNG Crown Stretching to 2020 - Bloomberg:
Australia will likely overtake Qatar as the world’s largest LNG exporter in 2020, according to an Australian government report, one year later than it had previously forecast.
“The narrow difference between the projected exports of the two nations means that Australia overtaking Qatar is far from certain, especially in 2019,” the Department of Industry, Innovation and Science said in its report released Monday.
The two nations, along with the U.S., will be the top producers next decade of LNG, the fastest growing fossil fuel that’s finding users across developing economies and Asia, particularly China.
Australia’s LNG exports are expected to rise to 81 million metric tons in 2020, while Qatar’s hold steady at around 76 million, close to levels forecast for this year for the Persian Gulf state, according to the report.
Sunday, 29 September 2019
#SaudiArabia Starts Offering Loans to Develop Renewable Energy - Bloomberg
Saudi Arabia Starts Offering Loans to Develop Renewable Energy - Bloomberg:
Saudi Arabia will start offering loans for renewable energy projects and manufacturers of renewable-energy components as the kingdom seeks to diversify its economy away from crude oil.
The 105 billion-riyal ($28 billion) Saudi Industrial Development Fund opened applications for the program, called Mutjadeda, on Sunday. The program will give loans of as much as 1.2 billion riyals, depending on a company’s ownership, targeting renewable-energy component manufacturers as well as independent production projects. The fund will also offer financing for firms in other sectors that want to start using such energy.
“Whether you’re in manufacturing, agriculture or retail, if you want to deploy renewable energy, we will finance it,” said Ibrahim Almojel, the fund’s director general. "For renewables to be adopted in the kingdom, we need to support it.”
Saudi Arabia will start offering loans for renewable energy projects and manufacturers of renewable-energy components as the kingdom seeks to diversify its economy away from crude oil.
The 105 billion-riyal ($28 billion) Saudi Industrial Development Fund opened applications for the program, called Mutjadeda, on Sunday. The program will give loans of as much as 1.2 billion riyals, depending on a company’s ownership, targeting renewable-energy component manufacturers as well as independent production projects. The fund will also offer financing for firms in other sectors that want to start using such energy.
“Whether you’re in manufacturing, agriculture or retail, if you want to deploy renewable energy, we will finance it,” said Ibrahim Almojel, the fund’s director general. "For renewables to be adopted in the kingdom, we need to support it.”
A Ghost Army of Workers Is Paid to Do Nothing in the Gulf - Bloomberg
A Ghost Army of Workers Is Paid to Do Nothing in the Gulf - Bloomberg:
Show up, swipe in. The routine is familiar to office workers everywhere. In Kuwait, it proved too much to ask.
The government was trying to trim a wage bill that eats up more than half its budget -- an outlandish share even by Gulf standards. Last year, it required public employees to swipe their fingers on a biometric reader every morning. The following quarter, about 5,000 quit. Many of them rarely, if ever, turned up, and were worried they’d get caught under the new rule, according to Khalifa Hamada, the undersecretary at Kuwait’s Finance Ministry.
All Persian Gulf monarchies have some version of this problem. Government is the employer of first resort -- even when it has nothing much for its employees to do. That’s part of a tacit agreement between ruling families and citizens. The latter may not get a say in how their countries are run, but at least they get looked after.
Show up, swipe in. The routine is familiar to office workers everywhere. In Kuwait, it proved too much to ask.
The government was trying to trim a wage bill that eats up more than half its budget -- an outlandish share even by Gulf standards. Last year, it required public employees to swipe their fingers on a biometric reader every morning. The following quarter, about 5,000 quit. Many of them rarely, if ever, turned up, and were worried they’d get caught under the new rule, according to Khalifa Hamada, the undersecretary at Kuwait’s Finance Ministry.
All Persian Gulf monarchies have some version of this problem. Government is the employer of first resort -- even when it has nothing much for its employees to do. That’s part of a tacit agreement between ruling families and citizens. The latter may not get a say in how their countries are run, but at least they get looked after.
Expats Sent to Back of Queue for 160 #UAE Private-Sector Roles - Bloomberg
Expats Sent to Back of Queue for 160 U.A.E. Private-Sector Roles - Bloomberg:
The United Arab Emirates is renewing a push to boost the hiring of citizens by creating 20,000 new jobs and subsidizing their employment by private companies.
Emiratis must be given priority when applying for jobs in 160 private-sector positions, Sheikh Mohammed Bin Rashid Al Maktoum, acting in his capacity as the country’s prime minister, tweeted on Sunday. About 80% of the population of the U.A.E., the Arab world’s second-largest economy, are foreigners.
Cash-strapped governments across the oil-rich Gulf are seeking to reduce the burden of having to be the employer of first resort to the vast majority of its population. Private companies prefer foreign workers who tend to accept lower pay and longer hours than their local counterparts.
The United Arab Emirates is renewing a push to boost the hiring of citizens by creating 20,000 new jobs and subsidizing their employment by private companies.
Emiratis must be given priority when applying for jobs in 160 private-sector positions, Sheikh Mohammed Bin Rashid Al Maktoum, acting in his capacity as the country’s prime minister, tweeted on Sunday. About 80% of the population of the U.A.E., the Arab world’s second-largest economy, are foreigners.
Cash-strapped governments across the oil-rich Gulf are seeking to reduce the burden of having to be the employer of first resort to the vast majority of its population. Private companies prefer foreign workers who tend to accept lower pay and longer hours than their local counterparts.
#Kuwait Family Businesses Should Join Stock Market, Minister Says - Bloomberg
Kuwait Family Businesses Should Join Stock Market, Minister Says - Bloomberg:
Family businesses in Kuwait should be encouraged to sell shares on the country’s fledgling stock market, which is also trying to attract foreign investments in an effort to expand, according to a key minister.
“We think we have the muscles, the know-how, and all the opportunity to become a commercial hub,” Minister of Commerce and Industry Khaled Al-Roudhan said in an interview. “We’re trying to improve our business environment not only for foreigners but Kuwaitis too.”
Kuwait is working to help the exchange grow, Al-Roudhan said, touting upcoming IPOs, a “very ambitious” development program by the Capital Markets Authority focused on accessibility for foreign investors, as well as the lack of foreign ownership limits.
Family businesses in Kuwait should be encouraged to sell shares on the country’s fledgling stock market, which is also trying to attract foreign investments in an effort to expand, according to a key minister.
“We think we have the muscles, the know-how, and all the opportunity to become a commercial hub,” Minister of Commerce and Industry Khaled Al-Roudhan said in an interview. “We’re trying to improve our business environment not only for foreigners but Kuwaitis too.”
Kuwait is working to help the exchange grow, Al-Roudhan said, touting upcoming IPOs, a “very ambitious” development program by the Capital Markets Authority focused on accessibility for foreign investors, as well as the lack of foreign ownership limits.
#SaudiArabia Is Said to Plan Dollar Sukuk as Soon as October - Bloomberg
Saudi Arabia Is Said to Plan Dollar Sukuk as Soon as October - Bloomberg:
Saudi Arabia is considering selling a dollar-denominated Islamic bond as early as next month as the kingdom seeks to take advantage of lower borrowing costs, according to people with knowledge of the matter.
The government is close to hiring banks for the possible sukuk sale, the people said, asking not to be identified because the information is private. A spokesman for the Finance Ministry didn’t immediately respond to requests to comment.
A sale would come just weeks after attacks on the kingdom’s oil facilities slashed Saudi Aramco’s crude output by half. Still, Finance Minister Mohammed Al-Jadaan said the strikes had “zero” impact on the country’s revenue. S&P Global Ratings last week affirmed the country’s rating at A- with a stable outlook.
Saudi Arabia is considering selling a dollar-denominated Islamic bond as early as next month as the kingdom seeks to take advantage of lower borrowing costs, according to people with knowledge of the matter.
The government is close to hiring banks for the possible sukuk sale, the people said, asking not to be identified because the information is private. A spokesman for the Finance Ministry didn’t immediately respond to requests to comment.
A sale would come just weeks after attacks on the kingdom’s oil facilities slashed Saudi Aramco’s crude output by half. Still, Finance Minister Mohammed Al-Jadaan said the strikes had “zero” impact on the country’s revenue. S&P Global Ratings last week affirmed the country’s rating at A- with a stable outlook.
#Dubai attracts $13bln in FDIs for H1 2019 | ZAWYA MENA Edition
Dubai attracts $13bln in FDIs for H1 2019 | ZAWYA MENA Edition:
The Emirate of Dubai has witnessed exceptional growth during the first half of 2019, with foreign direct investments, FDIs, reaching a record-breaking AED46.6 billion, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, announced on Sunday.
This new record represents a growth of 135 percent compared to the same period last year, His Highness added, noting that this FDI growth within the emirate is "a testament to global confidence in Dubai's economy." During the first half of 2019, Dubai has continued to progress in global rankings of the most attractive cities for FDI, ranking third in the world in attracting FDI, in terms of both capital flows and the number of greenfield projects.
The Emirate of Dubai has witnessed exceptional growth during the first half of 2019, with foreign direct investments, FDIs, reaching a record-breaking AED46.6 billion, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, announced on Sunday.
This new record represents a growth of 135 percent compared to the same period last year, His Highness added, noting that this FDI growth within the emirate is "a testament to global confidence in Dubai's economy." During the first half of 2019, Dubai has continued to progress in global rankings of the most attractive cities for FDI, ranking third in the world in attracting FDI, in terms of both capital flows and the number of greenfield projects.
#Kuwait plans to sell up to 44% stakes in two power projects in 2020, 2021 -official | ZAWYA MENA Edition
Kuwait plans to sell up to 44% stakes in two power projects in 2020, 2021 -official | ZAWYA MENA Edition:
Kuwait plans to sell stakes of up to 44% in the Al-Zour and Khiran power projects to investors in the middle of 2020 and early 2021 respectively, a senior official said on Sunday.
"We are in the process of appointing the consultant (for the two projects in cooperation) with the Central Agency for Public Tenders," Mutlaq al-Sanei, who heads the Kuwait Authority for Partnership Projects, told Reuters in an interview.
Kuwait plans to sell at least 26% stakes in each project and not more than 44%, he said.
Kuwait plans to sell stakes of up to 44% in the Al-Zour and Khiran power projects to investors in the middle of 2020 and early 2021 respectively, a senior official said on Sunday.
"We are in the process of appointing the consultant (for the two projects in cooperation) with the Central Agency for Public Tenders," Mutlaq al-Sanei, who heads the Kuwait Authority for Partnership Projects, told Reuters in an interview.
Kuwait plans to sell at least 26% stakes in each project and not more than 44%, he said.
MIDEAST STOCKS-Egypt posts third winning session while other markets mixed - Reuters
MIDEAST STOCKS-Egypt posts third winning session while other markets mixed - Reuters:
Egypt's stock market rose sharply on
Sunday, extending gains for a third session following steep
losses triggered by September 20 protests.
Egypt's blue-chip index rose 3.3% with all 30
stocks gaining, including Commercial International Bank
up 2.5% and a 5.3% surge in EFG Hermes.
Egypt's broader index EGX 100 closed up 3.7% as
the central bank cut key interest rates for the second month in
a row and anti-government protests failed to gather momentum.
The central bank cut interest rates by 100 basis points,
with overnight deposit rates lowered to 13.25% and lending rates
easing to 14.25%.
Egypt's stock market rose sharply on
Sunday, extending gains for a third session following steep
losses triggered by September 20 protests.
Egypt's blue-chip index rose 3.3% with all 30
stocks gaining, including Commercial International Bank
up 2.5% and a 5.3% surge in EFG Hermes.
Egypt's broader index EGX 100 closed up 3.7% as
the central bank cut key interest rates for the second month in
a row and anti-government protests failed to gather momentum.
The central bank cut interest rates by 100 basis points,
with overnight deposit rates lowered to 13.25% and lending rates
easing to 14.25%.
Majid Al Futtaim CEO CHUNK on #Saudi tourism, investment - Bloomberg
Majid Al Futtaim CEO CHUNK on Saudi tourism, investment - Bloomberg:
Dubai-based shopping malls operator Majid Al Futtaim is planning to invest 20 billion riyals in Saudi Arabia. The Group CEO Alain Bejjani explains his growth strategy to Bloomberg's Zainab Fattah in Riyadh. (Source: Bloomberg)
Dubai-based shopping malls operator Majid Al Futtaim is planning to invest 20 billion riyals in Saudi Arabia. The Group CEO Alain Bejjani explains his growth strategy to Bloomberg's Zainab Fattah in Riyadh. (Source: Bloomberg)
Tourism offers new investment opportunities in #SaudiArabia: SAGIA - Bloomberg
Tourism offers new investment opportunities in Saudi Arabia: SAGIA - Bloomberg:
Sultan Mofti, SAGIA Deputy Governor for Investment Attraction and Development, discusses how Saudi Arabia is opening up to global tourism. He tells Bloomberg that the country is also ready to attract new investments from abroad. (Source: Bloomberg)
Sultan Mofti, SAGIA Deputy Governor for Investment Attraction and Development, discusses how Saudi Arabia is opening up to global tourism. He tells Bloomberg that the country is also ready to attract new investments from abroad. (Source: Bloomberg)
S&P affirms #SaudiArabia's rating with stable outlook; expects fast rebound in oil production | ZAWYA MENA Edition
S&P affirms Saudi Arabia's rating with stable outlook; expects fast rebound in oil production | ZAWYA MENA Edition:
S&P Global Ratings affirmed its ‘A-/A-2’ long and short-term sovereign credit ratings on Saudi Arabia with a stable outlook. The ratings agency said that the stable outlook reflects its expectations that the Kingdom’s oil production will rebound quickly.
The ‘A-/A-2’ is supported by Saudi Arabia’s strong external and fiscal net asset stock positions, S&P said.
“The stable outlook also reflects our view that Saudi Arabia will maintain a pace of moderate economic growth and retain strong government and external balance sheets (net asset-stock positions) over the next two years, despite sizable fiscal deficits and heightened regional tensions,” S&P said.
S&P Global Ratings affirmed its ‘A-/A-2’ long and short-term sovereign credit ratings on Saudi Arabia with a stable outlook. The ratings agency said that the stable outlook reflects its expectations that the Kingdom’s oil production will rebound quickly.
The ‘A-/A-2’ is supported by Saudi Arabia’s strong external and fiscal net asset stock positions, S&P said.
“The stable outlook also reflects our view that Saudi Arabia will maintain a pace of moderate economic growth and retain strong government and external balance sheets (net asset-stock positions) over the next two years, despite sizable fiscal deficits and heightened regional tensions,” S&P said.
#SaudiArabia's Samba issues $1bln international notes | ZAWYA MENA Edition
Saudi Arabia's Samba issues $1bln international notes | ZAWYA MENA Edition:
Saudi Arabia’s Samba Financial Group has issued $1 billion international notes under its $5 billion Euro Medium Term Note Programme.
The maturity date of the issuance is in five years, generating a 2.865 percent annual yield. The notes are listed on the Irish Stock Exchange.
First Abu Dhabi Bank, Goldman Sachs International, HSBC, Samba Capital & Investment Management Company and Standard Chartered Bank are the joint lead managers for the offer.
Saudi Arabia’s Samba Financial Group has issued $1 billion international notes under its $5 billion Euro Medium Term Note Programme.
The maturity date of the issuance is in five years, generating a 2.865 percent annual yield. The notes are listed on the Irish Stock Exchange.
First Abu Dhabi Bank, Goldman Sachs International, HSBC, Samba Capital & Investment Management Company and Standard Chartered Bank are the joint lead managers for the offer.
Residential rents in #Dubai to stay lower in 2020 | ZAWYA MENA Edition
Residential rents in Dubai to stay lower in 2020 | ZAWYA MENA Edition:
Residents in Dubai are expected to enjoy lower rents next year despite a pick-up in economic activity and preparation for Expo 2020 as more units will come online and increase competition in the market, experts say.
Unlike a general perception that rents will go up ahead of Expo 2020, residents will be paying less rents due to a supply-and-demand correction, subdued population growth, bearish market sentiments and global or regional economic uncertainties, they said.
Latest data released by ValuStrat indicates that average annual rents in Dubai dropped by 9.2 per cent in the first three quarters of 2019 compared to 8.4 per cent in 2018 and 9.1 per cent in 2017.
Residents in Dubai are expected to enjoy lower rents next year despite a pick-up in economic activity and preparation for Expo 2020 as more units will come online and increase competition in the market, experts say.
Unlike a general perception that rents will go up ahead of Expo 2020, residents will be paying less rents due to a supply-and-demand correction, subdued population growth, bearish market sentiments and global or regional economic uncertainties, they said.
Latest data released by ValuStrat indicates that average annual rents in Dubai dropped by 9.2 per cent in the first three quarters of 2019 compared to 8.4 per cent in 2018 and 9.1 per cent in 2017.
MIDEAST STOCKS-Property stocks weigh on #Dubai; other markets mixed - Reuters
MIDEAST STOCKS-Property stocks weigh on Dubai; other markets mixed - Reuters:
Dubai’s stock market fell on Sunday to extend losses for a fourth session hurt by real estate shares while other major Gulf markets were mixed.
The Dubai index dropped 0.5% weighed down by its largest lender Emirates NBD which fell 0.8% and a 0.6% fall in Emaar Properties.
A weakening property market in the United Arab Emirates is likely to put more pressure on the asset quality of the banking sector, Fitch Ratings agency said.
Dubai’s stock market fell on Sunday to extend losses for a fourth session hurt by real estate shares while other major Gulf markets were mixed.
The Dubai index dropped 0.5% weighed down by its largest lender Emirates NBD which fell 0.8% and a 0.6% fall in Emaar Properties.
A weakening property market in the United Arab Emirates is likely to put more pressure on the asset quality of the banking sector, Fitch Ratings agency said.
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