Gulf Markets Rise as Traders Await Aramco IPO Details: Inside EM - Bloomberg:
Equity markets in the Middle East advanced, tracking earlier emerging market gains. Saudi Arabia’s benchmark led the way, as traders wait for Saudi Aramco to pull the trigger on its mammoth IPO.
Gauges from Riyadh to Dubai and Doha rose, with bank stocks contributing the most to the the Tadawul All Share Index rally. An index tracking stocks from developing countries climbed 1.5% on Friday after two days of talks concluded with the U.S. and China agreeing on the outline of a partial trade accord.
Saudi Aramco’s board is expected to give final approvals to proceed with its share sale this week, according to people familiar with the matter.
Sunday 13 October 2019
Oil Aside, Putin’s #Saudi Bromance So Far Yields Few Dividends - Bloomberg
Oil Aside, Putin’s Saudi Bromance So Far Yields Few Dividends - Bloomberg:
Russian President Vladimir Putin’s visit on Monday to Saudi Arabia, only his second since he came to power two decades ago, underscores the new depth in ties between the Kremlin and the traditional U.S. ally. Yet there’s also growing frustration in Moscow at the lack of tangible economic benefits.
Putin has built a personal bond with the de facto Saudi ruler, 34-year-old Crown Prince Mohammed bin Salman, famously sharing a high-five greeting with him at the Group of 20 summit last year. Geopolitically, Russia hopes to capitalize on its ability to navigate between arch-foes Saudi Arabia and Iran.
But since the landmark deal with OPEC, under which Russia anchored itself to the Saudi-dominated oil cartel in order to stabilize prices, promises of multi-billion-dollar investments and other deals have largely failed to materialize.
Russian President Vladimir Putin’s visit on Monday to Saudi Arabia, only his second since he came to power two decades ago, underscores the new depth in ties between the Kremlin and the traditional U.S. ally. Yet there’s also growing frustration in Moscow at the lack of tangible economic benefits.
Putin has built a personal bond with the de facto Saudi ruler, 34-year-old Crown Prince Mohammed bin Salman, famously sharing a high-five greeting with him at the Group of 20 summit last year. Geopolitically, Russia hopes to capitalize on its ability to navigate between arch-foes Saudi Arabia and Iran.
But since the landmark deal with OPEC, under which Russia anchored itself to the Saudi-dominated oil cartel in order to stabilize prices, promises of multi-billion-dollar investments and other deals have largely failed to materialize.
World’s Biggest IPO Tests #Saudis’ Faith in Their Crown Prince - Bloomberg
World’s Biggest IPO Tests Saudis’ Faith in Their Crown Prince - Bloomberg:
Nawaf Abdel-Aziz has never put any money into the stock market before, but he says buying shares in the world’s most profitable company is a no-brainer.
The 29-year-old engineer from Riyadh is among the Saudi faithful waiting to get a piece of Crown Prince Mohammed bin Salman’s much vaunted—and delayed—sale of a stake in oil giant Aramco. The initial public offering, likely the biggest in history, is expected to get the green light in coming days.
“It's not a random investment,” said Abdel-Aziz, as he and a friend waited for a table at a burger and sushi place in a swanky open-air mall in the Saudi capital. “The company has a history. It’s very stable. We can see where they’re headed.”
Nawaf Abdel-Aziz has never put any money into the stock market before, but he says buying shares in the world’s most profitable company is a no-brainer.
The 29-year-old engineer from Riyadh is among the Saudi faithful waiting to get a piece of Crown Prince Mohammed bin Salman’s much vaunted—and delayed—sale of a stake in oil giant Aramco. The initial public offering, likely the biggest in history, is expected to get the green light in coming days.
“It's not a random investment,” said Abdel-Aziz, as he and a friend waited for a table at a burger and sushi place in a swanky open-air mall in the Saudi capital. “The company has a history. It’s very stable. We can see where they’re headed.”
Moody's upgrades APICORP to Aa2 with stable outlook | ZAWYA MENA Edition
Moody's upgrades APICORP to Aa2 with stable outlook | ZAWYA MENA Edition:
Moody’s Investors Service upgraded Arab Petroleum Investments Corporation’s (APICORP) long-term issuer and senior unsecured rating to Aa2 and changed the company’s outlook to stable from positive.
“The key drivers for the upgrade include steady improvement that the corporation, a multilateral development bank owned by the member states of (the Kuwait-headquartered) Organisation of Arab Petroleum Exporting Countries (OAPEC), has made in its liquidity and funding profile by diversifying its funding sources,” Moody’s said in a statement.
“This has allowed APICORP to significantly reduce its reliance of short-term wholesale deposits and eliminate short-term asset-liability mismatches,” the statement added.
Moody’s Investors Service upgraded Arab Petroleum Investments Corporation’s (APICORP) long-term issuer and senior unsecured rating to Aa2 and changed the company’s outlook to stable from positive.
“The key drivers for the upgrade include steady improvement that the corporation, a multilateral development bank owned by the member states of (the Kuwait-headquartered) Organisation of Arab Petroleum Exporting Countries (OAPEC), has made in its liquidity and funding profile by diversifying its funding sources,” Moody’s said in a statement.
“This has allowed APICORP to significantly reduce its reliance of short-term wholesale deposits and eliminate short-term asset-liability mismatches,” the statement added.
MENA fund managers boost Egypt investments despite troubles, stable elsewhere: Reuters poll - Reuters
MENA fund managers boost Egypt investments despite troubles, stable elsewhere: Reuters poll - Reuters:
Middle Eastern funds plan to increase their investments in Egypt, despite recent political protests, while keeping their exposure in the rest of the region at current levels, according to a Reuters poll.
Five of nine managers polled said they would increase their investments in Egypt, despite protests last month, amid improved economic indicators.
Last week, Egypt reported its lowest headline inflation rate in almost seven years, paving the way for further interest rate cuts.
Middle Eastern funds plan to increase their investments in Egypt, despite recent political protests, while keeping their exposure in the rest of the region at current levels, according to a Reuters poll.
Five of nine managers polled said they would increase their investments in Egypt, despite protests last month, amid improved economic indicators.
Last week, Egypt reported its lowest headline inflation rate in almost seven years, paving the way for further interest rate cuts.
#SaudiArabia to launch new logistics zone in Jeddah, open to private investors: statement - Reuters
Saudi Arabia to launch new logistics zone in Jeddah, open to private investors: statement - Reuters:
Saudi Arabia plans to launch a new logistics zone open to private investors, in the Red Sea port city of Jeddah, according to a transport ministry statement on Sunday.
The new zone will be located in al-Khomra, the statement said. It aims to boost the logistics sector to help diversify the kingdom’s economy away from oil.
Jeddah is home to one of the kingdom’s largest ports.
Saudi Arabia plans to launch a new logistics zone open to private investors, in the Red Sea port city of Jeddah, according to a transport ministry statement on Sunday.
The new zone will be located in al-Khomra, the statement said. It aims to boost the logistics sector to help diversify the kingdom’s economy away from oil.
Jeddah is home to one of the kingdom’s largest ports.
MIDEAST STOCKS-Gulf gains as positive talks ease trade tensions - Reuters
MIDEAST STOCKS-Gulf gains as positive talks ease trade tensions - Reuters:
All major Gulf stock markets rose on Sunday, reflecting Friday’s surge in global equity shares after the United States and China appeared to move closer towards a resolution of their trade war.
U.S. President Donald Trump on Friday outlined the first phase of a deal to end the trade dispute with China and suspended a threatened tariff hike.
The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months to end a tariff tit-for-tat that has whipsawed financial markets and slowed global growth.
Saudi Arabia’s index rose 0.8% after four days of losses, with Al Rajhi Bank increasing 2.8%.
All major Gulf stock markets rose on Sunday, reflecting Friday’s surge in global equity shares after the United States and China appeared to move closer towards a resolution of their trade war.
U.S. President Donald Trump on Friday outlined the first phase of a deal to end the trade dispute with China and suspended a threatened tariff hike.
The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months to end a tariff tit-for-tat that has whipsawed financial markets and slowed global growth.
Saudi Arabia’s index rose 0.8% after four days of losses, with Al Rajhi Bank increasing 2.8%.
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