Saudi Aramco's $2trn valuation imminent, say experts - Arabianbusiness:
Saudi Aramco is likely to surge past the $2 trillion valuation mark shortly after it begins trading this week following an initial valuation of approximately $1.7 trillion in its IPO, according to Saudi officials and industry experts.
On Friday, Saudi energy minister Prince Abdulaziz bin Salman – the half-brother of Crown Prince Mohammed bin Salman – said that while the kingdom lowered the valuation it was seeking, it is likely to rise after shares begin trading on December 11.
“Aramco will be higher than the $2 trillion, and they can bet this will happen,” Prince Abdulaziz was quoted as saying by Bloomberg, adding that he believes the company will hit that valuation in “a few months”.
The minister’s comments were echoed in a circular by Dubai-based Dalma Capital, which is participating in the Aramco IPO through three funds it manages.
Sunday 8 December 2019
MIDEAST STOCKS- #Saudi stocks up strongly as banks move higher after OPEC deal - Reuters
MIDEAST STOCKS-Saudi stocks up strongly as banks move higher after OPEC deal - Reuters:
The Saudi stock market was up sharply on
Sunday, led by banking shares, after OPEC and its allies agreed
to extend production cuts by 500,000 barrels per day to support
oil prices.
Saudi Arabia spearheaded a deal on Friday where the OPEC+
group of oil producers will commit to some of the deepest output
cuts in a decade aiming to avert oversupply and bolster prices.
The Saudi exchange closed 2.4% higher at 8,099
points in heavy volume, banking stocks Al Rajhi Bank
and National Commercial Bank were up 1.6% and 3.1%
respectively.
Arabian Centres added 2.6% after its board
approved a 0.90 riyal per share dividend for the first half.
Meanwhile State-owned oil group Saudi Aramco priced its
initial public offering at 32 riyals ($8.53) a share, the top of
its indicative range, the company said on Thursday. This will
make it the world's biggest IPO which will raise more than
Alibaba's $25 billion listing in 2014.
The Saudi stock market was up sharply on
Sunday, led by banking shares, after OPEC and its allies agreed
to extend production cuts by 500,000 barrels per day to support
oil prices.
Saudi Arabia spearheaded a deal on Friday where the OPEC+
group of oil producers will commit to some of the deepest output
cuts in a decade aiming to avert oversupply and bolster prices.
The Saudi exchange closed 2.4% higher at 8,099
points in heavy volume, banking stocks Al Rajhi Bank
and National Commercial Bank were up 1.6% and 3.1%
respectively.
Arabian Centres added 2.6% after its board
approved a 0.90 riyal per share dividend for the first half.
Meanwhile State-owned oil group Saudi Aramco priced its
initial public offering at 32 riyals ($8.53) a share, the top of
its indicative range, the company said on Thursday. This will
make it the world's biggest IPO which will raise more than
Alibaba's $25 billion listing in 2014.
#SaudiArabia Faces Trouble Making New OPEC Oil Deal Stick - Bloomberg
Saudi Arabia Faces Trouble Making New OPEC Oil Deal Stick - Bloomberg:
Like so many in the past, the latest deal by the world’s major oil producing countries to reduce supply and boost prices relies on persuading the cheats to adhere to the output cuts they’ve agreed to. I don’t hold out much hope that they will change their behavior and that will leave Saudi Arabia with a choice between two bad options — continue to bear a disproportionate share of the burden, or open the taps to teach them a lesson.
Saudi Arabia’s new oil minister Prince Abdulaziz Bin Salman brought a quasi-religious language to his attempt to bolster a new output deal ahead of Friday’s OPEC+ gathering in Vienna.
Like so many in the past, the latest deal by the world’s major oil producing countries to reduce supply and boost prices relies on persuading the cheats to adhere to the output cuts they’ve agreed to. I don’t hold out much hope that they will change their behavior and that will leave Saudi Arabia with a choice between two bad options — continue to bear a disproportionate share of the burden, or open the taps to teach them a lesson.
Saudi Arabia’s new oil minister Prince Abdulaziz Bin Salman brought a quasi-religious language to his attempt to bolster a new output deal ahead of Friday’s OPEC+ gathering in Vienna.
“Like religion, if you are a believer you have to practice. Without practice you are an unbeliever.”
“I do not assume that anyone here in the room is an unbeliever, but I would reiterate to our friends that further commitment and further conformity would allow us all to benefit.”
That message was very clearly directed at Iraq and Nigeria — the members who have so far failed to meet their obligations under the existing deal — although he stopped short of naming them.
#Saudi Stocks Rise Most in Gulf With Aramco, Oil Eyed: Inside EM - Bloomberg
Saudi Stocks Rise Most in Gulf With Aramco, Oil Eyed: Inside EM - Bloomberg:
Saudi Arabia’s main equity index advanced the most in the Middle East after the pricing of Saudi Aramco’s initial public offering and amid hopes of higher oil prices.
The Tadawul All Share Index rose as much as 1.8% within the first hour of trading on Sunday. The kingdom raised $25.6 billion from the world’s biggest IPO after selling shares at 32 riyals ($8.53) each. That was the top end of the range and values the energy company at $1.7 trillion. It received total bids of $119 billion. Aramco shares will start trading in Riyadh on Wednesday.
Saudi Arabia said Friday it will cut oil supply by more than what was agreed with fellow OPEC+ members, as it guns for a $2 trillion valuation for Aramco. Oil prices climbed following the announcement.
Aramco has been “fairly valued and there is definitely some room to rally from here,” said Aarthi Chandrasekaran, a portfolio manager in Abu Dhabi at Shuaa Capital, in an interview to Bloomberg TV. And the oil cuts by the Saudis were “very well-timed,” she said.
Saudi Arabia’s main equity index advanced the most in the Middle East after the pricing of Saudi Aramco’s initial public offering and amid hopes of higher oil prices.
The Tadawul All Share Index rose as much as 1.8% within the first hour of trading on Sunday. The kingdom raised $25.6 billion from the world’s biggest IPO after selling shares at 32 riyals ($8.53) each. That was the top end of the range and values the energy company at $1.7 trillion. It received total bids of $119 billion. Aramco shares will start trading in Riyadh on Wednesday.
Saudi Arabia said Friday it will cut oil supply by more than what was agreed with fellow OPEC+ members, as it guns for a $2 trillion valuation for Aramco. Oil prices climbed following the announcement.
Aramco has been “fairly valued and there is definitely some room to rally from here,” said Aarthi Chandrasekaran, a portfolio manager in Abu Dhabi at Shuaa Capital, in an interview to Bloomberg TV. And the oil cuts by the Saudis were “very well-timed,” she said.
Reviewing strategies: ENBD REIT plans to delist from Nasdaq #Dubai | ZAWYA MENA Edition
Reviewing strategies: ENBD REIT plans to delist from Nasdaq Dubai | ZAWYA MENA Edition:
ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management, is formalising a restructuring, which could see the trust delisting from Nasdaq Dubai and become a privately held REIT.
The decision by the board of directors is subject to approval from shareholders.
“With the share price representing a significant discount to Net Asset Value (NAV) and current market conditions expected to prevail, we have undertaken a comprehensive review of strategic alternatives to maximize long-term value for shareholders,” Anthony Taylor, Head of Real Estate, ENBD REIT told Zawya.
“This process has led to the decision to proceed with a formal restructuring of the REIT, transitioning to a privately held investment vehicle subject to shareholders’ approval. We believe that the decision is in the best interest of shareholders who stand to realise greater value from holding equity in the REIT – valued according to NAV – on a fixed-term basis,” Taylor said.
ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management, is formalising a restructuring, which could see the trust delisting from Nasdaq Dubai and become a privately held REIT.
The decision by the board of directors is subject to approval from shareholders.
“With the share price representing a significant discount to Net Asset Value (NAV) and current market conditions expected to prevail, we have undertaken a comprehensive review of strategic alternatives to maximize long-term value for shareholders,” Anthony Taylor, Head of Real Estate, ENBD REIT told Zawya.
“This process has led to the decision to proceed with a formal restructuring of the REIT, transitioning to a privately held investment vehicle subject to shareholders’ approval. We believe that the decision is in the best interest of shareholders who stand to realise greater value from holding equity in the REIT – valued according to NAV – on a fixed-term basis,” Taylor said.
#Iran outlines budget to resist U.S. sanctions as oil exports plunge - Reuters
Iran outlines budget to resist U.S. sanctions as oil exports plunge - Reuters:
Iran’s president presented a draft state budget of about $39 billion to parliament on Sunday, saying it was designed to resist U.S. sanctions by limiting dependence on oil exports.
Officials have not given figures for the oil price and export volumes used in the calculations, although the IMF has indicated Iran would need oil prices to be triple current levels to balance its budget as its crude exports have plunged.
The United States reimposed sanctions with the aim of driving down Iranian crude sales, the Islamic Republic’s main source of revenues, after Washington withdrew last year from a nuclear pact between world powers and Iran.
“This is a budget to resist sanctions ... with the least possible dependence on oil,” Iranian President Hassan Rouhani told parliament, according to state television.
“This budget announces to the world that despite sanctions we can manage the country,” he said.
Iran’s president presented a draft state budget of about $39 billion to parliament on Sunday, saying it was designed to resist U.S. sanctions by limiting dependence on oil exports.
Officials have not given figures for the oil price and export volumes used in the calculations, although the IMF has indicated Iran would need oil prices to be triple current levels to balance its budget as its crude exports have plunged.
The United States reimposed sanctions with the aim of driving down Iranian crude sales, the Islamic Republic’s main source of revenues, after Washington withdrew last year from a nuclear pact between world powers and Iran.
“This is a budget to resist sanctions ... with the least possible dependence on oil,” Iranian President Hassan Rouhani told parliament, according to state television.
“This budget announces to the world that despite sanctions we can manage the country,” he said.
UPDATE 1- #Qatar's Commercial Bank expects to issue $500 mln bonds-CEO - Reuters
UPDATE 1-Qatar's Commercial Bank expects to issue $500 mln bonds-CEO - Reuters:
Qatar’s Commercial Bank expects to issue bonds worth $500 million in the first or second quarter of 2020, Chief Executive Joseph Abraham said on Sunday.
Qatari banks, traditionally reliant on foreign funding, have sought to tap a greater variety of investors after Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in mid-2017.
“I think it’s a good time (to sell bonds) because the interest rates have gone down and there is good appetite for Qatar,” Abraham told Reuters on the sidelines of a conference in Doha.
Qatar’s Commercial Bank expects to issue bonds worth $500 million in the first or second quarter of 2020, Chief Executive Joseph Abraham said on Sunday.
Qatari banks, traditionally reliant on foreign funding, have sought to tap a greater variety of investors after Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in mid-2017.
“I think it’s a good time (to sell bonds) because the interest rates have gone down and there is good appetite for Qatar,” Abraham told Reuters on the sidelines of a conference in Doha.
MIDEAST STOCKS-Banks boost #Saudi stocks, property shares lift #Dubai - Reuters
MIDEAST STOCKS-Banks boost Saudi stocks, property shares lift Dubai - Reuters:
Saudi Arabia’s stock market rose sharply on Sunday, buoyed by gains in banking shares, while Dubai’s index was up as most of its real estate stocks opened higher.
In Saudi Arabia, the benchmark index rose 1.6% as Al Rajhi Bank increased 1.4% and National Commercial Bank advanced 2.6%.
Elsewhere, Arabian Centres added 2.9% after its board approved a 0.90 riyal per share dividend for the first half.
Meanwhile State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at 32 riyals ($8.53), the top of its indicative range, the company said on Thursday, which would make it the world’s biggest flotation by raising more than Alibaba’s $25 billion listing in 2014.
Saudi Arabia’s stock market rose sharply on Sunday, buoyed by gains in banking shares, while Dubai’s index was up as most of its real estate stocks opened higher.
In Saudi Arabia, the benchmark index rose 1.6% as Al Rajhi Bank increased 1.4% and National Commercial Bank advanced 2.6%.
Elsewhere, Arabian Centres added 2.9% after its board approved a 0.90 riyal per share dividend for the first half.
Meanwhile State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at 32 riyals ($8.53), the top of its indicative range, the company said on Thursday, which would make it the world’s biggest flotation by raising more than Alibaba’s $25 billion listing in 2014.
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