Gulf Marine Services agrees short-term extension with lenders - The National:
Gulf Marine Services signed an extension to its existing agreement with lenders, allowing the rollover of a $25 million (Dh91.8m) working capital facility and access to a bonding facility "to underpin liquidity and support commercial growth" until the end of January.
The Abu Dhabi-based company, which has a fleet of 13 vessels servicing the offshore oil and gas and renewables industries in the Gulf and North West Europe, said on Tuesday that it remained "in constructive dialogue" with its lenders about a long-term solution to its capital structure as it seeks to amend and extend its existing loans.
"This extension to our existing agreement is a necessary procedural step as we move forward in discussions with our lending banks," executive chairman Tim Summers said in a statement to the London Stock Exchange, where its shares trade.
Wednesday, 1 January 2020
#Saudi British Bank appoints Lubna Olayan as chairwoman for three-year term - The National
Saudi British Bank appoints Lubna Olayan as chairwoman for three-year term - The National:
Saudi British Bank, the kingdom's third-biggest lender by assets, appointed Lubna Suliman Olayan as chairwoman and Hassana Investment Company's Saad Abdul Muhsin Al-Fadhli as its vice-chairman for three-year terms starting from Wednesday.
The appointments were made after receiving a notice of no objection by the Saudi Arabian Monetary Authority, the lender said in a statement on the Tadawul Stock Exchange, where its shares trade.
SABB undertook a $5 billion (Dh18.36bn) merger with competitor Alawwal in June to create a financial entity with more than $73bn in assets.
Ms Olayan was appointed chairwoman of SABB following the merger.
Saudi British Bank, the kingdom's third-biggest lender by assets, appointed Lubna Suliman Olayan as chairwoman and Hassana Investment Company's Saad Abdul Muhsin Al-Fadhli as its vice-chairman for three-year terms starting from Wednesday.
The appointments were made after receiving a notice of no objection by the Saudi Arabian Monetary Authority, the lender said in a statement on the Tadawul Stock Exchange, where its shares trade.
SABB undertook a $5 billion (Dh18.36bn) merger with competitor Alawwal in June to create a financial entity with more than $73bn in assets.
Ms Olayan was appointed chairwoman of SABB following the merger.
MIDEAST STOCKS- #Saudi, #Oman move sideways; other markets closed for holiday - Reuters
MIDEAST STOCKS-Saudi, Oman move sideways; other markets closed for holiday - Reuters:
Saudi Arabia's stock market retreated on
Wednesday, while Oman was up, extending gains for a fourth day
in a row. Other Middle Eastern markets, including Egypt, are
closed for the New Year holiday.
SAUDI ARABIA dropped 0.4% to 8,359 points
OMAN added 0.4% to 3,999 points
Saudi Arabia's stock market retreated on
Wednesday, while Oman was up, extending gains for a fourth day
in a row. Other Middle Eastern markets, including Egypt, are
closed for the New Year holiday.
SAUDI ARABIA dropped 0.4% to 8,359 points
OMAN added 0.4% to 3,999 points
#Saudi mortgage loans soar in 2019, with $18bn offered in year up until November - Arabianbusiness
Saudi mortgage loans soar in 2019, with $18bn offered in year up until November - Arabianbusiness:
Over 155,000 mortgage loans worth SR69 billion ($18bn) have been offered throughout 2019 up until November.
Figures released by the Saudi Arabian Monetary Authority (SAMA) show the number of housing loans was up 254 percent, while volume saw a 167 percent increase.
The monthly bulletin revealed that newly signed mortgages in the kingdom were up 13,000 to 20,525 in November compared to the corresponding period in 2018.
It also showed that financing grew by 154 percent last month year-on-year, hitting SR9bn ($2.4bn).
Over 155,000 mortgage loans worth SR69 billion ($18bn) have been offered throughout 2019 up until November.
Figures released by the Saudi Arabian Monetary Authority (SAMA) show the number of housing loans was up 254 percent, while volume saw a 167 percent increase.
The monthly bulletin revealed that newly signed mortgages in the kingdom were up 13,000 to 20,525 in November compared to the corresponding period in 2018.
It also showed that financing grew by 154 percent last month year-on-year, hitting SR9bn ($2.4bn).
#Kuwait reveals $3.2bn direct investment over four-year period - Arabianbusiness
Kuwait reveals $3.2bn direct investment over four-year period - Arabianbusiness:
Kuwait attracted around $3.2 billion in direct investment between January 2015 and the end of March 2019.
In its annual report for the fiscal year, between April 2019 and March 2019, the Kuwait Direct Investment Promotion Authority (KDIPA) revealed investment over the period totalled almost KD156 million ($514m).
According to the report, the investments were concentrated in the services sector, including information technology, oil and gas, construction, training, health, energy, consultancy, market research and entertainment services, and came from 37 global companies representing 16 foreign and Arab countries from developed and emerging economies.
KDIPA director general, Dr Meshaal Jaber Al Ahmad Al Sabah, said: “The expected economic impact of these investments is extensive as it encourages direct and indirect job creation for Kuwaiti nationals, at various administrative and technical levels.
Kuwait attracted around $3.2 billion in direct investment between January 2015 and the end of March 2019.
In its annual report for the fiscal year, between April 2019 and March 2019, the Kuwait Direct Investment Promotion Authority (KDIPA) revealed investment over the period totalled almost KD156 million ($514m).
According to the report, the investments were concentrated in the services sector, including information technology, oil and gas, construction, training, health, energy, consultancy, market research and entertainment services, and came from 37 global companies representing 16 foreign and Arab countries from developed and emerging economies.
KDIPA director general, Dr Meshaal Jaber Al Ahmad Al Sabah, said: “The expected economic impact of these investments is extensive as it encourages direct and indirect job creation for Kuwaiti nationals, at various administrative and technical levels.
Johan Sverdrup: Norway’s big bet on a rosy future for oil | Financial Times
Johan Sverdrup: Norway’s big bet on a rosy future for oil | Financial Times:
In the middle of the North Sea, four metal platforms perched on yellow supports and weighing 100,000 tonnes sit above more than $100bn of black gold.
The Johan Sverdrup field, located in Norwegian waters not far from the border with the UK, does not officially open until January, but has already polarised opinion. For proponents, it marks nothing less than the revival of Norway’s oil industry; for critics, it is an environmental tragedy that shows just how hard climate change will be to stop.
“Johan Sverdrup very much represents the future of Norwegian oil,” said an enthused Arne Sigve Nylund, head of development and production in Norway for Equinor, the state-controlled oil major that is the field operator.
Situated in one of the first licences handed out on the Norwegian continental shelf more than half a century ago, Johan Sverdrup holds about 2.7bn barrels of oil and, only a few weeks after its unofficial start-up, is already the largest producing field in western Europe.
In the middle of the North Sea, four metal platforms perched on yellow supports and weighing 100,000 tonnes sit above more than $100bn of black gold.
The Johan Sverdrup field, located in Norwegian waters not far from the border with the UK, does not officially open until January, but has already polarised opinion. For proponents, it marks nothing less than the revival of Norway’s oil industry; for critics, it is an environmental tragedy that shows just how hard climate change will be to stop.
“Johan Sverdrup very much represents the future of Norwegian oil,” said an enthused Arne Sigve Nylund, head of development and production in Norway for Equinor, the state-controlled oil major that is the field operator.
Situated in one of the first licences handed out on the Norwegian continental shelf more than half a century ago, Johan Sverdrup holds about 2.7bn barrels of oil and, only a few weeks after its unofficial start-up, is already the largest producing field in western Europe.
The #Saudi Stock Exchange Tadawul
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The Saudi Stock Exchange Tadawul is the sole entity authorized in the Kingdom of Saudi Arabia to act as the Securities Exchange. Find out more about The Stock Latest News, Announcements and Market News. Tadawul website features the Market Summary of the Main Market, Parallel Market, and Sukuk & Bonds Market
The Saudi Stock Exchange Tadawul is the sole entity authorized in the Kingdom of Saudi Arabia to act as the Securities Exchange. Find out more about The Stock Latest News, Announcements and Market News. Tadawul website features the Market Summary of the Main Market, Parallel Market, and Sukuk & Bonds Market