Dubai Bank Goes After Debt-Laden Al Jaber’s Land in Finance Hub - Bloomberg:
Dubai’s biggest bank is going after a plot of land in the city’s financial hub that belongs to debt-laden Al Jaber Group.
Emirates NBD PJSC is seeking to seize or sell the undeveloped land in the Dubai International Financial Centre after becoming frustrated by the pace of assets sales under Al Jaber’s debt restructuring, according to people familiar with the matter and an enforcement letter sent by the bank.
The land -- worth about $70 million -- was used as collateral to secure a loan for Chairman Obaid Khaleefa Al Jaber Al Marri, the people said, asking not to be identified because the matter is private. Al Rihab Real Estate Co. LLC, a unit of Al Jaber, defaulted on a mortgage related to the land, they said.
Emirates NBD is among creditors seeking to take action against Al Jaber and recover funds after two rounds of debt restructuring, the people said. Al Jaber last year agreed to raise about $445 million from asset sales by the end of the year, while members of the Al Jaber family and other shareholders pledged to raise as much as $210 million by selling personal assets. Little progre
Sunday, 19 January 2020
Middle Eastern Stocks Climb With Earnings in Focus: Inside EM - Bloomberg
Middle Eastern Stocks Climb With Earnings in Focus: Inside EM - Bloomberg:
Most Middle Eastern equity markets gained at the start of the week, with investors focusing on earnings across the region.
Dubai’s benchmark index rose for a seventh consecutive session as banks and real estate companies climbed. Stock gauges in Qatar, Bahrain, Oman, Kuwait, Egypt and Israel also advanced.
Saudi retailer United Electronics Company, or Extra, finished at a record high after full-year profit beat the average estimate among analysts. Food producer Almarai Co. extended losses to a third day after disclosing profit that missed the lowest estimates.
Other names expected to deliver results this week are National Commercial Bank, Samba Financial Group and National Bank of Kuwait.
Most Middle Eastern equity markets gained at the start of the week, with investors focusing on earnings across the region.
Dubai’s benchmark index rose for a seventh consecutive session as banks and real estate companies climbed. Stock gauges in Qatar, Bahrain, Oman, Kuwait, Egypt and Israel also advanced.
Saudi retailer United Electronics Company, or Extra, finished at a record high after full-year profit beat the average estimate among analysts. Food producer Almarai Co. extended losses to a third day after disclosing profit that missed the lowest estimates.
Other names expected to deliver results this week are National Commercial Bank, Samba Financial Group and National Bank of Kuwait.
Mubadala-backed Alcazar Weighs Sale of Egypt, Jordan Assets - Bloomberg
Mubadala-backed Alcazar Weighs Sale of Egypt, Jordan Assets - Bloomberg:
Alcazar Energy Ltd., backed by Abu Dhabi’s Mubadala Investment, is preparing the sale of some of their solar and wind assets in Egypt and Jordan, people with knowledge of the matter said.
The renewable-energy developer is in talks with banks on the sale, which may fetch at least $500 million, the people said, asking not to be identified as the information is private.
The sale is likely to draw interest from private equity firms and energy companies focused on the region, the people said. No final decisions have been made, and Alcazar could still decide to keep the assets, they said.
Representatives for Dubai-based Alcazar didn’t respond to a request for comment.
Alcazar Energy Ltd., backed by Abu Dhabi’s Mubadala Investment, is preparing the sale of some of their solar and wind assets in Egypt and Jordan, people with knowledge of the matter said.
The renewable-energy developer is in talks with banks on the sale, which may fetch at least $500 million, the people said, asking not to be identified as the information is private.
The sale is likely to draw interest from private equity firms and energy companies focused on the region, the people said. No final decisions have been made, and Alcazar could still decide to keep the assets, they said.
Representatives for Dubai-based Alcazar didn’t respond to a request for comment.
#Sharjah real estate transactions reached $6.6bln in 2019 | ZAWYA MENA Edition
Sharjah real estate transactions reached $6.6bln in 2019 | ZAWYA MENA Edition:
Real estate transactions valued AED24.2 billion in the Emirate of Sharjah in 2019 increasing by 7.3 percent in comparison to 2018, a report released by the emirate's real estate department revealed on Sunday.
According to the Sharjah Real Estate Registration Department, SRERD, annual report, 61,357 transactions were recorded in 2019, increasing by 13.4 percent in comparison to 2018. Abdulaziz Ahmed Al Shamsi, SRERD Director-General, stated that the real estate sector in the Emirate keeps developing due to the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and follow-up of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council. The Sharjah real estate market provides a wide variety of investment opportunities for investors along with financing facilities offered by the banks.
The prices of the properties has become affordable for all investors in the market.
Real estate transactions valued AED24.2 billion in the Emirate of Sharjah in 2019 increasing by 7.3 percent in comparison to 2018, a report released by the emirate's real estate department revealed on Sunday.
According to the Sharjah Real Estate Registration Department, SRERD, annual report, 61,357 transactions were recorded in 2019, increasing by 13.4 percent in comparison to 2018. Abdulaziz Ahmed Al Shamsi, SRERD Director-General, stated that the real estate sector in the Emirate keeps developing due to the directives of H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and follow-up of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council. The Sharjah real estate market provides a wide variety of investment opportunities for investors along with financing facilities offered by the banks.
The prices of the properties has become affordable for all investors in the market.
#Dubai rents 'stabilising' as confidence returns to property market: Chestertons | ZAWYA MENA Edition
Dubai rents 'stabilising' as confidence returns to property market: Chestertons | ZAWYA MENA Edition:
Rental rates across Dubai are “stabilising,” while the sales prices of apartments are falling at a slower pace, prompting analysts to believe that confidence is now returning to Dubai’s real estate.
The property specialist said on Sunday that the housing rents in most locations in the emirate either remained stagnant or posted a minor decline in the fourth quarter of 2019.
During the same period, sales prices of flats and villas continued to dip by 2 percent and 3 percent, respectively, but the declines were not as significant as in the previous quarter.
“The Dubai residential market in Q4 2019 is alluding to a more positive outlook for 2020, thanks to the slowdown of sales price declines and the levelling of rental rates,” said Chris Hobden, head of strategic consultancy at Chestertons Middle East and North Africa (Mena).
Rental rates across Dubai are “stabilising,” while the sales prices of apartments are falling at a slower pace, prompting analysts to believe that confidence is now returning to Dubai’s real estate.
The property specialist said on Sunday that the housing rents in most locations in the emirate either remained stagnant or posted a minor decline in the fourth quarter of 2019.
During the same period, sales prices of flats and villas continued to dip by 2 percent and 3 percent, respectively, but the declines were not as significant as in the previous quarter.
“The Dubai residential market in Q4 2019 is alluding to a more positive outlook for 2020, thanks to the slowdown of sales price declines and the levelling of rental rates,” said Chris Hobden, head of strategic consultancy at Chestertons Middle East and North Africa (Mena).
#Qatar to build solar power plant with Total and Marubeni - Reuters
Qatar to build solar power plant with Total and Marubeni - Reuters:
Qatar has signed an agreement with France’s Total and Japan’s Marubeni to build a solar power project with capacity of about 800 megawatts (MW), Qatar’s energy minister said on Sunday.
The cost of the project is about 1.7 billion riyals ($467 million), Saad al-Kaabi, who is also chief executive of Qatar Petroleum (QP), told a news conference in Doha.
Qatar’s Siraj Energy, a joint venture owned by QP and Qatar Electricity and Water Company (QEWC), will hold a 60% stake in the solar plant. The remaining 40% will be owned by both Marubeni and Total.
Qatar has signed an agreement with France’s Total and Japan’s Marubeni to build a solar power project with capacity of about 800 megawatts (MW), Qatar’s energy minister said on Sunday.
The cost of the project is about 1.7 billion riyals ($467 million), Saad al-Kaabi, who is also chief executive of Qatar Petroleum (QP), told a news conference in Doha.
Qatar’s Siraj Energy, a joint venture owned by QP and Qatar Electricity and Water Company (QEWC), will hold a 60% stake in the solar plant. The remaining 40% will be owned by both Marubeni and Total.
MIDEAST STOCKS- #Saudi index slips, weighed down by banks and Aramco - Reuters
MIDEAST STOCKS-Saudi index slips, weighed down by banks and Aramco - Reuters:
Saudi Arabian stocks closed lower on
Sunday, pulled down by losses at banking and energy firms, while
the indexes in Qatar and Dubai extended their gains to a
straight seventh day.
Saudi Arabia's index was down 0.1%. Saudi Aramco
weighted the index most with a 0.7% fall, extending
losses to a third day running.
On Sunday, Al Rajhi Capital Research rated the Aramco stock
"neutral" in line with most other brokerages and set a target
price of 37.5 riyals ($10.00)per share.
JPMorgan was the first major brokerage to initiate
coverage of Saudi Aramco with an "overweight" rating, setting a
price target of 37 riyals per share and saying it sees scope for
an increase in the energy giant's proposed $75 billion base
dividend.
Saudi Arabian stocks closed lower on
Sunday, pulled down by losses at banking and energy firms, while
the indexes in Qatar and Dubai extended their gains to a
straight seventh day.
Saudi Arabia's index was down 0.1%. Saudi Aramco
weighted the index most with a 0.7% fall, extending
losses to a third day running.
On Sunday, Al Rajhi Capital Research rated the Aramco stock
"neutral" in line with most other brokerages and set a target
price of 37.5 riyals ($10.00)per share.
JPMorgan was the first major brokerage to initiate
coverage of Saudi Aramco with an "overweight" rating, setting a
price target of 37 riyals per share and saying it sees scope for
an increase in the energy giant's proposed $75 billion base
dividend.
EXCLUSIVE: Emirati tycoon Khalaf Al-Habtoor plans multimillion-dollar #Saudi leisure project
EXCLUSIVE: Emirati tycoon Khalaf Al-Habtoor plans multimillion-dollar Saudi leisure project:
A word often used to describe Khalaf Al-Habtoor — founder and chairman of Al-Habtoor Group, and one of the Middle East’s most venerable business leaders — is “forthright.”
His tweets, TV broadcasts and public statements all display a quality of candid outspokenness rare in senior business leadership in the Arab world.
In the course of an early morning conversation at his headquarters in Dubai last week, he was forthright on a host of subjects, ranging from ambitious expansion plans in Saudi Arabia to the challenges faced by the UAE economy and the global geopolitical scene.
Al-Habtoor is not a man given to diffidence, though he said he would not be sharing his views with the “global elite” preparing to travel to the World Economic Forum annual meeting in Davos next week. “We leave that for the really big people. It’s really entertainment rather than anything else,” he joked.
A word often used to describe Khalaf Al-Habtoor — founder and chairman of Al-Habtoor Group, and one of the Middle East’s most venerable business leaders — is “forthright.”
His tweets, TV broadcasts and public statements all display a quality of candid outspokenness rare in senior business leadership in the Arab world.
In the course of an early morning conversation at his headquarters in Dubai last week, he was forthright on a host of subjects, ranging from ambitious expansion plans in Saudi Arabia to the challenges faced by the UAE economy and the global geopolitical scene.
Al-Habtoor is not a man given to diffidence, though he said he would not be sharing his views with the “global elite” preparing to travel to the World Economic Forum annual meeting in Davos next week. “We leave that for the really big people. It’s really entertainment rather than anything else,” he joked.
#UAE Approves Draft Law to Allow Family-Owned Companies to List - Bloomberg
U.A.E Approves Draft Law to Allow Family-Owned Companies to List - Bloomberg:
The United Arab Emirates, home to three stock markets, approved a draft law allowing family-owned businesses to list on the country’s financial markets.
The cabinet approved the draft law amending provisions in the “Agency Law” that regulates commercial and distribution agreements, state-run WAM news agency reported. It’ll allow family-owned companies to turn into public joint stock companies.
The United Arab Emirates, home to three stock markets, approved a draft law allowing family-owned businesses to list on the country’s financial markets.
The cabinet approved the draft law amending provisions in the “Agency Law” that regulates commercial and distribution agreements, state-run WAM news agency reported. It’ll allow family-owned companies to turn into public joint stock companies.
Mideast’s Biggest Lender Focuses on Southeast Asia to Expand - Bloomberg
Mideast’s Biggest Lender Focuses on Southeast Asia to Expand - Bloomberg:
Qatar National Bank is putting Southeast Asia as the focus of its expansion, the chief executive officer of the Middle East’s biggest lender said.
“Our focus really was the Middle East and then we expanded to Southeast Asia where we’re now focusing,” Abdulla Al-Khalifa said in an interview with Bloomberg TV. “If we find the right opportunity for acquisition, we will consider it,” he said, adding there are no deals currently under review.
Lower oil prices are forcing Gulf lenders to consolidate and look for business outside their home markets. QNB has been expanding with the purchase of National Bank of Greece SA’s Turkish unit and Societe Generale SA’s Egypt subsidiary. The bank’s regional growth has been curtailed as Qatar has been locked in a standoff with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since mid-2017.
Expanding abroad is part of how the bank will continue growing despite the small scale of Qatar’s local market, Al-Khalifa said. “We know that Qatar, at one point in time, will not be itself sufficient to satisfy our expansion growth, or the growth potential that we have.”
Qatar National Bank is putting Southeast Asia as the focus of its expansion, the chief executive officer of the Middle East’s biggest lender said.
“Our focus really was the Middle East and then we expanded to Southeast Asia where we’re now focusing,” Abdulla Al-Khalifa said in an interview with Bloomberg TV. “If we find the right opportunity for acquisition, we will consider it,” he said, adding there are no deals currently under review.
Lower oil prices are forcing Gulf lenders to consolidate and look for business outside their home markets. QNB has been expanding with the purchase of National Bank of Greece SA’s Turkish unit and Societe Generale SA’s Egypt subsidiary. The bank’s regional growth has been curtailed as Qatar has been locked in a standoff with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since mid-2017.
Expanding abroad is part of how the bank will continue growing despite the small scale of Qatar’s local market, Al-Khalifa said. “We know that Qatar, at one point in time, will not be itself sufficient to satisfy our expansion growth, or the growth potential that we have.”
Reliance Group to miss planned date to close #Saudi Aramco deal - Arabianbusiness
Reliance Group to miss planned date to close Saudi Aramco deal - Arabianbusiness:
Indian business conglomerate Reliance Industries Ltd’s (RIL) proposed deal to sell a 20 percent stake in its oil to chemicals business to Saudi Aramco for an estimated $15 billion will miss the planned March 31 timeline, a senior company executive has said.
The deal was announced by RIL chairman and managing director Mukesh Ambani at the company annual general meeting in August last year and was intended to reduce its massive debt and ensure assured supply of crude oil to its refineries.
“It will not be a deal which will get done by March,” RIL’s joint chief financial officer V Srikanth has told reporters on the occasion of its quarterly results announcement.
“The deal is making very good progress, but it’s a large transaction/large cross-border deal which is complex. I cannot comment on the timeline,” he said.
Indian business conglomerate Reliance Industries Ltd’s (RIL) proposed deal to sell a 20 percent stake in its oil to chemicals business to Saudi Aramco for an estimated $15 billion will miss the planned March 31 timeline, a senior company executive has said.
The deal was announced by RIL chairman and managing director Mukesh Ambani at the company annual general meeting in August last year and was intended to reduce its massive debt and ensure assured supply of crude oil to its refineries.
“It will not be a deal which will get done by March,” RIL’s joint chief financial officer V Srikanth has told reporters on the occasion of its quarterly results announcement.
“The deal is making very good progress, but it’s a large transaction/large cross-border deal which is complex. I cannot comment on the timeline,” he said.
#AbuDhabi Aviation to open trading of shares to foreign investment - Arabianbusiness
Abu Dhabi Aviation to open trading of shares to foreign investment - Arabianbusiness:
Abu Dhabi Aviation (ADA) is to open its trading of shares to foreign investment at a rate of 30 percent of its capital.
The announcement was revealed by Emirates News Agency (WAM) and comes following a resolution taken during the company’s General Assembly meeting on October 13 last year and the necessary approvals processes by the relevant regulation agencies, including the Securities and Commodities Authority, and the Department of Economic Development in Abu Dhabi.
ADA provides aviation offshore oil support and other services worldwide and in particular for Abu Dhabi’s oil and gas production companies.
It is the largest commercial helicopter operator in the Middle East and currently operates a fleet of 61 aircraft, including 57 helicopters.
Abu Dhabi Aviation (ADA) is to open its trading of shares to foreign investment at a rate of 30 percent of its capital.
The announcement was revealed by Emirates News Agency (WAM) and comes following a resolution taken during the company’s General Assembly meeting on October 13 last year and the necessary approvals processes by the relevant regulation agencies, including the Securities and Commodities Authority, and the Department of Economic Development in Abu Dhabi.
ADA provides aviation offshore oil support and other services worldwide and in particular for Abu Dhabi’s oil and gas production companies.
It is the largest commercial helicopter operator in the Middle East and currently operates a fleet of 61 aircraft, including 57 helicopters.
Mideast Stocks - Financial shares lift Gulf markets | ZAWYA MENA Edition
Mideast Stocks - Financial shares lift Gulf markets | ZAWYA MENA Edition:
Major Gulf stock markets opened higher on Sunday, buoyed by gains in the financial sector.
The Saudi index rose 0.3% as Al Rajhi Bank and National Commercial Bank advanced 0.3% and 0.5% respectively.
Among other gainers, United Electronics Company jumped 7.1% after reporting a 14.6% rise in fourth-quarter profit.
Almarai, the Gulf's largest dairy firm, dropped 1.1 % after reporting a 15.9% fall in fourth-quarter profit to 311.9 million riyals ($83.1 million) after significant increases in sales, administration and general costs.
State-owned oil giant Saudi Aramco edged down 0.1% to 34.6 riyals, on track for a third decline in as many sessions.
Major Gulf stock markets opened higher on Sunday, buoyed by gains in the financial sector.
The Saudi index rose 0.3% as Al Rajhi Bank and National Commercial Bank advanced 0.3% and 0.5% respectively.
Among other gainers, United Electronics Company jumped 7.1% after reporting a 14.6% rise in fourth-quarter profit.
Almarai, the Gulf's largest dairy firm, dropped 1.1 % after reporting a 15.9% fall in fourth-quarter profit to 311.9 million riyals ($83.1 million) after significant increases in sales, administration and general costs.
State-owned oil giant Saudi Aramco edged down 0.1% to 34.6 riyals, on track for a third decline in as many sessions.
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