Oil rises over 3% as demand worries ease amid fewer new coronavirus cases - Reuters:
Oil prices rose over 3% on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover.
Brent LCOc1 futures gained $1.78, or 3.3%, to settle at $55.79 per barrel, while U.S. West Texas Intermediate (WTI) CLc1 crude gained $1.23, or 2.5%, to settle at $51.17.
Those were the highest settles for both futures since January even though the U.S. government reported a larger-than-expected weekly build in crude inventories that was countered by a decline in fuel stocks, including an unexpected gasoline drawdown.
Crude inventories USOILC=ECI rose 7.5 million barrels last week, the Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 3 million-barrel rise.
Wednesday 12 February 2020
Etisalat’s 2019 net profit flat as revenue falls - The National
Etisalat’s 2019 net profit flat as revenue falls - The National:
Etisalat, the UAE's biggest telecom operator, reported flat full-year net profit in 2019 due to a dip in revenues from international operations and mobile earnings in the UAE.
Net profit attributable to equity holders in the 12 months ended December 31 rose 0.90 per cent year-on-year to Dh8.69 billion – only 78 million more from a year earlier, it said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares trade.
Revenue during the period decreased 0.38 per cent to Dh52.19bn. The company's earnings per share grew slightly to Dh1 in 2019 from Dh0.99 a year earlier.
The company did not disclose its fourth quarter results.
Etisalat, the UAE's biggest telecom operator, reported flat full-year net profit in 2019 due to a dip in revenues from international operations and mobile earnings in the UAE.
Net profit attributable to equity holders in the 12 months ended December 31 rose 0.90 per cent year-on-year to Dh8.69 billion – only 78 million more from a year earlier, it said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares trade.
Revenue during the period decreased 0.38 per cent to Dh52.19bn. The company's earnings per share grew slightly to Dh1 in 2019 from Dh0.99 a year earlier.
The company did not disclose its fourth quarter results.
DIB Group reports Dh5.1 billion net profit in 2019 | Banking – Gulf News
DIB Group reports Dh5.1 billion net profit in 2019 | Banking – Gulf News:
Dubai Islamic Bank Group (DIB Group) on Wednesday reported a net profit of Dh5.1 billion, up by 2 per cent year on year.
The bank said the Noor Bank acquisition is complete, with integration underway to realize the synergies and boost returns.
DIB Board has recommended an increase in foreign ownership limit to 40 per cent, subject to regulatory and corporate approvals.
“DIB has continued to challenge the norms and prove its resilience year on year, despite global and regional growth constraints. Our sustained earnings, with profitability of over Dh5bn, is a clear manifestation of the strategic direction we have set in place, in order to provide only the best and most innovative services to our ever-growing customer base,” said Dubai Islamic Bank Group Chief Executive Officer, Dr. Adnan Chilwan.
Dubai Islamic Bank Group (DIB Group) on Wednesday reported a net profit of Dh5.1 billion, up by 2 per cent year on year.
The bank said the Noor Bank acquisition is complete, with integration underway to realize the synergies and boost returns.
DIB Board has recommended an increase in foreign ownership limit to 40 per cent, subject to regulatory and corporate approvals.
“DIB has continued to challenge the norms and prove its resilience year on year, despite global and regional growth constraints. Our sustained earnings, with profitability of over Dh5bn, is a clear manifestation of the strategic direction we have set in place, in order to provide only the best and most innovative services to our ever-growing customer base,” said Dubai Islamic Bank Group Chief Executive Officer, Dr. Adnan Chilwan.
Distressed-Debt Funds Team Up as #Lebanon Bonds Plunge to Records - Bloomberg
Distressed-Debt Funds Team Up as Lebanon Bonds Plunge to Records - Bloomberg:
Lebanon’s foreign debt sank to a record low as speculation mounted that the government may not repay a $1.2 billion Eurobond due in less than a month.
Investors are pondering the possible shape a default might take, with the crisis-ridden nation’s government wrangling over whether to continue servicing its debts. Distressed-debt investor Greylock Capital Management and Lugano-based Mangart Capital Advisors announced they and other bondholders have formed a group to talk to the government about its options.
The $1.2 billion of notes, due on March 9, plunged 10 cents to 72 cents on the dollar as of 2:32 p.m. in London. Lebanon’s $2.1 billion bond maturing in April next year fell 7 cents to 39, with the yield climbing above 100% for the first time.
“This group will facilitate communication between disparate creditors and stands by to engage with the Lebanese Republic in any discussions,” Hans Humes, chief executive of New York-based Greylock, said in an emailed statement.
Lebanon’s foreign debt sank to a record low as speculation mounted that the government may not repay a $1.2 billion Eurobond due in less than a month.
Investors are pondering the possible shape a default might take, with the crisis-ridden nation’s government wrangling over whether to continue servicing its debts. Distressed-debt investor Greylock Capital Management and Lugano-based Mangart Capital Advisors announced they and other bondholders have formed a group to talk to the government about its options.
The $1.2 billion of notes, due on March 9, plunged 10 cents to 72 cents on the dollar as of 2:32 p.m. in London. Lebanon’s $2.1 billion bond maturing in April next year fell 7 cents to 39, with the yield climbing above 100% for the first time.
“This group will facilitate communication between disparate creditors and stands by to engage with the Lebanese Republic in any discussions,” Hans Humes, chief executive of New York-based Greylock, said in an emailed statement.
#UAE News: #AbuDhabi Wealth Fund Urges Israelis to Invest in Gulf - Bloomberg
UAE News: Abu Dhabi Wealth Fund Urges Israelis to Invest in Gulf - Bloomberg:
A top executive at Abu Dhabi sovereign wealth fund Mubadala Investment Co. called on Israeli start-up investors to operate in the Gulf Arab region, in a new sign of warming ties between the countries.
“We need to welcome all sorts of investors, even investors that are very active in Israel, Israeli investors that ultimately come to see opportunities in the region,” said Ibrahim Ajami, head of Mubadala’s venture capital arm. “I don’t see a reason why we should not do that,” he said.
Ajami was speaking at a panel on venture capital at the Milken Institute conference in Abu Dhabi. Joining him was Avi Eyal, co-founder and managing partner of Entree Capital, a venture capital firm that focuses heavily on Israel. Ajami said he and Eyal have invested together twice and have been working together “for a couple of years now.”
Eyal, speaking directly to Ajami, offered to set up a fund in the U.A.E. capital.
A top executive at Abu Dhabi sovereign wealth fund Mubadala Investment Co. called on Israeli start-up investors to operate in the Gulf Arab region, in a new sign of warming ties between the countries.
“We need to welcome all sorts of investors, even investors that are very active in Israel, Israeli investors that ultimately come to see opportunities in the region,” said Ibrahim Ajami, head of Mubadala’s venture capital arm. “I don’t see a reason why we should not do that,” he said.
Ajami was speaking at a panel on venture capital at the Milken Institute conference in Abu Dhabi. Joining him was Avi Eyal, co-founder and managing partner of Entree Capital, a venture capital firm that focuses heavily on Israel. Ajami said he and Eyal have invested together twice and have been working together “for a couple of years now.”
Eyal, speaking directly to Ajami, offered to set up a fund in the U.A.E. capital.
UAE News: #AbuDhabi Islamic Bank to Cut Jobs, Shut Branches - Bloomberg
UAE News: Abu Dhabi Islamic Bank to Cut Jobs, Shut Branches - Bloomberg:
Abu Dhabi Islamic Bank PJSC is seeking to save about 500 million dirhams ($136 million) by cutting jobs and closing branches as sluggish economic growth weighs on the finance industry.
The state-controlled lender plans to shut some local and international branches, according to people with knowledge of the matter who asked not to be identified because the matter is private. The bank has operations in Egypt, Iraq, Saudi Arabia and the U.K.
A spokesman for the bank declined to comment.
ADIB, as the bank is known, joins competitors such as First Abu Dhabi Bank PJSC and Emirates NBD PJSC in cutting jobs. The U.A.E. economy is coming under pressure from regional geopolitical tensions and weak domestic demand. In Dubai, business growth stalled, while jobs disappeared at the fastest pace in at least a decade in the latest sign of strain on the Middle East’s commercial hub.
Abu Dhabi Islamic Bank PJSC is seeking to save about 500 million dirhams ($136 million) by cutting jobs and closing branches as sluggish economic growth weighs on the finance industry.
The state-controlled lender plans to shut some local and international branches, according to people with knowledge of the matter who asked not to be identified because the matter is private. The bank has operations in Egypt, Iraq, Saudi Arabia and the U.K.
A spokesman for the bank declined to comment.
ADIB, as the bank is known, joins competitors such as First Abu Dhabi Bank PJSC and Emirates NBD PJSC in cutting jobs. The U.A.E. economy is coming under pressure from regional geopolitical tensions and weak domestic demand. In Dubai, business growth stalled, while jobs disappeared at the fastest pace in at least a decade in the latest sign of strain on the Middle East’s commercial hub.
When will #Dubai property prices start going up? | ZAWYA MENA Edition
When will Dubai property prices start going up? | ZAWYA MENA Edition:
The price of villas and apartments in Dubai will start going up in 2021, as new project launches are slowing down and investor appetite is going up, according to the latest analysis.
“It is likely that prices will stabilise in 2020, before recovering in 2021, as delivery rates of new supply start to fall. Buyer appetite increased and the willingness of sellers to drop prices neared its limit,” according to a report from Property Finder.
New project launches have reduced considerably since last year, and with a new committee now in place to address the supply glut, developers are more likely to focus instead on completing current projects, the report said.
Last year, Dubai created the Higher Committee for Real Estate Planning to address high supply concerns. The body is tasked to “assess the state of the real estate sector, study the needs of the market” and regulate or control the pace of projects, among others, to “achieve a balance between supply and demand.”
The price of villas and apartments in Dubai will start going up in 2021, as new project launches are slowing down and investor appetite is going up, according to the latest analysis.
“It is likely that prices will stabilise in 2020, before recovering in 2021, as delivery rates of new supply start to fall. Buyer appetite increased and the willingness of sellers to drop prices neared its limit,” according to a report from Property Finder.
New project launches have reduced considerably since last year, and with a new committee now in place to address the supply glut, developers are more likely to focus instead on completing current projects, the report said.
Last year, Dubai created the Higher Committee for Real Estate Planning to address high supply concerns. The body is tasked to “assess the state of the real estate sector, study the needs of the market” and regulate or control the pace of projects, among others, to “achieve a balance between supply and demand.”
Softbank's Vision Fund 2 stalls as key backers opt out - Reuters
Softbank's Vision Fund 2 stalls as key backers opt out - Reuters:
Big investors who are critical to SoftBank Group’s plans for a second massive technology investment fund are refusing to take part unless the first $100 billion Vision Fund can turn around its performance, sources familiar with the talks told Reuters.
SoftBank chairman Masayoshi Son on Wednesday acknowledged the lack of commitments for Vision Fund 2, but vowed to forge ahead with his investment strategy using SoftBank money.
That approach could prove difficult in the wake of news last week that activist investor Elliott Management has built up a stake of nearly 3% in SoftBank and will pressure the company to spend its cash on share buybacks.
The first Vision Fund lost $2.5 billion in the quarter ended December, SoftBank reported Wednesday, largely as a result of a disastrous bet on office-sharing company WeWork.
Big investors who are critical to SoftBank Group’s plans for a second massive technology investment fund are refusing to take part unless the first $100 billion Vision Fund can turn around its performance, sources familiar with the talks told Reuters.
SoftBank chairman Masayoshi Son on Wednesday acknowledged the lack of commitments for Vision Fund 2, but vowed to forge ahead with his investment strategy using SoftBank money.
That approach could prove difficult in the wake of news last week that activist investor Elliott Management has built up a stake of nearly 3% in SoftBank and will pressure the company to spend its cash on share buybacks.
The first Vision Fund lost $2.5 billion in the quarter ended December, SoftBank reported Wednesday, largely as a result of a disastrous bet on office-sharing company WeWork.
OPEC says coronavirus to trim 2020 oil demand, weighs output cut - Reuters
OPEC says coronavirus to trim 2020 oil demand, weighs output cut - Reuters:
OPEC on Wednesday cut its forecast for global growth in oil demand this year due to the coronavirus outbreak and said its output fell sharply in January as producers implemented a new supply-limiting pact.
In a report, OPEC said 2020 demand for its crude will average 29.30 million barrels per day (bpd), 200,000 bpd less than previously thought. OPEC pumped below that rate in January, suggesting a 2020 supply deficit.
The report could bolster the case for even more supply curbs by the Organization of the Petroleum Exporting Countries, which is considering whether to curb output further to offset slower demand. Oil has fallen 15% this year to $55 a barrel, alarming producers.
“The impact of the coronavirus outbreak on China’s economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth,” OPEC said in the report.
OPEC on Wednesday cut its forecast for global growth in oil demand this year due to the coronavirus outbreak and said its output fell sharply in January as producers implemented a new supply-limiting pact.
In a report, OPEC said 2020 demand for its crude will average 29.30 million barrels per day (bpd), 200,000 bpd less than previously thought. OPEC pumped below that rate in January, suggesting a 2020 supply deficit.
The report could bolster the case for even more supply curbs by the Organization of the Petroleum Exporting Countries, which is considering whether to curb output further to offset slower demand. Oil has fallen 15% this year to $55 a barrel, alarming producers.
“The impact of the coronavirus outbreak on China’s economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth,” OPEC said in the report.
Foreign investors, first time buyers boost Emaar's $1.7bn net profit - Arabianbusiness
Foreign investors, first time buyers boost Emaar's $1.7bn net profit - Arabianbusiness:
Emaar Properties on Wednesday reported net profit of AED6.2 billion ($1.7 billion) for 2019, up marginally from AED6.1 billion on the previous year.
The Dubai-based developer also recorded revenue of AED24.6 billion and property sales in Dubai of AED14.9 billion.
The company cited continued interest from foreign investors in both residential and commercial developments as well as new, first time home buyers entering the UAE property market as driving forces behind the performance.
Mohamed Alabbar, chairman of Emaar Properties, said: “Emaar’s performance in 2019 was resilient, maintaining growth within a challenging market. Emaar’s sales achievements in 2019 are a testament to the products and people behind these innovations. Each year we set the bar higher, raising expectations across the business to ensure Emaar maintains the level of excellence the brand is synonymous with.
Emaar Properties on Wednesday reported net profit of AED6.2 billion ($1.7 billion) for 2019, up marginally from AED6.1 billion on the previous year.
The Dubai-based developer also recorded revenue of AED24.6 billion and property sales in Dubai of AED14.9 billion.
The company cited continued interest from foreign investors in both residential and commercial developments as well as new, first time home buyers entering the UAE property market as driving forces behind the performance.
Mohamed Alabbar, chairman of Emaar Properties, said: “Emaar’s performance in 2019 was resilient, maintaining growth within a challenging market. Emaar’s sales achievements in 2019 are a testament to the products and people behind these innovations. Each year we set the bar higher, raising expectations across the business to ensure Emaar maintains the level of excellence the brand is synonymous with.
UPDATE 2-First #AbuDhabi Bank sells 450 mln sterling bonds - Reuters
UPDATE 2-First Abu Dhabi Bank sells 450 mln sterling bonds - Reuters:
First Abu Dhabi Bank (FAB) sold on Wednesday 450 million pounds ($584 million) of three-year sterling-denominated bonds at 98 basis points (bps) over UK gilts, according to an investment note seen by Reuters.
The debt sale has garnered around 1.25 billion pounds in demand, the note said.
FAB hired Barclays, First Abu Dhabi Bank, HSBC and Nomura to lead the deal.
The bank tightened the spreads after it began marketing the bonds at 115-120 bps over UK gilts earlier on Wednesday. The issuance is under FAB’s $15 billion euro medium-term note programme.
First Abu Dhabi Bank (FAB) sold on Wednesday 450 million pounds ($584 million) of three-year sterling-denominated bonds at 98 basis points (bps) over UK gilts, according to an investment note seen by Reuters.
The debt sale has garnered around 1.25 billion pounds in demand, the note said.
FAB hired Barclays, First Abu Dhabi Bank, HSBC and Nomura to lead the deal.
The bank tightened the spreads after it began marketing the bonds at 115-120 bps over UK gilts earlier on Wednesday. The issuance is under FAB’s $15 billion euro medium-term note programme.
#SaudiArabia cuts March crude supply to some Asian buyers: sources - Reuters
Saudi Arabia cuts March crude supply to some Asian buyers: sources - Reuters:
The world’s top oil exporter Saudi Arabia has reduced crude supplies to some Asian buyers in March after refiners cut output following the coronavirus outbreak and for regular maintenance, four sources with knowledge of the matter said on Wednesday.
The drop in supplies comes after state oil giant Saudi Aramco cut March official selling prices (OSPs) more than expected.
Buyers’ overall nominations for March-loading cargoes were lower, but so far the virus has not had a big impact, a source familiar with Aramco oil exports said, adding that seasonal maintenance in Asia in the second quarter had made more difference.
Two of the sources declined to say how much lower the volumes were at their refineries, but said Saudi Aramco may have allowed some Chinese buyers to reduce their volumes by more than 10% as their situation was an exceptional case.
The world’s top oil exporter Saudi Arabia has reduced crude supplies to some Asian buyers in March after refiners cut output following the coronavirus outbreak and for regular maintenance, four sources with knowledge of the matter said on Wednesday.
The drop in supplies comes after state oil giant Saudi Aramco cut March official selling prices (OSPs) more than expected.
Buyers’ overall nominations for March-loading cargoes were lower, but so far the virus has not had a big impact, a source familiar with Aramco oil exports said, adding that seasonal maintenance in Asia in the second quarter had made more difference.
Two of the sources declined to say how much lower the volumes were at their refineries, but said Saudi Aramco may have allowed some Chinese buyers to reduce their volumes by more than 10% as their situation was an exceptional case.
Oil rises 3% as demand worries ease amid fewer new coronavirus cases - Reuters
Oil rises 3% as demand worries ease amid fewer new coronavirus cases - Reuters:
Oil prices rose 3% on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover.
Prices held gains, as the U.S. government’s report of a larger-than-forecast weekly build in crude inventories was countered by a decline in fuel stocks, including an unexpected gasoline drawdown.[EIA/S]
Crude inventories USOILC=ECI rose 7.5 million barrels last week, the Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 3 million-barrel rise.
“Gasoline demand is starting to rebound, and the modest drawdown in refined fuels helped to offset the bearish, blaring crude oil headline,” said John Kilduff, a partner at Again Capital in New York.
Brent crude LCOc1 was up $1.82, or 3.3%, at $55.83 per barrel at 10:42 a.m. EST (1542 GMT). U.S. West Texas Intermediate (WTI) CLc1 rose $1.40 a barrel, or 2.8%, to $51.34 a barrel.
Oil prices rose 3% on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover.
Prices held gains, as the U.S. government’s report of a larger-than-forecast weekly build in crude inventories was countered by a decline in fuel stocks, including an unexpected gasoline drawdown.[EIA/S]
Crude inventories USOILC=ECI rose 7.5 million barrels last week, the Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 3 million-barrel rise.
“Gasoline demand is starting to rebound, and the modest drawdown in refined fuels helped to offset the bearish, blaring crude oil headline,” said John Kilduff, a partner at Again Capital in New York.
Brent crude LCOc1 was up $1.82, or 3.3%, at $55.83 per barrel at 10:42 a.m. EST (1542 GMT). U.S. West Texas Intermediate (WTI) CLc1 rose $1.40 a barrel, or 2.8%, to $51.34 a barrel.
Asian Buyers Taking Less #Saudi Oil on Demand Hit From Virus - Bloomberg
Asian Buyers Taking Less Saudi Oil on Demand Hit From Virus - Bloomberg:
At least four Asian oil refiners will take delivery of less Saudi Arabian crude than planned in March as the virus dents demand for fuel and creates a glut of alternative supplies, according to people with knowledge of the companies’ imports.
The companies, which include three Chinese buyers, asked for lower volumes as part of their long-term supply contracts with Saudi Aramco, according to the people, who asked not to be identified due to company policy.
They made the request for less oil as the coronavirus weighed on demand, prompting a reduction in refining across the region and leading to cheaper crude being available in the spot market, they said.
The reduced volumes are confirmation that the coronavirus is impacting crude sales from the world’s biggest oil exporter, which is leading an OPEC+ push for additional output cuts to try and balance the market. As China keeps entire cities locked down and airlines worldwide cancel flights, the U.S. Federal Reserve said the outbreak was a risk to the American and global economy.
At least four Asian oil refiners will take delivery of less Saudi Arabian crude than planned in March as the virus dents demand for fuel and creates a glut of alternative supplies, according to people with knowledge of the companies’ imports.
The companies, which include three Chinese buyers, asked for lower volumes as part of their long-term supply contracts with Saudi Aramco, according to the people, who asked not to be identified due to company policy.
They made the request for less oil as the coronavirus weighed on demand, prompting a reduction in refining across the region and leading to cheaper crude being available in the spot market, they said.
The reduced volumes are confirmation that the coronavirus is impacting crude sales from the world’s biggest oil exporter, which is leading an OPEC+ push for additional output cuts to try and balance the market. As China keeps entire cities locked down and airlines worldwide cancel flights, the U.S. Federal Reserve said the outbreak was a risk to the American and global economy.
ADNOC Distribution net profit increases by 4.2% to $604.4mln in 2019 | ZAWYA MENA Edition
ADNOC Distribution net profit increases by 4.2% to $604.4mln in 2019 | ZAWYA MENA Edition:
ADNOC Distribution today announced that it reported that net profit for the fourth quarter of 2019 was AED496 million, an increase of 11.3 percent compared to same period last year. EBITDA for the fourth quarter of 2019 was AED658 million, an increase of 6.5 percent compared to the same period last year, driven by a solid operational performance in both fuel and non-fuel businesses.
A press statement issued by ADNOC Distribution on Wednesday added that total fuel volumes sold increased by 2.0 percent in the fourth quarter of 2019 compared to the fourth quarter of 2018, driven by a continued recovery in the company’s retail business, growth in its corporate business and supported by new marketing initiatives.
Growth in retail fuel volumes was driven by improvement in the core Abu Dhabi market, market share gains in the Northern Emirates following implementation of free assisted fueling (effective 3rd November 2019) and the contribution from new stations in Dubai. Non-fuel retail gross profit increased by 10.4 percent for the same period compared to Q4 2018.
ADNOC Distribution today announced that it reported that net profit for the fourth quarter of 2019 was AED496 million, an increase of 11.3 percent compared to same period last year. EBITDA for the fourth quarter of 2019 was AED658 million, an increase of 6.5 percent compared to the same period last year, driven by a solid operational performance in both fuel and non-fuel businesses.
A press statement issued by ADNOC Distribution on Wednesday added that total fuel volumes sold increased by 2.0 percent in the fourth quarter of 2019 compared to the fourth quarter of 2018, driven by a continued recovery in the company’s retail business, growth in its corporate business and supported by new marketing initiatives.
Growth in retail fuel volumes was driven by improvement in the core Abu Dhabi market, market share gains in the Northern Emirates following implementation of free assisted fueling (effective 3rd November 2019) and the contribution from new stations in Dubai. Non-fuel retail gross profit increased by 10.4 percent for the same period compared to Q4 2018.
#Dubai developer Deyaar announces $416.6m losses - Arabianbusiness
Dubai developer Deyaar announces $416.6m losses - Arabianbusiness:
Dubai-based developer Deyaar has announced accumulated losses of AED1.53 billion ($416.6m).
As a result, the board has recommended capital reduction to offset the amount.
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), the company reported revenues of AED603.7m ($164.4m) for 2019, a drop from AED643.7m ($175m) the previous year.
Net profit for 2019 was reported as AED71.5m ($19.5m).
Despite the losses, Saeed Al Qatami, CEO of Deyaar, remained upbeat about the future. He said: “2019 saw several strong achievements in our portfolio – not least of which is the completion and handover of Afnan, the first district in our Midtown master development, with handover of Dania district currently in progress.
Dubai-based developer Deyaar has announced accumulated losses of AED1.53 billion ($416.6m).
As a result, the board has recommended capital reduction to offset the amount.
Listed on the Dubai Financial Market and majority-owned by Dubai Islamic Bank (DIB), the company reported revenues of AED603.7m ($164.4m) for 2019, a drop from AED643.7m ($175m) the previous year.
Net profit for 2019 was reported as AED71.5m ($19.5m).
Despite the losses, Saeed Al Qatami, CEO of Deyaar, remained upbeat about the future. He said: “2019 saw several strong achievements in our portfolio – not least of which is the completion and handover of Afnan, the first district in our Midtown master development, with handover of Dania district currently in progress.
Oil jumps as fall in new China coronavirus cases eases fuel demand concerns - Reuters
Oil jumps as fall in new China coronavirus cases eases fuel demand concerns - Reuters:
Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic.
Brent crude LCOc1 was up $1.12, or 2.1%, at $55.13 per barrel at 0748 GMT. U.S. West Texas Intermediate (WTI) CLc1 rose 74 cents, or 1.5%, to $50.68 a barrel.
According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 30. Still, international experts remained cautious over forecasting when the outbreak might reach a peak.
Travel restrictions to and from China and quarantines have cut fuel usage. The two biggest Chinese refiners have said they will reduce their processing by about 940,000 barrels per day (bpd) as a result of the consumption drop, or about 7% of their 2019 processing runs.
Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic.
Brent crude LCOc1 was up $1.12, or 2.1%, at $55.13 per barrel at 0748 GMT. U.S. West Texas Intermediate (WTI) CLc1 rose 74 cents, or 1.5%, to $50.68 a barrel.
According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 30. Still, international experts remained cautious over forecasting when the outbreak might reach a peak.
Travel restrictions to and from China and quarantines have cut fuel usage. The two biggest Chinese refiners have said they will reduce their processing by about 940,000 barrels per day (bpd) as a result of the consumption drop, or about 7% of their 2019 processing runs.
#UAE's Dana Gas receives bids for Egyptian assets - Reuters
UAE's Dana Gas receives bids for Egyptian assets - Reuters:
United Arab Emirates-based Dana Gas (DANA.AD) said on Wednesday it has received bids from some companies for its assets in Egypt.
“We have received a number of bids from a number of companies,” the company’s CEO Patrick Allman-Ward said on an earnings call, declining to say how many bids or from which companies.
The CEO said a final decision had not been taken on whether the company will sell its Egyptian assets. He said offers would be submitted to the company’s board for review and that a decision is expected by the end of March.
Allman-Ward said the company would cover its outstanding sukuk, or Islamic bonds, of $397 million, due on Oct. 31, with the potential sale of its Egypt assets.
United Arab Emirates-based Dana Gas (DANA.AD) said on Wednesday it has received bids from some companies for its assets in Egypt.
“We have received a number of bids from a number of companies,” the company’s CEO Patrick Allman-Ward said on an earnings call, declining to say how many bids or from which companies.
The CEO said a final decision had not been taken on whether the company will sell its Egyptian assets. He said offers would be submitted to the company’s board for review and that a decision is expected by the end of March.
Allman-Ward said the company would cover its outstanding sukuk, or Islamic bonds, of $397 million, due on Oct. 31, with the potential sale of its Egypt assets.
#AbuDhabi-based Aldar net profit rises to $539mln in 2019 | ZAWYA MENA Edition
Abu Dhabi-based Aldar net profit rises to $539mln in 2019 | ZAWYA MENA Edition:
Aldar Properties today announced that it reported a 7 percent year on year increase in 2019 net profit to AED1.984 billion, driven by growth across both its development and asset management businesses.
According to a statement issued by Aldar on Wednesday, the Company’s Board of Directors recommended a cash dividend of AED0.145 per share, representing a 4 percent growth on 2018’s dividend of AED0.14 per share.
Mohamed Khalifa Al Mubarak, Chairman of Aldar, said, "Abu Dhabi’s real estate market is benefitting from an economy that is transitioning to a global cultural, business and trade hub thanks to government investments and newly introduced pro-business policies. As a leader in the real estate market, Aldar has been able to swiftly convert those emerging opportunities to generate additional value for our shareholders. Looking ahead, our unique portfolio of investment properties and valuable land bank will enable us to continue to deliver attractive returns to our shareholders."
Aldar Properties today announced that it reported a 7 percent year on year increase in 2019 net profit to AED1.984 billion, driven by growth across both its development and asset management businesses.
According to a statement issued by Aldar on Wednesday, the Company’s Board of Directors recommended a cash dividend of AED0.145 per share, representing a 4 percent growth on 2018’s dividend of AED0.14 per share.
Mohamed Khalifa Al Mubarak, Chairman of Aldar, said, "Abu Dhabi’s real estate market is benefitting from an economy that is transitioning to a global cultural, business and trade hub thanks to government investments and newly introduced pro-business policies. As a leader in the real estate market, Aldar has been able to swiftly convert those emerging opportunities to generate additional value for our shareholders. Looking ahead, our unique portfolio of investment properties and valuable land bank will enable us to continue to deliver attractive returns to our shareholders."
MIDEAST STOCKS-Weak earnings hurt #Dubai, #Qatar; banks aid #Saudi index | Nasdaq
MIDEAST STOCKS-Weak earnings hurt Dubai, Qatar; banks aid Saudi index | Nasdaq:
Stock markets in Dubai and Qatar fell on Wednesday, pressured by a string of disappointing corporate earnings, while Saudi Arabia's benchmark index rose marginally, supported by its banking shares.
Dubai's main share index .DFMGI was down 0.3% with blue-chip developer Emaar Properties EMAR.DU falling 1%. Emirates Integrated Telecommunications DU.DU slid 3.2%, its biggest intraday fall since November.
The telco reported a profit of 436 million dirhams ($118.71 million) in fourth-quarter, up from 346 mln dirhams year ago. But it posted a decline in revenue and its mobile subscriber base for the same period.
The Qatari index .QSI eased 0.9%, driven down by a 4% plunge in Industries Qatar IQCD.QA. The petrochemical maker saw its biggest decline in six months as 2019 profits almost halved from a year earlier.
Stock markets in Dubai and Qatar fell on Wednesday, pressured by a string of disappointing corporate earnings, while Saudi Arabia's benchmark index rose marginally, supported by its banking shares.
Dubai's main share index .DFMGI was down 0.3% with blue-chip developer Emaar Properties EMAR.DU falling 1%. Emirates Integrated Telecommunications DU.DU slid 3.2%, its biggest intraday fall since November.
The telco reported a profit of 436 million dirhams ($118.71 million) in fourth-quarter, up from 346 mln dirhams year ago. But it posted a decline in revenue and its mobile subscriber base for the same period.
The Qatari index .QSI eased 0.9%, driven down by a 4% plunge in Industries Qatar IQCD.QA. The petrochemical maker saw its biggest decline in six months as 2019 profits almost halved from a year earlier.