Is $2 billion too high or low for UAE’s NMC Health? | Markets – Gulf News:
A new investor – preferably from within the UAE - buying up NMC would be the best cure the UAE’s troubled hospital operator can hope for in the circumstances, according to industry sources.
“NMC is systemically important to the UAE economy and society because of its status as a healthcare operator,” said a source in the banking industry. “The problems at NMC right now have to do with bad decisions being made… so far, there’s no issue on how the hospitals and other facilities within the network function.
“But if the current situation continues and there are delays to a buyer coming in, then it could at some point hit NMC’s reputation… and when that suffers, it will cause problems on day-to-day running.”
Already, some of it is visible in NMC corporate corridors – in recent weeks, there have been quite a few departures of senior management personnel, and which accelerated after the dismissal of the hugely influential CEO, Prashant Manghat last week.
Monday, 2 March 2020
OPEC meetings to go ahead this week despite virus: sources - Reuters
OPEC meetings to go ahead this week despite virus: sources - Reuters:
OPEC and its allies will meet as scheduled in Vienna on March 5-6 to decide whether to extend oil output cuts beyond their March expiry and whether to deepen the reduction, two sources said on Monday.
A number of events including oil conferences have been postponed due to the coronavirus outbreak. But the Organization of the Petroleum Exporting Countries is sticking to its plan to host the meeting, the sources said.
OPEC and its allies will meet as scheduled in Vienna on March 5-6 to decide whether to extend oil output cuts beyond their March expiry and whether to deepen the reduction, two sources said on Monday.
A number of events including oil conferences have been postponed due to the coronavirus outbreak. But the Organization of the Petroleum Exporting Countries is sticking to its plan to host the meeting, the sources said.
#Saudi private sector strong in January but coronavirus may reverse growth - Reuters
Saudi private sector strong in January but coronavirus may reverse growth - Reuters:
A relatively strong start to the year for Saudi Arabia’s private sector may prove short-lived as the coronavirus outbreak is seen hurting the tourism sector and consumer spending.
Loans to the private sector – whose growth is essential to Crown Prince Mohammed bin Salman’s plans to transform the oil-dependent economy – rose 8.5% year-on-year in January, data from the central bank, Saudi Arabia Monetary Authority, showed last week, with a rise in mortgages backing the uptick.
Consumer spending was driven by a 33% annual jump in “point of sales” transactions, particularly for hotels and restaurants, a reflection of Saudi reforms that have relaxed social habits in the conservative kingdom.
But the spread of coronavirus is expected to weigh on the Saudi economy because of a slowdown in global demand for oil and tourism curbs introduced by Saudi authorities.
A relatively strong start to the year for Saudi Arabia’s private sector may prove short-lived as the coronavirus outbreak is seen hurting the tourism sector and consumer spending.
Loans to the private sector – whose growth is essential to Crown Prince Mohammed bin Salman’s plans to transform the oil-dependent economy – rose 8.5% year-on-year in January, data from the central bank, Saudi Arabia Monetary Authority, showed last week, with a rise in mortgages backing the uptick.
Consumer spending was driven by a 33% annual jump in “point of sales” transactions, particularly for hotels and restaurants, a reflection of Saudi reforms that have relaxed social habits in the conservative kingdom.
But the spread of coronavirus is expected to weigh on the Saudi economy because of a slowdown in global demand for oil and tourism curbs introduced by Saudi authorities.
OPEC February oil output sinks on Libyan unrest, cuts - Reuters
OPEC February oil output sinks on Libyan unrest, cuts - Reuters:
OPEC oil output dropped in February to the lowest in over a decade as Libyan supply collapsed due to a blockade of ports and oilfields and Saudi Arabia and other Gulf members overdelivered on a new production-limiting accord, a Reuters survey found.
On average, the 13-member Organization of the Petroleum Exporting Countries pumped 27.84 million barrels per day (bpd) last month, according to the survey, down 510,000 bpd from January’s figure.
Despite the drop in supply, crude prices LCOc1 have slipped to below $50 a barrel on concern that the coronavirus outbreak will cut oil demand. OPEC and its allies meet this week to discuss further steps to support the market. [nnL9N2AP001]
OPEC, Russia and other allies, known as OPEC+, agreed to deepen an existing supply cut by 500,000 bpd from Jan. 1, 2020. OPEC’s share of the new reduction is about 1.17 million bpd, to be made by 10 members, all except Iran, Libya and Venezuela.
OPEC oil output dropped in February to the lowest in over a decade as Libyan supply collapsed due to a blockade of ports and oilfields and Saudi Arabia and other Gulf members overdelivered on a new production-limiting accord, a Reuters survey found.
On average, the 13-member Organization of the Petroleum Exporting Countries pumped 27.84 million barrels per day (bpd) last month, according to the survey, down 510,000 bpd from January’s figure.
Despite the drop in supply, crude prices LCOc1 have slipped to below $50 a barrel on concern that the coronavirus outbreak will cut oil demand. OPEC and its allies meet this week to discuss further steps to support the market. [nnL9N2AP001]
OPEC, Russia and other allies, known as OPEC+, agreed to deepen an existing supply cut by 500,000 bpd from Jan. 1, 2020. OPEC’s share of the new reduction is about 1.17 million bpd, to be made by 10 members, all except Iran, Libya and Venezuela.
Oil up over 4% as hopes of OPEC cut, stimulus counter virus gloom - Reuters
Oil up over 4% as hopes of OPEC cut, stimulus counter virus gloom - Reuters:
Oil prices rose over 4% on Monday, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude LCOc1 futures gained $2.23, or 4.5%, to settle at $51.90 a barrel. The session low of $48.40 was its lowest since July 2017.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.99, or 4.5%, to settle at $46.75 a barrel. The session low of $43.32 a barrel was the lowest since December 2018.
It was the first gain for both benchmarks after six sessions of losses triggered by worries about the coronavirus, which has killed nearly 3,000 people and roiled global markets.
Oil prices rose over 4% on Monday, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude LCOc1 futures gained $2.23, or 4.5%, to settle at $51.90 a barrel. The session low of $48.40 was its lowest since July 2017.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.99, or 4.5%, to settle at $46.75 a barrel. The session low of $43.32 a barrel was the lowest since December 2018.
It was the first gain for both benchmarks after six sessions of losses triggered by worries about the coronavirus, which has killed nearly 3,000 people and roiled global markets.
Novak says Russia evaluating earlier, smaller cut proposal by OPEC and allies - Reuters
Novak says Russia evaluating earlier, smaller cut proposal by OPEC and allies - Reuters:
Russia is evaluating an earlier and smaller oil production cut proposal made by OPEC and its allies, energy minister Alexander Novak said, adding it had not received one for deeper cuts.
The Organisation of Petroleum Exporting Countries and its partners known as OPEC+ will meet in Vienna on March 5-6 to discuss additional steps to support markets hit by demand fears over spread of coronavirus.
In an initial response to counter the impact of the virus on the oil market, an OPEC+ committee recommended the group deepen its output cuts by 600,000 bpd, in addition to existing cuts of 1.7 million bpd which runs to the end of March.
“We are looking at the recommendation made by the (joint) technical committee,” Novak told reporters, adding that Russia had not received a proposal to deepen cuts by 1 million bpd. The committee meets again this week.
Russia is evaluating an earlier and smaller oil production cut proposal made by OPEC and its allies, energy minister Alexander Novak said, adding it had not received one for deeper cuts.
The Organisation of Petroleum Exporting Countries and its partners known as OPEC+ will meet in Vienna on March 5-6 to discuss additional steps to support markets hit by demand fears over spread of coronavirus.
In an initial response to counter the impact of the virus on the oil market, an OPEC+ committee recommended the group deepen its output cuts by 600,000 bpd, in addition to existing cuts of 1.7 million bpd which runs to the end of March.
“We are looking at the recommendation made by the (joint) technical committee,” Novak told reporters, adding that Russia had not received a proposal to deepen cuts by 1 million bpd. The committee meets again this week.
Oil up over 2% as hopes of OPEC cut, stimulus counter virus gloom - Reuters
Oil up over 2% as hopes of OPEC cut, stimulus counter virus gloom - Reuters:
Oil prices rose over 2% on Monday, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude LCOc1 futures rose $1.16, or 2.3%, to $50.83 a barrel by 11:10 a.m. EST (1610 GMT). The session low of $48.40 was its lowest since July 2017.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.26, or 2.8%, to $46.02 a barrel. The session low of $43.32 a barrel was the lowest since December 2018.
It was the first gain for both benchmarks after six sessions of losses triggered by worries about the coronavirus, which has killed nearly 3,000 people and roiled global markets.
Oil prices rose over 2% on Monday, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude LCOc1 futures rose $1.16, or 2.3%, to $50.83 a barrel by 11:10 a.m. EST (1610 GMT). The session low of $48.40 was its lowest since July 2017.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.26, or 2.8%, to $46.02 a barrel. The session low of $43.32 a barrel was the lowest since December 2018.
It was the first gain for both benchmarks after six sessions of losses triggered by worries about the coronavirus, which has killed nearly 3,000 people and roiled global markets.
Mideast Stocks: Most Gulf stocks close higher on stimulus hopes; #Qatar slides | ZAWYA MENA Edition
Mideast Stocks: Most Gulf stocks close higher on stimulus hopes; Qatar slides | ZAWYA MENA Edition:
Middle Eastern stocks ended higher on Monday, a day after witnessing steep declines, as hopes of global interest rate cuts offset fears of damage to demand from the coronavirus outbreak.
Last week's wide losses led financial markets to price in policy responses from the U.S. Federal Reserve to the Bank of Japan, which indicated on Monday it would take necessary steps to stabilise financial markets.
Dubai's main share index closed up 2.5%, with blue-chip developer Emaar Properties rising 3.3%.
Air Arabia, the country's only listed airline, jumped 6.2% to become the top gainer. The airliner registered heavy losses the previous few days, following suspension of all flights to and from Iran until further notice over coronavirus fears.
In Abu Dhabi, the index added 0.8%, supported by a 1.7% gain in the UAE's largest lender First Abu Dhabi Bank.
Middle Eastern stocks ended higher on Monday, a day after witnessing steep declines, as hopes of global interest rate cuts offset fears of damage to demand from the coronavirus outbreak.
Last week's wide losses led financial markets to price in policy responses from the U.S. Federal Reserve to the Bank of Japan, which indicated on Monday it would take necessary steps to stabilise financial markets.
Dubai's main share index closed up 2.5%, with blue-chip developer Emaar Properties rising 3.3%.
Air Arabia, the country's only listed airline, jumped 6.2% to become the top gainer. The airliner registered heavy losses the previous few days, following suspension of all flights to and from Iran until further notice over coronavirus fears.
In Abu Dhabi, the index added 0.8%, supported by a 1.7% gain in the UAE's largest lender First Abu Dhabi Bank.
#SaudiArabia launches 'instant visa' to support new business growth - Arabianbusiness
Saudi Arabia launches 'instant visa' to support new business growth - Arabianbusiness:
Saudi Arabia on Monday announced the launch of an instant visa scheme which aims to support entrepreneurs as they set up new businesses in the Gulf kingdom.
Ahmed Al-Rajhi, Minister of Labour and Social Development, announced the launch in a tweet which said the instant visa will play "an important role".
"We are pleased to announce the launch... which will have an important role in supporting male and female entrepreneurs, and stimulating and accelerating business growth," a translation of the original Arabic tweet read.
He said that it will enable young Saudis to launch start-up projects, open small businesses, boost economic growth and accelerate business expansion plans.
Saudi Arabia on Monday announced the launch of an instant visa scheme which aims to support entrepreneurs as they set up new businesses in the Gulf kingdom.
Ahmed Al-Rajhi, Minister of Labour and Social Development, announced the launch in a tweet which said the instant visa will play "an important role".
"We are pleased to announce the launch... which will have an important role in supporting male and female entrepreneurs, and stimulating and accelerating business growth," a translation of the original Arabic tweet read.
He said that it will enable young Saudis to launch start-up projects, open small businesses, boost economic growth and accelerate business expansion plans.
Oil up as hopes of OPEC cut, stimulus counter virus gloom - Reuters
Oil up as hopes of OPEC cut, stimulus counter virus gloom - Reuters:
Oil prices rose on Monday, reversing an earlier fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude LCOc1 was at $50.40 a barrel, up 73 cents by 1146 GMT, having earlier hit its lowest since July 2017 at $48.40.
U.S. West Texas Intermediate crude CLc1 hit a 14-month low of $43.32 but was last trading at $45.29, up 53 cents.
It was the first gain for both benchmarks after six sessions of losses triggered by coronavirus worries. The virus, which originated in China, has killed nearly 3,000 people and roiled global markets as investors brace for a steep knock to world growth.
Oil prices rose on Monday, reversing an earlier fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude LCOc1 was at $50.40 a barrel, up 73 cents by 1146 GMT, having earlier hit its lowest since July 2017 at $48.40.
U.S. West Texas Intermediate crude CLc1 hit a 14-month low of $43.32 but was last trading at $45.29, up 53 cents.
It was the first gain for both benchmarks after six sessions of losses triggered by coronavirus worries. The virus, which originated in China, has killed nearly 3,000 people and roiled global markets as investors brace for a steep knock to world growth.
Bahrain News: May Sell Stake in Oil Assets in IPO After Aramco - Bloomberg
Bahrain News: May Sell Stake in Oil Assets in IPO After Aramco - Bloomberg:
Bahrain may transfer some of its oil and natural gas assets into a proposed state-run fund in which it could sell shares to investors, as the smallest Gulf Arab country seeks to balance its budget.
The government is working on the project and may decide to proceed with it later this year, Oil Minister Mohammed bin Khalifa Al Khalifa said in an interview. It’s still deciding which assets to put into the proposed fund and how to value them, he said.
After Saudi Arabia sold a stake in national oil company Saudi Aramco last year, “nothing is not for sale anymore,” Al Khalifa said.
A slump in crude prices since 2014 has prodded oil-rich states in the Persian Gulf to take unprecedented steps to open up to foreign investors to try to boost state coffers. Neighboring Saudi Arabia raised nearly $30 billion from the initial public offering of Aramco in December, while Abu Dhabi National Oil Co. has raised funds by bringing in partners for its refining unit and drilling business.
Bahrain, where oil and gas are also central to the economy, wants to balance its budget by 2022. Its deficit ballooned to 13% of gross domestic product in 2015, though it has improved, narrowing in 2019 to 4.7% of economic output from 6.3% a year earlier, the Finance Ministry said last month.
Bahrain may transfer some of its oil and natural gas assets into a proposed state-run fund in which it could sell shares to investors, as the smallest Gulf Arab country seeks to balance its budget.
The government is working on the project and may decide to proceed with it later this year, Oil Minister Mohammed bin Khalifa Al Khalifa said in an interview. It’s still deciding which assets to put into the proposed fund and how to value them, he said.
After Saudi Arabia sold a stake in national oil company Saudi Aramco last year, “nothing is not for sale anymore,” Al Khalifa said.
A slump in crude prices since 2014 has prodded oil-rich states in the Persian Gulf to take unprecedented steps to open up to foreign investors to try to boost state coffers. Neighboring Saudi Arabia raised nearly $30 billion from the initial public offering of Aramco in December, while Abu Dhabi National Oil Co. has raised funds by bringing in partners for its refining unit and drilling business.
Bahrain, where oil and gas are also central to the economy, wants to balance its budget by 2022. Its deficit ballooned to 13% of gross domestic product in 2015, though it has improved, narrowing in 2019 to 4.7% of economic output from 6.3% a year earlier, the Finance Ministry said last month.
#AbuDhabi NMC Health News: Investor Seeks Partner for Bid - Bloomberg
Abu Dhabi NMC Health News: Investor Seeks Partner for Bid - Bloomberg:
An investment company linked to Italy’s largest private hospital operator is seeking a partner to bid for NMC Health Plc, the Middle Eastern health-care company being investigated by the U.K.’s financial regulator, according to people with knowledge of the matter.
GKSD Investment Holding SA approached Mubadala Investment Co. about becoming an equity partner, the people said, asking not to be identified as the matter is private. The news comes as NMC asked lenders for a reprieve on its debt and Moody’s Investors Service slashed its rating by five levels, saying its financial statements can’t be relied on.
NMC, which runs the largest private health-care network in the United Arab Emirates, has been in freefall since short seller Carson Block said in December the company had overpaid for assets, inflated cash balances and understated debt. The U.K.’s Financial Conduct Authority opened an investigation into the company last week. NMC has said the allegations are baseless, but in January hired former FBI Director Louis Freeh to investigate. Since then, the chief executive officer was fired and five of 11 board members have left their positions.
An investment company linked to Italy’s largest private hospital operator is seeking a partner to bid for NMC Health Plc, the Middle Eastern health-care company being investigated by the U.K.’s financial regulator, according to people with knowledge of the matter.
GKSD Investment Holding SA approached Mubadala Investment Co. about becoming an equity partner, the people said, asking not to be identified as the matter is private. The news comes as NMC asked lenders for a reprieve on its debt and Moody’s Investors Service slashed its rating by five levels, saying its financial statements can’t be relied on.
NMC, which runs the largest private health-care network in the United Arab Emirates, has been in freefall since short seller Carson Block said in December the company had overpaid for assets, inflated cash balances and understated debt. The U.K.’s Financial Conduct Authority opened an investigation into the company last week. NMC has said the allegations are baseless, but in January hired former FBI Director Louis Freeh to investigate. Since then, the chief executive officer was fired and five of 11 board members have left their positions.
Why our oil addiction is not just about cars and planes | FT - YouTube
Why our oil addiction is not just about cars and planes | FT - YouTube:
Cutting oil consumption is essential to reducing our carbon footprint. But switching to electric transport and cutting air travel won't end our dependency. The FT's senior energy correspondent Anjli Raval reveals how oil is also used to make plastic packaging, clothes, cosmetics and even medicines.
Cutting oil consumption is essential to reducing our carbon footprint. But switching to electric transport and cutting air travel won't end our dependency. The FT's senior energy correspondent Anjli Raval reveals how oil is also used to make plastic packaging, clothes, cosmetics and even medicines.
How #Iraq Pulled Off One of the Biggest Sovereign Debt Restructurings of All Time - Bloomberg
How Iraq Pulled Off One of the Biggest Sovereign Debt Restructurings of All Time - Bloomberg:
There are lots of famous debt crises in history, but the story of Iraq's government debt build-up in the 1980s and subsequent restructuring in the early 2000s is probably one of the most unusual. Iraq transformed from a net creditor to a net borrower in a single decade, tapping a bunch of unusual sources (including funds linked to the CIA) for money to finance war against Iran. All that borrowing eventually culminated in one of the biggest debt restructurings in history. On this episode of the Odd Lots podcast, we speak to Simon Hinrichsen, a doctoral candidate at the London School of Economics, and the first to trace the build-up of Iraq's debt going back to 1979. He walks us through lessons learned from the Iraq restructuring – including one big missed opportunity in the world of sovereign debt.
There are lots of famous debt crises in history, but the story of Iraq's government debt build-up in the 1980s and subsequent restructuring in the early 2000s is probably one of the most unusual. Iraq transformed from a net creditor to a net borrower in a single decade, tapping a bunch of unusual sources (including funds linked to the CIA) for money to finance war against Iran. All that borrowing eventually culminated in one of the biggest debt restructurings in history. On this episode of the Odd Lots podcast, we speak to Simon Hinrichsen, a doctoral candidate at the London School of Economics, and the first to trace the build-up of Iraq's debt going back to 1979. He walks us through lessons learned from the Iraq restructuring – including one big missed opportunity in the world of sovereign debt.
Ousted #Saudi Oil Boss Khalid al Falih Can Make Mark Investing - Bloomberg
Ousted Saudi Oil Boss Khalid al Falih Can Make Mark Investing - Bloomberg:
After a week of drama in global financial markets, it’s worth pointing out an intriguing development in Saudi Arabia that warrants watching.
In a surprise move on Tuesday, the kingdom’s ruler King Salman announced the return to government of former oil minister Khalid Al-Falih, who will become head of a newly established ministry of investment. Just six months ago, Al-Falih was unceremoniously dismissed, his removal seen as a “fall from grace” – specifically the good graces of Crown Prince Mohammed bin Salman, who was reportedly displeased with Al-Falih’s slow and cautious approach to the Vision 2030 Saudi economic reform plan and the related IPO of state-owned oil company Saudi Aramco. Now, Al-Falih has been placed in charge of a ministry with an undefined mission and unclear responsibilities – but also much potential for helping Saudi Arabia become the welcoming partner for foreign businesses that it says it wants to be.
The choice of Al-Falih – who was at various times also the CEO of Aramco, the Minister of Health, a top adviser to the crown prince and a board member of the Saudi sovereign wealth fund – indicates that King Salman is hoping the new Ministry of Investment will be more than just a rubber stamp for the existing investment authorities. With extensive experience in the upper echelons of Saudi government and business, Al-Falih has the skills, knowledge and connections to mold it into something more powerful.
After a week of drama in global financial markets, it’s worth pointing out an intriguing development in Saudi Arabia that warrants watching.
In a surprise move on Tuesday, the kingdom’s ruler King Salman announced the return to government of former oil minister Khalid Al-Falih, who will become head of a newly established ministry of investment. Just six months ago, Al-Falih was unceremoniously dismissed, his removal seen as a “fall from grace” – specifically the good graces of Crown Prince Mohammed bin Salman, who was reportedly displeased with Al-Falih’s slow and cautious approach to the Vision 2030 Saudi economic reform plan and the related IPO of state-owned oil company Saudi Aramco. Now, Al-Falih has been placed in charge of a ministry with an undefined mission and unclear responsibilities – but also much potential for helping Saudi Arabia become the welcoming partner for foreign businesses that it says it wants to be.
The choice of Al-Falih – who was at various times also the CEO of Aramco, the Minister of Health, a top adviser to the crown prince and a board member of the Saudi sovereign wealth fund – indicates that King Salman is hoping the new Ministry of Investment will be more than just a rubber stamp for the existing investment authorities. With extensive experience in the upper echelons of Saudi government and business, Al-Falih has the skills, knowledge and connections to mold it into something more powerful.
Wizz Air #AbuDhabi to launch in Q3 this year - Arabianbusiness
Wizz Air Abu Dhabi to launch in Q3 this year - Arabianbusiness:
Wizz Air Abu Dhabi is set to take to the skies in Q3 this year.
It comes after Abu Dhabi Development Holding Company (ADDH) announced on Monday that it had concluded the deal to partner with the Hungarian low-cost carrier Wizz Air.
The new budget airline will launch operations from Abu Dhabi International Airport to destinations across Europe, the Middle East, Asia and Africa.
As previously reported, the airline, which will be 51 percent Abu Dhabi-owned, will start flying with a fleet of three new Airbus SE A321neos, increasing to 50 planes over 10 years.
Wizz Air Abu Dhabi is set to take to the skies in Q3 this year.
It comes after Abu Dhabi Development Holding Company (ADDH) announced on Monday that it had concluded the deal to partner with the Hungarian low-cost carrier Wizz Air.
The new budget airline will launch operations from Abu Dhabi International Airport to destinations across Europe, the Middle East, Asia and Africa.
As previously reported, the airline, which will be 51 percent Abu Dhabi-owned, will start flying with a fleet of three new Airbus SE A321neos, increasing to 50 planes over 10 years.
Oil rebounds over 4% as hopes of OPEC cut, stimulus counter virus gloom - Reuters
Oil rebounds over 4% as hopes of OPEC cut, stimulus counter virus gloom - Reuters:
Oil prices jumped more than 4%, up from multi-year lows hit earlier on Monday, as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude LCOc1 was at $51.91 a barrel, up $2.24 or 4.5%, by 0812 GMT, off $48.40, the lowest since July 2017.
Across the Atlantic, U.S. West Texas Intermediate crude CLc1 hit a 14-month low of $43.32, before recovering to $46.65, up $1.89, or 4.2%.
Both benchmarks marked their first gain after six sessions of losses amid virus worries. The coronavirus, which originated in China, has killed nearly 3,000 and roiled global markets as investors brace for a steep knock to world growth. Equities last week marked their biggest rout since the 2008 financial crisis.
Oil prices jumped more than 4%, up from multi-year lows hit earlier on Monday, as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude LCOc1 was at $51.91 a barrel, up $2.24 or 4.5%, by 0812 GMT, off $48.40, the lowest since July 2017.
Across the Atlantic, U.S. West Texas Intermediate crude CLc1 hit a 14-month low of $43.32, before recovering to $46.65, up $1.89, or 4.2%.
Both benchmarks marked their first gain after six sessions of losses amid virus worries. The coronavirus, which originated in China, has killed nearly 3,000 and roiled global markets as investors brace for a steep knock to world growth. Equities last week marked their biggest rout since the 2008 financial crisis.
#UAE's Gulf Islamic Investments buys New York office building | ZAWYA MENA Edition
UAE's Gulf Islamic Investments buys New York office building | ZAWYA MENA Edition:
Gulf Islamic Investments (GII) has acquired a property in New York, just half an hour away from bustling Manhattan.
The acquisition brings the UAE-based financial services firm’s US portfolio to more than $230 million.
The property is an office building in White Plains, Westchester County, with a leasable area of 220,000 square feet, and is currently over 90 percent occupied by more than 30 tenants.
It is also strategically located, as it’s close to the Federal, Supreme, District and Country courthouses in New York.
Gulf Islamic Investments (GII) has acquired a property in New York, just half an hour away from bustling Manhattan.
The acquisition brings the UAE-based financial services firm’s US portfolio to more than $230 million.
The property is an office building in White Plains, Westchester County, with a leasable area of 220,000 square feet, and is currently over 90 percent occupied by more than 30 tenants.
It is also strategically located, as it’s close to the Federal, Supreme, District and Country courthouses in New York.
#Saudi's Fawaz Abudulaziz Alhokair secures $800mln Islamic finance | ZAWYA MENA Edition
Saudi's Fawaz Abudulaziz Alhokair secures $800mln Islamic finance | ZAWYA MENA Edition:
Saudi-listed retail group, Fawaz Abdulaziz Alhokair Company, has signed an Islamic term Murabaha facility and a revolving credit facility agreement with a syndicate of Saudi banks.
The $800 million debt facility is composed of two tranches, including a $650 million Murabaha to be fully utilized in refinancing existing debt, and a $150 million revolving standby credit facility to finance the business’ operational and expansion needs.
The term Murabaha’s maturity is 7 years (subject to a 1-year grace period), while the revolving credit facility’s tenure is 3 years.
The banks participating in the loan agreement are: Al Rajhi Banking and Investment Corporation, the National Commercial Bank, Samba Financial Group, Arab National Bank, Mashreqbank, Abu Dhabi Islamic Bank.
Saudi-listed retail group, Fawaz Abdulaziz Alhokair Company, has signed an Islamic term Murabaha facility and a revolving credit facility agreement with a syndicate of Saudi banks.
The $800 million debt facility is composed of two tranches, including a $650 million Murabaha to be fully utilized in refinancing existing debt, and a $150 million revolving standby credit facility to finance the business’ operational and expansion needs.
The term Murabaha’s maturity is 7 years (subject to a 1-year grace period), while the revolving credit facility’s tenure is 3 years.
The banks participating in the loan agreement are: Al Rajhi Banking and Investment Corporation, the National Commercial Bank, Samba Financial Group, Arab National Bank, Mashreqbank, Abu Dhabi Islamic Bank.
Hospital Operator NMC Asks Lenders for Informal Standstill - Bloomberg
Hospital Operator NMC Asks Lenders for Informal Standstill - Bloomberg:
Troubled hospital operator NMC Health Plc asked lenders for an informal standstill on its debt agreements as it tries to safeguard enough cash to keep running.
“NMC is currently fully focused on safeguarding operational liquidity,” the company said Monday. “The informal standstill includes a request to lenders not to exercise any rights and remedies that may arise from any current or future defaults.”
The company said it hired investment bank Moelis & Co., consultant PwC and the law firm Allen & Overy. Moelis will help NMC in discussions with lenders while PwC will assist with liquidity management, it said.
Mubadala Investment Co., a $229 billion wealth fund, is considering a potential investment in the United Arab Emirates’ largest private health-care provider as the FTSE 100 company faces an investigation by the U.K.’s Financial Conduct Authority over allegations of fraud, Bloomberg reported Saturday, citing people with knowledge of the matter.
Troubled hospital operator NMC Health Plc asked lenders for an informal standstill on its debt agreements as it tries to safeguard enough cash to keep running.
“NMC is currently fully focused on safeguarding operational liquidity,” the company said Monday. “The informal standstill includes a request to lenders not to exercise any rights and remedies that may arise from any current or future defaults.”
The company said it hired investment bank Moelis & Co., consultant PwC and the law firm Allen & Overy. Moelis will help NMC in discussions with lenders while PwC will assist with liquidity management, it said.
Mubadala Investment Co., a $229 billion wealth fund, is considering a potential investment in the United Arab Emirates’ largest private health-care provider as the FTSE 100 company faces an investigation by the U.K.’s Financial Conduct Authority over allegations of fraud, Bloomberg reported Saturday, citing people with knowledge of the matter.
MIDEAST STOCKS-Most major Gulf markets stabilise; #Qatar retreats | Nasdaq
MIDEAST STOCKS-Most major Gulf markets stabilise; Qatar retreats | Nasdaq:
Most major Gulf stock markets steadied on Monday after sharp losses in the previous session, on rising expectations of a coordinated global monetary response to help soften the economic blow of the coronavirus outbreak.
Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank will take necessary steps to stabilise the markets, days after U.S. Federal Reserve Chair Jerome Powell echoed similar views.
Dubai's main share index .DFMGI, which had tumbled 4.5% on Sunday, was up 2.1%. Blue-chip developer Emaar Properties EMAR.DU advanced 3.3% and sharia-compliant lender Dubai Islamic Bank DISB.DU rose 1.5%.
Other gainers included budget airliner Air Arabia AIRA.DU, which opened 3.9% up.
Saudi Arabia's benchmark index .TASI rose 1.8% with Al Rajhi Bank 1120.SE gaining 2.4% and petrochemical maker Saudi Basic Industries 2010.SE increasing 3.8%.
Most major Gulf stock markets steadied on Monday after sharp losses in the previous session, on rising expectations of a coordinated global monetary response to help soften the economic blow of the coronavirus outbreak.
Bank of Japan Governor Haruhiko Kuroda said on Monday the central bank will take necessary steps to stabilise the markets, days after U.S. Federal Reserve Chair Jerome Powell echoed similar views.
Dubai's main share index .DFMGI, which had tumbled 4.5% on Sunday, was up 2.1%. Blue-chip developer Emaar Properties EMAR.DU advanced 3.3% and sharia-compliant lender Dubai Islamic Bank DISB.DU rose 1.5%.
Other gainers included budget airliner Air Arabia AIRA.DU, which opened 3.9% up.
Saudi Arabia's benchmark index .TASI rose 1.8% with Al Rajhi Bank 1120.SE gaining 2.4% and petrochemical maker Saudi Basic Industries 2010.SE increasing 3.8%.
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