#Qatar sovereign wealth fund seeks health and tech deals | Financial Times

Qatar sovereign wealth fund seeks health and tech deals | Financial Times:

Qatar’s sovereign wealth fund will remain “very active” through the coronavirus pandemic as the oil-rich Gulf investor searches for deals in the health and technology industries.

Ali Sharif al-Emadi, the country’s finance minister, said the $320bn Qatar Investment Authority’s “main focus” would be on its international investments as it used the market volatility and plunging asset prices to identify buying opportunities.

“The QIA is looking to invest in various sectors, specifically in the health and tech industries,” Mr Emadi, who is on the QIA’s board, told the Financial Times.

“We are looking at businesses that we believe will prove resilient over the long term, despite some negative effects resulting from the Covid-19 pandemic.”

Gulf News: #Dubai Business Hub Rolls Out Measures for Firms and Workers - Bloomberg

Gulf News: Latest About Dubai International Financial Centre - Bloomberg:

Dubai International Financial Centre rolled out a plan to provide greater flexibility for employers and more protection to employees working within the tax-free business park.

The DIFC directive is effective from April 21 until July 31, according to a statement.

For Employers:

• Employers can now impose reduced working hours, paid or unpaid leave, reduced pay, restrict workplace access and put in place remote working conditions without the consent of their employees
• Any permanent changes will require employee consent

For employees:

• Any DIFC-based employee who contracts COVID-19 or has been quarantined by the local authorities will retain full remuneration
• COVID-19-related sick leave pay and any such sick leave shall not be counted toward annual sick leave entitlement

Emerging-Market News: What to Watch for This Week - Bloomberg

Emerging-Market News: What to Watch for This Week - Bloomberg:

A two-track world is starting to establish itself in emerging markets.

Not only are the stocks, bonds and currencies of the developing economies reacting to the Covid-19 pandemic in very different ways, but the fallout is quickly creating two distinct camps of winners and losers. Hence, the extra premium investors demand to hold riskier emerging-market debt has ballooned, with the the spread between high-yield bonds and their investment-grade counterparts now close to its widest since 2002, according to JPMorgan Chase & Co.’s indexes. Qatar, Abu Dhabi and Saudi Arabia -- which have single-A or double-A ratings -- accounted for more than a third of developing-nation Eurobond sales this month.

“Emerging-market debt broadly reached its lows during March and will ever so slowly continue to recover from here,” said Paul Greer, a London-based money manager at Fidelity International, which manages about $380 billion. “In the near term, the best opportunity set -- with the greatest dollar total return potential -- is in emerging-market investment-grade-rated sovereign debt.”

Middle Eastern Stock Market Latest News for April 26, 2020 - Bloomberg

Middle Eastern Stock Market Latest News for April 26, 2020 - Bloomberg:

Equities across the Middle East climbed as authorities started to loosen curbs to contain the coronavirus.

In Dubai, the metro, public buses and taxi services were restored on Sunday as the emirate joined other cities around the world in relaxing strict lockdowns. Malls and restaurants are allowed to open for 10 hours daily, but visitor numbers can’t exceed 30% of capacity.

Shares of Emaar Malls PJSC rose 4.2% and those of its biggest shareholder, Emaar Properties PJSC, climbed 6.1%. Dubai’s DFM General Index and Abu Dhabi’s ADX General Index advanced 3.5% and 2.9%, respectively.

#Sharjah Islamic Bank posts 1.3% increase in net profits to $41.9m - Arabianbusiness

Sharjah Islamic Bank posts 1.3% increase in net profits to $41.9m - Arabianbusiness:

Sharjah Islamic Bank (SIB) has posted strong results for the first quarter of 2020, despite the economic crisis caused by the current coronavirus pandemic.

The bank has revealed net profits of AED153.7 million ($41.9m) for Q1, a 1.3 percent increase compared to the AED151.7m ($41.3m) announced in 2018, according to a report by Emirates News Agency (WAM).

Total assets reached AED49.3 billion ($13.4bn) at the end of March 2020, a 6.2 percent increase in comparison to AED46.4bn ($12.6bn) recorded at the end of 2019, while liquid assets reached AED9.7bn ($2.6bn) or 19.8 percent of total assets at the end of March 2020.

Emirates airline steps up refund process to deal with 500,000 requests - Arabianbusiness

Emirates airline steps up refund process to deal with 500,000 requests - Arabianbusiness:

Emirates airline said it is working on increasing its online capabilities to deal with nearly half a million refund requests from customers since the outbreak of the Covid-19 pandemic.

Emirates president, Sir Tim Clark, said the company is “dipping into our cash reserves” to process the refunds, and made a commitment to have the current backlog cleared by August.

Before the pandemic, Emirates said it processed an average of 35,000 refund requests in a month. That figure has soared by over 300% to 150,000 per month.

European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg:

Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.

#Kuwait's KPC cuts crude supplies in line with OPEC+ deal - Reuters

Kuwait's KPC cuts crude supplies in line with OPEC+ deal - Reuters:

Kuwait Petroleum Corp (KPC) is coordinating with clients around the world to cut its crude supplies in line with commitments under a deal by oil producers to reduce output, state news agency KUNA reported on Sunday.

KPC stressed its keenness to support the country’s role in making the agreement to rebalance global oil markets a success. The group of producers, known as OPEC+, has agreed to reduce output by 9.7 million barrels per day (bpd) for May and June.

MIDEAST STOCKS-Aramco climbs as coronavirus restrictions eased - Agricultural Commodities - Reuters

MIDEAST STOCKS-Aramco climbs as coronavirus restrictions eased - Agricultural Commodities - Reuters:

Most bourses in the Middle East closed
higher on Sunday as some countries in the region eased their
coronavirus lockdown rules for the Muslim fasting month of
Ramadan, allowing more businesses to reopen and shortening
night-time curfews.

Saudi Arabia's benchmark index ended up 3.5%, with
Al Rajhi Bank and oil giant Saudi Aramco
both rising 3%.

Thob Al Aseel soared 10% after reporting an
increase in first-quarter profit.
Saudi Arabia's King Salman issued an order limiting the
curfew across the kingdom to 9 a.m. to 5 p.m. until May 13,
while keeping a 24-hour curfew in Mecca and in previously
isolated neighbourhoods, state news agency (SPA) reported on
Sunday.

The order also allowed the opening of some economic and
commercial activities, which includes wholesale and retail shops
in addition to malls, from April 29 to May 13.

In Dubai, the index advanced 3.5%, boosted by a
6.1% gain in blue-chip developer Emaar Properties and
a 4.5% rise in sharia-compliant lender Dubai Islamic Bank
.

Amongst others, budget airliner Air Arabia jumped 5.6%. On Thursday, the airline said its joint venture with Etihad Airways had received its air operating licence.

Dubai on Thursday allowed cafes and restaurants to resume business and shopping malls to be opened partially from midday until 10 p.m. with a maximum capacity of 30%.

Dubai is also going to allow public transportation services including subways to resume on April 26.

The Abu Dhabi index was up 2.9%, led by a 3.6% gain in top lender First Abu Dhabi Bank.

The United Arab Emirates has shortened a nationwide coronavirus curfew by two hours to 10 p.m. to 6 a.m. for Ramadan, state news agency WAM said on Thursday.

Gulf News, Middle East, #AbuDhabi Oil Refining and China Demand - Bloomberg

Gulf News, Middle East, Abu Dhabi Oil Refining and China Demand - Bloomberg:

Abu Dhabi National Oil Co.’s main refinery is boosting efforts to sell fuel in China, where the economy is starting to recover from the coronavirus, according to Eni SpA, a partner in the plant.

The Ruwais refinery resumed operations after shutting for scheduled maintenance, Peter Sahota, an Eni senior vice president for investor relations, said on a conference call. Adnoc did general turnaround work on all units of the refinery in the first quarter, Sahota said Thursday, without specifying dates for the servicing.

Ruwais “is ready to supply the Far East, where the crisis is finishing and the consumption is increasing,” Sahota said. Eni holds a 20% stake in the Adnoc Refining joint venture, which includes the 837,000-barrel-a-day Ruwais refinery.

Rome-based Eni sees Ruwais operating at 60% capacity in the second quarter and reaching full capacity in the second half. Prior to the pandemic, the plant had been mostly targeting Europe for sales of low-sulfur diesel and jet fuel.

Middle Eastern Stock Market Latest News for April 26, 2020 - Bloomberg

Middle Eastern Stock Market Latest News for April 26, 2020 - Bloomberg:

Equities across the Middle East climbed as authorities started to loosen curbs to contain the coronavirus.

In Dubai, the metro, public buses and taxi services were restored on Sunday as the emirate joined other cities around the world in relaxing strict lockdowns. Malls and restaurants are allowed to open for 10 hours daily, but visitor numbers can’t exceed 30% of capacity.

Shares of Emaar Malls PJSC rose 3.4% as of 11:25 a.m. local time, and those of its biggest shareholder, Emaar Properties PJSC, climbed 2.9%. Dubai’s DFM General Index and Abu Dhabi’s ADX General Index advanced 1.9% each.

In Saudi Arabia, a curfew will partially be lifted in all regions from April 26 through May 13, though 24-hour restrictions will remain in the Islamic holy city of Mecca. The Tadawul All Share Index rose 1.9%, with retailer United Electronics up 10%, the most allowed and more than any other of the 195 index members.

What's Next for Global Oil Prices?: The Industry May Shut Down - Bloomberg

What's Next for Global Oil Prices?: The Industry May Shut Down - Bloomberg:

Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.

The economic impact of the coronavirus has ripped through the oil industry in dramatic phases. First it destroyed demand as lockdowns shut factories and kept drivers at home. Then storage started filling up and traders resorted to ocean-going tankers to store crude in the hope of better prices ahead.

Now shipping prices are surging to stratospheric levels as the industry runs out of tankers -- a sign of just how distorted the market has become.

The specter of production shut-downs -- and the impact they will have on jobs, companies, their banks, and local economies -- was one of the reasons that spurred world leaders to join forces to cut production in an orderly way. But as the scale of the crisis dwarfed their efforts, failing to stop prices diving below zero last week, shut-downs are now a reality. It’s the worst-case scenario for producers and refiners.

Q1 outlook: Why top #Saudi Arabian banks could see drop in earnings | ZAWYA MENA Edition

Q1 outlook: Why top Saudi Arabian banks could see drop in earnings | ZAWYA MENA Edition:

First quarter financial earnings for Saudi Arabian banks, which are already under pressure from declining interest margins and higher cost of risk, are expected to be squeezed by the double whammy of the coronavirus-related lockdowns and steep drop in oil prices.

“We expect earnings decline of 14 percent (median for our coverage) as we expect lower net interest income and lower fee income and increased credit costs relative to last year” Shabbir Malik, banking analyst at EFG Hermes, told Zawya.

Net interest margin (NIM), the difference between a bank’s income from loans and mortgages and what it pays out on liabilities is a key component of Saudi banks’ profitability. Al Rajhi Capital expects NIM to decline by 30bps in 2020.

According to Riyad Capital outlook, on a year-on-year basis net income will be affected by lower fee-based income, exchange income and relatively higher provisions, given recent market conditions.

S&P lowers outlooks for #UAE's Sharjah, Ras Al Khaimah to negative - Reuters

S&P lowers outlooks for UAE's Sharjah, Ras Al Khaimah to negative - Reuters:

S&P Global Ratings has lowered its outlook to negative from stable for Sharjah and Ras Al Khaimah, two of the seven emirates that form the UAE, citing the financial risks of lower oil prices and the coronavirus.

The rating agency affirmed its BBB/A-2 long-term rating for Sharjah and its A/A-1 long-term rating for Ras Al Khaimah.

A negative outlook means an expectation that a credit issuer’s finances may worsen and the agency may downgrade its rating as its next move.

S&P said it expects Sharjah’s economy to contract by 3% this year due to lower oil prices and the coronavirus outbreak, while Ras Al Khaimah’s economy would contract by 2%.

When oil became waste: a week of turmoil for crude, and more pain to come - Reuters

When oil became waste: a week of turmoil for crude, and more pain to come - Reuters:

The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures CLc1, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.

In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions and wars had failed to ever do - leave the United States with so much oil there was nowhere to put it.

While the unusual circumstance of negative oil prices may not be repeated, many in the industry say it is a harbinger for more bleak days ahead, and that years of overinvestment will not correct in a period of weeks or even months.

“What happened in the futures contract the other day indicated things are starting to get bad earlier than expected,” said Frederick Lawrence, vice president of economics and international affairs at the Independent Petroleum Association of America.

European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session

European, Middle Eastern & African Stocks - Bloomberg:

Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.

MIDEAST STOCKS-Most of Gulf gains as some ease coronavirus restrictions - Agricultural Commodities - Reuters

MIDEAST STOCKS-Most of Gulf gains as some ease coronavirus restrictions - Agricultural Commodities - Reuters:

Major stock markets in the Gulf rose on Sunday, led by gains in banking shares, as some nations in the region eased coronavirus restrictions during the holy month of Ramadan.

Saudi Arabia’s benchmark index advanced 2.4%, with Al Rajhi Bank rising 2.3%, whereas oil giant Saudi Aramco was up 1.3%.

Sahara International Petrochemical added 2.7% after extending initial terms with Linde Plc until the end of the third quarter. The firms are in final negotiations on partnership agreements.

Saudi Arabia’s King Salman issued an order to limit a curfew across the kingdom to 9 a.m. to 5 p.m. starting Sunday through Wednesday May 13, while keeping a 24-hour curfew in Mecca and in previously isolated neighbourhoods, state news agency (SPA) reported on Sunday.