US to press for Arif Naqvi’s extradition over Abraaj collapse - The National:
Former Abraaj Group founder and chief executive Arif Naqvi faces extradition proceedings in London on Monday as he battles to avoid a trial in the United States for fraud and money laundering following the collapse of the private equity company.
Mr Naqvi, 59, has been living under curfew at a luxury gated London apartment block for more than a year after his arrest at London’s Heathrow Airport when he returned to the UK from Pakistan in April 2019.
He has been accused in US court documents of misappropriating more than $400 million (Dh1.46 billion) from Abraaj funds to hide losses in what he touted as the Middle East’s largest private equity company. Mr Naqvi has denied any wrong-doing and is fighting extradition.
US prosecutors say that Mr Naqvi was at the heart of a conspiracy to take money from funds and falsify financial records to hide the parlous position of his group of businesses.
Sunday, 21 June 2020
Mideast Stocks: Banks weigh on #UAE bourses, blue-chips hurt Egypt | ZAWYA MENA Edition
Mideast Stocks: Banks weigh on UAE bourses, blue-chips hurt Egypt | ZAWYA MENA Edition:
Stock markets in the United Arab Emirates ended lower on Sunday, pulled down by banking shares after Moody's revised its outlook for some lenders, while Egypt suffered a sell-off in blue chips.
In Dubai, the index dropped 0.9%, with Emirates NBD shedding 3.9%, its biggest intraday fall since May, while sharia-compliant lender Dubai Islamic Bank (DIB) was down 2.5%.
Rating agency Moody's changed its outlook to negative from stable for eight banks in the United Arab Emirates due to the coronavirus outbreak, it said on Friday.
The banks include Emirates NBD and DIB.
The Abu Dhabi index slipped 0.2%, hurt by a 0.7% drop Emirates Telecommunications and a 0.6% drop in Abu Dhabi Commercial Bank (ADCB).
ADCB is amongst those banks for which Moody's revised its outlook to negative from stable.
Stock markets in the United Arab Emirates ended lower on Sunday, pulled down by banking shares after Moody's revised its outlook for some lenders, while Egypt suffered a sell-off in blue chips.
In Dubai, the index dropped 0.9%, with Emirates NBD shedding 3.9%, its biggest intraday fall since May, while sharia-compliant lender Dubai Islamic Bank (DIB) was down 2.5%.
Rating agency Moody's changed its outlook to negative from stable for eight banks in the United Arab Emirates due to the coronavirus outbreak, it said on Friday.
The banks include Emirates NBD and DIB.
The Abu Dhabi index slipped 0.2%, hurt by a 0.7% drop Emirates Telecommunications and a 0.6% drop in Abu Dhabi Commercial Bank (ADCB).
ADCB is amongst those banks for which Moody's revised its outlook to negative from stable.
#Kuwait considers halting automatic 10% transfer to wealth fund, says govt official - Reuters
Kuwait considers halting automatic 10% transfer to wealth fund, says govt official - Reuters:
Kuwait is considering making an annual 10% transfer of state revenue to its wealth fund conditional on budget surpluses, a government official told Reuters, as it seeks to bolster its finances amid low oil prices and the coronavirus pandemic.
Despite its vast financial wealth, the oil exporting nation could see its deficit widen to over 11% of gross domestic product (GDP) this year from a 4.8% surplus last year, the International Monetary Fund has estimated.
Kuwait cannot access international debt due to parliament opposition to a debt law proposed by the government.
The Future Generations Fund, which is managed by the Kuwait Investment Authority (KIA), automatically receives 10% of the state’s oil revenue every year. The KIA also manages the General Reserve Fund, which has been depleting at a fast rate to plug the budget deficit.
Kuwait is considering making an annual 10% transfer of state revenue to its wealth fund conditional on budget surpluses, a government official told Reuters, as it seeks to bolster its finances amid low oil prices and the coronavirus pandemic.
Despite its vast financial wealth, the oil exporting nation could see its deficit widen to over 11% of gross domestic product (GDP) this year from a 4.8% surplus last year, the International Monetary Fund has estimated.
Kuwait cannot access international debt due to parliament opposition to a debt law proposed by the government.
The Future Generations Fund, which is managed by the Kuwait Investment Authority (KIA), automatically receives 10% of the state’s oil revenue every year. The KIA also manages the General Reserve Fund, which has been depleting at a fast rate to plug the budget deficit.
#Dubai's DP World still eyeing revenue-generating acquisitions - Arabianbusiness
Dubai's DP World still eyeing revenue-generating acquisitions - Arabianbusiness:
The giant Dubai-based ports operator DP World is "preparing for the worst" in the months ahead, as coronavirus inflicts the heaviest blow on global trade since World War II.
However, the firm which runs port and logistics operations in 54 countries is still hungry for revenue-generating acquisitions, its chairman Sultan Ahmed bin Sulayem told AFP in an interview.
Already one of the most profitable government-linked entities in Dubai, DP World has spent billions of dollars on assets ranging from P&O Ferries in Britain to terminals in Chile.
The giant Dubai-based ports operator DP World is "preparing for the worst" in the months ahead, as coronavirus inflicts the heaviest blow on global trade since World War II.
However, the firm which runs port and logistics operations in 54 countries is still hungry for revenue-generating acquisitions, its chairman Sultan Ahmed bin Sulayem told AFP in an interview.
Already one of the most profitable government-linked entities in Dubai, DP World has spent billions of dollars on assets ranging from P&O Ferries in Britain to terminals in Chile.
UPDATE 1- #Dubai allows foreign tourists to enter from July 7 - Reuters
UPDATE 1-Dubai allows foreign tourists to enter from July 7 - Reuters:
Dubai, whose economy is reliant on tourism and retail, said it will allow foreign visitors to enter from July 7, while those with residency visas will be able to enter from Monday in a further easing of its coronavirus lockdown.
Those entering would have to present certificates to show they had recently tested negative for the coronavirus or would undergo tests on arrival at Dubai airports, the Dubai government media office said in a statement on Sunday.
Citizens and residents would be permitted to travel abroad from Tuesday June 23, it added.
“The new announcement will allow thousands of people affected by the worldwide restrictions in passenger air traffic since the start of the pandemic to resume their travel plans,” the Dubai media office said in the statement.
Dubai, whose economy is reliant on tourism and retail, said it will allow foreign visitors to enter from July 7, while those with residency visas will be able to enter from Monday in a further easing of its coronavirus lockdown.
Those entering would have to present certificates to show they had recently tested negative for the coronavirus or would undergo tests on arrival at Dubai airports, the Dubai government media office said in a statement on Sunday.
Citizens and residents would be permitted to travel abroad from Tuesday June 23, it added.
“The new announcement will allow thousands of people affected by the worldwide restrictions in passenger air traffic since the start of the pandemic to resume their travel plans,” the Dubai media office said in the statement.
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.
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.
Middle East Tourism: #SaudiArabia Starts Fund to Draw Visitors - Bloomberg
Middle East Tourism: Saudi Arabia Starts Fund to Draw Visitors - Bloomberg:
Saudi Arabia started a fund with an initial capital of $4 billion to develop its tourism industry as the oil-rich kingdom seeks to diversify its economy and attract more foreign travelers.
The Tourism Development Fund will launch a range of equity and debt investment vehicles and has $45 billion in memorandum of understandings signed with private banks, according to a statement. “Funding will be deployed to support mixed-use destinations, to address gaps in the tourism value chain, and to enable technologically-enhanced tourism.”
Saudi Arabia, which last year dropped its strict dress code for foreign women, is seeking to attract holidaymakers and the spending that could help develop the kingdom’s economy away from its reliance on oil. The country expects the tourism industry to contribute more than 10% of its annual GDP and create more than 1 million jobs by 2030.
Saudi Arabia started a fund with an initial capital of $4 billion to develop its tourism industry as the oil-rich kingdom seeks to diversify its economy and attract more foreign travelers.
The Tourism Development Fund will launch a range of equity and debt investment vehicles and has $45 billion in memorandum of understandings signed with private banks, according to a statement. “Funding will be deployed to support mixed-use destinations, to address gaps in the tourism value chain, and to enable technologically-enhanced tourism.”
Saudi Arabia, which last year dropped its strict dress code for foreign women, is seeking to attract holidaymakers and the spending that could help develop the kingdom’s economy away from its reliance on oil. The country expects the tourism industry to contribute more than 10% of its annual GDP and create more than 1 million jobs by 2030.
The Big Oil Turnaround: From Negative Prices to a Bull Market - Bloomberg
The Big Oil Turnaround: From Negative Prices to a Bull Market - Bloomberg:
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Two months ago, every trader wanted to sell cargoes and none were keen to buy. Now the window has transformed into a bull market, where bids outnumber offers 10 to one and prices are surging.
“The physical market is strong,” said Ben Luckock, co-head of oil trading at Trafigura Group.
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Two months ago, every trader wanted to sell cargoes and none were keen to buy. Now the window has transformed into a bull market, where bids outnumber offers 10 to one and prices are surging.
“The physical market is strong,” said Ben Luckock, co-head of oil trading at Trafigura Group.
#SaudiArabia Is Building Stake in BT Group, Telegraph Reports - Bloomberg
Saudi Arabia Is Building Stake in BT Group, Telegraph Reports - Bloomberg:
Saudi Arabia’s Public Investment Fund has been buying shares of BT Group Plc on the open market in recent weeks, the Telegraph reported, citing three sources close to BT that it didn’t identify.
The stake was said to be “significantly” lower than the 5% threshold that would require notification to the exchange, the report said. BT advisers have been tracking a new investor in the market for weeks, it said.
Both companies declined to comment to the Telegraph.
Saudi Arabia’s Public Investment Fund has been buying shares of BT Group Plc on the open market in recent weeks, the Telegraph reported, citing three sources close to BT that it didn’t identify.
The stake was said to be “significantly” lower than the 5% threshold that would require notification to the exchange, the report said. BT advisers have been tracking a new investor in the market for weeks, it said.
Both companies declined to comment to the Telegraph.
Mideast Stocks: #Dubai retreats, driven down by Emirates NBD and DIB | ZAWYA MENA Edition
Mideast Stocks: Dubai retreats, driven down by Emirates NBD and DIB | ZAWYA MENA Edition:
Saudi Arabia's stock market edged up in choppy trade on Sunday as the kingdom ended a nationwide coronavirus curfew, while indexes in the United Arab Emirates retreated after Moody's revised its outlook for some of its banks.
The benchmark index in Saudi Arabia rose 0.3%. Petrochemical company Saudi Basic Industries added 0.6% and Riyad Bank gained 0.9%.
The kingdom will end a curfew and lift restrictions on businesses from Sunday after three months of lockdown to curb the spread of the new coronavirus, state news agency SPA quoted an interior ministry source as saying on Saturday.
However, restrictions will remain in place for religious pilgrimages, international travel and social gatherings of more than 50 people.
Saudi Arabia has recorded the highest number of COVID-19 cases in the six-nation Gulf Cooperation Council.
In Dubai, the index dropped 0.9%, driven down by a 2.9% fall in Emirates NBD Bank and a 2.3% decline for sharia-compliant lender Dubai Islamic Bank (DIB).
Saudi Arabia's stock market edged up in choppy trade on Sunday as the kingdom ended a nationwide coronavirus curfew, while indexes in the United Arab Emirates retreated after Moody's revised its outlook for some of its banks.
The benchmark index in Saudi Arabia rose 0.3%. Petrochemical company Saudi Basic Industries added 0.6% and Riyad Bank gained 0.9%.
The kingdom will end a curfew and lift restrictions on businesses from Sunday after three months of lockdown to curb the spread of the new coronavirus, state news agency SPA quoted an interior ministry source as saying on Saturday.
However, restrictions will remain in place for religious pilgrimages, international travel and social gatherings of more than 50 people.
Saudi Arabia has recorded the highest number of COVID-19 cases in the six-nation Gulf Cooperation Council.
In Dubai, the index dropped 0.9%, driven down by a 2.9% fall in Emirates NBD Bank and a 2.3% decline for sharia-compliant lender Dubai Islamic Bank (DIB).
Amlak International reveals price range for IPO - Arabianbusiness
Amlak International reveals price range for IPO - Arabianbusiness:
Saudi Arabian real estate financing firm Amlak International has revealed the price range for its planned initial public offering (IPO) of 30 percent of its shares in Riyadh.
The book building process is scheduled to start on Monday (June 22), with shares set between SAR15 ($4) and SAR17 ($4.50). NCB Capital (NCBC) are lead underwriters for the offer.
The final share price for Amlak, which has assets of around 3.1bn riyals ($826 million), will be set at the end of the book building process after June 29.
Saudi Arabian real estate financing firm Amlak International has revealed the price range for its planned initial public offering (IPO) of 30 percent of its shares in Riyadh.
The book building process is scheduled to start on Monday (June 22), with shares set between SAR15 ($4) and SAR17 ($4.50). NCB Capital (NCBC) are lead underwriters for the offer.
The final share price for Amlak, which has assets of around 3.1bn riyals ($826 million), will be set at the end of the book building process after June 29.
#Saudi miner Ma'aden reschedules phosphate subsidiary's debt - Reuters
Saudi miner Ma'aden reschedules phosphate subsidiary's debt - Reuters:
Saudi Arabian Mining Co’s (Ma’aden) phosphate subsidiary is rescheduling and refinancing about $4.1 billion of debt to give it more flexibility to pursue growth and development projects, the company said on Sunday.
The subsidiary, Ma’aden Wa’ad Al Shamal Phosphate Company, will reschedule 6.7 billion riyals ($1.8 billion) owed to Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and transfer the debt to the Public Pension Agency.
It will refinance 8.6 billion riyals owed to a syndicate of banks and other financial institutions by using new debt from a syndicate of commercial banks, Ma’aden said in a bourse filing.
Saudi Arabian Mining Co’s (Ma’aden) phosphate subsidiary is rescheduling and refinancing about $4.1 billion of debt to give it more flexibility to pursue growth and development projects, the company said on Sunday.
The subsidiary, Ma’aden Wa’ad Al Shamal Phosphate Company, will reschedule 6.7 billion riyals ($1.8 billion) owed to Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and transfer the debt to the Public Pension Agency.
It will refinance 8.6 billion riyals owed to a syndicate of banks and other financial institutions by using new debt from a syndicate of commercial banks, Ma’aden said in a bourse filing.
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.
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.
