Oman's tourism arm ends deal with Damac for waterfront project - Arabianbusiness:
Omran, the investment arm of Oman’s tourism ministry, will end a partnership with Port Investment Ltd. owned by Damac International.
Omran will buy the 70 percent stake it doesn’t already own in Muttrah Tourism Development Co., established to redevelop Sultan Qaboos port for $1 billion. It will make the acquisition at “a value as documented in the shareholders agreement,” Omran said in a statement on Saturday.
Damac International is a joint venture between Damac PJSC and DICO Group, a spokesman for Damac confirmed.
Mina Al Sultan Qaboos Waterfront was designed to include homes, offices, hotels and retail and was part of Oman’s efforts to increase revenue from tourism. PIL was picked by Omran to carry out the development in 2017 but work on the project stalled prompting some members of country’s shura council to demand a government review.
Sunday, 19 July 2020
#Saudi Real Estate Refinance Co signs 3 billion riyals deal with pension agency - Reuters
Saudi Real Estate Refinance Co signs 3 billion riyals deal with pension agency - Reuters:
Saudi Real Estate Refinance Co (SRC), the Saudi equivalent of U.S. mortgage finance business Fannie Mae, said on Sunday it has agreed to buy a mortgage portfolio worth over 3 billion riyals ($799.8 million) from the Saudi Public Pension Agency (PPA).
“The deal provides liquidity to the real estate financing market, which in turn is expected to bring lower prices and increase the number of mortgage originations – leading to SRC’s goal of improving homeownership rates in the Kingdom,” Fabrice Susini, CEO of SRC, said in a statement.
SRC, a wholly-owned subsidiary of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, works with developers and local banks to counter a shortage of affordable housing by injecting liquidity into the real estate market.
Among the goals of the Vision 2030 reform programme promoted by Crown Prince Mohammed bin Salman, the kingdom aims to increase home ownership to 70% by 2030.
Saudi Real Estate Refinance Co (SRC), the Saudi equivalent of U.S. mortgage finance business Fannie Mae, said on Sunday it has agreed to buy a mortgage portfolio worth over 3 billion riyals ($799.8 million) from the Saudi Public Pension Agency (PPA).
“The deal provides liquidity to the real estate financing market, which in turn is expected to bring lower prices and increase the number of mortgage originations – leading to SRC’s goal of improving homeownership rates in the Kingdom,” Fabrice Susini, CEO of SRC, said in a statement.
SRC, a wholly-owned subsidiary of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, works with developers and local banks to counter a shortage of affordable housing by injecting liquidity into the real estate market.
Among the goals of the Vision 2030 reform programme promoted by Crown Prince Mohammed bin Salman, the kingdom aims to increase home ownership to 70% by 2030.
Middle East News: Emirates REIT May Scrap #Dubai Nasdaq Listing - Bloomberg
Middle East News: Emirates REIT May Scrap Dubai Nasdaq Listing - Bloomberg:
Emirates REIT will start a comprehensive review of its strategic options, including a potential de-listing from Nasdaq Dubai.
“The advantages of remaining publicly listed are heavily outweighed by the disadvantages,” the company wrote in a statement on Sunday. It cited the “climate” in the United Arab Emirates’ stock markets and the “cyclical downturn” in the real estate sector.”
Earlier on Sunday, Emirates REIT said the Dubai Financial Services Authority is investigating matters connected to its management.
Emirates REIT will start a comprehensive review of its strategic options, including a potential de-listing from Nasdaq Dubai.
“The advantages of remaining publicly listed are heavily outweighed by the disadvantages,” the company wrote in a statement on Sunday. It cited the “climate” in the United Arab Emirates’ stock markets and the “cyclical downturn” in the real estate sector.”
Earlier on Sunday, Emirates REIT said the Dubai Financial Services Authority is investigating matters connected to its management.
Exclusive: #Kuwait scrambles to boost coffers with up to $16 billion debt plan - Reuters
Exclusive: Kuwait scrambles to boost coffers with up to $16 billion debt plan - Reuters:
Kuwait plans to issue between 4 billion and 5 billion dinars ($13 billion to $16 billion) in public debt by the end of the fiscal year ending March 2021 if parliament approves a long-debated debt law, a government document seen by Reuters showed.
Facing one of the worst economic crunches in the oil-exporting Gulf region, Kuwait is scrambling to boost state coffers badly hit by the coronavirus crisis and low crude prices, rapidly depleting its General Reserve Fund (GRF) to plug a budget deficit.
A parliamentary committee is due to vote on the law - which would allow Kuwait to tap international debt markets - on Sunday ahead of putting it to the elected assembly for approval.
Legislators have been requesting more visibility from the state about use of the funds and repayment mechanisms given the government’s heavy reliance on oil income.
Kuwait plans to issue between 4 billion and 5 billion dinars ($13 billion to $16 billion) in public debt by the end of the fiscal year ending March 2021 if parliament approves a long-debated debt law, a government document seen by Reuters showed.
Facing one of the worst economic crunches in the oil-exporting Gulf region, Kuwait is scrambling to boost state coffers badly hit by the coronavirus crisis and low crude prices, rapidly depleting its General Reserve Fund (GRF) to plug a budget deficit.
A parliamentary committee is due to vote on the law - which would allow Kuwait to tap international debt markets - on Sunday ahead of putting it to the elected assembly for approval.
Legislators have been requesting more visibility from the state about use of the funds and repayment mechanisms given the government’s heavy reliance on oil income.
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.
#Kuwait Stocks Drop With Emir in Hospital, S&P Outlook: Inside EM - Bloomberg
Kuwait Stocks Drop With Emir in Hospital, S&P Outlook: Inside EM - Bloomberg:
Kuwait’s main equity index led losses in the Middle East after the country’s ruler was hospitalized over the weekend and S&P Global Ratings downgraded the prospects for the economy.
The Premier Market index of the biggest and most liquid shares in Kuwait fell as much as 3.2% shortly after the opening. It later trimmed the decline to 0.9% as of 10:55 a.m. local time, with National Bank of Kuwait SAKP falling the most.
The 91-year-old emir, Sheikh Sabah Al-Ahmed Al-Sabah, underwent “successful surgery” on Sunday after being admitted to a hospital, the state news agency KUNA reported. Crown Prince Sheikh Nawaf Al-Ahmed Al-Sabah will temporarily assume some of the emir’s constitutional functions and duties as the country tries to resume economic activity after introducing curbs to prevent the spread of the coronavirus.
Kuwait’s main equity index led losses in the Middle East after the country’s ruler was hospitalized over the weekend and S&P Global Ratings downgraded the prospects for the economy.
The Premier Market index of the biggest and most liquid shares in Kuwait fell as much as 3.2% shortly after the opening. It later trimmed the decline to 0.9% as of 10:55 a.m. local time, with National Bank of Kuwait SAKP falling the most.
The 91-year-old emir, Sheikh Sabah Al-Ahmed Al-Sabah, underwent “successful surgery” on Sunday after being admitted to a hospital, the state news agency KUNA reported. Crown Prince Sheikh Nawaf Al-Ahmed Al-Sabah will temporarily assume some of the emir’s constitutional functions and duties as the country tries to resume economic activity after introducing curbs to prevent the spread of the coronavirus.
#Dubai rent declines to 'intensify'; #AbuDhabi market conditions to worsen - report | ZAWYA MENA Edition
Dubai rent declines to 'intensify'; Abu Dhabi market conditions to worsen - report | ZAWYA MENA Edition:
Residential and commercial rent declines in Dubai are likely to “intensify”, while market conditions in Abu Dhabi could “worsen” with declining demand due to the coronavirus pandemic.
In its latest market analysis, Asteco, a real estate consultancy firm, cautioned against a rise in repatriation of expatriates, as well as an increase in tenants downsizing, which could both have a negative impact on demand for accommodation.
So far, leasing rates for apartments, villas and offices in Dubai plunged by 13 percent, 10 percent and 13 percent, respectively, in June compared to a year earlier.
“This pattern is likely to prevail, or even intensify due to the expected volume of additional supply, combined with a potentially sharp drop in demand in the short to medium term due to the impact of COVID on employment,” Asteco said.
Residential and commercial rent declines in Dubai are likely to “intensify”, while market conditions in Abu Dhabi could “worsen” with declining demand due to the coronavirus pandemic.
In its latest market analysis, Asteco, a real estate consultancy firm, cautioned against a rise in repatriation of expatriates, as well as an increase in tenants downsizing, which could both have a negative impact on demand for accommodation.
So far, leasing rates for apartments, villas and offices in Dubai plunged by 13 percent, 10 percent and 13 percent, respectively, in June compared to a year earlier.
“This pattern is likely to prevail, or even intensify due to the expected volume of additional supply, combined with a potentially sharp drop in demand in the short to medium term due to the impact of COVID on employment,” Asteco said.
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.
MIDEAST STOCKS-Major Gulf markets mixed; S&P revises #Kuwait's outlook - Reuters
MIDEAST STOCKS-Major Gulf markets mixed; S&P revises Kuwait's outlook - Reuters:
Major stock markets in the Gulf were mixed in early trade on Sunday, while the Kuwaiti index underperformed the region after S&P Global Ratings revised the Gulf state’s outlook to ‘negative’ from ‘stable’.
The ratings agency said it expects Kuwait’s main liquidity buffer, the General Reserve Fund (GRF), to be insufficient to cover central government deficit.
Saudi Arabia’s benchmark index edged up 0.2%, helped by a 3.5% leap in Jabal Omar Development and a 2% gain in Saudi British Bank.
But oil giant Saudi Aramco dropped 0.5%.
Talks over the sale of a 20% stake in Reliance Industries Ltd to Saudi Aramco have stalled over price, Reuters reported, citing four sources familiar with the matter.
Major stock markets in the Gulf were mixed in early trade on Sunday, while the Kuwaiti index underperformed the region after S&P Global Ratings revised the Gulf state’s outlook to ‘negative’ from ‘stable’.
The ratings agency said it expects Kuwait’s main liquidity buffer, the General Reserve Fund (GRF), to be insufficient to cover central government deficit.
Saudi Arabia’s benchmark index edged up 0.2%, helped by a 3.5% leap in Jabal Omar Development and a 2% gain in Saudi British Bank.
But oil giant Saudi Aramco dropped 0.5%.
Talks over the sale of a 20% stake in Reliance Industries Ltd to Saudi Aramco have stalled over price, Reuters reported, citing four sources familiar with the matter.
#Kuwait ruler had successful surgery, state news agency says - Reuters
Kuwait ruler had successful surgery, state news agency says - Reuters:
Kuwait’s 91-year-old ruler Emir Sheikh Sabah al-Ahmad al-Sabah underwent successful surgery on Sunday morning, his office said.
Sheikh Sabah, who has ruled Kuwait since 2006, had been admitted to hospital on Saturday for medical checks.
His office, in a statement carried by state news agency KUNA, did not specify what kind of surgery he underwent.
Kuwait’s 91-year-old ruler Emir Sheikh Sabah al-Ahmad al-Sabah underwent successful surgery on Sunday morning, his office said.
Sheikh Sabah, who has ruled Kuwait since 2006, had been admitted to hospital on Saturday for medical checks.
His office, in a statement carried by state news agency KUNA, did not specify what kind of surgery he underwent.