#Dubai Is Said To Be in Talks With Banks for Dollar Sukuk Sale - Bloomberg

Dubai Is Said To Be in Talks With Banks for Dollar Sukuk Sale - Bloomberg:

Dubai is in talks with banks for a possible sale of Islamic bonds in dollars, people familiar with the matter said, as it seeks ways to shore up its finances.

The sheikhdom last week sent a request for proposals for a benchmark sukuk offering, the people said, asking not to be identified because the information is private. A final decision hasn’t been made and Dubai may decide not to tap the market.

A spokesman for Dubai’s Department of Finance declined to comment.

If Dubai does tap the market, it would follow other governments from the Gulf that have sold dollar debt or started the process since the spread of the coronavirus. Abu Dhabi, the capital of the United Arab Emirates, raised $5 billion in a three-part offering last week while Bahrain is planning a return to the dollar debt market, according to people familiar with the matter.

Middle East News: #Kuwait Finance Ministry Weighs Cuts to Debt Ceiling - Bloomberg

Middle East News: Kuwait Finance Ministry Weighs Cuts to Debt Ceiling - Bloomberg:

Kuwait’s government will study an idea to lower by half the ceiling on public debt as part of proposed amendments to a law it’s struggled to push through parliament, Finance Minister Barak Al-Sheetan said. 



The finance and economic committee has also suggested reducing the period for borrowing, Al-Sheetan said Sunday after meeting lawmakers. The panel has proposed reducing the limit from 20 billion dinars ($66 billion) to 10 billion dinars, said the committee’s head, Safa Al-Hashem.

Liquid assets in Kuwait’s Treasury will soon be depleted if oil prices don’t improve and if the government can’t borrow in local and international markets, the minister has said. The draft bill currently allows for the sale of 30-year bonds over 10 years from the approval date.

#Qatar raises minimum wage, lifts curbs on changing jobs - Reuters

Qatar raises minimum wage, lifts curbs on changing jobs - Reuters:

Qatar announced changes to its labour laws on Sunday, raising the minimum wage by 25 percent to 1,000 riyals ($275) a month and scrapping a requirement for workers to get permission from their employers to change jobs.

They are the latest in a series of labour reforms by the 2022 FIFA World Cup host which in the lead up to the tournament has faced accusations that migrant workers are exploited.

The new minimum wage, which comes into effect in six months and is 250 riyals more a month than the old one, is non-discriminatory and applies to all workers.

Companies must also provide accommodation and food or a combined monthly stipend of 800 riyals.

The removal of employer permission to change jobs is effective immediately.

#Saudi Aramco discovers two new oil and gas fields: energy minister - Reuters

Saudi Aramco discovers two new oil and gas fields: energy minister - Reuters:

State oil company Saudi Aramco has discovered two new oil and gas fields in the northern regions, the kingdom’s energy minister said on Sunday, state news agency SPA reported. 


The energy minister Prince Abdulaziz bin Salman Al-Saud said the new Abraq al-Toloul oil field, which lies to the south east of the northern city of Arar, flows with a daily rate of 3,189 barrels per day (bpd) of Arab light crude oil, along with 3.5 million cubic feet of natural gas.

Hadabat al Hajara gas field in al-Jof region has a daily production rate of 16 million cubic feets of natural gas, along with 1944 bpd of oil condensate, according to the minister.

Aramco will carry on with its efforts to estimate the total amount of oil and gas in the two fields and is drilling more wells to determine their areas and capacities, he added.

#Saudi's foray into derivatives to boost kingdom's capital market | ZAWYA MENA Edition

Saudi's foray into derivatives to boost kingdom's capital market | ZAWYA MENA Edition:

Saudi Arabia’s stock exchange (Tadawul) has officially entered the derivatives marketplace, a move that is seen to boost the kingdom’s capital market.

The Saudi Stock Exchange announced on Sunday that it has launched its first Derivatives Market and a clearing house, the Securities Clearing Centre Company (Muqassa).

In a statement, the exchange also unveiled the first exchange-traded derivatives product, which is called the MT30 Index Futures. The new product is an index futures contract based on the MSCI Tadawul 30 Index (MT30).

The exchange also plans to roll out more derivatives products, including the Single Stock Futures, Single Stock Options and Index Options.

The launch of the derivatives market is considered to be a vital move that will provide investors more exposure to the Saudi capital market. It is part of the key initiatives under the Saudi Vision 2030.

#Bahrain plans return to debt markets with mix of bonds and sukuk - Arabianbusiness

Bahrain plans return to debt markets with mix of bonds and sukuk - Arabianbusiness:

Bahrain is planning to return to the dollar bond market, according to people familiar with the matter, as the country faces one of the world’s biggest budget deficits this year.

The Gulf nation sent a request for proposals to banks seeking to offer a benchmark-size issue, the people said, asking not to be identified because the discussions are private. Benchmark typically means at least $500 million equivalent.

The sale may include a mix of conventional bonds and Islamic securities known as sukuk, the people said.

The kingdom is under fiscal strain despite a $10 billion bailout package from its wealthier neighbours received in 2018.

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.

#AbuDhabi's Waha Capital unveils income focused Islamic fund | ZAWYA MENA Edition

Abu Dhabi's Waha Capital unveils income focused Islamic fund | ZAWYA MENA Edition:

Abu Dhabi-based investment company Waha Capital has launched an open-ended, Shariah-compliant, income generating Islamic fund.


The new fund - Waha Islamic Income Fund SP – will invest in Shariah-compliant assets across sukuk and equity markets and is expected to attract more than $500 million.  


Amr AlMenhali, CEO of Waha Capital, said: “While our existing funds have some Shariah-compliant elements in them, there has been a steadily growing demand from our existing clients over the past couple of years for us to develop such a fully-fledged Islamic fund.”

“The new fund will be well received because it avoids investment in prohibited or controversial activities or assets and business sectors that may be considered as particularly risky or potentially volatile. It will also only invest in entities that have relatively low gearing,” AlMenhali added.

#UAE commercial property market to take a hit as office work is changing | ZAWYA MENA Edition

UAE commercial property market to take a hit as office work is changing | ZAWYA MENA Edition:

With coronavirus cases still being reported and many offices continuing the work from home (WFH) policy , the commercial real estate sector in the UAE could face some pressure next year, an industry expert said.

Since the lockdown in March, when concerned bosses sent masses of employees home, many offices around the country remain mostly empty. Those with client-facing businesses have indeed returned after the restrictions have eased but work from home remains a key trend, and there’s a likelihood of tenants scaling back or changing their office requirements in 2021.

“There will be pressure on the commercial sector in 2021 as leases come up for renewal. In the assets that we manage, we only have a few tenants seeking relief from us. We have some large tenants who still have yet to return to their offices on any great degree. When the lease comes up for renewal [next year], they might reconsider if they need so much space if they’ve managed to work from home,” John Stevens, managing director of property manager Asteco, said during a recent webinar.

Stevens noted that while there isn’t necessarily a rush going on in the UAE to scale back office space, there have already been “a number” of commercial tenants who have opted to send jobs offshore. Other tenants that provide client-facing services are back, but workstations have undergone some changes, such as the installation of partitions and protective screens.

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.

Middle East, Gulf Stocks: Latest News on Equity, Stock Trading for August 30 - Bloomberg

Middle East, Gulf Stocks: Latest News on Equity, Stock Trading for August 30 - Bloomberg:

Most Middle Eastern equity markets advanced on Sunday, with major gauges heading for the best monthly performance since April amid growing optimism regarding a coronavirus vaccine and higher oil prices.

The main indexes in Dubai, Abu Dhabi, Saudi Arabia and Qatar were all headed to the best monthly advance in four months, with Dubai’s DFM General Index leading the increase at 11%. Kuwait’s gauge was poised for the biggest increase since March 2019.

Gauges in the region are catching up with gains for emerging-market stocks and currencies last week amid progress toward a vaccine and after the U.S. and China said they remained committed to the phase-one trade deal. Crude prices also climbed as U.S. Gulf Coast refineries began restarting after Hurricane Laura.

“Going forward, equity markets are likely to continue their upward trend, encouraged by the liquidity packages being rolled out by central banks and hopes of potential vaccines to treat Covid-19,” said Iyad Abu Hweij, the managing partner at Allied Investment Partners PJSC in Dubai.