UAE-based NMC Healthcare placed in administration - Arabianbusiness:
UAE-based NMC Healthcare has been placed in the hands of administrators by the Abu Dhabi Global Markets Courts (ADGM).
Richard Fleming and Ben Cairns of Alvarez & Marsal were appointed joint administrators on Sunday.
According to a statement, the “light touch” administration process, which relates directly to 36 businesses operating in the UAE, will allow for financial restructuring on “high levels of debt” discovered earlier in the year.
It will also allow the group of entities to secure an additional $325 million financing facility "whilst protecting the businesses from creditor action", the statement added.
Sunday 27 September 2020
#Saudi Stocks Recover to Lead Gains in the Middle East: Inside EM - Bloomberg
Saudi Stocks Recover to Lead Gains in the Middle East: Inside EM - Bloomberg:
Saudi Arabia’s main equities index rose the most in the Middle East, recovering from its worst weekly performance since June.
The Tadawul All Shares Index ended the day 0.7% higher following a 1.2% decline last week -- its first weekly drop in more than three months. Saudi British Bank, Saudi Kayan Petrochemical Co. and National Industrialization Co. all advanced more than 1.8%.
Fahd Iqbal, the head of Middle East research at Credit Suisse, said that valuation for Saudi Arabian shares is “very rich” when compared to emerging markets. For the premium they trade at to be justified, “we would have to see a very speedy economic recovery, but that is not the kind of environment we are expecting in the fourth quarter,” Iqbal said in an interview to Bloomberg TV.
The kingdom is preparing for a quick rebound in tourism and hasn’t revised its visitor targets for 2021 despite the pandemic, Tourism Minister Ahmed Al-Khateeb said.
Saudi Arabia’s main equities index rose the most in the Middle East, recovering from its worst weekly performance since June.
The Tadawul All Shares Index ended the day 0.7% higher following a 1.2% decline last week -- its first weekly drop in more than three months. Saudi British Bank, Saudi Kayan Petrochemical Co. and National Industrialization Co. all advanced more than 1.8%.
Fahd Iqbal, the head of Middle East research at Credit Suisse, said that valuation for Saudi Arabian shares is “very rich” when compared to emerging markets. For the premium they trade at to be justified, “we would have to see a very speedy economic recovery, but that is not the kind of environment we are expecting in the fourth quarter,” Iqbal said in an interview to Bloomberg TV.
The kingdom is preparing for a quick rebound in tourism and hasn’t revised its visitor targets for 2021 despite the pandemic, Tourism Minister Ahmed Al-Khateeb said.
Crude Oil Prices: Russia Expects Long Recovery for Global Demand - Bloomberg
Crude Oil Prices: Russia Expects Long Recovery for Global Demand - Bloomberg:
Russia expects a long and gradual revival of the oil market after the pandemic this year crushed energy demand across the world.
“The recovery won’t be fast, it will take quite a while before the pre-crisis levels can be reached,” Russia’s Energy Minister Alexander Novak said Sunday. In 2020, on the back of coronavirus lockdowns, global oil demand is set to decline by as much as 10% compared to last year, he said in his address to a two-day online meeting of G-20 energy ministers.
The recent rebound in the oil market has stalled as fuel consumption remains weak in the U.S., while several European governments have reintroduced measures to keep a lid on the coronavirus. At the same time, the market is struggling to absorb returning supply. Oil traders have reported a sharp increase in Iraqi exports for next month, while output from Libya has shown signs of rising as its civil war abates.
Neil Atkinson, the International Energy Agency’s head of oil industry and markets, said at a Bloomberg event last week that the agency is more likely to downgrade its demand forecasts than lift them in its next report. The IEA has already slashed its forecast for 2020 by 400,000 barrels a day in the past two months to 91.7 million barrels per day.
Russia expects a long and gradual revival of the oil market after the pandemic this year crushed energy demand across the world.
“The recovery won’t be fast, it will take quite a while before the pre-crisis levels can be reached,” Russia’s Energy Minister Alexander Novak said Sunday. In 2020, on the back of coronavirus lockdowns, global oil demand is set to decline by as much as 10% compared to last year, he said in his address to a two-day online meeting of G-20 energy ministers.
The recent rebound in the oil market has stalled as fuel consumption remains weak in the U.S., while several European governments have reintroduced measures to keep a lid on the coronavirus. At the same time, the market is struggling to absorb returning supply. Oil traders have reported a sharp increase in Iraqi exports for next month, while output from Libya has shown signs of rising as its civil war abates.
Neil Atkinson, the International Energy Agency’s head of oil industry and markets, said at a Bloomberg event last week that the agency is more likely to downgrade its demand forecasts than lift them in its next report. The IEA has already slashed its forecast for 2020 by 400,000 barrels a day in the past two months to 91.7 million barrels per day.
War-Torn Libya’s Oil Output Triples a Week After Restarting - Bloomberg
War-Torn Libya’s Oil Output Triples a Week After Restarting - Bloomberg:
Libya’s oil production has almost tripled to 250,000 barrels a day since a partial lifting last week of a blockade on the war-torn country’s energy facilities, according to two people with knowledge of the situation.
Fields that feed the three eastern export terminals of Hariga, Brega and Zueitina have added about 150,000 barrels a day of fresh output, according to the people, who asked not to be identified as they’re not authorized to speak to media. Production will rise further as ships dock and load crude from storage tanks, allowing fields to pump more, they said.
State energy firm, the National Oil Corp., is evaluating security at Libya’s four other onshore oil ports -- including Zawiya, which handles crude from Sharara, the nation’s biggest field -- to see if it’s safe to restart.
Libya’s oil production has almost tripled to 250,000 barrels a day since a partial lifting last week of a blockade on the war-torn country’s energy facilities, according to two people with knowledge of the situation.
Fields that feed the three eastern export terminals of Hariga, Brega and Zueitina have added about 150,000 barrels a day of fresh output, according to the people, who asked not to be identified as they’re not authorized to speak to media. Production will rise further as ships dock and load crude from storage tanks, allowing fields to pump more, they said.
State energy firm, the National Oil Corp., is evaluating security at Libya’s four other onshore oil ports -- including Zawiya, which handles crude from Sharara, the nation’s biggest field -- to see if it’s safe to restart.
#Qatar Airways got $1.95 billion government lifeline after losses widened | Reuters
Qatar Airways got $1.95 billion government lifeline after losses widened | Reuters:
Qatar Airways received a 7.3 billion riyal ($1.95 billion)lifeline from the government of Qatar after losing 7 billion riyals in the year to March 31, the state-owned carrier disclosed on Sunday.
The airline had flagged in March that it would seek state support as the coronavirus crisis hammered the global travel industry, but had not until now disclosed the funding.
Qatar’s government provided Qatar Airways with the support after March, when its annual losses exceeded 50% of the share capital, according to the group’s annual financial statement.
The cash injection was later converted into new shares.
Qatar Airways received a 7.3 billion riyal ($1.95 billion)lifeline from the government of Qatar after losing 7 billion riyals in the year to March 31, the state-owned carrier disclosed on Sunday.
The airline had flagged in March that it would seek state support as the coronavirus crisis hammered the global travel industry, but had not until now disclosed the funding.
Qatar’s government provided Qatar Airways with the support after March, when its annual losses exceeded 50% of the share capital, according to the group’s annual financial statement.
The cash injection was later converted into new shares.
Restructuring firm AlixPartners boosts Mideast headcount amid corporate slump | Reuters
Restructuring firm AlixPartners boosts Mideast headcount amid corporate slump | Reuters:
Turnaround and restructuring firm AlixPartners is boosting its headcount in the Middle East as corporates seek to cut costs and restructure debt amid the double shock of low oil prices and the coronavirus pandemic.
The New York-headquartered firm has recently hired six people in Dubai from one of its competitors, Alvarez & Marsal, and is looking to hire eight to 10 more restructuring specialists next year, said Gabriel Chahine, a Dubai-based managing director.
“We are hiring. We took a decision to double down on our restructuring team,” said Chahine, adding the firm now has around 40 people working in the region, where its main focus is the United Arab Emirates and Saudi Arabia.
Low oil prices are straining the two largest economies in the oil-rich Gulf while sectors such as tourism and real estate, particularly important for Middle East business hub Dubai, are suffering because of the pandemic.
Turnaround and restructuring firm AlixPartners is boosting its headcount in the Middle East as corporates seek to cut costs and restructure debt amid the double shock of low oil prices and the coronavirus pandemic.
The New York-headquartered firm has recently hired six people in Dubai from one of its competitors, Alvarez & Marsal, and is looking to hire eight to 10 more restructuring specialists next year, said Gabriel Chahine, a Dubai-based managing director.
“We are hiring. We took a decision to double down on our restructuring team,” said Chahine, adding the firm now has around 40 people working in the region, where its main focus is the United Arab Emirates and Saudi Arabia.
Low oil prices are straining the two largest economies in the oil-rich Gulf while sectors such as tourism and real estate, particularly important for Middle East business hub Dubai, are suffering because of the pandemic.
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait close; #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.
Oil Heavyweights #SaudiArabia, Russia Look Ready for a Showdown - Bloomberg
Oil Heavyweights Saudi Arabia, Russia Look Ready for a Showdown - Bloomberg:
Oil producers could be set for another showdown before the end of the year, with heavyweights Saudi Arabia and Russia holding different views on how to approach the halting recovery in oil demand.
Renewed restrictions on travel and social gatherings across Europe, along with the tapering of state support packages for companies, are having a chilling effect on demand for crude, just as the OPEC+ group of oil producers, who cut production by a record 9.7 million barrels a day in May, begin to contemplate the next easing of limits on their output. We should all remember what happened last time they couldn’t agree on what to do.
The International Energy Agency and the Organization of Petroleum Exporting Countries have both resumed cutting their forecasts for this year’s oil demand. In the past two months, the IEA has trimmed its forecast by 400,000 barrels a day, while OPEC has reduced its own by 500,000 barrels. And they may have further yet to fall. Neil Atkinson, the IEA’s Head of Oil Industry and Markets Division, said at a Bloomberg event on Thursday that the agency is “more likely to make a downgrade than an upgrade” to demand forecasts in its next monthly report.
The biggest headwind to oil demand comes from reduced trade, weakened economies and the knock-on effects of business closings and job losses, Standard Chartered analysts, including Emily Ashford and Paul Horsnell, said in a report last week.
Oil producers could be set for another showdown before the end of the year, with heavyweights Saudi Arabia and Russia holding different views on how to approach the halting recovery in oil demand.
Renewed restrictions on travel and social gatherings across Europe, along with the tapering of state support packages for companies, are having a chilling effect on demand for crude, just as the OPEC+ group of oil producers, who cut production by a record 9.7 million barrels a day in May, begin to contemplate the next easing of limits on their output. We should all remember what happened last time they couldn’t agree on what to do.
The International Energy Agency and the Organization of Petroleum Exporting Countries have both resumed cutting their forecasts for this year’s oil demand. In the past two months, the IEA has trimmed its forecast by 400,000 barrels a day, while OPEC has reduced its own by 500,000 barrels. And they may have further yet to fall. Neil Atkinson, the IEA’s Head of Oil Industry and Markets Division, said at a Bloomberg event on Thursday that the agency is “more likely to make a downgrade than an upgrade” to demand forecasts in its next monthly report.
#Saudi economy to bounce back in 2021; S&P affirms A-/A-2 ratings | ZAWYA MENA Edition
Saudi economy to bounce back in 2021; S&P affirms A-/A-2 ratings | ZAWYA MENA Edition:
Ratings agency S&P has affirmed Saudi Arabia’s sovereign ratings at A-/A-2 with a stable outlook, as it expects the kingdom to begin to bounce back from the slump caused by the coronavirus pandemic and low oil prices in 2021.
The agency expects the Gulf state’s “relatively strong” government and external balance sheets to continue to support the ratings, even as it acknowledged that the double whammy of low oil prices and the health outbreak is taking a toll on the Saudi economy.
“The Saudi economy has been hit hard by the twin shocks of the pandemic and lower oil prices and demand. Nevertheless, the sovereign’s sizable fiscal and external buffers should help enable it to weather the period,” S&P said.
“The economy should begin to rebound from 2021 on, as global conditions improve,” it added.
Ratings agency S&P has affirmed Saudi Arabia’s sovereign ratings at A-/A-2 with a stable outlook, as it expects the kingdom to begin to bounce back from the slump caused by the coronavirus pandemic and low oil prices in 2021.
The agency expects the Gulf state’s “relatively strong” government and external balance sheets to continue to support the ratings, even as it acknowledged that the double whammy of low oil prices and the health outbreak is taking a toll on the Saudi economy.
“The Saudi economy has been hit hard by the twin shocks of the pandemic and lower oil prices and demand. Nevertheless, the sovereign’s sizable fiscal and external buffers should help enable it to weather the period,” S&P said.
“The economy should begin to rebound from 2021 on, as global conditions improve,” it added.
Mideast Stocks - Major Gulf markets gain in early trade | ZAWYA MENA Edition
Mideast Stocks - Major Gulf markets gain in early trade | ZAWYA MENA Edition:
Major stock markets in the Gulf rose in early trade on Sunday, with financial shares bolstering the Saudi index.
The kingdom's benchmark index gained 0.3%, with Samba Financial Group rising 0.9%, while Al Rajhi Bank was up 0.2%.
Elsewhere, Najran Cement jumped 6.7%, extending gains from the previous session when the cement producer proposed first-half dividend of 0.75 riyal per share.
Dubai's main share index added 0.3%, supported by a 2% rise in Emaar Malls and a 0.4% increase in blue-chip developer Emaar Properties .
Arabtec Holding advanced 3.2%. The loss-making contractor has hired advisory firm AlixPartners to help it restructure the company's debt, Reuters reported on Thursday, citing two sources familiar with the matter.
The Abu Dhabi index was up 0.4%, led by a 0.7% gain in the country's largest lender, First Abu Dhabi Bank.
In Qatar, the index firmed 0.2%. Qatar Insurance leapt 3.6%, while Qatar Navigation was up 1.3%
The shipping and logistics group said on Sunday it had entered into a formal agreement to cooperate with American oilfield services firm Schlumberger.
Major stock markets in the Gulf rose in early trade on Sunday, with financial shares bolstering the Saudi index.
The kingdom's benchmark index gained 0.3%, with Samba Financial Group rising 0.9%, while Al Rajhi Bank was up 0.2%.
Elsewhere, Najran Cement jumped 6.7%, extending gains from the previous session when the cement producer proposed first-half dividend of 0.75 riyal per share.
Dubai's main share index added 0.3%, supported by a 2% rise in Emaar Malls and a 0.4% increase in blue-chip developer Emaar Properties .
Arabtec Holding advanced 3.2%. The loss-making contractor has hired advisory firm AlixPartners to help it restructure the company's debt, Reuters reported on Thursday, citing two sources familiar with the matter.
The Abu Dhabi index was up 0.4%, led by a 0.7% gain in the country's largest lender, First Abu Dhabi Bank.
In Qatar, the index firmed 0.2%. Qatar Insurance leapt 3.6%, while Qatar Navigation was up 1.3%
The shipping and logistics group said on Sunday it had entered into a formal agreement to cooperate with American oilfield services firm Schlumberger.
Subscribe to:
Posts (Atom)