Saudi School Operator Al-Motaqadimah Hires Advisers for IPO - Bloomberg:
Saudi Arabia’s Al-Motaqadimah Schools Co. hired GIB Capital and Adeem Capital as financial advisers to prepare for an initial public offering, joining a flurry of IPOs in the kingdom.
The IPO will allow the education provider to expand its operations, according to a statement. Al-Motaqadimah operates 21 schools across the kingdom.
The potential listing comes as businesses from grocery stores to car rental companies look to sell shares on the Saudi stock market, buoyed by a surge in demand. The IPO of BinDawood Holding Co., one of Saudi Arabia’s largest grocery chains, this month was 49 times oversubscribed.
Thursday 15 October 2020
#AbuDhabi Funds Invest $2.1 Billion in Adnoc Gas Pipelines - Bloomberg
Abu Dhabi Funds Invest $2.1 Billion in Adnoc Gas Pipelines - Bloomberg:
Abu Dhabi government institutional investors are paying $2.1 billion for a stake in a natural gas pipelines unit run by Abu Dhabi National Oil Co.
Abu Dhabi Pension Fund and holding company ADQ will take an indirect stake in the pipelines unit Adnoc set up earlier this year, the oil and gas company said in a statement. Adnoc is doing the transaction at the same price as a deal in June, when it agreed to sell a stake in the gas pipelines business to international investors and valued the business at $20.7 billion.
The deal enables local government funds to earn returns on infrastructure assets alongside global money managers.
Adnoc has raised about $16 billion so far this year from its assets and from the sale of shares in its service station unit as part of a financial and organizational restructuring the company started four years ago. Abu Dhabi, capital of the United Arab Emirates, is using its hydrocarbon wealth to attract investors to the country and generate cash from new sources. The U.A.E. is the third-largest oil producer in OPEC.
Abu Dhabi government institutional investors are paying $2.1 billion for a stake in a natural gas pipelines unit run by Abu Dhabi National Oil Co.
Abu Dhabi Pension Fund and holding company ADQ will take an indirect stake in the pipelines unit Adnoc set up earlier this year, the oil and gas company said in a statement. Adnoc is doing the transaction at the same price as a deal in June, when it agreed to sell a stake in the gas pipelines business to international investors and valued the business at $20.7 billion.
The deal enables local government funds to earn returns on infrastructure assets alongside global money managers.
Adnoc has raised about $16 billion so far this year from its assets and from the sale of shares in its service station unit as part of a financial and organizational restructuring the company started four years ago. Abu Dhabi, capital of the United Arab Emirates, is using its hydrocarbon wealth to attract investors to the country and generate cash from new sources. The U.A.E. is the third-largest oil producer in OPEC.
#UAE, #Israel working on double tax treaty to encourage investment | Reuters
UAE, Israel working on double tax treaty to encourage investment | Reuters:
The United Arab Emirates and Israel have reached a preliminary agreement on avoiding double taxation, as part of moves to encourage investments between the two countries, the UAE finance ministry said on Thursday.
Israel and the UAE signed a normalisation deal on Sept. 15, forging formal diplomatic ties. Israel ratified the deal in a cabinet vote on Monday and a parliamentary vote on Thursday.
Several commercial agreements have been signed between the two countries since mid-August, when they agreed to normalise relations.
“There is a preliminary agreement between both countries to start negotiations with Israel on Double Taxation Avoidance Agreement soon,” the UAE finance ministry said in a statement, citing undersecretary Younis Haji Al Khoori.
The United Arab Emirates and Israel have reached a preliminary agreement on avoiding double taxation, as part of moves to encourage investments between the two countries, the UAE finance ministry said on Thursday.
Israel and the UAE signed a normalisation deal on Sept. 15, forging formal diplomatic ties. Israel ratified the deal in a cabinet vote on Monday and a parliamentary vote on Thursday.
Several commercial agreements have been signed between the two countries since mid-August, when they agreed to normalise relations.
“There is a preliminary agreement between both countries to start negotiations with Israel on Double Taxation Avoidance Agreement soon,” the UAE finance ministry said in a statement, citing undersecretary Younis Haji Al Khoori.
Oil eases as new lockdowns raise concern about fuel demand | Reuters
Oil eases as new lockdowns raise concern about fuel demand | Reuters:
Oil prices eased on Thursday as new restrictions to stem a surge in COVID-19 infections dimmed the outlook for economic growth and fuel demand.
Traders said prices pared earlier losses after the U.S. Energy Information Administration (EIA) reported an increase in U.S. petroleum demand last week that helped reduce crude stockpiles, while distillate inventories dropped by the most since 2003 as Hurricane Delta cut oil production and shut Gulf Coast refineries.
“The (EIA) report halted the (price) slide, which was threatening to turn into an avalanche earlier this morning,” said Robert Yawger, director of energy futures at Mizuho in New York.
Brent LCOc1 futures fell 16 cents, or 0.4%, to settle at $43.16 a barrel, while U.S. crude CLc1 fell 8 cents, or 0.2%, to settle at $40.96. Earlier, both benchmarks were down more than $1 a barrel.
Oil prices eased on Thursday as new restrictions to stem a surge in COVID-19 infections dimmed the outlook for economic growth and fuel demand.
Traders said prices pared earlier losses after the U.S. Energy Information Administration (EIA) reported an increase in U.S. petroleum demand last week that helped reduce crude stockpiles, while distillate inventories dropped by the most since 2003 as Hurricane Delta cut oil production and shut Gulf Coast refineries.
“The (EIA) report halted the (price) slide, which was threatening to turn into an avalanche earlier this morning,” said Robert Yawger, director of energy futures at Mizuho in New York.
Brent LCOc1 futures fell 16 cents, or 0.4%, to settle at $43.16 a barrel, while U.S. crude CLc1 fell 8 cents, or 0.2%, to settle at $40.96. Earlier, both benchmarks were down more than $1 a barrel.
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #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.
#Qatar in 'Strong Position' From Credit Perspective: Arqaam Capital - Bloomberg
Qatar in 'Strong Position' From Credit Perspective: Arqaam Capital - Bloomberg:
Abdul Kadir Hussain, the head of fixed-income asset management at Arqaam Capital in Dubai, discusses the outlook for emerging-market credit and the opportunities he sees. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Abdul Kadir Hussain, the head of fixed-income asset management at Arqaam Capital in Dubai, discusses the outlook for emerging-market credit and the opportunities he sees. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#Dubai's Arabtec asks banks for debt standstill for subsidiary, sources say | Reuters
Dubai's Arabtec asks banks for debt standstill for subsidiary, sources say | Reuters:
Arabtec Holding asked banks this week for a three-month standstill on debt repayments for its subsidiary Target, sources said, as the Dubai-listed builder that is facing liquidation seeks to save some of its business.
Target specialises in oil and gas projects and marine work with operations in the United Arab Emirates, Qatar and Saudi Arabia, its website says.
Shareholders, including Abu Dhabi state fund Mubadala Investment Co, voted last month to liquidate Arabtec after losses deepened due to the coronavirus crisis.
Officials from Arabtec, which helped build the world’s tallest skyscraper in Dubai and the Louvre in Abu Dhabi, were not immediately available for comment on Thursday.
Arabtec Holding asked banks this week for a three-month standstill on debt repayments for its subsidiary Target, sources said, as the Dubai-listed builder that is facing liquidation seeks to save some of its business.
Target specialises in oil and gas projects and marine work with operations in the United Arab Emirates, Qatar and Saudi Arabia, its website says.
Shareholders, including Abu Dhabi state fund Mubadala Investment Co, voted last month to liquidate Arabtec after losses deepened due to the coronavirus crisis.
Officials from Arabtec, which helped build the world’s tallest skyscraper in Dubai and the Louvre in Abu Dhabi, were not immediately available for comment on Thursday.
#UAE's Dana Gas raises loan, avoids another restructuring | Reuters
UAE's Dana Gas raises loan, avoids another restructuring | Reuters:
United Arab Emirates energy firm Dana Gas has raised a $90 million loan allowing it to redeem $309 million in bonds due at the end of October and avoid a third debt restructuring.
The company whose main assets are in Egypt and in the Kurdistan Region of Iraq said on Thursday it had obtained a one-year $90 million loan from Mashreq Bank.
“In conjunction with the company’s cash reserves, the facility will allow full redemption of the sukuk at the maturity date of 31 October 2020,” it said.
In July, Dana hired financial firm Houlihan Lokey to advise it on the sukuk, or Islamic bonds, which it had already restructured twice.
United Arab Emirates energy firm Dana Gas has raised a $90 million loan allowing it to redeem $309 million in bonds due at the end of October and avoid a third debt restructuring.
The company whose main assets are in Egypt and in the Kurdistan Region of Iraq said on Thursday it had obtained a one-year $90 million loan from Mashreq Bank.
“In conjunction with the company’s cash reserves, the facility will allow full redemption of the sukuk at the maturity date of 31 October 2020,” it said.
In July, Dana hired financial firm Houlihan Lokey to advise it on the sukuk, or Islamic bonds, which it had already restructured twice.
COLUMN-China's strong Sept crude imports are more bearish than bullish: Russell | Reuters
COLUMN-China's strong Sept crude imports are more bearish than bullish: Russell | Reuters:
China’s imports of crude oil stayed above 11 million barrels per day (bpd) for a fifth straight month in September, something that sounds bullish for the market but in reality is far more likely to be bearish for coming months.
Official customs data released on Oct. 13 showed China imported 48.48 million tonnes of crude in September, equivalent to 11.8 million bpd.
This was up from 11.18 million bpd in August, but shy of the record 12.94 million bpd in June. However, the last five months have now been the five strongest on record.
While this looks bullish for crude markets on the surface, it’s important to understand why the world’s biggest oil importer has had such a ravenous appetite in recent months.
China’s imports of crude oil stayed above 11 million barrels per day (bpd) for a fifth straight month in September, something that sounds bullish for the market but in reality is far more likely to be bearish for coming months.
Official customs data released on Oct. 13 showed China imported 48.48 million tonnes of crude in September, equivalent to 11.8 million bpd.
This was up from 11.18 million bpd in August, but shy of the record 12.94 million bpd in June. However, the last five months have now been the five strongest on record.
While this looks bullish for crude markets on the surface, it’s important to understand why the world’s biggest oil importer has had such a ravenous appetite in recent months.
Donald Trump's Middle East Friends Brace for Joe Biden - Bloomberg
Donald Trump's Middle East Friends Brace for Joe Biden - Bloomberg:
Rising from the rocky terrain of the Golan, a sign welcomes visitors to the future site of “Trump Heights.”
Israel’s Prime Minister Benjamin Netanyahu announced a new settlement there to thank an American president who broke with international convention to endorse Israeli sovereignty over Arab land. Yet one of the settlement’s main organizers is already warning that Donald Trump’s name could be replaced.
“It depends on his place in history,” says Uri Heitner, a campaigner for Israeli settlement of the Golan Heights, captured from Syria in the 1967 Middle East war. “It could become a cause for shame.”
From the early months of his administration, Trump seemed to offer Israel and regional allies Saudi Arabia, the United Arab Emirates, Egypt and Turkey the foreign policy shifts they desired, finding personal affinity with rulers criticized in Congress for human rights abuses.
Rising from the rocky terrain of the Golan, a sign welcomes visitors to the future site of “Trump Heights.”
Israel’s Prime Minister Benjamin Netanyahu announced a new settlement there to thank an American president who broke with international convention to endorse Israeli sovereignty over Arab land. Yet one of the settlement’s main organizers is already warning that Donald Trump’s name could be replaced.
“It depends on his place in history,” says Uri Heitner, a campaigner for Israeli settlement of the Golan Heights, captured from Syria in the 1967 Middle East war. “It could become a cause for shame.”
From the early months of his administration, Trump seemed to offer Israel and regional allies Saudi Arabia, the United Arab Emirates, Egypt and Turkey the foreign policy shifts they desired, finding personal affinity with rulers criticized in Congress for human rights abuses.
CORRECTED- #AbuDhabi's sovereign fund Mubadala takes 3.1% stake in Spain's Enagas | Reuters
CORRECTED-Abu Dhabi's sovereign fund Mubadala takes 3.1% stake in Spain's Enagas | Reuters:
Abu Dhabi’s sovereign wealth fund Mubadala took a 3.1% stake in the Spain-based gas system operator Enagas, according to a filing to the Madrid stock market regulator released on Wednesday.
Mubadala, which has already invested in other Spanish assets in the oil and technology industries, joins Inditex’s owner Amancio Ortega, who owns 5% of Enagas and Spanish state-owned investment arm SEPI, which also owns 5%.
Mubadala holds 3.1% of voting rights in Enagas, the filing said.
Enagas owns stakes in firms in the Mediterranean region, Latin America and the United States.
Abu Dhabi’s sovereign wealth fund Mubadala took a 3.1% stake in the Spain-based gas system operator Enagas, according to a filing to the Madrid stock market regulator released on Wednesday.
Mubadala, which has already invested in other Spanish assets in the oil and technology industries, joins Inditex’s owner Amancio Ortega, who owns 5% of Enagas and Spanish state-owned investment arm SEPI, which also owns 5%.
Mubadala holds 3.1% of voting rights in Enagas, the filing said.
Enagas owns stakes in firms in the Mediterranean region, Latin America and the United States.
Oil dips as surging coronavirus cases threaten demand recovery | Reuters
Oil dips as surging coronavirus cases threaten demand recovery | Reuters:
Oil prices fell on Thursday, paring gains from earlier in the session, as a resurgence in COVID-19 infections across the globe underpinned concerns over economic growth and a recovery in fuel demand.
European nations are reviving curfews and lockdowns amid the growth in new coronavirus cases. India, which is on track to overtake U.S. with the world’s most COVID-19 infections, is bracing for a surge of cases in coming weeks as it heads into its main holiday season. The country is the world’s third-biggest oil user
Brent crude futures dropped 28 cents, or 0.7% to $43.04 a barrel at 0724 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 24 cents, or 0.6%, to $40.80.
The International Energy Agency (IEA) said on Wednesday that a second wave of coronavirus infections could complicate efforts by producers to balance the market.
Oil prices fell on Thursday, paring gains from earlier in the session, as a resurgence in COVID-19 infections across the globe underpinned concerns over economic growth and a recovery in fuel demand.
European nations are reviving curfews and lockdowns amid the growth in new coronavirus cases. India, which is on track to overtake U.S. with the world’s most COVID-19 infections, is bracing for a surge of cases in coming weeks as it heads into its main holiday season. The country is the world’s third-biggest oil user
Brent crude futures dropped 28 cents, or 0.7% to $43.04 a barrel at 0724 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 24 cents, or 0.6%, to $40.80.
The International Energy Agency (IEA) said on Wednesday that a second wave of coronavirus infections could complicate efforts by producers to balance the market.
MIDEAST STOCKS-Major Gulf markets dip as financials decline | Nasdaq
MIDEAST STOCKS-Major Gulf markets dip as financials decline | Nasdaq:
Major stock markets in the Gulf fell in early trade on Thursday, hurt by losses in banking shares, with Dubai stocks falling the most.
Saudi Arabia's benchmark index .TASI slipped 0.3%, with National Commercial Bank 1180.SE losing 1% and Samba Financial Group 1090.SE shedding 1.2%.
The lenders gained in the previous sessions after they entered a binding merger agreement to create a combined entity with 837 billion riyals ($223.15 billion) in assets.
Dubai's main share index .DFMGI declined 0.7%, driven down by a 2.4% fall in Emirates NBD Bank ENBD.DU and a 1.1% decrease in Emaar Properties EMAR.DU.
The Abu Dhabi index .ADI lost 0.3%, pressured by a 0.7% drop in First Abu Dhabi Bank FAB.AD.
The United Arab Emirates' largest lender on Wednesday denied a local news report that said it was in merger talks with Abu Dhabi Islamic Bank ADIB.AD.
Shares of Abu Dhabi Islamic Bank were up 0.5% on Thursday.
In Qatar, the index .QSI lost 0.4%, with Qatar Islamic Bank QISB.QA and petrochemical firm Industries Qatar IQCD.QA dropping 0.9% and 0.8%, respectively.
Qatar Islamic Bank reported a net profit of 2.22 billion riyals ($609.89 million) for the nine months ended Sept. 30, compared with 2.22 billion riyals a year earlier.
Major stock markets in the Gulf fell in early trade on Thursday, hurt by losses in banking shares, with Dubai stocks falling the most.
Saudi Arabia's benchmark index .TASI slipped 0.3%, with National Commercial Bank 1180.SE losing 1% and Samba Financial Group 1090.SE shedding 1.2%.
The lenders gained in the previous sessions after they entered a binding merger agreement to create a combined entity with 837 billion riyals ($223.15 billion) in assets.
Dubai's main share index .DFMGI declined 0.7%, driven down by a 2.4% fall in Emirates NBD Bank ENBD.DU and a 1.1% decrease in Emaar Properties EMAR.DU.
The Abu Dhabi index .ADI lost 0.3%, pressured by a 0.7% drop in First Abu Dhabi Bank FAB.AD.
The United Arab Emirates' largest lender on Wednesday denied a local news report that said it was in merger talks with Abu Dhabi Islamic Bank ADIB.AD.
Shares of Abu Dhabi Islamic Bank were up 0.5% on Thursday.
In Qatar, the index .QSI lost 0.4%, with Qatar Islamic Bank QISB.QA and petrochemical firm Industries Qatar IQCD.QA dropping 0.9% and 0.8%, respectively.
Qatar Islamic Bank reported a net profit of 2.22 billion riyals ($609.89 million) for the nine months ended Sept. 30, compared with 2.22 billion riyals a year earlier.