Bahrain sends request for proposals for U.S. dollar bond, sukuk issues -sources:
"Bahrain's government has sent out a request for proposals to banks to arrange issues of U.S dollar-denominated conventional bonds and sukuk, sources familiar with the matter said on Wednesday. The issues would be conducted simultaneously, perhaps as soon as before September, they said, adding that the size of the issues had not been indicated. Bahrain's central bank did not respond to a request for comment."
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Wednesday 26 July 2017
UAE banks profit to grow about 5 percent in second half: official
UAE banks profit to grow about 5 percent in second half: official:
"Banks in the United Arab Emirates will post profit growth of around 5 percent in the second half of 2017, similar to the first six months as bad loans ease and lenders weather the Qatar crisis, the head of a local industry group said. Of the five major banks to publish earnings this quarter, four have reported improved profits thanks to higher net interest income and lower impairments for some of them. "If you look at the bank results that have come in so far, collectively there is a growth of five percent," said Abdulaziz al-Ghurair, Chairman of the UAE Banks Federation (UBF) and chief executive of Mashreq MASB.DU, Dubai's third largest lender by assets."
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"Banks in the United Arab Emirates will post profit growth of around 5 percent in the second half of 2017, similar to the first six months as bad loans ease and lenders weather the Qatar crisis, the head of a local industry group said. Of the five major banks to publish earnings this quarter, four have reported improved profits thanks to higher net interest income and lower impairments for some of them. "If you look at the bank results that have come in so far, collectively there is a growth of five percent," said Abdulaziz al-Ghurair, Chairman of the UAE Banks Federation (UBF) and chief executive of Mashreq MASB.DU, Dubai's third largest lender by assets."
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Oil rallies 3 percent as U.S. shale shows signs of slowdown
Oil rallies 3 percent as U.S. shale shows signs of slowdown:
"Qatar could adopt a monetary policy more independent of the United States if that proves necessary to combat economic sanctions by its Gulf Arab neighbors, a Qatari central banker said. Like most Gulf Arab oil exporters, Qatar pegs its currency to the U.S. dollar, putting pressure on its central bank to imitate interest rate moves by the U.S. Federal Reserve. But last month's decision by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt to cut diplomatic and transport ties with Qatar has changed the economic environment for the country."
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"Qatar could adopt a monetary policy more independent of the United States if that proves necessary to combat economic sanctions by its Gulf Arab neighbors, a Qatari central banker said. Like most Gulf Arab oil exporters, Qatar pegs its currency to the U.S. dollar, putting pressure on its central bank to imitate interest rate moves by the U.S. Federal Reserve. But last month's decision by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt to cut diplomatic and transport ties with Qatar has changed the economic environment for the country."
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Pipeline of IPOs From U.A.E. in Full Flow Ahead of Aramco Sale - Bloomberg
Pipeline of IPOs From U.A.E. in Full Flow Ahead of Aramco Sale - Bloomberg:
"Saudi Arabian Oil Co. isn’t the only one keeping IPO markets busy in the Middle East. A slew of companies from the United Arab Emirates, both sovereign-owned and privately held, is lining up initial public offerings in a bid to capitalize on money returning to emerging-market funds this year and as states in the region make their stock exchanges more liquid. “We are seeing a growing IPO pipeline across sectors in the Middle East as economies in the region have increasingly diversified away from natural resources over the last 10 years, or so,” said Tom Johnson, head of equity capital markets in Europe, the Middle East and Africa at Barclays Plc. “Importantly, emerging-market funds have seen inflows, making more money available for IPOs.”"
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"Saudi Arabian Oil Co. isn’t the only one keeping IPO markets busy in the Middle East. A slew of companies from the United Arab Emirates, both sovereign-owned and privately held, is lining up initial public offerings in a bid to capitalize on money returning to emerging-market funds this year and as states in the region make their stock exchanges more liquid. “We are seeing a growing IPO pipeline across sectors in the Middle East as economies in the region have increasingly diversified away from natural resources over the last 10 years, or so,” said Tom Johnson, head of equity capital markets in Europe, the Middle East and Africa at Barclays Plc. “Importantly, emerging-market funds have seen inflows, making more money available for IPOs.”"
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MIDEAST STOCKS-Region mixed in narrow trade, no big boost from oil rebound
MIDEAST STOCKS-Region mixed in narrow trade, no big boost from oil rebound:
"Major Middle Eastern stocks markets were mixed in narrow ranges on Wednesday as caution over companies' upcoming second-quarter earnings announcements outweighed the positive effect of a rebound in oil prices.
Brent crude futures rose 40 cents to $50.60 a barrel by the afternoon after rallying more than 3 percent on Tuesday. But many investors are preoccupied with the earnings season; so far, it has been uninspiring for the markets.
The Saudi stock index dropped 0.4 percent in thin trade. Most petrochemical stocks rose moderately on the back of the oil price increase and Sipchem jumped 4.1 percent after saying quarterly profit more than quintupled to 59.8 million riyals ($15.9 million), beating analysts' average forecast of 33.49 million riyals."
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"Major Middle Eastern stocks markets were mixed in narrow ranges on Wednesday as caution over companies' upcoming second-quarter earnings announcements outweighed the positive effect of a rebound in oil prices.
Brent crude futures rose 40 cents to $50.60 a barrel by the afternoon after rallying more than 3 percent on Tuesday. But many investors are preoccupied with the earnings season; so far, it has been uninspiring for the markets.
The Saudi stock index dropped 0.4 percent in thin trade. Most petrochemical stocks rose moderately on the back of the oil price increase and Sipchem jumped 4.1 percent after saying quarterly profit more than quintupled to 59.8 million riyals ($15.9 million), beating analysts' average forecast of 33.49 million riyals."
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Emirates NBD has resilience to face challenge of losing market lead position, Moody's says - The National
Emirates NBD has resilience to face challenge of losing market lead position, Moody's says - The National:
"Emirates NBD, Dubai's biggest bank by assets, will be able to surmount the challenge of losing its market leader position coupled with a weakening economy and rising interest rates, Moody's Investor Service said. "Emirates NBD's unique position as the Dubai government's bank of choice, its large low-cost deposit base and healthy loan book will support its profitability as it negotiates the challenges of a more competitive environment, a weaker economy, and rising interest rates," says Mik Kabeya, Analyst at Moody's. The rating agency noted that the lender would continue to finance infrastructure projects ahead of Expo2020 and that competition with First Abu Dhabi Bank would be softened by the limited overlap between the two lenders. "
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"Emirates NBD, Dubai's biggest bank by assets, will be able to surmount the challenge of losing its market leader position coupled with a weakening economy and rising interest rates, Moody's Investor Service said. "Emirates NBD's unique position as the Dubai government's bank of choice, its large low-cost deposit base and healthy loan book will support its profitability as it negotiates the challenges of a more competitive environment, a weaker economy, and rising interest rates," says Mik Kabeya, Analyst at Moody's. The rating agency noted that the lender would continue to finance infrastructure projects ahead of Expo2020 and that competition with First Abu Dhabi Bank would be softened by the limited overlap between the two lenders. "
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Abu Dhabi Ports Weighs IPO Amid U.A.E. Listing Spree - Bloomberg
Abu Dhabi Ports Weighs IPO Amid U.A.E. Listing Spree - Bloomberg:
"Abu Dhabi Ports Co. is considering an initial public offering, joining a growing list of state entities in the United Arab Emirates seeking to sell shares, according to people familiar with the matter.
The government-run ports operator has met with investment banks in recent weeks and may decide on financial advisers soon, the people said, asking not to be identified as the information is private. The company could raise at least $1 billion in a share sale on the local exchange, one of the people said. No final decisions have been taken, and the company may decide against a listing, they said.
“There are no immediate plans to go public,” Abu Dhabi Ports Chief Executive Officer Mohamed Juma Al Shamisi said Wednesday in response to Bloomberg’s request for comment."
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"Abu Dhabi Ports Co. is considering an initial public offering, joining a growing list of state entities in the United Arab Emirates seeking to sell shares, according to people familiar with the matter.
The government-run ports operator has met with investment banks in recent weeks and may decide on financial advisers soon, the people said, asking not to be identified as the information is private. The company could raise at least $1 billion in a share sale on the local exchange, one of the people said. No final decisions have been taken, and the company may decide against a listing, they said.
“There are no immediate plans to go public,” Abu Dhabi Ports Chief Executive Officer Mohamed Juma Al Shamisi said Wednesday in response to Bloomberg’s request for comment."
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Oil's Surge Masks Risk of Brent Slumping to $40 After Summer - Bloomberg
Oil's Surge Masks Risk of Brent Slumping to $40 After Summer - Bloomberg:
"Brent crude could potentially drop to $40 a barrel or below in the first quarter of 2018 without deeper output curbs by OPEC, according to an oil analyst at industry consultant JBC Energy GmbH. The benchmark for more than half the world’s oil may end 2017 between $45 and $47 a barrel, after which the market may turn “very tricky,” said Richard Gorry, managing director at JBC Asia. While prices are being supported by recent U.S. inventory draws amid the summer driving season when fuel demand typically peaks, that trend will reverse from early-September as consumption weakens, he said. Brent crude extended gains on Wednesday, trading up 0.8 percent at $50.61 a barrel at 5:50 a.m. in London, riding a rally as industry data showed U.S. stockpiles plunged last week."
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"Brent crude could potentially drop to $40 a barrel or below in the first quarter of 2018 without deeper output curbs by OPEC, according to an oil analyst at industry consultant JBC Energy GmbH. The benchmark for more than half the world’s oil may end 2017 between $45 and $47 a barrel, after which the market may turn “very tricky,” said Richard Gorry, managing director at JBC Asia. While prices are being supported by recent U.S. inventory draws amid the summer driving season when fuel demand typically peaks, that trend will reverse from early-September as consumption weakens, he said. Brent crude extended gains on Wednesday, trading up 0.8 percent at $50.61 a barrel at 5:50 a.m. in London, riding a rally as industry data showed U.S. stockpiles plunged last week."
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MIDEAST STOCKS-Gulf markets quiet, activity focuses on smaller stocks
MIDEAST STOCKS-Gulf markets quiet, activity focuses on smaller stocks:
"Gulf stock markets moved little in quiet, early trade on Wednesday, with much activity in Saudi Arabia and Dubai focusing on second- and third-tier stocks.
The Saudi index edged down 0.1 percent in the first half-hour as Saudi Printing and Packaging, the most heavily traded stock, rose 3 percent.
Saudi British Bank edged up 0.4 percent after posting a 1.9 percent drop in its second-quarter net profit to 1.13 billion riyals ($301.4 million), at the high end of the forecasts of analysts, who had on average predicted 1.01 billion riyals."
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"Gulf stock markets moved little in quiet, early trade on Wednesday, with much activity in Saudi Arabia and Dubai focusing on second- and third-tier stocks.
The Saudi index edged down 0.1 percent in the first half-hour as Saudi Printing and Packaging, the most heavily traded stock, rose 3 percent.
Saudi British Bank edged up 0.4 percent after posting a 1.9 percent drop in its second-quarter net profit to 1.13 billion riyals ($301.4 million), at the high end of the forecasts of analysts, who had on average predicted 1.01 billion riyals."
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