QIA Is Said to Plan Sale of Credit Suisse's Canary Wharf Office - Bloomberg:
"The Qatar Investment Authority plans to sell an office building in London’s Canary Wharf financial district which is leased to Credit Suisse Group AG, according to two people familiar with the matter. The Gulf state’s sovereign-wealth fund appointed brokers CBRE Group Inc. and Jones Lang LaSalle Inc. to offer the building for about 450 million pounds ($610 million), the people said, asking not to be identified because the matter is private. A spokesman for QIA declined to comment on the plan, which CoStar News reported earlier Thursday."
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Thursday 21 September 2017
London judge postpones decision on Dana Gas sukuk hearing
London judge postpones decision on Dana Gas sukuk hearing:
"A London High Court judge will decide on Friday whether to continue proceedings on the validity of $700 million sukuk issued by Dana Gas in a case which is being closely watched by the global Islamic finance industry. United Arab Emirates producer Dana Gas started proceedings in June in UK and UAE courts seeking to have its sukuk, or Islamic bonds, declared invalid and unlawful because of changes in the interpretation of Islamic finance. The UK trial started on Tuesday, but a last-minute injunction obtained by some shareholders from a UAE court in Sharjah prevented Dana Gas and the legal representatives of another party to the case, Deutsche Bank, from participating in the trial."
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"A London High Court judge will decide on Friday whether to continue proceedings on the validity of $700 million sukuk issued by Dana Gas in a case which is being closely watched by the global Islamic finance industry. United Arab Emirates producer Dana Gas started proceedings in June in UK and UAE courts seeking to have its sukuk, or Islamic bonds, declared invalid and unlawful because of changes in the interpretation of Islamic finance. The UK trial started on Tuesday, but a last-minute injunction obtained by some shareholders from a UAE court in Sharjah prevented Dana Gas and the legal representatives of another party to the case, Deutsche Bank, from participating in the trial."
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MIDEAST STOCKS-Petchems support Saudi as oil stays near $56, Qatar up again
MIDEAST STOCKS-Petchems support Saudi as oil stays near $56, Qatar up again:
"An overnight rise in crude oil prices to a fresh five-month peak helped to push the Riyadh stock index slightly higher on Thursday while Qatar secured its third straight day of gains.
The Saudi index edged up by 0.1 percent as all but two of the 14 listed petrochemical producers rose as Brent contracts traded around $56 a barrel.
Yanbu National Petrochemical added 0.9 percent. Shares in the large-cap producer have been active for four sessions, and one Riyadh-based analyst told Reuters that investors have been building positions in “relatively safer petrochemical stocks” because of the recent climb in the oil price."
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"An overnight rise in crude oil prices to a fresh five-month peak helped to push the Riyadh stock index slightly higher on Thursday while Qatar secured its third straight day of gains.
The Saudi index edged up by 0.1 percent as all but two of the 14 listed petrochemical producers rose as Brent contracts traded around $56 a barrel.
Yanbu National Petrochemical added 0.9 percent. Shares in the large-cap producer have been active for four sessions, and one Riyadh-based analyst told Reuters that investors have been building positions in “relatively safer petrochemical stocks” because of the recent climb in the oil price."
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MIDEAST STOCKS-Banks support Saudi after Fed comments, Qatar cools
MIDEAST STOCKS-Banks support Saudi after Fed comments, Qatar cools:
"Banking shares lifted the Saudi stock index slightly higher in early trade on Thursday but Qatar’s index cooled after it had risen for two straight days. The Riyadh index rose 0.2 percent after 20 minutes of trade as nine of the 12 listed banks rose after the U.S. Federal Reserve left interest rates unchanged on Wednesday but signaled it still expects one more increase by the end of the year. Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, United Arab Emirates and Qatar. A rate hike is considered positive for banks because it lifts their interest rate margins."
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"Banking shares lifted the Saudi stock index slightly higher in early trade on Thursday but Qatar’s index cooled after it had risen for two straight days. The Riyadh index rose 0.2 percent after 20 minutes of trade as nine of the 12 listed banks rose after the U.S. Federal Reserve left interest rates unchanged on Wednesday but signaled it still expects one more increase by the end of the year. Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, United Arab Emirates and Qatar. A rate hike is considered positive for banks because it lifts their interest rate margins."
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