Zuma in Talks to Sell Stake in Arms Maker to Qatar, Times Says - Bloomberg:
"South Africa is in talks with Qatar to sell a majority stake in its arms manufacturer Denel SOC Ltd. to the Gulf country, the Sunday Times reported, citing a source it didn’t identify. President Jacob Zuma is also seeking to sell portions of other struggling state-owned enterprises, including power utility Eskom Holdings SOC Ltd. and South African Airways SOC Ltd., the newspaper said. The Department of Public Enterprises, which would need to approve the transaction, did not immediately respond to Bloomberg’s requests for comment. Denel was among state entities bailed out this year to prevent a call on its government-guaranteed debt. This list includes South African Airways, the South African Post Office and the South African Broadcasting Corp. which all may require further intervention, the National Treasury said in its mid-term budget report."
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Sunday 26 November 2017
Aramco Sees Oil Market Balanced as U.A.E. Dismisses Shale Threat - Bloomberg
Aramco Sees Oil Market Balanced as U.A.E. Dismisses Shale Threat - Bloomberg:
"Global crude inventories are declining and supply and demand are in balance, according to the head of Saudi Aramco, while the United Arab Emirates energy minister said U.S. shale oil doesn’t threaten OPEC’s efforts to support the market.
Demand for crude is continuing to rise and oil inventories are returning to the levels of the past five years, Aramco Chief Executive Officer Amin Nasser said Sunday in the eastern Saudi city of Dhahran. “This is helping prices improve,” he said, as the Organization of Petroleum Exporting Countries and allied suppliers prepared to gather this week in Vienna to assess the market.
U.A.E. Energy Minister Suhail Al Mazrouei said he’s optimistic the producers will extend their deal on output cuts when they meet on Nov. 30. Shale oil represents only a fraction of global production and “is not an enemy to OPEC,” he told reporters in Abu Dhabi, referring to the U.S. deposits that contributed to a worldwide glut."
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"Global crude inventories are declining and supply and demand are in balance, according to the head of Saudi Aramco, while the United Arab Emirates energy minister said U.S. shale oil doesn’t threaten OPEC’s efforts to support the market.
Demand for crude is continuing to rise and oil inventories are returning to the levels of the past five years, Aramco Chief Executive Officer Amin Nasser said Sunday in the eastern Saudi city of Dhahran. “This is helping prices improve,” he said, as the Organization of Petroleum Exporting Countries and allied suppliers prepared to gather this week in Vienna to assess the market.
U.A.E. Energy Minister Suhail Al Mazrouei said he’s optimistic the producers will extend their deal on output cuts when they meet on Nov. 30. Shale oil represents only a fraction of global production and “is not an enemy to OPEC,” he told reporters in Abu Dhabi, referring to the U.S. deposits that contributed to a worldwide glut."
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MIDEAST STOCKS-Saudi rises after prince reassures on crackdown, Gulf mostly sluggish
MIDEAST STOCKS-Saudi rises after prince reassures on crackdown, Gulf mostly sluggish:
"Saudi Arabia’s stock market rose on Sunday after Crown Prince Mohammed bin Salman reassured investors about the impact of a crackdown on corruption, while other Gulf bourses were sluggish. The Saudi index added 0.8 percent. Prince Mohammed said in a New York Times interview that about 95 percent of about 200 businessmen and officials implicated in the probe were agreeing to financial settlements of the charges against them - a possible indication the probe, which has unsettled the stock market, could start to wind down. Al Tayyar Travel, whose founder has been detained in the crackdown, rebounded 6.4 percent. After plunging in the initial days after the probe was announced, it has been recovering in the last few days."
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"Saudi Arabia’s stock market rose on Sunday after Crown Prince Mohammed bin Salman reassured investors about the impact of a crackdown on corruption, while other Gulf bourses were sluggish. The Saudi index added 0.8 percent. Prince Mohammed said in a New York Times interview that about 95 percent of about 200 businessmen and officials implicated in the probe were agreeing to financial settlements of the charges against them - a possible indication the probe, which has unsettled the stock market, could start to wind down. Al Tayyar Travel, whose founder has been detained in the crackdown, rebounded 6.4 percent. After plunging in the initial days after the probe was announced, it has been recovering in the last few days."
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Adnoc Distribution sets pricing for IPO on Abu Dhabi bourse - The National
Adnoc Distribution sets pricing for IPO on Abu Dhabi bourse - The National:
"Adnoc Distribution, which intends to list on the Abu Dhabi stock market next month, has opened the subscription of its initial public offering (IPO), setting the pricing between Dh2.35 and Dh2.95 per share. At this price range and on a 12.5 billion share count, this equates to approximately $8 to $10 billion in equity value, Adnoc Group chief executive Sultan Al Jaber said in a statement. “The planned IPO of Adnoc Distribution is centered around Adnoc’s recently announced strategy to more actively manage our assets and capital and represents a key milestone in the company’s ongoing transformation,” Mr Al Jaber said. “It will also support the continued evolution of Adnoc Distribution and accelerate growth of the business. Adnoc Distribution has enormous potential and we believe this IPO will help unlock the inherent value in the business. We see multiple areas for growth in the business – new initiatives in fuel retail sales, further expansion and leveraging of our market leading convenience store platform, as well as growing our commercial fuel distribution business and increasing our regional footprint.”"
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"Adnoc Distribution, which intends to list on the Abu Dhabi stock market next month, has opened the subscription of its initial public offering (IPO), setting the pricing between Dh2.35 and Dh2.95 per share. At this price range and on a 12.5 billion share count, this equates to approximately $8 to $10 billion in equity value, Adnoc Group chief executive Sultan Al Jaber said in a statement. “The planned IPO of Adnoc Distribution is centered around Adnoc’s recently announced strategy to more actively manage our assets and capital and represents a key milestone in the company’s ongoing transformation,” Mr Al Jaber said. “It will also support the continued evolution of Adnoc Distribution and accelerate growth of the business. Adnoc Distribution has enormous potential and we believe this IPO will help unlock the inherent value in the business. We see multiple areas for growth in the business – new initiatives in fuel retail sales, further expansion and leveraging of our market leading convenience store platform, as well as growing our commercial fuel distribution business and increasing our regional footprint.”"
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Qatar economy resilient in post-blockade period - The Peninsula Qatar
Qatar economy resilient in post-blockade period - The Peninsula Qatar:
"H E Sheikh Abdulla bin Saoud Al Thani, Governor of Qatar Central Bank, has expressed confidence in the strength of Qatar’s economy in an interview with The Euromoney Qatar Conference. The Governor, who will be speaking at the event in December, outlined the key factors that have enabled Qatar to thrive in 2017, even with an uncertain global economy and pressure from a diplomatic and economic blockade by neighbouring states. "
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"H E Sheikh Abdulla bin Saoud Al Thani, Governor of Qatar Central Bank, has expressed confidence in the strength of Qatar’s economy in an interview with The Euromoney Qatar Conference. The Governor, who will be speaking at the event in December, outlined the key factors that have enabled Qatar to thrive in 2017, even with an uncertain global economy and pressure from a diplomatic and economic blockade by neighbouring states. "
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Qatar economy to 'expand at fastest pace' in GCC in 2017, says QCB governor
Qatar economy to 'expand at fastest pace' in GCC in 2017, says QCB governor:
"Despite low global crude oil prices and a not so conducive economic environment, Qatar’s economy is projected to expand at the fastest pace in the Gulf Cooperation Council region in 2017, said HE the Qatar Central Bank Governor, Sheikh Abdulla bin Saoud al-Thani.
As per the latest International Monetary Fund report, real GDP growth is projected to grow at 3.1% in 2018, up from 2.5% in 2017.
The real GDP growth is expected to pick up on account of recovery in global crude oil prices and their positive spillover effects on both hydrocarbon and non-hydrocarbon GDP, Sheikh Abdulla said in an interview with The Euromoney Qatar Conference."
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"Despite low global crude oil prices and a not so conducive economic environment, Qatar’s economy is projected to expand at the fastest pace in the Gulf Cooperation Council region in 2017, said HE the Qatar Central Bank Governor, Sheikh Abdulla bin Saoud al-Thani.
As per the latest International Monetary Fund report, real GDP growth is projected to grow at 3.1% in 2018, up from 2.5% in 2017.
The real GDP growth is expected to pick up on account of recovery in global crude oil prices and their positive spillover effects on both hydrocarbon and non-hydrocarbon GDP, Sheikh Abdulla said in an interview with The Euromoney Qatar Conference."
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Saudi GDP expected to grow 2.3% in 2018, 3.8% in 2019 | ZAWYA MENA Edition
Saudi GDP expected to grow 2.3% in 2018, 3.8% in 2019 | ZAWYA MENA Edition:
"Several economies in the Middle East are set for transition in 2018, implementing new policies to tackle economic and financial vulnerabilities, and lay the ground for more diversified growth. "We expect a pickup in economic growth in the coming couple of years, but business should remain aware of risks to recovery," the latest ICAEW Economic Insight report revealed. In Saudi Arabia, a gradual easing in social restrictions should remove constraints to growth. Lebanon’s economy has suffered from a combination of political upheaval and the cost of hosting 1.5 million refugees over recent years. But progress has been made on a number of fronts through 2017, and though challenges remain substantial we do expect a recovery in confidence and activity in the years ahead. "
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"Several economies in the Middle East are set for transition in 2018, implementing new policies to tackle economic and financial vulnerabilities, and lay the ground for more diversified growth. "We expect a pickup in economic growth in the coming couple of years, but business should remain aware of risks to recovery," the latest ICAEW Economic Insight report revealed. In Saudi Arabia, a gradual easing in social restrictions should remove constraints to growth. Lebanon’s economy has suffered from a combination of political upheaval and the cost of hosting 1.5 million refugees over recent years. But progress has been made on a number of fronts through 2017, and though challenges remain substantial we do expect a recovery in confidence and activity in the years ahead. "
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UPDATE 1-Iraq plans $2 bln bond issue, Trade Bank of Iraq to establish Saudi branch
UPDATE 1-Iraq plans $2 bln bond issue, Trade Bank of Iraq to establish Saudi branch:
"Iraq is planning a $2 billion sovereign bond issue in 2018, the central bank governor said on Sunday, after the country successfully returned to the international debt market by selling a $1 billion bond in August. “The economy is seeing a recovery with the increase in oil prices and measures of the government on financial consolidation,” Ali Ismail al-Alak told Reuters after the opening of Trade Bank of Iraq’s representative office in Abu Dhabi. On the sovereign bond, he said: “It is in process, awaiting parliament approval. It is to cover the budget deficit.”"
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"Iraq is planning a $2 billion sovereign bond issue in 2018, the central bank governor said on Sunday, after the country successfully returned to the international debt market by selling a $1 billion bond in August. “The economy is seeing a recovery with the increase in oil prices and measures of the government on financial consolidation,” Ali Ismail al-Alak told Reuters after the opening of Trade Bank of Iraq’s representative office in Abu Dhabi. On the sovereign bond, he said: “It is in process, awaiting parliament approval. It is to cover the budget deficit.”"
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Saudi Alhokair Mall IPO Said to Be Derailed as Billionaire Held - Bloomberg
Saudi Alhokair Mall IPO Said to Be Derailed as Billionaire Held - Bloomberg:
"Plans to revive the public share sale of Fawaz Alhokair Group’s mall unit are on hold after the accounts of its billionaire co-founder were frozen in Saudi Arabia’s corruption crackdown, according to people with knowledge of the matter. Fawaz Alhokair, who’s a major shareholder in the group and in fashion retailer Fawaz Abdulaziz Alhokair & Co., is being detained at the Ritz Carlton as part of the investigations, the people said, asking not to be identified because the information is private. Before the probe, the group had planned to restart work on the IPO of its Arabian Centres mall unit, the people said. “There are many rumors in the market," Fawaz Alhokair’s personal assistant said by email in response to questions on the arrest and the IPO. "Your speculations are false," and "all is well and it is business as usual at our group.""
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"Plans to revive the public share sale of Fawaz Alhokair Group’s mall unit are on hold after the accounts of its billionaire co-founder were frozen in Saudi Arabia’s corruption crackdown, according to people with knowledge of the matter. Fawaz Alhokair, who’s a major shareholder in the group and in fashion retailer Fawaz Abdulaziz Alhokair & Co., is being detained at the Ritz Carlton as part of the investigations, the people said, asking not to be identified because the information is private. Before the probe, the group had planned to restart work on the IPO of its Arabian Centres mall unit, the people said. “There are many rumors in the market," Fawaz Alhokair’s personal assistant said by email in response to questions on the arrest and the IPO. "Your speculations are false," and "all is well and it is business as usual at our group.""
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Shale Is Confounding Everybody, But Never Mind - Bloomberg Gadfly
Shale Is Confounding Everybody, But Never Mind - Bloomberg Gadfly:
"If anyone doubted that the U.S. shale industry has completely upended the oil market, just look at how it's complicating OPEC's next meeting.As the group prepares to decide on Nov. 30 whether to extend output cuts to the end of 2018, it has no idea how much competition to expect from shale. Nor does anybody else, for that matter.Forecasting output growth used to be a relatively simple undertaking. Developing oil fields had a lead time of several years and the flow of new oil coming from them was reasonably visible over a 12-month horizon."
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"If anyone doubted that the U.S. shale industry has completely upended the oil market, just look at how it's complicating OPEC's next meeting.As the group prepares to decide on Nov. 30 whether to extend output cuts to the end of 2018, it has no idea how much competition to expect from shale. Nor does anybody else, for that matter.Forecasting output growth used to be a relatively simple undertaking. Developing oil fields had a lead time of several years and the flow of new oil coming from them was reasonably visible over a 12-month horizon."
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Abu Dhabi's Adnoc Seeking Up to $2 Billion With Unit IPO - Bloomberg
Abu Dhabi's Adnoc Seeking Up to $2 Billion With Unit IPO - Bloomberg:
"Abu Dhabi National Oil Co. may raise $2 billion from the initial public offering of its fuel-retailing unit in an IPO that could be the biggest in the United Arab Emirates in 10 years.
The crude producer will price the shares of Abu Dhabi National Oil Co. for Distribution PJSC in a range of 2.35 dirhams (64 cents) to 2.95 dirhams, according to an advertisement published in Gulf News. Based on that estimate, the unit is valued at $8 billion to $10 billion.
IPO activity in the U.A.E. is showing signs of picking up after only two deals were completed throughout 2015 and 2016. Emaar Properties PJSC raised $1.3 billion from the sale of shares in its development unit earlier this month, while Mubadala Investment Co. expects to IPO its Emirates Global Aluminium unit next year."
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"Abu Dhabi National Oil Co. may raise $2 billion from the initial public offering of its fuel-retailing unit in an IPO that could be the biggest in the United Arab Emirates in 10 years.
The crude producer will price the shares of Abu Dhabi National Oil Co. for Distribution PJSC in a range of 2.35 dirhams (64 cents) to 2.95 dirhams, according to an advertisement published in Gulf News. Based on that estimate, the unit is valued at $8 billion to $10 billion.
IPO activity in the U.A.E. is showing signs of picking up after only two deals were completed throughout 2015 and 2016. Emaar Properties PJSC raised $1.3 billion from the sale of shares in its development unit earlier this month, while Mubadala Investment Co. expects to IPO its Emirates Global Aluminium unit next year."
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Saudi rises in early trade, most Gulf markets move little | ZAWYA MENA Edition
Saudi rises in early trade, most Gulf markets move little | ZAWYA MENA Edition:
"Saudi Arabia's stock market rose in a broad-based rally early on Sunday with most other major Gulf bourses moving little. The Saudi index climbed 0.6 percent with all 10 of the most active stocks gaining. Insurer SABB Takaful surged 5.5 percent after Saudi British Bank said it had completed the purchase of all of HSBC's stake in SABB Takaful. Al Tayyar Travel, its founder detained in Saudi Arabia's corruption probe, added 2.9 percent; after plunging in response to the probe, it has been edging back up in the last few days. "
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"Saudi Arabia's stock market rose in a broad-based rally early on Sunday with most other major Gulf bourses moving little. The Saudi index climbed 0.6 percent with all 10 of the most active stocks gaining. Insurer SABB Takaful surged 5.5 percent after Saudi British Bank said it had completed the purchase of all of HSBC's stake in SABB Takaful. Al Tayyar Travel, its founder detained in Saudi Arabia's corruption probe, added 2.9 percent; after plunging in response to the probe, it has been edging back up in the last few days. "
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