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The ultimate Middle East business resource

Last Build Date: Thu, 01 Dec 2016 07:16:39 +0000


OPEC deal: Producers agree to oil production cut, first since 2008

Thu, 01 Dec 2016 07:16:00 +0000

* Under OPEC deal, Saudis to cut output by 0.5 million bpd * Iraq to reduce production, Iran will raise slightly * Qatar says Russia also joins cuts with 0.3 mln bpd * Brent oil jumps 9 per cent to more than $50/barrel * Indonesia suspends OPEC-membership after recently rejoining Members of the Organisation of Petroleum […]

Saudi Arabia becomes net fuel oil importer for 3rd time: JODI data

Wed, 30 Nov 2016 13:01:24 +0000

* Fuel oil imports rise to meet power demand, displace crude burn * Oil-fired power-gen capacity set to rise 8.34 GW by 2018 * Increased fuel oil demand “very significant” to global supply * Saudi Arabia last a net fuel oil importer in Nov 2014, Aug 2008 Saudi Arabia in September flipped to a net […]

Qatar’s Mejda Group set to back $220m Tunisia tourism project

Wed, 30 Nov 2016 12:57:05 +0000

* Tunisia tourism complex will be located just north of the capital at Raoued * Expected to create 1,500 jobs, with work to start in December   Qatar’s Mejda Group is to sign a deal to develop a $220 million tourism complex near Tunis, a Tunisian official and a representative of the Qatari group said on Wednesday. The […]

Poll: Mideast funds more bullish on equities but cautious on Saudi, Egypt

Wed, 30 Nov 2016 12:52:59 +0000

* Most bullish balance towards stocks since January * UAE top pick, managers cite valuations * Qatar positive as funds hunt for high dividend yields * Valuations no longer so attractive in Saudi, Egypt * Kuwait sees most bullish balance since start of poll Middle East funds have become more bullish towards equities in the […]

Saudi’s ACWA expected to offer sizeable spread on $1bn project-linked bond

Wed, 30 Nov 2016 12:50:41 +0000

* ACWA, First Saudi corporate to issue after jumbo sovereign bond * Targets US, Asian investors keen on long-term Saudi risk * Price will reflect complex bond structure, long tenor * Some fund managers suggest around 330 bps over mid-swaps * 30-year Saudi notes, Abu Dhabi’s Ruwais bond are comparables Saudi Arabia’s ACWA Power is […]

Egypt central bank lets banks allocate more dollars to clients: bankers

Wed, 30 Nov 2016 12:47:50 +0000

* Egypt Central bank abandoned peg to USD to unlock dollar inflows * Potentially makes hard currency available to foreign companies seeking to repatriate earnings after months of delays     Egypt’s central bank has told banks they may allocate dollars to a wider range of clients, according to bankers, potentially making hard currency available to foreign […]

UAE’s Gulf Capital may sell some investments late next year

Wed, 30 Nov 2016 12:38:51 +0000

* End of 2017, early 2018 for possible stake sales, Gulf Capital CEO says * Sees firms interesting “global strategic buyers” * Stakes in TechnoScan and Metito Holdings for sale: sources   Private equity firm Gulf Capital plans to sell some of its investments towards the end of 2017 and early 2018 as market sentiment and the regional […]

2016 OPEC deal: How we got here

Wed, 30 Nov 2016 12:25:59 +0000

* OPEC deal started when the organisation introduced record output cut after 2008 crisis * Oil supplies remained relatively high despite fluctuations throughout 2012 and 2013 * In 2014, crude prices reached 4-year low, but OPEC members continuing to pump oil * In January 2016, crude hit an 11-year low, reaching $53 a barrel   Members of the […]

UAE National Day: Celebrating the top 7 milestones

Wed, 30 Nov 2016 10:58:15 +0000

* UAE will mark its 45th National Day On December 2 * UAE has come a long way since 1971, from a desert country to a modern marvel * Country has many firsts to its name, including world’s tallest building and longest fully automated metro network * Major investments in energy also underway with Barakah […]

Saudi signals compromise for Iran as OPEC debates output cut

Wed, 30 Nov 2016 10:49:12 +0000

* Saudi’s Falih says Iran OK to freeze output at pre-sanction levels * Says OPEC close to reaching a deal * OPEC to study proposal to cut output by 1.2 mln bpd * Brent futures up more than 5 percent, above $49/barrel Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC was close to clinching […]