Edition:
United States

Davide Barbuscia

Saudi Aramco hires SMBC, Riyad Bank for Amiral project financing: sources

Jan 17 2019

DUBAI/PARIS Saudi Aramco has hired Japan's Sumitomo Mitsui Banking Corp (SMBC) and Riyad Bank to advise it on financing Amiral, a petrochemical project it plans to develop with France's Total , sources familiar with the matter said.

Flydubai taps banks for $300 million loan: sources

Jan 17 2019

DUBAI State-owned Flydubai has approached banks for a $300 million syndicated loan, sources familiar with the matter said.

MIDEAST STOCKS-Gulf mostly up ahead of results season, Global Telecom plunges in Egypt

Jan 13 2019

* But trading volumes thin ahead of companies' results * Egypt's Global Telecom announces loan conversion * Stock plummets 7 pct despite unchanged financial position * Saudi Cable Co jumps 10 pct By Davide Barbuscia DUBAI, Jan 13 Most Gulf markets closed in positive territory on Sunday but trading volumes were thin as investors awaited company results reporting that will begin this week. In Egypt, the index gained 1.2 percent, but Global Telecom Holding plunged 7 percent after announcing earlier on Sunday its plan to convert outstanding shareholder loans of $370.6 million plus accrued interest into equity. Global Telecom Holding said its financial position and cash flow would remain unchanged after the conversion, given this is a non-cash transaction. But the stock took a hit, plunging to a month’s low. Earlier this month the firm also said it planned to raise capital via a rights issue of 11.2 billion Egyptian pounds ($627.10 million), corresponding to the issuance of 19.3 billion new shares with a par value of 0.58 Egyptian pounds. In the Gulf, most major markets closed slightly up, with the Saudi exchange leading the gains. The index rose 1 percent, lifted by a 5.5 percent surge by Al Tayyar Travel Group Holding Company, a 2 percent gain by heavyweight Al Rajhi Banking & Investment Corp and a 10 percent jump by Saudi Cable Co. The latter, a loss-making electrical wires manufacturer, has been gaining value since Dec. 26, when it leapt after reaching a final settlement agreement with commercial creditors on 313.6 million riyals ($83.61 million) in loans. The Dubai index closed in negative territory, shedding 0.3 percent, reversing gains made in early trading. Union Properties lost 1.9 percent, weighing on the index as it was the stock registering the highest trading volume. Dubai’s port operator DP World, which is listed on Nasdaq Dubai, edged up 0.1 percent, after saying on Sunday it had agreed to acquire a 71.3 percent stake in Chile's Puertos y Logistica (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group. DP World said it would offer $502 million for 100 percent equity ownership and that it expected the deal to be "earnings accretive in the first full year of consolidation" and would be financed from existing balance resources. The Kuwait exchange, Boursa Kuwait, upgraded Qurain Petrochemical and Human Soft Holding Co to the premier market, where the index closed 0.4 percent up on Sunday. SAUDI The index rose 1 pct to 8,292 ARABIA points DUBAI The index edged down 0.3 pct to 2,538 points QATAR The index was little changed at 10,654 points ABU DHABI The index added 0.1 pct to 4,969 points EGYPT The index gained 1.2 pct to 13,526 points KUWAIT The index rose 0.4 pct to 5,473 points OMAN The index shed 0.2 pct to 4,304 points BAHRAIN The index gained 0.2 pct to 1,344 points ($1 = 17.8600 Egyptian pounds) ($1 = 3.7509 riyals) (Reporting by Davide Barbuscia Editing by Mark Heinrich)

Looking past Khashoggi, investors flock to Saudi Arabia bond sale

Jan 10 2019

DUBAI Foreign investors flocked to buy Saudi Arabia's first dollar bonds since Jamal Khashoggi's death, in a clear vote of market confidence after the country's reputation was damaged over the journalist's murder.

UAE's Al Jaber Group agrees to $1.6 billion debt restructuring: sources

Dec 20 2018

DUBAI Abu Dhabi-based Al Jaber Group has agreed restructuring terms for 5.9 billion dirhams ($1.61 billion) in debt, sources familiar with the matter said, potentially ending a long-running dispute with its creditors.

Franklin Templeton grabs more Gulf corporate debt after downturn

Dec 19 2018

DUBAI, Dec 19 Franklin Templeton Investments has raised its Gulf corporate debt exposure as a downturn in some sectors, largely real estate, has hit company valuations, Dino Kronfol, its chief investment officer of global sukuk and MENA fixed income, said.

MIDEAST DEBT-UAE lenders unshaken by troubles at Sharjah's Invest Bank

Dec 17 2018

DUBAI, Dec 17 Banks in the United Arab Emirates were unaffected on Monday by the central bank's statement in support of Sharjah's loss-making Invest Bank, which has been hit by exposure to the UAE's troubled real estate and construction markets.

Emirate of Ajman plans debut international bond

Dec 12 2018

DUBAI, Dec 12 Ajman, the smallest emirate in the seven-member UAE federation, plans to sell its first U.S. dollar-denominated bond next year, a government official told Reuters.

Doha Bank to cut construction exposure, keep UAE branches: CEO

Dec 11 2018

DOHA Doha Bank will cut its exposure to construction companies to 10 percent from 17 percent of lending in the next three years, its CEO said on Tuesday, part of efforts to adjust to a building industry downturn following a slump in oil prices.

Qatar considers selling dollar bonds for benchmark purposes only

Dec 10 2018

DOHA, Dec 10 Qatar does not need to raise debt through international bonds next year because its budget forecasts an economic surplus, but it might issue dollar debt to provide a pricing benchmark to government-related entities that plan to sell bonds, a finance ministry official said.

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