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Articles by Jerusha Sequeira
Higher oil prices, index inclusion boost outlook for GCC bonds: analysts
Despite headwinds from US interest rate hikes, the investment case is bullish for GCC bond and sukuk issuances in the coming year, given higher oil prices and the inclusion of Gulf nations in JPMorgan’s emerging market bond indexes, analysts told Argaam. Brent crude prices have climbed from levels of around $66 per barrel in early January to as high as $86/bbl in October. Prices have since slipped below the $80 mark, amid a broader rout in global financial markets due to the US-China trade war.
How will US sanctions on Iran impact the oil market?
Following the United States’ withdrawal from the Iran nuclear deal this year, fresh sanctions are set to go into effect on the Middle Eastern country’s petroleum sector on Nov. 4. While other OPEC producers could compensate for the loss of Iranian crude by increasing production or using spare capacity, analysts told Argaam this could create a supply crunch in the event of an unexpected disruption.
5 key benefits of the Sipchem-Sahara merger
Saudi International Petrochemical Co. (Sipchem) and Sahara Petrochemical Co.’s proposed merger will offer many key benefits, including diversifying feedstock and product base as well as synergies achieved through integrating operations, according to analysts.
Oil crosses $80 as producers decide against output hike
Oil prices jumped on Monday after a meeting between OPEC and its allies, led by Saudi Arabia and Russia respectively, ended without a formal recommendation for any additional supply hike. Futures of global benchmark Brent crude jumped 2 percent, or $1.59, during trading on Monday to $80.12. “Markets are responding to OPEC’s reluctance to raise production to completely offset the anticipated decline in Iranian output,” Edward Bell, commodities analyst at Emirates NBD, told Argaam.
6 sectors ripe for M&As in Saudi Arabia
As Saudi Arabia seeks to boost privatization and attract foreign investment under ambitious economic reforms, several industry sectors could see higher activity in terms of mergers and acquisitions (M&A), analysts told Argaam. While deal activity in 2018 and 2019 is not expected to be as high as 2013-15 levels, the outlook remains positive as companies adapt to “the new normal” in terms of growth potential in the current economic environment, said Imad Matar, Partner – Deals at PwC Middle East.
Rosatom eyes local partnerships for Saudi nuclear program
Russia’s state-owned Rosatom has signed an agreement with a Saudi partner to execute nuclear projects in the country and is looking to team up with more local players as part of a cooperation deal inked last year, a senior executive told Argaam. Saudi Arabia, the world’s top oil producer, is looking to build two nuclear plants to diversify its energy supply.
Here's what industry experts are saying about the Aramco-SABIC deal
In major news for the global oil industry earlier this month, state-run giant Saudi Aramco said it was in talks with the Kingdom’s sovereign wealth fund over the acquisition of a potential stake in Saudi Basic Industries Corporation (SABIC).
Car ads focus on Saudi women after driving ban lifted
This Sunday, Saudi Arabia turned a new page in its history when the decades-long ban on women driving was lifted officially. As the clock ticked past midnight on Sunday, scores of women took to the streets in Riyadh, Jeddah, and other cities in the Kingdom, driving for the first time with newly issued licenses.
IFRS 9 adoption to drive higher provisions for Saudi banks
The implementation of the International Financial Reporting Standard (IFRS) 9 is likely to drive higher provisions for Saudi banks in the near-term, with lenders set to exercise greater caution to avoid future volatility of net income, analysts told Argaam. As of Jan. 1, 2018, Saudi-based banks began to apply the IFRS 9 accounting standard, which provisions to be set aside for credit impairment on anticipation of customer default, not when actual default happens.
Abraaj case highlights need for stronger corporate governance: analysis
The highly publicized case of Dubai-based Abraaj Group, which is undergoing court-driven restructuring following its alleged mishandling of investor funds, is likely to make investors demand more robust corporate governance in the region, analysts told Argaam. “The need for enhanced disclosures, better governance measures, and robust risk frameworks has been echoed for long in the GCC region.
Six hotel chains boosting their presence in Saudi
As Saudi Arabia ramps up tourism and entertainment spending under its economic reform plans, hotel operators are rushing to boost presence in the country to capitalize on anticipated growth in demand. According to a report in February by Tophotel projects, as many as 84 hotels out of the 143 under construction in Saudi Arabia are set to open this year, adding 27,281 rooms to the market.
Saudi could earn $34 bln from privatization by 2022: MUFG
Saudi Arabia stands to see $34.3 billion in revenues from its privatization program over the next five years, as part of wider economic diversification efforts to boost non-oil revenue, according to Japan’s largest bank, MUFG. The world’s top oil exporter will need $118 billion to finance its fiscal deficit from 2018-2022, with $51 billion needed in 2018 alone, said Ehsan Khoman, head of research and MENA strategist at MUFG.
Hilton bullish on Saudi growth, Red Sea project
Hilton plans to increase its Saudi properties from 10 to over 40 in the next five years, as the Kingdom shores up tourism and entertainment spending through major developments like NEOM and the Red Sea project, a senior executive told Argaam. The hotel chain is eyeing openings in Riyadh, Jeddah and Makkah, as well as secondary cities like Jubail and Khobar among others, said Carlos Khneisser, Hilton’s VP of Development in MENA.
Global oil industry needs $20 trln investment over 25 years: Nasser
The global oil industry needs over $20 trillion in investment over the next quarter century in order to meet rising demand, Saudi Aramco CEO Amin Nasser said at a conference on Tuesday. “This staggering amount will only come if investors are convinced that oil will be allowed to compete on a level playing field, and that oil is here for the foreseeable future” Nasser said, speaking at the CERA Week conference in Houston, Texas.
These four companies are bringing cinemas to Saudi Arabia
In a historic move in December, Saudi Arabia lifted a 35-year ban on cinemas, announcing at the time that the first commercial cinemas could open as early as next month. The decision was part of wider liberalizing reforms under the oil-rich Kingdom’s Vision 2030 plan, which seeks to overhaul the economy and attract foreign investment.
10 years of Bitcoin: A look back through cryptocurrency history
The last week of October marked the ten-year anniversary of the foundation of bitcoin, the world’s first cryptocurrency that drove the creation of an entirely new asset class for financial markets. The origins of bitcoin can be traced back to Oct. 31, 2008, when a whitepaper on the subject was published by Satoshi Nakamoto. This document went on to become a founding text for the digital currency, leading to the world’s first bitcoin transactions shortly after.
Gold continues downtrend as dollar strengthens on robust data
Gold prices continued to edge lower on Monday, as the US dollar strengthened against other currencies, supported by robust economic indicators and prospects of further rate hikes from the Federal Reserve. Spot gold was last down 0.3 percent at $1,249.3 per ounce, while US gold futures for August delivery slipped 0.4 percent to $1,249.4/ounce. US consumer prices rose in the year to May, with a measure of underlying inflation hitting the Fed’s target of 2 percent for the first time in six years.
Saudi state budget, PIF spending to drive cement sector growth
Saudi Arabia’s expansionary budget unveiled for 2018 and spending outlays by the Public Investment Fund (PIF) and National Development Fund are likely to drive the growth of cement sector in the years ahead, analysts say. Saudi Arabia announced last month its biggest ever budget for 2018, despite lower crude prices, with revenue at SAR 783 billion, public spending at SAR 978 billion, and a projected deficit of SAR 195 billion.
Year in review: Tadawul’s key reforms in 2017
Saudi Arabia has seen the introduction of many important economic and social reforms following the launch of Vision 2030 last year, aimed at diversifying the country’s oil rich economy and attracting foreign investment. The Saudi Stock Exchange (Tadawul) and the Capital Market Authority (CMA) have unveiled many changes in 2017, aiming to boost inflows of foreign investment and align the market with global standards and best practices. Argaam takes a look at eight key reforms introduced this year.
Saudi cyber-security authority to improve regulations, response to attacks: analysts
The recent establishment of a cyber-security authority in Saudi Arabia will boost the Kingdom’s regulatory environment and its response to cyber-attacks, analysts told Argaam. “There is no denying that effective cyber-security is no longer a luxury but a vital necessity critical to the stability of any country, both economically as well as politically.
Analysts: Oil market expects cuts to be extended until 2018-end
OPEC ministers will meet in Vienna this week for the group’s 173rd meeting, in which they will make a decision on extending an oil output pact that has been in effect since the start of 2017. The cartel agreed with a group of non-member oil producers, led by Russia, in December last year to cut crude output by a combined 1.8 million barrels per day (mbd) for the first six months of 2017. The deal was extended this year to run until the end of March 2018.
Saudi stock sell-off by foreign investors eased last week
Selling of Saudi stocks by foreign investors on Tadawul reduced last week, after a sharp rise observed the previous week following the Kingdom’s corruption purge, according to market data released by the bourse on Monday. Foreign investors heavily sold Saudi stocks soon after the probe was announced, selling SAR 2 billion and buying SAR 917 million in the week ending Nov. 9. In the latest week ending Nov.
Here’s a look at five bank mergers in the Gulf
After oil prices tumbled in mid-2014, GCC banks have had to adjust to an era of lower growth, amid a wider macroeconomic slowdown in the region and constrained government spending. Lenders across the region have been facing tighter liquidity and pressure on profitability, against a backdrop of weaker deposit growth and revenue generation.
Dubai puts $20 bln Jumeirah Central project on hold
Dubai Holding has suspended plans to develop its $20 billion Jumeirah Central development, and reallocated resources to other ongoing projects ahead of the Expo 2020 exhibition. The developer is “prioritizing projects that will be ready for Expo 2020 Dubai and those that will help draw tourists to the emirate,” a spokesperson said in an emailed statement. “As a result, we are currently focusing our resources on projects such as Marsa Al Arab.
VIDEO: World’s first flying taxi takes off in Dubai
Dubai residents might soon be able to beat the emirate’s infamous traffic jams by taking to the skies in the city’s latest innovation – flying taxis. Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum on Monday attended the maiden concept flight of the Autonomous Air Taxi (AAT), a vehicle that will be used for the world’s first self-flying taxi service by the city’s Road and Transport Authority (RTA).
Oil prices hit $58/bbl as OPEC says output cuts working
Oil prices rose to their highest level in 2017 on Monday as OPEC said that market rebalancing was well underway, while Turkey warned that it would cut off the pipeline carrying oil from Iraq’s Kurdistan to the rest of the world. Global benchmark Brent crude was last up 2.1 percent at nearly $58.04 per barrel (bbl), while West Texas Intermediate rose 1.3 percent to $51.34/bbl.
BlackBerry banks on new products, privacy features to boost Saudi sales
Despite having lost market share to rivals like Apple and Samsung, BlackBerry is keen on winning over Saudi customers with new product launches and a focus on privacy and security features, Mike Al-Mefleh, Middle East regional director for BlackBerry Mobile, told Argaam. The brand recently launched its KEYone smartphone in many key markets across the Middle East including Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Lebanon, and Oman.
Saudi Arabia orders citizens to leave Lebanon ‘immediately’
Saudi Arabia has directed its citizens and residents in Lebanon to leave “as soon as possible,” according to a statement on the official Saudi Press Agency (SPA) on Thursday, citing the Kingdom’s Ministry of Foreign Affairs. Saudi citizens have been advised not to travel to Lebanon from any international destination, SPA said. Lebanese prime minister Saad Al Hariri resigned from his post last Saturday in a televised broadcast from Saudi Arabia.
Hurricane Harvey hits 20% of US refining capacity: report
Flooding from Tropical Storm Harvey has shut down nearly 3.6 million barrels per day (mbd) of refining capacity in the US states of Texas and Louisiana, accounting for nearly 20 percent of the country’s total, Reuters reported Tuesday citing company reports and its own estimates. The refinery closures have raised concerns about a supply crunch hitting the American petrochemicals industry, sending gasoline futures soaring.
UAE’s ADNOC to cut October crude allocation by 10%
United Arab Emirates-based Abu Dhabi National Oil Company (ADNOC) will trim crude allocations by 10 percent in October, UAE energy minister Suhail Al Mazrouei said on his official Twitter account. The oil giant will cut 10 percent from its Murban, Das, and Upper Zakum term agreements during the month, in line with the UAE’s OPEC commitments, the minister said.
Saudi manufacturing to see ‘modest’ boost from defense deals
Saudi Arabia’s recent defense deals will make a modest contribution to its economy, but the development of a local military manufacturing sector will face roadblocks like tough competition and the lack of supporting industries, analysts told Argaam.
Turkey’s TAV to raise nearly $500 mln funding for Saudi airports
Turkey’s TAV Airports is currently in the documentation process to close around $400 million-$500 million in financing for its Saudi airport projects by the end of 2017, chief executive Sani ?ener told Argaam. TAV, along with its Saudi partner Al Rajhi Group, added three airports in the Kingdom to its portfolio this year: Yanbu, Qassim, and Hail.
Saudi Vision 2030 likely to fall short of goals: CE
Saudi Arabia’s Vision 2030 reform program is likely to face several implementation challenges, and shies away from key measures needed to boost the Kingdom’s economic growth, such as promoting non-oil exports and overhauling the education system, London-based Capital Economics (CE) said in a report on Tuesday. “The result is that Vision 2030 is likely to fall short of its lofty intentions.
Expat taxes to raise costs for Saudi private sector
Saudi Arabia’s plans to increase taxes on foreign workers from 2018 and introduce a new fee for expatriate dependents next month will raise costs for the private sector, with the impact to be felt most on labor-intensive industries like construction and retail, analysts told Argaam. Companies in the Kingdom currently pay a levy of SAR 200 per month per expat worker, but only for foreign employees exceeding the number of Saudis employed.
Oil prices continue to slide amid oversupply concerns
Oil prices extended declines on Wednesday, after falling to a seven-month low during the previous session, amid fears that rising oil output could undermine the efforts of OPEC and non-member producers to balance the market. Global benchmark Brent crude was last trading 0.4 percent lower at $45.96 per barrel (bbl), while West Texas Intermediate (WTI) was 0.2 percent lower at $43.43/bbl. Brent settled at $46.02/bbl on Tuesday, its lowest settlement since Nov.
Here’s a look at some of Prince Alwaleed’s key investments
Saudi billionaire Prince Alwaleed bin Talal, chairman and founder of Tadawul-listed Kingdom Holding Co. (KHC), was among 11 princes and several other officials arrested in Saudi Arabia this week, as part of an anti-corruption crackdown led by Crown Prince Mohammed bin Salman. One of the world’s richest people, Prince Alwaleed is known for several major investments in top global companies, including Apple, Twitter, and Time Warner.
6 key sectors likely to feel impact of Qatar-Gulf row
It won’t be business as usual after Qatar’s latest diplomatic fallout with its neighbors. Several of Qatar’s key economic sectors are likely to be impacted following a decision by Saudi Arabia, the United Arab Emirates, and Egypt to cut diplomatic ties with the country. Saudi Arabia has urged friendly nations, as well as international companies to do the same after accusing Qatar of supporting terrorist groups to destabilize the region.
Oil prices slump 2% despite Saudi-Russian pledge to cut inventories
Oil prices declined 2 percent on Wednesday as oversupply concerns continued to weigh on investor sentiment, despite top producers Saudi Arabia and Russia pledging to continue efforts to stabilize the crude market. Global benchmark Brent crude was last down 2.3 percent at $50.64 per barrel (bbl), while West Texas Intermediate fell 1.9 percent to $48.71/bbl.
OPEC should treat Asian countries as primary markets, says India
OPEC should treat Asian customers as primary markets and work towards a “responsible price” for major oil consumers, Indian oil minister Dharmendra Pradhan said at a conference in Vienna on Monday. “OPEC should treat Asian markets as primary markets. Its strategy of incentivising Western markets in the past did not result in retaining those markets,” Pradhan said at the India-OPEC Energy Dialogue, according to an official statement by the Indian Ministry of Petroleum & Natural Gas.
US President Trump lands in Riyadh
US President Donald Trump arrived in the Saudi capital of Riyadh this morning, as part of a two-day visit to the Kingdom meant to bolster bilateral relations. Saudi Arabia is Trump’s first stop in an eight-day tour that will also see him visit Israel and the Vatican, after which he will attend the 28th NATO summit in Brussels, Belgium, and the 43rd G7 summit in Taormina, Italy. The tour is Trump’s first overseas trip since taking office.
Saudi budget deficit narrows by 71% in Q1
Saudi Arabia cut its deficit by 71 percent year-on-year (YoY) to SAR 26.2 billion in Q1 2017, the finance ministry said at a press conference today, revealing the Kingdom’s first-ever quarterly budget. Total revenues came in at SAR 144 billion, surging 72 percent year-on-year, state-owned Saudi Press Agency (SPA) reported. “The government’s reform procedures under the fiscal balance program have helped generate new revenues and diversify income sources,” said finance minister Mohammed Al Jadaan.
Saudi corruption crackdown overall positive, analysts say
Saudi Arabia’s arrests of several princes, ministers, and businessmen on Saturday is positive in terms of tackling corruption in the Kingdom, but could trigger some uncertainty among investors, analysts told Argaam. Eleven princes, including billionaire Prince Alwaleed bin Talal, as well as dozens of other prominent figures were detained by the Saudi government on Saturday, in a sweeping crackdown that took local and international observers by surprise.
What you need to know as UAE markets open on May 8
Here are some things you need to know as markets open today in the United Arab Emirates. 1) Arabtec Holding has appointed Boyd Merrett as chief executive of Arabtec Construction, its wholly owned subsidiary. Merrett joins Arabtec from CIMIC Group, where he served as general manager for Leighton Asia in Hong Kong.
Saudi Arabia cuts ties with Qatar over ‘terrorism’
Saudi Arabia, the United Arab Emirates, Egypt, and Bahrain have cut diplomatic ties with Qatar, accusing the Gulf nation of supporting terrorism, according to official statements issued by the four countries. Saudi Arabia will suspend sea and air travel to and from Qatar, and also shut land crossings with the country, the official Saudi Press Agency (SPA) reported on Monday.
What you need to know as UAE markets open on April 30
Here are some things you need to know as markets open today in the United Arab Emirates. 1) Abu Dhabi-listed Bank of Sharjah reported a profit of AED 55.5 million for Q1 2017, down nearly 30 percent year-on-year (YoY). 2) Dana Gas is looking to reach an agreement with holders of its outstanding sukuk, which will be similar to a standstill agreement the Abu Dhabi-listed firm reached with creditors in 2012, it said on Thursday.
Tobacco firms warn on mismanagement for GCC selective tax
Regulators in the GCC need to recognize and address potential issues that may arise during the roll-out of a region-wide tax on tobacco and soft drinks, such as stockpiling goods or consumers buying illicit alternatives, tobacco company executives told Argaam.
Zain Saudi plans to complete tower sale talks in 2017: CEO
Mobile Telecommunication Co. Saudi Arabia (Zain Saudi) is still in talks over the sale of its transmitter towers, but aims to complete commercial negotiations and obtain regulatory approval by year-end, CEO Peter Kaliaropoulos told Argaam. Zain Saudi reported a net profit of SAR 45 million in the first quarter, its first ever, compared to a loss of SAR 45 million in Q1 2016.
Emirates to cut US flights following laptop ban
Emirates plans to reduce its flights to American cities in response to lower demand, following an electronics ban imposed by the Trump administration on US-bound flights from Middle East destinations. Starting next month, the Dubai-based carrier will scrap flights to five of the 12 American cities it currently serves, an Emirates spokesperson told Argaam in an emailed statement.
OPEC output deal likely to be extended, says Al Falih
OPEC’s six-month agreement to trim crude oil output in order to rebalance the market could be extended, Saudi Arabia’s energy minister Khalid Al Falih said on Thursday at a conference in Abu Dhabi. A preliminary agreement has been reached over the extension, but does not yet include all ministers, Al Falih said, speaking at the GCC Petroleum Media Forum.
OPEC chief urges more non-member cooperation in oil output cuts
OPEC Secretary General Mohammad Barkindo on Wednesday called for increased cooperation from non-OPEC members to help stabilize oil markets. All parties in last year’s agreement to cut output are committed to doing their part, he said, noting that the six members of the GCC are “actively involved” in restoring stability to the oil market. Rebalancing the global oil market is still a “work in progress,” Barkindo added, speaking at the GCC Petroleum Media Forum in Abu Dhabi.
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