Edition:
United Kingdom

Saeed Azhar

Evercore set to lose out as Aramco reshuffles IPO roles: sources

18 Jul 2019

LONDON/DUBAI Boutique investment bank Evercore Partners has lost the chance to retain a prime position as an independent advisor for Saudi Aramco's potential $100 billion share sale, as the oil giant revives its postponed listing, three sources said.

Evercore set to lose out as Aramco reshuffles IPO roles -sources

18 Jul 2019

LONDON/DUBAI, July 18 Boutique investment bank Evercore Partners has lost the chance to retain a prime position as an independent advisor for Saudi Aramco's potential $100 billion share sale, as the oil giant revives its postponed listing, three sources said.

Emirates NBD's second-quarter profit surges on asset sale, forex gains

17 Jul 2019

DUBAI Emirates NBD , Dubai's largest bank, on Wednesday reported an 80% rise in second-quarter net profit helped by the sale of a stake in Network International and strong non-interest income on foreign exchange gains.

ADNOC hires BAML, Mizuho for natural gas pipelines deal –sources

15 Jul 2019

DUBAI, July 15 Abu Dhabi National Oil Company (ADNOC) has hired Bank of America Merrill Lynch and Mizuho to arrange the lease of its natural gas pipeline assets, sources familiar with the matter said, as the oil giant establishes new partnerships in an era of lower oil prices.

MIDEAST STOCKS-Saudi stocks fall as Almarai disappoints, Kuwait extends gains

07 Jul 2019

* Saudi falls 0.4%, Almarai drops 2.5% after Q2 result * Kuwait rises for a seventh day * Banks weigh on Qatar index * Real estate, banks weigh on Dubai * Ahli United Bank's surge lifts Bahrain By Saeed Azhar DUBAI, July 7 Saudi stocks fell on Sunday in response to a fall in profits at food company Almarai and weakness in blue-chip stocks, while the Kuwait index rose for the seventh straight session buoyed by the recent MSCI move to upgrade Kuwaiti stocks to emerging market. The Saudi market had opened slightly higher on selective buying in financials, but quickly lost momentum after Almarai's shares plunged. Almarai Co fell 2.5% after it reported a nearly 12% drop in second-quarter profit and also announced the resignation of its Chief Executive Alois Hofbauer.. Saudi Basic Industries, the index's biggest stock by market capitalisation, also slipped 0.2% and lender Banque Saudi Fransi dropped almost 1%. Kuwait's index gained 1.2% with the index hitting a new high for the year, extending gains after MSCI's decision last month to move Kuwaiti equities to its main emerging markets index in 2020, a move that could trigger billions of dollars of inflows. Kuwait has outperformed its Gulf peers in anticipation of the MSCI move, gaining nearly 26% year-to-date. Middle Eastern funds plan to continue increasing investments in Kuwait over the next three months, a Reuters poll found earlier this week. "Generally the summer period sees lower liquidity, so there is a seasonality factor. Having said that Kuwait turnover and performance remains very solid," said Mohamad Al Hajj, head of MENA Equity Strategy for EFG Hermes. There could be increased activity in the Gulf markets in August when MSCI is set to kick in the second phase of including Saudi stocks in its emerging market index, which could add another $6.3-$8.2 in foreign fund flows. "This should also generate higher trading activity across the region," Al Hajj said. Total ownership of Saudi stocks by foreign investors has increased to 7.47% as of June 30, up from 4.67% at the end of December, stock exchange data shows, reflecting increased active and passive fund flows this year. Property stocks weighed on Dubai index, which dropped 0.5%. Emaar Properties fell 0.5% and DAMAC Properties dropped 2.4%. Emirates NBD was down 1.8%. Qatar shares were also hit by selling in key blue-chip shares, as investors took profit from recent gains. Qatar shares gained ground in recent sessions as a 10-to-one stock split for companies on the exchange is being phased in from June 9 and will be completed by Sunday. The move is designed to boost liquidity by encouraging smaller investors to buy shares. Bahrain's index gained 1.7% on the back of strong gains in Ahli United Bank which surged 4.9% amid expectations of completion of its merger with Kuwait Finance House. SAUDI ARABIA The index fell 0.4% to 8,811 points ABU DHABI The index ended flat to 5003 points DUBAI The index fell 0.5% to 2,649 points QATAR The index dropped 0.5% to 10,518 EGYPT The index up 0.1% to 14,013 points BAHRAIN The index up 1.7% to 1,537 points OMAN The index down 0.2% to 3,817 points KUWAIT The index up 1.2% to 6,623 points ($1 = 3.7502 riyals) (Reporting by Saeed Azhar. Editing by Jane Merriman)

Banks scramble to re-pitch for Aramco IPO roles: sources

02 Jul 2019

LONDON/DUBAI Investment banks are scrambling to re-pitch to advise Saudi Aramco on a possible initial public offering, sources familiar with the matter said, with Saudi Arabia's energy minister confirming plans for the listing to proceed in 2020 or 2021.

RPT-INSIGHT-Saudi Arabia's hometown ambitions could clip wealth fund's wings

30 Jun 2019

* PIF's twin mandate: generate wealth and develop local projects

Saudi Arabia's hometown ambitions could clip wealth fund's wings

28 Jun 2019

RIYADH Saudi Arabia’s Public Investment Fund (PIF) risks being pulled deeper into Crown Prince Mohammed bin Salman’s domestic projects, curbing its international ambitions and tying its fortunes closer to its home market, four sources familiar with its strategy said.

NBK Capital Partners abandons advanced talks to buy Abraaj's credit fund: sources

20 Jun 2019

DUBAI NBK Capital Partners, owned by Kuwait's biggest lender, has walked away from advanced talks to buy a global credit fund previously managed by collapsed Dubai buyout firm Abraaj Capital Ltd, two sources familiar with the matter said.

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