Saudi Arabia’s National Industrialisation Company (NIC-Tasnee) has agreed terms for the refinancing of about $1.6 billion of loans to its Cristal titanium dioxide unit in Yanbu, Bloomberg reported today. They include a maturity of three-five years and interest at 2.75…
Month: August 2016
Uber suspends Abu Dhabi services
Uber said on Sunday that it had suspended services in Abu Dhabi due to “unforeseen circumstances.” Observers suggest that the company is facing potential difficulties with local regulators. Uber has operated in the UAE since 2013. Dubai-based Careem said in a statement…
Iran rejects output cuts
Iran’s Minister of Petroleum Bijan Zanganeh Iran has repeated its assertion that it’s unwilling to accept production cuts so long as its market share remains below where it was before the embargo imposed by most importers on Iranian oil in…
Saudi Arabia dismisses output cut call
Energy Minister Al-Falih says oil market intervention is unnecessary Saudi Arabian Energy Minister Khalid Al-Falih has effectively ruled out the possibility that major oil producers will agree a production cut next month, Reuters reported on 25 August. “We don’t believe…
Saudi Arabia aims for autumn float for international bonds
Saudi Arabia is planning to invite bids for $10bn worth of international bonds after September, Bloomberg has reported. This will be Saudi Arabia’s first international bond issue. The borrowing will be the largest by a Middle East sovereign in the…
Samba rated a strong buy
Kuwait’s Global Investment House has upgraded shares in Samba of Saudi Arabia to a strong buy on the basis of the low market valuation of the stock. “… the stock has slid by 21 per cent over the past 12…
Saudi Aramco considers IPP option for Jizan power plant: MEED
MEED reports that Saudi Aramco is considering the possibility of developing its 2,400MW combined cycle Jizan power plant as an independent power project (IPP).
Iran to raise South Pars output by 20+ per cent
Managing Director of Pars Gas & Oil Company Ali Akbar Sha’banpour said on 22 August that the company aims to raise output from the South Pars joint gas field with Qatar to 530m cubic metres a day (cmd) next spring…
Kuwait corporate earnings fall in first half
The earnings of companies listed on the Kuwait Stock Exchange (KSE) fell by 9.1 per cent year-on-year in the first half of 2016, a report released by the National Bank of Kuwait today says. “The aggregate profits of 151 reporting…
Nakheel achieves mission impossible and will be debt free from Thursday
Nakheel PJSC said today that it has repaid a AED 4.4bn ($1.2bn) Islamic bond, bringing an end to a debt restructuring process that started in 2009. The company transferred funds to agent Deutsche Bank AG yesterday the full amount of…