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FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. Declining oil production and revenue this year could see Saudi Arabia's economy shrink for the first time since 2020 at the height of the COVID-19 pandemic, although a hefty dividend from state oil producer Saudi Aramco (2222.SE) should provide a cushion for public finances. Last year the Saudi economy grew 8.7% and generated a fiscal surplus of 2.5% of GDP, its first surplus in nine years as oil soared to highs near $124. "Certainly, we see no signs that the Public Investment Fund's acquisition streak is cooling," RBC Capital Markets said in a note.

Persons: Ahmed Jadallah, Justin Alexander, Monica Malik, Alexander, James Swanston, PIF, Neil Quilliam, Quilliam, Rachna Uppal, Yousef Saba, Ahmad Ghaddar, Susan Fenton Organizations: REUTERS, Saudi Aramco, OPEC's, Khalij Economics, Abu, Abu Dhabi Commercial Bank, PMI, GlobalSource Partners, Capital Economics, International Monetary Fund, IMF, Public Investment Fund, Saudi, Public Investment, RBC Capital Markets, Reuters, Chatham House, Aramco, Riyadh bourse, Thomson Locations: Aramco, Saudi, Saudi Arabia, DUBAI, Riyadh, Ukraine, Abu Dhabi, Saudi Aramco, London, PIF

☆ Turkey's Ziraat bank finalises $1.3 bln syndicated loan
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: 1 min

ISTANBUL, April 7 (Reuters) - Turkey's Ziraat Bank has finalised a $1.3 billion, 367-day syndicated loan in two tranches of $423 million and 779 million euros ($850.4 million), it said on Friday. It said the loan was coordinated by Abu Dhabi Commercial Bank PJSC and Emirates NBD Capital. ($1 = 0.9161 euros)Reporting by Ebru Tuncay Writing by Daren Butler Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ UAE exchange house Al Ansari to float 10% in Dubai IPO
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - UAE-based exchange house Al Ansari Financial Services said on Thursday it plans to float 10% of the company on the Dubai Financial Market (.DFMGI) through an initial public offering (IPO). Al Ansari said Abu Dhabi Commercial Bank (ADCB.AD), EFG Hermes UAE and Emirates NBD Capital were mandated as joint global coordinators for the IPO. It made 595 million dirhams ($162.01 million) in net profit last year, up from 491 million dirhams in 2021. Operating income rose to 1.15 billion dirhams from 988 million dirhams in 2021. The Emirates Investment Authority, the UAE's only federal sovereign wealth fund, has the right to subscribe to up to 5% of the offering, Al Ansari added.

☆ Most Gulf central banks raise interest rates after Fed's move
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Hamad I MohammedDUBAI, Nov 2 (Reuters) - Most Gulf states said on Wednesday they would increase their key interest rates after the Federal Reserve raised its key policy rate by three-quarters of a percentage point for the fourth straight time. Saudi Arabia and the United Arab Emirates, the region's two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. Bahrain also raised its main rate by 75 basis points while Qatar increased rates by between 50 and 75 basis points. The impact of higher interest rates among Gulf oil exporters in 2022 has so far been limited.

☆ Emirates NBD sells $500 million in 5-year bonds
▼ + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, Oct 18 (Reuters) - Dubai's biggest bank Emirates NBD sold $500 million in five-year bonds in its first public debt sale of the year which received more than $1 billion in orders, a bank document showed on Tuesday. The bank tightened the final spread by 20 basis points to 155 bps over U.S. Treasuries for the bonds sale arranged by Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, HSBC, SMBC and Standard Chartered Bank. The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday. Emirates NBD, nearly 56% owned by the government's Investment Corporation of Dubai, last sold bonds in the public debt markets in May last year, raising $750 million with Additional Tier 1 bonds non-callable for six years after raising the same amount via five-year bonds in January 2021. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Clarence Fernandez and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Gulf central banks raise rates after Fed's third big hike in a row
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

The Central Bank of Bahrain is seen in Manama, October 27, 2013. The Saudi Central Bank, also known as SAMA, lifted its repo and reverse repo rates by 75 bps to 3.75% and 3.25%, respectively. The UAE's central bank will from Thursday hike its base rate by three-quarters of a percentage point to 3.15%. Qatar's central bank will from Thursday increase its lending rate to 4.5%, deposit rate to 3.75% and repo rate to 4.0%. Bahrain raised its key policy interest rate on its one-week deposit facility to 4%.

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