Page 17 Aug 08.Indd
Total Page:16
File Type:pdf, Size:1020Kb
BUSINESS Tuesday 8 August 2017 PAGE | 18 QE BRENT PAGE | 19 9,342 22,106.06 7,531.94 $49.32 Oil slides from -2.81 +13.25 PTS + 20.23 PTS -0.26 UK economy takes 0.03% 0.06% 0.27% 9-week highs on a hit as expenditure DOW FTSE100 Opec concerns slumps further Dow & Brent before going to press TFI completes Renault signs €660m deal with Iran Tehran AFP acquisition of rench automaker Renault signed yesterday a long- Fawaited joint venture deal with Iran worth €660m ($779m) to build up to 300,000 cars per German firm year. The new deal puts Renault in partnership with Iran’s state The Peninsula Strategic move Industrial Development and Renovation Organisation he First Investor (TFI), Located in Stuttgart (IDRO) and private firm Parto a subsidiary of Barwa and leased to one of Negin Naseh. Bank Group and the the leading German Renault will hold a 60-per- leading Qatari closed Automotive Groups, cent stake with IDRO and Parto shareholding invest- this investment is in Negin Naseh 20 percent each. Tment banking firm, announced line with TFI’s “The first phase of this the completion of the acquisi- strategy. accord worth €660m provides tion of a prime Stuttgart office for the annual manufacturing property via its TFI Europe TFI, a subsidiary of of 150,000 cars,” IDRO head FROM LEFT: Thierry Bollore, Deputy Director of Competitiveness at Renault, Mansour Moazami, Income Fund (The Fund). Barwa Bank, Mansour Moazami said at a Chairman of the Board of Directors of IDRO Group, and Kourosh Morshed Solouk, Deputy Located in Stuttgart (the identifying attractive signing ceremony in Tehran. Director of the Iranian Automobile Importers Association, shaking hands at the deal signing capital city of the German state He said the first cars will opportunities in ceremony in Tehran, yesterday. of Baden-Württemberg) and roll off the assembly line in developed markets leased to one of the leading around 18 months. cars per year. “Within Renault, Iran is fully quit Iran during the sanc- German Automotive Groups, like Germany and the The new venture will pro- Under the deal, 30 percent known for its great industrial tions period and already makes this investment is in line with UK, where it has duce Renault’s Duster and of the cars and parts made by potential, its automotive indus- some 200,000 cars a year in TFI’s strategy to identify attrac- already made Symbol models at a refurbished the venture will be exported. try infrastructure, strong the country. tive opportunities in developed considerable factory in Saveh, around 120 “We are happy to sign one human resources and unique But it had to put a brake on markets like Germany and the investments. kilometres (74 miles) southwest of Renault’s most historical geopolitical position,” he its growth plans until Iran con- UK, where it has already made of Tehran. contracts here,” said Thierry added. cluded a nuclear deal with considerable investments. current Euro/US dollar A second, three-year phase Bollore, number two of the Unlike its chief competitor world powers that came into The Fund, a close ended exchange rate and relatively will start in 2019 with produc- French carmaker, at the PSA, which makes Peugeots force in January 2016, easing Shariah-compliant real estate inexpensive external financing. tion ramping up to 300,000 signing. and Citroens, Renault never international sanctions. fund was recently established However, TFI and its partner by TFI and Inovalis with the cherry pick quality assets with focus on investing in the income higher return and low risk cor- generating commercial real relation. Stuttgart asset is but QSE’s main estate assets in highly lucrative the founding asset in our TFI ADNOC to split huge oil concession European markets. For the Euro Income Fund”, said Hous- Stuttgart acquisition, the Fund sam Kharbotli, TFI Chief Dubai operating licence for the con- Sultan Ahmed Al Jaber, index drops partnered with Inovalis REIT, Executive Officer. Reuters cession will expire next March. Adnoc’s group chief executive, a Real Estate Investment Trust From his part, Stephane The potential partners are a said in Yesterday’s statement 2.81 points listed on the Toronto Stock Amine, Chairman of Inovalis tate-owned energy giant mix of existing concession that his company was looking Exchange. The Fund aims to SA, said: “We are pleased to Abu Dhabi National Oil Co holders in Adnoc’s offshore for partners to provide tech- secure another Grade A assets have partnered with TFI and S(Adnoc) said yesterday that oilfields and new participants, nology, expertise, long-term The Peninsula during current year. The acqui- together we will demonstrate it would split its ADMA-OPCO Adnoc said without identify- capital and market access, as sition aims also to provide a high level of commitment offshore oil concession into two ing them. well as operational efficiency atar Stock Exchange’s stable income stream with towards achieving excellence or more areas with new terms Adnoc will retain a 60 per- and a willingness to invest in (QSE) main index strong rental growth prospects in our business practices and to unlock greater value and cent shareholding in the new different parts of Adnoc. Qdropped marginally and it is expected to distribute partnerships. Inovalis through increase opportunities for concession areas. Last month, The existing ADMA-OPCO 2.81 points, or 0.03 percent dividends in the range of 6-7 its wide spread presence in partnerships. Adnoc announced that it was concession produces around yesterday when the bourse percent net to the investors. Europe and North America will Adnoc is in advanced talks expanding its partnership 700,000 barrels per day (bpd) closed trading at 9,342.56 “There are many real estate continue to source quality with more than a dozen model to create new co- of oil and is projected to have points. investment opportunities in transactions for benefit of the potential partners, the com- investment opportunities a capacity of about 1.0 million The volume of shares Europe these days especially at Fund investors.” pany said. The current across its business. bpd by 2021. traded increased to 8.43 million from 4.72 million on Sunday and the value of shares increased to QR213.17m from Australian firms to explore opportunities in Qatar: Doha Bank QR133.20m on Sunday. Out of the 44 compa- The Peninsula with Doha Bank. Hilton Wood, (QR120bn) in Qatar is more than “Qatar ranked 18th in ‘the Global There are growing relationships nies listed on QSE, shares Chief Representative Officer, 135 percent of QCB reserves. QCB Competitiveness Report 2016-17’ between both countries in avia- of 38 saw trading yester- everal senior business exec- Doha Bank Australia gave the reserves are more than 6 times and stands second in the region. tion, education, trade and day. Of these, 16 companies utives in Australia have welcome address. of volatile non-resident deposit A new law for Public Private Part- defence. The major Australian gained; 20 closed lower, Sexpressed their keen inter- Dr R Seetharaman, CEO of outflow (QR14bn) during Jun nership (PPP) businesses in Qatar export to Qatar was livestocks. and two remained est to explore business and Doha Bank, in his keynote 2017. Qatar has a reserve of should provide an additional level Australian company Leighton unchanged, reports QNA. investment opportunities in address, gave insight on Qatar as $340bn including assets of its of comfort to the private sector was instrumental in constructing Indices of five sectors Qatar at an event organised by well as on global economy. Sovereign Wealth Fund. Qatar’s and foreign investors. In Feb the equestrian complex in Qatar. ended in green and Doha Bank recently. He said: “Qatar economy is reserves are more than 200 per- 2017, Qatar issued a new law on Qatar plans to airlift 4000 cows. remained two sectors Doha Bank hosted an event expected to grow by 3.4 percent cent of its GDP… With improving arbitration (the “Arbitration It would take as many as 60 ended in red today. QSE on August 4 2017 at Shangri- La in 2017 and will have a fiscal def- liquidity, interbank rates are Law”), inspired by the UNCITRAL flights to deliver the cattle, which Total Return Index lost Hotel, Sydney on the topic “Qatar icit of 7.7 percent in 2017. The coming down. Rebound in Qatar Model Law (the “Model Law”), an were bought in Australia and the 0.03 to 15,666.91 points. – A sustainable performer”. The Nominal GDP of close to 30 per- Stock Exchange index and Qatar international template for law on US.” QSE Al Rayan Islamic event was well attended by lead- cent comes from Mining and sovereign bond prices reflect arbitration.” Hassad Australia, a subsidi- Index declined 0.03 per- ing Corporates and Bankers in Quarrying (mainly hydrocarbon) improving market confidence in He noted that Qatar–Aus- ary of Hassad Foods, a company cent to 3.735.47 points and Australia who were keen to hear and remaining from Non-hydro- Qatari Economy.” tralia bilateral relationships. He owned by the Qatar government, QSE All Share Index added more about Qatar and to explore carbon sectors.Net foreign DR Seetharaman highlighted said: “Qatar–Australia bilateral had owned land spread across 0.12 percent to 2,666.13 further business opportunities currency liability of all banks on key reforms in Qatar. He said: trade exceeded A$1.6bn in 2016. Australia. points. 0 18 BUSINESS TUESDAY 8 AUGUST 2017 Oil slides from Minister mulls quotas for electric cars in Germany Berlin He added that the whole between different technologies,” Reuters automobile industry faced a she added.