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Sunday, 25 June 2017

Dubai Courts; DIFC Courts; arbitration; | The National

Dubai Courts; DIFC Courts; arbitration; | The National:

"The ability of creditors to enforce foreign arbitration awards against Dubai-based debtors has suffered a potential blow, following a decision by the Judicial Tribunal for the Dubai Courts and DIFC Courts that has given precedence to UAE-based courts.

The tribunal has blocked the DIFC’s courts from recognising and enforcing a London-based arbitration decision, giving precedence to an action being conducted in parallel in a dispute resolution centre of the Dubai Courts.


Following the country’s signature of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (also known as the New York Convention) in 2006, UAE courts are obliged to automatically recognise and enforce international arbitration awards without re-examining the merits of the individual awards."



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Iran's Rouhani backs Qatar, rejects 'siege' | Reuters

Iran's Rouhani backs Qatar, rejects 'siege' | Reuters:

"Iranian President Hassan Rouhani voiced support on Sunday for Qatar in its confrontation with Iran's rival Saudi Arabia and its allies, saying a "siege of Qatar is unacceptable", the state news agency IRNA reported. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cut ties with Qatar on June 5, accusing it of support for Islamist militants, an allegation Qatar denies. They have since issued 13 demands including closing Al Jazeera television, curbing relations with Iran, shutting a Turkish base and paying reparations. "



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Sukuk activity faces uncertain future after recovery in first half of 2017 | GulfNews.com

Sukuk activity faces uncertain future after recovery in first half of 2017 | GulfNews.com:

"Against the backdrop of a slowdown in the global Islamic financial services industry, sukuk activity in the GCC region is facing an uncertain future, according to rating agency Standard & Poor’s. Sukuk activity witnessed a strong recovery in the first half of 2017 compared with the same period in 2016, thanks primarily to the jumbo issuances of GCC governments, but analysts are less certain about 2018. “We believe this performance this year stemmed mainly from the good liquidity conditions in the GCC and more generally in the global financial market. Although we expect issuance numbers will stay solid for the rest of 2017, we consider it unlikely that some of the large transactions seen in the first half of the year will be repeated in 2018,” said S&P Global Ratings’ Head of Islamic Finance Dr Mohammad Damak."



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Qatar's emir meets Exxon Mobil Corp CEO: agency | Reuters

Qatar's emir meets Exxon Mobil Corp CEO: agency | Reuters:

"The emir of Qatar met with Exxon Mobil Corp (XOM.N) chairman and CEO Darren Woods in Doha on Saturday for talks on "cooperation," state news agency QNA reported, following a rift between four Gulf states and Qatar that has raised worries about energy supplies. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations. QNA said the Emir, Sheikh Tamim bin Hamad al-Thani, met with Woods and ExxonMobil Qatar General Manager Alistair Routledge at the Al-Bahar Palace."



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OPEC Looks Totally Bewildered by the Oil Market - Bloomberg Gadfly

OPEC Looks Totally Bewildered by the Oil Market - Bloomberg Gadfly:

"It may be too soon to write OPEC's obituary, but the oil producer club appears in urgent need of late-life care. It shows little understanding of where it is, how it got there or where it's going. While it still manages to collect new members here and there, its core group looks more fragile than at any point in nearly 30 years.The historic output agreements, put together so painstakingly last year, are failing. Nearly 12 months of shuttle diplomacy culminated in two deals that would see 22 countries cut production by nearly 1.8 million barrels a day. Implementation has been better than for any previous output cut, with compliance put at 106 percent in May. A resounding success? Hardly.We're now in the final month of those deals and oil prices are lower than when they were agreed. Not only have producers sacrificed volume, but they earn less for each barrel they do produce."



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Mohammed bin Salman al-Saud: The young hothead who would be king | World news | The Guardian

Mohammed bin Salman al-Saud: The young hothead who would be king | World news | The Guardian:

"The sudden elevation of Mohammed bin Salman to the position of crown prince and heir apparent to his father, King Salman of Saudi Arabia, is a welcome surprise for many Saudis. It is also a matter of deep concern for some of the kingdom’s neighbours, notably Iran, which is locked in a region-wide power struggle with its Arab arch-rival that increasingly risks sucking in the US and Russia. For younger Saudis frustrated by the kingdom’s hidebound traditionalism and inflexible religious laws, Prince Mohammed is seen as a reform-minded new broom who could sweep the country to a brighter, more open future. For critics at home and abroad, he is a dangerous and inexperienced firebrand who could undermine stability and lead Saudi Arabia to unintentional disaster. The most unusual aspect of Prince Mohammed’s rise is his age. At 31, he is more than 25 years younger than his discarded predecessor as crown prince, Prince Mohammed bin Nayef. In a country of 31 million where 70% of people are under the age of 30 and which is accustomed to the rule of old men, the new royal heir represents a significant generational power shift."



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