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Friday, 22 May 2015

Amlak to resume trading after almost seven years | The National

Amlak to resume trading after almost seven years | The National:



"Amlak Finance, the UAE mortgage lender that was almost scuppered by the financial crisis of 2008, will start trading again on the Dubai Financial Market on June 2.



The resumption of trade marks the end of the company’s long restructuring journey. The Sharia-compliant home lender was among the biggest casualties of the collapse in Dubai house prices six years ago.



The shares were last traded on November 20, 2008, at Dh1.02 each. “The board’s decision for the readmission of our shares on the DFM will mark the last step for us in the restructuring process and resumption of trading,” said Arif Alharmi, the chief executive of Amlak Finance."



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Dutch restrictions unlikely to hurt Emirates, Etihad | GulfNews.com

Dutch restrictions unlikely to hurt Emirates, Etihad | GulfNews.com:



"A move by the Dutch government to block the Gulfs three largest airline from adding more flights to Amsterdam’s Schiphol Airport is unlikely to have a major impact on the carriers.



“If restrictions are placed on further access it may be an irritation to the Gulf carriers but they have many other opportunities, which they can exploit,” said John Strickland, Director of London-based JLS Consulting, by email.



Dutch newspaper, Financieele Dagblad, reported earlier this week the government will not allow Emirates, Etihad Airways and Qatar Airways to launch any new flights to Amsterdam."



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OPEC Refuses to Yield in Battle for Oil-Market Share - Bloomberg Business

OPEC Refuses to Yield in Battle for Oil-Market Share - Bloomberg Business:



"OPEC will stick with the strategy of favoring market share over prices when it meets next month because rival producers are already starting to buckle.



All but one of the 34 analysts and traders surveyed by Bloomberg said the Organization of Petroleum Exporting Countries will maintain its daily production target of 30 million barrels when it meets in Vienna on June 5.



Saudi Arabia, the biggest of OPEC’s 12 members, shaped the strategy at the last meeting in November, arguing that the usual response of cutting output to boost prices would not address the threat from shale and other higher-cost suppliers. Prices rose 46 percent since mid-January as producers cut spending plans and the number of active U.S. drilling rigs fell by the most ever."



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Kingdom built on oil foresees fossil fuel phase-out this century - FT.com

Kingdom built on oil foresees fossil fuel phase-out this century - FT.com:



"Saudi Arabia, the world’s largest crude exporter, could phase out the use of fossil fuels by the middle of this century, Ali al-Naimi, the kingdom’s oil minister, said on Thursday.



The statement represents a stunning admission by a nation whose wealth, power and outsize influence in the world are predicated on its vast reserves of crude oil.



Mr Naimi, whose comments on oil supply routinely move markets, told a conference in Paris on business and climate change: “In Saudi Arabia, we recognise that eventually, one of these days, we are not going to need fossil fuels. I don’t know when, in 2040, 2050 or thereafter.”"



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MIDEAST STOCKS-Gulf markets edge up as oil rises; Egypt resumes rally | Reuters

MIDEAST STOCKS-Gulf markets edge up as oil rises; Egypt resumes rally | Reuters:



"Most major Gulf stock markets edged up on Thursday, supported by positive corporate news, while Egypt's bourse resumed a broad rally that had been sparked by the delay of an unpopular capital gains tax.



Brent oil rose towards $66 a barrel on Thursday, advancing for a second day and supported by expectations that a global supply glut is starting to ease and by fighting in Iraq.



The U.S. government's supply report on Wednesday showed crude inventories declined for a third week. Stockpiles had been at record levels due to excess supply, raising concern that storage capacity was getting tight."



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