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Sunday, 27 November 2011

MENA stock markets close - November 27, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
DFM (Dubai Financial Market)
ADX (Abudhabi Securities Exchange)
KSE (Kuwait Stock Exchange)
BSE (Bahrain Stock Exchange)
MSM (Muscat Securities Market)
QE (Qatar Exchange)
LSE (Beirut Stock Exchange)
EGX 30 (Egypt Exchange)
ASE (Amman Stock Exchange)
TUNINDEX (Tunisia Stock Exchange)
CB (Casablanca Stock Exchange)
PSE (Palestine Securities Exchange)

Threats seen to Dubai World unit US$2.2 billion debt deal -

A potential US$2.2 billion debt restructuring for Drydocks World, the shipbuilding arm of indebted Dubai World, is seen facing tough headwinds with the presence of hedge funds and a lack of government aid seen threatening an amicable deal.

Drydocks has set up a committee to thrash out an agreement for the restructuring of its $2.2 billion debt pile. The firm missed a payment deadline for a $1.7 billion three-year loan facility that it took in October 2008. It also has another five-year $500 million facility on the restructuring table.

But a potential debt accord may be hampered with a large portion of the loans getting offloaded by banks to hedge funds in secondary market deals. The loans last exchanged hands at 49 cents to the dollar in September, one secondary market loans trader said.

Tuesday, 22 November 2011

Global seeks $1.7bn bond plan reprieve - The National

Global Investment House has requested a reprieve from planned bond repayments due next year as it attempts to renegotiate its debts for a second time.

The troubled Kuwaiti investment bank is due to meet bondholders on December 5 to request repayments of bonds worth 45 million Kuwaiti dinars (Dh598.8m), due in April, be postponed by two months.

Global, once among the biggest investment banks in the Middle East, opened talks with banks in September to renegotiate an original agreement signed in 2009 to modify the terms on US$1.7 billion (Dh6.24bn) worth of debt.

Friday, 18 November 2011

Abu Dhabi cash to back UK bank sale - The National

Sir Richard Branson's Virgin Money is to acquire Britain's Northern Rock bank in a deal backed by Abu Dhabi-linked investors.

The UK Treasury said yesterday it would sell the bank to the British magnate for £747 million (Dh4.3 billion) after taking over the mortgage lender in 2008. The deal represents a significant loss on its original investment.

Stanhope Investments,a fund based in Abu Dhabi, is one of Virgin's investors. A Virgin Money spokesman confirmed that Stanhope Investments was one of the backers of the deal but declined to give details.

UAE's Swiss bank nears $1bn in assets - The National

If you want to keep your money safe you put it in a Swiss bank. If you want to keep your money really, really safe, you buy a Swiss bank.

That is what Aabar Investments did in April 2009 when it bought AIG Private Bank in Zurich. Renaming it Falcon Private Bank, it opened its Dubai representative office in 2008, with a second regional representative office opened in Abu Dhabi in April.

Falcon set a target of increasing UAE assets under management to US$1 billion (Dh3.67bn) by the end of this year. It has almost hit that mark in just 18 months - the latest figure stands at $950 million. "We'll hit a billion by the end of the weekend," says Eduardo Leemann, the bank's dapper chief executive.

Euro crisis to worsen $25bn Gulf debt burden - The National

European bond and stock markets suffered a further fall yesterday as Gulf companies were warned they faced growing refinancing risks linked to US$25 billion (Dh91.8bn) in debt due next year.

Yields on euro-zone sovereign debt widened further, reflecting investors' concern that the European crisis may spread.

Spanish bond yields reached 6.98 per cent, their highest level since 1997, at a 10-year auction. A French bond auction also reported elevated yields while stock markets declined across Europe.

gulfnews : Gulf faces rising refinancing risks over next three years

A combination of factors such as rising debt maturities, high volatility in global markets and the absence of European banks from the loan syndication market is expected to increase the refinancing risk in the Gulf region, according to rating agency Standard & Poor's and independent analysts.

Standard & Poor's Ratings Services said yesterday that issuers in the Gulf Cooperation Council (GCC) countries face rising refinancing risks over the next three years because the amount of debt maturing in the region will increase significantly between 2012 and 2014.

Industry experts estimate bonds and sukuk of about $25 billion (Dh91.95 billion) will mature in 2012, rising to about $35 billion in 2014. "We believe the region is entering a challenging loan and bond refinancing cycle, especially given the ongoing volatility in capital markets and fears that slowing global economic growth is already curbing corporate debt issuance and heightening refinancing risk," said Stuart Anderson, Managing Director and Regional Head, S&P Middle East.

gulfnews : Mena bond issue volumes set to be lower this year

The aggregate prim-ary bond issues from the Middle East and North Africa (Mena) region is expected to be lower this year as high market volatility has kept a number of regional issuers from tapping the market, Andrew Dell, HSBC's head of debt capital markets for Mena told reporters yesterday.

He expects the total bond issues from the region to be around two-thirds of the volumes reported last year. In 2010, aggregate bond issuance from the Mena region exceeded $40 billion (Dh146.88 billion) and the Gulf Cooperation Council (GCC) accounted for $32 billion.

"There are a few issuance windows available before the end of the year. But the volatility is too high and we do not expect the aggregate issuance for the fully year to reach last year's level," said Dell.

gulfnews : Bahrain sells $750m Islamic bond

Bahrain sold $750 million in seven-year Islamic bonds, becoming the first Arab country affected by the Arab Spring this year to tap global bond markets.
The sale was the first in more than a year for Bahrain. Bahrain sold the sukuk at a yield of 6.273 per cent.
Scarce sovereign sales in the region helped investors overlook Bahrain's slowing economic growth, said Sergey Dergachev, at Union Investment Privatfonds. Islamic bonds yielded 75 basis points, or 0.75 of a percentage point, less than the average yield on non-Sharia compliant bonds in the region yesterday, according to HSBC/Nasdaq Dubai bond indexes.

Tuesday, 15 November 2011

Saudi assets to gain $98bn in 2011: report - Zawya

Strong oil prices will ally with a sharp rise in Saudi Arabia's crude output to expand its foreign assets by nearly $98 billion through 2011 although the world's dominant oil exporter is spending much higher than it had projected this year, according to a key Western financial institution.

From around $445 billion at the end of 2010, the Gulf Kingdom's foreign assets are expected to hit an all time high of nearly $543 billion at the end of 2011 and continue their rise to reach $591 billion at the end of 2012, the Washington-based Institute for International Finance (IIF) said in its latest report.

The assets, controlled by the Saudi Arabian Monetary Agency (SAMA), have already swelled by nearly $80 billion in the first nine months of 2011 as a result of a surge in crude prices and a decision by the Kingdom to raise its oil output to more than nine million bpd to offset disruption of Libya's supplies.

Monday, 14 November 2011

Dubai Shares Retreat Led by Air Arabia as Europe Optimism Wanes - Businessweek

Dubai’s shares led declines in the Persian Gulf as oil declined and amid concern new leaders in Europe will struggle to contain the soverign debt crisis after Italy paid the highest yield since 1997 at a sale of five-year bonds.

Air Arabia, the Middle East’s biggest no-frills airline, declined 1.4 percent after it had its price estimate cut 4.6 percent at Morgan Stanley. Emirates Integrated Telecommunications Co., the United Arab Emirates phone company known as Du, slipped to the lowest in almost two weeks. Dubai’s DFM General Index retreated 0.4 percent to 1,387.81 at the 2 p.m. close in the emirate after rising 0.7 percent yesterday. The Bloomberg GCC 200 Index of Gulf shares dropped 0.1 percent.

“External markets have been unable to maintain momentum,” and “buyers here applied the brakes,” said Julian Bruce, equity sales head at EFG-Hermes Holding SAE in Dubai.

Abu Dhabi's Al Hilal Bank eyes $500 mln sukuk in Q1 2012 - source | Reuters

Abu Dhabi's Al Hilal Bank has picked three banks to arrange its debut Islamic bond, or sukuk, three sources familiar with the matter said on Monday, with the deal expected to emerge in the first quarter of 2012, one of them added.

Standard Chartered, HSBC and National Bank of Abu Dhabi have been mandated by unlisted Al Hilal for a benchmark-sized deal under a bond programme which could be worth up to $3 billion, one source with knowledge of the matter told Reuters.

The Islamic lender, wholly-owned by the Abu Dhabi Investment Council (ADIC), is in the process of getting ratings for the bank and the potential notes, and expects this to be completed before the year-end, said the source.

Abu Dhabi F1: cabbies at the races | beyondbrics | News and views on emerging markets from the Financial Times –

Forget about Lewis Hamilton, the broadest smiles at this weekend’s Abu Dhabi grand prix were on the taxi drivers’ faces.

“All Abu Dhabi is money,” said one driver as he grinned at the 20Dh ($5) starting fee on the taxi, five times the usual fare. For those who had managed to sneak into the main area, they could negotiate up to 50Dh for a short journey.

The cabbies were among those able to directly benefit from the annual event that is part of Abu Dhabi’s long-term plan to diversify its economy. Hotels across the city also hummed with visitors as three events coincided in the United Arab Emirates’ capital – although the the Festival of Thinkers (a gathering of Nobel prize winners) and the Abu Dhabi art fair may have attracted a different kind of crowd.

Qatar Shares Advance Led by Qatar National Bank on Oil, Europe - Businessweek

Qatar’s stocks rose for a second day, led by Qatar National Bank SAQ, as oil traded near the highest in more than three months and global shares rallied amid optimism Europe will be able to contain its debt crisis.

Qatar National Bank, the Persian Gulf country’s biggest bank by assets, gained 0.5 percent. Qatar Islamic Bank SAQ, the nation’s biggest Shariah-compliant lender, headed for the highest close in almost six months. The QE Index climbed 0.1 percent to 8,752.45 at 11:17 a.m. in Doha, headed for the highest close since May 11.

Local shares are “waiting for signals from international markets and oil prices to support current levels,” said Samer Darwiche, an analyst at Gulfmena Investments in Dubai.

Airlines face losses or stagnant revenues for 24-36 months says Qatar Airways CEO « ArabianMoney

Global airlines have flown into severe turbulence this year and the continuing fall-out from the eurozone crisis promises a tough 24-36 month period warned Qatar Airways CEO Akbar Al Baker at the Dubai Airshow today.

He said ‘his’ airline would be one of the least affected but that the industry faced at best flat revenues and could have huge losses. Qatar Airways has seen a five per cent drop in revenues he revealed in an interview with CNBC.

Airlines: courting the Middle East | beyondbrics –

The news that fast-growing airline Emirates will buy 50 Boeing 777s for $18bn – with options for a further $8bn-worth – has set the tone at the start of the Dubai air show.

But as the FT reports on Monday in an aerospace special report, the Gulf is not only where the show is – rival airlines from the region are the hot growth prospects for the whole industry.

Emirates may have grabbed the headlines with the Boeing order, but local rivals Qatar Airways and Etihad Airways (the national UAE carrier) are both looking to expand. According to the FT report, Qatar is looking to boost its fleet by 20 per cent by 2013 (up to 120 planes), and is opening up long haul routes into Africa as well as Europe.

European bank funding woes 'short-term' - Airbus | Reuters

European banks lack of access to dollar funding, which has hampered aircraft financing, is a "short term" issue and planemaker Airbus is closely monitoring the situation, its sales chief said on Monday.

European lenders, especially French banks, which have been major financiers for Mideast carriers' deals with Airbus and Boeing, have become risk-averse because of the eurozone debt crisis.

"We are watching it carefully," John Leahy said at a news conference. "We have done some aircraft financing in euros. Some European banks are having trouble accessing U.S. dollars ... this is more of a short-term thing than anything else."

Dana Gas Q3 profit quadruples on higher production - Maktoob News

Dana Gas, the UAE energy firm, on Monday said its third-quarter net profit more than quadrupled buoyed by a 20 percent increase in total production and higher oil prices.

The Gulf's only listed natural gas company posted a third quarter net profit of 143 million dirhams ($38.9 million), compared with net profit of 33 million dirhams for the year-ago period, it said in a statement to the Abu Dhabi bourse.

Quarterly revenues from the sale of hydrocarbons rose to 645 million dirhams, a 58 percent increase over the 407 million dirhams revenue for the same period last year.

UAE lender ADCB eyes benchmark Islamic bond - leads | Reuters

Abu Dhabi Commercial Bank has picked four banks for a potential Islamic bond, or sukuk, which could be launched this week, making it the second lender from the emirate currently eyeing a chunk of Islamic liquidity amid dicey global markets.

ADCB has picked itself as well as Bank of America, J.P. Morgan Chase and Standard Chartered as joint lead arrangers and bookrunners for a debut dollar-denominated sukuk, a document from arranging banks showed on Monday.

The sukuk is "expected to be launched during the week of 14th November subject to market conditions," the document said.

UAE is back on track... and growing fast - Emirates 24/7

After suffering from a downturn in 2009 because of the global fiscal crisis and regional debt default problems, the UAE economy is back on track and recovery could more than offset the decline during that year. The two main emirates of Abu Dhabi and Dubai are projected to spearhead growth, thanks to strong oil prices, restructuring, high public spending and other factors.

One of the key factors that will spur growth probably next year is an expected turnaround in the construction and real estate sector that was one of the main victims of the 2008 global fiscal crisis and ensuing turbulence.

In 2010, the UAE’s real GDP swelled by around 3.2 per cent, according to IMF estimates, while it could grow further by 3.3 per cent this year and 3.7 per cent in 2012. Projections by another establishment, the Institute for International Finance show the UAE GDP will grow by 4.4 per cent in 2011 and 3.1 per cent in 2012.

Will Dubai enjoy another year of surprising recovery in 2012? « ArabianMoney

2011 proved to be a much better year for the Dubai economy than many forecasters expected with a surprise to the upside for aviation, hospitality, retailing, oil prices and even real estate, all partly due to the Arab Spring unrest in the region.

Tourists came to Dubai because other countries became off-limits, and some rich Arabs chose to make their home in Dubai and moved businesses here. At the same time a combination of global money printing by the central banks and growth in China sent oil revenues to record levels.

حفل توقيع لمجموعة «كرز» القصصية الجمعة - جريدة الاتحاد

تاريخ النشر: الأحد 13 نوفمبر 2011


يقوم الكاتب والقاص الفلسطيني سليم البيك في الثامنة من مساء الجمعة المقبل بتوقيع مجموعته القصصية الجديدة “كرز او فاكهة حمراء للتشيز كيك” الصادرة عن الدار الأهلية للنشر (عمّان) ومؤسسة عبد المحسن القطان (رام الله- لندن)، وذلك ضمن فعاليات معرض الشارقة الدولي للكتاب الذي ينطلق مساء الأربعاء المقبل.

اقرأ المزيد : حفل توقيع لمجموعة «كرز» القصصية الجمعة - جريدة الاتحاد

MENA stock markets close - November 15, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
DFM (Dubai Financial Market)
ADX (Abudhabi Securities Exchange)
KSE (Kuwait Stock Exchange)
BSE (Bahrain Stock Exchange)
MSM (Muscat Securities Market)
QE (Qatar Exchange)
LSE (Beirut Stock Exchange)
EGX 30 (Egypt Exchange)
ASE (Amman Stock Exchange)
TUNINDEX (Tunisia Stock Exchange)
CB (Casablanca Stock Exchange)
PSE (Palestine Securities Exchange)

gulfnews : Gulf banks' profit, loan growth likely to remain under pressure

The financial crisis of 2008-09 and the preceding boom have left a large share of Gulf banks' loan portfolios impaired. The 2011 third quarter results of regional banks show that even after three years into the global crisis, balance sheets of the region's lenders are saddled with high levels of non-performing loans (NPLs) and profitability is likely to be subdued during the next two years, according to analysts and rating agencies.

Despite such a weak outlook, analysts say, Gulf banks are systemically strong.

"Some of the key financial soundness indicators suggest that banking systems are generally well-capitalised and that provisioning levels are satisfactory. Capital adequacy ratios are in double digits. Loan-loss provisions cover more than 80 per cent of NPLs on average," said George Abed, Institute of International Finance (IIF) Senior Counsellor and Director for the Middle East and Africa.

gulfnews : DAE leases Nine New Boeing 777 Freighters to Emirates

DAE Capital, the aircraft leasing division of Dubai Aerospace Enterprise (DAE), has reached an agreement to lease nine new Boeing 777 Freighters on a long-term basis to Emirates Airline. These aircrafts are from DAE’s order book with Boeing and will deliver in the 2012 – 2015 timeframe.

HH Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said: “This agreement ensures Emirates SkyCargo will receive a pipeline of new, state-of-the-art, freighter aircraft over the next four years. Emirates SkyCargo continues to build on its leadership position in the global cargo market and these aircrafts will play an important role in this growth.”

DAE Managing Director Khalifa H. AlDaboos said: “DAE is delighted to be able to further deepen its existing relationship with Emirates and deliver one of the most modern, technologically advanced freighter aircraft to assist Emirates as it seeks to serve increasing demand for global air cargo.”

Emaar apartment sales hit by slowdown in Dubai - The National

Apartment sales by Emaar Properties, Dubai's largest property developer, fell 86 per cent in the third quarter from a year earlier as sales and construction activity slowed in the emirate.

Revenue from apartment sales dropped to Dh183.3 million (US$49.9m) from Dh1.33 billion in the third quarter last year, according to Emaar's detailed financial statement filed yesterday.

The drop was partially offset by an increase in villa sales, to Dh126.4m compared with Dh30.3m in the third quarter last year. Rental income also rose to Dh526m, from Dh435.7m last year.

Longer arm of the law for DIFC, but the jury is out - The National

In a move designed to promote Dubai as a dispute resolution forum of choice, the jurisdiction of the Dubai International Financial Centre (DIFC) Courts has been expanded to give parties the option of agreeing to refer their disputes there.

The DIFC is a Federal Financial Free Zone in the heart of Dubai's business district, with a system of civil and commercial laws and a court system that is independent of Dubai itself and the wider UAE.

Unlike the system in the UAE, and elsewhere in the Middle East, the DIFC has adopted a Common law - as opposed to civil law - legal system, with its courts manned by a mixture of local and Commonwealth judges. DIFC Courts proceedings are conducted in English on the basis of a system of rules modelled closely on the rules of the English courts. As such, the DIFC Courts offer a judicial experience distinct from that offered by Arabic-speaking local courts, and one that is more familiar to many international businesses.

Libyan Oil Output Can Reach 800,000 Barrels by End of 2011, Berruien Says - Bloomberg

Libya, the holder of Africa’s biggest oil reserves, will produce as much as 800,000 barrels of crude a day by the end of this year, the chairman of state-run National Oil Corp. said.

Libya’s oil industry will recover more quickly than the International Energy Agency predicted after suffering disruptions this year amid fighting that engulfed the country, Nuri Berruien said today in an interview in Doha, Qatar. The nation currently pumps 600,000 barrels a day, he said, adding in comments to reporters that authorities will not award licenses to energy companies during its political transition after the death of Muammar Qaddafi.

The IAE stated in a Nov. 10 report that Libya’s output capacity will reach an average of 800,000 barrels a day in the first quarter of 2012, then rise to 1.17 million barrels a day in the fourth quarter of next year. The Paris-based IEA doesn’t know “the facts on the ground,” Berruien said.

Orascom Telecom Third-Quarter Net Profit Drops to $10.3 Million - Bloomberg

Orascom Telecom Holding SAE (ORTE), North Africa’s biggest mobile phone company, said its third-quarter profit plunged as it accounted for the so-called fair value of its investments in two companies last year.

Net income for the period ended Sept. 30 was $10.3 million compared with $934.3 million a year earlier, the Cairo-based company said in a statement on its website today. Last year’s profit included $822 million related to the recognition of the fair value of its investments in Mobinil and Egyptian Co. for Mobile Services, it said.

The company’s revenue reached $1.01 billion, a 3.5 percent increase from last year. Djezzy, Orascom’s Algerian unit and biggest revenue generator, had a 9.5 percent increase in revenue to $486.7 million in the quarter from a year-earlier. Orascom’s subscriber base gained 12 percent to 108.9 million users from last year.

Pavilion REIT Seeks Retail Mall Acquisitions Across Asia After Share Sale - Bloomberg

Pavilion Real Estate Investment Trust, a Malaysian shopping mall trust part-owned by the Qatar Investment Authority, is seeking acquisitions within the country and throughout Asia to expand.

The Kuala Lumpur-based property trust, which is expected to list next month, owns the Pavilion mall and an adjacent office tower in the capital’s Bukit Bintang area, which Malaysia is developing to rival Singapore’s Orchard Road.

“We are seeking for potential investments,” said Philip Ho, chief executive officer of the manager of Pavilion REIT. “We want to manage niche-market malls. We develop and we know how to bring the tenants in.”

UAE deposit growth decreases sharply | Banking |

Banking analysts have said the sharp slowdown of deposit growth in the UAE indicates inflows of money into the country are slowing or even reversing, as low interest rates deter depositors and the impact of the Arab Spring fades, Reuters has reported. UAE deposit growth began slowing considerably in August, when it fell back to 7.3%, and it hit a ten-month low of 5.3% in September, according to the latest data from the central bank. "When we look at what banks in the UAE were paying for deposits at the beginning of the year and what they are paying now, those rates have come down. The spread between EIBOR and LIBOR rates has narrowed over the summer, making UAE deposits less rewarding," said Khatija Haque, senior economist at Emirates NBD bank.

Dubai speed machine defies slowdown | Reuters

Boeing (BA.N) savoured an order worth at least $18 billion for 50 wide-body 777 jetliners from host airline Emirates as the Dubai Air Show entered a second day beating the drum for growth despite widespread economic gloom.

The largest single order by value in Boeing's history boosted the Middle East's largest industry event and pushed talk of global recession to the sidelines -- though analysts said getting aircraft financing was proving an increasing challenge.

Qatar Airways looked set to step in with a possible Boeing order on Monday and was expected to give its final verdict on a long-awaited Airbus order that sources said would include A380 superjumbos on Tuesday, but talks appeared to be continuing.

Kurds talk to two more oil groups -

Kurdistan is in talks with at least two other major international oil companies after signing a landmark deal with ExxonMobil that has inflamed the political climate between the semi-autonomous region and Iraq’s federal government.

The revelation by Ashti Awrami, the natural resources minister of the Kurdistan Regional Government (KRG) came as he confirmed that Exxon had agreed a landmark contract to explore six areas in the region, sparking a furious backlash in Baghdad which has considered the move illegal.

“We have during the past few months been talking to at least three significant companies,” Mr Awrami told the Financial Times in an interview in Erbil.

Sunday, 13 November 2011

UAE, Qatar bourses end higher on global strength -

Saudi Arabia's bourse ended marginally higher reversing earlier weakness as most regional bourses drew comfort from a rally in global stocks on Friday.

The kingdom's index ended higher for a second day after the end of the Muslim Eid holiday, rising 0.1 percent to 6,257 points.

Heavy weight Saudi Basic Industries Corp (SABIC) climbed 0.3 percent.

Qatar Shares Rises to 6-Month High on Europe Debt Optimism, Oil - Businessweek

Qatar’s stocks advanced to the highest level in almost six months after leadership changes in Italy and Greece bolstered investor optimism that Europe’s debt crisis may be contained and as oil rose.

Qatar National Bank SAQ, the Persian Gulf country’s biggest bank by assets, gained 1.4 percent. Masraf Al Rayan, an Islamic lender, headed for the highest close in more than five years. The QE Index climbed 0.5 percent to 8,750.94, the highest intraday level since May 12, at 10:15 a.m. in Doha. The Bloomberg GCC 200 Index increased 0.3 percent.

“Political developments confirmed in Europe with the resignation of Silvio Berlusconi should support the market,” said Ahmed Talhaoui, head of asset management at Abu Dhabi-based Royal Capital PJSC. “Oil prices are still supportive in spite of global growth concerns.”

Oman joins 'gas OPEC' - Russian energy minister | World | RIA Novosti

Oman has joined the Gas Exporting Countries Forum, an intergovernmental organization of the world's leading gas exporters, following a decision made at the forum's ministerial meeting, Russian Energy Minister Sergei Shmatko said on Sunday.

"Today a decision has been made on admitting Oman to the organization. Requests for admission from several other countries are currently under consideration," Shmatko said.

Shmatko said the forum's ministerial meeting also spoke for the need to expand its powers and areas of activity and pay attention to new technologies, deepen analytical and expert work.

Persian Gulf Stocks: Drake & Scull, Kuwait Portland Cement Co. - Bloomberg

Dubai’s DFM General Index (DFMGI) rose 0.7 percent, the most since Oct. 30, to 1,392.71 as of the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) climbed 0.6 percent.

UAE asks Eurofighter to counter Rafale offer, UAE Economy - Maktoob News

The United Arab Emirates, which is in the final stages of talks with France on the sale of Rafale fighter jets, has invited Eurofighter to make a counter offer, the European consortium said Sunday.

The consortium said that the UAE had asked Britain, which uses the Eurofighter, to provide it with information about the aircraft capacity, and that a briefing took place on October 17.

"We have subsequently received a request for proposal for the potential supply of Typhoon," Eurofighter said of its fighter jet in a statement, adding, "We are now working hard to deliver a response."

Emirates' $18 billion Boeing order kicks off air show, Brazil Industries - Maktoob News

Emirates airline placed a blockbuster order for 50 Boeing 777 jetliners at the Dubai Air Show on Sunday, underscoring the confidence brimming among fast-growing Gulf airlines despite growing fears of stalling global growth.

The Dubai government-owned carrier, expanding its role as the world's largest operator of Boeing's most profitable plane, said the deal was worth $18 billion, the largest commercial order by value in the U.S. planemaker's history.

Reuters reported on Friday that Emirates, which has led efforts by Gulf-based carriers to challenge European and Asian carriers by establishing the region as a major East-West hub, would place an order of between 30 and 50 Boeing 777 aircraft.

Black gold to top $100 this week as world chooses inflation over recession « ArabianMoney

After a very tough week in eurozone politics with the economic crisis claiming the heads of two prime ministers, markets will likely pause a little before a resumption of attacks on whatever they perceive to be the weakest link.

But it will take only a small breath of optimism to push the price of oil from $99 into triple digits. This 15-week high for black oil might well be interpreted as another side of the market judgment on recent events: that things are not nearly so bad as they appear in some parts of the eurozone.

gulfnews : Positioning Abu Dhabi on the new Silk Road

The ancients who walked the Silk Road navigated vast distances and risked their lives to transport the most coveted materials of the day. They followed not roads or sign posts, but an array of arteries marked by mountains, seas and stars. In facilitating this trade, these civilisations shared far more than resources — they shared ideas, innovations and philosophies.

Today, silk and spices don't drive economies, but ideas do. As we look at modern trade, it is clear a new virtual Silk Road connects the world and, like the Silk Road of old, its routes are clearly delineated by leading economic powers, from the USA, to Europe and onwards to China and Japan.

Singapore, Finland, and Korea are some of the notable recent additions to this path, having transformed their economies to thrive on the trade of knowledge and ideas in just one generation. These are nations that lead in innovation, which bring the philosophy of science, technology and innovation to the core of their economies and whose new ideas drive trade and progress and global competitive advantage while advancing their societies at the same time.

gulfnews : Mubadala now part-owner of EMI

Mubadala is now part-owner of the EMI library of music, which includes such popular artists as Rihanna and Norah Jones.

The Abu Dhabi-based company, the investment arm of the Abu Dhabi government, has confirmed to Gulf News that it was part of a consortium led by Sony/ATV — itself a a joint venture between Sony Corp and the Michael Jackson estate — that announced on Friday it would pay $2.2 billion for EMI's publishing division.

"We can confirm that Mubadala is participating in an investment consortium that together with Sony will acquire EMI Music Publishing. We will not be disclosing any further details on the transaction," a spokesman said.

gulfnews : Falcon on track to meet $1b targetin UAE

Falcon Private Bank, owned by Abu Dhabi's Aabar Investments, will achieve its target of $1 billion (Dh3.67 billion) in assets under management (AUM) in the UAE by the end of 2011, helped by Gulf investors moving away from traditional investment hubs, its chief executive said.

"People in this region don't go by default to Switzerland anymore," Eduardo Leeman, said. "People want to diversify geographically their assets so the default is now Singapore and Dubai."

Leeman told Reuters in April that it aimed to achieve $1 billion AUM in the UAE by the end of the year, a target which the bank would meet "after the [Formula One] race", he added.

ExxonMobil expansion into Kurdistan closely watched - The National

The first major oil company has moved into Iraqi Kurdistan, a sign that Baghdad may have relaxed its hard-line stance against producers there.

ExxonMobil, the Houston-based giant that operates a field in southern Iraq, has agreed to explore six blocks in the region, according to a communications adviser for the Kurdistan regional government in Erbil.

Kurdistan is dominated by smaller, risk-taking producers rather than majors such as ExxonMobil, who pump oil in Iraq's southern region in part because Baghdad claims the Kurdish contracts are illegitimate and threatens to blacklist companies.

Iraq Government Says Agreement Made With Kurds on Oil Contracts - Bloomberg

Iraq, home to the world’s fourth- largest oil reserves, has reached a tentative agreement on crude exploration and revenue with the semi-autonomous Kurdish region, according to an adviser to Prime Minister Nouri Kamil al-Maliki.

The central government and the Kurdish Regional Government have reached “mutually acceptable” solutions to long-standing disputes over oil, territory and Kurdish armed forces, Adal Barwari, al-Maliki’s adviser on Kurdish affairs, said in a Radio Free Europe/Radio Liberty interview published today on the U.S.- government funded news outlet’s website.

Barwari said in the interview that al-Maliki and Kurdish Prime Minister Barham Salih held talks in Baghdad in late October and appointed a trio of committees to hammer out their differences. Those committees completed their final reports on Nov. 5 and submitted them to al-Maliki and Salih, Barwari was cited as saying in the interview.

Funding crunch spurs firms to venture capital - The National

Entrepreneurs in the Gulf region are turning to venture capital firms amid a bank funding squeeze made worse by the European sovereign debt crisis.

The pace by which both new and established businesses are obtaining funds through these means is picking up after years of little growth, observers say.

The number of venture capital deals done through structured funds and not direct, seed or angel investments has totalled 43 during the past three years to the end of last month. That compares with just 16 deals conducted during the previous three years, between 2006 and 2008, according to the Zawya Private Equity Monitor.

Boeing’s Albaugh Expects ‘Very Good Show’ as Dubai Expo Opens - Businessweek

Boeing Co. is confident about prospects for the Dubai Air Show, as the U.S. aircraft maker comes to the Middle East with two new planes in service and 700 commitments for its 737 MAX, a senior executive said.

“I expect to have a very good show,” Jim Albaugh, the chief executive officer of Boeing’s commercial jet division, told journalists yesterday at a briefing ahead of the show’s opening today. “They get better and better every year,”

The company brought the 787 Dreamliner into commercial service last month after three-and-a-half years of delays, and Boeing has also handed its 747-8 freighter over for commercial operation. That’s giving the company a boost after being overrun by European rival Airbus SAS on orders for smaller jets at the Paris Air Show four months ago.

Saturday, 12 November 2011

Etihad may place $2.5-billion deal with Boeing: sources | Reuters

Abu Dhabi's Etihad Airways may buy an additional 12 aircraft from Boeing (BA.N), including 10 787 Dreamliners and two 777 jets, sources familiar with the matter said on Saturday.

The value of the deal, if signed, is expected to be around $2.5 billion based on the average list price of the aircraft.

Etihad and Boeing declined to comment.

DUBAI: UAE issues shock Eurofighter Typhoon request

France’s long-running campaign to sell up to 60 Dassault Rafales to the United Arab Emirates faces a shock last-minute challenge, with the Eurofighter consortium having been asked to submit a proposal based on its Typhoon combat aircraft.

News of the development broke on the eve of the Dubai air show, where both types are scheduled to take part in the daily flying display.

Sources have confirmed that the UK provided a formal briefing about the Typhoon to UAE officials on 17 October, after being asked to explore how it might meet future fast jet requirements.

Expansion of DIFC courts introduces a new set of choices - The National

The UAE's judicial system will require serious legislative reforms, Dr Hadef Al Dhaheri, the Minister of Justice, said in Dubai this month, as he welcomed over 5,000 lawyers and judges from around the world to the International Bar Association conference.

Two days later the Dubai Government introduced one such major reform with a decree extending the jurisdiction of the Dubai International Financial Centre (DIFC) courts.

A 2004 law had limited the authority of those courts to cases involving companies registered in the DIFC. But now companies that are not registered will also have access to those courts, provided that both parties have agreed to this in advance and that no final judgment has been issued by another court.

Will Saudi Arabia Open Its Stock Market? - Arabianomics

The Tadawul All Share Index, also known as the Saudi Stock Market, is closed to foreign investment. Only Saudis are permitted to buy and sell shares, and only Saudi companies can be listed on the exchange.

This may all soon change. Speculation that Saudi Arabia will open its stock market to foreign investors is becoming more common.

Saudi Arabia’s $330 billion bourse might slowly open up as early as next year.

Saudi Stock Market close - November 12, 2011

General Index
Intraday 3 month
Daily Statistics
General Index6252.95
Change (%)0.60%
T. Volume147920181
T. Companies 149

Saudi assets to gain $98bn in 2011: report - Emirates 24/7

Strong oil prices will ally with a sharp rise in Saudi Arabia’s crude output to expand its foreign assets by nearly $98 billion through 2011 although the world’s dominant oil exporter is spending much higher than it had projected this year, according to a key Western financial institution.

From around $445 billion at the end of 2010, the Gulf Kingdom’s foreign assets are expected to hit an all time high of nearly $543 billion at the end of 2011 and continue their rise to reach $591 billion at the end of 2012, the Washington-based Institute for International Finance (IIF) said in its latest report.

The assets, controlled by the Saudi Arabian Monetary Agency (SAMA), have already swelled by nearly $80 billion in the first nine months of 2011 as a result of a surge in crude prices and a decision by the Kingdom to raise its oil output to more than nine million bpd to offset disruption of Libya’s supplies.

Saudi Shares Reach Three-Month High on Europe Leadership Changes - Businessweek

Saudi Arabian shares, led by petrochemical makers, rallied to their highest level since August as post-Eid investors reacted to leadership changes in Greece and Italy.

Saudi Basic Industries Corp., the world’s largest petrochemicals producer, gained more than 1 percent, while Arab National Bank advanced more than 3 percent.

The 149-company Tadawul All Share Index rose 0.6 percent to 6,251.60, the highest intraday level since Aug. 6, at 1:35 p.m. in Riyadh. Eight shares increased for every stock that fell.

gulfnews : Iran to call for pre-Libya Opec production levels

Current Opec president Iran will ask the oil producers' group, ahead of its Dec-ember meeting, to return output levels to where they were before the Libya crisis earlier this year, the Oil Ministry's SHANA website reported yesterday.

"We will ask the countries that increased their production when Libya stopped production to change the level of production to the previous level," SHANA quoted Oil Minister Rostam Qasimi as saying.

Iran successfully opposed a move led by the biggest producer Saudi Arabia at the last Opec meeting in June to raise Opec quotas to meet a shortfall in supplies from Libya.