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Sunday, 26 June 2011

Many Investors Willing to Take Place of Limitless: Bakrieland | The Jakarta Globe

Bakrieland Development, Indonesia’s second-largest property developer, said it has other investors who are interested in joining its Rasuna Epicentrum project in the capital, should Dubai company Limitless withdraw as its partner.

“There are many investors interested in the Rasuna project,” Bakrieland chief executive

Hiramsyah Thaib told the Jakarta Globe on Sunday. “Where else can you find 16 hectares of land bank in Jakarta’s central business district except here?”

MENA stock markets close - June 26, 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)

» What the ENBD shuffle may mean for the banking sector? –

With Sheikh Ahmed replaces Ahmed Humaid Al Tayer as Chairman of Emirates NBD, many speculate that the move may signal more changes in Dubai’s bank sector

Dubai’s ruler named his uncle and close adviser Sheikh Ahmed bin Saeed al-Maktoum as chairman of Emirates NBD on Sunday, in a move that may signal changes to come in Dubai’s banking sector.

Sheikh Ahmed, chairman of Emirates airlines, replaces Ahmed Humaid Al Tayer, who is also governor of the Dubai International Financial Centre (DIFC), state news agency WAM said.

Abu Dhabi Changes Adnoc Management Amid Talks on Oil Concessions - Bloomberg

Abdullah Nasser al-Suwaidi, former deputy chief executive officer ofAbu Dhabi National Oil Co., was named the state-owned company’s director general as the oil producer starts to renegotiate contracts with foreign companies.

"The new director-general has close relations with the Abu Dhabi crown prince and thinks in the same way," said Thad Malesa, an independent analyst based in Dubai. "The crown prince wants to get the best deals possible for Abu Dhabi, and right now they will be looking at pushing oil concessions forward and with new partners."

Exxon Mobil Corp. (XOM), Royal Dutch Shell Plc and Total SA are among companies seeking to extend contracts for producing oil in Abu Dhabi, holder of more than 90 percent of the oil reserves in the U.A.E. The sheikhdom is planning to spend as much as $60 billion over the next decade to expand its oil and gas industry, including boosting crude production capacity to 3.5 million barrels a day from about 2.8 million now.

Egypt likely to hold off on foreign bond sale | Reuters

Egypt is unlikely to tap the international bond market in the next few months despite a hefty budget deficit since political uncertainty would drive up costs and the government wants to size up what foreign aid it can secure.

The country's last eurobond, which was oversubscribed, was launched almost a year before President Hosni Mubarak was toppled on February 11. His government had been considering a new long-term issue.

But officials now say the government, which forecasts a budget deficit of nearly 9 percent in the 2011/2012 fiscal year, is in no hurry. Economists say it may not tap the market until November or later.

Dubai Shares Decline on Concern With Greek Debt, Drop in Crude Oil Price - Bloomberg

Dubai shares headed for their lowest close in three months as Europe’s sovereign debt crisis weighed on the global economy and theInternational Energy Agency said it may release more oil reserves to stabilize prices.

The benchmark DFM General Index (DFMGI) fell 1.2 percent to 1,519.84 as of 12:57 p.m. local time, poised for the lowest close since March 21. Aramex PJSC, the Middle East’s largest courier company, dropped 2.2 percent and was headed for the lowest end-of-day price since June 9, while construction company Drake & Scull International (DSI), tumbled 2.2 percent to the lowest in more than three months. The Bloomberg GCC 200 Index (BGCC200), which tracks the top 200 companies in the Persian Gulf region, rose 0.1 percent.

Concern Greek lawmakers will fail to pass austerity measures to ensure the next instalment of the nation’s international bailout helped push down European stocks last week, while U.S. equities posted their seventh loss in eight weeks as the Federal Reserve cut its growth forecast. Oil tumbled 4.6 percent on June 23 after the IAE’s decision to release 60 million barrels over 30 days.

Sheikh Ahmed Appointed Chairman of Emirates NBD, Replacing Ahmed Al Tayer - Bloomberg

Sheikh Ahmed bin Saeed Al Maktoum has been appointed the chairman of Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank by assets, replacing Ahmed Humaid Al Tayer.

Hisham Abdullah Al Kasem was named deputy chairman, while Mohammed Obaid Al Shehhi, Mohammed Hadi Ahmed Abdullah Al Husaini and Shoaib Mer Hashim Khouri were appointed as board members, state-run Emirates News Agency reported. They replaced Eissa Saleh Al Gurg, Fardan Ali Al Fardan, Khalid Jassem Bin Kalban, Abdullah Ahmed Lootah and Hamad Mubarak Bu Amim.

Sheikh Ahmed is also the chairman of Dubai World and Emirates airline.

gulfnews : Bourses brace for global trend spillover

The region's stock markets are expected to come under selling pressure in the week ahead following negative investor sentiment which currently prevails on international markets due to sovereign debt default concerns in Europe and a slowing US economy, market experts say.

"There's likely to be a spill-over of negative sentiments into our regional markets from the international financial markets," said a Dubai-based market analyst.

He said the ramifications of what's happening in the US and Europe will be felt in the region too, with Saudi Arabia's market being the best indicator of a flagging investor confidence in the regional markets. This is following a sharp drop in global oil prices over the past month. The mainstay of the region's economies are crude oil exports. It's estimated stock markets in the Gulf Cooperation Council lost a total of $12.2 billion (Dh44.7 billion) in May to bring the market value of companies listed on them to $757.9 billion as political tensions and light liquidity prompted a sell-off.

Insurance House ups foreign ownership limit - The National

Insurance House has agreed to raise the cap on foreign ownership in the business to 25 per cent just days after its public listing.

The move by the Abu Dhabi insurance company comes as firms seek to help the UAE gain "emerging-market" status from the index provider MSCI.

"We will give an opportunity to foreign investors to participate in our promising venture by building a successful and established relation with them," said Mohammed Alqubaisi, the chairman of Insurance House.