Tuesday, 28 June 2011
The federal government of the United Arab Emirates has raised the capital of its indebted fuel retailer Emarat by 50 percent to 9 billion dirhams ($2.45 billion), state news agency WAM reported on Tuesday.
In January, the UAE's Federal National Council (FNC) passed a bill allowing Emarat to borrow the equivalent of up to 50 percent of its capital.
Emarat had debt of around 1.9 billion dirhams, the FNC said in January, as fuel subsidies imposed on gasoline prices by the UAE government hit the company's profits.
When Canada’s Suncor Energy opened a natural gas plant in Syria last year, it promised “Energy for today and tomorrow” in an advertisement that showed one of its workers talking to a keenly interested President Bashar al-Assad.
Now the business is scrambling to deal with a tomorrow that has arrived in an unwelcome form: a country in chaos, headed by a leader whose lethal crackdown on a popular uprising has made him a public relations liability.
Asked about its future in Syria, Suncor said it was making a “great deal” of effort to ensure it could operate responsibly there. “We ... continue to work within our sphere of influence to ensure we are upholding the company’s values,” it added.
The UAE’s increasingly liquid banks are cutting mortgage rates as they look to claw their way back to growth.
The country’s housing markets, especially in Dubai, have been taking a beating for a few years, with prices falling dramatically as supply outpaced demand. Could the easier availability of mortgage finance boost those anemic housing markets?
Don’t get too excited, analysts say.
|TASI (Saudi Stock Market)||6531.17||0.37%|
|DFM (Dubai Financial Market)||1507.61||-1.18%|
|ADX (Abudhabi Securities Exchange)||2711.3||0.25%|
|KSE (Kuwait Stock Exchange)||6226.8||-0.43%|
|BSE (Bahrain Stock Exchange)||1328.34||-0.13%|
|MSM (Muscat Securities Market)||5904.68||-0.82%|
|QE (Qatar Exchange)||8290.39||0.49%|
|LSE (Beirut Stock Exchange)||1335.01||-0.89%|
|EGX 30 (Egypt Exchange)||5393.44||0.33%|
|ASE (Amman Stock Exchange)||2093.1||-0.54%|
|TUNINDEX (Tunisia Stock Exchange)||4297.19||-0.07%|
|CB (Casablanca Stock Exchange)||11646.8||0.17%|
|PSE (Palestine Securities Exchange)||495.69||-0.42%|
Abu Dhabi's Dolphin Energy Limited, 51 percent owned by state fund Mubadala, has delayed plans for an immediate bond issue due to market conditions, leads said on Tuesday.
The bond sale was expected to raise as much as $1.93 billion to refinance existing debt.
Consumer watchdog International Energy Agency's emergency oil release is a desperate measure that threatens to undo two decades of cooperation with OPEC and could fail to calm prices.
Thursday's announcement of a 60 million-barrel release from emergency stocks - only the third in the IEA's 37-year history - came after consumer nations unsuccessfully applied pressure on the Organisation of the Petroleum Exporting Countries to increase its output at a meeting this month.
The talks collapsed in disarray, but top exporter Saudi Arabia said it would still produce as much oil as the market needed.
"The federal government will not issue sovereign bonds before 2012 and only if deemed necessary," Obaid Humaid al - Tayer, minister of state for financial affairs, said in the latest ministry newsletter.
"The UAE is currently working on launching a bond market parallel to the stock markets which will increase initial issuance on a federal level and local level."
If you look at classic economic indicators such as GDP growth, the Tunisian revolution seems surprising.
Of course the revolution did happen, and a recent study by Gallup, the research centre, makes a compelling argument for why economists and those who quote them had been giving too much importance to the wrong numbers all along.
Tunisia’s GDP per capita growth was accelerating, and the country had jumped up international rankings of competitiveness. In 2009 and 2010, according to Gallup, 56 per cent of Tunisians said the Tunisian economy was improving overall—a far better performance than many middle-income nations, where a median of 31 per cent think that.
The index sample comprises of 20 stocks, selected from different sectors of the market.
Created by the Investment Management Group of Oman Arab Bank, the Al Arabi Oman 20 Index is the first index in the Sultanate to track the weightage the liquid- value and profitability of stocks on the MSM.
Hoda Abou-Jamra still remembers the meeting when potential investors for herprivate equity fund thought she was the secretary.
“I would ask a question, and they would answer to the man next to me. I would answer their question, and they would look at him,” she said, laughing. “I didn’t let it bother me. I just stood up straighter and talked louder.”
Women deal makers, financiers and entrepreneurs are a rare breed in the Middle East. As a founding partner of a $40 million health care fund in Dubai, Ms. Abou-Jamra operates in a male-dominated industry globally and a male-dominated work force locally.
In recent years Abu Dhabi has been a prime destination for many expatriates seeking refuge from the headwinds of the global financial crisis.
But foreign workers now have cause to be nervous for their futures as the oil-rich emirate cuts costs and responds to the youth-driven protests of the Arab spring by tackling unemployment among nationals.
Government bodies and state-linked enterprises in Abu Dhabi are cutting expatriate staff on orders from the “highest levels” of government, employees have been told.