Tuesday, 16 August 2011
'Discussions (with banks) are still ongoing and it has not been completed yet,' Khamis Juma Buamim, chairman of Drydocks World said on Tuesday.
'I can't confirm if we will reach a restructuring agreement this year,' he added, when asked if he was confident an agreement would be struck before the loan comes due in November.
In a new outlook report on the gulf region, S&P said that they expect to see developers continuing to scale back their activities and concentrating more on rental and management of existing stocks, especially in markets that are oversupplied such as the UAE.
It also expects to see a similar sea-change as was witnessed in India 2 years ago, with developers increasingly turning their back on high-end residential developments to focus on housing and urban regeneration, particularly in Saudi Arabia.
The sources, who spoke on condition of anonymity, said BNP may boost existing Gulf locations such as Dubai, Doha and Riyadh at the expense of Bahrain, though one said that a complete exit from the country, where it employs 383 staff, was unlikely.
The sources said they did not know how many employees would be affected by the proposed moves. A BNP Paribas spokeswoman was not immediately available for comment.
|TASI (Saudi Stock Market)||6053.72||-1.34%|
|DFM (Dubai Financial Market)||1466.5||-0.26%|
|ADX (Abudhabi Securities Exchange)||2585.8||-0.55%|
|KSE (Kuwait Stock Exchange)||5846.4||0.27%|
|BSE (Bahrain Stock Exchange)||1266.22||-0.06%|
|MSM (Muscat Securities Market)||5454.6||-0.44%|
|QE (Qatar Exchange)||8137||0.28%|
|LSE (Beirut Stock Exchange)||1305.35||-0.03%|
|EGX 30 (Egypt Exchange)||4624.46||-0.44%|
|ASE (Amman Stock Exchange)||2013.71||-0.30%|
|TUNINDEX (Tunisia Stock Exchange)||4401.23||0.23%|
|CB (Casablanca Stock Exchange)||11339.7||-0.59%|
|PSE (Palestine Securities Exchange)||487.72||-0.16%|
The $8bn commercial finance joint venture between Mubadala Development and General Electric, one of the world's biggest business conglomerates, was 'going very well', said Ron Herman, the chief executive. The company had lined up about $2bn of financing for companies by the end of last year and had already doubled that amount this year, he said.
'We were profitable last year and will have larger profits this year,' said Mr Herman, who was a 25-year veteran at GE before moving to Abu Dhabi. 'So our business is healthy.'
The Dealer’s Day is an annual invitation-only event organized by ACI Russia and the Moscow International Currency Association (MICA) on the anniversary of the Russian currency default in 1998.
Mahmood Ebraheem Al Mahmood, Chairman of ADS Securities said: “Russia is one of the most exciting financial markets in Europe and a key target for us. We believe that ADS Securities’ offer of platform, prices and service will be of great interest to Russian institutional, high-net-worth and professional traders. Moscow falls in the same time zone as Abu Dhabi, so they can benefit from our ability to provide liquidity and a strong market during the period between the close of Far East markets and the opening of European markets. Our mix of world class prices, deep liquidity and on and offline trading is a very compelling proposition.”
The political turmoil in Egypt since the start of the year has taken a heavy toll on company earnings as first half results reveal. Compared to the mayhem and loss of life in Libya and Syria, Egyptians consider that their revolution has come at a reasonable cost: 850 people were killed, but the state has survived and the country’s infrastructure and production facilities have emerged intact.
Even so tourism, investment and consumer confidence have been hit badly. That is largely the story being told, and in particular by one company’s Q1 figures: Orascom Development.
Orascom Development (ODHN:SWX), a builder and operator of luxury resorts, listed in both Egypt and Switzerland, has just reported a net loss of $17.5m compared to a profit of 50.9 million a year earlier. Revenues fell by 62 percent.
As the markets are tanking, sending oil prices down due to fears that the US and other developed economies might face periods of slow economic growth (or a recession). Low oil prices raises a red flag in Kuwait, as concerns about the government budget start to rise.We did a simple “back of the napkin” calculation to get the price of oil that the Kuwaiti givernment budget breaks even.
We start with the expenditures. The budget forecasts an expenditure 0f KD 19.44 billion, or USD 71.45 billion. We subtract the non-oil revneus (electric bills, taxes, etc), which are forecasted to amount to KD 1.14 billion (or USD 4.18 billion), leaving us with USD 67.27 billion. We then add 10% of the needed oil revenues, as Kuwait allocates 10% of its oil revenues to the Future Generations Fund (managed by the KIA). The total oil revenue that Kuwait needs amasses to USD 74 billion. If we assume that Kuwait produces 2.5 million barrels per day, then the break even oil price would equal to $81.09, 20% below current prices.
So for the time being, the goverment budget will generate a surplus.
Yet two months later Riyadh is proving that first impressions are often misleading. If someone was defeated, it clearly was Tehran.
Since the June 8 Opec meeting in Vienna, Saudi Arabia has boosted unilaterally its crude oil production, reaching la 30-year high of 9.8m barrels a day last month. At the same time, Iran’s own oil output has plunged to its lowest level in more than 8 and a half years at 3.5m b/d, according to fresh estimates by the International Energy Agency.
Aabar agreed to pay 10.80 ringgit per share in June for Abu Dhabi Commercial Bank's quarter stake in RHB, valuing Malaysia's fifth largest lender at around $7.2 billion, or 2.25 times its book value.
Malaysia's two largest banks, Maybank and CIMB Group , which had been planning a full takeover of RHB, subsequently pulled out of the deal citing the high price paid by Aabar.
The rating agency has removed the bank's via-bility rating from rating watch negative and said it believes that there is high probability of support from the UAE authorities and Dubai to Emirates NBD.
Following the global financial crisis, liquidity support and term funding were provided by the UAE authorities to all banks in the system. In addition, the government of Dubai injected Dh4 billion of perpetual hybrid Tier 1 capital into Emirates NBD in June 2009 to provide further support to the bank's capital base.
Later, the president noted: 'The government of Iran is actively supporting terrorism as an instrument of state policy … I hereby order that: no goods or services of Iranian origin may be imported into the United States.'
The calls for more action over Iran's nuclear programme are again growing louder. But sanctions have a long and ineffective history. The two orders above were made not by Barack Obama, but by Jimmy Carter in 1979 and Ronald Reagan in 1987.
Responding to calls from county officials in Sin City to come up with a plan, the Las Vegas company said Monday it now wants to implode the stylish blue oval cylinder because structural defects prevent it from being used. A structural engineer said in a report last month that the building wouldn't hold up in a strong earthquake.
Plans submitted to the county call for the building to be imploded in six months, with four months of cleanup afterward including clearing dust from the Las Vegas Strip, an intersecting street and at least two Las Vegas casinos, the Cosmopolitan of Las Vegas next door and Planet Hollywood Resort & Casino across the street.