Tuesday, 20 September 2011
Well-established as a global leader in Islamic finance, Barclays has been active in promoting the Islamic banking sector for well over a decade.
This licence endorsement, granted by the Dubai Financial Services Authority (DFSA), positions the global bank to further expand, its already diverse offering, in the Sharia-compliant financial services space.
Saudi Arabia, the world's largest oil exporter, is expanding its railway network by adding 300-plus kilometres of railway lines after commissioning the 1,400-km North South Minerals line earlier this year.
The new lines comprise three projects -- the Ras al Khair to Jubai, the Jubail to Dammam line and an internal Jubail network.
OT's shares rose 6.7 percent to their highest close since Aug. 4, after an Egyptian newspaper reported that a law firm charged with assessing the value of the company's Algerian unit, Djezzy, had said it was worth $7 billion.
Mobinil , in which Orascom Telecom is a main shareholder, soared 10 percent. The main index rose 1.2 percent.
|TASI (Saudi Stock Market)||6144.27||0.42%|
|DFM (Dubai Financial Market)||1466.08||0.24%|
|ADX (Abudhabi Securities Exchange)||2556.93||-0.28%|
|KSE (Kuwait Stock Exchange)||5977||0.01%|
|BSE (Bahrain Stock Exchange)||1256.5||-0.06%|
|MSM (Muscat Securities Market)||5736.56||0.03%|
|QE (Qatar Exchange)||8444.67||0.46%|
|LSE (Beirut Stock Exchange)||1243.04||0.19%|
|EGX 30 (Egypt Exchange)||4463.74||1.23%|
|ASE (Amman Stock Exchange)||2025.16||-0.19%|
|TUNINDEX (Tunisia Stock Exchange)||4592.05||0.71%|
|CB (Casablanca Stock Exchange)||11479.5||-0.54%|
|PSE (Palestine Securities Exchange)||480.52||0.18%|
"The region faces serious policy challenges," the fund said in its most recent world economic outlook. "Beyond securing economic and social stability, shorter term challenges focus on the need to place public finances on a sustainable footing," the report said.
The IMF zeroed in on oil exporters such as Qatar, Iraq and Saudi Arabia, and said their governments needed to capitalize on the high oil prices and move toward sustainable and more diversified economies.
The island state willl borrow from banks and funds to cover the deficit, according the agency, which cited a decree by the king.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, rose for the first time in three days. Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest construction company by market value, gained 0.7 percent. The DFM General Index (DFMGI) added 0.2 percent to 1,466.08 at the 2 p.m. close in Dubai, paring its loss in the past two months to 3.9 percent. About 60 million shares traded in Dubai today, compared with a 12-month daily average of 121 million shares. The Bloomberg GCC 200 Index (BGCC200) of the region’s stocks increased 0.2 percent.
“There is no liquidity and that has nothing to do with company fundamentals as we are undervalued and oversold,” said Mohammed Ali Yasin, chief investment officer for CAPM Investment PJSC in Abu Dhabi. “The lack of volatility has helped make the downturn in local shares less steep than elsewhere, as international investors are staying away.”
Behbehani currently owns a 4.9 percent stake in the lender and the approval is valid for three months, the statement said. He will be the biggest shareholder in the bank if the transaction is completed, according to bourse data.
"The Behbehani family are the main shareholders in the bank...the sale might happen through a family arrangement, or he could buy directly from the stock market," said Naser al-Nafisi, the general manager for Al Joman Center for Economic Consultancy in Kuwait.
This is quite an interesting story that’s been developing this week. Fares Sharaf, the now former governor of the Central Bank, handed in his resignation earlier this week after only 10 months on the job. Many are saying that his resignation of the ordinarily stable 5-year post was due to his rejection of the current state policy of fiscal appeasement. Unless you’ve been hiding under a rock, you’ve probably witnessed the out-of-control public spending the state has been pursuing in an attempt to quiet down the masses, which now amounts to tens of millions of dinars. While this spending, which to me is the equivalent of paying people off, has made some impact in the short run, it will do little if not exacerbate tensions in the long run – and in Jordan, long run is typically defined as “when the money runs out”.
…bankers and some officials say Sharaf was enraged by an appeasement policy adopted by the government to win over disgruntled public sector employees in the wake of Arab unrest that endangered the country’s financial and monetary stability.
Bankers say Sharaf, a highly respected financial expert who had senior posts in the banking and financial industry, has increasingly voiced privately his alarm at the government’s expansionary fiscal policy…Economists and bankers say Sharaf criticized a fiscal policy that saw government revenue shrinking and unable to cover rising current expenditure for security and a bloated bureaucracy whose salaries eat up most of the country’s $8.98 billion budget.
…Sharaf was worried policymakers’ efforts to resort to higher levels of domestic borrowing from banks and abroad, to finance growing social needs and the budget deficit, could derail growth and seriously jeopardize the economy’s ability to recover from sharp contraction, bankers close to him said. [source]
The Iraqi cabinet has signed off on a deal with Korea Gas to develop the Akkas gas field in Anbar province in the west of the country. Akkas is a prime attraction because, unlike most of Iraq’s gas, its reserves of 3,300bn cu ft are non-associated or free gas not connected to an oilfield.
The agreement, however, has not been without its complications. Iraqi government officials first said the deal would be signed in February but it fell victim to local politics, causing Kazakhstan’s state gas company to withdraw. The governor of Anbar had demanded that a portion of the Akkas gas remain in his governorate to generate power rather than be made available for export.
Kogas now has a 75 per cent stake in the Akkas venture, up from 37.5 per cent previously, while Iraq’s state-run North Oil Company holds the remaining 25 per cent share.
Layla*, who left Dubai for her native Egypt in 2006, was one of the revolutionaries in Tahrir Square, cheering on the end of Hosni Mubarak’s regime.
But as the hope of the Arab spring wilted in the summer, she felt helpless as revolutionary optimism transformed into concerns that the military or Islamists were hijacking the youth-driven movement’s revolt for their own reactionary ends.
With her media consultancy business drying up in Egypt and Lebanon, a job offer came up in Abu Dhabi. So she moved back to Dubai, from where she makes the two-hour daily commute to the UAE’s capital. “I liked Dubai before and didn’t mind coming back at all,” she says. “It is away from all the chaos.”
Layla is one of many Arabs who are fleeing uncertain prospects at home for the more settled environment of Dubai. From unemployed graduates in Cairo to Bahrain-based bankers, Dubai’s stability and recovery provides solace from the storm.
But DP World has shown all of its global ports to be capable of weathering the heavy seas of economic uncertainty.
Since the company reported its half-year figures last month, showing a surge in net profit, several leading investment banks have upgraded their forecasts for DP World's trading and financial outlook.
The price of crude dropped by as much as 3 per cent in London and New York as investors speculated over the likelihood of Greece defaulting on its sovereign debt and digested a series of negative remarks by Abdalla El Badri at a meeting in Dubai.
The Opec chief warned western nations needed to do more to bolster their economies and stem unemployment or they risked jeopardising billions of dollars in oil investments.
The real estate developer saw the yield on its sukuk soar 108 basis points since September 9, or 1.08 percentage points, to 17.08 per cent on September 16, according to prices at Standard Chartered on Bloomberg.
It was little changed yesterday. The rate on Dubai government's 6.396 per cent sukuk due November 2014 gained eight basis points last week to 4.88 per cent on Friday, according to data compiled by Bloomberg. It rose three basis points yesterday.
In equities trading, individual investors accounted for 6.6 per cent of the traded value of all shares traded on Nasdaq Dubai in the first eight months of 2011. Total equities traded value in the period by individual and institutional investors was $511 million.
In August 2011, individual investors accounted for 3 per cent total equities traded value on Nasdaq Dubai, the same percentage as in the previous month. Total equities traded value on the exchange in August 2011 was $73.2 million, up 174 per cent from $26.7 million in July 2011 and down 7 per cent from $78.7 million in August 2010.
The agreement, signed on Monday, will see the DLD and Wasl pick on-hold projects in the emirate and offer them for sale or lease to investors in an effort to restart developments that were abandoned or stalled during the financial crisis.
Majida Ali Rashid, senior director of planning and institutional development, president of the Center for Promotion and Management of Real Estate Investment, explained that the DLD and Wasl would work together to provide attractive packages to investors.
The shares of Saudi banks have underperformed their peers in the Persian Gulf this year, with the Tadawul All-Share Bank Index tumbling 14 percent. Dubai Financial Market Bank Index gained 3.5 percent in the period and the Qatar Exchange Banking Sector Index advanced 1.5 percent.
Banks in the world’s biggest oil exporter are lending mainly to “blue-chip borrowers” and parking money with the central bank at a time when interest rates are at the lowest level since June 2009, according to Asim Bukhtiar, an analyst at Riyad Capital. “The low-rate environment is not expected to turn around in the next two quarters.”
"There have been no talks on our side," a Daimler spokesman told Reuters. "We do not have anything to do with Qatar."
A German magazine reported over the weekend that members of Qatar's government had met with German Economy Minister Philipp Roesler two weeks ago.
كونا : Kuwait Capital Market Authority successfully ends first phase of transitional period - الشؤون الإقتصادية - 19/09/2011
In a press statement, the CMA pointed out the law has called for settling brokers and investment funds situation and the transfer of regulatory tasks to the new authority, CMA, six months after the issuance of the executive statue of the law (ending September 12, 2011).
"All brokers and investment funds have applied for the settlement of their status to comply with the regulations of the new law," the statement said.
OT ended 10 percent higher after an Egyptian newspaper said a law firm valued its Algerian unit Djezzy at $7 billion.
"We are still waiting on confirmation of the news. But if it is real then this is an extremely positive valuation," said Margo Moussa an analyst at Arab Finance Brokerage.
The Dubai property giant is issuing the Islamic bonds, or sukuk, as part of a US$16 billion (Dh58.76bn) financial restructuring it began putting in place late last month.
The sukuk initially yielded about 13 to 15 per cent, well below what many observers expected. Yesterday, however, the security was yielding 16.37 per cent, according to a major bank trading the sukuk. But a bigger gauge of demand will come today when a group of banks has reportedly been invited to bid on Dh320 million worth of the sukuk.
"The finance minister is authorised to issue in accord with Bahrain's central bank up to 3,500 million dinars in public treasury bonds ... called development bonds and Islamic sharia-compliant instrument in the kingdom or abroad," said a decree issued by Bahrain's King Hamad bin Isa al Khalifa, BNA said.
Issuance can begin after the official publication of the decree, it said, without giving a time frame.