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.
Monday, 14 November 2011
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.
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 – FT.com
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 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.
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.
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 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."
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.
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.
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.
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.
تاريخ النشر: الأحد 13 نوفمبر 2011
اقرأ المزيد : حفل توقيع لمجموعة «كرز» القصصية الجمعة - جريدة الاتحاد http://www.alittihad.ae/details.php?id=104555&y=2011#ixzz1derhvhjO
|TASI (Saudi Stock Market)||6257.27||0.07%|
|DFM (Dubai Financial Market)||1392.71||0.72%|
|ADX (Abudhabi Securities Exchange)||2492.33||0.58%|
|KSE (Kuwait Stock Exchange)||5868.5||-0.71%|
|BSE (Bahrain Stock Exchange)|
|MSM (Muscat Securities Market)||5566.41||-0.12%|
|QE (Qatar Exchange)||8741.5||0.44%|
|LSE (Beirut Stock Exchange)||1186.62||0.22%|
|EGX 30 (Egypt Exchange)||4298.73||-1.93%|
|ASE (Amman Stock Exchange)||2015.65||0.25%|
|TUNINDEX (Tunisia Stock Exchange)||4723.18||0.17%|
|CB (Casablanca Stock Exchange)||11225.1||-0.17%|
|PSE (Palestine Securities Exchange)||471.57||-0.27%|
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.
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.”
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.
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.
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.
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.
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.”
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.
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.