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Thursday, 2 August 2012

Tanzania looks to learn from Abu Dhabi with wealth fund - The National

Tanzania plans to establish a sovereign wealth fund to invest future energy windfalls.

The east African country is benefiting from a steady increase in its natural gas reserves and the government is studying states with significant hydrocarbon revenues. It is focusing on those that - like Abu Dhabi - have established sovereign wealth funds, said Jakaya Kikwete, Tanzania's president.

"We want to learn from them by setting up our own fund to ensure we similarly benefit," he said in a televised address.

Khalaf Al Habtoor: Shining success rises like the sun - The National

Khalaf Al Habtoor walks into his majlis at precisely ten to seven every morning, an early start for many but not so for him.

By then, the Emirati billionaire has been up for almost two hours, has played tennis and has prepared for his first meeting at 7:30am.

Syria conflict hits Al Habtoor in Lebanon - The National

The head of Al Habtoor Group says his five-star hotels and flagship theme park in Lebanon are losing money as tourists shy away from the country that has been affected by neighbouring Syria's crisis.

Khalaf Al Habtoor, the chairman of the group, one of the UAE's largest family businesses, said occupancy rates were not offsetting costs and he had no plans to re-open the company's amusement park, HabtoorLand, in Beirut.

"We are just making losses. The situation is very bad at the moment, there is no occupancy because of the political situation in Syria and the effects it has had on Lebanon," he said.

UAE this year's star performer for DHL - The National

The UAE is one of the fastest-growing economies in the world this year for DHL Express, a global parcel delivery company with revenues of up to €11 billion (Dh49.5bn) a year.

Ken Allen, the chief executive for DHL Express, said growth in retail, travel and logistics across the UAE meant the country had become a "star performer" this year.

"If you said to us, 'Just based on your figures alone, how do you think the UAE is doing?' we would say it is one of the better economies in the world," said Mr Allen.

Oil export sanctions cost Iran $133 million a day - The National

Iran is paying a high price for its refusal to abandon its nuclear programme with sanctions aimed at oil exports costing the country US$133 million (Dh488m) a day.

Since tough US and European Union measures came into full effect last month, Iran's crude exports halved to about 1.1 million barrels a day (bpd), Bloomberg data show.

After four rounds of UN sanctions had failed to make an impact on sales, the new round targets the payment mechanisms of the oil trade with Iran and the insurance of oil tankers carrying Iranian product.

Syria banks face deposit challenge as civil war expands |

Now that rebels have carried Syria’s civil war from remote villages to the capital and the commercial hub, a banking system that survived 16 months of unrest will face its biggest test.
In most of the country, banks have been managing to stay open, thanks to strenuous efforts by their managers and the needs of desperate customers who continue to deposit money because they can find no safer place.
But the spread of major fighting to Damascus last month, and then to Aleppo, Syria’s biggest city and top commercial centre, marks a new, more destructive period for the economy, putting banks under fresh pressure.

Middle East tops passenger growth in first half |

The Middle Eastern airlines led the passenger traffic growth in June as well as in the first half of the year, globally, over respective periods last year, even as the industry continued to experience slowing of growth in the demand for air transport owing to weakness in business and consumer confidence, according to the latest statistics released by IATA (International Air Transport Association).
The demand grew 18.2 per cent in June over the same month last year and 18.1 per cent in the first six months of the year as against the same period a year earlier, as per the data.
“Middle East carriers were the strongest performers with demand growth of 18.2 per cent outstripping a capacity expansion of 13.4 per cent,” IATA said in a statement on Thursday, adding that the region’s carriers also saw load factors at 78.6 per cent in June 2012.

Economist Intelligence Unit,Latest Economic Developments for China

As the global economy slows, many emerging markets are feeling the pinch as demand for their exports weakens. In some cases—notably in China—domestic policy is also contributing to the economic slowdown. The broader question is whether these are mainly cyclical developments or the prelude to a structural adjustment in which emerging markets will no longer sustain the spectacular growth rates of recent years. The answer is probably a bit of both.

MIDEAST STOCKS-Abu Dhabi's Aldar hits 16-wk high; most Gulf higher | News by Country | Reuters

Abu Dhabi's Aldar Properties hit a 16-week high on expectations of strong quarterly earnings, while Abu Dhabi's bourse slipped off a similar high.

Most Gulf markets edged up in tepid trading and lacklustre volumes amid a summer lull exacerbated by the Muslim holy month of fasting when many investors are away from the market.

Shares in Aldar rallied 3.5 percent to 1.2 dirhams, their highest close since April 10.

WAM | 32 ADX listed companies disclose financial statements for the Q2 2012

Abu Dhabi Securities Exchange (ADX) announced today that 32 companies, out of 67 companies listed on ADX, have disclosed their financial statements for the second quarter of 2012.

The companies that disclosed their financial statements did so within the first 31 days of the 45 day deadline. Companies whose securities are listed on the exchange are required to provide ADX with Interim financial reports which are reviewed by the external auditor of the company within forty-five days from the end of the specified time period.

OPEC exports to fall in 4 weeks to Aug 18 -analyst - Yahoo! News Maktoob

Seaborne oil exports from OPEC, excluding Angola and Ecuador, will fall by 120,000 barrels per day (bpd) in the four weeks to Aug. 18, an analyst who estimates future shipments said on Thursday.
Exports will reach 23.90 million bpd on average, compared with 24.02 million bpd in the four weeks to July 21, UK consultancy Oil Movements said in its latest weekly estimate.
The Organization of the Petroleum Exporting Countries pumps more than a third of the world's oil.
OPEC left oil output limits on hold in June, powerless to do anything other than leave Saudi Arabia to decide whether to scale back supplies to stem a slide in prices below $100 a barrel.

New UAE investment fund rules to hit free zone firms - Yahoo! News Maktoob

New United Arab Emirates investment fund rules could hurt the country's ambitions to become a more important financial centre, analysts said, adding that regional rival Qatar could reap the benefits.
The new rules from the Securities and Commodities Authority (SCA) will apply to firms based in Dubai's financial tax-free zone. They include minimum capital requirements for new domestic funds and guidelines on promoting and offering foreign funds in the UAE.
Much of the latter is done by firms in the Dubai International Financial Centre (DIFC), the emirate's free zone
business hub which houses global banks and investment firms.
The authority has classified funds created inside the free zone as 'foreign funds', which were previously operating under offshore laws.

Emirates Says Qantas Codeshare Deal Likely in 6 Months - Businessweek

Emirates said it may reach a codeshare agreement with Qantas Airways Ltd. (QAN) within six months as the Australian carrier seeks a partner to help revive unprofitable international operations.

“We’ve been engaging with them for some time,” Emirates Chairman Sheikh Ahmed bin Saeed al-Maktoum told reporters in Dubai yesterday. “The objective is to eventually see Qantas fly through Dubai.” The two sides aren’t discussing a revenue- sharing accord, he said.

A tie-up may boost Qantas’s overseas business as the carrier would be able to access Emirates’ network of flights from Dubai, widening the range of one-stop services it can offer on Australia-Europe routes. Emirates would gain access to an Australian sales network run by the country’s largest carrier.

Virgin Australia Holdings Ltd. (VAH), the country’s No. 2 carrier, has formed a similar partnership with part-owner Etihad Airways PJSC that lets it sell one-stop tickets to Europe via Abu Dhabi, Dubai’s neighboring emirate. Qantas only offers one-stop trips to five European cities, via Singapore or Hong Kong, according to a route map on its website. It doesn’t fly to Dubai.

MIDEAST MONEY-Qatar may issue local bond if excess funds keep climbing | Reuters

Qatar may issue a sovereign bond to local banks and consider tweaking monetary policy in coming months if excess liquidity in its banking sector continues rising.

Banks in the world's top liquefied natural gas exporter are already awash with deposits, which rose nearly 7 percent from a year ago to a record 378.3 billion riyals ($104 billion) in June, latest central bank data show.

Despite breakneck credit expansion - total loans jumped 33 percent on average in January-June - the overhang of unused money in the banking system has prompted some lenders to park large amounts of excess funds at the central bank's low-yielding deposit facility.

New rules for domestic and foreign investment funds in the UAE -

Regulatory experts from the international law firm Clifford Chance have reviewed the eagerly awaited Investment Funds Regulation (Regulation) which has been implemented by the UAE Securities and Commodities Authority (SCA) this week.

The Regulation applies to all matters relating to domestic investment funds and to the promotion and offering of foreign funds in the UAE, with particular implications for DIFC funds or funds marketed by DIFC firms.

The Regulation transfers regulatory responsibility for the licensing and marketing of investment funds and for a number of related activities from the UAE Central Bank to the SCA.

MENA stock markets close - August 2, 2012

 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)