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Thursday, 16 August 2012

Dearth of angels leaves UAE entrepreneurs under a cloud - The National

Regional investors are not doing enough to support start-up ventures, say two Dubai entrepreneurs.

Their warning comes after they were forced to turn to the West to raise US$500,000 (Dh1.83 million) in backing.

The inventors of the Pocket TV - a device that turns a regular television into a so-called smart TV - said they tried and failed to raise local funding for their project.

Kuwait launches $1bn oil tanker buying spree for fleet expansion - The National

The Kuwait Oil Tanker Company (KOTC) says it is to place orders for eight new ships worth more than US$1 billion (Dh3.67bn) as it accelerates its fleet replacement programme despite a global glut of tanker tonnage.

The latest order - expected to go to South Korean yards - will be for five new product tankers designed to ship refined oil cargoes and three LNG (liquefied natural gas) tankers to be delivered between 2017 and 2018. This will be the fourth phase of the company's building programme.

The news came as the Italian tanker company Montanari said it was preparing to sell two of its newest tankers for almost half the cost of building them.

Investors adjust positions ahead of a long weekend |

Dubai’s DFM index closed 0.11 per cent higher at 1580.77 as investors adjust positions ahead of a long weekend.
Among the gainers, Aramex rose 2.82 per cent to close at Dh1.82, followed by Al SalamSudan by 2.10 per cent to Dh1.46 and Dubai Investment by 1.78 per cent to Dh0.744.
Among the losers, Takaful-EM fell 5.80 per cent to Dh0.650, followed by Hits Telecom by 2.55 per cent to Dh0.878 and Deyaar by 2.48 per cent to Dh0.354.

Etihad keen to buy Aer Lingus stake |

Etihad Airways PJSC said it would be interested in buying Ryanair Holdings Plc.’s 30 per cent stake in Aer Lingus Group Plc. as the budget airline struggles to take over the Irish flag carrier.
Etihad, which already owns 3 per cent of Aer Lingus, would be “very happy to have that discussion,” Chief Executive Officer James Hogan said by phone from Brisbane, Australia on Thursday. “Dublin is a strong, profitable route for us and we’re very keen to strengthen our partnership there.”
The carrier has also had talks about buying the Irish government’s 25 per cent stake in Aer Lingus as it invests in overseas airline to help bolster traffic through its Abu Dhabi hub. Ryanair’s bid for Aer Lingus has drawn opposition from management and sparked a review by European Union regulators who blocked a similar takeover in 2006.

Emarat to hand over 74 fuel stations in UAE |

The handover process of 74 petrol stations by Emarat to Adnoc Distribution in the Northern Emirates is expected to be completed by mid September 2012.
The move follows losses incurred by Emarat to the tune of Dh80 million in the Northern Emirates section of its gasoline sales business on a monthly basis due to petrol subsidies, a top ranking oil industry source told the Gulf News on Thursday.
“The acquisition is a gift on the Eid Al Fitr. Based on the deal between Emarat and Adnoc, Emarat will save up to Dh1 billion annually after Adnoc takes over the running of 74 petrol stations operated by Emarat in Sharjah, Ras Al Khaimah, Ajman, Umm Al Quwain and Fujaira,” the oil industry source said.

OPEC delays delicate talks on picking new secretary general | Reuters

OPEC has delayed a meeting of officials to help select its new secretary general, delegates from the oil producers' group said, putting off delicate talks that could reignite rivalry for influence as Saudi Arabia, Iran and Iraq seek the top post.

A panel of officials was initially planned to convene at the Vienna headquarters of the Organization of the Petroleum Exporting Countries during August, but the meeting is now more likely to take place in October, officials said.

OPEC has often struggled to agree on a secretary general and the task of appointing a successor to the outgoing Abdullah al-Badri comes as Western sanctions on Iran have heightened political tensions within the 12-member group.

MIDEAST STOCKS-Gulf markets end positively as region breaks for Eid - Yahoo! News Maktoob

Gulf Arab markets all end in positive territory as the region closes down for the long Eid holiday, with Qatar Telecom's bid for the remaining shares it doesn't hold in Kuwait's Wataniya driving growth on the Doha bourse.
Having announced at the end of June its desire to buy the outstanding 47.5 percent of the Kuwaiti telco's share capital, Qtel said on Thursday it had received regulatory approval for the bid.
Under the terms outlined in the statement, Qtel will offer 2.6 dinars per share, valuing the stake at 622.4 million dinars ($2.2 billion). The offer price is a 22.6 percent premium to Wataniya's share price on June 21, the day it lodged the bid with Kuwait's Capital Markets Authority.

EXCLUSIVE-UPDATE 1-Arab Bank chairman quits over CEO dispute - Yahoo! News Maktoob

The chairman of Jordan-based Arab Bank, Abdel Hamid Shoman, resigned on Thursday after a dispute with key shareholders and the bank's chief executive, he said in an internal memo seen by Reuters.
Sources at the bank, one of the Middle East's largest financial institutions, said key shareholders failed to back
Shoman, whose family founded the bank in Jerusalem, after a months-long dispute with CEO
Nemah al-Sabbagh over his management of the bank came to a head.
"We refuse to be part of a bank which has strayed from the founder's vision for it," the memo, which was sent to the bank's employees and signed by Shoman and his wife and daughter, who also resigned as board members, read.

RBS Seen Picking Abu Dhabi to Buy 42 Hotels, Property Week Says - Bloomberg

Royal Bank of Scotland Group Plc (RBS) chose the Abu Dhabi Investment Authority as the preferred bidder for 42 hotels it owns following loan defaults, Property Week reported, without saying where it obtained the information.
The sovereign-wealth fund offered 620 million pounds ($973 million) for the hotels operated by Marriott, the publication said on its website today.
RBS and the fund didn’t immediately return calls seeking comment on the report.

Bailed U.S. businessman jailed in Yemen may be deported to U.S. | Reuters

Bailed U.S. businessman Zack Shahin, who fled the United Arab Emirates for Yemen, may be deported to the United States as the UAE has not yet requested his extradition, Yemeni officials said on Thursday.

Yemeni authorities have contacted U.S. embassy officials to discuss handing Shahin to the United States, a Yemeni security source and a government official both told Reuters.

"According to the law, there are two choices: To return him to the country where he came from, in this case the UAE, or the country of which he is a passport holder," the security source said, declining to be identified. There was no deadline for Shahin's deportation, he added.

UAE property market begins slow recovery |

The UAE’s real estate market is showing signs of recovery – nearly four years after the sector faced the fallout of the worst economic crisis in September 2008 that nearly halted most of the development activities.
Backed by a structured cash injection, careful re-engineering of major development companies and rescheduling of projects and debts, the sector is expected to rebound – although slowly, according to market experts.
“The overall residential market is seeing a positive trend with the villa market continuing to outperform the apartment sector in the second quarter of 2012,” real estate consultant, Jones Lang LaSalle (JLL), said in a recent report.

UPDATE 1-UAE's NBAD partly repays post-Dubai World govt support | Reuters

National Bank of Abu Dhabi , the largest lender by market value in the United Arab Emirates, has repaid 1 billion dirhams ($272.3 million) of subordinated notes to the country's Ministry of Finance, it said on Thursday.

The sum was part of 5.6 billion dirhams provided by the government in January 2010 as part of a wider move to support the UAE banking system in the aftermath of Dubai World's 2009 $25 billion debt restructuring standstill request.

Under the plan, the UAE authorities provided additional Tier 2 capital, in the form of subordinated notes, to every bank in the country to strengthen their capital bases and head off any solvency concerns after the Dubai World news.

UAE banks told to extend loan maturities for citizens | Reuters

The United Arab Emirates' central bank has told lenders to extend maturities on certain personal loans held by UAE citizens by more than four years, the latest initiative aimed at reducing their debt burdens.

In a circular sent to banks earlier this week, the regulator told banks to reschedule citizens' loans by more than 48 months if the repayment exceeds 50 percent of gross salary and other income.

The loans can be rescheduled provided no fresh money is borrowed, the circular added.

BRIEF-Moody's:Oman's government finances strong, despite oil production challenges | Reuters

Moody's says Oman's A1 foreign and local currency government bond ratings and stable outlook balances its considerable financial strength against long-term structural economic challenges.

Qatar Telecom offers $2.2 billion for Wataniya stake | Reuters

Qatar Telecom QTEL.QA (Qtel) is offering $2.2 billion to buy the remaining 47.5 percent stake it does not already own in Kuwaiti telecom company Wataniya (NMTC.KW) as the state-owned operator eyes acquisitions to ward off threats from rivals.

The former state monopoly, which already owns 52.5 percent of Wataniya, will pay 2.6 dinars per share, an 18 percent premium to Wataniya's last traded price, through a tender offer open to shareholders.

Qtel has been raising stakes in its subsidiaries, taking advantage of the gas-rich Gulf state's healthy financial position at a time when other large telecom firms are shying away from deals.

MENA stock markets close - August 16, 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)