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Sunday, 9 September 2012

The UAE 6 month labor ban needs to change. Now. |

Could you be both angered and amused at the same time? If you live in the UAE, then you probably know this dual-state of emotion all too often.
Reading about a sponsorship case within the Emirates evoked these two very emotions within me earlier today. The article, titled ‘Six-month work ban applies evenly to men and women‘ chronicled the miserable case of a woman who had a six month ban imposed by the Ministry of Labor on account of failing to complete her period of employment with her former employer despite being on her husband’s sponsorship. Now here’s the kicker: the lady lodged a complaint with the Ministry, but officials took almost six months to respond! Now if that isn’t a testament to the efficiency of the Ministry of Labor, well I don’t really know what is.

MENA stock markets close - September 9, 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)

UPDATE 1-Gulf OPEC big three raise Aug oil output by 400,000 bpd - Yahoo! News Maktoob

Oil output by the big three Gulf producers saw a net increase of around 400,000 barrels per day (bpd) in August from July as a sharp rise in Kuwaiti output outweighed cuts by Saudi Arabia and the United Arab Emirates (UAE), industry sources said.
Saudi Arabia and the UAE both cut their production by around 100,000 barrels per day (bpd) in August, to 9.7 million bpd and 2.7 million bpd, respectively, according to Gulf industry sources.
But top producer Saudi Arabia used 100,000 bpd from storage to offer crude supplies to the market of 9.8 million bpd, while Gulf-OPEC ally Kuwait ramped up production by around 600,000 bpd to 3 million bpd in August.

Dubai's Al Habtoor seeks to raise $1.6 bln in 2013 IPO | Reuters

Al Habtoor Group, a family-owned Dubai conglomerate, is looking to raise as much as $1.6 billion in an initial public offering on the Nasdaq Dubai bourse next year, it said on Sunday.

The company, whose portfolio spans hospitality, construction, education and automotives, plans to issue new shares worth 25 percent of its capital as part of the listing. It has hired Grant Thornton as financial advisor for the planned IPO, Khalaf Al Habtoor, chairman of the group told Reuters.

The Dubai-based company is one of the UAE's biggest family businesses and a potential stock market float from the group is seen as a boost to local equity markets which has struggled to attract new companies post the global financial crisis.

STOCKS NEWS MIDEAST-Banks weigh on Saudi index; Oman hits 10-wk high - Yahoo! News Maktoob

Banking shares lead declines on Saudi Arabia's bourse as investors book profits following Saturday's gains,
while Oman's bourse closes at a 10-week high.
The kingdom's index slips 0.3 percent to 7,081 points, trimming year-to-date gains to 10.3 percent.
Heavyweight Al Rajhi Bank slips 0.7 percent, Samba Financial Group sheds 1.3 percent and Riyad Bank dips 0.4 percent. The banking index is down 0.7 percent.

Saudi German Hospitals to list within two years - IPO -

Jeddah-based healthcare provider Saudi German Hospitals Group (SGH) plans to list its shares on the Saudi Tadawul within two years, its president and CEO told Arabian Business.
The group, which operates eight private hospitals in the region, said an IPO would ensure the family-owned firm’s continuity, said Sobhi A Batterjee.
“We are planning to go public and we are working on it now. We are a family business and listing is mandatory for succession,” he said.

STOCKS NEWS MIDEAST-Property stocks lift UAE mkts; Qatar up - Yahoo! News Maktoob

Property-related stocks lead gains on markets in the United Arab Emirates rise as investors take their cues from
upbeat global bourses.
Dubai's index climbs 0.9 percent to 1,570 points, its highest level since Aug. 27.
"The challenge will be to cross the 1,570 resistance level," says MENA Corp in a note.

DIFC still growing too slowly to fill up its empty new office towers « ArabianMoney

There are only around 13,000 people working in the Dubai International Financial Centre and that total includes the purveyors of fast food and the like. Figures released today showed that the total number of firms registered grew from 848 to 899 at the end of the first half compared with a year ago, though again that included a wide range of ancillary service companies.

Strip back to the core and the number of regulated companies was up by only seven to 329 on the half year comparison. That is not going to be enough to fill up the acres of third party-owned office space now coming on to the market in the DIFC that could easily accommodate more than twice its existing population.

Business - UAE corporate bonds raise $7.3b in six months

Bucking a lackluster trend in the primary GCC bond and sukuk market, corporate issuances from the UAE continued to dominate the regional bond market, underpinning the resilience in business confidence.
Corporate issuances from the UAE, raising a total of $7.3 billion, continued to lead the market in terms of issuances at 49, representing 70 per cent of the total number of issuances.
In contrast to a dismal overall market scenario, which saw the aggregate primary issuance of bonds and sukuks in the GCC dropping 18.7 per cent to $37.6 billion in the first half of 2012, issuances by UAE entities raised the largest amount accounting for 36.4 per cent of the total amount, or $ 8.5 billion.

Rainmaker: Qatari myths swirl in the Glencore-Xstrata sandstorm - Telegraph

Sheikh Hamad bin Jassim bin Jabr Al-Thani and Qatar have become the kingmakers of the Glencore-Xstrata mega merger Photo: AP
Despite having $500bn (£312bn) of liquified gas dollars to spend at an almost meteoric rate, until now most people in the City hadn’t taken them seriously.
However, as it stands, the fate of corporate Britain’s biggest deal of the past seven years rests in their hands.
Not to mention the future of Glencore’s Ivan Glasenberg and Xstrata’s Mick Davis.

Oman the comeback kid of oil - The National

Oil was slipping from Oman's grasp five years ago.