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Saturday, 17 November 2012

Xstrata faces one final hurdle to £45bn Glencore merger - Telegraph

The tie-up of the FTSE 100 giants, the biggest-ever deal seen in mining, is expected to be waved through by investors at a series of votes on Tuesday.
After Qatar’s sovereign wealth fund announced on Thursday that it would vote for the merger, the market is near certain that it will proceed. Qatar Holding holds 12pc of miner Xstrata, making it the biggest shareholder after commodity trader Glencore, which cannot participate in the vote.
However, some 1,500 retail investors, representing around 1pc of Xstrata’s share register, are expected to have a disproportionate sway over the outcome due to the way the complex vote is structured.

FNC discusses draft companies law | GulfNews.com

The draft commercial companies law (CCL), which aims to enhance the diversity and openness of the national economy, and to keep abreast with domestic and global economic changes by preserving a continuous and balanced growth in all economic sectors in the UAE, is being discussed by the Committee on Financial Affairs at the Federal National Council (FNC).
The proposed UAE Federal Law on Commercial Companies, which was referred to FNC by the cabinet, comprises 12 chapters and 383 articles.
The law is aimed at improving the business landscape in the UAE, making it easier to do business here and potentially boost the economy.

Surplus times for GCC economies | GulfNews.com

Times could not be better for the economies of Gulf Cooperation Council (GCC) member states on the back of notable economic growth rates, budgetary and current account surpluses. Undoubtedly, the credit largely goes to the positive effects of steady oil prices during the last several years.
Needless to say, the petroleum sector is of paramount significance to GCC economies by virtue of at least accounting of two thirds of the treasury income as well as exports in addition to one third of gross domestic product (GDP) for the six-nation grouping.
What’s more, a number of credible sources including the International Monetary Fund expect oil prices to remain in the neighbourhood of $100 (Dh367) per barrel in 2013. Clearly, this suggests continued ability of GCC countries of achieving exceptional performance for the years to come.

GCC’s union related to persistent economic drivers | GulfNews.com

The prolonged nature of the collaboration of the GCC countries towards monetary union — whose implications have become only too stark in terms of financial and political consolidation, thanks to the example of the Eurozone — might be said to reflect a certain, underlying inertia.
It may be instructive in this regard to look back to the founding principles of the GCC itself, and reconsider the key conditions in which the Gulf economies collectively operate.
Scholars have doubtless done that on numerous occasions. At the Middle East Centre of the London School of Economics, Dr Duha Al Kuwari, also assistant professor at Qatar University, is updating that exercise in forthcoming research, testing the state of play in 2012.

Qatar may rival UAE financial crown - The National

The UAE's financial community has warned that competition from Qatar may create a powerful rival to the Dubai International Financial Centre (DIFC) if market law is not developed further.

Topic DIFC Qatar Securities and Commodities Authority
New market regulations for onshore fund management from the Securities and Commodities Authority (SCA), encompassing all funds marketed outside of the DIFC's physical boundaries, have substantially increased the regulatory burden on fund managers.

The new regime is unpopular among firms based in Dubai, with some saying financial services companies outside the region may seek to establish themselves elsewhere. In the meantime, the nearby Qatar Financial Centre (QFC) appears increasingly competitive.

Qatar disappoints but still outperforms - The National

Investors are hoping for a turnaround in sentiment and trading activity on Qatar's stock market.

Equities have not lifted off this year as expected, despite the billions of dollars expected to be spent on infrastructure projects by the time the 2022 Fifa World Cup rolls up.

Qatar's QE Index has lost 3.5 per cent to 8,448.49 so far this year. It rose just 1 per cent last year, but still outperformed regional equity markets after the Arab Spring uprisings toppled leaders in Egypt, Tunisia, Libya and Yemen.

Dubai cranes are rising again as emirate finds economic feet - The National

It has been almost three years since the Government-owned conglomerate Dubai World revealed it was seeking a delay in repaying its US$60 billion (Dh220.3bn) debts.

November 25, 2009 was a defining moment in the economic downturn that brought the boom years to a grinding halt.

Today, there could be no clearer sign Dubai has put those dark days behind it than a raft of new development announcements made yesterday by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

Jobseekers returning to Dubai as economy strengthens - The National

The number of professionals who want to move to Dubai has risen sharply and employers are stepping up their hiring efforts, according to the online recruitment company, Bayt.com.

"We have certainly seen a healthy, robust and very encouraging pickup in hiring activity," said Suhail Masri, the company's vice-president of sales.

"Employers across the industry spectrum are looking to hire at all career levels," he said, "from entry-level to mid-management and senior executive, in varied roles, including in sectors that were harder hit during the recessionary years and have recently started cautiously reconsolidating and hiring for growth.

Saudi Stock Market close - November 17, 2012

 General Index
Intraday  3 month  
 Daily Statistics
 Date17/11/2012
 General Index6792.53
 Change (%)-0.36%
 Change-24.40
 T. Volume119939839
 T. Companies 158
   Advanced40
   Declined92
   Unchanged21
   UnTraded5


Green shoots of recovery for Dubai real estate | GulfNews.com

As one of the worst-hit economic sectors during the financial crisis of 2008, the property industry has witnessed some signs of revival in 2012. This year will be remembered for the pick-up in some segments of the market as Dubai continues to hold its ‘safe haven’ status.
Still, there are concerns about the property market that suggest it is still not out of the woods just yet, analysts say.
“Real estate has shown the first solid signs of recovery since 2008, particularly in the Dubai residential market. There has been a good uptake on newly completed stock and prices have strengthened both in sales and rentals but notably in the popular freehold communities such as Emirates Living, Palm Jumeirah, Arabian Ranches and Downtown,” said Helen Tatham, director of residential at Knight Frank.

Oman plans to issue $260m govt bonds

Oman will issue five-year government development bonds worth 100 million rials ($260 million) at an annual interest rate of 3.25 per cent, a statement from the central bank of Oman said on Saturday.

The subscription of the bonds will start on November 18 and last until November 29. An auction will take place on December 3, the statement said.

Interest on the bonds will be paid on June 5 and December 5 every year until maturity is reached on December 5, 2017. The bonds will be traded in the Muscat Securities Market.

Qatar Airlines to sell Cargolux stake after strategy differences - chicagotribune.com

Qatar Airways is to sell its stake in Luxembourg's all-cargo airline Cargolux after a disagreement over the future direction of the airline, a Cargolux spokeswoman said on Saturday.

Qatar Airways bought a 35 percent stake from the Luxembourg government and other parties last summer, but has decided to pull out after failing to agree on a strategy for the airline during meetings on Friday.

"The Luxembourg and Qatari shareholders disagreed on the future strategic orientation of the airline, which led to Qatar's decision to pull out of Cargolux," a spokeswoman for Cargolux told Reuters.

Saudi Shares Fall on Regional Tension, Global Economic Concerns - Bloomberg

Saudi Arabia’s shares slid for the sixth day, led by petrochemicals and banks, on concerns about regional tensions and the global economy.
Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker, known as Sabic, and Samba Financial Group (SAMBA), the second-largest lender in the kingdom, dropped the most in five days. Al Rajhi Bank, the largest Saudi lender, declined to the lowest value since Oct. 23.
The Tadawul All-Share Index (SASEIDX) declined 0.7 percent to 6768.73, the lowest level since Oct. 24, at 1:21 pm. The Arab world’s biggest bourse has gained 5.4 percent this year.

STOCKS NEWS MIDEAST- Saudi shares open lower on Saturday - Yahoo! News Maktoob

Saudi shares start lower on Saturday, weighed by petrochemical and banking stocks.
The all-share drops 0.6 percent to 6,779.8 points and the petrochemical index drops 0.6 percent to 5,746
points.
Petrochemical giant Saudi Basic Industries (SABIC) sheds 0.8 percent.

No IPO, no budget carrier: Qatar Air - Khaleej Times

Shooting down scepticism over Qatar Airways’ ability to take delivery of all its plane orders, chief executive officer AkbarBacker Al Baker said the airline doesn’t buy such expensive assets to park them or to show an inflated fleet size, but to serve the economic interest of the Gulf nation.
Talking to Khaleej Times on the sidelines of a Seattle event to mark the delivery of the Middle East’s first Boeing 787 order on Monday, Al Baker said the carrier had no plans to float an initial public offering (IPO) or to start a budget airline for the time being.

He said the world economy would take some time to recover, so the situation is not right for an IPO launch. He also said he is also too busy expanding the company to think about a budget airline and venturing into outside markets like India. He, however, said Qatar Airways would keep all its options open.