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Tuesday, 30 July 2013

UAE sheikh cleared of torture - 10 Jan 10 - YouTube

A UAE Royal Family Member,Sheikh Issa, Tortures a Afghani businessman - YouTube:
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IMF: UAE economy recovering, but debt woes linger | @Gulf_News .com

IMF: UAE economy recovering, but debt woes linger | GulfNews.com:

"The UAE is getting an economic boost from tourism and a recovery in its real estate market, but Dubai still has high debt levels, and the emirate should take steps to fix its government budget and avoid another boom-and-bust cycle, the International Monetary Fund (IMF) said in a new report on the country released on Tuesday.
The UAE’s economy grew 4.3 per cent last year and will grow by 3.6 per cent this year, according to estimates in the IMF’s annual Article IV report. But Dubai and its government-related entities still have around $142 billion (Dh521.7 billion) of debt, an amount greater than the emirate’s gross domestic product (GDP).
Against this backdrop, Dubai should improve its government budgeting and rein in its “large and still highly indebted” government-linked companies, the IMF report said. Dubai’s government firms and banks are regaining access to debt through bond sales and loans — their borrowings increased to $93 billion this year from $84 billion in March 2012 — but the IMF says strict oversight of these companies is needed to prevent risk-taking from going overboard."

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IMF Advises U.A.E. to Cut Energy Subsidies as GDP Growth Slows - Bloomberg

IMF Advises U.A.E. to Cut Energy Subsidies as GDP Growth Slows - Bloomberg:

"The United Arab Emirates may need to reduce energy subsidies to help mitigate risks of fluctuating oil prices and allow Dubai to cut its debt, the International Monetary Fund said.
Subsidies in the second-biggest Arab economy, which holds about 6 percent of the world’s proven oil reserves, accounted for 5.5 percent of gross domestic product in 2012, IMF estimates show. Abu Dhabi and Dubai, the country’s two biggest emirates, are planning a gradual “consolidation in their non-oil balances through 2017,” the fund said.
“Fiscal consolidation will be driven by restraint in capital expenditure in the context of solid economic growth,” the IMF said. “It should also be supported by reductions in energy subsidies, which would create fiscal space while improving energy efficiency.”"

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New video from The Economist



Rosneft Capex Set to Reach $21Bln This Year | Business | The Moscow Times

Rosneft Capex Set to Reach $21Bln This Year | Business | The Moscow Times:

"Rosneft's capital expenditure could total 700 billion rubles ($21 billion) this year in light of its recent purchase of TNK-BP, according to a presentation on the Russian state-owned oil company's report to International Financial Reporting Standards, Interfax reported.

According to the report, capex was 248 billion rubles in the first half of 2013, while Rosneft plans expenditure of 450 billion rubles in the second half of the year.

The lion's share of investment has been shifted to the second half of 2013 due to the processes involved in integrating with TNK-BP, Rosneft said.

Rosneft stressed that the key priorities of the capex program would be to maintain production at mature fields, step up production at new fields and modernize oil refineries."

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Deals of the day -- mergers and acquisitions | Reuters

Deals of the day -- mergers and acquisitions | Reuters:

"** UBS has sold 4.8 percent of Australian-listed toll road operator and owner Transurban Group worth A$477.3 million ($440.71 million), a person familiar with the matter told Reuters."

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MIDEAST STOCKS-Emaar's earnings beat lifts Dubai to a near 5-yr high | Reuters

MIDEAST STOCKS-Emaar's earnings beat lifts Dubai to a near 5-yr high | Reuters:

"Dubai's blue-chip Emaar Properties rallied on Tuesday after posting estimate-beating earnings, spurring buying across the market and lifting the bourse to a near five-year high.

The emirate's largest developer posted a 10 percent increase in profit on higher domestic sales. It beat analysts' estimates by a margin of 20 percent.

Shares in Emaar climbed 2.9 percent, extending their 2013 gains to 57.3 percent."

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Egyptian Exchange's biggest firm delisted from EGX 30 | Mada Masr

Egyptian Exchange's biggest firm delisted from EGX 30 | Mada Masr:

"The Egyptian Exchange adopted significant new amendments approved by the Indicators Committee during a semi-annual review of market indicators, exchange chairman Atef Sherif said on Monday.

As part of those changes, a total of six companies left the EGX 30, making room for six new companies to enter trading, Sherif told the state-run online news portal Al-Ahram Gate.

Fourteen companies left the EGX 70, and 11 left the EGX 100, Sherif continued."

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Depositor defusal, Cyprus edition | FT Alphaville

Depositor defusal, Cyprus edition | FT Alphaville:

"Q. How do you approach a sleeping depositor in a Cypriot bank?

A. Very slowly:

The Ministry of Finance and the Central Bank of Cyprus announce that the Bank of Cyprus (BoC) has been fully recapitalised today by the overall conversion of 47,5% of uninsured deposits into shares in the bank, thus putting an end to a period of uncertainty…
Following the recapitalisation, 12% of deposits that were previously blocked will be released (5% in total).
The balance will be split evenly into three separate time deposits of six, nine and twelve months, respectively. BoC will have the option to renew the time deposits once for the same time duration. These deposits will receive a rate of interest which will be higher than the corresponding market rates offered by the BoC…"

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Central Bank Lending Auction Injects $10Bln into Banking System | Business | The Moscow Times

Central Bank Lending Auction Injects $10Bln into Banking System | Business | The Moscow Times:

"The Central Bank drew modest demand at a one-year lending auction earlier this week, boosting expectations of impending cuts in main policy rates to shore up the slowing economy.

The auction of one-year loans secured against nonmarket assets and guarantees was the first under a new mechanism for long-term bank funding announced earlier this month.

The bank injected 306.8 billion rubles ($9.34 billion) of one-year funds into the banking system at a cut-off rate of 5.75 percent. It had offered up to 500 billion rubles."

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It’s Not Just Austerity VS Stimulus For Egypt | @REBELECONOMY

It’s Not Just Austerity VS Stimulus For Egypt | REBEL ECONOMY:

"The Egyptian government’s tactic to avoid major austerity measures and instead try to stimulate the economy by pumping in new funds may be popular among Egyptians but risks delaying the country’s economic recovery.
Egypt’s new minister of finance, the sixth since Mubarak stepped down in early 2011, said “one of the important tools to deal with the budget deficit is stimulating the economy”.
“We will seek to pump more new funds into the economy and not follow austerity measures,” Ahmed Galal told Reuters."

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IMF: time for a close look at Ukraine | beyondbrics

IMF: time for a close look at Ukraine | beyondbrics:

"
The International Monetary Fund has decided to keep an extra close eye on Ukraine. The economically-challenged country’s $15bn bailout programme was frozen in 2011 due to lacklustre reforms. But its outstanding debt to the IMF still stands at a whopping $8bn.

Ukraine is grappling with its second recession in five years and analysts say a lack of reforms and tough global conditions for exports have put it on the verge of a balance of payment crisis.

Members of the IMF’s executive board – and possibly other creditors – are looking worried."

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KUNA : Al-Jazeera Airways announces best first-half earnings in history - Economics - 30/07/2013

KUNA : Al-Jazeera Airways announces best first-half earnings in history - Economics - 30/07/2013:

"Al-Jazeera Airways Group announced on Tuesday a record net profit of KD 3.9 million for Q2 of 2013, increasing by 36 percent compared to last year, making the first half of 2013 the airline's most profitable first half in history.
The company had previously announced a record net profit of KD 3.6 million for the Q1. Al-Jazeera Airways Group said the H1 earning record reached KD 7,5 million, increasing by 95 percent compared to last year's record, with a continuous 12 consecutive quarters of profitibility.
The company noted that the revenue in H1 reached KD 30,8 million, up to 9 percent compared to 2012, the operating profit reached KD 9,5 million up to 48 percent compared to 2012, the number of flown passengers increased by 4,1 percent compared to H1 2012, and the load factor reached 70 percent, up by 11, 9 percent of H1 2012."

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Gains Monday for WIG-Ukraine and UX - Business - News - Ukraine Business Online

Gains Monday for WIG-Ukraine and UX - Business - News - Ukraine Business Online:

"Concorde Capital provides more on yesterday’s regional trading in its daily market comment:

“Ukrainian equities bucked global trends by rising on Monday, July 29. The WIG Ukraine Index of Warsaw-traded stocks increased 1.1%, led by the shares of sugar producer Astarta (AST PW +2.8%), which have gained 22.0% this month. Traders dealt a correction to farmer Agroton (AGT PW -5.8%) after big gains last week. However, its shares have plunged 25.1% this month. In London, Regal Petroleum (RPT LN) jumped 5.0%, followed by JKX Oil & Gas (JKX LN +4.8%), which has surged 23.6% in six straight winning sessions. JKX profit fell in 1H13 but it reported higher output prospects for the future. Iron ore miner Ferrexpo (FXPO LN +3.5%) has surged 31.0% this month. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks rose 0.3%, fueled by power generators (GenCos) Donbasenergo (DOEN UK +1.5%), which has advanced 6.2% in five straight positive sessions, and Centrenergo (CEEN UK +1.4%), which has risen 10.5% in four straight winning sessions.”"

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Abu Dhabi's ADCB says Q2 net profit up 25% - Banking & Finance - ArabianBusiness.com

Abu Dhabi's ADCB says Q2 net profit up 25% - Banking & Finance - ArabianBusiness.com:

"Abu Dhabi Commercial Bank (ADCB) reported a 25 percent rise in second-quarter net profit on Tuesday, beating analysts' forecasts.
The UAE's third-largest lender by market value, posted a net profit of AED917m ($249.7m) in the three months to June 30, it said in a statement. That compares with AED733m in the prior-year period, according to Thomson Reuters data.
Six analysts polled by Reuters had estimated an average second-quarter profit of AED783.7m for the second quarter."

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Mikhail Fridman: oligarchy with all that jazz - FT.com

Mikhail Fridman: oligarchy with all that jazz - FT.com:

"
Lounging in a hotel lobby with a panoramic view of Lviv, the medieval city in western Ukraine, the oligarch Mikhail Fridman exudes the relaxed air of a man who, with a couple of partners, has just earned $14bn.
Late last year, Mr Fridman, an avuncular figure yet known for his hardball business tactics, cashed out of TNK-BP, the Anglo-Russian joint venture. Already the Moscow-based, Ukrainian-born tycoon is looking for new opportunities for the proceeds.
Last month, his Alfa Group holding company said it was forming a global investment vehicle, LetterOne Group, including a $10bn oil and gas arm called L1 Energy. Lord Browne, who as BP chief executive took the British group into the lucrative but turbulent TNK-BP partnership, has agreed to be an adviser."

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Nanotechnology in Ukraine: Market Report

Nanotechnology in Ukraine: Market Report:

"Nanotechnology Companies
The major nanotechnology companies in Ukraine are listed below along with brief introductions to each of them:

NanoMedTech LLC - The private company Nano Medical Technologies (NanoMedTech LLC) was created in December 2009 to carry out advanced nanobiotechnology research and development aimed at designing innovative drugs and diagnostic systems. A close collaboration between research groups to solve complicated biomedical problems is the unique feature of NanoMedTech.

BukNanoTech- BukNanoTech is one of the first Ukrainian companies focused on nanotechnology. Their scientific team is constantly working on the improvement of their quality standards, to satisfy customer needs. BukNanoTech produces and sells fluorescent nanoparticles under the brand "UBright"."

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Kuwait Finance House Q2 net profit up 21 percent | Reuters

Kuwait Finance House Q2 net profit up 21 percent | Reuters:

"Kuwait Finance House (KFH) , the Gulf state's biggest Islamic lender, reported a 21 percent rise in second-quarter net profit on Tuesday, missing analysts' estimates.

Net profit rose to 26.8 million Kuwaiti dinars ($94.2 million) from 22.1 million dinars in the same period a year ago, the lender said in a bourse filing.

Four analysts in a Reuters survey had predicted 30.35 million dinars of net profit on average for the quarter to end-June. ($1 = 0.2845 Kuwaiti dinars) "

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Barclays fights UK watchdog findings on Qatar deal | Reuters

Barclays fights UK watchdog findings on Qatar deal | Reuters:

"Barclays (BARC.L) is contesting allegations from Britain's regulator over commercial agreements linked to its controversial fundraising with Qatari investors in 2008, which helped it avoid a government bail-out.

The fundraising has been under investigation by the Financial Conduct Authority and the Serious Fraud Office since last July and August.

"The FCA provided its preliminary findings against Barclays on June 27 in respect of some of these commercial agreements. Barclays has responded on July 25 contesting the FCA's preliminary findings," the bank said in its half-year results published on Tuesday.

"Barclays expects further developments in the near term," it added."

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Ruwais Power Company issues US$825 million bond - bi-me.com

Ruwais Power Company issues US$825 million bond - Business Intelligence Middle East - bi-me.com - News, analysis, reports:

"TAQA, the global energy company from Abu Dhabi, has announced that the Ruwais Power Company power and desalination plant (Shuweihat 2) has completed an issuance of USD 825 million in project bonds.

The plant, which is 54% owned by TAQA, issued the bonds at a coupon of 6% with a final maturity in August 2036 and an average life of 21.5 years.

Stephen Kersley, Chief Financial Officer at TAQA, said: “We are pleased to have reached a successful execution of the Shuweihat 2 bond transaction in the face of a difficult market environment. Strong support from our key investors allowed us to build a substantial order book and achieve an attractive coupon of 6 per cent. This transaction not only increases the returns to TAQA for this project, but is also the first step in building an active and liquid project bond market in the region.”"

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IMF intends to start closer monitoring of Ukraine due to its outstanding credit

IMF intends to start closer monitoring of Ukraine due to its outstanding credit:

"The Executive Board of the International Monetary Fund has decided that Ukraine is expected to engage in post-program monitoring with the Fund, following the expiration on December 27, 2012 of the Stand-By Arrangement (SBA).

The Board passed this decision on July 26 on a lapse-of-time basis without convening formal discussions, reads a press release posted on the Fund's Web site.

The central objective of post-program monitoring (PPM) is to provide for closer monitoring of the policies of members that have substantial Fund credit outstanding following the expiration of their arrangements. Under PPM, members undertake more frequent formal consultation with the Fund than is the case under surveillance, with a particular focus on macroeconomic and structural policies that have a bearing on external viability."

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BARC, priced to go | FT Alphaville

BARC, priced to go | FT Alphaville:

"You’ve got to admire the audacity of Credit Suisse, Deutsche Bank, BofA Merrill Lynch and Citi: they’ve agreed to underwrite the £5.8bn Barclays rights issue, pitched at 185p on a 1-for-4 basis.

That’s declared to be a 40 per discount to Barc’s closing price on Monday (and a 35 per cent discount to the TERP). But remember that shares in this bank were trading at around 325p last week before clairvoyant chatter about a cash call began to circulate.

Bar a comet strike or similar, there’s just no risk here for the underwriters. Tuesday’s market price told you as much: the shares were down less than 5 per cent."

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Bahrain's Investcorp annual profits surge 56 pct | Reuters

Bahrain's Investcorp annual profits surge 56 pct | Reuters:

"Bahrain-based alternative investment manager Investcorp reported a 56 percent rise in full-year net income on Tuesday, aided by strong growth in fee income.

Investcorp, which expects to fully invest its $1 billion Gulf fund in 2013, made a net profit of $104.9 million in fiscal year 2013 ended in June, compared with $67.4 million in the previous year.

Profit growth was driven by "a very strong increase in deal activity fees", Rishi Kapoor, Investcorp's chief financial officer, told reporters."

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UPDATE 1-Erste Bank pretax profit drops on Hungary, Ukraine | Reuters

UPDATE 1-Erste Bank pretax profit drops on Hungary, Ukraine | Reuters:

"Austria's Erste Group Bank reported a worse-than-expected drop in second-quarter pretax profit on Tuesday after paying hefty taxes in Hungary and selling its Ukrainian unit.

Pretax profit fell to 68 million euros ($90 million) from 241 million euros a year earlier, when it had benefited from one-off effects, missing the average estimate of 80 million euros in a Reuters poll.

Erste, the third-biggest bank in central and eastern Europe after UniCredit's Bank Austria and Raiffeisen , said it expected a slight improvement in the economies of the region in the second half of the year."

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Regional decline in online job postings - The National

Regional decline in online job postings - The National:

"Job opportunities appear to be in decline as employers across the region have been posting fewer positions online over the past year.

The Monster Employment Index Middle East has recorded a 15 per cent fall in online job postings in the Middle East and North Africa, with the sharpest decline in the UAE at 31 per cent.

The Index gauges online job postings every month based on a review of aggregated career websites and job postings by employers in the region."

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Kuwait's big plan off back burner - The National

Kuwait's big plan off back burner - The National:

"Kuwait's election result has rekindled optimism about the delivery of a stalled US$105 billion economic development plan.

The investment, which includes housing, hospitals, education and other infrastructure, is considered vital to helping Kuwait's nascent non-oil sector catch up with other parts of the GCC.

"The policy paralysis we have seen has been the main hindrance to Kuwait pursuing its long-term development plan," said Jean-Paul Pigat, an economist at Emirates NBD. "With the opposition having boycotted the vote their ability to disrupt policy may be reduced so it is potentially more positive for the economy.""

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Concerns can still bubble up at times - The National

Concerns can still bubble up at times - The National:

"Once thought of as consigned to history, over the past decade the financial bubble has popped up again to dominate modern economics.

The term, which describes a period when asset prices spiral out of correlation with their intrinsic value, was originally coined during the famous "South Sea bubble" crisis of 1720.

This centred around the British joint stock firm the South Sea Company, which was founded in 1711 to trade with South America and to consolidate and reduce the cost of national debt."

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India clears way for Etihad's $600m deal with Jet Airways - The National

India clears way for Etihad's $600m deal with Jet Airways - The National:

"India's foreign investment board yesterday cleared the way for a US$600 million deal that will enable Etihad Airways to take a 24 per cent stake in Jet Airways.

The decision by the Foreign Investment Promotion Board has been much-awaited after the proposed purchase was first announced in April. But the approval has been made "with some conditions", said Arvind Mayaram, India's economic affairs secretary,without providing further details.

Jet's stake sale still has to be approved by the Cabinet Committee on Economic Affairs."

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Emerging markets brace for a hard landing | GulfNews.com

Emerging markets brace for a hard landing | GulfNews.com:

"During the last few years, a lot of hype has been heaped on the Brics (Brazil, Russia, India, China and South Africa). With their large populations and rapid growth, these countries, so the argument goes, will soon become some of the largest economies in the world — and, in the case of China, the largest of all by as early as 2020.
But the Brics, as well as many other emerging-market economies — have recently experienced a sharp economic slowdown. So, is the honeymoon over?
Brazil’s GDP (gross domestic product) grew by only 1 per cent last year, and may not grow by more than 2 per cent this year, with its potential growth barely above 3 per cent. Russia’s economy may grow by barely 2 per cent this year, with potential growth also at around 3 per cent, despite oil prices being around $100 (Dh367.3) a barrel."

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Etisalat unit keen on buying Pakistan telco | GulfNews.com

Etisalat unit keen on buying Pakistan telco | GulfNews.com:

"Abu Dhabi’s Emirates Telecommunications Corp. or Etisalat on Monday said its subsidiary in Pakistan had expressed interest in acquiring local competitor Warid Telecom, marking a potential consolidation phase in the country’s telecom sector ahead of the award of 3G licences.
“Etisalat Group holds a stake in PTCL with managerial control and PTCL has expressed an interest in Warid Telecom,” Ahmad Bin Ali, senior vice president of corporate communications at etisalat, said in an e-mailed statement. “Etisalat Group cannot offer further comment and will not comment on speculation regarding Warid Telecom.”
Pakistan Telecommunications Co. Ltd, or PTCL, is looking to buy Warid Telecom to gain access to its network infrastructure in major cities and its high value customers, according to a person familiar with the matter, who declined to be identified. Etisalat holds a 26 per cent stake in PTCL."

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Saudi Spends $22 Billion on Riyadh Metro Line Construction - Bloomberg

Saudi Spends $22 Billion on Riyadh Metro Line Construction - Bloomberg:

"Saudi Arabia awarded more than $22 billion in contracts to develop a metro line in Riyadh as the world’s biggest oil exporter joins Dubai and Qatar in expanding transport networks.
The kingdom gave Bechtel Group Inc. a $9.4 billion contract, Fomento de Construcciones y Contratas one valued at $7.8 billion, and awarded Ansaldo STS SpA (STS) a $5.2 billion deal. Shares of FCC jumped to the highest level in six months.
Six lines will serve the capital city’s center, government facilities, universities, commercial areas, the airport and the financial district, according to the project’s website."

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MIDEAST STOCKS - Factors to watch - July 30 | Reuters

MIDEAST STOCKS - Factors to watch - July 30 | Reuters:

"Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy."

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Is Audit of Koc Companies Erdogan’s Revenge for Gezi Park? - Al-Monitor: the Pulse of the Middle East

Is Audit of Koc Companies Erdogan’s Revenge for Gezi Park? - Al-Monitor: the Pulse of the Middle East:

"On Wednesday, July 24, audit teams of the Ministry of Finance accompanied by police raided nine provincial offices of three major energy-sector companies of Turkey’s largest group, Koc Holding.
During the raids at TUPRAS [oil refining], OPET [fuel distribution] and Aygaz [liquefied gas distribution], purportedly for tax and smuggling audits, all documents and computer data of the companies were seized to be audited.
TUPRAS is the biggest industrial company in the country. It had sales of $20.8 billion in 2012."

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Dubai sets up judicial committee to liquidate cancelled projects | GulfNews.com

Dubai sets up judicial committee to liquidate cancelled projects | GulfNews.com:

"His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai on Monday issued a decree to set up a judicial committee to liquidate cancelled real estate projects in Dubai.
The committee will provide settlements after the liquidation expenses are deducted. It will also be tasked with resolving grievances, operational procedures or other issues related to scrapped projects.
The committee’s decisions and rulings will be carried out through Dubai Courts. All rulings issued by the committee will be final and cannot be appealed."

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The billionaire prince who says Saudi Arabia is in far bigger trouble than the other royals admit - Quartz

The billionaire prince who says Saudi Arabia is in far bigger trouble than the other royals admit - Quartz:

"Saudi Arabia, home to the world’s largest reserves of cheap-to-drill oil, describes itself as a painstaking economic planner. It plots to keep current oil prices stable even while diversifying for harder economic days ahead. These practices have, among other things, resulted in the accumulation of $700 billion in official foreign reserves.

This self-depiction has always aroused suspicion since outsiders typically see little more than what the Saudis wish them to. But now a 14-page screed by one of the nation’s most prominent billionaire princes suggests internal dissent on whether the kingdom is planning painstakingly enough. Alwaleed bin Talal, a jet-setting nephew of King Abdullah who owns stakes in Apple, Citigroup and Twitter, says that Saudi Arabia faces a dire threat.

The main trouble, Alwaleed tweeted on July 27, is a flood of new petroleum reserves on to the global market, particularly shale oil from the US. These fresh supplies are eroding demand for Saudi petroleum and, since the country relies on oil exports for 92% of the state budget, will trigger a crisis unless the government acts post-haste."

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UPDATE 1-Kuwait Zain Q2 net profit falls 14 pct | Reuters

UPDATE 1-Kuwait Zain Q2 net profit falls 14 pct | Reuters:

"Kuwaiti telecommunications operator Zain reported a 14 percent fall in its second-quarter net profit on Sunday to 61 million dinars ($214 million), mainly because of a currency loss in Sudan, according to Reuters calculations based on its first-half earnings statement.

Zain said it made a first-half net profit of 113 million dinars. The company had reported a first-quarter profit of 52 million dinars.

Consolidated revenues totalled 612 million dinars in the first half."

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The UAE's Foreign Direct Investment Windfall » Gulf Business

The UAE's Foreign Direct Investment Windfall » Gulf Business:

"Foreign direct investment (FDI) flows into the UAE surged around 20 per cent to reach Dhs32.9 billion ($8.9 billion) in 2012, with Dubai accounting for almost 90 per cent of the flows, according to official data.

The emirate alone attracted FDI flows of Dhs29.4 billion in 2012, up 26.5 per cent compared to the previous year.

Proximity to strategic markets, domestic growth potential, expanding infrastructure and logistics, improvements in business climate and regulations are the key drivers bringing in foreign investments, according to Dubai FDI, the foreign direct investment office in Dubai’s Department of Economic Development."

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Dubai housing rents rising faster than wages, CBRE report says - The National

Dubai housing rents rising faster than wages, CBRE report says - The National:

"The increase in housing rents in Dubai is accelerating, rising 7.5 per cent between April and June alone.

According to a report published today by property broker CBRE, average housing rents in the city increased by more than 30 per cent over the past year and nearly 14 per cent over the first six months of the year.

The increase last quarter, CBRE says, was driven by a rapid increase in rents in secondary locations like Dubai Sports City and Jumeirah Village as tenants priced out of Dubai's most expensive locations look to relocate in more affordable accommodation."

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Saudi Gazette - Egypt plans quick steps to kick-start economy

Saudi Gazette - Egypt plans quick steps to kick-start economy:

"Egypt's new cabinet plans quick steps to spur the economy while laying the ground for a broader "Marshall Plan" to present to Gulf countries and other donors, its chief economic strategist said.

With its options limited by a crushing financial crisis, Deputy Prime Minister for economic affairs Ziad Bahaa El-Din said the cabinet aimed to cut red tape and restart stalled investments to encourage a revival in business activity.

"Ultimately, there isn't another sustainable source of closing the deficit except to get the economy running, to get growth going, to get people to work, to get incomes paid, to get taxes paid as well," Bahaa El-Din told Reuters."

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