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Thursday, 15 August 2013

Deyaar Jumps to 16-Month High on Bets Stock Cheap: Dubai Mover - Bloomberg

Deyaar Jumps to 16-Month High on Bets Stock Cheap: Dubai Mover - Bloomberg:

"Deyaar Development PJSC (DEYAAR), a builder of homes and commercial towers in Dubai, climbed to the highest level in more than 16 months as investors sought cheap valuations amid a recovery in property prices in the emirate.
The stock rose 4.9 percent to 44.8 fils at the close in Dubai, the highest since March 2012. About 117 million shares traded, or 4.7 times the three-month average. Deyaar was the most-traded stock on the Bloomberg GCC 200 Index (BGCC200) and the biggest gainer on Dubai’s benchmark gauge, which fell 0.6 percent.
Dubai’s property prices, which crashed more than 65 percent from a peak in 2008, are recovering as the economy rebounds amid an acceleration in tourism and retail trade. Deyaar trades at 0.7 times book value, compared to a multiple of 1.1 for Emaar Properties PJSC (EMAAR), developer of the world’s tallest tower."

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Svoboda says trade war by Russia will prompt Ukraine to seek new markets

Svoboda says trade war by Russia will prompt Ukraine to seek new markets:

"The blocking by the Russian customs authorities of imports of Ukrainian goods will prompt the Ukrainian economy to modernize production and seek new markets, MP from the Svoboda All-Ukrainian Union Oleksandr Myrny has said.

"First and foremost, Russia demonstrates its true attitude towards us. Secondly, the owners of plants and enterprises at which the equipment is totally exhausted, including moral resources, will be obliged to turn to more modern technology. The use of new technologies will increase labor productivity, improve the quality of products and resolve serious environmental issues," he said in an interview with Interfax-Ukraine, while commenting on the blocking by Russia of imports of Ukrainian goods.

Myrny said that the equipment used at Ukrainian metallurgical enterprises is not used anywhere else in Europe."

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Watchdog Probes Uralkali Share Sale Ahead of Market Collapse | Business | The Moscow Times

Watchdog Probes Uralkali Share Sale Ahead of Market Collapse | Business | The Moscow Times:

"The Federal Service for Financial Markets is looking at Uralkali's paperwork, which could give clues as to how shareholder Alexander Nesis quietly sold his stake just before an announcement by the company led to a collapse of the global potash market.

Uralkali announced a change in strategy in late July — a shift from higher prices to greater volumes — and pulled out of its joint venture with Belarussian potash producer Belaruskali. The move caused a double digit fall not only of the company's shares but also those of its competitors. Several days earlier, on July 26, the company announced that Nesis sold his 5.1 percent interest.

In an interview with Vedomosti, Uralkali's CEO Vladislav Baumgertner denied suggestions that Nesis had inside information on the announcement, the newspaper reported Thursday. Baumgertner said the company does not give shareholders any information that is not available to the public."

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Leeds Utd owner quietly sells off more than half stake - Emirates 24/7

Leeds Utd owner quietly sells off more than half stake - Emirates 24/7:

"The Dubai-based investment firm that bought English soccer club Leeds United in December after lengthy negotiations sold more than half of its 100 per cent holding less than six months later, financial statements show.

GFH Capital, a subsidiary of Bahraini Gulf Finance House, offloaded a 10 percent stake to Bahrain-based International Investment Bank earlier this year and its second quarter financial statement showed it had now sold a total of more than half the shares.

The statement did not say who the buyer was, specifying only that it had made a gain of $776,000 on the sale and was now deconsolidating Leeds results from its own. GFH could not be reached for comment on Thursday."

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Egypt bonds jump as violence stokes fears for economy - FT.com

Egypt bonds jump as violence stokes fears for economy - FT.com:

"Egyptian bond yields have shot up as investors fret that the government’s bloody crackdown on protesters could escalate the country’s political crisis and weigh further on the struggling economy.
The yield of Egypt’s international bond maturing in 2020 has climbed from 8.1 per cent earlier this week to a five-week high of 8.85 per cent on Thursday. The stock market was closed due to a government curfew, but slid 1.7 per cent on Wednesday as police forces raided two protester camps and killed at least 421 people."

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Arabtec Holding announces Dh155m first quarter profit | GulfNews.com

Arabtec Holding announces Dh155m first quarter profit | GulfNews.com:

"Arabtec Holding said in a statement on Thursday its net profit in the first half of 2013 increased 114 per cent. The UAE-based construction firm said operations in Saudi Arabia and the UAE led the company to announce a Dh155 million first half profit.
“Our businesses have delivered a strong performance in the first half of 2013, particularly in the UAE and in Saudi Arabia, and our results are a clear indicator of the health of the industry and the potential for sustained growth in the medium term,” Hassan Abdullah Ismaik, Managing Director and CEO of Arabtec Holding, said in a statement.
Arabtec said its growth was a reflection of in the regional construction industry and its recovery from the global financial crisis."

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MIDEAST STOCKS-Gulf narrowly mixed; Qatar pulls back after 10,000 breach | Reuters

MIDEAST STOCKS-Gulf narrowly mixed; Qatar pulls back after 10,000 breach | Reuters:

"* Qatar runs into selling above 10,000 points

* Longer-term technical outlook still positive

* Qatar Gas Transport Co continues bull run

* Dubai tests support but Arabtec Q2 beats estimates

* Saudi Kayan, some other petrochems rally

By Andrew Torchia

DUBAI, Aug 15 (Reuters) - Most Gulf stock markets were narrowly mixed on Thursday as Qatar ran into profit-taking pressure above 10,000 points, pushing it down sharply."

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UK, UAE firms to invest $17.5-m in Indian healthcare chain - The Economic Times

UK, UAE firms to invest $17.5-m in Indian healthcare chain - The Economic Times:

"UK's development finance institution CDC and UAE's Abraaj Group, a leading investor in global growth markets, have jointly invested $17.5 million in Rainbow group of hospitals based in Andhra Pradesh.

This is CDC's first direct equity investment in India since the launch of its new strategy in late 2012.

The investment builds on Abraaj's long-standing partnerships with healthcare institutions in South Asia and represents its sixth healthcare investment in the region. "

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What Next For Egypt’s Economy? | @REBELECONOMY

What Next For Egypt’s Economy? | REBEL ECONOMY:

"Egypt’s army has put the country on a path to economic destruction.

Not only will foreign investors stay away from Egypt for at least a year, but the cabinet is going to fall apart and aid will be hard to come by.

The nation, now more vulnerable than at any time since Hosni Mubarak was deposed two and a half years ago, is on its own.

Promises of aid from the EU and US may now be delayed indefinitely. No one wants to be seen as supporting an illegitimate government that has sat back quietly as hundreds of Egyptians are massacred."

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Russian govt makes no decision to regulate imports from Ukraine - cabinet press office

Russian govt makes no decision to regulate imports from Ukraine - cabinet press office:

"The Russian government said that the Russian customs service has decided to suspend imports from Ukraine and no decisions have been made at the level of the Cabinet of Ministers.

"The government is concerned with the existing situation [at the Russian-Ukrainian border] because this impacts trade and economic ties. But this is the decision of the customs bodies and no decision to regulate imports from Ukraine has been made at the governmental level," the Russian government press and information department told Interfax."

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Comment: The EU may bore Britain, but it saves eastern Europe from tyranny

Comment: The EU may bore Britain, but it saves eastern Europe from tyranny:

"Sometimes you need to see things from the outside to really get some perspective.

The relationship between the United Kingdom and the European Union has long been one of mistrust, reluctance and complacency, with speculators accusing the institution of denying our nation its rights to independent procedures.

And yet it is ironic that, while British politicians are aghast at the level of power handed over to the EU, various nations from the Eurasian fringes see Brussels as the only way forward towards democracy and economic efficiency – and, most importantly, sovereign independence."

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Late payments worsen Leighton's cash flow - The National

Late payments worsen Leighton's cash flow - The National:

"Leighton Holdings, which operates in the UAE and across the region, said yesterday that late payments from clients had grown in the first six months of the year, hitting cash flow at Australia's largest builder.

Leighton, which has projects in Australia, Asia and the Middle East, said receivables, or outstanding payments for a company, rose to A$4.4 billion (Dh14.75bn) at June 30, from A$3.8bn for all of 2012.

Receivables grew due to rising numbers of private-sector projects, "scope growth" on certain resources projects and the "complexity and time-consuming nature of valuing and negotiating project variations", the company said."

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Major oil companies' emphasis on gas is growing ever deeper - The National

Major oil companies' emphasis on gas is growing ever deeper - The National:

"When Shell announced the successor to its chief executive Peter Voser, it set a few tongues wagging. Ben van Beurden, the current head of refining, had not been among those tipped to lead the company come January.

Mr Van Beurden's role in the downstream business sits awkwardly with the company's focus on upstream projects, and the struggle to replace the crude reserves on its books. But a closer look sheds insight not only into Shell's strategy, but the industry trend that defines it.

In a career spent at the oil major, the incoming chief executive gained a decade of experience at Shell's liquefied natural gas (LNG) business."

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Property recovery driving up UAE inflation - The National

Property recovery driving up UAE inflation - The National:

"Rising rents and utility costs are driving inflation across the Emirates to its highest level in two years as Dubai’s property recovery spreads to secondary locations, data released yesterday show.

In Dubai, which is recording the biggest jump in rents and which also reported its own price index data yesterday, housing and utility costs rose 1.4 per cent over the year and 0.2 per cent during the month, the Dubai Statistics Centre revealed. Housing costs account for almost 44 per cent of consumer expenses in the emirate’s calculations. The overall change was 1.6 per cent year on year.

Rents in Dubai have been increasing steadily throughout this year as landlords hit by the global financial crisis have sought to take advantage of improving sentiment in the emirate."

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Bull run to continue for GCC’s stock markets | GulfNews.com

Bull run to continue for GCC’s stock markets | GulfNews.com:

"In an article earlier this year, I mentioned that the GCC’s stock markets had failed to match up with the gains made by European, Asian and North American bourses, and which saw the FTSE surpass 6,500 points and the Dow break the 15,000-point level.
But it did not take long before the GCC stock markets to achieve uplifts alongside those of the global markets, particularly after Dubai Financial Market, Abu Dhabi Securities Exchange and Qatar Exchange (formerly the Doha Securities Market) were upgraded to “emerging market” status after several years of efforts by exchange officials in both countries to win the confidence of global investors.
During Ramadan, DFM rose 14 per cent, while the Abu Dhabi Securities Exchange gained 7 per cent, and the rest of the GCC markets managed to resume levels seen before the financial crisis in September 2008."

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Emirates-Qantas tie up could lead to jump in fares | GulfNews.com

Emirates-Qantas tie up could lead to jump in fares | GulfNews.com:

"The Emirates-Qantas tie-up on the Australia to New Zealand network could kickstart a much-needed increase in fares on the key trans-Tasman route.
“Over the past 10 years, we’ve been seeing a trend in declining airfares on the trans-Tasman route,” Tony Webber, Associate Professor at University of Sydney and former Chief Economist for Qantas, said.
Current airfares are unsustainable, Webber said. The basic airfare is so low that there needs to be a force or change to increase it."

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WiFi is the ‘future of internet' in Middle East | GulfNews.com

WiFi is the ‘future of internet' in Middle East | GulfNews.com:

"Mobile operators across the Middle East are building WiFi networks to offload mobile data from cellular networks due to the growth in tablets and smartphones.
“The need to offload mobile data traffic to WiFi is set to grow at a robust pace through accelerated technology adoption and due to these, operators must consider WiFi as a key pillar of their growth strategy to increase revenues and cut costs,” Christian Jonsson, director of sales at Aptilo Networks Middle East and Africa, told Gulf News.
He said that mobile data offloading is about cost saving. Telecom operators not only save a lot on money by moving traffic from congested cellular networks [3G/4G LTE] to WiFi networks, they also increase the capacity of the network quickly."

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Man who turns around Dubai’s stalled projects | GulfNews.com

Man who turns around Dubai’s stalled projects | GulfNews.com:

"
  • Image Credit: SUPPLIED PHOTO
  • Investment: Orion Holdings took up the stalled Orange Lakes in Jumeirah and turned it around
He thrives where others fear to tread.
Samir Munshi, 35, scouts for stalled, incomplete projects in Dubai in a bid to turn them around and make windfall profits.
Relatively young and fearless, Munshi is one of the figures behind a surge in the number of Dubai developers seeking permission to restart stalled projects."

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Saudi banking assets grew by 14% in 2012 | Arab News

Saudi banking assets grew by 14% in 2012 | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:

"
The domestic banking system in Saudi Arabia relative to many of the global peers, developed or developing, had maintained its inherent strengths that emanate from greater reliance on core banking activities, lower non-performing loans (NPLs) ratio, little recourse to wholesale funding and ample liquidity.
During the last two years, Saudi banks have returned to a higher growth trajectory after a lackluster performance in 2009 that saw total credit and in turn profitability shrink on an annual basis by 1.1 percent and 0.2 percent, respectively.
The inflection to double-digit net income growth that started in Q2, 2011 aided banks in crossing the SR35 billion threshold in 2012 for the first time since 2006, according to a report by the National Commercial Bank (NCB)."

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Saudis avoid GCC tourism investments | Arab News

Saudis avoid GCC tourism investments | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:

"Despite the effort of GCC countries to boost tourism investments, Saudi investors still prefer investing in Europe and the Far East and avoid investment in GCC countries.
Ibrahim Al-Nabhani, chairman of the Tourism Committee at the GCC Chambers of Commerce and Industry Union, explained that Gulf countries are seeking to attract both Gulf and foreign investors to revive the tourism sector, following reluctance of local companies and individuals to invest in the sector despite the strong components available.
“The continuing ‘emigration of investments’ prompted governments to conduct surveys on the strengths of the tourism sector, as well as the obstacles facing investments in it in the region,” said Al-Nabhani, explaining that the trend by Gulf businessmen to invest abroad was the result of these obstacles and the changes in the political environment."

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Marriott To Sell Three Hotels To Abu Dhabi Fund (MAR) - Dividend.com

Marriott To Sell Three Hotels To Abu Dhabi Fund (MAR) - Dividend.com:

"According to the Wall Street Journal, an Abu Dhabi government fund is nearing a deal to buy three Marriott International, Inc. (MAR) hotels."

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