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Friday, 23 August 2013

Abu Dhabi Pallet Industry founder: I knew nothing when I started |

Abu Dhabi Pallet Industry founder: I knew nothing when I started |

  • Image Credit: Ahmed Kutty/Gulf News
  • Salem Abdullah Majia Al Muhairi | Founder of Abu Dhabi Pallet Industry
Abu Dhabi Pallet Industry (ADPI), founded in 2000 by Salem Abdullah Majia Al Muhairi, is the largest pallet manufacturer and recycler in UAE. ADPI defines its customer base as business which moves goods on platforms.
How did you get into business?
My father traded foodstuffs. I realised that trading was a low margin business when I studied business in the US. As a part of my education programme I was visiting manufacturing plants. I told my father that “we” needed to get into manufacturing. My father advised me to follow my calling. He didn’t want to change. I had seen products coming on pallets to our warehouse and getting dispatched to customers. I asked my father if making pallets was a good business to start. My father asked me to study the business.
An uncle of mine gave me catalogues to study and leads to companies. We got invitations to visit factories in different countries. I wanted to see the machinery working before deciding on what to purchase. I visited Spain, saw the machinery, and collected all the details to start a factory. The initial investment was too high. I declined the proposal.
And then the supplier came to UAE."

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#Iraq pushes for investment as #India seeks more #oil - Your Middle East

Iraq pushes for investment as India seeks more oil - Your Middle East:

"Iraq's prime minister on Friday pitched for investment from India to rebuild his war-shattered nation, which is a critical energy supplier to New Delhi.

Iraq's Prime Minister Nuri Al-Maliki said there were "great opportunities" for Indian firms to rebuild the nation's infrastructure -- constructing ports, highways, housing, railways, schools, hospitals and investing in oil production facilities.

"There is so much potential," said Maliki, who is on a three-day trip to New Delhi and Mumbai."

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Dubai population jumps 4.8 per cent to 2.17m |

Dubai population jumps 4.8 per cent to 2.17m |

"Dubai’s population has shot up 4.8 per cent to 2,174,000 people this month as compared to 2,068,000 people recorded as living in the emirate in August 2012, says Dubai Statistics Centre.
The findings were based on taking into account the daily and monthly estimation of Dubai permanent residents whether Emirati or expatriate.
Dubai first crossed the two million people mark in December 2011 when its population rose by five per cent in comparison to 2010 to reach 2,000,072, an increase of 22,072 in less than three months."

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UAE banks look to cash in on rupee slide |

UAE banks look to cash in on rupee slide |

"UAE banks are trying to muscle into the Indian rupee remittance outflow through special rates and promotions through their Internet banking services for non-resident Indian (NRI) accountholders.
Simultaneously, they are trying to carry the battle to the exchange houses, which are now reaping the windfall from rupee’s nowhere-to-hide slide against the dollar (and the dirham).
With web-enabled banking services – and mobile banking to follow in due course – coming on nicely, some of the major local banks see significant prospects in trying to entice NRI accountholders to use these rather than remit money through exchange houses."

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USAA Real Estate Company Has Named Jim Hime As The New Chief Financial Officer | RealEstateRama

USAA Real Estate Company Has Named Jim Hime As The New Chief Financial Officer | RealEstateRama:

"USAA Real Estate Co. has named Jim Hime as the company’s new chief financial officer, effective September 1, 2013. In this capacity, Mr. Hime will be responsible for various financial elements of the company’s business, including financial structuring, the management of debt strategies, liquidity management, and helping to ensure that the Company’s investments are performing at optimal levels.
Len O’Donnell, CEO of USAA Real Estate Co., stated: “I could not be more pleased that Jim has agreed to join our team. He is widely respected throughout our industry and, as our business continues to expand globally, his vast and diverse background will greatly enhance our capabilities, and will enable us to serve our investors more effectively. Most important, Jim is a person of the highest integrity, and is ideally suited for this leadership position within USAA Real Estate Company.”"

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Capital investment in Ukraine 14.6% down in H1, 2013 » Interfax News Wire

Capital investment in Ukraine 14.6% down in H1, 2013 » Interfax News Wire :: Russia, Ukraine, Kazakhstan and Central Asia:

"Capital investment in Ukraine in January-June 2013 came to UAH 103.33 billion, which is 14.6% down year-over-year, the State Statistics Service has reported.

The State Statistics Service said that the main fall in investment was seen in the second quarter, while in the first quarter a rise of 3% in capital investment was seen.

Experts said that the indicator would fall, taking into account the comparative base in the first half of 2012 (growth on 2011 was 29.1%), especially in the second quarter of 2012, which was linked with work to prepare for the Euro 2012 European football championship, which started in June 2012."

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Exchange rates | The Economist

Exchange rates | The Economist:

Deutsche Bank, the world’s biggest forex trader, analyses the correlation between currency movements (against the dollar) and economic and financial variables. For the rich economies of the G10 the correlation has recently been strongest with inflation; in emerging markets sovereign risk (measured by credit-default-swap spreads) stands out. Countries with large current-account deficits, like Brazil and India, have seen their currencies slide in recent months. Currencies were negatively correlated with the level of short-term interest rates (a proxy for carry trade, whereby investors borrow in low-yielding currencies to fund purchases in higher-yielding ones): high rates coincided with weakening currencies."

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Bank of Sharjah signs $200m club term loan |

Bank of Sharjah signs $200m club term loan |

"The Bank of Sharjah has signed a $200 million Club Term loan facility with a Group of Local and International Mandated Lead Arrangers: National Bank of Abu Dhabi PJSC (acting as facility Agent and Coordinator), Commercial Bank of Dubai PSC, Commerzbank Aktiengesellschaft, First Gulf Bank PJSC, and Wells Fargo Bank N.A.
The two-year facility will be used by the Bank for its general corporate purposes, specifically for USD denominated transactions.
The facility carries a margin of 1.25% per annum, with a reduction of 25 basis points compared to the pricing applied to the term loan signed in June 2011 by the Bank and fully repaid in August 2013."

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Ukrainian stock begin recovery from Russian trade torpedo - Business - News - Ukraine Business Online

Ukrainian stock begin recovery from Russian trade torpedo - Business - News - Ukraine Business Online:

"Concorde Capital provides analysis of yesterday’s trading of Ukrainian stocks in its daily market comment:

“Ukrainian equities have more-or-less shaken off Russia trade concerns for the time being and have fell in line with the European markets on Thursday, August 22. The WIG Ukraine Index of Warsaw-traded stocks slid 0.1%, pulled down by sugar producer Astarta (AST PW -1.6%). Yet there were more gainers: car battery maker WESTA (WES PW +5.1%), dairy producer Milkiland (MLK PW +3.3%) and the most actively traded shares of grain trader Kernel (KER PW +1.3%), which has improved 3.9% in two sessions. In London, shares of iron ore miner Ferrexpo (FXPO LN) surged 5.0% along with other mining companies on strong Chinese purchasing managers’ figures. Poultry producer MHP (MHPC LI -0.3%) has slid 8.9% in six straight losing sessions since the trade conflict emerged with the Customs Union. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks increased 0.3%, led by electricity producer Donbasenergo (DOEN UK +1.2%). The Ukrainian Exchange will be closed on Monday, August 26 for a national holiday.”"

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Rating Reprieve, But Risks Still Loom in India - India Real Time - WSJ

Rating Reprieve, But Risks Still Loom in India - India Real Time - WSJ:

Sudarsan Pattnaik
A coin made of sand with Lakshmi, the Hindu goddess of wealth in Puri, Orrisa
For several months now, India has been facing the threat of a sovereign downgrade, a prospect that could tip the country’s already teetering credibility among foreign investors over the edge.

A nose-diving rupee has aggravated India’s troubles, bringing it dangerously close to non-investment grade, or junk status, which effectively indicates the country’s weak ability to repay its debt.

Higher risk associated with debt would mean foreign investors would be compelled to review their investments in the country and local companies would also find it costlier to raise debt."

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ENERGY - #UAE drags feet on huge energy project in #Turkey

ENERGY - UAE drags feet on huge energy project in Turkey:

Energy-hungry Turkey signed a landmark deal with
the UAE to develop its coal fields in the south
with a giant project worth nearly $12 billion. DHA photo
The United Arab Emirates (UAE), which promised in January to invest $12 billion in Turkey’s Afşin Elbistan power plant, appears now to be dragging its feet on the huge project. The UAE could not keep up progress on the project as it had sought a Turkish partner but couldn’t find one, sources familiar with the matter said.

Energy-hungry Turkey signed a landmark deal with the UAE to develop its coal fields in the south with a giant project worth nearly $12 billion. The deal was made between the Abu Dhabi-based, government-controlled TAQA and Turkey’s state-run electricity company EÜAŞ in January."

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Why #Egypt’s Pound Isn’t Strengthening | @REBELECONOMY

Why Egypt’s Pound Isn’t Strengthening | REBEL ECONOMY:

It shows how the pound’s official price, controlled by the central bank, has been appreciating slowly since the overthrow of Islamist president Mohammed Morsi.
If we were to take this graph at face value, we might conclude that the pound has strengthened as the interim government (and military) took over, and billions of dollars worth of Gulf aid is helping the country’s currency stabilise.
However, traders on the black market tell a very different story, and say the Central Bank is ensuring the pound strengthens just to give the impression that the economy is stable and improving despite the turmoil."

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Putin says Ukraine’s integration with EU may compel Customs Union think of protective measures | Russia & India Report

Putin says Ukraine’s integration with EU may compel Customs Union think of protective measures | Russia & India Report:

"Russian President Vladimir Putin did not rule out that Ukraine’s integration with the European Union may compel countries of the Customs Union to think of protective measures.
“If our neighbours [Ukraine] liberalize considerably the customs regime with the European Union, Ukraine’s market will inevitably be flooded with commodities of quite good quality and price and goods of Ukrainian makes will be forced out of the Ukrainian market,” Putin said on Thursday at the meeting devoted to the social and economic development of the Rostov region.
“The countries of the Customs Union [Russia, Belarus, Kazakhstan] will then have to consider protective measures,” Putin said."

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US Market Crash Alert!

US Market Crash Alert!:

"Our operating hunch is that US stocks, Treasuries and gold have all turned over recent months.

After 33 years of falling, Treasury yields are now climbing higher...

After two years of correcting, gold prices are rising again....

And after 4 years…or 12 years…or 31 years of rising prices, depending on how you count it, US stocks are starting to look vulnerable to a real setback.

It’s still summertime. We don’t expect much action in the next few days. But already, kids are going back to school and parents are getting back to work.

And pretty soon, investors could notice that Mr. Market is taking over the controls from the Mr. Bernanke."

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#Ukraine and #Russia: Trading insults | The Economist

Ukraine and Russia: Trading insults | The Economist:

Souvenirs of a common history
NOBODY could accuse Sergei Glazyev of ambiguity. New Russian trade restrictions with Ukraine were a warning against the “suicidal” step of signing an association agreement with the European Union, said President Vladimir Putin’s chief economic adviser. And if it went ahead, the rules could become even tighter. For its part, the EU termed Russia’s stance “unacceptable”.

Russia is making increasing efforts to deter the biggest country in its former empire from looking west and to prod it into joining the rival, Kremlin-led Eurasian Customs Union instead. As an EU summit in Vilnius in November nears, the means include soft power (talk of a shared Orthodox heritage), carrots (cheap gas and access to markets) and sticks (trade sanctions)."

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#Ukraine Plans To Open Slovakian Gas Import Route In September - Kiev Ukraine News Blog

Kiev Ukraine News Blog:

"Ukraine plans in September to sign an agreement that would open imports of European natural gas via Slovakia, the Energy and Coal Industry Minister said Wednesday.

The agreement with Slovakia was originally expected to be signed June 20 and then July 4, but had been postponed both times for undisclosed reasons.

"I am confident that in September we will sign the agreement with our partners in Slovakia and in October with Romania," Stavytskiy said at a press conference.  "

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Arabtec Denies Merger Talks With Kuwait, Saudi Firms » Gulf Business

Arabtec Denies Merger Talks With Kuwait, Saudi Firms » Gulf Business:

"Dubai-based construction firm Arabtec has denied media reports speculating merger talks with Kuwait’s Combined Group Contracting Co. and Saudi Arabia’s Saudi Oger.

“The company would like to state that there are no discussions to merge with either of the two companies and there are no current plans to do so,” Arabtec said in a statement.

“The company continues to review opportunities in Saudi Arabia and Kuwait and will disclose any developments in line with the regulations of the Dubai Financial Market.”"

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UAE Central Bank blacklists insurgents |

UAE Central Bank blacklists insurgents |

"Financial institutions in the UAE were told on Thursday to hunt for any possible assets in the country belonging to internationally known insurgents.
If found, the assets are to be frozen following approval by a special anti-money laundering unit within the UAE Central Bank.
Investigators with the UAE Central Bank issued a blacklist yesterday of suspected persons wanted by international authorities to banks, money-changers and investment and finance companies."

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Mena faces EU-style wealth split - The National

Mena faces EU-style wealth split - The National:

"The Middle East and North Africa resembles Europe with a lack of reform and the richer parts of the region bailing out their troubled neighbours, says the chief economist of Saxo Bank.

Steen Jakobsen said the Mena region was losing momentum, despite strong growth in oil-producing countries.

"Mena is now divided into two halves: the north versus the south," he wrote in a research report that the Copenhagen-based bank released yesterday."

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Carillion aims to double Middle East revenues as it targets more UAE orders - The National

Carillion aims to double Middle East revenues as it targets more UAE orders - The National:

"The British contractor Carillion expects to double its annual revenues from its Middle East business to about £1 billion (Dh5.72bn) by 2015 as the company targets more UAE orders.

In its financial results posted on the London Stock Exchange yesterday, the building contracting and services firm, which employs 40,000 people across the world, predicted that second-half revenues would be higher than those for the first half.

The company revised its full-year turnover figures to about £500 million - a number it hopes to double in just two years."

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In pictures: Dubai's prime locations, how much it'll cost you to rent - The National

In pictures: Dubai's prime locations, how much it'll cost you to rent - The National:

AED3.65 - US$1

Arabian Ranches: 2 BR / Dh135,000; 3 BR / Dh170,000; 4 BR / Dh230,000; 5 BR / 290,000. Year on year increase 18%. Pawan Singh / The National

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Housing costs to continue driving up GCC inflation - The National

Housing costs to continue driving up GCC inflation - The National:

"Inflation is flaring up across the GCC and economists expect it will continue to do so for the rest of the year, propelled by higher housing costs.

Food prices have played a key part in the recent price spike, but looking ahead, it is housing that the economists believe will feed longer-term structural inflation.

"With the region's residential real estate market recovery expected to continue apace, higher housing costs will likely be a key factor pushing headline CPI [consumer price index numbers] up through the remainder of 2013," wrote Jean-Paul Pigat, economist at Emirates NBD, in a research report this week."

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Saudi stance can change regional politics |

Saudi stance can change regional politics |

  • Image Credit: Gulf News Archive
  • King Abdullah Bin Abdul Aziz of Saudi Arabia
Over the past two years, Saudi Arabia has been trying to play a very active role in Arab politics. In recent weeks, this role has become even more visible and more aggressive. Last week, on two different occasions, Saudi Arabia went as far as to challenge its international ally — the US — over the crisis in Egypt. In a rare public foreign-policy statement read out last Friday on Saudi television, King Abdullah Bin Abdul Aziz declared that what was happening in Egypt was an Arab affair. “Let it be known to those who interfered in Egypt’s internal affairs that they themselves are fanning the fire of sedition and are promoting the terrorism which they call for fighting,” he declared, without mentioning any country by name."

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World Expo 2020: Dubai faces stiff competition from Izmir |

World Expo 2020: Dubai faces stiff competition from Izmir |

"Hectic diplomatic parleys are going on behind the scenes as all the four bidding countries are doing their best to garner support, in the form of votes. All participants remain tight-lipped on the support they have secured.
“We are talking to partners and I am optimistic of winning the rights to host Expo 2020. However, it’s too early to say,” Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman and Chief Executive of Emirates Airline and Group, told Gulf News, when asked to comment on Dubai’s chances of winning the bid.
“All other candidates are also strong and their governments are also supporting the bids very strongly. We will wait till the end to see the results,” he said."

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Expectations growing for Saudi Arabia bourse to open to foreigners | Business , Middle East | THE DAILY STAR

Expectations growing for Saudi Arabia bourse to open to foreigners | Business , Middle East | THE DAILY STAR:

"A long-awaited opening of Saudi Arabia’s stock market to direct foreign investment appears near, industry executives and fund managers say – a reform that could give equity investment in the Gulf its biggest boost for years.

Hopes have been raised and dashed several times over the last few years. While the Saudi government has long considered the reform and has been making technical preparations, it has never set a date for opening the market.

Authorities are believed to worry about destabilizing the market with fresh inflows of funds. Also, letting foreigners buy more stocks could be politically sensitive, if the foreigners are perceived to be obtaining Saudi assets at bargain prices."

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Despite Egypt Turmoil, Qatar Expedites Gas Aid - ABC News

Despite Egypt Turmoil, Qatar Expedites Gas Aid - ABC News:

"Qatar announced on Thursday the departure for Egypt of a third shipment of natural gas with a fourth tanker loaded and expected to depart later today in an apparent bid to expedite badly needed energy aid to the North African country despite the woes of Qatar's Islamist allies there.

The fifth and last shipment of natural gas that Qatar had promised the government of ousted President Mohammed Morsi is expected to depart this September, state media reported citing sources in the Foreign Ministry. Earlier this week, the Qatar News Agency reported that the second shipment had left the oil-rich Gulf state's Ras Laffan Port Aug. 9.

The energy shipments are to help Egypt's overburdened networks during peak summer use."

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The Economist Intelligence Unit, Global growth faces emerging-market headwinds

The Economist Intelligence Unit,Latest Economic Developments for India:

"The global economy is stuttering as problems in once-buoyant emerging markets intensify. With demand still weak in the euro zone, despite the end of the bloc's recession, and with statistical revisions having changed the US's likely growth profile in 2013, The Economist Intelligence Unit has downgraded fractionally its forecast for world GDP growth in 2013. In particular, this month we have cut our growth projections for the US, India, Brazil and Russia. However, we still forecast a pick-up in global economic growth in 2014."

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Egypt's future: Going underground