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Wednesday, 11 September 2013

Who Is Going To Be The Next King In Saudi Arabia? - Analysis Eurasia Review

Who Is Going To Be The Next King In Saudi Arabia? - Analysis Eurasia Review:

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New hope for Dubai investors on stalled projects? | GulfNews.com

New hope for Dubai investors on stalled projects? | GulfNews.com:

"
  • Image Credit: Supplied
  • No tower, only fence: A fence is what you see today at the Toronto Tower project site
Back in 2006, when the ‘market was at its peak’, Indian Salim Shaikh bought two properties amounting close to Dh500,000.
Six years later, neither of his project has seen the light of day and a significant chunk of money remains stuck. Yet Shaikh hasn’t given up hope.
He, like several other forlorn investors, now believes a new decree by the Ruler of Dubai will bring deliverance. “I read about a new panel being set up to settle disputes related to projects cancelled by the Rera (Real Estate Regulatory Authority). It’s encouraging,” Shaikh says."

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Kuwait to transfer $2 bln aid to Egypt - Egypt cenbank chief

Kuwait to transfer $2 bln aid to Egypt - Egypt cenbank chief:

"The Gulf Arab state of Kuwait will deposit $2 billion in aid in Egypt's central bank next week, the Egyptian central bank governor said on Wednesday.

Hisham Ramez told the Al Arabiya television network the money would stay in the central bank for five years.

A political crisis that began when the army overthrew Islamist President Mohamed Mursi on July 3 has hammered Egypt's economy.

In July, Kuwait pledged to provide $4 billion in aid to Egypt, matching pledges by Saudi Arabia and the United Arab Emirates that showed Gulf Arab approval of the Egyptian army's ousting of Mursi."

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Kuwait to transfer $2 bln aid to Egypt - Egypt cenbank chief

Kuwait to transfer $2 bln aid to Egypt - Egypt cenbank chief:

"The Gulf Arab state of Kuwait will deposit $2 billion in aid in Egypt's central bank next week, the Egyptian central bank governor said on Wednesday.

Hisham Ramez told the Al Arabiya television network the money would stay in the central bank for five years.

A political crisis that began when the army overthrew Islamist President Mohamed Mursi on July 3 has hammered Egypt's economy.

In July, Kuwait pledged to provide $4 billion in aid to Egypt, matching pledges by Saudi Arabia and the United Arab Emirates that showed Gulf Arab approval of the Egyptian army's ousting of Mursi."

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BP signs deal on controversial north Iraq oilfield - Your Middle East

BP signs deal on controversial north Iraq oilfield - Your Middle East:

"British energy giant BP has signed a deal with Baghdad on an oilfield at the heart of a dispute between the central government and Kurdish authorities in northern Iraq, officials said Wednesday.

The agreement calls for the company to carry out surveys at the Kirkuk oilfield but could eventually lead to it working to increase the field's production.

Iraq's autonomous Kurdish region swiftly condemned the deal.

Developing the field is part of Iraqi efforts to boost oil output in order to fund much-needed reconstruction."

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Why dearth of IPOs in the UAE? | GulfNews.com

Why dearth of IPOs in the UAE? | GulfNews.com:

"The IPO market peaked in the year 2008 raising $11.7 billion but has languished since then.
From 2009 until 2012, Saudi Arabia led the table in the Gulf on Initial Public Offerings with 32, raising $3.93 billion.
UAE came in second with three in 2011 and two in 2012, though in case of the latter, both — NMC Group and Al Noor Hospitals — were listed in London. In 2011, in the UAE, Eshraq Properties, National takaful Company (Watania) and Insurance House raised $229 million, $24 million and $19 million respectively.
Al Habtoor shelved its IPO plans in late December 2012 citing lack of opportunities to invest its proceeds and may consider in 2014 when economic situation improves."

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Marriott CEO on Reports of Sale to Abu Dhabi | Fox Business

Marriott CEO on Reports of Sale to Abu Dhabi | Fox Business:

"Marriott is opening its newest EDITION branded hotel Friday in London, but that hotel, along with two others in New York and Miami Beach, are close to being sold to an Abu Dhabi government fund, according to The Wall Street Journal.

Marriott International (MAR) CEO Arne Sorenson told FOX Business a sale is being considered, but would not confirm nor deny reports about the potential buyer being the Middle Eastern sovereign wealth fund.

“We have signed a letter of intent with an institutional buyer,” said Sorenson, while declining to comment further on specifics."

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BBC News - Why gunmen have turned off Libya's oil taps

BBC News - Why gunmen have turned off Libya's oil taps:

"
Armed groups in Libya are currently blocking key oilfields - hijacking the government of its main source of revenue and leading to some fuel shortages and blackouts.

Billions of dollars have been lost over the last few months as oil production has plummeted, costing about $130m (£82m) a day.

Earlier this year, Libya was producing at least 1.5 million barrels of oil per day; last week a little more than 100,000 were pumped a day - a figure which officials say has gone up to 263,000 this week."

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RBS Said Hired to Arrange Finance for $6.5 Billion Qatar Plant - Bloomberg

RBS Said Hired to Arrange Finance for $6.5 Billion Qatar Plant - Bloomberg:

"Royal Bank of Scotland Group Plc was hired to arrange financing for a $6.5 billion petrochemical plant in Qatar, four people with knowledge of the plan said.
The U.K.’s largest government-controlled bank will advise on sourcing and structuring funding for the Al Karaana complex, built by state-run Qatar Petroleum in partnership with Royal Dutch Shell Plc (RDSA), the people said, asking not to be named because the appointment is confidential.
Al Karaana, composed of a so-called steam cracker and mono-ethylene glycol plant, is the first of two such petrochemical complexes planned for the Qatari industrial city of Ras Laffan as the country seeks to diversify from oil and gas exports, which make up more than half the economy. Qatar Petroleum and Qatar Petrochemical Co. signed an agreement in 2012 to build a second petrochemical complex near Al Karaana."

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Kashagan starts pumping at last: now for the hard part | beyondbrics

Kashagan starts pumping at last: now for the hard part | beyondbrics:

"
A big day for big oil and an even bigger one for Kazakhstan. After twelve years work and $49bn of investment, an international group led by Eni has finally turned on the tap at Kashagan, launching test production at the giant Caspian Sea field.

The Eni-led North Caspian Operating Company began test production at Kashagan on Wednesday, marking the end of more than a decade of delays and cost overruns at Kazakhstan’s flagship oil field.

Kashagan will initially produce 180,000 barrels a day with output rising progressively to 370,000 b/d of oil equivalent, Eni said in a statement.

With an estimated 35bn barrels of in place oil reserves, Kashagan is of major importance to global energy security and to Kazakhstan which has set a goal to enter the ranks of the world’s ten biggest oil exporters by 2018."

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Poland: Tusk’s message of optimism falls on deaf ears | beyondbrics

Poland: Tusk’s message of optimism falls on deaf ears | beyondbrics:

"
Polish premier Donald Tusk recently announced that Poland’s economic slump was over and predicted a return to faster growth, but that message doesn’t seem to have got through to the thousands of angry labour union activists who descended on Warsaw on Wednesday for several days of anti-government protests.

The protests are a sign that Poland has still not shaken off the political and economic effects of its unexpectedly sharp economic slowdown earlier this year.

Another indicator of fragility was Poland’s July current account deficit, which came in at a worse than expected €178m, compared to the €11m deficit predicted by analysts polled by Reuters."

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UAE bank profits seen rising 20% in 2013; Mashreq aims for 40% | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.

UAE bank profits seen rising 20% in 2013; Mashreq aims for 40% | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:

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A Case of Broken BRICs? | PRAGMATIC CAPITALISM

A Case of Broken BRICs? | PRAGMATIC CAPITALISM: "Whilst many chose to spend August on the beach, a full-blown crisis developed across emerging markets, and the BRICS in particular. The ‘B’ got into trouble with its currency under severe pressure. So did the ‘I’ and the ‘S’, whilst the ‘R’ and the ‘C’ both experienced loads of bad news on the economic front. Not exactly what you have come to expect from the BRICS.

The first seven trading days of September have offered all of these markets some much needed breathing space with EM currencies, bond and equity markets all doing considerably better. It is thus tempting to conclude that this was just another one of those summer hiccups that have become the norm in recent years. I do not buy that argument for one second, though. There are some very sound fundamental reasons why the crisis erupted now, which we will get into a little bit later."

The Absolute Return Letter 0913
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MIDEAST STOCKS-Mkts mixed; caution on Syria triggers profit-taking | Reuters

MIDEAST STOCKS-Mkts mixed; caution on Syria triggers profit-taking | Reuters:

"Middle East were mixed on Wednesday as some investors opted to lock in gains from the previous day's surge due to uncertainty over what action the United States might take against Syria.

U.S. President Barack Obama vowed on Tuesday to explore an initiative from Russia to neutralise Syria's chemical weapons, but he voiced scepticism and still sought support for his threat to use force should diplomacy fail.

The reprieve, even for a short while, has bolstered investor sentiment, although trading will remain volatile until there is more clarity on whether Washington will attack Syria."

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Abu Dhabi plans $5bn investment in Russia - Transport - ArabianBusiness.com

Abu Dhabi plans $5bn investment in Russia - Transport - ArabianBusiness.com:

"Abu Dhabi plans to invest $5 billion in Russian infrastructure under an accord expected to be signed during talks between Crown Prince Mohammed bin Zayed Al Nahyan and President Vladimir Putin on Thursday, the Kremlin said in a statement.
The emirate's finance department will co-invest in the joint venture together with the state-run Russian Direct Investment Fund (RDIF), the statement said, without specifying the amount of Russia's possible contribution.
The announcement comes months after the RDIF set up a $2 billion fund with Abu Dhabi-based Mubadala Development to fund projects in Russia across industry sectors."

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Norway may sell $11 billion of Statoil shares | Positions and Promotions

Norway may sell $11 billion of Statoil shares | Positions and Promotions:

"Norway may sell up to 16 percent of state-owned oil producer Statoil ASA (STL), a stake currently valued at more than $11 billion, after the Conservative-led opposition won elections.

Conservative Party leader Erna Solberg said during the campaign a government under her leadership could cut its stake in Statoil, which pumps more than 70 percent of Norway's oil and gas, to 51 percent from 67 percent.

The Conservatives and three other opposition parties got 96 seats out of 169 in Parliament in yesterday's election, defeating Prime Minister Jens Stoltenberg's Labor-led coalition."

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Dubai gives ground on Aussies | The Australian

Dubai gives ground on Aussies | The Australian:

"THE wife of Australian property executive Marcus Lee, who is being held under house arrest in Dubai despite being acquitted of involvement in a bribery scandal, has had her passport returned after representations from the former Labor government.

Julie Lee's passport had been held for almost four years as part of Mr Lee's bail conditions after he was released in October 2009. Despite being free to leave Dubai, Mrs Lee vowed to stay at her husband's side as he awaits an appeal this month by prosecutors against his acquittal.

Mr Lee, with another colleague, lawyer Anthony Brearley, was accused of involvement in the bribery of Mr Lee's former boss Matthew Joyce. Joyce has been found guilty of accepting a share of a $14 million secret commission over the sale of a block of land in Dubai in 2007. The Australians were working for the state-owned Dubai Waterfront, which sold the block to Gold Coast property developer Sunland. Joyce was sentenced to 10 years' jail and a $25m fine, while Mr Lee and Mr Brearley were exonerated."

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RPT-Fitch: Dubai prime property sector set for a strong start in 2014 | Reuters

RPT-Fitch: Dubai prime property sector set for a strong start in 2014 | Reuters:

"Fitch Ratings says that the Dubai prime property sector is set up for a strong 2014 following a vibrant 2013. Notwithstanding the positive trend, uncertainty remains a concern for the real estate sector in general as several factors and events evolve, notably Middle East instability, Dubai's bid for the World Expo 2020 and major new real estate projects that are in the pipeline.

As per Fitch's expectation, retail rentals and hospitality revenues have been holding up and have shown healthy performance and growth since 2011 to date and are in a comfortable position for another good year in 2014. Additionally, residential prices and demand have shown recoveries in prime locations in Dubai, but secondary locations, including new projects will continue to be challenged over the medium term."

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Norilsk Tipped as Possible Uralkali Buyer | Business | The Moscow Times

Norilsk Tipped as Possible Uralkali Buyer | Business | The Moscow Times:

"Metals giant Norilsk Nickel might buy a 21.7 percent share in the potash producer Uralkali from its major shareholder Suleiman Kerimov, who is seeking to resolve a conflict with the Belarussian government, a news report said Wednesday.

The deal for Kerimov's stake, valued at about $4 billion, might be closed by the end of this month, The Wall Street Journal reported, citing a person with knowledge of the matter.

The list of potential buyers also includes several unidentified Russian tycoons.

Kerimov is ready to sell the assets if that helps release Uralkali chief executive Vladislav Baumgertner from prison in Minsk, the newspaper said."

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YUSUF KANLI - The presumed new axis in Cyprus

YUSUF KANLI - The presumed new axis in Cyprus:

"It is becoming clearer that the “gas” hopes of the Greek Cypriot side have started to evaporate with many reliable reports stressing the amount of “recoverable” gas at the so-called Aphrodite field, or block 12, will be a fraction of the original high expectations… That is, it is becoming clearer to everyone that construction of LNG plants or building a pipeline through the Mediterranean to Greece will not be feasible at all. That is excluding the already expressed Turkish proposal to “buy” all the Greek Cypriot gas for its domestic consumption and re-export any excessive amount to Europe. There is no economically viable way out to convert “Aphrodite gas” to much needed hard currency to finance the worst economic crisis of the island as well as the resolution of the Cyprus problem. The Turkish purchase, of course, is preconditioned on Greek Cypriots conceding a share of the offshore gas to Turkish Cyprus."

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Moscow makeover: Bank of Cyprus elects 6 Russians to board — RT Business

Moscow makeover: Bank of Cyprus elects 6 Russians to board — RT Business:

"
Women walk past a Bank of Cyprus branch in the capital, Nicosia, on July 30, 2013. (AFP Photo)
Six Russians were elected to the 16-member board of directors of the Bank of Cyprus. The substantial minority demonstrates the large stake Russia had, and will continue to have, in the Cypriot banking system.

Vladimir Strzhalkovskiy, a former KGB official and Putin ally, was elected by other board members as vice chairman. Strzhalkovskiy is also the former CEO of Russia’s Norilsk Nikel, the world’s largest nickel and palladium producer.

Other approved nominees are Dmitry Chichikashvili, president of Insigma Group, a Moscow-based construction company, Igor Lazhevsk, Deutche Bank’s deputy chairman for Eastern Europe, Anzhelika Anshakova, a board of director of Binbank, Eriskhan Kurazov, General Director at CJSC, a Moscow-based finance group, and Anton Smetanin."

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Oil and natural gas production is growing in Caspian Sea region - Today in Energy - U.S. Energy Information Administration (EIA)

Oil and natural gas production is growing in Caspian Sea region - Today in Energy - U.S. Energy Information Administration (EIA):

"
Source: U.S. Energy Information Administration, U.S. Geological Survey, IHS EDIN

The Caspian Sea region, which includes Russia, Azerbaijan, Kazakhstan, Turkmenistan, Uzbekistan, and Iran, is one of the oldest oil-producing areas in the world and is an increasingly important source of global energy production. The area has significant oil and natural gas reserves from both offshore deposits in the Caspian Sea itself and onshore fields in the region. Traditionally an oil-producing area, the Caspian area's importance as a natural gas producer is growing quickly.
EIA estimates that there were 48 billion barrels of oil and 292 trillion cubic feet (Tcf) of natural gas in proved and probable reserves within the basins that make up the Caspian Sea and surrounding area in 2012. Offshore fields account for 41% of total Caspian crude oil and lease condensate (19.6 billion barrels) and 36% of natural gas (106 Tcf). In general, most of the offshore oil reserves are in the northern part of the Caspian Sea, while most of the offshore natural gas reserves are in the southern part of the Caspian Sea.

Source: U.S. Energy Information Administration, IHS EDIN, Eastern Bloc Energy, Rigzone, and Rystad Energy
Note: Oil production includes both crude oil and lease condensate. Iran and Uzbekistan do not have substantial production in the Caspian region. All production outside the Caspian region is excluded.
"

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Bahrain’s $923m govt bonds oversubscribed

Bahrain’s $923m govt bonds oversubscribed:

"The Central Bank of Bahrain (CBB) has announced that the issue of the 7.5-year government development bonds worth BD350 million ($923 million) has been oversubscribed by 125 per cent.

Subscriptions worth BD438 million ($1.15 billion) were received for the issue, the bank said.

The expected interest rate on the issue, which begins on 12 September 2013 and matures on 12 March 2021, is 5.50 per cent."

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Government, Shell to sign deal on gas exploration, production in Ukraine, PM Azarov says| Ukrinform

Government, Shell to sign deal on gas exploration, production in Ukraine, PM Azarov says| Ukrinform:

"The Government of Ukraine and Shell on September 13 will sign an operating agreement for the exploration and production of gas in Ukraine, Prime Minister Mykola Azarov announced this at a Cabinet of Ministers meeting on Wednesday.
"An operating agreement will be signed with Shell at the end of the week during the official visit of the Prime Minister of Ukraine to the Kingdom of the Netherlands, which will launch the practical work of the transnational corporation for the exploration and production of gas in Ukraine," Azarov said.
A reminder that Ukraine and Shell signed a production sharing agreement on shale gas extraction at the Yuzivska area, located in Kharkiv and Donetsk regions."

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Guest post: the innovation wave in emerging markets | beyondbrics

Guest post: the innovation wave in emerging markets | beyondbrics:

"By Rich Lesser of the Boston Consulting Group

Once the province of technology and pharmaceutical companies, innovation is rapidly moving up the agenda of CEOs throughout the global economy. “Meeting the Innovation Imperative” is the key theme at the World Economic Forum’s annual meeting in the Chinese seaport city of Dalian. Here, at the Dalian Convention centre – whose sleek design and smart use of new technology make an appropriate setting – more than 1,600 top executives from 90 countries have been thinking through the implications. With global competition fiercer than ever, leaders of countries and companies have no option but to employ an innovation-driven strategy: to harness technological, economic and social shifts and create an environment conducive to entrepreneurship and innovation.

Innovation, almost by definition, has the potential to ignite growth and boost performance. It is sought – and celebrated – for good reason. But in turbulent times, when R&D budgets are vulnerable and growth is more elusive, the stakes are even higher. The right idea, launched at the right time, can push a company far ahead of its peers."

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The Wrap: Egypt Wheat Stocks Politicised, Libya Allies Gather To Plug Oil Gap | REBEL ECONOMY

The Wrap: Egypt Wheat Stocks Politicised, Libya Allies Gather To Plug Oil Gap | REBEL ECONOMY:

"

  • EGYPT 

- Unemployment: Arab Spring Not Springing Back - NPR
An interesting podcast from NPR on the problem of unemployment in the Arab Spring, particularly among young Arabs.
The Wall Street Journal economics reporter Sudeep Reddy and Shadi Hamid, director of research at the Brookings Doha Center, discuss why jobless rates are so high in the Arab world, particularly in Tunisia and Egypt, and why political will is so crucial to alleviating unemployment pressures.
I’ve written extensively on this topic and the reasons why Arab youth can’t (and sometimes won’t) find employment. "

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Times of Oman | News :: Oman-Iran gas pipeline may be ready in 18 months, says envoy

Times of Oman | News :: Oman-Iran gas pipeline may be ready in 18 months, says envoy:

"A pipeline for carrying Iranian gas to Oman is expected to be ready within a year-and-a-half, Iranian Ambassador to the Sultanate, Ali Akbar Sibeveih, has told the Times of Oman.

"The agreement on the gas pipeline dates back to 10 years ago when negotiations over the pipeline started, but the two countries could not finalise it. The main reason was lack of agreement on the price of the gas that was supposed to be exported," Sibeveih said, when asked about a  memorandum of understanding (MoU)  recently signed between Iran and Oman, according to which the Sultanate will buy around $60 billion worth of natural gas from the Islamic Republic of Iran for 25 years.

The MoU, which includes an agreement for laying a gas pipeline to Oman, was signed during the visit of His Majesty Sultan Qaboos bin Said to Iran from August 25 and 27."

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Middle East Alliances More Tangled Than Ever - Al-Monitor: the Pulse of the Middle East

Middle East Alliances More Tangled Than Ever - Al-Monitor: the Pulse of the Middle East:

"
Arab foreign ministers arrive at an emergency meeting to discuss the Syrian crisis and the potential military strike
 on President Bashar al-Assad's regime, at the Arab League headquarters in Cairo, Sept. 1, 2013.
(photo by REUTERS/Amr Abdallah Dalsh)

The equations upon which the Middle East is currently built have nothing to do with the calculations upon which traditional political analyses are made. In fact, the Arab Spring revolutions that coincided with the overwhelming sectarian tensions that prevailed in the region transformed the Middle East into a spiderweb of overlapping positions that are nearly impossible to decode.

The variety of pertinent factors affecting discussions and relations in the region make the Middle East conflict one that is completely different and much more complex than anything else, anywhere in the world. Here, we find a religious factor greatly affected by the multitude of existing sectarian entities, alongside an economic factor convolutedly intertwined with the dynamic of oil reserves, in addition to traditional political conflicts between various belligerents. The overall context of the battle between modernity and tradition also plays a role in the ongoing generalized conflict, with the social factor of tribal affiliations thrown into the mix. All these factors therefore come to play their roles in an effective manner, making the Middle East conflict an impossibly hard dilemma to discuss or approach."

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Ukrainian Parliament Says It Will Adopt Pro-EU Laws Swiftly Eurasia Review

Ukrainian Parliament Says It Will Adopt Pro-EU Laws Swiftly Eurasia Review:

"
Ukraine
The Ukrainian parliament’s speaker said yesterday (9 September) that MPs would pass the laws required by Brussels as a pre-condition for concluding an EU pact in time for November’s Vilnius Summit, paving the way for the signature of a landmark association agreement with the European Union.

Volodymyr Rybak, the chairman of the ‘Verkhovna Rada’, the Ukrainian parliament, was quoted by the Ukrainian press as saying that the assembly would adopt the remaining laws necessary to sign the association agreement at the beginning of October, in time for the Eastern Partnership summit in Vilnius on 28-29 November.

Returning from a meeting in Lithuania, the country currently holding the rotating EU Presidency last Friday, Rybak stressed that “Europe appreciated the work of Ukraine, which was done over the past two months for meeting the conditions for the signature of the Agreement, in particular, on adaptation of the Ukrainian legislation to the EU standards.”"

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Dubai real estate could double or treble in value over next three years « ArabianMoney

Dubai real estate could double or treble in value over next three years « ArabianMoney:

"Dubai expatriates returning from their summer breaks are only just waking up to the reality of what is happening in their own backyard with house prices surging by the most in the world and rents now higher than mortgage repayments.

Could this be a repeat of the 2003-8 housing boom when prices surged 500 per cent before crashing 60 per cent in 2009? That may be unlikely as the market is more mature and not in a start-up situation for foreign buyers."

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Saudi Gazette - OPEC cuts 2014 demand forecast

Saudi Gazette - OPEC cuts 2014 demand forecast:

"OPEC on Tuesday trimmed its 2014 forecast of demand for crude produced by its 12 member countries by 300,000 b/d to 29.61 million b/d and left its estimate for this year unchanged at 29.93 million b/d.

Both forecasts, published in the group's monthly oil market report, were below the current level of production, which OPEC said had fallen to 30.23 million b/d in August, a drop of 124,000 b/d from July.

On a quarterly basis, OPEC sees the call on its own crude averaging 30.3 million b/d in the third quarter of 2013 and 30.72 million b/d in the fourth."

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Saudi Gazette - Turkish economy grows 4.4% in second quarter

Saudi Gazette - Turkish economy grows 4.4% in second quarter:

"Turkey’s economy expanded by a stronger than expected 4.4 percent on an annual comparison in the second quarter, statistics showed Tuesday.

Growth accelerated from a 2.9 percent rate in the first quarter, the national statistics agency said.

In calendar and seasonally adjusted terms, the economy grew by 2.1 percent from the previous quarter.

The data was welcome news as Turkey has been buffeted by the turmoil that has hit emerging markets in recent weeks as many investors pull out funds in anticipation of a withdrawal of US monetary stimulus."

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Qatar money market still liquid despite Syria: QCB

Qatar money market still liquid despite Syria: QCB:

"Qatar’s central bank will continue draining the same amount from the money market through monthly Treasury bill auctions despite a recent drop in demand for them, its governor said yesterday, reports Reuters.

Geopolitical tensions over Syria and the possibility of a US military strike against Damascus have caused onshore liquidity in Qatar to tighten in the last several weeks, and the last two T-bill offers were barely subscribed.

But asked yesterday whether the central bank would keep draining QR4bn ($1.1bn) a month, HE Sheikh Abdullah bin Saud al-Thani said: “It is maintaining.”"

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Dubai’s non-oil trade for the first half of 2013 at Dh679b | GulfNews.com

Dubai’s non-oil trade for the first half of 2013 at Dh679b | GulfNews.com:

"Dubai’s non-oil trade for the first half of 2013 amounted to Dh679 billion in value, a growth rate of 16 per cent from last year’s Dh584 billion during the same period.
Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of Dubai Executive Council, expressed his satisfaction with the results, which he said further consolidate confidence in Dubai’s adopted economic framework that is characterised by openness to the world.
Shaikh Hamdan said that such positive figures are the result of a sound economic policy carefully implemented by the Dubai Government that took into consideration global economic changes, and revealed Dubai’s capability to positively adapt to these changes in a way that serves the emirate’s strategic goals."

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Dubai Holding unit wins delay on $1.2 billion loan - The National

Dubai Holding unit wins delay on $1.2 billion loan - The National:

"Dubai Holding Investment Group (DHIG) has secured an agreement with its creditors to delay the maturity of a US$1.2 billion loan to 2020, as the emirate continues to resolve its lingering debt commitments dating back to the fallout from the 2009 global financial crisis.

"Dubai Holding can confirm that DHIG's $1.2bn syndicated loan has been successfully restructured as of August 29, 2013," said a Dubai Holding spokesperson in a statement.

"The restructured loan has been extended to 2020 at the original rate of interest with no impact on the principal payment.""

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