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Sunday, 15 September 2013

Kerimov Selling $3.7Bln Uralkali Stake to Kogan | Business | The Moscow Times

Kerimov Selling $3.7Bln Uralkali Stake to Kogan | Business | The Moscow Times:

"
Vedomosti
Suleiman Kerimov
Tycoon Suleiman Kerimov is selling his stake in potash producer Uralkali to investor Vladimir Kogan for $3.7 billion, a prominent Russian lawyer and news agencies said Friday.

Shares of major European and North American potash producers jumped on speculation that a sale might lead Uralkali to rejoin an export partnership with state-owned Belaruskali, averting a possible collapse in prices for the soil nutrient.

Speculation that Kerimov has been trying to sell his 21.75 percent stake, held through his foundation, has mounted since Uralkali triggered a row with Belarus by pulling out of a cartel in July that controlled about 40 percent of the world's potash.

The reports could not be immediately confirmed but Kogan — a financier and former state official once dubbed "Putin's banker" — has been linked by media to such a deal for a week."

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Egypt's Citadel Capital plans USD 528 million capital hike | ASHARQ AL-AWSAT

Egypt's Citadel Capital plans USD 528 million capital hike | ASHARQ AL-AWSAT:

"Egyptian private equity firm Citadel Capital has won regulatory clearance to ask shareholders to approve a capital increase, it said on Sunday, underlining a more confident mood on local markets.

If the EGP 3.64 billion (USD 528 million) share issue goes ahead, it will be one of the biggest in Egypt since its 2011 revolution.

Citadel, which has struggled with losses over the past two years, originally requested regulatory approval for the share sale last year. But like many business plans during the chaotic administration of Islamist president Mohamed Mursi, it did not go ahead because of bureaucratic obstacles and poor market conditions.

Mursi was ousted by the army after popular protests in early July."

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MIDEAST STOCKS-Regional markets surge after U.S.-Russian deal on Syria: Thomson Reuters Business News - MSN Money

MIDEAST STOCKS-Regional markets surge after U.S.-Russian deal on Syria: Thomson Reuters Business News - MSN Money:

"* Saudi rises 1.8 pct, breaks minor chart barrier

* Dubai has now recovered most losses due to Syria

* Union Properties leaps to fresh multi-year high

* Cross-listing plan boosts Eshraq Properties in Abu Dhabi

* Egypt's Citadel Capital hit by capital-raising plan

By Nadia Saleem

DUBAI, Sept 15 (Reuters) - Regional markets rose sharply on Sunday after the U.S.-Russian deal on removing Syria's chemical weapons appeared to avert, at least for coming weeks or months, a U.S. military strike against Damascus.

The Saudi benchmark climbed 1.8 percent to 8,034 points, its fifth gain in the last six sessions since it dropped to a two-month low on fears of a possible U.S. attack on Syria.

Gains were spread across sectors and the index broke minor technical resistance at 8,004 points, its early September high; stronger resistance lies on August's multi-year peak of 8,223.

"The market reaction to Syria was overdone and fundamentals are reasserting themselves now as the situation eases," said Alhassan Goussous, chief executive officer at Bakheet Investment Group."

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MIDEAST DEBT-UAE banks' exposure to government highest since 1970s -BofA | Reuters

MIDEAST DEBT-UAE banks' exposure to government highest since 1970s -BofA | Reuters:

"* Dubai GREs relied heavily on local banks after crisis

* This offset partial pullout of foreign banks

* UAE banks' exposure has now jumped to 104 pct

* BofA doubts exposure limits to be applied in timely way

* But banking sector as a whole stronger than a few years ago

By Abhinav Ramnarayan

Sept 15 (IFR) - United Arab Emirates banks' exposure to government-related entities is at its highest level as a percentage of capital since the 1970s, and there is little chance of authorities enforcing strict exposure limits, analysts at Bank of America Merrill Lynch said.

The domestic banking sector has extended a whopping $42 billion in credit to the government and government-related enterprises (GREs) since the 2008 banking crisis.

As a result, exposure to the government and non-financial public enterprises as a percentage of bank capital is at 104 percent, the highest ratio since the late 1970s, the researchers said in a note."

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Times of Oman | News :: MSM’s Sharia-compliant index effective from today

Times of Oman | News :: MSM’s Sharia-compliant index effective from today:

"The sample of Muscat Securities Market (MSM) Sharia-compliant index will be effective from today, according to Jameela bint Ali Al Hamhamiyah, Head of the Indicators Section at the Operations Department in the MSM.

Pointing out that the sample will be reviewed every three months in order to add or delete companies according to the committed criteria, she said the development follows the sample being approved at the beginning of this month.

In a statement to Oman News Agency, Jameela said the Sharia index contains 32 joint stock companies listed on the MSM whose activities and financial conduct comply with the requirements of Sharia, depending on the standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)."

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Dubai Stock Index Climbs to 3-Week High as Syria Concern Eases - Bloomberg

Dubai Stock Index Climbs to 3-Week High as Syria Concern Eases - Bloomberg:

"Dubai’s stock index surged to the highest in almost three weeks as the threat of an imminent attack on Syria eased after the U.S. and Russia reached an agreement to eliminate the country’s chemical weapons.
The DFM General Index (DFMGI) climbed 3 percent to 2,613.63, poised for the highest close since Aug. 26., at 11:11 a.m. in Dubai. The measure had plunged as much as 15 percent since reaching a five-year high on Aug. 25 on concern the U.S. would launch a military strike against Syria. Emaar Properties PJSC (EMAAR), the stock with the biggest weighting on the index, rose 3.1 percent and Deyaar Development (DEYAAR) PJSC surged 5.7 percent. Abu Dhabi’s gauge gained 1.3 percent and Qatar’s rose 1.5 percent."

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Fake Plastic Souks: Dubai Is Bouncing Back

Fake Plastic Souks: Dubai Is Bouncing Back:

"Chatting with pal +Ashish Panjabi on Twitter... hang on a second. I just typed Ashish's twitter handle - @apanjabi - into the blogger CMS and it suggested his Google+ handle instead and replaced the text for me. That's getting way too spooky, Google - and surely in your bid to MAKE us love Google+ and adopt it over all other religions you're now crossing the 'do no evil' rubicon. When you use Gmail and write 'I've attached a photo of your bottom' and forget to attach anything, Goog comes back and asks you if you're sure you want to do that. It's part cutesy, part useful and part scary. But linking everyone I know's social profiles to Google+? That's just plain scary.

Anyway, back to the point. Ashish was complaining about the traffic on floating bridge on Twitter this morning and used a memorable phrase as we chatted about the situation: 'Dubai is bouncing back'. It's not really news as such, the signs are there for all to see. But in black and white, the text sort of hit me."

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Gulf states raise stakes in UAE stock market - Markets - ArabianBusiness.com

Gulf states raise stakes in UAE stock market - Markets - ArabianBusiness.com:

"Investment by Gulf states in the UAE stock market surged almost 40 percent last year to $2bn in shares, according to the latest report into economic activities in the region.
According to the UAE Ministry of Finance annual report on the Gulf Common Market in the UAE 2012, the Securities and Commodities Authority recorded 126,684 GCC nationals investing in 80 publicly-listed companies accessible to GCC residents.
Of that, the report said the total size of the shareholding in joint stock companies was $2bn (AED7.38bn), up 38.9 percent from $1.45bn (AED5.31bn) in 2011."

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Abu Dhabi’s GlobalFoundries to double output in Germany | The National

Abu Dhabi’s GlobalFoundries to double output in Germany | The National:

"The GlobalFoundries fabrication plant in Dresden, Germany is looking to increase its output to up to 1 million wafers a year by 2020.

That would nearly double its current output capacity in a bid to meet the expected surge in demand for semi-conductor chips.

“The plan is to focus on [28 nanometre chips],” said Jens Drews, the director of communications and government relations at GlobalFoundries Dresden. “New York will start with 28nm then quickly migrate down to 20nm and 14nm. The eventual goal is to get Fab 1 anywhere from 900,000 to 1 million wafers a year towards the end of the decade.”"

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Crescent CEO in regional aid plan to create jobs and counter extremism | The National

Crescent CEO in regional aid plan to create jobs and counter extremism | The National:

"
Joblessness has swelled in Arab countries rocked by instability as economic growth has
 faltered. Above, unemployed people gather in Tunisia's labour ministry to protest against
 the results of a recruitment exam. Fethi Belaid / AFP
 

A prominent UAE businessman is calling for an Arab-led multilateral policy response that would tackle youth unemployment, a fundamental cause behind the regional political turmoil.

The Arab Stabilization Plan (ASP) drafted by Crescent Petroleum’s chief executive, Majid Jafar, is an initiative that aims to encourage foreign direct investments into economically sustainable infrastructure projects that would stimulate job creation and prevent extremism.

The plan is backed by a team of regional economists, advisers and businessmen, including Fadi Ghandour, the Aramex founder and chairman."

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Abu Dhabi police alert after two cyber heists net nearly Dh1 million | The National

Abu Dhabi police alert after two cyber heists net nearly Dh1 million | The National:

"Abu Dhabi Police have issued a warning to companies in the UAE after a spate of cyber attacks by international hackers came to light.

Hackers have intercepted communications that outline the terms of a deal and the time of payment between local buyers and overseas suppliers, Wam news agency reported yesterday.

With this information they are able to target specific funds transfers and have the money wired into an account of their choosing."

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Dh82.3 billion nationwide railway network will benefit UAE economy, says public works chief | The National

Dh82.3 billion nationwide railway network will benefit UAE economy, says public works chief | The National:

"
Tracks for the Al Safouh Tram project in Dubai are being laid. The project, along with
 four other railway projects which the UAE is investing heavily into, is expected to
benefit the national economy. Sarah Dea/The National
 

The UAE is investing more than Dh82.3 billion in five different railway projects overseen by the National Transport Authority.

The Etihad Rail, Abu Dhabi Metro, Abu Dhabi Light Rail, Dubai Metro and Al Sufouh Tramway projects were designed to boost the national economy, said Dr Abdullah Belhaif Al Nuaimi, Minister of Public Works. “We believe that developing the national railway network will benefit the national economy and make it a centre of transport and logistics in the region, and the land passenger and freight transport network more sustainable,” he said.

A statement from the NTA, also headed by Dr Al Nuaimi, said the large investment demonstrated the Government’s belief that rail travel was a way to reduce dependency on motorways and make commuters’ lives easier."

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Credit bureau will help UAE banks lend wisely | GulfNews.com

Credit bureau will help UAE banks lend wisely | GulfNews.com:

"If the lessons of the past five years are to be fully absorbed by consumers, it is that greed and overspending leads to problems once there are bumps along the road to personal financial independence and wealth. Good times don’t last forever, people must live within their own limits, and recession is as much a part of economics as is prosperity.
For financial institutions in the UAE, the pool of consumers all too willing to take out another credit card or another loan provided a pool for profits. But when the good times ended, banks were hit with expatriates who fled owing a fortune, or who ended up behind bars with bounced cheques and empty accounts.
The creation of a credit bureau where consumers’ information is shared independently is an essential step in ensuring the financial services market and lenders are dealing with borrowers who can genuinely afford to borrow more, rather than simply answering a marketer’s question that no, they don’t have other obligations."

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UAE’s short and medium-term growth prospects are positive | GulfNews.com

UAE’s short and medium-term growth prospects are positive | GulfNews.com:

"The UAE’s short and medium-term growth prospects are positive, and external downside risks, while still substantial, have declined, according to International Monetary Fund (IMF).
In its latest assessment of the UAE economy, the IMF said it expects the country’s non-oil economy to expand by over 4 per cent per annum in the coming years on the back of Dubai’s strong core services sectors and Abu Dhabi’s diversification efforts.
IMF said a broadening recovery in construction and real estate, and ongoing growth in tourism-oriented sectors are expected to underpin a further acceleration in non-oil growth to 4.3 percent this year. “Non-hydrocarbon growth is expected to remain strong at above 4 percent in the medium term, though subject to substantial external risks. Inflation remained subdued at 0.7 per cent in 2012, and is expected to pick up only moderately in 2013.”"

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Saudi Gazette - Shale revolution changing global oil perspective

Saudi Gazette - Shale revolution changing global oil perspective:

"On February 22, 2011, when global energy ministers met in Riyadh formally to sign the new IEF charter, the loss of supplies from Libya, under Gaddafi then, haunted the minds of most men and indeed women present there on the day.

Everyone from the then IEA Executive Director Nobuo Tanka to US Deputy Secretary of Energy Daniel B. Poneman and Charles Hendry, the then British Minister of State for Energy and Climate Change, were disturbed and even nervous, on oil market prospects and the volatility due to the outage. The crude world was about to enter unchartered waters, many felt there on the day."

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Saudi Gazette - Occidental seeks buyers for stake in Mideast unit

Saudi Gazette - Occidental seeks buyers for stake in Mideast unit:

"Occidental Petroleum Corp, an international oil and gas exploration and production company and one of the largest in the US, is looking to sell a minority stake in its Middle East operations, two sources familiar with the matter said Friday, as part of a broader plan to split up the company.

Chief Executive Steve Chazen has spoken openly since April about a potential deal for its Middle East and North Africa assets, which run across countries from Libya to Iraq to Yemen.

Analysts briefed by the company have said its California operations could be spun out eventually."

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