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Thursday, 19 September 2013

OPEC Exports to Rise on Saudi Arabia Supply, Oil Movements Says - Bloomberg

OPEC Exports to Rise on Saudi Arabia Supply, Oil Movements Says - Bloomberg:

"The Organization of Petroleum Exporting Countries will increase crude shipments by 1.4 percent through to early October as Saudi Arabia boosts output amid losses in Libya, tanker tracker Oil Movements said.
OPEC, which supplies about 40 percent of the world’s oil, will raise exports by 320,000 barrels a day to about 23.9 million a day in the four weeks to Oct. 5 compared with the period to Sept. 7, the researcher said in a report. The figures exclude two of OPEC’s 12 members, Angola and Ecuador, and may be revised lower to reflect recent disruptions in Libya production, according to Oil Movements.
“The Saudis are already ramping up to the high points of the year,” Roy Mason, the company’s founder, said by phone from Halifax, England. Shipments will decline in coming weeks as refiners conduct seasonal maintenance work, he said."

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Armenia to issue ‘Kardashian’ bond: keep up | beyondbrics

Armenia to issue ‘Kardashian’ bond: keep up | beyondbrics:

"
What's the yield on that?
What’s the going rate for a Kardashian? A yield of 6.25 per cent, according to Armenia’s bond issue.

The “Kardashian”, as it has been dubbed by Standard Bank’s head of emerging markets research Timothy Ash, will be issued in Armenia’s first international sovereign debt sale. Named after Kim Kardashian, a US celebrity whose family (see left) is originally from the country, the dollar bond is the latest exotic asset to have attracted investors’ gaze.

It comes amid a flurry of bond issuances from countries taking advantage of sustained low yields. At the end of last week, $13.5bn of sovereign debt had been issued in September, according to JP Morgan, compared to $2.5bn for the whole of the previous month."

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Azerbaijan Snubs Russia with Gas Supplies to Europe | Business | The Moscow Times

Azerbaijan Snubs Russia with Gas Supplies to Europe | Business | The Moscow Times:

"Azerbaijan signed contracts Thursday to supply European buyers with gas, offering Europe an alternative supply source to Russia toward the end of the decade.

State oil and gas firm SOCAR said Thursday that buyers of Azeri gas from its Shah Deniz II project are Shell, Bulgargas, Gas Natural Fenosa, Greek DEPA, Germany's E.ON, French GDF Suez, Italian regional utility Hera Trading, Swiss AXPO and Italian Enel.

"It is a ground-breaking contract as it secures supplies to Europe from a new supply region for decades at conditions reflecting European gas markets," Christopher Delbruck, the newly appointed CEO of E.ON Global Commodities SE, said in a statement.

He added that E.ON's contract with SOCAR spanned 25 years during which the company would get 40 billion cubic meters of gas."

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Jebel Ali Cuts Interest on $1.2 Billion Loan as Risk Declines - Bloomberg

Jebel Ali Cuts Interest on $1.2 Billion Loan as Risk Declines - Bloomberg:

"Jebel Ali Free Zone FZE, a business park operator in Dubai, cut the price on a 4.4 billion dirham ($1.2 billion) Islamic loan by 1.25 percentage points, reducing rates after the emirate’s default risk fell.
Jebel Ali Free Zone and Dubai Duty Free, the world’s biggest’ airport retailer, are among companies in the emirate that have lowered rates on their loans. Dubai’s five-year credit default swaps, contract insuring the sheikhdom’s debt against default, plunged 212 basis points to 188, since the beginning of June 2012 as three state-controlled companies repaid or rolled over about $3.75 billion of debt, according to data from CMA.
Jebel Ali’s interest rate on the loan raised last year will fall to 3 percent above the Emirates interbank offered rate starting this month from 4.25 percent, Chairman Hisham Abdullah Al Shirawi said in the result’s statement to Nasdaq Dubai today. Dubai Duty Free cut the price on the dollar portion of a $1.75 billion loan by 0.75 percentage point and on the dirham portion by 1 percentage point, a banker familiar with the deal, said in July. Both paid a margin of 3.25 percent."

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Russia's Growth Ranking Low, Hopes High | Business | The Moscow Times

Russia's Growth Ranking Low, Hopes High | Business | The Moscow Times:

"A study on economic factors that stimulate growth that was released Thursday puts Russia in 43rd place out of 60 countries, showing no overall improvement over last year's ranking.

The Grant Thornton Global Dynamism Index for 2013, which combined 2012 results with economic development forecasts for 2013, placed Australia at the top of the list, Chile second, China third, and the U.S. and Britain in the 11th and 34th positions, respectively. Struggling eurozone country Greece took last place.

The overall score was derived from five high level categories, each of which was rated separately using 22 different economic indicators, such as gross domestic product growth rate, investments in research and development, regulatory risk, access to finance and labor productivity.

The five categories are business operating environment, science and technology, labor and human capital, financing environment and economics and growth."

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Egypt returns $2 billion to Qatar after talks to securitize it fail | Reuters

Egypt returns $2 billion to Qatar after talks to securitize it fail | Reuters:

"Egypt has returned to Qatar $2 billion that the Gulf state had deposited with Egypt's central bank, after negotiations to convert the funds into three-year bonds broke down, central bank Governor Hisham Ramez said by telephone on Thursday.

Qatar had sent Egypt $3 billion in May, of which it converted $1 billion into three-year bonds.

Ramez said the Qatari authorities had agreed the week before last to convert the entire remaining $2 billion but then changed their minds.

"They wanted to postpone it, then they said they would do it like they announced last time, and then they came back with some amendments, doing part and postponing the other part for a time, which we found not suitable for us," he said."

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Government to Save VEB With 1.1 Trillion Rubles | Business | The Moscow Times

Government to Save VEB With 1.1 Trillion Rubles | Business | The Moscow Times:

"The government is expected to allocate 1.1 trillion rubles ($30 billion) to Vnesheconombank within the next seven years in order to save it from default, a news report said Thursday.

McKinsey and Co., a consulting firm that provides services for Vnesheconombank, said that the bank currently needed 400 billion rubles to cover up loans which it provided under non-market conditions, Kommersant reported.

However an estimated 1.1 trillion rubles in total must be allocated to the bank by 2020 so it can continue financing large infrastructural projects, such as the construction of sport facilities for the 2014 Winter Olympics in Sochi.

McKinsey said that because of government's plans to increase the amount of investments into infrastructural projects and modernize the economy, the bank will constantly need state support."

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Aluminum Producers Feel Squeeze of Low Prices, New Rules | Business | The Moscow Times

Aluminum Producers Feel Squeeze of Low Prices, New Rules | Business | The Moscow Times:

"Leading global aluminum producers, including Russia's RusAl, are feeling the pinch of low metal prices in an oversupplied market and see little choice but to cut capacity, further eroding already thin margins.

Proposed rule changes for industrial metals warehousing could erode the profitability of financing deals that have locked up metals in London Metal Exchange (LME) depots, leaking metal onto an oversupplied market and putting pressure on prices.

"There is very little light at the end of the tunnel," Thomas Bradtke, partner and managing director of Boston Consulting Group Dubai, said at the Metal Bulletin aluminum conference in Geneva.

"There is not much in terms of margin generation capacity in this industry with a lot of fixed capex. There is a huge legacy of super expensive assets. It's a very challenging starting point. … It won't be solved from the demand side.""

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Central Europe: not such emerging markets after all | beyondbrics

Central Europe: not such emerging markets after all | beyondbrics:

"
Central Europe was spared the worst of the downturn that hit emerging markets from May this year, but that means that the global rebound seen on Thursday following the US Fed’s taper surprise has been less pronounced in Poland, the Czech Republic and Hungary.

The Warsaw Stock Exchange, the region’s largest bourse, was up by 1.55 per cent on Thursday afternoon, while the Prague exchange was down 0.18 per cent and in Budapest shares were down 0.24 per cent.

By contrast, the Istanbul exchange, often treated by analysts as part of the same region as central Europe, saw a head-spinning rebound of 7.1 per cent on the Borsa Istanbul National 100 index. The lira was also up strongly against the dollar, gaining nearly 2 per cent, while in Warsaw the zloty lost some ground against the dollar and the euro, handing back some of the gains it had made in recent days."

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Tata & Singapore Airlines: keen to fly | beyondbrics

Tata & Singapore Airlines: keen to fly | beyondbrics:

"What can Tata possibly see in this struggling sector?

For the second time this year, Tata Sons has announced plans to launch a new Indian airline. The illustrious group has joined forced with Singapore Airlines and put in an application with the Foreign Investment Promotion Board, India’s FDI regulatory body.

The plan is for the Indian partner to take 51 per cent of the new business, which will be based in New Delhi, while Singapore Airlines would have the remaining 49 per cent.

“It is Tata Sons’ evaluation that civil aviation in India offers sustainable growth potential,” Prasad Menon, who will be president of the joint venture, said in a statement. “We now have the opportunity to launch a world-class, full-service airline in India.”"

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Pace of recovery slows but UAIndex positive results remain consistent - Ukraine Business Online

Pace of recovery slows but UAIndex positive results remain consistent - Business - News - Ukraine Business Online:

"KYIV, Sept 19, 2013 (UBO/UkrAgroConsult) – After a lengthy period of negative results the 15 stocks making up the UAIndex have seen a gratifying turnaround that appears to have some steam as more food and agriculture companies turn in excellent results.

Wednesday’s trading closed at 4,178.24 and for the first time in a long time brought all parameters back into positive territory.

After a few days out of the spotlight, Agroton returned with a boom on Wednesday, topping the Best Performing chart, up +10.20% on trade of 250,575 shares.

Most impressive on the Worst Performing list was Agrogeneration, down -0.73% on trade of 62,661 shares.

Volume Leader was Agrokultura AB, down -0.23% on trade of 367,131 shares."

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The $920m teapot [updated] | FT Alphaville

The $920m teapot [updated] | FT Alphaville:

"Federal Reserve fine: $200m

SEC fine: $200m

OCC fine: $300m

UK FCA fine: £137m

JPMorgan shareholders keeping Jamie Dimon as chairman: priceless

Update – There are now oceans of analysis of what went wrong in the London Whale trades, ranging from a Senate report to JPM’s own post mortem to our own coverage. But there’s still plenty of reading in the Financial Conduct Authority’s Final Notice — one of the longer documents among Thursday’s regulatory fines.

Mostly it covers “failure to be open and co-operative” with the UK regulator:"

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Lukashenka is ready to sell Baumgertner - Charter'97 :: News from Belarus

Lukashenka is ready to sell Baumgertner - Charter'97 :: News from Belarus - Belarusian News - Republic of Belarus - Minsk:

"The dictator called Uralkali’s management swindlers and the company itself a bankrupt.

The Belarusian ruler considers the extradition of Vladislav Baumgertner possible, “if in the Russian Federation they treat him in accordance with the law”.

“If Russian investigators are interested in the extradition of a Russian citizen, who was detained by us, then I do not see any special obstacles. We are absolutely not holding onto him”, - Lukashenka claimed on Thursday at a meeting on economic and foreign policy issues, Interfax reports.

A deputy Prosecutor General of the Russian Federation was invited to the meeting among others.

“If they do actually treat him in accordance with the law. The damage is colossal there, it can be seen with a naked eye. If they need it, we should not impede that”, - Lukashenka noted. At the same time he emphasized: “Some swindler should not become an obstacle in the relations of two states. It is too much honor to anyone”."

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MIDEAST STOCKS-Dubai leads region-wide gains after Fed keeps stimulus steady | Reuters

MIDEAST STOCKS-Dubai leads region-wide gains after Fed keeps stimulus steady | Reuters:

"* Fed decision less of a relief to Gulf than other regions

* But positive for oil prices, boosting petrochems

* Real estate firms also lead markets up

* Mashreq Bank soars in thin trade on ownership curb change

* Weaker U.S. dollar pushes Egypt speculators into stocks

By Nadia Saleem

DUBAI, Sept 19 (Reuters) - Dubai's bourse led a regional uptrend on Thursday after the surprise decision by U.S. Federal Reserve to maintain its bond-buying programme.

Compared to emerging markets in Asia, the impact on markets in the Gulf was modest; since it does not rely on foreign capital inflows, the region had been much less worried than Asia about any tightening of U.S. monetary policy.

But the Fed's decision was still positive for the Gulf by supporting demand for its oil exports, and by implying global interest rates would remain low, benefitting the property sector.

"Regionally, our foreign exposure is increasing and they're putting more money here," said Fouad Darwish, head of brokerage at Kuwait's Global Investment House. "Investors that were factoring in a Fed tapering were on the sidelines but are now back in.""

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UPDATE 1-Ferrexpo looks beyond Ukraine with stake in Brazilian miner | Reuters

UPDATE 1-Ferrexpo looks beyond Ukraine with stake in Brazilian miner | Reuters:

"Iron pellet producer Ferrexpo paid $80 million for a stake in unlisted Brazilian miner Ferrous Resources, as the firm takes its first step outside Ukraine.

The FTSE 250 company, which stated in 2011 it wanted to move beyond Ukraine, said in a statement it had taken a 14.4 percent stake in the Brazilian firm which plans to expand iron ore production in the mineral-rich state of Minas Gerais.

The stake gives Ferrexpo a foothold in the country of its main pellet-making competitor, mining major Vale, while reducing its dependence on Ukraine.

Ferrexpo's move follows that of commodities trader Glencore , which took an unspecified stake in Ferrous earlier this year."

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Abu Dhabi's Etihad plans expansion push into India | Reuters

Abu Dhabi's Etihad plans expansion push into India | Reuters:

"Etihad Airways is expanding operations in India with more flights and wide-bodied jets, building on its deal with India's Jet Airways (JET.NS) as it eyes growth in one of the fastest growing markets.

The Abu Dhabi airline, which is buying a 24 percent stake in the Indian operator, announced a threefold increase in seats on the prime Abu Dhabi to Mumbai and New Delhi routes from November.

Etihad also intends to codeshare on a wide range of flights operated within India by Jet Airways."

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Big Dubai airport: World's largest set to kick off expansion

Big Dubai airport: World's largest set to kick off expansion:

"
Kamran Jebreili | AP
Control tower building at 
World Central-Al Maktoum International Airport,
 in Dubai, United Arab Emirates.
Dubai is ready to unveil its massive new airport to passengers on Oct. 27 after a final go-ahead by its aviation authority.

"This really heralds a new era of Dubai becoming a two-city passenger airport," Paul Griffiths, CEO of Dubai Airports, told CNBC.

Al Maktoum International, a central component of the huge Dubai World Central commercial complex, can currently handle 7 million passengers a year. Once phase three of its expansion is complete around 2030, the facility is expected to boast five runways and eventually accommodate 160 million passengers per year. It would make it the largest airport in the world in terms of passenger capacity."

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Q&A: Kishore Biyani on Retail in India - India Real Time - WSJ

Q&A: Kishore Biyani on Retail in India - India Real Time - WSJ:

"
Future Group
Pictured, Mr. Biyani. 
Kishore Biyani is chief executive of Future Group, which runs businesses such as Big Bazaar, Food Bazaar and Future Retail, formerly known as Pantaloon Retail.

He spoke with The Wall Street Journal’s India Real Time about the retail sector, foreign direct investment and the state of the economy. Edited excerpts:

The Wall Street Journal: What is your view on the Indian economy?

Kishore Biyani: The economic scenario doesn’t look optimistic. Entrepreneurship has been stifled and delays in project approvals have added to issues. In addition, macroeconomic uncertainties are not helping. However, at the ground level, I am positive about the attitudes of aspirational people. In India, the ground level drive and desire of people is good. We need to encourage entrepreneurship and support India’s grassroots entrepreneurs engaged in providing value-added products and services, rather than create impediments for them."

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Taper shocker Wednesday: a round-up of EM reactions | beyondbrics

Taper shocker Wednesday: a round-up of EM reactions | beyondbrics:

"What a day. Emerging markets currencies, stocks and bonds got a much needed respite on Wednesday after the US Federal Reserve surprised the market by deciding to keep its $85bn-a-month bond-buying programme unchanged.

EM currencies – which suffered their worst rout in two years during this summer’s sell-off – were the biggest gainers. The Brazilian real jumped 3.2 per cent at 2.1860 to the dollar, its strongest level since late June, while the Mexican peso rose 2 per cent to 12.6420 to the dollar – a one month high.

In Europe, the Turkish lira rallied 2.6 per cent against the dollar, while the South African rand gained 2.25 per cent against the dollar to change hands at 9.5811."

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Saudi Arabia Government Spending Was $718 Billion In Past Five Years Eurasia Review

Saudi Arabia Government Spending Was $718 Billion In Past Five Years Eurasia Review:

"Total volume of government spending in Saudi Arabia amounted to $718 billion during the last five years while investments during the same period reached $141 billion, a senior Saudi official told a major forum in Los Angeles.

“The size of the Saudi economy has quadrupled during the last 10 years to rank first among countries of the region and 19th at the global level,” said Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority (SAGIA).

Addressing the US-Saudi Business Opportunities Forum, he emphasized the growing economic and trade relations between the two countries."

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Op-Ed on the merits of British-Polish cooperation on shale gas

Op-Ed on the merits of British-Polish cooperation on shale gas:

"

Shale gas has become one of the most polarizing issues in Europe-wide debates on energy policy. Technology and its impact on the environment are at the heart of controversy. Compatibility with the policy of de-carbonisation is another sticking point.

In effect, some EU members, like France and Bulgaria, decided to ban so-called fracking, the principal method to access low-permeable shale deposits. France introduced a moratorium in 2011, Bulgaria followed suit in 2012. Europe’s economic powerhouse, Germany, did not say “no” to shale gas in principle, so far choosing to tread lightly and largely defer the issue to regional governments. Others are hesitating, as if waiting for the issue to play out by itself.

Against this patchwork of positions and policies, Poland and the United Kingdom clearly stand out. Both countries are indeed becoming a European shale avant-garde, or rather the first members of a coalition of those willing to go after shale-trapped natural gas (Lithuania and Romania are believed to be the next possible signings)."

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Saudi Gazette - Alwaleed approves Rotana expansion & restructuring plans

Saudi Gazette - Alwaleed approves Rotana expansion & restructuring plans:

"Prince Alwaleed Bin Talal, Chairman of Rotana Holding, chaired Rotana’s Board of Directors meeting attended by Dr. Walid Arab Hashem, Vice Chairman; Fahad Alsukait, CEO Rotana Group; and Nada Alsugair, Board Member and Executive Director, Finance and Administration, HRH’s Private Office.

It was also attended by the Board members and representatives of 21 Century Fox   Gary Davy; and  Charlotte Burr, Head of Strategy and Development, Asia Pac, 21 Century Fox. In addition to John Ireland, CFO Rotana Group; Turki Alshabanah, President of Rotana TV Channels; Nezar Nagro, President of Rotana Media Services; and James Ward, Chief Legal Officer & General Counsel were also present.

During the meeting, the board members discussed Rotana’s achievements and commended Rotana Group for these achievements. "

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Saudi Gazette - Saudi current account surplus to drop on lower oil revenues

Saudi Gazette - Saudi current account surplus to drop on lower oil revenues:

"

Saudi Arabia’s current account (CA) surplus in 2013 will drop compared to last year because of lower oil export revenues, though the surplus will remain in the double-digit territory, Jadwa Investment in its latest update on the Saudi economy.

The Riyadh-based investment firm  forecast that  the surplus will decline to 14.2 percent of GDP from 23.2 percent of GDP last year. In dollar terms the surplus is expected to fall by 35.7 percent to $105.8 billion down from the all-time high of $164.8 billion recorded in 2012. Imports should grow on the back of healthy domestic demand and are likely to be faster than the expansion of non-oil exports. The invisibles balance, which consists of flows of remittances, incomes and payments and receipts for services, will remain in a large deficit. "

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Qatar Islamic banks set to outpace rivals

Qatar Islamic banks set to outpace rivals:

"
Qatar Islamic Bank assets last year grew five times faster than those of the biggest one in the UAE, Dubai Islamic Bank.
Growth of Shariah-compliant banks in Qatar is poised to outpace that of the UAE lenders as borrowing rises amid $200bn in government spending for the 2022 soccer World Cup.

Qatar’s four Islamic lenders will almost double their asset base to $100bn by 2017, Standard & Poor’s has said in a report. The assets of the largest Shariah-compliant bank in the country, Qatar Islamic Bank, last year grew five times faster than those of the biggest one in the UAE, Dubai Islamic Bank.

Spending for the world’s most-watched sporting event will spur lending for roads, stadiums and hotels. Bond sales by Qatari Islamic banks, only two of which have sold sukuk, also stand to benefit from the implementation of new global capital rules, S&P said."

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Shale Gas Development By the US In The Ukraine Can Help Promote Energy Security

Shale Gas Development By the US In The Ukraine Can Help Promote Energy Security:

"
An underground gas storage facility is seen in the village of Mryn, 120 km (75 miles) north of Kiev May 21, 2013. Ukraine's government asked parliament in April to lift a ban on the privatization of gas pipelines that pump Russian gas to Europe, which could allow Kiev to sell or lease them to Moscow in return for cheaper gas supplies. REUTERS/Gleb Garanich
The United States will actively cooperate with Ukrainian authorities to strengthen their nation's energy independence, the U.S. ambassador in Kiev said Wednesday.

“I’m very determined to cooperate with the Ukrainian government in strengthening Ukraine’s energy independence. There are several areas on the road to this goal,” Ambassador Geoffrey Pyatt said in an interview with Interfax-Ukraine.

Pyatt said there are several ways to help Ukraine become more independent by working on energy efficiency projects, developing nuclear power and reimporting natural gas from Europe.

In 2006, Russia, with a flip of a switch, cut natural gas supplies to Ukraine because Kiev did not want to pay a hike in prices, leaving Europe in the cold."

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Adia delegation explores investment opportunities in Russia | The National

Adia delegation explores investment opportunities in Russia | The National:

"A delegation from the Abu Dhabi Investment Authority (Adia) met officials, ministers, bankers and senior executives in Moscow this week to explore investment opportunities in Russia, Adia said yesterday.

“As a prudent, long-term investor, Adia believes in building deep and lasting relationships of trust with key stakeholders in major financial markets. We were grateful for the opportunity to have frank and open discussions with such an esteemed group of senior officials and corporate leaders during our visit to Russia this week, with the goal of better understanding the long-term opportunities and challenges of investing in Russia,” said Sheikh Hamed bin Zayed Al Nahyan, the managing director of Adia.

The meetings were organised by the Russian Direct Investment Fund (RDIF)."

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Foreigners now allowed to own up to 20% of Mashreq shares | The National

Foreigners now allowed to own up to 20% of Mashreq shares | The National:

"Mashreq will allow foreigners to own up to 20 per cent of its shares following approval from the market regulator, a move that is expected to boost trading activity for an otherwise illiquid stock.

In a regulatory filing, the lender requested the Dubai bourse to “kindly initiate necessary process” that would result in the foreign ownership limit increasing from from 1.9 per cent to 20 per cent, effective from yesterday.

Mashreq’s shares are illiquid and have traded on just 13 days so far this year. The decision to open up the bank’s foreign ownership limit is expected to alleviate challenges for investors who typically struggle with entry and exit positions."

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Etihad’s Jet Airways stake deal faces Indian court challenge | The National

Etihad’s Jet Airways stake deal faces Indian court challenge | The National:

"Etihad Airways’ stake purchase deal with Jet Airways has been challenged in a petition filed to India’s supreme court.

Subramanian Swamy, a senior politician in the Bharatiya Janata Party, India’s main opposition party, has demanded an investigation into the circumstances of the agreement, alleging that there have been “fraudulent, deceptive and corrupt acts by the authorities representing the government of India”.

The petition alleges that the deal was unfairly linked to an increase in capacity rights in a bilateral agreement between India and Abu Dhabi. The Indian government this month approved an increase in the seat capacity between Abu Dhabi and India to 50,000 a week by 2015 from 13,300 a week now"

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Valuation of $3bn-plus on London listing for Dubai developer Damac | The National

Valuation of $3bn-plus on London listing for Dubai developer Damac | The National:

"Damac Properties, the upmarket Dubai developer, could have a market valuation of more than US$3 billion when its lists its shares on the London Stock Exchange in the next couple of months, higher than market estimates so far.

A source familiar with the preparations for an initial public offering said that the valuation process was at an early stage, and several factors could ultimately decide the eventual price at which the company’s shares would list.

But between $3bn and $4bn was a realistic assessment of Damac’s worth, the source said."

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UAE pries open Russian window of opportunity | GulfNews.com

UAE pries open Russian window of opportunity | GulfNews.com:

"The UAE, not to mention the GCC as a whole, and Russia are joined together by extremely vital strategic and economic interests, especially after the fundamental changes that have been ushered in international relations over recent years. These have resulted in similar transformations in global power equations, where ties — especially economic ones such as those between the GCC countries and Russia — do not truly reflect the shared interests that bind them together.
Thus, the recent visit made by General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, to Russia, reflects the role played by the UAE in seeking to make full use of the on-going global developments and find more balanced relations. The UAE is also keen on enhance its growth by relying on long term strategic relations.
Reality tells us that potential areas of co-operation between the two countries are enormous. However, its current situation does not reflect its potential as indicated by Russian President Vladimir Putin."

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DIB repays Tamweel liabilities 2 years ahead of maturity | GulfNews.com

DIB repays Tamweel liabilities 2 years ahead of maturity | GulfNews.com:

"Dubai Islamic Bank (DIB) announced on Wednesday it had settled all bilateral liabilities of Tamweel two years ahead of scheduled maturity.
In a press release the Dubai bank said it had settled approximately Dh4 billion of Dubai-based real estate developers liabilities.
“This move is a key milestone in bringing us closer towards the culmination of our strategy for Tamweel” Dr. Adnan Chilwan, CEO at Dubai Islamic Bank, stated.
The bank stated that robust capitalisation and ample liquidity was the reason behind the early repayment."

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flydubai expands its Ukrainian network | GulfNews.com

flydubai expands its Ukrainian network | GulfNews.com:

"Flydubai’s inaugural flight FZ727 to Zhulyany International Airport in Kiev landed on Wednesday and was welcomed with a water cannon salute. The airline’s Chief Executive Officer, Gaith Al Gaith, was greeted by airport officials including Denis Kostorzhevskiy, Head of the Board of Directors of International Airport Kiev (Zhulyany) and Alexy Yakovec, General Director of Master Avia. The aircraft was configured with Business Class which went on sale earlier this month and is now being trialled on select flights.
flydubai is also commencing operations to the southern city of Odessa, with flights twice a week. The airline now operates to four destinations in Ukraine and 66 destinations across its network.
Commenting on the launch, Gaith Al Gaith said: “flydubai remains committed to the Ukrainian market. We have been flying here since 2011 and we now offer 28 flights a week to Dubai. In October, we are delighted to announce that the first commercial flight equipped with our new Business Class service will land in Kiev.”"

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