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Tuesday, 29 October 2013

New UAE mortgage regulations target property speculation | GulfNews.com

New UAE mortgage regulations target property speculation | GulfNews.com:

"The Central Bank of UAE has issued a new set of regulations on mortgage lending, defining the loan eligibility of various categories of borrowers based on the loan-to-value ratio (LTV).
The new regulations target to reduce the level of leverage and increase equity in property investments. The notification will be published in the UAE’s official gazette and will come to effect one month from the date of publication, the UAE Central Bank said in a circular issued to all banks and financial institutions operating in the country.
“In introducing these regulations, the central bank wishes to ensure that banks, finance companies and other financial institutions providing mortgage loans to UAE nationals, GCC nationals and expatriates do so in accordance with best practices,” Khalifa Mohammad Al Kindi, chairman of the board of the Central Bank of UAE, said."

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Saudi Gazette - GCC at the start of a decade-long railway construction boom – MEED

Saudi Gazette - GCC at the start of a decade-long railway construction boom – MEED:

"A railway construction boom started this year in the GCC that is set to transform life and work in the region in the coming decade, said business intelligence service MEED.

Launching the MENA Rail and Metro Summit 2013 on Tuesday the Beach Rotana Hotel in Abu Dhabi, MEED said that about $194 billion worth of rail projects are currently planned or underway in the GCC.

MEED said that about $30 billion of major rail project contracts had been awarded in the region so far in 2013 out of total project contract awards of about $108 billion across all sectors making rail the biggest segment of the regions capital projects market in 2013.

“This year has seen a turning point in the regional rail market,” says MEED editorial director Richard Thompson. “Over the past 10 months, we have seen the region’s ambitions to build metro systems and main line rail networks start to become a reality, with more than $30 billion-worth of rail construction contracts awarded so far this year And there is a lot more to come.”"

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Western Australia supports fracking | Positions and Promotions

Western Australia supports fracking | Positions and Promotions:

"
The government of Western Australia (WA) is supporting strongly the development of gas reserves using the fracking technique in a bid boost economic activity.


Developing shale gas could unlock billions for the WA economy, helping to create a wave of long term jobs, according to WA's Mining and Petroleum Minister Bill Marmion. He is trying to allay concerns about potential environmental damage as a result of fracking, especially the pollution of water supplies, reports mining.com.

"I strongly believe we can achieve this without compromising the environment or safety. They need to be honest and up-front about their real objective, it is not about fracking... it is to prevent natural gas becoming a major fuel source for the generation of energy as opposed to renewable energy," said Mr. Marmion."

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Lower net investment gains weigh on National Bank of Abu Dhabi profit | GulfNews.com

Lower net investment gains weigh on National Bank of Abu Dhabi profit | GulfNews.com:

"National Bank of Abu Dhabi (NBAD), Abu Dhabi’s biggest bank by assets and market capitalisation said yesterday its fiscal third quarter net profit fell 8 per cent on year to Dh1.04 billion, although the net income for the first nine months this year rose 13.8 per cent on the year to Dh3.66 billion.
In a statement, NBAD said its revenue in the third quarter fell 2.5 per cent on year as stronger fee and net interest income was offset by lower net investment gains and other operating income. The bank’s loans increased 5.2 per cent in the quarter ended September to Dh182.5 billion while customer deposits rose 18.5 per cent to Dh229.5 billion from the same quarter a year ago.
NBAD said its total assets in January-September period increased 14.8 per cent to Dh345.1 billion, while loans increased 10.9 per cent to Dh182.5 billion and customer deposits rose 20.6 per cent to Dh229.5 billion."

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India getting back on track - YouTube

India getting back on track - YouTube:

"After a run of bad news for the Indian economy over the summer when the world's investors started to turn their back on emerging markets and the rupee went into freefall, the world's second largest country is showing signs of having weathered the storm. The central bank has raised interest rates to counter inflation and the Sensex index is trading close to its all time high. The FT's James Crabtree seeks to explain why some parts of the corporate sector appear to be doing well in spite of the country's economic problems.


"

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Occidental Petroleum Third Quarter Core Income $1.6 Billion Vs $1.4 Billion Year Ago Eurasia Review

Occidental Petroleum Third Quarter Core Income $1.6 Billion Vs $1.4 Billion Year Ago Eurasia Review:

"Occidental Petroleum Corporation said Tuesday that core income for the third quarter of 2013 of $1.6 billion ($1.97 per diluted share), compared with $1.4 billion ($1.70 per diluted share) for the third quarter of 2012. Net income was $1.6 billion ($1.96 per diluted share) for the third quarter of 2013, compared with $1.4 billion ($1.69 per diluted share) for the third quarter of 2012.

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “Domestic production was 476,000 barrels of oil equivalent per day (BOE), an increase of 7,000 BOE from the third quarter of 2012 and 6,000 BOE higher than the second quarter of 2013. Our domestic liquids production increased by 8,000 barrels per day on a sequential quarter over quarter basis. On a year-to-date basis, our domestic liquids production increased by 18,000 barrels per day, or nearly 6 percent."

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Daily chart: Getting down to business | The Economist

Daily chart: Getting down to business | The Economist:

"The rich world shoulders the lightest regulatory burden

SINGAPORE is the best place to do business in the world, according to an annual report by the International Finance Corporation and World Bank. New companies can be formed in just two and a half days in the city-state, compared with six months in Suriname, one of the worst performers of the 189 countries surveyed. Rwanda, Georgia and Belarus continued to scythe their way through red tape. Together they have introduced almost 100 pro-business reforms since 2005. In almost all areas, however, rich countries perform best, as the chart below shows. Only two types of regulation—starting a business and registering a property—are easier to do elsewhere. Entrepreneurs from parts of Central Asia face a frustrating predicament—they can buy land easily yet struggle to get licenses to develop it. Azerbaijan, for instance, ranks among the 15 countries where it is easiest to register property and the 15 worst for getting construction permits.

"

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CORRECTED-REUTERS SUMMIT-Credit Suisse sees Qatar fund in emerging markets push | Reuters

CORRECTED-REUTERS SUMMIT-Credit Suisse sees Qatar fund in emerging markets push | Reuters:

"* Credit Suisse has close ties to Qatar sovereign fund

* Sees it diversifying investments beyond U.S., Europe

* May put more focus on real estate, infrastructure, commodities

* Attractive as inflation hedge

* Asset management venture to launch second MENA fund

By Mirna Sleiman

DOHA, Oct 28 (Reuters) - Qatar's sovereign wealth fund is looking at more investments in emerging markets in order to diversify beyond developed nations, said a senior executive of Credit Suisse who is one of the top advisors to the fund.

With assets estimated by analysts at about $100-200 billion, and over a dozen potential deals on its radar every week, Qatar Investment Authority (QIA) is courted by bankers and politicians around the world.

While the fund will continue to take large minority stakes in well-established firms, it may in future place more emphasis on tangible assets such as real estate, infrastructure and commodities rather than merely financial instruments, said Aladdin Hangari, head of Credit Suisse's Qatar operations."

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Rosneft Sells 10% of TNK-BP | Business | The Moscow Times

Rosneft Sells 10% of TNK-BP | Business | The Moscow Times:

"State-owned oil giant Rosneft sold a 9.9 percent stake in TNK-BP to unnamed third-party buyers for 97 billion rubles in the third quarter of this year, according to a report released by the company, Vedomosti reported.

The world's biggest listed crude oil producer saw its third-quarter net income rise to 280 billion rubles ($8.77 billion), slightly missing analyst forecasts, after its acquisition of smaller rival TNK-BP in March.

Net income at Rosneft, which accounts for 40 percent of Russia's oil production, was up from 35 billion rubles in the previous quarter and just short of a consensus analyst forecast of 284 billion rubles. It included a 167 billion ruble upwards revaluation of TNK-BP.

Adjusted free cash flow stood at 84 billion rubles in the July to September quarter, up from 35 billion rubles in the previous quarter, Rosneft said."

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London and sukuk: the lessons of Malaysia | beyondbrics

London and sukuk: the lessons of Malaysia | beyondbrics:

"
The UK’s decision to launch an Islamic bond has been a long time coming. For a decade the prospect has been raised at the many Islamic finance conferences that have been held in London; Ed Balls, when he was City of London minister, announced the first Shariah-compliant government bonds from the UK Treasury back in April 2007.

The rationale then, as now, was to bolster London’s standing as an international financial centre. The logic then, as now, was that London ought to offer everything it can to financial markets, and that if launching a sovereign sukuk bond helps to create a benchmark for others to issue against, then that’s what it should do so as not to miss out.

As David Cameron said on Tuesday: “When Islamic finance is growing 50 per cent faster than traditional banking and when global Islamic investments are set to grow to £1.3tn ($2.1tn) by 2014, we want to make sure a big proportion of that new investment is made here in Britain.”"

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MIDEAST STOCKS-UAE mkts falls after mixed earnings; Saudi extends fall | Reuters

MIDEAST STOCKS-UAE mkts falls after mixed earnings; Saudi extends fall | Reuters:

"Mixed earnings in UAE triggered marginal profit-taking on Tuesday while Saudi Arabia's bourse declined for a third consecutive session after its largest-listed firm reported earnings that disappointed investors.

Abu Dhabi's telecom operator Etisalat weighed on the bourse and dampened sentiment after it reported an 18 percent drop in third-quarter profit and fell short of analysts' forecast.

Large-cap First Gulf Bank fell 1.5 percent after reporting earnings that matched estimates.

Abu Dhabi's measure slipped 0.7 percent, but it lacks direction as it remains in a 100-point range for the last four weeks."

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U.K. Prime Minister Unveils Plans for Islamic Market Index | TIME.com

U.K. Prime Minister Unveils Plans for Islamic Market Index | TIME.com:

"Prime Minister David Cameron is taking strides to tap the burgeoning interest in Islamic finance, announcing the launch of a new Islamic Market Index in London and plans for Britain to be the first non-Muslim country to issue an Islamic bond.

Describing London as “already the biggest center for Islamic finance outside the Islamic world,” Cameron said Tuesday that the U.K.’s ambition is to go further.

“I don’t just want London to be a great capital of Islamic finance in the Western world,” he told an audience of international political and business leaders in London. “I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the World.”

The market in Islamic investments has grown quickly since 2006, and its value is expected to hit 1.3 trillion pounds ($2 trillion) next year. Malaysia’s capital, Kuala Lumpur, is regarded as its hub, but London has been courting the industry aggressively."

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Oil-rich Kuwait warns citizens: Major budget cuts are coming | The Raw Story

Oil-rich Kuwait warns citizens: Major budget cuts are coming | The Raw Story:

"Oil-rich Kuwait said Monday that the generous cradle-to-grave welfare system provided to its 1.2 million citizens was “unsustainable” and it was time for change.

“The fact everyone must be aware of … is that the existing welfare state system that Kuwaitis are used to is unsustainable,” Prime Minister Sheikh Jaber Mubarak Al-Sabah said, presenting his government’s four-year programme to parliament.

The programme up to the 2016/2017 fiscal year aims to review subsidies, charges and prices of public services, besides imposing a taxation system in a country that generates 94 percent of its income from selling oil and where individuals and corporates pay no taxes.

The government has also promised to cut public expenditure, especially current spending which includes wages, subsidies and defence spending."

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End of week downturn for Ukrainian stocks continues on Monday - Ukraine Business Online

End of week downturn for Ukrainian stocks continues on Monday - Business - News - Ukraine Business Online:

"“An ongoing selloff in Kernel stock cast a pall over Ukrainian equities on Monday, October 28. The WIG Ukraine Index of Warsaw-traded stocks dropped 3.3%, or 9.5% in two sessions. The biggest factor has been grain trader Kernel (KER PW -7.3%), which has plummeted 21.0% in two sessions after reporting disappointing FY2013 earnings and a negative outlook for next year. The second most liquid Ukrainian stock has reached its lowest price in more than three years and ten months. Investors were also dumping their shares of farmer Industrial Milk (IMC PW -7.3%), which hit their lowest price since July. In London, JKX Oil & Gas (JKX LN +2.5%) has gained 3.5% in two sessions. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks slid 1.3%, pulled down by Centrenergo (CEEN UK -2.5%) and Azovstal (AZST UK -2.4%), which has fallen 4.3% in two sessions. Raiffeisen Bank Aval (BAVL UK +0.7%) has advanced 14.8% in five straight positive sessions.”"

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UAE Central Bank issues mortgage rules | GulfNews.com

UAE Central Bank issues mortgage rules | GulfNews.com:

"The UAE Central Bank has issued new rules governing the amount of financing banks can provide, the so-called loan-to-value (LTV) ratio, for buying real estate.
For home loans valued under Dh5 million, financing should not exceed 80 per cent for nationals and 75 per cent for expatriates.
Mortgages cannot exceed 25 years and the monthly installments should not exceed 50 per cent of the total monthly income of the borrower.
The new real estate mortgaging system encompasses strict lending and guarantee rules as well as an assessment of the client’s credit rating amongst other conditions which are aimed to further bring stability and regulate the property and banking sectors."

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Ukraine becomes world leader in regulatory reform - World Bank| Ukrinform

Ukraine becomes world leader in regulatory reform - World Bank| Ukrinform:

"Ukraine became the world leader in conducting regulatory reform last year, jumping from 140th to 112th spot in the Ease of Doing Business ranking.
This is stated in an annual joint report by the World Bank and the International Finance Corporation, entitled Doing Business 2014, which was released in Washington on Monday, Ukrinform reported.
According to the document, this year Ukraine showed itself as a world leader in regulatory reform. Nevertheless, the problems requiring a solution still remained. Ukraine occupies 112th place among 189 countries in the Ease of Doing Business ranking.
Ukraine was the top improver in 2012/2013, implementing reforms in eight of the ten areas measured by Doing Business. Ukraine topped the list of countries that improved the most in previous years. Apart from Ukraine, the top five also includes Rwanda, Russia, Philippines and Kosovo."

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Oman appoints Bank Muscat for 19 pct sale in state telco | Reuters

Oman appoints Bank Muscat for 19 pct sale in state telco | Reuters:

"Oman has appointed the Gulf state's top lender Bank Muscat to arrange a secondary share sale of a 19 percent stake in its biggest mobile telecommunications operator, Oman Telecommunications Co (Omantel).

The government plans to sell the stake, which is expected to raise around $600 million, to help boost its non-oil income and fund rising public spending.

"Ministry of Finance has decided to appoint Bank Muscat as the financial advisor for selling 27 percent of its shares in Oman Telecommunication Company, equivalent to 19 percent of the company's share capital," Omantel said in a bourse statement on Tuesday."

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U.A.E.’s GEMS Plans Perpetual Bond Sale for School Expansion - Bloomberg

U.A.E.’s GEMS Plans Perpetual Bond Sale for School Expansion - Bloomberg:

"GEMS Education Ltd., the world’s biggest privately-owned operator of schools, plans to raise about $500 million from a debut sale of perpetual Islamic bonds to fund expansion and tap demand for Shariah-compliant assets.
Morgan Stanley (MS), Abu Dhabi Islamic Bank PJSC and Credit Suisse Group Inc. will help Dubai-based GEMS manage the sale of the bonds without a maturity date, Chief Financial Officer Nicholas Guest said in a phone interview. The company will begin meetings with fixed-income investors this week, he said.
GEMS will seek to raise between $650 million to $1 billion from different sources as part of a plan to build 21 new schools, including in the U.S. and U.K., over the next three years and boost capacity at 10 existing institutions, Chief Operating Officer Dino Varkey said in March. About 130,000 students attend its network of 100 schools in 11 countries."

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Qatar bank Masraf al-Rayan posts 19.7 pct Q3 net profit gain | Reuters

Qatar bank Masraf al-Rayan posts 19.7 pct Q3 net profit gain | Reuters:

"Masraf al-Rayan, Qatar's largest sharia-compliant bank by market value, posted a 19.7 percent increase in its third-quarter net profit, Reuters calculations show, beating the average forecast of analysts.

Net profit for the three months to Sept. 30 was 429 million riyals ($117.8 million), compared with 358.3 million riyals in the same period a year ago, Reuters calculated based on the bank's previous financial statements.

Six analysts polled by Reuters, on average, had forecast a net profit of 415.2 million riyals for the quarter."

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Russia's Gazprom says concerned over Ukraine gas payments | Reuters

Russia's Gazprom says concerned over Ukraine gas payments | Reuters:

"Russian gas export monopoly Gazprom said on Tuesday it was concerned about neighbouring Ukraine's ability to pay for gas after it failed to pay for deliveries.

Gazprom CEO Alexei Miller said in a statement: "We are exceedingly worried about the current situation with Ukrainian payments for Russian gas supplies.""

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Opportunity Europe - YouTube

Opportunity Europe - YouTube:

"Europe is shedding its moniker of sick region of the world. David Kelly, chief global strategist at JPMorgan Asset Management, explains to economics correspondent Sarah O'Connor why the eurozone is now an opportunity, despite its structural problems.


"

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Osborne to launch Islamic bond plan - FT.com

Osborne to launch Islamic bond plan - FT.com:

"George Osborne, the chancellor, will on Tuesday announce plans for Britain to issue the first Islamic bond outside the Muslim world, as he seeks to turn the City of London into the “unrivalled western centre for Islamic finance”.
Mr Osborne hopes that £200m bond or sukuk will act as a catalyst for the City to become a leading player in the sharia-compliant finance market, which is worth $1tn globally."

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Villeroy & Boch: a lesson in opening in India | beyondbrics

Villeroy & Boch: a lesson in opening in India | beyondbrics:

"
Last year the Indian government eased the rules on FDI into single-brand retail, allowing 100 per cent foreign ownership. Yet Villeroy & Boch, the German-owned porcelain manufacturer, has chosen to come to India in a joint venture with a local partner.

It raises questions about the policy reform and whether foreign stores will set up alone in India – even if they are now allowed to.

Having attempted to enter India a few years ago with a distribution agreement that didn’t work out, Villeroy & Boch established a 50-50 joint venture in June this year with Genesis Luxury, which also works with fashion brands such as Burberry and Paul Smith. By August the first Villeroy & Boch store had opened in Mumbai’s high-end Palladium Mall."

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FM: Azerbaijan - a reliable partner, playing an important role in enhancing of energy security - Trend.Az

FM: Azerbaijan - a reliable partner, playing an important role in enhancing of energy security - Trend.Az:

"Minister of Foreign Affairs of Azerbaijan Elmar Mammadyarov addressed Monday the meeting of the UN Security Council, which discussed strengthening the partnership synergy between the United Nations and the Organization of Islamic Cooperation, said in the message of Press Service of Ministry of Foreign Affairs of Azerbaijan.
In his speech, the minister noted that many of the issues on the Security Council agenda relate to the Islamic world, and the OIC is naturally seized of them.
According to him, The OIC is the second largest intergovernmental organization after the United Nations, with 57 Member States and this fact necessitates the closer cooperation and coordination between the Security Council and the OIC in order to benefit from global, regional and local approaches in addressing those issues."

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A look at Turkey's shale gas future

A look at Turkey's shale gas future:

"
image: oilandgas-investments.com
A growing economy, increasing energy demand, and limited domestic reserves have challenged the sustainability of Turkey’s rising star. To overcome this risk, Ankara is facilitating foreigner investments’ penetration into the market with new regulations. In this favorable environment and due to the Energy Information Agency (EIA)’s optimistic estimations on technically recoverable shale oil and gas, Turkey has become a frequent flyer destination for energy investors, opening the debate on if the future holds a shale gas boom or, conversely, a bubble.

Energy hungry Turkey has a vulnerable energy balance. More than 30 percent of energy consumption comes from natural gas and another 30 percent from oil, while the country's reserves don’t constitute any considerable part of this consumption. Thus, the market remains import dependent. To adjust for this balance, Turkey at first decided to diversify its supply portfolio and has invested over the last decade in the southern energy corridor project. This first investment brought joint investment with Azerbaijan, resulting in the Trans-Anatolian pipeline (TANAP), which will bring 16 billion cubic meters of gas per year to Europe."

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Profits fall 40% at Qatar’s bailed-out Barwa Real Estate - Alarabiya.net English | Front Page

Profits fall 40% at Qatar’s bailed-out Barwa Real Estate - Alarabiya.net English | Front Page:

"
Qatar’s Barwa Real Estate has been cutting staff and selling assets to pay down its debts. (File photo: Reuters)
Struggling Qatari property firm Barwa Real Estate, given $7.1 billion in support by the state in June, posted a 40 percent drop in net profit for the first nine months of 2013.
The company, Qatar’s largest listed developer, made a net profit of 467.5 million riyals ($128.4 million) for the nine months ending Sept. 30, down from 779.1 million riyals a year earlier, it said in a statement to Doha's bourse on Monday.
No quarterly figures were provided by the company."

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Red tape threat to fund managers - YouTube

Red tape threat to fund managers - YouTube:

"The flurry of new regulation that has hit the UK asset management sector in the past few years has left the industry fearful about the effect on returns. David Oakley reports.


"

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Diamonds: Investor's best friend? - YouTube

Diamonds: Investor's best friend? - YouTube:

"Alrosa priced its share offering on Monday at 35 roubles a share, valuing the world's largest rough-diamond producer by volume at $8.1bn. Lex's Nikki Tait and Julia Grindell discuss the latest developments at the state-owned diamond miner.


"

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Deyaar announce profit surge | GulfNews.com

Deyaar announce profit surge | GulfNews.com:

"Dubai-based commercial and residential developer Deyaar reported a net profit surge in third quarter profit on Monday amid renowned confidence in Dubai’s property market.
According to a Deyaar press release the developer recorded Dh40.5 million in the third quarter of 2013, significantly higher than the Dh5.1 million the company reported in the same 2012 period.
The company is performance in 2013 has outstripped recent years since the financial crisis. For the first nine months of 2013 Deyaar has recorded Dh87.1 million total net profit, which accumulates to 162 per cent growth when compared to the Dh33.2 recorded over the same 2012 period."

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First Gulf Bank posts Dh1.19 billon Q3 net profit | GulfNews.com

First Gulf Bank posts Dh1.19 billon Q3 net profit | GulfNews.com:

"First Gulf Bank (FGB) on Monday reported third quarter net profit at Dh1.19 billion, up 12.8 per cent compared to Dh1.05 billion in the same period last year.
The bank’s operating income increased by 13.3 per cent to Dh2.05 billion. Net interest and Islamic financing income stood at Dh1.52 billion in the third quarter of 2013, up 8.6 per cent year-on-year as the net interest margins improved to 3.68 per cent, from 3.62 per cent as of June-end 2013 and 3.58 per cent in March 2013.
“During the third quarter, FGB continued to witness notable growth in its core businesses, confirming its strategy to primarily develop its business based on solid organic growth."

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Dubai consumers very optimistic about labour market | GulfNews.com

Dubai consumers very optimistic about labour market | GulfNews.com:

"Dubai’s consumers are very optimistic about labour market anticipating better job opportunity in the coming 12 months, according to the quarterly consumer confidence survey conducted by the Department of Economic Development (DED) during the third quarter of 2013.
While 83 per cent of the participated consumers rated current job prospects as excellent or good, 92 per cent showed strong confidence in the job market.
A major driver of the growing optimism is the tourism boom and the increase in rentals and property prices across Dubai."

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Expo 2020 success for Dubai could trigger bond market bonanza | The National

Expo 2020 success for Dubai could trigger bond market bonanza | The National:

"There could be a flurry of high-yielding debt sales on local bond markets if Dubai is successful in its bid to host World Expo 2020, analysts say.

Spending on new projects such as hotels needed to cope with the influx of visitors to the exhibition will probably require the issuance of new higher-yielding bonds, analysts said.

Bonds and sukuk of property developers such as Emaar Properties have rebounded this year amid improving economic fortunes for the UAE. Demand for real estate from investors in countries torn by violence in the region such as Egypt and Syria, as well as local demand, have boosted home values. Dubai has estimated that it would need to invest about $7 billion in infrastructure projects. Its existing debt load is more than 100 per cent of its GDP."

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Call for Arab states to re-evaluate relationship with oil and end energy subsidies | The National

Call for Arab states to re-evaluate relationship with oil and end energy subsidies | The National:

"Arab states have been urged to re-evaluate their relationship with oil, phase out energy subsidies and invest heavily in renewable energy.

Revenue from oil and gas will continue to be crucial but governments should use the funds to develop renewable resources and focus on energy efficiency.

Energy subsidies should be phased out, private investment encouraged and national energy strategies established, the Arab Forum for Environment and Development says in a new report.

“Oil and gas are important, they will continue to be important,” said Najib Saab, the forum’s secretary general. “We call for more careful use of oil and gas and for more serious development of renewable energy.”"

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Long-delayed Rosewood hotel in Dubai back on track as Rosewood Abu Dhabi officially opened | The National

Long-delayed Rosewood hotel in Dubai back on track as Rosewood Abu Dhabi officially opened | The National:

"The long-delayed project to build a Rosewood hotel in Dubai International Financial Centre should be back on track within three months, according to the group’s president.

The luxury property, which is to be located opposite the Ritz-Carlton hotel, stalled as a result of the global financial crisis. It was originally scheduled to open in 2009, then in mid-2013. However, it could now be completed by late 2015, said Radha Arora, president of Rosewood Hotels and Resorts.

“We are just finalising some some details with some partnerships. If everything goes well, [it will be open] 18 months following the kick start of the project, so it will be the end of 2015,” he said."

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EFG-Hermes Targets Gulf Banking Deals as Egypt Falters - Bloomberg

EFG-Hermes Targets Gulf Banking Deals as Egypt Falters - Bloomberg:

"EFG-Hermes Holding SAE, the Egyptian investment bank whose merger with Qatar’s Qinvest LLC collapsed in May, said it’s seeking deals in the Persian Gulf as political turmoil at home discourages foreign investors.
The Cairo-based bank is advising Dubai Group LLC on the $164 million sale of Dubai First to First Gulf Bank and Al-Futtaim Group on the $90 million acquisition of CMC in Kenya, Karim Awad, chief executive officer of the investment bank at EFG-Hermes, said in an e-mailed response to questions. It also worked on the listing of BLME Holdings PLC (BLME) on Nasdaq Dubai. (DPW)
The Arab world’s most populous country, which has yet to hold presidential and legislative elections following the ouster of former President Mohamed Mursi, has experienced its worst economic slowdown in two years amid the political upheaval. That comes as Gulf countries such as Saudi Arabia, the U.A.E. and Qatar report accelerating growth."

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