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Monday, 18 November 2013

Saudi Gazette - NCB Capital launches Shariah-compliant fund

Saudi Gazette - NCB Capital launches Shariah-compliant fund:

"NCB Capital, the GCC’s leading wealth manager and the Kingdom of Saudi Arabia’s largest asset manager, has launched AlAhli Global Growth and Income Fund, a new Shariah-compliant open-ended equity fund investing in shares of companies around the world with a solid track record of dividend distribution.

Denominated in US dollars, the fund helps investors to achieve long term financial goals by providing twice yearly income distribution and capital growth potential through investing in equities of dividend-paying companies listed in developed and emerging markets around the world.

“At NCB Capital, we believe that dividend-paying stocks play an increasingly important role in an investment portfolio, as dividends can provide a significant percentage of total return over time” said Tariq Linjawi, Head of Wealth Management at NCB Capital. "

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An NYC property bubble? - YouTube

An NYC property bubble? - YouTube:


"With a proliferation of ultra-luxury developments, on the surface there appear to be bubble-like conditions. But like the London property market, Manhattan does not usually follow the rules, as US property correspondent Anjli Raval tells John Authers."

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▶ Money talks: November 18th 2013 - YouTube

▶ Money talks: November 18th 2013 - YouTube:


"Our correspondents discuss global trade talks, frothiness in markets and financial firms' recruiting habits"

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Quantitative Easing And Emerging Markets: A Crisis In The Making? - Analysis Eurasia Review

Quantitative Easing And Emerging Markets: A Crisis In The Making? - Analysis Eurasia Review:

"
Back in September, governments worldwide were braced for the US Federal Reserve to announce a scaling back of its quantitative easing (QE) program. This “taper,” as it came to be known, would have been the first incremental reduction of Fed purchases of government bonds, marking the beginning of the end of artificially low interest rates and free-flowing easy money.

But as we now know, the Fed’s September meeting left the quantitative easing program fully intact. For outgoing Chairman Ben Bernanke, the signs of US economic recovery were still tenuous and vulnerable to the market upheaval that will inevitably follow a taper; even though some would argue that equity markets had already prepared themselves to absorb the shock of just such an announcement.

Equity markets have hummed along since then, reaching a series of record highs. As for the inevitable taper, it has been put off until a vague and unspecified point in the future when the US economic recovery has become fully entrenched; a time that will now be decided by Janet Yellen, President Obama’s nominee to replace Bernanke."

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Belarus vs Uralkali: light at end of tunnel? | beyondbrics

Belarus vs Uralkali: light at end of tunnel? | beyondbrics:

"
It’s official: billionaire Suleiman Kerimov, formerly the main shareholder of Uralkali, the Russian potash miner, has sold his stake in the company. The buyer is Onexim Group, controlled by Mikhail Prokhorov, another Russian billionaire best known internationally for his ownership of the US basketball team the Brooklyn Nets.

The main question now is, will the sale lead to a conclusion of the long-lasting dispute between Uralkali and the Belarusian authorities?

On Monday, Onexim said it had agreed to buy a 21.75 per cent stake in Uralkali from the Switzerland-based Suleiman Kerimov Foundation. Onexim said in a statement:"

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Boeing, Airbus Seen `Fighting' for Every Order: Video - Bloomberg

Boeing, Airbus Seen `Fighting' for Every Order: Video - Bloomberg:


"John Strickland, director of JLS Consulting Ltd., discusses orders at the Dubai Air Show for Boeing Co.'s 777X and Airbus SAS's A380. He speaks with Francine Lacqua on Bloomberg Television's "On the Move." (Source: Bloomberg)"

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Boeing-Airbus Invest $5 Billion in U.A.E. as Gulf Orders Climb - Bloomberg

Boeing-Airbus Invest $5 Billion in U.A.E. as Gulf Orders Climb - Bloomberg:

"Boeing Co. (BA) and Airbus SAS each awarded manufacturing contracts worth $2.5 billion to Abu Dhabi-based Mubadala Aerospace as jet orders from carriers in the Middle East increasingly dominate order books.
The twin deals will triple the size of Mubadala’s Strata aerostructures plant and could prompt it to open a new site in the U.S., China or India, depending on the parts required, Strata Chief Executive Officer Badr Al-Olama said today."

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UPDATE 1-Dubai Investments sees $300 mln debut sukuk sale by year-end | Reuters

UPDATE 1-Dubai Investments sees $300 mln debut sukuk sale by year-end | Reuters:

"* Says sukuk was delayed due to rise in interest rates

* Sale of stakes in two units by year-end to raise 700 mln dirhams

* Company launches solar panel joint venture (Adds details on stake sales, new joint venture)

By Matt Smith

DUBAI, Nov 18 (Reuters) - Dubai Investments aims to raise $300 million from a debut sale of Islamic bonds by the end of 2013 after delaying a similar plan early this year due to rising interest rates, its chief executive said.

The conglomerate, which has interests in several sectors including property and manufacturing, had in April picked Citigroup Inc, Nomura and J.P. Morgan Chase & Co to help arrange the sale.

"We are in the final stage of application to the various markets. I'm hoping that it should be done this year," Khalid bin Kalban told reporters on Monday."

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CEZ Temelin project: will it ever happen? | beyondbrics

CEZ Temelin project: will it ever happen? | beyondbrics:

"
A new Czech government is in the final stages of being formed, but its make-up will probably mean further delays at the very least for the state utility CEZ’s costly nuclear tender.

Czech President Milos Zeman is expected on November 21 to give a mandate to Bohuslav Sobotka, head of the Czech Social Democratic Party (CSSD), which won the inconclusive parliamentary election in October, to form the next government. Sobotka has already started talks with the big winner of the election, the new ANO 2011 party founded by Slovak-born billionaire Andrej Babis, and the centrist Christian Democrats (KDU-CSL).

Jan Mladek, a CSSD heavyweight and possible member of the new cabinet that should be in place by the end of 2013, tells beyondbrics that out of the nine working groups put together by the possible coalition partners, eight have reached “a lot agreement”, though the crucial one on taxes and the budget is still far from a deal."

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MIDEAST STOCKS-Gulf markets rise, Kuwait down on property sector | Reuters

MIDEAST STOCKS-Gulf markets rise, Kuwait down on property sector | Reuters:

"* Kuwait only market in red as property shares drop

* Hit by wider Q3 loss at MENA Real Estate

* Dubai posts biggest gain but will remain volatile

* Dividend-driven rally continues in Qatar

* Egypt recovers further on Gulf aid hopes

By Olzhas Auyezov

DUBAI, Nov 18 (Reuters) - Bourses across the Gulf gained on Monday along with global markets, with the exception of Kuwait , where property stocks dropped after a local developer reported a widening third-quarter loss.

"There is enough momentum to push markets right now and there are at the moment no negative external factors," said John Sfakianakis, chief investment strategist at Saudi investment firm MASIC.

Dubai posted the biggest gain on Monday, jumping 1.5 percent, although analysts said the move reflected its increased volatility in the run-up to the Nov. 27 decision on the emirate's bid to host the Expo 2020 world fair. Abu Dhabi's bourse rose 1.1 percent."

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Raiffeisen CEO says in talks to sell Ukrainian unit | Reuters

Raiffeisen CEO says in talks to sell Ukrainian unit | Reuters:

"Raiffeisen Bank International is in talks to sell its Ukrainian unit, its chief executive said, as the bank seeks ways to raise about 2 billion euros ($2.7 billion) to pay back state aid and meet new capital regulations.

"We are constantly testing the environment in which we are acting and naturally we also hold talks - but we will decide when the time is right," Karl Sevelda told Austrian journalists in Bucharest in remarks embargoed for Sunday.

Sevelda said RBI was in no hurry to carry out a capital increase to boost its balance sheet, though that remained an option, and said the bank had no plans to cut its dividend deeply or to scrap it.

"We were always a dividend stock and that's what we want to remain," he said. ($1 = 0.7421 euros)"

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Ukraine Ready To Settle Russia Gas Debt by Year-End - Report - WSJ.com

Ukraine Ready To Settle Russia Gas Debt by Year-End - Report - WSJ.com:

"Ukraine will settle a debt of around $1 billion to Russian state-owned gas company OAO Gazprom (GAZP.RS) by the end of the year, Energy Minister Eduard Stavitskiy said Monday, Interfax news agency reported.

Gazprom signaled the end of a dispute over supplies and payments on Friday, after it restarted deliveries to Ukraine. The dispute had raised concerns over new disruptions to deliveries to Europe.

Ukraine had said it wouldn't buy any more Russian gas this year, which Gazprom warned could threaten flows to Europe. The Russian firm also demanded payment of a $1.3 billion bill for supplies.

Gazprom supplies one-quarter of the European Union's needs, the bulk of which flows via Ukraine. Previous tensions have led to supply cuts to Europe in 2006 and 2009."

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Libya’s oil production hostage to political unrest - FT.com

Libya’s oil production hostage to political unrest - FT.com:

"At its peak southern Libya’s el-Sharara oilfield daily yielded 350,000 barrels of sweet light crude that fuelled European industry and filled the coffers of the central government in Tripoli.
But now the remote desert facility produces nothing. The joint venture between Repsol and the Libyan National Oil Company has been shut down since late October, closed by protesters with a hodgepodge of political demands unleashed by the toppling of Muammer Gaddafi’s regime in 2011.
“They are making us lose a lot of money,” says Hassan Said, manager of the facility. “And this is not the first time. We’ve been shut down six times since the revolution. We are losing our customers. They are making problems for those who buy the oil from us.”"

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The view from Germany | David McWilliams

The view from Germany | David McWilliams:


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Is Dubai the center of the world (again)? - CNN.com

Is Dubai the center of the world (again)? - CNN.com:

"During London Mayor Boris Johnson's recent visit to Dubai on an investment promotion trip, he jokingly declared that he is "mayor of the eighth emirate." Though uttered in typical self-deprecating jest, the mayor of the world's greatest city proclaiming that London is a mere province of the United Arab Emirates is revealing about how Dubai's fortunes have revived since the punishing real estate crash and debt restructuring following the financial crisis.
With the UK economy slumping so severely that the IMF has recommended it reconsider its austerity policy, Johnson has to look abroad to maintain London's economic dynamism. He particularly appealed to the UAE's sovereign wealth funds (such as the Abu Dhabi Investment Authority and Mubadala) to invest in London's underground subway upgrades (not that Emiratis are regulars on the Tube, since they often ship their supercharged Italian sports cars to London for the summer months)."

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Dubai Will Need to Invest 6 Billion Euros If It Wins Expo 2020 - Bloomberg

Dubai Will Need to Invest 6 Billion Euros If It Wins Expo 2020 - Bloomberg:

"Dubai, which is bidding to host the World Expo 2020, will need to invest close to 6 billion euros ($8.1 billion) into infrastructure should it win, the emirate’s top finance official said.
“We need to extend maybe the metro, the road infrastructure to the site and doing a lot on the site itself,” Sheikh Ahmed bin Saeed Al Maktoum, head of Dubai’s Supreme Fiscal Committee and chairman of Emirates airlines, said in an interview at the Dubai Air Show yesterday. Financing the expenditure wouldn’t be an issue because it “makes sense” and has a “business case,” he said, without elaborating on how the money would be raised.
Dubai is one of four cities competing for the World Expo bids and results will be announced in 10 days. Selection would be a milestone in Dubai’s recovery from a property crash in 2009 that wiped as much as 65 percent off home prices. It would boost economic growth by 0.5 of a percentage point per year and by about 2 percentage points in 2020, Bank of America Corp. said in a Sept. 26 report."

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Qatar labour standards review casts shadow on World Cup plan - FT.com

Qatar labour standards review casts shadow on World Cup plan - FT.com:

"Qatar sought to ease controversy over conditions for workers building venues for the 2022 World Cup as it unveiled the first stadium design for the tournament, saying a high-level review of labour standards in the Gulf state showed the tournament was a “catalyst for change”.
The cabinet is reviewing proposals to modify the so-called kafala sponsorship system. Under this, workers are forbidden from leaving an employer without its permission. It is also considering modifying restrictions on exit permits, said Hassan al-Thawadi, secretary-general of the Qatar 2022 supreme committee, in an interview following the launch of the stadium design."

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Iran: Crippling Debt Sinks National Gas Company Eurasia Review

Iran: Crippling Debt Sinks National Gas Company Eurasia Review:

"
Iran’s National Gas Company says it has gone into insolvency with debts of 100 trillion rials.

Hamidreza Araghi, the CEO of the National Gas Company, confirmed the new to Mehr News Agency, saying: “The ministry of oil, public works and the Parliament are currently involved in restructuring the company’s financial assets, and the new sources of its income will be defined in its budget next year.”

Oil Minister Bijan Zanganeh told Mehr that the company’s financial problems are due to erroneous decisions made by the previous administration in implementing the restructuring of government subsidies, which has caused various problems in the production and distribution of energy all across the country."

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Saudi Gazette - KSA, Egypt draw new economic map

Saudi Gazette - KSA, Egypt draw new economic map:

"Egypt and Saudi Arabia are set to develop a new roadmap for economic and trade relations over the coming period, according to a statement by Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour.

According to the minister, the plan will be based on benefiting from all investment opportunities offered by the Egyptian and Saudi economy in order to strengthen the existing partnership. He said the plan will be put in place with the participation of Egyptian-Saudi Business Council in collaboration with all business organizations in both countries.

This came during a meeting between Abdel Nour and the Egyptian side of the Egyptian-Saudi Business Council, headed by Abdel Hamid Abu Mousa, to review the council’s plans to increase the joint investments."

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Arqaam Capital eyes two new fund launches | GulfNews.com

Arqaam Capital eyes two new fund launches | GulfNews.com:

"Arqaam Capital’s asset management business is focused on Frontier and Emerging markets. Having started with the Middle East and North Africa (Mena) based asset classes, the bank is now preparing for two new fund launches with underlying assets from GCC and Africa.
The new funds include a GCC focused equity fund that would have stocks picked from a universe of consistent dividend payers and an Africa fund that has direct growth linkages to South Africa, Sub-Saharan Africa and North Africa, Dr Ameen Al Kholy, Managing Director of Asset Management at Arqaam Capital told Gulf News in an interview.
Arqaam funds have a history of consistently beating market benchmarks, according to figures on Zawya and Bloomberg. Alpha Fund, a risk managed hedge fund will complete four years on December 1 is up 24 per cent till date, beating regional indices such as the S&P Pan Arab Index which is up 13.5 per cent, the MSCI Frontier Market Index and the MSCI Emerging Market Index which are up 12.3 per cent and 8.5 per cent up respectively."

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Either flydubai or Emirates will move to DWC by 2020, Shaikh Ahmad says | GulfNews.com

Either flydubai or Emirates will move to DWC by 2020, Shaikh Ahmad says | GulfNews.com:

"
  • Image Credit: Zarina Fernandes/Gulf News
  • Shaikh Ahmad Bin Saeed Al Maktoumchalked out the flagship carrier’s expansion strategies at the Dubai Airshow.
One of the two Dubai airlines — flydubai or Emirates — will be moving operations to the Al Maktoum International at Dubai World Central by 2020, Shaikh Ahmad Bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, told Gulf News in an interview on Sunday alongside the Dubai Airshow.
“At the end of the day, we need to have more capacity at Al Maktoum International Airport… like what we have at Dubai International. And that’s exactly what will happen here as well. So in the future, you will see that Dubai gets two airports with almost similar capacity at both the airports.
Asked if Al Maktoum International airport will see at least one of the two airlines — flydubai or Emirates — move operations there, Shaikh Ahmad said: “For sure, 100 per cent,” adding it will be either flydubai or Emirates."

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Saudi housing woes stir unrest | The National

Saudi housing woes stir unrest | The National:

"

It has been more than 18 months since Saudi Arabia passed its long-awaited mortgage law, its most concrete move for a decade towards ending a housing crisis that has prevented a generation of young Saudis from owning a home.

But despite the new legislation and King Abdullah’s announcement that the Saudi government would spend 250 billion Saudi riyals (Dh244.73bn) on building affordable homes for low-income Saudis, inertia remains.

Indeed, unhappiness with a system that still sees around 60 per cent of the population renting and less than 4 per cent of homes being bought with mortgages bubbled over into the media this year – Saudi activists launched a boycott campaign against the high prices of land and the difficulties citizens faced in buying homes."

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WTI Drops as Saudi Arabia’s Oil Exports Surge to Eight-Year High - Bloomberg

WTI Drops as Saudi Arabia’s Oil Exports Surge to Eight-Year High - Bloomberg:

"West Texas Intermediate fell, extending the longest stretch of weekly losses since 1998, as Saudi Arabia exported the most oil in eight years.
Futures dropped as much as 0.4 percent in New York after declining for a sixth week. Saudi Arabia exported more oil in September than in any month since November 2005, according to data from the Joint Organisations Data Initiative. Hedge funds became the least bullish on West Texas crude in five months as U.S. inventories expanded. Citigroup Global Markets Inc. said it’s “rescinding” expectations for higher prices amid progress toward an agreement over Iran’s nuclear program.
“Supply has been more than enough to cover demand, particularly in the U.S.,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. “That, plus a diminished Middle East risk premium, has seen the supply situation being a dominant factor.”"

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Dubai Expat Rents Exceed Pay Hitting Competitiveness - Bloomberg

Dubai Expat Rents Exceed Pay Hitting Competitiveness - Bloomberg:

"Sarah El-Said is relocating for the fourth time since coming to Dubai from New Jersey in 2008. The mother of two and her husband will pay 43 percent more for a similar-sized apartment, moving their children away from friends after disagreeing with their landlord over terms of a new lease.
“This is insane,” said El-Said, who pays 8,750 dirhams ($2,400) per month for an apartment on the Palm Jumeirah manmade island. “It’s like you have to move house every two years. You feel no stability in where you live and you’re always at the mercy of landlords whose sole interest is making more money.”"

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Abu Dhabi Banks Maneuver for $137 Billion in Asia to Africa - Bloomberg

Abu Dhabi Banks Maneuver for $137 Billion in Asia to Africa - Bloomberg:

"Abu Dhabi’s largest lenders are embarking on an overseas expansion drive in pursuit of a $137 billion corporate-banking market stretching from Asia to Africa.
National Bank of Abu Dhabi PJSC, the emirate’s biggest lender, is planning hubs in cities such as Mumbai and Lagos to boost growth and fees, while second-ranked First Gulf Bank PJSC (FGB) is seeking to more than double the share of profit at its international unit and plans offices in China and Indonesia. Abu Dhabi Islamic Bank PJSC (ADIB), the emirate’s largest bank complying with Muslim banking rules, is expanding in North Africa."

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Boeing CEO Says Response to 777X Is `Overwhelming': Video - Bloomberg

Boeing CEO Says Response to 777X Is `Overwhelming': Video - Bloomberg: ""

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Airbus to Boeing Cash in on Desert Outpost Made Field of Dreams - Bloomberg

Airbus to Boeing Cash in on Desert Outpost Made Field of Dreams - Bloomberg:

"An hour’s drive from Dubai on a sand-swept road lined with waste-disposal facilities and aluminum smelters, the fate of global aviation is being decided.
Boeing Co. and Airbus SAS executives flocked to the new site of the Dubai Air Show for business on an unprecedented scale from the three largest Middle East airlines on the first day, breaking records in the process. Boeing secured $101.5 billion in transactions for its biggest-ever deal by value, while Airbus pulled in its largest super-jumbo order yet."

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