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Wednesday, 22 January 2014

Dubai retailer MAF to invest $2.3bn in Egypt - Al Arabiya News

Dubai retailer MAF to invest $2.3bn in Egypt - Al Arabiya News:



"Dubai retail group Majid Al Futtaim plans to invest about $2.3 billion in Egypt over the next few years, its chief executive said on Wednesday, in a sign of Gulf investors’ growing interest in the Egyptian economy.



“Total investments on the plan, including Carrefour, should be around 16 billion Egyptian pounds over the next four to five years,” Iyad Malas told Reuters on the sidelines of the World Economic Forum in Davos.



MAF, the sole franchisee of Carrefour hypermarkets in the Middle East, will expand one of its shopping malls in Cairo’s Maadi district at a cost of $459 million, and begin construction next week of another mall next to Cairo’s main airport that will cost a similar amount, Malas said."



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Ukraine unrest slams currency, Russia's $15bn aid crucial to avert further collapse — RT Business

Ukraine unrest slams currency, Russia's $15bn aid crucial to avert further collapse — RT Business: #EuroMaidan



"Violence on Kiev’s streets has sent the hryvnia to an almost 4-year low, with bond yields jumping 3 percentage points. Ukraine’s future economy depends on whether Russia delivers the promised $15 billion aid on time and in full, Chris Weafer told RT.



Since early December, the hryvnia has lost 3 percent, falling to 8.44 against the dollar. In the last 12 months the Ukrainian currency depreciated by 4 percent, with almost half of the decrease taking place in the past week, says the Financial Times.



Any further devaluation is hardly likely, as the Ukrainian government is determined to keep the hryvnia pegged to the US Dollar, Chris Weafer, senior partner at Moscow-based consulting firm, Macro Advisory, told RT in an emailed note."



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MIDEAST STOCKS-Petrochemical stocks lift Saudi to 5-yr high; Egypt up | Reuters

MIDEAST STOCKS-Petrochemical stocks lift Saudi to 5-yr high; Egypt up | Reuters:



"Saudi Arabia's market hit a five-year high on Wednesday as buying demand returned to petrochemical stocks, while Egypt rose for a third day on strong technical chart support.



Saudi's petrochemical index climbed 1.2 percent, rebounding after declines in the four previous sessions following lacklustre sector earnings.

Saudi Basic Industries Corp (SABIC), the world's largest chemicals producer, climbed 1.6 percent. The firm's chief executive on Wednesday said it would begin investment in U.S. shale gas in 2014.



Analysts are optimistic for the sector because of higher product prices and increased demand."



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Abu Dhabi's Etihad secures U.S. route-sharing deal with JetBlue | Reuters

Abu Dhabi's Etihad secures U.S. route-sharing deal with JetBlue | Reuters:



"Abu Dhabi's state-owned Etihad Airways has secured a deal to share route codes with U.S. carrier JetBlue Airways (JBLU.O), it said on Wednesday, a move which extends the reach of its apparent network in the United States and nearby markets.



Unlisted Etihad will initially code-share on 40 JetBlue routes within the United States from New York and Washington, pending government approval, Etihad said in a statement.



Etihad, along with other state-backed Gulf carriers like Emirates EMIRA.UL and Qatar Airways, have pumped billions of dollars into expanding its fleet and routes, while other Western airlines have cut costs and shelved growth plans."



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UPDATE 1-Qatar's first IPO since 2010 fully subscribed | Reuters

UPDATE 1-Qatar's first IPO since 2010 fully subscribed | Reuters:



"* Mesaieed Petrochemical offer raises $880 million



* Demand said to be strong



* Open only to locals; foreigners can buy in secondary market



* Start of a series of IPOs envisaged by government



* Offer completed ahead of MSCI upgrade of Qatar"



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▶ Hedges clipped - YouTube

▶ Hedges clipped - YouTube:



"The climb of more than 30% by the S&P 500 in 2013 left hedge funds trailing in its wake. Ken Heinz, president of Hedge Fund Research, discusses with John Authers how hedge funds can compete again in a changing investment landscape








"



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Fears soaring Dubai property prices risk hitting competitiveness | The National

Fears soaring Dubai property prices risk hitting competitiveness | The National:



"Further rapid rises in property prices risk undermining Dubai’s competitiveness, the president of emirate’s Chamber of Commerce and Industry warns.



“The competitiveness of doing business was really improving the past four years and we hope to be able to continue improving in this by controlling the real estate market,” said Hamad Buamim, the chamber’s president and chief executive, who is also a board member of the Central Bank.



“A huge increase in real estate [prices] will affect competitiveness negatively. A moderate growth or even stabilisation will be more beneficial to the overall economy.”"



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Abraaj to buy a majority stake in Turkish dairy company | GulfNews.com

Abraaj to buy a majority stake in Turkish dairy company | GulfNews.com:



"Dubai-based private equity group Abraaj has agreed to buy a majority stake in Turkish dairy company Yorsan Group in spite of concerns over the country’s political and economic stability.



Abraaj, founded by Pakistani businessman Arif Naqvi, would invest alongside the European Bank for Reconstruction and Development and the Yoruk family, the company said. The terms of the transaction were not disclosed. Abraaj is targeting private equity deals in emerging markets, with a primary focus on the Middle East, Africa and Turkey. This is the group’s seventh investment in Turkey.



The investment follows Abraaj’s purchase of Fan Milk International, west Africa’s largest maker of frozen dairy products, with French yoghurt maker Danone for more than $300 million (Dh1.1 billion) in October."



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Is Etihad manoeuvring a $2.5bn aircraft order for Jet Airways? | GulfNews.com

Is Etihad manoeuvring a $2.5bn aircraft order for Jet Airways? | GulfNews.com:



"India’s Jet Airways may be about to purchase 50 Boeing 737s, Bloomberg reported on Tuesday, raising speculation that Etihad Airways could be behind the deal.



Two months ago Etihad announced at the Dubai Airshow it was ordering 10 Airbus 320s, a single aisle aircraft much like the Boeing 737. But a few days later, it was revealed that the order was for Air Serbia, in which Etihad holds a 49 per cent stake. Etihad simply used its buying power to negotiate a better deal for its equity partner. And in Jet Airways it has 24 per cent stake.



The 737 order, valued at $2.5 billion (Dh9.19 billion), could help Jet Airways fend off looming competition from East Asia with Singapore Airlines and Air Asia planning their own India-based carriers."



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Poland Ranked Best for Business in East Europe and Central Asia - Bloomberg

Poland Ranked Best for Business in East Europe and Central Asia - Bloomberg:



"Poland is the best country to do business in eastern Europe and Central Asia because of its expanding consumer market and improving infrastructure, according to a Bloomberg survey.



 The European Union’s largest eastern economy topped a list of 21 countries compiled by Bloomberg Rankings for 2014, edging out regional peers the Czech Republic and Hungary. Poland ranked 26th of 214 evaluated countries worldwide.



The ex-communist nation of 38.5 million has been the EU’s fastest-growing economy since the continent’s debt crisis erupted in 2008 and the only one to dodge recession since. Aided by funds from the 28-member bloc, Poland has spent more than $80 billion to revamp roads and bridges in the last six years, softening the blow from the euro-area’s record-long slump"



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BlackRock Sees Attractive Frontier Markets as Fund Gains 33% - Bloomberg

BlackRock Sees Attractive Frontier Markets as Fund Gains 33% - Bloomberg:



"BlackRock Frontiers Investment Trust Plc (BRFI), a $297 million frontier markets equity fund which returned 33 percent in 2013, expects attractive investment opportunities this year including a surge in initial public offerings.



While the performance of frontier markets has been “relatively strong” over the past three years and more, this has mainly been driven by earnings growth rather than an expansion in valuation multiples, investment managers Sam Vecht and Emily Fletcher said in a regulatory filing. Frontier markets are “no more expensive now than they were just over three years ago” and the fund continues to find “attractive” investment opportunities across various countries, they said.



The jump in net asset values in pounds compares with a 19 percent gain in the MSCI Frontiers Index, data compiled by Bloomberg show. The United Arab Emirates, the second-biggest Arab economy, overtook Nigeria as the fund’s biggest investment destination."



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