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Sunday, 26 January 2014

Abu Dhabi Prince to Ensure Stability as U.A.E. Ruler Recovers - Businessweek

Abu Dhabi Prince to Ensure Stability as U.A.E. Ruler Recovers - Businessweek:



"A stroke suffered by the president of the United Arab Emirates may cement a process that has already seen his brother assume greater responsibility in running the oil-rich nation.



Sheikh Khalifa bin Zayed Al Nahyan, born in 1948, underwent surgery on Jan. 24 and “his health is now stable,” the state-run WAM news agency reported, citing a statement from the Ministry of Presidential Affairs.



Even before the incident, Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed Al Nahyan, 52, had been running the daily affairs of the country’s wealthiest emirate, according to U.A.E.-based political analysts. The crown prince is also the deputy supreme commander of the military, while Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum heads the federal cabinet."



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Davos focus on Iran, Japan and China - YouTube

Davos focus on Iran, Japan and China - YouTube:




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Google warns on tech disruption - YouTube

Google warns on tech disruption - YouTube:




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UPDATE 1-Abu Dhabi lender ADCB Q4 net jumps 40 pct, beats estimates | Reuters

UPDATE 1-Abu Dhabi lender ADCB Q4 net jumps 40 pct, beats estimates | Reuters:



"Abu Dhabi Commercial Bank (ADCB), the UAE's third largest lender by market value, posted a 40 percent rise in fourth-quarter net profit on Sunday, beating analysts' forecasts, as impairment allowances more than halved.



ADCB, nearly 60-percent owned by the Abu Dhabi government, reported a net profit of 879 million dirhams ($239.5 million) for the three months to December 31, it said in a statement. That compares with a profit of 628 million dirhams in the prior-year period.



Five analysts polled by Reuters had estimated an average fourth quarter profit of 783.50 million dirhams for the quarter."



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MIDEAST STOCKS-Dubai shares lead regional losses after global sell-off | Reuters

MIDEAST STOCKS-Dubai shares lead regional losses after global sell-off | Reuters:



"* Dubai trading volume falls, market ends well off low



* Some see pull-back as healthy



* Saudi petchem index recovers to close higher



* Qatar falls on local selling; foreigners are buyers



* Egypt drops marginally after political violence



By Nadia Saleem

DUBAI, Jan 26 (Reuters) -



Shares in Dubai and Abu Dhabi tumbled on Sunday, leading a region-wide decline following a sharp sell-off in U.S. and emerging markets on fears of slowing growth in China and reduced support from U.S. monetary policy.



Dubai's bourse, which has been driven to hefty gains by local retail investors, fell 2.2 percent - recording its biggest one-day loss in more than two months as it came off Thursday's five-year high.



Trading volumes were lower than they were during last week's gains and the market closed well above the day's low, suggesting buyers are ready to step in on dips."



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Relationship capital: Drilling down into Davos man | The Economist

Relationship capital: Drilling down into Davos man | The Economist:



"THE point of attending the World Economic Forum is to make connections. Yet most of the delegates already know each other from other affiliations. The company Relationship Science makes a business of compiling, measuring and monitoring these social networks—or "relationship capital," as the firm calls it.



The company produced interactive charts on behalf of The Economist that show the links among a handful of attendees. First is Muhtar Kent, the boss of Coca-Cola who is the most connected attendee. Next is Steve Schwartzman of Blackstone, a big investment fund, who is the second-most connected. Sheryl Sandberg of Facebook, Bill Gates of Microsoft and LLoyd Blankfein of Goldman Sachs are much lower on the list, but interesting to see.



Roll over the gray bubbles to see how delegates are tied to organisations or other attendees on the basis of board affiliations, employment and the like. Among the findings that the data-visualisation reveals is the degree to which Catalyst, a New York-based charity that helps women in the workplace, has links to many Davos goers."



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Kuwait Wealth Fund Favours Infrastructure Sector In West » Gulf Business

Kuwait Wealth Fund Favours Infrastructure Sector In West » Gulf Business:



"Kuwait’s sovereign wealth fund, one of the world’s largest, will focus on increasing its infrastructure investments in British, U.S. and European markets and is also looking at the international real estate sector, its managing director said.



Kuwait Investment Authority (KIA) managing director Bader al-Saad also told pan-Arab channel al-Arabiya that growth in capital and real estate markets was unlikely to carry on.



“It is difficult for this growth to continue because the actual circumstances aren’t likely to align again,” he said in an interview on Thursday, according to al-Arabiya’s website."



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U.A.E. President in Stable Condition After Suffering Stroke - Bloomberg

U.A.E. President in Stable Condition After Suffering Stroke - Bloomberg:



"The president of the United Arab Emirates, the second-biggest Arab economy, is in stable condition after having a stroke, according to state-run WAM news agency.



Sheikh Khalifa bin Zayed Al Nahyan suffered a stroke on the morning of Jan. 24, WAM reported yesterday, citing a statement from the Ministry of Presidential Affairs. “He immediately underwent a surgical operation. His health is now stable.”



Born in 1948, Sheikh Khalifa is the eldest son of Sheikh Zayed bin Sultan Al Nahyan, one of the founders of the seven-emirate U.A.E. and ruler of oil-rich Abu Dhabi. He became president in 2004 after his father’s death."



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Could Qatar’s Stock Market Trump Dubai’s in 2014? - Middle East Real Time - WSJ

Could Qatar’s Stock Market Trump Dubai’s in 2014? - Middle East Real Time - WSJ:



"Dubai’s stock market has bolted out of the blocks again this year, and while it kept up the pace to clinch the region’s best performer tag in 2013, Qatar might just pip it to the post this time around.



Dubai’s benchmark DFM index is already up some 13% this year, after piling on a whopping 108% in 2013. Qatar, its Persian Gulf neighbour, isn’t far behind with its main stocks gauge up 9% in January following a relatively modest 24% gain last year.



Last year was mostly about investors re-rating Dubai, after a global economic crisis-induced slump there, on the back of a strong revival in trade and tourism and a sharp pickup in its real estate sector – a key component of the emirate’s growth plans. Its safe haven status amid unrest elsewhere in the region helped, while Dubai winning the right to host the World Expo in 2020 added to the attraction."



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Dubai Shares Drop Most in 2 Months on Global Rout; Israel Falls - Bloomberg

Dubai Shares Drop Most in 2 Months on Global Rout; Israel Falls - Bloomberg:



"Dubai’s benchmark stock index retreated the most in more than two months, joining a global equities selloff. Abu Dhabi’s gauge tumbled the most in almost five months.



The DFM General Index (DFMGI) dropped 2.1 percent, the most since Nov. 11, to 3,737.33, at 1:52 p.m. in Dubai. The measure, which rose 3.6 percent on Jan. 23, has still more than doubled in the past 12 months. Emaar Properties PJSC (EMAAR), the emirate’s biggest real-estate developer, had the biggest decline in more than a week and Dubai Islamic Bank lost as much as 6.8 percent. Abu Dhabi’s gauge slid 1.7 percent, the most since Sept. 9, as the United Arab Emirates’ government said the country’s president is recovering from a stroke.


Today’s declines follow a broader retreat in global markets last week, when China spurred concern that global growth will slow. The MSCI Emerging Markets Index lost 2.3 percent last week, while the Standard & Poor’s 500 Index posted the largest weekly slump since June 2012.

"



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