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Sunday, 2 March 2014

Has Dubai really served its time in the financial desert? - Telegraph

Has Dubai really served its time in the financial desert? - Telegraph:



"Dubai’s finance and investment chief, Mohammed Al Shaibani, is a man in a hurry.



Three months ago, the second largest of the United Arab Emirates (UAE) beat Yekaterinburg in Russia, Izmir in Turkey and Sao Paulo in Brazil to host the World Expo in 2020. Putting on the event, which traces its origins back to the Great Exhibition held in London in 1851, will cost Dubai about $7bn (£4.2bn), including the construction of an entirely new district in the desert that separates the city from its neighbouring emirate of Abu Dhabi.



After the announcement that Dubai had won the exhibition, its Crown Prince, Sheikh Hamdan bin Mohammed Al Maktoum – affectionately known in the emirates by his nickname “Fazza” – celebrated by planting a flag on the pinnacle of the 2,717ft Burj Khalifa skyscraper. On its top floor is a mosque where the call to prayer is heard minutes ahead of the normal time in Dubai, because from the top the sun appears to rise over the horizon earlier."



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Times of Oman | News :: Gas pipeline connecting Oman and Iran to India discussed in tripartite talks

Times of Oman | News :: Gas pipeline connecting Oman and Iran to India discussed in tripartite talks:



"Energy-deficient India discussed the possibility of reviving a project for a deep sea pipeline connecting Oman and Iran to India, a top Indian official said.



The $5 billion proposal was discussed separately with Indian Foreign Minister Salman Khurshid and Minister Responsible for Foreign Affairs Yousuf bin Alawi bin Abdullah, and Iranian Foreign Minister Javad Zarif during the meeting on Friday.



Confirming the discussions, Syed Akbaruddin, the official spokesperson of India's Ministry of External Affairs, tweeted to Times of Oman that "the issue of considering this further figured in both the meetings."




According to reports in the Indian media, the pipeline would be mutually advantageous for Iran and India, with the former having a massive surplus of gas and the latter having high energy needs. India imports around 75 per cent of its crude oil."



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MIDEAST STOCKS-Kuwait hits 6-wk low on stock suspensions; most of region retreats | Reuters

MIDEAST STOCKS-Kuwait hits 6-wk low on stock suspensions; most of region retreats | Reuters:



"* Kuwaiti regulator crackdown hits market liquidity



* Egypt volatile as "euphoric" retail investors dominate



* Saudi real estate developer Jabal Omar soars



* Abu Dhabi's TAQA tumbles after Indian acquisition



* Qatar's Mesaieed plunges 10 pct for second day



By Nadia Saleem

DUBAI, March 2 (Reuters) - Kuwait's bourse fell to a six-week low on Sunday as the suspension of several companies for failing to comply with listing regulations prompted retail investors to sell. Most other regional share markets also declined.



The Kuwaiti regulator suspended trading in three companies, two of which saw their losses exceed 75 percent of capital. The move came sooner than expected; in the past, the regulator has often waited until the end of March before suspending companies which infringed rules at the end of the past year, traders said.



The Capital Market Authority has launched a drive to clean up the market, but its stricter approach may in the short term at least hurt sentiment in a market that has been largely retail-driven."



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Abu Dhabi Shares Climb Unfazed by Ukraine Turmoil; Dubai Drops - Bloomberg

Abu Dhabi Shares Climb Unfazed by Ukraine Turmoil; Dubai Drops - Bloomberg:



"Abu Dhabi shares extended a 15-week advance, spurred by an economic recovery in the emirate as investors judged the political turmoil in Ukraine is unlikely to affect Middle East markets. Dubai’s benchmark declined.



The ADX General Index (ADSMI) climbed 0.3 percent to 4,974.24 at 12:53 p.m. in Abu Dhabi. Dana Gas PJSC (DANA) rose as it upgraded its Wastani plant in Egypt in an effort to boost production by 25 percent. Dubai’s benchmark, the third-best performing index globally this year among more than 90 tracked by Bloomberg, fell 0.4 percent.



Abu Dhabi’s gauge surged more than 60 percent in the last 12 months amid a recovery in the United Arab Emirates’ financial and property markets. The emirate’s economy is expected to grow at an average 5.7 percent a year through 2016, according to the economic development department. That compares with estimated global growth of 2.9 percent, according to data compiled by Bloomberg."



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Dubai rental cost index jumps 41% making the city the world’s 7th most expensive says Savills « ArabianMoney

Dubai rental cost index jumps 41% making the city the world’s 7th most expensive says Savills « ArabianMoney:



"The new Savills World Cities Live-Work Index reveals that it now costs an average of just under $72,000-a-year per employee to rent residential and office space in Dubai, a thumping 41 per cent increase on a year ago, making the city the world’s seventh most expensive.



However, the survey noted that this surge in rents came from ‘a relatively low base’ and that ‘the high costs in part reflect a particularly generous office space allocation per worker, a product of the city’s previously high-supply, low rent era.’



Hong Kong 1st



Hong Kong is the world’s most expensive city for companies to locate employees, significantly ahead of London and New York, which have been vying for second place over the past two years. Paris completes a list of the top four cities where simply renting living and working space for a single employee costs more than $100,000 a year.



"



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UAE Bankruptcy Law Vital For Business Growth » Gulf Business

UAE Bankruptcy Law Vital For Business Growth » Gulf Business:



"At the end of last year, it was announced that the UAE’s long awaited reform to the insolvency laws had moved a step closer to becoming a reality. The implementation of a modern bankruptcy regime has long been seen as a key part of the continuous development of the country’s economy. The proposed new laws have been in the pipeline since 2009, and would enable both listed and privately-owned companies that get into difficulties the option of restructure and rescue rather than being forced to wind up. There is little precedent in the Middle East, and reports at the end of 2012 suggested that the new proposals were being loosely based on French bankruptcy legislation. They are understood to contain measures like a moratorium on creditor claims, as is commonplace in other jurisdictions. But the main effect would ideally be to offer better support and other options to struggling companies, whilst at the same time giving assurance to investors and creditors."



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Times of Oman | News :: Can Oman sustain long-term growth on fixed oil production?

Times of Oman | News :: Can Oman sustain long-term growth on fixed oil production?:



"The news that Oman will produce a steady production of 750,000 barrels a day of oil for the next ten years is highlighting the challenges facing the economy on a long-term prospect. The candid response of the Minister of Oil and Gas last week when he faced the members of the Shura Council in a televised discussion on the production of oil was commendable. It is a sombre reminder of the limitations of fossil fuels. 



However, the decision not to overproduce is based on controlling the income of the country to make sure oil production lasts as long as possible. The Oil Minister's analysis was not sugar coated and it is a clear signal that the government must urgently mobilise a diversification programme to find an alternative source of income.   "



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Iraq oil exports hit 25-year high in February - Your Middle East

Iraq oil exports hit 25-year high in February - Your Middle East:



"Iraq exported 2.8 million barrels of oil per day in February, a top minister said Saturday, a sharp month-on-month gain and the highest such figure in at least a quarter-century.



Production, meanwhile, reached 3.5 million bpd, the deputy prime minister for energy affairs, Hussein al-Shahristani, told reporters in the southern port city of Basra as he inaugurated a refinery.



"Production in February was 3.5 million barrels per day, and we exported 2.8 million barrels per day," he said.



The export figure was the highest since then dictator Saddam Hussein invaded Kuwait in 1990, triggering a crippling embargo and international sanctions that massively restricted Iraq's energy industry."



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Dubai's five-year economic turnaround: timeline - Telegraph

Dubai's five-year economic turnaround: timeline - Telegraph:



"

Dubai has gone from bust to boom in just five years Photo: Rex Features
Feb 2009 Dubai launches $20bn (£12bn) bond programme to ease debt fears and sets up support fund. UAE central bank subscribes.



Nov 2009 Dubai World seeks six-month standstill on $26bn of debts. Thousands of high performance cars are abandoned at Dubai Airport, right, after expatriates flee the emirate to escape its harsh debt laws.



Jan 2010 Dubai’s Burj Khalifa, the world’s tallest skyscraper, opens. Like the Palm and World Islands, far right, it can be seen from space.



Feb 2010 The IMF estimates Dubai’s total debts at $109bn, or 130pc of GDP.



Oct 2010 Dubai World secures agreement with creditors for debt restructuring.



May 2012 Dubai sovereign wealth fund Istithmar World gives up control of luxury retailer Barneys New York.



Nov 2013 Dubai wins World Expo 2020. Minister Reem Al Hashimy, left, promises a “positive” image of tolerance.



Dec 2013 The Investment Corporation of Dubai buys Atlantis resort to help to ease Dubai World debt burden.



Feb 2014 Dubai says that it has agreed deal with the UAE central bank to roll over a $10bn bond programme."



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Online retailer Marka says it is a step closer to IPO on UAE's Dubai Financial Market | The National

Online retailer Marka says it is a step closer to IPO on UAE's Dubai Financial Market | The National:



"The Dubai Financial Market is close to gaining its first new listing in five years after Marka, a retailer, announced plans to launch a Dh500 million initial public offering.



The UAE-based company, which is under establishment, would become the country’s first publicly listed retailer.



“We are confident that this issue will be a great success, given the significant growth prospects enjoyed by the company on the one hand and the return of confidence to the financial markets on the other,” said Mahdi Mattar, the chief executive of CAPM Investment, a subsidiary of the UAE financial company Finance House, which announced the plan yesterday. It will be the lead manager of the IPO."



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UAE markets continue to advance, while upside momentum slows | GulfNews.com

UAE markets continue to advance, while upside momentum slows | GulfNews.com:



"The Dubai Financial Market General Index (DFMGI) gained 37.58 or 0.90 per cent last week to close at 4,220.45, with the index once again ending the week at a new high for the trend. Volume was muted however, dipping to an eleven-week low. And market breadth was weak with only 13 advancing issues versus 25 declining. For 2014 the index is up 25.24 per cent.



In addition to the weak volume and low bullish participation among individual issues there are several other signs in the price action pointing to a slowdown in upward momentum. Once that happens the odds for a consolidation phase or retracemet increases.



The definition of an uptrend is a series of higher highs and higher lows. In this case referring to the high and low of the weekly range. There was a change in the price pattern for both the high and the low last week, providing additional signs for caution."



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Emerging-market turmoil offers opportunities: Khalid Bin Alwaleed | GulfNews.com

Emerging-market turmoil offers opportunities: Khalid Bin Alwaleed | GulfNews.com:



"The turmoil that has affected emerging markets in recent months has opened up opportunities for long-term investors, according to Saudi Arabian businessman Prince Khaled bin Alwaleed.



“The sell-offs in emerging markets are naturally pegged to speculative capital and will always happen in times of distress,” Mr. Alwaleed said in an emailed response to questions.



Prince Alwaleed has interests in more than 20 companies around the world. He is the son of Prince Alwaleed bin Talal, who, according to Forbes magazine, has a net worth estimated at $20 billion as of March 2013. Prince Alwaleed bin Talal owns a stake in News Corp, the owner of Dow Jones & Co. and the publisher of The Wall Street Journal."



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Qatar Airways Urges Indian Government to Open Skies After Vote - Bloomberg

Qatar Airways Urges Indian Government to Open Skies After Vote - Bloomberg:



"Qatar Airways Ltd. Chief Executive Officer Akbar Al Baker said the airline’s expansion into India will depend on whether the government will further open the nation’s skies after elections due by May.



In January, India’s aviation ministry lifted a ban on Airbus Group NV (AIR)’s A380 from entering the country and allowed airlines to fly the double-decker planes to four airports, including New Delhi and Mumbai. Authorities also approved a deal for Etihad Airways PJSC to purchase a 24 percent stake in Jet Airways India Ltd. as the country eased airline ownership rules last year. Opinion polls show the ruling Congress party losing power in the elections.



“Unfortunately the government regime does not allow free access to the Indian market,” Al Baker told reporters in Sharjah today. “Aviation is a very important tool of a country.”"



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