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Tuesday, 18 March 2014

Arabtec Holding PJSC net profit surges by 171 per cent to AED377.7 million in 2013 WAM | Emirates News Agency

WAM | Emirates News Agency:

"Arabtec Holding PJSC, a leading engineering and construction group of companies specialising in complex projects in the Middle East and North Africa region, today announced its financial results for the full 12-month period ending December 31st, 2013, a net profit attributable to parent company of over AED377.7 million, up by 171 per cent compared to 2012.

Hasan Ismaik, Managing Director and CEO of Arabtec Holding commented, "2013 was a pivotal year for Arabtec, thanks to the continued backing of our shareholders. Throughout the year, our company and subsidiaries have witnessed significant growth of backlog, revenues, margins and profits, with performance exceeding market and analyst expectations."

He added that the Company's strong performance enables the Board to recommend a dividend distribution of 40 percent, reaffirming our commitment to create significant value for our shareholders, in recognition of their continued trust and support."

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​Gazprom proposes to develop Crimea’s oil and gas — RT Business #EuroMaidan

​Gazprom proposes to develop Crimea’s oil and gas — RT Business:

"Gazprom has requested permission from the Crimean authorities to develop oil and gas fields, Crimea's first Deputy Prime Minister Rustam Temirgaliev said Tuesday.

"Of course, Gazprom was the first to approach us with a proposal," RIA news quotes Temirgaliev.

The Crimea is one of the largest regions in the Black Sea in terms of production of oil and gas. “It extracts now about 1.5 billion cubic meters of gas a year" Temirgaliev remarked. In 2013 production increased by 40 percent due to the opening up of the Odessa and Stormovoe fields on a shelf of the Black Sea."

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Ukraine: A Bailout or “Bail In” for Bond Investors? | AllianceBernstein Blog

Ukraine: A Bailout or “Bail In” for Bond Investors? | AllianceBernstein Blog:

"As the drama of the political showdown over embattled Ukraine plays out, bond investors face less-publicized concerns over the fate of their Ukrainian investments and a potential bailout. But a bailout may not be all good news for investors.

Bond investors hope that massive international aid will enable Ukraine to make its debt-service payments. But a little-noticed April 2013 paper by the International Monetary Fund (IMF) calls into question that entity’s willingness to bankroll sovereign-bond payments to private lenders. How Ukraine’s issues—and those of its creditors—are handled will set a precedent. And we think investors may need to reassess their assumptions about how quickly they can expect a sovereign-debt restructuring."

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MIDEAST STOCKS-Dubai jumps on Emaar breakout; oil weighs on Saudi stocks | Reuters

MIDEAST STOCKS-Dubai jumps on Emaar breakout; oil weighs on Saudi stocks | Reuters:

"* Emaar confirms break of major chart resistance

* Arabtec rises before publishing estimate-beating results

* Qatar boosted by CBQ, Gulf International Services

* Saudi Arabia the only Gulf market in the red

* Petrochemicals drop after oil price slides

By Olzhas Auyezov

DUBAI, March 18 (Reuters) - Dubai's Emaar Properties broke major chart resistance to lift the emirate's stock market index on Tuesday for a third straight session, while most Gulf markets rose as global jitters over the Ukraine crisis partially eased.

Emaar jumped 5.4 percent to 9.75 dirhams in its heaviest trading volume since April 2012, confirming a break above 9.16-9.20 dirhams, the February and March highs.

Shares in Emaar have been gaining since the company at the weekend announced a higher 2013 dividend and a plan to list its shopping mall unit. They were boosted further on Tuesday when Emaar chairman Mohamed Alabbar was quoted as saying in a magazine interview that the unit would list in both Dubai and London, and aimed to do so before end-June."

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Daily chart: Measuring the arms merchants | The Economist

Daily chart: Measuring the arms merchants | The Economist:

"The countries that buy and sell the most weapons

FIVE countries

America, Russia, Germany, China and France—accounted for three-quarters of international arms exports over the past five years. China's tripled its share in that time, overtaking France. It is on track to surpass Germany to become the third largest arms dealer. Business is brisk. Overall, sales between 2009 and 2013 were 14% higher than the previous five-year period, according to the Stockholm International Peace Research Institute, which tracks the arms trade. China sells to 35 mainly low- and middle-income countries, but is also a big importer (two-thirds of its weapons come from Russia). America exports to over 90 nations, with aircraft making up most of its sales. Russia exports more ships than any other country. Its weapons exports have significantly increased, thanks in part to being India's biggest supplier, accounting for three-quarters of its arms purchases. As for Ukraine, it exports more weapons than Italy or Israel. But with regional tensions flaring, it may choose to keep some of those arms for itself.


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UK fund manager eyes Qatar as hub for Gulf expansion

UK fund manager eyes Qatar as hub for Gulf expansion:

"UK-based Hermes Fund Managers is eyeing long-term partnerships with businesses in Qatar both as asset managers and investors and also currently exploring ways to raise funds from the wider Gulf region. 

Hermes is also of the view that shale gas development in the US may not affect Qatar “negatively”, instead it could prove to be beneficial for Qatar’s gas due to expansion in the US economy and thus to the world economy.

“Hermes is looking to partner over the long term with businesses in Qatar, both as asset managers, and where appropriate, as investors,” London-based CEO Saker Nusseibeh told Gulf Times in an exclusive interview.

Although it does not have any plan for now to open an office here, he said Hermes would be inclined to use Qatar has a hub for its wider Gulf Co-operation Council and Middle East operations."

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Sukuk Key to Help Finance $1.9 Trillion GCC Spending Plans – S&P - Middle East Real Time - WSJ

Sukuk Key to Help Finance $1.9 Trillion GCC Spending Plans – S&P - Middle East Real Time - WSJ:

"Facing an estimated mammoth $1.9 trillion in infrastructure spending needs by 2030, Arab Gulf countries will increasingly need to tap capital markets, especially Islamic bonds, as the domestic banking sector may not be able to shoulder the burden alone, according to Standard & Poor’s.

The United Arab Emirates, Qatar and Saudi Arabia are among the six GCC countries that are planning to pour in billions of dollars in new mega-cities, roads, airports, ports and oil & gas infrastructure. In addition, the U.A.E. and Qatar are organizing the World Expo 2020 and FIFA World Cup 2022, respectively, requiring even more funds."

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Emaar says - IPO - to be dual listing in London and Dubai - IPO -

Emaar says - IPO - to be dual listing in London and Dubai - IPO -

"Dubai developer Emaar is to list its shopping malls and retail subsidiary on both the Dubai and London stock markets, the company’s chairman Mohamed Alabbar has confirmed.

In an interview to be published in Arabian Business on Sunday, Alabbar said: “This will be a dual listing. We are a Dubai company so we have to be in Dubai, but we will list in London. I would like to do this quickly and am shooting for before Ramadan.”

Alabbar also confirmed the local listing would take place on the NASDAQ Dubai stock exchange.

Emaar said on Saturday that it will list up to 25 percent of the Emaar Malls Group equity through a secondary offering of shares. It added that the listing of other Emaar subsidiaries will also be considered "as and when appropriate". The company’s Egyptian operation and hospitality group are also both being primed for a stock market float, with Alabbar adding that he wouldn’t rule out further IPOs."

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Regional sovereign wealth funds rack up $5.6bn worth of deals | The National

Regional sovereign wealth funds rack up $5.6bn worth of deals | The National:

"Middle East sovereign wealth funds completed seven major direct property deals worth a total of US$5.6 billion last year – and more big ticket purchases are expected over the coming months.

The deals involved commercial, retail and hotel properties.

According to the property broker JLL, the Kuwait Investment Authority sealed the largest middle Eastern sovereign wealth fund deal last year when St Martins, the property division of the Kuwait government, agreed to buy the 13-acre More London office and restaurant complex near London Bridge in London for $2.7bn.

Abu Dhabi Investment Authority, the world’s second largest sovereign wealth fund, sealed the second largest deal for Middle Eastern funds last year when it bought a $712 million portfolio of 31 hotels across Australia from Tourism Asset Holdings."

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Gulf Navigation suffers second arbitration blow | The National

Gulf Navigation suffers second arbitration blow | The National:

"Gulf Navigation has suffered a new blow with the announcement that a second London-based arbitration had gone against it.

The arbitration centred on a dispute between the Dubai-based shipping company and a group of Chinese shipbuilders comprising Zhoushan Jinhaiwan Shipbuilding, Grand China Logistics Holding and HNA Group, over a 2011 contract between the parties for the building of two petroleum tankers.

The arbitrators found in the shipbuilders’ favour, and ruled that Gulf Navigation must pay the second part of the the building contract, together with interest"

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DIP lists $300m sukuk on Nasdaq Dubai |

DIP lists $300m sukuk on Nasdaq Dubai |

"Abdul Aziz Yaqob Al Serkal, General Manager of Dubai Investments PJSC, on Monday rang the market opening bell to mark the listing of a $300 million (Dh1.1 billion) sukuk by Dubai Investments Park Development Co. LLC (DIP) on Nasdaq Dubai.

The listing by DIP, the largest integrated business and residential community in the Middle East, brings the total of new listings of sukuk in Dubai since the beginning of 2013 to $12.55 billion.

Eisa Kazim, Chairman of Dubai Financial Market (DFM) and Secretary General of the Dubai Islamic Economy Development Centre, said: “Dubai’s rapid growth towards becoming the global centre for sukuk is set to gain momentum in 2014, in line with the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to position Dubai as the global capital of the Islamic economy, under the direction of Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council."

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Capital markets to play a bigger role in financing in GCC |

Capital markets to play a bigger role in financing in GCC |


Issuance of both conventional and Islamic (sukuk) bonds are expected to remain steady this year with sukuk gaining a larger share in the total capital market issuance in the region, according to rating agency Standard & Poor’s.

In 2003, total debt capital market issuance was close to $55 billion which was nearly 8 per cent higher compared to the previous year with most of the increase coming from sukuk issuance.

In 2014, analysts expect the total issuance to remain steady at around $58 billion, while sukuk dominating the regional capital market issuances.

Corporate and infrastructure issuers in the Gulf continue to benefit from positive economic fundamentals and strong appetite from regional and international investors for high credit quality paper."

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Russia Sounds Alarm on Economic Crisis as West Imposes Sanctions - Bloomberg

Russia Sounds Alarm on Economic Crisis as West Imposes Sanctions - Bloomberg:

"Russia’s economy is showing signs of a crisis, the government in Moscow said as the U.S. and the European Union announced sanctions over the country’s support for the Crimea region breaking away from Ukraine.

“The situation in the economy bears clear signs of a crisis,” Deputy Economy Minister Sergei Belyakov said in Moscow yesterday. The cabinet needs to refrain from raising the fiscal burden on companies, which would be the “wrong approach,” he said. “Taking money from companies and asking them afterward to modernize production is illogical and strange.”

Even before the worst standoff against the West since the Cold War, Russia’s economy was facing the weakest growth since a 2009 recession as consumer demand failed to make up for sagging investment. EU foreign ministers yesterday agreed to freeze assets and impose visa travel bans on 21 Russian, Crimean and former Ukrainian officials, while U.S. President Barack Obama imposed sanctions on seven Russians."

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Dubai Eases Laws to Double Hotel Rooms Ahead of 2020 Expo - Bloomberg

Dubai Eases Laws to Double Hotel Rooms Ahead of 2020 Expo - Bloomberg:

"Dubai plans to almost double the number of hotel rooms by 2020 as it expects a surge of visitors to the desert sheikhdom ahead of that year’s World Expo.

The emirate that spent more than $110 billion to transform itself into the Middle East’s commercial and entertainment hub is seeking to attract 20 million tourists annually by the end of the decade, Helal Saeed Almarri, director general of the Dubai Tourism and Commerce Marketing, said in an interview yesterday. To do that, it needs to raise the number of hotel rooms to as many as 160,000, many of them not in the luxury category Dubai is known for, he said.

“None of these rooms are being built specifically for the Expo or any one event,” Almarri said. “They’re being built purely because of the core tourism numbers. Dubai won’t turn into a ghost town after the Expo.”"

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