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Sunday, 4 May 2014

Abu Dhabi’s NBAD Hires From HSBC as Thursby Seeks to Recruit 450 - Bloomberg

Abu Dhabi’s NBAD Hires From HSBC as Thursby Seeks to Recruit 450 - Bloomberg:



"National Bank of Abu Dhabi PJSC, the United Arab Emirates’ biggest bank, plans to recruit 450 people this year to improve its retail and commercial banking business.



The hires include about 180 people to sell retail products such as mortgages and personal loans as well as luring customer deposits, Chief Executive Officer Alex Thursby said in a May 1 interview in Abu Dhabi. The bank, which recruited a five-member trade finance team from HSBC Holdings Plc (HSBA), will also seek to add people with experience in North East and South East Asia as it pursues expansion plans stretching from Lagos to Singapore.



Thursby is seeking to boost the bank’s position in retail banking in the U.A.E to the top three by 2018, compared with the current ranking of fifth. The bank is also building hubs in eight global cities to tap an expanding middle class and growing trade and investments flows within a “west-east corridor” that extends from west Africa to the east coast of China."



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MIDEAST STOCKS-Dubai jumps as Emaar surges to 6-yr high | News by Country | Reuters

MIDEAST STOCKS-Dubai jumps as Emaar surges to 6-yr high | News by Country | Reuters:



"Dubai's bourse led gains in the Gulf on Sunday as investors launched a fresh rally and shares in developer Emaar Properties surged to a six-year high.



Emaar gained 6.3 percent to 10.45 dirhams, the level last seen in May 2008, on increased volume and helped Dubai's benchmark jump 3.3 percent, also the highest level since 2008.



Dubai's largest-listed company launched a 66-storey residential tower in Downtown Dubai on Sunday, and announced sales for the development would start simultaneously in Dubai, Abu Dhabi and Singapore on May 10.



"I think the sentiment is very good and people have realised that the profit-taking we saw last week was short-lived," said Sebastien Henin, head of asset management at The National Investor."



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Dubai Shares Climb Most in Three Months on Earnings; Qatar Gains - Bloomberg

Dubai Shares Climb Most in Three Months on Earnings; Qatar Gains - Bloomberg:



"Dubai shares climbed the most since January after first-quarter earnings boosted investor sentiment. Qatar’s gauge advanced.



The DFM General Index (DFMGI) surged 3.3 percent, the biggest jump since Jan. 23, to 5,247.29 at the close. The measure has soared 56 percent this year, making it the best performer among more than 90 benchmarks tracked by Bloomberg. Dubai Islamic Bank advanced 5.5 percent after first-quarter profit more than doubled. Deyaar Development (DEYAAR) rose the most since April 21 after reporting 1.3 billion dirhams ($354 million) in January-April sales. Qatar’s QE Index advanced 1 percent.



Banks including Dubai Islamic Bank and Emirates NBD PJSC, as well as property developers, beat analysts’ earnings estimates as Dubai benefits from an economic recovery. House prices, which more than halved during the global financial crisis, will jump as much as 40 percent in 2014, according to the Land Department."



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A split Ukraine would likely default on foreign debt: S&P - chicagotribune.com #EuroMaidan

A split Ukraine would likely default on foreign debt: S&P - chicagotribune.com:



"Ukraine will probably default on its international debts if it loses more territory, ratings agency Standard & Poors warned on Saturday, noting its existing CCC rating on the country already indicated a clear and present danger of default.



"If Ukraine loses some of its territorial integrity, it will not likely be able to repay the loans," John Chambers, chairman of the Standard & Poor's Sovereign Ratings Committee, told Reuters in the Kazakh capital Astana.



Russia has already annexed Ukraine's Crimea region and tensions are rising in other parts of the country. At least 42 people were killed in street battles between supporters and opponents of Russia in the Black Sea port city of Odessa on Friday, that ended with pro-Russian protesters trapped in a flaming building."



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Profits Soar at Pakistan’s Only Legal and Legendary Brewery - India Real Time - WSJ

Profits Soar at Pakistan’s Only Legal and Legendary Brewery - India Real Time - WSJ:



"

A worker looked at bottles of alcohol pass through quality control at the Murree Brewery in Pakistan.
 
Annabel Symington for The Wall Street Journal
In the heart of the military base in Rawalpindi, Pakistan is the thriving–and legal–Murree Brewery.



The 153-year-old producer of beer and spirits was established by the British and continues in what is today Pakistan. It survived partition and the creation of Pakistan as a Muslim-majority nation. It kept brewing during the sweeping Islamization efforts of the late 70s and 80s, when access to alcohol was restricted to the tiny non-Muslim minority. It has also weathered the doldrums of Pakistan’s economy, and is one of the most successful businesses in the country.

"



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The Peninsula Qatar - QE expects at least nine firms to be on MSCI list

The Peninsula Qatar - QE expects at least nine firms to be on MSCI list:



"The international index compiler MSCI will announce the names of Qatari companies to be qualified for its Emerging Market list on May 14, 2014. Qatar bourse expects that at least nine local companies will be eligible to get into the list, Rashid bin Ali Al Mansoori (pictured), CEO, Qatar Exchange (QE) has said. 



He noted that the MSCI upgrade will help accelerate the inflow of international investors into Qatari market and will enhance the market liquidity and the value of many companies. Qatari companies will gain global recognition by major investment portfolios and global institutional global funds.



Speaking to Qatar News Agency, Al Mansoori said the importance of joining the wide range global index stems from the fact that MSCI is one of the pioneer companies in Global Equity Index. "



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iShares Rolls Out Qatar, United Arab Emirates ETFs

iShares Rolls Out Qatar, United Arab Emirates ETFs:



"First, Qatar was awarded soccer’s World Cup in 2022. Now the country and its neighbor, the United Arab Emirates (UAE), have stand-alone exchange-traded funds to call their own with this week’s launch of the iShares MSCI Qatar Capped ETF (QAT) and iShares MSCI UAE Capped ETF (UAE). These achievements in the worlds of football and funds indicate the Middle East is growing in stature beyond just oil.



On May 30th, both Qatar and the UAE will get promoted by the MSCI index folks being frontier markets to becoming full-fledged emerging markets. As of this year’s first quarter, the UAE and Qatar occupied the second- and third-largest country weights in the MSCI Frontier Markets index, at roughly 18 percent and 16 percent, respectively. Another Middle East nation, Kuwait, had the largest country weight.



As of May 1, both the UAE and Qatar accounted for roughly 18 percent of the iShares MSCI Frontier 100 ETF (FM). They will no longer be included in that fund after they officially become emerging markets.

"



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Emaar, Aldar, Union Properties and Arabtec likely to make MSCI cut | The National

Emaar, Aldar, Union Properties and Arabtec likely to make MSCI cut | The National:



"Four of the UAE’s construction and real estate companies are likely to be included in the MSCI Emerging Markets Index on May 14.



Emaar Properties, Aldar Properties, Union Properties and Arabtec Holding are likely to make the cut, according to a Deutsche Bank report.



Emaar, which has the largest market capitalisation of any company in the UAE, meets all the criteria for inclusion in the index. With a market cap of Dh70.38 billion, the company has a 49 per cent foreign ownership limit, is sufficiently liquid and is traded frequently."



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Emirates NBD issues A$400m fixed rate notes due 2019 | GulfNews.com

Emirates NBD issues A$400m fixed rate notes due 2019 | GulfNews.com:



"Emirates NBD PJSC (Emirates NBD) has issued Australian Dollar A$400 million (Dh1.4 billion) Fixed Rate Notes, maturing in 2019, off their A$1.5 billion Debt Issuance Programme. The notes are rated Baa1 by Moody’s and A+ by Fitch and pay a fixed rate coupon of 5.75 per cent. ANZ, BNP Paribas, HSBC and Emirates NBD Capital were joint lead managers on the transaction.



Emirates NBD said in a statement that it was pleased to issue again in the Australian Dollar market, having previously issued A$250 million in 2006, the first ever Middle East based institution to issue an Australian Dollar denominated transaction.
"



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