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Saturday, 24 May 2014

A dose of reality for UAE markets as MSCI upgrade draws near | The National

A dose of reality for UAE markets as MSCI upgrade draws near | The National:



"When it was announced last June by MSCI that UAE stocks would be upgraded to emerging markets status, excitement built about the prospect of many billions of dollars of foreign capital washing into local bourses.



With MSCI’s emerging market index tracked by an estimated US$1.5 trillion in international funds, it was hoped that at least a portion of that amount would find its way to the UAE.



To date, the inflows have been smaller than many investors had anticipated. Last month Abu Dhabi and Dubai experienced net inflows from foreigners of $155 million and $44m, respectively, according to data provided by EFG-Hermes, an Egyptian investment bank. It was the first time foreigners were net buyers this year."



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Oman Gas Pipeline Back In Favour - Analysis | Eurasia Review

Oman Gas Pipeline Back In Favour - Analysis | Eurasia Review:



"An underwater gas pipeline project connecting Oman with India’s west coast is being resurrected. Several factors explain the renewed interest, including the relaxing of sanctions against Iran and India’s need to counter-balance geopolitical and security considerations dogging other land-based projects.





In February 2014, India’s Ministry of External Affairs (MEA) suddenly disinterred a long-forgotten infrastructure project from the seabed – an underwater pipeline connecting Oman with India’s west coast, which will transport natural gas from Iran, Oman and, perhaps, Qatar. India already has a long-term gas supply agreement with Qatar and is looking to finalise similar deals with Iran and Oman."



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Is UAE business mogul Dr. Shetty getting his market timing wrong again in buying Travelex for $1.4bn? « ArabianMoney

Is UAE business mogul Dr. Shetty getting his market timing wrong again in buying Travelex for $1.4bn? « ArabianMoney:



"It’s just over two years ago that NMC Health was listed on the London Stock Exchange, completing the rescue by Abu Dhabi private equity concern Centurion that followed some widely publicized top-of-the market Dubai property investments by its founder Dr. B.R. Shetty, one of the legendary business pioneers of the UAE who started his business empire 40 years ago from scratch.



Today Dr. Shetty and equity partners associated with Centurion have announced that they are acquiring Travelex Holdings, the world’s leading foreign exchange specialist from funds advised by Apax partners and the founder and chairman of Travelex, Lloyd Dorfman who will keep a very small shareholding as president."



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Iranian currency on downward trend - Al-Monitor

Iranian currency on downward trend - Al-Monitor: the Pulse of the Middle East:



"When analyzing economic trends, the free market exchange rate of the Iranian rial is viewed as an indicator of the general business confidence in the country. Reviewing the initial effect of President Hassan Rouhani’s election on the rate in 2013, one can feel the overall positive impact that the new government had on the business climate. Indeed, in April 2013, the rate stood at about 35,000 rials to the dollar and then rose to a peak of about 39,000 before the June 2013 elections, but fell to 29,700 in January 2014. However, the fact that the rial has lost about 10% of its value (it's now trading at about 33,000 to the dollar) since the beginning of the current Iranian year (March 21, 2014) is not a positive sign for a government that pledged to stabilize the country’s economy."



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Dr Shetty and Centurion to acquire Travelex | GulfNews.com

Dr Shetty and Centurion to acquire Travelex | GulfNews.com:



"UAE based entrepreneur Dr. B.R. Shetty and equity partners associated with Centurion Investments (Centurion), a UAE investment company on Friday announced that they have entered into an agreement to acquire Travelex Holdings Limited (Travelex), a leading foreign exchange specialist.



The proposed acquisition will be effected through BRS Ventures & Holdings Limited, a company owned by Dr Shetty and equity partners associated with Centurion. The acquisition is subject to customary regulatory and other approvals and consents.



Travelex is currently owned by Apax Partners, Lloyd Dorfman (Founder and Chairman of Travelex) and other shareholders. Following completion of the transaction, Lloyd Dorfman will be Founder and President of Travelex and remain a shareholder. Peter Jackson, Chief Executive Officer of Travelex, together with the existing management team, will continue to lead the company."



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Total Agrees to Lukoil Shale Deal, Brushing Off Russia Sanctions - Bloomberg

Total Agrees to Lukoil Shale Deal, Brushing Off Russia Sanctions - Bloomberg:



"Total SA (FP) agreed to seek shale oil in Western Siberia with OAO Lukoil (LKOD), brushing off U.S. and European sanctions against Russia over its annexation of Crimea.



Chief Executive Officer Christophe de Margerie signed the deal at the St. Petersburg International Economic Forum in a demonstration of Total’s commitment to Russia, after officials from companies including Citigroup Inc., Morgan Stanley and ASA Statoil withdrew from the meeting. 




Total and Moscow-based Lukoil will set up a venture to seek so-called tight oil in the Bazhenov area of Siberia under their agreement, the French company said in a statement. Siberian shale has “huge potential,” de Margerie said. Investment in the venture will be $120 million to $150 million in the first two years, according to Lukoil CEO Vagit Alekperov."



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Kazakhstan’s $2.7 Billion Offer Lures International Lenders - Bloomberg

Kazakhstan’s $2.7 Billion Offer Lures International Lenders - Bloomberg:



"Kazakhstan is providing 500 billion tenge ($2.7 billion) tapped from its oil fund to attract co-financing from international lenders for an economic overhaul.



The European Bank for Reconstruction and Development today joined the Asian Development Bank and the World Bank in signing an agreement in the capital, Astana, with the Kazakh government allowing them access to state funds to co-finance projects that promote industry, diversification and competitiveness, according to a statement issued today.



Kazakhstan, the largest energy producer in the former Soviet Union after Russia, devalued it currency by 19 percent in February, a move that President Nursultan Nazarbayev called an instrument for economic growth. Nazarbayev, who has ruled the country of 17 million people since 1989, later ordered the oil fund to lend 1 trillion tenge to businesses through 2015."



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