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Sunday, 28 September 2014

Interview: Damas CEO On The Jeweller's Re-Rise In The UAE - Gulf Business

Interview: Damas CEO On The Jeweller's Re-Rise In The UAE - Gulf Business:

"When Damas CEO Anan Fakhreddin last appeared in Gulf Business in 2011, it was under altogether different circumstances. His first year in the job had seen Damas mired in the biggest scandal to hit a UAE- listed company to date.

The family business’ three Abdullah brothers were convicted of withdrawing $167 million in unauthorised transactions by the Dubai Financial Standards Authority, its share price had plummeted, and it owed hundreds of millions to the banks. 

Now some three years later and under new ownership, Fakhreddin appears much less tense, describing the firm’s transition from the crisis years as a beautiful journey."

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UAE seems ready for age of asset management | The National

UAE seems ready for age of asset management | The National:

"Andrew Haldane, a director at the Bank of England, referred to the “age of asset management” in a speech he gave in London in April. His point was that although asset managers do not carry many of the risks – for example, credit, market and liquidity – faced by banks, the regulators are attuned to the risks posed to the financial system by non-banks, including asset managers, following the shrinking of the banking sector.

This has thrust asset management to the heart of global capital flows. Assets under management are estimated at US$60 trillion to $70tn and growing across the countries in the Organisation for Economic Cooperation and Development (OECD), and could grow bigger yet globally as incomes and wealth increase across thinly penetrated developing economies.

According to last year’s KPMG Investment Management Industry Outlook Survey, the world’s biggest investment management firms overwhelmingly believe that political and regulatory uncertainty pose the biggest threat to their business models. Understanding and complying with regulations has been painful and, for many firms, has entailed material cost. The regulatory focus on asset management firms brings additional costs of compliance at a time when margins are under pressure because of greater competition from new channels and products. This is causing firms to reorganise themselves with combined compliance and data management programmes while keeping costs competitive through the outsourcing of selected back office functions and direct marketing to consumers."

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Ratings on Qatar affirmed At ‘AA/A-1+’ |

Ratings on Qatar affirmed At ‘AA/A-1+’ |

"Standard & Poor’s Ratings Services affirmed its ‘AA’ long-term and ‘A-1+’ short-term foreign and local currency sovereign credit ratings on the State of Qatar. The outlook is stable.

The agency also affirmed the ‘AA’ long-term issue ratings on the bonds issued by Qatari Diar Finance Q.S.C. and SoQ Sukuk A Q.S.C.

The ratings reflect S&P’s view of Qatar’s high economic wealth and strong fiscal and external balance sheets. The ratings are constrained by Qatar’s limited monetary policy flexibility, still-nascent public institutions, and limited disclosure, particularly with respect to government assets and investment income."

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