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Sunday, 1 March 2015

Eiffel buys remaining 25% stake in Emirates Reit Management | The National

Eiffel buys remaining 25% stake in Emirates Reit Management | The National:



"Eiffel Management yesterday bought out the remainder of the manager of the UAE’s first real estate investment trust from Dubai Islamic Bank.



Eiffel, a French asset management company, bought the outstanding 25 per cent stake from the bank, which means that Eiffel now owns all of Emirates Reit Management’s share capital.



The companies did not disclose the value of the transaction."



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Fitch gives Saudi Arabia AA rating | The National

Fitch gives Saudi Arabia AA rating | The National:



"One of the top rating agencies has underscored Saudi Arabia’s resilience as an investment destination despite lower oil prices and continued spending.



Fitch has reissued an AA grade with a stable outlook to the country, driven by curtailed government spending and an anticipated recovery of oil prices to US$70 a barrel this year and $80 a barrel next year, along with the country’s ability to remain unaffected by regional conflicts, stability at home and labour and housing market reforms. The country has been at AA since it was upgraded from AA- in March last year.



Saudi Arabia’s net creditor position is still projected to be the fourth-largest of all Fitch-rated sovereigns."



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Qatari funds finds its way into tech ventures too | GulfNews.com

Qatari funds finds its way into tech ventures too | GulfNews.com:



"Qatari funds are not just being deployed to pick up a Harrods or develop the Shard high-rise … they could even be extended to European tech firms on the cusp of going bigger.



The Mannai Corp. recently placed some of its considerable financial resources into Nexthink, a Swiss firm IT firm which specialises in end-user analytics. The latter secured $14.5 million (Dh53.26 million) in a Series D round of funding — led by Auriga Partners — with participation from a new investor, the entrepreneur Gilles Queru, and existing investors VI Partners and Mannai Corporation. (Mannai Corp., incidentally, owns the UAE based jewellery chain Damas, which it bought in early 2014.) It was in 2008 that Nexthink set up a presence in the region and went on to build a roster of clients for its services. “Our general manager in the region, Yassine Zaied, had established a great business relationship with Mannai Corporation as one of our first partners in the Middle East,” said Pedro Bados, CEO and Co-founder of Nexthink. “With Mannai, we signed the first important customer successes and references.



“When a new round of funding came up, we presented the opportunity to Mannai and the fit was natural. The round of funding was in 2012 for $5.5 million, which was then used to expand our global presence.”"



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Egyptian Stocks Reverse Gains on Vote Delay Bets; Dubai Retreats - Bloomberg Business

Egyptian Stocks Reverse Gains on Vote Delay Bets; Dubai Retreats - Bloomberg Business:



"Egyptian stocks fell, reversing an earlier advance, as some investors speculated parliamentary elections may be delayed after the nation’s high court ruled a law governing the vote is unconstitutional. Dubai stocks dropped.



The benchmark EGX 30 Index declined 0.5 percent to 9,283.34 as of 11:41 a.m. in Cairo, set for the lowest close in almost two months. It had gained as much as 0.3 percent before the court’s decision. About 101 million Egyptian pounds ($13 million) of shares traded, compared with a one-year full-daily average of 733 million pounds. Dubai’s DFM General Index slipped 0.6 percent.



Egypt, which has been without a law-making body since the military’s ouster of Islamist president Mohamed Mursi in July 2013, was due to hold a parliamentary election this month. Former military chief Abdel-Fattah El-Sisi has been ruling by decree since his election last year. The high court said today the law governing the split of regions for the vote isn’t constitutional."



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