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Sunday, 22 March 2015

Real estate and hospitality boost Dubai Holding entity’s 2014 net |GulfNews.com

Real estate and hospitality boost Dubai Holding entity’s 2014 net |GulfNews.com:



"Lifted by strong numbers generated by its real estate, hospitality and telecom subsidiaries, Dubai Holding’s Commercial Operations Group recorded a 42 per cent year-on-year gain in net profits to total Dh4.7 billion. It was Dh3.3 billion in 2013.



In a statement, the holding company — which comprises the likes of Dubai Properties Group, Tecom Investments, the Jumeirah hotel chain as well as Mall of the World — said gains were made in gross profits and margins, while revenues were up 14 per cent to Dh13.2 billion (Dh11.6 billion in 2013). In another plus, it also brought down its debt-equity ratio to 0.52 against the previous year’s 0.61. 




“We have a number of programmes already running and our Dh4.5 billion bundle of initiatives will help drive Dubai’s agenda to become the innovation capital for more than 2 billion people who live in the region around us,” said Mohammad Abdullah Al Gergawi, Chairman of Dubai Holding, which has completed 10 years of operations."



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Iran Talks Set for Decisive Week as Leaders Say Deal Reachable - Bloomberg Business

Iran Talks Set for Decisive Week as Leaders Say Deal Reachable - Bloomberg Business:



"Diplomats and leaders seeking an accord on Iran’s nuclear program said a deal is achievable as they prepare to enter a potentially decisive week for the talks.



“We have not yet reached the finish line, but make no mistake, we have the opportunity to try to get this right,” U.S. Secretary of State John Kerry said on Saturday in Lausanne. A six-day session in the Swiss city broke up a day earlier, and talks are due to resume in the coming week.



Negotiators from the U.S. and five other nations are seeking to ensure that Iran’s nuclear program is peaceful in exchange for relief from trade curbs that have squeezed the Islamic Republic’s economy. Issues under discussion include the nuclear capacity Iran should be allowed to keep, the nature of inspections, and the pace of relief from sanctions, especially on oil exports."



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MIDEAST STOCKS-Saudi Arabia extends rebound; Arabtec dampens Dubai | Reuters

MIDEAST STOCKS-Saudi Arabia extends rebound; Arabtec dampens Dubai | Reuters:



"Saudi Arabia's bourse rebounded further on Sunday after oil prices mounted an end-of-week rally, while other Gulf markets were steady although Arabtec weighed on Dubai following the builder's poor quarterly results.



Brent oil rose 1.6 percent to $55.32 per barrel on Friday while U.S. crude futures for April delivery jumped 4 percent to settle at $45.72 as the dollar posted its biggest weekly decline against the euro in more than three years.



Saudi Arabia's main stock index added 1.5 percent, as petrochemical giant Saudi Basic Industries (SABIC) climbed 1.1 percent and other sectors, such as banks and property firms, were also strong."



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UPDATE 2-MIDEAST STOCKS-Saudi Arabia edges up despite Savola, Egypt slips | Reuters

UPDATE 2-MIDEAST STOCKS-Saudi Arabia edges up despite Savola, Egypt slips | Reuters:



"Saudi Arabia's stock market edged up in early trade on Sunday after oil extended its rebound, while Egypt's bourse fell.



The main Saudi index added 0.2 percent as investors focused on property stocks. Mecca developer Jabal Omar , up 1.1 percent, was the main support and Emaar Economic City jumped 4.1 percent.



Petrochemicals giant Saudi Basic Industries edged up 0.2 percent after European and U.S. oil benchmarks posted weekly gains on Friday."



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The data-dependent dollar - YouTube

The data-dependent dollar - YouTube: ""



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Saudi Arabia's OPEC governor: hard to reach $100-120 oil again | Reuters

Saudi Arabia's OPEC governor: hard to reach $100-120 oil again | Reuters:



"Saudi Arabia's OPEC governor Mohammed al-Madi said on Sunday that he believed it would be difficult for oil to reach a price range of $100-120 per barrel again.



"$100-120 - I think it's difficult to reach 120 another time...We understand that all countries need higher incomes...We want higher incomes, but we want higher incomes for us and future generations," Madi told an energy conference in Riyadh. Brent crude is currently around $55 per barrel.



He also repeated that Saudi Arabia had no political motives in its oil policy."



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