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Sunday, 29 March 2015

Chairman of Dubai’s Drydocks World Resigns - WSJ

Chairman of Dubai’s Drydocks World Resigns - WSJ:

"Khamis Buamim, the chairman of Dubai’s shipyard arm Drydocks World, has stepped down and has been replaced by an official from the emirate’s department of finance, according to a person familiar with the matter.

Mr. Buamim took the helm of Drydocks in 2010 at a time when the company was struggling with a pile of debt it accumulated to fund an overseas acquisition and as the global economy went into a tailspin. Drydocks in 2012 agreed to a $2.2 billion debt restructuring with its creditors.

Mr. Buamim will be replaced by Abdulrahman Al Saleh, director general of Dubai’s department of finance, the person familiar with the matter said."

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UAE dividend payouts grow at double-digit pace to hit new record | The National

UAE dividend payouts grow at double-digit pace to hit new record | The National:

"Dividends paid out by the UAE’s leading listed companies grew at a double-digit rate to a record last year – and they are expected to do the same in the current year.

Research by the Dubai-based investment bank Arqaam Capital shows that the payouts have grown each year since 2010 as the country’s economy recovered from the global economic crisis.

Money managers say the big payouts are a sign that companies and banks are not worried that the drop in the price of oil, a key component of economic growth in this part of the world, and regional political turbulence will dent earnings too badly."

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Egypt cannot let go of the baton now |

Egypt cannot let go of the baton now |

"A successful Egypt is at the heart of the vision that both the UK and the UAE have for this region. But this is not just about governments.

British and Emirati companies working together have unique potential now to power Egypt’s recovery as it moves from aid to investment and growth.

Both the UK and UAE believe that a strong, reviving Egyptian economy is the essential foundation of all else that we and Egyptians want to see: stability, job opportunities for all, and an open, modern society with empowered citizens and accountable institutions. In the words of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, our support for Egypt “is not a favour, but a duty”."

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Saudi Stocks Lead Arab Market Rally as King Vows Yemen Stability - Bloomberg Business

Saudi Stocks Lead Arab Market Rally as King Vows Yemen Stability - Bloomberg Business:

"Saudi Arabian stocks jumped the most in six weeks, leading a rally across Arab equity markets, after the country’s king pledged to restore stability in Yemen.

The Tadawul All Share Index, the main gauge for the world’s biggest oil exporter, added 2.2 percent at 12:07 p.m. local time, the sharpest increase since Feb. 15. Qatar’s QE Index climbed for the first time in three days, and Abu Dhabi’s ADX General Index headed for the highest close in two weeks. The Bloomberg GCC 200 Index, a gauge of the Gulf Cooperation Council’s top 200 equities, was on course for the biggest advance in more than a month.

Equity markets across the Middle East were caught in a selloff last week as a Saudi-led coalition started bombing targets in Yemen after Shiite rebels advanced on the southern port of Aden, where forces loyal to President Abdurabuh Mansur Hadi have rallied. Saudi Arabia’s King Salman yesterday told Arab leaders the coalition would press its military offensive until stability in Yemen is restored."

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