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Monday, 29 June 2015

Dubai’s Limitless to Pay Banks, Trade Creditors $564 Million - Bloomberg Business

Dubai’s Limitless to Pay Banks, Trade Creditors $564 Million - Bloomberg Business:



"Dubai-based developer Limitless LLC will pay banks and trade creditors 2.07 billion dirhams ($564 million) after it sold part of its land bank in Saudi Arabia.



About 90 percent of the funds will be paid to lenders, representing 42 percent of the company’s outstanding bank debt of 4.45 billion dirhams, the company said in a statement on Monday. Limitless sold half its 14 million square meters (151 million square feet) of land in Riyadh to Saudi Real Estate Co., Chairman Ali Rashed Lootah said at a news conference today.



Limitless is negotiating with banks on new terms for the repayment of the remaining amount by December 2018, two years later than the original plan. Almost 90 percent of lenders have agreed to the revised terms, according to the statement. Lootah expects the remaining 10 percent to accept the terms soon. The company owes trade creditors 576 million dirhams, he said."



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MIDEAST STOCKS-Markets fall again on Greece; no panic in Tunisia | Reuters

MIDEAST STOCKS-Markets fall again on Greece; no panic in Tunisia | Reuters:



"The Greek debt crisis continued to push down Middle Eastern stock markets on Monday after Athens imposed capital controls and shut banks, raising the prospect of Greece leaving the euro zone.



Gulf economies are better insulated from such an event than many areas of the world, because they do not depend on foreign investment and governments can use huge fiscal reserves to continue spending heavily.



But market sentiment in the region was hurt by a broad slide of Asian and European stocks and a near 2 percent drop in Brent oil to just above $62.0 a barrel."



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MIDEAST STOCKS-Saudi, Egyptian markets sink on Greek crisis | Reuters

MIDEAST STOCKS-Saudi, Egyptian markets sink on Greek crisis | Reuters:



"Stock markets in Saudi Arabia and Egypt fell in early trade on Monday, joining a global market slide triggered by the Greek debt crisis.



Saudi Arabia does not depend on foreign investment and its government has huge fiscal reserves, so it is better insulated from any euro zone crisis than many emerging markets. But a crisis could pull down global oil prices, which might hurt Saudi petrochemical firms in particular.



Both the Saudi stock index and petrochemical giant Saudi Basic Industries dropped 1.2 percent. The mining company Ma'aden tumbled 4.3 percent."



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MIDEAST STOCKS-Gulf markets fall on Greece turmoil; Amlak tumbles | Reuters

MIDEAST STOCKS-Gulf markets fall on Greece turmoil; Amlak tumbles | Reuters:



"Gulf stock markets fell again early on Monday in response to the turmoil in Greece, where the government imposed capital controls and shut banks for a week, raising the prospect of the country leaving the euro zone.



Dubai's stock index, usually the most volatile in the region, slid 1.3 percent to 4,003. It is heading for a second straight daily close below its 200-day average, now at 4,077, which would be technically bearish.



Amlak Finance, which led Dubai up earlier this month in speculative trade, sank 6.9 percent in heavy turnover. Blue chip Emaar Properties, which could see European investors' demand for its real estate hit by any fresh euro zone crisis, lost 1.8 percent."



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Mobily fiasco highlights need for good governance in the Middle East | The National

Mobily fiasco highlights need for good governance in the Middle East | The National:



"As Etisalat and Saudi Arabia’s stock exchange begin to welcome foreign investors for the first time, the travails of Etihad Etisalat come as a stark reminder of the importance of modern corporate governance standards for listed companies in the kingdom and beyond.



Etisalat’s Saudi subsidiary, known as Mobily, was one of the country’s strongest telecoms stocks, with a market capitalisation of 71.4 billion riyals (Dh69.9bn) at the end of June last year.



One year on and that figure has plummeted by nearly two-thirds after Mobily admitted in November that it would have to restate 18 months’ worth of earnings because of alleged accounting irregularities, sending shares into freefall."



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Saudi foreign reserves drop for fourth month to $672 billion | The National

Saudi foreign reserves drop for fourth month to $672 billion | The National:



"Saudi Arabia’s foreign-reserve assets fell for a fourth month to about US$672 billion as the kingdom grapples with lower oil prices and the cost of the war in Yemen, though the pace of the drop did slow.



Net foreign assets fell about 24.7 billion riyals (Dh24.2bn) last month, bringing their decline since January to more than $50bn, the Saudi Arabian Monetary Agency said. The reserves had plunged by 180bn riyals in the previous three months.



King Salman, who came to the throne in January, started a bombing campaign against rebels in Yemen and moved ahead with domestic spending plans at a time when oil prices had fallen by about 60 per cent from their peak in June last year, prompting the IMF to predict a budget deficit this year of 20 per cent of economic output."



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Iran nuclear talks to miss deadline as differences remain - FT.com

Iran nuclear talks to miss deadline as differences remain - FT.com:



"Crucial nuclear talks with Iran in Vienna are likely to extend beyond the self-imposed deadline of Tuesday, western officials said on Sunday, as Iranian foreign minister Mohammad Javad Zarif returned to Tehran for consultations with political leaders.



Mr Zarif returned home late on Sunday for a day of talks in the Iranian capital as diplomats indicated that important differences remain over the final details of a long-discussed nuclear accord.



Iran is negotiating over its nuclear programme with six world powers — the US, France, UK, Germany, Russia and China. When the political framework for a nuclear deal was reached in April, diplomats had set Tuesday as a final deadline for concluding the agreement, which would put limits on Iran’s nuclear programme in return for sanctions relief."



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Older workers add value to any organization | Opinion | Saudi Gazette @talmaeena

Older workers add value to any organization | Opinion | Saudi Gazette:



"A UK newspaper published a survey that stated: “workers of over 50 are four times less likely to pull a sickie than younger staff.”



The survey also brought to light a five-year study which indicated that 44 percent of workers aged 20-39 had lied to their boss about being ill to get time off, compared with just 10 percent of those over 50. More mature workers seem to be  healthier and more energetic and less reluctant to take sick leave. Younger workers attributed their time off due to a common cold and at times took more than the required days for treatment.



The survey of 2,000 working adults by an insurance firm found that older workers were keen to make the "best impression" and hold on to their jobs as they approached retirement."



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Airport expansion: It's build, build, build in much of the world - BBC News

Airport expansion: It's build, build, build in much of the world - BBC News:



"A three-year review into the future of air travel around London is due to finish with the recommendation that a new runway be built at one of two existing airports. But while the capital gingerly edges towards airport expansion, other parts of the world are witnessing a massive airport building boom.



Along the Black Sea coast, 21 miles (35km) from Istanbul, an army of trucks and construction workers are labouring round the clock to build one of the world's biggest airports. The project was only announced two years ago by the Turkish government and yet it's due to open in 2018. Once fully complete, it will boast six runways and cater for 150 million passengers a year, travelling to 350 destinations. Or to put it another way, it will have more than twice the capacity of London Heathrow.



Never mind its size, the speed of this project alone is breath-taking. In the UK's South East region, on the other hand, it has taken several decades - and many official reports - to decide where to build a new runway. As the latest independent commission prepares to deliver its proposals, how are other countries managing the rise in air traffic, and is the growth in passengers really set to go on and on?"



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Iran nuclear talks 'to go beyond 30 June deadline' - US - BBC News

Iran nuclear talks 'to go beyond 30 June deadline' - US - BBC News:



"Iranian nuclear talks are set to go on beyond Tuesday's formal deadline for a deal, a senior US official says.



The admission came as Iran's Foreign Minister Mohammed Javad Zarif prepared to fly back to Tehran from Vienna, Austria, where talks are taking place.



Observers said Mr Zarif probably needed to seek guidance over a stumbling block in negotiations - how much access Tehran will grant to nuclear monitors."



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Mideast Stocks Sink on Fear Attacks May Spread in Gulf Nations - Bloomberg Business

Mideast Stocks Sink on Fear Attacks May Spread in Gulf Nations - Bloomberg Business:



"Stocks in Dubai, the Middle East’s commercial hub, led regional declines on concern militants could target other Arab Gulf nations after Kuwait’s deadliest attack in decades killed 27 people.



The DFM General Index dropped 2.2 percent, the most since June 11, to 4,055.97 at the 2 p.m. close in the emirate. Kuwait’s SE Price Index slipped 0.2 percent to the lowest since December. More than 200 people were wounded when a bomb ripped through a Shiite mosque in the country, which shares borders with Iraq and Saudi Arabia.



The attack was one of four on Friday. A gunman killed at least 38 people in the Tunisian seaside resort of Sousse, a person was decapitated at a gas plant in southeastern France owned by Air Products & Chemicals Inc. and, in Somalia, Al-Shabaab militants said they killed about 30 African Union peace keepers."



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MIDEAST STOCKS-Gulf share prices fall on attacks, Greece; IPO boosts Egypt | Reuters

MIDEAST STOCKS-Gulf share prices fall on attacks, Greece; IPO boosts Egypt | Reuters:



"Gulf share price indexes fell on Sunday in reaction to the militant attacks in Kuwait and Tunisia and the Greek debt crisis, while Egypt's rose after an initial public share offer by Emaar Misr was greatly oversubscribed.



The attacks, which killed a total of 66 people, did not appear to represent any immediate threat to the oil exporting economies of the Gulf. The region does not rely on foreign investment and has huge resources which it can devote to keeping the oil flowing.



The Kuwaiti dinar and other Gulf currencies barely moved in the spot and forward foreign exchange markets on Sunday, suggesting there were no major fund flows. U.S. dollar/dinar forwards were quoted higher but well within the range of the last few weeks."



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