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Wednesday, 1 July 2015

Iran eyes $100bn of investment in oil industry - FT.com

Iran eyes $100bn of investment in oil industry - FT.com:



"Iran hopes to secure $100bn of fresh investment in its oil and gas sector once international sanctions are lifted and has finalised details of new and more lucrative contracts for multinational energy companies.



Mehdi Hosseini, an adviser to Iran’s oil ministry and the man tasked with drafting the Iran Petroleum Contract expects Hassan Rouhani, the president, to approve the new contract in the coming months, with details to be announced by the end of the year.



The current system of buyback contracts, which does not allow companies to book reserves or take equity stakes in Iranian companies, has proved hugely unpopular with multinationals and deterred investors even before sanctions were tightened."



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MIDEAST STOCKS-Saudi stocks slip; Salama plunges on right issue | Reuters

MIDEAST STOCKS-Saudi stocks slip; Salama plunges on right issue | Reuters:



"Saudi Arabian stocks fell early on Wednesday as oil prices weakened and Salama Cooperative Insurance plunged in response to a rights issue.



Brent crude slipped more than 1 percent to around $62.60 a barrel on Wednesday morning after Greece defaulted on its debt and data showed both U.S. and OPEC oil production had hit records.



This ended Tuesday's round of buying by retail investors. The Saudi stock index dropped 0.4 percent as petrochemical producer Saudi Basic Industries lost 1.2 percent."



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Investment Corporation of Dubai profit up 63% on core business growth | The National

Investment Corporation of Dubai profit up 63% on core business growth | The National:



"Investment Corporation of Dubai (ICD) posted a 63 per cent profit increase last year amid growth in its core businesses, a gain from the transfer of Dubai Aluminium’s assets to Emirates Global Aluminium and a partial sale of its equity in the London Stock Exchange.



ICD’s profit attributable to equity holders rose to Dh23.8 billion last year from Dh14.6bn a year earlier, the sovereign wealth fund said in a statement yesterday. 




Revenues edged up last year 11 per cent to Dh198.4bn from Dh178.3bn a year earlier as the fund’s transportation, oil and gas, banking and financial services units posted strong performance."



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More Sharjah projects now open up to resident buyers | GulfNews.com

More Sharjah projects now open up to resident buyers | GulfNews.com:



"Be it plots, villas or upscale apartments, more Sharjah developers are opening their doors to buyers of all nationalities, but with UAE resident visas. The widening list of options that Sharjah now offers — and even extending to offices and commercial real estate assets — has helped “maintain” transactional activity through the first six months of the year, sources inform.



One upscale development that is testing investor interest in the three-tower Al Rayaan Complex in Al Nahda, being built by JMS. Two of the towers will be for residences — where a one-bedroom has a price tag of an average Dh745,000, while that of a three-bedroom is Dh1.25 million. The third structure will be a mixed-use, for Grade A offices and a hotel component. Further enhancing investor attention would be a “boutique mall”.



“The project footprint takes up quite a substantial area and is being built to a quality that’s not common in Sharjah,” said Suzanne Eveleigh, Director at Cluttons, the property services firm. “There’s already a fairly high level of interest among private sector businesses for the Grade A offices in Al Rayaan. There will be a major sales push closer to Cityscape [in September].” (Completion is scheduled for late in the first quarter of 2016.)"



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Emirates debunks US subsidy allegations | GulfNews.com

Emirates debunks US subsidy allegations | GulfNews.com:



"Emirates on Tuesday issued a comprehensive 350-page report snubbing allegations that it has received over $6 billion in subsidies, and that of unfair competition. The airline’s point-by-point rebuttal comes as a response to the three US carriers – Delta, United and American Airlines – aggressive lobbying campaign in January, in a protectionist bid to restrict the growth of international flights to the US operated by Emirates and other Gulf carriers.



Emirates President Sir Tim Clark said in Washington D.C. on Tuesday that the US carriers’ argument is nothing more than a “mess of legal distortions and factual errors”, and that the rebuttal proves false the claim that Emirates benefits from UAE government subsidies in violation of the US-UAE Open Skies Agreement. 




“The methods employed by the US legacy carriers to discredit Emirates have been surprising and frankly, repugnant. The Big 3’s mess of legal distortions and factual errors falls apart at the slightest scrutiny. The allegations about Emirates receiving subsidies or competing unfairly are false,” he said, adding that the US carriers against Emirates is “full of holes”. “And if their protectionist campaign were to be successful, it will not end with just the Gulf airlines.”"



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Year into #Sisi's power, Egyptians lament persistent hardships | Reuters #Egypt

Year into Sisi's power, Egyptians lament persistent hardships | Reuters:



"After a year in power, Egyptian President Abdel Fattah al-Sisi's aura of invincibility may be fading as he comes under closer scrutiny from a public growing impatient with the same social inequalities that triggered a mass uprising in 2011.



To be sure, Sisi is still firmly in control, with security forces cracking down on dissent, and Western and Gulf Arab powers on his side, pumping billions of dollars into the economy each year to support a strategic ally.



But with frustration growing on the streets, the man who could once do no wrong in the eyes of many Egyptians is becoming more cautious in his approach to ruling the Arab world's most populous nation, evidenced by a recalibration of some policies."



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MIDEAST STOCKS-Gulf markets slip with oil although TAQA surges in Abu Dhabi | Reuters

MIDEAST STOCKS-Gulf markets slip with oil although TAQA surges in Abu Dhabi | Reuters:



"Gulf stock markets slipped in early trade on Wednesday along with a pull-back in oil prices, although Abu Dhabi National Energy Co surged on expectations for a merger that might end the stock's long slide.



Brent crude fell more than 1 percent to around $62.60 a barrel on Wednesday morning after Greece defaulted on its debt and data showed both U.S. and OPEC oil production had hit new records.



This prompted bargain-hunters, who had bought Gulf markets on dips on Tuesday, to step back. Dubai's index dropped 0.8 percent as Emaar Properties, the biggest listed property company, lost 1.4 percent."



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Russia Seen Extending Oil-Sales Lead With Second China Pipeline - Bloomberg Business

Russia Seen Extending Oil-Sales Lead With Second China Pipeline - Bloomberg Business:



"Russia is set to strengthen its position as the biggest oil supplier to China in the coming decade with a planned second pipeline link to Chinese refineries, according to a unit of Fitch Group Inc.



A construction contract was signed between two units of state-run China National Petroleum Corp. for a domestic pipeline carrying Russian crude, the country’s official Xinhua News Agency reported June 26. The 955 kilometer (594 mile) facility from Mohe to Daqing in northeast China will have an annual capacity of 15 million metric tons, it said.



Russia in May surpassed Saudi Arabia as China’s leading crude supplier for the first time in almost a decade as a global fight for market share intensified. The Asian nation’s increasing reliance on oil from its northern neighbor also benefits a Russian economy weakened by American and European sanctions over Ukraine and a collapse in the ruble."



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New Trade Routes: Arab World

New Trade Routes: Arab World:



"Despite widespread unrest in the region, countries such as Saudi Arabia and Egypt are investing huge amounts in infrastructure. The Suez Canal is being expanded and new ports such as King Abdullah Port bring the prospect of more trade, perhaps even within the region."



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Cameron’s chance to expand Heathrow - YouTube

Cameron’s chance to expand Heathrow - YouTube: ""



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Investors anticipate Puerto Rican default | FT Markets - YouTube

Investors anticipate Puerto Rican default | FT Markets - YouTube: ""



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