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Sunday, 6 March 2016

Damac plans 15 per cent cash dividend payout for second half of year | The National

Damac plans 15 per cent cash dividend payout for second half of year | The National:

"The Dubai-based developer Damac Properties proposes to pay a 15 per cent cash dividend for the second half of last year, bringing the total to 25 per cent for the year.

The company is recommending that shareholders approve the 15 per cent dividend payment at its forthcoming annual general meeting based on its performance during the second half of last year.

Shareholders had already received an interim payment of 10 per cent for the first half of the year, as well as being awarded a further 10 per cent in bonus shares. A spokesman for Damac said that it is maintaining its guidance target first set in 2014, which stated that it would propose to pay a dividend of at least 25 per cent in cash both last year and this year."



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Americana Said Valued at $4 Billion in Alabbar-Led Takeover - Bloomberg Business

Americana Said Valued at $4 Billion in Alabbar-Led Takeover - Bloomberg Business:

"The investor group buying Kuwait Food Co. has valued the operator of KFC restaurants in the Middle East and North Africa at about $4 billion in their agreement to buy out the company’s family owner, according to people with knowledge of the matter.
Adeptio LLC plans to take the Kuwaiti company, known as Americana, private, the people said, asking not to be identified as the information is confidential. The consortium, led by Emaar Properties PJSC Chairman Mohamed Alabbar, includes prominent United Arab Emirates and Saudi Arabian families, the people said. The investor group is conducting due diligence on the deal and terms may change based on the outcome, they said."



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MIDEAST STOCKS-Gulf markets gain as oil nears $39; Egypt up but worries loom | Reuters

MIDEAST STOCKS-Gulf markets gain as oil nears $39; Egypt up but worries loom | Reuters:

"Firmer oil prices and a revival of global risk appetite helped lift stock markets in the Middle East on Sunday, as heavyweight petrochemical firms and banks boosted Saudi Arabia's bourse in heavy trade.

Moody's Investors Service put the debt ratings of Saudi Arabia, the United Arab Emirates, Kuwait and Qatar on review for possible downgrade late on Friday, and cut Bahrain's rating to junk, citing low oil prices.

But many investors saw this as a belated response to old news, and focused instead on oil's rebound near $39 a barrel in the past couple of weeks."



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Abu Dhabi Stocks Enter Bull Market as Oil Spurs Mideast Rally - Bloomberg Business

Abu Dhabi Stocks Enter Bull Market as Oil Spurs Mideast Rally - Bloomberg Business:

"Abu Dhabi stocks entered a bull market, leading Mideast gauges higher, as rising oil prices added to growing bullish sentiment across global equities.
The ADX General Index climbed 3.1 percent at the close, extending the longest winning streak this year and taking gains since a Jan. 21 low to 22 percent. Dubai’s DFM General Index, which entered a bull market last month, increased 2.9 percent and Kuwait’s SE Price Index added 0.7 percent."



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UAE, Russia and other oil nations on review for Moody’s credit downgrade | The National

UAE, Russia and other oil nations on review for Moody’s credit downgrade | The National:

"The credit ratings of more than 10 oil producing nations in the developing world were placed on review for a downgrade by Moody’s Investors Service, which cited the shock of depressed oil prices on these economies.

The list includes Russia, Kazakhstan, Nigeria, Angola, Gabon and Trinidad and Tobago, according to statements released by Moody’s on Friday in New York. Five of the six GCC nations - Kuwait, Saudi Arabia, the UAE, Bahrain, and Qatar - were also put on review for a cut, Moody’s said, adding that it expects to complete its review within two months. The ratings of Bahrain and Congo were downgraded in addition to being placed on review, while the credit outlook for Venezuela was lowered to negative from stable.

The moves follow Standard & Poor’s, which has already issued a spate of downgrades in reflection of the selloff in oil and its impact on the creditworthiness of producers in emerging markets. The collapse in commodity prices has forced governments to trim the spending that has helped fuel their economic growth over the past decade. Fiscal deficits are on the rise as these countries increase borrowing to make up for the shortfall in revenue."



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UAE banks are prepared for economic headwinds | GulfNews.com

UAE banks are prepared for economic headwinds | GulfNews.com:

"The UAE’s banking sector is well prepared for the global and regional economic challenges and is expected cope well with the headwinds from low oil prices, squeeze on liquidity and a potential growth slowdown, Shayne Nelson, Group Chief Executive officer of Emirates NBD told Gulf News in an Interview.

Emirates NBD and Emirates Islamic, the Islamic bank belonging to the group delivered strong results in 2015 despite many banks reporting decline in profit growth while facing challenges in asset quality, particularly in their small and medium enterprise (SME) portfolios, deposits and loan growth.

The bank reported net profit of Dh7.1 billion for the full year 2015, up 39 per cent compared to the previous year. Total income for the year grew by 5 per cent to Dh15.2 billion. Net interest income grew 8 per cent to Dh10.2 billion due to growth in assets and a lower cost of deposits."



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FT answers your questions on oil | FT Business - YouTube

FT answers your questions on oil | FT Business - YouTube: ""



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MIDEAST STOCKS-Saudi surges on oil, Orascom Telecom lifts Egypt | Reuters

MIDEAST STOCKS-Saudi surges on oil, Orascom Telecom lifts Egypt | Reuters:

"Firmer oil prices and a revival of global risk appetite helped lift stock markets in Saudi Arabia and Egypt in early trade on Sunday.

Riyadh's index was up 2.4 percent as petrochemical firms and banks gained momentum, with Saudi Basic Industries and Samba Financial Group each up more than 2.0 percent.

Moody's put the debt ratings of Saudi Arabia and three other Gulf states on review for possible downgrade late on Friday. But many investors saw this as a belated response to old news, and focused instead on oil's rebound near $39 a barrel in the past couple of weeks."



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MIDEAST STOCKS-Gulf markets surge as oil nears $39 | Agricultural Commodities | Reuters

MIDEAST STOCKS-Gulf markets surge as oil nears $39 | Agricultural Commodities | Reuters:

"Rising oil prices boosted stock markets in the Gulf early on Sunday, with construction firm Arabtec leading Dubai's market up and Dana Gas jumping in Abu Dhabi.

Shares in Arabtec surged 8.0 percent in the first hour of trade after a similar rise on Thursday. They have been swinging wildly in speculative trade since exchange data at the start of last week showed former chief executive Hasan Ismaik had raised his stake in the company to 11.91 percent from 11.81 percent. But his stake has not grown since then.

Other speculative shares favoured by local traders also attracted volume with builder Drake & Scull and Islamic investment firm Amlak Finance each advancing over 3.5 percent. Dubai's index was up 2.4 percent."



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RPT-Oil's squeeze spreads from Gulf states to banks | Reuters

RPT-Oil's squeeze spreads from Gulf states to banks | Reuters:

"Low oil prices are forcing Gulf states to borrow to prop up their economies and are now taking their toll on the region's banks too, complicating their efforts to raise capital required by regulators.

The impact of crude's fall from more than $100 to below $30 a barrel in less than 18 months has already been felt by oil and gas revenue dependent Middle Eastern countries which have had to borrow to prop up their economies.

And international investors have been avoiding the Gulf region's debt in recent months as a result, concerned about slower economic growth and substantial budget deficits.

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