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Saturday, 19 March 2016

Dubai World and MGM Mirage sells joint Las Vegas retail project | The National

Dubai World and MGM Mirage sells joint Las Vegas retail project | The National:

"Dubai World and MGM Mirage sold their joint retail project in Las Vegas for US$1.1 billion, as the UAE entity continues on its road to recovery from the 2009 financial crisis.

Invesco Real Estate and Simon Property Group will take control of CityCenter’s The Shops at Crystals, a 324,000 square feet luxury shopping centre, with the deal expected to close in the second quarter.

“We believe that Invesco Real Estate and Simon Property Group are the ideal stewards to maintain the high quality of the asset and usher in a new era of success," said Jim Murren, the chairman and chief executive of MGM Resorts International."



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Mubadala opens Brazilian office after inheriting assets | The National

Mubadala opens Brazilian office after inheriting assets | The National:

"Mubadala, the Abu Dhabi government investment company, has opened an office in Brazil after successfully securing assets from the crumbling empire of the country’s former billionaire Eike Batista.

The Abu Dhabi Fund had invested $2 billion in Mr Batista’s EBX Group in 2012, but the deal took a turn for the worse when the flamboyant businessman’s newly minted commodities interests failed to meet production targets amid collapsing commodity prices that quickly plunged Brazil into a recession.

The deal, however, came with guarantees that allowed Mubadala to recoup or buy salvage­able assets if the agreement fell to pieces, as it did."



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Emaar Properties proposes 15% dividend | GulfNews.com

Emaar Properties proposes 15% dividend | GulfNews.com:

"Emaar Properties said on Saturday it plans to submit a proposal to give 15 per cent of the share capital or 15 fills per share — the same as the previous year — to its shareholders.

The proposal will be sent for approval at its annual general meeting, the owner of Dubai Mall said in a statement posted on Dubai Financial Market’s website.

The board also approved its financial statements for 2015 and also plans to set April 18 as the date to hold its annual general meeting."



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Mixed near-term outlook for UAE markets | GulfNews.com

Mixed near-term outlook for UAE markets | GulfNews.com:

"Last week the Dubai Financial Market General Index (DFMGI) advanced by 29.39 or 0.88 per cent to close at 3,384.63, the fourth consecutive week of positive performance. For the first week in four there were more stocks that fell than rose, with 20 declining against 18 advancing. Volume fell well below the prior two weeks, reaching a three-week low.

For the past couple of weeks the index has made several attemps to break above the 200-day exponential moving average (ema), now at 3,405.44. It has represented trend resistance along with the two-week high at 3,420.71. If the high is exceeded the DFMGI next heads towards a resistance zone from 3,498 to 3,542. Thereafter, there is a resistance zone up to the October highs, around 3,740 to 3,763.

So far, given last week’s performance, we can anticipate that the two-week high will be exceeded. The DFMGI fell into Wednesday before finding support at the 21-day ema and rallying, ending with a bullish one-day candle, followed by a four-day closing high on Thursday. This type of price action identifies the 21-day ema as an important trend support indicator for the near-term uptrend, and therefore it should continue to be watched. In addition, by Wednesday the DFMGI was down 3 per cent for the week before recovering into Thursday to close positive. Support was found at 3,253.1, just above the prior week’s low of 3,251.05, thereby maintaining a consistent eight week’s of higher lows."



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Exclusive: After Motiva split, Saudi Aramco aims to buy more U.S. refineries - sources | Reuters

Exclusive: After Motiva split, Saudi Aramco aims to buy more U.S. refineries - sources | Reuters:

"Saudi Arabia's national oil company wants to buy more U.S. refining and chemical plants to expand its footprint in the world's largest energy market once the break-up of its joint venture with Royal Dutch Shell Plc is complete, sources said.

Ending an often rocky nearly 20-year relationship, Shell (RDSa.L) and Saudi Aramco [SDABO.UL] announced on Wednesday plans to break up Motiva Enterprises LLC [MOTIV.UL] after almost two decades, dividing its assets and leaving Aramco with one plant, the nation's largest crude oil refinery, in Port Arthur, Texas.

Officials from Saudi Refining, the downstream arm of Aramco, told employees following the announcement that the state-owned firm was intent on buying more assets once the Motiva break-up is finished, according to five people who attended the briefing and asked not to be identified due to the sensitivity of the issue."



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Marc Faber: Emerging Markets Are in Recession - Bloomberg Business

Marc Faber: Emerging Markets Are in Recession - Bloomberg Business: "The Gloom, Boom & Doom Report Publisher Marc Faber weighs in on the economy and emerging markets. He speaks on "Bloomberg Markets." (Source: Bloomberg)"



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