Google+ Followers

Monday, 2 May 2016

Taqa denies being engaged in merger talks | The National

Taqa denies being engaged in merger talks | The National:

"Abu Dhabi National Energy Company, known as Taqa, has said that it is not engaged in any kind of “merger discussions".

In a statement on Monday, it said: “Several media have reported that Taqa was considering selling its oil and gas assets to another government entity [but it] remains committed to invest in its international portfolio of oil and gas assets alongside its power and water business."

The company, which is majority owned by Abu Dhabi’s water and electricity utility and other government entities, made progress to lighten its heavy debt load last year. “The cost transformation programme has helped save more than Dh5 billion in cash costs and capex in 2015 [and the company] expects to realise further significant reductions to its cost base in 2016," it said on Monday."



'via Blog this'

DFM to organise road show in London | GulfNews.com

DFM to organise road show in London | GulfNews.com:

"Dubai Financial Market (DFM) said it will organise its International Investor Roadshow in London from May 18 — 19.

The bourse said in an emailed statement that senior representatives from 17 companies listed on DFM and Nasdaq will update London-based international fund managers on their respective companies’ growth strategies as well as most recent developments.

The delegates will hold series of meetings with representatives of international fund managers in order to highlight the success stories, achievements and developments of their respective companies. List of leading companies taking part in the roadshow includes; Air Arabia, Amlak Finance, Arabtec Holding, Aramex, DAMAC Properties, Dubai Financial Market (PJSC), DP World, Dubai Investments, Dubai Islamic Bank, Dubai Parks and Resorts, Emaar Properties, Emaar Malls, Emirates NBD, Emirates REIT, Mashreq Bank, Tabreed and Union Properties.
"



'via Blog this'

Saudi minister confirms warning on proposed U.S. law on 9/11 | Reuters

Saudi minister confirms warning on proposed U.S. law on 9/11 | Reuters:

"Saudi Arabia has warned the United States that a proposed U.S. law that could hold the kingdom responsible for any role in the Sept 11, 2001, attacks would erode global investor confidence in America, its foreign minister said on Monday.

The minister, Adel al-Jubeir, speaking to reporters in Geneva after talks with U.S. Secretary of State John Kerry, which mainly focused on Syria, denied that Saudi Arabia had "threatened" to withdraw investment from its close ally.

The New York Times reported last month that the Riyadh government had threatened to sell up to $750 billion worth of American assets should the U.S. Congress pass a bill that would take away immunity from foreign governments in cases arising from a "terrorist attack that kills an American on American soil"."



'via Blog this'

MIDEAST STOCKS-Gulf markets fall; Emaar Properties drops after earnings | Reuters

MIDEAST STOCKS-Gulf markets fall; Emaar Properties drops after earnings | Reuters:

"Stock markets in the Gulf fell on Monday after oil prices pulled back and Dubai blue chip Emaar Properties dropped following the release of its first-quarter earnings.

Saudi Arabia's index slipped 0.6 percent as petrochemical shares in particular were weak, with Saudi Basic Industries losing 1.2 percent.

Saudi Arabian Mining Co retreated 3 percent after jumping by its 10 percent daily limit on Sunday on news that the miner had reshuffled its board and appointed the chairman of state oil giant Saudi Aramco, Khalid al-Falih, as its own chairman as part of a government drive to develop the mining sector."



'via Blog this'

What Iran’s first non-oil trade surplus means for its economy - Al-Monitor: the Pulse of the Middle East

What Iran’s first non-oil trade surplus means for its economy - Al-Monitor: the Pulse of the Middle East:

"Iran’s non-oil balance of trade turned positive in the past Iranian year, which ended March 19. The $916 million trade surplus is the country’s first since its 1979 Islamic Revolution. On April 4, President Hassan Rouhani hailed it as an achievement that the country secured despite international sanctions as well as low oil prices.

“Last year, non-oil exports exceeded non-oil imports for the first time since the Islamic Revolution. Progress has been achieved through the support and participation of the people as well as their unity,” Rouhani said.

Figures published by Iran’s Customs Administration for the past Iranian calendar year put non-oil exports at $42.4 billion and imports at $41.5 billion. The non-oil trade balance turned positive as exports witnessed declines of 16.1% and imports declined by 22.5%, compared with the same period in the previous Iranian year."



'via Blog this'

Mobius: Templeton May Seek Saudi QFI Status - Bloomberg

Mobius: Templeton May Seek Saudi QFI Status - Bloomberg:

"Mark Mobius, executive chairman of Franklin Templeton's Emerging Markets Group, discusses the outlook for emerging markets with Bloomberg's Manus Cranny on "Bloomberg Markets Middle East." (Source: Bloomberg)"



'via Blog this'

The Long- and Short-Term Outlook for Oil - Bloomberg

The Long- and Short-Term Outlook for Oil - Bloomberg:

"Edward Bell, Emirates NBD commodities analyst, discusses the outlook for oil prices with Bloomberg's Manus Cranny and Rishaad Salamat on "Bloomberg Markets Middle East." (Source: Bloomberg)"



'via Blog this'

MIDEAST STOCKS-Gulf bourses slip; few positive factors | Reuters

MIDEAST STOCKS-Gulf bourses slip; few positive factors | Reuters:

"Stock markets in the Gulf fell moderately in early trade on Monday with few fresh, positive factors to trigger buying.

Dubai's index lost 0.9 percent in the first hour. Emaar Properties rose at the opening but subsequently dropped 0.9 percent; on Sunday, it reported a 17 percent rise in first-quarter net profit to 1.21 billion dirhams ($330 million). SICO Bahrain had forecast 1.22 billion dirhams.

GFH Financial fell 1.1 percent after it said it had signed a preliminary letter of intent with Abu Dhabi's Eshraq Properties, under which GFH might sell real estate assets to Eshraq in exchange for Eshraq shares. Eshraq dropped 2.4 percent and was Abu Dhabi's most heavily traded stock."



'via Blog this'