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Monday, 23 May 2016

UAE banks and SMEs keep lid on bad debt fallout | The National

UAE banks and SMEs keep lid on bad debt fallout | The National:

"The potential fallout from rising levels of bad debt in the small and medium enterprise sector has been contained as banks restructure some of those loans that went sour in the aftermath of the oil price crash, said Abdul Aziz Al Ghurair, the head of the UAE bank federation.

Mr Al Ghurair, who is also the chief executive of the Dubai-based lender Mashreq, last year warned that a number of small business owners may have skipped town, leaving about Dh5 billion of unsettled loans.

“The UAE banking federation has put a framework to work out all the skip customers and this has been a great boost to stabilise our economy, stabilise our SMEs and stabilise the banks," he said in Dubai yesterday on the sidelines of an event hosted by Family Business Council, of which he is chairman, to launch the region’s first bilingual governance guide for family businesses."

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Dubai's Shuaa Capital cuts 15 pct of staff -sources | Reuters

Dubai's Shuaa Capital cuts 15 pct of staff -sources | Reuters:

"Dubai investment bank Shuaa Capital has cut about 15 percent of its workforce, sources familiar with the matter told Reuters, ahead of a possible sale of a stake in the company by Dubai Group.

Before the lay-offs, which took place at the end of last week, the bank had about 70 employees. Shuaa did not respond to comment when contacted by Reuters.

Dubai Group, a unit of Dubai Holding, the investment vehicle of the emirate's ruler, mandated Emirates NBD in April to arrange a sales process for its 48 percent stake in Shuaa. The stake is worth about 315 million dirhams ($86 million) at stock market prices.


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MIDEAST STOCKS-Saudi slumps over 3 pct, other bourses mixed | Reuters

MIDEAST STOCKS-Saudi slumps over 3 pct, other bourses mixed | Reuters:

"Saudi Arabia's stock index sank 3.1 percent on Monday as investors sold shares indiscriminately, while the United Arab Emirates and Qatar held onto small gains. Egypt fell as foreign funds exited the market.

Saudi shares were dumped across the board in the largest single-day decline since the government announced sweeping economic reforms in late April.

"Investors are cashing out and keeping cash available on hand before the extended low-volume season of Ramadan and summer vacations," said Sebastien Henin, head of asset management at Abu Dhabi's The National Investor."

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GE Signs $3 Billion Investment Deal in Saudi Shift From Oil - Bloomberg

GE Signs $3 Billion Investment Deal in Saudi Shift From Oil - Bloomberg:

"General Electric Co. agreed to participate in as much as $3 billion of investments across industries in Saudi Arabia as the desert kingdom seeks to diversify its economy away from oil.
The U.S. manufacturing giant will collaborate with the Saudi Arabian Industrial Investments Company to pump $1 billion into the local market by the end of next year, GE said Monday in a statement. That could be followed by another $2 billion invested in water, energy, aviation and digital projects in subsequent years, the company said. SAIIC is a joint venture that includes Saudi Arabian Oil Co., or Aramco.
The agreement, announced as part of a visit by GE Chief Executive Officer Jeffrey Immelt, is intended to complement the recently announced “Saudi Vision 2030” plan to help the crude-rich nation diversify its economy. The project, championed by Deputy Crown Prince Mohammed bin Salman, includes selling shares in Aramco, creating the world’s biggest sovereign wealth fund and generating more than $100 billion in additional non-oil revenue by 2020."

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Creditor call edges Ahab collapse case closer to resolution -

Creditor call edges Ahab collapse case closer to resolution -

"A Saudi court has called for creditors to Ahmad Hamad Algosaibi & Brothers, or Ahab, to file claims against the conglomerate in a step towards resolving the region’s worst corporate collapse.
Since the default in 2009 of family-owned Ahab and the Saad group — owned by Maan al-Sanea, a relative of the Algosaibis by marriage — both sides have been embroiled in court battles across the world, in which they blame each other for the collapse. Their assets have been subjected to a royal freezing order."

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Full Show: Bloomberg Markets Middle East (05/23) - Bloomberg

Full Show: Bloomberg Markets Middle East (05/23) - Bloomberg:

"Full episode of "Bloomberg Markets Middle East." Guests include: Dr. Melhem Melhem, chief economist at Deutsche Securities and Sean Callow, senior FX strategist at Westpac. (Source: Bloomberg)"

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Bahrain Wealth Fund Plans to Invest Over $400 Million This Year - Bloomberg

Bahrain Wealth Fund Plans to Invest Over $400 Million This Year - Bloomberg:

"Bahrain’s sovereign wealth fund plans to invest more than $400 million this year on international deals as it seeks to further diversify away from domestic assets, according to Chief Executive Officer Mahmood Al Kooheji.
Mumtalakat, as the fund is known, will spend more outside Bahrain this year after the bulk of investments were made in its home market in 2015, Al Kooheji said on Sunday by phone from Manama, declining to give more detail. The fund invested $335 million in Bahrain last year in industrial, manufacturing, real estate and tourism businesses, and made one investment of an undisclosed size internationally. About 57 percent of Mumtalakat’s investments are in Bahrain, Al Kooheji said.
The fund, one of only a few in the Middle East to publish financial statements, reported a 70 percent drop in profit for 2015, largely due to an impairment of its stake in Aluminium Bahrain, Al Kooheji said. Profit fell to $76.3 million even as losses at Bahrain national carrier Gulf Air, which the fund also owns, narrowed to $82.7 million from $174.5 million, the company said in a statement."

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MIDEAST STOCKS-Gulf bourses diverge in early trade | Reuters

MIDEAST STOCKS-Gulf bourses diverge in early trade | Reuters:

"Stock markets in the Gulf trod separate paths on Monday, with Saudi Arabia's market lagging while the two main markets in the United Arab Emirates held on to small gains.

Riyadh's index was down 1.2 percent after an hour of trade amid a sell-off in petrochemical shares after oil prices weakened.

Brent oil was down 0.9 percent at $48.25 a barrel; mid-sized petrochemical producers were hit hardest, with Saudi Kayan dropping 3.0 percent."

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