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Monday, 25 July 2016

Third quarter critical for Dubai property | GulfNews.com

Third quarter critical for Dubai property | GulfNews.com:

"The third quarter of the year could see a further softening of property values and rents in Dubai, as the market needs more time to adjust to global currency movements and oil price shifts, says a new report from Phidar Advisory.

The consultancy continues to maintain a cautionary forecast on Dubai realty prospects in the near term while others contend the downturn is over.

The majority view now believes that a turnaround could be there from 2017 onwards and that Brexit’s impact on deal flow in the local market will be limited to the short-term."



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Dubai Financial Market Q2 net profit falls 60 pct | Reuters

Dubai Financial Market Q2 net profit falls 60 pct | Reuters:

"Dubai Financial Market (DFM), the Gulf's only listed stock exchange, reported a 60 percent fall in second-quarter net profit on Monday as revenue fell.

The firm made a net profit of 53.5 million dirhams ($14.6 million) in the three months to June 30, down from 132.4 million dirhams in the year-ago period, it said in a statement.

Revenues fell to 100 million dirhams in the quarter, compared with 178.1 million dirhams in the corresponding three months of 2015.

"



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MIDEAST STOCKS-UAE rebounds, banks weigh on Saudi | Reuters

MIDEAST STOCKS-UAE rebounds, banks weigh on Saudi | Reuters:

"Gulf stock markets diverged on Monday, with the two main bourses in the United Arab Emirates recovering from losses in the previous session, while banks weighed on Saudi Arabia's index.

Riyadh's benchmark closed 0.1 percent lower, extending Sunday's 1.2 percent decline, as the banking sub-index sagged 0.7 percent. Samba Financial Group fell 0.7 percent.

But the market's other major sector, petrochemicals, edged up after Sahara Petrochemical reported that second-quarter net profit soared 746 percent to 96.4 million riyals ($25.7 million), much higher than NCB Capital's forecast of 66.8 million riyals."



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Saudi’s Algosaibi signs deal with banks to restructure $6bn debt | The National

Saudi’s Algosaibi signs deal with banks to restructure $6bn debt | The National:

"Ahmad Hamad Algosaibi & Brothers signed a deal with a committee representing creditor banks to restructure about $6 billion of debt, taking it a step closer to ending a seven-year impasse over the Middle East’s biggest default.

The agreement with the five-member steering committee formally commits Algosaibi and the banks "to support the implementation of the agreed settlement terms," the Saudi Arabian company said in an emailed statement on Monday.


Algosaibi and billionaire Maan al-Sanea’s Saad Group, two family holding companies related by marital ties, defaulted on at least $15.7 billion in 2009 as the global economic crisis froze credit markets and asset prices slumped. The company made an improved offer to banks last year, guaranteeing they would recover at least 40 per cent on the debt. Algosaibi plans to pay creditors using a share portfolio, real estate assets and a minority stake in an operating business."



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Gloss Comes Off Dubai as Oil Woes Spill Into Expat Promised Land - Bloomberg

Gloss Comes Off Dubai as Oil Woes Spill Into Expat Promised Land - Bloomberg:



"Kier Riemersma and his wife sat down a few months ago to make a difficult decision. The American couple, who lived in Dubai for over a decade, would wind down his real estate business and move back home to Denver, Colorado.
“Frankly, we struggled in the past year and half,” said Riemersma, 46, who had to dismiss his five employees in March. “We probably chased 20 major assignments and got only one. Most of the others we didn’t lose. The projects never progressed and simply weren’t awarded.”"



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MIDEAST STOCKS-UAE firm but Saudi weighed down by petrochemicals | Reuters

MIDEAST STOCKS-UAE firm but Saudi weighed down by petrochemicals | Reuters:

"Gulf bourses diverged in early trade on Monday with the two main bourses in the United Arab Emirates recovering from losses on the previous day but Riyadh's stock index dragged lower by petrochemicals.

Abu Dhabi's index climbed 0.4 percent with real estate developer and property rental manager Eshraq Properties , the most heavily traded stock on the bourse, adding 1.4 percent.

But real estate advisory firm JLL reported that after 18 months of relatively stable conditions, Abu Dhabi's real estate market was starting to show initial signs of weakness."



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Egypt to Receive First Tranche of $1.5 Billion Saudi Loan ‘Soon’ - Bloomberg

Egypt to Receive First Tranche of $1.5 Billion Saudi Loan ‘Soon’ - Bloomberg:

"Egypt will “soon” receive the first tranche of a $1.5 billion loan from Saudi Arabia, an Egyptian minister said, a cash injection that could help to ease a dollar shortage that has weighed on economic growth.
The first payment will be about $500 million, Egypt’s Minister of International Cooperation Sahar Nasr said. The loan is one of a package of agreements worth $25 billion signed during Saudi King Salman’s visit to Cairo in April, which include a $16 billion investment fund and a plan to build a bridge connecting the two nations. A Saudi delegation will visit Egypt next week, Nasr said."



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