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Tuesday, 9 August 2016

Abu Dhabi Global Market chief Richard Teng clocks up air miles while winning support | The National

Abu Dhabi Global Market chief Richard Teng clocks up air miles while winning support | The National:

"Two items have proved absolutely indispensable for Richard Teng in the course of 2016: his passport and his pen.

The chief executive of the Abu Dhabi Global Market’s regulator has clocked up thousands of miles in air travel in the 10 months or so since he declared the capital’s new financial free zone "open for business", and has signed agreements with partners around the world as it seeks to establish itself as the "go to" hub for financial ser­vices in the region.


The latest deal, signed yesterday with the Financial Services Board of South Africa, is the 24th such agreement Mr Teng has finalised, and the pace shows no sign of slacking for the remainder of the year.

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UAE bank UNB in talks with banks about bond issue | Reuters

UAE bank UNB in talks with banks about bond issue | Reuters:

"Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, is in talks with banks about issuing a potential benchmark-sized bond, three sources aware of the matter said.

Gulf banks have been active in raising money this year as liquidity becomes less abundant because of lower oil prices and as lending growth outpaces growth in deposits.

The size of UNB's issue is still uncertain, but the sources said it was likely to be benchmark sized, which is usually taken to mean at least $500 million. The issue would be conducted under UNB's $3 billion bond programme."



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MIDEAST STOCKS-Qatar snaps three-day winning streak, Saudi firms with oil | Reuters

MIDEAST STOCKS-Qatar snaps three-day winning streak, Saudi firms with oil | Reuters:

"Qatar's stock market index ended a three-day winning streak on Tuesday as local investors booked profits while Saudi Arabia's index rose, helped by firmer oil prices.

Doha's index, which had climbed as much as 0.7 percent earlier in the day, slipped in the final hour of trade to close 0.02 percent lower. It hit a nine-month closing high on Monday.

Shares on the MSCI emerging market index turned south, with Islamic lender Masraf Al Rayan dropping 2.1 percent and Qatar Islamic Bank falling 2.6 percent."



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