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Wednesday, 31 August 2016

UAE bankruptcy law may be finalised by end-2016 | GulfNews.com

UAE bankruptcy law may be finalised by end-2016 | GulfNews.com:

"The United Arab Emirates may finalise a long-pending bankruptcy law by the end of this year, the economy minister said on Wednesday, a move that could help smaller companies in particular as the economy slows because of low oil prices.
“The need for a bankruptcy law is there, as soon as possible,” Sultan Saeed Al Mansouri told reporters. “It is in the process. It should be finalised by the end of the year, that is my estimate.”
Al Mansouri also said the UAE’s new investment law might be finalised by the end of 2016 as a draft would soon be presented to the cabinet."



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Dubai Finance Hub Grows 16% Even as Economy Slows, Job Cuts Loom - Bloomberg

Dubai Finance Hub Grows 16% Even as Economy Slows, Job Cuts Loom - Bloomberg:

"Dubai’s International Financial Centre said the number of companies based in the hub grew 16 percent during the first half even as lower oil prices and slowing economic growth forced some banks in the United Arab Emirates to cut jobs.
More than 1,500 companies, including 425 financial firms, are now based in the business park with over 21,000 employees, the DIFC said in an e-mailed statement on Wednesday. HSBC Holdings Plc said it is moving its Middle East headquarters to the center this year from Jersey, while Bahrain’s Ahli United Bank BSC also set up in the DIFC, it said.
Oil prices that have slumped by more than 50 percent since 2014 have drained billions of dollars from the U.A.E.’s banking system, slowed investment and forced some global and regional banks to fire workers to boost returns. Banks in the country, which also includes Abu Dhabi, may have cut as many as 1,500 jobs, according to financial recruiters and Bloomberg calculations earlier this year."



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Ed Morse: Mideast Can Thrive With Oil Price Below $70 - Bloomberg

Ed Morse: Mideast Can Thrive With Oil Price Below $70 - Bloomberg:

"Ed Morse, global head of commodities research at Citigroup, discusses Abu Dhabi, Saudi Arabia, and the new generation of Middle East leadership, and the oil price needed by Mideast nations to support their economies. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"



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MIDEAST STOCKS-Qatar falls before FTSE list, Egypt up on reform | Reuters

MIDEAST STOCKS-Qatar falls before FTSE list, Egypt up on reform | Reuters:

"Gulf shares retreated on Wednesday, with Qatar's main stock index dropping 2.9 percent as investors booked profits across the board, though Egypt's main index climbed as investors welcomed economic reforms by the government.

After Wednesday's market close index compiler FTSE is expected to release a list of Qatari stocks to be included in its emerging market index from mid-September.

But Qatari blue chips had already risen over the last few weeks in anticipation, taking them to levels many fund managers see as at or above fair value. Such stocks were sold on Wednesday, with Islamic lender Masraf Al Rayan falling 2.4 percent and Qatar National Bank losing 3.8 percent."



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DIFC office rent rises among the fastest in the world | The National

DIFC office rent rises among the fastest in the world | The National:

"Rents in Dubai International Financial Centre are rising at the fourth-fastest rate in the world.

According to property broker JLL, rents for offices in DIFC rose by a fifth in the year to the end of June as tenants struggled to find space in Dubai’s most prestigious office location.

"Underlying market fundamentals are sound, and corporate demand remains strong, notably in Dubai as office vacancy rates continue to decline in the DIFC," said Jeremy Kelly, a director in global research programmes for JLL. "As a result, we have witnessed a boost in rental values in the DIFC, unlike other locations, where rental values have remained largely unchanged.""



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Emaar said to pick banks including Standard Chartered for Sukuk | GulfNews.com

Emaar said to pick banks including Standard Chartered for Sukuk | GulfNews.com:

"Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, has mandated 10 banks including Standard Chartered Plc for a benchmark-sized sale of Islamic bonds, according to two people with knowledge of the transaction.
Emirates NBD PJSC, National Bank of Abu Dhabi PJSC, First Gulf Bank PJSC, Dubai Islamic Bank PJSC, Union National Bank PJSC, Mashreqbank PSC, Abu Dhabi Islamic Bank PJSC, Noor Bank PJSC and Bahrain’s Bank ABC are also managing the sale of dollar-denominated securities, said the people, asking not to be identified because the information is private. A benchmark-sized issue usually raises at least $500 million (Dh1,84 billion).
Emaar last sold bonds in June 2014, when its Emaar Malls Group LLC unit raised $750 million from a debut sale of Islamic notes, known as sukuk. The developer of the Burj Khalifa in Dubai carries the lowest investment grade rating from both Moody’s Investor Service and S&P Global Ratings, according to data compiled by Bloomberg.
"



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Emirates REIT, the Fee Machine – Baizat.net

Emirates REIT, the Fee Machine – Baizat.net:

"The Emirates REIT (EREIT) IPO took place with fanfare in late spring of 2014, marking the first IPO since the 2009 financial crisis. It was also the first ever UAE REIT, offering investors exposure to Dubai’s commercial property market in a more liquid format.

There are plenty of aspects of EREIT worth covering in due course, such as how it was formed, its liquidity since it started trading and its actual performance. This article however primarily focuses on EREIT’s fee structure.

If you’re familiar with EREIT or wish to jump into the details, you can skip the following sections and begin at Fee Summary."



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MIDEAST STOCKS-Qatar takes a breather, Dubai edges higher | Reuters

MIDEAST STOCKS-Qatar takes a breather, Dubai edges higher | Reuters:

"Gulf stock markets diverged in early trade on Wednesday, with Qatar's edging lower and Dubai's gaining slightly.

Qatar's index slipped 0.3 percent after closing higher in four of the last five sessions.

After the close on Wednesday, FTSE is expected to release a list of Qatari stocks to be included in its emerging market index from mid-September."



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A Saudi Consumer Crunch – @Baizatdotnet

A Saudi Consumer Crunch – Baizat.net:

"As a follow on to our Saudi Commercial Banks post we thought to take a look at how consumers are fairing. The Tadawul Retail Index has 17 stocks in it that cover consumer electronics, bookstores, healthcare, supermarkets and clinics."



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Iraq gives backing to Opec output freeze - FT.com

Iraq gives backing to Opec output freeze - FT.com:

"Iraq’s prime minister Haider al-Abadi has thrown his weight behind plans for major oil producers to freeze production next month, verbally backing the attempt to boost prices even as Baghdad expands its own output.
Mr Abadi said Iraq, the second largest oil producer in Opec, was “with” those looking to cap production, giving the strongest indication yet Iraq may consider joining the freeze, though stopping short of committing to participating."



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EU action over Apple tax explained | FT Business - YouTube

EU action over Apple tax explained | FT Business - YouTube: ""



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Non-Muslims must register wills at DIFC Courts to avoid inheritance issues | The National

Non-Muslims must register wills at DIFC Courts to avoid inheritance issues | The National:

"All Dubai-based property is subject to Sharia law upon death. Sharia law is based on a fixed share allocation system for the disbursement of assets and as such it follows that should one of you die, it is not definite that the surviving spouse will automatically gain the share of the deceased. In fact, under Sharia law, a wife is entitled to receive only one eighth of her deceased husband’s estate if there are children. The only way to secure your dying wishes is to organise a will for your Dubai assets via the Dubai International Financial Centre (DIFC) Courts. This will deal with the disbursement of your assets as per your wishes. Please note that if you have made a will in your home country your Dubai-based assets will not be included in this will. For more information, I would advise you to visit www.difcprobate.ae where you will get more information including an excellent FAQ section."



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QuickTake Q&A: Saudi Stock Market Steps Up Bid for Foreign Cash - Bloomberg

QuickTake Q&A: Saudi Stock Market Steps Up Bid for Foreign Cash - Bloomberg:

"For the second time in 15 months, Saudi Arabia is loosening rules on foreigners investing in its almost $400 billion Tadawul Stock Exchange. The goal is to lure funds from overseas as the kingdom overhauls its economy to cut its dependence on oil revenue. Greater access for international investors may boost the chances of Saudi stocks being included in major emerging-markets equity indexes, potentially luring billions of dollars more.
1. How open is the Saudi stock market now?
Saudi Arabia opened its stocks to direct foreign investment in June 2015 but with stringent restrictions. It has awarded only a handful of licenses and barred foreigners from buying into initial public offerings. The result: Overseas investors now own just 1 percent of outstanding shares, according to data compiled by Bloomberg. The door, however, is about to swing open."



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