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Thursday, 1 September 2016

Dubai Finance Hub Defies Global Bank Cuts to Add Positions - Bloomberg

Dubai Finance Hub Defies Global Bank Cuts to Add Positions - Bloomberg:

"Dubai’s International Financial Centre said the number of companies based in the hub rose 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 tax-free business park with the number of employees increasing 14 percent to 21,000, 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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UAE developers top in Forbes rankings | GulfNews.com

UAE developers top in Forbes rankings | GulfNews.com:

"UAE’s developers Emaar, Damac and Aldar were rated as the top public-listed developers and ahead of the competition from their Gulf counterparts in the rankings put out by Forbes.
“With the turmoil witnessed in the GCC, the UAE.’ s real estate market still is robust and has proven adaptive to change,” said Khuloud Al Omian, Editor-in-Chief at Forbes Middle East.
Emaar came out on top with both the largest asset base of $21.7 billion (Dh79.6 billion), as well as the highest revenues, at $3.7 billion. Emaar tied with Damac Properties for profit earnings of $1.2 billion."



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UPDATE 1-UAE's Al Jaber to sell contractor, leverage hotel in debt plan - sources | Reuters

UPDATE 1-UAE's Al Jaber to sell contractor, leverage hotel in debt plan - sources | Reuters:

"Abu Dhabi's Al Jaber Group plans to raise up to 2.35 billion dirhams ($640 million) by the end of 2017 by selling its stake in a construction company and using a prime hotel in the emirate as collateral for a loan, informed sources said.

The moves are part of an attempt by the family conglomerate to seal a new restructuring deal with creditors after missing a payment on its existing $4.5 billion debt plan in March.

Creditors of the group, best known for construction but with interests in a host of other sectors, are currently studying the proposed debt plan, with four sources indicating they are confident an agreement could be in place by year-end."



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MIDEAST STOCKS-Qatar sags after FTSE list released, oil weighs on Saudi | Reuters

MIDEAST STOCKS-Qatar sags after FTSE list released, oil weighs on Saudi | Reuters:

"Qatar's main stock index fell sharply for a second straight day on Thursday after FTSE published a list of stocks to be included in its secondary emerging market index, while Saudi Arabian petrochemical stocks sagged because of weak oil prices.

Doha's index initially rose but closed down 1.4 percent, taking its losses for the week to 3.0 percent.

Although Qatar's upgrade to emerging market status is widely seen as positive for the market, investors had bought up stocks in anticipation of the list's publication in recent weeks, leaving many shares at or above analysts' estimates of fair value."



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U.S. Airlines Sound Like Trump in Trade Fight Against Mideast Rivals - Bloomberg

U.S. Airlines Sound Like Trump in Trade Fight Against Mideast Rivals - Bloomberg:

"Much of corporate America may cringe over some of Donald Trump’s policy positions, in particular his stance on trade. But the billionaire’s rhetoric bears a striking resemblance to arguments that have been made by a critical segment of the American business community—U.S. airlines and their unions.
The three largest American carriers contend that three rivals in the Middle East, subsidized by the governments of United Arab Emirates and Qatar, don’t compete fairly on international routes. Emirates, Qatar Airways Ltd., and Etihad Airways PJSC threaten the U.S. airline industry and some 300,000 jobs, according to the Partnership for Open & Fair Skies, a lobby group funded by American Airlines Group Inc., Delta Air Lines Inc., and United Continental Holdings Inc. Seven unions that represent pilots and flight attendants are also on board.
The Big Three U.S. airlines say that the Middle East trio has received more than $50 billion in subsides “and other unfair benefits” from their governments, violating the Open Skies agreements the U.S. has signed with Qatar and the UAE. Trump has made trade a central issue in his campaign, and a former Democratic presidential candidate, U.S. Senator Bernie Sanders, shared similar views on some trade deals, a position credited with prompting Democratic Party nominee Hillary Clinton to drop her support for the Trans-Pacific Partnership, or TPP. "



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