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Monday, 5 September 2016

UAE bankruptcy law will not offer protection for defaults on personal debt | The National

UAE bankruptcy law will not offer protection for defaults on personal debt | The National:

"The UAE’s new bankruptcy law will not offer protection from jail for individuals unable to repay their debts, according to a top government official.

The final draft of the law, approved by the federal cabinet on Sunday, will offer protection for employees, shareholders and directors of companies undergoing court-led insolvencies, but private insolvent individuals will not be able to use it to avoid criminal prosecution, according to a person familiar with the draft legislation.


The legislation will apply to all onshore and free-zone companies throughout the UAE, with the exception of companies in the DIFC and ADGM jurisdictions, each of which already have their own separate insolvency regulations in place."



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Emaar partners with Dubai South for new development near Al Maktoum airport | The National

Emaar partners with Dubai South for new development near Al Maktoum airport | The National:

"Emaar Properties and Dubai South are partnering to build Emaar South, a new 7-square-kilometre development near Al Maktoum International Airport, which will be financed by a mix of equity, debt and pre-sales, officials said.

Mohamed Alabbar, the chairman of Emaar Properties, and Khalifa Al Zaffin, the executive chairman of Dubai Aviation City Corporation and Dubai South, declined to give a timeline or cost for the project, which will be split 50-50.


The first phase of the project will take about four years to complete, they said, without giving further details."



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Oil jumps 5% as chorus on stability grows louder | GulfNews.com

Oil jumps 5% as chorus on stability grows louder | GulfNews.com:

"Brent prices jumped as much as 5 per cent on Monday, registering its highest single day gain in five months, before easing from its intra-day high as the chorus grew louder for market stability.
Oil bulls took charge, adding to long positions, and Brent crude jumped to as much as $49.38 (Dh181.2) per barrel, but post the joint statement from the world’s two biggest oil producers — Saudi Arabia and Russia — crude eased from its intra-day high to trade at $47.40, up 1.22 per cent.
On the sidelines of the G20 summit in Hangzhou in China, Saudi Arabia and Russia weighed options and agreed to stabilise the oil market, a move that received support from the UAE, Kuwait and from the Opec (Organisation of the Petroleum Exporting Countries)."



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Dubai’s master-developers ditch the short-term | GulfNews.com

Dubai’s master-developers ditch the short-term | GulfNews.com:

"Dubai’s master developers are done with short-term strategies. Even a medium-term outlook is passe.
Within the last 72 hours, Dubai realty has lifted the curtain on two mega-developments — Jumeirah Central and Emaar South — and where the completion timeline has been left open.
A point that Mohammad Alabbar, Chairman of Emaar, hinted indirectly at on Monday: “We are taking on a project today not knowing what the future city will look like,” he said at the launch of Emaar South, a massive affordable-themed community that will be one of the prongs of the 145 square kilometre Dubai South master-development."



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OPEC and the Supply and Demand Dynamics of Cheap Oil - Bloomberg

OPEC and the Supply and Demand Dynamics of Cheap Oil - Bloomberg:

"Patrick Armstrong, chief investment officer at Plurimi Investment Managers, looks at oil prices as OPEC's role in global production diminishes and offers his outlook for oil industry M&A. He speaks on "Bloomberg Markets." (Source: Bloomberg)"



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MIDEAST STOCKS-Oil rally boosts Saudi, property shares support UAE | Reuters

MIDEAST STOCKS-Oil rally boosts Saudi, property shares support UAE | Reuters:

"Saudi Arabia's stock market posted its biggest daily gain in four months on Monday as oil prices surged, while shares of Dubai's property developers rose before a major exhibition for the industry this week.

Riyadh's stock index rose 1.7 percent to 6,204 points, and trading volume grew by more than half, as Brent crude futures jumped almost 5 percent before a news conference at which Saudi Arabia and Russia said they would cooperate in oil markets.

The two countries said they would not act immediately, and many analysts doubt the agreement will make much difference to oil prices in the long run. But oil's surge was enough to boost Saudi petrochemical shares, with bellwether Saudi Basic Industries gaining 2.7 percent."



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Brexit sparks overseas spending spree in London property - BBC News

Brexit sparks overseas spending spree in London property - BBC News:

"The fall of the pound following the EU referendum has triggered a spending spree in London's property market from foreign investors.
But these overseas buyers are no longer just targeting prime central locations.
Changes in stamp duty mean that they are now interested in cheaper properties - pitting them head-to-head against jittery first-time buyers."



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Israel seeks to lure big oil and gas groups for rights auction - FT.com

Israel seeks to lure big oil and gas groups for rights auction - FT.com:

"Israel says some of the world’s biggest oil and gas companies have expressed interest in its forthcoming auction of exploration rights as the country attempts to restore confidence among investors after years of regulatory uncertainty.
Yuval Steinitz, Israel’s energy minister, will hold talks with potential Asian investors in Singapore this week after meetings in London last week."



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Brexit’s effect on derivatives clearing - YouTube

Brexit’s effect on derivatives clearing - YouTube: ""



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Oil slips as Saudi-Russia agreement stops short of putput plan | GulfNews.com

Oil slips as Saudi-Russia agreement stops short of putput plan | GulfNews.com:

"Oil fell as two of the world’s biggest producers stopped short of making concrete proposals to coordinate output, pledging instead to cooperate to ensure market stability.
Futures lost as much as 0.9 per cent in New York. Saudi Arabia and Russia agreed to work together to stabilise prices, without offering details on joint action, after Deputy Crown Prince Mohammed Bin Salman and President Vladimir Putin met in China on Sunday. Crude rose the most in two weeks on Friday as Putin said he’d like Opec and Russia to agree to an output freeze.
Oil rallied last month amid speculation members of the Organisation of Petroleum Exporting Countries and other producers would agree to a plan to limit output when they meet later this month in Algiers. A similar proposal, originally put forward in February, was derailed in April after Iran declined to cap its production."



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MIDEAST STOCKS-Gulf edges up with global equities; EEC leaps in Saudi | Reuters

MIDEAST STOCKS-Gulf edges up with global equities; EEC leaps in Saudi | Reuters:

"Most Gulf stock markets edged up in early trade on Monday after emerging market equities rose sharply in Asia.

Saudi Arabia's stock index gained 0.4 percent as Emaar the Economic City (EEC) jumped 7.9 percent in unusually heavy trade.

The stock had risen 3.5 percent on Sunday, when Reuters quoted a source as saying Saudi Arabia's top sovereign fund, the Public Investment Fund, was in talks to invest in King Abdullah Economic City, the huge project being developed by EEC."



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Middle East Investors Raise Bets on New York Real Estate: Chart - Bloomberg

Middle East Investors Raise Bets on New York Real Estate: Chart - Bloomberg:

"Middle Eastern investors stepped up purchases of U.S. commercial real estate, with New York City the top destination in both the country and the world for the 18 months through June. Economic growth and favorable exchange rates combined to make the U.S. appealing, particularly for sovereign-wealth funds, according to CBRE Group Inc. Among the $6.5 billion of New York deals was Qatar Investment Authority’s purchase of a stake in the Manhattan West development, and, following the period CBRE studied, the authority paid $622 million for 9.9 percent of the company that owns the Empire State Building."



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