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Sunday, 9 October 2016

Proposed UAE bankruptcy law could put strain on courts once enacted, top lawyer says | The National

Proposed UAE bankruptcy law could put strain on courts once enacted, top lawyer says | The National:

"The UAE’s draft bankruptcy law, once enacted, could place a significant strain on the courts and public prosecution system, with a need for a large increase in trained insolvency practitioners, according to Essam Al Tamimi, a leading Emirati lawyer.

Mr Al Tamimi, the founder and managing partner of law firm Al Tamimi and Company, welcomed the approval of a draft of the law by the Cabinet last month, but cautioned that local courts were currently ill-equipped to handle the types of restructuring and bankruptcy procedures set out in its provisions.


"The law is very well drafted and very comprehensive, with well-structured provisions equivalent to Chapter 11 [in the US] that will protect insolvent companies from going bankrupt. The main concern is the practicalities," Mr Al Tamimi told The National."



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Boeing lands $18.6 billion deal with Qatar Airways for 100 aircraft | GulfNews.com

Boeing lands $18.6 billion deal with Qatar Airways for 100 aircraft | GulfNews.com:

"Boeing Co. landed an $18.6 billion deal with Qatar Airways for as many as 100 aircraft, providing a sales boost to the US company’s upgraded 737 jetliner with one of the year’s largest commercial aeroplane deals.
The Doha-based carrier pledged to buy as many as 60 of the 737 Max 8 jet, valued at $6.9 billion at list prices, marking its first narrow-body order with Boeing since 1979. Qatar Airways also ordered 40 total 777 and 787 Dreamliner twin-aisle aircraft, Akbar Al Baker, the airline’s chief executive officer, and Boeing commercial aeroplane CEO Ray Conner said Friday in Washington.
With the commitment, Al Baker made good on earlier threats to buy Boeing’s 737 Max after rejecting initial A320neo deliveries from Airbus Group SE because of engine issues. The transaction also provided a vote of confidence in the Boeing jet, which is on pace to begin commercial service months ahead of schedule in the second quarter next year."



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Kuwait postpones planned $10 billion bond issue until 2017 -bankers | Reuters

Kuwait postpones planned $10 billion bond issue until 2017 -bankers | Reuters:

"Kuwait has delayed a sovereign bond issue of up to $10 billion until next year after deciding it is in no rush to raise funds overseas, bankers familiar with Kuwaiti debt policy said.

Finance Minister Anas al-Saleh said in July the government planned to sell as much as $10 billion of U.S. dollar-denominated conventional and Islamic bonds in international markets to help plug its budget deficit for the current fiscal year, which will end on March 31.

Officials subsequently said they were looking at a window of September or possibly October for the issue."



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MIDEAST STOCKS-Banks drag down Saudi, Gulf mostly sluggish; Egypt up | Reuters

MIDEAST STOCKS-Banks drag down Saudi, Gulf mostly sluggish; Egypt up | Reuters:

"Banking shares dragged Saudi Arabian stocks lower on Sunday while most other Gulf markets were sluggish as investors waited for third-quarter corporate earnings announcements. Good news on Egypt's International Monetary Fund loan boosted that market.

The Saudi stock index sank 2.2 percent as the banking index tumbled 4.5 percent. Banque Saudi Fransi plunged by its 10 percent daily limit in very thin trade.

Banks have been hit in recent weeks by concern that the slumping construction sector could saddle them with bad debt, and by the central bank's decision to have them reschedule consumer loans to customers whose incomes have been hit by the government's cuts to public sector allowances."



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MIDEAST STOCKS-Banks drag Saudi down, rest of region sluggish | Reuters

MIDEAST STOCKS-Banks drag Saudi down, rest of region sluggish | Reuters:

"Banking shares dragged Saudi Arabian stocks lower in early trade on Sunday while markets in the rest of the region moved little as investors readied for third-quarter corporate earnings announcements.

The Saudi stock index fell 0.5 percent in the first 75 minutes as the banking index dropped 0.9 percent.

The central bank has told commercial banks to postpone for a month receiving payments on consumer loans to customers whose incomes have been hit by cuts to public sector allowances, the Okaz newspaper reported on Sunday, citing unnamed sources."



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LPC-Oman centre stage in Middle Eastern loan market | Reuters

LPC-Oman centre stage in Middle Eastern loan market | Reuters:

"Oman is becoming a focus of the Middle Eastern loan market as more Omani companies line up to tap the international loan market, but the sudden upturn in borrowing from the Sultanate is stretching banks exposure limits, bankers said on Friday.

Oman's government and state-linked firms are turning to the syndicated loan market as low oil prices weaken government finances and make it harder for the state to fund projects from internal resources.

"Activity at the moment in the Middle East is essentially centred around Oman, with a little bit in the UAE," a banker said."



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Oil bull Hall of Astenbeck fund: Accept it, OPEC 'back in business' | Reuters

Oil bull Hall of Astenbeck fund: Accept it, OPEC 'back in business' | Reuters:

"OPEC is back in charge of determining oil prices as Saudi Arabia works with Russia and archrival Iran to achieve output cuts, and only "a brave person" bets against this combination, closely followed oil bull Andy Hall says in his latest investor letter.

"What is important is that Saudi Arabia and its GCC (Gulf Cooperation Council) allies Kuwait and the UAE have agreed with their archnemesis Iran to cap production growth," Hall said in the October investor letter of the $2.5 billion oil-focused Astenbeck Capital Management fund in Southport, Connecticut.

"Now Saudi Arabia has declared it wants higher prices and is working with the rest of OPEC - and quite possibly Russia - to achieve them by curbing production," Hall wrote in the letter, a copy of which was seen by Reuters on Friday. "It's a brave person who bets against this combination of factors." (Reporting by Barani Krishnan in New York; Editing by Jeffrey Benkoe)"



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