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Monday, 30 January 2017

Saudi Arabia gives final approval to VAT | GulfNews.com

Saudi Arabia gives final approval to VAT | GulfNews.com:

"Saudi Arabia is ready to implement a region-wide value added tax, the cabinet said on Monday, giving final approval to the measure which will take effect next year.
Cabinet “decided to approve the Unified Agreement for Value Added Tax” to be implemented throughout the six-member Gulf Cooperation Council (GCC), the official Saudi Press Agency said.
“A Royal Decree has been prepared,” it said."



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Dubai Expo 2020 to Award $3 Billion of Building Orders in 2017 - Bloomberg

Dubai Expo 2020 to Award $3 Billion of Building Orders in 2017 - Bloomberg:

"Dubai’s World Expo 2020 plans to award 47 construction contracts valued at 11 billion dirhams ($3 billion) this year, providing an economic boost for the United Arab Emirates even as oil prices remain low.

The contracts, which are open to both local and foreign companies, are part of the third and final infrastructure package for the event, Dubai Expo 2020 said in a statement on Monday. Another 98 non-construction orders worth as much as 360 million dirhams will be awarded."



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Fitch Rates Bank of Sharjah's New EMTN Programme 'BBB+' | Reuters

Fitch Rates Bank of Sharjah's New EMTN Programme 'BBB+' | Reuters:

"(The following statement was released by the rating agency) DUBAI/LONDON, January 30 (Fitch) Fitch Ratings has assigned Bank of Sharjah's PJSC (BOS; BBB+/Stable/bb) new Euro Medium Term Note (EMTN) Programme a long-term rating of 'BBB+' and short-term rating of 'F2'. The ratings of the programme apply only to senior issuance. There is no assurance that notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme. KEY RATING DRIVERS The notes under the programme will be issued by BOS Funding Limited in the Cayman Islands. BOS Funding Limited is a fully owned subsidiary of BOS that is set up solely to act as the issuer of debt funding."



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UPDATE 2-Dubai's Aramex sees slower profit, revenue growth in 2017 | Reuters

UPDATE 2-Dubai's Aramex sees slower profit, revenue growth in 2017 | Reuters:

"Dubai-based courier Aramex expects profit and revenue growth to slow to below 10 percent this year, with less of a boost from acquisitions than in 2016 and growth moderating in some markets, it said on Monday. Chief Executive Hussein Hachem told a press conference he was cautious about the business-to-business market, but confident on the business-to-consumer category, in part due to an expected 30 percent rise this year in e-commerce deliveries. Hachem did not identify which markets were slowing. Aramex operates across the world including Asia, Australia, the Middle East and Africa."



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Saudi government suspends domestic bond issues for fourth month -Maaal | Reuters

Saudi government suspends domestic bond issues for fourth month -Maaal | Reuters:

"Saudi Arabia's government has decided to suspend its monthly issue of domestic bonds in January, refraining from issuing local currency bonds for the fourth month in a row, the Maaal financial news service reported on Monday. The suspension is possible because higher oil prices have improved government revenues and the government's $17.5 billion issue of international bonds last October was successful, Maaal quoted unnamed official sources as saying. Liquidity at banks is now good, after the government started to make delayed payments of its debts to the private sector, and banks would be able to cover any local bond issue if one occurred, the sources added. "



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MIDEAST STOCKS-Saudi, Kuwait, Egypt retreat; Aramex earnings beat supports Dubai | Reuters

MIDEAST STOCKS-Saudi, Kuwait, Egypt retreat; Aramex earnings beat supports Dubai | Reuters:

"Middle Eastern equity markets diverged on Monday, with last week's top gainers pulling back on profit taking while strong quarterly earnings from courier firm Aramex bolstered Dubai. The Saudi Arabian index fell 0.7 percent, snapping seven consecutive sessions of gains. Twelve of the 14 listed petrochemical producers pulled back as Brent oil futures fell near $55 a barrel. Saudi Basic Industries closed 0.8 percent lower. But Nama Chemicals soared 9.1 percent, taking its gains since Wednesday to 31.5 percent. Last week the loss-making chemicals maker announced a recovery plan including eventually increasing capital to finance production of speciality chemical products and boost capacity."



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Abu Dhabi Global Market attracts dozens of special purpose vehicles | The National

Abu Dhabi Global Market attracts dozens of special purpose vehicles | The National:

"Abu Dhabi Global Market, the capital’s financial free zone, has attracted more than 50 special purpose vehicles (SPVs) to register in its jurisdiction as part of a strategy to widen its offering to investors and corporates.

SPVs allow companies to own assets at arm’s length and can be used for specific assets or transactions. They are deployed for a variety of purposes including efficient corporate and financial structuring, risk management and ring-fencing of assets and liabilities.


Many SPVs are established in offshore centres around the world, but ADGM is keen to give its members the opportunity to keep financial assets and transactions in the UAE."



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Lukoil Seeks Middle East Oil Projects for Growth as Iran Opens - Bloomberg

Lukoil Seeks Middle East Oil Projects for Growth as Iran Opens - Bloomberg:

"Lukoil PJSC is seeking opportunities for growth in the Middle East as Iran opens more of its oil fields to international partners, according to the Russian energy company’s regional head. The Moscow-based company plans to add output from the region to existing operations in Iraq and Egypt as long as it finds projects with production costs as low as those in Russia, Gati Al-Jebouri, Lukoil’s head of upstream for the Middle East, told reporters in Dubai. “Iran is our target area at the moment,” Al-Jebouri said."



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MIDEAST STOCKS-Gulf slips on weak global trend but Dubai's Aramex climbs on Q4 profit leap | Reuters

MIDEAST STOCKS-Gulf slips on weak global trend but Dubai's Aramex climbs on Q4 profit leap | Reuters:

"Major Gulf stock markets were weak in early trade on Monday in response to soft global equities and crude oil prices, although Dubai courier firm Aramex soared on a fourth-quarter earnings beat. Saudi Arabia's index fell 0.1 percent after 20 minutes of trade. Half of the 14 listed petrochemical makers declined, but Nama Chemicals jumped 8.0 percent after soaring its 10 percent daily limit on the two previous days following its announcement of plan to recover from major losses. In Dubai, Aramex jumped 9.0 percent after reporting a 129 percent jump in fourth-quarter net profit to 131.8 million dirhams ($35.9 million); EFG Hermes and SICO Bahrain had forecast 94.0 million dirhams and 77.5 million dirhams respectively."



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