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Sunday, 5 February 2017

Pound’s Slump on Brexit Tempts Middle Eastern Property Buyers - Bloomberg

Pound’s Slump on Brexit Tempts Middle Eastern Property Buyers - Bloomberg:

"Brexit put the brakes on U.K. commercial property investment for most overseas buyers. For those from the Middle East, the subsequent slump in the pound and a rebound in commodities outweighs the risk to values.

Investors from the region accounted for 24 percent of all overseas acquisitions in the fourth quarter compared with 10 percent a year earlier, according to data compiled by fund manager Fidelity International. Buyers from every other region shrunk their spending, the data shows.

“We have seen a really significant increase from our Middle Eastern clients in their appetite for London,” Stephen Clifton, head of central London at broker Knight Frank LLP, said in an interview. “There are two key reasons for that: currency and stability”"



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Dubai Will Get a $3 Billion Loan to Fund Airport Expansion - Bloomberg

Dubai Will Get a $3 Billion Loan to Fund Airport Expansion - Bloomberg:

"Dubai agreed a $3 billion loan with banks to fund the expansion of Dubai World Central airport and logistics hub as it prepares to host the World Expo in 2020, people familiar with the matter said. The emirate will pay interest of 200 basis points, or 2 percentage points, above the London Interbank Offered Rate on the seven-year facility, said the people, asking not to be identified because the talks are private. It will also pay a one-time fee of 85 basis on the loan value, they said. HSBC Holdings Plc is advising the government on the talks and an agreement is expected to be signed within weeks, the people said."



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MIDEAST STOCKS-Saudi, Kuwait retreat; UAE bourses strong | Reuters

MIDEAST STOCKS-Saudi, Kuwait retreat; UAE bourses strong | Reuters:

"Saudi Arabia's stock market fell in a broad-based decline on Sunday and political tensions helped to pull down Kuwait, while United Arab Emirates bourses rose. The Saudi index closed 0.7 percent lower with decliners outnumbering advancers by 121 to 29. Atheeb Telecom , which jumped last week on news of a deal to sell part of its telecommunications tower network to Saudi Telecom , pulled back 3.9 percent. Loss-making Nama Chemicals, which soared late last month on news of a recovery plan, was also hit by heavy profit-taking, sliding 6.7 percent."



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Abu Dhabi ‘to make surplus’ this year, S&P says | The National

Abu Dhabi ‘to make surplus’ this year, S&P says | The National:

"The credit ratings agency Standard & Poor’s is forecasting that the Abu Dhabi budget will swing back to a small surplus this year after recording a deficit in 2016 as an expected increase in crude prices makes up for a decline in oil output amid difficult economic conditions. In its latest sovereign debt ratings for the emirate issued on Friday, S&P said that it expected the Abu Dhabi government’s fiscal balance to stand at a surplus of 0.7 per cent of GDP in 2017, representing a turnaround from an estimated deficit of 3.6 per cent last year. S&P said that the emirate’s income this year would be constrained by a temporary decline in the amount of oil it drills as part of the UAE’s commitment to an agreement by Opec and non-Opec members in November to trim oil output to shore up oil prices."



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Setback for DIFC Courts as a ‘conduit jurisdiction’ | The National

Setback for DIFC Courts as a ‘conduit jurisdiction’ | The National:

"The status of the DIFC Courts as a "conduit jurisdiction" for the upholding of judgements and arbitration awards made outside the free zone has suffered a setback following a judgement from Dubai’s newly established Judicial Tribunal for the Dubai Courts and DIFC Courts.

The Judicial Tribunal, in what appears to be its first decision since its formation in June 2016, has ordered the DIFC Courts to "cease from entertaining" a case being heard between Oger LLC and Daman Real Estate Capital Partners Limited.


Oger originally filed a claim with the DIFC Courts in August 2015 seeking recognition and enforcement of a Dh965 million arbitration award made by the Dubai International Arbitration Centre in its favour against Daman Real Estate, a DIFC-based company."



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MIDEAST STOCKS-Saudi supported by strong data, Industries Qatar pulls down Doha | Reuters

MIDEAST STOCKS-Saudi supported by strong data, Industries Qatar pulls down Doha | Reuters:

"Positive economic data helped to support Saudi Arabia's stock market in early trade on Sunday while a fourth-quarter earnings miss by Industries Qatar dampened trading in Doha.

The Saudi index edged up 0.2 percent in the first 40 minutes with activity focusing on second- and third-tier stocks including Al Ahsa Development, up 3.7 percent.

Growth in Saudi Arabia's non-oil private sector accelerated to its fastest rate for 17 months in January after the government resumed paying overdue debts to the private sector, a purchasing managers' index based on a survey of companies showed on Sunday."



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Saudi non-oil economy grows at fastest rate for 17 months in January: PMI | Reuters

Saudi non-oil economy grows at fastest rate for 17 months in January: PMI | Reuters:

"Growth in Saudi Arabia's non-oil private sector accelerated to its fastest rate for 17 months in January as the government injected cash into the economy after a long period of austerity, a survey of companies showed on Sunday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers' Index rose to 56.7 last month from 55.5 in December. A level above 50 means business is expanding. With its finances strained by low oil prices, the government delayed paying huge debts to the construction industry and other private sector companies, in some cases for more than a year."



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