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Saturday, 11 February 2017

Oman’s Octal looks at IPO in expansion drive | The National

Oman’s Octal looks at IPO in expansion drive | The National:

"Octal, a US$650 million petrochemical project in Oman, is eyeing an initial public offering by 2019 as it expands its facilities globally to cater to a growing clientele for its plastics products, according to company officials.

Octal, which was set up in 2006 in the southern port city of Salalah, is spending $110m over a five-year period to produce new products, add capacity and expand its footprint into regions such as South America, according to Nicholas Barakat, the company’s chief executive.


With regards to the IPO, the company has not finalised plans for size or location."



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Emirates chair stands firmly by airline’s US operations | GulfNews.com

Emirates chair stands firmly by airline’s US operations | GulfNews.com:

"Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, defended the airline’s operations in the US, saying Emirates has supported over a million jobs in the country as American airlines seek to restrict Gulf carriers’ US operations.
In an interview with CNNMoney, Shaikh Ahmad said Emirates has invested over $140 billion in the US.
“We really want to create more jobs in the US and support the economy in the US. We carry nearly 4,000 people into the US every day, we invested $140 billion [Dh513.8 billion] and supported over a million people’s jobs,” he told CNNMoney."



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The worst is behind the UAE economy, says IIF | GulfNews.com

The worst is behind the UAE economy, says IIF | GulfNews.com:

"Following the partial recovery in oil prices, there is a sense that the worst is behind for the UAE economy and confidence is gradually returning, the Institute of International Finance (IIF), a global association of financial institutions, said in its latest update on the UAE economy.
“Sentiment has improved with firmer oil prices and an increase in Purchasing Managers Index [PMI]. We expect non-oil activity to pick up modestly in 2017 as fiscal drag eases and consumption spending rises in the second half of 2017, ahead of the introduction of value added tax [VAT] in 2018,” said Garbis Iradian, Chief Economist Africa Middle East, IIF.
The UAE economy has been resilient to the impact of the slump in oil prices as it has benefited from a relatively diversified economy, excellent infrastructure, political stability and ample foreign assets."



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UAE's Ras Al Khaimah emirate has no plans to issue dollar bond in 2017 -statement | Reuters

UAE's Ras Al Khaimah emirate has no plans to issue dollar bond in 2017 -statement | Reuters:

"The United Arab Emirates' Ras Al Khaimah does not plan to issue a U.S. dollar-denominated bond in 2017 and has not had talks with banks regarding that, the emirate said in a statement on Saturday.

Reuters published an article on Feb. 9 which said the emirate, one of the seven which make up the UAE, had been in talks with lenders over a potential international bond sale, citing banking sources.

At the time, telephone calls and an email to Ras Al Khaimah's finance department seeking comment were unanswered."



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Saudi Crown prince says U.S.-Saudi ties strong | Reuters

Saudi Crown prince says U.S.-Saudi ties strong | Reuters:

"Saudi Arabia's relations with the United States are "historic and strategic", Crown Prince Mohammed bin Nayef said on the occasion of the visit of CIA director Mike Pompeo to Riyadh.

This is the first reported visit by a senior Trump administration appointee to the kingdom.

"Our relationship with the United States is historic and strategic, any attempts to undermine that will falter," Prince Mohammed said, according to state news agency SPA late on Friday."



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Russia to decide in April-May if global oil deal should be extended: TASS | Reuters

Russia to decide in April-May if global oil deal should be extended: TASS | Reuters:

"Russia will decide in April or May whether an agreement on global oil output cuts between OPEC and non-OPEC producers, set to end on June 31, should be extended, TASS news agency quoted Russian Energy Minister Alexander Novak as saying on Saturday. Novak also said that he planned to meet his Saudi Arabia counterpart Khalid al-Falih during the CERAWeek energy conference in Houston in March."



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