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Sunday, 12 February 2017

Dubai's troubled Arabtec working with boutique investment bank Moelis -sources | Reuters

Dubai's troubled Arabtec working with boutique investment bank Moelis -sources | Reuters:

"Loss-making Dubai construction firm Arabtec is working with boutique investment bank Moelis to study options for the company's capital structure, sources familiar with the matter told Reuters on Sunday.

A mandate for restructuring advisory firm AlixPartners to reduce overheads at Arabtec was completed at the end of last year, the sources said, declining to be named as the information is not public.

The sources said that the study was in its early stages and that Arabtec's board had not decided on specific action. One of the sources said Moelis was also expected to advise Arabtec on its balance sheet and liquidity ratio."



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Six Gulf nations aiming for simultaneous VAT adoption in January: UAE official | Reuters

Six Gulf nations aiming for simultaneous VAT adoption in January: UAE official | Reuters:

"Policy makers in the six-nation Gulf Cooperation Council are aiming to introduce a 5 percent value-added tax at the start of next year, despite administrative and technical obstacles, a senior United Arab Emirates finance official said on Sunday. The GCC, its finances strained by low oil prices, has long planned to adopt the tax in 2018 as a way to increase non-oil revenues, but economists and officials in some countries have said privately that simultaneous introduction in all countries may not be feasible. That is because of the complexity of creating the administrative infrastructure to collect the tax and the difficulty of training companies to comply with it, in a region where taxation is minimal."



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MIDEAST STOCKS-Firm oil boosts Saudi, Kuwait rebounds but Egypt slips | Reuters

MIDEAST STOCKS-Firm oil boosts Saudi, Kuwait rebounds but Egypt slips | Reuters:

"Petrochemical and banking shares boosted Saudi Arabia's bourse on Sunday after oil prices firmed at the end of last week, while small and mid-sized stocks were the main movers on other Gulf markets. Saudi Arabia's index added 0.8 percent with nearly three-quarters of the 14 listed Saudi petrochemical shares advancing, after Brent oil futures closed 1.9 percent higher at $56.70 a barrel on Friday. Saudi Industrial Investment was the top gainer in the sector, jumping 5.5 percent. The positive mood spilled into other sectors, with banking shares also advancing. Saudi British Bank climbed 3.8 percent."



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GCC sukuk issuance remain muted because of complexity | GulfNews.com

GCC sukuk issuance remain muted because of complexity | GulfNews.com:

"Volume growth of sukuk issuance this year is expected to remain flat largely due to the complexity of issuance rather than liquidity that is limiting sukuk growth, according to rating agency Standard & Poor’s. Volume of sukuk issuance across the GCC was muted in 2016 compared with conventional bond issuance. “Some market participants believe that the liquidity drop in Gulf countries explains the lower issuances volumes. We see liquidity in GCC as adequate in a global comparison, though, and believe that the less supportive economic environment is translating into fewer growth opportunities, which could actually encourage banks to reallocate liquidity in the bond and sukuk market, ultimately leading to an uptick in issuance volumes,” said Dr. Mohamed Damak S&P Global Ratings’ Global Head of Islamic Finance."



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UAE says expects higher compliance with OPEC, non-OPEC deal | Reuters

UAE says expects higher compliance with OPEC, non-OPEC deal | Reuters:

"Compliance with a global supply cut deal by OPEC and non-OPEC oil producers has been high in January and that level of commitment is expected to improve over the next months, the United Arab Emirates Energy Minister said on Sunday. "The first month I see the commitment around OPEC has been there from the various independent sources. The level of commitment is high and we are expecting to see more commitments in the months to come," Suhail bin Mohammed al-Mazroui told reporters. OPEC has delivered more than 90 percent of pledged oil output curbs in January, according to figures the exporter group uses to monitor its supply seen by Reuters, making a strong start to implementation of its first production cut in eight years."



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MIDEAST STOCKS-Saudi boosted by oil, other bourses steady | Reuters

MIDEAST STOCKS-Saudi boosted by oil, other bourses steady | Reuters:

"Petrochemical shares boosted Saudi Arabia's bourse in early trade on Sunday after oil prices firmed at the end of last week, while small and mid-sized stocks were the main movers on other Gulf markets. Saudi Arabia's index was up 1 percent after 45 minutes of trade with all but one of the 14 listed Saudi petrochemical shares higher. Saudi Kayan added 1.8 percent after Brent oil futures closed 1.9 percent higher at $56.70 a barrel on Friday. The positive mood spilled into other sectors, with banking shares also advancing. National Commercial Bank rose 1 percent."



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