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Wednesday, 22 March 2017

Dubai has highest number of self-made Gulf billionaires – report

Dubai has highest number of self-made Gulf billionaires – report:

"Dubai is the preferred location for the Gulf’s super-rich with 12 billionaires located in the UAE emirate, according to the first ever list of self-made high net worth individuals from the China-based Hurun Report. Saudi city Jeddah is ranked second, with four billionaires, while Abu Dhabi, Riyadh and Muscat tie for third with three apiece. Majid Al Futtaim is the richest self-made person in the Gulf with an estimated $13bn, according to the report."



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What to expect after Article 50 | Opinion

Amazon deal for Souq.com is back on | The National

Amazon deal for Souq.com is back on | The National:

"Amazon’s interest in making an investment in regional online retailer Souq.com is back on. Speculation about a potential sale of Souq to the US ecommerce firm had circulated for months but the deal was thought to have floundered in January over the valuation. Souq.com had been valued at US$1 billion in a $275 million funding round in February last year. It is understood that a full acquisition of Souq.com by Amazon has now been agreed."



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Saudi Aramco Weighs Rolling Bank Mandates for Record IPO - Bloomberg

Saudi Aramco Weighs Rolling Bank Mandates for Record IPO - Bloomberg:

"Saudi Arabian Oil Co. is weighing a plan to hire investment banks for different stages of its initial public offering, four people with knowledge of the matter said.

The company -- known as Saudi Aramco -- is talking to banks for a role as financial adviser to review potential listing destinations and prepare the company for the float, the people said, asking not to be identified as the talks are private. Banks that do well in that role will then be considered for subsequent stages including underwriting, the people said. Aramco may re-tender the work if they’re unhappy with a bank’s performance, they said.

No final decisions have been made on the advisory roles, though Aramco is expected to mandate banks in coming days, the people said."



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MIDEAST STOCKS-Oil near $50 dents sentiment in Gulf | Reuters

MIDEAST STOCKS-Oil near $50 dents sentiment in Gulf | Reuters:

"Stock markets in the Gulf followed international bourses lower in early trade on Wednesday as crude oil prices trading down near $50 a barrel dented sentiment towards oil-sensitive shares.

All but two of the 12 listed Saudi Arabian petrochemical makers fell, dragging the main Saudi index 0.7 percent lower after 35 minutes. Heavyweight Saudi Basic Industries lost 1.0 percent.

Supermarket operator Al Othaim declined 1.0 percent after its board recommended a cash dividend of 2.0 riyals per share for 2016; although the payout was above the prior year's outlay, it fell below expectations. Analysts at NCB Capital had forecast the retailer would pay 2.3 riyals."



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