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Monday, 14 August 2017

Despite looting allegations, 1MDB makes payment to Abu Dhabi after delay | Coconuts KL

Despite looting allegations, 1MDB makes payment to Abu Dhabi after delay | Coconuts KL:

"Malaysia’s crisis-hit state investment fund 1MDB said Friday it has paid Abu Dhabi the equivalent of $350 million, the first installment under a deal to settle its debts after it missed previous deadlines. 1MDB and its founder Prime Minister Najib Razak are battling allegations that billions were looted from the fund in complex overseas deals that are being investigated by authorities in several countries. Both the fund, 1Malaysia Development Berhad, and Najib have vehemently denied wrongdoing."



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Dubai's Emaar Properties posts 14 pct rise in second-quarter profit

Dubai's Emaar Properties posts 14 pct rise in second-quarter profit:

"Dubai's Emaar Properties , which is planning a partial listing of its UAE development operation, reported a 14.4 percent increase in second-quarter profit on Monday. Emaar, in which Dubai's government owns a minority stake, made 1.45 billion dirham ($394.8 million) of profit attributable to the owners of the company for the three months to June 30, it said in a bourse filing, on revenue that rose 1.9 percent to 3.79 billion dirhams. The profit, up from 1.27 billion dirhams a year earlier, beat a SICO Bahrain forecast of 1.3 billion dirhams but was short of a 1.52 billion dirham forecast from EFG Hermes."



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Oil Stuck in Loop Leaves Bored Hedge Funds Awaiting Clarity - Bloomberg

Oil Stuck in Loop Leaves Bored Hedge Funds Awaiting Clarity - Bloomberg:

"Oil hasn’t been so tedious in a long time, and hedge funds just don’t know what to do with it.

Their weekly stance on West Texas Intermediate crude prices barely changed as futures are on track to trade in the tightest monthly range since July 2002. It’s been tough to reconcile the mixed signals from a steady decline in U.S. stockpiles with rising production from shale fields and elsewhere in the world.

Funds “are waiting to see if something is going to happen, if something will break where you’ll get some real movement,” Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, said by telephone. “The other problem is, the fundamentals are kind of mixed, too. You’re just not getting a real clear picture.”"



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Shuaa Capital plans to sell non-core assets - The National

Shuaa Capital plans to sell non-core assets - The National:

"Shuaa Capital plans to sell non-core assets in the second half as the biggest shareholder of the Dubai-based bank implements a turnaround plan. The company is seeking to raise more than Dh100 million by selling investments in a private equity fund and water infrastructure services company, said the general manager Fawad Tariq Khan in Dubai. Shuaa also aims to expand its capital markets business and cut costs after Abu Dhabi Financial Group bought a 48.36 per cent stake last November. “We are exiting a part of Shuaa’s proprietary investments, a lot of which is a legacy from even before the financial crisis,” Mr Khan said. Money raised from the sales will be reinvested into the business and it also wants to increase investments in real-estate projects in the United Arab Emirates, he said."



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Saudi Aramco’s ‘to do’ list before it can make IPO history | Arab News

Saudi Aramco’s ‘to do’ list before it can make IPO history | Arab News:

"Matters are slowly, and cautiously, being clarified in the run-up to the record-breaking initial public offering (IPO) of Saudi Aramco, which will be the world’s biggest stock market flotation when it eventually debuts on global exchanges. The plan is still to get the shares — up to $100 billion worth of them — away by the end of next year, but there is a lot to do between now and then. There has not been much said publicly by the company since the publication of its annual review a month ago, but behind the scenes the army of policymakers, advisers and consultants involved in the IPO preparation are working hard to get through the “to do” list. The issue that has hogged the headlines for the past few weeks has been: New York or London? The two biggest markets in the Western world have made no secret of their desire to get Aramco on their trading boards, and London in particular has shown a willingness to be “flexible,” to the extent that some in the investment community have shouted “special treatment.”"



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MIDEAST STOCKS-Qatar's IHG falls on listing, Dubai dragged down by weak Q2 earnings

MIDEAST STOCKS-Qatar's IHG falls on listing, Dubai dragged down by weak Q2 earnings:

"Shares of the first family business to list in Qatar fell in early trade on Monday, while weak earnings at several companies in Dubai weighed on the stock index there. In its first hour of trade, Qatari conglomerate Investment Holding Group declined 8.8 percent to 9.12 riyals from its initial public offer (IPO) price. Trading volume was about 1.7 million shares. IHG had offered 49.8 million shares, or 60 percent of its share capital, at 10.0 riyals per share, plus a 0.1 riyal fee in its IPO during January, making the value of the listing about $138 million."



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U.A.E.'s Al Nuaimi on Qatar, Infrastructure - Bloomberg

U.A.E.'s Al Nuaimi on Qatar, Infrastructure - Bloomberg:

"United Arab Emirates Minister of Infrastructure Development Abdullah Al Nuaimi discusses the blockade of Qatar, the plans for infrastructure, Dubai's plans for a shipping investment fund, plans to improve ports and the Gulf rail project. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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