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Wednesday, 6 September 2017

Dubai or bust for Baroness Bitcoin | FT Alphaville

Dubai or bust for Baroness Bitcoin | FT Alphaville:

"The Times (plus a number of other publications) report on Wednesday that Baroness Mone, the model turned lingerie entrepreneur turned Cameron peer, will be launching a “£250m luxury property development in Dubai that will sell apartments in bitcoin, the digital currency”. What’s unique about the story is the bitcoin aspect, naturally. High-end property sales occur everyday. High-end property sales for bitcoin, not so much. Or so the narrative goes. The venture is further endorsed by Douglas Barrowman, Lady Mone’s partner, who tells the Times he has “watched bitcoin grow and been actively involved in it over the last couple of years” and that “the currency is here to stay.”"



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Dubai construction firm UNEC plans to raise 1 billion dirham loan-sources

Dubai construction firm UNEC plans to raise 1 billion dirham loan-sources:

"Dubai-based United Engineering Construction (UNEC) plans to raise around 1 billion dirhams ($272 million) in debt to finance its building work on a major shopping mall project, banking sources familiar with the matter said. The company is building the Deira Mall in Dubai for United Arab Emirates property developer Nakheel, a project which is to involve total investment of 6.1 billion dirhams. UNEC is raising the money through a loan arranged by Emirates NBD, said the sources, who spoke on condition of anonymity because the information is private."



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Exclusive: Saudi Arabia's Ma'aden asks banks to refinance nearly $3 billion of debt - sources

Exclusive: Saudi Arabia's Ma'aden asks banks to refinance nearly $3 billion of debt - sources:

"Saudi Arabian Mining Co (Ma’aden) 1211.SE, the Gulf’s largest mining company, has asked banks to submit proposals for a loan which would refinance some $2.88 billion of existing debt, sources familiar with the matter said on Wednesday.

It sent a request for proposals to banks last week and the banks have until the end of September to respond, the sources said.

The facility would be the largest corporate loan out of Saudi Arabia since 2015, according to Thomson Reuters data."



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MIDEAST STOCKS-Saudi outperforms on firm oil, Qatar hit by FTSE change

MIDEAST STOCKS-Saudi outperforms on firm oil, Qatar hit by FTSE change:

"Saudi Arabia’s equities index firmed on Wednesday because of strong oil prices while Qatar fell to its lowest close since January 2016 after index compiler FTSE’s mid-year review hurt some stocks.

Brent oil was around $53.50 a barrel, slightly above its level when the Saudi market traded on Tuesday last week, just before it closed for long Eid al-Adha holidays.

All but two of the 14 listed Saudi petrochemical producers rose as the market reopened on Wednesday with Rabigh Refining and Petrochemical adding 1.9 percent. The main Saudi stock index rose 0.7 percent."



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A hard landing for the Gulf’s high flyers

A hard landing for the Gulf’s high flyers:

"They have been the great aviation disrupters of the 21st century. Over the past decade, Dubai’s Emirates, Etihad Airways of Abu Dhabi and Qatar Airways have quadrupled the number of passengers they fly each year. They have tempted travellers with competitive pricing, superior service and luxurious premium cabins and turned the Gulf into the stopover destination in global air travel. In the process they even earned themselves a nickname: the “superconnectors”. But after years of what seemed like unstoppable growth, the three Middle Eastern airline upstarts are experiencing their own period of disruption. "



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Oman replaces central bank chief after 26 years - The National

Oman replaces central bank chief after 26 years - The National:

"Oman’s ruler replaced the head of the central bank after 26 years in the job amid pressure on the economy from low oil prices. Sultan Qaboos, in a decree published by the state-run news agency late on Tuesday, appointed Tahir Bin Salim Al Amri as the central bank’s executive president. He replaced Hamud Sangur Al Zadjali, who served in the post since 1991, making him the world’s second-longest serving central banker after Romania’s Mugur Isarescu, according to data compiled by Bloomberg. Mr Al Zadjali, a Boston University graduate, was replaced hours after Moody’s Investors Service cut Oman’s banking outlook to negative from stable to reflect a reduction in the government’s ability to support the country’s banks as well as weaker economic growth and tightening liquidity."



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Russia's Novak says to consider extension of oil cut deal if glut persists

Russia's Novak says to consider extension of oil cut deal if glut persists:

"Russian Energy Minister Alexander Novak said on Wednesday that Moscow would consider extending a deal with OPEC and other producers to cut oil production further into next year if a supply glut persists. “If we see that market is imbalanced we will consider extension,” Novak told reporters. “We will take such a decision if (an extension) would be needed.” Russia and Saudi Arabia, the world’s top oil producers, are leading a global oil-cut deal between OPEC and some non-OPEC members. The current deal runs through March 2018."



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MIDEAST STOCKS-Saudi firms on oil rebound, Abu Dhabi's Dana pulls back

MIDEAST STOCKS-Saudi firms on oil rebound, Abu Dhabi's Dana pulls back:

"An overnight rebound in crude oil prices helped Saudi Arabia’s equities index outperform its regional peers early on Wednesday, while shares of Abu Dhabi-listed Dana Gas gave up some of the big gains of the past two days.

Brent oil was trading at $53.37 a barrel, slightly above its level when the Saudi market traded on Tuesday last week, just before it closed for long Eid al-Adha holidays.

All but two of the 14 listed Saudi petrochemical producers rose as the market reopened on Wednesday with Rabigh Refining and Petrochemical adding 1.3 percent. The main Saudi index rose 0.5 percent."



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