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Wednesday, 20 December 2017

Dubai developer hammered by crisis offloads more debt | Arab News

Dubai developer hammered by crisis offloads more debt | Arab News:

"Dubai property developer Limitless has taken another step toward restoring its balance sheet via an early debt repayment to creditors of more than 412 million dirhams ($112 million).
It means the developer, whose projects include a 200-hectare residential and commercial development in Dubai’s Jebel Ali, will have cut its liabilities to banks and trade creditors by almost half come the year-end.
Limitless, which was formerly part of Dubai World, was hit hard by the financial crisis of 2008/9 when Dubai property prices plunged by more than half, and the business was later forced into a debt reduction program to avoid going bust."



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Qatargas and OMV sign five year LNG agreement - The Peninsula Qatar

Qatargas and OMV sign five year LNG agreement - The Peninsula Qatar:

"Qatargas Operating Company Limited (Qatargas) today announced the signing of a new Sale and Purchase Agreement (SPA) with OMV Gas Marketing & Trading (OMV). Under the terms of the agreement, Qatargas will deliver up to 1.1 million tonnes of Liquefied Natural Gas (LNG) per annum to the Austrian company for five years. Commenting on this occasion, Saad Sherida Al Kaabi, President and Chief Executive Officer of Qatar Petroleum, and Chairman of the Qatargas Board of Directors, said: “We are very pleased to announce this new deal with OMV – an international, integrated oil and gas company operating from the heart of Europe. OMV provides major European customers and distributors with tailored natural gas solutions, and we look forward to supplying them with reliable Qatari LNG.” Al Kaabi added: “With this deal, Qatargas has once again demonstrated its ability to capture new opportunities and expand its network of customers in an evolving market.”"



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Abu Dhabi Securities Exchange announces inclusion of ADNOC Distribution into exchange indices | ZAWYA MENA Edition

Abu Dhabi Securities Exchange announces inclusion of ADNOC Distribution into exchange indices | ZAWYA MENA Edition:

"Abu Dhabi Securities Exchange, ADX, has announced that ADNOC Distribution has been added to its General Index, ADI, and to sector indices, ADEG, as of Wednesday, 20th December 2017, lifting the number of companies included in the ADI to 62. Shares of ADNOC Distribution which has a ADNOCDIST symbol have been added to the ADX General Index, and Energy sub-index ADEG. The company number of shares is 12,500,000,000, while the percentage of the free float shares as per index rules is 8.9 percent, which represents 1,113,641,910 shares. Free float shares will be recalculated twice a year on 30th June, and 31st December."



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MIDEAST STOCKS-Gulf moves little, Saudi cement shares lose steam after budget | ZAWYA MENA Edition

MIDEAST STOCKS-Gulf moves little, Saudi cement shares lose steam after budget | ZAWYA MENA Edition:

"Gulf stock markets moved little on Wednesday as Saudi Arabian cement shares lost steam after the release of the 2018 state budget, and Qatar's market pulled back after a leap on Tuesday.

The Saudi index edged up 0.2 percent as cement shares, which had surged in the days before the release of the budget as investors anticipated an increase in infrastructure spending, ran into profit-taking. Yanbu Cement fell 1.8 percent.

The budget was seen positively by the market; the government said it planned to increase total spending to a record 978 billion riyals ($261 billion) in 2018, from 890 billion riyals in the original 2017 budget plan and 926 billion riyals of actual spending this year. King Salman formally announced the target date for eliminating the budget deficit would be pushed back to 2023 from 2020. "



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MIDEAST STOCKS-Saudi cement shares see profit-taking after budget; Qatar loses steam

MIDEAST STOCKS-Saudi cement shares see profit-taking after budget; Qatar loses steam:

"Saudi Arabia’s stock market stalled in early trade on Wednesday as cement shares ran into profit-taking after the release of the 2018 state budget, while Qatar’s market also pulled back after a leap on Tuesday.

The Saudi index was almost flat after an hour. Six of the 10 biggest losers were cement stocks, with Tabuk Cement sinking 1.6 percent.

Cement shares had surged in the days before the release of the budget as investors anticipated an increase in infrastructure spending after a couple years of austerity."



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UAE’s inbound FDI surges by $9bln in 2016 | ZAWYA MENA Edition

UAE’s inbound FDI surges by $9bln in 2016 | ZAWYA MENA Edition:

"Cumulative foreign direct investment (FDI) to the UAE increased to $117.9 billion by the end of 2016 from around $109 billion by the end of 2015, at a growth rate of 8.2 per cent, said the organisers of the upcoming Annual Investment Meeting (AIM) in Dubai, UAE, citing recent reports. AIM will take place at the Dubai World Trade Centre from April 9 to 11, 2018 with the participation of elite leaders and decision makers and high-level local, regional and international government officials. The annual forum is one of the leading regional events on FDI and is organized by the UAE Ministry of Economy under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai."



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Saudi Arabia to Freeze More Bank Accounts in Crackdown - Bloomberg

Saudi Arabia to Freeze More Bank Accounts in Crackdown - Bloomberg:

"Saudi Arabia’s crackdown on alleged corruption shows no signs of letting up with more people being questioned and banks freezing more accounts, according to people familiar with the situation.


Almost seven weeks after the purge started, authorities are detaining new suspects and releasing some of those held, the people said, asking not to be identified because the matter is private. The Saudi Arabian Monetary Authority is also telling banks to freeze the accounts of more individuals who aren’t under arrest and people linked to them, the people said.

The government’s Center for International Communication didn’t immediately respond to requests for comment. SAMA referred questions to the public prosecution, which didn’t immediately respond to requests for comment.

"



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Saudi Arabia Unveils Its 2018 Budget: Economists’ Reaction - Bloomberg

Saudi Arabia Unveils Its 2018 Budget: Economists’ Reaction - Bloomberg:

"Saudi Arabia released its second budget since unveiling proposals to reduce the kingdom’s dependence on oil. Here economists comment on the numbers, prospects for crude prices and the direction of government policy. Monica Malik, chief economist at Abu Dhabi Commercial Bank: “This budget is trying to support economic growth rather than just focus on fiscal austerity and reducing the deficit, which was the case in the past few years. The increase in oil price gives them some fiscal space.” “Saudi Arabia still has to show some fiscal consolidation to the international bond holders and rating agencies. “The non-oil revenue, especially the tax revenue, looks optimistic especially since we think non-oil activity will not see the same boost as projected in the budget. In fact, we think there could be a moderate decrease in real non-oil GDP growth with the introduction of VAT and the increase in electricity prices.” Mohamed Abu Basha, Cairo-based economist at EFG-Hermes: “Generally the economy will remain under pressure at least in the first half due to the inflationary impact of the reform measures and uncertainty” about the extent of compensation from the Citizen Account program to help needy Saudis. “Next year we should see a bigger role for state funds, led by the PIF,and going forward these funds will be playing a bigger role in setting total public investment spending.”"



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UAE Markets: DFM, ADX to levy VAT on services | ZAWYA MENA Edition

UAE Markets: DFM, ADX to levy VAT on services | ZAWYA MENA Edition:

"UAE bourses Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) will levy value-added tax (VAT) on service and products from January 1, 2018. DFM said VAT would be levied on the invoice value. VAT is being levied in accordance with the UAE Federal Law No.8 of 2017, DFM said, adding that this notification supersedes any contrary terms related to VAT in any agreement entered into with the DFM."



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