Google+ Followers

Saturday, 17 February 2018

Four GCC states need more time on VAT, IMF official says - The National

Four GCC states need more time on VAT, IMF official says - The National:

"Qatar, Kuwait, Oman and Bahrain need more time to introduce VAT because technically and politically they are not ready for the 5 per cent levy, which was implemented in Saudi Arabia and the UAE in January, an IMF official said. “Technically they should be able to be ready in a year and a half,” Abdelhak Senhadji, deputy director of the fiscal affairs department at the IMF told The National. “Of course there is the issue of political will to introduce it.” The IMF is working with the four GCC state, which are expected to introduce VAT as part of a GCC-wide agreement struck in 2016 to implement the levy across the six-member economic bloc, Mr Senhadji said."



'via Blog this'

Dubai Investments to IPO at least 30 per cent of Emicool - The National

Dubai Investments to IPO at least 30 per cent of Emicool - The National:

"Dubai Investments, a diversified company in which sovereign wealth fund Investment Corporation of Dubai has an 11.54 per cent stake, plans to float at least 30 per cent of its district cooling unit Emicool by the end of 2018 on the Dubai Financial Market, its chief executive said. Dubai Investments has hired its unit, financial investment firm Al Mal Capital, to be lead manager of the IPO, the Dubai-listed company said. Prior to the IPO, the company plans to acquire two district cooling companies in the UAE with an estimated combined value of Dh600m and then bring in investors to take a stake in Emicool, Khalid bin Kalban told The National. “We have two steps before we undertake the IPO. We have acquisitions we will make in the second quarter,” Mr bin Kalban said on Saturday. “We have investors who are interested in buying a stake in the company [Emicool] before the IPO. When we get the new investors we will decide with them the stake to be sold.”"



'via Blog this'

Challenging times for UAE retailers, but Dubai well positioned | Arab News

Challenging times for UAE retailers, but Dubai well positioned | Arab News:

"Continuing weakness in UAE retail markets has been highlighted by disappointing earnings results from companies such as Dubai retailer Marka.
The crash in oil prices has had a trickle-down impact on the Gulf state’s retail markets, hitting consumer confidence, consultancy group Euromonitor International said — although others see signs of hope on the horizon.
Faisal Durrani, a senior partner at Cluttons real estate consultancy, said there are uncertainties ahead flowing from “the introduction of VAT, rising interest rates and inflation which is nudging up.”"



'via Blog this'

Dubai still offers the best developer margins in region | GulfNews.com

Dubai still offers the best developer margins in region | GulfNews.com:

"Despite the recent rise in costs, Dubai still offers the best option in the region for developer margins, according to a top official at Damac Properties.

“Whether it’s Saudi Arabia or Jordan, the margins are half of what is there in Dubai and it’s how it will continue to be,” said Adil Taqi, Chief Financial Officer. “It’s got nothing to do with a developer slashing sales prices to create sales. It’s because these are the structural prices that a property sells in those markets.
“If anything, this reinforces our conviction that Dubai is the place to build … and continue building.”"



'via Blog this'

Weekly Market Report #Qatar

Weekly Market Report:

"The Qatar Stock Exchange (QSE) index increased 134.44 points, or 1.51%, during the trading week to close at 9,027.71. Market capitalisation inched up by 0.8% to QR481.4bn versus QR477.8bn at the end of the previous trading week. Of the 45 listed companies, 29 ended the week higher, while 13 declined and three remained unchanged. Qatar Islamic Insurance Co (QISI) was the best performing stock for the week with a gain of 8.2% on 707.6k shares traded. On the other hand, Ezdan Holding (ERES) was the worst performing stock for the week with a decline of 3.1% on 967.2k shares traded.
Masraf Al Rayan (MARK), QNB Group (QNBK) and Barwa Real Estate (BRES) were the primary contributors to the weekly index gains. MARK was the biggest contributor to the index’s weekly increase, adding 56.13 points to the index. QNBK was the second biggest contributor to the mentioned gains, contributing 49.07 points to the index. Moreover, BRES tacked on 26.03 points to the index. However, Ooredoo (ORDS) deleted 9.84 points from the index.
Trading value during the week decreased by 37.1% to reach QR809.3mn versus QR1.3bn in the prior week. The banks and financial services sector led the trading value during the week, accounting for 45.8% of the total trading value. The industrials sector was the second biggest contributor to the overall trading value, accounting for 20.2% of the total trading value. QNBK was the top value traded stock during the week with total traded value of QR85.7mn."



'via Blog this'

Oil gains in weekly recovery on equities rebound, weak dollar

Oil gains in weekly recovery on equities rebound, weak dollar:

"Oil prices edged up on Friday as a rebound in the global equities market and a weak dollar supported crude’s recovery from last week’s slide.

Global stocks rallied for a sixth straight session to post their best week in more than two years. The dollar .DXY rose on the day but remained on track to post its biggest weekly loss in nine months. A weaker dollar can boost oil and other dollar-denominated commodities. [FRX/] [MKTS/GLOB][USD/]

“I don’t want to underestimate what the dollar is doing. The weaker dollar has been extremely supportive to crude,” said Bill Baruch, president and founder of Blue Line Futures.

"



'via Blog this'

Tales of broken men and ‘Ritz detox’ in Riyadh’s gilded cage

Tales of broken men and ‘Ritz detox’ in Riyadh’s gilded cage:

"Sharp or heavy objects, from shower glass to ashtrays, were removed from suites at Riyadh’s Ritz-Carlton to thwart suicide attempts as the hotel was turned into a gilded prison for hundreds of Saudi princes and tycoons.

Most of the suspects rounded up in Crown Prince Mohammed bin Salman’s anti-corruption drive were confined to their quarters for weeks, passing the time watching television between bouts of interrogation. Doors, guarded by intelligence officers, were kept open, destroying any semblance of privacy. Contact with other suspects was banned, but detainees were granted regular calls to relatives.

The effect on inmates varied. Some are said to be “broken men”, barely speaking since being released. Others have joked with well-wishers about their trimmer waistlines, thanks to the “Ritz detox”."



'via Blog this'