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Monday, 26 March 2018

Abraaj is said to consider sale of fund unit stake to raise cash | GulfNews.com

Abraaj is said to consider sale of fund unit stake to raise cash | GulfNews.com:

"Abraaj Group, the Middle East buyout firm, is considering the sale of a stake in its fund management business to raise cash amid heightened regulatory scrutiny and the departure of key executives, according to people with knowledge of the matter. The group has held discussions with advisers about selling part of the newly separated investment business, which oversees funds globally for institutional investors, the people said, asking not to be identified as the matter is private. Meanwhile, markets regulator for the Dubai financial center where Abraaj is licensed is holding discussions with the firm about some investors’ concern that capital in a health-care fund wasn’t allocated properly, though no formal investigation is underway, they said. Abraaj, which last month said it would separate the funds business from its holding company, is working with consultants on a “comprehensive review” of its corporate structure, a spokeswoman said in response to queries. The firm “remains in regular contact and dialogue with its regulators and engages with them on various matters,” she said. A representative for Dubai Financial Services Authority declined to comment."



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Cyber attacks a ‘real threat’ to Gulf business | Arab News

Cyber attacks a ‘real threat’ to Gulf business | Arab News:

"Cyber attacks in the Gulf are a growing threat for businesses operating in the region, Internet security experts warn, calling for more to be done to protect data. Businesses, consumers and governments in the GCC are increasingly victims of a varied range of cybercrimes, including malware emails; software that holds a victim’s data to ransom, and most recently “cryptojacking” which involves the unauthorized use of someone’s computer to mine for virtual currencies. “Cyber risk is a real threat to Gulf states, with the cost of data breach mounting in 2017,” Edmond Christou, Middle East analyst at Bloomberg Intelligence, told Arab News. Bloomberg Intelligence on Monday published research on the impact of cyberattacks on oil and gas companies in the Gulf."



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KSA and US to get down to business in New York | Arab News

KSA and US to get down to business in New York | Arab News:

"With the diplomacy and the statecraft nearly at an end, it is time to get down to the sharp end of business in commercial relations between the US and Saudi Arabia. On Tuesday at the Gotham Hall in midtown New York City, the elite of the business leadership from America and the Kingdom will come together for a day of formal presentations, networking and deal-doing to give a concrete form to the new relationship between the two countries. It is the financial and economic equivalent of the political summits in the White House and other parts of Washington last week, as Saudi Crown Prince Mohammed bin Salman continues his tour of the US. The Saudi-US CEO Forum is the second installment in a series of annual events that began in Riyadh last May during President Trump’s first overseas visit since he entered the White House. That was regarded as a groundbreaking event, leading to deals or agreements worth hundreds of billions of dollars."



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Bahrain gives no details on new Gulf financial aid during bond roadshow -sources

Bahrain gives no details on new Gulf financial aid during bond roadshow -sources:

"Bahraini officials conducting a roadshow for investors ahead of a possible sovereign bond issue have not disclosed details of additional financial support that the country may receive from its Gulf neighbours, fund managers at the meetings said. The country plans to sell a multi-tranche, U.S. dollar-denominated sovereign bond after a series of investor meetings that started last Friday in London and are continuing this week in the Middle East, the United States and Asia. The tiny Gulf kingdom is rated junk by the three major credit rating agencies. But so far it has borrowed successfully in the international debt market because investors believe it can count on support from its richer Gulf neighbours, particularly Saudi Arabia, if its finances deteriorate further."



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UAE's ADNOC awards $3.5bln contracts to Samsung Engineering | ZAWYA MENA Edition

UAE's ADNOC awards $3.5bln contracts to Samsung Engineering | ZAWYA MENA Edition:

"Abu Dhabi National Oil Co (ADNOC) said on Monday it had awarded two contracts to South Korea's Samsung Engineering 028050.KS worth more than $3.5 billion.

The contracts were signed by ADNOC Refining, a wholly owned subsidiary of ADNOC, and Samsung Engineering.

The first engineering, procurement and construction (EPC) contract was awarded for a $3.1 billion project on flexibility in crude oil processing, ADNOC said in a statement."



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MIDEAST STOCKS-Gulf stocks muted, Saudi bourse closes up despite missile attacks

MIDEAST STOCKS-Gulf stocks muted, Saudi bourse closes up despite missile attacks:

"Middle Eastern stocks were mixed on Monday with investors in Saudi Arabia largely ignoring an apparent escalation in the country’s three-year war with Yemen, after the conflict caused its first civilian death within Riyadh. The kingdom’s air defences shot down seven ballistic missiles fired by Yemen’s Houthi forces late on Sunday, and debris killed an Egyptian resident of Riyadh. After initially slipping as much as 0.6 percent, Saudi Arabia’s main index recovered to close 0.2 percent higher."



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UPDATE 1-UAE's DXB Entertainments expects brighter 2018

UPDATE 1-UAE's DXB Entertainments expects brighter 2018:

"DXB Entertainments is expecting an improved 2018 after reporting a 1.12 billion dirham ($305 million) loss for last year, the CEO of the Dubai-based theme park operator told Reuters on Monday.

The company also announced it had reached a deal with banks to restructure 4.2 billion dirhams in debt and had received fresh funding from its majority shareholder, Meraas Holding, a Dubai government-linked developer.

DXB Entertainments owns Dubai Parks and Resorts, a group of theme-parks in the south of Dubai including the Hollywood-inspired theme park Motiongate and a Lego-themed water park."



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English court refuses to hear Dana Gas's appeal in sukuk dispute

English court refuses to hear Dana Gas's appeal in sukuk dispute:

"Dana Gas has lost an attempt to overturn English court rulings that backed creditors’ demands for the repayment of $700 million of Islamic bonds, the UAE company said on Monday.

The English Court of Appeal refused an application by the United Arab Emirates (UAE) company to appeal the November 2017 and February 2018 English High Court orders.

Dana Gas last year shocked the global Islamic finance industry when it stopped payments on its sukuk, which matured in October, saying that because of changes in the interpretation of Islamic finance rules the bond had become unlawful in the UAE. "



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In Saudi Shadow, One Troubled Gulf State Seeks an Investor Reset - Bloomberg

In Saudi Shadow, One Troubled Gulf State Seeks an Investor Reset - Bloomberg:

"Gleaming skyscrapers rise from reclaimed land in one corner of Bahrain’s capital, a new development that’s a showcase for the government’s effort to lure hi-tech business and move the economy beyond energy dependence. That’s a widespread aspiration in the Persian Gulf -- and the Manama skyline wouldn’t be out of place among peer cities. But it’s a sharp remove from the rest of Bahrain, a country that faces a challenge unique in the neighborhood. At the same time as pursuing a more diverse economy, it’s battling to contain political unrest. There’s another Bahrain in which security forces conduct night-time raids into villages where the Shiite Muslim majority live, while leaders of opposition groups remain jailed. The small island nation was the only one of the Gulf’s Sunni Muslim monarchies that teetered during the Arab Spring in 2011. Shiite youths inspired by their peers elsewhere in the region poured into the streets of the capital Manama to demand change. It took a military intervention led by Saudi Arabia to shore up the ruling Al Khalifa family."



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MIDEAST STOCKS-Gulf markets subdued as investors take stock of missile attacks

MIDEAST STOCKS-Gulf markets subdued as investors take stock of missile attacks:

"Stock exchanges in the Gulf were mainly subdued early on Monday as investors digested news of missiles fired overnight at Saudi Arabia, the region’s largest economy.

Saudi air defences shot down seven ballistic missiles fired by Yemen’s Houthi forces on Sunday, with debris killing a man in Riyadh, the first death in the capital during a Saudi-led coalition’s three-year military campaign in Yemen.

Any effect on stocks of the attacks was offset by reports that the United States and China have quietly started negotiations to improve U.S. access to Chinese markets. Hopes that the move signalled an easing of the threat of a global trade war pushed U.S. stock futures up more than 1 percent ."



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