Petroleo Brasileiro SA is considering a proposal by Qatar to take a shareholding in the Brazilian state-controlled oil company, Qatari Energy Minister Abdullah bin Hamad al-Attiyah said.
“We are always studying the best opportunities and Petrobras is a big company and it has a lot of activities. So why not?” the minister said today in an interview in the Qatari capital Doha, where he was attending a ceremony. “Now they will discuss it and evaluate it.”
A Qatari shareholding in Petrobras would be a “good achievement,” Al-Attiyah said. It’s “too early” to predict how big a stake Qatar might assume, he said.
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Thursday, 21 January 2010
Dubai Forms Five Committees As Part Of Executive Council - WSJ.com
Dubai's Crown Prince announced Thursday the creation of new governmental committees within the city-state's top executive body as the emirate reorganizes to better deal with the financial crisis.
Five new committees will form part of the government's Executive Council, according to the statement from Sheik Hamdan bin Mohammed Al Maktoum, emailed in Arabic
* username: rupertbu
Five new committees will form part of the government's Executive Council, according to the statement from Sheik Hamdan bin Mohammed Al Maktoum, emailed in Arabic
* username: rupertbu
Kuwait lenders mull $7 bln 'stability' fund -paper
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"It is designed to first to buy stakes in big operational firms in the market, besides buying assets in firms," Kuwaiti newspaper al-Qabas said in an unsourced report.
The fund, which would be set up through banks and government investment, will be worth between 1 billion and 2 billion dinars, Qabas said.
Troubles at several prominent investment firms in the OPEC member, including Global Investment House (GLOB.KW) and Investment Dar (TIDK.KW), prompted the government to approve a $5 billion stimulus package in April to help weather the global economic downturn.END
Middle East Economies to Rebound, Risks Remain, World Bank Says
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Growth will accelerate from an estimated 2.9 percent in 2009 after the global credit crisis sent oil prices tumbling, the Washington-based bank said in its Global Economic Prospects report on its Web site today. Growth was 4.3 percent in 2008, the bank said.
“Stronger global activity should allow for crude oil and gas production to return to positive growth, implying moderate revenue gains,” the World Bank said.
Dubai Index Declines on Concern Bank Earnings Will Disappoint
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Dubai Islamic Bank, the United Arab Emirates’ biggest bank complying with Muslim banking rules, and Emaar, the U.A.E.’s biggest developer, dropped to their lowest since December. The DFM General Index fell as much as 1.7 percent to the lowest since Dec. 13 and was down 1.4 percent to 1,653.01 at 1:16 p.m. in Dubai. Bahrain’s index added 1 percent, headed for the highest close since November.
“Negative expectations” for banking results are hurting the market, said Yazan Abdeen, a fund manager at ING Investment Management (Dubai) Ltd. “With the current regional provisioning trend, it is imminent that UAE banks will be hard-hit.”
Qatar may buy Brazil Petrobras, bank stake-source
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The country's investment agency already owns a $300 million stake in Brazil's Vale (VALE5.SA)(VALE.N), the world's largest iron ore miner, said the official, who requested anonymity because the conversations were private.
Sheik Hamad bin Khalifa Al-Thani, Qatar's emir, met with Brazil's President Luiz Inacio Lula da Silva earlier on Wednesday.
Kuwait, Emirates sign up for reactors
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The United Arab Emirates sealed a $20.4 billion deal in December for the construction of four 1,400-megawatt nuclear power plants with a consortium led by South Korea's state-owned utility Korea Electric Power Corp. Westinghouse of the United States is part of the group.
The Korean corporation is one of the world's leading nuclear power specialists and operates 20 reactors worldwide.
Bond market needs tonic after Dubai shock
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Bond issuance almost quadrupled to a record $41bn, from $11bn in 2008 and the previous peak of $27bn in 2007, according to Dealogic, capped by Qatar’s blockbuster $7bn debt sale in mid-November.
However, Dubai’s unexpected decision to restructure the debts of its troubled Dubai World conglomerate later in November sapped the credit markets of their early-2009 vim, and sent prices tumbling.
M&A action remains subdued in Gulf
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M&A work was a priority for many investment banks that set up or expanded offices in the region before the financial crisis, as they expected foreign investments by sovereign wealth funds and, particularly, local deals.
Bankers then predicted the economic downturn would reinforce the case for corporate consolidation, and regional private equity businesses would seek to take advantage of lower prices. Instead, apart from outbound investments by sovereign funds and some restructuring, M&A advisory work has dwindled.