Qatar signed a memorandum with Greece expressing interest in investing as much as $5 billion in areas of the Greek economy such as tourism and real estate.
Greece and Qatar will look at cooperating on promoting investment projects and opportunities between the Qatar Investment Authority and its affiliates and the Hellenic Republic, according to a copy of the memorandum e-mailed today by Greek Prime Minister George Papandreou’s office.
The countries will focus on investments in real estate, tourism, transport, port or airport facilities, banking and finance, joint ventures, energy and other industries, when and as agreed by the two states, according to the memorandum.
Friday 24 September 2010
GCC Market Analytics: Weekly GCC Trend Analysis (Week 40)
No changes in the trend conditions from last week. Most markets remain in either a Bullish or Very Bullish state.
Enjoy.
Notes:
1. In the "Current Trend Conditions" section the short-term, medium-term and long-term trend values are determined by dual moving averages. The trend value is "Up" when the the shorter length moving average is greater the longer length moving average. The trend value is "Down" when the the shorter length moving average is less then the longer length moving average. For more information on dual moving averages see previous post here.
2. Dual moving average parameters are specific to each index and time-frame (short, medium and long)
Enjoy.
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1. In the "Current Trend Conditions" section the short-term, medium-term and long-term trend values are determined by dual moving averages. The trend value is "Up" when the the shorter length moving average is greater the longer length moving average. The trend value is "Down" when the the shorter length moving average is less then the longer length moving average. For more information on dual moving averages see previous post here.
2. Dual moving average parameters are specific to each index and time-frame (short, medium and long)
3. The "Outlook" value can be "Very Bullish," "Bullish," "Neutral," "Bearish" or "Very Bearish." The value is determined by the historical performance of the index when the same short, medium and long-term trend conditions were in evidence in the past.
4. The top chart shows a plot of the historical price performance of the index. Highlighted on the chart are the past periods when the current trend conditions were in evidence in the past
5. The bottom chart shows the non-compounded percentage returns of the index when the current trend condition were in evidence in the past.
Pipeline Bypassing Hormuz to Be Finished This Year, U.A.E. Says - BusinessWeek
A pipeline to send oil from the United Arab Emirates directly to the Indian Ocean, instead of being shipped by tanker through the Strait of Hormuz, is likely to be finished this year, said Mohamed Al-Hamli, oil minister of the United Arab Emirates.
The $3.3 billion pipeline to the U.A.E.’s easternmost emirate, Fujairah, aims to “bypass” the Strait and it will carry about 1.5 million barrels of oil a day, Al-Hamli said in an interview in Washington.
The waterway is a chokepoint at the mouth of the Persian Gulf for a fifth of the world’s oil supplies. Iran has threatened to block the waterway if attacked because of its nuclear program.
The $3.3 billion pipeline to the U.A.E.’s easternmost emirate, Fujairah, aims to “bypass” the Strait and it will carry about 1.5 million barrels of oil a day, Al-Hamli said in an interview in Washington.
The waterway is a chokepoint at the mouth of the Persian Gulf for a fifth of the world’s oil supplies. Iran has threatened to block the waterway if attacked because of its nuclear program.
FT.com - Dubai plans to sell $1bn in bonds
Dubai plans to tap the international capital markets as early as next week with its first bond issue since the debt standstill in the Gulf emirate shook financial markets last November.
Its government plans to issue about $1bn (€750m) in bonds with maturities of up to seven years amid improving sentiment following an agreement between its flagship group and creditors this month, according to people familiar with the situation.
One banker said: “This is a big test for Dubai. But the fact they are preparing to go is a very good sign. It shows that Dubai is back as far as many investors are concerned. The restructuring has paved the way for this deal.”
Its government plans to issue about $1bn (€750m) in bonds with maturities of up to seven years amid improving sentiment following an agreement between its flagship group and creditors this month, according to people familiar with the situation.
One banker said: “This is a big test for Dubai. But the fact they are preparing to go is a very good sign. It shows that Dubai is back as far as many investors are concerned. The restructuring has paved the way for this deal.”
Qatar reaps rewards from rise in London office rents - The National Newspaper
Qatar’s property market may be suffering the same malaise as the rest of the region but the country’s sovereign wealth fund is reaping the benefits of rebounding commercial property values in London’s financial heartland.
Songbird Estates, which controls 70 per cent of the Canary Wharf business hub and in which Qatar Investment Authority (QIA) is the major shareholder, yesterday posted a return to profit of US$5.5 million (Dh20.2m) for the first half of the year, compared with a loss of Dh465m in the same period last year.
More importantly, the value of its Docklands property portfolio, where it counts some of the biggest names in international finance among its tenants, is rising."
Songbird Estates, which controls 70 per cent of the Canary Wharf business hub and in which Qatar Investment Authority (QIA) is the major shareholder, yesterday posted a return to profit of US$5.5 million (Dh20.2m) for the first half of the year, compared with a loss of Dh465m in the same period last year.
More importantly, the value of its Docklands property portfolio, where it counts some of the biggest names in international finance among its tenants, is rising."
FT.com - Athens seeks $7bn investment from Qatar
Greece is trying to secure more than $7bn of investment from the Gulf state of Qatar in real estate, energy and tourism to help turn around its recession-hit economy.
A memorandum of understanding signed in New York on Thursday by George Papandreou, the prime minister, and Sheikh Hamad bin Khalifa al Thani, emir of Qatar, “shows that Greece is a place that can attract credible investors” An Athens official said.
“We don’t want to raise expectations, there’s still a lot of work to be done…But this agreement boosts our confidence,” the official said.
A memorandum of understanding signed in New York on Thursday by George Papandreou, the prime minister, and Sheikh Hamad bin Khalifa al Thani, emir of Qatar, “shows that Greece is a place that can attract credible investors” An Athens official said.
“We don’t want to raise expectations, there’s still a lot of work to be done…But this agreement boosts our confidence,” the official said.