Emaar-MGF plans to appeal against an Indian court order this week that effectively rejected its plea to stop the Delhi Development Authority (DDA) from cashing in the remainder of a 1.83 billion rupee (Dh148.9 million) bank guarantee.
'We will go for an appeal against this order,' said Anupama Chopra, a spokeswoman in New Delhi for Emaar-MGF. She declined to comment further. Emaar-MGF, a joint venture between Emaar Properties of Dubai and MGF Development of India, paid the deposit after it won a contract in 2007 to build the Commonwealth Games village in New Delhi. But it has faced criticism from Indian authorities for alleged deficiencies in construction and missed completion deadlines.
In October, soon after the games were over, the DDA said it planned to seize at least a portion of the bank guarantee as damages. The developers went to court, arguing that they had met all deadlines and rectified construction defects that were pointed out to them.
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Friday, 24 December 2010
TODAYonline | Business | Business in Brief | Sime Darby sues former CEO, others for $141.8m
Sime Darby yesterday filed a civil suit against its previous president and chief executive, Mr Ahmad Zubir Murshid, and four other former company officials, in an attempt to recoup some of the losses incurred in its troubled energy and utilities division.
In a stock exchange filing, the Malaysian-based multinational said the suit was in connection with the Qatar Petroleum Project, the Maersk Oil Qatar Project and a marine vessel construction project.
It is claiming a total of RM338.5 million ($141.8 million) in specific costs relating to the projects, as well as other damages and costs.
In a stock exchange filing, the Malaysian-based multinational said the suit was in connection with the Qatar Petroleum Project, the Maersk Oil Qatar Project and a marine vessel construction project.
It is claiming a total of RM338.5 million ($141.8 million) in specific costs relating to the projects, as well as other damages and costs.
Sukuk Beats Emerging-Market Debt for 2nd Month: Islamic Finance - Bloomberg
Islamic bonds are outperforming emerging-market debt for a second month as new note sales rebound, Malaysia boosts spending on roads and power plants and confidence returns to the Persian Gulf.
Global Shariah-compliant notes returned 1.45 percent in December, the HSBC/NASDAQ Dubai US Dollar Sukuk Index shows, while bonds in developing regions fell 0.7 percent, according toJPMorgan Chase & Co.’s EMBI Global Diversified Index. Emerging- market returns have dropped as rising yields on U.S. Treasuries gave dollar-based investors less incentive to buy riskier fixed- income assets.
Islamic debt sales increased 34 percent in the second half compared with the first six months as investor confidence was boosted by Dubai World’s September agreement with most of its creditors to restructure $24.9 billion of debt. Developing nation bond funds suffered net outflows for three consecutive weeks until Dec. 8, the longest stretch since the first quarter of 2009, according to Cambridge, Massachusetts-based research firm EPFR Global.
A New Era For The City-state? - Joel Kotkin - New Geographer - Forbes
The city-state, a relic dating back to Classical or Renaissance times, is making a comeback. Driven by massive growth in global trade, shifts in economic power and the rise of emerging ethnic groups, today’s new independent cities have witnessed rapid, often startling, economic growth over the past decade.
The contemporary city-state has flourished primarily in two regions: the Persian Gulf and Southeast Asia. The development of Hong Kong and Singapore provided a critical stage for Southeast Asia, which has been home to the world’s the greatest economic expansion. Hong Kong, now a quasi-independent part of China, competes with London’s West End as the world’s most expensive office market. By one account, it is experiencing the fastest growth in rents of major office markets in the past year. Once known for their poverty and destitution, these Asian city-states now boast incomes comparable to many European and North American cities.
The Persian (or, as some like to call it, Arabian) Gulf constitutes the other hot bed for 21st Century city-states. Over the past decade, a string of once obscure cities from Dubai and Abu Dhabi to Qatar and Bahrain have risen to positions of global significance. Qatar, a tiny emirate with roughly 1.7 million people, will host the 2022 World Cup–an announcement that surprised nearly everyone. Abu Dhabi, a desert metropolis of some 2 million people, is undergoing the largest cultural development project on the planet, financed by the emirate’s huge oil wealth. This includes three massive museums: an outpost of the Louvre, a branch of the Guggenheim 12 times the size of the New York original, and a museum on maritime history.
The contemporary city-state has flourished primarily in two regions: the Persian Gulf and Southeast Asia. The development of Hong Kong and Singapore provided a critical stage for Southeast Asia, which has been home to the world’s the greatest economic expansion. Hong Kong, now a quasi-independent part of China, competes with London’s West End as the world’s most expensive office market. By one account, it is experiencing the fastest growth in rents of major office markets in the past year. Once known for their poverty and destitution, these Asian city-states now boast incomes comparable to many European and North American cities.
The Persian (or, as some like to call it, Arabian) Gulf constitutes the other hot bed for 21st Century city-states. Over the past decade, a string of once obscure cities from Dubai and Abu Dhabi to Qatar and Bahrain have risen to positions of global significance. Qatar, a tiny emirate with roughly 1.7 million people, will host the 2022 World Cup–an announcement that surprised nearly everyone. Abu Dhabi, a desert metropolis of some 2 million people, is undergoing the largest cultural development project on the planet, financed by the emirate’s huge oil wealth. This includes three massive museums: an outpost of the Louvre, a branch of the Guggenheim 12 times the size of the New York original, and a museum on maritime history.
EM fund managers of 2010: the Peruvians | beyondbrics | News and views on emerging markets from the Financial Times – FT.com
The FT is publishing rankings of emerging market fund performance prepared by Lipper, the funds research company. Here is the fourth profile of a top performing fund.
Investors who turned their eyes to Darkest Peru in 2010 were rewarded with stellar returns. Peru-based Banco de Credito’s equities fund BCP Acciones came first among emerging market equity funds in Lipper’s ranking with a gain to December 20 of 63 per cent. ING Income Shares fund was third, with 59 per cent, followed by three Chile-based funds focusing on Peru.
Mario Melzi, Cecilia Ramirez and Augusto Rodriguez of Banco de Credito say Peru’s surging economy and the planned integration of the Lima, Bogota and Santiago bourses were the major factors driving their success.
Libya's Ghanem sees no new oil concessions in 2011 | Reuters
Libya does not expect to issue any new oil concession licences in 2011, the chairman of its National Oil Corporation (NOC) said on Thursday.
Libya has not held an oil and gas licensing round for several years, although it has signed exploration and production licenses with individual companies.
Asked in Cairo if Libya would issue new oil concessions next year, NOC Chairman Shokri Ghanem said: 'No I don't think so. For the moment, no.'
Libya has not held an oil and gas licensing round for several years, although it has signed exploration and production licenses with individual companies.
Asked in Cairo if Libya would issue new oil concessions next year, NOC Chairman Shokri Ghanem said: 'No I don't think so. For the moment, no.'
Abu Dhabi's private firms in focus after Al Jaber, UAE Economy - Maktoob News
More Abu Dhabi firms could face pressure to restructure debt coming due in the next 12-18 months, but bankers and analysts said the wealthy emirate's private sector was better off than other regional peers.
Two high-profile Abu Dhabi names have in recent weeks acknowledged financial difficulties, the latest being private contractor Al Jaber Group which this week said it was in talks with banks to renegotiate its debt repayments.
"There are Abu Dhabi entities going through financial difficulty, and some will need to restructure or renegotiate loans," a Gulf-based analyst said on condition on anonymity.
Two high-profile Abu Dhabi names have in recent weeks acknowledged financial difficulties, the latest being private contractor Al Jaber Group which this week said it was in talks with banks to renegotiate its debt repayments.
"There are Abu Dhabi entities going through financial difficulty, and some will need to restructure or renegotiate loans," a Gulf-based analyst said on condition on anonymity.