It is great to see Emaar’ supremo Mohamed Alabbar looking for a challenge. Dubai and certainly the emirate’s real estate sector needs dynamic personalities like him to help pull it through its current crisis.
As alifarabia.com observed in a recent report (Is Dubai Back?), we believe the emirate has gotten over the ‘hump’ of its problems amid better domestic business conditions and stands to be a beneficiary of business diverted its way on account of turmoil in the rest of the region.
To his credit, Mr. Alabbar was one of the last few men standing as Dubai went through a painful restructuring which saw many high-profile heads roll. But Emaar and Mr. Alabbar pulled through and launched the world’s tallest tower in the world, an 828-metre colossus that is the Burj Khalifa.
Saturday 7 May 2011
Saudi Stock Market close - May 7, 2011
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Kuwait Financial Centre reports financial performance for Q1, 2011| AMEinfo.com
Markaz short-term debt totaled KD12.54m and total debt reached KD42.m which represents 14.25% and 47.84% of total shareholders' equity, respectively. Markaz assets under management reached KD960m.
Markaz Chairman and MD, Mr. Diraar Y. Alghanim, said "Although Markaz had a limited exposure to politically troubled markets, it was nevertheless negatively affected by the indirect impact of the political crises on regional and international markets, and therefore we witnessed high volatility in the first quarter. We truly believe that all crises revolve around economic issues, and that a genuine and transparent Public Private Partnership policy is the ultimate approach to overcome the consequences of political and social crises."
Alghanim added "On the local level, the financial sector, regardless of the challenges it faces, remains fundamental to a healthy solid economy. It's a main funding source for large-scale projects and institutions, through its ability to develop and manage various sophisticated financial instruments such as equities, bonds, sukuk, and mezzanine financing. For a strong beginning, we believe the Kuwait Development Plan will only come to fruition when a clear policy for financial sector involvement has been articulated, and is underscored by clear, unwavering support, especially after the noticeable sorting procedures by the State's regulatory bodies. The implementation of the new Capital Market Authority (CMA) rules is a step in the right direction, and we look forward to an effective dialogue among CMA and independent industry figures to support asset management and investment banking activities."
Markaz Chairman and MD, Mr. Diraar Y. Alghanim, said "Although Markaz had a limited exposure to politically troubled markets, it was nevertheless negatively affected by the indirect impact of the political crises on regional and international markets, and therefore we witnessed high volatility in the first quarter. We truly believe that all crises revolve around economic issues, and that a genuine and transparent Public Private Partnership policy is the ultimate approach to overcome the consequences of political and social crises."
Alghanim added "On the local level, the financial sector, regardless of the challenges it faces, remains fundamental to a healthy solid economy. It's a main funding source for large-scale projects and institutions, through its ability to develop and manage various sophisticated financial instruments such as equities, bonds, sukuk, and mezzanine financing. For a strong beginning, we believe the Kuwait Development Plan will only come to fruition when a clear policy for financial sector involvement has been articulated, and is underscored by clear, unwavering support, especially after the noticeable sorting procedures by the State's regulatory bodies. The implementation of the new Capital Market Authority (CMA) rules is a step in the right direction, and we look forward to an effective dialogue among CMA and independent industry figures to support asset management and investment banking activities."
DP World, UAE Region hosts grand gala to celebrate true spirit of partnership with its customers - AMEinfo.com
Addressing the Annual Grand Gala Dinner hosted by DP World, UAE Region for its stakeholders, partners and clients from the supply chain industry last Wednesday (May 4), he also stressed that the true spirit of partnership forged between DP World and its customers over the years is the cornerstone of their collective success.
Over 550 guests including top level executives and representatives from shipping lines, freight forwarding companies, traders and other logistics operators, were welcomed by Mr Bin Sulayem and other senior DP World officials, including Jamal Majid Bin Thaniah, Group Chief Executive officer Ports & Freezone World, Vice Chairman, DP World, Mohammed Sharaf, CEO, DP World, and Mohammed Al Muallem, Senior Vice President and Managing Director, DP World, UAE Region. Also attending the event were senior officials from Economic Zones World and Dubai Customs.
HE Sultan Ahmed Bin Sulayem, Chairman, DP World, said, "The UAE, under its wise leadership, has recorded remarkable all-round development because of sustained investment in social infrastructure fields like human resources, education and healthcare. This social evolution has kept pace with the UAE's achievements on the economic front, giving the nation long term stability and growth. This has also contributed to the success of DP World both at home and internationally."
Over 550 guests including top level executives and representatives from shipping lines, freight forwarding companies, traders and other logistics operators, were welcomed by Mr Bin Sulayem and other senior DP World officials, including Jamal Majid Bin Thaniah, Group Chief Executive officer Ports & Freezone World, Vice Chairman, DP World, Mohammed Sharaf, CEO, DP World, and Mohammed Al Muallem, Senior Vice President and Managing Director, DP World, UAE Region. Also attending the event were senior officials from Economic Zones World and Dubai Customs.
HE Sultan Ahmed Bin Sulayem, Chairman, DP World, said, "The UAE, under its wise leadership, has recorded remarkable all-round development because of sustained investment in social infrastructure fields like human resources, education and healthcare. This social evolution has kept pace with the UAE's achievements on the economic front, giving the nation long term stability and growth. This has also contributed to the success of DP World both at home and internationally."
No UAE Bond Issue Before Next Year -Finance Min - Zawya
The United Arab Emirates federal government will not issue a bond before the start of next year, the country's finance minister said Saturday.
"If it is needed, only, any issuance will be beginning of next year," minister of state for financial affairs Obaid Humaid Al Tayer said at a press conference after a Gulf finance ministers meeting.
Al Tayer also said the U.A.E. is proceeding with a spending program despite a small budget deficit forecast for this year, and the budget is so far on target.
"If it is needed, only, any issuance will be beginning of next year," minister of state for financial affairs Obaid Humaid Al Tayer said at a press conference after a Gulf finance ministers meeting.
Al Tayer also said the U.A.E. is proceeding with a spending program despite a small budget deficit forecast for this year, and the budget is so far on target.
Dubai reveals hotel dilemma for Middle East and Africa - bi-me.com
The hotel sector in the Middle East and Africa is both a threat and opportunity for the region's tourism industry, reveals new research presented today at WTM Vision Conference inDubai.
Euromonitor International Travel and Tourism Industry Analyst Nadejda Popova revealed to delegates new hotel development in the region has slowed as a result of the global downturn. However, the United Arab Emirates, Saudi Arabia, Egypt, Qatar and Jordan all have more than 3,000 rooms each in the pipeline based on research by STR Global.
Asian hotel chains such as Dusit, Shangri-La, Banyan Tree and Anantara are contributing to the expansion, all opening properties in the United Arab Emirates, Egypt and Oman. Popova told delegates - at the conference hosted at World Travel Market’s sister event Arabian Travel Market - budget hotels were also expanding, with Accor leading the way, opening four Ibis-branded hotels by 2012.
Euromonitor International Travel and Tourism Industry Analyst Nadejda Popova revealed to delegates new hotel development in the region has slowed as a result of the global downturn. However, the United Arab Emirates, Saudi Arabia, Egypt, Qatar and Jordan all have more than 3,000 rooms each in the pipeline based on research by STR Global.
Asian hotel chains such as Dusit, Shangri-La, Banyan Tree and Anantara are contributing to the expansion, all opening properties in the United Arab Emirates, Egypt and Oman. Popova told delegates - at the conference hosted at World Travel Market’s sister event Arabian Travel Market - budget hotels were also expanding, with Accor leading the way, opening four Ibis-branded hotels by 2012.
Saudi Shares Tumble Most in Three Weeks on Plunging Oil Prices - Businessweek
Saudi Arabian shares dropped the most in almost three weeks after crude oil capped its biggest weekly decline in more than two years, following the death of Osama bin Laden and a strengthening dollar.
Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, dropped for a third day. Al Rajhi bank, the kingdom’s largest publicly-traded lender by market value, declined to the lowest intraday level in two weeks.
The 146-member Tadawul All Share Index declined 1.1 percent, the measure’s largest intra-day loss since April 17, to 6,611.73 at 12:15 p.m. in Riyadh. More than four shares dropped for every one stock that gained.
Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, dropped for a third day. Al Rajhi bank, the kingdom’s largest publicly-traded lender by market value, declined to the lowest intraday level in two weeks.
The 146-member Tadawul All Share Index declined 1.1 percent, the measure’s largest intra-day loss since April 17, to 6,611.73 at 12:15 p.m. in Riyadh. More than four shares dropped for every one stock that gained.
Marathon's Libya stake valued at $761 mln: filing | Reuters
Marathon Oil Corp, a U.S. oil and gas company that owns a minority stake in the Waha concession in Libya, values its interests in that country at $761 million, according to a regulatory filing on Friday.
Civil unrest, which begun in Libya in February, has halted Marathon's shipments of crude from Eastern Libya.
"The impact of continued unrest upon our investment and future operations in Libya is unknown at this time," the company said in its quarterly filing with the U.S. Securities and Exchange Commission.
Civil unrest, which begun in Libya in February, has halted Marathon's shipments of crude from Eastern Libya.
"The impact of continued unrest upon our investment and future operations in Libya is unknown at this time," the company said in its quarterly filing with the U.S. Securities and Exchange Commission.
Bahrain economy has lost $2 billion because of political unrest, says top business official
The chairman of the Bahrain Chamber of Commerce and Industry said during on state-run Bahrain Television that the island-state has lost up to $2 billion due to the recent political unrest in the country.
The Shiite-led uprising that started in February 2011 has left marks of losses in all of the country’s major sectors, said the official, Dr. Essam Fakho.
Unlike its neighboring Gulf States, Bahrain is not well endowed with oil. It has built its economy by diversifying sectors such banking, heavy industries, retail and tourism.
The Shiite-led uprising that started in February 2011 has left marks of losses in all of the country’s major sectors, said the official, Dr. Essam Fakho.
Unlike its neighboring Gulf States, Bahrain is not well endowed with oil. It has built its economy by diversifying sectors such banking, heavy industries, retail and tourism.
Goldman sees new oil rally - Maktoob News
Goldman Sachs, which in April predicted this week's major correction in oil prices, said on Friday that oil could surpass its recent highs by 2012 as global oil supplies continue to tighten.
The Wall Street bank, seen as one of the most influential in commodity markets, said it did not rule out a further short-term fall after Thursday's near record drop, especially if economic data continued to disappoint.
But the bank reaffirmed its traditional long-term bullish view of oil, helping crude to pare some of its earlier heavy losses on Friday. And it wasn't alone: JP Morgan took the bold step of raising its oil price forecasts for this year by $10, becoming the most bullish of 27 forecasts in a Reuters poll.
The Wall Street bank, seen as one of the most influential in commodity markets, said it did not rule out a further short-term fall after Thursday's near record drop, especially if economic data continued to disappoint.
But the bank reaffirmed its traditional long-term bullish view of oil, helping crude to pare some of its earlier heavy losses on Friday. And it wasn't alone: JP Morgan took the bold step of raising its oil price forecasts for this year by $10, becoming the most bullish of 27 forecasts in a Reuters poll.
Why Wont Oil Wont Climb To Pre-May 5 Levels Any Time Soon? | Arabianomics
Friday’s report that the US economy added 244,000 jobs in April is very encouraging. Bad economic data for the United States was part of the reason for the great sell-off that happened Thursday, according to reports in the Wall Street Journal, Financial Times, and Bloomberg that emerged last night.
If the report on US jobs had been bad on Friday, it could have sent markets and traders “toward the lifeboats,” wrote Robin Harding in the Financial Times. But “instead, it was a solid jobs report.”
So, logically, the question is: following an encouraging report that signals the recovery in the US is not as bad as previously thought, will commodity prices, oil especially, rise back to pre-May 5 numbers?
If the report on US jobs had been bad on Friday, it could have sent markets and traders “toward the lifeboats,” wrote Robin Harding in the Financial Times. But “instead, it was a solid jobs report.”
So, logically, the question is: following an encouraging report that signals the recovery in the US is not as bad as previously thought, will commodity prices, oil especially, rise back to pre-May 5 numbers?