Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Saturday 11 February 2012
Emaar Retail reports 13% growth in visitors to over 4.75 million in 2011 - bi-me.com
Emaar Retail LLC, the premium provider of leisure and entertainment, welcomed more than 4.75 million visitors to its varied attractions in Dubai during 2011, recording a growth of over 13% in visitor numbers compared with 2010.
Reel Cinemas, the cinemas owned and managed by Emaar Retail at The Dubai Mall and Dubai Marina Mall, welcomed more than 2.2 million patrons, with Dubai Aquarium & Underwater Zoo welcoming over 1.1 million residents and tourists. SEGA Republic, KidZania® and Dubai Ice Rink also reported robust visitor turnout.
Arif Amiri, Chief Executive Officer, Emaar Retail LLC said: “The retail sector has traditionally been one of the backbones of Dubai’s economy. The city’s retail sector has been reporting consistent and sustained growth with Dubai serving as the hub for nearly 2.5 billion people from across the Middle East, North Africa, the Indian Subcontinent, South East Asia and CIS countries, in addition to the fast-growing interest from markets such as China.”
Reel Cinemas, the cinemas owned and managed by Emaar Retail at The Dubai Mall and Dubai Marina Mall, welcomed more than 2.2 million patrons, with Dubai Aquarium & Underwater Zoo welcoming over 1.1 million residents and tourists. SEGA Republic, KidZania® and Dubai Ice Rink also reported robust visitor turnout.
Arif Amiri, Chief Executive Officer, Emaar Retail LLC said: “The retail sector has traditionally been one of the backbones of Dubai’s economy. The city’s retail sector has been reporting consistent and sustained growth with Dubai serving as the hub for nearly 2.5 billion people from across the Middle East, North Africa, the Indian Subcontinent, South East Asia and CIS countries, in addition to the fast-growing interest from markets such as China.”
* username: rupertbu
Dubai's Abraaj targets more Turkish firms - Banking & Finance - ArabianBusiness.com
Abraaj Capital, the Middle East’s biggest buyout firm, will buy more Turkish companies this year after it raised about $1bn from selling the Turkish hospital chain Acibadem Saglik Hizmetleri & Ticaret.
The Dubai-based private equity firm, which has about $6.5bn of assets under management, is currently in “significant negotiations with three or four companies” in Turkey, Selcuk Yorgancioglu, Abraaj’s country chief for Turkey, said in an interview in Istanbul.
Abraaj especially likes the food-making industry and the companies the firm is negotiating to buy aren’t publicly traded, Yorgancioglu said, declining to give further details.
The Dubai-based private equity firm, which has about $6.5bn of assets under management, is currently in “significant negotiations with three or four companies” in Turkey, Selcuk Yorgancioglu, Abraaj’s country chief for Turkey, said in an interview in Istanbul.
Abraaj especially likes the food-making industry and the companies the firm is negotiating to buy aren’t publicly traded, Yorgancioglu said, declining to give further details.
* username: rupertbu
Moody's assigns A1 ratings to Dolphin Energy's new bonds; stable outlook | Moody's | AMEinfo.com
Moody's Investors Service has assigned definitive ratings of A1 to the $1bn of new senior secured bullet bonds due 2021 issued by Dolphin Energy Limited, a company formed in 2002 in Abu Dhabi, in the United Arab Emirates, to deliver and manage an integrated gas production and distribution project.
Concurrently, Moody's has affirmed the A1 ratings on Dolphin Energy's existing senior secured debt facilities, excluding its SACE facility. The rating outlook is stable.
The definitive ratings confirm the provisional ratings that Moody's assigned on 13 June 2011. The rating rationale is set out fully in a Credit Analysis published on 14 June 2011.
Concurrently, Moody's has affirmed the A1 ratings on Dolphin Energy's existing senior secured debt facilities, excluding its SACE facility. The rating outlook is stable.
The definitive ratings confirm the provisional ratings that Moody's assigned on 13 June 2011. The rating rationale is set out fully in a Credit Analysis published on 14 June 2011.
* username: rupertbu
UAE needs to import more gas - Emirates 24/7
The UAE needs to rely more on imported gas and set up alternative energy projects to ensure is fast-growing gas needs as most of its natural gas is associated with oil, according to a Gulf analyst.
Since it is bound to Opec production quota agreements, the UAE cannot sharply increase its crude output and this will restrict any major rise in gas supplies, said Abdulhamid Al Bassam, an economic consultant at the Riyadh-based Gulf Cooperation Council (GCC) secretariat.
In an article published in Saudi Gazette newspaper, he noted that the source of energy for power generation varies considerably across countries, depending on the domestic availability of energy resources.
Since it is bound to Opec production quota agreements, the UAE cannot sharply increase its crude output and this will restrict any major rise in gas supplies, said Abdulhamid Al Bassam, an economic consultant at the Riyadh-based Gulf Cooperation Council (GCC) secretariat.
In an article published in Saudi Gazette newspaper, he noted that the source of energy for power generation varies considerably across countries, depending on the domestic availability of energy resources.
* username: rupertbu
Saudi Shares Fluctuate on Greece Deal; Dar Al Arkan Shares Gain - Bloomberg
Saudi Arabian shares swung between gains and losses, with the benchmark index trading near a 21- month high, following approval by Greece’s Cabinet for deeper budget cuts required for a second package of aid.
Dar Al Arkan Real Estate Development Co. (ALARKAN) reached its highest intraday price in a week. Saudi Kayan Petrochemical Co. (KAYAN) gained for a second day after announcing two plants have resumed production gradually.
The Tadawul All Share Index (SASEIDX) rose 0.1 percent to 6,803.56 at 12:53 p.m. in Riyadh. The 151-member measure erased earlier losses of as much as 0.3 percent. More than three shares increased for every two stocks that fell.
Dar Al Arkan Real Estate Development Co. (ALARKAN) reached its highest intraday price in a week. Saudi Kayan Petrochemical Co. (KAYAN) gained for a second day after announcing two plants have resumed production gradually.
The Tadawul All Share Index (SASEIDX) rose 0.1 percent to 6,803.56 at 12:53 p.m. in Riyadh. The 151-member measure erased earlier losses of as much as 0.3 percent. More than three shares increased for every two stocks that fell.
* username: rupertbu
Oman's UES buys Malaysian firms' assets
Oman-based United Engineering Services (UES), a leading engineering oilfield services provider and a subsidiary of MB Holding, said it has acquired assets of two Malaysian companies - Professional Power Craft and Wise Marine.
UES, which began operations in 1979, is today a multi-disciplinary engineering sales and oilfield services company covering the oil, gas and water industries in Oman and the Gulf region.
With a publicly announced commitment to proactively address the Oman and regional maritime/defence and security sectors, this strategic acquisition provides UES an entry into the advanced composites industry, said a senior official.
UES, which began operations in 1979, is today a multi-disciplinary engineering sales and oilfield services company covering the oil, gas and water industries in Oman and the Gulf region.
With a publicly announced commitment to proactively address the Oman and regional maritime/defence and security sectors, this strategic acquisition provides UES an entry into the advanced composites industry, said a senior official.
* username: rupertbu
National Bank of Kuwait Lowers Saudi Growth Outlook on Oil Cuts - Bloomberg
National Bank of Kuwait lowered its forecast for Saudi Arabia’s economic growth this year to 3.8 percent from 5 percent, citing “revised assumptions” for the kingdom’s oil production.
“As Libyan output recovers through 2012, some of these increases may be reversed, not least to rebuild Saudi’s cushion of spare production capacity to enable it to respond to future shocks,” Kuwait’s largest lender said. Saudi Arabia raised production last year by more than 1 million barrels a day to offset a drop in Libyan supplies, the bank said.
Saudi inflation this year is expected to average 5 percent to 6 percent, the bank said in an e-mailed statement.
“As Libyan output recovers through 2012, some of these increases may be reversed, not least to rebuild Saudi’s cushion of spare production capacity to enable it to respond to future shocks,” Kuwait’s largest lender said. Saudi Arabia raised production last year by more than 1 million barrels a day to offset a drop in Libyan supplies, the bank said.
Saudi inflation this year is expected to average 5 percent to 6 percent, the bank said in an e-mailed statement.
* username: rupertbu
Saudi Arabian Bounced Checks Decline 50%, Al-Eqtisadiah Says - Bloomberg
Saudi Arabia reported a 50 percent decrease in the value of bounced checks at the end of 2011, al- Eqtisadiah reported, citing a report released by the Saudi Credit Bureau.
The amount fell to 10 billion riyals ($2.7 billion) as of Dec. 31, from 5 billion riyals a year earlier, the newspaper said. The number of bounced checks decreased to 52,000 from 101,000, the newspaper said.
The amount fell to 10 billion riyals ($2.7 billion) as of Dec. 31, from 5 billion riyals a year earlier, the newspaper said. The number of bounced checks decreased to 52,000 from 101,000, the newspaper said.
* username: rupertbu
A new era in banking | Oman Observer
The banking and finance industry will witness further growth with the stage being set for the launch of Islamic banking in the Sultanate. Termed as a ‘unique model’, the recent Islamic Banking Draft Framework of the Central Bank of Oman suggests to constitute a five-member Sharia board, exclusive branches for window operation, clear cut segregation of conventional and Islamic banking with separate teams of people and accounts and a 12 per cent capital adequacy ratio. Despite reservations being expressed by some bankers, the CBO model has received wide acclaims.
The draft has "outstandingly recapped the best practices in the Islamic banking and finance industry worldwide and combined them for a robust and incomparable model," said Sulaiman al Harthy, Group General Manager of BankMuscat. The bank had earlier announced that its Islamic banking brand will be called Meethaq, and will comprise a three-member Sharia-board.
The draft has "outstandingly recapped the best practices in the Islamic banking and finance industry worldwide and combined them for a robust and incomparable model," said Sulaiman al Harthy, Group General Manager of BankMuscat. The bank had earlier announced that its Islamic banking brand will be called Meethaq, and will comprise a three-member Sharia-board.
* username: rupertbu
Dubai International Said to Mull Sale of German Packager Mauser - Bloomberg
Dubai International Capital LLC, a private equity unit owned by the emirate’s ruler, is considering a sale of German industrial packager Mauser AG, people familiar with the plans said.
The investment firm is working with Bank of America Corp.’s Merrill Lynch unit to explore options for the Bruehl, Germany- based company, said the people, who declined to be identified because the process is confidential. Private equity firms will probably look at Mauser, which has annual sales of 1 billion euros ($1.3 billion), said one of the people.
Dubai International, owned by Sheikh Mohammed Bin Rashid Al Maktoum’s Dubai Holding LLC, bought Mauser in 2007 from JPMorgan Chase & Co.’s buyout unit One Equity Partners LLC in a deal valuing the company at 850 million euros. The potential sale comes as several companies in the emirate try to restructure loans after property prices and asset values slumped and credit markets froze.
The investment firm is working with Bank of America Corp.’s Merrill Lynch unit to explore options for the Bruehl, Germany- based company, said the people, who declined to be identified because the process is confidential. Private equity firms will probably look at Mauser, which has annual sales of 1 billion euros ($1.3 billion), said one of the people.
Dubai International, owned by Sheikh Mohammed Bin Rashid Al Maktoum’s Dubai Holding LLC, bought Mauser in 2007 from JPMorgan Chase & Co.’s buyout unit One Equity Partners LLC in a deal valuing the company at 850 million euros. The potential sale comes as several companies in the emirate try to restructure loans after property prices and asset values slumped and credit markets froze.
* username: rupertbu
Travelodge plugs funding hole - sources | Reuters
British budget hotelier Travelodge has had to call on its lenders for emergency cash to tide it over, and could need more capital shortly as it struggles to cope with its debts, people familiar with the matter told Reuters.
The hotel chain, famed in Britain for its 10 pound-a-night rooms, received an extra 10 million pounds from its creditors in recent weeks, the sources said.
It has also hired lawyers and debt restructuring specialists to advise it on negotiations with its lenders, who are reviewing the business and their own options.
The hotel chain, famed in Britain for its 10 pound-a-night rooms, received an extra 10 million pounds from its creditors in recent weeks, the sources said.
It has also hired lawyers and debt restructuring specialists to advise it on negotiations with its lenders, who are reviewing the business and their own options.
* username: rupertbu
Mubarak’s cronies have plundered Egyptian dreams - FT.com
On page 101 of the social studies textbook given to sixth-grade pupils in Egyptian schools you’ll find a large section, several pages long and illustrated with pictures, explaining what it calls Hosni Mubarak’s achievements over 30 years. It contains a mere one-sentence reference to the Egyptian revolution. “But these efforts by President Mubarak were not enough to satisfy the people, which rose up to change the regime,” the text says. Not a single word about his heinous crimes against Egyptians. What are schoolchildren meant to think when they learn by heart Mr Mubarak’s alleged achievements and then see pictures of him on trial, lying on his gurney in the dock? The school texts loyal to Mr Mubarak and hostile to the revolution are one of many phenomena proving that his regime still rules Egypt. Today marks the one year anniversary of the resignation of Mr Mubarak; which of its objectives has the revolution achieved?
* username: rupertbu