The AlGosaibi business dynasty of Saudi Arabia has claimed a significant victory in its global legal battle against Maan Al Sanea, the financier accused of stealing US$9.2 billion (Dh33.79bn) from the group.
A court in the Cayman Islands, where some of Mr Al Sanea's business interests are based, ordered him to pay $2.5bn to the family partnership Ahmad Hamad AlGosaibi and Brothers.
The ruling, given by Anthony Smellie, the chief justice of the Cayman Grand Court, allows AlGosaibi to take further legal action to recover the money.
Saturday, 16 June 2012
Market upgrade by MSCI back in focus - The National
Gulf investors are preparing for a key decision this week on whether bourses in the UAE and Qatar will be upgraded to emerging-markets status from their present frontier-markets ranking.
But volatility in global markets is likely to dampen any party in the event of a positive decision on Wednesday from the global index compiler MSCI.
"Last year, everyone was interested and thought that foreigners will come in if we get upgraded," said Mohammed Ali Yasin, an independent capital markets expert in Abu Dhabi. "But there's a lesser chance for it to happen now because there's less liquidity in the world for internationals to go elsewhere, especially the Europeans."
But volatility in global markets is likely to dampen any party in the event of a positive decision on Wednesday from the global index compiler MSCI.
"Last year, everyone was interested and thought that foreigners will come in if we get upgraded," said Mohammed Ali Yasin, an independent capital markets expert in Abu Dhabi. "But there's a lesser chance for it to happen now because there's less liquidity in the world for internationals to go elsewhere, especially the Europeans."
gulfnews : Kuwait GDP to slow to 6.6% in 2012 from 8.25% in 2011
Kuwait’s economic growth is expected to slow to 6.6 per cent in 2012 from 8.25 per cent in 2011, though higher public spending and buoyant oil revenues should keep the economy growing rapidly this year, the International Monetary Fund said.
In its latest Article IV review of the Kuwaiti economy, the IMF said high oil revenues and prices have helped Kuwait generate large fiscal surpluses that have fed its growing public spending.
“Higher oil revenues resulted in an increase in Kuwait’s current account and fiscal surpluses to over 14 per cent and 30 per cent of GDP respectively” in 2011, the IMF said.
In its latest Article IV review of the Kuwaiti economy, the IMF said high oil revenues and prices have helped Kuwait generate large fiscal surpluses that have fed its growing public spending.
“Higher oil revenues resulted in an increase in Kuwait’s current account and fiscal surpluses to over 14 per cent and 30 per cent of GDP respectively” in 2011, the IMF said.
gulfnews : Streamlining ranking of Kuwaiti economy
Sadly the Kuwaiti economy lags behind the economies of fellow Gulf Cooperation Council (GCC) countries in numerous international indexes. However, the five-year development with its massive spending capacity stands the chance of enhancing the country’s ranking.
It is not unfair to relate the problem at least partially to non-stop wrangling between the elected legislative body and appointed executive branch. Recently, the London-based International Court of Arbitration ruled that Kuwait must pay Dow Chemical Co. of the US some $2.16 billion in damages. The ruling concerns cancellation of a 2008 agreement to acquire a stake in the firm’s plastic business.
At the time, Kuwaiti MPs forced cancellation of the proposed business on the grounds of overpricing and possible financial practices. Certainly, the development was the last of a series of negative news and reports regarding the country’s economy.
It is not unfair to relate the problem at least partially to non-stop wrangling between the elected legislative body and appointed executive branch. Recently, the London-based International Court of Arbitration ruled that Kuwait must pay Dow Chemical Co. of the US some $2.16 billion in damages. The ruling concerns cancellation of a 2008 agreement to acquire a stake in the firm’s plastic business.
At the time, Kuwaiti MPs forced cancellation of the proposed business on the grounds of overpricing and possible financial practices. Certainly, the development was the last of a series of negative news and reports regarding the country’s economy.
gulfnews : The Gulf is in no way detached from the crisis
While the dysfunctional state of global financial and economic affairs seems to have approached something like a perfect storm, and global interconnectedness means the Gulf is in no way detached from this shocking saga, there are still pockets of calm and promise to be found in the region’s business arena, away even from the relative shelter of its natural harbour of hydrocarbons.
Certain distinct, domestic factors can set the tone and agenda for non-oil sectors, as are supposed to be crucial to a diversified future. One sector said to be likely to respond well to those influences is insurance.
Recently the Qatar Financial Centre Authority (QFCA) initiated an annual market survey, a so-called barometer, to check the climate. It found a positive balance in terms of the overall mood of its respondents from the sector.
Certain distinct, domestic factors can set the tone and agenda for non-oil sectors, as are supposed to be crucial to a diversified future. One sector said to be likely to respond well to those influences is insurance.
Recently the Qatar Financial Centre Authority (QFCA) initiated an annual market survey, a so-called barometer, to check the climate. It found a positive balance in terms of the overall mood of its respondents from the sector.
Greek Euro Exit Could Devastate Swiss Economy
Switzerland would be plunged into a two year recession if Greek voters effectively pull the plug on eurozone membership during Sunday’s general election, according to an economic think tank.
The Swiss economy would derail further if other states withdraw from the euro, BAK Basel has warned. In the worst case scenario, Swiss economic growth could lag four per cent behind its normal path in the next four years.
Faced with an unsustainable mountain of debt and rocketing unemployment, Greece was forced to impose savage public spending cuts and tax rises in exchange for a bailout last year.
The Swiss economy would derail further if other states withdraw from the euro, BAK Basel has warned. In the worst case scenario, Swiss economic growth could lag four per cent behind its normal path in the next four years.
Faced with an unsustainable mountain of debt and rocketing unemployment, Greece was forced to impose savage public spending cuts and tax rises in exchange for a bailout last year.
Business - UAE groups to invest in Nigeria
The UAE’s leading businessmen have confirmed their interest in exploring Nigerian market by investing in various economic sectors following the fruitful discussions at a business network meeting with visiting high-profile trade delegation from the African country last week.
The exclusive meeting, hosted by Mulk Holdings and Icons Club and attended by 30 most prominent businessmen of the region, discussed the trade and investment opportunities in the lucrative markets of Nigeria. The business heads of at least 10 leading groups, who held one-to-one meeting with Nigerian trade team, showed the interest to expand their business in the African country.
Mulk Holdings, Danube Building Materials and many other Icons members expressed their firm interest to invest in key economic sectors of Nigeria. Freddy Sidhwa of Seven Seas Ship Chandeliers will explore shipping; IP Khaitan, chairman, Khaitan Holdings, shows interest in mining and Arif Naqvi seeks to invest in airport management and duty-free venture.
The exclusive meeting, hosted by Mulk Holdings and Icons Club and attended by 30 most prominent businessmen of the region, discussed the trade and investment opportunities in the lucrative markets of Nigeria. The business heads of at least 10 leading groups, who held one-to-one meeting with Nigerian trade team, showed the interest to expand their business in the African country.
Mulk Holdings, Danube Building Materials and many other Icons members expressed their firm interest to invest in key economic sectors of Nigeria. Freddy Sidhwa of Seven Seas Ship Chandeliers will explore shipping; IP Khaitan, chairman, Khaitan Holdings, shows interest in mining and Arif Naqvi seeks to invest in airport management and duty-free venture.
BBC News - Can Dubai weather eurozone storm?
BBC News - Can Dubai weather eurozone storm?: "With Spain becoming the latest victim to the eurozone turmoil, financial institutions in the Middle East are looking to see what kind of contagion could be expected in this region.
The IMF warned last week that what is happening in Europe could have major repercussions for the Gulf, especially Dubai.
So is it better prepared than three years ago to weather the financial storm or could we see Dubai debt crisis part two?
Katy Watson reports.
The IMF warned last week that what is happening in Europe could have major repercussions for the Gulf, especially Dubai.
So is it better prepared than three years ago to weather the financial storm or could we see Dubai debt crisis part two?
Katy Watson reports.
Saudi Shares Head for Highest Close in Two Weeks on Oil, Europe - Bloomberg
Saudi Arabia’s shares were set for the highest close in more than two weeks after crude oil advanced on speculation banks will take steps to bolster global growth as investors await the result of Greek elections.
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, advanced 1.4 percent. Al Rajhi Bank (RJHI), the kingdom’s largest lender by market value, was poised for the highest close in almost a week. The Tadawul All Share Index (SASEIDX) climbed 0.8 percent to 6,797.46 at 12:02 p.m. in Riyadh, headed for the highest close since May 30.
“The latest developments in international markets and oil prices are supporting the Saudi market,” said Riyadh-based Turki Fadaak, head of research at Albilad Investment Co. “Investors are awaiting the outcome of the Greek elections.”
Saudi Basic Industries Corp. (SABIC), the world’s biggest petrochemicals maker, advanced 1.4 percent. Al Rajhi Bank (RJHI), the kingdom’s largest lender by market value, was poised for the highest close in almost a week. The Tadawul All Share Index (SASEIDX) climbed 0.8 percent to 6,797.46 at 12:02 p.m. in Riyadh, headed for the highest close since May 30.
“The latest developments in international markets and oil prices are supporting the Saudi market,” said Riyadh-based Turki Fadaak, head of research at Albilad Investment Co. “Investors are awaiting the outcome of the Greek elections.”
Saudi Arabia Just Went Rogue | Wall Street Daily
Saudi Arabia has gone rogue.
Saudi Arabia’s oil minister, Ali al-Naimi, said in May that his country’s goal was to bring Brent oil prices down to $100 a barrel.
Well, after tumbling 24% from a March high of $128, Brent crude is currently trading at $97 a barrel. Meanwhile, West Texas Intermediate (WTI) crude has shed about 23% from its March high of $108 a barrel.
Saudi Arabia’s oil minister, Ali al-Naimi, said in May that his country’s goal was to bring Brent oil prices down to $100 a barrel.
Well, after tumbling 24% from a March high of $128, Brent crude is currently trading at $97 a barrel. Meanwhile, West Texas Intermediate (WTI) crude has shed about 23% from its March high of $108 a barrel.