Drake & Scull International rose yesterday after the contractor based in Dubai announced it had been awarded Dh96 million worth of contracts in Oman.
The company said it would oversee the complete mechanical, electrical and plumbing works, according to a statement it filed on the Dubai Financial Market (DFM) website recently.
DSI’s shares advanced 0.3 per cent to 80 fils. Trading was subdued on the DFM as oil declined and most investors bet the UAE would not be upgraded to emerging markets from its current frontier markets status by MSCI.
Tuesday, 19 June 2012
Iraq oil hopes slide on legal limbo - The National
Five years after the first attempt by the Iraqi authorities to ratify an oil law, the country's petroleum sector is still in legal limbo.
A hydrocarbon law remains a mirage in Baghdad and the reality is dawning that Iraq's plans to become one of the world's top-five oil producers are jeopardised by the legal deadlock.
Many oil deals have been signed in the intervening years but the country's target of pumping 12 million barrels per day (bpd), more than three times the pre-war record and on a par with the Opec powerhouse Saudi Arabia, is still a distant dream.
A hydrocarbon law remains a mirage in Baghdad and the reality is dawning that Iraq's plans to become one of the world's top-five oil producers are jeopardised by the legal deadlock.
Many oil deals have been signed in the intervening years but the country's target of pumping 12 million barrels per day (bpd), more than three times the pre-war record and on a par with the Opec powerhouse Saudi Arabia, is still a distant dream.
Opec tops $1 trillion in revenue - The National
Opec producers' oil revenues topped the unprecedented US$1 trillion (Dh3.67tn) mark last year as the price of oil averaged above $100 a barrel for the first time.
But last year's windfall contrasts with a current slump in oil prices, which brought the cost per barrel to an 18-month low yesterday.
Oil receipts surged to $1.03tnlast year, an increase of 39 per cent on the year before, Opec said in its annual report released this week.
But last year's windfall contrasts with a current slump in oil prices, which brought the cost per barrel to an 18-month low yesterday.
Oil receipts surged to $1.03tnlast year, an increase of 39 per cent on the year before, Opec said in its annual report released this week.
gulfnews : Judge orders fresh probe into Tamweel land fraud case
A case involving five executives accused of committing financial irregularities worth Dh42 million is back to square one after a court referred it to prosecutors because few transactions remain uninvestigated despite four years of litigation.
In an unexpected turn of events, the Dubai Court of First Instance on Tuesday returned the Tamweel graft case, involving two Emiratis, two Pakistanis and a Ukrainian, back to the Public Funds Prosecution for a fresh investigation.
Following four years of court proceedings, the judge was expected to read out a verdict during Tuesday’s hearing in courtroom three.
In an unexpected turn of events, the Dubai Court of First Instance on Tuesday returned the Tamweel graft case, involving two Emiratis, two Pakistanis and a Ukrainian, back to the Public Funds Prosecution for a fresh investigation.
Following four years of court proceedings, the judge was expected to read out a verdict during Tuesday’s hearing in courtroom three.
gulfnews : Oil at $80 can restart global economy: Tim Clark
At a time when global airlines industry is fighting its wildest card — the oil price, Emirates’ President, Tim Clark, says that oil prices should be brought down to $80 a barrel in order to help global economy recover.
“Supply and demand says you need oil price to be at $80 a barrel to get things going again. So $80 is where oil should sit. And mark my words, you get it down to $80, keep it at $80, and then you see the global economy start to move again,” Clark told Gulf News in an interview in Beijing last week on the sidelines of an industry event.
Having averaged nearly $120 a barrel in the first quarter of this year, Brent crude oil has slipped as low as $95 a barrel this month, the lowest level since January 2011 on signs the global economy is slowing down.
“Supply and demand says you need oil price to be at $80 a barrel to get things going again. So $80 is where oil should sit. And mark my words, you get it down to $80, keep it at $80, and then you see the global economy start to move again,” Clark told Gulf News in an interview in Beijing last week on the sidelines of an industry event.
Having averaged nearly $120 a barrel in the first quarter of this year, Brent crude oil has slipped as low as $95 a barrel this month, the lowest level since January 2011 on signs the global economy is slowing down.
Iran's New Oil Discovery May Be In Azerbaijan's Waters | EurasiaNet.org
Iran recently announced that it has discovered a substantial oil deposit -- about 10 billion barrels -- in the Caspian Sea. That would be about seven percent of Iran's total reserves, and the country's first discovery in the Caspian in over a century. That in itself is pretty remarkable; Iranian President Mahmoud Ahmadinejad said it will "change the energy and political balance of the region."
Egypt: investors take flight | beyondbrics
The results of Egypt’s presidential run-off may still be in the balance but investors are already reacting with their cash.
On Monday, the EGX30 index fell 3.42 per cent. On Tuesday, it lost a further 4.23 per cent, back to levels of late January and heading south towards eroding all its gains since the start of the year.
At Tuesday’s close every stock was down, with Talaat Moustafa Group, Egypt’s biggest property developer, leading the way with a fall of 7.55 per cent. TMG makes up 4.69 per cent of the EGX30 index.
On Monday, the EGX30 index fell 3.42 per cent. On Tuesday, it lost a further 4.23 per cent, back to levels of late January and heading south towards eroding all its gains since the start of the year.
At Tuesday’s close every stock was down, with Talaat Moustafa Group, Egypt’s biggest property developer, leading the way with a fall of 7.55 per cent. TMG makes up 4.69 per cent of the EGX30 index.
Banker urges UAE c.bank to cut reserve requirements | Reuters
A top commercial banker in the United Arab Emirates has urged the central bank to cut some of its reserve requirements sharply in order to spur corporate lending.
"What we are asking for now is to provide greater liquidity and release reserve funds...which the banks can use," Abdul Aziz al-Ghurair, chief executive of Mashreq bank, was quoted by Monday's Al Bayan newspaper as saying. Mashreq confirmed his comments to Reuters.
Ghurair suggested cash reserve requirements imposed by the central bank on banks' current accounts be slashed to just 1 percent from 14 percent to free more funds for lending. Reserve requirements for time deposits are already at that level.
"What we are asking for now is to provide greater liquidity and release reserve funds...which the banks can use," Abdul Aziz al-Ghurair, chief executive of Mashreq bank, was quoted by Monday's Al Bayan newspaper as saying. Mashreq confirmed his comments to Reuters.
Ghurair suggested cash reserve requirements imposed by the central bank on banks' current accounts be slashed to just 1 percent from 14 percent to free more funds for lending. Reserve requirements for time deposits are already at that level.
ENOC secures US$100 million financing for new bulk liquid petroleum terminal - bi-me.com
Horizon Terminals Ltd (HTL), the wholly-owned subsidiary of Emirates National Oil Company (ENOC) focused on terminalling operations, has signed a 10-year Islamic term financing facility of US$100 million with Standard Chartered Bank, Emirates NBD and Noor Islamic Bank.
The term partly finances the construction of a second 60 km jet fuel pipeline from the new bulk liquid petroleum terminal in the Jebel Ali Free Zone to the Dubai International Airport, and its associated storage tank farm with 141,000 cubic metres of capacity. The transaction has a dual tranche of USD and AED.
“The new bulk liquid petroleum terminal in Jebel Ali is set to energise Dubai’s fast-growing aviation sector and is of strategic importance to Dubai’s economic diversification initiatives,” said Saeed Abdullah Khoory, ENOC’s Chief Executive Officer. “The Government is focused on further strengthening the city as the region’s tourism and business hub, in which the aviation sector has a key role to play in.
The term partly finances the construction of a second 60 km jet fuel pipeline from the new bulk liquid petroleum terminal in the Jebel Ali Free Zone to the Dubai International Airport, and its associated storage tank farm with 141,000 cubic metres of capacity. The transaction has a dual tranche of USD and AED.
“The new bulk liquid petroleum terminal in Jebel Ali is set to energise Dubai’s fast-growing aviation sector and is of strategic importance to Dubai’s economic diversification initiatives,” said Saeed Abdullah Khoory, ENOC’s Chief Executive Officer. “The Government is focused on further strengthening the city as the region’s tourism and business hub, in which the aviation sector has a key role to play in.
MENA stock markets close - June 19, 2012
| Exchange | Status | Index | Change | ||||
 | TASI (Saudi Stock Market) | 6817.26 | 0.14% | ||||
 | DFM (Dubai Financial Market) | 1479.2 | 0.38% | ||||
| ADX (Abudhabi Securities Exchange) | 2467.97 | 0.32% | ||||
 | KSE (Kuwait Stock Exchange) | 5945.08 | -0.06% | ||||
 | BSE (Bahrain Stock Exchange) | 1128.7 | -0.14% | ||||
 | MSM (Muscat Securities Market) | 5700.24 | -0.15% | ||||
 | QE (Qatar Exchange) | 8314 | 0.45% | ||||
 | LSE (Beirut Stock Exchange) | 1149.16 | 0.03% | ||||
 | EGX 30 (Egypt Exchange) | 4087.45 | -4.23% | ||||
 | ASE (Amman Stock Exchange) | 1902.82 | 0.65% | ||||
 | TUNINDEX (Tunisia Stock Exchange) | 5046.38 | 0.37% | ||||
 | CB (Casablanca Stock Exchange) | 10129.8 | 0.47% | ||||
 | PSE (Palestine Securities Exchange) | 445.32 | -0.09% | ||||
Dubai's Tamweel eyes $235 mln mortgage-backed sukuk - Moody's | Reuters
Dubai-based Islamic mortgage lender Tamweel plans to raise $235 million from the sale of a mortgage-backed sukuk secured on properties in the emirate and related receivables, according to a rating statement from Moody's.
The certificates are due to mature in 2046, according to the agency's provisional rating, released on Tuesday.
Tamweel, a unit of Dubai Islamic Bank, has not disclosed a target size for the proposed sale. It kicked off investor meetings on Tuesday in Abu Dhabi and roadshows are due to end on June 25.
The certificates are due to mature in 2046, according to the agency's provisional rating, released on Tuesday.
Tamweel, a unit of Dubai Islamic Bank, has not disclosed a target size for the proposed sale. It kicked off investor meetings on Tuesday in Abu Dhabi and roadshows are due to end on June 25.
UAE ‘feels no pressure to issue bonds’
The government of the UAE will further discuss its plan to introduce a law allowing public debt issues at the federal level, and it feels no pressure to issue bonds despite a budget deficit, Minister of State for Financial Affairs, said on Tuesday.
'The law is still under discussion within the government. We are not under pressure to issue any bonds,' Obaid Humaid Al-Tayer told Reuters in a brief interview.
'We are in no need to finance anything. We will be able to bridge the (budget) gap with our own resources.'
'The law is still under discussion within the government. We are not under pressure to issue any bonds,' Obaid Humaid Al-Tayer told Reuters in a brief interview.
'We are in no need to finance anything. We will be able to bridge the (budget) gap with our own resources.'
Emerging Market Status to Remain Elusive for Qatar and UAE — Middle East Business News - CNBC
A little bit over a year ago investors were scrambling to position themselves for what many believed was already overdue for the wealthy petrodollar economies of the United Arab Emirates (UAE) and Qatar: an upgrade to the coveted Emerging Market (EM) status from Frontier Market (FM) by the global index compiler MSCI.
After all, it was the second review and some changes had been made. Yes, critical issues, such as foreign ownership limits in Qatar, were still going to be an impediment to an upgrade.
But most hopes were pinned to stated objectives by authorities and a reform train that was moving along, albeit slowly. And the potential benefits for domestic and foreign investors appeared glaringly obvious.
After all, it was the second review and some changes had been made. Yes, critical issues, such as foreign ownership limits in Qatar, were still going to be an impediment to an upgrade.
But most hopes were pinned to stated objectives by authorities and a reform train that was moving along, albeit slowly. And the potential benefits for domestic and foreign investors appeared glaringly obvious.
Saudi Revenue Seen at $295 Billion a Year by Samba Financial - Bloomberg
Saudi Arabia will collect $295 billion a year in government revenue from 2012 to 2016 as the Arab world’s biggest economy benefits from high oil prices, Samba Financial Group (SAMBA) said.
Hydrocarbon earnings are expected to be $265 billion a year in the same period, Riyadh-based Samba said in an e-mailed report today. Real gross domestic product growth will average 5 percent for the period, while inflation will be stable at an average of 5.5 percent, it said.
“Under our oil price and production assumptions we expect that the government will have plenty of money to spend during the forecast period,” the bank said. “Government spending will remain the engine of economic growth.”
Hydrocarbon earnings are expected to be $265 billion a year in the same period, Riyadh-based Samba said in an e-mailed report today. Real gross domestic product growth will average 5 percent for the period, while inflation will be stable at an average of 5.5 percent, it said.
“Under our oil price and production assumptions we expect that the government will have plenty of money to spend during the forecast period,” the bank said. “Government spending will remain the engine of economic growth.”
Egypt stock market collapses after turmoil | Al Akhbar English
Egypt's benchmark stock index plummets 4.6 percent to its lowest in almost five months as the country descends further into political confusion.
Egypt's passage from revolution to democracy remains in limbo after the Muslim Brotherhood claimed victory in a presidential election while the generals who took over from Hosni Mubarak decreed it was they who would keep power for now. The Brotherhood's claim has been disputed by its rival.
Washington, long the Egyptian military's financial sponsor, issued a sharp rebuke to the generals, with the Pentagon saying it was "deeply concerned" and urging the army to hand over "full power" to civilians - but it made no mention of US action if it did not.
Egypt's passage from revolution to democracy remains in limbo after the Muslim Brotherhood claimed victory in a presidential election while the generals who took over from Hosni Mubarak decreed it was they who would keep power for now. The Brotherhood's claim has been disputed by its rival.
Washington, long the Egyptian military's financial sponsor, issued a sharp rebuke to the generals, with the Pentagon saying it was "deeply concerned" and urging the army to hand over "full power" to civilians - but it made no mention of US action if it did not.
Persian Gulf Stocks: Arkan in Dubai and Boubyan in Kuwait Move - Bloomberg
Dubai’s benchmark DFM General Index (DFMGI) climbed 0.4 percent to 1,479.20, the highest since June 11, at the close in the emirate. Qatar’s QE Index (DSM) was little changed, while Kuwait’s measure slipped 0.1 percent.
PWC: more Gulf companies will restructure | Finance and Economy | AMEinfo.com
Global professional services firm PricewaterhouseCoopers (PwC) has said companies in the Gulf region are set to witness more restructuring, as they step back and take a fresh look at their businesses, Zawya Dow Jones has reported. Restructurings proliferated in the Gulf starting in 2009 as banks pulled back during the financial crisis, with the $25bn debt restructuring of the government-owned Dubai World being the biggest. However, many companies are taking a cue from successful reorganisations and looking hard at their own businesses, said Fouad Alaeddin, the Middle East managing partner and head of markets for PwC. Dubai World "was probably the largest restructuring job in the region, and it worked," Alaeddin said. "The results were very positive and therefore more and more companies started to say, 'Why can't I restructure?' We started to see another wave coming towards the end of 2011 and this year where companies are saying we want to restructure in an organised manner," Alaeddin said.
Istithmar World acquires remaining Atlantis stake | Tourism and Hospitality | AMEinfo.com
Istithmar World, a subsidiary of Dubai World, has confirmed the completion of the purchase of Kerzner International Holdings' (KIHL) 50% interest in Atlantis, The Palm in Dubai for $250m, making the firm the sole owner of the property, Saudi Gazette has reported. Istithmar World and KIHL jointly developed the Resort which opened in 2008. According to the deal, Kerzner will continue to be the operator of Atlantis, The Palm.