Most Gulf markets rose on Thursday as global hopes that the U.S. Federal Reserve is nearing fresh monetary easing lifted local investors' spirits. But trading volumes were small with many participants still away for
Eid al-Fitr holidays.
Global shares rallied on Thursday after minutes from the U.S. central bank's meeting earlier in the month said: "Many (Fed) members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery."
In the United Arab Emirates, Dubai's index gained 0.7 percent to its highest close since May 2.
Thursday, 23 August 2012
MENA stock markets close - August 23, 2012
| Exchange | Status | Index | Change | ||||
 | DFM (Dubai Financial Market) | 1587.42 | 0.72% | ||||
| ADX (Abudhabi Securities Exchange) | 2595.34 | 0.23% | ||||
 | KSE (Kuwait Stock Exchange) | 5780.19 | 0.26% | ||||
 | BSE (Bahrain Stock Exchange) | 1075.33 | -0.75% | ||||
 | MSM (Muscat Securities Market) | 5539.84 | 0.54% | ||||
 | QE (Qatar Exchange) | 8503.64 | 0.10% | ||||
 | LSE (Beirut Stock Exchange) | 1124.59 | 0.19% | ||||
 | EGX 30 (Egypt Exchange) | 5209.69 | 0.93% | ||||
 | ASE (Amman Stock Exchange) | 1897.78 | 0.52% | ||||
 | TUNINDEX (Tunisia Stock Exchange) | 5224.53 | -0.02% | ||||
 | CB (Casablanca Stock Exchange) | 9799.95 | -0.42% | ||||
 | PSE (Palestine Securities Exchange) | 433.24 | -0.46% | ||||
Industrial properties in Dubai strike a chord with investors | GulfNews.com
With an economy on the mend and trade flows recording consistently high growth, industrial and logistics real estate in the UAE is becoming a must have asset for investors. The industrial zones in Dubai are getting a lot of this investor interest and so are choice locations in Abu Dhabi.
Investor demand for such properties is broad-based – “Interest is not just originating from the UAE but across the GCC with investors looking for stable assets such as logistics premises,” said Andrew Powell, surveyor for industrial and logistics at Cluttons. “Demand has led to a hardening of yields and higher asking values, but this is coupled with the limited supply of good quality assets of this nature.”
On the supply side there will be more emerging out of the pipeline in the near to medium term. Additional areas within Dubai Investments Park (DIP) were designated as long-term leasehold – of up to 85 years - through a recent decree, and this will be used principally for new industrial properties.
Investor demand for such properties is broad-based – “Interest is not just originating from the UAE but across the GCC with investors looking for stable assets such as logistics premises,” said Andrew Powell, surveyor for industrial and logistics at Cluttons. “Demand has led to a hardening of yields and higher asking values, but this is coupled with the limited supply of good quality assets of this nature.”
On the supply side there will be more emerging out of the pipeline in the near to medium term. Additional areas within Dubai Investments Park (DIP) were designated as long-term leasehold – of up to 85 years - through a recent decree, and this will be used principally for new industrial properties.
STOCKS NEWS MIDEAST-Wataniya extends gains; UAE mkts edge up - Yahoo! News Maktoob
Kuwait's Wataniya rallies for a second session since resuming trade after Qatar Telecom offered to buy a $2.2 billion stake, while United Arab Emirates markets edge higher as global optimism spills over.
Shares in Wataniya are up 4.4 percent to 2.4 dinars per share, approaching Qtel's offer price of 2.6 dinars. Doha's former state monopoly offered to buy the remaining 47.5 percent that it does not own in the company through a tender offer open to shareholders.
Kuwait's main index, however, eases 0.2 percent to 5,756 points, snapping a five-session rally. The market is still recovering from an eight-year low that it hit on Aug. 12 as a long political crisis pushed investors to cut positions.
Shares in Wataniya are up 4.4 percent to 2.4 dinars per share, approaching Qtel's offer price of 2.6 dinars. Doha's former state monopoly offered to buy the remaining 47.5 percent that it does not own in the company through a tender offer open to shareholders.
Kuwait's main index, however, eases 0.2 percent to 5,756 points, snapping a five-session rally. The market is still recovering from an eight-year low that it hit on Aug. 12 as a long political crisis pushed investors to cut positions.
Exclusive: Nakheel Chairman Says Company Back On Track » Gulf Business
As financial storms battered world markets in October 2008, Dubai’s biggest property developer Nakheel was unveiling plans to build the world’s tallest skyscraper. The 1km-high Nakheel Tower, the crown jewel in a $38 billion project, was to be a reflection of the firm’s dramatic rise amid the world’s fastest-growing real estate market.
Speaking at the launch, then CEO Chris O’Donnell told media that fears the economic crisis could catch up with Dubai were overblown. “There might be a slowdown, but definitely not a crash,” he said.
Less than two months later, Dubai’s real estate bubble burst. House prices more than halved as speculators fled the market, forcing Nakheel into a painful $16 billion debt restructuring. By the time the deal closed in August 2011, the state-backed developer had written down $21 billion of assets, laid off two-thirds of its staff and accepted an $8 billion lifeline from the government to stave off a default.
Speaking at the launch, then CEO Chris O’Donnell told media that fears the economic crisis could catch up with Dubai were overblown. “There might be a slowdown, but definitely not a crash,” he said.
Less than two months later, Dubai’s real estate bubble burst. House prices more than halved as speculators fled the market, forcing Nakheel into a painful $16 billion debt restructuring. By the time the deal closed in August 2011, the state-backed developer had written down $21 billion of assets, laid off two-thirds of its staff and accepted an $8 billion lifeline from the government to stave off a default.
Egyptian Chronicles: Regarding the IMF loan : Why I am against it tks @zeinobia
Egypt has requested officially today a $4.8 billion loan from the IMF during the visit of Mrs. Christine Lagarde to Cairo today and her meeting with President Morsi and Prime minister Hisham Kandeel.
Ironically the Muslim brotherhood and its Freedom and Justice Party under the leadership of Morsi rejected the loan from the IMF from several months ago when former PM Ganzoury “Current President’s adviser” announced that his government will seek a $3.2 billion loan from the IMF. We all remember how the MB in the parliament stood against the matter just like the rest of the revolutionary forces that refused to increase the burden of the country another loan with conditions that will harm the poor in the future.
The Freedom and Justice Party “led by our current president Morsi” issued a strong short statement refusing the loan and wondering why we have to get a loan from the IMF when we have a lot of sources last February. Former FJP leader and current elected president of Egypt Mohamed Morsi told the IMF officials back that we did not need economic burdens !!
Ironically the Muslim brotherhood and its Freedom and Justice Party under the leadership of Morsi rejected the loan from the IMF from several months ago when former PM Ganzoury “Current President’s adviser” announced that his government will seek a $3.2 billion loan from the IMF. We all remember how the MB in the parliament stood against the matter just like the rest of the revolutionary forces that refused to increase the burden of the country another loan with conditions that will harm the poor in the future.
The Freedom and Justice Party “led by our current president Morsi” issued a strong short statement refusing the loan and wondering why we have to get a loan from the IMF when we have a lot of sources last February. Former FJP leader and current elected president of Egypt Mohamed Morsi told the IMF officials back that we did not need economic burdens !!
Dubai-based Landmark Group eyeing $1 billion business in India in next couple of years - The Economic Times
Dubai-based Landmark Group targets $1 billion, or about Rs 5,500 crore, business in India in the next two years, its vice-chairperson Renuka Jagtiani said.
The $4.7-billion (approx Rs 26,000 crore) group, which operates Lifestyle and Home Centre retail chains in the country, recorded revenues of about $600 million (about Rs 3,000 crore) last fiscal.
"India is growing well and we believe it's a big potential market for us," Jagtiani, wife of Landmark founder Micky Jagtiani, said over phone from Bangalore, where she is on a two-day visit.
The $4.7-billion (approx Rs 26,000 crore) group, which operates Lifestyle and Home Centre retail chains in the country, recorded revenues of about $600 million (about Rs 3,000 crore) last fiscal.
"India is growing well and we believe it's a big potential market for us," Jagtiani, wife of Landmark founder Micky Jagtiani, said over phone from Bangalore, where she is on a two-day visit.
Football clubs sport record revenues following Gulf investment - The National
Investment from the Middle East has helped to boost the revenues of European football clubs to record levels this year, according to Deloitte, a professional services company.
The 2012 Deloitte Football Money League found the combined revenues of the world’s 20 highest-revenue generating football clubs grew 3 per cent in the 2010 to 2011 season to exceed US$6 billion (Dh22bn) for the first time.
“As European economies struggle with recessionary pressures, which may make securing sponsorship and investment challenging domestically, there is an appetite from both European clubs and Middle East companies alike to forge new partnerships,” said Dan Jones, partner in the sports business group division at Deloitte. “It is no surprise that, as Middle East-based organisations look to further promote themselves on a global stage, we are increasingly seeing them choose football as a medium through which to achieve this.”
The 2012 Deloitte Football Money League found the combined revenues of the world’s 20 highest-revenue generating football clubs grew 3 per cent in the 2010 to 2011 season to exceed US$6 billion (Dh22bn) for the first time.
“As European economies struggle with recessionary pressures, which may make securing sponsorship and investment challenging domestically, there is an appetite from both European clubs and Middle East companies alike to forge new partnerships,” said Dan Jones, partner in the sports business group division at Deloitte. “It is no surprise that, as Middle East-based organisations look to further promote themselves on a global stage, we are increasingly seeing them choose football as a medium through which to achieve this.”
There is little method in madness over oil - The National
Oil futures dipped yesterday as tea-leaf readers struggled to make sense of conflicting signals.
Tightening supplies, including in the United States, have helped propel a run-up in crude prices in recent days. But a worse than expected trade deficit reported by Japan yesterday has revived fears that the economic crisis may eat into global energy demand.
Meanwhile, geopolitical concerns were calmed after Iran agreed to meet again with UN nuclear inspectors.
Tightening supplies, including in the United States, have helped propel a run-up in crude prices in recent days. But a worse than expected trade deficit reported by Japan yesterday has revived fears that the economic crisis may eat into global energy demand.
Meanwhile, geopolitical concerns were calmed after Iran agreed to meet again with UN nuclear inspectors.
More banks in Iran sanctions probe | GulfNews.com
US authorities are investigating Royal Bank of Scotland and Commerzbank over possible breaches of sanctions on Iran, in a widening crackdown which has already cost Standard Chartered a hefty fine.
An RBS spokeswoman declined detailed comment on Wednesday but referred to disclosures published with the bank’s half-year results earlier this month. These said RBS had initiated talks with US and British authorities on whether it complied with economic sanctions on Iran, and that it could face a “material impact” from the investigation.
The inquiry raises the possibility of a substantial punishment for the part-nationalised British bank, which is also being investigated for its involvement in the Libor rate rigging scandal, ramping up pressure on Chief Executive Stephen Hester.
An RBS spokeswoman declined detailed comment on Wednesday but referred to disclosures published with the bank’s half-year results earlier this month. These said RBS had initiated talks with US and British authorities on whether it complied with economic sanctions on Iran, and that it could face a “material impact” from the investigation.
The inquiry raises the possibility of a substantial punishment for the part-nationalised British bank, which is also being investigated for its involvement in the Libor rate rigging scandal, ramping up pressure on Chief Executive Stephen Hester.