Abu Dhabi Department of Economic Development (ADDED) today received a delegation from the Dubai Department of Economic Development, led by the Director General, Sami Al Qamzi here at its headquarters.
The two sides aim to exchange ideas on the various initiatives by the two departments as they move toward achieving sustainable economic development in the UAE as a whole.
Mohammad Omar Abdullah, Undersecretary of Abu Dhabi Department of Economic Development stressed the keenness of ADDED to maintain constant communication with Dubai Department of Economic Development (DED) within the powers and duties conferred on both departments, to consult on issues of mutual concern such as economic policies proposals, preparation of strategic plans in collaboration with government departments, local and federal authorities and stakeholders in the private sector.
Abu Dhabi, Dubai to boost economic cooperation | GulfNews.com
Wednesday, 16 January 2013
Qatar National Bank Forecasts 10% Rise in Profit on Loan Growth - Bloomberg
Qatar National Bank SAQ (QNBK), the Middle East’s biggest bank by assets, expects to increase profit by 10 percent this year on increased lending as economic growth in the emirate accelerates.
This growth excludes the purchase of a majority stake in Egypt’s National Societe Generale Bank (NSGB) which should be completed within two months, Chief Financial Officer Ramzi Mari said on a conference call today. “We still have a lot of room to grow even after the Egyptian market consolidation,” he said. “We believe business in 2013 and 2014 will be as strong as 2012.”
The government revised its 2012 nominal GDP growth, which reflects the cost of oil, to 14.7 percent from 11.2 percent amid higher-than-forecast crude prices. Qatar, which is hosting the 2022 soccer World Cup, plans to spend $138 billion on infrastructure from 2011 to 2016, greater than 10 percent of GDP through 2016, the government also said in December.
Qatar National Bank Forecasts 10% Rise in Profit on Loan Growth - Bloomberg
This growth excludes the purchase of a majority stake in Egypt’s National Societe Generale Bank (NSGB) which should be completed within two months, Chief Financial Officer Ramzi Mari said on a conference call today. “We still have a lot of room to grow even after the Egyptian market consolidation,” he said. “We believe business in 2013 and 2014 will be as strong as 2012.”
The government revised its 2012 nominal GDP growth, which reflects the cost of oil, to 14.7 percent from 11.2 percent amid higher-than-forecast crude prices. Qatar, which is hosting the 2022 soccer World Cup, plans to spend $138 billion on infrastructure from 2011 to 2016, greater than 10 percent of GDP through 2016, the government also said in December.
Qatar National Bank Forecasts 10% Rise in Profit on Loan Growth - Bloomberg
Worst behind us, says Egypt’s bank chief - FT.com
Egypt’s newly designated central bank governor says signs of an easing of pressure on the local currency are emerging, with growing retail demand for the pound pointing towards stabilisation in the currency market.
In an interview with the Financial Times, Hisham Ramez, whose appointment was announced last week, insisted that the “worst is behind us”, as he predicted that fiscal reforms and an expected 4.8bn loan agreement with the International Monetary Fund would restore confidence in the country’s battered economy.
Worst behind us, says Egypt’s bank chief - FT.com
In an interview with the Financial Times, Hisham Ramez, whose appointment was announced last week, insisted that the “worst is behind us”, as he predicted that fiscal reforms and an expected 4.8bn loan agreement with the International Monetary Fund would restore confidence in the country’s battered economy.
Worst behind us, says Egypt’s bank chief - FT.com
Ahmadi-Nejad calls for economic reforms - FT.com
Iran’s president has called for structural reforms to counter the damage international sanctions have inflicted on the country’s oil-dependent economy, warning that existing measures would not work in the long term.
Addressing parliament on Wednesday, Mahmoud Ahmadi-Nejad said bowing to sanctions over the country’s nuclear programme was not an option.
However, he said that existing measures to counter sanctions on foreign trade were not in Iran’s “medium- and long-term” interest and were not helping revive the stricken economy.
Ahmadi-Nejad calls for economic reforms - FT.com
Addressing parliament on Wednesday, Mahmoud Ahmadi-Nejad said bowing to sanctions over the country’s nuclear programme was not an option.
However, he said that existing measures to counter sanctions on foreign trade were not in Iran’s “medium- and long-term” interest and were not helping revive the stricken economy.
Ahmadi-Nejad calls for economic reforms - FT.com
Qatar set to pump $2.5bn into Egypt over the next three months - Daily News Egypt
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| Morsy meets with Qatari Prime Minister and Foreign Minister Hamad bin Jassim Al-Thani in Cairo on 8 January AFP PHOTO / KHALED DESOUKI |
This comes a week after Qatar’s announcement that it would provide Egypt with an additional $2bn in addition to an already agreed upon $500m package.
Unfortunately, Egypt’s debt and the need to pay it off in foreign currency means that despite these deposits, Egypt’s foreign currency reserves have been unable to rise.
Qatar set to pump $2.5bn into Egypt over the next three months - Daily News Egypt: "
MIDEAST WEEKAHEAD-Dubai stock market booms again - cautiously | Reuters
Mohammad Jamal, a veteran investor in Dubai's stock market, switched to trading commodities several years ago as the global financial crisis struck. But in recent months he has started putting money into stocks again.
The 40-year-old Egyptian, who runs a commodities trading operation in Dubai, thinks the market has bottomed out after a five-year slump and that real estate and banking stocks look particularly attractive.
"The downturn is almost over and the only way to go is up," he says. "Things are not back to how they were in 2005, but they're better than 2008."
MIDEAST WEEKAHEAD-Dubai stock market booms again - cautiously | Reuters
The 40-year-old Egyptian, who runs a commodities trading operation in Dubai, thinks the market has bottomed out after a five-year slump and that real estate and banking stocks look particularly attractive.
"The downturn is almost over and the only way to go is up," he says. "Things are not back to how they were in 2005, but they're better than 2008."
MIDEAST WEEKAHEAD-Dubai stock market booms again - cautiously | Reuters
Saudi Stock Market close - January 16, 2013
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MENA stock markets close - January 16, 2013
| Exchange | Status | Index | Change | ||||
 | TASI (Saudi Stock Market) | 7018.52 | -0.98% | ||||
 | DFM (Dubai Financial Market) | 1741.31 | 0.39% | ||||
| ADX (Abudhabi Securities Exchange) | 2769.67 | -0.15% | ||||
 | KSE (Kuwait Stock Exchange) | 6128.11 | 0.19% | ||||
 | BSE (Bahrain Stock Exchange) | 1075.91 | 0.20% | ||||
 | MSM (Muscat Securities Market) | 5807 | -0.51% | ||||
 | QE (Qatar Exchange) | 8577.66 | 0.53% | ||||
 | LSE (Beirut Stock Exchange) | 1180.84 | 0.15% | ||||
 | EGX 30 (Egypt Exchange) | 5690.67 | 0.59% | ||||
 | ASE (Amman Stock Exchange) | 2027.27 | 0.63% | ||||
 | TUNINDEX (Tunisia Stock Exchange) | 4727.82 | 0.79% | ||||
 | CB (Casablanca Stock Exchange) | 8844.49 | -2.05% | ||||
 | PSE (Palestine Securities Exchange) | 468.67 | -0.10% | ||||
Emirates NBD Soars Most Since 2011 on Unit Outlook: Dubai Mover - Bloomberg
Emirates NBD PJSC (EMIRATES) jumped the most in almost 21 months after the Islamic unit of the biggest United Arab Emirates lender forecast a doubling of 2013 profit and amid bets the bank will boost its full-year dividend.
The shares rallied 6.4 percent, the biggest advance since April 2011, to 3.31 dirhams at the close in Dubai. About 1.3 million shares were traded today, triple the three-month daily average, according to data compiled by Bloomberg. The stock was the biggest gainer on the benchmark DFM General Index (DFMGI), which added 0.4 percent.
Emirates Islamic Bank PJSC, wholly owned by Emirates NBD, will seek to boost net income to 150 million dirhams ($41 million) this year from about 80 million in 2012, Chief Executive Officer Jamal Bin Ghalaita said in a Jan. 14 interview. The bank said last month it would raise capital by 63 percent to 3.9 billion dirhams through a rights issue.
Emirates NBD Soars Most Since 2011 on Unit Outlook: Dubai Mover - Bloomberg
The shares rallied 6.4 percent, the biggest advance since April 2011, to 3.31 dirhams at the close in Dubai. About 1.3 million shares were traded today, triple the three-month daily average, according to data compiled by Bloomberg. The stock was the biggest gainer on the benchmark DFM General Index (DFMGI), which added 0.4 percent.
Emirates Islamic Bank PJSC, wholly owned by Emirates NBD, will seek to boost net income to 150 million dirhams ($41 million) this year from about 80 million in 2012, Chief Executive Officer Jamal Bin Ghalaita said in a Jan. 14 interview. The bank said last month it would raise capital by 63 percent to 3.9 billion dirhams through a rights issue.
Emirates NBD Soars Most Since 2011 on Unit Outlook: Dubai Mover - Bloomberg
.:Middle East Online::Abu Dhabi: Oil market well-balanced, well-supplied :.
The world oil market is well-balanced and well-supplied, United Arab Emirates Energy Minister Mohammed al-Hamli said on Wednesday, adding his country plans to raise oil output capacity.
"The market is well-balanced. Maybe it's a little bit over-supplied, but generally it is well-supplied," Hamli told reporters on the sidelines of the first meeting between Arab and South American energy ministers.
"We keep monitoring the market all the time and right now, the market is capable of taking all we produce... there is no need to cut supplies," he said.
.Middle East Online::Abu Dhabi: Oil market well-balanced, well-supplied
"The market is well-balanced. Maybe it's a little bit over-supplied, but generally it is well-supplied," Hamli told reporters on the sidelines of the first meeting between Arab and South American energy ministers.
"We keep monitoring the market all the time and right now, the market is capable of taking all we produce... there is no need to cut supplies," he said.
.Middle East Online::Abu Dhabi: Oil market well-balanced, well-supplied
Arab nations cannot delay economic reform - FT.com
The first building block of a more inclusive economy must surely be macroeconomic stability. Unfortunately, this has come under threat in some countries – from slowing global growth, growing social tensions and rising political pressures.
Arab nations cannot delay economic reform - FT.com
Bahrain, Saudi Arabia to Upgrade Path of Joint Oil Pipeline
State-run companies Bahrain Petroleum Co., or Bapco, and Saudi Arabian Oil Co., or Saudi Aramco, have decided to go ahead with a project to replace, upgrade, and change the path of a pipeline that links Saudi oil fields to Bahrain's only refinery, a person familiar with the matter said Wednesday.
The project will up the capacity of the pipeline, opened in 1945, to 350,000 barrels of oil per day from 230,000 barrels per day, the person said.
The project is part of the strategy of Bahrain'sNational Oil and Gas Authority to develop the country's oil and gas sector.End
The project will up the capacity of the pipeline, opened in 1945, to 350,000 barrels of oil per day from 230,000 barrels per day, the person said.
The project is part of the strategy of Bahrain'sNational Oil and Gas Authority to develop the country's oil and gas sector.End
Cars to Mom and Pop Shop Loans Drive Dubai Bank: Islamic Finance - Bloomberg
Emirates NBD PJSC’s (EMIRATES) Islamic banking unit expects to double profit in 2013 as individuals and small businesses take out more loans amid Dubai’s economic revival, the chief executive officer said.
Emirates Islamic Bank PJSC, wholly owned by the biggest United Arab Emirates lender by assets, will seek to boost net income to 150 million dirhams ($41 million) this year from about 80 million in 2012, Jamal Bin Ghalaita said in an interview. The lender said last month it would raise capital by 63 percent to 3.9 billion dirhams through a rights issue.
Banks in Dubai, still struggling with non-performing loans stemming from the 2008 real estate crash, are stepping up efforts to boost Islamic finance as the industry’s global assets are set to double by 2015. U.A.E. loan growth of 2.8 percent in October was the slowest in the Gulf Cooperation Council as lenders scaled back credit to government-related clients following efforts by the central bank to limit their exposure.
Cars to Mom and Pop Shop Loans Drive Dubai Bank: Islamic Finance - Bloomberg
Emirates Islamic Bank PJSC, wholly owned by the biggest United Arab Emirates lender by assets, will seek to boost net income to 150 million dirhams ($41 million) this year from about 80 million in 2012, Jamal Bin Ghalaita said in an interview. The lender said last month it would raise capital by 63 percent to 3.9 billion dirhams through a rights issue.
Banks in Dubai, still struggling with non-performing loans stemming from the 2008 real estate crash, are stepping up efforts to boost Islamic finance as the industry’s global assets are set to double by 2015. U.A.E. loan growth of 2.8 percent in October was the slowest in the Gulf Cooperation Council as lenders scaled back credit to government-related clients following efforts by the central bank to limit their exposure.
Cars to Mom and Pop Shop Loans Drive Dubai Bank: Islamic Finance - Bloomberg
StanChart Expects 15% Jump in Middle East Project-Loan Pipeline - Bloomberg
Middle East and Africa project finance loans are set to rise almost 15 percent to about $40 billion this year as borrowers seek funds for petrochemicals, power and metals production, Standard Chartered Plc (STAN) said.
Lending will advance from about $35 billion in 2012 because “infrastructure demand is going to be significant,” Ravi Suri, Standard Chartered’s Dubai-based head of project and export finance for the Middle East, Africa, South Asia and Europe, said in a Jan. 14 interview. Delays in some projects last year had muted demand for credit, he said.
“Power and desalination will be huge,” Suri said. “You will have some petrochemicals, you’ll have infrastructure, roads, solar, renewables will perhaps play a big role.”
StanChart Expects 15% Jump in Middle East Project-Loan Pipeline - Bloomberg
Lending will advance from about $35 billion in 2012 because “infrastructure demand is going to be significant,” Ravi Suri, Standard Chartered’s Dubai-based head of project and export finance for the Middle East, Africa, South Asia and Europe, said in a Jan. 14 interview. Delays in some projects last year had muted demand for credit, he said.
“Power and desalination will be huge,” Suri said. “You will have some petrochemicals, you’ll have infrastructure, roads, solar, renewables will perhaps play a big role.”
StanChart Expects 15% Jump in Middle East Project-Loan Pipeline - Bloomberg
Kuwait- Credit bounces back in November, year-end credit growth seen near 5.5 pct - MENAFN
Bank credit saw a noticeable increase in November following a large drop in October, which further bolsters credit growth in 2012 that has generally been stronger than the previous year, a National Bank of Kuwait (NBK) report said Tuesday.
Growth has been largely driven by personal facilities while corporate credit has remained relatively subdued. Credit to the non-bank financial sector continued to weigh down on total credit, the report noted.
Outstanding credit to residents rose by KD 188 million in November following a large drop last month. Total credit is up a good KD 1.3 billion year-to-date (ytd) and year-on-year growth is now 5.2 percent.
Kuwait- Credit bounces back in November, year-end credit growth seen near 5.5 pct - MENAFN
Growth has been largely driven by personal facilities while corporate credit has remained relatively subdued. Credit to the non-bank financial sector continued to weigh down on total credit, the report noted.
Outstanding credit to residents rose by KD 188 million in November following a large drop last month. Total credit is up a good KD 1.3 billion year-to-date (ytd) and year-on-year growth is now 5.2 percent.
Kuwait- Credit bounces back in November, year-end credit growth seen near 5.5 pct - MENAFN
Asiacell Lures Sovereign Funds in Biggest Mideast IPO Since 2008 - Bloomberg
Asiacell Communications PJSC, the Iraqi telecom operator being offered in the Middle East’s biggest initial share sale since 2008, has received commitments from sovereign-backed funds, according to the deal’s organizer.
Institutional investors from the Persian Gulf, Europe and the U.S. have registered orders, said Shwan Ibrahim Taha, chairman of Rabee Securities in Baghdad, the sole arranger of the initial public offering. “Some of these funds are sovereign backed,” he said in an e-mailed answer to questions yesterday without naming any of the funds.
Asiacell Lures Sovereign Funds in Biggest Mideast IPO Since 2008 - Bloomberg
Institutional investors from the Persian Gulf, Europe and the U.S. have registered orders, said Shwan Ibrahim Taha, chairman of Rabee Securities in Baghdad, the sole arranger of the initial public offering. “Some of these funds are sovereign backed,” he said in an e-mailed answer to questions yesterday without naming any of the funds.
Asiacell Lures Sovereign Funds in Biggest Mideast IPO Since 2008 - Bloomberg
Dubai | Airbus A380 airport terminal | Superjumbo travel boom
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DUBAI AIRPORT'S SUPERJUMBO TERMINALDubai's 528,000-square-metre new terminal cost over $3 billion to build and has 20 gates with double-decker bridges to move passengers on and off the twin-deck A380s. Photo: Bernard Richardson |
Emirates, Dubai's state-owned flagship airline, began flying from the world's first airport terminal that was purpose-built to handle Airbus A380 superjumbos.
The 528,000 square metre terminal cost over $3 billion to build and has 20 gates with double-decker bridges to move passengers on and off the twin-deck A380s.
Dubai | Airbus A380 airport terminal | Superjumbo travel boom
Biofuels pioneer wins Zayed Award in Abu Dhabi - The National
Prof Jose Goldemberg, whose studies into sugarcane ethanol as fuel helped to promote biofuels in his native Brazil and beyond, was yesterday named the Lifetime Achievement Award recipient for the Zayed Future Energy Prize.
“As a scientist, I always believed that science can change the world and that the future does not predetermine the past but we have choices,” Prof Goldemberg told a high-profile audience at a ceremony held at the Emirates Palace.
He is one of eight finalists that share a total of US$3.9 million (Dh14.3m) in prize money.
Biofuels pioneer wins Zayed Award in Abu Dhabi - The National
“As a scientist, I always believed that science can change the world and that the future does not predetermine the past but we have choices,” Prof Goldemberg told a high-profile audience at a ceremony held at the Emirates Palace.
He is one of eight finalists that share a total of US$3.9 million (Dh14.3m) in prize money.
Biofuels pioneer wins Zayed Award in Abu Dhabi - The National
Dubai's innovative approach to debt smooths the way - The National
Since the Dubai World crisis of 2009, some broad strategic elements have emerged in the approach of the emirate's financial authorities towards debt: for example, bond and sukuk obligations have been met in full and on time, whereas bank creditors have, largely, been asked to come up with a new term sheet.
Topic Dubai Holding Islamic finance Dubai World Dubai Amlak
Apart from that fairly consistent distinction in the way bondholders and banks have been treated, Dubai's financial authorities and indebted government related enterprises (GREs) have adapted, improvised and ad-libbed their way through the regular rounds of confrontations between creditors and borrowers.
So far, the tactics have been successful in defusing the debt crisis that at one stage threatened to explode the emirate's financial system. But a critical stage still lies ahead.
Dubai's innovative approach to debt smooths the way - The National
Topic Dubai Holding Islamic finance Dubai World Dubai Amlak
Apart from that fairly consistent distinction in the way bondholders and banks have been treated, Dubai's financial authorities and indebted government related enterprises (GREs) have adapted, improvised and ad-libbed their way through the regular rounds of confrontations between creditors and borrowers.
So far, the tactics have been successful in defusing the debt crisis that at one stage threatened to explode the emirate's financial system. But a critical stage still lies ahead.
Dubai's innovative approach to debt smooths the way - The National
Oman Tribune - HSBC Bank Oman to launch 20m-rial fund to help SMEs
HSBC Bank Oman has announced that it will launch an International Trade SME Fund, committing 20 million rials to Oman’s small and medium enterprises (SMEs).
The fund will have a strong focus on supporting Omani businesses and will be open to new and existing customers with cross-border trading requirements.
HSBC Bank Oman will be the first bank in the country to launch a dedicated international trade SME Fund, a press release from the bank said.
Oman Tribune - HSBC Bank Oman to launch 20m-rial fund to help SMEs
The fund will have a strong focus on supporting Omani businesses and will be open to new and existing customers with cross-border trading requirements.
HSBC Bank Oman will be the first bank in the country to launch a dedicated international trade SME Fund, a press release from the bank said.
Oman Tribune - HSBC Bank Oman to launch 20m-rial fund to help SMEs
So Much for Desert Storm - Kuwait and Iraq Collaborate on Energy
News emanating from the Middle East since the outbreak of the “Arab spring” two years ago has been intermittently nervous, but beneath the headlines, some political seismic shifts have been occurring.
Exhibit a – recent Kuwaiti-Iraq energy cooperation.
In August 1990, Saddam Hussein’s Iraq launched its invasion by bombing Kuwait's capital, occupying the nation in a quick campaign. On 2 August Iraqi forces invaded Kuwait, sweeping away the Emirate’s weak defenses, as Saddam declared Kuwait to be Iraq’s “19th province.”
So Much for Desert Storm - Kuwait and Iraq Collaborate on Energy: "
Exhibit a – recent Kuwaiti-Iraq energy cooperation.
In August 1990, Saddam Hussein’s Iraq launched its invasion by bombing Kuwait's capital, occupying the nation in a quick campaign. On 2 August Iraqi forces invaded Kuwait, sweeping away the Emirate’s weak defenses, as Saddam declared Kuwait to be Iraq’s “19th province.”
So Much for Desert Storm - Kuwait and Iraq Collaborate on Energy: "