Turkey, Ukraine firms among emerging debt flashpoints | Reuters:
"Bonds of Turkish banks, Ukrainian state firms and central European miners were among the worst performers in a recent sell-off in emerging debt and investors are on alert for further price falls or even defaults.
The emerging corporate debt market has boomed in recent years, with the volume of outstanding debt passing $1 trillion last year and record issuance seen in the first half of 2013.
Low yields and investor appetite for risk have made the market attractive for borrowers, especially as much bank lending remains frozen."
'via Blog this'
Friday, 19 July 2013
Ukraine compares EU pact signature to ‘fall of Berlin Wall’ | EurActiv
Ukraine compares EU pact signature to ‘fall of Berlin Wall’ | EurActiv:
"The Ukrainian ambassador to the EU, Kostiantyn Yelisieiev, said the signature of an EU-Ukraine Association Agreement, which could take place in November, would be similar in magnitude for his country to the fall of the Berlin Wall in Germany.
Yelisieiev, who was recently promoted to advisor on external political processes to the Ukrainian president, made a passionate plea for the EU to adopt a “strategic vision” on Ukraine's future geopolitical position in Europe.
“We consider in Ukraine the signing of this agreement as the second event after the declaration of the independence of Ukraine [16 July 1990]. And I would like to enforce my argument: this signing for Ukraine will be, like years ago, the fall of the Berlin wall for Germany,” the ambassador said."
'via Blog this'
"The Ukrainian ambassador to the EU, Kostiantyn Yelisieiev, said the signature of an EU-Ukraine Association Agreement, which could take place in November, would be similar in magnitude for his country to the fall of the Berlin Wall in Germany.
Yelisieiev, who was recently promoted to advisor on external political processes to the Ukrainian president, made a passionate plea for the EU to adopt a “strategic vision” on Ukraine's future geopolitical position in Europe.
“We consider in Ukraine the signing of this agreement as the second event after the declaration of the independence of Ukraine [16 July 1990]. And I would like to enforce my argument: this signing for Ukraine will be, like years ago, the fall of the Berlin wall for Germany,” the ambassador said."
'via Blog this'
Turkey: after the “interest rate lobby”, Erdogan turns on credit cards | beyondbrics
Turkey: after the “interest rate lobby”, Erdogan turns on credit cards | beyondbrics:
"
Listen to recent speeches by Turkish prime minister Recep Tayyip Erdogan and one thing becomes immediately apparent: he is not short of opponents. Or rather, his perception is that he is not short of opponents, and he’s equally unafraid of naming them.
Having spent much of the past six weeks blaming the international media, international plots and the mysterious and previously unknown “international interest rate lobby” for the widespread anti-government demonstrations over the past six weeks, he has now chosen to target Turkey’s own domestic credit sector.
Erdogan launched a ferocious diatribe against the credit cards issued by Turkey’s own domestic banks and used voluntarily by much of the country’s estimated 76m population, specifically, criticising both the high charges which banks levy for the use of cards and the interest rates charged on debts incurred."
'via Blog this'
"
Having spent much of the past six weeks blaming the international media, international plots and the mysterious and previously unknown “international interest rate lobby” for the widespread anti-government demonstrations over the past six weeks, he has now chosen to target Turkey’s own domestic credit sector.
Erdogan launched a ferocious diatribe against the credit cards issued by Turkey’s own domestic banks and used voluntarily by much of the country’s estimated 76m population, specifically, criticising both the high charges which banks levy for the use of cards and the interest rates charged on debts incurred."
'via Blog this'
Ukranian News - Cyprus-Based Empson Acquires 99.6% Of Odesa Petroleum Refinery
Ukranian News - Cyprus-Based Empson Acquires 99.6% Of Odesa Petroleum Refinery:
"Empson Limited (Cyprus), which is part of the East European Energy Company (VETEK), has increased its shares in the Odesa petroleum refinery to 99.6766%, the refinery announced in a statement.
Lukoil Europe Holdings BV (Netherlands), an affiliate of the Lukoil group (Russia), previously owned 99.5745% of the refinery.
As Ukrainian News earlier reported, VETEK and the Lukoil oil company completed the deal on sale of the Odesa petroleum refinery on July 5.
VETEK unites companies previously belonging to the HazUkraina group, which specializes in trade in liquefied natural gas, natural gas, a broad range of petroleum products, and products for the oil and gas industry.
The main shareholder of the group is Kharkiv-based businessman Serhii Kurchenko, who owns the Metalist Kharkiv football club."
'via Blog this'
"Empson Limited (Cyprus), which is part of the East European Energy Company (VETEK), has increased its shares in the Odesa petroleum refinery to 99.6766%, the refinery announced in a statement.
Lukoil Europe Holdings BV (Netherlands), an affiliate of the Lukoil group (Russia), previously owned 99.5745% of the refinery.
As Ukrainian News earlier reported, VETEK and the Lukoil oil company completed the deal on sale of the Odesa petroleum refinery on July 5.
VETEK unites companies previously belonging to the HazUkraina group, which specializes in trade in liquefied natural gas, natural gas, a broad range of petroleum products, and products for the oil and gas industry.
The main shareholder of the group is Kharkiv-based businessman Serhii Kurchenko, who owns the Metalist Kharkiv football club."
'via Blog this'
Ukraine should be part of EU, maintain good relations with Russia, says U.S. ambassador
Ukraine should be part of EU, maintain good relations with Russia, says U.S. ambassador:
"
The United States sometimes experiences disappointment over the number of problems in Ukrainian politics, but it still hopes that the country will sign the Association Agreement with the European Union in November, U.S. Ambassador to Ukraine John Tefft has said.
"Sometimes we experience disappointment because of the lack of changes in Ukraine, or because of some specific problems. But I believe that the U.S. understands the central strategic importance of Ukraine today, as it did 20 years ago," the diplomat said in an interview with the Day newspaper published on Friday.
Tefft expressed said he hoped that Ukraine would meet all the necessary conditions for the signing of the Association Agreement with the EU in November, including that of the release of former Prime Minister of Ukraine Yulia Tymoshenko."
'via Blog this'
"
"Sometimes we experience disappointment because of the lack of changes in Ukraine, or because of some specific problems. But I believe that the U.S. understands the central strategic importance of Ukraine today, as it did 20 years ago," the diplomat said in an interview with the Day newspaper published on Friday.
Tefft expressed said he hoped that Ukraine would meet all the necessary conditions for the signing of the Association Agreement with the EU in November, including that of the release of former Prime Minister of Ukraine Yulia Tymoshenko."
'via Blog this'
Ukraine: burying gas – and investors? | beyondbrics
Ukraine: burying gas – and investors? | beyondbrics:
"
Ukraine is appears to be shooting itself in the foot again. The stated goal of Viktor Yanukovich, president since 2010, has been to diversify away from increasingly expensive Russian gas imports, partly by boosting domestic production with the help of billion-dollar foreign investments.
But will the big energy companies be put off by allegations that existing energy producers are being coerced into stockpiling gas by the government?
A production sharing agreement earlier this year with Royal Dutch Shell to invest $10bn into exploring Ukraine’s vast unconventional gas reserves was a big step towards achieving Yanukovich’s diversification goal."
'via Blog this'
"
But will the big energy companies be put off by allegations that existing energy producers are being coerced into stockpiling gas by the government?
A production sharing agreement earlier this year with Royal Dutch Shell to invest $10bn into exploring Ukraine’s vast unconventional gas reserves was a big step towards achieving Yanukovich’s diversification goal."
'via Blog this'
Delta Bank Group acquiring Astra Bank
Delta Bank Group acquiring Astra Bank:
"The Delta Bank Group has announced that is is acquiring a 100% stake in Astra Bank (both based in Kyiv).
"On July 18, 2013, an agreement to sell 100% in public joint-stock company Astra Bank was signed between Alpha Bank А.К. (Greece) as a seller and a company affiliated with public joint-stock company Delta Bank, as a buyer. The deal will be finalized after receiving relevant permits from the Antimonopoly Committee of Ukraine and National Bank of Ukraine," Delta Bank told Interfax-Ukraine on Friday.
As reported, in late April 2013, Swedbank finalized a deal on the sale of its subsidiary bank Swedbank to the key shareholder in Delta Bank, Mykola Lahun. In May 2013, Swedbank was renamed Omega Bank. Lahun is the owner of Kreditprombank."
'via Blog this'
"The Delta Bank Group has announced that is is acquiring a 100% stake in Astra Bank (both based in Kyiv).
"On July 18, 2013, an agreement to sell 100% in public joint-stock company Astra Bank was signed between Alpha Bank А.К. (Greece) as a seller and a company affiliated with public joint-stock company Delta Bank, as a buyer. The deal will be finalized after receiving relevant permits from the Antimonopoly Committee of Ukraine and National Bank of Ukraine," Delta Bank told Interfax-Ukraine on Friday.
As reported, in late April 2013, Swedbank finalized a deal on the sale of its subsidiary bank Swedbank to the key shareholder in Delta Bank, Mykola Lahun. In May 2013, Swedbank was renamed Omega Bank. Lahun is the owner of Kreditprombank."
'via Blog this'
WIG-Ukraine up Thursday as UX falls - Business - News - Ukraine Business Online
WIG-Ukraine up Thursday as UX falls - Business - News - Ukraine Business Online:
"“Warsaw-traded Ukrainian equities rode the European momentum that reached a seven-week peak on Thursday, July 18. The WIG Ukraine Index of Warsaw-traded stocks powered forward 1.9%, led by Milkiland (MLK PW +5.3%) and grain trader Kernel (KER PW +2.7%), which has risen 3.2% in three straight positive sessions. Farmer Industrial Milk (IMC PW +0.1%) has gained 7.1% in seven straight winning sessions. Yet traders weren’t done dumping their shares of farmer Agroton (AGT PW -12.5%), which have plummeted 41.4% this month. In London, traders extended their sell off of Regal Petroleum (RPT LN -8.5%), which has lost 16.8% in five straight declining sessions. JKX Oil & Gas (JKX LN) increased 3.4%. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks fell 0.5%, led by selling in banking stocks Raiffeisen Bank Aval (BAVL UK -1.5%) and Unicredit’s Ukrsotsbank (USCB UK -1.5%).”
For charts of last session top-3 map, last session performance and more, link below:
www.concorde.ua"
'via Blog this'
"“Warsaw-traded Ukrainian equities rode the European momentum that reached a seven-week peak on Thursday, July 18. The WIG Ukraine Index of Warsaw-traded stocks powered forward 1.9%, led by Milkiland (MLK PW +5.3%) and grain trader Kernel (KER PW +2.7%), which has risen 3.2% in three straight positive sessions. Farmer Industrial Milk (IMC PW +0.1%) has gained 7.1% in seven straight winning sessions. Yet traders weren’t done dumping their shares of farmer Agroton (AGT PW -12.5%), which have plummeted 41.4% this month. In London, traders extended their sell off of Regal Petroleum (RPT LN -8.5%), which has lost 16.8% in five straight declining sessions. JKX Oil & Gas (JKX LN) increased 3.4%. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks fell 0.5%, led by selling in banking stocks Raiffeisen Bank Aval (BAVL UK -1.5%) and Unicredit’s Ukrsotsbank (USCB UK -1.5%).”
For charts of last session top-3 map, last session performance and more, link below:
www.concorde.ua"
'via Blog this'
[Video] EM risk to developed world | beyondbrics
[Video] EM risk to developed world | beyondbrics:
"People used to say emerging markets had ‘decoupled’, making them immune to recession in the developed world. Now, the concept has been upturned. Peter Oppenheimer, chief global equity strategist at Goldman Sachs, explains to Long View columnist John Authers that Europe is now only too exposed.
" 'via Blog this'
"People used to say emerging markets had ‘decoupled’, making them immune to recession in the developed world. Now, the concept has been upturned. Peter Oppenheimer, chief global equity strategist at Goldman Sachs, explains to Long View columnist John Authers that Europe is now only too exposed.
" 'via Blog this'
Russia discloses data on oil and gas reserves | Russia Beyond The Headlines
Russia discloses data on oil and gas reserves | Russia Beyond The Headlines:
"
On July 5, Prime Minister Dmitry Medvedev signed a decree lifting the shroud of secrecy that surrounds Russia’s oil and gas reserve data. Classified since the Soviet era, the numbers have only just been officially published.
Russia’s oil reserves as of January 1, 2012, stood at to 17.8 billion tons under the explored (AB) and estimated (С1) categories, and 10.9 billion tons under the inferred (С2) category.
Total ABC1 natural gas reserves were 48.8 trillion cubic meters (1,700 trillion cubic feet), with С2 reserves at 19.6 trillion cubic meters."
'via Blog this'
"
 |
| Total ABC1 natural gas reserves were 48.8 trillion cubic meters. Source: Press Photo |
Russia’s oil reserves as of January 1, 2012, stood at to 17.8 billion tons under the explored (AB) and estimated (С1) categories, and 10.9 billion tons under the inferred (С2) category.
Total ABC1 natural gas reserves were 48.8 trillion cubic meters (1,700 trillion cubic feet), with С2 reserves at 19.6 trillion cubic meters."
'via Blog this'
Commercial Bank of Qatar (Q.S.C.) Commercial Bank completes acquisition - WSJ.com
Commercial Bank of Qatar (Q.S.C.) Commercial Bank completes acquisition - WSJ.com:
"Commercial Bank of Qatar ("Commercial Bank"), a leading Qatari based international banking group, today announced the completion of its acquisition of a 70.84% shareholding in Alternatifbank A.S. ("ABank") in Turkey from Anadolu Endustri Holding A.S. ("Anadolu"). The completion follows regulatory approval from the regulators in Qatar and Turkey. Commercial Bank announced its intention to acquire a majority stake in ABank in March 2013. As part of the transaction, Commercial Bank will launch a mandatory tender offer to acquire the 4.16% of ABank's shares that remain in the public domain. Details of the tender offer will be announced in due course.
The transaction is based on two times book value at 30 June 2013, and expands Commercial Bank's international footprint to four regional markets. Anadolu will retain a 25% stake in ABank, in addition to board representation."
'via Blog this'
"Commercial Bank of Qatar ("Commercial Bank"), a leading Qatari based international banking group, today announced the completion of its acquisition of a 70.84% shareholding in Alternatifbank A.S. ("ABank") in Turkey from Anadolu Endustri Holding A.S. ("Anadolu"). The completion follows regulatory approval from the regulators in Qatar and Turkey. Commercial Bank announced its intention to acquire a majority stake in ABank in March 2013. As part of the transaction, Commercial Bank will launch a mandatory tender offer to acquire the 4.16% of ABank's shares that remain in the public domain. Details of the tender offer will be announced in due course.
The transaction is based on two times book value at 30 June 2013, and expands Commercial Bank's international footprint to four regional markets. Anadolu will retain a 25% stake in ABank, in addition to board representation."
'via Blog this'
Surging oil price has shades of July 2008 about it « ArabianMoney
Surging oil price has shades of July 2008 about it « ArabianMoney:
"Hstory does not necessarily repeat but it certainly rhymes. Think back five years to July 2008 and oil prices peaked at $147 before giving way to a slump to $33 by December as the global financial crisis struck.
This July WTI crude has jumped to $107 a barrel. That’s a tax on consumers and business. Surging oil prices are a proven recession indicator."
'via Blog this'
"Hstory does not necessarily repeat but it certainly rhymes. Think back five years to July 2008 and oil prices peaked at $147 before giving way to a slump to $33 by December as the global financial crisis struck.
This July WTI crude has jumped to $107 a barrel. That’s a tax on consumers and business. Surging oil prices are a proven recession indicator."
'via Blog this'
Just What is a Speculative Bubble?
Just What is a Speculative Bubble?:
"Good piece here by Robert Shiller discussing the persistence of bubbles in today’s economic environment. Within the piece he asks an important question – just what is a speculative bubble:
This raises the question: just what is a speculative bubble? The Oxford English Dictionary defines a bubble as “anything fragile, unsubstantial, empty, or worthless; a deceptive show. From 17th c. onwards often applied to delusive commercial or financial schemes.” The problem is that words like “show” and “scheme” suggest a deliberate creation, rather than a widespread social phenomenon that is not directed by any impresario."
'via Blog this'
"Good piece here by Robert Shiller discussing the persistence of bubbles in today’s economic environment. Within the piece he asks an important question – just what is a speculative bubble:
This raises the question: just what is a speculative bubble? The Oxford English Dictionary defines a bubble as “anything fragile, unsubstantial, empty, or worthless; a deceptive show. From 17th c. onwards often applied to delusive commercial or financial schemes.” The problem is that words like “show” and “scheme” suggest a deliberate creation, rather than a widespread social phenomenon that is not directed by any impresario."
'via Blog this'
Tamweel profits increase by 40% - The National
Tamweel profits increase by 40% - The National:
"Tamweel's profits rose sharply in the second quarter but its mortgage book contracted to a five-year low ahead of an acquisition by Dubai Islamic Bank that will take the company private.
The Dubai-based Islamic mortgage provider reported net income for the second quarter of Dh26.1 million, up 40.4 per cent from the corresponding period a year earlier.
Earnings rose because of a lower share of profits paid to depositors and investors."
'via Blog this'
"Tamweel's profits rose sharply in the second quarter but its mortgage book contracted to a five-year low ahead of an acquisition by Dubai Islamic Bank that will take the company private.
The Dubai-based Islamic mortgage provider reported net income for the second quarter of Dh26.1 million, up 40.4 per cent from the corresponding period a year earlier.
Earnings rose because of a lower share of profits paid to depositors and investors."
'via Blog this'
Mubadala Petroleum sells interest in Petrofac Emirates | GulfNews.com
Mubadala Petroleum sells interest in Petrofac Emirates | GulfNews.com:
"Mubadala Petroleum has announced the sale of its 51 per cent interest in Petrofac Emirates to Nama Project Services LLC, an affiliate of Nama Development Enterprises for an undisclosed sum.
Completion of the transaction is subject to conditions, including the usual regulatory consents.
Mubadala Petroleum, through its subsidiary Mubadala Petroleum Services Company, formed the Petrofac Emirates joint venture with Petrofac International Limited in 2008 as the first UAE joint venture company to provide a full range of engineering, design, procurement and construction services for major onshore oil and gas, refining and petrochemical projects. This was in line with Mubadala’s mandate to establish and nurture new businesses within Abu Dhabi to diversify and build the economy."
'via Blog this'
"Mubadala Petroleum has announced the sale of its 51 per cent interest in Petrofac Emirates to Nama Project Services LLC, an affiliate of Nama Development Enterprises for an undisclosed sum.
Completion of the transaction is subject to conditions, including the usual regulatory consents.
Mubadala Petroleum, through its subsidiary Mubadala Petroleum Services Company, formed the Petrofac Emirates joint venture with Petrofac International Limited in 2008 as the first UAE joint venture company to provide a full range of engineering, design, procurement and construction services for major onshore oil and gas, refining and petrochemical projects. This was in line with Mubadala’s mandate to establish and nurture new businesses within Abu Dhabi to diversify and build the economy."
'via Blog this'
Jailing Sows Legal Doubts as Futures Decline: Russia Overnight - Bloomberg
Jailing Sows Legal Doubts as Futures Decline: Russia Overnight - Bloomberg:
"Futures on Russia’s RTS stock index declined as protests flared in Moscow against the prison sentence given to one of President Vladimir Putin’s most prominent opponents.
Contracts on the gauge due in September fell 0.2 percent in New York hours yesterday. American depositary receipts of OAO Gazprom, the nation’s biggest company, sank 1.8 percent and traded at the biggest discount to the Moscow shares in a week. The Bloomberg Russia-US Equity Index of the most active Russian stocks in New York fell 1.4 percent after a court announced a five-year sentence for Alexey Navalny, who led demonstrations against Putin over the past two years that were the biggest street protests since the president took office in 2000."
'via Blog this'
"Futures on Russia’s RTS stock index declined as protests flared in Moscow against the prison sentence given to one of President Vladimir Putin’s most prominent opponents.
Contracts on the gauge due in September fell 0.2 percent in New York hours yesterday. American depositary receipts of OAO Gazprom, the nation’s biggest company, sank 1.8 percent and traded at the biggest discount to the Moscow shares in a week. The Bloomberg Russia-US Equity Index of the most active Russian stocks in New York fell 1.4 percent after a court announced a five-year sentence for Alexey Navalny, who led demonstrations against Putin over the past two years that were the biggest street protests since the president took office in 2000."
'via Blog this'
For better or worse, dance bars make a comeback in Mumbai | beyondbrics
For better or worse, dance bars make a comeback in Mumbai | beyondbrics:
"
After being banned for eight years, dance bars are set to reopen in the state of Maharashtra, home to India’s commercial capital, Mumbai.
This week, the Supreme Court overturned a ban put into place by the Bombay Police (Amendment) Act 2005 that led to the closure of an estimated 1,500 establishments and the loss of over 75,000 jobs – but probably far more than that in reality.
The interesting thing about the 2005 Act is that it was brazenly selective in nature."
'via Blog this'
"
This week, the Supreme Court overturned a ban put into place by the Bombay Police (Amendment) Act 2005 that led to the closure of an estimated 1,500 establishments and the loss of over 75,000 jobs – but probably far more than that in reality.
The interesting thing about the 2005 Act is that it was brazenly selective in nature."
'via Blog this'
Region’s hotel revenue expected to reach $25 bln by 2016
Region’s hotel revenue expected to reach $25 bln by 2016:
"The estimated room revenue for the year 2011 stands at $ 17.83 Bn which is expected to reach $ 24.92 Bn by 2016 at a CAGR of 6.93. The average occupancy rate for GCC is estimated to be 68% for the year 2012 and expected to reach an average occupancy of 73% by 2016.
The GCC is home to high percentage of luxury hotels and its pipeline is also dominated by many high profile projects. As such, the Average Daily Rent (ADR) for the year 2012 is estimated at $ 204 which is relatively on the higher side in comparison with other regions. While issues like political unrest and oversupply affected the OR and ADR in the past, the forecast for both these metrics is positive with increasing business as well as leisure tourist demand."
'via Blog this'
"The estimated room revenue for the year 2011 stands at $ 17.83 Bn which is expected to reach $ 24.92 Bn by 2016 at a CAGR of 6.93. The average occupancy rate for GCC is estimated to be 68% for the year 2012 and expected to reach an average occupancy of 73% by 2016.
The GCC is home to high percentage of luxury hotels and its pipeline is also dominated by many high profile projects. As such, the Average Daily Rent (ADR) for the year 2012 is estimated at $ 204 which is relatively on the higher side in comparison with other regions. While issues like political unrest and oversupply affected the OR and ADR in the past, the forecast for both these metrics is positive with increasing business as well as leisure tourist demand."
'via Blog this'
Kuwait bourse ends week on strong note
Kuwait bourse ends week on strong note:
"Kuwait stocks rose further on Thursday to end week on a positive note. The index climbed 22.35 pts in choppy trading extending the gains to the third straight session. Some of the mid and low caps shone whereas heavyweights closed mixed. The overall sentiment however was cautious as investors await the earnings.
The KSX 15 measure eased 0.9 points to 1,070.51 pts and has climbed 38 pts so far during the month while weighted index inched 0.18 pts higher. The volume turnover meanwhile continued to swell for the third consecutive day. 501.05 million shares changed hands — a 21.44 percent increase from the day before and is the highest level of the month."
'via Blog this'
"Kuwait stocks rose further on Thursday to end week on a positive note. The index climbed 22.35 pts in choppy trading extending the gains to the third straight session. Some of the mid and low caps shone whereas heavyweights closed mixed. The overall sentiment however was cautious as investors await the earnings.
The KSX 15 measure eased 0.9 points to 1,070.51 pts and has climbed 38 pts so far during the month while weighted index inched 0.18 pts higher. The volume turnover meanwhile continued to swell for the third consecutive day. 501.05 million shares changed hands — a 21.44 percent increase from the day before and is the highest level of the month."
'via Blog this'
Saudi Gazette - Dubai real estate bonds to attract strong demand
Saudi Gazette - Dubai real estate bonds to attract strong demand:
"Dubai real estate developers may issue bonds to fund a growing pipeline of new projects — and market movements suggest they would attract strong investor demand.
In the past, most property and construction firms in the emirate relied almost exclusively on bank finance. Although local banks are flush with cash, that strategy may not work as the next building cycle begins.
The partial pull-out of European banks from the region has reduced the number of lenders, while many banks want to diversify their exposure. The UAE Central Bank is drafting rules to limit banks' exposure to state-linked entities, and the state holds large stakes in most of big real estate developers."
'via Blog this'
"Dubai real estate developers may issue bonds to fund a growing pipeline of new projects — and market movements suggest they would attract strong investor demand.
In the past, most property and construction firms in the emirate relied almost exclusively on bank finance. Although local banks are flush with cash, that strategy may not work as the next building cycle begins.
The partial pull-out of European banks from the region has reduced the number of lenders, while many banks want to diversify their exposure. The UAE Central Bank is drafting rules to limit banks' exposure to state-linked entities, and the state holds large stakes in most of big real estate developers."
'via Blog this'
Saudi Gazette - NCB leads Saudi, GCC and Mideast banks
Saudi Gazette - NCB leads Saudi, GCC and Mideast banks:
"In another confirmation of its leading position nationally, regionally and internationally, The Banker magazine announced, through its "Top 1000 World Banks" listing for its July 2013 publication, that the National Commercial Bank (NCB) tops the banks in the Middle East in terms of solvency "Tier 1 Capital", which is one of the most important criterion for measuring the strength of financial positions of banks and banking institutions.
In addition to attaining this prominent position among the leading banks in Saudi Arabia, the GCC and the Middle East as per the core capital criteria, the international ranking of NCB has also improved from 116th position to the 115th position for the current year - among 1000 banks covered by The Banker's listing.
The Bank’s upgrading of its international ranking illustrates its financial strength and healthy liquidity, and a recognition of its leadership not only in the banking industry in the Kingdom but also in the financial services sector at the national and regional levels."
'via Blog this'
"In another confirmation of its leading position nationally, regionally and internationally, The Banker magazine announced, through its "Top 1000 World Banks" listing for its July 2013 publication, that the National Commercial Bank (NCB) tops the banks in the Middle East in terms of solvency "Tier 1 Capital", which is one of the most important criterion for measuring the strength of financial positions of banks and banking institutions.
In addition to attaining this prominent position among the leading banks in Saudi Arabia, the GCC and the Middle East as per the core capital criteria, the international ranking of NCB has also improved from 116th position to the 115th position for the current year - among 1000 banks covered by The Banker's listing.
The Bank’s upgrading of its international ranking illustrates its financial strength and healthy liquidity, and a recognition of its leadership not only in the banking industry in the Kingdom but also in the financial services sector at the national and regional levels."
'via Blog this'