China's top 5 banks triple debt write-downs to avoid defaults — RT Business:
"Five of China’s biggest banks have tripled the size of debt forgiveness to the country’s enterprises in the first six months of the year. The world’s biggest foreign lender is now seeking to avoid a wave of domestic defaults.
The world’s most profitable lender, Industrial & Commercial Bank of China Ltd, together with its four biggest domestic rivals, wrote down a total of 22.1 billion yuan ($3.65 billion) of debt, a threefold increase on the 7.65 billion yuan last year, Bloomberg reports.
The move came as a part of China’s overall initiative to make the banking buffers more crisis-proof. Earlier in April the China Banking Regulatory Commission urged banks to set aside more funds, write off bad loans, as well as cut dividend payments in order to be ready for domestic defaults.
Despite the latest data showed the country’s GDP rebounded to 7.8 percent in the third quarter, worries about the slowdown persist. Officially, growth will slow this year to 7.6 percent, its lowest since 1999."
'via Blog this'
Thursday, 24 October 2013
Leeds United borrow undisclosed Dubai sum - Yorkshire Evening Post
Leeds United borrow undisclosed Dubai sum - Yorkshire Evening Post:
"Leeds United have borrowed an undisclosed sum from another company in Dubai – with the loan funded personally by managing director David Haigh.
The Elland Road club secured money from Berrydale Seventh Sport Holdings last week, four months after receiving cash from Dubai-based Brendale Holdings.
United’s owner, GFH Capital, declined to comment when contacted by the YEP last night but Haigh – one of the three board members at Leeds – is understood to have financed the loan paid on October 15.
Haigh controls Berrydale Seventh Sport Holdings and a debenture lodged with Companies House reveals that he was responsible for sanctioning the payment on the firm’s behalf."
'via Blog this'
"Leeds United have borrowed an undisclosed sum from another company in Dubai – with the loan funded personally by managing director David Haigh.
The Elland Road club secured money from Berrydale Seventh Sport Holdings last week, four months after receiving cash from Dubai-based Brendale Holdings.
United’s owner, GFH Capital, declined to comment when contacted by the YEP last night but Haigh – one of the three board members at Leeds – is understood to have financed the loan paid on October 15.
Haigh controls Berrydale Seventh Sport Holdings and a debenture lodged with Companies House reveals that he was responsible for sanctioning the payment on the firm’s behalf."
'via Blog this'
Dubai Biggest Bank Joins HSBC in Predicting Faster U.A.E. Growth - Bloomberg
Dubai Biggest Bank Joins HSBC in Predicting Faster U.A.E. Growth - Bloomberg:
"Emirates NBD PJSC (EMIRATES), Dubai’s biggest bank, raised its estimates for economic growth in the United Arab Emirates this year to 4.4 percent, aided by an increase in oil output.
The forecast was raised from 3.8 percent, putting the second-biggest Arab economy on track for a higher growth rate than Saudi Arabia for the first time in at least four years, according to the bank’s quarterly economic report released yesterday. Emirates NBD lowered its forecast for Saudi economic growth to 3.9 percent from 5 percent after lower-than-anticipated expansion in non-oil industries during the first half of the year.
Even if U.A.E. oil production stabilizes at the current 2.9 million barrels a day, “the hydrocarbon sector is likely to contribute positively to overall gross domestic product growth this year,” economists Khatija Haque and Jean Paul Pigat, wrote in the report. Perhaps more important than the actual growth rate, “is the direction of change in the forecast,” they said."
'via Blog this'
"Emirates NBD PJSC (EMIRATES), Dubai’s biggest bank, raised its estimates for economic growth in the United Arab Emirates this year to 4.4 percent, aided by an increase in oil output.
The forecast was raised from 3.8 percent, putting the second-biggest Arab economy on track for a higher growth rate than Saudi Arabia for the first time in at least four years, according to the bank’s quarterly economic report released yesterday. Emirates NBD lowered its forecast for Saudi economic growth to 3.9 percent from 5 percent after lower-than-anticipated expansion in non-oil industries during the first half of the year.
Even if U.A.E. oil production stabilizes at the current 2.9 million barrels a day, “the hydrocarbon sector is likely to contribute positively to overall gross domestic product growth this year,” economists Khatija Haque and Jean Paul Pigat, wrote in the report. Perhaps more important than the actual growth rate, “is the direction of change in the forecast,” they said."
'via Blog this'
ENERGY - Egypt says not interested in Israeli gas as plans LNG imports
ENERGY - Egypt says not interested in Israeli gas as plans LNG imports:
"Egypt is not interested in importing gas via pipeline from Israel and instead is focusing on a plan to import liquefied natural gas, a top Egyptian state executive said in the night of Oct. 23.
Israel’s energy and water minister said this week that it could supply Egypt with gas through a pipeline that already links them.
To receive LNG shipments, Egypt must rent a floating terminal, which it aims to have in operation by April after issuing a tender earlier this month."
'via Blog this'
"Egypt is not interested in importing gas via pipeline from Israel and instead is focusing on a plan to import liquefied natural gas, a top Egyptian state executive said in the night of Oct. 23.
Israel’s energy and water minister said this week that it could supply Egypt with gas through a pipeline that already links them.
To receive LNG shipments, Egypt must rent a floating terminal, which it aims to have in operation by April after issuing a tender earlier this month."
'via Blog this'
Qatar Airways 'not interested' in Boeing 777X | Reuters
Qatar Airways 'not interested' in Boeing 777X | Reuters:
"Qatar Airways is not interested in ordering Boeing's proposed new 777X wide-body jet, its chief executive said on Thursday.
Asked whether the Gulf carrier was looking at ordering a proposed revamped version of Boeing's 777 mini-jumbo, Akbar Al Baker said "we are not interested in buying".
Qatar Airways is among several major carriers being courted by Boeing (BA.N) as it finalizes plans for a larger version of its profitable 777 wide-body jet, which is expected to be launched at next month's Dubai Airshow.
Baker was speaking to reporters on the sidelines of an event in Qatar's capital Doha."
'via Blog this'
"Qatar Airways is not interested in ordering Boeing's proposed new 777X wide-body jet, its chief executive said on Thursday.
Asked whether the Gulf carrier was looking at ordering a proposed revamped version of Boeing's 777 mini-jumbo, Akbar Al Baker said "we are not interested in buying".
Qatar Airways is among several major carriers being courted by Boeing (BA.N) as it finalizes plans for a larger version of its profitable 777 wide-body jet, which is expected to be launched at next month's Dubai Airshow.
Baker was speaking to reporters on the sidelines of an event in Qatar's capital Doha."
'via Blog this'
Egypt's central bank governor says IMF treated Egypt improperly | ASHARQ AL-AWSAT
Egypt's central bank governor says IMF treated Egypt improperly | ASHARQ AL-AWSAT:
"Egypt’s central bank governor, Hisham Ramez, has criticized the International Monetary Fund (IMF) over the manner in which his country was invited to the institution’s annual meeting in Washington.
Months of talks between Islamist President Mohamed Mursi’s government and the IMF failed to produce an agreement over a USD 4.8 billion loan before the army toppled Mursi on July 3.
Ramez told Reuters a senior IMF official, whom he declined to name, had invited Egypt to attend the annual meeting held earlier this month in an “inappropriate” way.
“This prompted the Egyptian government to reject the invitation,” said Ramez."
'via Blog this'
"Egypt’s central bank governor, Hisham Ramez, has criticized the International Monetary Fund (IMF) over the manner in which his country was invited to the institution’s annual meeting in Washington.
Months of talks between Islamist President Mohamed Mursi’s government and the IMF failed to produce an agreement over a USD 4.8 billion loan before the army toppled Mursi on July 3.
Ramez told Reuters a senior IMF official, whom he declined to name, had invited Egypt to attend the annual meeting held earlier this month in an “inappropriate” way.
“This prompted the Egyptian government to reject the invitation,” said Ramez."
'via Blog this'
NASDAQ OMX and Moscow Exchange to promote Russian Tech and Biotech | Positions and Promotions
NASDAQ OMX and Moscow Exchange to promote Russian Tech and Biotech | Positions and Promotions:
"NASDAQ OMX (NDAQ) and Moscow Exchange (MOEX) announced the signing of a co-operation agreement. Within this agreement both exchanges will work jointly in further developing the Russian technology and biotechnology community.
The aim of the co-operation is to jointly facilitate access to capital for the fast growing Russian start-up community and to promote listings at both exchanges.
In 2009 Moscow Exchange and RUSNANO created a listing platform for young and promising non-commodity companies called the "Innovations and Investment Market of Moscow Exchange". RUSNANO was set up in 2007 with a mission to develop Russia's nanotechnology industry through co-investing in nanotechnology projects that offer substantial economic potential or social benefit."
'via Blog this'
"NASDAQ OMX (NDAQ) and Moscow Exchange (MOEX) announced the signing of a co-operation agreement. Within this agreement both exchanges will work jointly in further developing the Russian technology and biotechnology community.
The aim of the co-operation is to jointly facilitate access to capital for the fast growing Russian start-up community and to promote listings at both exchanges.
In 2009 Moscow Exchange and RUSNANO created a listing platform for young and promising non-commodity companies called the "Innovations and Investment Market of Moscow Exchange". RUSNANO was set up in 2007 with a mission to develop Russia's nanotechnology industry through co-investing in nanotechnology projects that offer substantial economic potential or social benefit."
'via Blog this'
EU should sign Ukraine deal even with Tymoshenko in jail - Sun Sentinel
EU should sign Ukraine deal even with Tymoshenko in jail - Sun Sentinel:
"The following editorial appears on Bloomberg View:
Europe's leaders may soon have to choose between a woman and a nation. They should resist the impulse to pick Yulia Tymoshenko over her 46 million fellow Ukrainians.
There is a strong argument for doing just that: Ukraine, which wants to sign a trade deal and wider association agreement with the European Union at a summit Nov. 28-29 in the Lithuanian capital of Vilnius, has imprisoned Tymoshenko for political reasons. The EU has set Tymoshenko's release as a condition for the deal, whose primary purpose is to instill the bloc's standards and values. Why compromise these very values?
Yet nothing is so simple when it comes to Ukraine, a nation torn by its history, trade and geography, between Russia to the east and the EU to the west. What the EU's leaders need to decide is how their economic and security interests — and those of Ukrainians in developing a more accountable, prosperous and independent country — will be best served. Refusing Ukraine also risks compromising those goals and values."
'via Blog this'
"The following editorial appears on Bloomberg View:
Europe's leaders may soon have to choose between a woman and a nation. They should resist the impulse to pick Yulia Tymoshenko over her 46 million fellow Ukrainians.
There is a strong argument for doing just that: Ukraine, which wants to sign a trade deal and wider association agreement with the European Union at a summit Nov. 28-29 in the Lithuanian capital of Vilnius, has imprisoned Tymoshenko for political reasons. The EU has set Tymoshenko's release as a condition for the deal, whose primary purpose is to instill the bloc's standards and values. Why compromise these very values?
Yet nothing is so simple when it comes to Ukraine, a nation torn by its history, trade and geography, between Russia to the east and the EU to the west. What the EU's leaders need to decide is how their economic and security interests — and those of Ukrainians in developing a more accountable, prosperous and independent country — will be best served. Refusing Ukraine also risks compromising those goals and values."
'via Blog this'
MIDEAST STOCKS-Qatar falls to 3-week low, other markets up on earnings | Reuters
MIDEAST STOCKS-Qatar falls to 3-week low, other markets up on earnings | Reuters:
"* QNB continues to slide after Q3 misses forecasts
* Qatar market turnover lowest for a month
* Saudi petchems strong ahead of SABIC earnings
* ENBD falls only slightly after Q3 provisions spike
* Telecom Egypt back to level before Vodafone speculation
By Nadia Saleem
DUBAI, Oct 24 (Reuters) - Qatar's bourse fell to a three-week low on Thursday as weak third-quarter earnings prompted many investors to look elsewhere for buying opportunities; other regional markets rose.
Shares in heavyweight Qatar National Bank fell 1.7 percent to 160.0 riyals, their fifth consecutive loss, nearing technical support at the September low of 158.0 riyals.
Earlier this month, the lender posted a 14.3 percent rise in third-quarter net profit that slightly missed analysts' forecasts."
'via Blog this'
"* QNB continues to slide after Q3 misses forecasts
* Qatar market turnover lowest for a month
* Saudi petchems strong ahead of SABIC earnings
* ENBD falls only slightly after Q3 provisions spike
* Telecom Egypt back to level before Vodafone speculation
By Nadia Saleem
DUBAI, Oct 24 (Reuters) - Qatar's bourse fell to a three-week low on Thursday as weak third-quarter earnings prompted many investors to look elsewhere for buying opportunities; other regional markets rose.
Shares in heavyweight Qatar National Bank fell 1.7 percent to 160.0 riyals, their fifth consecutive loss, nearing technical support at the September low of 158.0 riyals.
Earlier this month, the lender posted a 14.3 percent rise in third-quarter net profit that slightly missed analysts' forecasts."
'via Blog this'
Emirates NBD Misses Estimates as Bad Loan Provisions Climb - Bloomberg
Emirates NBD Misses Estimates as Bad Loan Provisions Climb - Bloomberg:
"Emirates NBD PJSC, (EMIRATES) Dubai’s biggest bank, reported a 21 percent increase in third-quarter profit, missing analyst estimates, as provisions for bad loans climbed.
Net income rose to 776 million dirhams ($211 million) from 640 million dirhams a year earlier, the state-controlled bank said in a statement today. The mean estimate of five analysts was for a profit of 923 million dirhams, according to data compiled by Bloomberg. Impairment provisions jumped 50 percent from a year ago to 1.52 billion dirhams and now cover 54.8 percent of bad loans compared with 48 percent a year ago. The bank’s full-year target is to cover 55 percent to 60 percent.
The impairment charge primarily includes “conservative specific provisions made in relation to the bank’s corporate and Islamic financing portfolios,” Emirates NBD said. “Going forward the bank aims to keep improving the coverage ratios.”"
'via Blog this'
"Emirates NBD PJSC, (EMIRATES) Dubai’s biggest bank, reported a 21 percent increase in third-quarter profit, missing analyst estimates, as provisions for bad loans climbed.
Net income rose to 776 million dirhams ($211 million) from 640 million dirhams a year earlier, the state-controlled bank said in a statement today. The mean estimate of five analysts was for a profit of 923 million dirhams, according to data compiled by Bloomberg. Impairment provisions jumped 50 percent from a year ago to 1.52 billion dirhams and now cover 54.8 percent of bad loans compared with 48 percent a year ago. The bank’s full-year target is to cover 55 percent to 60 percent.
The impairment charge primarily includes “conservative specific provisions made in relation to the bank’s corporate and Islamic financing portfolios,” Emirates NBD said. “Going forward the bank aims to keep improving the coverage ratios.”"
'via Blog this'
Emaar Third-Quarter Profit Climbs 50% on Higher Revenue - Bloomberg
Emaar Third-Quarter Profit Climbs 50% on Higher Revenue - Bloomberg:
"Emaar Properties PJSC (EMAAR), the builder of the world’s tallest tower in Dubai, said third-quarter profit climbed 50 percent, beating analysts’ estimates.
Net income rose to 581 million dirhams ($158 million), or 10 fils a share, from 387 million dirhams, or 6 fils, a year earlier, the Dubai-based company said in a statement today. That beats earnings of 389 million dirhams, the average of six analyst estimates compiled by Bloomberg.
Emaar, Dubai’s biggest developer by market value, is benefiting from resurging demand in its home market as property prices climb and the recovery spreads into periphery locations. The sheikhdom’s home prices have recovered 31 percent since reaching a bottom in 2011. Home prices in Dubai crashed in 2008 slumping 65 percent after the global credit crisis caused a speculative bubble to burst."
'via Blog this'
"Emaar Properties PJSC (EMAAR), the builder of the world’s tallest tower in Dubai, said third-quarter profit climbed 50 percent, beating analysts’ estimates.
Net income rose to 581 million dirhams ($158 million), or 10 fils a share, from 387 million dirhams, or 6 fils, a year earlier, the Dubai-based company said in a statement today. That beats earnings of 389 million dirhams, the average of six analyst estimates compiled by Bloomberg.
Emaar, Dubai’s biggest developer by market value, is benefiting from resurging demand in its home market as property prices climb and the recovery spreads into periphery locations. The sheikhdom’s home prices have recovered 31 percent since reaching a bottom in 2011. Home prices in Dubai crashed in 2008 slumping 65 percent after the global credit crisis caused a speculative bubble to burst."
'via Blog this'
Dubai Emirates NBD puts property firm stake up for sale: CFO | Reuters
Dubai Emirates NBD puts property firm stake up for sale: CFO | Reuters:
"Dubai's largest bank Emirates NBD ENBD.DU has put its remaining 15 percent stake in Union Properties UPRO.DU up for sale, the lender's chief financial officer said on Thursday.
The bank booked a gain of 191 million dirhams ($52.00 million) from the sale of a 32.6 percent stake in Union Properties during the first nine months of 2013.
Its remaining stake is now held as "available for sale" on its books, CFO Surya Subramanian said in a conference call.
Emirates NBD reported a 21 percent increase in third-quarter net profit earlier in the day, although a 50 percent rise in provisions year-on-year meant its profit was below analysts' forecasts."
'via Blog this'
"Dubai's largest bank Emirates NBD ENBD.DU has put its remaining 15 percent stake in Union Properties UPRO.DU up for sale, the lender's chief financial officer said on Thursday.
The bank booked a gain of 191 million dirhams ($52.00 million) from the sale of a 32.6 percent stake in Union Properties during the first nine months of 2013.
Its remaining stake is now held as "available for sale" on its books, CFO Surya Subramanian said in a conference call.
Emirates NBD reported a 21 percent increase in third-quarter net profit earlier in the day, although a 50 percent rise in provisions year-on-year meant its profit was below analysts' forecasts."
'via Blog this'
Russia: the dwindling employees of the big state | beyondbrics
Russia: the dwindling employees of the big state | beyondbrics:
"Who wants to work for Putin? Fewer and fewer people, according to Russian statistics.
From 2000 to 2011, the number of people employed by state and municipal authorities has fallen, while the number of private sector workers has risen by a third. This does not necessarily show a decline of big government – but it does remove some of its authority, perhaps.
In some ways, the Kremlin has grown more active over the past decade. Government ownership of the oil industry has increased. Russia’s state oil producer Rosneft bought TK-BNP this year in a deal valued at $55bn. It previously acquired the main oil production unit of Mikhail Khodorkovsky’s Yukos in 2004.
"
'via Blog this'
"Who wants to work for Putin? Fewer and fewer people, according to Russian statistics.
From 2000 to 2011, the number of people employed by state and municipal authorities has fallen, while the number of private sector workers has risen by a third. This does not necessarily show a decline of big government – but it does remove some of its authority, perhaps.
In some ways, the Kremlin has grown more active over the past decade. Government ownership of the oil industry has increased. Russia’s state oil producer Rosneft bought TK-BNP this year in a deal valued at $55bn. It previously acquired the main oil production unit of Mikhail Khodorkovsky’s Yukos in 2004.
 |
| Source: IMF |
'via Blog this'
India’s Central Bank Program Brings in Billions - India Real Time - WSJ
India’s Central Bank Program Brings in Billions - India Real Time - WSJ:
"
Indians living abroad are putting up billions of their hard-earned dollars to help bring confidence back to India and its rupee.
The Reserve Bank of India has been trying to increase the country’s foreign exchange reserves by making it cheaper for Indian banks to borrow abroad and helping them set up attractive deposit programs for the world-wide web of non-resident Indians.
In early September–not long after the rupee hit an all-time low against the dollar– the RBI said it would start subsidizing some of the cost of hedging against currency risk in foreign currency deposits and loans. The program has raised $10 billion since it was started in early September, according to an RBI announcement Wednesday.
Foreign exchange reserves are a rainy-day fund central banks use to bolster their currencies. When local currencies are sliding in times of stress, central banks dump their dollars and buy their own currencies. Foreign reserves is a key parameter used to assess a country’s resilience against heavy capital outflows, such as those seen this summer after the U.S. Federal Reserve hinted it will end its easy-money policy."
'via Blog this'
"
 |
The Reserve Bank of India has been trying to increase the country’s foreign exchange reserves by making it cheaper for Indian banks to borrow abroad and helping them set up attractive deposit programs for the world-wide web of non-resident Indians.
In early September–not long after the rupee hit an all-time low against the dollar– the RBI said it would start subsidizing some of the cost of hedging against currency risk in foreign currency deposits and loans. The program has raised $10 billion since it was started in early September, according to an RBI announcement Wednesday.
Foreign exchange reserves are a rainy-day fund central banks use to bolster their currencies. When local currencies are sliding in times of stress, central banks dump their dollars and buy their own currencies. Foreign reserves is a key parameter used to assess a country’s resilience against heavy capital outflows, such as those seen this summer after the U.S. Federal Reserve hinted it will end its easy-money policy."
'via Blog this'
Non-bank lenders push into property - YouTube
Non-bank lenders push into property - YouTube:
"FT property correspondent Ed Hammond talks to industry figures from AXA, Generali and MetLife at the 2013 FT Property Summit about the property funding gap, caused by the exit of the banks, and the move of insurers and private equity into the sector
"
'via Blog this'
"FT property correspondent Ed Hammond talks to industry figures from AXA, Generali and MetLife at the 2013 FT Property Summit about the property funding gap, caused by the exit of the banks, and the move of insurers and private equity into the sector
"
'via Blog this'
Tech not quite toast yet - YouTube
Tech not quite toast yet - YouTube:
"John Authers on emerging value to be found in technology companies
"
'via Blog this'
"John Authers on emerging value to be found in technology companies
"
'via Blog this'
▶ The ECB's bank health check - YouTube
▶ The ECB's bank health check - YouTube:
"The European Central Bank has outlined its plans to assess the eurozone's largest banks before it starts to supervise them next year. Lex's Nikki Tait and Oliver Ralph discuss the latest developments in European banking regulation.
"
'via Blog this'
"The European Central Bank has outlined its plans to assess the eurozone's largest banks before it starts to supervise them next year. Lex's Nikki Tait and Oliver Ralph discuss the latest developments in European banking regulation.
"
'via Blog this'
Clean bill of health for Al Noor Hospitals after London listing | The National
Clean bill of health for Al Noor Hospitals after London listing | The National:
"Al Noor Hospitals Group remains in good health following its listing on the London Stock Exchange in the summer.
The group posted revenues of US$84 million in the three months to September compared to $75.4m in the same period a year earlier, representing a rise of 11.4 per cent.
The number of doctors also climbed by 78 in the first three quarters.
The revenue rise was mainly due to the appointment of the additional physicians, according to Dr Sami Alom, chief strategy officer at Al Noor, which was listed on the LSE in June."
'via Blog this'
"Al Noor Hospitals Group remains in good health following its listing on the London Stock Exchange in the summer.
The group posted revenues of US$84 million in the three months to September compared to $75.4m in the same period a year earlier, representing a rise of 11.4 per cent.
The number of doctors also climbed by 78 in the first three quarters.
The revenue rise was mainly due to the appointment of the additional physicians, according to Dr Sami Alom, chief strategy officer at Al Noor, which was listed on the LSE in June."
'via Blog this'
Increased lending and fewer bad debts help UAE banks post profit rises | The National
Increased lending and fewer bad debts help UAE banks post profit rises | The National:
"Three major UAE banks kicked off the earnings season yesterday with reports of sharp profit increases.
Earnings from lending and mortgages grew while non-performing loans decreased amid improving consumer confidence and rising appetite for borrowing.
Abu Dhabi Commercial Bank (ADCB), the country’s third-largest lender, said net profit for the three months to the end of September, surged 47 per cent from a year ago to Dh920 million.
Ras Al Khaimah’s RAKBank said net profit for the first nine months rose 9.6 per cent year-on-year to Dh1.14 billion."
'via Blog this'
"Three major UAE banks kicked off the earnings season yesterday with reports of sharp profit increases.
Earnings from lending and mortgages grew while non-performing loans decreased amid improving consumer confidence and rising appetite for borrowing.
Abu Dhabi Commercial Bank (ADCB), the country’s third-largest lender, said net profit for the three months to the end of September, surged 47 per cent from a year ago to Dh920 million.
Ras Al Khaimah’s RAKBank said net profit for the first nine months rose 9.6 per cent year-on-year to Dh1.14 billion."
'via Blog this'
Moody’s gives Aldar a big upgrade | The National
Moody’s gives Aldar a big upgrade | The National:
"Moody’s Investors Services, the credit ratings agency, has given Abu Dhabi’s Aldar Properties a big upgrade in an assessment of its financial health.
Moody’s marked Aldar up three full notches, the second time this week a ratings agency has raised its estimate of the company’s creditworthiness. Standard & Poor’s marked up Aldar’s prospects by a more modest two notches.
Aldar’s multibillion-dollar merger with Sorouh was completed in the summer. The Moody’s analyst Martin Kohlhase said the deal was “transformational in nature as it added material recurring rental income from residential properties and created the leading Abu Dhabi real estate player with a large land bank and a sizeable investment property portfolio”."
'via Blog this'
"Moody’s Investors Services, the credit ratings agency, has given Abu Dhabi’s Aldar Properties a big upgrade in an assessment of its financial health.
Moody’s marked Aldar up three full notches, the second time this week a ratings agency has raised its estimate of the company’s creditworthiness. Standard & Poor’s marked up Aldar’s prospects by a more modest two notches.
Aldar’s multibillion-dollar merger with Sorouh was completed in the summer. The Moody’s analyst Martin Kohlhase said the deal was “transformational in nature as it added material recurring rental income from residential properties and created the leading Abu Dhabi real estate player with a large land bank and a sizeable investment property portfolio”."
'via Blog this'
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