South Korea's Hyundai Heavy wins $1.4 billion order from Kuwait | Reuters:
"Hyundai Heavy Industries Co Ltd (009540.KS) said on Sunday it won a $1.4 billion contract to build the first phase of the Az-Zour North Independent Water and Power Project (IWPP) in Kuwait from GDF Suez (GSZ.PA) -led consortium.
The South Korean shipbuilder and builder, as part of EPC consortium with France's Sidem, said in a statement that the contract is expected to be completed in the fourth quarter of 2016.
The statement added Hyundai Heavy has been part of the EPC consortium with Sidem since March 2011, formed by GDF Suez."
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Sunday, 15 December 2013
Iran investment: companies beware - FT.com
Iran investment: companies beware - FT.com:
"Investors – the adventurous sort, anyway – may start thinking soon enough about companies with exposure to life after sanctions in Iran. Some relief is due early next year as international negotiations on a nuclear deal kick off: a six-month loosening of trade in petrochemicals and car parts. With Tehran’s Tedpix stock market index up 10 per cent since the relief was announced last month, Iranian investors appear to think it may be the start of something big. What about their foreign counterparts?
Even at this early stage, foreign investors have a few large numbers to frame thinking. Among carmakers, for a long-term gauge, there is the Boston Consulting Group’s forecast of 1.5m new-vehicle sales in Iran by the end of the decade. That would rank it behind only Indonesia and South Korea among non-Bric emerging nations as a market for cars. In the short term, Renault has €200m in local currency trapped in Iranian bank accounts. That would not be unwelcome on the French carmaker’s balance sheet."
'via Blog this'
"Investors – the adventurous sort, anyway – may start thinking soon enough about companies with exposure to life after sanctions in Iran. Some relief is due early next year as international negotiations on a nuclear deal kick off: a six-month loosening of trade in petrochemicals and car parts. With Tehran’s Tedpix stock market index up 10 per cent since the relief was announced last month, Iranian investors appear to think it may be the start of something big. What about their foreign counterparts?
Even at this early stage, foreign investors have a few large numbers to frame thinking. Among carmakers, for a long-term gauge, there is the Boston Consulting Group’s forecast of 1.5m new-vehicle sales in Iran by the end of the decade. That would rank it behind only Indonesia and South Korea among non-Bric emerging nations as a market for cars. In the short term, Renault has €200m in local currency trapped in Iranian bank accounts. That would not be unwelcome on the French carmaker’s balance sheet."
'via Blog this'
MIDEAST STOCKS-Dubai continues climb on Expo bets, Egypt up on referendum | Reuters
MIDEAST STOCKS-Dubai continues climb on Expo bets, Egypt up on referendum | Reuters:
"* Arabtec jumps 3.3 pct on Expo contract hopes
* Emaar firm despite possible bond conversion into shares
* Political, economic optimism boosts Egypt
* PetroRabigh soars 10 pct on support from parents
* Kuwait index sinks to test 200-day average
By Andrew Torchia
DUBAI, Dec 15 (Reuters) - Most major Arab stock markets rose on Sunday as bets related to the Expo 2020 world's fair boosted Dubai to a fresh five-year high, while Egypt rose after the government announced a date for a referendum on the country's new constitution.
Mubasher Financial Services said in a report that Arab markets were benefiting from "a rerating against the backdrop of strong economic growth and abundant liquidity".
It predicted further gains next year, particularly in Egypt - provided that political stability is restored - and in Qatar and the United Arab Emirates; those two countries will be upgraded by MSCI to emerging market status next May."
'via Blog this'
"* Arabtec jumps 3.3 pct on Expo contract hopes
* Emaar firm despite possible bond conversion into shares
* Political, economic optimism boosts Egypt
* PetroRabigh soars 10 pct on support from parents
* Kuwait index sinks to test 200-day average
By Andrew Torchia
DUBAI, Dec 15 (Reuters) - Most major Arab stock markets rose on Sunday as bets related to the Expo 2020 world's fair boosted Dubai to a fresh five-year high, while Egypt rose after the government announced a date for a referendum on the country's new constitution.
Mubasher Financial Services said in a report that Arab markets were benefiting from "a rerating against the backdrop of strong economic growth and abundant liquidity".
It predicted further gains next year, particularly in Egypt - provided that political stability is restored - and in Qatar and the United Arab Emirates; those two countries will be upgraded by MSCI to emerging market status next May."
'via Blog this'
Another victory for UAE on way to Schengen visa-free status | GulfNews.com
Another victory for UAE on way to Schengen visa-free status | GulfNews.com:
"The UAE was unanimously and unconditionally voted on the Schengen visa-free list by the Council of the European Union and the European Commission on Friday, said a senior official on Sunday.
“The UAE has achieved another victory towards realising a Schengen visa waiver, which will allow Emiratis visa-free travel to any of all 28 Schengen states,” Sulaiman Al Mazroui, UAE Ambassador to the European Union, told Gulf News.
Al Mazroui said the proposal to add the UAE to the Schengen visa-free list was passed unanimously and unconditionally by the permanent representatives to the European Union, but awaits final approval by the European Parliament in early January."
'via Blog this'
"The UAE was unanimously and unconditionally voted on the Schengen visa-free list by the Council of the European Union and the European Commission on Friday, said a senior official on Sunday.
“The UAE has achieved another victory towards realising a Schengen visa waiver, which will allow Emiratis visa-free travel to any of all 28 Schengen states,” Sulaiman Al Mazroui, UAE Ambassador to the European Union, told Gulf News.
Al Mazroui said the proposal to add the UAE to the Schengen visa-free list was passed unanimously and unconditionally by the permanent representatives to the European Union, but awaits final approval by the European Parliament in early January."
'via Blog this'
U.A.E. Port Operator Gulftainer Seeks Six-Fold Sales Increase - Bloomberg
U.A.E. Port Operator Gulftainer Seeks Six-Fold Sales Increase - Bloomberg:
"Gulftainer Co., a port operator based in the United Arab Emirates, plans to triple by 2020 the number of terminals it manages and the amount of cargo it handles.
“We intend to be among the top six port operators in the world,” Managing Director Peter Richards said in an interview. Gulftainer, which said today it will adopt the brand name GT, wants to boost revenue by 500 percent by the end of the decade, said Richards, who spoke Dec. 12 before the re-branding announcement.
Gulftainer has a target of operating 35 shipping terminals, up from 11 now, boosting the amount of cargo it handles to 18 million twenty-foot equivalent units from 6.5 million this year, Richards said. A TEU is a standard industry measure for cargo handled in ports. Gulftainer, part of the Crescent Group based in the U.A.E. sheikhdom of Sharjah, is privately owned and doesn’t release revenue figures, Richards said."
'via Blog this'
"Gulftainer Co., a port operator based in the United Arab Emirates, plans to triple by 2020 the number of terminals it manages and the amount of cargo it handles.
“We intend to be among the top six port operators in the world,” Managing Director Peter Richards said in an interview. Gulftainer, which said today it will adopt the brand name GT, wants to boost revenue by 500 percent by the end of the decade, said Richards, who spoke Dec. 12 before the re-branding announcement.
Gulftainer has a target of operating 35 shipping terminals, up from 11 now, boosting the amount of cargo it handles to 18 million twenty-foot equivalent units from 6.5 million this year, Richards said. A TEU is a standard industry measure for cargo handled in ports. Gulftainer, part of the Crescent Group based in the U.A.E. sheikhdom of Sharjah, is privately owned and doesn’t release revenue figures, Richards said."
'via Blog this'
The week ahead: Dec 15-20 | beyondbrics
The week ahead: Dec 15-20 | beyondbrics:
"The week ahead in emerging markets:
Sunday, December 15
The second round of Chile’s presidential election takes place. In the first round on November 17, Michelle Bachelet of the Socialist party topped the poll with 46.7 per cent of the vote.
Monday, December 16
Mandela statue unveiled in Pretoria to mark National Reconcilliation Day in South Africa
IEA publishes medium term coal market report
FT report: Africa banking and finance
Economic data
China: Flash HSBC manufacturing PMI
India: WPI for Nov
Turkey: Unemployment rate Sep
Russia: Industrial production Nov"
'via Blog this'
"The week ahead in emerging markets:
Sunday, December 15
The second round of Chile’s presidential election takes place. In the first round on November 17, Michelle Bachelet of the Socialist party topped the poll with 46.7 per cent of the vote.
Monday, December 16
Mandela statue unveiled in Pretoria to mark National Reconcilliation Day in South Africa
IEA publishes medium term coal market report
FT report: Africa banking and finance
Economic data
China: Flash HSBC manufacturing PMI
India: WPI for Nov
Turkey: Unemployment rate Sep
Russia: Industrial production Nov"
'via Blog this'
Abu Dhabi’s TDIC Said to Raise $500 Million Loan to Pay Debt - Bloomberg
Abu Dhabi’s TDIC Said to Raise $500 Million Loan to Pay Debt - Bloomberg:
"Tourism Development & Investment Co., the Abu Dhabi-owned developer of the Louvre and Guggenheim museums, raised a $500 million loan to pay existing debt, according to three bankers with knowledge of the deal.
The five-year facility was obtained from a group of seven banks and pays 1.5 percentage points including fees more than the London Interbank Offered Rate, said the bankers, asking not to be identified because the information is private. The money will help pay a three-year $600 million loan that carries a margin of 1.35 percentage points above Libor, the bankers said.
A spokeswoman for TDIC, who asked not to be identified because of corporate policy, said the company couldn’t comment."
'via Blog this'
"Tourism Development & Investment Co., the Abu Dhabi-owned developer of the Louvre and Guggenheim museums, raised a $500 million loan to pay existing debt, according to three bankers with knowledge of the deal.
The five-year facility was obtained from a group of seven banks and pays 1.5 percentage points including fees more than the London Interbank Offered Rate, said the bankers, asking not to be identified because the information is private. The money will help pay a three-year $600 million loan that carries a margin of 1.35 percentage points above Libor, the bankers said.
A spokeswoman for TDIC, who asked not to be identified because of corporate policy, said the company couldn’t comment."
'via Blog this'
Dubai Index Rises to 5-Year High on Property Rally; Egypt Gains - Bloomberg
Dubai Index Rises to 5-Year High on Property Rally; Egypt Gains - Bloomberg:
"Dubai’s benchmark index rose to the highest in more than five years as real estate stocks extended the rally. Egypt shares advanced as the president set a date for a referendum on the draft constitution.
The DFM General Index (DFMGI) climbed 0.9 percent to 3,186.55, the highest since October 2008, at the close in Dubai. Emaar Properties PJSC (EMAAR), the developer with the most weighting on the index, gained for a seventh day. Arabtec Holding Co. (ARTC), the biggest construction company in the United Arab Emirates, jumped 3.3 percent. Abu Dhabi’s ADX General Index (ADSMI) advanced 1.2 percent to the highest since September 2008. Egypt’s EGX 30 Index rose 1.2 percent at 1:10 p.m. in Cairo.
Dubai property companies are benefiting from an economic recovery and a rebound in construction as the emirate prepares for the World Expo in 2020."
'via Blog this'
"Dubai’s benchmark index rose to the highest in more than five years as real estate stocks extended the rally. Egypt shares advanced as the president set a date for a referendum on the draft constitution.
The DFM General Index (DFMGI) climbed 0.9 percent to 3,186.55, the highest since October 2008, at the close in Dubai. Emaar Properties PJSC (EMAAR), the developer with the most weighting on the index, gained for a seventh day. Arabtec Holding Co. (ARTC), the biggest construction company in the United Arab Emirates, jumped 3.3 percent. Abu Dhabi’s ADX General Index (ADSMI) advanced 1.2 percent to the highest since September 2008. Egypt’s EGX 30 Index rose 1.2 percent at 1:10 p.m. in Cairo.
Dubai property companies are benefiting from an economic recovery and a rebound in construction as the emirate prepares for the World Expo in 2020."
'via Blog this'
European countries seek natural gas from Iran.
European countries seek natural gas from Iran.:
"Turkish Energy Minister Taner Yildiz said that five European countries are seriously seeking to buy natural gas from Iran.
"We know Iran plans to build a big pipeline to carry its natural gas to Europe," Yildiz said on Thursday, and added, "Five European countries have already planned to buy Iran's natural gas," Hurriyet Daily News reported.
"As long as Iran develops more ties with the world, its relations with Turkey will also improve," he added.
Iran, which sits on the worlds second largest natural gas reserves after Russia, is making efforts to raise its gas production by increasing foreign and domestic investments, especially in South Pars gas field."
'via Blog this'
"Turkish Energy Minister Taner Yildiz said that five European countries are seriously seeking to buy natural gas from Iran.
"We know Iran plans to build a big pipeline to carry its natural gas to Europe," Yildiz said on Thursday, and added, "Five European countries have already planned to buy Iran's natural gas," Hurriyet Daily News reported.
"As long as Iran develops more ties with the world, its relations with Turkey will also improve," he added.
Iran, which sits on the worlds second largest natural gas reserves after Russia, is making efforts to raise its gas production by increasing foreign and domestic investments, especially in South Pars gas field."
'via Blog this'
Idea Of Gulf Union: Two Years On - OpEd Eurasia Review
Idea Of Gulf Union: Two Years On - OpEd Eurasia Review:
"
On Dec. 10 and 11, Kuwait hosted the 34th summit of GCC heads of state. The occasion raised expectations about the Gulf Union, which was proposed two years ago by Custodian of the Two Holy Mosques King Abdullah.
Observers may recall that on Dec. 19, 2011, during a GCC summit in Riyadh, King Abdullah called for the evolution of the GCC from its current “cooperation” phase to a “union” phase, in a “unified body that realizes the common good, does away with the bad, meets expectations of citizens of GCC states, and counters the challenges they face.”
The idea of a “Gulf Union” has been under active discussion in high-level meetings, such as the Kuwait summit, ever since. It has also been subject to frequent and thorough consultations between member states. Although the union has not formally materialized yet, much has been done to pave the way toward that goal."
'via Blog this'
"
Observers may recall that on Dec. 19, 2011, during a GCC summit in Riyadh, King Abdullah called for the evolution of the GCC from its current “cooperation” phase to a “union” phase, in a “unified body that realizes the common good, does away with the bad, meets expectations of citizens of GCC states, and counters the challenges they face.”
The idea of a “Gulf Union” has been under active discussion in high-level meetings, such as the Kuwait summit, ever since. It has also been subject to frequent and thorough consultations between member states. Although the union has not formally materialized yet, much has been done to pave the way toward that goal."
'via Blog this'