Sunday 22 December 2013
Dubai International Capital exits most regional positions | GulfNews.com
Dubai International Capital exits most regional positions | GulfNews.com:
"Dubai International Capital LLC (DIC), the private equity firm owned by Dubai Holding has completed exits from most of its Middle East private equity investments delivering robust returns, said Maissan Al Maskati, Managing Director — Private Equity of DIC.
Speaking to Gulf News in an interview Al Maskati said the recent sale of its shares in luxury-lifestyle retailer Rivoli Group nearly completes the regional investment cycle.
DIC’s stake in Rivoli was acquired by Swatch Group for an undisclosed sum earlier this month. While DIC did not disclose the selling price, bankers estimate the deal around $110 million (Dh367 million) while the total value of its Middle East exits so far is estimated to be close to $900 million.
“With the sale of our stake in Rivoli, we have exited all our Middle East private equity positions in our portfolio with the exception of a hotel investment in Bahrain. Our regional growth equity portfolio has generated a realised net internal rate of return (IRR) in excess of 15 per cent and nearly 2 times multiple from the money we deployed since our launch in 2005,” Al Maskati."
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"Dubai International Capital LLC (DIC), the private equity firm owned by Dubai Holding has completed exits from most of its Middle East private equity investments delivering robust returns, said Maissan Al Maskati, Managing Director — Private Equity of DIC.
Speaking to Gulf News in an interview Al Maskati said the recent sale of its shares in luxury-lifestyle retailer Rivoli Group nearly completes the regional investment cycle.
DIC’s stake in Rivoli was acquired by Swatch Group for an undisclosed sum earlier this month. While DIC did not disclose the selling price, bankers estimate the deal around $110 million (Dh367 million) while the total value of its Middle East exits so far is estimated to be close to $900 million.
“With the sale of our stake in Rivoli, we have exited all our Middle East private equity positions in our portfolio with the exception of a hotel investment in Bahrain. Our regional growth equity portfolio has generated a realised net internal rate of return (IRR) in excess of 15 per cent and nearly 2 times multiple from the money we deployed since our launch in 2005,” Al Maskati."
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MIDEAST STOCKS-Dubai's Depa surges on hopes for Arabtec stake hike | Reuters
MIDEAST STOCKS-Dubai's Depa surges on hopes for Arabtec stake hike | Reuters:
"* Depa jumps 8.4 pct in weak overall market
* Qatar slips as investors prepare for January IPO
* Oman may also soon face big cash call
* Saudi Arabia hits 63-month high before state budget
* Insurance sector rebounding from 15-month low
By Nadia Saleem
DUBAI, Dec 22 (Reuters) - Shares in Dubai interior furnishing firm Depa surged to a near two-week high on Sunday because of bets that builder Arabtec might increase its stake in the firm. Qatar's market fell on plans for its first IPO since 2010.
Arabtec on Sunday said it was looking for investments, partnerships and acquisitions. It did not name potential targets but already owns a 24 percent stake in Depa, which it bought late in 2012.
Depa shares jumped 8.4 percent to their highest level since Dec. 9.
"Arabtec has more board members now on Depa - which gives an indication to the market of its interest in recapitalising and restructuring the company to benefit from the recovery in the real estate sector," said Marwan Shurrab, fund manager and head of trading at Vision Investments."
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"* Depa jumps 8.4 pct in weak overall market
* Qatar slips as investors prepare for January IPO
* Oman may also soon face big cash call
* Saudi Arabia hits 63-month high before state budget
* Insurance sector rebounding from 15-month low
By Nadia Saleem
DUBAI, Dec 22 (Reuters) - Shares in Dubai interior furnishing firm Depa surged to a near two-week high on Sunday because of bets that builder Arabtec might increase its stake in the firm. Qatar's market fell on plans for its first IPO since 2010.
Arabtec on Sunday said it was looking for investments, partnerships and acquisitions. It did not name potential targets but already owns a 24 percent stake in Depa, which it bought late in 2012.
Depa shares jumped 8.4 percent to their highest level since Dec. 9.
"Arabtec has more board members now on Depa - which gives an indication to the market of its interest in recapitalising and restructuring the company to benefit from the recovery in the real estate sector," said Marwan Shurrab, fund manager and head of trading at Vision Investments."
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Morgan Stanley Sells Most of Its Oil Trading Business to Rosneft | Business | The Moscow Times
Morgan Stanley Sells Most of Its Oil Trading Business to Rosneft | Business | The Moscow Times:
"Morgan Stanley has sold the majority of its global physical oil trading operations to Russian state-run oil major Rosneft, becoming the latest Wall Street firm to dispose of a major part of its commodity business.
The deal represents a bold move into the U.S. market by Russia's top oil producer, which is headed by Igor Sechin, a powerful ally of President Vladimir Putin. The Russian state owns almost 70 percent of Rosneft.
The deal includes more than 100 traders and shipping schedulers in London, New York and Singapore, more than $1 billion worth of oil, and the bank's 49 percent stake in tanker company Heidmar.
The terms of the deal were not disclosed. Morgan Stanley said it was not expected to have a significant impact on its financial results.
The purchase will not include Morgan Stanley's oil storage, pipeline and terminal firm, TransMontaigne, which may help avoid significant scrutiny of the deal in Washington."
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"Morgan Stanley has sold the majority of its global physical oil trading operations to Russian state-run oil major Rosneft, becoming the latest Wall Street firm to dispose of a major part of its commodity business.
The deal represents a bold move into the U.S. market by Russia's top oil producer, which is headed by Igor Sechin, a powerful ally of President Vladimir Putin. The Russian state owns almost 70 percent of Rosneft.
The deal includes more than 100 traders and shipping schedulers in London, New York and Singapore, more than $1 billion worth of oil, and the bank's 49 percent stake in tanker company Heidmar.
The terms of the deal were not disclosed. Morgan Stanley said it was not expected to have a significant impact on its financial results.
The purchase will not include Morgan Stanley's oil storage, pipeline and terminal firm, TransMontaigne, which may help avoid significant scrutiny of the deal in Washington."
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CORRECTED-Qatar Petroleum unit plans $880 mln IPO in January | Reuters
CORRECTED-Qatar Petroleum unit plans $880 mln IPO in January | Reuters:
"Mesaieed Petrochemical Holding Co, a unit of state-owned energy giant Qatar Petroleum, will conduct a 3.2 billion riyal ($880 million) initial public offer of its shares in the local market in January, the finance minister said on Sunday.
It will be the first IPO on Qatar's stock market, which was hit hard by the global financial crisis, since 2010.
The IPO will only be open to Qatari citizens. It will be conducted between Dec. 31 and Jan. 21, and trading in the shares is expected to start in February, Ali Shareef al-Emadi told a press conference announcing the offering.
The offer price of the shares will be 10 riyals each, and the IPO will comprise 26 percent of the company."
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"Mesaieed Petrochemical Holding Co, a unit of state-owned energy giant Qatar Petroleum, will conduct a 3.2 billion riyal ($880 million) initial public offer of its shares in the local market in January, the finance minister said on Sunday.
It will be the first IPO on Qatar's stock market, which was hit hard by the global financial crisis, since 2010.
The IPO will only be open to Qatari citizens. It will be conducted between Dec. 31 and Jan. 21, and trading in the shares is expected to start in February, Ali Shareef al-Emadi told a press conference announcing the offering.
The offer price of the shares will be 10 riyals each, and the IPO will comprise 26 percent of the company."
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For 30 years, Dubai Duty Free has tasted tang of success | The National
For 30 years, Dubai Duty Free has tasted tang of success | The National:
"The sales figures for Dubai Duty Free, the biggest airport retailer in the world, are impressive.
But it is not the monetary amounts that are most staggering. It is the sheer volume and variety of the items it sells.
On average, something is rung through the tills every two seconds, adding up to about 74 million products a year.
In terms of weight, the powdered fruit drink Tang tops the list with 1,471.46 tonnes sold last year, or about 5.8 million individual servings.
This is closely followed by nuts, of which 1,037.24 tonnes were sold last year."
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"The sales figures for Dubai Duty Free, the biggest airport retailer in the world, are impressive.
But it is not the monetary amounts that are most staggering. It is the sheer volume and variety of the items it sells.
On average, something is rung through the tills every two seconds, adding up to about 74 million products a year.
In terms of weight, the powdered fruit drink Tang tops the list with 1,471.46 tonnes sold last year, or about 5.8 million individual servings.
This is closely followed by nuts, of which 1,037.24 tonnes were sold last year."
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UAE makes progress on new insolvency laws | The National
UAE makes progress on new insolvency laws | The National:
"The UAE’s new and long awaited insolvency law has moved a step closer to reality, with the referral of a revised draft of the legislation to the Ministry of Justice for its approval.
A person with knowledge of the matter said the Ministry of Finance had completed the draft and recently submitted it to the legislative council of its sister ministry.
This follows more than 12 months of discussions on the individual provisions of the legislation with representatives of the local governments of all seven emirates.
Should the draft legislation be approved, it will have to receive approvals from the council of ministers, the Federal National Council, and finally the president’s office."
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"The UAE’s new and long awaited insolvency law has moved a step closer to reality, with the referral of a revised draft of the legislation to the Ministry of Justice for its approval.
A person with knowledge of the matter said the Ministry of Finance had completed the draft and recently submitted it to the legislative council of its sister ministry.
This follows more than 12 months of discussions on the individual provisions of the legislation with representatives of the local governments of all seven emirates.
Should the draft legislation be approved, it will have to receive approvals from the council of ministers, the Federal National Council, and finally the president’s office."
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Dubai realty prices to gain 10-15% next year as world’s top market again defying interest rate hikes says Knight Frank « ArabianMoney
Dubai realty prices to gain 10-15% next year as world’s top market again defying interest rate hikes says Knight Frank « ArabianMoney:
"Dubai’s real estate market will continue to be the world’s fasting growing in terms of house prices next year, according to agents Knight Frank, with prices increasing by 10-15 per cent. Admittedly this will be lower than the 20-30 per cent house price increases of 2013 but it will still be enough to set Dubai ahead of the rest of the global pack.
For next year the gradual rise in global interest rates is expected to impact on real estate markets around the world. After Dubai house prices will be up five to 10 per cent in Beijing, Shanghai, Sydney and Paris, while prices in London will improve by less than five per cent and New York remain unchanged, says Knight Frank."
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"Dubai’s real estate market will continue to be the world’s fasting growing in terms of house prices next year, according to agents Knight Frank, with prices increasing by 10-15 per cent. Admittedly this will be lower than the 20-30 per cent house price increases of 2013 but it will still be enough to set Dubai ahead of the rest of the global pack.
For next year the gradual rise in global interest rates is expected to impact on real estate markets around the world. After Dubai house prices will be up five to 10 per cent in Beijing, Shanghai, Sydney and Paris, while prices in London will improve by less than five per cent and New York remain unchanged, says Knight Frank."
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Conditions for #AbuDhabi's migrant workers 'shame the west' | World news | The Observer
Conditions for Abu Dhabi's migrant workers 'shame the west' | World news | The Observer:
"Trade unions, human rights activists and politicians have called for urgent labour reforms to protect the thousands of migrant workers building a complex of five-star hotels and museums on Saadiyat Island in the United Arab Emirates, including a new Louvre and the world's largest Guggenheim.
The International Trade Union Confederation and art activism group Gulf Labor have urged the western institutions involved in the project, including the British Museum, to take active steps to address the workers' welfare and press the UAE government to improve their conditions.
The calls come as an Observer investigation found evidence that the emirate's tourism development and investment company (TDIC), which runs Saadiyat, is failing to uphold its own employment policies, with workers left destitute, confined to their quarters and sent home for taking strike action. Migrant labourers building New York University's Abu Dhabi campus on the island were found to be suffering even worse mistreatment."
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"Trade unions, human rights activists and politicians have called for urgent labour reforms to protect the thousands of migrant workers building a complex of five-star hotels and museums on Saadiyat Island in the United Arab Emirates, including a new Louvre and the world's largest Guggenheim.
The International Trade Union Confederation and art activism group Gulf Labor have urged the western institutions involved in the project, including the British Museum, to take active steps to address the workers' welfare and press the UAE government to improve their conditions.
The calls come as an Observer investigation found evidence that the emirate's tourism development and investment company (TDIC), which runs Saadiyat, is failing to uphold its own employment policies, with workers left destitute, confined to their quarters and sent home for taking strike action. Migrant labourers building New York University's Abu Dhabi campus on the island were found to be suffering even worse mistreatment."
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