Vodafone Qatar says scraps bid for broadband firm: statement | Reuters:
"Vodafone Qatar VQFS.QA has scrapped its bid to buy state-owned wholesale Internet provider Qatar National Broadband Network (QNBN), the country's No.2 mobile operator by subscribers said on Sunday.
In October, Vodafone Qatar announced it had reached a non-binding agreement to buy QNBN, pending regulatory and other approvals.
Vodafone Qatar did not explicitly state why the deal had failed in a bourse statement, but said that "following a due diligence and negotiation process, the parties have determined not to proceed with the transaction"."
'via Blog this'
Sunday 30 November 2014
UAE to keep dirham pegged to US dollar, says Central Bank chief | The National
UAE to keep dirham pegged to US dollar, says Central Bank chief | The National:
"The UAE will keep its currency peg to the US dollar and media reports that the currency regime is under study are not true, the Central Bank governor was quoted as saying by state news agency Wam.
The UAE dirham, which has been fixed at a rate of 3.6725 to $1 since 1997, edged down to its lowest level against the dollar in over a year in the one-year forwards market last week as the price of oil, on which the economy depends heavily, fell to new four-year lows.
An economic committee of the Federal National Council, an advisory body to the UAE government, has suggested the Central Bank review the peg, a committee member told Reuters on Thursday, although he stressed that the recommendation was not related to the oil price slide."
'via Blog this'
"The UAE will keep its currency peg to the US dollar and media reports that the currency regime is under study are not true, the Central Bank governor was quoted as saying by state news agency Wam.
The UAE dirham, which has been fixed at a rate of 3.6725 to $1 since 1997, edged down to its lowest level against the dollar in over a year in the one-year forwards market last week as the price of oil, on which the economy depends heavily, fell to new four-year lows.
An economic committee of the Federal National Council, an advisory body to the UAE government, has suggested the Central Bank review the peg, a committee member told Reuters on Thursday, although he stressed that the recommendation was not related to the oil price slide."
'via Blog this'
Dubai property growth to slow to single-digit levels, says Damac founder | The National
Dubai property growth to slow to single-digit levels, says Damac founder | The National:
"Growth in the Dubai property market will slow to single-digit levels for the foreseeable future, according to Hussain Sajwani, the founder and chairman of Damac Properties, one of the UAE’s flagship developers.
Mr Sajwani, speaking exclusively to The National in an interview, said that the days of 20 to 30 per cent annual increases in the property market were over, and that the “price levelling” experienced by Damac and other developers in the past six months would continue.
“The drop during the crisis was dramatic, but so has been the recovery, with 20 to 30 per cent increases in 2012 and 2013,” he said. “To have that level of increase for a third year would be a bad thing. At Damac we see it close to single digits for the current year and beyond – between 8 and 10 per cent.”"
'via Blog this'
"Growth in the Dubai property market will slow to single-digit levels for the foreseeable future, according to Hussain Sajwani, the founder and chairman of Damac Properties, one of the UAE’s flagship developers.
Mr Sajwani, speaking exclusively to The National in an interview, said that the days of 20 to 30 per cent annual increases in the property market were over, and that the “price levelling” experienced by Damac and other developers in the past six months would continue.
“The drop during the crisis was dramatic, but so has been the recovery, with 20 to 30 per cent increases in 2012 and 2013,” he said. “To have that level of increase for a third year would be a bad thing. At Damac we see it close to single digits for the current year and beyond – between 8 and 10 per cent.”"
'via Blog this'
Middle East firms to increase debt component to fund growth | GulfNews.com
Middle East firms to increase debt component to fund growth | GulfNews.com:
"Middle East firms’ plans to increase debt-to-capital have more than doubled, whereby 58 per cent of Middle East and North Africa businesses expect to avail more debt-to-fund growth compared with 23 per cent six months ago, according to the latest EY [Ernst & Young] Capital Confidence Survey (CCB).
The CCB is a regular survey of senior executives from large companies around the world that gauges corporate confidence in the economic outlook and identifies boardroom trends and practices in the way companies manage their capital agendas.
According to the survey, 85 per cent of MENA businesses will focus on expanding their core offering into new markets and are also increasingly confident about addressing the challenges to deal-making since last year."
'via Blog this'
"Middle East firms’ plans to increase debt-to-capital have more than doubled, whereby 58 per cent of Middle East and North Africa businesses expect to avail more debt-to-fund growth compared with 23 per cent six months ago, according to the latest EY [Ernst & Young] Capital Confidence Survey (CCB).
The CCB is a regular survey of senior executives from large companies around the world that gauges corporate confidence in the economic outlook and identifies boardroom trends and practices in the way companies manage their capital agendas.
According to the survey, 85 per cent of MENA businesses will focus on expanding their core offering into new markets and are also increasingly confident about addressing the challenges to deal-making since last year."
'via Blog this'
Saudi Stocks Head Into Bear Market on OPEC Output; Dubai Slumps - Bloomberg
Saudi Stocks Head Into Bear Market on OPEC Output; Dubai Slumps - Bloomberg:
"Saudi Arabian stocks headed for a bear market after OPEC took no action to stem a slump in oil, triggering a rout in Middle Eastern equity markets.
The Tadawul All Share Index (SASEIDX) retreated 3.9 percent to 8,705.73 at 11:44 a.m. in Riyadh. The measure for the Arab world’s biggest bourse has slipped 22 percent from a high on Sept. 9. Dubai’s DFM General Index fell 4.9 percent, the most since Oct. 16. Abu Dhabi’s ADX General Index declined 2.8 percent, Oman’s MSM 30 Index lost 5.9 percent and Qatar’s QE Index fell 4.7 percent.
Oil tumbled to the lowest since May 2010 after the 12-nation Organization of Petroleum Exporting Countries maintained its collective production ceiling of 30 million barrels a day. Brent crude, the benchmark for more than half the world’s oil, lost 13 percent last week, the biggest weekly plunge since May 2011, to $70.15 a barrel, the lowest since May 2010. Saudi stocks are plunging four months after the country announced plans to give foreigners access to the bourse for the first time."
'via Blog this'
"Saudi Arabian stocks headed for a bear market after OPEC took no action to stem a slump in oil, triggering a rout in Middle Eastern equity markets.
The Tadawul All Share Index (SASEIDX) retreated 3.9 percent to 8,705.73 at 11:44 a.m. in Riyadh. The measure for the Arab world’s biggest bourse has slipped 22 percent from a high on Sept. 9. Dubai’s DFM General Index fell 4.9 percent, the most since Oct. 16. Abu Dhabi’s ADX General Index declined 2.8 percent, Oman’s MSM 30 Index lost 5.9 percent and Qatar’s QE Index fell 4.7 percent.
Oil tumbled to the lowest since May 2010 after the 12-nation Organization of Petroleum Exporting Countries maintained its collective production ceiling of 30 million barrels a day. Brent crude, the benchmark for more than half the world’s oil, lost 13 percent last week, the biggest weekly plunge since May 2011, to $70.15 a barrel, the lowest since May 2010. Saudi stocks are plunging four months after the country announced plans to give foreigners access to the bourse for the first time."
'via Blog this'
Saturday 29 November 2014
VoxUkraine: Aviation rules bad for Ukraine
VoxUkraine: Aviation rules bad for Ukraine:
"This month’s announcement by Wizz Air that the airline may consider leaving Ukrainian market is deeply disturbing, primarily because the carrier named the new government regulations on designation of Ukrainian carriers to international markets as the main reason for this possible action.
The new regulations provide the smoking gun that shows that the new Ukrainian government is not committed to conducting economic and institutional reforms and putting Ukraine on the path of sustainable development. "
'via Blog this'
"This month’s announcement by Wizz Air that the airline may consider leaving Ukrainian market is deeply disturbing, primarily because the carrier named the new government regulations on designation of Ukrainian carriers to international markets as the main reason for this possible action.
The new regulations provide the smoking gun that shows that the new Ukrainian government is not committed to conducting economic and institutional reforms and putting Ukraine on the path of sustainable development. "
'via Blog this'
Abu Dhabi investments fuel banking recovery in Egypt | The National
Abu Dhabi investments fuel banking recovery in Egypt | The National:
"Investments by Abu Dhabi companies in Egypt are feeding a revival in the country’s corporate banking industry.
After years of sluggish growth in the sector, the outlook now is for aggressive growth, says the Middle East’s biggest investment bank.
“This is going to have an impact, not on the investment banking side, but the commercial banking a lot more,” said Karim Awad, the chief executive at EFG Hermes Holding.
"
'via Blog this'
"Investments by Abu Dhabi companies in Egypt are feeding a revival in the country’s corporate banking industry.
After years of sluggish growth in the sector, the outlook now is for aggressive growth, says the Middle East’s biggest investment bank.
“This is going to have an impact, not on the investment banking side, but the commercial banking a lot more,” said Karim Awad, the chief executive at EFG Hermes Holding.
"
'via Blog this'
Dubai as a global finance hub to help fuel its ambitions | GulfNews.com
Dubai as a global finance hub to help fuel its ambitions | GulfNews.com:
"Dubai as a global financial centre would help its ambition to grow and make available all the finances for itself and regionally, a senior official at the CFA Institute told Gulf News.
Dubai, Qatar have been climbing up the ranks as the global financial centre arena competing with other centres like London, New York.
“There is an intense competition. Dubai of course is well ahead. It will become even more difficult to stand out as a financial centre for global players. Dubai is already doing so much, which is positive, in terms of infrastructure to become a leading financial centre. But there are more things to be done,” said Nitin Mehta, managing director EMEA.
"
'via Blog this'
"Dubai as a global financial centre would help its ambition to grow and make available all the finances for itself and regionally, a senior official at the CFA Institute told Gulf News.
Dubai, Qatar have been climbing up the ranks as the global financial centre arena competing with other centres like London, New York.
“There is an intense competition. Dubai of course is well ahead. It will become even more difficult to stand out as a financial centre for global players. Dubai is already doing so much, which is positive, in terms of infrastructure to become a leading financial centre. But there are more things to be done,” said Nitin Mehta, managing director EMEA.
"
'via Blog this'
Arch to Take Complete Ownership of Gulf Re After Losses in Dubai - Bloomberg
Arch to Take Complete Ownership of Gulf Re After Losses in Dubai - Bloomberg:
"Arch Capital Group Ltd. (ACGL) agreed to take complete ownership of Gulf Reinsurance Ltd. after losses on a venture that was backed by oil-producing nations.
Arch will also take on liabilities from insurance contracts written in prior periods, the Bermuda-based company said yesterday in a statement that didn’t disclose terms.
Gulf Re’s financial strength rating was placed under review, with negative implications, by A.M. Best in September. The ratings firm said yesterday that the Dubai-based business will probably post a loss of $20 million to $30 million this year, which would push capital and surplus below the $200 million figure from when the reinsurer was founded."
'via Blog this'
"Arch Capital Group Ltd. (ACGL) agreed to take complete ownership of Gulf Reinsurance Ltd. after losses on a venture that was backed by oil-producing nations.
Arch will also take on liabilities from insurance contracts written in prior periods, the Bermuda-based company said yesterday in a statement that didn’t disclose terms.
Gulf Re’s financial strength rating was placed under review, with negative implications, by A.M. Best in September. The ratings firm said yesterday that the Dubai-based business will probably post a loss of $20 million to $30 million this year, which would push capital and surplus below the $200 million figure from when the reinsurer was founded."
'via Blog this'
Here Comes $60 Oil as OPEC Tests U.S. Shale: Chart of the Day - Bloomberg
Here Comes $60 Oil as OPEC Tests U.S. Shale: Chart of the Day - Bloomberg:
"
OPEC’s decision not to try and eliminate an oil-supply glut means the biggest crash in six years won’t stop until prices reach $60 a barrel, according to firms including Nomura Holdings Inc. and Deutsche Bank AG.
The CHART OF THE DAY shows how the group supplying 40 percent of the world’s oil has kept pumping at or above its own production limit of 30 million barrels a day even as output in the U.S. climbs to the highest in decades.
Crude collapsed into a bear market this year as the U.S. boom contributed to a global surplus that Venezuela estimates at 2 million barrels a day, more than the production of five OPEC members. The Organization of Petroleum Exporting Countries, which said Nov. 27 it is taking no action to reduce supply, has exceeded its target in all but four of the 34 months since it took effect at the start of 2012, according to data compiled by Bloomberg."
'via Blog this'
"
The CHART OF THE DAY shows how the group supplying 40 percent of the world’s oil has kept pumping at or above its own production limit of 30 million barrels a day even as output in the U.S. climbs to the highest in decades.
Crude collapsed into a bear market this year as the U.S. boom contributed to a global surplus that Venezuela estimates at 2 million barrels a day, more than the production of five OPEC members. The Organization of Petroleum Exporting Countries, which said Nov. 27 it is taking no action to reduce supply, has exceeded its target in all but four of the 34 months since it took effect at the start of 2012, according to data compiled by Bloomberg."
'via Blog this'
Here Comes $60 Oil as OPEC Tests U.S. Shale: Chart of the Day - Bloomberg
Here Comes $60 Oil as OPEC Tests U.S. Shale: Chart of the Day - Bloomberg:
"
OPEC’s decision not to try and eliminate an oil-supply glut means the biggest crash in six years won’t stop until prices reach $60 a barrel, according to firms including Nomura Holdings Inc. and Deutsche Bank AG.
The CHART OF THE DAY shows how the group supplying 40 percent of the world’s oil has kept pumping at or above its own production limit of 30 million barrels a day even as output in the U.S. climbs to the highest in decades.
Crude collapsed into a bear market this year as the U.S. boom contributed to a global surplus that Venezuela estimates at 2 million barrels a day, more than the production of five OPEC members. The Organization of Petroleum Exporting Countries, which said Nov. 27 it is taking no action to reduce supply, has exceeded its target in all but four of the 34 months since it took effect at the start of 2012, according to data compiled by Bloomberg."
'via Blog this'
"
The CHART OF THE DAY shows how the group supplying 40 percent of the world’s oil has kept pumping at or above its own production limit of 30 million barrels a day even as output in the U.S. climbs to the highest in decades.
Crude collapsed into a bear market this year as the U.S. boom contributed to a global surplus that Venezuela estimates at 2 million barrels a day, more than the production of five OPEC members. The Organization of Petroleum Exporting Countries, which said Nov. 27 it is taking no action to reduce supply, has exceeded its target in all but four of the 34 months since it took effect at the start of 2012, according to data compiled by Bloomberg."
'via Blog this'
Russia’s Oil Giant Battles Debt After $55 Billion Deal - Bloomberg
Russia’s Oil Giant Battles Debt After $55 Billion Deal - Bloomberg:
"Igor Sechin spent $55 billion in 2013 to buy competitor TNK-BP and create a Russian oil colossus, pumping about 5 percent of the world’s crude.
Almost two years later and investors have written off the deal. Battered by sanctions and oil’s accelerating price crash, OAO Rosneft (ROSN) has lost 38 percent of its market value this year in dollar terms and today the whole company, TNK-BP and all, is worth $50 billion.
And buying TNK-BP has left Sechin, Rosneft’s chief executive officer and a long-time ally of Russian President Vladimir Putin, with a lot of debt to repay. State-controlled Rosneft owes about $60 billion to banks and bondholders, making it more indebted relative to earnings than any large oil producer apart from Brazil’s Petroleo Brasileiro SA."
'via Blog this'
"Igor Sechin spent $55 billion in 2013 to buy competitor TNK-BP and create a Russian oil colossus, pumping about 5 percent of the world’s crude.
Almost two years later and investors have written off the deal. Battered by sanctions and oil’s accelerating price crash, OAO Rosneft (ROSN) has lost 38 percent of its market value this year in dollar terms and today the whole company, TNK-BP and all, is worth $50 billion.
And buying TNK-BP has left Sechin, Rosneft’s chief executive officer and a long-time ally of Russian President Vladimir Putin, with a lot of debt to repay. State-controlled Rosneft owes about $60 billion to banks and bondholders, making it more indebted relative to earnings than any large oil producer apart from Brazil’s Petroleo Brasileiro SA."
'via Blog this'
Friday 28 November 2014
UAE may create body to monitor FX peg, no policy change likely | Reuters
UAE may create body to monitor FX peg, no policy change likely | Reuters:
"An advisory body to the United Arab Emirates government has suggested that the central bank review the country's currency peg to the U.S. dollar, but local bankers said any change to the peg remained very unlikely for the foreseeable future.
An economic committee of the Federal National Council recommended that the central bank establish a department to oversee the peg, Ali Eissa al-Nuaimi, the committee's rapporteur, told Reuters on Thursday.
The department would review the peg periodically and provide information to the central bank's board to help it make decisions, he added. Since 1997, the UAE dirham has been fixed at a rate of 3.6725 to $1."
'via Blog this'
"An advisory body to the United Arab Emirates government has suggested that the central bank review the country's currency peg to the U.S. dollar, but local bankers said any change to the peg remained very unlikely for the foreseeable future.
An economic committee of the Federal National Council recommended that the central bank establish a department to oversee the peg, Ali Eissa al-Nuaimi, the committee's rapporteur, told Reuters on Thursday.
The department would review the peg periodically and provide information to the central bank's board to help it make decisions, he added. Since 1997, the UAE dirham has been fixed at a rate of 3.6725 to $1."
'via Blog this'
Dubai World moves to restructure debt mountain - FT.com
Dubai World moves to restructure debt mountain - FT.com:
"Dubai will next week present proposals to extend restructured loans at one of its largest conglomerates, taking advantage of the revived economy to manage its debt mountain, people aware of the matter say.
Government-owned Dubai World, which signed a $25bn restructuring deal in 2011, hopes to extend a $10.5bn maturity scheduled for 2018 as the emirate considers large-scale infrastructure investment in the aviation sector ahead of its planned hosting of the World Expo in 2020.
The company, which declined to comment, will present this “restructuring of a restructuring” to creditors at meetings in London on December 1 and in Dubai on December 8."
'via Blog this'
"Dubai will next week present proposals to extend restructured loans at one of its largest conglomerates, taking advantage of the revived economy to manage its debt mountain, people aware of the matter say.
Government-owned Dubai World, which signed a $25bn restructuring deal in 2011, hopes to extend a $10.5bn maturity scheduled for 2018 as the emirate considers large-scale infrastructure investment in the aviation sector ahead of its planned hosting of the World Expo in 2020.
The company, which declined to comment, will present this “restructuring of a restructuring” to creditors at meetings in London on December 1 and in Dubai on December 8."
'via Blog this'
Yatsenyuk Needs Year-End Dash to Secure Cash, Steady Ukraine - Bloomberg
Yatsenyuk Needs Year-End Dash to Secure Cash, Steady Ukraine - Bloomberg:
"Ukrainian Prime Minister Arseniy Yatsenyuk has little time to pass a 2015 budget, secure a new aid tranche and negotiate an expansion of a bailout that’s keeping the country afloat as it fights pro-Russian separatists.
Yatsenyuk won confirmation in parliament yesterday after a month of wrangling over forming a government following Oct. 26 snap elections. His five-party coalition will announce a new cabinet that will face a Dec. 2 vote before embarking on a list of tasks it needs to fulfill to get $2.8 billion from a $17-billion International Monetary Fund program.
Ukraine needs the cash to redeem bonds, pay for heating fuel and bolster Ukraine’s currency. The one-month delay in forming a government has deepened a crisis that includes an economic contraction, a 48 percent dive in the hryvnia against the dollar, plunging foreign-exchange reserves and the need for the central bank to support the financial industry."
'via Blog this'
"Ukrainian Prime Minister Arseniy Yatsenyuk has little time to pass a 2015 budget, secure a new aid tranche and negotiate an expansion of a bailout that’s keeping the country afloat as it fights pro-Russian separatists.
Yatsenyuk won confirmation in parliament yesterday after a month of wrangling over forming a government following Oct. 26 snap elections. His five-party coalition will announce a new cabinet that will face a Dec. 2 vote before embarking on a list of tasks it needs to fulfill to get $2.8 billion from a $17-billion International Monetary Fund program.
Ukraine needs the cash to redeem bonds, pay for heating fuel and bolster Ukraine’s currency. The one-month delay in forming a government has deepened a crisis that includes an economic contraction, a 48 percent dive in the hryvnia against the dollar, plunging foreign-exchange reserves and the need for the central bank to support the financial industry."
'via Blog this'
Dana Gas aims for higher prices in Egypt | The National
Dana Gas aims for higher prices in Egypt | The National:
"Sharjah-based Dana Gas is negotiating a higher price for natural gas extracts in Egypt ahead of drilling its first offshore well in the country.
“What we do need right now is a clear mechanism for a payment method going forward,” the chief executive Patrick Allman-Ward said yesterday.
Egypt needs to increase its natural gas production, which has remained stagnant since the early 2000s. But the price the government pays producers is fixed at US$2.65 per 1,000 cubic feet. Mr Allman-Ward said that while Dana Gas appreciates the willingness of the government to revise prices, the company would like a market-based gas system in Egypt. “While the increase[d] flexibility is extremely welcome, it’s difficult to do a discounted cash flow on the basis of a promise.”"
'via Blog this'
"Sharjah-based Dana Gas is negotiating a higher price for natural gas extracts in Egypt ahead of drilling its first offshore well in the country.
“What we do need right now is a clear mechanism for a payment method going forward,” the chief executive Patrick Allman-Ward said yesterday.
Egypt needs to increase its natural gas production, which has remained stagnant since the early 2000s. But the price the government pays producers is fixed at US$2.65 per 1,000 cubic feet. Mr Allman-Ward said that while Dana Gas appreciates the willingness of the government to revise prices, the company would like a market-based gas system in Egypt. “While the increase[d] flexibility is extremely welcome, it’s difficult to do a discounted cash flow on the basis of a promise.”"
'via Blog this'
Dubai Parks IPO already oversubscribed by 60 times | The National
Dubai Parks IPO already oversubscribed by 60 times | The National:
"Investing institutions have shown a big appetite for shares in the Dh2.5 billion initial public offering of Dubai Parks and Resorts, with bankers suggesting it was about 60 times oversubscribed at the close yesterday.
The share sale – which was fully subscribed within hours of opening this month – could generate even more investor demand, with the retail offering open until Sunday. One adviser, who did not want to be identified, said that the total final level of oversubscription could be more than 75 times.
That level of investor appetite would make Dubai Parks, being partially sold by the Dubai government-owned developer Meraas Holding, by far the most in-demand of the current batch of IPOs. Emaar Malls’ offering attracted 30 times oversubscription from institutions, and 20 times from retail."
'via Blog this'
"Investing institutions have shown a big appetite for shares in the Dh2.5 billion initial public offering of Dubai Parks and Resorts, with bankers suggesting it was about 60 times oversubscribed at the close yesterday.
The share sale – which was fully subscribed within hours of opening this month – could generate even more investor demand, with the retail offering open until Sunday. One adviser, who did not want to be identified, said that the total final level of oversubscription could be more than 75 times.
That level of investor appetite would make Dubai Parks, being partially sold by the Dubai government-owned developer Meraas Holding, by far the most in-demand of the current batch of IPOs. Emaar Malls’ offering attracted 30 times oversubscription from institutions, and 20 times from retail."
'via Blog this'
UAE’s non-oil economic growth resilient to oil slide | GulfNews.com
UAE’s non-oil economic growth resilient to oil slide | GulfNews.com:
"The UAE’s non-oil economic growth remains strong despite the sharp fall in global oil prices from the second half of this year according to economic forecast by two leading banks such as Abu Dhabi Commercial Bank (ADCB) and Emirates NBD.
“The UAE’s economic outlook remains compelling, in both a Middle East and North Africa and emerging market context, despite the sharp fall in the oil price from mid-2014. Our view remains that the non-oil economy is in the process of a cyclical upswing marked by broad-based growth,” said Monica Malik, Chief Economist of Abu Dhabi Commercial Bank.
ADCB has forecast the real non-oil GDP above 5 per cent in 2015 and 2016. The progress of key investment projects will be a particularly important driver of real growth and is expected further spur private consumption and external growth with population growth and the expansion of economic capacity."
'via Blog this'
"The UAE’s non-oil economic growth remains strong despite the sharp fall in global oil prices from the second half of this year according to economic forecast by two leading banks such as Abu Dhabi Commercial Bank (ADCB) and Emirates NBD.
“The UAE’s economic outlook remains compelling, in both a Middle East and North Africa and emerging market context, despite the sharp fall in the oil price from mid-2014. Our view remains that the non-oil economy is in the process of a cyclical upswing marked by broad-based growth,” said Monica Malik, Chief Economist of Abu Dhabi Commercial Bank.
ADCB has forecast the real non-oil GDP above 5 per cent in 2015 and 2016. The progress of key investment projects will be a particularly important driver of real growth and is expected further spur private consumption and external growth with population growth and the expansion of economic capacity."
'via Blog this'
Russia’s Oil Giant Battles Debt After $55 Billion Deal - Bloomberg
Russia’s Oil Giant Battles Debt After $55 Billion Deal - Bloomberg:
"Igor Sechin spent $55 billion in 2013 to buy competitor TNK-BP and create a Russian oil colossus, pumping about 5 percent of the world’s crude.
Almost two years later and investors have written off the deal. Battered by sanctions and a tumbling oil price, OAO Rosneft (ROSN) has lost 32 percent of its market value this year in dollar terms and today the whole company, TNK-BP and all, is worth $51 billion.
And buying TNK-BP has left Sechin, Rosneft’s chief executive officer and a long-time ally of Russian President Vladimir Putin, with a lot of debt to repay. State-controlled Rosneft owes about $60 billion to banks and bondholders, making it more indebted relative to earnings than any large oil producer apart from Brazil’s Petroleo Brasileiro SA."
'via Blog this'
"Igor Sechin spent $55 billion in 2013 to buy competitor TNK-BP and create a Russian oil colossus, pumping about 5 percent of the world’s crude.
Almost two years later and investors have written off the deal. Battered by sanctions and a tumbling oil price, OAO Rosneft (ROSN) has lost 32 percent of its market value this year in dollar terms and today the whole company, TNK-BP and all, is worth $51 billion.
And buying TNK-BP has left Sechin, Rosneft’s chief executive officer and a long-time ally of Russian President Vladimir Putin, with a lot of debt to repay. State-controlled Rosneft owes about $60 billion to banks and bondholders, making it more indebted relative to earnings than any large oil producer apart from Brazil’s Petroleo Brasileiro SA."
'via Blog this'
Oil in New Era as OPEC Refuses to Yield to U.S. Shale - Bloomberg
Oil in New Era as OPEC Refuses to Yield to U.S. Shale - Bloomberg:
"OPEC’s decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to U.S. shale drillers.
The 12-nation Organization of Petroleum Exporting Countries kept its output target unchanged even after the steepest slump in oil prices since the global recession, prompting speculation it has abandoned its role as a swing producer. Yesterday’s decision in Vienna propelled futures to the lowest since 2010, a level that means some shale projects may lose money.
“We are entering a new era for oil prices, where the market itself will manage supply, no longer Saudi Arabia and OPEC,” said Mike Wittner, the head of oil research at Societe Generale SA in New York. “It’s huge. This is a signal that they’re throwing in the towel. The markets have changed for many years to come.”"
'via Blog this'
"OPEC’s decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to U.S. shale drillers.
The 12-nation Organization of Petroleum Exporting Countries kept its output target unchanged even after the steepest slump in oil prices since the global recession, prompting speculation it has abandoned its role as a swing producer. Yesterday’s decision in Vienna propelled futures to the lowest since 2010, a level that means some shale projects may lose money.
“We are entering a new era for oil prices, where the market itself will manage supply, no longer Saudi Arabia and OPEC,” said Mike Wittner, the head of oil research at Societe Generale SA in New York. “It’s huge. This is a signal that they’re throwing in the towel. The markets have changed for many years to come.”"
'via Blog this'
Thursday 27 November 2014
Dubai Cures Debt Hangover Sealing $2.7 Billion Amlak Deal - Bloomberg
Dubai Cures Debt Hangover Sealing $2.7 Billion Amlak Deal - Bloomberg:
"Dubai, the Middle East business hub that almost defaulted on debt in 2009, is putting the final traces of the global credit crisis behind it.
The United Arab Emirates’ Minister of Economy Sultan Bin Saeed Al Mansoori said yesterday that a $2.7 billion deal to restructure the debt and finances of Shariah-compliant mortgage provider Amlak Finance PJSC (AMLAK) had been completed, the last of Dubai’s major debt negotiations. The agreement was facilitated by the recovery in Dubai’s economy, which is poised to grow at the fastest pace since 2007 this year amid thriving trade and tourism.
“It ends an unlucky chapter,” Richard Segal, head of international credit strategy at Jefferies International Ltd., said by phone yesterday from London. “Most of the reschedulings and debt workouts were viewed to be extremely complicated to begin with, but got much easier as time went by.”"
'via Blog this'
"Dubai, the Middle East business hub that almost defaulted on debt in 2009, is putting the final traces of the global credit crisis behind it.
The United Arab Emirates’ Minister of Economy Sultan Bin Saeed Al Mansoori said yesterday that a $2.7 billion deal to restructure the debt and finances of Shariah-compliant mortgage provider Amlak Finance PJSC (AMLAK) had been completed, the last of Dubai’s major debt negotiations. The agreement was facilitated by the recovery in Dubai’s economy, which is poised to grow at the fastest pace since 2007 this year amid thriving trade and tourism.
“It ends an unlucky chapter,” Richard Segal, head of international credit strategy at Jefferies International Ltd., said by phone yesterday from London. “Most of the reschedulings and debt workouts were viewed to be extremely complicated to begin with, but got much easier as time went by.”"
'via Blog this'
Investment Bank EFG-Hermes Sees Expansion of Dubai IPOs - Bloomberg
Investment Bank EFG-Hermes Sees Expansion of Dubai IPOs - Bloomberg:
"EFG-Hermes Holding SAE, the largest independent Arab investment bank, said it’s working on several mandates for initial public offerings in the United Arab Emirates next year as share sales increase in the country.
Certain sales will probably raise more than $750 million, Karim Awad, EFG’s chief executive officer, said in an interview yesterday in Dubai, declining to name the companies. The bank has worked on three public offerings this year in the U.A.E., including the $1.6 billion raised by Emaar Malls Group (EMAARMLS), he said.
EFG reported a 57 percent increase in third-quarter profit to 100 million pounds ($14 million) as investment banking returned to profitability after costs savings and job cuts. The bank said its fee and commission earnings rose 52 percent, driven by higher brokerage income, as trading improved in many of its markets, while the shares more than doubled this year.
"
'via Blog this'
"EFG-Hermes Holding SAE, the largest independent Arab investment bank, said it’s working on several mandates for initial public offerings in the United Arab Emirates next year as share sales increase in the country.
Certain sales will probably raise more than $750 million, Karim Awad, EFG’s chief executive officer, said in an interview yesterday in Dubai, declining to name the companies. The bank has worked on three public offerings this year in the U.A.E., including the $1.6 billion raised by Emaar Malls Group (EMAARMLS), he said.
EFG reported a 57 percent increase in third-quarter profit to 100 million pounds ($14 million) as investment banking returned to profitability after costs savings and job cuts. The bank said its fee and commission earnings rose 52 percent, driven by higher brokerage income, as trading improved in many of its markets, while the shares more than doubled this year.
"
'via Blog this'
OPEC Takes No Action to Ease Supply Glut as Oil Slumps - Bloomberg
OPEC Takes No Action to Ease Supply Glut as Oil Slumps - Bloomberg:
"OPEC took no action to ease a global oil-supply glut, resisting calls from Venezuela that the group needs to stem the rout in prices. Futures slumped the most in more than three years.
The group maintained its collective production ceiling of 30 million barrels a day, Ali Al-Naimi, Saudi Arabia’s oil minister, said today after the 12 nations met in Vienna. Brent crude dropped as much as 8.4 percent in London after the decision, extending this year’s drop to 35 percent.
Oil tumbled into a bear market this year as the U.S. pumped the most in more than three decades and conflict in the Middle East and Ukraine failed to disrupt supply. While OPEC’s 30-million-barrel limit has been in place since 2012, the group actually produced almost 1 million barrels more last month, data compiled by Bloomberg show."
'via Blog this'
"OPEC took no action to ease a global oil-supply glut, resisting calls from Venezuela that the group needs to stem the rout in prices. Futures slumped the most in more than three years.
The group maintained its collective production ceiling of 30 million barrels a day, Ali Al-Naimi, Saudi Arabia’s oil minister, said today after the 12 nations met in Vienna. Brent crude dropped as much as 8.4 percent in London after the decision, extending this year’s drop to 35 percent.
Oil tumbled into a bear market this year as the U.S. pumped the most in more than three decades and conflict in the Middle East and Ukraine failed to disrupt supply. While OPEC’s 30-million-barrel limit has been in place since 2012, the group actually produced almost 1 million barrels more last month, data compiled by Bloomberg show."
'via Blog this'
MIDEAST STOCKS-Markets dip again on oil price concerns | News by Country | Reuters
MIDEAST STOCKS-Markets dip again on oil price concerns | News by Country | Reuters:
"Most Gulf stock markets fell further on Thursday as investors' hopes that OPEC would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude.
Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. OPEC members met in Vienna on Thursday.
"Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
"
'via Blog this'
"Most Gulf stock markets fell further on Thursday as investors' hopes that OPEC would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude.
Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. OPEC members met in Vienna on Thursday.
"Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
"
'via Blog this'
MIDEAST STOCKS-Markets dip again on oil price concerns | News by Country | Reuters
MIDEAST STOCKS-Markets dip again on oil price concerns | News by Country | Reuters:
"Most Gulf stock markets fell further on Thursday as investors' hopes that OPEC would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude.
Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. OPEC members met in Vienna on Thursday.
"Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
"
'via Blog this'
"Most Gulf stock markets fell further on Thursday as investors' hopes that OPEC would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude.
Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. OPEC members met in Vienna on Thursday.
"Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
"
'via Blog this'
Wednesday 26 November 2014
FlyDubai Follows Emirates as Airline Sukuk Demand Growing - Bloomberg
FlyDubai Follows Emirates as Airline Sukuk Demand Growing - Bloomberg:
"FlyDubai’s debut Islamic bonds are signaling growing appetite for sukuk from aviation companies in the Gulf as they spend on airports and fleet expansion.
The budget carrier raised $500 million this month in the first sale of the debt by a regional airline after Emirates, the world’s largest operator of A380 superjumbo planes. The issue received bids for more than six times the amount offered.
Gulf cities including Dubai, home to the world’s second-busiest airport, are investing $40 billion on infrastructure such as runways and passenger terminals, according to the International Air Transport Association. Boeing Co. (BA) forecasts Middle East airlines will need more than 2,600 new aircraft over the next 20 years, worth $550 billion. Sukuk will be part of the financing mix, said Mansoor Durrani at National Commercial Bank (NCB), Saudi Arabia’s biggest bank."
'via Blog this'
"FlyDubai’s debut Islamic bonds are signaling growing appetite for sukuk from aviation companies in the Gulf as they spend on airports and fleet expansion.
The budget carrier raised $500 million this month in the first sale of the debt by a regional airline after Emirates, the world’s largest operator of A380 superjumbo planes. The issue received bids for more than six times the amount offered.
Gulf cities including Dubai, home to the world’s second-busiest airport, are investing $40 billion on infrastructure such as runways and passenger terminals, according to the International Air Transport Association. Boeing Co. (BA) forecasts Middle East airlines will need more than 2,600 new aircraft over the next 20 years, worth $550 billion. Sukuk will be part of the financing mix, said Mansoor Durrani at National Commercial Bank (NCB), Saudi Arabia’s biggest bank."
'via Blog this'
Iran Says Close to Saudi Oil-Market View Before Meeting - Bloomberg
Iran Says Close to Saudi Oil-Market View Before Meeting - Bloomberg:
"Iran’s oil minister said his nation’s position on oil markets is close to that of Saudi Arabia, hours after the world’s biggest crude exporter signaled it may not favor output curbs in response to slumping prices.
“We didn’t discuss only about the cut, but we discussed the market situation and our position is close to each other,” Iran’s Bijan Namdar Zanganeh said in Vienna today, after meeting Saudi Arabia’s Ali Al-Naimi. The Saudi oil minister said earlier the oil market will “stabilize itself.” Later, Al-Naimi said that Persian Gulf countries have reached a consensus on output and OPEC will take a “unified position,” without elaborating on what they agreed to do.
Crude plunged into a bear market this year and is trading close to its lowest since 2010 amid speculation that Saudi Arabia and other nations in the Organization of Petroleum Exporting Countries won’t take the necessary measures to eliminate a surplus. The group meets tomorrow in Vienna and 58 percent of respondents in a survey by Bloomberg Intelligence anticipate the group will leave output unchanged."
'via Blog this'
"Iran’s oil minister said his nation’s position on oil markets is close to that of Saudi Arabia, hours after the world’s biggest crude exporter signaled it may not favor output curbs in response to slumping prices.
“We didn’t discuss only about the cut, but we discussed the market situation and our position is close to each other,” Iran’s Bijan Namdar Zanganeh said in Vienna today, after meeting Saudi Arabia’s Ali Al-Naimi. The Saudi oil minister said earlier the oil market will “stabilize itself.” Later, Al-Naimi said that Persian Gulf countries have reached a consensus on output and OPEC will take a “unified position,” without elaborating on what they agreed to do.
Crude plunged into a bear market this year and is trading close to its lowest since 2010 amid speculation that Saudi Arabia and other nations in the Organization of Petroleum Exporting Countries won’t take the necessary measures to eliminate a surplus. The group meets tomorrow in Vienna and 58 percent of respondents in a survey by Bloomberg Intelligence anticipate the group will leave output unchanged."
'via Blog this'
MIDEAST STOCKS-Markets gloomy ahead of OPEC meeting | Reuters
MIDEAST STOCKS-Markets gloomy ahead of OPEC meeting | Reuters:
"Most Gulf markets fell on Wednesday as uncertainty about oil prices prompted investors to sell stocks, while energy importer Egypt posted strong gains.
Brent crude traded below $79 a barrel on Wednesday after Saudi Arabia signalled it was unlikely to push for a major change in OPEC oil output despite a collapse in prices.
Saudi Arabian Oil Minister Ali al-Naimi said he expected oil "to stabilise itself eventually", a comment traders understood to mean that the cartel would not cut output when oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna."
'via Blog this'
"Most Gulf markets fell on Wednesday as uncertainty about oil prices prompted investors to sell stocks, while energy importer Egypt posted strong gains.
Brent crude traded below $79 a barrel on Wednesday after Saudi Arabia signalled it was unlikely to push for a major change in OPEC oil output despite a collapse in prices.
Saudi Arabian Oil Minister Ali al-Naimi said he expected oil "to stabilise itself eventually", a comment traders understood to mean that the cartel would not cut output when oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Thursday in Vienna."
'via Blog this'
Tuesday 25 November 2014
Mick Dennis on Manchester City, Abu Dhabi and Sheikh Mansour | Football | Sport | Daily Express
Mick Dennis on Manchester City, Abu Dhabi and Sheikh Mansour | Football | Sport | Daily Express:
"THE chairman's suite at The Etihad is not particularly imposing. It's considerably smaller than the equivalent at The Emirates and the security is a lot less obvious than at Stamford Bridge.
But everything at Manchester City's inner sanctum is classy. The decor is understated. The food is nouvelle cuisine. The wine is decent. The welcome is unfailingly polite. Home dignitaries are gracious in victory or defeat even though they haven't had much practice at the latter.
If you don't get an Etihad directors' box ticket, don't fret. Outside the ground City have created the equivalent of a World Cup fanzone, with picnic tables, bars, cafes, giant screens showing Sky Sports News and an area for live music."
'via Blog this'
"THE chairman's suite at The Etihad is not particularly imposing. It's considerably smaller than the equivalent at The Emirates and the security is a lot less obvious than at Stamford Bridge.
But everything at Manchester City's inner sanctum is classy. The decor is understated. The food is nouvelle cuisine. The wine is decent. The welcome is unfailingly polite. Home dignitaries are gracious in victory or defeat even though they haven't had much practice at the latter.
If you don't get an Etihad directors' box ticket, don't fret. Outside the ground City have created the equivalent of a World Cup fanzone, with picnic tables, bars, cafes, giant screens showing Sky Sports News and an area for live music."
'via Blog this'
All eyes on Emaar after Dh9 billion cash dividend | The National
All eyes on Emaar after Dh9 billion cash dividend | The National:
"Shares of Emaar Properties are expected to be in focus after the Dubai-listed company approved a special cash dividend of Dh9 billion at an ordinary general meeting on Monday.
The payout follows the recent listing of Emaar Malls Group, the malls and retail business of Emaar.
The announcement was made after the close of market yesterday."
'via Blog this'
"Shares of Emaar Properties are expected to be in focus after the Dubai-listed company approved a special cash dividend of Dh9 billion at an ordinary general meeting on Monday.
The payout follows the recent listing of Emaar Malls Group, the malls and retail business of Emaar.
The announcement was made after the close of market yesterday."
'via Blog this'
Sabic gets green light to export LNG from US to UK | The National
Sabic gets green light to export LNG from US to UK | The National:
"Sabic, Saudi Arabia’s largest chemicals company, has been given the go-ahead by United States authorities to export liquefied natural gas from the US to the UK as part of its worldwide expansion.
Mohamed Al Mady, Sabic’s chief executive, also said the company was planning to announce an investment in US shale gas shortly. “Shale gas is very important for us. Hopefully we will announce something in the near future about investment in US,” he said on the sidelines of the GPCA Forum in Dubai, an annual petrochemicals industry gathering.
Sabic has won approvals in Britain and some government funding to convert a 90-hectare Olefins cracker in Wiltshire, southern England, to be able to handle US shale gas."
'via Blog this'
"Sabic, Saudi Arabia’s largest chemicals company, has been given the go-ahead by United States authorities to export liquefied natural gas from the US to the UK as part of its worldwide expansion.
Mohamed Al Mady, Sabic’s chief executive, also said the company was planning to announce an investment in US shale gas shortly. “Shale gas is very important for us. Hopefully we will announce something in the near future about investment in US,” he said on the sidelines of the GPCA Forum in Dubai, an annual petrochemicals industry gathering.
Sabic has won approvals in Britain and some government funding to convert a 90-hectare Olefins cracker in Wiltshire, southern England, to be able to handle US shale gas."
'via Blog this'
UAE companies to benefit from relaxation of sanctions on Iran | The National
UAE companies to benefit from relaxation of sanctions on Iran | The National:
"UAE companies could greatly benefit from any relaxations in sanctions on Iran’s nuclear programme agreed during the Vienna negotiations, said analysts.
“It’s going to be a bonanza,” said Patrick Murphy, a director at the legal firm Clyde & Co. “It’s the last great developing market. Whether you’re a lawyer or someone who is physically going and selling goods there, there are opportunities in every corner.”
World powers and Iran have agreed to extend talks on the country’s nuclear programme until July 1, the Iranian state news agency reported."
'via Blog this'
"UAE companies could greatly benefit from any relaxations in sanctions on Iran’s nuclear programme agreed during the Vienna negotiations, said analysts.
“It’s going to be a bonanza,” said Patrick Murphy, a director at the legal firm Clyde & Co. “It’s the last great developing market. Whether you’re a lawyer or someone who is physically going and selling goods there, there are opportunities in every corner.”
World powers and Iran have agreed to extend talks on the country’s nuclear programme until July 1, the Iranian state news agency reported."
'via Blog this'
Gulf petrochemicals sector cannot rest on its laurels | The National
Gulf petrochemicals sector cannot rest on its laurels | The National:
"The region’s petrochemicals industry cannot rely on past advantages, experts say, and must invest and innovate to meet the growing competitive threat coming from a shale gas- driven petrochemicals revival in the US and new coal-to-chemicals technology in China.
In the face of these threats, top industry executives gathering in Dubai for the annual GPCA Forum called for a number of responses, including investment in more sophisticated plants and encouragement of entrepreneurship and a small and medium-sized enterprise culture.
With pressures on the industry coming from lower oil and gas prices, and the development of coal-based polyethylene products in China, “there is a growing need to get more innovative, to get more competitive,” said Mohammed Al Sada, Qatar’s energy minister and chairman of Qatar Petroleum."
'via Blog this'
"The region’s petrochemicals industry cannot rely on past advantages, experts say, and must invest and innovate to meet the growing competitive threat coming from a shale gas- driven petrochemicals revival in the US and new coal-to-chemicals technology in China.
In the face of these threats, top industry executives gathering in Dubai for the annual GPCA Forum called for a number of responses, including investment in more sophisticated plants and encouragement of entrepreneurship and a small and medium-sized enterprise culture.
With pressures on the industry coming from lower oil and gas prices, and the development of coal-based polyethylene products in China, “there is a growing need to get more innovative, to get more competitive,” said Mohammed Al Sada, Qatar’s energy minister and chairman of Qatar Petroleum."
'via Blog this'
UAE starts trading in secondary market | GulfNews.com
UAE starts trading in secondary market | GulfNews.com:
"The UAE started trading in secondary markets on Tuesday, a move that can boost liquidity for private companies.
Sulatn Bin Saeed Al Mansouri, UAE minister of economy rang the bell along with Essa Kasim, chairman of the Dubai Financial Market (DFM) and others, inaugurating the secondary markets at a capital markets conference in Dubai.
“We are starting trading of secondary markets in Dubai and Abu Dhabi with listing of two companies,” Al Mansouri said.
Trades started on Manazel Real Estate and The National Investor, an investment advisory firm."
'via Blog this'
"The UAE started trading in secondary markets on Tuesday, a move that can boost liquidity for private companies.
Sulatn Bin Saeed Al Mansouri, UAE minister of economy rang the bell along with Essa Kasim, chairman of the Dubai Financial Market (DFM) and others, inaugurating the secondary markets at a capital markets conference in Dubai.
“We are starting trading of secondary markets in Dubai and Abu Dhabi with listing of two companies,” Al Mansouri said.
Trades started on Manazel Real Estate and The National Investor, an investment advisory firm."
'via Blog this'
DIFC in talks with Chinese central bank for renminbi offshore market | GulfNews.com
DIFC in talks with Chinese central bank for renminbi offshore market | GulfNews.com:
"DIFC (Dubai International Financial Centre) is in initial talks with the People’s Bank of China to set up a renminbi offshore market to tap into enhanced trade and investments flows, a DIFC official said on Monday.
“We are in active dialogue with the People’s Bank of China and the Chinese financial community to make Dubai as a renminbi clearing hub. There is a greater linkage and cooperation on both sides to enhance trade and investments,” said Chirag Shah, chief strategy and business development officer at DIFC, adding “the discussions are in the initial stage”.
In 2013, the renminbi entered the Bank of International Settlements top 10 most traded currency, contributing to 2.2 per cent of total forex volumes."
'via Blog this'
"DIFC (Dubai International Financial Centre) is in initial talks with the People’s Bank of China to set up a renminbi offshore market to tap into enhanced trade and investments flows, a DIFC official said on Monday.
“We are in active dialogue with the People’s Bank of China and the Chinese financial community to make Dubai as a renminbi clearing hub. There is a greater linkage and cooperation on both sides to enhance trade and investments,” said Chirag Shah, chief strategy and business development officer at DIFC, adding “the discussions are in the initial stage”.
In 2013, the renminbi entered the Bank of International Settlements top 10 most traded currency, contributing to 2.2 per cent of total forex volumes."
'via Blog this'
UAE economy to grow 4.8% this year, says Minister of Economy | GulfNews.com
UAE economy to grow 4.8% this year, says Minister of Economy | GulfNews.com:
"The Gross Domestic Product (GDP) of the UAE has grown 236-fold in the 43 years since the establishment of the Federation, starting at just Dh1.77 billion in 1971, and is expected to reach Dh419 billion by the end of this year, Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy, said on Monday.
Minister Al Mansouri expected the UAE economy to grow by 4.8 per cent this year. Looking ahead past 2014 and citing the International Monetary Fund’s (IMF’s) recent projections, he said the economy will continue to grow at a rate of between four and five per cent over the next seven years.
“This growth was made possible thanks to the federal government’s successful economic policies based on economic diversification and sustainable development in the country’s various sectors,” Al Mansouri told representatives of the local, regional and international media at a meeting hosted by the National Media Council (NMC) on the occasion of the UAE’s 43rd National Day."
'via Blog this'
"The Gross Domestic Product (GDP) of the UAE has grown 236-fold in the 43 years since the establishment of the Federation, starting at just Dh1.77 billion in 1971, and is expected to reach Dh419 billion by the end of this year, Sultan Bin Saeed Al Mansouri, the UAE Minister of Economy, said on Monday.
Minister Al Mansouri expected the UAE economy to grow by 4.8 per cent this year. Looking ahead past 2014 and citing the International Monetary Fund’s (IMF’s) recent projections, he said the economy will continue to grow at a rate of between four and five per cent over the next seven years.
“This growth was made possible thanks to the federal government’s successful economic policies based on economic diversification and sustainable development in the country’s various sectors,” Al Mansouri told representatives of the local, regional and international media at a meeting hosted by the National Media Council (NMC) on the occasion of the UAE’s 43rd National Day."
'via Blog this'
Malaysia Green Sukuk Gets Khazanah Debut Boost: Islamic Finance - Bloomberg
Malaysia Green Sukuk Gets Khazanah Debut Boost: Islamic Finance - Bloomberg:
"Malaysia’s state-owned sovereign wealth fund is giving the government’s green financing initiative a boost with a plan to sell the nation’s first sukuk under socially responsible investment guidelines.
Khazanah Nasional Bhd. is considering issuing a benchmark sized ringgit-denominated Islamic bond to finance expansion in its education or renewable energy businesses, Chief Financial Officer Mohd Izani Ghani said in Nov. 20 interview in Kuala Lumpur. The notes will probably be issued in the second half of 2015, he said.
Malaysia, which pioneered Islamic finance 30 years ago and is now the world’s biggest Shariah-compliant debt market, is promoting green and socially responsible investment bonds after introducing guidelines in August. Khazanah is the second entity after the London-based International Financial Facility for Immunization to announce plans to sell ethical-based sukuk, helping diversify options in the $2 trillion global industry."
'via Blog this'
"Malaysia’s state-owned sovereign wealth fund is giving the government’s green financing initiative a boost with a plan to sell the nation’s first sukuk under socially responsible investment guidelines.
Khazanah Nasional Bhd. is considering issuing a benchmark sized ringgit-denominated Islamic bond to finance expansion in its education or renewable energy businesses, Chief Financial Officer Mohd Izani Ghani said in Nov. 20 interview in Kuala Lumpur. The notes will probably be issued in the second half of 2015, he said.
Malaysia, which pioneered Islamic finance 30 years ago and is now the world’s biggest Shariah-compliant debt market, is promoting green and socially responsible investment bonds after introducing guidelines in August. Khazanah is the second entity after the London-based International Financial Facility for Immunization to announce plans to sell ethical-based sukuk, helping diversify options in the $2 trillion global industry."
'via Blog this'
OPEC Said to Consider Sparing Three Nations From Oil Cuts - Bloomberg
OPEC Said to Consider Sparing Three Nations From Oil Cuts - Bloomberg:
"OPEC is considering exemptions for three nations from any potential oil-production cuts, two people with knowledge of the proposal said. Saudi Arabia’s oil minister said he doesn’t anticipate a difficult meeting when the group meets on Nov. 27 to decide its response to slumping crude.
Iraq, Iran and Libya wouldn’t have to reduce supplies should the Organization of Petroleum Exporting Countries agree to cut output at its gathering in Vienna, according to the people, who asked not to be identified in line with their national policies. Ali Al-Naimi, Saudi Arabia’s oil minister, told reporters in the Austrian capital yesterday that it’s not the first time the oil market has been oversupplied.
Crude prices plunged into a bear market this year amid the highest U.S. oil production in more than three decades and speculation that Saudi Arabia wouldn’t cut output in response to a surplus. Oil-market analysts are perfectly divided on whether OPEC will cut output when it meets, or leave it unchanged."
'via Blog this'
"OPEC is considering exemptions for three nations from any potential oil-production cuts, two people with knowledge of the proposal said. Saudi Arabia’s oil minister said he doesn’t anticipate a difficult meeting when the group meets on Nov. 27 to decide its response to slumping crude.
Iraq, Iran and Libya wouldn’t have to reduce supplies should the Organization of Petroleum Exporting Countries agree to cut output at its gathering in Vienna, according to the people, who asked not to be identified in line with their national policies. Ali Al-Naimi, Saudi Arabia’s oil minister, told reporters in the Austrian capital yesterday that it’s not the first time the oil market has been oversupplied.
Crude prices plunged into a bear market this year amid the highest U.S. oil production in more than three decades and speculation that Saudi Arabia wouldn’t cut output in response to a surplus. Oil-market analysts are perfectly divided on whether OPEC will cut output when it meets, or leave it unchanged."
'via Blog this'
Monday 24 November 2014
The London lobbyists spinning for UAE
The London lobbyists spinning for UAE:
"Last month, the UK Defence Secretary called the United Arab Emirates "one of our closest allies and partners." His statement comes from a long tradition of sucking up to the oil rich Kingdom.
But why is the UK partnering so closely with what Nick McGeehan, Human Rights Watch researcher on the Gulf, recently called "a black hole" for human rights?" (He, and his organisation, were later permanently banned outright from entering the country).
Another human rights watchdog, Amnesty International, used the Abu Dhabi Grand Prix this weekend to release their own report into the moral depravity of the ruling Bin Zayed family. The autocrats are blessed that nearby Saudi Arabia and Iran take most of the criticism over human rights issues. Many are aware of the regional superpowers disdain for freedom of expression, but aside from occasional furores over UAE's mistreatment of migrant labourers – almost no Western coverage demonstrates the Bin Zayed's silent capacity to viciously take out their political opponents. Dubai and Abu Dhabi are the dirty secret of the Gulf, where freedom of expression is little more than a sick joke."
'via Blog this'
"Last month, the UK Defence Secretary called the United Arab Emirates "one of our closest allies and partners." His statement comes from a long tradition of sucking up to the oil rich Kingdom.
But why is the UK partnering so closely with what Nick McGeehan, Human Rights Watch researcher on the Gulf, recently called "a black hole" for human rights?" (He, and his organisation, were later permanently banned outright from entering the country).
Another human rights watchdog, Amnesty International, used the Abu Dhabi Grand Prix this weekend to release their own report into the moral depravity of the ruling Bin Zayed family. The autocrats are blessed that nearby Saudi Arabia and Iran take most of the criticism over human rights issues. Many are aware of the regional superpowers disdain for freedom of expression, but aside from occasional furores over UAE's mistreatment of migrant labourers – almost no Western coverage demonstrates the Bin Zayed's silent capacity to viciously take out their political opponents. Dubai and Abu Dhabi are the dirty secret of the Gulf, where freedom of expression is little more than a sick joke."
'via Blog this'
Barclays Said to Hire RBS Corporate Bankers in Dubai Expansion - Bloomberg
Barclays Said to Hire RBS Corporate Bankers in Dubai Expansion - Bloomberg:
"Barclays Plc (BARC) hired two corporate bankers from Royal Bank of Scotland Group Plc (RBS) in Dubai as it expands in the region, people with knowledge of the matter said.
The U.K.’s second-largest bank by assets hired Sahibzada Masroor Ali and Joaquin Eliason, the two people said, asking not to be identified because the information is private. Ali was most recently the head of network client coverage for the Middle East and Africa, according to his LinkedIn profile.
Barclays plans to increase the number of corporate bankers in the Gulf by more than 10 percent this year as economic growth improves, Rezwan Mirza, head of the business in the United Arab Emirates and Gulf countries, said in a May 26 interview in Dubai. RBS is weighing the sale of its Middle East corporate loan book as it reviews its international business, people familiar with the plan said Nov. 5."
'via Blog this'
"Barclays Plc (BARC) hired two corporate bankers from Royal Bank of Scotland Group Plc (RBS) in Dubai as it expands in the region, people with knowledge of the matter said.
The U.K.’s second-largest bank by assets hired Sahibzada Masroor Ali and Joaquin Eliason, the two people said, asking not to be identified because the information is private. Ali was most recently the head of network client coverage for the Middle East and Africa, according to his LinkedIn profile.
Barclays plans to increase the number of corporate bankers in the Gulf by more than 10 percent this year as economic growth improves, Rezwan Mirza, head of the business in the United Arab Emirates and Gulf countries, said in a May 26 interview in Dubai. RBS is weighing the sale of its Middle East corporate loan book as it reviews its international business, people familiar with the plan said Nov. 5."
'via Blog this'
MIDEAST STOCKS-Most markets slip, Omani telecoms drop on tax proposal | News by Country | Reuters
MIDEAST STOCKS-Most markets slip, Omani telecoms drop on tax proposal | News by Country | Reuters:
"Middle East stock markets mostly lost ground on Monday, while shares of Oman-based telecommunications companies tumbled after an advisory body to its government proposed taxing them at a higher rate.
Oman's index fell 1.2 percent as Ooredoo Oman and Oman Telecommunications (Omantel) lost 4.8 and 4.0 percent respectively.
Among measures aimed at reducing the 2015 budget deficit, the Shura Council has proposed increasing the royalty rate for telecoms to 12 percent from 7 percent and said the hike should not be passed on to subscribers."
'via Blog this'
"Middle East stock markets mostly lost ground on Monday, while shares of Oman-based telecommunications companies tumbled after an advisory body to its government proposed taxing them at a higher rate.
Oman's index fell 1.2 percent as Ooredoo Oman and Oman Telecommunications (Omantel) lost 4.8 and 4.0 percent respectively.
Among measures aimed at reducing the 2015 budget deficit, the Shura Council has proposed increasing the royalty rate for telecoms to 12 percent from 7 percent and said the hike should not be passed on to subscribers."
'via Blog this'
Shadow currency trade points to new Ukraine financial crisis - FT.com
Shadow currency trade points to new Ukraine financial crisis - FT.com:
"A stone’s throw from this weekend’s candlelight vigils in Kiev marking a year since the start of the demonstrations that toppled Viktor Yanukovich as president, a different kind of Ukrainian was out on the street: the black market currency traders.
“Selling dollars? I’ll give you more, I’ll give you 18,” said one man outside a foreign exchange booth offering 15.50 Ukrainian hryvnia to the US currency.
The re-emergence of shadow traders last seen after the Soviet Union collapsed is a sign that – a year after the Kiev protests in which 100 people died in the hope of securing a prosperous, European future – the war-torn country is sliding once again into a financial crisis."
'via Blog this'
"A stone’s throw from this weekend’s candlelight vigils in Kiev marking a year since the start of the demonstrations that toppled Viktor Yanukovich as president, a different kind of Ukrainian was out on the street: the black market currency traders.
“Selling dollars? I’ll give you more, I’ll give you 18,” said one man outside a foreign exchange booth offering 15.50 Ukrainian hryvnia to the US currency.
The re-emergence of shadow traders last seen after the Soviet Union collapsed is a sign that – a year after the Kiev protests in which 100 people died in the hope of securing a prosperous, European future – the war-torn country is sliding once again into a financial crisis."
'via Blog this'
Higher MSCI weightings lift UAE shares | The National
Higher MSCI weightings lift UAE shares | The National:
"UAE shares inched higher yesterday as fund managers increased positions in Emaar Properties, FGB and Dubai Islamic Bank (DIB) after MSCI lifted its weightings in the three stocks.
Investors who benchmark against MSCI’s Emerging Markets Index have until Wednesday to replicate the changes.
“It’s going to be effective in three days from today, so they have to be building positions ahead of the deadline,” said Nabil Farhat, a partner at Al Fajer Securities."
'via Blog this'
"UAE shares inched higher yesterday as fund managers increased positions in Emaar Properties, FGB and Dubai Islamic Bank (DIB) after MSCI lifted its weightings in the three stocks.
Investors who benchmark against MSCI’s Emerging Markets Index have until Wednesday to replicate the changes.
“It’s going to be effective in three days from today, so they have to be building positions ahead of the deadline,” said Nabil Farhat, a partner at Al Fajer Securities."
'via Blog this'
Trader profile: GCC governments unlikely to scale back spending | The National
Trader profile: GCC governments unlikely to scale back spending | The National:
"Vijay Harpalani, assistant fund manager at Al Mal Capital, says Mena countries are unique and each requires a different investment approach.
What is the asset class and geography you are focused on?
We are a Mena-focused asset manager and I am involved in managing long-only equity funds and fixed-income mandates. I started my career in 2006 during the bull market phase, and I have been fortunate to have experienced both bull market and bear market cycles in a short period of time. Although Mena appears to be one region, each geography requires a different investment approach. My investment process is based on a combination of top-down and bottom-up approach."
'via Blog this'
"Vijay Harpalani, assistant fund manager at Al Mal Capital, says Mena countries are unique and each requires a different investment approach.
What is the asset class and geography you are focused on?
We are a Mena-focused asset manager and I am involved in managing long-only equity funds and fixed-income mandates. I started my career in 2006 during the bull market phase, and I have been fortunate to have experienced both bull market and bear market cycles in a short period of time. Although Mena appears to be one region, each geography requires a different investment approach. My investment process is based on a combination of top-down and bottom-up approach."
'via Blog this'
Arabs must come up with action plan to end regional conflicts | GulfNews.com
Arabs must come up with action plan to end regional conflicts | GulfNews.com:
"Following months of talks aimed at bridging the gaps between its member states, the Gulf Cooperation Council (GCC) is back on track.
At an extraordinary summit hosted by Saudi Arabia’s King Abdullah Bin Abdul Aziz, an agreement was reached to end an eight-month dispute over foreign policy differences, especially with regards to Egypt and the Muslim Brotherhood, between Qatar on one side and the kingdom, the UAE and Bahrain on the other.
This saw the three countries recalling their ambassadors from Doha. The agreement, reached last week, means that the six members of the GCC have chosen to close ranks in the face of the increasingly multiplying regional threats, stemming from the civil strife in a number of countries in the Arab world, such as Syria, Libya, Yemen and Iraq."
'via Blog this'
"Following months of talks aimed at bridging the gaps between its member states, the Gulf Cooperation Council (GCC) is back on track.
At an extraordinary summit hosted by Saudi Arabia’s King Abdullah Bin Abdul Aziz, an agreement was reached to end an eight-month dispute over foreign policy differences, especially with regards to Egypt and the Muslim Brotherhood, between Qatar on one side and the kingdom, the UAE and Bahrain on the other.
This saw the three countries recalling their ambassadors from Doha. The agreement, reached last week, means that the six members of the GCC have chosen to close ranks in the face of the increasingly multiplying regional threats, stemming from the civil strife in a number of countries in the Arab world, such as Syria, Libya, Yemen and Iraq."
'via Blog this'
Opening up of Saudi markets a strong catalyst for MSCI or S&P review | GulfNews.com
Opening up of Saudi markets a strong catalyst for MSCI or S&P review | GulfNews.com:
"The Saudi equity market could be a strong candidate for an upgrade by the global indices provider like the MSCI or the S&P depending on its size and liquidity after it opens up for foreign investors, industry participants said on Sunday.
The Tadawul All Share Index has gained 14.8 per cent so far in the year, lagging behind the performance of its regional counterparts like Dubai, which has already been upgraded by the MSCI.
Foreign institutional investors are expected to begin direct trading of Saudi Arabian stocks before April next year, a news report said, quoting unnamed sources."
'via Blog this'
"The Saudi equity market could be a strong candidate for an upgrade by the global indices provider like the MSCI or the S&P depending on its size and liquidity after it opens up for foreign investors, industry participants said on Sunday.
The Tadawul All Share Index has gained 14.8 per cent so far in the year, lagging behind the performance of its regional counterparts like Dubai, which has already been upgraded by the MSCI.
Foreign institutional investors are expected to begin direct trading of Saudi Arabian stocks before April next year, a news report said, quoting unnamed sources."
'via Blog this'
Ukraine Shrugged Off as Russia ETF Swells to Record - Bloomberg
Ukraine Shrugged Off as Russia ETF Swells to Record - Bloomberg:
"As oil fell into a bear market, the ruble traded at record lows and NATO said President Vladimir Putin is stoking conflict in Ukraine, bets on the biggest exchange-traded fund tracking Russian stocks surged to a record.
Demand for shares in the Market Vectors Russia ETF has held up as investors look beyond the Ukraine conflict and position themselves for a rebound in stocks trading at the cheapest valuations in emerging markets. Investors began piling in about four months ago amid signs the crisis was moving toward a resolution, easing concern that the U.S. and its allies, who say Russia’s helping rebels in the former Soviet republic, may toughen sanctions that have pushed the economy toward a recession.
“The decline in oil and a plunge in the ruble can’t be permanent, and at a time when U.S. stocks are at a record high, investors are getting interested in cheap Russian assets,” Sergei Pigarev, an analyst at Rye, Man & Gor Securities in Moscow, said by e-mail on Nov. 21. “There is a chance of double dipping: investors may cash in on the gains in the Russian market and get additional profit when the ruble strengthens.”"
'via Blog this'
"As oil fell into a bear market, the ruble traded at record lows and NATO said President Vladimir Putin is stoking conflict in Ukraine, bets on the biggest exchange-traded fund tracking Russian stocks surged to a record.
Demand for shares in the Market Vectors Russia ETF has held up as investors look beyond the Ukraine conflict and position themselves for a rebound in stocks trading at the cheapest valuations in emerging markets. Investors began piling in about four months ago amid signs the crisis was moving toward a resolution, easing concern that the U.S. and its allies, who say Russia’s helping rebels in the former Soviet republic, may toughen sanctions that have pushed the economy toward a recession.
“The decline in oil and a plunge in the ruble can’t be permanent, and at a time when U.S. stocks are at a record high, investors are getting interested in cheap Russian assets,” Sergei Pigarev, an analyst at Rye, Man & Gor Securities in Moscow, said by e-mail on Nov. 21. “There is a chance of double dipping: investors may cash in on the gains in the Russian market and get additional profit when the ruble strengthens.”"
'via Blog this'
OPEC's Easy Days Setting Oil Production Are Over, Veteran Says; You Need Russia, Norway, Mexico - Bloomberg
OPEC's Easy Days Setting Oil Production Are Over, Veteran Says; You Need Russia, Norway, Mexico - Bloomberg:
"The days when OPEC members could all but guarantee consensus when deciding production levels for oil are long gone, according to a veteran of almost two decades of the group’s meetings.
The global glut of crude, which has contributed to a 30 percent decline in prices since June 19, has left the organization disunited and dependent on non-members to shore up the market, said former Qatari Oil Minister Abdullah Bin Hamad Al Attiyah. The 12-member Organization of Petroleum Exporting Countries is scheduled to meet in Vienna on Nov. 27.
“OPEC can’t balance the market alone,” Al Attiyah, who participated in the group’s policy meetings from 1992 to 2011, said in a Nov. 19 phone interview. “This time, Russia, Norway and Mexico must all come to the table. OPEC can make a cut, but what will happen is that non-OPEC supply will continue to grow. Then what will the market do?”"
'via Blog this'
"The days when OPEC members could all but guarantee consensus when deciding production levels for oil are long gone, according to a veteran of almost two decades of the group’s meetings.
The global glut of crude, which has contributed to a 30 percent decline in prices since June 19, has left the organization disunited and dependent on non-members to shore up the market, said former Qatari Oil Minister Abdullah Bin Hamad Al Attiyah. The 12-member Organization of Petroleum Exporting Countries is scheduled to meet in Vienna on Nov. 27.
“OPEC can’t balance the market alone,” Al Attiyah, who participated in the group’s policy meetings from 1992 to 2011, said in a Nov. 19 phone interview. “This time, Russia, Norway and Mexico must all come to the table. OPEC can make a cut, but what will happen is that non-OPEC supply will continue to grow. Then what will the market do?”"
'via Blog this'
Dubai Shares Gain Most in Week After Stimulus, Oil; Saudi Rises - Bloomberg
Dubai Shares Gain Most in Week After Stimulus, Oil; Saudi Rises - Bloomberg:
"Dubai shares advanced the most in more than a week, led by Emaar Properties PJSC (EMAAR), as central banks from China to Europe take additional stimulus measures and oil gained. Saudi Arabia’s stocks gauge rose.
The Dubai Financial Market General Index (DFMGI) added 1.5 percent, the most since Nov. 13, to close at 4,630.13. Emaar, the developer of the world’s tallest tower, climbed 3.7 percent before tomorrow’s shareholders’ meeting on its dividend payment. Dubai Islamic Bank PJSC (DIB) added 1.6 percent. Saudi Arabia’s Tadawul All Share Index rose 1.1 percent, the most since Oct. 26.
China, the world’s second-largest oil consumer, cut interest rates last week for the first time since July 2012, and European Central Bank President Mario Draghi said he will do what’s necessary to raise inflation, sending the Standard & Poor’s 500 Index to an all-time high. Brent crude climbed 1.2 percent last week to $80.36 a barrel. The Middle East is home to some of the world’s biggest oil producers."
'via Blog this'
"Dubai shares advanced the most in more than a week, led by Emaar Properties PJSC (EMAAR), as central banks from China to Europe take additional stimulus measures and oil gained. Saudi Arabia’s stocks gauge rose.
The Dubai Financial Market General Index (DFMGI) added 1.5 percent, the most since Nov. 13, to close at 4,630.13. Emaar, the developer of the world’s tallest tower, climbed 3.7 percent before tomorrow’s shareholders’ meeting on its dividend payment. Dubai Islamic Bank PJSC (DIB) added 1.6 percent. Saudi Arabia’s Tadawul All Share Index rose 1.1 percent, the most since Oct. 26.
China, the world’s second-largest oil consumer, cut interest rates last week for the first time since July 2012, and European Central Bank President Mario Draghi said he will do what’s necessary to raise inflation, sending the Standard & Poor’s 500 Index to an all-time high. Brent crude climbed 1.2 percent last week to $80.36 a barrel. The Middle East is home to some of the world’s biggest oil producers."
'via Blog this'
Sunday 23 November 2014
Dubai needs to diversify for stable growth | The National
Dubai needs to diversify for stable growth | The National:
"AlixPartners is a global consultancy known for its work on corporate turnarounds and restructuring. Eugenio Berenga, managing director of the company’s enterprise improvement practice in Dubai, talks to Sean Cronin about the economic prospects of the emirate and the region five years on from the Dubai World crisis.
What are the biggest challenges facing regional corporates in the current economic cycle?
This region is a growing economy that has invested significantly in its basic industries. Many companies have grown very fast and have become very profitable. But now many of them face a different paradigm because if they want to grow faster they need to go international, and that is a completely different ball game. If you look at the economy here, it is not very diversified. A significant portion of the economy is driven by oil and gas and there is another big portion driven by construction and real estate development. The third element is consumer goods trading. All of the large organisations have developed on these three main sectors. The more people who get involved in this, the fewer opportunities there are. So they need to diversify into different industries."
'via Blog this'
"AlixPartners is a global consultancy known for its work on corporate turnarounds and restructuring. Eugenio Berenga, managing director of the company’s enterprise improvement practice in Dubai, talks to Sean Cronin about the economic prospects of the emirate and the region five years on from the Dubai World crisis.
What are the biggest challenges facing regional corporates in the current economic cycle?
This region is a growing economy that has invested significantly in its basic industries. Many companies have grown very fast and have become very profitable. But now many of them face a different paradigm because if they want to grow faster they need to go international, and that is a completely different ball game. If you look at the economy here, it is not very diversified. A significant portion of the economy is driven by oil and gas and there is another big portion driven by construction and real estate development. The third element is consumer goods trading. All of the large organisations have developed on these three main sectors. The more people who get involved in this, the fewer opportunities there are. So they need to diversify into different industries."
'via Blog this'
Dubai stands taller than ever five years on from its debt crisis | The National
Dubai stands taller than ever five years on from its debt crisis | The National:
"Five years ago this week, Dubai was the focus of world attention for all the wrong reasons.
“Dubai shock after debt standstill call” was one headline, along with “A breathtaking blunder by Dubai” and “Dubai stuns debt markets”.
One British tabloid went further: “Bye-bye Dubai” it blazed across the front page, casting hysterical doubts on the emirate’s financial sustainability."
'via Blog this'
"Five years ago this week, Dubai was the focus of world attention for all the wrong reasons.
“Dubai shock after debt standstill call” was one headline, along with “A breathtaking blunder by Dubai” and “Dubai stuns debt markets”.
One British tabloid went further: “Bye-bye Dubai” it blazed across the front page, casting hysterical doubts on the emirate’s financial sustainability."
'via Blog this'
Principles of economic freedom pay off for GCC | GulfNews.com
Principles of economic freedom pay off for GCC | GulfNews.com:
"The recently released 2014 report on ‘Economic Freedom of the Arab World’ is generous enough towards the Gulf Cooperation Council (GCC) states … for all the logical reasons.
The report ranks Jordan on par with the UAE at the top position, followed by Bahrain, Kuwait, Oman, Qatar, Lebanon and then Saudi Arabia. Of the 22 Arab League nations, 20 are ranked, ostensibly reflecting the availability of data.
The report is issued by the Friedrich Naumann Foundation for Liberty, International Research Foundation of Oman and Frazer Institute of Canada."
'via Blog this'
"The recently released 2014 report on ‘Economic Freedom of the Arab World’ is generous enough towards the Gulf Cooperation Council (GCC) states … for all the logical reasons.
The report ranks Jordan on par with the UAE at the top position, followed by Bahrain, Kuwait, Oman, Qatar, Lebanon and then Saudi Arabia. Of the 22 Arab League nations, 20 are ranked, ostensibly reflecting the availability of data.
The report is issued by the Friedrich Naumann Foundation for Liberty, International Research Foundation of Oman and Frazer Institute of Canada."
'via Blog this'
Spending is one thing, spreading value in the Gulf is another | GulfNews.com
Spending is one thing, spreading value in the Gulf is another | GulfNews.com:
"It has not been difficult to sense recently that around the world, other than the US, a certain doubt is growing about economic prospects and policy methods, several years on from the outbreak of the global financial crisis.
Indeed, perhaps it was only an outbreak, and a war of policy attrition continues, against the lingering threats of growth dependent on easy money, persisting debt overloads and the possibility still of a further, potentially even more shocking credit disorder.
It’s an unavoidable context that now frames most business projects in most locations. Even in the Gulf, the bedrock beneath the region’s rebound, namely firmly-situated oil prices, is being shaken, quite possibly in a crucial contest for market share, as a structural pendulum appears to shift in favour of the US, while global demand cyclically suffers.
"
'via Blog this'
"It has not been difficult to sense recently that around the world, other than the US, a certain doubt is growing about economic prospects and policy methods, several years on from the outbreak of the global financial crisis.
Indeed, perhaps it was only an outbreak, and a war of policy attrition continues, against the lingering threats of growth dependent on easy money, persisting debt overloads and the possibility still of a further, potentially even more shocking credit disorder.
It’s an unavoidable context that now frames most business projects in most locations. Even in the Gulf, the bedrock beneath the region’s rebound, namely firmly-situated oil prices, is being shaken, quite possibly in a crucial contest for market share, as a structural pendulum appears to shift in favour of the US, while global demand cyclically suffers.
"
'via Blog this'
Iran May Propose OPEC Oil-Output Cut in Saudi Meeting, Mehr Says - Bloomberg
Iran May Propose OPEC Oil-Output Cut in Saudi Meeting, Mehr Says - Bloomberg:
"Iran may propose that OPEC cuts its output target by as much as 1 million barrels a day to prop up prices when the country’s oil minister meets his Saudi counterpart as the group gathers this week, Mehr News reported.
Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will confer on the sidelines of the planned meeting in Vienna of the Organization of Petroleum Exporting Countries to define a common view among the group’s 12 members for supporting crude prices, state-run Mehr reported, without saying where it got the information.
OPEC, supplier of about 40 percent of the world’s oil, will meet Nov. 27 in the Austrian capital to assess its collective output amid a supply glut and a 27 percent drop in prices this year. Half the analysts in a Bloomberg survey last week forecast that OPEC would cut production to shore up prices, while the other half said they didn’t see it deviating from an official 30 million barrel-a-day production target."
'via Blog this'
"Iran may propose that OPEC cuts its output target by as much as 1 million barrels a day to prop up prices when the country’s oil minister meets his Saudi counterpart as the group gathers this week, Mehr News reported.
Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will confer on the sidelines of the planned meeting in Vienna of the Organization of Petroleum Exporting Countries to define a common view among the group’s 12 members for supporting crude prices, state-run Mehr reported, without saying where it got the information.
OPEC, supplier of about 40 percent of the world’s oil, will meet Nov. 27 in the Austrian capital to assess its collective output amid a supply glut and a 27 percent drop in prices this year. Half the analysts in a Bloomberg survey last week forecast that OPEC would cut production to shore up prices, while the other half said they didn’t see it deviating from an official 30 million barrel-a-day production target."
'via Blog this'
Iran May Propose OPEC Oil-Output Cut in Saudi Meeting, Mehr Says - Bloomberg
Iran May Propose OPEC Oil-Output Cut in Saudi Meeting, Mehr Says - Bloomberg:
"Iran may propose that OPEC cuts its output target by as much as 1 million barrels a day to prop up prices when the country’s oil minister meets his Saudi counterpart as the group gathers this week, Mehr News reported.
Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will confer on the sidelines of the planned meeting in Vienna of the Organization of Petroleum Exporting Countries to define a common view among the group’s 12 members for supporting crude prices, state-run Mehr reported, without saying where it got the information.
OPEC, supplier of about 40 percent of the world’s oil, will meet Nov. 27 in the Austrian capital to assess its collective output amid a supply glut and a 27 percent drop in prices this year. Half the analysts in a Bloomberg survey last week forecast that OPEC would cut production to shore up prices, while the other half said they didn’t see it deviating from an official 30 million barrel-a-day production target."
'via Blog this'
"Iran may propose that OPEC cuts its output target by as much as 1 million barrels a day to prop up prices when the country’s oil minister meets his Saudi counterpart as the group gathers this week, Mehr News reported.
Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will confer on the sidelines of the planned meeting in Vienna of the Organization of Petroleum Exporting Countries to define a common view among the group’s 12 members for supporting crude prices, state-run Mehr reported, without saying where it got the information.
OPEC, supplier of about 40 percent of the world’s oil, will meet Nov. 27 in the Austrian capital to assess its collective output amid a supply glut and a 27 percent drop in prices this year. Half the analysts in a Bloomberg survey last week forecast that OPEC would cut production to shore up prices, while the other half said they didn’t see it deviating from an official 30 million barrel-a-day production target."
'via Blog this'
Dubai Leads Mideast Gains After Stimulus, Oil; Abu Dhabi Rises - Bloomberg
Dubai Leads Mideast Gains After Stimulus, Oil; Abu Dhabi Rises - Bloomberg:
"Dubai shares advanced, led by Emaar Properties PJSC (EMAAR), as central banks from China to Europe take additional stimulus measures and oil gained. Abu Dhabi’s stocks gauge increased.
The Dubai Financial Market General Index (DFMGI) rose 1.1 percent, the most since Nov. 18, to 4,611.84 at 1:14 p.m. local time. Emaar, the developer of the world’s tallest tower, climbed 2.8 percent before tomorrow’s shareholders' meeting on its dividend payment. Dubai Islamic Bank PJSC (DIB) added 0.9 percent. Abu Dhabi’s ADX General Index advanced 0.3 percent, set for the strongest close since Oct. 9.
China, the world’s second-largest oil-consuming country, cut interest rates last week for the first time since July 2012, and European Central Bank President Mario Draghi said he will do what's necessary to raise inflation, sending the Standard & Poor’s 500 Index to an all-time high. Brent crude climbed 1.2 percent last week to $80.36 a barrel. The Middle East is home to some of the world’s biggest oil producers.
"
'via Blog this'
"Dubai shares advanced, led by Emaar Properties PJSC (EMAAR), as central banks from China to Europe take additional stimulus measures and oil gained. Abu Dhabi’s stocks gauge increased.
The Dubai Financial Market General Index (DFMGI) rose 1.1 percent, the most since Nov. 18, to 4,611.84 at 1:14 p.m. local time. Emaar, the developer of the world’s tallest tower, climbed 2.8 percent before tomorrow’s shareholders' meeting on its dividend payment. Dubai Islamic Bank PJSC (DIB) added 0.9 percent. Abu Dhabi’s ADX General Index advanced 0.3 percent, set for the strongest close since Oct. 9.
China, the world’s second-largest oil-consuming country, cut interest rates last week for the first time since July 2012, and European Central Bank President Mario Draghi said he will do what's necessary to raise inflation, sending the Standard & Poor’s 500 Index to an all-time high. Brent crude climbed 1.2 percent last week to $80.36 a barrel. The Middle East is home to some of the world’s biggest oil producers.
"
'via Blog this'
Dubai Leads Mideast Gains After Stimulus, Oil; Abu Dhabi Rises - Bloomberg
Dubai Leads Mideast Gains After Stimulus, Oil; Abu Dhabi Rises - Bloomberg:
"Dubai shares advanced, led by Emaar Properties PJSC (EMAAR), as central banks from China to Europe take additional stimulus measures and oil gained. Abu Dhabi’s stocks gauge increased.
The Dubai Financial Market General Index (DFMGI) rose 1.1 percent, the most since Nov. 18, to 4,611.84 at 1:14 p.m. local time. Emaar, the developer of the world’s tallest tower, climbed 2.8 percent before tomorrow’s shareholders' meeting on its dividend payment. Dubai Islamic Bank PJSC (DIB) added 0.9 percent. Abu Dhabi’s ADX General Index advanced 0.3 percent, set for the strongest close since Oct. 9.
China, the world’s second-largest oil-consuming country, cut interest rates last week for the first time since July 2012, and European Central Bank President Mario Draghi said he will do what's necessary to raise inflation, sending the Standard & Poor’s 500 Index to an all-time high. Brent crude climbed 1.2 percent last week to $80.36 a barrel. The Middle East is home to some of the world’s biggest oil producers.
"
'via Blog this'
"Dubai shares advanced, led by Emaar Properties PJSC (EMAAR), as central banks from China to Europe take additional stimulus measures and oil gained. Abu Dhabi’s stocks gauge increased.
The Dubai Financial Market General Index (DFMGI) rose 1.1 percent, the most since Nov. 18, to 4,611.84 at 1:14 p.m. local time. Emaar, the developer of the world’s tallest tower, climbed 2.8 percent before tomorrow’s shareholders' meeting on its dividend payment. Dubai Islamic Bank PJSC (DIB) added 0.9 percent. Abu Dhabi’s ADX General Index advanced 0.3 percent, set for the strongest close since Oct. 9.
China, the world’s second-largest oil-consuming country, cut interest rates last week for the first time since July 2012, and European Central Bank President Mario Draghi said he will do what's necessary to raise inflation, sending the Standard & Poor’s 500 Index to an all-time high. Brent crude climbed 1.2 percent last week to $80.36 a barrel. The Middle East is home to some of the world’s biggest oil producers.
"
'via Blog this'
Saudi Arabia’s Mobily Suspends CEO After Accounting Error - Bloomberg
Saudi Arabia’s Mobily Suspends CEO After Accounting Error - Bloomberg:
"Etihad Etisalat Co., (EEC) the Saudi Arabian phone operator known as Mobily, suspended its chief executive officer after auditing errors prompted a sell-off in its shares that erased about $5 billion from its market value.
The suspension of Khalid Omar Al Kaf took effect from Nov. 21 until the audit committee submits its report to the board, the company said in a statement to the Saudi stock market today. Deputy CEO Serkan Okandan will run the operations as the audit committee identifies responsibilities with regards to mistakes in its financial statement, according to the statement.
Mobily said on Nov. 3 that an error in timing of revenue recognition of a promotional program affected the financial statements for 2013 and the first half of this year. The period ended June 30 was also impacted by mistakes in revenue relating to leasing of its fiber-optic communication network, it said."
'via Blog this'
"Etihad Etisalat Co., (EEC) the Saudi Arabian phone operator known as Mobily, suspended its chief executive officer after auditing errors prompted a sell-off in its shares that erased about $5 billion from its market value.
The suspension of Khalid Omar Al Kaf took effect from Nov. 21 until the audit committee submits its report to the board, the company said in a statement to the Saudi stock market today. Deputy CEO Serkan Okandan will run the operations as the audit committee identifies responsibilities with regards to mistakes in its financial statement, according to the statement.
Mobily said on Nov. 3 that an error in timing of revenue recognition of a promotional program affected the financial statements for 2013 and the first half of this year. The period ended June 30 was also impacted by mistakes in revenue relating to leasing of its fiber-optic communication network, it said."
'via Blog this'
Saturday 22 November 2014
PressTV - Saudi Arabia: Extreme wealth and poverty
PressTV - Saudi Arabia: Extreme wealth and poverty:
"Despite being world’s biggest crude exporter, large percentage of the people in Saudi Arabia live below the country’s poverty line.
Activists in Saudi Arabia have repeatedly criticized Riyadh for spending vast sums on buying arms from the West and not helping the millions living in poverty.
In addition to the Saudi government’s disproportionate allocation of country’s wealth the intrinsic corruption within Saudi Arabia’s royal family seems to be exacerbating the poverty and unemployment problem in the country."
'via Blog this'
"Despite being world’s biggest crude exporter, large percentage of the people in Saudi Arabia live below the country’s poverty line.
Activists in Saudi Arabia have repeatedly criticized Riyadh for spending vast sums on buying arms from the West and not helping the millions living in poverty.
In addition to the Saudi government’s disproportionate allocation of country’s wealth the intrinsic corruption within Saudi Arabia’s royal family seems to be exacerbating the poverty and unemployment problem in the country."
'via Blog this'
Russia to Cooperate With Saudis on Oil, Avoiding Output Cuts - Bloomberg
Russia to Cooperate With Saudis on Oil, Avoiding Output Cuts - Bloomberg:
"Russia said it’s willing to cooperate with Saudi Arabia on the oil market, while avoiding a commitment to limit output to reverse plunging prices.
The two countries also sought to overcome differences on Syria during the first ever talks in Moscow between their foreign ministers, marking a thawing of ties between the world’s two biggest oil exporters.
Oil has collapsed into a bear market this year as the U.S. pumps crude at the fastest rate in more than three decades and demand shows signs of weakening. Russia, which depends on oil and gas for about half its revenue, is on the brink of recession amid U.S. and European sanctions targeting its energy and financial industries."
'via Blog this'
"Russia said it’s willing to cooperate with Saudi Arabia on the oil market, while avoiding a commitment to limit output to reverse plunging prices.
The two countries also sought to overcome differences on Syria during the first ever talks in Moscow between their foreign ministers, marking a thawing of ties between the world’s two biggest oil exporters.
Oil has collapsed into a bear market this year as the U.S. pumps crude at the fastest rate in more than three decades and demand shows signs of weakening. Russia, which depends on oil and gas for about half its revenue, is on the brink of recession amid U.S. and European sanctions targeting its energy and financial industries."
'via Blog this'
Friday 21 November 2014
How to play Putin: fund managers disagree | beyondbrics
How to play Putin: fund managers disagree | beyondbrics:
"A fascinating note has arrived in our inbox from Steven Holden of Copley Fund Research, which tracks the investments of 100 big global EM equity funds with about $285bn of assets under management.
Readers may remember a recent piece based on his monthly report in October, showing that big fund managers were predominantly underweight in China compared with the MSCI Emerging Markets index, and overweight in India. An analysis of data from his November report shows that, on average, managers are in line with the MSCI regarding Russia – but that, individually, they diverge greatly from the index, in ways that suggest contrasting views on the crisis in Ukraine and how to play it as an investor.
Here’s his chart:
"
'via Blog this'
"A fascinating note has arrived in our inbox from Steven Holden of Copley Fund Research, which tracks the investments of 100 big global EM equity funds with about $285bn of assets under management.
Readers may remember a recent piece based on his monthly report in October, showing that big fund managers were predominantly underweight in China compared with the MSCI Emerging Markets index, and overweight in India. An analysis of data from his November report shows that, on average, managers are in line with the MSCI regarding Russia – but that, individually, they diverge greatly from the index, in ways that suggest contrasting views on the crisis in Ukraine and how to play it as an investor.
Here’s his chart:
'via Blog this'
Dubai World Central: Dubai’s new pearl - Khaleej Times
Dubai World Central: Dubai’s new pearl - Khaleej Times:
"Dubai has come a long way from being a sleepy little fishing village on the shores of the Arabian Gulf that once saw wooden dhows slowly floating down the Creek, carrying cargo.
Today there is nothing slow or sleepy about Dubai.
When once crossing the Creek, in itself, was a long and arduous journey, today Dubai’s infrastructure, ranked number three in the world, is set to cross all international standards as the city builds the world’s first purpose-built aerotropolis."
'via Blog this'
"Dubai has come a long way from being a sleepy little fishing village on the shores of the Arabian Gulf that once saw wooden dhows slowly floating down the Creek, carrying cargo.
Today there is nothing slow or sleepy about Dubai.
When once crossing the Creek, in itself, was a long and arduous journey, today Dubai’s infrastructure, ranked number three in the world, is set to cross all international standards as the city builds the world’s first purpose-built aerotropolis."
'via Blog this'
Bahrain’s Mumtalakat prices $600m sukuk
Bahrain’s Mumtalakat prices $600m sukuk:
"Bahrain Mumtalakat Holding Company has successfully priced a $600 million seven-year sukuk with a four per cent profit rate.
Mumtalakat is rated BBB (stable) by both Fitch and Standard & Poor’s, said a report in the Gulf Daily News (GDN), our sister publication.
The transaction represents Mumtalakat's first dollar sukuk issuance and was executed as a drawdown under its recently established $1,000 million Regulation S Multicurrency Trust Certificate Issuance Programme which is listed on the Irish Stock Exchange."
'via Blog this'
"Bahrain Mumtalakat Holding Company has successfully priced a $600 million seven-year sukuk with a four per cent profit rate.
Mumtalakat is rated BBB (stable) by both Fitch and Standard & Poor’s, said a report in the Gulf Daily News (GDN), our sister publication.
The transaction represents Mumtalakat's first dollar sukuk issuance and was executed as a drawdown under its recently established $1,000 million Regulation S Multicurrency Trust Certificate Issuance Programme which is listed on the Irish Stock Exchange."
'via Blog this'
Aramex founder calls for change in UAE ownership laws | The National
Aramex founder calls for change in UAE ownership laws | The National:
"The UAE should change ownership laws if it wants more innovation, Fadi Ghandour, the founder of Aramex, said at the Abu Dhabi Media Summit.
“We need the ability to tread between free zones and onshore,” he said. “I love free zones but I want equal partnerships. There is nothing wrong with them, it brings more investment, more nurturing.”
Mr Ghandour, a Jordanian who has been living and doing business in the UAE for 33 years, hit out at the 51 per cent share that foreign owners must give up to an Emirati partner if they wish to start a business outside of a free zone."
'via Blog this'
"The UAE should change ownership laws if it wants more innovation, Fadi Ghandour, the founder of Aramex, said at the Abu Dhabi Media Summit.
“We need the ability to tread between free zones and onshore,” he said. “I love free zones but I want equal partnerships. There is nothing wrong with them, it brings more investment, more nurturing.”
Mr Ghandour, a Jordanian who has been living and doing business in the UAE for 33 years, hit out at the 51 per cent share that foreign owners must give up to an Emirati partner if they wish to start a business outside of a free zone."
'via Blog this'
Confused OPEC Watchers Are More Divided Than Ever - Bloomberg
Confused OPEC Watchers Are More Divided Than Ever - Bloomberg: "To understand just how contentious next week’s OPEC meeting will be, take a look at the confusion it’s created among professionals paid to predict the outcome.
The 20 analysts surveyed this week by Bloomberg are perfectly divided, with half forecasting the Organization of Petroleum Exporting Countries will cut supply on Nov. 27 in Vienna to stem a plunge in prices while the other half expect no change. In the seven years since the surveys began, it’s the first time participants were evenly split. The only episode that created a similar debate was the OPEC meeting in late 2007, when crude was soaring to a record.
The split now reflects the difficult choice OPEC nations have to make. They could cut output to revive crude prices from a four-year low, at the risk of losing more market share to rival suppliers, including U.S. shale drillers. Or they could do nothing and allow prices to fall low enough to deter growth in U.S. output, a move that would also squeeze the finances of poorer members like Venezuela and Nigeria. With half the analysts in the market headed for a surprise, prices will be volatile after the meeting, according to BNP Paribas SA."
'via Blog this'
The 20 analysts surveyed this week by Bloomberg are perfectly divided, with half forecasting the Organization of Petroleum Exporting Countries will cut supply on Nov. 27 in Vienna to stem a plunge in prices while the other half expect no change. In the seven years since the surveys began, it’s the first time participants were evenly split. The only episode that created a similar debate was the OPEC meeting in late 2007, when crude was soaring to a record.
The split now reflects the difficult choice OPEC nations have to make. They could cut output to revive crude prices from a four-year low, at the risk of losing more market share to rival suppliers, including U.S. shale drillers. Or they could do nothing and allow prices to fall low enough to deter growth in U.S. output, a move that would also squeeze the finances of poorer members like Venezuela and Nigeria. With half the analysts in the market headed for a surprise, prices will be volatile after the meeting, according to BNP Paribas SA."
'via Blog this'
Thursday 20 November 2014
Iranians Count Cost of Sanctions as Nuclear Accord Deadline Nears - Bloomberg
Iranians Count Cost of Sanctions as Nuclear Accord Deadline Nears - Bloomberg:
"After a decade of impasse, years of punishing trade embargoes and 12 months of talks, comes a last-ditch push for an accord on Iran’s nuclear program.
Yet as diplomats from seven nations huddle in Vienna, expectations of a breakthrough are muted in the homes, markets and offices of Iran’s capital, where residents like Armita Sarafzadeh are exhausted by the standoff and angered by what they say is an unequal burden imposed by global sanctions.
“No way will they reach an agreement,” the 27-year-old who works at a Tehran health clinic said in an interview, blaming Iran’s interlocutors for making unreasonable demands. “Ordinary people are paying the price while anyone able to afford a Porsche is just getting wealthier.”
"
'via Blog this'
"After a decade of impasse, years of punishing trade embargoes and 12 months of talks, comes a last-ditch push for an accord on Iran’s nuclear program.
Yet as diplomats from seven nations huddle in Vienna, expectations of a breakthrough are muted in the homes, markets and offices of Iran’s capital, where residents like Armita Sarafzadeh are exhausted by the standoff and angered by what they say is an unequal burden imposed by global sanctions.
“No way will they reach an agreement,” the 27-year-old who works at a Tehran health clinic said in an interview, blaming Iran’s interlocutors for making unreasonable demands. “Ordinary people are paying the price while anyone able to afford a Porsche is just getting wealthier.”
"
'via Blog this'
Qatar-Backed QKR Said Close to $1 Billion Bid for Nevsun - Bloomberg
Qatar-Backed QKR Said Close to $1 Billion Bid for Nevsun - Bloomberg:
"QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly, is close to making a bid of about $1 billion for Canada’s Nevsun Resources Ltd. (NSU), according to people with knowledge of the situation.
Negotiations are ongoing between QKR and Vancouver-based Nevsun, which owns 60 percent of the Bisha gold, copper and zinc mine in Eritrea in East Africa. There’s no guarantee an agreement will be reached, said the people, who asked not to be identified because the talks are private.
“Nevsun has recently received from various parties expressions of interest on a potential corporate transaction,” the company said in a statement today. “Any discussions are at a preliminary stage and there is no certainty that any transaction will be completed. Management is not aware of a bid for the company.”"
'via Blog this'
"QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly, is close to making a bid of about $1 billion for Canada’s Nevsun Resources Ltd. (NSU), according to people with knowledge of the situation.
Negotiations are ongoing between QKR and Vancouver-based Nevsun, which owns 60 percent of the Bisha gold, copper and zinc mine in Eritrea in East Africa. There’s no guarantee an agreement will be reached, said the people, who asked not to be identified because the talks are private.
“Nevsun has recently received from various parties expressions of interest on a potential corporate transaction,” the company said in a statement today. “Any discussions are at a preliminary stage and there is no certainty that any transaction will be completed. Management is not aware of a bid for the company.”"
'via Blog this'
MIDEAST STOCKS-Markets edge up as investors hunt for bargains | News by Country | Reuters
MIDEAST STOCKS-Markets edge up as investors hunt for bargains | News by Country | Reuters:
"Most stock markets in the Middle East edged up on Thursday as oil prices paused in their decline ahead of next week's OPEC summit and stocks that usually see little trading took centre stage on several bourses.
Dubai's index rose 0.3 percent, largely on the back of telecommunications operator du, which jumped 3.6 percent to 5.49 dirhams in its highest trading volume for more than six months.
Equity research house AlphaMena highlighted the stock in a note on Wednesday, rating it as a "buy" with a target price of 7.44 dirhams, a potential upside of over 40 percent."
'via Blog this'
"Most stock markets in the Middle East edged up on Thursday as oil prices paused in their decline ahead of next week's OPEC summit and stocks that usually see little trading took centre stage on several bourses.
Dubai's index rose 0.3 percent, largely on the back of telecommunications operator du, which jumped 3.6 percent to 5.49 dirhams in its highest trading volume for more than six months.
Equity research house AlphaMena highlighted the stock in a note on Wednesday, rating it as a "buy" with a target price of 7.44 dirhams, a potential upside of over 40 percent."
'via Blog this'
Bahrain’s GFH completes capital reduction plan, cuts losses | GulfNews.com
Bahrain’s GFH completes capital reduction plan, cuts losses | GulfNews.com:
"Bahrain-based Gulf Finance House has completed a capital reduction plan, a move that helps the Islamic investment firm to cut accumulated losses, it said in a statement on Wednesday.
It had received approval from the Bahraini authorities for the step, which reduces the nominal value of its shares by 13.8 per cent to $0.265 per share from $0.3075, it said. As a result, paid-up capital had been reduced to $837.9 million from $972.3 million.
Accumulated losses on GFH’s balance sheet had been reduced by $134.4 million under the measure, it said. The statement did not specify if it had further accumulated losses."
'via Blog this'
"Bahrain-based Gulf Finance House has completed a capital reduction plan, a move that helps the Islamic investment firm to cut accumulated losses, it said in a statement on Wednesday.
It had received approval from the Bahraini authorities for the step, which reduces the nominal value of its shares by 13.8 per cent to $0.265 per share from $0.3075, it said. As a result, paid-up capital had been reduced to $837.9 million from $972.3 million.
Accumulated losses on GFH’s balance sheet had been reduced by $134.4 million under the measure, it said. The statement did not specify if it had further accumulated losses."
'via Blog this'
UPDATE 2-MIDEAST STOCKS-Petchems lift Saudi Arabia, Egypt up | Reuters
UPDATE 2-MIDEAST STOCKS-Petchems lift Saudi Arabia, Egypt up | Reuters:
"Saudi Arabia's stock index edged up in early trade on Thursday after oil prices appeared to stabilise, while Egypt's bourse continued to recover from a bout of profit-taking.
The main Saudi index rose 0.2 percent. Shares in petrochemicals giant Saudi Basic Industries (SABIC) added 0.4 percent and most other stocks were also in the black.
The market came under pressure earlier this week as oil prices extended losses, prompting concerns that the government may start cutting expenditures."
'via Blog this'
"Saudi Arabia's stock index edged up in early trade on Thursday after oil prices appeared to stabilise, while Egypt's bourse continued to recover from a bout of profit-taking.
The main Saudi index rose 0.2 percent. Shares in petrochemicals giant Saudi Basic Industries (SABIC) added 0.4 percent and most other stocks were also in the black.
The market came under pressure earlier this week as oil prices extended losses, prompting concerns that the government may start cutting expenditures."
'via Blog this'
UAE’s iMena Holdings plans first IPO in technology sector | The National
UAE’s iMena Holdings plans first IPO in technology sector | The National:
"A UAE company that helps technology start-ups aims to become the first industry player to make an initial public offering in the Middle East.
iMena Holdings is planning to hold the IPO within the next two years as the region’s technology accelerator sets up Himmah with Etisalat and twofour54, a group to help technology entrepreneurs in the region.
It would be the first technology-focused IPO in the region if it goes ahead according to iMena’s co-founder Khaldoon Tabaza."
'via Blog this'
"A UAE company that helps technology start-ups aims to become the first industry player to make an initial public offering in the Middle East.
iMena Holdings is planning to hold the IPO within the next two years as the region’s technology accelerator sets up Himmah with Etisalat and twofour54, a group to help technology entrepreneurs in the region.
It would be the first technology-focused IPO in the region if it goes ahead according to iMena’s co-founder Khaldoon Tabaza."
'via Blog this'
UAE’s iMena Holdings plans first IPO in technology sector | The National
UAE’s iMena Holdings plans first IPO in technology sector | The National:
"A UAE company that helps technology start-ups aims to become the first industry player to make an initial public offering in the Middle East.
iMena Holdings is planning to hold the IPO within the next two years as the region’s technology accelerator sets up Himmah with Etisalat and twofour54, a group to help technology entrepreneurs in the region.
It would be the first technology-focused IPO in the region if it goes ahead according to iMena’s co-founder Khaldoon Tabaza."
'via Blog this'
"A UAE company that helps technology start-ups aims to become the first industry player to make an initial public offering in the Middle East.
iMena Holdings is planning to hold the IPO within the next two years as the region’s technology accelerator sets up Himmah with Etisalat and twofour54, a group to help technology entrepreneurs in the region.
It would be the first technology-focused IPO in the region if it goes ahead according to iMena’s co-founder Khaldoon Tabaza."
'via Blog this'
Sharjah opens up property market to expat buyers for first time | The National
Sharjah opens up property market to expat buyers for first time | The National:
"Sharjah is opening its property market to foreign investment for the first time as expatriates are granted the right to buy homes.
Leases of up to 100 years will be granted as the emirate benefits from spillover property demand from neighbouring Dubai.
For the first time in its history, the Sharjah government has passed a law enabling expatriates from any country in the world to buy property in the emirate providing they hold a UAE residence visa."
'via Blog this'
"Sharjah is opening its property market to foreign investment for the first time as expatriates are granted the right to buy homes.
Leases of up to 100 years will be granted as the emirate benefits from spillover property demand from neighbouring Dubai.
For the first time in its history, the Sharjah government has passed a law enabling expatriates from any country in the world to buy property in the emirate providing they hold a UAE residence visa."
'via Blog this'
Sharjah opens up property market to expat buyers for first time | The National
Sharjah opens up property market to expat buyers for first time | The National:
"Sharjah is opening its property market to foreign investment for the first time as expatriates are granted the right to buy homes.
Leases of up to 100 years will be granted as the emirate benefits from spillover property demand from neighbouring Dubai.
For the first time in its history, the Sharjah government has passed a law enabling expatriates from any country in the world to buy property in the emirate providing they hold a UAE residence visa."
'via Blog this'
"Sharjah is opening its property market to foreign investment for the first time as expatriates are granted the right to buy homes.
Leases of up to 100 years will be granted as the emirate benefits from spillover property demand from neighbouring Dubai.
For the first time in its history, the Sharjah government has passed a law enabling expatriates from any country in the world to buy property in the emirate providing they hold a UAE residence visa."
'via Blog this'
Emirates chairman says Arab airlines have a global impact | GulfNews.com
Emirates chairman says Arab airlines have a global impact | GulfNews.com:
"Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Chairman and Chief Executive of Emirates airline and Group, said on Tuesday that Arab airlines are having an increasingly visible global presence. He made the comments at the 47th Arab Air Carriers Organisation (AACO) Annual General Meeting at the event’s official opening dinner held in Dubai on Tuesday night, according to an Emirates statement.
“Forty-seven years ago, in 1967, the world’s airlines transported less than 300 million passengers annually. Today, airlines serve an estimated 3.3 billion passengers,” he said.
“The 31 airline members of AACO are playing a bigger role in world air traffic than ever before. According to figures from Airbus, in less than 10 years between 2003 and 2013, the number of passengers carried by airlines in Middle East and North Africa has increased by more than 300 per cent,” he added."
'via Blog this'
"Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Chairman and Chief Executive of Emirates airline and Group, said on Tuesday that Arab airlines are having an increasingly visible global presence. He made the comments at the 47th Arab Air Carriers Organisation (AACO) Annual General Meeting at the event’s official opening dinner held in Dubai on Tuesday night, according to an Emirates statement.
“Forty-seven years ago, in 1967, the world’s airlines transported less than 300 million passengers annually. Today, airlines serve an estimated 3.3 billion passengers,” he said.
“The 31 airline members of AACO are playing a bigger role in world air traffic than ever before. According to figures from Airbus, in less than 10 years between 2003 and 2013, the number of passengers carried by airlines in Middle East and North Africa has increased by more than 300 per cent,” he added."
'via Blog this'
Flydubai’s debut $500m sukuk oversubscribed over 6 times | GulfNews.com
Flydubai’s debut $500m sukuk oversubscribed over 6 times | GulfNews.com:
"Dubai Aviation Corporation, also known as flydubai, said on Thursday its $500 million debut sukuk was oversubscribed over 6 times, indicating strong investor appetite. The five-year sukuk was priced at a profit rate of 3.776 per cent, equivalent to 200 basis points over the mid-swaps. About 150 investors placed orders worth $3 billion (Dh11 billion). “The highly successful offering demonstrates the confidence which international investors place in the Emirate of Dubai and its entities and confirms the access to funding which our corporates enjoy from the Islamic Capital Markets,” Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, and chairman of flydubai, said in a statement.
Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered are the arrangers for the sukuk sale."
'via Blog this'
"Dubai Aviation Corporation, also known as flydubai, said on Thursday its $500 million debut sukuk was oversubscribed over 6 times, indicating strong investor appetite. The five-year sukuk was priced at a profit rate of 3.776 per cent, equivalent to 200 basis points over the mid-swaps. About 150 investors placed orders worth $3 billion (Dh11 billion). “The highly successful offering demonstrates the confidence which international investors place in the Emirate of Dubai and its entities and confirms the access to funding which our corporates enjoy from the Islamic Capital Markets,” Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, and chairman of flydubai, said in a statement.
Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered are the arrangers for the sukuk sale."
'via Blog this'
Dubai ranks first globally in economic dynamism | GulfNews.com
Dubai ranks first globally in economic dynamism | GulfNews.com:
"Dubai has been identified as the most attractive city in the world to live in terms of professional and private life, according to a survey by INSEAD, the international business school based in France.
Among 15 of the world’s prominent cities, Dubai topped the list for the best place to work, ahead of others such as New York, Hong Kong, Singapore, London, and Paris. The emirate also ranked first in economic dynamism, third in overall attractiveness, and fourth place in quality of life and cost of living.
The study, undertaken for the first time by the INSEAD Alumni Association France, recorded and assessed responses of 835 INSEAD alumni with international work experience."
'via Blog this'
"Dubai has been identified as the most attractive city in the world to live in terms of professional and private life, according to a survey by INSEAD, the international business school based in France.
Among 15 of the world’s prominent cities, Dubai topped the list for the best place to work, ahead of others such as New York, Hong Kong, Singapore, London, and Paris. The emirate also ranked first in economic dynamism, third in overall attractiveness, and fourth place in quality of life and cost of living.
The study, undertaken for the first time by the INSEAD Alumni Association France, recorded and assessed responses of 835 INSEAD alumni with international work experience."
'via Blog this'
Qatar Wealth Fund Says Oil’s Slump Won’t Derail Strategy - Bloomberg
Qatar Wealth Fund Says Oil’s Slump Won’t Derail Strategy - Bloomberg:
"Qatar’s sovereign-wealth fund, which controls more than $100 billion of assets, said the slump in crude prices won’t lead to a change in its investment plans.
“We’ve been created to avoid the volatility in oil price,” Ahmed Al-Sayed, chief executive officer of the Qatar Investment Authority, told reporters in Doha today. “We are already adjusted and ready for such a scenario.”
Qatar, the richest country in the world on a per-capita basis, has deployed surplus income from liquefied natural gas exports into real estate, banks, and automakers. Qatar Holding LLC, the foreign investment arm of the QIA, has invested in luxury hotels in Europe and financial-services firms such as Barclays Plc (BARC) and Credit Suisse Group AG. It’s also the largest shareholder in commodities producer Glencore Plc."
'via Blog this'
"Qatar’s sovereign-wealth fund, which controls more than $100 billion of assets, said the slump in crude prices won’t lead to a change in its investment plans.
“We’ve been created to avoid the volatility in oil price,” Ahmed Al-Sayed, chief executive officer of the Qatar Investment Authority, told reporters in Doha today. “We are already adjusted and ready for such a scenario.”
Qatar, the richest country in the world on a per-capita basis, has deployed surplus income from liquefied natural gas exports into real estate, banks, and automakers. Qatar Holding LLC, the foreign investment arm of the QIA, has invested in luxury hotels in Europe and financial-services firms such as Barclays Plc (BARC) and Credit Suisse Group AG. It’s also the largest shareholder in commodities producer Glencore Plc."
'via Blog this'
Taxpayers From U.K. to Korea Take on Risk to Help Dubai’s Growth - Bloomberg
Taxpayers From U.K. to Korea Take on Risk to Help Dubai’s Growth - Bloomberg:
"When travelers breeze though Dubai’s expanded Al Maktoum International Airport in a few years, they’ll probably have the British taxpayer to thank.
The state-funded U.K. Export Finance agency is offering as much as $2 billion in loans and guarantees to British companies bidding for contracts on the airport, the agency said in an e-mailed statement. It’s one of many low-profile national export credit agencies that are playing a growing role in financing the emirate’s public and private developments.
Export credit agencies from Korea to France and Belgium increased their backing of Dubai building projects after the unrated emirate’s brush with insolvency in 2009 caused banks to curtail lending. While the loans and guarantees help exports and job creation for the lending country, they also expose taxpayers to financing in a place that doesn’t have a credit rating."
'via Blog this'
"When travelers breeze though Dubai’s expanded Al Maktoum International Airport in a few years, they’ll probably have the British taxpayer to thank.
The state-funded U.K. Export Finance agency is offering as much as $2 billion in loans and guarantees to British companies bidding for contracts on the airport, the agency said in an e-mailed statement. It’s one of many low-profile national export credit agencies that are playing a growing role in financing the emirate’s public and private developments.
Export credit agencies from Korea to France and Belgium increased their backing of Dubai building projects after the unrated emirate’s brush with insolvency in 2009 caused banks to curtail lending. While the loans and guarantees help exports and job creation for the lending country, they also expose taxpayers to financing in a place that doesn’t have a credit rating."
'via Blog this'