MIDEAST STOCKS-Emaar lifts Dubai after credit upgrade; Sisi hopes buoy Egypt | Reuters:
"* Equity analysts may become more willing to rerate Emaar
* Dubai continues climb after breaking chart resistance
* Egypt boosted by Kuwaiti newspaper report on Sisi
* QNB's Egypt unit surges on bonus share issue
* Saudi Arabia continues to lag region
By Nadia Saleem
DUBAI, Feb 6 (Reuters) - Shares in Dubai's Emaar Properties surged to a 65-month high on Thursday after the firm regained its investment-grade credit rating, while Egyptian shares rose amid a regional uptrend on expectations that the army chief would run for president.
Emaar, Dubai's largest developer, jumped 4.7 percent to 8.30 dirhams. Standard and Poor's raised its long-term rating of Emaar to BBB-minus, the lowest investment grade, from BB-plus, a confirmation that international investors have regained confidence in Dubai's property sector as it recovers from its 2008 crash.
"The credit story is catching up with the equity story," said Sanyalaksna Manibhandu, senior analyst at NBAD Securities."
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Thursday, 6 February 2014
Oman said to plan two phases in 19 percent Omantel selloff - Al Arabiya News
Oman said to plan two phases in 19 percent Omantel selloff - Al Arabiya News:
"Oman will sell 19 percent of its former telecommunications monopoly Omantel in two phases, with the first reserved for wealthy local investors and due to finish in March and the second open to all Omanis, Omani media reported.
The government, which now owns 70 percent of Omantel, in September announced plans to reduce its holding to 51 percent through a public share sale, a month later appointing Bank Muscat as adviser.
Since then, there has been no further official announcement, but some Muscat newspapers this week quoted Saud bin Nasser al Shukaily, Secretary-General for Taxation at the Ministry of Finance, as saying a first phase of the sale would consist of a private placement for investors buying more than 2 million rials ($5.2 million) worth of shares."
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"Oman will sell 19 percent of its former telecommunications monopoly Omantel in two phases, with the first reserved for wealthy local investors and due to finish in March and the second open to all Omanis, Omani media reported.
The government, which now owns 70 percent of Omantel, in September announced plans to reduce its holding to 51 percent through a public share sale, a month later appointing Bank Muscat as adviser.
Since then, there has been no further official announcement, but some Muscat newspapers this week quoted Saud bin Nasser al Shukaily, Secretary-General for Taxation at the Ministry of Finance, as saying a first phase of the sale would consist of a private placement for investors buying more than 2 million rials ($5.2 million) worth of shares."
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Arqaam Capital eyeing Saudi Arabia presence | Economy | Saudi Gazette
Arqaam Capital eyeing Saudi Arabia presence | Economy | Saudi Gazette:
"ARQAAM Capital Ltd., the Dubai-based investment bank expanding across the Middle East and Africa, said it plans to open in Saudi Arabia within the next year to take advantage of rising demand for assets in the region.
“Saudi Arabia is the region’s biggest market and no one can ignore that,” Chief Executive Officer Riad Meliti said in an interview yesterday in Dubai. “It’s something we’ve been looking at for a while and now’s the right time to do it.”
The bank is applying for a license to operate in the kingdom and hopes to start operations within 12 months, he said. Arqaam will start by offering brokerage services before expanding to a “full range of investment banking,” he said."
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"ARQAAM Capital Ltd., the Dubai-based investment bank expanding across the Middle East and Africa, said it plans to open in Saudi Arabia within the next year to take advantage of rising demand for assets in the region.
“Saudi Arabia is the region’s biggest market and no one can ignore that,” Chief Executive Officer Riad Meliti said in an interview yesterday in Dubai. “It’s something we’ve been looking at for a while and now’s the right time to do it.”
The bank is applying for a license to operate in the kingdom and hopes to start operations within 12 months, he said. Arqaam will start by offering brokerage services before expanding to a “full range of investment banking,” he said."
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New York court rejects ADCB bid to reopen fraud case against Credit Suisse | The National
New York court rejects ADCB bid to reopen fraud case against Credit Suisse | The National:
"Abu Dhabi Commercial Bank’s attempt to reopen its fraud claim against Credit Suisse, centring on an ill-fated restructuring of a US$40 million investment vehicle in 2007, has been turned down by a court in New York.
ADCB had sought to renew its prior motion against Credit Suisse, which was dismissed in August 2011, citing documents from a third party that had not been submitted the first time around.
The documents purportedly showed that Credit Suisse engaged in self-dealing (taking advantage of its position in the transaction to advance its own interest rather than the client’s) in executing the restructuring transaction, according to court filings."
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"Abu Dhabi Commercial Bank’s attempt to reopen its fraud claim against Credit Suisse, centring on an ill-fated restructuring of a US$40 million investment vehicle in 2007, has been turned down by a court in New York.
ADCB had sought to renew its prior motion against Credit Suisse, which was dismissed in August 2011, citing documents from a third party that had not been submitted the first time around.
The documents purportedly showed that Credit Suisse engaged in self-dealing (taking advantage of its position in the transaction to advance its own interest rather than the client’s) in executing the restructuring transaction, according to court filings."
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In setting energy policy, Kurds flex their independence | The National
In setting energy policy, Kurds flex their independence | The National:
"When a referendum on independence for the Kurdish region was held alongside the 2005 parliamentary elections in Iraq, the result was more than conclusive – 98.8 per cent of Kurds voted in favour of an independent Kurdistan.
Now, with Erbil and Baghdad at loggerheads over the former’s independent oil exports to Turkey and the latter’s threat to cut the Kurdistan Regional Government’s (KRG) funding in response, the issue of independence has raised its head again.
As an Islamist insurgency rages in the south, the KRG’s control over the north has looked impressive by comparison, with little violence in the Kurdish region apart from last September’s attack on Erbil, in which a number of soldiers were killed and dozens injured."
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"When a referendum on independence for the Kurdish region was held alongside the 2005 parliamentary elections in Iraq, the result was more than conclusive – 98.8 per cent of Kurds voted in favour of an independent Kurdistan.
Now, with Erbil and Baghdad at loggerheads over the former’s independent oil exports to Turkey and the latter’s threat to cut the Kurdistan Regional Government’s (KRG) funding in response, the issue of independence has raised its head again.
As an Islamist insurgency rages in the south, the KRG’s control over the north has looked impressive by comparison, with little violence in the Kurdish region apart from last September’s attack on Erbil, in which a number of soldiers were killed and dozens injured."
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Kuwait MPs order probes of Airbus deal, power plant | GulfNews.com
Kuwait MPs order probes of Airbus deal, power plant | GulfNews.com:
"Kuwait’s parliament on Wednesday ordered probes into a $2.5 billion (Dh9.19 billion, 1.8 billion euros) power plant contract and a deal with Airbus to purchase 25 aircraft and lease 12 others.
Twenty-one MPs out of 36 present approved a proposal to ask the parliament’s legal committee to investigate “all deals” being undertaken by state-owned Kuwait Airways Company (KAC).
MP Adnan Abdul Samad said the probe is “necessary amid reports that the KAC board has turned down cheaper offers,” without providing further details."
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"Kuwait’s parliament on Wednesday ordered probes into a $2.5 billion (Dh9.19 billion, 1.8 billion euros) power plant contract and a deal with Airbus to purchase 25 aircraft and lease 12 others.
Twenty-one MPs out of 36 present approved a proposal to ask the parliament’s legal committee to investigate “all deals” being undertaken by state-owned Kuwait Airways Company (KAC).
MP Adnan Abdul Samad said the probe is “necessary amid reports that the KAC board has turned down cheaper offers,” without providing further details."
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Ukraine Opposition Gives Yanukovych Warning as Currency Rattled - Bloomberg #EuroMaidan
Ukraine Opposition Gives Yanukovych Warning as Currency Rattled - Bloomberg:
"Ukraine’s opposition warned President Viktor Yanukovych that the country is running out of time to solve its political crisis, while the hryvnia plunged to a five-year low against the dollar.
Vitali Klitschko, the head of the opposition UDAR party yesterday repeated demands for presidential elections or constitutional change as lawmakers continued a debate over legal changes. Acting Prime Minister Serhiy Arbuzov said a failure to compromise is weakening Ukraine.
The crisis was sparked when Yanukovych snubbed a co-operation pact with the European Union in favor of a $15 billion loan and a gas-price cut from Russia. Seven demonstrators died amid clashes last month as the opposition seized government buildings in Kiev and across the nation.
“We do not have time,” Klitschko said in a statement on his website. “Every day or every hour counts. We should not allow a new spiral of conflict.”"
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"Ukraine’s opposition warned President Viktor Yanukovych that the country is running out of time to solve its political crisis, while the hryvnia plunged to a five-year low against the dollar.
Vitali Klitschko, the head of the opposition UDAR party yesterday repeated demands for presidential elections or constitutional change as lawmakers continued a debate over legal changes. Acting Prime Minister Serhiy Arbuzov said a failure to compromise is weakening Ukraine.
The crisis was sparked when Yanukovych snubbed a co-operation pact with the European Union in favor of a $15 billion loan and a gas-price cut from Russia. Seven demonstrators died amid clashes last month as the opposition seized government buildings in Kiev and across the nation.
“We do not have time,” Klitschko said in a statement on his website. “Every day or every hour counts. We should not allow a new spiral of conflict.”"
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Hedge Funds Rework Positions in Emerging-Market Drop - Bloomberg
Hedge Funds Rework Positions in Emerging-Market Drop - Bloomberg:
"Traders who anticipated a year when riskier bets would pay off are overhauling their foreign-exchange positions after an emerging-markets rout led to the biggest currency-fund losses to start the year since 2004.
Hedge funds and other large speculators shuffled holdings of the dollar, yen, pound, Mexican peso and four other major currencies by a net 102,115 contracts in the week ended Jan. 28, according to Commodity Futures Trading Commission data. That’s the biggest realignment since September, with updated figures due tomorrow. Currencies from the U.K., Japan and Europe saw the biggest increase in bets on appreciation, while traders added wagers on declines for Mexico’s and Australia’s currencies.
With the global economy gathering steam, foreign-exchange traders were positioned to benefit from gains in riskier assets, even with the Federal Reserve pledging to buy fewer bonds. They failed to foresee turmoil in emerging markets from China to Argentina that followed a slowdown in U.S. jobs growth as the yen -- a favored haven -- rallied against all 31 of its major peers this year."
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"Traders who anticipated a year when riskier bets would pay off are overhauling their foreign-exchange positions after an emerging-markets rout led to the biggest currency-fund losses to start the year since 2004.
Hedge funds and other large speculators shuffled holdings of the dollar, yen, pound, Mexican peso and four other major currencies by a net 102,115 contracts in the week ended Jan. 28, according to Commodity Futures Trading Commission data. That’s the biggest realignment since September, with updated figures due tomorrow. Currencies from the U.K., Japan and Europe saw the biggest increase in bets on appreciation, while traders added wagers on declines for Mexico’s and Australia’s currencies.
With the global economy gathering steam, foreign-exchange traders were positioned to benefit from gains in riskier assets, even with the Federal Reserve pledging to buy fewer bonds. They failed to foresee turmoil in emerging markets from China to Argentina that followed a slowdown in U.S. jobs growth as the yen -- a favored haven -- rallied against all 31 of its major peers this year."
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Oman’s $3 Billion Railroad Plan to Blunt Iran Oil Risk: Freight - Bloomberg
Oman’s $3 Billion Railroad Plan to Blunt Iran Oil Risk: Freight - Bloomberg:
"Oman, which faces Iran across the Strait of Hormuz, said it’s poised to start raising cash for a $3 billion rail line offering an alternative route for oil and freight shipments that funnel through the 21 mile-wide channel.
The nation of 3.3 million people, located on the southern side of the strait, is considering issuing bonds by the end of 2014 to kick-start funding for the track across some of the Arabian peninsula’s harshest terrain, Abdulrahman Al Hatmi, a director at Oman National Railway Co., said in an interview.
Iranian threats to close the Hormuz waterway have been a recurrent theme in Western relations with the Islamic republic since the 1979 revolution. While tensions have begun to ease after an interim deal aimed at halting Iran’s nuclear program, Al Hatmi said the “very expensive” rail line is more than justified by the new trade opportunities bypassing the strait would offer Oman’s southern port of Salalah."
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"Oman, which faces Iran across the Strait of Hormuz, said it’s poised to start raising cash for a $3 billion rail line offering an alternative route for oil and freight shipments that funnel through the 21 mile-wide channel.
The nation of 3.3 million people, located on the southern side of the strait, is considering issuing bonds by the end of 2014 to kick-start funding for the track across some of the Arabian peninsula’s harshest terrain, Abdulrahman Al Hatmi, a director at Oman National Railway Co., said in an interview.
Iranian threats to close the Hormuz waterway have been a recurrent theme in Western relations with the Islamic republic since the 1979 revolution. While tensions have begun to ease after an interim deal aimed at halting Iran’s nuclear program, Al Hatmi said the “very expensive” rail line is more than justified by the new trade opportunities bypassing the strait would offer Oman’s southern port of Salalah."
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