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Sunday 30 March 2014
Saudi Arabia’s Algosaibi Calls Meeting on $5.9 Billion Default - Bloomberg
Saudi Arabia’s Algosaibi Calls Meeting on $5.9 Billion Default - Bloomberg:
"Ahmad Hamad Algosaibi & Brothers Co. invited creditors including BNP Paribas SA (BNP) and Standard Chartered Plc to discuss claims on $5.9 billion of debt as it seeks to recover from the Middle East’s biggest default.
The Saudi Arabian company, with interests ranging from construction to finance, will “outline proposals aimed at achieving a comprehensive settlement” with about 100 creditors at a May 7 meeting in Dubai, according to a copy of an invitation sent to banks today and seen by Bloomberg News. The company didn’t give further details on the proposed terms.
Banks rejected an original debt restructuring proposal from Algosaibi four years ago. Algosaibi and billionaire Maan al-Sanea’s Saad Group defaulted on at least $15.7 billion in 2009 as the global economic crisis froze credit markets and asset prices slumped. The two family holding companies, related by marital ties, have been locked in legal disputes ever since."
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"Ahmad Hamad Algosaibi & Brothers Co. invited creditors including BNP Paribas SA (BNP) and Standard Chartered Plc to discuss claims on $5.9 billion of debt as it seeks to recover from the Middle East’s biggest default.
The Saudi Arabian company, with interests ranging from construction to finance, will “outline proposals aimed at achieving a comprehensive settlement” with about 100 creditors at a May 7 meeting in Dubai, according to a copy of an invitation sent to banks today and seen by Bloomberg News. The company didn’t give further details on the proposed terms.
Banks rejected an original debt restructuring proposal from Algosaibi four years ago. Algosaibi and billionaire Maan al-Sanea’s Saad Group defaulted on at least $15.7 billion in 2009 as the global economic crisis froze credit markets and asset prices slumped. The two family holding companies, related by marital ties, have been locked in legal disputes ever since."
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SocGen accused over Libya deals - FT.com
SocGen accused over Libya deals - FT.com:
"The Libyan Investment Authority has accused Société Générale of helping to funnel bribes worth tens of millions of dollars to close associates of Saif al-Islam, the son of former Libyan leader Muammer Gaddafi.
The claim was made in a $1.5bn lawsuit filed against the French bank in London’s High Court.
SocGen said it planned to contest the legal claim against it, which it considered “groundless and without substance”."
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"The Libyan Investment Authority has accused Société Générale of helping to funnel bribes worth tens of millions of dollars to close associates of Saif al-Islam, the son of former Libyan leader Muammer Gaddafi.
The claim was made in a $1.5bn lawsuit filed against the French bank in London’s High Court.
SocGen said it planned to contest the legal claim against it, which it considered “groundless and without substance”."
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Shifting sands of a deal in Dubai
Shifting sands of a deal in Dubai:
"As happy endings go, it is fraught. The key players in this intrigue are safely back home in Australia, and yet the two property executives who lost their liberty in Dubai for almost five years – Matt Joyce and Marcus Lee – have not spoken to each other since 2010. Joyce and Lee, former colleagues on the colossal Dubai Waterfront development, are unlikely to break the ice any time soon, even now that the emirate's Court of Appeal has found both innocent of bribery charges.
Joyce and his wife and children have returned to live on a $5.8 million cattle farm in Victoria, the purchase of which they settled in August 2009 while he and Lee were still behind bars in Dubai, seven months after their arrest on Australia Day that year."
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"As happy endings go, it is fraught. The key players in this intrigue are safely back home in Australia, and yet the two property executives who lost their liberty in Dubai for almost five years – Matt Joyce and Marcus Lee – have not spoken to each other since 2010. Joyce and Lee, former colleagues on the colossal Dubai Waterfront development, are unlikely to break the ice any time soon, even now that the emirate's Court of Appeal has found both innocent of bribery charges.
Joyce and his wife and children have returned to live on a $5.8 million cattle farm in Victoria, the purchase of which they settled in August 2009 while he and Lee were still behind bars in Dubai, seven months after their arrest on Australia Day that year."
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Times of Oman | News :: Omantel Initial Public Offer to open on Monday
Times of Oman | News :: Omantel Initial Public Offer to open on Monday:
"The much-awaited public offer of Oman Telecommunications Company (Omantel) shares to the Omani individuals will open on Monday, which is the second phase in the Government's divestment plan.
This follows the successful completion of the first phase under which there was private placement of 71.25 million shares with high net worth Omani individuals and institutions on a book building and auction basis.
The Ministry of Finance has reserved a further 71.25 million shares under the public offer for Omani individuals at an attractive fixed offer price of OMR1.350 per share. The public offer price of OMR1.350 per share is currently at a discount of 150 baisas or 11.1 per cent to the ex-dividend Omantel share price of OMR1.500 per share at the end of last week on March 27, 2014. "
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"The much-awaited public offer of Oman Telecommunications Company (Omantel) shares to the Omani individuals will open on Monday, which is the second phase in the Government's divestment plan.
This follows the successful completion of the first phase under which there was private placement of 71.25 million shares with high net worth Omani individuals and institutions on a book building and auction basis.
The Ministry of Finance has reserved a further 71.25 million shares under the public offer for Omani individuals at an attractive fixed offer price of OMR1.350 per share. The public offer price of OMR1.350 per share is currently at a discount of 150 baisas or 11.1 per cent to the ex-dividend Omantel share price of OMR1.500 per share at the end of last week on March 27, 2014. "
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MIDEAST STOCKS-Emaar leads Dubai gains; Egypt extends drop | Reuters
MIDEAST STOCKS-Emaar leads Dubai gains; Egypt extends drop | Reuters:
"* Dubai's Emirates NBD rises after EFG Hermes upgrade
* Egypt extends correction following Sisi's presidential bid
* Cairo closes above intraday low, may have bottomed out
* Saudi Arabia makes modest gains after succession move
By Olzhas Auyezov
DUBAI, March 30 (Reuters) - Property stocks helped Dubai's bourse lead regional gains on Sunday, while Egypt fell for a second session since former army chief Abdel Fattah al-Sisi said he would run for president.
Dubai's index rose 1.3 percent to 4,438 points, its highest close since September 2008.
Shares in heavyweight Emaar rose 1.3 percent to 9.95 dirhams, a level last seen in August 2008. The developer's stock has rallied for the past two weeks after it hiked its annual dividend and said it would list its shopping malls unit.
Other real estate and construction companies, such as Union Properties, Deyaar, Drake and Scull and Atabtec Holding, were also in the black."
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"* Dubai's Emirates NBD rises after EFG Hermes upgrade
* Egypt extends correction following Sisi's presidential bid
* Cairo closes above intraday low, may have bottomed out
* Saudi Arabia makes modest gains after succession move
By Olzhas Auyezov
DUBAI, March 30 (Reuters) - Property stocks helped Dubai's bourse lead regional gains on Sunday, while Egypt fell for a second session since former army chief Abdel Fattah al-Sisi said he would run for president.
Dubai's index rose 1.3 percent to 4,438 points, its highest close since September 2008.
Shares in heavyweight Emaar rose 1.3 percent to 9.95 dirhams, a level last seen in August 2008. The developer's stock has rallied for the past two weeks after it hiked its annual dividend and said it would list its shopping malls unit.
Other real estate and construction companies, such as Union Properties, Deyaar, Drake and Scull and Atabtec Holding, were also in the black."
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UAE banks’ assets surge 13.1 per cent in 2013 | GulfNews.com
UAE banks’ assets surge 13.1 per cent in 2013 | GulfNews.com:
"The aggregate assets of banks operating in the UAE surged 13.1 per cent to Dh2.02 trillion in 2013 compared to Dh1.79 trillion in 2012, according to the Board of Directors of the UAE Banks Federation.
The Board of the UAE Banks Federation, a professional representative body representing 49-member banks operating in the UAE, met in Dubai and reviewed its performance.
At the current level, the UAE banking sector is largest in the Arab world in terms of assets. Last year, the UAE banks’ total deposits increased to Dh1.27 trillion from Dh1.16 trillion 2012.
The Board of the UAE Banks Federation approved its Financial Statements and Auditors’ Report for 2013, as well as the estimated budget and auditors’ nomination for 2014."
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"The aggregate assets of banks operating in the UAE surged 13.1 per cent to Dh2.02 trillion in 2013 compared to Dh1.79 trillion in 2012, according to the Board of Directors of the UAE Banks Federation.
The Board of the UAE Banks Federation, a professional representative body representing 49-member banks operating in the UAE, met in Dubai and reviewed its performance.
At the current level, the UAE banking sector is largest in the Arab world in terms of assets. Last year, the UAE banks’ total deposits increased to Dh1.27 trillion from Dh1.16 trillion 2012.
The Board of the UAE Banks Federation approved its Financial Statements and Auditors’ Report for 2013, as well as the estimated budget and auditors’ nomination for 2014."
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Key Conglomerate Mirrors Dubai’s Economic Rebound - Middle East Real Time - WSJ
Key Conglomerate Mirrors Dubai’s Economic Rebound - Middle East Real Time - WSJ:
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Dubai Stocks Climb to 5-Year High Before Earnings; Qatar Gains - Bloomberg
Dubai Stocks Climb to 5-Year High Before Earnings; Qatar Gains - Bloomberg:
"Dubai’s stock index, the world’s best-performer this year, advanced to the highest in more than five years as first-quarter earnings expectations spurred investor sentiment. Qatar also gained.
The DFM General Index (DFMGI) rose 1.3 percent to 4,438.35, the strongest close in the Emirate since September 2008. Shuaa Capital PSC, the investment bank controlled by Dubai’s ruler, surged 5.6 percent. Qatar’s gauge increased 0.7 percent, the strongest close in almost three weeks.
Dubai’s 4.9 percent economic expansion in 2013 helped companies in the emirate to boost their earnings. Shuaa returned to profit last year after making losses since 2008. The DFM Index has advanced 32 percent this year, making it the top performer among more than 90 indexes tracked by Bloomberg.
“We should expect some positive surprises in terms of earnings for first quarter and investors want to be positioned before that,” Sebastien Henin, head of asset management at The National Investor, said by phone from Abu Dhabi. The market is continuing “positive momentum” from the last week, he said."
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"Dubai’s stock index, the world’s best-performer this year, advanced to the highest in more than five years as first-quarter earnings expectations spurred investor sentiment. Qatar also gained.
The DFM General Index (DFMGI) rose 1.3 percent to 4,438.35, the strongest close in the Emirate since September 2008. Shuaa Capital PSC, the investment bank controlled by Dubai’s ruler, surged 5.6 percent. Qatar’s gauge increased 0.7 percent, the strongest close in almost three weeks.
Dubai’s 4.9 percent economic expansion in 2013 helped companies in the emirate to boost their earnings. Shuaa returned to profit last year after making losses since 2008. The DFM Index has advanced 32 percent this year, making it the top performer among more than 90 indexes tracked by Bloomberg.
“We should expect some positive surprises in terms of earnings for first quarter and investors want to be positioned before that,” Sebastien Henin, head of asset management at The National Investor, said by phone from Abu Dhabi. The market is continuing “positive momentum” from the last week, he said."
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Dubai Holding's DHCOG says 2013 net profit jumps 178 pct | Reuters
Dubai Holding's DHCOG says 2013 net profit jumps 178 pct | Reuters:
"(Reuters) - Dubai ruler's flagship company Dubai Holding said on Sunday its unit Dubai Holding Commercial Operations Group (DHCOG) has almost tripled its 2013 net profit to 3.3 billion dirhams thanks to a surge in core operational revenues.
DHCOG, which runs four businesses operating in 24 countries, reported a 178 percent increase in net profit from 1.2 billion dirhams from last year, the company said in an emailed statement.
During the year, total revenues rose by 27 percent to 11.6 billion dirhams, while total assets reached 116 billion dirhams.
It incorporates hotels group Jumeirah, business park TECOM Investments and Emirates International Telecommunications aside from a real estate division, Dubai Properties Group. "
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"(Reuters) - Dubai ruler's flagship company Dubai Holding said on Sunday its unit Dubai Holding Commercial Operations Group (DHCOG) has almost tripled its 2013 net profit to 3.3 billion dirhams thanks to a surge in core operational revenues.
DHCOG, which runs four businesses operating in 24 countries, reported a 178 percent increase in net profit from 1.2 billion dirhams from last year, the company said in an emailed statement.
During the year, total revenues rose by 27 percent to 11.6 billion dirhams, while total assets reached 116 billion dirhams.
It incorporates hotels group Jumeirah, business park TECOM Investments and Emirates International Telecommunications aside from a real estate division, Dubai Properties Group. "
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Shuaa Capital mandated to run IPO of Able Logistics Group | The National
Shuaa Capital mandated to run IPO of Able Logistics Group | The National:
"Shuaa Capital said it has been mandated to run the initial public offering of Able Logistics Group, a freight forwarding, land transportation and warehousing services company.
The Dubai investment bank will be the exclusive financial advisor, lead manager and book runner for the issue which will list on the Dubai Financial Market this year, it said in a statement today. Shares of Shuaa rallied as much as 15 per cent to Dh1.64 each this morning."
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"Shuaa Capital said it has been mandated to run the initial public offering of Able Logistics Group, a freight forwarding, land transportation and warehousing services company.
The Dubai investment bank will be the exclusive financial advisor, lead manager and book runner for the issue which will list on the Dubai Financial Market this year, it said in a statement today. Shares of Shuaa rallied as much as 15 per cent to Dh1.64 each this morning."
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Adia among leaders in record year for sovereign wealth funds | The National
Adia among leaders in record year for sovereign wealth funds | The National:
"Sovereign wealth funds (SWFs), the big government-owned investing institutions, had a year of record activity in 2013, with the highest levels ever of direct transactions, showing a strong recovery from the financial crisis.
According to the Sovereign Wealth Fund Institution, an American organisation that tracks SWF performance, some $174 billion of direct transactions took place during the year, way ahead of 2012’s $65.09bn.
“This rebound of direct transactions reflects sovereign funds’ growth in assets, maturation of internal operations in the larger funds and improved confidence in the world economy,” said the institute."
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"Sovereign wealth funds (SWFs), the big government-owned investing institutions, had a year of record activity in 2013, with the highest levels ever of direct transactions, showing a strong recovery from the financial crisis.
According to the Sovereign Wealth Fund Institution, an American organisation that tracks SWF performance, some $174 billion of direct transactions took place during the year, way ahead of 2012’s $65.09bn.
“This rebound of direct transactions reflects sovereign funds’ growth in assets, maturation of internal operations in the larger funds and improved confidence in the world economy,” said the institute."
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Deira set to reclaim Dubai's property momentum | GulfNews.com
Deira set to reclaim Dubai's property momentum | GulfNews.com:
"Dubai’s traditional commercial heartland — Deira — gets an opportunity to reclaim centre-stage as Nakheel opens sales for 94 plots on two of the “Deira Islands” on Sunday. All of the plots have been marked for hotels and resorts, with easy access to water, and should take anywhere around three to four years to complete.
The plots would be between 80,000 to 67,000 square feet. Together, they comprise more than 12 million square feet of untapped land.
“What the release of so many plots simultaneously does is help set a possible new benchmark for land values on the Deira side, which had — until now — reached a certain saturation level in terms of land for development,” said Cecilia Reinaldo, who heads the UAE operations of Fine & Country, a realty services firm.
“In contrast, all of the action had been concentrated on New Dubai, where plot values could be between Dh150-500/600 a square foot [on built-up area] depending on the location. Nakheel’s plot sales give Deira the opportunity to catch some of that momentum.”"
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"Dubai’s traditional commercial heartland — Deira — gets an opportunity to reclaim centre-stage as Nakheel opens sales for 94 plots on two of the “Deira Islands” on Sunday. All of the plots have been marked for hotels and resorts, with easy access to water, and should take anywhere around three to four years to complete.
The plots would be between 80,000 to 67,000 square feet. Together, they comprise more than 12 million square feet of untapped land.
“What the release of so many plots simultaneously does is help set a possible new benchmark for land values on the Deira side, which had — until now — reached a certain saturation level in terms of land for development,” said Cecilia Reinaldo, who heads the UAE operations of Fine & Country, a realty services firm.
“In contrast, all of the action had been concentrated on New Dubai, where plot values could be between Dh150-500/600 a square foot [on built-up area] depending on the location. Nakheel’s plot sales give Deira the opportunity to catch some of that momentum.”"
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Connectivity works wonders for GCC states | GulfNews.com
Connectivity works wonders for GCC states | GulfNews.com:
"It is not in the least surprising for the UAE to attain the best results among Middle East and North Africa countries in the 2014 version of the ‘Logistics Performance Index (LPI). This can be partly attributed to Dubai’s status as the leading trading hub in Asia.
The study, executed by the World Bank, is published bi-annually. The 160 economies surveyed must do well in six components to obtain an outstanding performance.
These variables compromise of efficiency in customs and border clearance; the quality of trade and transport infrastructure; ease of arranging competitively priced shipments; the quality of logistics services including trucking, forwarding and customs brokerage; tracking and tracing consignments; and timeliness of shipments reaching consignees within scheduled delivery times."
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"It is not in the least surprising for the UAE to attain the best results among Middle East and North Africa countries in the 2014 version of the ‘Logistics Performance Index (LPI). This can be partly attributed to Dubai’s status as the leading trading hub in Asia.
The study, executed by the World Bank, is published bi-annually. The 160 economies surveyed must do well in six components to obtain an outstanding performance.
These variables compromise of efficiency in customs and border clearance; the quality of trade and transport infrastructure; ease of arranging competitively priced shipments; the quality of logistics services including trucking, forwarding and customs brokerage; tracking and tracing consignments; and timeliness of shipments reaching consignees within scheduled delivery times."
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