Arab youth turn from “Arab spring” to starting businesses | beyondbrics

Arab youth turn from “Arab spring” to starting businesses | beyondbrics:



"Young Arabs are increasingly turning their backs on cushy public sector jobs in favour of working for private companies and starting their own businesses, a survey in 16 countries has found.



There has also been an erosion in optimism that the “Arab spring” uprisings in recent years against authoritarian governments across the region will translate into better lives for ordinary people, the survey found.



The survey of 3,500 people aged 18-24 living in 16 countries in the Middle East and North Africa found a sharp decline in appetites for government jobs in the Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates) between 2012 and 2014 (see chart below).

Source: ASDA’A Burson-Marsteller

"



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Dubai tells global bankers to expect another boom | Reuters

Dubai tells global bankers to expect another boom | Reuters:



"* First big investor roadshow since 2009 debt crisis



* Dubai needs international financial support for growth plans



* Officials say pre-crisis boom was successful overall



* Promise more careful management of risks in next boom



* Growing optimism towards Dubai World debt maturities



By Mirna Sleiman

LONDON, April 7 (Reuters) - Dubai told international bankers on Monday that it was gearing up for another boom and did not regret the pro-growth policies which brought it to the brink of default five years ago. It appeared to win the endorsement of many of the bankers.



Over a dozen top Dubai officials and executives met about 100 representatives of financial powerhouses including Deutsche Bank, Nomura Holdings and Fidelity Investments for the emirate's first big investor roadshow since the crisis.



"If Dubai had to do the same again, most likely we would follow the same approach," Mohammed al-Shaibani, chief executive of sovereign wealth fund Investment Corp of Dubai, told the audience at Deutsche Bank's London offices."



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Emirates NBD May Write Back Dubai World Exposure » Gulf Business

Emirates NBD May Write Back Dubai World Exposure » Gulf Business:



"Emirates NBD, Dubai’s biggest bank, may this year write back its non-performing loan provisions against exposure to conglomerate Dubai World, an executive of the bank said on Monday.



“We have sufficient confidence that we will be able to reclassify it as performing,” Patrick Clerkin, head of the funding group at Emirates NBD, told Reuters on the sidelines of a Dubai investor meeting in London. 




“It’s more of an accounting decision. It could be this year.”



Clerkin said Emirates NBD had provisioned five per cent of its total Dhs9 billion ($2.5 billion) exposure to Dubai World. If that provision is reclassified as performing, it will provide a significant one-off boost to the bank’s profits."



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MIDEAST STOCKS-UAE, Qatar rally; petchems, retail weigh on Saudi | Reuters

MIDEAST STOCKS-UAE, Qatar rally; petchems, retail weigh on Saudi | Reuters:



"* Real estate, bank stocks lift Dubai and Abu Dhabi



* Investors factor in first-quarter estimates



* Qatar hits highest close since June 2008



* Saudi retailers fall after Jarir Marketing disappoints



* Egypt closes marginally higher



By Olzhas Auyezov

DUBAI, April 7 (Reuters) - Property and banking stocks lifted markets in the United Arab Emirates on Monday and Qatar's blue chips rallied further, while petrochemical and retail names weighed on Saudi Arabia's bourse.



Dubai's bourse rose 1.4 percent to 4,654 points, recovering from a minor pull-back on Sunday.



Bourse operator DFM gained 0.6 percent on above-average volumes after a top Dubai economic policymaker said an agreement to merge it with the Abu Dhabi Securities Exchange had been reached in principle, although nothing had been finalised."



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Oil prices fall after agreement to lift Libya blockade - FT.com

Oil prices fall after agreement to lift Libya blockade - FT.com:



"An agreement to open long-blockaded petroleum facilities in Libya edged oil prices lower in international markets on Monday amid expectations of an increase in global supply.



Libyan authorities and a rebel group in the country’s east signed an agreement on Sunday to allow the opening of two of four blockaded oil terminals, the first such deal between officials in the capital and a group of armed men led by Ibrahim Jadran, a former petroleum facilities chief."



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Aluminum smelters in Dubai, Abu Dhabi join forces - Yahoo News

Aluminum smelters in Dubai, Abu Dhabi join forces - Yahoo News:



"State investment companies in the United Arab Emirates' two biggest cities say they have jointly created an aluminum producer that will rank among the world's largest producers of the metal.



Mubadala Development Company of Abu Dhabi and the Investment Corporation of Dubai said on Monday they have formally incorporated the new Abu Dhabi-based company, known as Emirates Global Aluminium. 




It combines the operations of Dubai Aluminium, the country's largest smelter, with Abu Dhabi-based Emirates Aluminium."



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Dubai’s Sheikh Ahmed says agreement in principle on UAE bourse merger - Al Arabiya News

Dubai’s Sheikh Ahmed says agreement in principle on UAE bourse merger - Al Arabiya News:



"A top Dubai economic policymaker said on Monday that an agreement to merge the two main stock markets in the United Arab Emirates, the Dubai Financial Market and the Abu Dhabi Securities Exchange, had been reached in principle but nothing had been finalized.



“It is going to be very positive. The agreement has been reached between the two - there is a dialogue but it is not yet finalized,” Sheikh Ahmed bin Saeed al-Maktoum, head of Dubai’s supreme fiscal council, told reporters on the sidelines of a conference in Abu Dhabi.



Sources told Reuters last year that advisors had been appointed to help facilitate a merger of the exchanges, but the idea has been discussed sporadically for years without a deal."



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Times of Oman | News :: Oman Gas to set up LPG plant in Salalah

Times of Oman | News :: Oman Gas to set up LPG plant in Salalah:



"Oman Gas Company (OGC) on Sunday signed a memorandum of understanding (MoU) with both Salalah Free Zone (SFZ) and Port of Salalah (POS) for building a world class liquefied petroleum gas (LPG) processing plant at SFZ and the storages and export facilities at the port. 



The new liquefied petroleum gas plant is designed based on state-of-the-art technology and strict health, safety and environment principles, which allows for very high recovery of propane, butane and condensates.



This vibrant project will require 1,000 indirect employees during construction phase and 170 direct permanent employees during operation of LPG plant."



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Russia Bans 6 Ukrainian Dairy Companies | News | The Moscow Times #EuroMaidan

Russia Bans 6 Ukrainian Dairy Companies | News | The Moscow Times:



"Imports from six Ukrainian dairy producers have been suspended, Russia's consumer protection agency said, in the latest sign of worsening trade relations between the two countries since the annexation of Crimea.



Rospotrebnadzor said in a statement on Monday it had found that the products violated dairy regulations after conducting laboratory tests.



"To ensure consumer rights Rospotrebnadzor has suspended imports into the Russian Federation of (six) Ukrainian dairy producers," the agency said."



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Q is the key to value - YouTube

Q is the key to value - YouTube: ""



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Shale Oil Gas Pitches US Against Saudi Arabia – Analysis | Eurasia Review

Shale Oil Gas Pitches US Against Saudi Arabia – Analysis | Eurasia Review:



"Shale oil and gas has been labeled a game changer. Statistics would suggest that, yes, the new technologies and discoveries associated with hydraulic fracking change the energy picture and economic outlook, in particular for the United States, but less so than predictions would have it a year or two go.



The greater impact won’t be on the US economy, but rather US-Saudi relations and stability for the Middle East. President Barack Obama met King Abdullah March 28, and both leaders recognize that the geopolitical ground shaped by their common interest in stable oil prices has shifted, creating a new imbalance that could spill over into Mideast security policy.



Estimates for the impact on US economic growth vary from 0.2 percentage points per year to a marginal hike of the growth rate. Petrochemical exports have risen threefold from 2006 to 2012, but account for not more than 1.2 percent of US gross domestic product. The trade balance has improved by a modest 0.1 to 0.2 percentage per year, yet still is in deficit to the tune of around 3.5 percent of GDP."



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Stalled Projects Get New Life in Dubai’s Boom - Middle East Real Time - WSJ

Stalled Projects Get New Life in Dubai’s Boom - Middle East Real Time - WSJ:



"Hallowed half-built skyscrapers became a constant reminder in 2010 that Dubai’s real estate bubble had spectacularly burst. Almost everything got put on hold, from Nakheel’s ambitious Palm Jebel Ali to the smallest office tower in Business Bay.



Yet as Dubai’s property market flourishes again, increasingly more developers are being paired up with new investors to finish the remnants of real estate excess.



About 4.4 billion U.A.E. dirhams worth of property across 15 projects throughout Dubai have been revitalised so far by a government-led scheme called Tanmia – that links new developers with old ones that don’t have the balance-sheet strength to finish a project."



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Taqa’s new Chief Operating Officer outlines priorities | GulfNews.com

Taqa’s new Chief Operating Officer outlines priorities | GulfNews.com:



"Edward LaFehr, the new Chief Operating Officer at Abu Dhabi National Energy Company, Taqa, has said that details of the new Taqa corporate structure are expected to be announced this month. LaFehr assumes command at Taqa, taking over as Chief Operating Officer from Carl Sheldon, who will step down after four years in the role.



Speaking on the occasion, LaFehr said, “Starting this month, we are starting up the Bergermeer gas storage facility in the Netherlands, and we’re bringing online the Jorf 5 and 6 expansion to the power business in Morocco. These are the kinds of projects that are distinctive in terms of Taqa generating stable cash flows and returns to our stakeholders, but that is just the near term.



“My action plan for the coming 100 days has already begun, with the safety of our Taqa family and extended workforce my top priority. I am also committed to simplifying and strengthening the organisation, and rebalancing our profitability and growth agenda which is about improving free cash flow and reducing debt leverage over time.”"



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Merkel Pushes U.S. Trade Deal Saying Europe Ready to Shun Putin - Bloomberg

Merkel Pushes U.S. Trade Deal Saying Europe Ready to Shun Putin - Bloomberg:



"German Chancellor Angela Merkel stepped up her support for a trans-Atlantic trade deal one day after saying that Europe shouldn’t fear the cost of imposing economic sanctions on Russia.



Merkel, in a speech opening the Hanover fair yesterday, said there’s a need for renewed momentum to kick start free-trade talks between the European Union and the U.S. A fresh “push” is needed to create a common trading zone of 800 million people that “belong together,” and it would be “an irony of world history” if the talks were to fail, she said.



As the leader of Europe’s biggest economy and Russia’s largest EU trading partner, Merkel’s stance is key to reaching a trans-Atlantic trade deal and will guide Europe’s ability to maintain a united response to Russia’s annexation of Crimea."



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No Harm Seen in Russia-Turkey-Venezuela Debt: Chart of the Day - Bloomberg

No Harm Seen in Russia-Turkey-Venezuela Debt: Chart of the Day - Bloomberg:



"Unprecedented flows into emerging-market bonds signal renewed confidence there’s money to be made lending to the most politically volatile countries.



The CHART OF THE DAY shows a record $487 million poured into the world’s largest exchange-traded fund focused on notes from developing nations last week. Debt from Russia, Turkey, Hungary and Venezuela make up 19 percent of the $4.2 billion iShares ETF, according to data compiled by Bloomberg. 




After outflows of $1.7 billion over the past year, investors are brushing aside sanctions imposed against Russia after its takeover of Crimea, accusations of graft against Turkish Prime Minister Recep Tayyip Erdogan’s administration and anti-government protests in Venezuela. Hungary Prime Minister Viktor Orban, whose centralization of power has triggered confrontations with the European Union over the past four years, won another term in yesterday’s elections, partial results show."



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