IMF downgrades economic risks - YouTube: ""
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Tuesday, 8 April 2014
Europe’s new energy scenarios and role of Azerbaijan - AzerNews #EuroMaidan
Europe’s new energy scenarios and role of Azerbaijan - AzerNews:
"The Crimean crisis has made Europe suddenly aware of how dependent it is on the gas supplies from Russia. Currently, the EU covers more than 60 percent of its gas consumption through import. The Paris based International Energy Agency (IEA) expects that the consumption in the EU member states will grow and the share of imports in 2035 will climb to more than 80 percent. Russia is at a third of EU imports by far the more important gas supplier - and the Crimean crisis has shown the risks of this dependence. In the wake of the Crimean crisis, all the heads of the EU member states announced a new look at the entire energy policy.
The current debates are concentrated on two possible scenarios:
1 - Shale gas fracking in the resource potential EU member states.
2 - Identify other potential resource countries for gas supply.
The debates are not focus either or scenario but rather on both of the options."
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"The Crimean crisis has made Europe suddenly aware of how dependent it is on the gas supplies from Russia. Currently, the EU covers more than 60 percent of its gas consumption through import. The Paris based International Energy Agency (IEA) expects that the consumption in the EU member states will grow and the share of imports in 2035 will climb to more than 80 percent. Russia is at a third of EU imports by far the more important gas supplier - and the Crimean crisis has shown the risks of this dependence. In the wake of the Crimean crisis, all the heads of the EU member states announced a new look at the entire energy policy.
The current debates are concentrated on two possible scenarios:
1 - Shale gas fracking in the resource potential EU member states.
2 - Identify other potential resource countries for gas supply.
The debates are not focus either or scenario but rather on both of the options."
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MIDEAST STOCKS-Dubai bull run continues after successful Emirates REIT listing | Reuters
MIDEAST STOCKS-Dubai bull run continues after successful Emirates REIT listing | Reuters:
"* Emirates REIT adds 6 pct after Dubai's first IPO in five years
* Banks, property firms lift main Dubai index
* Emirates ENBD surges on Dubai World write-back hopes
* Saudi bourse up on food and banking sectors
* Egypt jumps but not clear if correction is over
By Olzhas Auyezov
DUBAI, April 8 (Reuters) - Dubai's main stock market posted its biggest gain in three weeks on Tuesday as real estate investment trust Emirates REIT listed on the smaller of the two markets, NASDAQ Dubai, following the emirate's first initial public offer in five years.
Shares in Emirates REIT closed at $1.44, up 5.9 percent from the IPO price, with 21.4 million shares changing hands out of a total of 128.68 million sold in the $175 million offer, which was 3.5 times oversubscribed.
"I think it was a very good start," said Sebastien Henin, head of asset management at The National Investor. "The company listed on NASDAQ Dubai and usually investors don't really like that.""
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"* Emirates REIT adds 6 pct after Dubai's first IPO in five years
* Banks, property firms lift main Dubai index
* Emirates ENBD surges on Dubai World write-back hopes
* Saudi bourse up on food and banking sectors
* Egypt jumps but not clear if correction is over
By Olzhas Auyezov
DUBAI, April 8 (Reuters) - Dubai's main stock market posted its biggest gain in three weeks on Tuesday as real estate investment trust Emirates REIT listed on the smaller of the two markets, NASDAQ Dubai, following the emirate's first initial public offer in five years.
Shares in Emirates REIT closed at $1.44, up 5.9 percent from the IPO price, with 21.4 million shares changing hands out of a total of 128.68 million sold in the $175 million offer, which was 3.5 times oversubscribed.
"I think it was a very good start," said Sebastien Henin, head of asset management at The National Investor. "The company listed on NASDAQ Dubai and usually investors don't really like that.""
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Q&A: In Search of Returns, Warburg Pincus Buys Dubai Tech Firm Stake - Middle East Real Time - WSJ
Q&A: In Search of Returns, Warburg Pincus Buys Dubai Tech Firm Stake - Middle East Real Time - WSJ:
"Warburg Pincus manages more than $37 billion in assets – with investments across some 35 countries. On Tuesday the U.S. private equity firm announced its first deal in the Middle East region, acquiring a majority stake in a Dubai-based provider of technology solutions to the global aviation industry. Joseph Schull, managing director at Warburg Pincus, tells The Wall Street Journal here about the firm’s search for investment opportunities: “Our investors mandate us to direct their capital to where it will generate the most attractive returns,” he says.
WSJ: Tell us something about your new deal?
Mr. Schull: “Mercator is a global business with 125 airline customers in 80 countries. Warburg Pincus is looking to grow the business further both organically and, where appropriate, via acquisition. We see the company growing into a much larger business, serving not only the global aviation industry as it does today, but extending its solutions into the wider transport, travel and logistics markets.”"
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"Warburg Pincus manages more than $37 billion in assets – with investments across some 35 countries. On Tuesday the U.S. private equity firm announced its first deal in the Middle East region, acquiring a majority stake in a Dubai-based provider of technology solutions to the global aviation industry. Joseph Schull, managing director at Warburg Pincus, tells The Wall Street Journal here about the firm’s search for investment opportunities: “Our investors mandate us to direct their capital to where it will generate the most attractive returns,” he says.
WSJ: Tell us something about your new deal?
Mr. Schull: “Mercator is a global business with 125 airline customers in 80 countries. Warburg Pincus is looking to grow the business further both organically and, where appropriate, via acquisition. We see the company growing into a much larger business, serving not only the global aviation industry as it does today, but extending its solutions into the wider transport, travel and logistics markets.”"
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UAE Company Marka To Launch IPO In Dubai, Plans DFM Listing » Gulf Business
UAE Company Marka To Launch IPO In Dubai, Plans DFM Listing » Gulf Business:
"Marka, a company created by prominent businessmen in the United Arab Emirates, is to launch next week the first initial public offer of shares on Dubai’s main stock market since 2009.
The 12-day offer of 275 million shares at Dhs1 (27 U.S. cents) each, representing 55 per cent of the company’s capital, has received final regulatory approval and will start on April 13, Marka said in a statement on Monday.
After the IPO, the company plans to list on the Dubai Financial Market (DFM). The rest of its capital was subscribed last month by 151 founders who include wealthy UAE businessmen, Marka said without naming the founders.
The company is still being incorporated, and while it says it will focus on the retail and food and beverage sectors in the UAE and the broader Gulf Arab region, it has not revealed details of its plans."
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"Marka, a company created by prominent businessmen in the United Arab Emirates, is to launch next week the first initial public offer of shares on Dubai’s main stock market since 2009.
The 12-day offer of 275 million shares at Dhs1 (27 U.S. cents) each, representing 55 per cent of the company’s capital, has received final regulatory approval and will start on April 13, Marka said in a statement on Monday.
After the IPO, the company plans to list on the Dubai Financial Market (DFM). The rest of its capital was subscribed last month by 151 founders who include wealthy UAE businessmen, Marka said without naming the founders.
The company is still being incorporated, and while it says it will focus on the retail and food and beverage sectors in the UAE and the broader Gulf Arab region, it has not revealed details of its plans."
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Q&A With Dubai’s Mohammed Al Shaibani - Middle East Real Time - WSJ
Q&A With Dubai’s Mohammed Al Shaibani - Middle East Real Time - WSJ:
"Some of Dubai’s top government officials and representatives of its business community descended on London this week in a bid to convince investors and bankers that the emirate has not only turned the corner on its recent financial crisis but rebounded more rapidly than other markets – putting it firmly in pole position to enjoy strong growth rates again.
Among them was Mohammed Al Shaibani, one of Dubai’s most influential officials who played a central role in negotiating debt restructurings at the height of the emirate’s financial debacle.
He is the director general of The Ruler’s Court, leads the Investment Corporation of Dubai – the holding company behind Emirates Airline and some of the emirate’s biggest lenders, is also member of the Supreme Fiscal Committee as well as a number of other boards including conglomerate Dubai World.
Here, he tells the Wall Street Journal about Dubai’s need for more initial public offerings, ICD’s ambitions to invest in food security and the emirate’s debt future."
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"Some of Dubai’s top government officials and representatives of its business community descended on London this week in a bid to convince investors and bankers that the emirate has not only turned the corner on its recent financial crisis but rebounded more rapidly than other markets – putting it firmly in pole position to enjoy strong growth rates again.
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| Dubai’s Mohammed Al Shaibani Agence France-Presse/Getty Images |
He is the director general of The Ruler’s Court, leads the Investment Corporation of Dubai – the holding company behind Emirates Airline and some of the emirate’s biggest lenders, is also member of the Supreme Fiscal Committee as well as a number of other boards including conglomerate Dubai World.
Here, he tells the Wall Street Journal about Dubai’s need for more initial public offerings, ICD’s ambitions to invest in food security and the emirate’s debt future."
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The Peninsula Qatar - Qatar non-oil growth to pick up: Fitch
The Peninsula Qatar - Qatar non-oil growth to pick up: Fitch:
"Qatar’s non-oil economic growth is forecast to pick up in 2014. Fitch Ratings said in its latest “Mena Sovereign Credit Overview” that Qatar’s high government capital spending and population growth should sustain double-digit non-hydrocarbon growth.
The country’s huge project spending in pipeline brings management challenges and overcapacity risks. Benign external environment is keeping inflation under control despite rising rents.
The ratings agency said the average sovereign ratings of energy exporters and importers in the Middle East and North Africa (Mena) have further diverged in 2014. Credit fundamentals across the energy exporters are expected to remain strong, driven by triple digit oil prices. Fitch forecasts that Brent crude will average $105 per barrel in 2014 and $100 per barrel in 2015. As a result, all energy exporters are expected to record external surpluses and all except Bahrain (‘BBB’) are forecast to post fiscal surpluses in both years. "
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"Qatar’s non-oil economic growth is forecast to pick up in 2014. Fitch Ratings said in its latest “Mena Sovereign Credit Overview” that Qatar’s high government capital spending and population growth should sustain double-digit non-hydrocarbon growth.
The country’s huge project spending in pipeline brings management challenges and overcapacity risks. Benign external environment is keeping inflation under control despite rising rents.
The ratings agency said the average sovereign ratings of energy exporters and importers in the Middle East and North Africa (Mena) have further diverged in 2014. Credit fundamentals across the energy exporters are expected to remain strong, driven by triple digit oil prices. Fitch forecasts that Brent crude will average $105 per barrel in 2014 and $100 per barrel in 2015. As a result, all energy exporters are expected to record external surpluses and all except Bahrain (‘BBB’) are forecast to post fiscal surpluses in both years. "
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Australian businessmen Marcus Lee and Matt Joyce fell out amid Dubai corruption ordeal - Yahoo!7
Australian businessmen Marcus Lee and Matt Joyce fell out amid Dubai corruption ordeal - Yahoo!7:
"Two Australian property executives detained for years in Dubai fell out in a row over another Australian businessman's alleged involvement in the contentious $14 million property deal which landed them in jail, the ABC has learned.
Marcus Lee and Matt Joyce, who once shared a single bunk in the crowded confines of a jail in the Gulf state, have not spoken since 2010.
It is believed the falling out began following Mr Joyce's revelation to Mr Lee while in prison that he was friends with businessman Angus Reed.
Mr Reed's company Prudentia was paid $14 million by Australian property developer Sunland for the development rights on a prime piece of Dubai land, in a deal that saw all three men charged with fraud by local authorities."
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"Two Australian property executives detained for years in Dubai fell out in a row over another Australian businessman's alleged involvement in the contentious $14 million property deal which landed them in jail, the ABC has learned.
Marcus Lee and Matt Joyce, who once shared a single bunk in the crowded confines of a jail in the Gulf state, have not spoken since 2010.
It is believed the falling out began following Mr Joyce's revelation to Mr Lee while in prison that he was friends with businessman Angus Reed.
Mr Reed's company Prudentia was paid $14 million by Australian property developer Sunland for the development rights on a prime piece of Dubai land, in a deal that saw all three men charged with fraud by local authorities."
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Chevron Will Honor Fracking Contract with Ukraine - #EuroMaidan
Chevron Will Honor Fracking Contract with Ukraine:
"Chevron will not break their fracking contract with Ukraine even though there is a new government in Kyiv. The contract allows Chevron to explore for natural gas in shale rock by the Poland-Ukraine border.
Russia is a top supplier of natural gas to Ukraine and the rest of Europe. The situation between Russia and Ukraine puts Europe in a tight spot for energy. After the opposition ousted Russian-backed President Viktor Yanukovych on February 22, Russian state-owned gas giant Gazprom threatened to shut off the gas through Ukraine and demanded the country pay back its $1.9 billion debt.
Even though Europe was not technically part of the threat, their supply could be cut off since the majority of natural gas pipelines pass through Ukraine. Plus, Europe promised to help out Ukraine in every possible way, which means providing natural gas if Russia cuts them off. Ambassadors from Slovakia, Czech Republic, Hungary, and Poland sent a letter to House Speaker John Boehner (R-OH) and asked the US to export more natural gas."
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"Chevron will not break their fracking contract with Ukraine even though there is a new government in Kyiv. The contract allows Chevron to explore for natural gas in shale rock by the Poland-Ukraine border.
Russia is a top supplier of natural gas to Ukraine and the rest of Europe. The situation between Russia and Ukraine puts Europe in a tight spot for energy. After the opposition ousted Russian-backed President Viktor Yanukovych on February 22, Russian state-owned gas giant Gazprom threatened to shut off the gas through Ukraine and demanded the country pay back its $1.9 billion debt.
Even though Europe was not technically part of the threat, their supply could be cut off since the majority of natural gas pipelines pass through Ukraine. Plus, Europe promised to help out Ukraine in every possible way, which means providing natural gas if Russia cuts them off. Ambassadors from Slovakia, Czech Republic, Hungary, and Poland sent a letter to House Speaker John Boehner (R-OH) and asked the US to export more natural gas."
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Warning sounded on gridlock in Arabian Gulf skies | The National
Warning sounded on gridlock in Arabian Gulf skies | The National:
"The global aviation industry chief yesterday warned that the Gulf airline boom could turn to gridlock unless more military airspace is given over to civilian use.
He made his comments at the Global Aviation Summit in Abu Dhabi as airlines bosses from around the world met in the capital.
“Between 40 per cent and 60 per cent of the airspace is reserved for the military,” said Tony Tyler, director general of the International Air Transport Association (Iata). “So we are trying to squeeze the fast-growing civil aviation component into a fraction of the airspace.”"
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"The global aviation industry chief yesterday warned that the Gulf airline boom could turn to gridlock unless more military airspace is given over to civilian use.
He made his comments at the Global Aviation Summit in Abu Dhabi as airlines bosses from around the world met in the capital.
“Between 40 per cent and 60 per cent of the airspace is reserved for the military,” said Tony Tyler, director general of the International Air Transport Association (Iata). “So we are trying to squeeze the fast-growing civil aviation component into a fraction of the airspace.”"
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Next stage of airberlin partnership is close, says Etihad chief executive | The National
Next stage of airberlin partnership is close, says Etihad chief executive | The National:
"Etihad Airways is in the final stages of negotiating the next stage of its partnership with airberlin, as the German carrier faces uncertainty over the future of its ownership.
“Entering into the partnership with airberlin gave us access to Germany,” James Hogan, the president and chief executive of Etihad, said at the Global Airspace Summit in the capital, without providing further details. “For us all our key objectives have been met. We are in the final stages of negotiating the next stage of our partnership.”"
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"Etihad Airways is in the final stages of negotiating the next stage of its partnership with airberlin, as the German carrier faces uncertainty over the future of its ownership.
“Entering into the partnership with airberlin gave us access to Germany,” James Hogan, the president and chief executive of Etihad, said at the Global Airspace Summit in the capital, without providing further details. “For us all our key objectives have been met. We are in the final stages of negotiating the next stage of our partnership.”"
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Mashreq and ING Group settle on ‘toxic’ securities investment | The National
Mashreq and ING Group settle on ‘toxic’ securities investment | The National:
"Dubai’s Mashreq has reached a provisional settlement with ING Group in their dispute over a multimillion dollar soured investment.
A final settlement in the case, which is before the New York courts, is expected to be filed by the end of the month, according to court filings.
The dispute centres on a US$43 million loss sustained by Mashreq, which it attributed to investments made against its instructions in derivative products by ING before the global economic downturn.
“The parties have reached a settlement in principle,” ING’s lawyers said in a letter addressed to the US district judge Lorna Schofield on March 31."
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"Dubai’s Mashreq has reached a provisional settlement with ING Group in their dispute over a multimillion dollar soured investment.
A final settlement in the case, which is before the New York courts, is expected to be filed by the end of the month, according to court filings.
The dispute centres on a US$43 million loss sustained by Mashreq, which it attributed to investments made against its instructions in derivative products by ING before the global economic downturn.
“The parties have reached a settlement in principle,” ING’s lawyers said in a letter addressed to the US district judge Lorna Schofield on March 31."
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Dubai sovereign bond likely in 2014, no deal on bourse merger | GulfNews.com
Dubai sovereign bond likely in 2014, no deal on bourse merger | GulfNews.com:
"Shaikh Ahmad bin Saeed Al Maktoum, head of Dubai’s Supreme Fiscal Committee, has hinted that the Dubai government could issue a sovereign bond this year.
He was speaking to the media on the sidelines of the Global Aerospace Summit in Abu Dhabi on Monday. He was not speaking at the event.
“I always say when the market is good, in any business... not only related to government, we should go to the market,” said Shaikh Ahmad, who is also the Chairman and chief executive of Emirates Airline & Group, Chairman of Dubai Civil Aviation Department and Chairman of Dubai World.
Asked how he sees the market, Shaikh Ahmad said: “It seems good. There is a lot of liquidity in the market in the UAE and internationally,” hinting at a possible sovereign bond issuing."
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"Shaikh Ahmad bin Saeed Al Maktoum, head of Dubai’s Supreme Fiscal Committee, has hinted that the Dubai government could issue a sovereign bond this year.
He was speaking to the media on the sidelines of the Global Aerospace Summit in Abu Dhabi on Monday. He was not speaking at the event.
“I always say when the market is good, in any business... not only related to government, we should go to the market,” said Shaikh Ahmad, who is also the Chairman and chief executive of Emirates Airline & Group, Chairman of Dubai Civil Aviation Department and Chairman of Dubai World.
Asked how he sees the market, Shaikh Ahmad said: “It seems good. There is a lot of liquidity in the market in the UAE and internationally,” hinting at a possible sovereign bond issuing."
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Kuwait to invite bids for new refinery | GulfNews.com
Kuwait to invite bids for new refinery | GulfNews.com:
"Opec member Kuwait will invite bids for a new multi-billion-dollar oil refinery next month as part of a drive to modernise the key sector, a top executive said on Monday.
“We will invite bids for the new refinery project in May,” CEO of national conglomerate Kuwait Petroleum Corp. (KPC) Nezar Al Adasani said.
“Another project costing $1 billion (Dh3.67 billion) for the development of heavy oil from northern oilfields will be awarded later in April,” Al Adasani told reporters on the sidelines of the second Gulf Petroleum Forum."
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"Opec member Kuwait will invite bids for a new multi-billion-dollar oil refinery next month as part of a drive to modernise the key sector, a top executive said on Monday.
“We will invite bids for the new refinery project in May,” CEO of national conglomerate Kuwait Petroleum Corp. (KPC) Nezar Al Adasani said.
“Another project costing $1 billion (Dh3.67 billion) for the development of heavy oil from northern oilfields will be awarded later in April,” Al Adasani told reporters on the sidelines of the second Gulf Petroleum Forum."
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Rockwell Collins Exploring Mubadala Aerospace Partnership - Bloomberg
Rockwell Collins Exploring Mubadala Aerospace Partnership - Bloomberg:
"Rockwell Collins Inc. is in preliminary talks about a partnership with Abu Dhabi’s Mubadala Aerospace as the U.S. aircraft-electronics supplier seeks to boost revenue from foreign markets.
Rockwell Collins will partner with Mubadala Aerospace, a unit of Mubadala Development Co., on after-market support, including logistics and repairs on the equipment it sells in the region, Chief Executive Officer Kelly Ortberg said in an interview in Abu Dhabi yesterday.
“We’d bring some know-how and they’d bring the market capacity and facility and people. We’d find some shared arrangement to do that,” Ortberg said."
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"Rockwell Collins Inc. is in preliminary talks about a partnership with Abu Dhabi’s Mubadala Aerospace as the U.S. aircraft-electronics supplier seeks to boost revenue from foreign markets.
Rockwell Collins will partner with Mubadala Aerospace, a unit of Mubadala Development Co., on after-market support, including logistics and repairs on the equipment it sells in the region, Chief Executive Officer Kelly Ortberg said in an interview in Abu Dhabi yesterday.
“We’d bring some know-how and they’d bring the market capacity and facility and people. We’d find some shared arrangement to do that,” Ortberg said."
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