Fifa rules face scrutiny over Qatar - YouTube: ""
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Monday 2 June 2014
Dubai rises as investors buy shares not part of MSCI index | GulfNews.com
Dubai rises as investors buy shares not part of MSCI index | GulfNews.com:
"Dubai and Abu Dhabi indices trade in opposite directions as local investors bought shares which are not part of the MSCI index.
Dubai’s benchmark index — DFM — rose by 1.88 per cent to 5,151.21 points on Monday while Abu Dhabi’s ADX index fell by 0.47 per cent to 5,133.54
“Many of the local investors in Dubai, who were able to book profits on Thursday and Sunday, decided to go for the shares of the companies which are not part of the MSCI index,” Mohammad Ali Yasin, managing director of NBAD Securities in Abu Dhabi, told Gulf News
Among the shares listed on MSCI index, DP World rose 4.70 per cent while Emaar rose by 3.48 per cent. Abu Dhabi Commercial Bank was up 1.41 per cent. Among the daily losers were First Gulf Bank, which fell 1.70 per cent, National bank of Abu Dhabi, which fell by 1.55 per cent, and Aldar Properties, which was down by 0.23 per cent."
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"Dubai and Abu Dhabi indices trade in opposite directions as local investors bought shares which are not part of the MSCI index.
Dubai’s benchmark index — DFM — rose by 1.88 per cent to 5,151.21 points on Monday while Abu Dhabi’s ADX index fell by 0.47 per cent to 5,133.54
“Many of the local investors in Dubai, who were able to book profits on Thursday and Sunday, decided to go for the shares of the companies which are not part of the MSCI index,” Mohammad Ali Yasin, managing director of NBAD Securities in Abu Dhabi, told Gulf News
Among the shares listed on MSCI index, DP World rose 4.70 per cent while Emaar rose by 3.48 per cent. Abu Dhabi Commercial Bank was up 1.41 per cent. Among the daily losers were First Gulf Bank, which fell 1.70 per cent, National bank of Abu Dhabi, which fell by 1.55 per cent, and Aldar Properties, which was down by 0.23 per cent."
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Abu Dhabi set for windfall from $3.35bn RAC listing - Banking & Finance - ArabianBusiness.com
Abu Dhabi set for windfall from $3.35bn RAC listing - Banking & Finance - ArabianBusiness.com:
"Abu Dhabi’s Mubadala Development Company could be set for a multi-million dollar windfall as rumours gather pace that British breakdown firm RAC is about launch a listing which could double its value to around $3.35bn.
RAC was bought by US-based private equity firm Carlyle Group for £1bn ($1.67bn) in 2011 and it was reported by the Express newspaper that the firm was currently in the process of hiring investment banks ahead of a forthcoming listing.
Reports at the weekend claimed the move would value RAC at £2bn ($3.35bn), double what the Carlyle Group paid for the 117-year-old British firm just three years ago.
Carlyle Group was founded in 1987 and currently has assets totalling around $31.5bn. Abu Dhabi investment vehicle Mubadala bought a 7.5 percent stake in it in 2007."
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"Abu Dhabi’s Mubadala Development Company could be set for a multi-million dollar windfall as rumours gather pace that British breakdown firm RAC is about launch a listing which could double its value to around $3.35bn.
RAC was bought by US-based private equity firm Carlyle Group for £1bn ($1.67bn) in 2011 and it was reported by the Express newspaper that the firm was currently in the process of hiring investment banks ahead of a forthcoming listing.
Reports at the weekend claimed the move would value RAC at £2bn ($3.35bn), double what the Carlyle Group paid for the 117-year-old British firm just three years ago.
Carlyle Group was founded in 1987 and currently has assets totalling around $31.5bn. Abu Dhabi investment vehicle Mubadala bought a 7.5 percent stake in it in 2007."
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Emirates Cranks Up A380 Redo Call as Clark Maps Out Global Push - Bloomberg
Emirates Cranks Up A380 Redo Call as Clark Maps Out Global Push - Bloomberg:
"Emirates, the biggest international airline, said it aims to take 25 of the 140 A380 superjumbos it has on order in the form of a re-engined variant, cranking up its campaign for Airbus Group NV (AIR) to revamp the double-decker.
The Dubai-based carrier would also be prepared to place follow-on orders if Airbus commits to making a version of the A380 offering a 10 to 12 percent improvement in operating economics, President Tim Clark said today in Qatar.
“I’m hoping to move on that soon,” Clark said of the upgraded jet, known as the A380neo in line with the re-engined version of the manufacturer’s single-aisle model. “When you the fill the A380 with 500 seats it makes good money. That’s the message I try to get out to the whole airline community.”"
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"Emirates, the biggest international airline, said it aims to take 25 of the 140 A380 superjumbos it has on order in the form of a re-engined variant, cranking up its campaign for Airbus Group NV (AIR) to revamp the double-decker.
The Dubai-based carrier would also be prepared to place follow-on orders if Airbus commits to making a version of the A380 offering a 10 to 12 percent improvement in operating economics, President Tim Clark said today in Qatar.
“I’m hoping to move on that soon,” Clark said of the upgraded jet, known as the A380neo in line with the re-engined version of the manufacturer’s single-aisle model. “When you the fill the A380 with 500 seats it makes good money. That’s the message I try to get out to the whole airline community.”"
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UAE and Qatar join the BRICs, is it time to buy? - Telegraph
UAE and Qatar join the BRICs, is it time to buy? - Telegraph:
"Amid the usual turmoil in the Middle East, there is a quieter revolution underway, but one that is of no less importance to investors. Tuesday will be the effective date that index provider MSCI will upgrade the United Arab Emirates (UAE) and Qatar to emerging market status.
The move will unlock billions in capital flows into the region and see two of the fastest rising stock markets in the world added to the MSCI index.
Qatar and the UAE are currently classified as “frontier markets”. As the name suggests this means they are in the “Wild West” of the investing world, having been hampered by poor governance and low liquidity in the past.
The upgrade to “emerging market” status is not purely a case of semantics, it is a sign of their progress and places the stock markets in these two Persian Gulf states alongside global powerhouses such as Brazil, Russia, India and China, or the BRIC grouping."
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"Amid the usual turmoil in the Middle East, there is a quieter revolution underway, but one that is of no less importance to investors. Tuesday will be the effective date that index provider MSCI will upgrade the United Arab Emirates (UAE) and Qatar to emerging market status.
The move will unlock billions in capital flows into the region and see two of the fastest rising stock markets in the world added to the MSCI index.
Qatar and the UAE are currently classified as “frontier markets”. As the name suggests this means they are in the “Wild West” of the investing world, having been hampered by poor governance and low liquidity in the past.
The upgrade to “emerging market” status is not purely a case of semantics, it is a sign of their progress and places the stock markets in these two Persian Gulf states alongside global powerhouses such as Brazil, Russia, India and China, or the BRIC grouping."
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Dubai hotel changes hands in rare deal for Gulf state - Independent.ie
Dubai hotel changes hands in rare deal for Gulf state - Independent.ie:
"A private-equity fund operated by Oman's Bank Muscat SAOG has bought the 294-room Moevenpick Hotel at Dubai's Jumeirah Beach Residence.
The property, which opened in March 2010, had been owned by Dubai-based Faran. Jihad Hazzan, Faran's managing director, declined to comment when contacted. A spokesman for Bank Muscat didn't immediately respond to an email seeking comment.
Gulf investors, known for roaming Europe and the US in search of hotels to buy, have made few purchases in their own region. The sale of the Ritz Carlton Hotel by Union Properties PJSC in 2011 to an undisclosed buyer was one of few sales made in Dubai and was driven by a need to repay debt.
Few operating hotels in the region change hands because most are owned by wealthy families and individuals with little motivation to sell, said Matthew Green, head of United Arab Emirates research at CBRE."
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"A private-equity fund operated by Oman's Bank Muscat SAOG has bought the 294-room Moevenpick Hotel at Dubai's Jumeirah Beach Residence.
The property, which opened in March 2010, had been owned by Dubai-based Faran. Jihad Hazzan, Faran's managing director, declined to comment when contacted. A spokesman for Bank Muscat didn't immediately respond to an email seeking comment.
Gulf investors, known for roaming Europe and the US in search of hotels to buy, have made few purchases in their own region. The sale of the Ritz Carlton Hotel by Union Properties PJSC in 2011 to an undisclosed buyer was one of few sales made in Dubai and was driven by a need to repay debt.
Few operating hotels in the region change hands because most are owned by wealthy families and individuals with little motivation to sell, said Matthew Green, head of United Arab Emirates research at CBRE."
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Russia ETF Inflows Surge as Ukraine Tension Fades - Businessweek
Russia ETF Inflows Surge as Ukraine Tension Fades - Businessweek:
"The biggest U.S. exchange-traded fund that holds Russian shares surged the most in two years as inflows increased on signs President Vladimir Putin is seeking to ease tension with Ukraine.
The Market Vectors Russia ETF (RSX:US) gained 11 percent in May, the first advance in five months and the steepest since January 2012. The Bloomberg Russia-US Equity Index of the most-traded Russian stocks in the U.S. rallied 9.3 percent last month, led by OAO Sberbank, eastern Europe’s largest lender, and Internet company Yandex NV. The gauges followed the Micex Index’s 9.7 percent May increase, the biggest since 2011.
Investors had dumped Russian stocks earlier this year as Putin moved to annex the Black Sea Crimean peninsula, pushing the Micex down 13 percent in the first four months of 2014 and leaving Russian equities at their cheapest (INDEXCF:US) versus the MSCI Emerging Market Index since 2008. With Ukraine electing a new president on May 25, net inflows from U.S.-based ETFs surged to $152.5 million last month, 12 times the April total, data compiled by Bloomberg show."
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"The biggest U.S. exchange-traded fund that holds Russian shares surged the most in two years as inflows increased on signs President Vladimir Putin is seeking to ease tension with Ukraine.
The Market Vectors Russia ETF (RSX:US) gained 11 percent in May, the first advance in five months and the steepest since January 2012. The Bloomberg Russia-US Equity Index of the most-traded Russian stocks in the U.S. rallied 9.3 percent last month, led by OAO Sberbank, eastern Europe’s largest lender, and Internet company Yandex NV. The gauges followed the Micex Index’s 9.7 percent May increase, the biggest since 2011.
Investors had dumped Russian stocks earlier this year as Putin moved to annex the Black Sea Crimean peninsula, pushing the Micex down 13 percent in the first four months of 2014 and leaving Russian equities at their cheapest (INDEXCF:US) versus the MSCI Emerging Market Index since 2008. With Ukraine electing a new president on May 25, net inflows from U.S.-based ETFs surged to $152.5 million last month, 12 times the April total, data compiled by Bloomberg show."
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UAE stock markets buzz with activity on day one of MSCI upgrade | The National
UAE stock markets buzz with activity on day one of MSCI upgrade | The National:
"It was a scene that one investor likened to Ali Baba’s cave as day traders returned in numbers to the Abu Dhabi Securities Exchange.
The UAE bourses were yesterday reclassified by the index compiler MSCI as emerging markets – opening up the country to a much broader universe of global investors.
The Abu Dhabi Securities Exchange General Index is up 20.2 per cent this year, while the Dubai Financial Market General Index has jumped 50 per cent in the same period.
Trading on the broader market was lacklustre yesterday, concentrated in select stocks after both bourses recorded their best day of the year on Thursday – their last day of trading before being included in the index."
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"It was a scene that one investor likened to Ali Baba’s cave as day traders returned in numbers to the Abu Dhabi Securities Exchange.
The UAE bourses were yesterday reclassified by the index compiler MSCI as emerging markets – opening up the country to a much broader universe of global investors.
The Abu Dhabi Securities Exchange General Index is up 20.2 per cent this year, while the Dubai Financial Market General Index has jumped 50 per cent in the same period.
Trading on the broader market was lacklustre yesterday, concentrated in select stocks after both bourses recorded their best day of the year on Thursday – their last day of trading before being included in the index."
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China-Russia gas deal likely to challenge Middle East’s grip over Beijing | The National
China-Russia gas deal likely to challenge Middle East’s grip over Beijing | The National:
"China’s recent deal to secure gas from Russia is the latest step in its effort to diversify its energy sources, a trend likely to challenge the Middle East’s dominance of the Chinese energy supply chain.
Qatar may be the most immediate loser after the US$400 billion deal inked last month that involves Russia’s energy giant Gazprom supplying China National Petroleum with 38 billion cubic metres of natural gas over 30 years. Qatar has been increasingly redirecting LNG exports from Europe to Asia, partly to achieve a better price for its deliveries. An estimated 16.4 per cent of China’s gas came from Qatar in 2012, according to BP, the energy company. Barclays estimates about 10 per cent of Qatar’s gas is delivered to the world’s second biggest economy.
“With Russia’s aggressive stance to diversify markets, and Australian supply coming online, the question is whether Qatar will remain immune to the competition,” said Alia Moubayed, the director and head of research for Mena at Barclays. “We do not see any immediate risk as a large part of Qatar’s contracts are long term and oil-linked. But in the medium-term the changes in the global LNG markets could become a major challenge to Qatar.”"
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"China’s recent deal to secure gas from Russia is the latest step in its effort to diversify its energy sources, a trend likely to challenge the Middle East’s dominance of the Chinese energy supply chain.
Qatar may be the most immediate loser after the US$400 billion deal inked last month that involves Russia’s energy giant Gazprom supplying China National Petroleum with 38 billion cubic metres of natural gas over 30 years. Qatar has been increasingly redirecting LNG exports from Europe to Asia, partly to achieve a better price for its deliveries. An estimated 16.4 per cent of China’s gas came from Qatar in 2012, according to BP, the energy company. Barclays estimates about 10 per cent of Qatar’s gas is delivered to the world’s second biggest economy.
“With Russia’s aggressive stance to diversify markets, and Australian supply coming online, the question is whether Qatar will remain immune to the competition,” said Alia Moubayed, the director and head of research for Mena at Barclays. “We do not see any immediate risk as a large part of Qatar’s contracts are long term and oil-linked. But in the medium-term the changes in the global LNG markets could become a major challenge to Qatar.”"
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EFG Hermes eyes boost from investment banking recovery | GulfNews.com
EFG Hermes eyes boost from investment banking recovery | GulfNews.com:
"A strong recovery of Gulf stock markets, rising numbers of mergers & acquisition (M&A) opportunities in sub-Saharan Africa and overall revival in the debt capital markets activity in the Middle East and North Africa region is expected to boost the revenues and profits of EFG Hermes, a leading investment bank in the region.
“Liquidity is once again abundant in the GCC [Gulf Cooperation Council]. Stock valuations have recovered substantially backed by strong economic growth and corporate earnings. The valuation recovery is working as a strong incentive for many company managements to consider initial public offerings,” said Hisham Halbouny, director of investment banking
EFG Hermes sees sub-Saharan Africa as a new frontier of opportunities as economies in the region are booming with an average annual gross domestic product (GDP) growth of 7 per cent with a substantial increase in affluent middle class population that is driving demand in key sectors such as utilities, hospitality and retail.
These growth sectors are seen attracting multinationals and private equity players who are boosting M&A deal flows to these markets."
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"A strong recovery of Gulf stock markets, rising numbers of mergers & acquisition (M&A) opportunities in sub-Saharan Africa and overall revival in the debt capital markets activity in the Middle East and North Africa region is expected to boost the revenues and profits of EFG Hermes, a leading investment bank in the region.
“Liquidity is once again abundant in the GCC [Gulf Cooperation Council]. Stock valuations have recovered substantially backed by strong economic growth and corporate earnings. The valuation recovery is working as a strong incentive for many company managements to consider initial public offerings,” said Hisham Halbouny, director of investment banking
EFG Hermes sees sub-Saharan Africa as a new frontier of opportunities as economies in the region are booming with an average annual gross domestic product (GDP) growth of 7 per cent with a substantial increase in affluent middle class population that is driving demand in key sectors such as utilities, hospitality and retail.
These growth sectors are seen attracting multinationals and private equity players who are boosting M&A deal flows to these markets."
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Sukuk pipeline for this year looks promising | GulfNews.com
Sukuk pipeline for this year looks promising | GulfNews.com:
"The Sukuk market, and fixed income market as a whole in the GCC, does not have the same feel it had last May. Whilst spreads are actually tighter than last May, this is not the sole reason for the formation of a bubble.
Firstly, in the sukuk world, there is simply nowhere near enough supply of sukuk to meet the ever-growing demand. If anything, this will actually worsen as we lose some names later this year, such as TDIC and GE.
Secondly, the economic back drop is very different to a year ago. Dubai has shown great strength, and in winning the Expo 2020, has pretty much secured economic strength for the next six to seven years. Having said this, we don’t see the market tightening any further from here for the short term, particularly with the summer months and Ramadan fast approaching. I expect that things will simply tick over and pretty much follow US Treasuries and US swap rates. I can see 10-year US Treasuries in particular range between a low of 2.50 per cent and a high of 3 per cent for the short to medium term. All of this should give some stability to sukuk prices over the coming months rather than a May sell-off, as we saw in 2013."
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"The Sukuk market, and fixed income market as a whole in the GCC, does not have the same feel it had last May. Whilst spreads are actually tighter than last May, this is not the sole reason for the formation of a bubble.
Firstly, in the sukuk world, there is simply nowhere near enough supply of sukuk to meet the ever-growing demand. If anything, this will actually worsen as we lose some names later this year, such as TDIC and GE.
Secondly, the economic back drop is very different to a year ago. Dubai has shown great strength, and in winning the Expo 2020, has pretty much secured economic strength for the next six to seven years. Having said this, we don’t see the market tightening any further from here for the short term, particularly with the summer months and Ramadan fast approaching. I expect that things will simply tick over and pretty much follow US Treasuries and US swap rates. I can see 10-year US Treasuries in particular range between a low of 2.50 per cent and a high of 3 per cent for the short to medium term. All of this should give some stability to sukuk prices over the coming months rather than a May sell-off, as we saw in 2013."
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Turkey ‘driven by greed’ in Kurd oil row: Iraq deputy PM | GulfNews.com
Turkey ‘driven by greed’ in Kurd oil row: Iraq deputy PM | GulfNews.com:
"Ankara has been “driven by greed” in an escalating row over oil pumped from Iraq’s autonomous Kurdish region and shipped overseas via Turkey, Baghdad’s top energy official told AFP Sunday.
Hussain Al Shahristani, deputy prime minister for energy affairs, also threatened legal action against firms that purchased the “smuggled oil”.
His remarks represent a significant ratcheting up of rhetoric after Baghdad filed an arbitration case against Ankara in a widening dispute over Iraq’s prized natural resources. Tensions have markedly worsened between the two countries in recent years.
But the shipping of oil extracted from the three-province Kurdistan region last month has further chilled ties both between Baghdad and Ankara, and between the central government and Kurdish authorities in Arbil."
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"Ankara has been “driven by greed” in an escalating row over oil pumped from Iraq’s autonomous Kurdish region and shipped overseas via Turkey, Baghdad’s top energy official told AFP Sunday.
Hussain Al Shahristani, deputy prime minister for energy affairs, also threatened legal action against firms that purchased the “smuggled oil”.
His remarks represent a significant ratcheting up of rhetoric after Baghdad filed an arbitration case against Ankara in a widening dispute over Iraq’s prized natural resources. Tensions have markedly worsened between the two countries in recent years.
But the shipping of oil extracted from the three-province Kurdistan region last month has further chilled ties both between Baghdad and Ankara, and between the central government and Kurdish authorities in Arbil."
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BlackRock Cuts Europe ETF Fees in Race With Vanguard for Assets - Bloomberg
BlackRock Cuts Europe ETF Fees in Race With Vanguard for Assets - Bloomberg:
"BlackRock Inc. (BLK), the world’s biggest provider of exchange-traded funds, is creating a new low-fee lineup of European ETFs in a race against Vanguard Group Inc. for the region’s emerging class of retail investors.
BlackRock’s iShares unit will cut fees by as much as 58 percent on six existing European ETFs and introduce eight new ones, the New York-based firm said in a press release today, the first day of the products’ trading. The world’s biggest money manager is replicating an approach it took in 2012 when it created its “core” series of U.S. funds targeted at price-conscious individual investors.
“ETFs are entering a new phase in Europe,” Rachel Lord, head of iShares for Europe, the Middle East and Asia, said in the statement. More clients are moving to products with passive investment strategies, using ETFs “to build low cost and diversified portfolios for the long term,” she said"
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"BlackRock Inc. (BLK), the world’s biggest provider of exchange-traded funds, is creating a new low-fee lineup of European ETFs in a race against Vanguard Group Inc. for the region’s emerging class of retail investors.
BlackRock’s iShares unit will cut fees by as much as 58 percent on six existing European ETFs and introduce eight new ones, the New York-based firm said in a press release today, the first day of the products’ trading. The world’s biggest money manager is replicating an approach it took in 2012 when it created its “core” series of U.S. funds targeted at price-conscious individual investors.
“ETFs are entering a new phase in Europe,” Rachel Lord, head of iShares for Europe, the Middle East and Asia, said in the statement. More clients are moving to products with passive investment strategies, using ETFs “to build low cost and diversified portfolios for the long term,” she said"
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Dubai Home-Price Gains Slow as Cooling Actions Dent Deals - Bloomberg
Dubai Home-Price Gains Slow as Cooling Actions Dent Deals - Bloomberg:
"Dubai home prices, which rose the most in the world over the 12 months through March, slowed in the first quarter after financial authorities took steps to cool the market, broker Knight Frank LLP said.
Values gained 3.4 percent in the emirate, slowing from 9.2 percent a year earlier and putting Dubai behind Lithuania, Estonia and Malta for the quarter, London-based Knight Frank said in a statement. Dubai homes climbed 27.7 percent during the 12 months through March, far outstripping China’s 17.5 percent gain.
Dubai financial authorities have been trying to tame a market that has lurched between boom and bust since it was opened to foreign buyers in 2002. The United Arab Emirates Central Bank has restricted mortgage lending and the government doubled transaction fees as rapid price increases sparked concern that a bubble was forming.
Home values worldwide increased 0.6 percent in the first quarter, compared with a 1.2 percent gain in the previous three months, a Knight Frank index of 54 countries showed. Prices in the countries tracked climbed by an average of 7.1 percent over the 12-month period."
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"Dubai home prices, which rose the most in the world over the 12 months through March, slowed in the first quarter after financial authorities took steps to cool the market, broker Knight Frank LLP said.
Values gained 3.4 percent in the emirate, slowing from 9.2 percent a year earlier and putting Dubai behind Lithuania, Estonia and Malta for the quarter, London-based Knight Frank said in a statement. Dubai homes climbed 27.7 percent during the 12 months through March, far outstripping China’s 17.5 percent gain.
Dubai financial authorities have been trying to tame a market that has lurched between boom and bust since it was opened to foreign buyers in 2002. The United Arab Emirates Central Bank has restricted mortgage lending and the government doubled transaction fees as rapid price increases sparked concern that a bubble was forming.
Home values worldwide increased 0.6 percent in the first quarter, compared with a 1.2 percent gain in the previous three months, a Knight Frank index of 54 countries showed. Prices in the countries tracked climbed by an average of 7.1 percent over the 12-month period."
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Boeing’s Slow-Selling Jumbo Jet Buoyed on Talks With Emirates - Bloomberg
Boeing’s Slow-Selling Jumbo Jet Buoyed on Talks With Emirates - Bloomberg:
"Boeing Co. is talking to Emirates, the world’s biggest operator of the Airbus A380 superjumbo, about a potential sale of its rival 747-8, in what would be a major boost for a program that’s struggled to gain customers.
Emirates’ need for better fuel burn on its largest jets has opened a window of opportunity for Boeing, which has begun discussions about the 747-8, said John Wojick, senior vice president for sales and marketing at the Chicago-based manufacturer’s commercial airplane unit.
While neither the A380 nor the 747-8 are major commercial hits, sales of the Boeing model have been particularly lackluster, forcing the manufacturer to slash production rates. Emirates is the biggest buyer of the A380 and Boeing’s popular 777, the largest twin-engine aircraft available, and the carrier has pushed Airbus to put more efficient engines on its A380."
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"Boeing Co. is talking to Emirates, the world’s biggest operator of the Airbus A380 superjumbo, about a potential sale of its rival 747-8, in what would be a major boost for a program that’s struggled to gain customers.
Emirates’ need for better fuel burn on its largest jets has opened a window of opportunity for Boeing, which has begun discussions about the 747-8, said John Wojick, senior vice president for sales and marketing at the Chicago-based manufacturer’s commercial airplane unit.
While neither the A380 nor the 747-8 are major commercial hits, sales of the Boeing model have been particularly lackluster, forcing the manufacturer to slash production rates. Emirates is the biggest buyer of the A380 and Boeing’s popular 777, the largest twin-engine aircraft available, and the carrier has pushed Airbus to put more efficient engines on its A380."
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