Dubai International Capital completes sale of Mauser to Clayton, Dubilier & Rice - Zawya:
"Dubai International Capital LLC (' DIC '), the private equity arm of Dubai Holding , today announced that it has completed the sale of MAUSER Group ('MAUSER' or 'the Group') to Clayton, Dubilier & Rice ('CD&R') for c. $1.7 billion. The agreement for this sale was announced on 12 May 2014.
David Smoot, Chief Executive Officer of DIC , commented: "We are extremely pleased with the outcome of the MAUSER sale. This transaction demonstrated DIC 's ability to improve and grow the companies it has invested in to ultimately achieve an attractive value at the point of exit. We are now focused on continuing to enhance the value of our remaining portfolio as we prepare the companies for an eventual exit."
MAUSER, a worldwide leading producer of rigid industrial packaging with approximately 4,400 employees and consolidated revenues of over $1.6 billion, was originally acquired by DIC in 2007 in a deal that valued the Group at c. $1.1 billion."
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Monday, 4 August 2014
What the Ukraine crisis will do to the Middle Eastern economy - Your Middle East
What the Ukraine crisis will do to the Middle Eastern economy - Your Middle East:
"In the aftermath of the tragic plane crash of MH17, where 289 people tragically and senselessly lost their lives, the US along with the European Council have declared more severe sanctions on Russia targeting the oil sector, defence equipment and sensitive technologies. Earlier in the month, the political crisis in the Ukraine had already made headlines and led to the West taking up a strongly supportive stance in favour of sanctions by enforcing an asset ban and travel freeze on selected Russian officials and fast-tracking $1 billion USD in aid to Ukraine.
It was already prior to the tragic incident that targeting Russian industries with larger and more powerful sanctions would be ‘disruptive to the global economy’ and that more severe sanctions would deepen Russian isolation. These consequences have now materialised and they are likely to present implications for the Middle Eastern economy.
The reasons for this are three-fold. While Gulf States including Saudi Arabia, Qatar, Kuwait and the UAE generate almost all of their income from the sale of hydrocarbons, sanctions on Russian oil imports by the USA and EU will initially translate into a huge price hike for Middle Eastern oil exporters."
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"In the aftermath of the tragic plane crash of MH17, where 289 people tragically and senselessly lost their lives, the US along with the European Council have declared more severe sanctions on Russia targeting the oil sector, defence equipment and sensitive technologies. Earlier in the month, the political crisis in the Ukraine had already made headlines and led to the West taking up a strongly supportive stance in favour of sanctions by enforcing an asset ban and travel freeze on selected Russian officials and fast-tracking $1 billion USD in aid to Ukraine.
It was already prior to the tragic incident that targeting Russian industries with larger and more powerful sanctions would be ‘disruptive to the global economy’ and that more severe sanctions would deepen Russian isolation. These consequences have now materialised and they are likely to present implications for the Middle Eastern economy.
The reasons for this are three-fold. While Gulf States including Saudi Arabia, Qatar, Kuwait and the UAE generate almost all of their income from the sale of hydrocarbons, sanctions on Russian oil imports by the USA and EU will initially translate into a huge price hike for Middle Eastern oil exporters."
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Foreigners invest $941m in Saudi proxy shares hoping for ownership rights « ArabianMoney
Foreigners invest $941m in Saudi proxy shares hoping for ownership rights « ArabianMoney:
"Foreign investors spend a total of $941 million on Saudi proxy shares last month, more than double the amount in June after an announcement promised full ownership rights early next year.
At the moment foreigners cannot directly own Saudi Arabian stocks. But they can enter into a complex proxy arrangement whereby a Saudi national owns the shares but they benefit from the share price movements and dividends."
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"Foreign investors spend a total of $941 million on Saudi proxy shares last month, more than double the amount in June after an announcement promised full ownership rights early next year.
At the moment foreigners cannot directly own Saudi Arabian stocks. But they can enter into a complex proxy arrangement whereby a Saudi national owns the shares but they benefit from the share price movements and dividends."
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Chris Weafer: Sanctions against Sberbank, VTB unlikely to play havoc with Russia in 2014 but 2015 may be worse | EmergingMarkets.me
Chris Weafer: Sanctions against Sberbank, VTB unlikely to play havoc with Russia in 2014 but 2015 may be worse | EmergingMarkets.me:
"Chris Weafer, who has spent 15 years as a top researcher in Russian investment banking, argues that the European Union’s sanctions against Russia’s biggest bank Sberbank and number-two lender VTB are unlikely to cause “a major disruption” to the Russian economy this year.
However, the punitive measures against the two firms will “put a drag on investment spending in 2015”, Weafer, a founding partner at Moscow-based investment consultancy Macro-Advisory, said in a piece written a few days before the EU blacklisted Sberbank, VTB and three other state-controlled lenders for their alleged roles in the Kremlin’s involvement in Ukraine.
Weafer, who a while ago was chief investment strategist at Sberbank and had previously been Russia strategist for UralSib, chief strategist at Alfa Bank, and head of research at Troika Dialog, also described the EU penalties against Sberbank and VTB as a first step towards so-called “tier 3” sanctions, which would penalise whole sectors of the Russian economy."
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"Chris Weafer, who has spent 15 years as a top researcher in Russian investment banking, argues that the European Union’s sanctions against Russia’s biggest bank Sberbank and number-two lender VTB are unlikely to cause “a major disruption” to the Russian economy this year.
However, the punitive measures against the two firms will “put a drag on investment spending in 2015”, Weafer, a founding partner at Moscow-based investment consultancy Macro-Advisory, said in a piece written a few days before the EU blacklisted Sberbank, VTB and three other state-controlled lenders for their alleged roles in the Kremlin’s involvement in Ukraine.
Weafer, who a while ago was chief investment strategist at Sberbank and had previously been Russia strategist for UralSib, chief strategist at Alfa Bank, and head of research at Troika Dialog, also described the EU penalties against Sberbank and VTB as a first step towards so-called “tier 3” sanctions, which would penalise whole sectors of the Russian economy."
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Times of Oman | News :: Fiscal scenario in Oman remains upbeat
Times of Oman | News :: Fiscal scenario in Oman remains upbeat:
"Capital Intelligence (CI) has affirmed Oman's long-term foreign and local currency sovereign ratings at 'A' and its short-term foreign and local currency ratings at 'A1.' The outlook for the ratings is 'stable,' according to a release.
Oman's ratings reflect a track record of reasonably prudent economic management, which — combined with favourable oil prices — has led to a run of budget surpluses, low levels of public debt and comparatively strong external finances. The ratings are also underpinned by the government's substantial stock of external assets and the currently sound banking system.
Oman's economic performance remains satisfactory. The economy expanded by about five per cent for the second year in a row in 2013, supported by increased hydrocarbon production and an expansionary fiscal policy. The short-term prospects for the economy are broadly favourable, with the pace of economic growth expected to ease to an average 3.5 per cent during 2014-16, partly due to slower growth in government spending. Inflation eased to 1.9 per cent in 2013 and is expected to remain at a moderate three per cent during 2014-16."
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"Capital Intelligence (CI) has affirmed Oman's long-term foreign and local currency sovereign ratings at 'A' and its short-term foreign and local currency ratings at 'A1.' The outlook for the ratings is 'stable,' according to a release.
Oman's ratings reflect a track record of reasonably prudent economic management, which — combined with favourable oil prices — has led to a run of budget surpluses, low levels of public debt and comparatively strong external finances. The ratings are also underpinned by the government's substantial stock of external assets and the currently sound banking system.
Oman's economic performance remains satisfactory. The economy expanded by about five per cent for the second year in a row in 2013, supported by increased hydrocarbon production and an expansionary fiscal policy. The short-term prospects for the economy are broadly favourable, with the pace of economic growth expected to ease to an average 3.5 per cent during 2014-16, partly due to slower growth in government spending. Inflation eased to 1.9 per cent in 2013 and is expected to remain at a moderate three per cent during 2014-16."
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BTG Teams Up With Abu Dhabi Fund for Ariel Re Acquisition - Businessweek
BTG Teams Up With Abu Dhabi Fund for Ariel Re Acquisition - Businessweek:
"Grupo BTG Pactual, Brazil’s only publicly traded independent investment bank, is partnering with shareholder Abu Dhabi Investment Council to expand its reinsurance business, said Chief Executive Officer Andre Esteves.
BTG and the sovereign fund will each take a 50 percent stake in Ariel Re, the reinsurance unit that BTG has said it’s acquiring from Global Atlantic Financial Group Ltd., Esteves said in an interview. BTG announced the acquisition of Ariel Re on July 10, without disclosing its partner or financial terms.
The Sao Paulo-based lender controlled by Esteves is expanding internationally as Brazil’s growth slows. It said last month it agreed to buy Assicurazioni Generali SpA’s Swiss private-banking unit for 1.5 billion Swiss francs ($1.7 billion) to help build a global private-banking platform.
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"Grupo BTG Pactual, Brazil’s only publicly traded independent investment bank, is partnering with shareholder Abu Dhabi Investment Council to expand its reinsurance business, said Chief Executive Officer Andre Esteves.
BTG and the sovereign fund will each take a 50 percent stake in Ariel Re, the reinsurance unit that BTG has said it’s acquiring from Global Atlantic Financial Group Ltd., Esteves said in an interview. BTG announced the acquisition of Ariel Re on July 10, without disclosing its partner or financial terms.
The Sao Paulo-based lender controlled by Esteves is expanding internationally as Brazil’s growth slows. It said last month it agreed to buy Assicurazioni Generali SpA’s Swiss private-banking unit for 1.5 billion Swiss francs ($1.7 billion) to help build a global private-banking platform.
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Peak oil proponents still dancing around reality | The National
Peak oil proponents still dancing around reality | The National:
"The debate over whether we are running out of oil sometimes resembles the medieval controversy over how many angels could dance on the head of a pin. By redefining the size of the pin and the agility of the angels, today’s “peak oil” proponents have managed to continue the argument.
The characters have changed though. Matthew Simmons, author of Twilight in the Desert, casting doubt on Saudi oil production, died in August 2010, and the Oil Drum website closed down last September.
New disputants, including economist James Hamilton from the University of California, and Stephen Kopits, the managing director of the consultancy Douglas-Westwood, argue that oil production is limited by geology and is a severe drag on economic growth."
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"The debate over whether we are running out of oil sometimes resembles the medieval controversy over how many angels could dance on the head of a pin. By redefining the size of the pin and the agility of the angels, today’s “peak oil” proponents have managed to continue the argument.
The characters have changed though. Matthew Simmons, author of Twilight in the Desert, casting doubt on Saudi oil production, died in August 2010, and the Oil Drum website closed down last September.
New disputants, including economist James Hamilton from the University of California, and Stephen Kopits, the managing director of the consultancy Douglas-Westwood, argue that oil production is limited by geology and is a severe drag on economic growth."
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Reforms will make UAE stock market listings more competitive | The National
Reforms will make UAE stock market listings more competitive | The National:
"With new rules introduced last month by the Ministry of Economy, observers say an important step has been taken towards making listings on the local bourses more attractive.
The regulations allow for companies to use existing shares or raise fresh equity capital when listing on the Abu Dhabi Securities Exchange or Dubai Financial Market.
The framework is a marked improvement to the existing one, in which companies had to increase their capital by 55 per cent and founding shareholders had to lock up their equity for two years following the initial public offering."
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"With new rules introduced last month by the Ministry of Economy, observers say an important step has been taken towards making listings on the local bourses more attractive.
The regulations allow for companies to use existing shares or raise fresh equity capital when listing on the Abu Dhabi Securities Exchange or Dubai Financial Market.
The framework is a marked improvement to the existing one, in which companies had to increase their capital by 55 per cent and founding shareholders had to lock up their equity for two years following the initial public offering."
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Private Banks need to adapt to changing needs of the region | GulfNews.com
Private Banks need to adapt to changing needs of the region | GulfNews.com:
"Private banking land scape in the Middle East is fast changing with the rapid growth in private wealth, increased completion competition among local and international private wealth managers, and the changing needs of the new generation wealthy, said Fouad Hamiyeh, regional head of Credit Agricole Private Banking.
“Private banking requirements of the region are changing rapidly and the industry needs to adapt quickly if they want to stay in the game,” said Hamiyeh.
Post-9/11 and post-global financial crisis there have been huge regulatory demands on the private banking industry to be more transparent. The changes according to Hamiyeh have been positive for both the industry and clients across the world."
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"Private banking land scape in the Middle East is fast changing with the rapid growth in private wealth, increased completion competition among local and international private wealth managers, and the changing needs of the new generation wealthy, said Fouad Hamiyeh, regional head of Credit Agricole Private Banking.
“Private banking requirements of the region are changing rapidly and the industry needs to adapt quickly if they want to stay in the game,” said Hamiyeh.
Post-9/11 and post-global financial crisis there have been huge regulatory demands on the private banking industry to be more transparent. The changes according to Hamiyeh have been positive for both the industry and clients across the world."
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Rusal Says All Creditors Approve Amendments to $5.2 Billion Debt - Bloomberg
Rusal Says All Creditors Approve Amendments to $5.2 Billion Debt - Bloomberg:
"United Co. Rusal (486) said all creditors have now agreed to its proposed changes to terms on two loans, for $4.75 billion and $400 million, averting the need for the world’s largest aluminum producer to pursue court action.
The company will proceed to carry out the loan amendment agreement “as soon as practicable,” Moscow-based Rusal said in a statement. The consensual sign-off by all creditors means Rusal may no longer need to pursue its action in English and Jersey courts, Rusal said.
Rusal, controlled by Russian billionaire Oleg Deripaska, said in June it will seek court approval for a so-called scheme of arrangement, which allows debt restructuring when at least 75 percent of creditors by value agree on it. Some of Rusal’s creditors were holding out for unjustified premiums, said Oleg Mukhamedshin, a Rusal deputy chief executive officer, on a call with reporters June 27."
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"United Co. Rusal (486) said all creditors have now agreed to its proposed changes to terms on two loans, for $4.75 billion and $400 million, averting the need for the world’s largest aluminum producer to pursue court action.
The company will proceed to carry out the loan amendment agreement “as soon as practicable,” Moscow-based Rusal said in a statement. The consensual sign-off by all creditors means Rusal may no longer need to pursue its action in English and Jersey courts, Rusal said.
Rusal, controlled by Russian billionaire Oleg Deripaska, said in June it will seek court approval for a so-called scheme of arrangement, which allows debt restructuring when at least 75 percent of creditors by value agree on it. Some of Rusal’s creditors were holding out for unjustified premiums, said Oleg Mukhamedshin, a Rusal deputy chief executive officer, on a call with reporters June 27."
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Aeroflot Grounds Low-Cost Unit Due to EU Sanctions - Bloomberg
Aeroflot Grounds Low-Cost Unit Due to EU Sanctions - Bloomberg:
"OAO Aeroflot, Russia’s state-run flag carrier, suspended flights of its low-cost unit due to European Union sanctions imposed in response to the Ukraine crisis.
European companies annulled leasing, servicing and insurance contracts with the unit, OOO Dobrolet, Aeroflot said yesterday in an e-mailed statement. Its destinations had included Simferopol, the regional capital of the Crimean region, which was annexed by Russia in March.
Dobrolet’s grounding is among the most visible results so far of sanctions the EU extended at the end of last month to punish Russian President Vladimir Putin for his support of anti-government separatists in Ukraine. European leaders and U.S. President Barack Obama have urged Putin to use his influence on rebels in eastern Ukraine after the downing of Malaysian Air Flight MH17."
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"OAO Aeroflot, Russia’s state-run flag carrier, suspended flights of its low-cost unit due to European Union sanctions imposed in response to the Ukraine crisis.
European companies annulled leasing, servicing and insurance contracts with the unit, OOO Dobrolet, Aeroflot said yesterday in an e-mailed statement. Its destinations had included Simferopol, the regional capital of the Crimean region, which was annexed by Russia in March.
Dobrolet’s grounding is among the most visible results so far of sanctions the EU extended at the end of last month to punish Russian President Vladimir Putin for his support of anti-government separatists in Ukraine. European leaders and U.S. President Barack Obama have urged Putin to use his influence on rebels in eastern Ukraine after the downing of Malaysian Air Flight MH17."
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Egypt IPOs Set for Revival as Etisalat Is Said to Consider Sale - Bloomberg
Egypt IPOs Set for Revival as Etisalat Is Said to Consider Sale - Bloomberg:
"Etisalat Misr, the Egyptian unit of Emirates Telecommunications Corp. (ETISALAT), is poised to revive initial public offerings in the country with a planned $500 million sale.
The company asked banks for proposals to manage an IPO that may be the largest on the Egyptian bourse in almost five years, according to three people familiar with the situation. A successful sale would make Etisalat the only mobile operator listed on the exchange, fueling investor confidence in a market whose benchmark EGX 30 Index rose about 30 percent this year, according to Mona El Shazly, a Cairo-based senior research analyst at Pharos Holding for Financial Investments.
“It would be a trigger for all postponed projects if they see a good market reaction” to Etisalat Misr, El Shazly said by phone yesterday. “This IPO has been delayed since before the revolution in 2011. For them to consider it again is very positive for the market.”"
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"Etisalat Misr, the Egyptian unit of Emirates Telecommunications Corp. (ETISALAT), is poised to revive initial public offerings in the country with a planned $500 million sale.
The company asked banks for proposals to manage an IPO that may be the largest on the Egyptian bourse in almost five years, according to three people familiar with the situation. A successful sale would make Etisalat the only mobile operator listed on the exchange, fueling investor confidence in a market whose benchmark EGX 30 Index rose about 30 percent this year, according to Mona El Shazly, a Cairo-based senior research analyst at Pharos Holding for Financial Investments.
“It would be a trigger for all postponed projects if they see a good market reaction” to Etisalat Misr, El Shazly said by phone yesterday. “This IPO has been delayed since before the revolution in 2011. For them to consider it again is very positive for the market.”"
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