TAPI project, vehicle for Asian blue fuel - AzerNews:
"The Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project which is designed to originate from gas-rich Turkmenistan is seen as an alluring route for transporting 'blue fuel' from Central to South of Asia.
Media reports about Uzbekistan's intention to join the TAPI to export its natural gas have been met with interest, even making some cynics to start believing in the success of the project.
Sureyya Yigit, a lecturer at Istanbul Aydin University thinks Uzbekistan's joining the TAPI project would add impetus to getting the project off the ground, but Tashkent's chances for joining the route are extremely low."
'via Blog this'
Thursday, 7 August 2014
Dubai’s Amlak Agrees $2.7 Billion Debt Deal With Creditors - Bloomberg
Dubai’s Amlak Agrees $2.7 Billion Debt Deal With Creditors - Bloomberg:
"Amlak Finance PJSC (AMLAK), the Dubai-based Islamic mortgage provider, has agreed to a $2.7 billion debt restructuring that may pave the way for its shares to resume trading after they were suspended in 2008.
The committee appointed by the United Arab Emirates government to negotiate the deal “expects the restructuring to be completed and fully implemented in 2014,” with the stock likely to resume trading in Dubai by early 2015, Sultan Bin Saeed Al Mansoori, the U.A.E.’s Minister of Economy and chairman of the committee, said in an e-mailed statement today. Amlak will shortly make an initial payment of about 2 billion dirhams ($545 million) to lenders, with the remaining debt paid over 12 years, according to the statement.
The company part-owned by Emaar Properties PJSC (EMAAR) met lenders in June to present the deal, a spokesman said last month. Amlak shares were halted from trading after the global credit crisis blocked the company’s access to borrowing, its main source of funding, and it was forced to negotiate with creditors. The lender reported a third-quarter loss of 40 million dirhams in 2011, the last time it disclosed financial results, according to filings on the Dubai Financial Market."
'via Blog this'
"Amlak Finance PJSC (AMLAK), the Dubai-based Islamic mortgage provider, has agreed to a $2.7 billion debt restructuring that may pave the way for its shares to resume trading after they were suspended in 2008.
The committee appointed by the United Arab Emirates government to negotiate the deal “expects the restructuring to be completed and fully implemented in 2014,” with the stock likely to resume trading in Dubai by early 2015, Sultan Bin Saeed Al Mansoori, the U.A.E.’s Minister of Economy and chairman of the committee, said in an e-mailed statement today. Amlak will shortly make an initial payment of about 2 billion dirhams ($545 million) to lenders, with the remaining debt paid over 12 years, according to the statement.
The company part-owned by Emaar Properties PJSC (EMAAR) met lenders in June to present the deal, a spokesman said last month. Amlak shares were halted from trading after the global credit crisis blocked the company’s access to borrowing, its main source of funding, and it was forced to negotiate with creditors. The lender reported a third-quarter loss of 40 million dirhams in 2011, the last time it disclosed financial results, according to filings on the Dubai Financial Market."
'via Blog this'
Dubai Government-Owned Developer Meraas Holding Mulls IPO - WSJ
Dubai Government-Owned Developer Meraas Holding Mulls IPO - WSJ:
"Dubai government-owned property developer Meraas Holding is considering selling shares to the public as the regional real-estate market continues its rapid recovery from the financial crisis, according to three people familiar with the matter.
The real-estate company, which has close links to Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, recently sent a request for proposals to banks who have until September to reply, said one of the three people who has seen the RFP. Meraas is asking banks to advise on improving the company's general capital structure and equity financing options, including an initial public offering, said the people.
Dubai's real-estate market has rebounded briskly in the past year in large part because of the strengthening local economy, which has been revitalized by a surge in tourism and trade activity. The emirate has also won the rights to host the World Expo in 2020, while index compiler MSCI Inc. upgraded the United Arab Emirates to emerging market status earlier this year, further boosting sentiment."
'via Blog this'
"Dubai government-owned property developer Meraas Holding is considering selling shares to the public as the regional real-estate market continues its rapid recovery from the financial crisis, according to three people familiar with the matter.
The real-estate company, which has close links to Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, recently sent a request for proposals to banks who have until September to reply, said one of the three people who has seen the RFP. Meraas is asking banks to advise on improving the company's general capital structure and equity financing options, including an initial public offering, said the people.
Dubai's real-estate market has rebounded briskly in the past year in large part because of the strengthening local economy, which has been revitalized by a surge in tourism and trade activity. The emirate has also won the rights to host the World Expo in 2020, while index compiler MSCI Inc. upgraded the United Arab Emirates to emerging market status earlier this year, further boosting sentiment."
'via Blog this'
Go long Harrods | FT Alphaville
Go long Harrods | FT Alphaville:
'via Blog this'
Click for the Russian government’s official decree banning food imports from the US, EU, Canada, Australia and the Kingdom of Norway…
And thus, the west will be punished for cutting the commanding heights of Russia’s economy (and its state-owned banks) out of its financial system… by not being able to sell Russians parmesan and brie.
Bad day to be a retailer then, particularly Russia’s largest — Magnit was down 3.5 per cent in Moscow at pixel time — or to be an ordinary Russian for that matter.
As the FT said on Wednesday when flagging these sanctions:
If implemented, the broad bans could hurt European and American agricultural and food exporters hard, but also have the potential to drive up already high inflation in Russia and even trigger shortages of some goods.According to IHS, Russia is the largest export market for fruit and vegetables from the EU, at €2bn a year, and the second-largest export market for American poultry.
Sands are shifting but can Dubai avoid property bust? - CNN.com
Sands are shifting but can Dubai avoid property bust? - CNN.com:
"A little more than 20 years ago, Dubai was an arid desert outpost on the shores of the Persian Gulf.
Today, world famous architecture rises high above the city's streets, vast columns of cars roar along highways that reach out to its ever expanding suburbs while offices for some of the world's largest firms populate the flash new business district downtown.
It has been a truly remarkable transformation in such a short space of time.
The next stage of Dubai's development will see it host the World Expo in 2020, an event that has added a further dose of fuel to the booming construction sector that has made these changes possible."
'via Blog this'
"A little more than 20 years ago, Dubai was an arid desert outpost on the shores of the Persian Gulf.
Today, world famous architecture rises high above the city's streets, vast columns of cars roar along highways that reach out to its ever expanding suburbs while offices for some of the world's largest firms populate the flash new business district downtown.
It has been a truly remarkable transformation in such a short space of time.
The next stage of Dubai's development will see it host the World Expo in 2020, an event that has added a further dose of fuel to the booming construction sector that has made these changes possible."
'via Blog this'
Russia and Iran sign $20bn oil deal | Middle East Eye
Russia and Iran sign $20bn oil deal | Middle East Eye:
"Russia and Iran penned a trade deal worth $20 bn with Iran on Wednesday, which could help Russia and Iran both sidestep the impact of Western sanctions.
Under the terms of a five-year accord, Russia will help Iran organise oil sales as well as “cooperate in the oil-gas industry, construction of power plants, grids, supply of machinery, consumer goods and agriculture products”, according to a statement by the Energy Ministry in Moscow.
The deal will see the Russians work closely with Iran to revive its oil market, which has been hard hit by Western sanctions in recent years."
'via Blog this'
"Russia and Iran penned a trade deal worth $20 bn with Iran on Wednesday, which could help Russia and Iran both sidestep the impact of Western sanctions.
Under the terms of a five-year accord, Russia will help Iran organise oil sales as well as “cooperate in the oil-gas industry, construction of power plants, grids, supply of machinery, consumer goods and agriculture products”, according to a statement by the Energy Ministry in Moscow.
The deal will see the Russians work closely with Iran to revive its oil market, which has been hard hit by Western sanctions in recent years."
'via Blog this'
MIDEAST STOCKS-Property firms and banks sink UAE; other markets sluggish | Agricultural Commodities | Reuters
MIDEAST STOCKS-Property firms and banks sink UAE; other markets sluggish | Agricultural Commodities | Reuters:
"Most Gulf stock markets consolidated on Wednesday because of a weak global environment and a lack of fresh, positive news as the second-quarter earnings reporting season drew to a close in many countries. Profit-taking in property firms and banks pulled down Dubai and Abu Dhabi.
European stocks suffered their biggest one-day fall in nearly a month after another slump on Wall Street and tensions over Ukraine created a mood of risk aversion. Brent crude oil posted its weakest close since November 2013 on Tuesday, though it partially recovered on Wednesday.
This affected the Gulf, where the long-term economic and market outlook remains positive but with second-quarter earnings season mostly over, short-term retail investors see few new incentives to buy on the immediate horizon."
'via Blog this'
"Most Gulf stock markets consolidated on Wednesday because of a weak global environment and a lack of fresh, positive news as the second-quarter earnings reporting season drew to a close in many countries. Profit-taking in property firms and banks pulled down Dubai and Abu Dhabi.
European stocks suffered their biggest one-day fall in nearly a month after another slump on Wall Street and tensions over Ukraine created a mood of risk aversion. Brent crude oil posted its weakest close since November 2013 on Tuesday, though it partially recovered on Wednesday.
This affected the Gulf, where the long-term economic and market outlook remains positive but with second-quarter earnings season mostly over, short-term retail investors see few new incentives to buy on the immediate horizon."
'via Blog this'
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