Saudi Arabia Drafts Foreign Limits for $580 Billion Bourse - Bloomberg:
"Saudi Arabia set out draft proposals on foreign-shareholder limits as one of the world’s most restricted stock markets prepares to open its doors for the first time to investors outside the region.
The Capital Market Authority may cap foreign ownership of a single stock to 49 percent, it said in plans posted on the Riyadh-based regulator’s website today. It may also set a 5 percent limit for qualified foreign investors, or QFIs, in a single stock, and a 20 percent ceiling for QFIs and approved QFI clients combined, it said.
Saudi Arabia, the world’s biggest exporter of oil, is removing barriers to its stock market as the kingdom pursues a $130 billion spending plan to boost non-energy industries. The country’s bourse may be added to MSCI Inc.’s emerging-markets gauge by 2017 at the earliest, Sebastien Lieblich, executive director at MSCI Index Research, said in July, adding the nation may account for about 4 percent of the index. MSCI is reviewing the draft rules and may share its views and comments directly with the CMA, Lieblich said by e-mail today."
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Thursday, 21 August 2014
U.K. Recovers $498,000 From Criminal’s Dubai Home Sale - Bloomberg
U.K. Recovers $498,000 From Criminal’s Dubai Home Sale - Bloomberg:
"U.K. authorities recovered more than 300,000 pounds ($498,000) from the sale of a convicted drug trafficker’s home in Dubai in the first such confiscation involving the United Arab Emirates.
The apartment in Dubai Marina was owned by Redwan El-Ghaidouni, 37, who was convicted at Kingston Crown Court in March 2011 on drug charges, the Crown Prosecution service said in a statement on its website.
A confiscation order in 2012 for about 417,000 pounds, was fully satisfied by the sale and the money was transferred to the British public purse under an asset-sharing agreement with the U.A.E., according to the CPS statement."
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"U.K. authorities recovered more than 300,000 pounds ($498,000) from the sale of a convicted drug trafficker’s home in Dubai in the first such confiscation involving the United Arab Emirates.
The apartment in Dubai Marina was owned by Redwan El-Ghaidouni, 37, who was convicted at Kingston Crown Court in March 2011 on drug charges, the Crown Prosecution service said in a statement on its website.
A confiscation order in 2012 for about 417,000 pounds, was fully satisfied by the sale and the money was transferred to the British public purse under an asset-sharing agreement with the U.A.E., according to the CPS statement."
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MIDEAST STOCKS-Qatar hits record closing high as Gulf ignores oil price slump | Reuters
MIDEAST STOCKS-Qatar hits record closing high as Gulf ignores oil price slump | Reuters:
"Qatar's bourse hit a record closing high on Thursday ahead of MSCI raising the weights of three Doha-listed firms in its emerging market index. Other Gulf exchanges were also upbeat as investors shrugged off a renewed drop in oil prices.
The main Qatari index rose 0.7 percent to 13,776 points, up 33 percent in 2014.
Industries Qatar (IQ) was the main support, rising 1.4 percent. IQ has gained 10.5 percent since it posted a 38 percent drop in second-quarter profit on Aug. 10, missing analysts' estimates."
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"Qatar's bourse hit a record closing high on Thursday ahead of MSCI raising the weights of three Doha-listed firms in its emerging market index. Other Gulf exchanges were also upbeat as investors shrugged off a renewed drop in oil prices.
The main Qatari index rose 0.7 percent to 13,776 points, up 33 percent in 2014.
Industries Qatar (IQ) was the main support, rising 1.4 percent. IQ has gained 10.5 percent since it posted a 38 percent drop in second-quarter profit on Aug. 10, missing analysts' estimates."
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CBR Calls On Banks to Establish Alternative to SWIFT amid Sanctions | Russia | RIA Novosti
CBR Calls On Banks to Establish Alternative to SWIFT amid Sanctions | Russia | RIA Novosti:
"The Central Bank of Russia has urged the country’s banking community to establish alternative channels of interbank communications to replace the SWIFT (Society for Worldwide Interbank Financial Telecommunications) system, Kommersant reported Thursday, citing a CBR letter.
The letter, obtained by Kommersant, was sent to Russian banking institutions in early August, a few days after the United States and the European Union introduced new sanctions against some Russian banks. In the document, the central bank argues that the creation of integrated national financial messaging infrastructure is an issue of national economic security.
The vast majority of bank-to-bank transactions are conducted via SWIFT, which allows foreign banks to request information concerning clients and block operations if the obtained data does not satisfy them. The transition to a communications channel unrestricted by Western regulations would take at least a year, a banking expert told Kommersant."
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"The Central Bank of Russia has urged the country’s banking community to establish alternative channels of interbank communications to replace the SWIFT (Society for Worldwide Interbank Financial Telecommunications) system, Kommersant reported Thursday, citing a CBR letter.
The letter, obtained by Kommersant, was sent to Russian banking institutions in early August, a few days after the United States and the European Union introduced new sanctions against some Russian banks. In the document, the central bank argues that the creation of integrated national financial messaging infrastructure is an issue of national economic security.
The vast majority of bank-to-bank transactions are conducted via SWIFT, which allows foreign banks to request information concerning clients and block operations if the obtained data does not satisfy them. The transition to a communications channel unrestricted by Western regulations would take at least a year, a banking expert told Kommersant."
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Dubai's Nakheel to pay $2.1 billion in debt early | The Salt Lake Tribune
Dubai's Nakheel to pay $2.1 billion in debt early | The Salt Lake Tribune:
"Nakheel, the Dubai developer behind the famed man-made palm-shaped islands, said Wednesday it is repaying $2.15 billion this month — nearly four years before the last installment is due.
The indebted state developer was scheduled to repay the credit over three installments between September 2015 and March 2018. Nakheel said it made early repayments of $640 million in February. The remaining $1.51 billion is being paid and cleared this month, it said.
Nakheel will pay the $1.51 billion to 31 banks, of which almost $940 million will go to UAE banks and $570 million to overseas banks. The company said it will also pay interest of around $35 million covering the six months from end of February to end of August."
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"Nakheel, the Dubai developer behind the famed man-made palm-shaped islands, said Wednesday it is repaying $2.15 billion this month — nearly four years before the last installment is due.
The indebted state developer was scheduled to repay the credit over three installments between September 2015 and March 2018. Nakheel said it made early repayments of $640 million in February. The remaining $1.51 billion is being paid and cleared this month, it said.
Nakheel will pay the $1.51 billion to 31 banks, of which almost $940 million will go to UAE banks and $570 million to overseas banks. The company said it will also pay interest of around $35 million covering the six months from end of February to end of August."
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Loss of Iran as Natural Gas Purchaser sees Turkmens Dependent on China
Loss of Iran as Natural Gas Purchaser sees Turkmens Dependent on China:
"Ninety percent of Turkmenistan’s exports are hydrocarbons. And 70 percent of all Turkmenistan’s exports went to China last year. So news that Iran, one of the country’s top three gas buyers, will soon stop importing Turkmen gas cannot be welcome in Ashgabat. It is almost like Turkmenistan threw off the Russian yoke only to shoulder China’s.
On August 11, Iranian Oil Minister Bijan Namdar Zanganeh said Iran would no longer need Turkmen gas as of next year, news agency Trend.az quoted him as saying. Zanganeh explained that Iran is ramping up domestic production."
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"Ninety percent of Turkmenistan’s exports are hydrocarbons. And 70 percent of all Turkmenistan’s exports went to China last year. So news that Iran, one of the country’s top three gas buyers, will soon stop importing Turkmen gas cannot be welcome in Ashgabat. It is almost like Turkmenistan threw off the Russian yoke only to shoulder China’s.
On August 11, Iranian Oil Minister Bijan Namdar Zanganeh said Iran would no longer need Turkmen gas as of next year, news agency Trend.az quoted him as saying. Zanganeh explained that Iran is ramping up domestic production."
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Standard Chartered to axe most SME services in the UAE after $300m fine by New York regulator | The National
Standard Chartered to axe most SME services in the UAE after $300m fine by New York regulator | The National:
"Standard Chartered is set to cut banking services to most of its small and medium enterprise (SME) customers in the UAE after it was sanctioned by financial authorities in the United States for failing to do enough to flag up potential high-risk transactions originating from its UAE branches.
The New York State Department of Financial Services (DFS) said on Tuesday that Standard Chartered had agreed to a US$300 million (Dh1.1bn) settlement and a series of remedial measures after an independent monitoring regime judged that the bank had failed to identify a large number of potentially high-risk transactions for further review.
“A significant number” of the potentially high-risk transactions originated from the bank’s branches in the UAE and its subsidiary in Hong Kong, said the DFS."
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"Standard Chartered is set to cut banking services to most of its small and medium enterprise (SME) customers in the UAE after it was sanctioned by financial authorities in the United States for failing to do enough to flag up potential high-risk transactions originating from its UAE branches.
The New York State Department of Financial Services (DFS) said on Tuesday that Standard Chartered had agreed to a US$300 million (Dh1.1bn) settlement and a series of remedial measures after an independent monitoring regime judged that the bank had failed to identify a large number of potentially high-risk transactions for further review.
“A significant number” of the potentially high-risk transactions originated from the bank’s branches in the UAE and its subsidiary in Hong Kong, said the DFS."
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Jeff Singer resigns as DIFC Authority chief executive | The National
Jeff Singer resigns as DIFC Authority chief executive | The National:
"Jeff Singer has resigned as the chief executive of the Dubai International Financial Centre Authority (DIFC).
The departure, said to be “for personal reasons” by people familiar with the situation, ends his six-year relationship with the DIFC.
Mr Singer joined the Dubai International Financial Exchange, the DIFC’s international stock market, in 2008 and oversaw its transition into the Nasdaq Dubai market."
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"Jeff Singer has resigned as the chief executive of the Dubai International Financial Centre Authority (DIFC).
The departure, said to be “for personal reasons” by people familiar with the situation, ends his six-year relationship with the DIFC.
Mr Singer joined the Dubai International Financial Exchange, the DIFC’s international stock market, in 2008 and oversaw its transition into the Nasdaq Dubai market."
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A turnaround comes too fast for stalled projects | GulfNews.com
A turnaround comes too fast for stalled projects | GulfNews.com:
"The turnaround in Dubai’s property market had lifted sales values, rentals and investor sentiments. It did not just end there — over the last 12 months, the upturn had also managed to revive the fortunes of those stalled projects that were caught out by the downturn.
The moment an improvement in market fundamentals was noticed, investors and specialist funds came on board to acquire the sick projects and nurse them back into health by taking on the construction, either on their own or with the original developer involved. Dubai Land Department, which was overseeing the revival process, had, of late, been fast-tracking the transfer to the new set of investors as soon as they were able to show serious of intent. According to market sources, more than 50 per cent of the 100-odd affected projects have already gone through the transition.
But the pace of revival has come with unforeseen consequences for those investors who are trying to get in now. “The revival had been easier for the smaller and medium sized projects as the amounts needed were moderate,” said Sameer Lakhani, managing director at Global Capital Partners, an investment firm. “Perversely, the revival in asset values has made the process of revving some of the larger projects — especially in Dubailand — more difficult as the expectations of the various (original) stakeholders have also risen in consonance with the revival of the market."
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"The turnaround in Dubai’s property market had lifted sales values, rentals and investor sentiments. It did not just end there — over the last 12 months, the upturn had also managed to revive the fortunes of those stalled projects that were caught out by the downturn.
The moment an improvement in market fundamentals was noticed, investors and specialist funds came on board to acquire the sick projects and nurse them back into health by taking on the construction, either on their own or with the original developer involved. Dubai Land Department, which was overseeing the revival process, had, of late, been fast-tracking the transfer to the new set of investors as soon as they were able to show serious of intent. According to market sources, more than 50 per cent of the 100-odd affected projects have already gone through the transition.
But the pace of revival has come with unforeseen consequences for those investors who are trying to get in now. “The revival had been easier for the smaller and medium sized projects as the amounts needed were moderate,” said Sameer Lakhani, managing director at Global Capital Partners, an investment firm. “Perversely, the revival in asset values has made the process of revving some of the larger projects — especially in Dubailand — more difficult as the expectations of the various (original) stakeholders have also risen in consonance with the revival of the market."
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Oman’s Renaissance shares hit 8-week high on investment in unit | GulfNews.com
Oman’s Renaissance shares hit 8-week high on investment in unit | GulfNews.com:
"Shares in Oman’s Renaissance Services surged to an eight-week high on Wednesday after the company said its unit Topaz Energy and Marine had secured a $75 million investment from Standard Chartered Private Equity (SCPE).
SCPE will inject the equity in return for a 9.8 per cent stake in the business, Renaissance said in a statement to Oman’s bourse. The funds will be used to expand Topaz’s fleet and develop its business.
Renaissance’s shares were up 5.2 per cent at 0619 GMT, reaching their highest level since June 24."
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"Shares in Oman’s Renaissance Services surged to an eight-week high on Wednesday after the company said its unit Topaz Energy and Marine had secured a $75 million investment from Standard Chartered Private Equity (SCPE).
SCPE will inject the equity in return for a 9.8 per cent stake in the business, Renaissance said in a statement to Oman’s bourse. The funds will be used to expand Topaz’s fleet and develop its business.
Renaissance’s shares were up 5.2 per cent at 0619 GMT, reaching their highest level since June 24."
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Saudi Arabia Said to Seek Ministry Responses on Market Opening - Bloomberg
Saudi Arabia Said to Seek Ministry Responses on Market Opening - Bloomberg:
"Saudi Arabia, home to the biggest Arab stock exchange, is seeking feedback from government ministries on the proposed opening of its bourse to direct foreign investment, three people familiar with the matter said.
The draft rules will go for a wider consultation with banks, market participants, and the public once government ministries have responded, the people said, asking not to be named as the matter is private. Proposals include restricting foreign ownership in listed companies to 10 percent to 30 percent, according to two of the people.
The country’s Capital Market Authority said July 22 it will open the stock market to foreigners in the first half of 2015. This may prompt index provider MSCI Inc. (MSCI) to classify the gauge as an emerging market, luring as much as $40 billion of foreign cash, according to Schroders Plc."
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"Saudi Arabia, home to the biggest Arab stock exchange, is seeking feedback from government ministries on the proposed opening of its bourse to direct foreign investment, three people familiar with the matter said.
The draft rules will go for a wider consultation with banks, market participants, and the public once government ministries have responded, the people said, asking not to be named as the matter is private. Proposals include restricting foreign ownership in listed companies to 10 percent to 30 percent, according to two of the people.
The country’s Capital Market Authority said July 22 it will open the stock market to foreigners in the first half of 2015. This may prompt index provider MSCI Inc. (MSCI) to classify the gauge as an emerging market, luring as much as $40 billion of foreign cash, according to Schroders Plc."
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MIDEAST STOCKS-Banks lift Saudi to 6-year high; Suez project cheers Egypt | Reuters
MIDEAST STOCKS-Banks lift Saudi to 6-year high; Suez project cheers Egypt | Reuters:
"Banks led Saudi Arabia's stock index to a new six-year peak as trading volumes increased on Wednesday, while Egypt also extended gains. But other Gulf markets were subdued as a summer lull deepened.
The Saudi measure rose 0.5 percent to 10,716 points, its highest finish since January 2008. Nearly 270 million shares changed hands, a two-week high: Saudi Arabia has not suffered the summer trading slump of neighbouring bourses.
Eight of the 10 largest stocks advanced. Riyad Bank , which last month reported a 17 percent increase in second-quarter profit, rose 4.5 percent. Lenders SABB and Al Rajhi Bank climbed 3.2 and 0.3 percent respectively."
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"Banks led Saudi Arabia's stock index to a new six-year peak as trading volumes increased on Wednesday, while Egypt also extended gains. But other Gulf markets were subdued as a summer lull deepened.
The Saudi measure rose 0.5 percent to 10,716 points, its highest finish since January 2008. Nearly 270 million shares changed hands, a two-week high: Saudi Arabia has not suffered the summer trading slump of neighbouring bourses.
Eight of the 10 largest stocks advanced. Riyad Bank , which last month reported a 17 percent increase in second-quarter profit, rose 4.5 percent. Lenders SABB and Al Rajhi Bank climbed 3.2 and 0.3 percent respectively."
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