Dubai fund DIC expects Doncasters, Almatis sales in 18 months: CEO | Reuters:
"Dubai International Capital (DIC) should complete the sale of the two main assets remaining in its portfolio within 18 months, which will provide it with cash to cover its outstanding debt well ahead of scheduled repayment in two years.
Proceeds from the divestment of the five remaining assets should also give the private equity firm surplus funds to pass to its parent firm, Dubai Holding, to help finance its ambitious projects in the emirate, chief executive David Smoot said.
Part of the investment vehicle of Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum, DIC rose to prominence in the mid-2000s as it took stakes in global brands including Daimler and Sony, and at one point was heavily linked with a takeover of one of England's biggest soccer clubs, Liverpool FC."
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Friday, 24 October 2014
Warning from DFSA over Star-Dubai real estate scam | The National
Warning from DFSA over Star-Dubai real estate scam | The National:
"The Dubai Financial Services Authority has issued a warning pertaining to a real estate scam promoted by Star-Dubai, a company that displays what it claims is a Certificate of Incorporation from the regulator on its website.
The DFSA advises that it does not issue such certificates, and the yields offered of between 120-224 per cent profit per month by Star-Dubai are unrealistic.
“The DFSA strongly advises prospective investors in Dubai real estate not to respond to Star-Dubai Ltd or any other person or company representing the firm.” it said on Thursday."
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"The Dubai Financial Services Authority has issued a warning pertaining to a real estate scam promoted by Star-Dubai, a company that displays what it claims is a Certificate of Incorporation from the regulator on its website.
The DFSA advises that it does not issue such certificates, and the yields offered of between 120-224 per cent profit per month by Star-Dubai are unrealistic.
“The DFSA strongly advises prospective investors in Dubai real estate not to respond to Star-Dubai Ltd or any other person or company representing the firm.” it said on Thursday."
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Dubai businessman says bribery in Middle East commercial life ‘swept under the carpet’ | The National
Dubai businessman says bribery in Middle East commercial life ‘swept under the carpet’ | The National:
"Mishal Kanoo, the outspoken Dubai-based businessman, has called for stricter measures against bribery and corruption in commercial life in the region.
Speaking at a forum of the Alternative Investment Management Association in Dubai, Mr Kanoo spoke out against the problems, which he said had “been swept under the carpet in this part of the world”.
Mr Kanoo, whose family firm is one of the biggest diversified conglomerates in the UAE, said that “white collar crime” was a persistent problem in the region, and penalties against it are not severe enough."
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"Mishal Kanoo, the outspoken Dubai-based businessman, has called for stricter measures against bribery and corruption in commercial life in the region.
Speaking at a forum of the Alternative Investment Management Association in Dubai, Mr Kanoo spoke out against the problems, which he said had “been swept under the carpet in this part of the world”.
Mr Kanoo, whose family firm is one of the biggest diversified conglomerates in the UAE, said that “white collar crime” was a persistent problem in the region, and penalties against it are not severe enough."
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WTI Heads for Weekly Drop as Saudi Policy Seen Unchanged - Bloomberg
WTI Heads for Weekly Drop as Saudi Policy Seen Unchanged - Bloomberg:
"West Texas Intermediate retreated from the biggest gain since September amid speculation a drop in Saudi Arabian oil supplies isn’t a signal that OPEC’s largest producer has decided to cut production. Brent slid in London.
Futures fell as much as 1 percent in New York and are poised for a fourth weekly decline. Saudi Arabia’s crude supplies to the market declined last month even as production increased, a person familiar with the kingdom’s oil policy said yesterday. A New York City doctor tested positive for Ebola after returning from aid work in West Africa, spurring demand for haven assets including U.S. Treasuries.
The market’s reaction to the fall in Saudi supply underscores the focus on the Organization of Petroleum Exporting Countries before the group’s meeting next month. The highest U.S. crude output in almost 30 years helped drive oil futures into a bear market. While Libya’s OPEC governor called for the group to reduce output, producers including Kuwait signaled the slump in prices doesn’t warrant immediate cuts."
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"West Texas Intermediate retreated from the biggest gain since September amid speculation a drop in Saudi Arabian oil supplies isn’t a signal that OPEC’s largest producer has decided to cut production. Brent slid in London.
Futures fell as much as 1 percent in New York and are poised for a fourth weekly decline. Saudi Arabia’s crude supplies to the market declined last month even as production increased, a person familiar with the kingdom’s oil policy said yesterday. A New York City doctor tested positive for Ebola after returning from aid work in West Africa, spurring demand for haven assets including U.S. Treasuries.
The market’s reaction to the fall in Saudi supply underscores the focus on the Organization of Petroleum Exporting Countries before the group’s meeting next month. The highest U.S. crude output in almost 30 years helped drive oil futures into a bear market. While Libya’s OPEC governor called for the group to reduce output, producers including Kuwait signaled the slump in prices doesn’t warrant immediate cuts."
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MIDEAST STOCKS-Strong results, steady Europe buoy most markets | Reuters
MIDEAST STOCKS-Strong results, steady Europe buoy most markets | Reuters:
"Most stock markets in the Middle East continued rebounding on Thursday on the back of generally positive third-quarter corporate earnings and resilient European equities.
Bourses in the region continued to imitate global markets, falling in line with U.S. and Asian indexes in the morning but then recovering after European stocks and oil prices steadied.
Dubai's index rose 0.6 percent on the back of lenders Emirates NBD (ENBD) and Dubai Islamic Bank (DIB), both of which reported strong profit growth and beat analysts' estimates on Wednesday."
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"Most stock markets in the Middle East continued rebounding on Thursday on the back of generally positive third-quarter corporate earnings and resilient European equities.
Bourses in the region continued to imitate global markets, falling in line with U.S. and Asian indexes in the morning but then recovering after European stocks and oil prices steadied.
Dubai's index rose 0.6 percent on the back of lenders Emirates NBD (ENBD) and Dubai Islamic Bank (DIB), both of which reported strong profit growth and beat analysts' estimates on Wednesday."
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