Goldman’s new improved view on the oil sell-off | FT Alphaville:
"Earlier this month Goldman Sachs put out a note arguing that whilst their overall view was still bearish, the oil price sell-off thus far had been too much too soon.
The spot market fundamentals, they noted, were in balance — meaning that if anything was driving a “change” in demand it was curve repositioning, mostly by overly anxious speculators who had decided an exit was warranted despite the balanced fundamentals.
This, however, is no longer Goldman’s view."
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Tuesday 28 October 2014
Tallest Twin Towers Part of Emaar Megaproject on Dubai Lagoon - Bloomberg
Tallest Twin Towers Part of Emaar Megaproject on Dubai Lagoon - Bloomberg:
"The world’s tallest twin towers will be the centerpiece of a new residential and business project in Dubai being developed by Emaar Properties PJSC (EMAAR) and Dubai Holding LLC.
The first phase will start Nov. 1 with the sale of 350 apartments in two smaller 40-story towers, according to the companies. Those buildings will take about 2 1/2 years to build, Emaar chairman Mohamed Alabbar told reporters today.
The companies didn’t provide a cost or a timeframe for the entire 6 million square-meter (65 million square-foot) Dubai Creek Harbour project or the buildings set to break the record held by Kuala Lumpur’s 88-story Petronas Towers. The two apartment buildings being constructed first are set to cost around 3 billion dirhams ($817 million), Alabbar told Al Arabiya TV in an interview."
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"The world’s tallest twin towers will be the centerpiece of a new residential and business project in Dubai being developed by Emaar Properties PJSC (EMAAR) and Dubai Holding LLC.
The first phase will start Nov. 1 with the sale of 350 apartments in two smaller 40-story towers, according to the companies. Those buildings will take about 2 1/2 years to build, Emaar chairman Mohamed Alabbar told reporters today.
The companies didn’t provide a cost or a timeframe for the entire 6 million square-meter (65 million square-foot) Dubai Creek Harbour project or the buildings set to break the record held by Kuala Lumpur’s 88-story Petronas Towers. The two apartment buildings being constructed first are set to cost around 3 billion dirhams ($817 million), Alabbar told Al Arabiya TV in an interview."
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Dubai’s DIFC Investments Hires Banks for Potential Islamic Bond - Bloomberg
Dubai’s DIFC Investments Hires Banks for Potential Islamic Bond - Bloomberg:
"DIFC Investments LLC, the developer and operator of the Dubai International Financial Centre, hired banks for a possible sukuk sale, according to two people familiar with the matter.
The Dubai-based company appointed Dubai Islamic Bank PJSC, Emirates NBD Capital Ltd., Noor Bank and Standard Chartered Plc to arrange meetings with fixed income investors in Asia, the Middle East and Europe starting Oct. 30, the people said, asking not to be identified because the information isn’t public. It may sell a dollar-denominated, benchmark-sized sukuk, subject to market conditions, the people said.
DIFC Governor Essa Kazim said last month the state-controlled company planned to raise about $700 million before the end of October. DIFC Investments joins a growing number of issuers seeking to tap Muslim investors in an industry that Ernst & Young LLP forecasts may almost double to $3.4 trillion in 2018."
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"DIFC Investments LLC, the developer and operator of the Dubai International Financial Centre, hired banks for a possible sukuk sale, according to two people familiar with the matter.
The Dubai-based company appointed Dubai Islamic Bank PJSC, Emirates NBD Capital Ltd., Noor Bank and Standard Chartered Plc to arrange meetings with fixed income investors in Asia, the Middle East and Europe starting Oct. 30, the people said, asking not to be identified because the information isn’t public. It may sell a dollar-denominated, benchmark-sized sukuk, subject to market conditions, the people said.
DIFC Governor Essa Kazim said last month the state-controlled company planned to raise about $700 million before the end of October. DIFC Investments joins a growing number of issuers seeking to tap Muslim investors in an industry that Ernst & Young LLP forecasts may almost double to $3.4 trillion in 2018."
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MIDEAST STOCKS-Markets pull back as global equities dip, some earnings disappoint | Reuters
MIDEAST STOCKS-Markets pull back as global equities dip, some earnings disappoint | Reuters:
"Most stock markets in the Middle East fell on Monday after several companies reported poor third-quarter earnings and European equities edged down along with oil prices.
The index of top European shares dipped as the Ifo business climate index slipped to its lowest level in nearly two years, while Brent crude dropped towards $85 per barrel after Goldman Sachs slashed its price forecasts, citing abundant supply and lacklustre demand.
Dubai's bourse, which rose as much as 0.8 percent early in the session, gave up all its gains when European markets moved into negative territory. The benchmark fell 1.4 percent to 4,625 points, but remained above the 200-day average at 4,599 points, an important technical level."
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"Most stock markets in the Middle East fell on Monday after several companies reported poor third-quarter earnings and European equities edged down along with oil prices.
The index of top European shares dipped as the Ifo business climate index slipped to its lowest level in nearly two years, while Brent crude dropped towards $85 per barrel after Goldman Sachs slashed its price forecasts, citing abundant supply and lacklustre demand.
Dubai's bourse, which rose as much as 0.8 percent early in the session, gave up all its gains when European markets moved into negative territory. The benchmark fell 1.4 percent to 4,625 points, but remained above the 200-day average at 4,599 points, an important technical level."
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