Fund manager in swipe at west on Russia sanctions | beyondbrics:
"One of the most powerful emerging markets fund managers in the US is accusing the west of acting “capriciously” by imposing sanctions on Russia.
Justin Leverenz, who controls the $42.3bn Oppenheimer Developing Markets fund, and who has put 7.2 per cent of his fund into Russian stocks, questioned the wisdom and the motives of a confrontation with the Kremlin over the Ukraine.
“It’s a significantly misdirected policy,” he said of US and European sanctions, in a video interview with the Financial Times."
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Tuesday, 11 November 2014
Egypt's EFG Hermes posts 24 pct rise in third-quarter profit | Reuters
Egypt's EFG Hermes posts 24 pct rise in third-quarter profit | Reuters:
"Egypt's EFG Hermes posted third-quarter net profit before minority rights of 144.4 million Egyptian pounds ($20.2 million) on Tuesday, up 24.3 percent on the same period last year.
One of the largest investment banks in the Middle East, EFG Hermes achieved net profit of 116.16 million pounds in last year's third quarter."
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"Egypt's EFG Hermes posted third-quarter net profit before minority rights of 144.4 million Egyptian pounds ($20.2 million) on Tuesday, up 24.3 percent on the same period last year.
One of the largest investment banks in the Middle East, EFG Hermes achieved net profit of 116.16 million pounds in last year's third quarter."
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DIFC governor looks forward to more growth as centre celebrates 10th anniversary | The National
DIFC governor looks forward to more growth as centre celebrates 10th anniversary | The National:
"Essa Kazim, the governor of the Dubai International Financial Centre, is looking forward to a new decade of expansion at the emirate’s financial hub.
Speaking on the 10th anniversary of the establishment of the DIFC, Mr Kazim welcomed the prospect of competition with the Abu Dhabi Global Market, and said the UAE would benefit from the presence of two financial centres.
“Dubai is used to competition, and in the UAE we have had two ports and two airports for a long time, to positive effect for both."
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"Essa Kazim, the governor of the Dubai International Financial Centre, is looking forward to a new decade of expansion at the emirate’s financial hub.
Speaking on the 10th anniversary of the establishment of the DIFC, Mr Kazim welcomed the prospect of competition with the Abu Dhabi Global Market, and said the UAE would benefit from the presence of two financial centres.
“Dubai is used to competition, and in the UAE we have had two ports and two airports for a long time, to positive effect for both."
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Adco investing up to $7bn in commitment to meet 2017 oil production target | The National
Adco investing up to $7bn in commitment to meet 2017 oil production target | The National:
"The Abu Dhabi Company for Onshore Oil Operations (Adco) is set to invest a further US$5 billion to $7bn to meet its production target of 1.8 million barrels per day (bpd) by the end of 2017, the company’s chief executive said yesterday.
Adco, which operates the largest onshore oilfields which are currently responsible for about 40 per cent of the country’s output of 2.85 million bpd, said the commitment to pump more oil will help the UAE meet its target to increase capacity to 3.5 million bpd by 2017.
Adco, which currently has capacity of 1.613 million bpd, invested about $5bn in the first phase of the expansion programme up to the end of 2012, increasing production by 225,000 bpd."
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"The Abu Dhabi Company for Onshore Oil Operations (Adco) is set to invest a further US$5 billion to $7bn to meet its production target of 1.8 million barrels per day (bpd) by the end of 2017, the company’s chief executive said yesterday.
Adco, which operates the largest onshore oilfields which are currently responsible for about 40 per cent of the country’s output of 2.85 million bpd, said the commitment to pump more oil will help the UAE meet its target to increase capacity to 3.5 million bpd by 2017.
Adco, which currently has capacity of 1.613 million bpd, invested about $5bn in the first phase of the expansion programme up to the end of 2012, increasing production by 225,000 bpd."
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US looks forward to UAE oil and gas concessions | GulfNews.com
US looks forward to UAE oil and gas concessions | GulfNews.com:
"The US oil and gas sector is interested in the UAE and looking forward to the renewal of concessions to the US companies, Ambassador of the United States of America to the UAE Michael H Corbin said on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) on Monday.
“We are happy to participate as we have historically. We are looking forward to the renewal of concessions. US oil and gas sector is very interested in the UAE,” said the ambassador speaking to Gulf News.
Exxon Mobile and Occidental Petroleum are the two big companies from the US which are active in the UAE oil and gas sector. Concessions given to many western companies including Exxon Mobil expired early this year and the UAE government is yet to take a decision on whom to award concessions."
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"The US oil and gas sector is interested in the UAE and looking forward to the renewal of concessions to the US companies, Ambassador of the United States of America to the UAE Michael H Corbin said on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) on Monday.
“We are happy to participate as we have historically. We are looking forward to the renewal of concessions. US oil and gas sector is very interested in the UAE,” said the ambassador speaking to Gulf News.
Exxon Mobile and Occidental Petroleum are the two big companies from the US which are active in the UAE oil and gas sector. Concessions given to many western companies including Exxon Mobil expired early this year and the UAE government is yet to take a decision on whom to award concessions."
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Emirates to have more A380s by end of 2015 | GulfNews.com
Emirates to have more A380s by end of 2015 | GulfNews.com:
"Emirates expects to have 68 Airbus A380s by the end of 2015, according to Thierry Antinori, the airline’s executive vice president and chief commercial officer.
By the end of the year, the airline is likely to have 55 A380s from the total order of 140.
Emirates aims to “develop more flights [with] A380s to the US” in the next three months, Antinori said."
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"Emirates expects to have 68 Airbus A380s by the end of 2015, according to Thierry Antinori, the airline’s executive vice president and chief commercial officer.
By the end of the year, the airline is likely to have 55 A380s from the total order of 140.
Emirates aims to “develop more flights [with] A380s to the US” in the next three months, Antinori said."
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Legoland Developer Dubai Parks Plans $690 Million IPO - Bloomberg
Legoland Developer Dubai Parks Plans $690 Million IPO - Bloomberg:
"Dubai Parks & Resorts, a company set up by state-owned Meraas Holding to develop a theme park in the emirate, will seek 2.53 billion dirhams ($690 million) in an initial public offering that starts on Nov. 17.
The offer will run until Nov. 27 with shares priced at 1.01 dirhams each, the company said today in a statement. It expects the stock to start trading on the Dubai Financial Market on Dec. 10.
Dubai’s benchmark share index is among the best performing globally after rising 36 percent this year, prompting share sales by companies such as Emaar Properties PJSC (EMAAR), which offered stock in a malls unit that operates one of the largest shopping centers in the world. Emaar is also planning to sell stock in its hotels arm, Chairman Mohamed Alabbar said in September. Al Habtoor Group LLC, owned by billionaire Khalef Al Habtoor, has hired banks to manage an IPO, two people familiar with the matter told Bloomberg yesterday."
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"Dubai Parks & Resorts, a company set up by state-owned Meraas Holding to develop a theme park in the emirate, will seek 2.53 billion dirhams ($690 million) in an initial public offering that starts on Nov. 17.
The offer will run until Nov. 27 with shares priced at 1.01 dirhams each, the company said today in a statement. It expects the stock to start trading on the Dubai Financial Market on Dec. 10.
Dubai’s benchmark share index is among the best performing globally after rising 36 percent this year, prompting share sales by companies such as Emaar Properties PJSC (EMAAR), which offered stock in a malls unit that operates one of the largest shopping centers in the world. Emaar is also planning to sell stock in its hotels arm, Chairman Mohamed Alabbar said in September. Al Habtoor Group LLC, owned by billionaire Khalef Al Habtoor, has hired banks to manage an IPO, two people familiar with the matter told Bloomberg yesterday."
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Saudi Arabia’s NCB Seen Surging After IPO Is Discounted - Bloomberg
Saudi Arabia’s NCB Seen Surging After IPO Is Discounted - Bloomberg:
"Investors in the $6 billion initial public offering of Saudi Arabia’s National Commercial Bank (NCB) may see the shares surge after the government discounted the offer.
The bank closed the sale of 300 million shares priced at 45 riyals each to Saudi Arabian retail investors on Nov. 2, with trading to start tomorrow. The government typically sells stakes in state-owned companies to the public at below market value as part of efforts to redistribute the country’s wealth.
“Most IPOs in Saudi Arabia are sold at a discount, and in this case it was quite a deep discount,” Asim Bukhtiar, a vice president and head of research at Riyad Capital, said by phone from the Saudi capital. “NCB shares could up end up rising to between 80 to 85 riyals, so investors should do very well.”"
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"Investors in the $6 billion initial public offering of Saudi Arabia’s National Commercial Bank (NCB) may see the shares surge after the government discounted the offer.
The bank closed the sale of 300 million shares priced at 45 riyals each to Saudi Arabian retail investors on Nov. 2, with trading to start tomorrow. The government typically sells stakes in state-owned companies to the public at below market value as part of efforts to redistribute the country’s wealth.
“Most IPOs in Saudi Arabia are sold at a discount, and in this case it was quite a deep discount,” Asim Bukhtiar, a vice president and head of research at Riyad Capital, said by phone from the Saudi capital. “NCB shares could up end up rising to between 80 to 85 riyals, so investors should do very well.”"
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BlackRock Plans Saudi Arabia ETF Ahead of Foreign Access in 2015 - Bloomberg
BlackRock Plans Saudi Arabia ETF Ahead of Foreign Access in 2015 - Bloomberg:
"BlackRock Inc. (BLK) plans to start an exchange traded fund for Saudi Arabian shares as the biggest Arab bourse prepares to open its market to foreigners.
The world’s biggest money manager has sought approval for its iShares MSCI Saudi Arabia Capped ETF from the U.S. Securities & Exchange Commission, according to a filing posted on SEC’s website. The fund will seek to track the results of an MSCI provisional Saudi Arabia index, according to the filing.
“The underlying index is designed to measure the potential equity market in Saudi Arabia, should the market open up to foreign investors,” according to the filing. The index “may include large-, mid- or small-capitalization companies and components primarily include financials, materials and telecommunications companies,” according to the statement."
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"BlackRock Inc. (BLK) plans to start an exchange traded fund for Saudi Arabian shares as the biggest Arab bourse prepares to open its market to foreigners.
The world’s biggest money manager has sought approval for its iShares MSCI Saudi Arabia Capped ETF from the U.S. Securities & Exchange Commission, according to a filing posted on SEC’s website. The fund will seek to track the results of an MSCI provisional Saudi Arabia index, according to the filing.
“The underlying index is designed to measure the potential equity market in Saudi Arabia, should the market open up to foreign investors,” according to the filing. The index “may include large-, mid- or small-capitalization companies and components primarily include financials, materials and telecommunications companies,” according to the statement."
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