Iranians Count Cost of Sanctions as Nuclear Accord Deadline Nears - Bloomberg:
"After a decade of impasse, years of punishing trade embargoes and 12 months of talks, comes a last-ditch push for an accord on Iran’s nuclear program.
Yet as diplomats from seven nations huddle in Vienna, expectations of a breakthrough are muted in the homes, markets and offices of Iran’s capital, where residents like Armita Sarafzadeh are exhausted by the standoff and angered by what they say is an unequal burden imposed by global sanctions.
“No way will they reach an agreement,” the 27-year-old who works at a Tehran health clinic said in an interview, blaming Iran’s interlocutors for making unreasonable demands. “Ordinary people are paying the price while anyone able to afford a Porsche is just getting wealthier.”
"
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Thursday, 20 November 2014
Qatar-Backed QKR Said Close to $1 Billion Bid for Nevsun - Bloomberg
Qatar-Backed QKR Said Close to $1 Billion Bid for Nevsun - Bloomberg:
"QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly, is close to making a bid of about $1 billion for Canada’s Nevsun Resources Ltd. (NSU), according to people with knowledge of the situation.
Negotiations are ongoing between QKR and Vancouver-based Nevsun, which owns 60 percent of the Bisha gold, copper and zinc mine in Eritrea in East Africa. There’s no guarantee an agreement will be reached, said the people, who asked not to be identified because the talks are private.
“Nevsun has recently received from various parties expressions of interest on a potential corporate transaction,” the company said in a statement today. “Any discussions are at a preliminary stage and there is no certainty that any transaction will be completed. Management is not aware of a bid for the company.”"
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"QKR Corp., a mining fund headed by former JPMorgan Chase & Co. banker Lloyd Pengilly, is close to making a bid of about $1 billion for Canada’s Nevsun Resources Ltd. (NSU), according to people with knowledge of the situation.
Negotiations are ongoing between QKR and Vancouver-based Nevsun, which owns 60 percent of the Bisha gold, copper and zinc mine in Eritrea in East Africa. There’s no guarantee an agreement will be reached, said the people, who asked not to be identified because the talks are private.
“Nevsun has recently received from various parties expressions of interest on a potential corporate transaction,” the company said in a statement today. “Any discussions are at a preliminary stage and there is no certainty that any transaction will be completed. Management is not aware of a bid for the company.”"
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MIDEAST STOCKS-Markets edge up as investors hunt for bargains | News by Country | Reuters
MIDEAST STOCKS-Markets edge up as investors hunt for bargains | News by Country | Reuters:
"Most stock markets in the Middle East edged up on Thursday as oil prices paused in their decline ahead of next week's OPEC summit and stocks that usually see little trading took centre stage on several bourses.
Dubai's index rose 0.3 percent, largely on the back of telecommunications operator du, which jumped 3.6 percent to 5.49 dirhams in its highest trading volume for more than six months.
Equity research house AlphaMena highlighted the stock in a note on Wednesday, rating it as a "buy" with a target price of 7.44 dirhams, a potential upside of over 40 percent."
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"Most stock markets in the Middle East edged up on Thursday as oil prices paused in their decline ahead of next week's OPEC summit and stocks that usually see little trading took centre stage on several bourses.
Dubai's index rose 0.3 percent, largely on the back of telecommunications operator du, which jumped 3.6 percent to 5.49 dirhams in its highest trading volume for more than six months.
Equity research house AlphaMena highlighted the stock in a note on Wednesday, rating it as a "buy" with a target price of 7.44 dirhams, a potential upside of over 40 percent."
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Bahrain’s GFH completes capital reduction plan, cuts losses | GulfNews.com
Bahrain’s GFH completes capital reduction plan, cuts losses | GulfNews.com:
"Bahrain-based Gulf Finance House has completed a capital reduction plan, a move that helps the Islamic investment firm to cut accumulated losses, it said in a statement on Wednesday.
It had received approval from the Bahraini authorities for the step, which reduces the nominal value of its shares by 13.8 per cent to $0.265 per share from $0.3075, it said. As a result, paid-up capital had been reduced to $837.9 million from $972.3 million.
Accumulated losses on GFH’s balance sheet had been reduced by $134.4 million under the measure, it said. The statement did not specify if it had further accumulated losses."
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"Bahrain-based Gulf Finance House has completed a capital reduction plan, a move that helps the Islamic investment firm to cut accumulated losses, it said in a statement on Wednesday.
It had received approval from the Bahraini authorities for the step, which reduces the nominal value of its shares by 13.8 per cent to $0.265 per share from $0.3075, it said. As a result, paid-up capital had been reduced to $837.9 million from $972.3 million.
Accumulated losses on GFH’s balance sheet had been reduced by $134.4 million under the measure, it said. The statement did not specify if it had further accumulated losses."
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UPDATE 2-MIDEAST STOCKS-Petchems lift Saudi Arabia, Egypt up | Reuters
UPDATE 2-MIDEAST STOCKS-Petchems lift Saudi Arabia, Egypt up | Reuters:
"Saudi Arabia's stock index edged up in early trade on Thursday after oil prices appeared to stabilise, while Egypt's bourse continued to recover from a bout of profit-taking.
The main Saudi index rose 0.2 percent. Shares in petrochemicals giant Saudi Basic Industries (SABIC) added 0.4 percent and most other stocks were also in the black.
The market came under pressure earlier this week as oil prices extended losses, prompting concerns that the government may start cutting expenditures."
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"Saudi Arabia's stock index edged up in early trade on Thursday after oil prices appeared to stabilise, while Egypt's bourse continued to recover from a bout of profit-taking.
The main Saudi index rose 0.2 percent. Shares in petrochemicals giant Saudi Basic Industries (SABIC) added 0.4 percent and most other stocks were also in the black.
The market came under pressure earlier this week as oil prices extended losses, prompting concerns that the government may start cutting expenditures."
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UAE’s iMena Holdings plans first IPO in technology sector | The National
UAE’s iMena Holdings plans first IPO in technology sector | The National:
"A UAE company that helps technology start-ups aims to become the first industry player to make an initial public offering in the Middle East.
iMena Holdings is planning to hold the IPO within the next two years as the region’s technology accelerator sets up Himmah with Etisalat and twofour54, a group to help technology entrepreneurs in the region.
It would be the first technology-focused IPO in the region if it goes ahead according to iMena’s co-founder Khaldoon Tabaza."
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"A UAE company that helps technology start-ups aims to become the first industry player to make an initial public offering in the Middle East.
iMena Holdings is planning to hold the IPO within the next two years as the region’s technology accelerator sets up Himmah with Etisalat and twofour54, a group to help technology entrepreneurs in the region.
It would be the first technology-focused IPO in the region if it goes ahead according to iMena’s co-founder Khaldoon Tabaza."
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UAE’s iMena Holdings plans first IPO in technology sector | The National
UAE’s iMena Holdings plans first IPO in technology sector | The National:
"A UAE company that helps technology start-ups aims to become the first industry player to make an initial public offering in the Middle East.
iMena Holdings is planning to hold the IPO within the next two years as the region’s technology accelerator sets up Himmah with Etisalat and twofour54, a group to help technology entrepreneurs in the region.
It would be the first technology-focused IPO in the region if it goes ahead according to iMena’s co-founder Khaldoon Tabaza."
'via Blog this'
"A UAE company that helps technology start-ups aims to become the first industry player to make an initial public offering in the Middle East.
iMena Holdings is planning to hold the IPO within the next two years as the region’s technology accelerator sets up Himmah with Etisalat and twofour54, a group to help technology entrepreneurs in the region.
It would be the first technology-focused IPO in the region if it goes ahead according to iMena’s co-founder Khaldoon Tabaza."
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Sharjah opens up property market to expat buyers for first time | The National
Sharjah opens up property market to expat buyers for first time | The National:
"Sharjah is opening its property market to foreign investment for the first time as expatriates are granted the right to buy homes.
Leases of up to 100 years will be granted as the emirate benefits from spillover property demand from neighbouring Dubai.
For the first time in its history, the Sharjah government has passed a law enabling expatriates from any country in the world to buy property in the emirate providing they hold a UAE residence visa."
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"Sharjah is opening its property market to foreign investment for the first time as expatriates are granted the right to buy homes.
Leases of up to 100 years will be granted as the emirate benefits from spillover property demand from neighbouring Dubai.
For the first time in its history, the Sharjah government has passed a law enabling expatriates from any country in the world to buy property in the emirate providing they hold a UAE residence visa."
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Sharjah opens up property market to expat buyers for first time | The National
Sharjah opens up property market to expat buyers for first time | The National:
"Sharjah is opening its property market to foreign investment for the first time as expatriates are granted the right to buy homes.
Leases of up to 100 years will be granted as the emirate benefits from spillover property demand from neighbouring Dubai.
For the first time in its history, the Sharjah government has passed a law enabling expatriates from any country in the world to buy property in the emirate providing they hold a UAE residence visa."
'via Blog this'
"Sharjah is opening its property market to foreign investment for the first time as expatriates are granted the right to buy homes.
Leases of up to 100 years will be granted as the emirate benefits from spillover property demand from neighbouring Dubai.
For the first time in its history, the Sharjah government has passed a law enabling expatriates from any country in the world to buy property in the emirate providing they hold a UAE residence visa."
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Emirates chairman says Arab airlines have a global impact | GulfNews.com
Emirates chairman says Arab airlines have a global impact | GulfNews.com:
"Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Chairman and Chief Executive of Emirates airline and Group, said on Tuesday that Arab airlines are having an increasingly visible global presence. He made the comments at the 47th Arab Air Carriers Organisation (AACO) Annual General Meeting at the event’s official opening dinner held in Dubai on Tuesday night, according to an Emirates statement.
“Forty-seven years ago, in 1967, the world’s airlines transported less than 300 million passengers annually. Today, airlines serve an estimated 3.3 billion passengers,” he said.
“The 31 airline members of AACO are playing a bigger role in world air traffic than ever before. According to figures from Airbus, in less than 10 years between 2003 and 2013, the number of passengers carried by airlines in Middle East and North Africa has increased by more than 300 per cent,” he added."
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"Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Chairman and Chief Executive of Emirates airline and Group, said on Tuesday that Arab airlines are having an increasingly visible global presence. He made the comments at the 47th Arab Air Carriers Organisation (AACO) Annual General Meeting at the event’s official opening dinner held in Dubai on Tuesday night, according to an Emirates statement.
“Forty-seven years ago, in 1967, the world’s airlines transported less than 300 million passengers annually. Today, airlines serve an estimated 3.3 billion passengers,” he said.
“The 31 airline members of AACO are playing a bigger role in world air traffic than ever before. According to figures from Airbus, in less than 10 years between 2003 and 2013, the number of passengers carried by airlines in Middle East and North Africa has increased by more than 300 per cent,” he added."
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Flydubai’s debut $500m sukuk oversubscribed over 6 times | GulfNews.com
Flydubai’s debut $500m sukuk oversubscribed over 6 times | GulfNews.com:
"Dubai Aviation Corporation, also known as flydubai, said on Thursday its $500 million debut sukuk was oversubscribed over 6 times, indicating strong investor appetite. The five-year sukuk was priced at a profit rate of 3.776 per cent, equivalent to 200 basis points over the mid-swaps. About 150 investors placed orders worth $3 billion (Dh11 billion). “The highly successful offering demonstrates the confidence which international investors place in the Emirate of Dubai and its entities and confirms the access to funding which our corporates enjoy from the Islamic Capital Markets,” Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, and chairman of flydubai, said in a statement.
Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered are the arrangers for the sukuk sale."
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"Dubai Aviation Corporation, also known as flydubai, said on Thursday its $500 million debut sukuk was oversubscribed over 6 times, indicating strong investor appetite. The five-year sukuk was priced at a profit rate of 3.776 per cent, equivalent to 200 basis points over the mid-swaps. About 150 investors placed orders worth $3 billion (Dh11 billion). “The highly successful offering demonstrates the confidence which international investors place in the Emirate of Dubai and its entities and confirms the access to funding which our corporates enjoy from the Islamic Capital Markets,” Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and CEO of Emirates airline and Group, and chairman of flydubai, said in a statement.
Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered are the arrangers for the sukuk sale."
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Dubai ranks first globally in economic dynamism | GulfNews.com
Dubai ranks first globally in economic dynamism | GulfNews.com:
"Dubai has been identified as the most attractive city in the world to live in terms of professional and private life, according to a survey by INSEAD, the international business school based in France.
Among 15 of the world’s prominent cities, Dubai topped the list for the best place to work, ahead of others such as New York, Hong Kong, Singapore, London, and Paris. The emirate also ranked first in economic dynamism, third in overall attractiveness, and fourth place in quality of life and cost of living.
The study, undertaken for the first time by the INSEAD Alumni Association France, recorded and assessed responses of 835 INSEAD alumni with international work experience."
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"Dubai has been identified as the most attractive city in the world to live in terms of professional and private life, according to a survey by INSEAD, the international business school based in France.
Among 15 of the world’s prominent cities, Dubai topped the list for the best place to work, ahead of others such as New York, Hong Kong, Singapore, London, and Paris. The emirate also ranked first in economic dynamism, third in overall attractiveness, and fourth place in quality of life and cost of living.
The study, undertaken for the first time by the INSEAD Alumni Association France, recorded and assessed responses of 835 INSEAD alumni with international work experience."
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Qatar Wealth Fund Says Oil’s Slump Won’t Derail Strategy - Bloomberg
Qatar Wealth Fund Says Oil’s Slump Won’t Derail Strategy - Bloomberg:
"Qatar’s sovereign-wealth fund, which controls more than $100 billion of assets, said the slump in crude prices won’t lead to a change in its investment plans.
“We’ve been created to avoid the volatility in oil price,” Ahmed Al-Sayed, chief executive officer of the Qatar Investment Authority, told reporters in Doha today. “We are already adjusted and ready for such a scenario.”
Qatar, the richest country in the world on a per-capita basis, has deployed surplus income from liquefied natural gas exports into real estate, banks, and automakers. Qatar Holding LLC, the foreign investment arm of the QIA, has invested in luxury hotels in Europe and financial-services firms such as Barclays Plc (BARC) and Credit Suisse Group AG. It’s also the largest shareholder in commodities producer Glencore Plc."
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"Qatar’s sovereign-wealth fund, which controls more than $100 billion of assets, said the slump in crude prices won’t lead to a change in its investment plans.
“We’ve been created to avoid the volatility in oil price,” Ahmed Al-Sayed, chief executive officer of the Qatar Investment Authority, told reporters in Doha today. “We are already adjusted and ready for such a scenario.”
Qatar, the richest country in the world on a per-capita basis, has deployed surplus income from liquefied natural gas exports into real estate, banks, and automakers. Qatar Holding LLC, the foreign investment arm of the QIA, has invested in luxury hotels in Europe and financial-services firms such as Barclays Plc (BARC) and Credit Suisse Group AG. It’s also the largest shareholder in commodities producer Glencore Plc."
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Taxpayers From U.K. to Korea Take on Risk to Help Dubai’s Growth - Bloomberg
Taxpayers From U.K. to Korea Take on Risk to Help Dubai’s Growth - Bloomberg:
"When travelers breeze though Dubai’s expanded Al Maktoum International Airport in a few years, they’ll probably have the British taxpayer to thank.
The state-funded U.K. Export Finance agency is offering as much as $2 billion in loans and guarantees to British companies bidding for contracts on the airport, the agency said in an e-mailed statement. It’s one of many low-profile national export credit agencies that are playing a growing role in financing the emirate’s public and private developments.
Export credit agencies from Korea to France and Belgium increased their backing of Dubai building projects after the unrated emirate’s brush with insolvency in 2009 caused banks to curtail lending. While the loans and guarantees help exports and job creation for the lending country, they also expose taxpayers to financing in a place that doesn’t have a credit rating."
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"When travelers breeze though Dubai’s expanded Al Maktoum International Airport in a few years, they’ll probably have the British taxpayer to thank.
The state-funded U.K. Export Finance agency is offering as much as $2 billion in loans and guarantees to British companies bidding for contracts on the airport, the agency said in an e-mailed statement. It’s one of many low-profile national export credit agencies that are playing a growing role in financing the emirate’s public and private developments.
Export credit agencies from Korea to France and Belgium increased their backing of Dubai building projects after the unrated emirate’s brush with insolvency in 2009 caused banks to curtail lending. While the loans and guarantees help exports and job creation for the lending country, they also expose taxpayers to financing in a place that doesn’t have a credit rating."
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