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Thursday, 27 November 2014
Dubai Cures Debt Hangover Sealing $2.7 Billion Amlak Deal - Bloomberg
Dubai Cures Debt Hangover Sealing $2.7 Billion Amlak Deal - Bloomberg:
"Dubai, the Middle East business hub that almost defaulted on debt in 2009, is putting the final traces of the global credit crisis behind it.
The United Arab Emirates’ Minister of Economy Sultan Bin Saeed Al Mansoori said yesterday that a $2.7 billion deal to restructure the debt and finances of Shariah-compliant mortgage provider Amlak Finance PJSC (AMLAK) had been completed, the last of Dubai’s major debt negotiations. The agreement was facilitated by the recovery in Dubai’s economy, which is poised to grow at the fastest pace since 2007 this year amid thriving trade and tourism.
“It ends an unlucky chapter,” Richard Segal, head of international credit strategy at Jefferies International Ltd., said by phone yesterday from London. “Most of the reschedulings and debt workouts were viewed to be extremely complicated to begin with, but got much easier as time went by.”"
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"Dubai, the Middle East business hub that almost defaulted on debt in 2009, is putting the final traces of the global credit crisis behind it.
The United Arab Emirates’ Minister of Economy Sultan Bin Saeed Al Mansoori said yesterday that a $2.7 billion deal to restructure the debt and finances of Shariah-compliant mortgage provider Amlak Finance PJSC (AMLAK) had been completed, the last of Dubai’s major debt negotiations. The agreement was facilitated by the recovery in Dubai’s economy, which is poised to grow at the fastest pace since 2007 this year amid thriving trade and tourism.
“It ends an unlucky chapter,” Richard Segal, head of international credit strategy at Jefferies International Ltd., said by phone yesterday from London. “Most of the reschedulings and debt workouts were viewed to be extremely complicated to begin with, but got much easier as time went by.”"
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Investment Bank EFG-Hermes Sees Expansion of Dubai IPOs - Bloomberg
Investment Bank EFG-Hermes Sees Expansion of Dubai IPOs - Bloomberg:
"EFG-Hermes Holding SAE, the largest independent Arab investment bank, said it’s working on several mandates for initial public offerings in the United Arab Emirates next year as share sales increase in the country.
Certain sales will probably raise more than $750 million, Karim Awad, EFG’s chief executive officer, said in an interview yesterday in Dubai, declining to name the companies. The bank has worked on three public offerings this year in the U.A.E., including the $1.6 billion raised by Emaar Malls Group (EMAARMLS), he said.
EFG reported a 57 percent increase in third-quarter profit to 100 million pounds ($14 million) as investment banking returned to profitability after costs savings and job cuts. The bank said its fee and commission earnings rose 52 percent, driven by higher brokerage income, as trading improved in many of its markets, while the shares more than doubled this year.
"
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"EFG-Hermes Holding SAE, the largest independent Arab investment bank, said it’s working on several mandates for initial public offerings in the United Arab Emirates next year as share sales increase in the country.
Certain sales will probably raise more than $750 million, Karim Awad, EFG’s chief executive officer, said in an interview yesterday in Dubai, declining to name the companies. The bank has worked on three public offerings this year in the U.A.E., including the $1.6 billion raised by Emaar Malls Group (EMAARMLS), he said.
EFG reported a 57 percent increase in third-quarter profit to 100 million pounds ($14 million) as investment banking returned to profitability after costs savings and job cuts. The bank said its fee and commission earnings rose 52 percent, driven by higher brokerage income, as trading improved in many of its markets, while the shares more than doubled this year.
"
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OPEC Takes No Action to Ease Supply Glut as Oil Slumps - Bloomberg
OPEC Takes No Action to Ease Supply Glut as Oil Slumps - Bloomberg:
"OPEC took no action to ease a global oil-supply glut, resisting calls from Venezuela that the group needs to stem the rout in prices. Futures slumped the most in more than three years.
The group maintained its collective production ceiling of 30 million barrels a day, Ali Al-Naimi, Saudi Arabia’s oil minister, said today after the 12 nations met in Vienna. Brent crude dropped as much as 8.4 percent in London after the decision, extending this year’s drop to 35 percent.
Oil tumbled into a bear market this year as the U.S. pumped the most in more than three decades and conflict in the Middle East and Ukraine failed to disrupt supply. While OPEC’s 30-million-barrel limit has been in place since 2012, the group actually produced almost 1 million barrels more last month, data compiled by Bloomberg show."
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"OPEC took no action to ease a global oil-supply glut, resisting calls from Venezuela that the group needs to stem the rout in prices. Futures slumped the most in more than three years.
The group maintained its collective production ceiling of 30 million barrels a day, Ali Al-Naimi, Saudi Arabia’s oil minister, said today after the 12 nations met in Vienna. Brent crude dropped as much as 8.4 percent in London after the decision, extending this year’s drop to 35 percent.
Oil tumbled into a bear market this year as the U.S. pumped the most in more than three decades and conflict in the Middle East and Ukraine failed to disrupt supply. While OPEC’s 30-million-barrel limit has been in place since 2012, the group actually produced almost 1 million barrels more last month, data compiled by Bloomberg show."
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MIDEAST STOCKS-Markets dip again on oil price concerns | News by Country | Reuters
MIDEAST STOCKS-Markets dip again on oil price concerns | News by Country | Reuters:
"Most Gulf stock markets fell further on Thursday as investors' hopes that OPEC would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude.
Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. OPEC members met in Vienna on Thursday.
"Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
"
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"Most Gulf stock markets fell further on Thursday as investors' hopes that OPEC would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude.
Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. OPEC members met in Vienna on Thursday.
"Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
"
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MIDEAST STOCKS-Markets dip again on oil price concerns | News by Country | Reuters
MIDEAST STOCKS-Markets dip again on oil price concerns | News by Country | Reuters:
"Most Gulf stock markets fell further on Thursday as investors' hopes that OPEC would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude.
Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. OPEC members met in Vienna on Thursday.
"Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
"
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"Most Gulf stock markets fell further on Thursday as investors' hopes that OPEC would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude.
Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. OPEC members met in Vienna on Thursday.
"Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
"
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