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Monday, 2 February 2015
ADFG planning Black Sea project | The National
ADFG planning Black Sea project | The National:
"Abu Dhabi Financial Group (ADFG) is planning to develop a vast site on the Black Sea in Bulgaria as part of a major push into eastern Europe.
It comes as the alternative investment group gears up to invest as much as €500 million (Dh2.07 billion) in the region over the next five years.
The group, which made headlines in London’s property market last year after revealing plans to redevelop New Scotland Yard and No 1 Palace Street, is involved in several projects across Bulgaria, Serbia and Montenegro, where it sees huge potential for growth. It also has franchise rights to develop Hard Rock Cafes in the countries."
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"Abu Dhabi Financial Group (ADFG) is planning to develop a vast site on the Black Sea in Bulgaria as part of a major push into eastern Europe.
It comes as the alternative investment group gears up to invest as much as €500 million (Dh2.07 billion) in the region over the next five years.
The group, which made headlines in London’s property market last year after revealing plans to redevelop New Scotland Yard and No 1 Palace Street, is involved in several projects across Bulgaria, Serbia and Montenegro, where it sees huge potential for growth. It also has franchise rights to develop Hard Rock Cafes in the countries."
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ICD takes controlling stake in ailing South Korean construction company | The National
ICD takes controlling stake in ailing South Korean construction company | The National:
"Investment Corporation of Dubai (ICD) has acquired a controlling stake in the troubled South Korean construction firm Ssangyong Engineering & Construction, according to media reports.
The Seoul-based JoongAng Ilbo newspaper and Yonhap News Agency reported last week that the Dubai sovereign wealth fund behind Emirates Airline, Emaar Properties and Emirates NBD signed a deal last Thursday to acquire the construction company for 200 billion Korean won (Dh667.7 million).
ICD was named as preferred bidder for the construction company in December, according to reports in the Korean press, ahead of the Korean companies Samra Midas Group and Steel & Resources."
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"Investment Corporation of Dubai (ICD) has acquired a controlling stake in the troubled South Korean construction firm Ssangyong Engineering & Construction, according to media reports.
The Seoul-based JoongAng Ilbo newspaper and Yonhap News Agency reported last week that the Dubai sovereign wealth fund behind Emirates Airline, Emaar Properties and Emirates NBD signed a deal last Thursday to acquire the construction company for 200 billion Korean won (Dh667.7 million).
ICD was named as preferred bidder for the construction company in December, according to reports in the Korean press, ahead of the Korean companies Samra Midas Group and Steel & Resources."
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UAE property companies unlikely to face financing problems | GulfNews.com
UAE property companies unlikely to face financing problems | GulfNews.com:
"Property companies, especially the rated entities in the UAE will have no difficulty in funding their ongoing and planned future projects the context of falling oil prices and its impact on economic growth, Franck Delage and Gregg Lemos-Stein, regional property analysts for S&P told Gulf News in an interview.
S&P analysts said they are anticipating a slowdown in property prices in the UAE which they see as a relatively short term challenge for the sector.
“We do factor some softening in the real estate prices in the next 12 to 15 months. There are some short term challenges one of which is the oil price decline. Oil prices could have an impact on corporate sentiment which could be reflected in the office real estate prices. On the retail segment too there could be some impact if consumption spending is impacted. On the residential side, weakening macroeconomic situation could dampen investor demand,” said Delage."
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"Property companies, especially the rated entities in the UAE will have no difficulty in funding their ongoing and planned future projects the context of falling oil prices and its impact on economic growth, Franck Delage and Gregg Lemos-Stein, regional property analysts for S&P told Gulf News in an interview.
S&P analysts said they are anticipating a slowdown in property prices in the UAE which they see as a relatively short term challenge for the sector.
“We do factor some softening in the real estate prices in the next 12 to 15 months. There are some short term challenges one of which is the oil price decline. Oil prices could have an impact on corporate sentiment which could be reflected in the office real estate prices. On the retail segment too there could be some impact if consumption spending is impacted. On the residential side, weakening macroeconomic situation could dampen investor demand,” said Delage."
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ADX temporarily suspends share trading in Dana Gas, Gulf Cement | GulfNews.com
ADX temporarily suspends share trading in Dana Gas, Gulf Cement | GulfNews.com:
"Abu Dhabi Securities Exchange said on Sunday it has temporarily suspended share trading in Gulf Cement Company, Ras Al Khaimah Ceramics and Dana Gas from February 1 until further notice due to a technical issue in the shares ownership limits calculation.
This move from ADX comes to protect the best interest of investors, the bourse said in a statement posted on its website.
“At ADX, we aim at ensuring the soundness and accuracy of transactions and ensuring that our investors’ interests are protected through establishing fair and proper dealing principles between various investors,” said Rashed Al Beloushi, Chief Executive, ADX."
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"Abu Dhabi Securities Exchange said on Sunday it has temporarily suspended share trading in Gulf Cement Company, Ras Al Khaimah Ceramics and Dana Gas from February 1 until further notice due to a technical issue in the shares ownership limits calculation.
This move from ADX comes to protect the best interest of investors, the bourse said in a statement posted on its website.
“At ADX, we aim at ensuring the soundness and accuracy of transactions and ensuring that our investors’ interests are protected through establishing fair and proper dealing principles between various investors,” said Rashed Al Beloushi, Chief Executive, ADX."
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Oman Fugitive’s Twitter Claims Stir Ire Over Stalled Graft Fight - Bloomberg Business
Oman Fugitive’s Twitter Claims Stir Ire Over Stalled Graft Fight - Bloomberg Business:
"A fugitive Omani businessman has reignited debate over suspicions of corruption in the oil-rich monarchy by alleging that top judicial officials demanded business favors while hearing his court case.
Mudhaher Al-Ajmi’s allegations on Twitter came as a gag order on reporting corruption trials fueled speculation among many Omanis that a once high-profile anti-graft campaign sought to end unrest rather than make the government more accountable. The public prosecutor, among those Al-Ajmi implicated, said his allegations are baseless.
The dispute has coincided with a slump in oil prices that underscores the urgency of luring foreign investment into Oman’s non-energy industries. The country will post a budget deficit of 10 percent of economic output this year, from a surplus of 3 percent in 2014, HSBC Holdings Plc estimates."
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"A fugitive Omani businessman has reignited debate over suspicions of corruption in the oil-rich monarchy by alleging that top judicial officials demanded business favors while hearing his court case.
Mudhaher Al-Ajmi’s allegations on Twitter came as a gag order on reporting corruption trials fueled speculation among many Omanis that a once high-profile anti-graft campaign sought to end unrest rather than make the government more accountable. The public prosecutor, among those Al-Ajmi implicated, said his allegations are baseless.
The dispute has coincided with a slump in oil prices that underscores the urgency of luring foreign investment into Oman’s non-energy industries. The country will post a budget deficit of 10 percent of economic output this year, from a surplus of 3 percent in 2014, HSBC Holdings Plc estimates."
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Oil Companies Draw on Creative Financing to Stay Afloat After Prices Tumble - Bloomberg Business
Oil Companies Draw on Creative Financing to Stay Afloat After Prices Tumble - Bloomberg Business:
"North America’s small and mid-sized energy companies are searching for creative ways to stay afloat as investors smell blood in the water from the almost 60 percent fall in the price of oil since June.
Oil and natural gas companies are straining for solutions before cuts in credit lines and increases in lending rates hit home in April, when banks re-price the collateral used to secure revolving credit lines. Some are turning to more creative forms of financing as familiar sources of money dry up.
That financing is coming from hedge funds, private equity shops and mega-wealthy investors like billionaire Carl Icahn who have the cash to weather a prolonged downturn and are on the hunt for deals among the wounded, bankers and analysts say. Oil operators, meanwhile, are laying off staff, freezing salaries and deferring investments to conserve cash."
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"North America’s small and mid-sized energy companies are searching for creative ways to stay afloat as investors smell blood in the water from the almost 60 percent fall in the price of oil since June.
Oil and natural gas companies are straining for solutions before cuts in credit lines and increases in lending rates hit home in April, when banks re-price the collateral used to secure revolving credit lines. Some are turning to more creative forms of financing as familiar sources of money dry up.
That financing is coming from hedge funds, private equity shops and mega-wealthy investors like billionaire Carl Icahn who have the cash to weather a prolonged downturn and are on the hunt for deals among the wounded, bankers and analysts say. Oil operators, meanwhile, are laying off staff, freezing salaries and deferring investments to conserve cash."
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