Instability and oil price plunge in the Arab world end boom years - FT.com:
"The dual challenges of rising terrorism and falling oil prices hover over the Middle East and north Africa, dashing hopes of a sustained focus on economic growth this year.
As the recurring theme of political upheaval weighs heavier on the region, the sharp decline in oil prices has started to slam the brakes on the Gulf’s powerful growth momentum.
Political tumult has spread, with the jihadi threat to Iraq and Syria reproducing itself in the civil conflict of oil-exporting Libya. Violence has also marred the post-Arab spring transition in emerging democracy Tunisia."
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Tuesday, 31 March 2015
UAE moving towards allowing 100% foreign ownership of businesses outside free zones | The National
UAE moving towards allowing 100% foreign ownership of businesses outside free zones | The National:
"Plans for a law to allow full foreign ownership of companies outside free zones in strategic sectors are at an advanced stage, the Minister of Economy said.
At a the Annual Investment Meeting in Dubai on Monday, Sultan Al Mansouri promised a new “law of Foreign Direct Investment that allows 100 per cent ownership in some sectors outside free zones”.
The law is intended to encourage innovation and technology transfer. It will likely require foreign companies that are granted 100 per cent ownership rights to provide support or expertise to sectors identified by the government as strategically important. It would only apply to some industry sectors."
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"Plans for a law to allow full foreign ownership of companies outside free zones in strategic sectors are at an advanced stage, the Minister of Economy said.
At a the Annual Investment Meeting in Dubai on Monday, Sultan Al Mansouri promised a new “law of Foreign Direct Investment that allows 100 per cent ownership in some sectors outside free zones”.
The law is intended to encourage innovation and technology transfer. It will likely require foreign companies that are granted 100 per cent ownership rights to provide support or expertise to sectors identified by the government as strategically important. It would only apply to some industry sectors."
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Abraaj raises $1.3bn for African investment funds - FT.com
Abraaj raises $1.3bn for African investment funds - FT.com:
"Emerging markets private equity group Abraaj has raised more than $1.3bn for two funds investing in Africa, the largest amount amassed for direct deals across the continent, people aware of the matter say.
The two funds mark further global investor interest in Africa as private equity groups bet on strong growth as Sub-Saharan economies develop and the middle class grows, while stability returns to parts of north Africa wracked by unrest for the past four years.
Dubai-based Abraaj, which has been fundraising for these funds for eight months, has capped the Sub-Saharan Africa fund at $990m, higher than the $800m the company had originally sought to raise. The North African fund will probably end up oversubscribed at $340m, exceeding its $250m target."
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"Emerging markets private equity group Abraaj has raised more than $1.3bn for two funds investing in Africa, the largest amount amassed for direct deals across the continent, people aware of the matter say.
The two funds mark further global investor interest in Africa as private equity groups bet on strong growth as Sub-Saharan economies develop and the middle class grows, while stability returns to parts of north Africa wracked by unrest for the past four years.
Dubai-based Abraaj, which has been fundraising for these funds for eight months, has capped the Sub-Saharan Africa fund at $990m, higher than the $800m the company had originally sought to raise. The North African fund will probably end up oversubscribed at $340m, exceeding its $250m target."
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UPDATE 1-MIDEAST STOCKS-DAMAC lifts Dubai, other Gulf markets mixed | Markets | Reuters
UPDATE 1-MIDEAST STOCKS-DAMAC lifts Dubai, other Gulf markets mixed | Markets | Reuters:
"Shares in Dubai real estate developer DAMAC surged in early trade on Tuesday after the company reported strong first-quarter sales, while other Gulf stocks were mixed as oil prices remained soft.
Oil fell as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal by the end of the day that could ease sanctions and allow more Iranian crude onto world markets. Brent crude has slipped 0.8 percent and U.S. oil fell 1.4 percent.
Dubai's stock index inched up 0.2 percent as DAMAC surged 5.1 percent. A company executive told Reuters on Monday its first-quarter sales hit 2.8 billion dirhams ($762 million), increasing from the previous quarter thanks to robust demand from foreign buyers."
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"Shares in Dubai real estate developer DAMAC surged in early trade on Tuesday after the company reported strong first-quarter sales, while other Gulf stocks were mixed as oil prices remained soft.
Oil fell as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal by the end of the day that could ease sanctions and allow more Iranian crude onto world markets. Brent crude has slipped 0.8 percent and U.S. oil fell 1.4 percent.
Dubai's stock index inched up 0.2 percent as DAMAC surged 5.1 percent. A company executive told Reuters on Monday its first-quarter sales hit 2.8 billion dirhams ($762 million), increasing from the previous quarter thanks to robust demand from foreign buyers."
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Oil extends losses as deadline for Iran nuclear deal looms | Reuters
Oil extends losses as deadline for Iran nuclear deal looms | Reuters:
"Oil futures extended losses on Tuesday, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more Iranian crude onto world markets.
With a deadline less than 24 hours away, United States, Britain, France, Germany, Russia and China were trying to break an impasse in negotiations aimed at stopping Iran from having the capacity to develop a nuclear bomb, in exchange for an easing of international sanctions.
Officials said talks on a framework accord, which is intended as a prelude to a comprehensive agreement by the end of June, could yet fall apart over disagreements on enrichment research and the pace of lifting sanctions."
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"Oil futures extended losses on Tuesday, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more Iranian crude onto world markets.
With a deadline less than 24 hours away, United States, Britain, France, Germany, Russia and China were trying to break an impasse in negotiations aimed at stopping Iran from having the capacity to develop a nuclear bomb, in exchange for an easing of international sanctions.
Officials said talks on a framework accord, which is intended as a prelude to a comprehensive agreement by the end of June, could yet fall apart over disagreements on enrichment research and the pace of lifting sanctions."
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It's Too Expensive to Live in Dubai, So People Deal With the Gridlock Commute - Bloomberg Business
It's Too Expensive to Live in Dubai, So People Deal With the Gridlock Commute - Bloomberg Business:
"Walid Zahra has a 25-minute trip home from his office in Dubai -- if you don’t count the two hours he spends waiting at a café for the traffic to clear.
“I decided it’s better to spend that time reading papers than getting stressed in my car,” the 27-year-old human-resources worker said.
Like about half the people who work in Dubai, Zahra, a Lebanese father of one, can’t afford to live there, requiring his commute from the neighboring United Arab Emirates sheikhdom of Sharjah. As the roads grow increasingly clotted, the city is introducing ways to add modestly priced homes to a mix dominated by luxury villas and high-end apartments."
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"Walid Zahra has a 25-minute trip home from his office in Dubai -- if you don’t count the two hours he spends waiting at a café for the traffic to clear.
“I decided it’s better to spend that time reading papers than getting stressed in my car,” the 27-year-old human-resources worker said.
Like about half the people who work in Dubai, Zahra, a Lebanese father of one, can’t afford to live there, requiring his commute from the neighboring United Arab Emirates sheikhdom of Sharjah. As the roads grow increasingly clotted, the city is introducing ways to add modestly priced homes to a mix dominated by luxury villas and high-end apartments."
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