UAE's Mubadala 2014 profit drops on investment income, provisions | Reuters:
"Mubadala, an Abu Dhabi state-owned fund with a mandate to develop the emirate's economy, on Thursday said its 2014 net profit fell 28.7 percent due to lower income from financial investments and impairments on oil and gas assets.
One of Abu Dhabi's few state-controlled vehicles to publish results, Mubadala has interests in semiconductors, energy, aerospace and real estate among others, including General Electric and private equity firm Carlyle.
The fund said in a statement it made a net profit of 1.04 billion dirhams ($283.2 million) in 2014, down from 1.45 billion dirhams in the previous year."
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Thursday, 2 April 2015
UPDATE 2-MIDEAST STOCKS-Egypt's Edita jumps on listing; Saudi extends gains | Reuters
UPDATE 2-MIDEAST STOCKS-Egypt's Edita jumps on listing; Saudi extends gains | Reuters:
"Egyptian foodmaker Edita jumped on its listing in Cairo on Thursday, siphoning liquidity from the rest of the market, while Saudi Arabia's bourse was cautiously positive after oil's Wednesday rally.
Edita, whose public offer this month was heavily oversubscribed, surged 13.5 percent from its offer price to 21.00 pounds and dominated trading volumes in Egypt. The company said on Wednesday it targeted sales of more than 2.5 billion Egyptian pounds ($328 million) in 2015.
Food is seen as a fast-growing sector in the most populous Arab nation of about 90 million people, and Edita estimates its share of the snacks market in Egypt at 13-14 percent."
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"Egyptian foodmaker Edita jumped on its listing in Cairo on Thursday, siphoning liquidity from the rest of the market, while Saudi Arabia's bourse was cautiously positive after oil's Wednesday rally.
Edita, whose public offer this month was heavily oversubscribed, surged 13.5 percent from its offer price to 21.00 pounds and dominated trading volumes in Egypt. The company said on Wednesday it targeted sales of more than 2.5 billion Egyptian pounds ($328 million) in 2015.
Food is seen as a fast-growing sector in the most populous Arab nation of about 90 million people, and Edita estimates its share of the snacks market in Egypt at 13-14 percent."
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Egypt's Dubai envy won't save its economy - David's Harp - Israel News | Haaretz
Egypt's Dubai envy won't save its economy - David's Harp - Israel News | Haaretz:
"Two weeks ago, while Israelis were debating which party's program was more likely to solve the housing crisis, in Egypt, the government was unveiling a plan that makes Yair Lapid’s "zero-VAT" plan and Moshe Kahlon’s designs of wresting control over the Israel Lands Authority look like the work of munchkin apparatchiks with little vision and even less daring.
The plan, unveiled by Egyptian Housing Minister Mostafa Madbouly at the Egypt Economic Development Conference, is to build a new capital in the desert east of Cairo, no less. And not just a capital, but one of superlatives. In 10 or so years, if the plans keep to schedule, the as yet unnamed city will house between five and seven million people on a 700-square kilometer site.
Building the new city will probably come to about $80 billion. Just moving the government to its new home will cost $45 billion."
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"Two weeks ago, while Israelis were debating which party's program was more likely to solve the housing crisis, in Egypt, the government was unveiling a plan that makes Yair Lapid’s "zero-VAT" plan and Moshe Kahlon’s designs of wresting control over the Israel Lands Authority look like the work of munchkin apparatchiks with little vision and even less daring.
The plan, unveiled by Egyptian Housing Minister Mostafa Madbouly at the Egypt Economic Development Conference, is to build a new capital in the desert east of Cairo, no less. And not just a capital, but one of superlatives. In 10 or so years, if the plans keep to schedule, the as yet unnamed city will house between five and seven million people on a 700-square kilometer site.
Building the new city will probably come to about $80 billion. Just moving the government to its new home will cost $45 billion."
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Dubai Islamic Bank in offer for remaining 13.5% stake in Tamweel | The National
Dubai Islamic Bank in offer for remaining 13.5% stake in Tamweel | The National:
"Dubai Islamic Bank has made an offer to buy the remaining 13.5 per cent of the Sharia-compliant mortgage lender Tamweel which it does not already own.
Dubai’s largest Islamic bank said that it was offering Tamweel shareholders Dh1.25 per share to buy the remaining stake in the company, which it did not purchase back in 2013 when it bought a majority 86.5 per cent stake in Tamweel and took the company private.
According to Bloomberg data which reports that there are currently 864.99 million Tamweel shares in circulation, at the offer price the remaining stake would be worth about Dh146.3 million."
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"Dubai Islamic Bank has made an offer to buy the remaining 13.5 per cent of the Sharia-compliant mortgage lender Tamweel which it does not already own.
Dubai’s largest Islamic bank said that it was offering Tamweel shareholders Dh1.25 per share to buy the remaining stake in the company, which it did not purchase back in 2013 when it bought a majority 86.5 per cent stake in Tamweel and took the company private.
According to Bloomberg data which reports that there are currently 864.99 million Tamweel shares in circulation, at the offer price the remaining stake would be worth about Dh146.3 million."
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Saadiyat Island deal a new leaf for Arcapita after bankruptcy | The National
Saadiyat Island deal a new leaf for Arcapita after bankruptcy | The National:
"Arcapita is bouncing back from Chapter 11 bankruptcy as the Bahrain-based investment house seeks return to property and private equity deals, says its chief executive.
And its first big deal could be done on Saadiyat Island, where it is closing in on a US$200 million investment in a real estate project.
The Sharia-compliant company emerged in 2013 from Chapter 11 bankruptcy proceedings in the United States, paving the way for an ordered sale of assets to pay off its creditors. It has made about US$2.4 billion from around 14 divestments over the past 18 months, said its chief executive, Atif Abdulmalik."
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"Arcapita is bouncing back from Chapter 11 bankruptcy as the Bahrain-based investment house seeks return to property and private equity deals, says its chief executive.
And its first big deal could be done on Saadiyat Island, where it is closing in on a US$200 million investment in a real estate project.
The Sharia-compliant company emerged in 2013 from Chapter 11 bankruptcy proceedings in the United States, paving the way for an ordered sale of assets to pay off its creditors. It has made about US$2.4 billion from around 14 divestments over the past 18 months, said its chief executive, Atif Abdulmalik."
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RBS Sells More Than $800 Million of Loans Amid Exit From Mideast - Bloomberg Business
RBS Sells More Than $800 Million of Loans Amid Exit From Mideast - Bloomberg Business:
"Royal Bank of Scotland Group Plc sold more than $800 million of corporate loans to Commercial Bank of Dubai PSC as the U.K.’s largest taxpayer-owned lender exits its business in the Middle East and Africa.
RBS sold 3 billion dirhams ($817 million) of loans made to companies in the United Arab Emirates, Dubai-based CBD said in an e-mailed statement Wednesday. CBD, which is 20 percent owned by the Dubai government, intends to expand the U.A.E. loan portfolio “significantly,” it said, without naming the companies.
RBS is exiting its corporate loans and debt capital markets business in the Middle East and Africa as part of Chief Executive Officer Ross McEwan’s decision to make the Edinburgh-based lender a smaller, simpler bank. McEwan has been cutting back investment-banking operations and focusing on domestic customers after seven straight annual losses."
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"Royal Bank of Scotland Group Plc sold more than $800 million of corporate loans to Commercial Bank of Dubai PSC as the U.K.’s largest taxpayer-owned lender exits its business in the Middle East and Africa.
RBS sold 3 billion dirhams ($817 million) of loans made to companies in the United Arab Emirates, Dubai-based CBD said in an e-mailed statement Wednesday. CBD, which is 20 percent owned by the Dubai government, intends to expand the U.A.E. loan portfolio “significantly,” it said, without naming the companies.
RBS is exiting its corporate loans and debt capital markets business in the Middle East and Africa as part of Chief Executive Officer Ross McEwan’s decision to make the Edinburgh-based lender a smaller, simpler bank. McEwan has been cutting back investment-banking operations and focusing on domestic customers after seven straight annual losses."
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