Ethiopia — open for business - YouTube: ""
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Tuesday, 28 April 2015
Legal reforms mooted for GCC family businesses | GulfNews.com
Legal reforms mooted for GCC family businesses | GulfNews.com:
"An estimated $1 trillion (Dh3.67 trillion) in assets will be transferred to the next generation of family-owned companies over the next decade in the Middle East. The smooth generational transition of businesses requires a clear set of laws according to Family Business Network (FBN GCC), a GCC focused non-profit organisation.
FBN on Monday issued a white paper on the legal structures available to available to family businesses in the GCC for succession planning and a set of new recommendations on the need to strengthen the legal framework in the GCC.
“We have realised that without a well-planned and resilient legal structure for a family business, the pursuit of continuity by focusing on good governance, professionalisation and next generation can be futile,” said Abdul Aziz Al Ghurair, Chairman of the Family Business Network GCC."
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"An estimated $1 trillion (Dh3.67 trillion) in assets will be transferred to the next generation of family-owned companies over the next decade in the Middle East. The smooth generational transition of businesses requires a clear set of laws according to Family Business Network (FBN GCC), a GCC focused non-profit organisation.
FBN on Monday issued a white paper on the legal structures available to available to family businesses in the GCC for succession planning and a set of new recommendations on the need to strengthen the legal framework in the GCC.
“We have realised that without a well-planned and resilient legal structure for a family business, the pursuit of continuity by focusing on good governance, professionalisation and next generation can be futile,” said Abdul Aziz Al Ghurair, Chairman of the Family Business Network GCC."
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Du reports flat profit in first quarter | GulfNews.com
Du reports flat profit in first quarter | GulfNews.com:
"Emirates Integrated Telecommunications Company PJSC (du) on Tuesday reported a flat profit of Dh487.1 million after royalty fees for the first quarter of the year.
But the telecom operator’s profit before royalty stood at Dh925 million, a 6.9 per cent rise during the same period last year.
Revenues amounted to Dh3.05 billion, a 3.2 per cent increase compared to Dh2.96 billion registered in the first quarter of last year."
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"Emirates Integrated Telecommunications Company PJSC (du) on Tuesday reported a flat profit of Dh487.1 million after royalty fees for the first quarter of the year.
But the telecom operator’s profit before royalty stood at Dh925 million, a 6.9 per cent rise during the same period last year.
Revenues amounted to Dh3.05 billion, a 3.2 per cent increase compared to Dh2.96 billion registered in the first quarter of last year."
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Kerry says Iran, world powers closer than ever to historic nuclear deal | Reuters
Kerry says Iran, world powers closer than ever to historic nuclear deal | Reuters:
"The United States and five other major powers are closer than ever to a deal with Iran that would end a 12-year-old standoff over Tehran's nuclear program, though more tough negotiations lie ahead, Secretary of State John Kerry said on Monday.
Kerry spoke at the United Nations on the opening day of a month-long conference taking stock of the 1970 nuclear Non-Proliferation Treaty and ahead of a meeting in New York with Iranian Foreign Minister Mohammad Javad Zarif, their first face-to-face encounter since recent marathon talks in Lausanne, Switzerland.
Zarif and Kerry met later on Monday at the Iranian U.N. ambassador's residence across from Central Park and discussed efforts to secure a final agreement between Iran and the six powers by a June 30 deadline."
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"The United States and five other major powers are closer than ever to a deal with Iran that would end a 12-year-old standoff over Tehran's nuclear program, though more tough negotiations lie ahead, Secretary of State John Kerry said on Monday.
Kerry spoke at the United Nations on the opening day of a month-long conference taking stock of the 1970 nuclear Non-Proliferation Treaty and ahead of a meeting in New York with Iranian Foreign Minister Mohammad Javad Zarif, their first face-to-face encounter since recent marathon talks in Lausanne, Switzerland.
Zarif and Kerry met later on Monday at the Iranian U.N. ambassador's residence across from Central Park and discussed efforts to secure a final agreement between Iran and the six powers by a June 30 deadline."
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Abu Dhabi Taps Japan’s Inpex to Join $22 Billion Oil Project - Bloomberg Business
Abu Dhabi Taps Japan’s Inpex to Join $22 Billion Oil Project - Bloomberg Business:
"Inpex Corp. of Japan is joining Total SA to develop the main onshore oil deposits in the United Arab Emirates as Abu Dhabi picks new partners for a $22 billion effort to pump crude from its largest fields.
Japan’s state-backed energy explorer will take a 5 percent stake in the fields, Yoichi Miyazawa, the trade minister, said at a news conference in Tokyo Monday. The concession will give Japan access to crude from the deposits for 40 years, starting Jan. 1, 2015, Inpex and the emirate’s government-owned oil producer said in an e-mailed statement.
“It makes sense for Abu Dhabi to name an Asian partner since more of their demand is coming from there,” said Robin Mills, a Dubai-based analyst at Manaar Energy Consulting. “Inpex brings quite a lot technically, and they operate major projects.” A Chinese company could be one of the next bidders awarded a stake, he said."
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"Inpex Corp. of Japan is joining Total SA to develop the main onshore oil deposits in the United Arab Emirates as Abu Dhabi picks new partners for a $22 billion effort to pump crude from its largest fields.
Japan’s state-backed energy explorer will take a 5 percent stake in the fields, Yoichi Miyazawa, the trade minister, said at a news conference in Tokyo Monday. The concession will give Japan access to crude from the deposits for 40 years, starting Jan. 1, 2015, Inpex and the emirate’s government-owned oil producer said in an e-mailed statement.
“It makes sense for Abu Dhabi to name an Asian partner since more of their demand is coming from there,” said Robin Mills, a Dubai-based analyst at Manaar Energy Consulting. “Inpex brings quite a lot technically, and they operate major projects.” A Chinese company could be one of the next bidders awarded a stake, he said."
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U.A.E. Tech Startup IMENA Seeking $100 Million in Stake Sale - Bloomberg Business
U.A.E. Tech Startup IMENA Seeking $100 Million in Stake Sale - Bloomberg Business:
"United Arab Emirates-based Internet business iMENA Holdings will raise $100 million through a stake sale in May and plans to sell shares to the public in 2017, according to founder and managing director Khaldoon Tabaza.
The company, whose classified ad websites have been used to sell a $1.9 million camel in Saudi Arabia and personal effects of deposed Libyan leader Muammar Qaddafi, is raising funds for expansion in North Africa, Tabaza said from Dubai. The fundraising involves the sale of a “significant minority stake” in iMENA to international investors, he said.
IMENA, whose early investors include Abu Dhabi government controlled telecom operator Etisalat, is among companies seeking to benefit from the high penetration of smartphones and Internet usage in the Middle East. Dubai-based online retailer Souq.com is seeking $300 million in a fundraising that would value the company at more than $1 billion, people with knowledge of the matter said earlier this month."
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"United Arab Emirates-based Internet business iMENA Holdings will raise $100 million through a stake sale in May and plans to sell shares to the public in 2017, according to founder and managing director Khaldoon Tabaza.
The company, whose classified ad websites have been used to sell a $1.9 million camel in Saudi Arabia and personal effects of deposed Libyan leader Muammar Qaddafi, is raising funds for expansion in North Africa, Tabaza said from Dubai. The fundraising involves the sale of a “significant minority stake” in iMENA to international investors, he said.
IMENA, whose early investors include Abu Dhabi government controlled telecom operator Etisalat, is among companies seeking to benefit from the high penetration of smartphones and Internet usage in the Middle East. Dubai-based online retailer Souq.com is seeking $300 million in a fundraising that would value the company at more than $1 billion, people with knowledge of the matter said earlier this month."
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