MIDEAST STOCKS-UAE drops as high-fliers pull back; Saudi edges up | Reuters:
"United Arab Emirates stock markets pulled back on Thursday as Etisalat and Amanat, which had galvanised the bourses in recent days, lost steam. Saudi Arabia edged up on retail investors' buying of second-tier stocks.
Etisalat had surged 5.1 percent on Wednesday and rocketed to its 15 percent daily limit on Tuesday after announcing plans to let institutional investors buy its shares. But it fell 3.5 percent on Thursday, suggesting investors now believed it was fully valued.
Abu Dhabi's main index dropped 1.3 percent. Banks saw selling, with Abu Dhabi Commercial Bank off 2.4 percent."
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Thursday, 25 June 2015
Qatar eyes fast track to soft power with Formula One stake | World news | The Guardian
Qatar eyes fast track to soft power with Formula One stake | World news | The Guardian:
"Next month, well-heeled punters will flock to the Qatar Goodwood Festival for one of the highlights of the British horse racing calendar. Meanwhile in Paris, a once down-at-heel football club that became home to David Beckham and Zlatan Ibrahimovic is undergoing a metamorphosis into one of the top 10 sporting brands in the world.
In Doha, construction work is well under way on stadiums built to host an endlessly controversial World Cup in November 2022, including the showpiece Lusail Iconic stadium that nestles in a city built from scratch on the outskirts of the Qatari capital. Now, though, the tiny gulf state could be about to add another prime target to its global trolley dash: a major stake in Formula One.
A controlling stake in the sport, built over four decades by Bernie Ecclestone into a global money-spinning machine, has been the subject of rumoured interest over the years from a variety of suitors, including Rupert Murdoch."
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"Next month, well-heeled punters will flock to the Qatar Goodwood Festival for one of the highlights of the British horse racing calendar. Meanwhile in Paris, a once down-at-heel football club that became home to David Beckham and Zlatan Ibrahimovic is undergoing a metamorphosis into one of the top 10 sporting brands in the world.
In Doha, construction work is well under way on stadiums built to host an endlessly controversial World Cup in November 2022, including the showpiece Lusail Iconic stadium that nestles in a city built from scratch on the outskirts of the Qatari capital. Now, though, the tiny gulf state could be about to add another prime target to its global trolley dash: a major stake in Formula One.
A controlling stake in the sport, built over four decades by Bernie Ecclestone into a global money-spinning machine, has been the subject of rumoured interest over the years from a variety of suitors, including Rupert Murdoch."
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The financial system in Oman is in stable condition | GulfNews.com
The financial system in Oman is in stable condition | GulfNews.com:
"Oman is studying to develop its tax system; including strengthening the efficiency and amending to some current income tax and applicable tax incentives policies to keep pace with the world’s best tax practices.
The latest report on financial stability in 2015 by the Central Bank of Oman (CBO) explained that the overall financial situation of the Sultanate was comfortable in 2014.
The report stressed that there is no imminent problem in the banking sector in Oman."
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"Oman is studying to develop its tax system; including strengthening the efficiency and amending to some current income tax and applicable tax incentives policies to keep pace with the world’s best tax practices.
The latest report on financial stability in 2015 by the Central Bank of Oman (CBO) explained that the overall financial situation of the Sultanate was comfortable in 2014.
The report stressed that there is no imminent problem in the banking sector in Oman."
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Government move on Etisalat aimed at increasing capital flows | GulfNews.com
Government move on Etisalat aimed at increasing capital flows | GulfNews.com:
"The move by etisalat, UAE’s biggest telecom company, to open for foreign investors comes close to the milestone event in Saudi Arabia, which opened its equity markets for foreigners, is meant to increase capital flows in the background of lower crude oil prices, analysts said on Wednesday.
On Wednesday, the telecom operator extended gains to hit an upper circuit for a second day in a row, helping sentiment across the board in Abu Dhabi Securities Exchange.
“We welcome the move and we expect more investors to buy the stock. It follows Saudi Arabia, where capital markets are also being liberalised. The UAE and the GCC as a whole will no longer be a significant capital exporter, given lower oil prices, and these moves help to increase capital inflows,” Jaap Meijer, managing director at Arqaam Capital told Gulf News."
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"The move by etisalat, UAE’s biggest telecom company, to open for foreign investors comes close to the milestone event in Saudi Arabia, which opened its equity markets for foreigners, is meant to increase capital flows in the background of lower crude oil prices, analysts said on Wednesday.
On Wednesday, the telecom operator extended gains to hit an upper circuit for a second day in a row, helping sentiment across the board in Abu Dhabi Securities Exchange.
“We welcome the move and we expect more investors to buy the stock. It follows Saudi Arabia, where capital markets are also being liberalised. The UAE and the GCC as a whole will no longer be a significant capital exporter, given lower oil prices, and these moves help to increase capital inflows,” Jaap Meijer, managing director at Arqaam Capital told Gulf News."
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This Time It’s Different: Dubai Seen Ready for Housing Drop - Bloomberg Business
This Time It’s Different: Dubai Seen Ready for Housing Drop - Bloomberg Business:
"Faced with predictions that Dubai home prices may drop as much as 20 percent this year, analysts say the emirate’s real estate developers and lenders are better prepared than when a crash in 2008 brought the city to the brink of bankruptcy.
Standard & Poor’s this week estimated that values may fall by as much as a fifth this year, while brokers CBRE Group and JLL Inc. see a 10 percent decline. Still, builders and banks face less risk than they did six years ago, thanks to lending restrictions, a clampdown on speculation and greater dependence on rental income.
“The sort of swings in house prices we expect in the short-term are lower than what we’ve seen in Dubai’s recent history,” said Franck Delage, director of corporate ratings for Europe, the Middle East and Africa. “We are not saying the market has matured yet, but we expect the current correction to be less excessive than in 2008-09.”"
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"Faced with predictions that Dubai home prices may drop as much as 20 percent this year, analysts say the emirate’s real estate developers and lenders are better prepared than when a crash in 2008 brought the city to the brink of bankruptcy.
Standard & Poor’s this week estimated that values may fall by as much as a fifth this year, while brokers CBRE Group and JLL Inc. see a 10 percent decline. Still, builders and banks face less risk than they did six years ago, thanks to lending restrictions, a clampdown on speculation and greater dependence on rental income.
“The sort of swings in house prices we expect in the short-term are lower than what we’ve seen in Dubai’s recent history,” said Franck Delage, director of corporate ratings for Europe, the Middle East and Africa. “We are not saying the market has matured yet, but we expect the current correction to be less excessive than in 2008-09.”"
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European oil majors hold Tehran talks - FT.com
European oil majors hold Tehran talks - FT.com:
"Executives from Royal Dutch Shell and Eni have met Iranian officials in Tehran to discuss investing in the country’s energy industry, the first time international oil groups have publicly confirmed such talks ahead of a possible nuclear deal with the west.
The meetings, which took place in May and June, are evidence of the growing interest among big oil companies in Iran, which boasts the world’s third-largest oil and gas reserves but which will need tens of billions of dollars of foreign investment to realise its ambitions to nearly double production by the end of the decade.
A Shell spokesman told the Financial Times that its officials met counterparts in Tehran this month to discuss outstanding debt owed to the National Iranian Oil Company for crude that had been lifted but not paid for. He added: “They also discussed potential areas for business co-operation should sanctions be lifted.”"
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"Executives from Royal Dutch Shell and Eni have met Iranian officials in Tehran to discuss investing in the country’s energy industry, the first time international oil groups have publicly confirmed such talks ahead of a possible nuclear deal with the west.
The meetings, which took place in May and June, are evidence of the growing interest among big oil companies in Iran, which boasts the world’s third-largest oil and gas reserves but which will need tens of billions of dollars of foreign investment to realise its ambitions to nearly double production by the end of the decade.
A Shell spokesman told the Financial Times that its officials met counterparts in Tehran this month to discuss outstanding debt owed to the National Iranian Oil Company for crude that had been lifted but not paid for. He added: “They also discussed potential areas for business co-operation should sanctions be lifted.”"
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MIDEAST STOCKS-Markets quiet as Etisalat loses steam, Amanat off high | Reuters
MIDEAST STOCKS-Markets quiet as Etisalat loses steam, Amanat off high | Reuters:
"Gulf stock markets moved little in quiet early trade on Thursday as the United Arab Emirates' Etisalat and Amanat, which had galvanised UAE bourses in recent days, lost steam.
Etisalat had surged 5.1 percent on Wednesday and rocketed up by its 15 percent daily limit on Tuesday after announcing plans to let institutional investors buy its shares. But it fell back 2.8 percent on Thursday morning, suggesting investors now believed it was fully valued.
Education and healthcare investor Amanat soared 15 percent on Wednesday amid market talk that a local financial firm was aggressively building a stake in the company. It rose a further 3.5 percent to 0.97 dirham in heavy trade on Thursday morning but came off an early high of 0.99 dirham."
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"Gulf stock markets moved little in quiet early trade on Thursday as the United Arab Emirates' Etisalat and Amanat, which had galvanised UAE bourses in recent days, lost steam.
Etisalat had surged 5.1 percent on Wednesday and rocketed up by its 15 percent daily limit on Tuesday after announcing plans to let institutional investors buy its shares. But it fell back 2.8 percent on Thursday morning, suggesting investors now believed it was fully valued.
Education and healthcare investor Amanat soared 15 percent on Wednesday amid market talk that a local financial firm was aggressively building a stake in the company. It rose a further 3.5 percent to 0.97 dirham in heavy trade on Thursday morning but came off an early high of 0.99 dirham."
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