Investing: What Should We Focus on in Middle East? - Bloomberg Business:
"Bloomberg's Gavin Serkin reports on investing opportunities in the Middle East. He speaks on "Bloomberg Surveillance.""
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Thursday, 16 July 2015
Volkswagen Explores Return to Iran After Sanctions Lift - Bloomberg Business
Volkswagen Explores Return to Iran After Sanctions Lift - Bloomberg Business:
"Volkswagen AG and Daimler AG are exploring a return to Iran after the Islamic Republic’s nuclear accord with the West pointed to an easing of economic sanctions that restricted carmakers’ business in the country.
“We’re monitoring the current development and are leading first talks on a political level,” Wolfsburg, Germany-based Volkswagen said in an e-mailed response to questions. “There are no decisions or resolutions yet though. Possible further steps will be determined by future developments.” Daimler is currently doing some individual business transactions in the country, the Stuttgart, Germany-based maker of Mercedes-Benz cars said in an e-mail.
BMW AG said it’s “monitoring the situation” in Iran and that it may enter the market in the “longer term.”"
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"Volkswagen AG and Daimler AG are exploring a return to Iran after the Islamic Republic’s nuclear accord with the West pointed to an easing of economic sanctions that restricted carmakers’ business in the country.
“We’re monitoring the current development and are leading first talks on a political level,” Wolfsburg, Germany-based Volkswagen said in an e-mailed response to questions. “There are no decisions or resolutions yet though. Possible further steps will be determined by future developments.” Daimler is currently doing some individual business transactions in the country, the Stuttgart, Germany-based maker of Mercedes-Benz cars said in an e-mail.
BMW AG said it’s “monitoring the situation” in Iran and that it may enter the market in the “longer term.”"
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MIDEAST STOCKS-Egypt extends rally on positive news; Gulf barely moves | Reuters
MIDEAST STOCKS-Egypt extends rally on positive news; Gulf barely moves | Reuters:
"Egypt's stock market continued rebounding on Thursday from 15-month lows, buoyed by positive corporate news, while Gulf bourses moved little as Eid al-Fitr holidays began in the region.
The Cairo benchmark added 1.8 percent to 8,023 points as property names, beaten down in a series of sell-offs earlier this year, led gains.
Palm Hills Development gained 4.4 percent after saying a subsidiary had obtained a 750 million Egyptian pound ($96 million) loan from local banks to refinance debt and accelerate development of its major Hacienda Bay project by two years, with completion now scheduled for 2017."
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"Egypt's stock market continued rebounding on Thursday from 15-month lows, buoyed by positive corporate news, while Gulf bourses moved little as Eid al-Fitr holidays began in the region.
The Cairo benchmark added 1.8 percent to 8,023 points as property names, beaten down in a series of sell-offs earlier this year, led gains.
Palm Hills Development gained 4.4 percent after saying a subsidiary had obtained a 750 million Egyptian pound ($96 million) loan from local banks to refinance debt and accelerate development of its major Hacienda Bay project by two years, with completion now scheduled for 2017."
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Saudi finances weaken as FX reserves slide - FT.com
Saudi finances weaken as FX reserves slide - FT.com:
"Saudi Arabia ramped up oil production to an all-time record high of 10.6m barrels a day in June, 200,000 b/d higher than in May.
Yet the slide in oil prices to below $60 a barrel means Riyadh is likely to report an “eye-watering” budget deficit of 17.5 per cent of gross domestic product this year, about $130bn, according to Capital Economics.
This is a sharp increase on the 2014 deficit of 2.3 per cent and the biggest shortfall since the early 1990s."
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"Saudi Arabia ramped up oil production to an all-time record high of 10.6m barrels a day in June, 200,000 b/d higher than in May.
Yet the slide in oil prices to below $60 a barrel means Riyadh is likely to report an “eye-watering” budget deficit of 17.5 per cent of gross domestic product this year, about $130bn, according to Capital Economics.
This is a sharp increase on the 2014 deficit of 2.3 per cent and the biggest shortfall since the early 1990s."
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Asset manager Griffon counts on Iran nuclear deal as it aims to raise $150m | The National
Asset manager Griffon counts on Iran nuclear deal as it aims to raise $150m | The National:
"Griffon Capital, the Iran-focused advisory and asset management firm, is banking on Iran’s new nuclear deal to spur foreign investor interest and help it raise US$150 million for listed equities and private equity funds.
Tehran-based Griffon, which was founded by Iranian expatriates with European investments, is aiming to seed and then raise cash for a $75m fund investing in Iranian equities this year, said the chief executive and founding partner Homan Harandian.
The firm is also planning to raise a $75m private equity fund. For both funds, Griffon wants to tap foreign investors, mainly in Europe, Asia and the Middle East."
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"Griffon Capital, the Iran-focused advisory and asset management firm, is banking on Iran’s new nuclear deal to spur foreign investor interest and help it raise US$150 million for listed equities and private equity funds.
Tehran-based Griffon, which was founded by Iranian expatriates with European investments, is aiming to seed and then raise cash for a $75m fund investing in Iranian equities this year, said the chief executive and founding partner Homan Harandian.
The firm is also planning to raise a $75m private equity fund. For both funds, Griffon wants to tap foreign investors, mainly in Europe, Asia and the Middle East."
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Arabian Gulf sovereign wealth funds pick new plays | The National
Arabian Gulf sovereign wealth funds pick new plays | The National:
"Arabian Gulf sovereign wealth funds (SWFs) may have to increase their transaction volume to generate more returns to make up for the loss of income from lower oil prices and sales, analysts say.
The oil price scenario remains unclear and will continue to impact the investments of Gulf funds, which corner nearly 40 per cent of the world’s estimated US$7.2 trillion sovereign wealth fund assets, based on figures from the US-based Sovereign Wealth Fund Institute (SWFI).
Growth in the energy-exporting Gulf is forecast to slow to 3.4 per cent this year, while the region will post a fiscal deficit of 7.9 per cent as oil prices continue to tumble, according to the IMF. Brent is down about 50 per cent since reaching US$115 a barrel in June last year due to an oil supply glut sparked by the US shale oil boom, weaker demand in Europe and Asia and a stronger dollar."
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"Arabian Gulf sovereign wealth funds (SWFs) may have to increase their transaction volume to generate more returns to make up for the loss of income from lower oil prices and sales, analysts say.
The oil price scenario remains unclear and will continue to impact the investments of Gulf funds, which corner nearly 40 per cent of the world’s estimated US$7.2 trillion sovereign wealth fund assets, based on figures from the US-based Sovereign Wealth Fund Institute (SWFI).
Growth in the energy-exporting Gulf is forecast to slow to 3.4 per cent this year, while the region will post a fiscal deficit of 7.9 per cent as oil prices continue to tumble, according to the IMF. Brent is down about 50 per cent since reaching US$115 a barrel in June last year due to an oil supply glut sparked by the US shale oil boom, weaker demand in Europe and Asia and a stronger dollar."
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Oilfield service companies see opportunities in Iran | GulfNews.com
Oilfield service companies see opportunities in Iran | GulfNews.com:
"As Iran and six world powers clinch a historic nuclear deal in Vienna, oilfield services companies from the UAE see opportunities but are waiting to see how things unfold in the country in the coming days.
Al Mansoori Petroleum Services, a prominent oilfield services company in the region said Iran provides opportunities but they are not going to chase them or knock on their doors as sanctions are lifted.
“If they approach us, we will not say no to them. We were active in the country for many years and they know us well. We are not in a hurry to go to Iran,” said Ibrahim Al Alawi, Deputy Chief Executive Officer of Al Mansoori Petroleum Services speaking to Gulf News."
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"As Iran and six world powers clinch a historic nuclear deal in Vienna, oilfield services companies from the UAE see opportunities but are waiting to see how things unfold in the country in the coming days.
Al Mansoori Petroleum Services, a prominent oilfield services company in the region said Iran provides opportunities but they are not going to chase them or knock on their doors as sanctions are lifted.
“If they approach us, we will not say no to them. We were active in the country for many years and they know us well. We are not in a hurry to go to Iran,” said Ibrahim Al Alawi, Deputy Chief Executive Officer of Al Mansoori Petroleum Services speaking to Gulf News."
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Daman funds continue to yield strong dividends | GulfNews.com
Daman funds continue to yield strong dividends | GulfNews.com:
"Daman Investments said it has announced record second quarter fund dividends despite volatile market conditions.
The flagship Daman Second Emirates Fund, which is focused on the UAE market, upheld its long-standing reputation for having the longest record of distributing quarterly dividends in the market, by paying its 22nd consecutive quarterly dividend, the firm said in a statement.
The GCC-focused Daman Fifth Fund, the top performing alternative mutual fund globally as ranked by Preqin, continued to outperform regional markets and peers by posting a 54 per cent increase in performance during the first half of 2015, which comes on the back of an impressive 232 per cent increase in 2014. By comparison, the Dubai Financial Market and Abu Dhabi Securities Market rose 8.29% and 4.29% over the same six-month period respectively"
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"Daman Investments said it has announced record second quarter fund dividends despite volatile market conditions.
The flagship Daman Second Emirates Fund, which is focused on the UAE market, upheld its long-standing reputation for having the longest record of distributing quarterly dividends in the market, by paying its 22nd consecutive quarterly dividend, the firm said in a statement.
The GCC-focused Daman Fifth Fund, the top performing alternative mutual fund globally as ranked by Preqin, continued to outperform regional markets and peers by posting a 54 per cent increase in performance during the first half of 2015, which comes on the back of an impressive 232 per cent increase in 2014. By comparison, the Dubai Financial Market and Abu Dhabi Securities Market rose 8.29% and 4.29% over the same six-month period respectively"
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Margaret Thatcher's lobbying of Saudi royals over arms deal revealed | Politics | The Guardian
Margaret Thatcher's lobbying of Saudi royals over arms deal revealed | Politics | The Guardian:
"The extent to which Margaret Thatcher personally lobbied the Saudi royal family, flattering them at every opportunity to secure Britain’s biggest arms deal, is revealed in newly released documents.
They show how anxious British ministers and diplomats pursued the Saudis to buy Tornado and Hawk aircraft in what became a £43bn deal known as al-Yamamah (Arabic for dove). Many documents have been withheld and passages removed to suppress embarrassing disclosures.
One document refers to a meeting between British officials and Prince Sultan, the Saudi defence minister, in September 1985. It reads: “At the meeting, the prince indicated that, particularly in view of our willingness … [passage deleted] … there might be further UK orders in connection with construction work …”"
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"The extent to which Margaret Thatcher personally lobbied the Saudi royal family, flattering them at every opportunity to secure Britain’s biggest arms deal, is revealed in newly released documents.
They show how anxious British ministers and diplomats pursued the Saudis to buy Tornado and Hawk aircraft in what became a £43bn deal known as al-Yamamah (Arabic for dove). Many documents have been withheld and passages removed to suppress embarrassing disclosures.
One document refers to a meeting between British officials and Prince Sultan, the Saudi defence minister, in September 1985. It reads: “At the meeting, the prince indicated that, particularly in view of our willingness … [passage deleted] … there might be further UK orders in connection with construction work …”"
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MIDEAST STOCKS-Gulf markets edge up ahead of Eid holidays | Reuters
MIDEAST STOCKS-Gulf markets edge up ahead of Eid holidays | Reuters:
"Stock markets across the Middle East rose on Wednesday, tracking global equities, as investors prepared for an extended break to mark the Muslim holiday of Eid al-Fitr.
Saudi Arabia's main index climbed 0.7 percent despite mixed second-quarter earnings and a pull-back in oil prices.
Petrochemicals giant Saudi Basic Industries Corp (SABIC) rose 1.9 percent after subsidiary Yanbu National Petrochemical Co (Yansab) reported a 63 percent fall in second-quarter net profit on Tuesday but just beat analysts' forecasts."
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"Stock markets across the Middle East rose on Wednesday, tracking global equities, as investors prepared for an extended break to mark the Muslim holiday of Eid al-Fitr.
Saudi Arabia's main index climbed 0.7 percent despite mixed second-quarter earnings and a pull-back in oil prices.
Petrochemicals giant Saudi Basic Industries Corp (SABIC) rose 1.9 percent after subsidiary Yanbu National Petrochemical Co (Yansab) reported a 63 percent fall in second-quarter net profit on Tuesday but just beat analysts' forecasts."
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