Redefining EM: cities, not countries, are key to growth - FT.com:
"Over the next decade, a massive wave of urbanisation across the emerging world will quadruple the size of the global “consumer class” and result in emerging markets driving as much as three-quarters of world economic growth.
This is clearly an exciting prospect for business leaders searching for new growth opportunities. However, as businesses allocate resources and develop strategies, the concept of “emerging markets”, or even groups of high potential countries such as Brics (Brazil, Russia, India and China), is no longer particularly helpful. Executives need to develop a more granular view of the world, one that goes beyond broad groupings — or even individual countries — to focus on cities.
Cities are where the growth is occurring. By 2025, urban consumers could spend an additional $20tn a year — not counting an extra $10tn of physical capital investment to meet the needs of expanding urban populations."
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Friday, 7 August 2015
Damac Sees Iran Investments Countering Dubai Property Dips - Bloomberg Business
Damac Sees Iran Investments Countering Dubai Property Dips - Bloomberg Business:
"Damac Properties Dubai Co. is optimistic that investment from Iran in Dubai property could offset a slowing market in the Middle East’s commercial and tourism hub.
Iran’s progress in negotiations with Western governments, including the U.S., could open doors for Iranians to invest in the emirate’s property market, Adil Taqi, group chief financial officer of the Dubai-based developer, said in an interview.
“I’m no politician, but I look at that development with a lot of optimism,” Taqi said. “Can you predict what’s going to happen? I certainly can’t. I can’t put a number to that.”"
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"Damac Properties Dubai Co. is optimistic that investment from Iran in Dubai property could offset a slowing market in the Middle East’s commercial and tourism hub.
Iran’s progress in negotiations with Western governments, including the U.S., could open doors for Iranians to invest in the emirate’s property market, Adil Taqi, group chief financial officer of the Dubai-based developer, said in an interview.
“I’m no politician, but I look at that development with a lot of optimism,” Taqi said. “Can you predict what’s going to happen? I certainly can’t. I can’t put a number to that.”"
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Saudi Reserves Drop for Fifth Straight Month to $664.4 Billion - Bloomberg Business
Saudi Reserves Drop for Fifth Straight Month to $664.4 Billion - Bloomberg Business:
"Saudi Arabia’s net foreign assets fell 1.2 percent in June as the government of the biggest Arab economy continued to spend down reserves for the fifth month in a row.
Net foreign assets fell to $664.4 billion, bringing their decline since an all-time high in August last year to $72.6 billion, the Riyadh-based Saudi Arabian Monetary Agency said in its monthly report.
Saudi Arabia’s reserves have shrunk for nine out of the last 10 months as the oil-price rout, war in Yemen and a boost in domestic spending pressure state finances. The International Monetary Fund forecast that the kingdom will post a budget deficit this year equal to 20 percent of its GDP."
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"Saudi Arabia’s net foreign assets fell 1.2 percent in June as the government of the biggest Arab economy continued to spend down reserves for the fifth month in a row.
Net foreign assets fell to $664.4 billion, bringing their decline since an all-time high in August last year to $72.6 billion, the Riyadh-based Saudi Arabian Monetary Agency said in its monthly report.
Saudi Arabia’s reserves have shrunk for nine out of the last 10 months as the oil-price rout, war in Yemen and a boost in domestic spending pressure state finances. The International Monetary Fund forecast that the kingdom will post a budget deficit this year equal to 20 percent of its GDP."
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MIDEAST STOCKS-Gulf tracks falling oil prices; bomb attack weighs on Saudi | Reuters
MIDEAST STOCKS-Gulf tracks falling oil prices; bomb attack weighs on Saudi | Reuters:
"Most Gulf stock markets fell on Thursday as Brent oil dipped below $50 per barrel again, and Saudi Arabia led losses after a suicide bomb attack in the southwest of the country killed 17 members of a state security unit.
The main Saudi index was down about 1 percent before news of the attack and then slid further, closing 1.6 percent down at a four-month low of 8,655 points. Petrochemical producer Saudi Basic Industries, down 2.3 percent, was the main drag on the benchmark.
Banking and consumer blue chips were also soft. Top lender National Commercial Bank fell 0.9 percent and food maker Savola Group dropped 2.3 percent."
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"Most Gulf stock markets fell on Thursday as Brent oil dipped below $50 per barrel again, and Saudi Arabia led losses after a suicide bomb attack in the southwest of the country killed 17 members of a state security unit.
The main Saudi index was down about 1 percent before news of the attack and then slid further, closing 1.6 percent down at a four-month low of 8,655 points. Petrochemical producer Saudi Basic Industries, down 2.3 percent, was the main drag on the benchmark.
Banking and consumer blue chips were also soft. Top lender National Commercial Bank fell 0.9 percent and food maker Savola Group dropped 2.3 percent."
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