Iran Sanctions Seen Lifted in Early 2016 by Nuclear Envoys - Bloomberg Business:
"Oil and financial sanctions on Iran will probably be lifted within the first three months of 2016, according to four western diplomats familiar with the nuclear monitoring process.
Under the terms of a July 14 accord between world powers and Iran, sanctions imposed internationally on the Persian Gulf nation will be lifted in return for restrictions on nuclear work. The Vienna-based International Atomic Energy Agency will assess when Iran has fulfilled the terms of deal, paving the way for the removal of restrictions.
The monitoring necessary for that to happen will probably be in place by January or February, according to three of the envoys. A fourth saw restrictions lasting as late as March. All of the officials have knowledge of the IAEA’s verification regime in Iran and asked not to be named discussing confidential estimates."
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Monday, 7 September 2015
MIDEAST STOCKS-Gulf up on Saudi reassurance, M&A talk; Egypt slides | Reuters
MIDEAST STOCKS-Gulf up on Saudi reassurance, M&A talk; Egypt slides | Reuters:
"Most Gulf bourses edged up on
Monday on mostly positive domestic news, shrugging off weaker
oil prices, while Egypt fell after a string of announcements
that dampened investor sentiment.
The main Saudi stock index rose 0.7 percent and food
maker Savola Group was one of the main supports,
surging 4.0 percent.
Savola has joined with Singapore's Temasek Holdings to bid
for Kuwait Food Co (Americana), Bloomberg reported on
Sunday, quoting unnamed sources."
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"Most Gulf bourses edged up on
Monday on mostly positive domestic news, shrugging off weaker
oil prices, while Egypt fell after a string of announcements
that dampened investor sentiment.
The main Saudi stock index rose 0.7 percent and food
maker Savola Group was one of the main supports,
surging 4.0 percent.
Savola has joined with Singapore's Temasek Holdings to bid
for Kuwait Food Co (Americana), Bloomberg reported on
Sunday, quoting unnamed sources."
'via Blog this'
Saudi Arabia to cut public spending | The National
Saudi Arabia to cut public spending | The National:
"Saudi Arabia’s finance minister Ibrahim Alassaf yesterday confirmed for the first time that the kingdom will cut public spending, as the country attempts to weather the low oil price that has blown a US$120 billion hole in its finances.
“We have built reserves, cut public debt to near-zero levels and we are now working on cutting unnecessary expenses while focusing on main development projects and on building human resources in the kingdom,” Mr Alassaf said n an interview with CNBC Arabia.
“There are some projects like the ones that have been approved a few years ago and haven’t been carried out until now – that means such projects are not currently necessary and can be delayed,” he said."
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"Saudi Arabia’s finance minister Ibrahim Alassaf yesterday confirmed for the first time that the kingdom will cut public spending, as the country attempts to weather the low oil price that has blown a US$120 billion hole in its finances.
“We have built reserves, cut public debt to near-zero levels and we are now working on cutting unnecessary expenses while focusing on main development projects and on building human resources in the kingdom,” Mr Alassaf said n an interview with CNBC Arabia.
“There are some projects like the ones that have been approved a few years ago and haven’t been carried out until now – that means such projects are not currently necessary and can be delayed,” he said."
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Dubai property correction expected to continue into 2016 | The National
Dubai property correction expected to continue into 2016 | The National:
"Dubai house prices fell in the the two months to the end of August as the city’s property correction continued.
According to new figures from broker CBRE published this morning, average house prices in Dubai dropped by another 2 per cent during the period, equating to a 6 per cent fall compared with the same period a year earlier.
The figures come on the eve of Dubai’s annual Cityscape Global property exhibition and follow in the wake of statistics published by rival broker Knight Frank last week showing that the Dubai residential property market was one of the worst performing in the world in the second quarter of the year with greater price slumps than Greece, China and Ukraine."
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"Dubai house prices fell in the the two months to the end of August as the city’s property correction continued.
According to new figures from broker CBRE published this morning, average house prices in Dubai dropped by another 2 per cent during the period, equating to a 6 per cent fall compared with the same period a year earlier.
The figures come on the eve of Dubai’s annual Cityscape Global property exhibition and follow in the wake of statistics published by rival broker Knight Frank last week showing that the Dubai residential property market was one of the worst performing in the world in the second quarter of the year with greater price slumps than Greece, China and Ukraine."
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Egypt gas find to reawaken investor interest | GulfNews.com
Egypt gas find to reawaken investor interest | GulfNews.com:
"The discovery by Eni of a huge gas field off the Egyptian coast could attract international energy companies that had steered clear of Egypt because of late debt payments and low prices, a leading gas producer in the country said.
The estimated size and quality of the discovery announced by Italy’s Eni last week, combined with Egypt’s recent efforts to meet overdue debt repayments to foreign companies, will attract interest from far and wide, said Patrick Allman-Ward, CEO of UAE energy company Dana Gas.
“People in petroleum tend to have a feeding frenzy kind of response to this kind of discovery,” Allman-Ward told Reuters. “It will no doubt kick off a lot more interest from international oil companies in Egypt as an exploration destination.”"
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"The discovery by Eni of a huge gas field off the Egyptian coast could attract international energy companies that had steered clear of Egypt because of late debt payments and low prices, a leading gas producer in the country said.
The estimated size and quality of the discovery announced by Italy’s Eni last week, combined with Egypt’s recent efforts to meet overdue debt repayments to foreign companies, will attract interest from far and wide, said Patrick Allman-Ward, CEO of UAE energy company Dana Gas.
“People in petroleum tend to have a feeding frenzy kind of response to this kind of discovery,” Allman-Ward told Reuters. “It will no doubt kick off a lot more interest from international oil companies in Egypt as an exploration destination.”"
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MIDEAST STOCKS-Dubai property stocks rise on hopes for industry exhibition | Reuters
MIDEAST STOCKS-Dubai property stocks rise on hopes for industry exhibition | Reuters:
"Gulf equity markets edged up in early trade on Monday, despite weaker oil and a fresh sell-off in China, and Dubai led gains as investors bid up property stocks, hoping that companies would announce positive news at an annual industry exhibition.
Dubai's index rose 1.2 percent with developer DAMAC , the most traded stock, jumping 2.0 percent and the runner-up, builder Arabtec, surging 3.8 percent.
The Cityscape property exhibition and conference opened in Dubai on Monday; companies in the sector have traditionally used it to announce new projects and contract awards."
'via Blog this'
"Gulf equity markets edged up in early trade on Monday, despite weaker oil and a fresh sell-off in China, and Dubai led gains as investors bid up property stocks, hoping that companies would announce positive news at an annual industry exhibition.
Dubai's index rose 1.2 percent with developer DAMAC , the most traded stock, jumping 2.0 percent and the runner-up, builder Arabtec, surging 3.8 percent.
The Cityscape property exhibition and conference opened in Dubai on Monday; companies in the sector have traditionally used it to announce new projects and contract awards."
'via Blog this'
Temasek Said to Join Savola in Bid for KFC Operator Americana - Bloomberg Business
Temasek Said to Join Savola in Bid for KFC Operator Americana - Bloomberg Business:
"Singapore’s Temasek Holdings Pte has teamed up with Saudi Arabia’s Savola Group to bid for Middle Eastern fast-food operator Kuwait Food Co. in a deal that could be valued at between $4 billion to $5 billion, according to two people with knowledge of the matter.
Talks between the three companies are ongoing and a deal could be reached before the end of the year, the people said, asking not to be identified as the information is private. JPMorgan Chase & Co. is advising Savola, which has a market value of about $8.5 billion, on the talks, the people said.
Savola had bid on its own to acquire Americana, as Kuwait Food is known, at the end of last year, people with knowledge of the matter said in December. A buyout group including KKR & Co. and CVC Capital Partners Ltd. also bid to acquire the Kuwaiti company after it began a sale process in mid-2014, the people also said."
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"Singapore’s Temasek Holdings Pte has teamed up with Saudi Arabia’s Savola Group to bid for Middle Eastern fast-food operator Kuwait Food Co. in a deal that could be valued at between $4 billion to $5 billion, according to two people with knowledge of the matter.
Talks between the three companies are ongoing and a deal could be reached before the end of the year, the people said, asking not to be identified as the information is private. JPMorgan Chase & Co. is advising Savola, which has a market value of about $8.5 billion, on the talks, the people said.
Savola had bid on its own to acquire Americana, as Kuwait Food is known, at the end of last year, people with knowledge of the matter said in December. A buyout group including KKR & Co. and CVC Capital Partners Ltd. also bid to acquire the Kuwaiti company after it began a sale process in mid-2014, the people also said."
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