Xi visit — What's in it for the UK? | FT World - YouTube: ""
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Monday, 19 October 2015
Damac chief hits out at Dubai brokerages over property market reports | The National
Damac chief hits out at Dubai brokerages over property market reports | The National:
"Damac Properties has accused some of the real estate sector’s biggest brokerages of “professional malpractice” by publishing Dubai market reports forecasting excess supply.
Ziad El Chaar, managing director of the developer, slammed data put out by property brokers as inaccurate and damaging to market sentiment, in an open letter sent to media yesterday.
Without naming any particular agency, Mr El Chaar criticised reports at the start of the year predicting that as many as 25,000 homes would be handed over in Dubai in 2015."
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"Damac Properties has accused some of the real estate sector’s biggest brokerages of “professional malpractice” by publishing Dubai market reports forecasting excess supply.
Ziad El Chaar, managing director of the developer, slammed data put out by property brokers as inaccurate and damaging to market sentiment, in an open letter sent to media yesterday.
Without naming any particular agency, Mr El Chaar criticised reports at the start of the year predicting that as many as 25,000 homes would be handed over in Dubai in 2015."
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Another Al Noor suitor emerges – but Mediclinic in the box seat | The National
Another Al Noor suitor emerges – but Mediclinic in the box seat | The National:
"A three-way takeover tussle could emerge for Al Noor Hospitals, the Abu Dhabi healthcare group quoted on the London Stock Exchange.
Al Noor has agreed terms with the South African-owned Mediclinic group, while NMC Health of the UAE, also quoted on the LSE, is considering a rival offer.
But Ronald Lavater, the chief executive of Al Noor, has revealed a third approach. “We’ve received another expression on interest. I cannot identify the source of the potential bidder, nor say whether or not it will amount to a bid, but it demonstrates what an attractive proposition we are, and what growth there still is in the regional healthcare market.”"
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"A three-way takeover tussle could emerge for Al Noor Hospitals, the Abu Dhabi healthcare group quoted on the London Stock Exchange.
Al Noor has agreed terms with the South African-owned Mediclinic group, while NMC Health of the UAE, also quoted on the LSE, is considering a rival offer.
But Ronald Lavater, the chief executive of Al Noor, has revealed a third approach. “We’ve received another expression on interest. I cannot identify the source of the potential bidder, nor say whether or not it will amount to a bid, but it demonstrates what an attractive proposition we are, and what growth there still is in the regional healthcare market.”"
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Overpriced Dubai realty unlikely to spark much Iranian interest | GulfNews.com
Overpriced Dubai realty unlikely to spark much Iranian interest | GulfNews.com:
"The removal of sanctions on Iran need not set off a wave of buying by Iranian investors in Dubai property, according to findings released by a consultancy.
The biggest hurdle is the fact that Dubai’s property values are currently 4.4 times more expensive for Iranian buyers than what they were in the fourth quarter of2010.
Since then, the dollar — and the pegged dirham by extension — have appreciated by around 195 per cent against the Iranian rial. (It must be kept in mind here that there is an officially sanctioned exchange rate in Iran as well as those in the more volatile “parallel” marketplace.)"
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"The removal of sanctions on Iran need not set off a wave of buying by Iranian investors in Dubai property, according to findings released by a consultancy.
The biggest hurdle is the fact that Dubai’s property values are currently 4.4 times more expensive for Iranian buyers than what they were in the fourth quarter of2010.
Since then, the dollar — and the pegged dirham by extension — have appreciated by around 195 per cent against the Iranian rial. (It must be kept in mind here that there is an officially sanctioned exchange rate in Iran as well as those in the more volatile “parallel” marketplace.)"
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MIDEAST STOCKS-Disappointing Q3 earnings hit Saudi, Egypt rebounds | Reuters
MIDEAST STOCKS-Disappointing Q3 earnings hit Saudi, Egypt rebounds | Reuters:
"Saudi Arabia's stock market fell
on Monday after disappointing third-quarter earnings at several
companies, while Egypt rebounded from two days of losses because
of worries about currency depreciation.
The main Saudi index lost 0.4 percent as industrial
materials maker National Industrialization Co (Tasnee)
tumbled 8.0 percent after reporting a surprise quarterly loss,
which it blamed on "lower average sales prices and lower sales
volumes".
Saudi Arabian Mining Co (Ma'aden) slid 4.3 percent
after reporting third-quarter net profit plunged 83.5 percent
plunge to 79.9 million riyals ($21.3 million); analysts had
forecast 209 million to 265 million riyals. "
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"Saudi Arabia's stock market fell
on Monday after disappointing third-quarter earnings at several
companies, while Egypt rebounded from two days of losses because
of worries about currency depreciation.
The main Saudi index lost 0.4 percent as industrial
materials maker National Industrialization Co (Tasnee)
tumbled 8.0 percent after reporting a surprise quarterly loss,
which it blamed on "lower average sales prices and lower sales
volumes".
Saudi Arabian Mining Co (Ma'aden) slid 4.3 percent
after reporting third-quarter net profit plunged 83.5 percent
plunge to 79.9 million riyals ($21.3 million); analysts had
forecast 209 million to 265 million riyals. "
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Iran vows to reach pre-sanctions oil output - FT.com
Iran vows to reach pre-sanctions oil output - FT.com:
"Iran’s energy minister has vowed to reclaim the country’s share of global crude oil exports within months of sanctions being lifted and said Tehran will move quickly to open the doors to international oil companies to help boost production.
Speaking in Tehran at the first international oil and gas conference since a nuclear deal was struck in July, Bijan Namdar Zanganeh told representatives of some of the world’s biggest energy companies he is prioritising a return to Iran’s pre-sanctions export levels, the development of energy sector technology and access to international financial markets."
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"Iran’s energy minister has vowed to reclaim the country’s share of global crude oil exports within months of sanctions being lifted and said Tehran will move quickly to open the doors to international oil companies to help boost production.
Speaking in Tehran at the first international oil and gas conference since a nuclear deal was struck in July, Bijan Namdar Zanganeh told representatives of some of the world’s biggest energy companies he is prioritising a return to Iran’s pre-sanctions export levels, the development of energy sector technology and access to international financial markets."
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Japan Tobacco buys Iranian cigarette maker to boost dominance - FT.com
Japan Tobacco buys Iranian cigarette maker to boost dominance - FT.com:
"Japan Tobacco International has bought an Iranian cigarette maker in an attempt to reinforce its position as the market leader in a country which hopes to open up to western companies once international sanctions over its nuclear programme are removed.
The company said JTI Pars, its Iranian subsidiary, had recently acquired the privately owned Arian Tobacco Industry (ATI) for an undisclosed amount."
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"Japan Tobacco International has bought an Iranian cigarette maker in an attempt to reinforce its position as the market leader in a country which hopes to open up to western companies once international sanctions over its nuclear programme are removed.
The company said JTI Pars, its Iranian subsidiary, had recently acquired the privately owned Arian Tobacco Industry (ATI) for an undisclosed amount."
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Iran urges Opec to cut oil output to raise prices to $70-$80 | The National
Iran urges Opec to cut oil output to raise prices to $70-$80 | The National:
"Opec member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s oil minister Bijan Namdar Zanganeh said, even as his country prepares to ramp up production in the aftermath of economic sanctions.
“No one is happy” with prices at current levels, Mr Zanganeh told reporters in Tehran. “Opec should decide to manage the market by reducing the level of production.” Mr Zanganeh said he doesn’t expect the producer group to decide to scale back output when its ministers meet next in December.
Opec has exceeded its official production target for 16 consecutive months as the group seeks to defend sales amid a global supply glut. Brent crude, a global benchmark, has slumped 42 per cent in the past 12 months and was at $49.73 a barrel in London at 10.34am local time. Opec, supplier of about 40 per cent of the world’s oil, plans to assess output when ministers from its 12 members meet on December 4 in Vienna. "
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"Opec member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s oil minister Bijan Namdar Zanganeh said, even as his country prepares to ramp up production in the aftermath of economic sanctions.
“No one is happy” with prices at current levels, Mr Zanganeh told reporters in Tehran. “Opec should decide to manage the market by reducing the level of production.” Mr Zanganeh said he doesn’t expect the producer group to decide to scale back output when its ministers meet next in December.
Opec has exceeded its official production target for 16 consecutive months as the group seeks to defend sales amid a global supply glut. Brent crude, a global benchmark, has slumped 42 per cent in the past 12 months and was at $49.73 a barrel in London at 10.34am local time. Opec, supplier of about 40 per cent of the world’s oil, plans to assess output when ministers from its 12 members meet on December 4 in Vienna. "
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MIDEAST STOCKS-Gulf trades narrowly, Qatar's CBQ falls on Q3 earnings | Reuters
MIDEAST STOCKS-Gulf trades narrowly, Qatar's CBQ falls on Q3 earnings | Reuters:
"Gulf stock markets moved narrowly in thin early trade on Monday with very few fresh incentives to buy or sell stocks, though Commercial Bank of Qatar (CBQ) dropped after disappointing third-quarter earnings.
Dubai's index edged down 0.5 percent to 3,689 points; it has repeatedly failed to make a decisive break of technical resistance above 3,700 points in recent weeks.
The biggest Dubai bank, Emirates NBD, sank 2.3 percent in unusually heavy volumes."
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"Gulf stock markets moved narrowly in thin early trade on Monday with very few fresh incentives to buy or sell stocks, though Commercial Bank of Qatar (CBQ) dropped after disappointing third-quarter earnings.
Dubai's index edged down 0.5 percent to 3,689 points; it has repeatedly failed to make a decisive break of technical resistance above 3,700 points in recent weeks.
The biggest Dubai bank, Emirates NBD, sank 2.3 percent in unusually heavy volumes."
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Saudi Arabia Said to Delay Contractor Payments as Oil Slumps - Bloomberg Business
Saudi Arabia Said to Delay Contractor Payments as Oil Slumps - Bloomberg Business:
"Saudi Arabia is delaying payments to government contractors as the slump in oil prices pushes the country into a deficit for the first time since 2009, according to three people with knowledge of the matter.
Companies working on infrastructure projects have been waiting six months or more for payments as the government seeks to preserve cash, the people said, asking not to be identified as the information is private. Delays have increased this year and the government has also been seeking to cut prices on contracts, the people said.
Saudi Arabia is tackling the slump in crude, which accounts for about 80 percent of revenue, by tapping foreign reserves, cutting spending and selling bonds. Net foreign assets fell by about $82 billion at the end of August after reaching an all-time high last year. The country has raised 55 billion riyals ($15 billion) from debt issuance this year. The government is also seeking to cut capital spending and delay projects."
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"Saudi Arabia is delaying payments to government contractors as the slump in oil prices pushes the country into a deficit for the first time since 2009, according to three people with knowledge of the matter.
Companies working on infrastructure projects have been waiting six months or more for payments as the government seeks to preserve cash, the people said, asking not to be identified as the information is private. Delays have increased this year and the government has also been seeking to cut prices on contracts, the people said.
Saudi Arabia is tackling the slump in crude, which accounts for about 80 percent of revenue, by tapping foreign reserves, cutting spending and selling bonds. Net foreign assets fell by about $82 billion at the end of August after reaching an all-time high last year. The country has raised 55 billion riyals ($15 billion) from debt issuance this year. The government is also seeking to cut capital spending and delay projects."
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