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Thursday 5 November 2015
Egypt’s clogged-up courts need reform to attract investors | The National
Egypt’s clogged-up courts need reform to attract investors | The National:
"Egypt’s broken legal system needs emergency repairs if the country is to attract investors, whether foreign or Egyptian.
The court system is overloaded with cases. Much of it is still not computerised and its procedures are opaque, inefficient and mired in bureaucracy. Much of the court staff is untrained. The system has a staggering backlog of 11 million cases, according to legal sources.
It is too easy to file court cases, and once filed they are not easily dismissed, even if frivolous. Businessmen tell horror stories of cases taking years to resolve."
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"Egypt’s broken legal system needs emergency repairs if the country is to attract investors, whether foreign or Egyptian.
The court system is overloaded with cases. Much of it is still not computerised and its procedures are opaque, inefficient and mired in bureaucracy. Much of the court staff is untrained. The system has a staggering backlog of 11 million cases, according to legal sources.
It is too easy to file court cases, and once filed they are not easily dismissed, even if frivolous. Businessmen tell horror stories of cases taking years to resolve."
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ABN Amro fined Dh2.3m by Dubai regulator over money laundering systems | The National
ABN Amro fined Dh2.3m by Dubai regulator over money laundering systems | The National:
"ABN Amro has become the latest international bank to face financial penalties of US$640,000 for perceived deficiencies in its anti-money laundering systems in the UAE, receiving fines from both Dubai and Dutch regulators.
The Dubai Financial Services Authority (DFSA) announced that it had imposed the fine on the Dutch bank’s branch in the DIFC, after its private banking division contravened rules “requiring it to implement appropriate safeguards to prevent opportunities for money laundering”.
The regulator launched the investigation earlier this year in conjunction with the Dutch central bank De Nederlandsche Bank (DNB), following the resignation of six Dubai-based ABN Amro private banking employees for failing to comply with the bank’s internal guidelines."
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"ABN Amro has become the latest international bank to face financial penalties of US$640,000 for perceived deficiencies in its anti-money laundering systems in the UAE, receiving fines from both Dubai and Dutch regulators.
The Dubai Financial Services Authority (DFSA) announced that it had imposed the fine on the Dutch bank’s branch in the DIFC, after its private banking division contravened rules “requiring it to implement appropriate safeguards to prevent opportunities for money laundering”.
The regulator launched the investigation earlier this year in conjunction with the Dutch central bank De Nederlandsche Bank (DNB), following the resignation of six Dubai-based ABN Amro private banking employees for failing to comply with the bank’s internal guidelines."
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UAE real estate’s transition to new realities | GulfNews.com
UAE real estate’s transition to new realities | GulfNews.com:
"Attending the recent release of the International Monetary Fund’s (IMF) latest ‘Regional Economic Outlook’ for the Mena (Middle East and North Africa) Region at DIFC (Dubai International Financial Centre), I felt a sense of change in the air. The key question facing the UAE real estate market as we head into 2016 is how it will adjust to the ‘new normal’ of lower oil prices and reduced government spending that now looks likely to be here for some time to come.
According to the IMF, the Middle East is facing two major economic challenges: increased fiscal pressures from a combination of lower oil prices and increased defence and security spending, and the ongoing need to create more employment (with the IMF estimating 10 million new jobs required across the region by 2020).
Before we become overly concerned, it is worth pointing out that both the region and the UAE continues to experience economic growth in line with the global average. The pace of global growth has slowed over the past six months, largely due to uncertainties in China and other emerging markets. This has resulted in the IMF revising down its forecast of global GDP growth for 2015 to 3.1 per cent (from its previous estimate of 3.5 per cent in May)."
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"Attending the recent release of the International Monetary Fund’s (IMF) latest ‘Regional Economic Outlook’ for the Mena (Middle East and North Africa) Region at DIFC (Dubai International Financial Centre), I felt a sense of change in the air. The key question facing the UAE real estate market as we head into 2016 is how it will adjust to the ‘new normal’ of lower oil prices and reduced government spending that now looks likely to be here for some time to come.
According to the IMF, the Middle East is facing two major economic challenges: increased fiscal pressures from a combination of lower oil prices and increased defence and security spending, and the ongoing need to create more employment (with the IMF estimating 10 million new jobs required across the region by 2020).
Before we become overly concerned, it is worth pointing out that both the region and the UAE continues to experience economic growth in line with the global average. The pace of global growth has slowed over the past six months, largely due to uncertainties in China and other emerging markets. This has resulted in the IMF revising down its forecast of global GDP growth for 2015 to 3.1 per cent (from its previous estimate of 3.5 per cent in May)."
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MIDEAST STOCKS-Gulf consolidates in thin trade | Reuters
MIDEAST STOCKS-Gulf consolidates in thin trade | Reuters:
"Gulf stock markets consolidated in thin trade early on Thursday as weak oil prices and soft global equities kept many investors on the defensive.
Dubai's index was almost flat as Union Properties sank 1.7 percent, though several other real estate developers were firm.
Abu Dhabi edged down 0.2 percent as Etisalat dropped 0.7 percent. The stock rose in the past couple of months on speculation that MSCI could add Etisalat to its emerging market index at a semiannual review on Nov. 11, after the company said foreigners would be allowed to buy up to 20 percent of its shares."
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"Gulf stock markets consolidated in thin trade early on Thursday as weak oil prices and soft global equities kept many investors on the defensive.
Dubai's index was almost flat as Union Properties sank 1.7 percent, though several other real estate developers were firm.
Abu Dhabi edged down 0.2 percent as Etisalat dropped 0.7 percent. The stock rose in the past couple of months on speculation that MSCI could add Etisalat to its emerging market index at a semiannual review on Nov. 11, after the company said foreigners would be allowed to buy up to 20 percent of its shares."
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