Dubai landlords fight to keep hold of tenants but savvy buyers snap up bargains | The National:
"Leasing activity in Dubai’s residential market tailed off towards the end of the first quarter as landlords proved more willing to negotiate on rents to keep existing tenants in place, according to a report from Asteco Property Consultants.
Although apartment rent declines were “limited" over the quarter, with affordable areas remaining flat and mid-market communities reporting declines of just 2 per cent, certain submarkets performed considerably worse than others.
At Jumeirah Lakes Towers, for instance, rents declined by 6 per cent quarter-on-quarter and 12 per cent year-on-year by the end of March."
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Tuesday, 24 May 2016
Bin Sulayem rebukes Kimberley Process activists | GulfNews.com
Bin Sulayem rebukes Kimberley Process activists | GulfNews.com:
"As the UAE’s first meeting as host of the Kimberley Process (KP) went ahead without representatives from the KP’s Civil Society Coalition (CSC), KP Chair Ahmad Bin Sulayem had this to say to the group’s spokesman: “Get back to work.”
Bin Sulayem, executive chairman of Dubai Multi Commodities Centre (DMCC), said he “strongly refuted and rejected” allegations from the CSC, made up of 11 rights groups, about the UAE’s suitability to chair KP. It is the first Arab nation to chair the group, which aims to regulate the international diamond industry to keep so-called “blood diamonds” or “conflict diamonds” off the market.
In his opening comments to the KP Intersessional 2016, at Atlantis, Palm Jumeirah, he said the UAE had agreed to all conditions set by the World Diamond Council, acting as moderators between the CSC and the UAE, but that had not satisfied “self-appointed leader” of the CSC, Alan Martin."
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"As the UAE’s first meeting as host of the Kimberley Process (KP) went ahead without representatives from the KP’s Civil Society Coalition (CSC), KP Chair Ahmad Bin Sulayem had this to say to the group’s spokesman: “Get back to work.”
Bin Sulayem, executive chairman of Dubai Multi Commodities Centre (DMCC), said he “strongly refuted and rejected” allegations from the CSC, made up of 11 rights groups, about the UAE’s suitability to chair KP. It is the first Arab nation to chair the group, which aims to regulate the international diamond industry to keep so-called “blood diamonds” or “conflict diamonds” off the market.
In his opening comments to the KP Intersessional 2016, at Atlantis, Palm Jumeirah, he said the UAE had agreed to all conditions set by the World Diamond Council, acting as moderators between the CSC and the UAE, but that had not satisfied “self-appointed leader” of the CSC, Alan Martin."
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Dubai Commercial Real Estate: a Tale of Two Cities - Bloomberg
Dubai Commercial Real Estate: a Tale of Two Cities - Bloomberg:
"Murray Strang, director head of investments UAE at Cluttons, discusses commercial real estate in Dubai and how it's become a tale of two cities and the trends he's seeing. He speaks to Bloomberg's Manus Cranny on "Bloomberg Markets Middle East.""
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"Murray Strang, director head of investments UAE at Cluttons, discusses commercial real estate in Dubai and how it's become a tale of two cities and the trends he's seeing. He speaks to Bloomberg's Manus Cranny on "Bloomberg Markets Middle East.""
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Qatar Bank CEO Says Liquidity Is a ‘Bigger Issue’ Than in 2008 - Bloomberg
Qatar Bank CEO Says Liquidity Is a ‘Bigger Issue’ Than in 2008 - Bloomberg:
"The shortage of liquidity in Qatar is more serious than during the financial crisis, forcing the country’s lenders to adapt their businesses to the low oil-price environment, according to Doha Bank QSC Chief Executive Officer Raghavan Seetharaman.
“Liquidity is a much bigger issue today than it was in 2008,” he said in a TV interview with Bloomberg Markets Middle East on Tuesday. “All of the Gulf countries were running a fiscal surplus and current account surplus in 2008, today they’re running a fiscal and current account deficit. Every institution, including Doha Bank, has to redefine its business model.""
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"The shortage of liquidity in Qatar is more serious than during the financial crisis, forcing the country’s lenders to adapt their businesses to the low oil-price environment, according to Doha Bank QSC Chief Executive Officer Raghavan Seetharaman.
“Liquidity is a much bigger issue today than it was in 2008,” he said in a TV interview with Bloomberg Markets Middle East on Tuesday. “All of the Gulf countries were running a fiscal surplus and current account surplus in 2008, today they’re running a fiscal and current account deficit. Every institution, including Doha Bank, has to redefine its business model.""
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Saudi Arabia’s Late Arrival to Eurobond Party Comes With a Cost - Bloomberg
Saudi Arabia’s Late Arrival to Eurobond Party Comes With a Cost - Bloomberg:
"By the time Saudi Arabia taps international investors for a debut bond, it may have to pay extra to lure money managers who have just gorged on debt sold by its neighbors.
When the kingdom invited banks last week to pitch to underwrite a bond issue, it joined the back of the line behind other Middle Eastern companies and states that have already raised $15 billion this year. Qatar is meeting investors this week about a possible $5 billion sale, following a similar-sized transaction from Abu Dhabi last month."
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"By the time Saudi Arabia taps international investors for a debut bond, it may have to pay extra to lure money managers who have just gorged on debt sold by its neighbors.
When the kingdom invited banks last week to pitch to underwrite a bond issue, it joined the back of the line behind other Middle Eastern companies and states that have already raised $15 billion this year. Qatar is meeting investors this week about a possible $5 billion sale, following a similar-sized transaction from Abu Dhabi last month."
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TPG Said in Talks to Acquire Abraaj’s Spinneys Chain in Egypt - Bloomberg
TPG Said in Talks to Acquire Abraaj’s Spinneys Chain in Egypt - Bloomberg:
"TPG Capital is in talks to buy the Spinneys supermarket chain in Egypt from Abraaj Group, in what would be the U.S. buyout firm’s first deal in the North African country, two people with knowledge of the matter said.
Fort Worth, Texas-based TPG is the preferred bidder for the business, which may be worth about $100 million, the people said, asking not to be identified because the information is private. The private-equity firm would enter into a franchise agreement with Spinneys as part of the deal, one of the people said. No final decision has been made and talks may still falter, the people said.
TPG teamed up with Abraaj in 2014 to buy a majority stake in Saudi Arabian fast-food chain Kudu, its first investment in the Middle East. TPG was also among bidders for Kuwait Food Co., the operator of KFC restaurants in the Middle East and North Africa. Kuwait Foods is now in talks to sell itself to a group of investors led by Emaar Properties PJSC Chairman Mohamed Alabbar."
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"TPG Capital is in talks to buy the Spinneys supermarket chain in Egypt from Abraaj Group, in what would be the U.S. buyout firm’s first deal in the North African country, two people with knowledge of the matter said.
Fort Worth, Texas-based TPG is the preferred bidder for the business, which may be worth about $100 million, the people said, asking not to be identified because the information is private. The private-equity firm would enter into a franchise agreement with Spinneys as part of the deal, one of the people said. No final decision has been made and talks may still falter, the people said.
TPG teamed up with Abraaj in 2014 to buy a majority stake in Saudi Arabian fast-food chain Kudu, its first investment in the Middle East. TPG was also among bidders for Kuwait Food Co., the operator of KFC restaurants in the Middle East and North Africa. Kuwait Foods is now in talks to sell itself to a group of investors led by Emaar Properties PJSC Chairman Mohamed Alabbar."
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1MDB Committed to Ending Spat With Abu Dhabi - Bloomberg
1MDB Committed to Ending Spat With Abu Dhabi - Bloomberg:
"1MDB told its shareholders it's committed to end its spat with Abu Dhabi's sovereign-wealth fund that led to a debt default last month. Bloomberg's Haslinda Amin reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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"1MDB told its shareholders it's committed to end its spat with Abu Dhabi's sovereign-wealth fund that led to a debt default last month. Bloomberg's Haslinda Amin reports on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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MIDEAST STOCKS-Gulf mostly rises, quieter as Ramadan nears | Reuters
MIDEAST STOCKS-Gulf mostly rises, quieter as Ramadan nears | Reuters:
"Most Gulf stock markets rose on Tuesday but trading volumes were small as some investors stayed away because of the approach of the holy month of Ramadan and summer holidays, when activity tends to decrease in some bourses.
Dubai's index spent most of the day little changed but closed 1.0 percent higher after a surge in the final half-hour.
Investment bank Shuaa Capital jumped 3.7 percent in unusually heavy trade after sources told Reuters that it cut about 15 percent of its workforce at the end of last week, ahead of a possible sale of a stake in the company by Dubai Group."
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"Most Gulf stock markets rose on Tuesday but trading volumes were small as some investors stayed away because of the approach of the holy month of Ramadan and summer holidays, when activity tends to decrease in some bourses.
Dubai's index spent most of the day little changed but closed 1.0 percent higher after a surge in the final half-hour.
Investment bank Shuaa Capital jumped 3.7 percent in unusually heavy trade after sources told Reuters that it cut about 15 percent of its workforce at the end of last week, ahead of a possible sale of a stake in the company by Dubai Group."
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