Ras Al Khaimah to press charges against Swiss national for $1.5 billion fraud | GulfNews.com:
"The government of Ras Al Khaimah is pressing criminal charges against a Swiss national who is a former top official of RAK Investment Authority, official news agency WAM said on Monday.
“Dr Khater Massaad, the head of Star Industrial Holding Ltd., SIH, has ended negotiations with the Government of Ras Al Khaimah and is facing further criminal charges following a global embezzlement and mismanagement of $1.5 billion in the UAE. He has already been tried and convicted by the UAE criminal courts for corruption and fraud,” the agency said.
The man, who once headed RAK Ceramics, has multiple passports."
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Monday, 1 August 2016
Emirates said to be raising as much as $2.5b for A380s | GulfNews.com
Emirates said to be raising as much as $2.5b for A380s | GulfNews.com:
"Emirates, the world’s biggest airline by international passenger traffic, is seeking to raise as much as $2.5 billion to fund the purchase of Airbus Group SE A380 superjumbos, according to two people with knowledge of the deal.
The Dubai government-owned carrier plans an 18-month bridge loan priced at about 135 basis points over the London Interbank Offered Rate, said the people, asking not to be identified because the information is private. The bridge facility will later be converted to a 12-year loan to fund about 10 A380s, which will be delivered before the year end, one of the people said.
Emirates, which has built Dubai as a hub for transcontinental traffic from the US and Europe to Asia, will take delivery of 21 A380s in the fiscal year through March 2017. Profit surged 50 per cent in the financial year ended March 31 to Dh8.2 billion ($2.2 billion) as it carried more passengers and benefited from a decline in oil prices. The funding for the planes is for a combination of operating and financial leases, according to one of the people."
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"Emirates, the world’s biggest airline by international passenger traffic, is seeking to raise as much as $2.5 billion to fund the purchase of Airbus Group SE A380 superjumbos, according to two people with knowledge of the deal.
The Dubai government-owned carrier plans an 18-month bridge loan priced at about 135 basis points over the London Interbank Offered Rate, said the people, asking not to be identified because the information is private. The bridge facility will later be converted to a 12-year loan to fund about 10 A380s, which will be delivered before the year end, one of the people said.
Emirates, which has built Dubai as a hub for transcontinental traffic from the US and Europe to Asia, will take delivery of 21 A380s in the fiscal year through March 2017. Profit surged 50 per cent in the financial year ended March 31 to Dh8.2 billion ($2.2 billion) as it carried more passengers and benefited from a decline in oil prices. The funding for the planes is for a combination of operating and financial leases, according to one of the people."
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Dubai Ruler’s DIC Said to Hire BofA, Goldman for Doncasters Sale - Bloomberg
Dubai Ruler’s DIC Said to Hire BofA, Goldman for Doncasters Sale - Bloomberg:
"Dubai International Capital LLC, the private equity business owned by Dubai’s ruler, is exploring a sale of its British engineering group, Doncasters Group Ltd., according to people with knowledge of the situation.
Dubai International is working with advisers at Bank of America Corp., Credit Suisse Group AG and Goldman Sachs Group Inc. to seek potential buyers for the business, which could fetch more than 2 billion euros ($2.2 billion), the people said, asking not to be named because the deliberations are private. The discussions are at an early stage and a formal sale process hasn’t begun, the people said.
The private equity firm is closing down after restructuring $2.5 billion of debt, people familiar with the matter said in April. Dubai International’s management team had previously held talks to buy out the aerospace parts maker with financial backing from Blackstone Group LP and Goldman Sachs, among others, people familiar with the plan said last year."
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"Dubai International Capital LLC, the private equity business owned by Dubai’s ruler, is exploring a sale of its British engineering group, Doncasters Group Ltd., according to people with knowledge of the situation.
Dubai International is working with advisers at Bank of America Corp., Credit Suisse Group AG and Goldman Sachs Group Inc. to seek potential buyers for the business, which could fetch more than 2 billion euros ($2.2 billion), the people said, asking not to be named because the deliberations are private. The discussions are at an early stage and a formal sale process hasn’t begun, the people said.
The private equity firm is closing down after restructuring $2.5 billion of debt, people familiar with the matter said in April. Dubai International’s management team had previously held talks to buy out the aerospace parts maker with financial backing from Blackstone Group LP and Goldman Sachs, among others, people familiar with the plan said last year."
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MIDEAST STOCKS-Gulf firms on positive Q2 results, Egypt weakens | Reuters
MIDEAST STOCKS-Gulf firms on positive Q2 results, Egypt weakens | Reuters:
"Gulf stock markets rose on Monday, supported by positive quarterly earnings from several major companies, while Egypt cooled for a second day as foreign traders exited positions.
Dubai's index added 0.9 percent as Emaar Properties climbed 1.9 percent to 6.95 dirhams after reporting an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million).
That was ahead of the 1.06 billion dirhams forecast by SICO Bahrain and Thomson Reuters data shows the median target price of 11 analysts covering the stock is 9.64 dirhams."
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"Gulf stock markets rose on Monday, supported by positive quarterly earnings from several major companies, while Egypt cooled for a second day as foreign traders exited positions.
Dubai's index added 0.9 percent as Emaar Properties climbed 1.9 percent to 6.95 dirhams after reporting an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million).
That was ahead of the 1.06 billion dirhams forecast by SICO Bahrain and Thomson Reuters data shows the median target price of 11 analysts covering the stock is 9.64 dirhams."
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U.S. crude breaks below $40 as oil ends down 4 percent on glut | Reuters
U.S. crude breaks below $40 as oil ends down 4 percent on glut | Reuters:
"U.S. crude tumbled below $40 per barrel on Monday for the first time since April, as oil prices settled down nearly 4 percent on heightened worries of a crude glut despite peak summer fuel demand.
A near 15-percent slump in U.S. crude prices in July, the worst monthly loss in a year, also triggered liquidation as trading began for August.
Monday's slide in crude prices also came after Marathon Petroleum unexpectedly shut its lone crude unit and an associated unit at its 212,000 barrel-per-day refinery in Robinson, Illinois, at the weekend, according to a source. The cause and duration of the outage were not clear."
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"U.S. crude tumbled below $40 per barrel on Monday for the first time since April, as oil prices settled down nearly 4 percent on heightened worries of a crude glut despite peak summer fuel demand.
A near 15-percent slump in U.S. crude prices in July, the worst monthly loss in a year, also triggered liquidation as trading began for August.
Monday's slide in crude prices also came after Marathon Petroleum unexpectedly shut its lone crude unit and an associated unit at its 212,000 barrel-per-day refinery in Robinson, Illinois, at the weekend, according to a source. The cause and duration of the outage were not clear."
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Qatar Airways increases IAG stake to 20% | GulfNews.com
Qatar Airways increases IAG stake to 20% | GulfNews.com:
"Qatar Airways said on Monday it has increased its stake in British Airways parent International Airlines Group (IAG) to 20.01 per cent from 15.67 per cent.
The Doha-based airline said in a statement that it increased its stake on July 28. It first bought into the European airline group in January 2015 when it purchased a 9.99 per cent stake."
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"Qatar Airways said on Monday it has increased its stake in British Airways parent International Airlines Group (IAG) to 20.01 per cent from 15.67 per cent.
The Doha-based airline said in a statement that it increased its stake on July 28. It first bought into the European airline group in January 2015 when it purchased a 9.99 per cent stake."
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Iraq's oil exports from south rose to 3.2 million bpd in July | Reuters
Iraq's oil exports from south rose to 3.2 million bpd in July | Reuters:
"Iraq's oil exports from its southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June, as the OPEC nation increased crude production, Iraqi oil officials said.
Output at the Luhais field, operated by state-run South Oil Company, increased by 10,000 bpd to 90,000 bpd in July, according to a company official.
Fields operated by foreign companies in southern Iraq also contributed to the July increase, he said."
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"Iraq's oil exports from its southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June, as the OPEC nation increased crude production, Iraqi oil officials said.
Output at the Luhais field, operated by state-run South Oil Company, increased by 10,000 bpd to 90,000 bpd in July, according to a company official.
Fields operated by foreign companies in southern Iraq also contributed to the July increase, he said."
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MIDEAST STOCKS-Emaar Q2 results support Dubai, Saudi edges higher | Reuters
MIDEAST STOCKS-Emaar Q2 results support Dubai, Saudi edges higher | Reuters:
"Dubai's stock market rose in early trade on Monday, supported by positive earnings from its largest listed stock, while Saudi Arabia's index edged up as investors bought shares on recent price dips.
Dubai's index was up 0.7 percent. Emaar Properties climbed 1.6 percent to 6.93 dirhams after the developer reported an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million), ahead of the 1.06 billion dirhams forecast by SICO Bahrain. According to Thomson Reuters data, the median target price of 11 analysts covering the stock is 9.64 dirhams.
Other property-related companies, which have not yet reported earnings, also fared well with builder Arabtec gaining 1.4 percent."
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"Dubai's stock market rose in early trade on Monday, supported by positive earnings from its largest listed stock, while Saudi Arabia's index edged up as investors bought shares on recent price dips.
Dubai's index was up 0.7 percent. Emaar Properties climbed 1.6 percent to 6.93 dirhams after the developer reported an 8 percent rise in second-quarter net profit to 1.27 billion dirhams ($346 million), ahead of the 1.06 billion dirhams forecast by SICO Bahrain. According to Thomson Reuters data, the median target price of 11 analysts covering the stock is 9.64 dirhams.
Other property-related companies, which have not yet reported earnings, also fared well with builder Arabtec gaining 1.4 percent."
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