Central Bank turns attention to complaints of mis-selling investment products | The National:
"Bank customers in the UAE will now receive greater protection against the mis-selling of savings, investment or life insurance policies under the latest regulatory crackdown. The Central Bank of the UAE issued a circular this month advising banks and finance companies to resolve all outstanding mis-selling complaints "amicably" and within a deadline of just 90 days. It issued the circular in response to "an increasing number of complaints in relation to the savings and investment insurance/takaful products". The mis-selling complaints all have a common theme, with customers sold policies that are "complex in nature and are not well understood", according to the circular, seen by The National. These contractual and fixed-term savings or investment plans have been created by the largest global insurance companies and have been criticised by experts as the most expensive financial products available anywhere in the world. These plans have not been licensed to be sold to consumers for many years now in countries like the United Kingdom."
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Friday, 19 May 2017
Damac Properties managing director Ziad El Chaar resigns | The National
Damac Properties managing director Ziad El Chaar resigns | The National:
"Damac Properties, the Dubai property developer, said that its managing director and executive board member Ziad El Chaar has resigned.
The company did not say when the resignation takes or took effect, nor did it name a replacement. It said, however, in a regulatory filing to the Dubai stock exchange that Ossama Abbas would assume the responsibilities of general sales.
"We regretfully announce the departure of Mr El Chaar but wish to thank him wholeheartedly for the outstanding efforts during his time with Damac and the many achievements he spearheaded during this period," said Hussain Sajwani, the chairman of Damac Properties."
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"Damac Properties, the Dubai property developer, said that its managing director and executive board member Ziad El Chaar has resigned.
The company did not say when the resignation takes or took effect, nor did it name a replacement. It said, however, in a regulatory filing to the Dubai stock exchange that Ossama Abbas would assume the responsibilities of general sales.
"We regretfully announce the departure of Mr El Chaar but wish to thank him wholeheartedly for the outstanding efforts during his time with Damac and the many achievements he spearheaded during this period," said Hussain Sajwani, the chairman of Damac Properties."
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Etihad Airways’ $4 Billion Expansion Plan Stalls - Bloomberg
Etihad Airways’ $4 Billion Expansion Plan Stalls - Bloomberg:
"In 2011, Etihad Airways Chief Executive Officer James Hogan hatched a bold strategy to catch up with the airline’s more established Persian Gulf rivals: buying stakes in smaller, cash-hungry carriers across three continents to cobble together enough passengers to propel the Abu Dhabi-based company into the ranks of the global aviation elite. But after more than $4 billion of share purchases, bond buyouts, and other investments, the wannabe airline superpower has little to show for its long-odds gamble.
“Etihad was seeking the equivalent of five years of organic growth overnight, but shortcuts in aviation rarely work,” says aviation analyst Mark Martin, who heads Dubai-based Martin Consultancy LLC. “Mostly you’re buying into bad debt, bad mistakes—and skeletons in the cupboard.”
That reality hit home on May 2 when Italy’s Alitalia SpA, in which Etihad holds a 49 percent stake after pouring in about €1 billion ($1.1 billion), filed for bankruptcy amid mounting losses. Meanwhile, Air Berlin Plc, the biggest beneficiary of Etihad’s largesse after receiving $2 billion, is bleeding red ink after being caught in a squeeze between lower-cost carriers and No. 1 German airline Deutsche Lufthansa AG."
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"In 2011, Etihad Airways Chief Executive Officer James Hogan hatched a bold strategy to catch up with the airline’s more established Persian Gulf rivals: buying stakes in smaller, cash-hungry carriers across three continents to cobble together enough passengers to propel the Abu Dhabi-based company into the ranks of the global aviation elite. But after more than $4 billion of share purchases, bond buyouts, and other investments, the wannabe airline superpower has little to show for its long-odds gamble.
“Etihad was seeking the equivalent of five years of organic growth overnight, but shortcuts in aviation rarely work,” says aviation analyst Mark Martin, who heads Dubai-based Martin Consultancy LLC. “Mostly you’re buying into bad debt, bad mistakes—and skeletons in the cupboard.”
That reality hit home on May 2 when Italy’s Alitalia SpA, in which Etihad holds a 49 percent stake after pouring in about €1 billion ($1.1 billion), filed for bankruptcy amid mounting losses. Meanwhile, Air Berlin Plc, the biggest beneficiary of Etihad’s largesse after receiving $2 billion, is bleeding red ink after being caught in a squeeze between lower-cost carriers and No. 1 German airline Deutsche Lufthansa AG."
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Alabbar Noon Venture With Saudi Fund Said to Let Dubai Staff Go - Bloomberg
Alabbar Noon Venture With Saudi Fund Said to Let Dubai Staff Go - Bloomberg:
"Noon, the e-commerce venture of Dubai businessman Mohamed Alabbar partly funded by Saudi Arabia’s Public Investment Fund, let go of dozens of staffers in Dubai amid delays to rolling out the app, according to four people familiar with the matter. Members from all departments, as well as contractors and vendors were let go, the people said, asking not to be identified as they aren’t authorized to speak to the media. Two of them said that there is still some hiring taking place. “Due to the shift in our operational base and the need for even greater efficiencies, there have been nominal staff reallocations and changes,” Noon said in an emailed statement Thursday. “Any rumors to the contrary are exaggerated and incorrect.”"
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"Noon, the e-commerce venture of Dubai businessman Mohamed Alabbar partly funded by Saudi Arabia’s Public Investment Fund, let go of dozens of staffers in Dubai amid delays to rolling out the app, according to four people familiar with the matter. Members from all departments, as well as contractors and vendors were let go, the people said, asking not to be identified as they aren’t authorized to speak to the media. Two of them said that there is still some hiring taking place. “Due to the shift in our operational base and the need for even greater efficiencies, there have been nominal staff reallocations and changes,” Noon said in an emailed statement Thursday. “Any rumors to the contrary are exaggerated and incorrect.”"
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CORRECTED-UAE Exchange Group targets up to $300 mln in acquisitions | Reuters
CORRECTED-UAE Exchange Group targets up to $300 mln in acquisitions | Reuters:
"UAE Exchange Group, a global remittance and foreign exchange business, aims to spend between $250 million and $300 million on acquisitions to build its global market share, its chief executive said. The group aims to increase its share of the $575 billion global remittance industry to more than 10 percent by 2020, from 6.75 percent currently, Promoth Manghat said. "The group is exploring multiple bolt-on acquisition opportunities as well as strategic investments in remittances and payments space with a specific focus on fintech (and) digital," Manghat said."
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"UAE Exchange Group, a global remittance and foreign exchange business, aims to spend between $250 million and $300 million on acquisitions to build its global market share, its chief executive said. The group aims to increase its share of the $575 billion global remittance industry to more than 10 percent by 2020, from 6.75 percent currently, Promoth Manghat said. "The group is exploring multiple bolt-on acquisition opportunities as well as strategic investments in remittances and payments space with a specific focus on fintech (and) digital," Manghat said."
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OPEC panel looking at deepening, extending oil cuts: sources | Reuters
OPEC panel looking at deepening, extending oil cuts: sources | Reuters:
"An OPEC panel reviewing scenarios for next week's policy-setting meeting is looking at the option of deepening and extending an OPEC-led deal to reduce oil output, OPEC sources said on Friday.
OPEC's national representatives - officials representing the 13 member countries - plus officials from OPEC's Vienna secretariat met on Wednesday and Thursday to discuss the market.
The meeting of the Economic Commission Board was scheduled to finish on Thursday but will conclude later on Friday, two OPEC sources said."
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"An OPEC panel reviewing scenarios for next week's policy-setting meeting is looking at the option of deepening and extending an OPEC-led deal to reduce oil output, OPEC sources said on Friday.
OPEC's national representatives - officials representing the 13 member countries - plus officials from OPEC's Vienna secretariat met on Wednesday and Thursday to discuss the market.
The meeting of the Economic Commission Board was scheduled to finish on Thursday but will conclude later on Friday, two OPEC sources said."
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Saudi-U.S. Ties Shift as Kingdom Turns to Trump for Investments - Bloomberg
Saudi-U.S. Ties Shift as Kingdom Turns to Trump for Investments - Bloomberg:
"Just a few years back, the business relationship between the U.S. and Saudi Arabia was pretty simple: The Americans bought oil, and the Saudis spent much of what they earned on equipment to keep the crude flowing and on planes, tanks, and missiles to protect their borders. With crude prices down by half over the past three years, U.S. domestic oil production up dramatically, and the kingdom embarking on unprecedented economic reforms -- including the sale of a stake in its state-owned oil company -- the leverage is shifting toward the Americans as the U.S. emerges as a rival energy exporter. The changing relationship will come into sharp focus this weekend, as American corporate titans visit Riyadh for an investment summit scheduled to coincide with Donald Trump’s first foreign trip as U.S. president. “At this point, the Saudis need the U.S. more than the reverse,” said Philippe Dauba-Pantanacce, global geopolitical strategist at Standard Chartered Plc in the U.K. “They need foreign direct investment to transform the economy, and the U.S. doesn’t need oil anymore.”"
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"Just a few years back, the business relationship between the U.S. and Saudi Arabia was pretty simple: The Americans bought oil, and the Saudis spent much of what they earned on equipment to keep the crude flowing and on planes, tanks, and missiles to protect their borders. With crude prices down by half over the past three years, U.S. domestic oil production up dramatically, and the kingdom embarking on unprecedented economic reforms -- including the sale of a stake in its state-owned oil company -- the leverage is shifting toward the Americans as the U.S. emerges as a rival energy exporter. The changing relationship will come into sharp focus this weekend, as American corporate titans visit Riyadh for an investment summit scheduled to coincide with Donald Trump’s first foreign trip as U.S. president. “At this point, the Saudis need the U.S. more than the reverse,” said Philippe Dauba-Pantanacce, global geopolitical strategist at Standard Chartered Plc in the U.K. “They need foreign direct investment to transform the economy, and the U.S. doesn’t need oil anymore.”"
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