Gulf financial centers battle it out to be the region’s fintech hub:
"Gulf countries are vying to become the regional hub for fintech start-ups and entrepreneurs and are pouring money into educational campaigns; schemes to develop talent and trendy co-working spaces. The region is racing to catch up with the global tech hubs of London and Silicon Valley, as well as individual countries competing with their neighbors to be the most attractive destination for Fintech firms. In Dubai — typically seen as one of the region’s pioneers in fintech — the Dubai International Financial Center (DIFC) is set to accept applications from startup tech firms this month for the second round of ‘FintechHive,’ a 12-week talent mentorship program originally set up last year."
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Tuesday, 8 May 2018
Saudi developer Jabal Omar signs property deal with Shuaa
Saudi developer Jabal Omar signs property deal with Shuaa:
"One of Saudi Arabia’s largest developers, Jabal Omar, has signed a preliminary agreement with the UAE’s Shuaa Capital to jointly manage real estate investment funds in the Kingdom.
The two companies are looking at ways to work together to create and manage real estate funds that support new developments in prime property hotspots in the Kingdom, according to a Dubai Financial Market (DFM) filing.
“Shuaa’s established record in managing real estate funds and developments within the Kingdom, coupled with Jabal Omar’s unique reputation and achievements in building prime mega developments, will help create a favorable and mutually-beneficial partnership model for delivering the highest quality developments and achieve returns for stakeholders,” said Jassim Alseddiqi, chairman of Shuaa Capital, in the DFM filing."
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"One of Saudi Arabia’s largest developers, Jabal Omar, has signed a preliminary agreement with the UAE’s Shuaa Capital to jointly manage real estate investment funds in the Kingdom.
The two companies are looking at ways to work together to create and manage real estate funds that support new developments in prime property hotspots in the Kingdom, according to a Dubai Financial Market (DFM) filing.
“Shuaa’s established record in managing real estate funds and developments within the Kingdom, coupled with Jabal Omar’s unique reputation and achievements in building prime mega developments, will help create a favorable and mutually-beneficial partnership model for delivering the highest quality developments and achieve returns for stakeholders,” said Jassim Alseddiqi, chairman of Shuaa Capital, in the DFM filing."
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Saudi Arabia can be grateful that all emerging markets are not equal | Arab News
Saudi Arabia can be grateful that all emerging markets are not equal | Arab News:
"On first look, it seems like an incredible piece of bad timing, or bad luck, or both. Just as Saudi Arabia is getting ready to celebrate its new-found status as an emerging market (EM), the financial world seemed to suddenly decide it didn’t like the EM thing after all. For most of last week, many EM currencies, stocks and bonds suffered a sharp sell off, spooked by a surge in the value of the US dollar, which sucked funds out of what used to be called the “developing markets”."
'via Blog this'
"On first look, it seems like an incredible piece of bad timing, or bad luck, or both. Just as Saudi Arabia is getting ready to celebrate its new-found status as an emerging market (EM), the financial world seemed to suddenly decide it didn’t like the EM thing after all. For most of last week, many EM currencies, stocks and bonds suffered a sharp sell off, spooked by a surge in the value of the US dollar, which sucked funds out of what used to be called the “developing markets”."
'via Blog this'
Qatar among fastest growing markets in region: Minister - The Peninsula Qatar
Qatar among fastest growing markets in region: Minister - The Peninsula Qatar:
"Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani said yesterday that the huge participation of companies across the world in exhibitions such as Project Qatar, reflects the strength of Qatar’s economy. Qatar’s economy is expected to witness a robust growth which is likely to be highest in the region. He was speaking to the media persons after inaugurating the 15th edition of Project Qatar 2018 exhibition that begin at the Doha Exhibition and Convention Center. “The state’s commitment to supporting the construction sector has contributed to positioning Qatar as one of the fastest growing markets in the region and the world,” he added. Over 280 international exhibitors from 21 countries and 126 local companies are participating in this international trade exhibition for construction technology, building materials, equipment and environmental technology sector."
'via Blog this'
"Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani said yesterday that the huge participation of companies across the world in exhibitions such as Project Qatar, reflects the strength of Qatar’s economy. Qatar’s economy is expected to witness a robust growth which is likely to be highest in the region. He was speaking to the media persons after inaugurating the 15th edition of Project Qatar 2018 exhibition that begin at the Doha Exhibition and Convention Center. “The state’s commitment to supporting the construction sector has contributed to positioning Qatar as one of the fastest growing markets in the region and the world,” he added. Over 280 international exhibitors from 21 countries and 126 local companies are participating in this international trade exhibition for construction technology, building materials, equipment and environmental technology sector."
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Size matters: Gulf's builders get bigger to face property slide, Real Estate - THE BUSINESS TIMES
Size matters: Gulf's builders get bigger to face property slide, Real Estate - THE BUSINESS TIMES:
"Some of the Persian Gulf’s biggest builders are scaling up to pool resources as they try to confront a property market slump that has lasted longer than most expected. Aldar Properties PJSC’s purchase of 3.7 billion dirhams (S$1.34 billion) of real estate assets in Abu Dhabi is the latest in a series of recent acquisitions and joint ventures between large developers in the United Arab Emirates as values drop in the sheikhdom’s biggest city states. “It was always expected that oil prices would recover quicker, allowing government spending to come back up, and so far that hasn’t happened,” said Faisal Durrani, head of research at broker Cluttons LLC."
'via Blog this'
"Some of the Persian Gulf’s biggest builders are scaling up to pool resources as they try to confront a property market slump that has lasted longer than most expected. Aldar Properties PJSC’s purchase of 3.7 billion dirhams (S$1.34 billion) of real estate assets in Abu Dhabi is the latest in a series of recent acquisitions and joint ventures between large developers in the United Arab Emirates as values drop in the sheikhdom’s biggest city states. “It was always expected that oil prices would recover quicker, allowing government spending to come back up, and so far that hasn’t happened,” said Faisal Durrani, head of research at broker Cluttons LLC."
'via Blog this'
Dubai's listed firms meet Wall Street investors in New York | ZAWYA MENA Edition
Dubai's listed firms meet Wall Street investors in New York | ZAWYA MENA Edition:
"Dubai Financial Market has held a roadshow event to connect companies listed on its exchange to New York-based fund managers handling $3 trillion worth of assets.
The roadshow event saw 10 companies, including Emaar Properties, DP World, Damac Properties and DXB Entertainments, among others, holding one-on-one meetings with senior representatives from 16 fund managers. In total, some 82 meetings were held over a two-day event which concluded last Wednesday (May 2), a spokesman for DFM told Zawya.
In a press release issued on Tuesday, DFM chairman Essa Kazim said that participating fund managers "expressed their undisputed conviction on the lucrative opportunities available on the market", which he said was amplified given the current valuation attached to many Dubai-listed stocks."
'via Blog this'
"Dubai Financial Market has held a roadshow event to connect companies listed on its exchange to New York-based fund managers handling $3 trillion worth of assets.
The roadshow event saw 10 companies, including Emaar Properties, DP World, Damac Properties and DXB Entertainments, among others, holding one-on-one meetings with senior representatives from 16 fund managers. In total, some 82 meetings were held over a two-day event which concluded last Wednesday (May 2), a spokesman for DFM told Zawya.
In a press release issued on Tuesday, DFM chairman Essa Kazim said that participating fund managers "expressed their undisputed conviction on the lucrative opportunities available on the market", which he said was amplified given the current valuation attached to many Dubai-listed stocks."
'via Blog this'
NEWSMAKER-Saad Al-Kaabi: Keeping Qatar's gas flowing under Gulf boycott | Reuters
NEWSMAKER-Saad Al-Kaabi: Keeping Qatar's gas flowing under Gulf boycott | Reuters:
"When Qatar’s Gulf neighbours and Egypt sought to isolate Doha with a boycott imposed last year, the nation’s top energy official kept a cool head and ensured oil and gas exports barely felt a hiccup.
Saad Al-Kaabi, a U.S.-educated engineer who rose the ranks to become chief executive of Qatar Petroleum (QP) in 2014, had a contingency plan to hand to maintain energy flows that account for 60 percent of the Arab nation’s state revenues.
“It was the best stress test we can have for our system to show whether we are really up for a challenge,” Al-Kaabi said in a Reuters interview in Doha, brushing of the boycott’s impact."
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"When Qatar’s Gulf neighbours and Egypt sought to isolate Doha with a boycott imposed last year, the nation’s top energy official kept a cool head and ensured oil and gas exports barely felt a hiccup.
Saad Al-Kaabi, a U.S.-educated engineer who rose the ranks to become chief executive of Qatar Petroleum (QP) in 2014, had a contingency plan to hand to maintain energy flows that account for 60 percent of the Arab nation’s state revenues.
“It was the best stress test we can have for our system to show whether we are really up for a challenge,” Al-Kaabi said in a Reuters interview in Doha, brushing of the boycott’s impact."
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BUZZ-Dubai Financial Market down almost 1.7% after Q1 profit slump | ZAWYA MENA Edition
BUZZ-Dubai Financial Market down almost 1.7% after Q1 profit slump | ZAWYA MENA Edition:
** Shares of Dubai Financial Market are down almost 1.7 pct in early trade after its Q1 net profit dropped by more than half. ** DFM, the only listed bourse in the Gulf, reported a quarterly net profit of 48.9 mln dirhams ($13.31 mln) vs 102.3 mln dirhams a year earlier. ** Trading value slumped by 57.2 pct in Q1 from a year earlier to 20.4 bln dirhams."
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** Shares of Dubai Financial Market are down almost 1.7 pct in early trade after its Q1 net profit dropped by more than half. ** DFM, the only listed bourse in the Gulf, reported a quarterly net profit of 48.9 mln dirhams ($13.31 mln) vs 102.3 mln dirhams a year earlier. ** Trading value slumped by 57.2 pct in Q1 from a year earlier to 20.4 bln dirhams."
'via Blog this'
Ahead of Trump decision, Iran says it seeks constructive relations with the world | Reuters
Ahead of Trump decision, Iran says it seeks constructive relations with the world | Reuters:
"Iran seeks constructive relations with the world but will continue domestic development despite possible sanctions, President Hassan Rouhani said on Tuesday, hours before U.S. President Donald Trump announces a decision on Iran’s nuclear deal.
Trump has repeatedly threatened to withdraw from the deal, which lifted economic sanctions on Iran in exchange for Tehran limiting its nuclear ambitions, unless European allies who also signed the deal fix what he has called its shortcomings.
Trump will announce his final decision on Tuesday 1800 GMT. "
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"Iran seeks constructive relations with the world but will continue domestic development despite possible sanctions, President Hassan Rouhani said on Tuesday, hours before U.S. President Donald Trump announces a decision on Iran’s nuclear deal.
Trump has repeatedly threatened to withdraw from the deal, which lifted economic sanctions on Iran in exchange for Tehran limiting its nuclear ambitions, unless European allies who also signed the deal fix what he has called its shortcomings.
Trump will announce his final decision on Tuesday 1800 GMT. "
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Iran rial near record lows as Trump decision on nuclear deal looms | Reuters
Iran rial near record lows as Trump decision on nuclear deal looms | Reuters:
"Iran’s rial traded near record lows against the dollar in the free market on Tuesday as Iranians tried to buy hard currency, fearing economic turmoil if U.S. President Donald Trump withdraws from a deal on Iran’s nuclear program.
The dollar was selling for 65,000 rials, according to foreign exchange website Bonbast.com (www.bonbast.com), which tracks the free market. That was down from 57,500 at the end of last month and 42,890 at the end of last year.
Economists inside and outside the country said the rial was being driven down by heavy demand for dollars among Iranians who feared a U.S. pullout from the nuclear agreement would lead to the resumption of U.S. sanctions against Tehran, deterring other nations in Europe and Asia from developing business ties. "
'via Blog this'
"Iran’s rial traded near record lows against the dollar in the free market on Tuesday as Iranians tried to buy hard currency, fearing economic turmoil if U.S. President Donald Trump withdraws from a deal on Iran’s nuclear program.
The dollar was selling for 65,000 rials, according to foreign exchange website Bonbast.com (www.bonbast.com), which tracks the free market. That was down from 57,500 at the end of last month and 42,890 at the end of last year.
Economists inside and outside the country said the rial was being driven down by heavy demand for dollars among Iranians who feared a U.S. pullout from the nuclear agreement would lead to the resumption of U.S. sanctions against Tehran, deterring other nations in Europe and Asia from developing business ties. "
'via Blog this'
Exclusive: Qatar Petroleum CEO says pushing ahead with expansion despite Gulf embargo | Reuters
Exclusive: Qatar Petroleum CEO says pushing ahead with expansion despite Gulf embargo | Reuters:
"State energy giant Qatar Petroleum will push ahead with its production expansion and foreign asset acquisition strategy to be on par with oil majors, despite a regional political and economic embargo on Doha, its chief executive said.
QP, which produces 4.8 million barrels of oil equivalent per day (boed), aims to boost its output to 6.5 million boed in the next 8 years, and is expanding its upstream business abroad, particularly in the United States, CEO Saad Al-Kaabi told Reuters.
Qatar is one of the Organization of the Petroleum Exporting Countries’ smallest producers but is also one of the most influential players in the global liquefied natural gas (LNG) market due to its annual production of 77 million tonnes. "
'via Blog this'
"State energy giant Qatar Petroleum will push ahead with its production expansion and foreign asset acquisition strategy to be on par with oil majors, despite a regional political and economic embargo on Doha, its chief executive said.
QP, which produces 4.8 million barrels of oil equivalent per day (boed), aims to boost its output to 6.5 million boed in the next 8 years, and is expanding its upstream business abroad, particularly in the United States, CEO Saad Al-Kaabi told Reuters.
Qatar is one of the Organization of the Petroleum Exporting Countries’ smallest producers but is also one of the most influential players in the global liquefied natural gas (LNG) market due to its annual production of 77 million tonnes. "
'via Blog this'
MIDEAST STOCKS- Saudi, Qatar fall ahead of Iran move, DFM slumps on Q1 result | Reuters
MIDEAST STOCKS- Saudi, Qatar fall ahead of Iran move, DFM slumps on Q1 result | Reuters:
"Gulf markets were mostly lower in early trade on Tuesday, with Saudi and Qatar indexes leading the declines, amid investor caution ahead of U.S. President Donald Trump’s announcement later in the day about the fate of the Iran nuclear deal.
The Saudi index was down 0.4 pct, dented by telecommunication shares, with Zain Saudi slumping almost 10 percent after reporting late on Monday that it had swung to a loss in the first quarter, as it lost nearly two million subscribers over the period.
Zain Saudi, part-owned by Kuwait’s Zain Group, lost 77 million riyals ($20.5 million) in the January-March period, compared with a profit of 45 million riyals in the same period a year ago."
'via Blog this'
"Gulf markets were mostly lower in early trade on Tuesday, with Saudi and Qatar indexes leading the declines, amid investor caution ahead of U.S. President Donald Trump’s announcement later in the day about the fate of the Iran nuclear deal.
The Saudi index was down 0.4 pct, dented by telecommunication shares, with Zain Saudi slumping almost 10 percent after reporting late on Monday that it had swung to a loss in the first quarter, as it lost nearly two million subscribers over the period.
Zain Saudi, part-owned by Kuwait’s Zain Group, lost 77 million riyals ($20.5 million) in the January-March period, compared with a profit of 45 million riyals in the same period a year ago."
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