MIDEAST STOCKS-Property stocks lift Dubai after UAE long-term visa move | Reuters:
"Dubai stocks climbed to a more than two-week high on Monday, as sentiment for property shares was lifted by a decision of the United Arab Emirates’ government to grant residency visas of up to 10 years to investors and specialists. Emaar Properties rose 2.9 percent and DAMAC Properties climbed 4.8 percent, lifting the Dubai index by almost 1 percent to a more than two-week high of 2,947 points. The weak Dubai real estate sector has been a drag on the market this year with shares of top UAE developer Emaar down about 17 percent so far this year."
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Monday, 21 May 2018
Stocks Set to Win in U.A.E. Ownership Shake-Up: Street Wrap - Bloomberg
Stocks Set to Win in U.A.E. Ownership Shake-Up: Street Wrap - Bloomberg: " Stocks in the U.A.E., especially the real estate sector, could get a boost from government plans to allow full foreign ownership in companies as it seeks to attract investments.
Allowing non-Emiratis to own 100 percent of businesses and granting long-term visas to some investors could support property companies such as Emaar Properties PJSC, analysts, strategists and investors said. The decision could trigger a return by investors to Dubai equities, whose index entered a bear market earlier this month amid faltering prospects for the real-estate industry, one of the main pillars of its economy.
The DFM General Index finished 1 percent higher on Monday, trimming its loss this year to 13 percent. Emaar Properties, Damac Properties Dubai PJSC and Dubai Investments PJSC contributed the most to the index’s advance. In Abu Dhabi, the ADX General Index rose 0.7 percent, interrupting its longest losing streak since February and extending its gain in 2018 to 1.4 percent."
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Allowing non-Emiratis to own 100 percent of businesses and granting long-term visas to some investors could support property companies such as Emaar Properties PJSC, analysts, strategists and investors said. The decision could trigger a return by investors to Dubai equities, whose index entered a bear market earlier this month amid faltering prospects for the real-estate industry, one of the main pillars of its economy.
The DFM General Index finished 1 percent higher on Monday, trimming its loss this year to 13 percent. Emaar Properties, Damac Properties Dubai PJSC and Dubai Investments PJSC contributed the most to the index’s advance. In Abu Dhabi, the ADX General Index rose 0.7 percent, interrupting its longest losing streak since February and extending its gain in 2018 to 1.4 percent."
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Why Saudi Banking M&A Awoke From a Two-Decade Slumber - Bloomberg
Why Saudi Banking M&A Awoke From a Two-Decade Slumber - Bloomberg:
"After an almost 20-year drought in mergers and acquisitions among lenders in Saudi Arabia, a new deal may spur activity in the Middle East’s biggest economy. HSBC Holdings Plc affiliate Saudi British Bank, or SABB, is set to take over Alawwal Bank that’s backed by Royal Bank of Scotland Group Plc in a $5 billion stock deal. The merger will reaffirm HSBC’s position in the kingdom and may offer international lenders some insight on how to approach Saudi Arabia, which is opening up to overseas investment, but still blocks foreign control of banks. 1. Why were there no bank mergers for 20 years? Lenders didn’t see a need to consolidate, partly because they have been well-capitalized and profitable, said Hans-Peter Huber, chief investment officer at Riyad Capital. There also aren’t that many of them -- 12 domestic banks and 14 licensed foreign banks, according to the Saudi central bank website, in a country of 32 million people. That’s among the fewest commercial banks per capita in the Gulf, said Aarthi Chandrasekaran, vice president at Shuaa Capital in Dubai."
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"After an almost 20-year drought in mergers and acquisitions among lenders in Saudi Arabia, a new deal may spur activity in the Middle East’s biggest economy. HSBC Holdings Plc affiliate Saudi British Bank, or SABB, is set to take over Alawwal Bank that’s backed by Royal Bank of Scotland Group Plc in a $5 billion stock deal. The merger will reaffirm HSBC’s position in the kingdom and may offer international lenders some insight on how to approach Saudi Arabia, which is opening up to overseas investment, but still blocks foreign control of banks. 1. Why were there no bank mergers for 20 years? Lenders didn’t see a need to consolidate, partly because they have been well-capitalized and profitable, said Hans-Peter Huber, chief investment officer at Riyad Capital. There also aren’t that many of them -- 12 domestic banks and 14 licensed foreign banks, according to the Saudi central bank website, in a country of 32 million people. That’s among the fewest commercial banks per capita in the Gulf, said Aarthi Chandrasekaran, vice president at Shuaa Capital in Dubai."
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Under-pressure Abraaj breaches debt covenants: sources | Reuters
Under-pressure Abraaj breaches debt covenants: sources | Reuters:
"Abraaj, the Middle East’s largest private equity house, is in violation of conditions relating to a portion of its debt, said six banking sources, adding to the pressure on a group locked in a dispute with investors.
Banks are still keen to support Abraaj but are worried about the outcome of an investigation into the firm’s alleged misuse of investor money and any related regulatory action, including possible fines, some of the sources said.
Abraaj has denied any wrongdoing.
"
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"Abraaj, the Middle East’s largest private equity house, is in violation of conditions relating to a portion of its debt, said six banking sources, adding to the pressure on a group locked in a dispute with investors.
Banks are still keen to support Abraaj but are worried about the outcome of an investigation into the firm’s alleged misuse of investor money and any related regulatory action, including possible fines, some of the sources said.
Abraaj has denied any wrongdoing.
"
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UAE to allow 100 percent foreign ownership of businesses by year-end | Reuters
UAE to allow 100 percent foreign ownership of businesses by year-end | Reuters:
"The United Arab Emirates cabinet approved steps on Sunday that would allow for 100 percent ownership of UAE-based businesses by foreign investors by year-end, the state news agency WAM said.
The decision is part of a wider change to the system that would grant residency visas of up to 10 years to investors and specialists in scientific, technical, medical and research fields, the agency said.
The cabinet meeting was chaired by Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai. He directed the economy minister to implement the resolution and submit a study following up its impact in the third quarter of this year, WAM said."
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"The United Arab Emirates cabinet approved steps on Sunday that would allow for 100 percent ownership of UAE-based businesses by foreign investors by year-end, the state news agency WAM said.
The decision is part of a wider change to the system that would grant residency visas of up to 10 years to investors and specialists in scientific, technical, medical and research fields, the agency said.
The cabinet meeting was chaired by Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai. He directed the economy minister to implement the resolution and submit a study following up its impact in the third quarter of this year, WAM said."
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Oil rises as U.S. says trade war with China is 'on hold' | Reuters
Oil rises as U.S. says trade war with China is 'on hold' | Reuters:
"Oil rose on Monday, lifted by a rally across stocks and other commodities, after the United States said it had put a possible trade war with China “on hold”.
Brent crude futures were up 35 cents at $78.86 a barrel at 0845 GMT, having hit a high above $80 last week, while U.S. West Texas Intermediate (WTI) crude futures rose 29 cents to $71.57 a barrel.
A possible U.S. trade war with China is “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday, giving global markets a lift in early trading on Monday."
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"Oil rose on Monday, lifted by a rally across stocks and other commodities, after the United States said it had put a possible trade war with China “on hold”.
Brent crude futures were up 35 cents at $78.86 a barrel at 0845 GMT, having hit a high above $80 last week, while U.S. West Texas Intermediate (WTI) crude futures rose 29 cents to $71.57 a barrel.
A possible U.S. trade war with China is “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday, giving global markets a lift in early trading on Monday."
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MIDEAST STOCKS-UAE's visa move for investors boosts Dubai property stocks | Reuters
MIDEAST STOCKS-UAE's visa move for investors boosts Dubai property stocks | Reuters:
"Property stocks in Dubai and Abu Dhabi rose in early Monday trading after the United Arab Emirates approved a system to grant residency visas of up to 10 years to investors and specialists. Emaar Properties rose 4 percent and DAMAC Properties climbed 1.3 percent, lifting the Dubai index by 1.3 percent. The UAE move “will surely boost the performance of the real estate sector and give comfort to the investors there and specially property owners,” said Marie Salem, director of capital markets at FFA Dubai."
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"Property stocks in Dubai and Abu Dhabi rose in early Monday trading after the United Arab Emirates approved a system to grant residency visas of up to 10 years to investors and specialists. Emaar Properties rose 4 percent and DAMAC Properties climbed 1.3 percent, lifting the Dubai index by 1.3 percent. The UAE move “will surely boost the performance of the real estate sector and give comfort to the investors there and specially property owners,” said Marie Salem, director of capital markets at FFA Dubai."
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