Kushner's Cadre Is in Talks With Saudi-Backed SoftBank Fund - Bloomberg:
"Cadre, a real estate technology startup co-founded and partly owned by White House senior adviser Jared Kushner, is discussing an investment of at least $100 million from a private fund that receives much of its capital from the governments of Saudi Arabia and the United Arab Emirates, according to people familiar with the discussions.
A top executive of Cadre, the people said, has met privately in recent months with representatives of the SoftBank Vision Fund, a technology investment vehicle that gets almost half of its $100 billion from the Saudi government’s Public Investment Fund. The United Arab Emirates has put at least $15 billion into the Vision Fund through its sovereign wealth fund as well.
Kushner doesn’t play an active role in Cadre’s operations, company officials say when asked about the president’s son-in-law. But he hasn’t divested his Cadre stake, valued at $5 million to $25 million on his most recent financial disclosure form. People close to Cadre -- whose founders include Jared’s younger brother, Josh, and his Harvard classmate, Ryan Williams -- said that neither Kushner had taken part in the recent funding discussions with SoftBank. It was SoftBank that approached Cadre, they added."
'via Blog this'
Tuesday, 22 May 2018
Middle East Lenders Add Muscle With $8 Billion in Takeover Deals - Bloomberg
Middle East Lenders Add Muscle With $8 Billion in Takeover Deals - Bloomberg:
"The top ranks of Middle East banking is changing. In the past week alone, lenders in Saudi Arabia and Dubai have agreed to takeover deals worth just over $8 billion.
Saudi British Bank’s $5 billion all-stock deal to acquire Alawwal Bank last week will catapult the HSBC Holdings Plc-backed institution into one of the region’s top 10 lenders."
'via Blog this'
"The top ranks of Middle East banking is changing. In the past week alone, lenders in Saudi Arabia and Dubai have agreed to takeover deals worth just over $8 billion.
Saudi British Bank’s $5 billion all-stock deal to acquire Alawwal Bank last week will catapult the HSBC Holdings Plc-backed institution into one of the region’s top 10 lenders."
'via Blog this'
Banks Back Plan to Solve Turk Telekom Owner Debt - Bloomberg
Banks Back Plan to Solve Turk Telekom Owner Debt - Bloomberg:
"Banks that provided a $4.75 billion loan to the owner of Turk Telekomunikasyon AS are backing a proposal that would settle Turkey’s biggest default, people with knowledge of the matter said. Under the plan proposed by an advisory group for the lenders, creditors would get control of Ojer Telekomunikasyon AS, or Otas, which took out the loan, through a special purpose vehicle, said the people, asking not to be identified because the talks are private. Shares in the phone operator rose the most since it listed in 2008 as an agreement would end a year-long impasse between creditors and Turk Telekom. The companies have been locked in talks since Otas failed to pay a September 2016 installment on the loan, the country’s biggest ever syndicated facility. Banks, government officials and the companies were due to meet Tuesday to discuss the new proposal, the people said."
'via Blog this'
"Banks that provided a $4.75 billion loan to the owner of Turk Telekomunikasyon AS are backing a proposal that would settle Turkey’s biggest default, people with knowledge of the matter said. Under the plan proposed by an advisory group for the lenders, creditors would get control of Ojer Telekomunikasyon AS, or Otas, which took out the loan, through a special purpose vehicle, said the people, asking not to be identified because the talks are private. Shares in the phone operator rose the most since it listed in 2008 as an agreement would end a year-long impasse between creditors and Turk Telekom. The companies have been locked in talks since Otas failed to pay a September 2016 installment on the loan, the country’s biggest ever syndicated facility. Banks, government officials and the companies were due to meet Tuesday to discuss the new proposal, the people said."
'via Blog this'
Sovereign investor flows to global markets turn net positive in Q1 | ZAWYA MENA Edition
Sovereign investor flows to global markets turn net positive in Q1 | ZAWYA MENA Edition:
"Sovereign wealth fund (SWF) flows to stock and bond strategies managed by external asset managers turned net positive in the first quarter for the first time since 2014, data from research firm eVestment showed on Tuesday.
A net $4.3 billion was placed with third-party fund managers by sovereign investors in the first three months of 2018 compared with a net outflow of $8.3 billion in fourth quarter 2017, ending 14 consecutive quarters of net outflows.
The figures from eVestment, which collates data from about 4,400 firms managing money on behalf of institutional investors, showed that allocations to non-U.S. passive equity strategies were the main driver of the change."
'via Blog this'
"Sovereign wealth fund (SWF) flows to stock and bond strategies managed by external asset managers turned net positive in the first quarter for the first time since 2014, data from research firm eVestment showed on Tuesday.
A net $4.3 billion was placed with third-party fund managers by sovereign investors in the first three months of 2018 compared with a net outflow of $8.3 billion in fourth quarter 2017, ending 14 consecutive quarters of net outflows.
The figures from eVestment, which collates data from about 4,400 firms managing money on behalf of institutional investors, showed that allocations to non-U.S. passive equity strategies were the main driver of the change."
'via Blog this'
Banks' ploys on Gulf bond deals draw attention | Reuters
Banks' ploys on Gulf bond deals draw attention | Reuters:
"The way in which lead banks put orders into Middle East bond deals is coming under the spotlight, with some bankers arguing the practice is misleading investors as it is not clear how real those bids are. Order books containing lead orders is commonplace in the Middle East as banks use their financial firepower to muscle in on mandates. A $500 million five-year bond last week from Commercial Bank of Qatar, for example, had a $1 billion book with $200 million of lead interest made public during the deal’s execution. Often, though, the size of leads’ support is not disclosed. Furthermore, critics say, there is a distinction between an order from a lead bank’s treasury or trading operation reflecting genuine investor demand and one from the syndicate desk, which in essence is an underwriting position and therefore should not be included in the book."
'via Blog this'
"The way in which lead banks put orders into Middle East bond deals is coming under the spotlight, with some bankers arguing the practice is misleading investors as it is not clear how real those bids are. Order books containing lead orders is commonplace in the Middle East as banks use their financial firepower to muscle in on mandates. A $500 million five-year bond last week from Commercial Bank of Qatar, for example, had a $1 billion book with $200 million of lead interest made public during the deal’s execution. Often, though, the size of leads’ support is not disclosed. Furthermore, critics say, there is a distinction between an order from a lead bank’s treasury or trading operation reflecting genuine investor demand and one from the syndicate desk, which in essence is an underwriting position and therefore should not be included in the book."
'via Blog this'
OPEC may decide to ease oil supply curbs in June: sources | Reuters
OPEC may decide to ease oil supply curbs in June: sources | Reuters: "
OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far, OPEC and oil industry sources familiar with the discussions told Reuters.
Gulf OPEC countries are leading the initial talks on when the exporting group can boost oil production to cool the oil market after crude rose above $80 a barrel last week, and how many barrels each member can add, the sources said.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have agreed to curb output by about 1.8 million barrels per day (bpd) until the end of 2018 to reduce high global oil stocks, but the inventory overhang has now fallen close to OPEC’s target. "
'via Blog this'
OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too far, OPEC and oil industry sources familiar with the discussions told Reuters.
Gulf OPEC countries are leading the initial talks on when the exporting group can boost oil production to cool the oil market after crude rose above $80 a barrel last week, and how many barrels each member can add, the sources said.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have agreed to curb output by about 1.8 million barrels per day (bpd) until the end of 2018 to reduce high global oil stocks, but the inventory overhang has now fallen close to OPEC’s target. "
'via Blog this'
MIDEAST STOCKS-Emirates NBD boosts Dubai; Abu Dhabi, Saudi stocks also up | Reuters
MIDEAST STOCKS-Emirates NBD boosts Dubai; Abu Dhabi, Saudi stocks also up | Reuters:
"United Arab Emirates stocks led regional gains on Tuesday, with Dubai’s market bolstered by a surge in Emirates NBD after it agreed to buy Turkish lender Denizbank for $3.2 billion. Emirates NBD has outperformed Dubai’s market so far this year, rising 30.5 percent, compared to a 11.8 percent slump in the Dubai index. On Tuesday, the stock gained 8.4 percent, helping the index finish 0.9 percent up. Emirates NBD, which already has a presence outside the United Arab Emirates in several countries, said the deal would add value for shareholders in the first year."
'via Blog this'
"United Arab Emirates stocks led regional gains on Tuesday, with Dubai’s market bolstered by a surge in Emirates NBD after it agreed to buy Turkish lender Denizbank for $3.2 billion. Emirates NBD has outperformed Dubai’s market so far this year, rising 30.5 percent, compared to a 11.8 percent slump in the Dubai index. On Tuesday, the stock gained 8.4 percent, helping the index finish 0.9 percent up. Emirates NBD, which already has a presence outside the United Arab Emirates in several countries, said the deal would add value for shareholders in the first year."
'via Blog this'
Washington’s Iran ‘wish list’ lacks support from allies
Washington’s Iran ‘wish list’ lacks support from allies:
"When US secretary of state Mike Pompeo issued a dozen demands of Iran, he described the requests as “very basic requirements” that were not “unreasonable”, but many observers disagreed. Mr Pompeo framed his requirements as the basis of a grand bargain — seeking to extract massive concessions in exchange for a binding treaty that would deliver lasting economic and diplomatic benefits to Iran. But critics perceive something far more in the Trump administration’s insistence that Tehran give up everything from enriching uranium to its longstanding foreign policy, or else submit to crippling sanctions: a bid to oust the country’s leadership."
'via Blog this'
"When US secretary of state Mike Pompeo issued a dozen demands of Iran, he described the requests as “very basic requirements” that were not “unreasonable”, but many observers disagreed. Mr Pompeo framed his requirements as the basis of a grand bargain — seeking to extract massive concessions in exchange for a binding treaty that would deliver lasting economic and diplomatic benefits to Iran. But critics perceive something far more in the Trump administration’s insistence that Tehran give up everything from enriching uranium to its longstanding foreign policy, or else submit to crippling sanctions: a bid to oust the country’s leadership."
'via Blog this'
Colony and Cerberus vie to buy Abraaj buyout arm
Colony and Cerberus vie to buy Abraaj buyout arm:
"Two big US investors have emerged as the lead contenders to acquire the private equity arm of Dubai’s embattled fund group Abraaj, according to people briefed on the matter.
Cerberus Capital Management and Colony Capital are in advanced talks to buy the emerging-markets specialist fund that has been rocked by claims it misused money entrusted to it by investors. Abraaj is confident of closing a deal that could be worth up to $600m in coming weeks, the people said.
A deal would help Abraaj move on from a damaging episode triggered when its healthcare fund was accused by investors of using their money for its own purposes, rather than for investments in emerging-markets health businesses. Abraaj, which returned the funds with interest after delays in the investments, said it had followed agreed-upon procedures."
'via Blog this'
"Two big US investors have emerged as the lead contenders to acquire the private equity arm of Dubai’s embattled fund group Abraaj, according to people briefed on the matter.
Cerberus Capital Management and Colony Capital are in advanced talks to buy the emerging-markets specialist fund that has been rocked by claims it misused money entrusted to it by investors. Abraaj is confident of closing a deal that could be worth up to $600m in coming weeks, the people said.
A deal would help Abraaj move on from a damaging episode triggered when its healthcare fund was accused by investors of using their money for its own purposes, rather than for investments in emerging-markets health businesses. Abraaj, which returned the funds with interest after delays in the investments, said it had followed agreed-upon procedures."
'via Blog this'
UAE's GDP to grow 2.1% this year on higher spending, Moody's says - The National
UAE's GDP to grow 2.1% this year on higher spending, Moody's says - The National:
"The UAE’s economy will grow 2.1 per cent this year and 3.9 per cent next year as non-oil growth rebounds on higher government spending, particularly in Dubai, according to Moody’s Investors Service. “Despite the UAE's relatively high exposure to hydrocarbons, the oil price drop did not dramatically alter the economy's medium-term real growth trajectory,” the rating agency said in a report on Monday. Moody’s economic forecast is almost in line with the International Monetary Fund’s projections that put growth at 2 per cent for 2018 and 3.6 per cent next year."
'via Blog this'
"The UAE’s economy will grow 2.1 per cent this year and 3.9 per cent next year as non-oil growth rebounds on higher government spending, particularly in Dubai, according to Moody’s Investors Service. “Despite the UAE's relatively high exposure to hydrocarbons, the oil price drop did not dramatically alter the economy's medium-term real growth trajectory,” the rating agency said in a report on Monday. Moody’s economic forecast is almost in line with the International Monetary Fund’s projections that put growth at 2 per cent for 2018 and 3.6 per cent next year."
'via Blog this'
Price of being open for business worth paying for Dubai and the UAE | Arab News
Price of being open for business worth paying for Dubai and the UAE | Arab News:
"Dubai has never been backward in coming forward. The emirate has not been afraid to take big, showy measures to achieve economic and social progress, even when it risked offending some local sensibilities. The once sleepy pearl fishing outpost was turned into a thriving trading post when its creek was dredged and a thriving port was built. Sharjah, the UAE’s third largest city, did not initially like that. Virgin desert was transformed into some of the most expensive real estate on earth when foreigners were allowed to own property. Many Emiratis resented it at first."
'via Blog this'
"Dubai has never been backward in coming forward. The emirate has not been afraid to take big, showy measures to achieve economic and social progress, even when it risked offending some local sensibilities. The once sleepy pearl fishing outpost was turned into a thriving trading post when its creek was dredged and a thriving port was built. Sharjah, the UAE’s third largest city, did not initially like that. Virgin desert was transformed into some of the most expensive real estate on earth when foreigners were allowed to own property. Many Emiratis resented it at first."
'via Blog this'
Longer Visas Could Prop Up Sickly U.A.E. Property Markets - Bloomberg
Longer Visas Could Prop Up Sickly U.A.E. Property Markets - Bloomberg:
"As homebuilders in Dubai and Abu Dhabi think up extravagant incentives to shake the property market out of its long slumber, the government will offer potential buyers something the companies can’t: the right to stick around. A decision to extend visas to 10 years for some professionals is seen as a boon for a foreigner-dependent United Arab Emirates property industry that’s been in the doldrums longer than anyone had expected. “The landmark visa changes are undoubtedly going to go some way in helping to stimulate demand for both residential and commercial property,” said Faisal Durrani, global head of research at property broker Cluttons. “The property markets across the U.A.E. have been dogged by challenges ever since oil prices collapsed nearly four years ago, ranging from the threat of oversupply, to the lack of affordable housing.”"
'via Blog this'
"As homebuilders in Dubai and Abu Dhabi think up extravagant incentives to shake the property market out of its long slumber, the government will offer potential buyers something the companies can’t: the right to stick around. A decision to extend visas to 10 years for some professionals is seen as a boon for a foreigner-dependent United Arab Emirates property industry that’s been in the doldrums longer than anyone had expected. “The landmark visa changes are undoubtedly going to go some way in helping to stimulate demand for both residential and commercial property,” said Faisal Durrani, global head of research at property broker Cluttons. “The property markets across the U.A.E. have been dogged by challenges ever since oil prices collapsed nearly four years ago, ranging from the threat of oversupply, to the lack of affordable housing.”"
'via Blog this'
U.S. Sanction Power May Be Reaching Its Limit - Bloomberg
U.S. Sanction Power May Be Reaching Its Limit - Bloomberg:
"Six years ago, in the course of investigating London-based bank Standard Chartered Plc over suspicions it had flouted U.S. sanctions against Iran, the New York State Department of Financial Services published an email from a senior executive to one of his counterparts in New York. “You f***ing Americans,” the message read. “Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians?” It’s a sentiment that has echoed through halls of power in recent weeks following President Trump’s May 8 decision to pull out of the 2015 Iran nuclear deal and impose unilateral sanctions, despite all indications that the country was complying. In Year Two of the Trump administration, the number of financial penalties has hit a high after years of increasing use. “The current administration is kind of drunk on the sanctions power,” says Jarrett Blanc, a senior fellow at the Carnegie Endowment for International Peace who was a leading Department of State official in the Obama administration responsible for Iran nuclear issues. “They don’t understand that the tool is limited and fragile.” Today’s global economy runs through the U.S. financial system, which constitutes a major source of the country’s influence. The dollar is the world’s currency, and Wall Street remains a key financial center, which helps U.S. leaders sway friends and coerce rivals. That status is “not ordained,” Blanc says. “At a certain point, it might be worthwhile for foreign governments and private-sector actors to work around New York.”"
'via Blog this'
"Six years ago, in the course of investigating London-based bank Standard Chartered Plc over suspicions it had flouted U.S. sanctions against Iran, the New York State Department of Financial Services published an email from a senior executive to one of his counterparts in New York. “You f***ing Americans,” the message read. “Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians?” It’s a sentiment that has echoed through halls of power in recent weeks following President Trump’s May 8 decision to pull out of the 2015 Iran nuclear deal and impose unilateral sanctions, despite all indications that the country was complying. In Year Two of the Trump administration, the number of financial penalties has hit a high after years of increasing use. “The current administration is kind of drunk on the sanctions power,” says Jarrett Blanc, a senior fellow at the Carnegie Endowment for International Peace who was a leading Department of State official in the Obama administration responsible for Iran nuclear issues. “They don’t understand that the tool is limited and fragile.” Today’s global economy runs through the U.S. financial system, which constitutes a major source of the country’s influence. The dollar is the world’s currency, and Wall Street remains a key financial center, which helps U.S. leaders sway friends and coerce rivals. That status is “not ordained,” Blanc says. “At a certain point, it might be worthwhile for foreign governments and private-sector actors to work around New York.”"
'via Blog this'
Najib Queried on 1MDB as Task Force Seeks to Recover Funds - Bloomberg
Najib Queried on 1MDB as Task Force Seeks to Recover Funds - Bloomberg:
"The Malaysian Anti-Corruption Commission questioned former Prime Minister Najib Razak over 1MDB, as a special task force hones in on recovering assets from the troubled state fund. The commission is compiling evidence and reaching out to two important witnesses to build a case on SRC International, a former unit of 1MDB, Mohd Shukri Abdull, chief commissioner at the anti-graft agency known as MACC, said on Tuesday. He declined to name the witnesses. Mohd Shukri expects charges to be filed “very soon.”"
'via Blog this'
"The Malaysian Anti-Corruption Commission questioned former Prime Minister Najib Razak over 1MDB, as a special task force hones in on recovering assets from the troubled state fund. The commission is compiling evidence and reaching out to two important witnesses to build a case on SRC International, a former unit of 1MDB, Mohd Shukri Abdull, chief commissioner at the anti-graft agency known as MACC, said on Tuesday. He declined to name the witnesses. Mohd Shukri expects charges to be filed “very soon.”"
'via Blog this'
U.A.E. Raises the Stakes to Stop Foreigners From Leaving Dubai - Bloomberg
U.A.E. Raises the Stakes to Stop Foreigners From Leaving Dubai - Bloomberg:
"The United Arab Emirates is taking its most drastic steps yet to stop Saudi Arabia or Qatar from encroaching on its lead in attracting foreign investors.
In an unprecedented departure in policy, the U.A.E. will soon allow foreigners to fully own their businesses in Dubai or Abu Dhabi without a local partner. In some cases, professionals will even be entitled to 10-year residency permits.
More than anything, the country’s decision shows how the economic interests of the six oil-producing Gulf Cooperation Council are diverging as crude’s dominance wanes. To survive a global shift away from fossil fuels, they’ll not only need money and talent, but they’ll also have to compete with each other to get it."
'via Blog this'
"The United Arab Emirates is taking its most drastic steps yet to stop Saudi Arabia or Qatar from encroaching on its lead in attracting foreign investors.
In an unprecedented departure in policy, the U.A.E. will soon allow foreigners to fully own their businesses in Dubai or Abu Dhabi without a local partner. In some cases, professionals will even be entitled to 10-year residency permits.
More than anything, the country’s decision shows how the economic interests of the six oil-producing Gulf Cooperation Council are diverging as crude’s dominance wanes. To survive a global shift away from fossil fuels, they’ll not only need money and talent, but they’ll also have to compete with each other to get it."
'via Blog this'
Why the U.A.E. Is Changing Visa and Ownership Rules for Expats - Bloomberg
Why the U.A.E. Is Changing Visa and Ownership Rules for Expats - Bloomberg:
"The United Arab Emirates is easing rules on the foreign ownership of companies as the country seeks to attract investment and boost an economy battered by lower oil prices. Under the new rules, non-Emiratis will be able to control a company outright, and specialists in medical, scientific, research and technical fields as well as top students will be able to get a residency of up to 10 years. Officials hope that the moves will attract new businesses to the country, driving future growth, and giving a much-needed boost to its real-estate market. Still, many questions remain about how exactly the new laws will work and the benefits they will bring. Here we try to answer some:"
'via Blog this'
"The United Arab Emirates is easing rules on the foreign ownership of companies as the country seeks to attract investment and boost an economy battered by lower oil prices. Under the new rules, non-Emiratis will be able to control a company outright, and specialists in medical, scientific, research and technical fields as well as top students will be able to get a residency of up to 10 years. Officials hope that the moves will attract new businesses to the country, driving future growth, and giving a much-needed boost to its real-estate market. Still, many questions remain about how exactly the new laws will work and the benefits they will bring. Here we try to answer some:"
'via Blog this'
In first move since FX crackdown, Iran lowers rial vs. dollar | Reuters
In first move since FX crackdown, Iran lowers rial vs. dollar | Reuters:
"In a sign that it will allow some flexibility in exchange rates under threatened U.S. sanctions, Iran has lowered the official value of the rial versus the dollar for the first time since it tried to stamp out a free currency market last month.
In early April, with the rial sinking to record lows before U.S. President Donald Trump’s decision to exit the Iran nuclear deal, Tehran said it was unifying official and free-market rates for the currency at a single value of 42,000 to the dollar.
Authorities threatened anyone trading the rial at other rates with arrest, and sent police to patrol money exchange shops in big cities."
'via Blog this'
"In a sign that it will allow some flexibility in exchange rates under threatened U.S. sanctions, Iran has lowered the official value of the rial versus the dollar for the first time since it tried to stamp out a free currency market last month.
In early April, with the rial sinking to record lows before U.S. President Donald Trump’s decision to exit the Iran nuclear deal, Tehran said it was unifying official and free-market rates for the currency at a single value of 42,000 to the dollar.
Authorities threatened anyone trading the rial at other rates with arrest, and sent police to patrol money exchange shops in big cities."
'via Blog this'
Emirates NBD buys Turkey's Denizbank for $3.2 billion from Sberbank | Reuters
Emirates NBD buys Turkey's Denizbank for $3.2 billion from Sberbank | Reuters:
"Dubai’s biggest lender Emirates NBD ENBD.DU has agreed to buy Turkey’s Denizbank from Russia’s state-owned Sberbank (SBER.MM) for $3.2 billion to help establish itself as a leading bank in the Middle East, North Africa and Turkey.
Denizbank is the fifth-largest private bank in Turkey and the biggest asset held by Sberbank outside Russia. The sale is part of a strategy by Russia’s top lender to divest overseas businesses to focus on its domestic market.
The deal is the biggest ever acquisition by Emirates NBD, which had said in January it was in talks to buy the Russian lender’s stake in Denizbank.
"
'via Blog this'
"Dubai’s biggest lender Emirates NBD ENBD.DU has agreed to buy Turkey’s Denizbank from Russia’s state-owned Sberbank (SBER.MM) for $3.2 billion to help establish itself as a leading bank in the Middle East, North Africa and Turkey.
Denizbank is the fifth-largest private bank in Turkey and the biggest asset held by Sberbank outside Russia. The sale is part of a strategy by Russia’s top lender to divest overseas businesses to focus on its domestic market.
The deal is the biggest ever acquisition by Emirates NBD, which had said in January it was in talks to buy the Russian lender’s stake in Denizbank.
"
'via Blog this'
MIDEAST STOCKS-Emirates NBD's Turkish deal lifts Dubai index | Reuters
MIDEAST STOCKS-Emirates NBD's Turkish deal lifts Dubai index | Reuters:
"Dubai stocks led gains among Gulf markets in early trading on Tuesday, helped by a surge in Emirates NBD after it agreed to buy Turkish lender Denizbank for $3.2 billion. The Dubai index was up 0.8 percent on Tuesday, with Emirates NBD, climbing 6.9 percent. Dubai’s largest bank has been one of the standout performers in the Dubai market so far this year, with its gains so far reaching around 29 percent. Emirates NBD, which already has a presence outside the United Arab Emirates in several countries, said the deal would add value for shareholders in the first year."
'via Blog this'
"Dubai stocks led gains among Gulf markets in early trading on Tuesday, helped by a surge in Emirates NBD after it agreed to buy Turkish lender Denizbank for $3.2 billion. The Dubai index was up 0.8 percent on Tuesday, with Emirates NBD, climbing 6.9 percent. Dubai’s largest bank has been one of the standout performers in the Dubai market so far this year, with its gains so far reaching around 29 percent. Emirates NBD, which already has a presence outside the United Arab Emirates in several countries, said the deal would add value for shareholders in the first year."
'via Blog this'
Subscribe to:
Posts (Atom)