UAE’s RAKIA to appeal case brought by Farhad Azima over alleged hack:
"A UAE investment agency plans to appeal a US court decision to hear computer hacking claims brought against it by Iranian-American businessman Farhad Azima. The Ras Al-Khaimah Investment Authority (RAKIA), the investment arm of the emirate in the north of the country, told Arab News it would appeal a lawsuit brought by Azima in the Washington federal court, which accused the UAE fund of hacking his computer and posting the files on the Internet. “Mr. Azima falsely claimed, in an obvious distraction tactic (from UK proceedings against him), that RAKIA or its agents hacked his computers and put his information on the Internet,” RAKIA said in a statement to Arab News."
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Sunday 3 June 2018
Basic is best for Dubai-based private equity group leader Gateway Partners, says CEO V. Shankar
Basic is best for Dubai-based private equity group leader Gateway Partners, says CEO V. Shankar:
"The investment philosophy of V. Shankar is summed up in three letters: BAT.
The chief executive of private equity group Gateway Partners, the investment house he has been running from headquarters in Dubai and Singapore since 2015, believes that basic is best, and he mostly avoids the bubble-inflated world of hi-tech, especially when there is no financial track record to talk of.
“Our investment focus is very much on the basics, investing in areas that fulfil people’s essential needs and aiming to take advantage of demographic trends. Innovation is important but when I get tempted to put a lot of money into a new thing I think to myself: Don’t be BAT crazy,” he said."
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"The investment philosophy of V. Shankar is summed up in three letters: BAT.
The chief executive of private equity group Gateway Partners, the investment house he has been running from headquarters in Dubai and Singapore since 2015, believes that basic is best, and he mostly avoids the bubble-inflated world of hi-tech, especially when there is no financial track record to talk of.
“Our investment focus is very much on the basics, investing in areas that fulfil people’s essential needs and aiming to take advantage of demographic trends. Innovation is important but when I get tempted to put a lot of money into a new thing I think to myself: Don’t be BAT crazy,” he said."
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‘Family feud’ turns to ‘family fraud’ for Al-Gosaibis in Caymans | Arab News
‘Family feud’ turns to ‘family fraud’ for Al-Gosaibis in Caymans | Arab News:
"In the end, “disappointed” was the word used by Simon Charlton, chief executive and chief restructuring officer of the Al-Gosaibi family business partnership after a judge in the Cayman Islands dismissed their claim for $4 billion in damages from the liquidators of businesses formerly owned by their erstwhile family member-turned-enemy, Maan Al-Sanea. The ruling could be the decisive act in a near decade-long scandal that rocked Saudi Arabia’s financial community, cost the Kingdom’s banks — and around 100 others around the world — billions of dollars, and wrecked the lives of many people who lived through it. Charlton’s disappointment must carry a capital “D.” It was not just that the Al-Gosaibi kitty to repay $6 billion to creditors had been massively reduced, putting further strain on the family’s already “limited” resources; nor the fact that tens of millions of dollars have been paid out — to lawyers, accountants and other advisers — that could have gone to the family or to creditors; nor even the fact, which must have been personally galling, that he had invested nearly 10 years of prime executive career-time on an action brutally thrown out by the Cayman judge. "
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"In the end, “disappointed” was the word used by Simon Charlton, chief executive and chief restructuring officer of the Al-Gosaibi family business partnership after a judge in the Cayman Islands dismissed their claim for $4 billion in damages from the liquidators of businesses formerly owned by their erstwhile family member-turned-enemy, Maan Al-Sanea. The ruling could be the decisive act in a near decade-long scandal that rocked Saudi Arabia’s financial community, cost the Kingdom’s banks — and around 100 others around the world — billions of dollars, and wrecked the lives of many people who lived through it. Charlton’s disappointment must carry a capital “D.” It was not just that the Al-Gosaibi kitty to repay $6 billion to creditors had been massively reduced, putting further strain on the family’s already “limited” resources; nor the fact that tens of millions of dollars have been paid out — to lawyers, accountants and other advisers — that could have gone to the family or to creditors; nor even the fact, which must have been personally galling, that he had invested nearly 10 years of prime executive career-time on an action brutally thrown out by the Cayman judge. "
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Qatar economy weathers storms of year-long blockade - The Peninsula Qatar
Qatar economy weathers storms of year-long blockade - The Peninsula Qatar:
"Qatar has weathered the economic impacts of Saudi-led blockade, maintaining healthy growth a year after the crisis erupted. On June 5, 2017, Saudi Arabia, the United Arab Emirates and Bahrain -- all partners of Qatar in the Gulf Cooperation Council (GCC) -- along with Egypt, severed ties with Qatar and imposed a blockade. Qatar tapped into its massive wealth to absorb the early shocks to its financial system, and secure alternative food supplies, maritime routes and ports, reports said."
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"Qatar has weathered the economic impacts of Saudi-led blockade, maintaining healthy growth a year after the crisis erupted. On June 5, 2017, Saudi Arabia, the United Arab Emirates and Bahrain -- all partners of Qatar in the Gulf Cooperation Council (GCC) -- along with Egypt, severed ties with Qatar and imposed a blockade. Qatar tapped into its massive wealth to absorb the early shocks to its financial system, and secure alternative food supplies, maritime routes and ports, reports said."
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Saudi conglomerate aided fraud against 100 banks, judge rules
Saudi conglomerate aided fraud against 100 banks, judge rules:
"A Saudi conglomerate can’t collect damages from a former manager it blamed for a multibillion-dollar fraud against 100 banks because the family-owned company was complicit in the scheme, a Cayman Islands court ruled.
The 1,348-page ruling issued on Thursday strikes at the heart of a dramatic, decade-long family feud over Ahmad Hamad Algosaibi & Brothers Co, known as AHAB, whose 2009 default was among the largest of the global credit crisis.
AHAB, which has interests as varied as construction, shipping and hospitality, claimed that Maan al-Sanea, who married into the family and managed AHAB’s finance business, had engaged in unauthorised borrowing in the name of the Algosaibis, forging signatures “on an industrial scale.”"
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"A Saudi conglomerate can’t collect damages from a former manager it blamed for a multibillion-dollar fraud against 100 banks because the family-owned company was complicit in the scheme, a Cayman Islands court ruled.
The 1,348-page ruling issued on Thursday strikes at the heart of a dramatic, decade-long family feud over Ahmad Hamad Algosaibi & Brothers Co, known as AHAB, whose 2009 default was among the largest of the global credit crisis.
AHAB, which has interests as varied as construction, shipping and hospitality, claimed that Maan al-Sanea, who married into the family and managed AHAB’s finance business, had engaged in unauthorised borrowing in the name of the Algosaibis, forging signatures “on an industrial scale.”"
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The $26 Billion Reason Why Qatari Banks Are Enduring the Embargo - Bloomberg
The $26 Billion Reason Why Qatari Banks Are Enduring the Embargo - Bloomberg:
"Qatari banks have fared surprisingly well since four Arab nations started a boycott a year ago.
It’s thanks to the government and state-owned companies, which increased deposits by about $26 billion since May 2017, making up for a flight of capital after a Saudi-led group of nations cut commercial links with the country. That helped buoy an industry where foreign deposits accounted for about 25 percent.
“The biggest worry was how banks would manage their deposits with funds being withdrawn from the boycotting countries, but the government has bailed them out to a great extent,” Chiro Ghosh, an analyst at SICO BSC, in Bahrain said by phone. “The government has also maintained spending so the lending book has been fairly strong, with more than 60 percent of bank lending in the past year being to the public sector.” "
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"Qatari banks have fared surprisingly well since four Arab nations started a boycott a year ago.
It’s thanks to the government and state-owned companies, which increased deposits by about $26 billion since May 2017, making up for a flight of capital after a Saudi-led group of nations cut commercial links with the country. That helped buoy an industry where foreign deposits accounted for about 25 percent.
“The biggest worry was how banks would manage their deposits with funds being withdrawn from the boycotting countries, but the government has bailed them out to a great extent,” Chiro Ghosh, an analyst at SICO BSC, in Bahrain said by phone. “The government has also maintained spending so the lending book has been fairly strong, with more than 60 percent of bank lending in the past year being to the public sector.” "
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Abraaj expands role of Houlihan Lokey as creditors circle -sources | Reuters
Abraaj expands role of Houlihan Lokey as creditors circle -sources | Reuters:
"Abraaj has expanded U.S. investment bank Houlihan Lokey’s role to include advice on the sale of its investment management unit as the private equity firm prepares to meet creditors over its $1 billion debt, sources familiar with the matter said. Dubai-based Abraaj has hired the New York-based bank to help it try to stem the fallout from allegations it had misused investor money in a $1 billion healthcare fund, but the role has since been widened to providing general advice, including the sale of Abraaj Investment Management Ltd, two sources said. The Middle East and Africa’s biggest private equity fund, which denies any wrongdoing, has been seeking a buyer for the unit as it tries to alleviate pressure from investors and creditors. Parent company Abraaj Holdings has been in talks with two to three potential buyers of Abraaj Investment, Reuters reported last month, including Los Angeles-based Colony Northstar. Colony declined to comment on reports it had walked away from the talks."
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"Abraaj has expanded U.S. investment bank Houlihan Lokey’s role to include advice on the sale of its investment management unit as the private equity firm prepares to meet creditors over its $1 billion debt, sources familiar with the matter said. Dubai-based Abraaj has hired the New York-based bank to help it try to stem the fallout from allegations it had misused investor money in a $1 billion healthcare fund, but the role has since been widened to providing general advice, including the sale of Abraaj Investment Management Ltd, two sources said. The Middle East and Africa’s biggest private equity fund, which denies any wrongdoing, has been seeking a buyer for the unit as it tries to alleviate pressure from investors and creditors. Parent company Abraaj Holdings has been in talks with two to three potential buyers of Abraaj Investment, Reuters reported last month, including Los Angeles-based Colony Northstar. Colony declined to comment on reports it had walked away from the talks."
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Qatar Petroleum buys stake in Exxon's Argentina shale assets | Reuters
Qatar Petroleum buys stake in Exxon's Argentina shale assets | Reuters:
"Qatar Petroleum signed an agreement on Sunday with Exxon Mobil to acquire a 30 percent stake in two of Exxon’s affiliates in Argentina giving QP access to oil and gas shale assets in the Latin American country.
The deal would give QP, the world’s biggest supplier of liquefied natural gas (LNG), a 30 percent share in two of Exxon’s local affiliates in Argentina - ExxonMobil Exploration Argentina S.R.L. and Mobil Argentina S.A., which holds rights with other partners for seven blocks, QP said in a statement.
The blocks are under “unconventional exploration licenses with active drilling plans as well as exploitation licenses with pilot drilling and production,” QP said. "
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"Qatar Petroleum signed an agreement on Sunday with Exxon Mobil to acquire a 30 percent stake in two of Exxon’s affiliates in Argentina giving QP access to oil and gas shale assets in the Latin American country.
The deal would give QP, the world’s biggest supplier of liquefied natural gas (LNG), a 30 percent share in two of Exxon’s local affiliates in Argentina - ExxonMobil Exploration Argentina S.R.L. and Mobil Argentina S.A., which holds rights with other partners for seven blocks, QP said in a statement.
The blocks are under “unconventional exploration licenses with active drilling plans as well as exploitation licenses with pilot drilling and production,” QP said. "
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MIDEAST STOCKS-New labour minister boosts Saudi market, Emaar lifts Dubai | Reuters
MIDEAST STOCKS-New labour minister boosts Saudi market, Emaar lifts Dubai | Reuters:
"The Saudi stock market jumped on Sunday after the weekend appointment of a prominent businessman as labour minister, a move widely welcome by the private sector. Ahmed bin Suleiman al-Rajhi is expected to create a friendlier business environment, enhance communication between the public and the private sectors and help support small and medium enterprises, economists said. The Saudi exchange closed up 2 percent, with banking stocks Samba Financial Group and Al Rajhi Bank rising 4.7 percent and 5.2 percent respectively. The new minister is a son of the founder of Al Rajhi."
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"The Saudi stock market jumped on Sunday after the weekend appointment of a prominent businessman as labour minister, a move widely welcome by the private sector. Ahmed bin Suleiman al-Rajhi is expected to create a friendlier business environment, enhance communication between the public and the private sectors and help support small and medium enterprises, economists said. The Saudi exchange closed up 2 percent, with banking stocks Samba Financial Group and Al Rajhi Bank rising 4.7 percent and 5.2 percent respectively. The new minister is a son of the founder of Al Rajhi."
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Colony NorthStar Is Said to Walk Away From Abraaj Fund Unit Deal - Bloomberg
Colony NorthStar Is Said to Walk Away From Abraaj Fund Unit Deal - Bloomberg:
"Colony NorthStar Inc. has ended talks to buy a majority stake in the fund-management unit of embattled Abraaj Group, which has been roiled in recent months by allegations of misused funds, according to people with knowledge of the matter.
The U.S. asset manager walked away from a possible deal after its due diligence efforts raised concerns about the Middle East buyout firm, the people said, asking not to be identified because the talks are private. Cerberus Capital Management LP is still in discussions about the stake and is carrying out its own due diligence, the people said.
A spokeswoman for Abraaj said discussions for the sale of the fund-management business “are at an advanced stage,” without disclosing the identity of the potential suitors or commenting specifically about Colony NorthStar. Representatives for Colony NorthStar and Cerberus declined to comment."
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"Colony NorthStar Inc. has ended talks to buy a majority stake in the fund-management unit of embattled Abraaj Group, which has been roiled in recent months by allegations of misused funds, according to people with knowledge of the matter.
The U.S. asset manager walked away from a possible deal after its due diligence efforts raised concerns about the Middle East buyout firm, the people said, asking not to be identified because the talks are private. Cerberus Capital Management LP is still in discussions about the stake and is carrying out its own due diligence, the people said.
A spokeswoman for Abraaj said discussions for the sale of the fund-management business “are at an advanced stage,” without disclosing the identity of the potential suitors or commenting specifically about Colony NorthStar. Representatives for Colony NorthStar and Cerberus declined to comment."
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Coming Soon: "OPEC's Worst Meeting Ever, Part 2" - Bloomberg
Coming Soon: "OPEC's Worst Meeting Ever, Part 2" - Bloomberg:
"You know how, a few years after a Hollywood blockbuster gets released, it seems to get a remake? Well, it looks Saudi-Arabia’s oil minister Khalid Al-Falih is setting himself up to reboot his predecessor's 2011 hit – "OPEC's Worst Meeting." His starting point is an about face. Al-Falih had said as recently as April that the group’s output cuts should be extended and the goalposts moved. But in what looks like a response to President Donald Trump's April 20 tweet attacking the group, Saudi Arabia has gone from advocating higher prices to trying to stop the rally at $80 a barrel."
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"You know how, a few years after a Hollywood blockbuster gets released, it seems to get a remake? Well, it looks Saudi-Arabia’s oil minister Khalid Al-Falih is setting himself up to reboot his predecessor's 2011 hit – "OPEC's Worst Meeting." His starting point is an about face. Al-Falih had said as recently as April that the group’s output cuts should be extended and the goalposts moved. But in what looks like a response to President Donald Trump's April 20 tweet attacking the group, Saudi Arabia has gone from advocating higher prices to trying to stop the rally at $80 a barrel."
'via Blog this'
Qatar Stronger Than Ever a Year After Blockade, Minister Says - Bloomberg
Qatar Stronger Than Ever a Year After Blockade, Minister Says - Bloomberg:
"A year after Qatar’s neighbors imposed a blockade over its alleged involvement in sponsoring terrorism, Defense Minister Khalid bin Mohammed Al-Attiyah said the small, gas-rich Gulf state has emerged stronger than it was before. Speaking Sunday to the IISS Shangri-La Dialogue security conference in Singapore, Al-Attiyah said the blockade had aimed to weaken Qatar’s economy and position in the world, but had failed. “In the year since the blockade was imposed our production of national product, including medicine and food have grown exponentially,” he said. The International Monetary Fund said last month the blockade had proved “manageable” for Qatar, with growth forecast to reach 2.6 percent this year, up from 2.1 percent in 2017."
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"A year after Qatar’s neighbors imposed a blockade over its alleged involvement in sponsoring terrorism, Defense Minister Khalid bin Mohammed Al-Attiyah said the small, gas-rich Gulf state has emerged stronger than it was before. Speaking Sunday to the IISS Shangri-La Dialogue security conference in Singapore, Al-Attiyah said the blockade had aimed to weaken Qatar’s economy and position in the world, but had failed. “In the year since the blockade was imposed our production of national product, including medicine and food have grown exponentially,” he said. The International Monetary Fund said last month the blockade had proved “manageable” for Qatar, with growth forecast to reach 2.6 percent this year, up from 2.1 percent in 2017."
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Saudi Company Ruled Complicit in ‘One of the Largest Ponzi Schemes in History’ - Bloomberg
Saudi Company Ruled Complicit in ‘One of the Largest Ponzi Schemes in History’ - Bloomberg:
"A Saudi conglomerate can’t collect damages from a former manager it blamed for a multibillion-dollar fraud against 100 banks because the family-owned company was complicit in the scheme, a Cayman Islands court ruled.
The 1,348-page ruling issued Thursday strikes at the heart of a dramatic, decade-long family feud over Ahmad Hamad Algosaibi & Brothers Co., known as AHAB, whose 2009 default was among the largest of the global credit crisis.
AHAB, which has interests as varied as construction, shipping and hospitality, claimed that Maan al-Sanea, who married into the family and managed AHAB’s finance business, had engaged in unauthorized borrowing in the name of the Algosaibis, forging signatures “on an industrial scale.” Al-Sanea has said the Algosaibis were aware of what he was doing. The judge found that AHAB had "at all times been privy to and authorized Al Sanea’s activities" and that there was no evidence of forgery or bank document manipulation by him."
'via Blog this'
"A Saudi conglomerate can’t collect damages from a former manager it blamed for a multibillion-dollar fraud against 100 banks because the family-owned company was complicit in the scheme, a Cayman Islands court ruled.
The 1,348-page ruling issued Thursday strikes at the heart of a dramatic, decade-long family feud over Ahmad Hamad Algosaibi & Brothers Co., known as AHAB, whose 2009 default was among the largest of the global credit crisis.
AHAB, which has interests as varied as construction, shipping and hospitality, claimed that Maan al-Sanea, who married into the family and managed AHAB’s finance business, had engaged in unauthorized borrowing in the name of the Algosaibis, forging signatures “on an industrial scale.” Al-Sanea has said the Algosaibis were aware of what he was doing. The judge found that AHAB had "at all times been privy to and authorized Al Sanea’s activities" and that there was no evidence of forgery or bank document manipulation by him."
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Saudi climbs on new labour minister, TAQA drags down Abu Dhabi | ZAWYA MENA Edition
Saudi climbs on new labour minister, TAQA drags down Abu Dhabi | ZAWYA MENA Edition:
"Saudi Arabia's stock market rose in early trade on Sunday after businessman Ahmed bin Suleiman al-Rajhi was named minister of labour at the weekend, while Abu Dhabi National Energy (TAQA) dragged down that market. The Saudi stock index was 1.4 percent higher at 8,275 points after 45 minutes of trade, nearing technical resistance on April's multi-year peak of 8,345 points. Al Rajhi Bank surged 3.0 percent; the new minister is a son of the founder of the bank. Other banks were strong in sympathy."
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"Saudi Arabia's stock market rose in early trade on Sunday after businessman Ahmed bin Suleiman al-Rajhi was named minister of labour at the weekend, while Abu Dhabi National Energy (TAQA) dragged down that market. The Saudi stock index was 1.4 percent higher at 8,275 points after 45 minutes of trade, nearing technical resistance on April's multi-year peak of 8,345 points. Al Rajhi Bank surged 3.0 percent; the new minister is a son of the founder of the bank. Other banks were strong in sympathy."
'via Blog this'
Saudi stocks climb after private sector businessman named labour minister | Reuters
Saudi stocks climb after private sector businessman named labour minister | Reuters:
"Saudi Arabia’s stock market rose in early trade on Sunday after private sector businessman Ahmed bin Suleiman al-Rajhi was named minister of labour at the weekend. The stock index was 1.3 percent higher after 25 minutes of trade. Al Rajhi Bank surged 3.0 percent; the new minister is a son of the founder of the bank. Many Saudi businessmen have been deeply frustrated by labour policy, including measures which make it harder and more expensive to hire foreign workers, and an inefficient, time-consuming system of obtaining employment visas."
'via Blog this'
"Saudi Arabia’s stock market rose in early trade on Sunday after private sector businessman Ahmed bin Suleiman al-Rajhi was named minister of labour at the weekend. The stock index was 1.3 percent higher after 25 minutes of trade. Al Rajhi Bank surged 3.0 percent; the new minister is a son of the founder of the bank. Many Saudi businessmen have been deeply frustrated by labour policy, including measures which make it harder and more expensive to hire foreign workers, and an inefficient, time-consuming system of obtaining employment visas."
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