SCA to investigate Abraaj for local investor impact | GulfNews.com:
"The UAE’s Securities and Commodities Authority (SCA) is investigating whether any local investors are affected due to the current financial problems being faced by the private equity firm Abraaj, according to a top executive. Dubai-based Abraaj is currently facing allegations that investment funds were misused, specially that it commingled about $95 million after it faced cash shortages “We are investigating this and we are in contact with DIFC (Dubai International Financial Centre) to see where the national investor is affected. Once we have tangible evidence, we can move forward with this in coordination with Federal and local governments,” said Obaid Al Za’abi, chief executive of the UAE’s Securities & Commodities Authority while speaking to reporters in Abu Dhabi on Sunday night."
'via Blog this'
Monday, 11 June 2018
NMC Health to form new hospital group in Saudi Arabia
NMC Health to form new hospital group in Saudi Arabia:
"The UAE’s NMC Health has announced the creation of a new national health care provider in Saudi Arabia in conjunction with Hassana Investment Company. The move comes amid rising investment in the Kingdom’s health care sector, as the government looks to encourage the growth of private sector operators. The new venture will combine NMC’s Saudi-based assets with those of Hassana — the investment arm of General Organization for Social Insurance (GOSI), the Kingdom’s largest pension fund — and will have a combined bed capacity of 1,489."
'via Blog this'
"The UAE’s NMC Health has announced the creation of a new national health care provider in Saudi Arabia in conjunction with Hassana Investment Company. The move comes amid rising investment in the Kingdom’s health care sector, as the government looks to encourage the growth of private sector operators. The new venture will combine NMC’s Saudi-based assets with those of Hassana — the investment arm of General Organization for Social Insurance (GOSI), the Kingdom’s largest pension fund — and will have a combined bed capacity of 1,489."
'via Blog this'
Saudi Arabia to adopt new foreign investment measure
Saudi Arabia to adopt new foreign investment measure:
"Saudi Arabia plans to introduce a new way of calculating foreign investment that will bring it in line with G-20 economies which use the same method. The government aims to have the new system in place by the end of the third quarter of 2018, Maaal reported. Taysir Al-Mufrij, a spokesman for the General Authority of Statistics (GaStat), said the new approach would be adopted in partnership with the Saudi Arabian General Investment Authority (SAGIA) and the Saudi Arabian Monetary Authority (SAMA)."
'via Blog this'
"Saudi Arabia plans to introduce a new way of calculating foreign investment that will bring it in line with G-20 economies which use the same method. The government aims to have the new system in place by the end of the third quarter of 2018, Maaal reported. Taysir Al-Mufrij, a spokesman for the General Authority of Statistics (GaStat), said the new approach would be adopted in partnership with the Saudi Arabian General Investment Authority (SAGIA) and the Saudi Arabian Monetary Authority (SAMA)."
'via Blog this'
‘Victory over siege helped attract more foreign investors to Qatar’
‘Victory over siege helped attract more foreign investors to Qatar’:
"Victory over the economic blockade imposed against the country in June last year has helped attract more foreign investors to Qatar, according to Qatar Businessmen Association chairman HE Sheikh Faisal bin Qassim al-Thani. Speaking at QBA’s 31st board meeting held recently, Sheikh Faisal said Qatar was able to mitigate the repercussions of the unjust siege, and was able to strengthen the country’s industrial and economic position. “This has led to attracting many investors to Qatar without paying any attention to the land, air, and sea blockade. After that, Qatar was able to secure quick and effective alternatives to ensure the safety of their investments and the ease of exporting and importing in a smooth and flexible way,” he said."
'via Blog this'
"Victory over the economic blockade imposed against the country in June last year has helped attract more foreign investors to Qatar, according to Qatar Businessmen Association chairman HE Sheikh Faisal bin Qassim al-Thani. Speaking at QBA’s 31st board meeting held recently, Sheikh Faisal said Qatar was able to mitigate the repercussions of the unjust siege, and was able to strengthen the country’s industrial and economic position. “This has led to attracting many investors to Qatar without paying any attention to the land, air, and sea blockade. After that, Qatar was able to secure quick and effective alternatives to ensure the safety of their investments and the ease of exporting and importing in a smooth and flexible way,” he said."
'via Blog this'
OPEC Resistance to Saudi Plan Grows With Iraqi Defiance - Bloomberg
OPEC Resistance to Saudi Plan Grows With Iraqi Defiance - Bloomberg:
"Iraq said OPEC should resist pressure to increase oil supplies, strengthening opposition to plans by Saudi Arabia as the group prepares to meet next week.
OPEC’s second-biggest producer said supply curbs by the cartel haven’t yet achieved their purpose, with oil prices still below the desired level. Its defiance follows similar resistance from Iran and Venezuela, meaning three of the five countries that founded OPEC now oppose the Saudi plan.
The U.S. has reportedly asked Saudi Arabia and others to relax output restraints put in place in early 2017 as prices near $80 a barrel pose a threat to economic growth. The kingdom and partner Russia, which last month proposed increasing supplies later this year without first consulting OPEC members, appear to be raising production already."
'via Blog this'
"Iraq said OPEC should resist pressure to increase oil supplies, strengthening opposition to plans by Saudi Arabia as the group prepares to meet next week.
OPEC’s second-biggest producer said supply curbs by the cartel haven’t yet achieved their purpose, with oil prices still below the desired level. Its defiance follows similar resistance from Iran and Venezuela, meaning three of the five countries that founded OPEC now oppose the Saudi plan.
The U.S. has reportedly asked Saudi Arabia and others to relax output restraints put in place in early 2017 as prices near $80 a barrel pose a threat to economic growth. The kingdom and partner Russia, which last month proposed increasing supplies later this year without first consulting OPEC members, appear to be raising production already."
'via Blog this'
Waha Capital abandons plan to raise new PE fund -sources | Reuters
Waha Capital abandons plan to raise new PE fund -sources | Reuters:
"Waha Capital has abandoned plans to raise a $300 million private equity fund and the Abu Dhabi-based firm is pushing ahead with a new strategy for its private equity business, sources familiar with the matter said. Investor demand for Middle East private equity funds has been hurt by a crisis of confidence at the region’s biggest buyout firm, Abraaj, which is battling allegations it misused funds. Waha flagged its plan to raise a new private equity fund late last year and has since sounded out investors, three sources told Reuters. In a May presentation, there was no mention of the new fund."
'via Blog this'
"Waha Capital has abandoned plans to raise a $300 million private equity fund and the Abu Dhabi-based firm is pushing ahead with a new strategy for its private equity business, sources familiar with the matter said. Investor demand for Middle East private equity funds has been hurt by a crisis of confidence at the region’s biggest buyout firm, Abraaj, which is battling allegations it misused funds. Waha flagged its plan to raise a new private equity fund late last year and has since sounded out investors, three sources told Reuters. In a May presentation, there was no mention of the new fund."
'via Blog this'
UAE central bank assumes role of settlement and clearing agent | Reuters
UAE central bank assumes role of settlement and clearing agent | Reuters:
"The Central Bank of the United Arab Emirates has assumed the role of settlement and clearing agent for market transactions, the head of the securities regulator said. Previously, First Abu Dhabi Bank and Emirates NBD played that role for the Abu Dhabi Securities Market (ADX) and the Dubai Financial Market (DFM) respectively. “It has started with ADX and will be followed by DFM,” Obaid al Zaabi, chief executive of Securities & Commodities Authority (SCA) said, adding the move was in line with the practices of developed markets."
'via Blog this'
"The Central Bank of the United Arab Emirates has assumed the role of settlement and clearing agent for market transactions, the head of the securities regulator said. Previously, First Abu Dhabi Bank and Emirates NBD played that role for the Abu Dhabi Securities Market (ADX) and the Dubai Financial Market (DFM) respectively. “It has started with ADX and will be followed by DFM,” Obaid al Zaabi, chief executive of Securities & Commodities Authority (SCA) said, adding the move was in line with the practices of developed markets."
'via Blog this'
Saudi tells OPEC it pumped more oil in May, still below quota: source | Reuters
Saudi tells OPEC it pumped more oil in May, still below quota: source | Reuters:
"Top oil exporter Saudi Arabia has told OPEC that it raised oil output to a little more than 10 million barrels per day (bpd) in May, a source familiar with the matter said on Monday, but still within its agreed target.
Saudi Arabia has been over-delivering on its share of production cuts in an OPEC-led oil supply pact. The kingdom reported production of 9.868 million bpd in April, compared with its OPEC output target of 10.058 million bpd.
OPEC will report May production figures in a monthly report on Tuesday. "
'via Blog this'
"Top oil exporter Saudi Arabia has told OPEC that it raised oil output to a little more than 10 million barrels per day (bpd) in May, a source familiar with the matter said on Monday, but still within its agreed target.
Saudi Arabia has been over-delivering on its share of production cuts in an OPEC-led oil supply pact. The kingdom reported production of 9.868 million bpd in April, compared with its OPEC output target of 10.058 million bpd.
OPEC will report May production figures in a monthly report on Tuesday. "
'via Blog this'
MIDEAST STOCKS-Emaar sends Dubai higher; other markets have mixed fortunes | Reuters
MIDEAST STOCKS-Emaar sends Dubai higher; other markets have mixed fortunes | Reuters:
"Dubai’s stock market extended its rally on Monday, backed by solid gains from property developer Emaar, whereas other markets in the region closed mixed amid muted trading and profit taking ahead of the Eid holiday. The Dubai index jumped 1.4 percent, continuing its rally since the emirate announced a series of initiatives to reduce corporate costs and stimulate growth. The index’s main support came from a 4.1 percent jump by property developer Emaar and a 1.2 percent rise by Dubai Islamic Bank which rallied for the second session in a row after its 5.1 billion dirham rights issue was nearly three times oversubscribed."
'via Blog this'
"Dubai’s stock market extended its rally on Monday, backed by solid gains from property developer Emaar, whereas other markets in the region closed mixed amid muted trading and profit taking ahead of the Eid holiday. The Dubai index jumped 1.4 percent, continuing its rally since the emirate announced a series of initiatives to reduce corporate costs and stimulate growth. The index’s main support came from a 4.1 percent jump by property developer Emaar and a 1.2 percent rise by Dubai Islamic Bank which rallied for the second session in a row after its 5.1 billion dirham rights issue was nearly three times oversubscribed."
'via Blog this'
Hedge Funds Back Off Oil as Saudis Keep Market on Its Toes - Bloomberg
Hedge Funds Back Off Oil as Saudis Keep Market on Its Toes - Bloomberg:
"Money managers once again cut bets on rising oil prices -- the longest streak of declines since 2013. As investors digest the signals of increasing supplies from Saudi Arabia and Russia, and the U.S. is said to back the idea, futures have slumped 9 percent in less than three weeks. Total positioning on West Texas Intermediate is the lowest in almost a year ahead of an OPEC meeting in Vienna on June 22 and 23. “The commentary out of Saudi Arabia and Russia about easing the supply restrictions just undercut the bullish narrative that had built into the market,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund. “It’s obviously going to be a very contentious meeting.”"
'via Blog this'
"Money managers once again cut bets on rising oil prices -- the longest streak of declines since 2013. As investors digest the signals of increasing supplies from Saudi Arabia and Russia, and the U.S. is said to back the idea, futures have slumped 9 percent in less than three weeks. Total positioning on West Texas Intermediate is the lowest in almost a year ahead of an OPEC meeting in Vienna on June 22 and 23. “The commentary out of Saudi Arabia and Russia about easing the supply restrictions just undercut the bullish narrative that had built into the market,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund. “It’s obviously going to be a very contentious meeting.”"
'via Blog this'
UPDATE 1-UAE central bank restricts operations of 7 exchange houses | Reuters
UPDATE 1-UAE central bank restricts operations of 7 exchange houses | Reuters:
"The Central Bank of the United Arab Emirates said on Monday it has restricted the operations of seven currency exchange houses for violating anti-money laundering and other regulations. The UAE’s huge expatriate workforce and growing business and tourism sectors have made it a global centre for exchanging foreign currencies and transferring money to and from the Middle East, Asia, Africa and parts of Europe. The seven are banned from doing business relating to remittances and payment of wages, the central Bank said in a statement. They can now deal only in the sale and purchase of foreign currencies and travellers cheques."
'via Blog this'
"The Central Bank of the United Arab Emirates said on Monday it has restricted the operations of seven currency exchange houses for violating anti-money laundering and other regulations. The UAE’s huge expatriate workforce and growing business and tourism sectors have made it a global centre for exchanging foreign currencies and transferring money to and from the Middle East, Asia, Africa and parts of Europe. The seven are banned from doing business relating to remittances and payment of wages, the central Bank said in a statement. They can now deal only in the sale and purchase of foreign currencies and travellers cheques."
'via Blog this'
MIDEAST STOCKS-UAE, Saudi markets rise slightly ahead of holidays, Qatar down | ZAWYA MENA Edition
MIDEAST STOCKS-UAE, Saudi markets rise slightly ahead of holidays, Qatar down | ZAWYA MENA Edition:
"Stocks in Saudi Arabia and United Arab Emirate rose slightly on Monday amid weak volumes ahead of Eid holidays, which marks the end of the Muslim fasting month of Ramadan, while financial and real estate stocks sent Qatar down. Trading in the Gulf is usually muted ahead of holidays as some traders cash in shares and are generally cautious of any developments in global markets during the closure of their bourses. Eid holiday begins on Wednesday in the Saudi market and on Thursday in UAE markets, extending into the first few days of next week. "
'via Blog this'
"Stocks in Saudi Arabia and United Arab Emirate rose slightly on Monday amid weak volumes ahead of Eid holidays, which marks the end of the Muslim fasting month of Ramadan, while financial and real estate stocks sent Qatar down. Trading in the Gulf is usually muted ahead of holidays as some traders cash in shares and are generally cautious of any developments in global markets during the closure of their bourses. Eid holiday begins on Wednesday in the Saudi market and on Thursday in UAE markets, extending into the first few days of next week. "
'via Blog this'
Gulf states pledge $2.5 billion aid package to Jordan | Reuters
Gulf states pledge $2.5 billion aid package to Jordan | Reuters:
"Saudi Arabia, Kuwait and the United Arab Emirates pledged $2.5 billion of aid to Jordan on Monday, a joint statement from the Gulf states said, following austerity measures that have sparked massive protests in the country.
Price hikes and subsidy cuts pushed thousands of Jordanians to the streets last week against the government’s economic policies. The rare, peaceful protests prompted King Abdullah to sack the government and appoint a new prime minister, whose first pledge was to shelve steep tax hikes.
Other monarchies are worried that unrest in the U.S. ally could spill over across the region where other countries such as Bahrain and Egypt have been facing similar challenges.
"
'via Blog this'
"Saudi Arabia, Kuwait and the United Arab Emirates pledged $2.5 billion of aid to Jordan on Monday, a joint statement from the Gulf states said, following austerity measures that have sparked massive protests in the country.
Price hikes and subsidy cuts pushed thousands of Jordanians to the streets last week against the government’s economic policies. The rare, peaceful protests prompted King Abdullah to sack the government and appoint a new prime minister, whose first pledge was to shelve steep tax hikes.
Other monarchies are worried that unrest in the U.S. ally could spill over across the region where other countries such as Bahrain and Egypt have been facing similar challenges.
"
'via Blog this'
UAE regulator examines Abraaj investor impact | Reuters
UAE regulator examines Abraaj investor impact | Reuters:
"United Arab Emirates’ top securities regulator is working with the Dubai Financial Services Authority (DFSA) to ascertain whether local investors have been affected by the financial woes of private equity firm Abraaj, the watchdog said on Sunday.
It was the first public statement by a regulator in the UAE about possible scrutiny of Abraaj as concerns grow over the financial state of the firm, whose funds have also attracted money from UAE institutions and family offices.
“We are coordinating with DFSA to see where national investors are affected,” Obaid al Zaabi, chief executive of the UAE’s Securities & Commodities Authority, told reporters."
'via Blog this'
"United Arab Emirates’ top securities regulator is working with the Dubai Financial Services Authority (DFSA) to ascertain whether local investors have been affected by the financial woes of private equity firm Abraaj, the watchdog said on Sunday.
It was the first public statement by a regulator in the UAE about possible scrutiny of Abraaj as concerns grow over the financial state of the firm, whose funds have also attracted money from UAE institutions and family offices.
“We are coordinating with DFSA to see where national investors are affected,” Obaid al Zaabi, chief executive of the UAE’s Securities & Commodities Authority, told reporters."
'via Blog this'
S&P affirms Abu Dhabi's ratings and forecasts economic growth for 2018 - The National
S&P affirms Abu Dhabi's ratings and forecasts economic growth for 2018 - The National:
"S&P Global Ratings has affirmed its ratings for Abu Dhabi on the back of its net asset position and has forecast a return to economic growth for the emirate in 2018, thanks to higher oil prices and government spending.
“The ratings are supported by Abu Dhabi's strong fiscal and external positions,” S&P said in a report released on Sunday. “The exceptional strength of the government's net asset position provides a buffer to counteract the impact of oil price swings on economic growth, government revenues, the external account, and increasing geopolitical uncertainty in the Gulf region.”
Abu Dhabi, which is rated AA/A-1+ with a stable outlook by S&P, has strong financial buffers that have protected it over the years from oil price volatility that created budget shortfalls and slowed down the economy."
'via Blog this'
"S&P Global Ratings has affirmed its ratings for Abu Dhabi on the back of its net asset position and has forecast a return to economic growth for the emirate in 2018, thanks to higher oil prices and government spending.
“The ratings are supported by Abu Dhabi's strong fiscal and external positions,” S&P said in a report released on Sunday. “The exceptional strength of the government's net asset position provides a buffer to counteract the impact of oil price swings on economic growth, government revenues, the external account, and increasing geopolitical uncertainty in the Gulf region.”
Abu Dhabi, which is rated AA/A-1+ with a stable outlook by S&P, has strong financial buffers that have protected it over the years from oil price volatility that created budget shortfalls and slowed down the economy."
'via Blog this'
Mideast M&A deals decline sharply in Q1 2018 | GulfNews.com
Mideast M&A deals decline sharply in Q1 2018 | GulfNews.com:
"Merger & acquisition deals across the Middle East and North Africa (Mena) region declined sharply year-on-year, falling 21.8 per cent in the first quarter of 2018, according to EY’s first-quarter 2018 M&A report.
Mena M&A activity saw 93 announced deals in the first quarter of 2018, compared to 119 deals in the first quarter of 2017. The total disclosed deal value in the Mena region also dropped by 26.7 per cent in the first quarter this year to $15.4 billion (Dh56.56 billion), compared to $21 billion in the same period last year.
The UAE saw the highest deal value with $5.1 billion from 23 deals announced in the first quarter of this year."
'via Blog this'
"Merger & acquisition deals across the Middle East and North Africa (Mena) region declined sharply year-on-year, falling 21.8 per cent in the first quarter of 2018, according to EY’s first-quarter 2018 M&A report.
Mena M&A activity saw 93 announced deals in the first quarter of 2018, compared to 119 deals in the first quarter of 2017. The total disclosed deal value in the Mena region also dropped by 26.7 per cent in the first quarter this year to $15.4 billion (Dh56.56 billion), compared to $21 billion in the same period last year.
The UAE saw the highest deal value with $5.1 billion from 23 deals announced in the first quarter of this year."
'via Blog this'
London sees sense on Aramco listing, but will New York now play its Trump card? | Arab News
London sees sense on Aramco listing, but will New York now play its Trump card? | Arab News:
"Well that was a lot of fuss over nothing. The London Stock Exchange — after nearly a year of deliberation, consultation and some controversy — has finally given the go ahead to create a new “sovereign” listing category for companies controlled by governments. Financial realpolitik was always going to win over idealistic principle, and it should have been a shoe-in a long time ago. The move will allow Saudi Aramco to list its shares — if it decides to do so at all — on the LSE in a new category of the “premium” listing section. It would free Aramco from what the UK regulator itself said would be “disproportionately onerous” rules on transactions involving the majority shareholder, in this case the government of Saudi Arabia."
'via Blog this'
"Well that was a lot of fuss over nothing. The London Stock Exchange — after nearly a year of deliberation, consultation and some controversy — has finally given the go ahead to create a new “sovereign” listing category for companies controlled by governments. Financial realpolitik was always going to win over idealistic principle, and it should have been a shoe-in a long time ago. The move will allow Saudi Aramco to list its shares — if it decides to do so at all — on the LSE in a new category of the “premium” listing section. It would free Aramco from what the UK regulator itself said would be “disproportionately onerous” rules on transactions involving the majority shareholder, in this case the government of Saudi Arabia."
'via Blog this'
Qatar’s goods trade surplus benefiting from recovering imports, buoyant exports: QNB
Qatar’s goods trade surplus benefiting from recovering imports, buoyant exports: QNB:
"Qatar’s goods trade surplus is benefiting from “recovering” imports and “buoyant” exports, driven by higher hydrocarbon prices, QNB has said in its weekly economic commentary. The latest monthly indicators on trade and industrial prices show the Qatari economy benefiting from higher global hydrocarbon prices, ensuring that the already dwindling impact of the diplomatic rift on the economy recedes yet further, QNB said. In particular, the latest monthly trade statistics show the goods trade surplus surged higher in April. In level terms, the surplus topped QR14.7bn. In percentage terms, the surplus was up a stunning 49% y-o-y versus April 2017. "
'via Blog this'
"Qatar’s goods trade surplus is benefiting from “recovering” imports and “buoyant” exports, driven by higher hydrocarbon prices, QNB has said in its weekly economic commentary. The latest monthly indicators on trade and industrial prices show the Qatari economy benefiting from higher global hydrocarbon prices, ensuring that the already dwindling impact of the diplomatic rift on the economy recedes yet further, QNB said. In particular, the latest monthly trade statistics show the goods trade surplus surged higher in April. In level terms, the surplus topped QR14.7bn. In percentage terms, the surplus was up a stunning 49% y-o-y versus April 2017. "
'via Blog this'
Deloitte Said to Find Dubai's Abraaj Commingled $95 Million - Bloomberg
Deloitte Said to Find Dubai's Abraaj Commingled $95 Million - Bloomberg:
"Abraaj Group, the Middle Eastern investment firm which has been roiled by allegations of misused funds, commingled about $95 million after it faced cash shortages, according to the findings of a review by Deloitte. The accounting firm, which was hired by Abraaj to examine its finances, found that there was commingling of Abraaj’s own money in the health-care fund and its fourth fund, according to a summary of the Deloitte report that was presented to creditors on June 4 and seen by Bloomberg News. Money from Abraaj’s $1 billion health-care fund was used to pay management fees and other expenses, Deloitte said. Abraaj still owes $94.6 million to its so-called Private Equity Fund IV, but all money has been accounted for and there’s no evidence of embezzlement or misappropriation. Abraaj and Deloitte declined to comment."
'via Blog this'
"Abraaj Group, the Middle Eastern investment firm which has been roiled by allegations of misused funds, commingled about $95 million after it faced cash shortages, according to the findings of a review by Deloitte. The accounting firm, which was hired by Abraaj to examine its finances, found that there was commingling of Abraaj’s own money in the health-care fund and its fourth fund, according to a summary of the Deloitte report that was presented to creditors on June 4 and seen by Bloomberg News. Money from Abraaj’s $1 billion health-care fund was used to pay management fees and other expenses, Deloitte said. Abraaj still owes $94.6 million to its so-called Private Equity Fund IV, but all money has been accounted for and there’s no evidence of embezzlement or misappropriation. Abraaj and Deloitte declined to comment."
'via Blog this'
Qatar Airport Cargo Surge Cushions Blow From Saudi-Led Embargo - Bloomberg
Qatar Airport Cargo Surge Cushions Blow From Saudi-Led Embargo - Bloomberg:
"Qatar’s Hamad International Airport may be struggling with dropping passenger numbers amid a travel and trade ban imposed by rival Arab states, but the embargo has spurred air-freight volumes to record highs. The closure of the Mideast nation’s only land border with Saudi Arabia has led to an airlift-style operation to safeguard the supply of goods and produce spanning fresh milk to industrial gear previously transported by truck, Badr Mohammed Al Meer, the airport’s chief operating officer, said in an interview. Freight volumes at the hub, which opened in 2014, jumped 10 percent to 514,000 tons in the first quarter, according to the latest available figures. At the same time, the passenger tally slid 11 percent to 8.73 million and the number of aircraft takeoffs and landings tumbled 17 percent to 52,200."
'via Blog this'
"Qatar’s Hamad International Airport may be struggling with dropping passenger numbers amid a travel and trade ban imposed by rival Arab states, but the embargo has spurred air-freight volumes to record highs. The closure of the Mideast nation’s only land border with Saudi Arabia has led to an airlift-style operation to safeguard the supply of goods and produce spanning fresh milk to industrial gear previously transported by truck, Badr Mohammed Al Meer, the airport’s chief operating officer, said in an interview. Freight volumes at the hub, which opened in 2014, jumped 10 percent to 514,000 tons in the first quarter, according to the latest available figures. At the same time, the passenger tally slid 11 percent to 8.73 million and the number of aircraft takeoffs and landings tumbled 17 percent to 52,200."
'via Blog this'
Foreign investment in Saudi at 14-year low in blow to reforms | ZAWYA MENA Edition
Foreign investment in Saudi at 14-year low in blow to reforms | ZAWYA MENA Edition:
"New foreign direct investment in Saudi Arabia has plunged to a 14-year low, figures released this week by a United Nations body show, a blow to ambitious economic reforms which aim to increase inflows of foreign capital sharply. FDI inflows shrank to $1.4 billion in 2017 from $7.5 billion in 2016, according to figures from the United Nations Conference on Trade and Development, which are in line with data published in recent weeks by the Saudi central bank. The drop contrasts with the trend in other Gulf Arab oil exporting economies. FDI in the United Arab Emirates, the second biggest Arab economy after Saudi Arabia, rose to $10.4 billion last year from $9.6 billion, UNCTAD said."
'via Blog this'
"New foreign direct investment in Saudi Arabia has plunged to a 14-year low, figures released this week by a United Nations body show, a blow to ambitious economic reforms which aim to increase inflows of foreign capital sharply. FDI inflows shrank to $1.4 billion in 2017 from $7.5 billion in 2016, according to figures from the United Nations Conference on Trade and Development, which are in line with data published in recent weeks by the Saudi central bank. The drop contrasts with the trend in other Gulf Arab oil exporting economies. FDI in the United Arab Emirates, the second biggest Arab economy after Saudi Arabia, rose to $10.4 billion last year from $9.6 billion, UNCTAD said."
'via Blog this'
Foreigners, investment portfolios eye UAE stocks: analysts | ZAWYA MENA Edition
Foreigners, investment portfolios eye UAE stocks: analysts | ZAWYA MENA Edition:
"Over the past week, foreign investors and investment portfolio have focused on purchasing UAE stocks, which had dropped to significantly low levels, making them attractive to investors, analysts told Mubasher, highlighting that the trend was likely to continue in the coming sessions.
Arab and foreign investors were buyers last week, on both the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX), netting AED 142.4 million in total. Foreigners alone logged AED 137.7 million in net purchases, whereas Arabs’ investments amounted to AED 4.6 million.
UAE market analyst Gamal Abdelhameed noted that local stocks registered major weekly gains last week, mainly on the back of new announcements and incentives by the Dubai and Abu Dhabi governments.
"
'via Blog this'
"Over the past week, foreign investors and investment portfolio have focused on purchasing UAE stocks, which had dropped to significantly low levels, making them attractive to investors, analysts told Mubasher, highlighting that the trend was likely to continue in the coming sessions.
Arab and foreign investors were buyers last week, on both the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX), netting AED 142.4 million in total. Foreigners alone logged AED 137.7 million in net purchases, whereas Arabs’ investments amounted to AED 4.6 million.
UAE market analyst Gamal Abdelhameed noted that local stocks registered major weekly gains last week, mainly on the back of new announcements and incentives by the Dubai and Abu Dhabi governments.
"
'via Blog this'
UAE regulator examines Abraaj investor impact | Reuters
UAE regulator examines Abraaj investor impact | Reuters:
"United Arab Emirates’ top securities regulator is working with the Dubai Financial Services Authority (DFSA) to ascertain whether local investors have been affected by the financial woes of private equity firm Abraaj, the watchdog said on Sunday.
These are the first public comments by a regulator in the UAE about possible scrutiny of Abraaj as concerns grow on the financial state of the firm, the funds of which have also attracted money from UAE institutions and family offices.
“We are coordinating with DFSA to see where national investors are affected,” Obaid al Zaabi, chief executive of the UAE’s Securities & Commodities Authority, told reporters."
'via Blog this'
"United Arab Emirates’ top securities regulator is working with the Dubai Financial Services Authority (DFSA) to ascertain whether local investors have been affected by the financial woes of private equity firm Abraaj, the watchdog said on Sunday.
These are the first public comments by a regulator in the UAE about possible scrutiny of Abraaj as concerns grow on the financial state of the firm, the funds of which have also attracted money from UAE institutions and family offices.
“We are coordinating with DFSA to see where national investors are affected,” Obaid al Zaabi, chief executive of the UAE’s Securities & Commodities Authority, told reporters."
'via Blog this'
Jordan pins hopes on billion dollar Gulf aid package: officials | Reuters
Jordan pins hopes on billion dollar Gulf aid package: officials | Reuters:
"Jordan is pinning hopes on oil-rich Gulf states led by Saudi Arabia committing to a multi-billion dollar aid package to help it weather an economic crisis that sparked rare street protests over austerity plans, officials said.
A palace statement said King Abdullah left for Jeddah to attend a summit called by Saudi King Salman who invited leaders of Kuwait and the UAE to discuss ways of helping the kingdom overcome deepening economic strains that sparked last week’s peaceful protests.
Officials are hopeful the Jeddah meeting will approve a major package in line with a previous $5 billion fund allocated to Jordan by Gulf monarchies in December 2011 to contain pro-democracy unrest that spread across the region.
"
'via Blog this'
"Jordan is pinning hopes on oil-rich Gulf states led by Saudi Arabia committing to a multi-billion dollar aid package to help it weather an economic crisis that sparked rare street protests over austerity plans, officials said.
A palace statement said King Abdullah left for Jeddah to attend a summit called by Saudi King Salman who invited leaders of Kuwait and the UAE to discuss ways of helping the kingdom overcome deepening economic strains that sparked last week’s peaceful protests.
Officials are hopeful the Jeddah meeting will approve a major package in line with a previous $5 billion fund allocated to Jordan by Gulf monarchies in December 2011 to contain pro-democracy unrest that spread across the region.
"
'via Blog this'
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