National Bank of Fujairah to tap debt programme to fund growth - The National:
"The National Bank of Fujairah, which counts the emirate’s government and Investment Corporation of Dubai among its shareholders, plans to set up a debt programme and regularly tap international capital markets from next year to fund its growth. NBF is yet to determine the size of the overall debt programme but the initial issuance is likely to be in the $350 million (Dh1.28 billion) range, and may reach as high as $500m, chief executive Vince Cook told The National. ICD, the sovereign wealth fund of Dubai, owns 9.8 per cent of the bank, while the Government of Fujairah has a 40.2 per cent stake in the Abu Dhabi-listed lender. “We are getting to the size now where we think we can justify some sort of an EMTN structure to regularly issue, which is something we have not done traditionally,” Mr Cook said."
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Thursday 14 June 2018
AHAB files appeal in dispute with Saad Group | GulfNews.com
AHAB files appeal in dispute with Saad Group | GulfNews.com:
"Ahmad Hamad Al Gosaibi and Brothers (AHAB), a Saudi Arabian family-owned business, said on Thursday it has filed an appeal against a judgement by the Cayman Islands Grand Court in its dispute with the Saad Group.
AHAB said the appeal will be for the benefit of AHAB’s creditors.
Last week, the Saudi Arabian Capital Markets Authority also rejected AHAB’s claim against the Authority relating to shares taken in 2010 by Saudi British Bank and Samba Financial Group. AHAB said it pursue an appeal against that."
'via Blog this'
"Ahmad Hamad Al Gosaibi and Brothers (AHAB), a Saudi Arabian family-owned business, said on Thursday it has filed an appeal against a judgement by the Cayman Islands Grand Court in its dispute with the Saad Group.
AHAB said the appeal will be for the benefit of AHAB’s creditors.
Last week, the Saudi Arabian Capital Markets Authority also rejected AHAB’s claim against the Authority relating to shares taken in 2010 by Saudi British Bank and Samba Financial Group. AHAB said it pursue an appeal against that."
'via Blog this'
Talks over three-way Qatari bank merger collapse
Talks over three-way Qatari bank merger collapse:
"Talks to merge three Qatari banks have ended after they were unable to reach an agreement, the lenders said in a joint statement on Thursday.
Islamic lender Masraf Al Rayan and conventional lenders Barwa Bank and International Bank of Qatar (IBQ) have been in talks since December 2016 over a potential tie-up.
“The three banks could not reach an agreement to complete the transaction,” the lenders said in a bourse statement, without elaborating."
'via Blog this'
"Talks to merge three Qatari banks have ended after they were unable to reach an agreement, the lenders said in a joint statement on Thursday.
Islamic lender Masraf Al Rayan and conventional lenders Barwa Bank and International Bank of Qatar (IBQ) have been in talks since December 2016 over a potential tie-up.
“The three banks could not reach an agreement to complete the transaction,” the lenders said in a bourse statement, without elaborating."
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QCB forex reserves rise 4.8% to $39.8bn in April: QNB
QCB forex reserves rise 4.8% to $39.8bn in April: QNB:
"The Qatar Central Bank’s foreign exchange (forex) reserves have gone up 4.8% month-on-month in April to $39.8bn, data provided by QNB indicate.
This equates to 6.3 months of import cover, QNB said in its latest ‘Qatar Monthly Monitor’.
Higher oil prices have resulted in a growth in both Qatar’s exports and imports, the report said. "
'via Blog this'
"The Qatar Central Bank’s foreign exchange (forex) reserves have gone up 4.8% month-on-month in April to $39.8bn, data provided by QNB indicate.
This equates to 6.3 months of import cover, QNB said in its latest ‘Qatar Monthly Monitor’.
Higher oil prices have resulted in a growth in both Qatar’s exports and imports, the report said. "
'via Blog this'
Qatar shares snap 5-day losing streak amid heavy trading
Qatar shares snap 5-day losing streak amid heavy trading:
"Ahead of the Eid holidays, the Qatar Stock Exchange on Thursday snapped five days of bearish spell, amidst heavy trading, especially due to the banking scrips. Foreign institutions’ stronger buying interest led the 20-stock Qatar Index to gain 0.19% to 9,097.91 points. Masraf Al Rayan sponsored exchange traded fund QATR witnessed 1.58% gains, while Doha Bank sponsored QETF fell 0.14%."
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"Ahead of the Eid holidays, the Qatar Stock Exchange on Thursday snapped five days of bearish spell, amidst heavy trading, especially due to the banking scrips. Foreign institutions’ stronger buying interest led the 20-stock Qatar Index to gain 0.19% to 9,097.91 points. Masraf Al Rayan sponsored exchange traded fund QATR witnessed 1.58% gains, while Doha Bank sponsored QETF fell 0.14%."
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U.A.E. Extends Stimulus Blitz by Ditching Costly Worker Deposits - Bloomberg
U.A.E. Extends Stimulus Blitz by Ditching Costly Worker Deposits - Bloomberg:
"The United Arab Emirates is on a blitz.
In the past three weeks, the federal government and regional sheikhdoms have announced a slew of measures designed to stimulate and diversify their oil-dependent economies. The latest: scrapping the billions of dollars private businesses have to lay out to hire the foreign workers they depend on.
Businesses will now pay an annual fee of 60 dirhams ($16.34) per worker instead of a deposit of 3,000 dirhams, state-owned WAM news agency reported. The oil-rich country is also loosening visa rules for job seekers, tourists and students to encourage people to come, stay longer and spend more."
'via Blog this'
"The United Arab Emirates is on a blitz.
In the past three weeks, the federal government and regional sheikhdoms have announced a slew of measures designed to stimulate and diversify their oil-dependent economies. The latest: scrapping the billions of dollars private businesses have to lay out to hire the foreign workers they depend on.
Businesses will now pay an annual fee of 60 dirhams ($16.34) per worker instead of a deposit of 3,000 dirhams, state-owned WAM news agency reported. The oil-rich country is also loosening visa rules for job seekers, tourists and students to encourage people to come, stay longer and spend more."
'via Blog this'
Goldman, HSBC Said to Help Abu Dhabi on $20 Billion Refinery - Bloomberg
Goldman, HSBC Said to Help Abu Dhabi on $20 Billion Refinery - Bloomberg:
"Goldman Sachs Group Inc. and HSBC Holdings Plc are advising Abu Dhabi’s government-owned oil company on the possible sale of a stake in its $20 billion refining unit, according to people with knowledge of the matter. Abu Dhabi National Oil Co. is reviewing offers from potential partners who could buy as much as 40 percent of its refining business, said the people, who asked not to be identified because the discussions are private. A 40 percent stake could be valued at $8 billion. An Adnoc media official declined to comment on the sale but said the company had received significant interest in its effort to attract partners across its businesses. Goldman Sachs and HSBC declined to comment."
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"Goldman Sachs Group Inc. and HSBC Holdings Plc are advising Abu Dhabi’s government-owned oil company on the possible sale of a stake in its $20 billion refining unit, according to people with knowledge of the matter. Abu Dhabi National Oil Co. is reviewing offers from potential partners who could buy as much as 40 percent of its refining business, said the people, who asked not to be identified because the discussions are private. A 40 percent stake could be valued at $8 billion. An Adnoc media official declined to comment on the sale but said the company had received significant interest in its effort to attract partners across its businesses. Goldman Sachs and HSBC declined to comment."
'via Blog this'
Abraaj files for provisional liquidation in Cayman Islands | ZAWYA MENA Edition
Abraaj files for provisional liquidation in Cayman Islands | ZAWYA MENA Edition:
"Abraaj, the Middle East's biggest private equity firm, has filed a petition in the Cayman Islands, asking the court to appoint PwC as provisional liquidators for the embattled company. "The appointment of provisional liquidators imposes a moratorium on the enforcement of all unsecured claims against the company, allowing time for a proposal to be put to creditors for the orderly restructuring of the company," it said in a statement. The move is to thwart separate legal action by the Kuwait Public Institution for Social Security (PIFSS) and another creditor, who are seeking the liquidation and winding up of Abraaj for non-payment of debt. Dubai-based Abraaj has been trying to stem the fallout from a row with four of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), over how it used their money in a $1 billion healthcare fund."
'via Blog this'
"Abraaj, the Middle East's biggest private equity firm, has filed a petition in the Cayman Islands, asking the court to appoint PwC as provisional liquidators for the embattled company. "The appointment of provisional liquidators imposes a moratorium on the enforcement of all unsecured claims against the company, allowing time for a proposal to be put to creditors for the orderly restructuring of the company," it said in a statement. The move is to thwart separate legal action by the Kuwait Public Institution for Social Security (PIFSS) and another creditor, who are seeking the liquidation and winding up of Abraaj for non-payment of debt. Dubai-based Abraaj has been trying to stem the fallout from a row with four of its investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), over how it used their money in a $1 billion healthcare fund."
'via Blog this'
Etihad Airways blames rising fuel prices, costly investments as it stays in the red | Reuters
Etihad Airways blames rising fuel prices, costly investments as it stays in the red | Reuters:
"Etihad Airways reported on Thursday a second consecutive annual loss, blaming rising fuel prices, the cost of its ambitious turnaround plan and lost business due to the collapse of Air Berlin and problems at Alitalia.
United Arab Emirates-based Etihad has been overhauling its business since it made a near $2 billion loss in 2016, by replacing its top executive, dropping unprofitable routes and retiring costly aircraft among other measures.
The state-owned carrier, which competes with Emirates among others, said its losses narrowed to $1.52 billion in 2017 as it cut costs by 7.3 percent and its revenue rose by 1.9 percent to $6.1 billion. Passenger numbers, however, were flat at 18.6 million and it filled an average of 78.5 percent of its seats, also little changed from 2016. "
'via Blog this'
"Etihad Airways reported on Thursday a second consecutive annual loss, blaming rising fuel prices, the cost of its ambitious turnaround plan and lost business due to the collapse of Air Berlin and problems at Alitalia.
United Arab Emirates-based Etihad has been overhauling its business since it made a near $2 billion loss in 2016, by replacing its top executive, dropping unprofitable routes and retiring costly aircraft among other measures.
The state-owned carrier, which competes with Emirates among others, said its losses narrowed to $1.52 billion in 2017 as it cut costs by 7.3 percent and its revenue rose by 1.9 percent to $6.1 billion. Passenger numbers, however, were flat at 18.6 million and it filled an average of 78.5 percent of its seats, also little changed from 2016. "
'via Blog this'
UPDATE 1-UAE's Jafar family linked to fund filing lawsuit against Abraaj -sources | Reuters
UPDATE 1-UAE's Jafar family linked to fund filing lawsuit against Abraaj -sources | Reuters:
"A family involved with Abraaj handed over debt exposure to the private equity firm to a little-known fund that has now filed a petition against Abraaj, deepening its financial woes, sources said. An adviser to the Jafar family said it was not party to the legal proceedings started by Auctus Fund in the Cayman Islands against Abraaj, although Hamid Jafar had provided Abraaj with a private loan which has since been transferred to Auctus. Dubai-based Abraaj has declined to comment on the petition. Badr Jafar, who sits on Abraaj’s board and is the son of Hamid, had not responded to Reuters request for comment on the lawsuit."
'via Blog this'
"A family involved with Abraaj handed over debt exposure to the private equity firm to a little-known fund that has now filed a petition against Abraaj, deepening its financial woes, sources said. An adviser to the Jafar family said it was not party to the legal proceedings started by Auctus Fund in the Cayman Islands against Abraaj, although Hamid Jafar had provided Abraaj with a private loan which has since been transferred to Auctus. Dubai-based Abraaj has declined to comment on the petition. Badr Jafar, who sits on Abraaj’s board and is the son of Hamid, had not responded to Reuters request for comment on the lawsuit."
'via Blog this'
Saudi's Falih expects 'reasonable and moderate' oil agreement next week | Reuters
Saudi's Falih expects 'reasonable and moderate' oil agreement next week | Reuters:
"Saudi Energy Minister Khalid al-Falih expects a “reasonable and moderate” agreement next week when OPEC and non-OPEC oil-producing nations meet in Vienna, he told reporters in Moscow on Thursday.
The meeting between OPEC and non-OPEC nations, led by Saudi Arabia and Russia, is expected to decide next week whether their current pact to curb oil production needs to be adjusted, as a recent rise in the oil prices has raised concerns among some participants.
Falih, on a visit to Moscow to attend the World Cup opening, where the Russian and Saudi Arabian national soccer teams will play on Thursday, is due to meet Russian Energy Minister Alexander Novak and President Vladimir Putin before the game.
"
'via Blog this'
"Saudi Energy Minister Khalid al-Falih expects a “reasonable and moderate” agreement next week when OPEC and non-OPEC oil-producing nations meet in Vienna, he told reporters in Moscow on Thursday.
The meeting between OPEC and non-OPEC nations, led by Saudi Arabia and Russia, is expected to decide next week whether their current pact to curb oil production needs to be adjusted, as a recent rise in the oil prices has raised concerns among some participants.
Falih, on a visit to Moscow to attend the World Cup opening, where the Russian and Saudi Arabian national soccer teams will play on Thursday, is due to meet Russian Energy Minister Alexander Novak and President Vladimir Putin before the game.
"
'via Blog this'
MIDEAST STOCKS-Abu Dhabi, Qatar rise, but Dubai sags as Eid holiday begins | Reuters
MIDEAST STOCKS-Abu Dhabi, Qatar rise, but Dubai sags as Eid holiday begins | Reuters:
"The Abu Dhabi stock exchange ended higher on Thursday, helped by shares in sector majors First Abu Dhabi Bank (FAB) and Etisalat, and neighbouring Dubai ended lower as property shares weighed on the exchange. Abu Dhabi’s main index jumped 1.8 percent, as shares in the United Arab Emirates’ biggest lender FAB gained 3.3 percent and Etisalat, one of the country’s two telecoms, rose 2.1 percent. The UAE Central Bank, like most Gulf counterparts, quickly followed the United States Federal Reserve decision to raise its target range for the federal funds interest rate by a quarter of a percentage point, to between 1.75 percent and 2 percent."
'via Blog this'
"The Abu Dhabi stock exchange ended higher on Thursday, helped by shares in sector majors First Abu Dhabi Bank (FAB) and Etisalat, and neighbouring Dubai ended lower as property shares weighed on the exchange. Abu Dhabi’s main index jumped 1.8 percent, as shares in the United Arab Emirates’ biggest lender FAB gained 3.3 percent and Etisalat, one of the country’s two telecoms, rose 2.1 percent. The UAE Central Bank, like most Gulf counterparts, quickly followed the United States Federal Reserve decision to raise its target range for the federal funds interest rate by a quarter of a percentage point, to between 1.75 percent and 2 percent."
'via Blog this'
UAE's Jafar family behind lawsuit against Abraaj on $100 mln loan default -sources | Reuters
UAE's Jafar family behind lawsuit against Abraaj on $100 mln loan default -sources | Reuters:
"An ally of Abraaj’s founder Arif Naqvi has turned against the private equity firm after its financial woes deepened in the wake of allegations it misued investor money and defaulted on loans, three sources and court documents show. Badr Jafar, an Abraaj board member, is one of the main figures behind a lawsuit filed by a little-known fund in the Cayman Islands that could further push Dubai-based Abraaj towards liquidation, the sources familiar with the matter said. The petition was filed this month by Saint Vincent-based Auctus Fund against Abraaj Investment Management Ltd (AIML) for non-payment of a $100 million, according to a copy seen by Reuters."
'via Blog this'
"An ally of Abraaj’s founder Arif Naqvi has turned against the private equity firm after its financial woes deepened in the wake of allegations it misued investor money and defaulted on loans, three sources and court documents show. Badr Jafar, an Abraaj board member, is one of the main figures behind a lawsuit filed by a little-known fund in the Cayman Islands that could further push Dubai-based Abraaj towards liquidation, the sources familiar with the matter said. The petition was filed this month by Saint Vincent-based Auctus Fund against Abraaj Investment Management Ltd (AIML) for non-payment of a $100 million, according to a copy seen by Reuters."
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U.A.E. Rolls Out Foreign Worker Plan, Visa Rules to Boost Growth - Bloomberg
U.A.E. Rolls Out Foreign Worker Plan, Visa Rules to Boost Growth - Bloomberg:
"The United Arab Emirates scrapped a mandatory deposit for private sector employees, freeing up about $3.8 billion for businesses, in its latest move to stimulate the economy. A new insurance plan costing 60 dirhams annually for workers’ guarantees will replace the mandatory deposit of 3,000 dirhams ($817) per employee, the state-owned WAM news agency reported. The oil-rich country is also loosening visa rules for job seekers and tourists. Lower oil and weaker regional economies are hurting growth in the U.A.E., where expatriates make up about 80 percent of the population. The country has reacted in recent weeks with a number of reforms, including changes to ownership structures for businesses. Dubai said it would cut numerous fees and Abu Dhabi announced a separate stimulus package."
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"The United Arab Emirates scrapped a mandatory deposit for private sector employees, freeing up about $3.8 billion for businesses, in its latest move to stimulate the economy. A new insurance plan costing 60 dirhams annually for workers’ guarantees will replace the mandatory deposit of 3,000 dirhams ($817) per employee, the state-owned WAM news agency reported. The oil-rich country is also loosening visa rules for job seekers and tourists. Lower oil and weaker regional economies are hurting growth in the U.A.E., where expatriates make up about 80 percent of the population. The country has reacted in recent weeks with a number of reforms, including changes to ownership structures for businesses. Dubai said it would cut numerous fees and Abu Dhabi announced a separate stimulus package."
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U.A.E.'s Jafar Family Said Seeking to Recover Abraaj Loan - Bloomberg
U.A.E.'s Jafar Family Said Seeking to Recover Abraaj Loan - Bloomberg:
"A fund representing the United Arab Emirates’ Jafar family is seeking to recover about $300 million from Abraaj Holdings through a court-run restructuring of the embattled buyout firm, people with knowledge of the matter said.
The family, which owns Sharjah-based Crescent Petroleum Co., mandated Auctus to file a petition in the Cayman Islands last week to start a process that would allow Abraaj to avoid collapse and repay its debt, the people said, asking not to be identified because the matter is private.
Abraaj founder Arif Naqvi borrowed the money from the Jafar’s late last year and defaulted in February, some of the people said. Abraaj declined to comment, while representatives for Crescent Petroleum didn’t respond to requests for comment."
'via Blog this'
"A fund representing the United Arab Emirates’ Jafar family is seeking to recover about $300 million from Abraaj Holdings through a court-run restructuring of the embattled buyout firm, people with knowledge of the matter said.
The family, which owns Sharjah-based Crescent Petroleum Co., mandated Auctus to file a petition in the Cayman Islands last week to start a process that would allow Abraaj to avoid collapse and repay its debt, the people said, asking not to be identified because the matter is private.
Abraaj founder Arif Naqvi borrowed the money from the Jafar’s late last year and defaulted in February, some of the people said. Abraaj declined to comment, while representatives for Crescent Petroleum didn’t respond to requests for comment."
'via Blog this'
Mobius Not Convinced by Saudi Stocks Set for Status Upgrade - Bloomberg
Mobius Not Convinced by Saudi Stocks Set for Status Upgrade - Bloomberg:
"As Saudi Arabia stands poised to win emerging-market status, one of the best-known developing-nation investors says he isn’t completely convinced the kingdom’s stocks are a good option.
During his 40 years working in emerging markets, Mark Mobius has gained a reputation for being optimistic more often than not on their prospects. He recently sounded less upbeat and his views aren’t positive on the biggest stock exchange in the Middle East. The kingdom is expected to earn emerging-market status from index compiler MSCI Inc. next week, three years after it opened its equity markets directly to foreigners.
“We are not necessarily bullish on Saudi stocks, simply because the range of offerings is limited and a number of restrictions are still in place,” said Mobius, 81, who recently set up Mobius Capital Partners LLP after three decades at Franklin Templeton Investments. “Many difficulties remain for Saudi market entry.”
"
'via Blog this'
"As Saudi Arabia stands poised to win emerging-market status, one of the best-known developing-nation investors says he isn’t completely convinced the kingdom’s stocks are a good option.
During his 40 years working in emerging markets, Mark Mobius has gained a reputation for being optimistic more often than not on their prospects. He recently sounded less upbeat and his views aren’t positive on the biggest stock exchange in the Middle East. The kingdom is expected to earn emerging-market status from index compiler MSCI Inc. next week, three years after it opened its equity markets directly to foreigners.
“We are not necessarily bullish on Saudi stocks, simply because the range of offerings is limited and a number of restrictions are still in place,” said Mobius, 81, who recently set up Mobius Capital Partners LLP after three decades at Franklin Templeton Investments. “Many difficulties remain for Saudi market entry.”
"
'via Blog this'
The Downfall of Arif Naqvi’s Abraaj Group, Dubai’s Star Investor - Bloomberg
The Downfall of Arif Naqvi’s Abraaj Group, Dubai’s Star Investor - Bloomberg:
"Pakistani financier Arif Naqvi shared a stage with Bill Gates at the World Economic Forum in Davos, Switzerland, in January for a panel on global health. Even alongside the billionaire philanthropist and two medical professionals, Naqvi stood out for his enthusiasm: “Like Bill, I’m an optimist,” he said. “So I believe the glass is half full, very firmly. I don’t believe it’s half empty.”
Unbeknownst to the audience, four investors in Naqvi’s Dubai-based $1 billion health-care fund, including the Bill & Melinda Gates Foundation, had recruited forensic accountants to investigate where their money had gone. The existence of the inquiry was first reported less than a week later by the Wall Street Journal. A subsequent review by Deloitte LLP, made at the request of Abraaj Group, Naqvi’s holding company, found it had dipped into money reserved for the health-care fund as well as a private equity fund, according to a draft summary sent to creditors and seen by Bloomberg News. Abraaj’s senior managers shared “collective responsibility” for “lapses in governance and control,” Deloitte said.
In March, Naqvi halted fresh investments and released investors from commitments to a new fund, what would have been Abraaj’s largest to date. Later that month, the company began slashing jobs and downsizing its business to better prepare it for “sustainable growth,” according to a statement. "
'via Blog this'
"Pakistani financier Arif Naqvi shared a stage with Bill Gates at the World Economic Forum in Davos, Switzerland, in January for a panel on global health. Even alongside the billionaire philanthropist and two medical professionals, Naqvi stood out for his enthusiasm: “Like Bill, I’m an optimist,” he said. “So I believe the glass is half full, very firmly. I don’t believe it’s half empty.”
Unbeknownst to the audience, four investors in Naqvi’s Dubai-based $1 billion health-care fund, including the Bill & Melinda Gates Foundation, had recruited forensic accountants to investigate where their money had gone. The existence of the inquiry was first reported less than a week later by the Wall Street Journal. A subsequent review by Deloitte LLP, made at the request of Abraaj Group, Naqvi’s holding company, found it had dipped into money reserved for the health-care fund as well as a private equity fund, according to a draft summary sent to creditors and seen by Bloomberg News. Abraaj’s senior managers shared “collective responsibility” for “lapses in governance and control,” Deloitte said.
In March, Naqvi halted fresh investments and released investors from commitments to a new fund, what would have been Abraaj’s largest to date. Later that month, the company began slashing jobs and downsizing its business to better prepare it for “sustainable growth,” according to a statement. "
'via Blog this'
Etihad Airways hit by second consecutive annual loss | Reuters
Etihad Airways hit by second consecutive annual loss | Reuters:
"Etihad Airways reported a $1.52 billion loss for 2017 on Thursday, its second consecutive annual loss as the Middle East airline undertakes a major turnaround plan.
The result compares with a prior year loss of $1.95 billion, which it restated from $1.87 billion.
Etihad has been overhauling its strategy since 2016 with changes to top management, dropping unprofitable routes, and retiring operationally costly aircraft.
"
'via Blog this'
"Etihad Airways reported a $1.52 billion loss for 2017 on Thursday, its second consecutive annual loss as the Middle East airline undertakes a major turnaround plan.
The result compares with a prior year loss of $1.95 billion, which it restated from $1.87 billion.
Etihad has been overhauling its strategy since 2016 with changes to top management, dropping unprofitable routes, and retiring operationally costly aircraft.
"
'via Blog this'
Exclusive: Etihad Airways in talks to cancel, defer Boeing 777X orders - sources | Reuters
Exclusive: Etihad Airways in talks to cancel, defer Boeing 777X orders - sources | Reuters:
"Etihad Airways is exploring options with Boeing to cancel or defer orders for 777X jets worth billions of dollars in a fresh sign of the carrier’s financial strains and potentially squeezing Boeing’s newest model, four sources familiar with the matter said.
Etihad, owned by Abu Dhabi, has been reviewing its fleet plans as part of a strategy overhaul launched after a nearly $2 billion loss in 2016.
The airline’s management believes it no longer needs all of the 25 777X twin-engined jets and may be willing to incur penalties for cancellations rather than be saddled with future recurring losses stemming from overcapacity, the sources said. "
'via Blog this'
"Etihad Airways is exploring options with Boeing to cancel or defer orders for 777X jets worth billions of dollars in a fresh sign of the carrier’s financial strains and potentially squeezing Boeing’s newest model, four sources familiar with the matter said.
Etihad, owned by Abu Dhabi, has been reviewing its fleet plans as part of a strategy overhaul launched after a nearly $2 billion loss in 2016.
The airline’s management believes it no longer needs all of the 25 777X twin-engined jets and may be willing to incur penalties for cancellations rather than be saddled with future recurring losses stemming from overcapacity, the sources said. "
'via Blog this'
Abraaj sells entire stake in Orascom Construction | ZAWYA MENA Edition
Abraaj sells entire stake in Orascom Construction | ZAWYA MENA Edition:
"Embattled private equity firm Abraaj has sold its entire 5.4 percent stake in Orascom Construction Ltd for about $52 million. The move came after the company crossed a 5 percent filing threshold on June 6, Abraaj said in statement in Dubai. Abraaj is facing two lawsuits from creditors over the non-payment of debt and is battling allegations that it misused investor money in a $1 billion healthcare fund, a charge it denies."
'via Blog this'
"Embattled private equity firm Abraaj has sold its entire 5.4 percent stake in Orascom Construction Ltd for about $52 million. The move came after the company crossed a 5 percent filing threshold on June 6, Abraaj said in statement in Dubai. Abraaj is facing two lawsuits from creditors over the non-payment of debt and is battling allegations that it misused investor money in a $1 billion healthcare fund, a charge it denies."
'via Blog this'
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