The changing face of UAE business | GulfNews.com:
"Last week’s announcement that private firms would no longer have to provide a Dh3,000 bank guarantee to recruit each new employee is just the latest of a series of measures aimed at transforming the UAE’s economy. The packages announced this year are an indication that the objectives announced in a series of medium- and long-term visions are becoming reality. The UAE Vision 2021 calls for the development of a competitive knowledge-based economy, and the announcement of 10-year visas for scientists, and investors and professionals in the medical, scientific, research and technical fields is an important step in attracting the human capital necessary to achieve this."
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Sunday 17 June 2018
Saudi shares-index upgrade likely to ‘turbocharge’ private sector growth
Saudi shares-index upgrade likely to ‘turbocharge’ private sector growth:
"Investors are expected to pump billions into the Saudi bourse, known as the Tadawul, if the Kingdom is included in the key MCSI-emerging markets index in 2019. The decision is expected on Wednesday. Analysts interviewed by Arab News gave a unanimous thumbs up to KSA’s widely anticipated inclusion that will see huge US “trackers” run by the likes of BlackRock and Vanguard, sign off on multi-billion dollar cheques on behalf of investors in their pension, insurance and savings funds in North America and elsewhere. There is about $2 trillion in global emerging (EM) market funds, according to EFG-Hermes in Cairo, a huge pool of capital that could be tapped for future IPOs, with state-owned Saudi Aramco a prime target when it floats in what is expected be the world’s biggest listing of all time."
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"Investors are expected to pump billions into the Saudi bourse, known as the Tadawul, if the Kingdom is included in the key MCSI-emerging markets index in 2019. The decision is expected on Wednesday. Analysts interviewed by Arab News gave a unanimous thumbs up to KSA’s widely anticipated inclusion that will see huge US “trackers” run by the likes of BlackRock and Vanguard, sign off on multi-billion dollar cheques on behalf of investors in their pension, insurance and savings funds in North America and elsewhere. There is about $2 trillion in global emerging (EM) market funds, according to EFG-Hermes in Cairo, a huge pool of capital that could be tapped for future IPOs, with state-owned Saudi Aramco a prime target when it floats in what is expected be the world’s biggest listing of all time."
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Ongoing GCC fiscal adjustment could be less costly: IMF
Ongoing GCC fiscal adjustment could be less costly: IMF:
"Significant consolidation and lower less productive current spending make the ongoing fiscal adjustment in the Gulf Co-operation Council (GCC) less costly than previously thought, according to an International Monetary Fund (IMF) study.
"The ongoing fiscal adjustment in the GCC could be less costly than suggested by prior estimates of fiscal multipliers for the region," said an IMF working paper.
It highlighted that empirical assessment suggests that as the Gulf countries have embarked on significant fiscal consolidation measures, reducing (less productive) current spending will help limit the adverse impact of such measures on economic activity."
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"Significant consolidation and lower less productive current spending make the ongoing fiscal adjustment in the Gulf Co-operation Council (GCC) less costly than previously thought, according to an International Monetary Fund (IMF) study.
"The ongoing fiscal adjustment in the GCC could be less costly than suggested by prior estimates of fiscal multipliers for the region," said an IMF working paper.
It highlighted that empirical assessment suggests that as the Gulf countries have embarked on significant fiscal consolidation measures, reducing (less productive) current spending will help limit the adverse impact of such measures on economic activity."
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Iran Says Three OPEC Members to Veto Saudi-Proposed Supply Boost - Bloomberg
Iran Says Three OPEC Members to Veto Saudi-Proposed Supply Boost - Bloomberg:
"Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week.
“Three OPEC founders are going to stop it,” Iran’s representative to the bloc Hossein Kazempour Ardebili said in comments to Bloomberg Sunday. “If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity. If the two want to act alone, that’s a breach of the cooperation agreement.”
Iran’s comments show that OPEC members are set to clash when they meet later this week in Vienna to discuss the proposal to end global output cuts. The historic 24-nation pact has succeeded in its goals of balancing oil markets and lifting crude prices, and the two biggest producers want a relaxation of quotas as soon as next month. But while Saudi Arabia and Russia are pumping below capacity, many countries in OPEC including Iran and Venezuela would struggle to raise output even if their quotas were increased."
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"Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week.
“Three OPEC founders are going to stop it,” Iran’s representative to the bloc Hossein Kazempour Ardebili said in comments to Bloomberg Sunday. “If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity. If the two want to act alone, that’s a breach of the cooperation agreement.”
Iran’s comments show that OPEC members are set to clash when they meet later this week in Vienna to discuss the proposal to end global output cuts. The historic 24-nation pact has succeeded in its goals of balancing oil markets and lifting crude prices, and the two biggest producers want a relaxation of quotas as soon as next month. But while Saudi Arabia and Russia are pumping below capacity, many countries in OPEC including Iran and Venezuela would struggle to raise output even if their quotas were increased."
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Will the Opec meeting deliver oil production boost? | Financial Times
Will the Opec meeting deliver oil production boost? | Financial Times:
"Oil prices have been under pressure amid expectations that Saudi Arabia and Russia will take steps next week to increase output after more than a year of supply curbs. Energy ministers from Opec countries and those outside the cartel are meeting in Vienna this week [June 22-23] to debate oil policy with traders and market analysts questioning how far countries will go. There is consensus between the Saudis and Russians that production should be increased “gradually” if deemed necessary, and the market should be supported by “reliable and sufficient oil supplies”."
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"Oil prices have been under pressure amid expectations that Saudi Arabia and Russia will take steps next week to increase output after more than a year of supply curbs. Energy ministers from Opec countries and those outside the cartel are meeting in Vienna this week [June 22-23] to debate oil policy with traders and market analysts questioning how far countries will go. There is consensus between the Saudis and Russians that production should be increased “gradually” if deemed necessary, and the market should be supported by “reliable and sufficient oil supplies”."
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Naqvi’s battle to avoid ‘Abraaj nemesis’ tag | Arab News
Naqvi’s battle to avoid ‘Abraaj nemesis’ tag | Arab News:
"One VIP was missing from the opening night of Art Dubai last March. The emirate’s annual culture fest normally kicked off with its biggest patron, Arif Naqvi of private equity giant Abraaj Group, glad-handing dignitaries, saying a few words over the mike, sometimes leading off a song or two for the culture-vultures enjoying the glamorous bash.
This year, Naqvi has more urgent things to do. Just a few weeks before, it had emerged that some of the biggest investors in the $1 billion health care fund were unhappy about the way $200 million of their money had been misdirected away from hospital projects in Africa and Asia.
No cash was missing, it had been returned to the investors, and an internal probe had been launched to find out what had gone wrong. But big-name investors like the Bill and Melinda Gates Foundation and the World Bank were angry about the arbitrary way in which their cash had been treated, and wanted blood."
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"One VIP was missing from the opening night of Art Dubai last March. The emirate’s annual culture fest normally kicked off with its biggest patron, Arif Naqvi of private equity giant Abraaj Group, glad-handing dignitaries, saying a few words over the mike, sometimes leading off a song or two for the culture-vultures enjoying the glamorous bash.
This year, Naqvi has more urgent things to do. Just a few weeks before, it had emerged that some of the biggest investors in the $1 billion health care fund were unhappy about the way $200 million of their money had been misdirected away from hospital projects in Africa and Asia.
No cash was missing, it had been returned to the investors, and an internal probe had been launched to find out what had gone wrong. But big-name investors like the Bill and Melinda Gates Foundation and the World Bank were angry about the arbitrary way in which their cash had been treated, and wanted blood."
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Saudi Arabia’s Oil Chief Faces Toughest OPEC Test - Bloomberg
Saudi Arabia’s Oil Chief Faces Toughest OPEC Test - Bloomberg:
"Since he became Saudi Arabian energy minister two years ago, Khalid Al-Falih has had a good run: he persuaded a fractious OPEC to cut oil production, convinced Russia to join the cartel in curbing output, and then saw Brent crude rise nearly 75 percent to $80 a barrel. But his toughest test comes next week when the Organization of Petroleum Exporting Countries holds what’s likely to be its most difficult meeting in years. As economic growth, renewed sanctions on Iran and the collapse of Venezuela’s petroleum industry stretch the global oil market, he needs to ensure a smooth exit strategy from the cuts without causing a crash in prices. To make things more complicated for the mechanical engineer turned oil diplomat, OPEC is being buffeted by competing geopolitical agendas. While Riyadh and Moscow have agreed to open the taps, Caracas and Tehran want higher prices to compensate for the impact of U.S. sanctions. "
'via Blog this'
"Since he became Saudi Arabian energy minister two years ago, Khalid Al-Falih has had a good run: he persuaded a fractious OPEC to cut oil production, convinced Russia to join the cartel in curbing output, and then saw Brent crude rise nearly 75 percent to $80 a barrel. But his toughest test comes next week when the Organization of Petroleum Exporting Countries holds what’s likely to be its most difficult meeting in years. As economic growth, renewed sanctions on Iran and the collapse of Venezuela’s petroleum industry stretch the global oil market, he needs to ensure a smooth exit strategy from the cuts without causing a crash in prices. To make things more complicated for the mechanical engineer turned oil diplomat, OPEC is being buffeted by competing geopolitical agendas. While Riyadh and Moscow have agreed to open the taps, Caracas and Tehran want higher prices to compensate for the impact of U.S. sanctions. "
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Dubai Courts, Emirates Islamic Bank settle 17 default cases | ZAWYA MENA Edition
Dubai Courts, Emirates Islamic Bank settle 17 default cases | ZAWYA MENA Edition:
"The cases involved unpaid debts amounting to AED1.196 million Dubai Courts, in association with the Emirates Islamic Bank, announced the settlement of 17 civil cases of inmates who were unable to pay their debts amounting to AED1.196 million. The settled cases were out of 34 default cases that have been looked in as part of the departments initiative of, Tafreej Karba and under the umbrella of Year of Zayed, according to state news agency, WAM. Abdullah Al Kaitoub, President of the Court of Execution and General Supervisor of the Tafreej Karba Committee stated that the initiative reinforces the partnership between the department and the different public and private entities."
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"The cases involved unpaid debts amounting to AED1.196 million Dubai Courts, in association with the Emirates Islamic Bank, announced the settlement of 17 civil cases of inmates who were unable to pay their debts amounting to AED1.196 million. The settled cases were out of 34 default cases that have been looked in as part of the departments initiative of, Tafreej Karba and under the umbrella of Year of Zayed, according to state news agency, WAM. Abdullah Al Kaitoub, President of the Court of Execution and General Supervisor of the Tafreej Karba Committee stated that the initiative reinforces the partnership between the department and the different public and private entities."
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Dubai's DP World denies out of court settlement on Djibouti Doraleh port | ZAWYA MENA Edition
Dubai's DP World denies out of court settlement on Djibouti Doraleh port | ZAWYA MENA Edition:
"DP World, Dubai-based global marine terminal operator, has denied media reports stating that the company was looking for an out of court settlement with respect to the dispute with the Djiboutian government over their illegal action in taking control of the port at Doraleh. ''It has been noted in some reports that DP World may consider an out of court settlement with respect to the dispute with the Djiboutian government over their illegal action in taking control of the port at Doraleh,'' a company statement said. A DP World spokesperson said that the concession agreement remains in place, and the action taken by the Djiboutian government is subject to legal process in the International court of Arbitration in London."
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"DP World, Dubai-based global marine terminal operator, has denied media reports stating that the company was looking for an out of court settlement with respect to the dispute with the Djiboutian government over their illegal action in taking control of the port at Doraleh. ''It has been noted in some reports that DP World may consider an out of court settlement with respect to the dispute with the Djiboutian government over their illegal action in taking control of the port at Doraleh,'' a company statement said. A DP World spokesperson said that the concession agreement remains in place, and the action taken by the Djiboutian government is subject to legal process in the International court of Arbitration in London."
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