ICAO Council rejects blockading countries’ appeals against Qatar - The Peninsula Qatar:
The International Civil Aviation Organization (ICAO) Council has decided to reject the appeals submitted by the blockading countries regarding the incompetence of the ICAO to consider Qatar’s complaints. This came during an ICAO session held today to hear the two complaints Qatar had submitted about the negative impacts caused by the blockading countries on aviation and air safety and security.
Minister of Transport and Communications H E Jassim Saif Ahmed Al-Sulaiti hailed the vote by the majority of ICAO Member States in favour of examining and looking into Qatar’s complaints and against the blockading countries’ appeals. He also praised ICAO’s efforts in preserving air safety and security and air traffic.
He also stressed that the blockade countries’ encroachments of aviation safety and security contradict all norms and agreements binding on all parties, in addition to the serious consequences such encroachments cause to air safety and security.
Wednesday, 27 June 2018
MIDEAST STOCKS-Real estate, construction drag Dubai down, Saudi rises | Reuters
MIDEAST STOCKS-Real estate, construction drag Dubai down, Saudi rises | Reuters:
Real estate and construction companies continued to weigh on the Dubai market on Wednesday as Drake & Scull (DSI) extended losses and the Abu Dhabi market also dropped. DSI shares plunged 10 percent for a third consecutive day to close at 0.73 dirhams ($0.19) per share, its lowest ever. The shares are down 68 percent so far this year as retail investors have offloaded the stock amid concerns about its business outlook and investors worried about the outcome of an investigation into its former management team.
Real estate and construction companies continued to weigh on the Dubai market on Wednesday as Drake & Scull (DSI) extended losses and the Abu Dhabi market also dropped. DSI shares plunged 10 percent for a third consecutive day to close at 0.73 dirhams ($0.19) per share, its lowest ever. The shares are down 68 percent so far this year as retail investors have offloaded the stock amid concerns about its business outlook and investors worried about the outcome of an investigation into its former management team.
Bahrain to receive second economic package from the GCC - The National
Bahrain to receive second economic package from the GCC - The National:
Bahrain, the GCC's smallest economy, is set to receive support from Saudi Arabia, the UAE and Kuwait to ensure fiscal stability of its financial institutions as the Arabian Gulf state pressured by high external borrowings struggles to recover from a three-year slump in oil prices. A new programme "designed to strengthen Bahrain's fiscal stability", will be announced by the three states, finance minister Sheikh Ahmed bin Mohammed Al Khalifa said in a statement carried by the state-run Bahrain News Agency on Wednesday. It did not give further details of the financial aid package or when it was expected to be announced. Meanwhile, a joint statement on the Saudi Press Agency by the trio said they were “in discussions with the authorities in the kingdom of Bahrain to enhance the stability of the financial situation”. They will “consider all options to support Bahrain and to finalise an integrated programme ... to support its economic reforms and fiscal stability,” the statement said.
Bahrain, the GCC's smallest economy, is set to receive support from Saudi Arabia, the UAE and Kuwait to ensure fiscal stability of its financial institutions as the Arabian Gulf state pressured by high external borrowings struggles to recover from a three-year slump in oil prices. A new programme "designed to strengthen Bahrain's fiscal stability", will be announced by the three states, finance minister Sheikh Ahmed bin Mohammed Al Khalifa said in a statement carried by the state-run Bahrain News Agency on Wednesday. It did not give further details of the financial aid package or when it was expected to be announced. Meanwhile, a joint statement on the Saudi Press Agency by the trio said they were “in discussions with the authorities in the kingdom of Bahrain to enhance the stability of the financial situation”. They will “consider all options to support Bahrain and to finalise an integrated programme ... to support its economic reforms and fiscal stability,” the statement said.
Who should be worried more about exposures to Abraaj? | GulfNews.com
Who should be worried more about exposures to Abraaj? | GulfNews.com:
A dramatic turn of events in lender claims against embattled private equity firm Abraaj has increased ambiguity on the company’s ability to meet its obligations to investors and lenders. Analysts and private equity industry sources said lenders to Abraaj will have more to worry about the court cases and the liquidity crunch than investors in funds managed by Abraaj. “Most Abraaj managed funds’ underlying assets are robust. The current legal troubles are unlikely to affect their valuations and investors in these funds are better off than lenders in the overall context the new developments relating to the company,” said the CEO of a UAE-based private equity firm, who asked that his name be withheld.
A dramatic turn of events in lender claims against embattled private equity firm Abraaj has increased ambiguity on the company’s ability to meet its obligations to investors and lenders. Analysts and private equity industry sources said lenders to Abraaj will have more to worry about the court cases and the liquidity crunch than investors in funds managed by Abraaj. “Most Abraaj managed funds’ underlying assets are robust. The current legal troubles are unlikely to affect their valuations and investors in these funds are better off than lenders in the overall context the new developments relating to the company,” said the CEO of a UAE-based private equity firm, who asked that his name be withheld.
Countries Boycotting Qatar Want Flying-Rights Case Moved to ICJ - Bloomberg
Countries Boycotting Qatar Want Flying-Rights Case Moved to ICJ - Bloomberg:
A Saudi-led bloc is seeking to move a case on reopening its airspace to Qatari planes to the International Court of Justice from a United Nations aviation agency. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt say the International Civil Aviation Organization "was not competent to consider that dispute,” the Saudi Press Agency reported. The four Arab nations cut diplomatic and transport links with Qatar in June last year, accusing the country of supporting terrorism and cozying up to Iran, charges Qatar denies. They also barred Qatar-registered planes from their airspace.
A Saudi-led bloc is seeking to move a case on reopening its airspace to Qatari planes to the International Court of Justice from a United Nations aviation agency. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt say the International Civil Aviation Organization "was not competent to consider that dispute,” the Saudi Press Agency reported. The four Arab nations cut diplomatic and transport links with Qatar in June last year, accusing the country of supporting terrorism and cozying up to Iran, charges Qatar denies. They also barred Qatar-registered planes from their airspace.
Trump Lights a Fire Under Oil the Saudis Can't Douse - Bloomberg
Trump Lights a Fire Under Oil the Saudis Can't Douse - Bloomberg:
President Trump didn't disappoint. His lack of concern about the likely collateral damage from re-imposing sanctions on Iran meant that the latest curbs on the country's oil exports were always likely to be much tougher than the originals. The U.S. is pressing allies to completely halt their purchases of Iranian oil by the end of the wind-down period on Nov. 4. Rather than make waivers of sanctions more difficult to get -- the Obama administration required a 20 percent reduction in purchases every six months -- the Trump team has decided to ditch them altogether. This time, it's all or nothing. At least that's the narrative at the moment.
President Trump didn't disappoint. His lack of concern about the likely collateral damage from re-imposing sanctions on Iran meant that the latest curbs on the country's oil exports were always likely to be much tougher than the originals. The U.S. is pressing allies to completely halt their purchases of Iranian oil by the end of the wind-down period on Nov. 4. Rather than make waivers of sanctions more difficult to get -- the Obama administration required a 20 percent reduction in purchases every six months -- the Trump team has decided to ditch them altogether. This time, it's all or nothing. At least that's the narrative at the moment.
UPDATE 2-Bahrain dinar, bonds rebound after GCC allies promise to avert debt crisis | Reuters
UPDATE 2-Bahrain dinar, bonds rebound after GCC allies promise to avert debt crisis | Reuters:
Bahrain’s dinar recovered from 17-year lows and its bond prices rebounded on Wednesday after the country’s diplomatic allies in the Gulf pledged to prevent its ballooning public debt from triggering a financial crisis.
Bankers said the pledge of aid to Bahrain by Saudi Arabia, the United Arab Emirates and Kuwait eased fears that Manama might be unable to redeem a $750 million Islamic bond that will mature in November.
“It’s time to buy Bahrain,” Barclays said in an analyst report, predicting the aid pledge would ease international investors’ worries about the country’s solvency.
Bahrain’s dinar recovered from 17-year lows and its bond prices rebounded on Wednesday after the country’s diplomatic allies in the Gulf pledged to prevent its ballooning public debt from triggering a financial crisis.
Bankers said the pledge of aid to Bahrain by Saudi Arabia, the United Arab Emirates and Kuwait eased fears that Manama might be unable to redeem a $750 million Islamic bond that will mature in November.
“It’s time to buy Bahrain,” Barclays said in an analyst report, predicting the aid pledge would ease international investors’ worries about the country’s solvency.
MIDEAST STOCKS-UAE stocks move after firms disclose exposure to embattled firm Abraaj | Reuters
MIDEAST STOCKS-UAE stocks move after firms disclose exposure to embattled firm Abraaj | Reuters:
Dubai’s Union Properties rose in early trade after it said on Wednesday the company and its unit does not have any exposure to embattled private equity firm Abraaj, which filed for provisional liquidation earlier this month. United Arab Emirates’ top securities regulator has asked UAE-listed companies to declare their exposure to Abraaj, Reuters reported on June 21. Air Arabia was down 0.7 percent, bringing its total losses to 5.3 percent for the week in the wake of disclosing it had a $336 million overall exposure to Abraaj.
Dubai’s Union Properties rose in early trade after it said on Wednesday the company and its unit does not have any exposure to embattled private equity firm Abraaj, which filed for provisional liquidation earlier this month. United Arab Emirates’ top securities regulator has asked UAE-listed companies to declare their exposure to Abraaj, Reuters reported on June 21. Air Arabia was down 0.7 percent, bringing its total losses to 5.3 percent for the week in the wake of disclosing it had a $336 million overall exposure to Abraaj.
Dubai launches new freelance work permit for Dh7,500 | GulfNews.com
Dubai launches new freelance work permit for Dh7,500 | GulfNews.com:
Residents can now obtain a new freelance package for an annual fee of Dh7,500 in media and education sectors with Dubai Media City (DMC) and Dubai Knowledge Park (DKP), officials announced on Tuesday. The package, called Gofreelance, was launched by TECOM Group, a member of Dubai Holding, in partnership with Dubai Creative Clusters Authority. The annual fee includes the Freelancer Permit and access to the Business Centre. If the candidates requires a visa, such as if they are non-residents who want to freelance here, relevant “assistance” will be provided. However, the visa will cost separately as per the normal associated fees.
Residents can now obtain a new freelance package for an annual fee of Dh7,500 in media and education sectors with Dubai Media City (DMC) and Dubai Knowledge Park (DKP), officials announced on Tuesday. The package, called Gofreelance, was launched by TECOM Group, a member of Dubai Holding, in partnership with Dubai Creative Clusters Authority. The annual fee includes the Freelancer Permit and access to the Business Centre. If the candidates requires a visa, such as if they are non-residents who want to freelance here, relevant “assistance” will be provided. However, the visa will cost separately as per the normal associated fees.
Abu Dhabi's Eshraq Properties drops merger plans with Reem Investments - The National
Abu Dhabi's Eshraq Properties drops merger plans with Reem Investments - The National:
Eshraq Properties has dropped plans to merge with fellow Abu Dhabi developer Reem Investments, after the two companies could not agree on the terms of the transaction, the company said on Tuesday. "The strategic investment of Reem Investments in Eshraq Properties will not be completed," Eshraq board said in a statement to Abu Dhabi Securities Exchange, where its shares are traded. “Further to discussions and deliberations, the parties have not been able to agree on major commercial matters underpinning the deal,” the company said without giving further details. Eshraq, which has a market capitalisation of Dh2.325 billion and privately-held Reem Investments, with a paid-up capital of Dh1.55bn announced a possible consolidation of their holdings in 2017, in a deal that would have created the emirate’s second-largest listed developer.
Eshraq Properties has dropped plans to merge with fellow Abu Dhabi developer Reem Investments, after the two companies could not agree on the terms of the transaction, the company said on Tuesday. "The strategic investment of Reem Investments in Eshraq Properties will not be completed," Eshraq board said in a statement to Abu Dhabi Securities Exchange, where its shares are traded. “Further to discussions and deliberations, the parties have not been able to agree on major commercial matters underpinning the deal,” the company said without giving further details. Eshraq, which has a market capitalisation of Dh2.325 billion and privately-held Reem Investments, with a paid-up capital of Dh1.55bn announced a possible consolidation of their holdings in 2017, in a deal that would have created the emirate’s second-largest listed developer.
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