Abraaj Holdings chairman resigns | GulfNews.com:
Abraaj Holdings’ Chairman Sean Cleary has resigned from the embattled private equity group.
The group is undergoing a court-supervised restructuring after allegations of misuse of funds.
“We can confirm that Sean Cleary has resigned from his position as chairman of Abraaj Holdings. Following the appointment of the Joint Provisional Liquidators, Sean determined that his role as an independent non-executive director would serve no further legal or fiduciary purpose in the interests of creditors or other stakeholders,” Abraaj said in a statement.
Thursday 28 June 2018
Virgin Atlantic says goodbye to Dubai as competition gets too fierce
Virgin Atlantic says goodbye to Dubai as competition gets too fierce:
Increasingly tough competition on London-Dubai flights pushed Virgin Atlantic out of the market, underscoring the dominance of Emirates on the prized route.
Having operated flights from Heathrow to Dubai for more than a decade, Virgin Atlantic said it was “no longer economically viable” to operate the route.
With Dubai’s flagship airline Emirates operating numerous daily flights to London’s Heathrow as well as serving six other UK airports, Virgin Atlantic was poorly positioned to compete, experts said.
Increasingly tough competition on London-Dubai flights pushed Virgin Atlantic out of the market, underscoring the dominance of Emirates on the prized route.
Having operated flights from Heathrow to Dubai for more than a decade, Virgin Atlantic said it was “no longer economically viable” to operate the route.
With Dubai’s flagship airline Emirates operating numerous daily flights to London’s Heathrow as well as serving six other UK airports, Virgin Atlantic was poorly positioned to compete, experts said.
Arif Naqvi secured $300m in ‘emergency’ loan to keep embattled Abraaj afloat, Jafar family claims
Arif Naqvi secured $300m in ‘emergency’ loan to keep embattled Abraaj afloat, Jafar family claims:
Arif Naqvi sought an “emergency short term loan” of $300 million from the Jafar family of Sharjah to keep the embattled private equity group Abraaj alive in February this year, according to a statement from the Jafar’s lawyers, Al Tamimi & Co. The allegation — rejected by Abraaj legal advisers — came after a court hearing in Sharjah, UAE, which kept in place an arrest warrant against Naqvi on grounds of dishonored cheques, a criminal offense in the Emirates. A further hearing will take place next week. The statement by Al Tamimi marks an escalation in the flashpoint confrontation between Naqvi and his erstwhile business partners, which is threatening to derail efforts to save the group, which last year declared assets under management of nearly $14 billion.
Arif Naqvi sought an “emergency short term loan” of $300 million from the Jafar family of Sharjah to keep the embattled private equity group Abraaj alive in February this year, according to a statement from the Jafar’s lawyers, Al Tamimi & Co. The allegation — rejected by Abraaj legal advisers — came after a court hearing in Sharjah, UAE, which kept in place an arrest warrant against Naqvi on grounds of dishonored cheques, a criminal offense in the Emirates. A further hearing will take place next week. The statement by Al Tamimi marks an escalation in the flashpoint confrontation between Naqvi and his erstwhile business partners, which is threatening to derail efforts to save the group, which last year declared assets under management of nearly $14 billion.
QSE’s main index gained 101.51 points last week - The Peninsula Qatar
QSE’s main index gained 101.51 points last week - The Peninsula Qatar:
Qatar Stock Exchange’s (QSE) benchmark index gained 101.51 points, or 1.14 percent, last week when the bourse closed yesterday at 9,024.03 points. Trading value last week increased by 73.35 percent to reach QR1.03bn compared to QR598.30m at the end of the previous week. Trading volume increased by 167.66 percent to reach 33.47 million shares, as against 12.50 million shares, while the number of transactions rose by 50.67 percent, to reach 13,586 compared to 9,017 transactions. Market cap rose by 0.99 percent to reach QR493.68bn as compared to QR488.85bn at the end of previous week.
Qatar Stock Exchange’s (QSE) benchmark index gained 101.51 points, or 1.14 percent, last week when the bourse closed yesterday at 9,024.03 points. Trading value last week increased by 73.35 percent to reach QR1.03bn compared to QR598.30m at the end of the previous week. Trading volume increased by 167.66 percent to reach 33.47 million shares, as against 12.50 million shares, while the number of transactions rose by 50.67 percent, to reach 13,586 compared to 9,017 transactions. Market cap rose by 0.99 percent to reach QR493.68bn as compared to QR488.85bn at the end of previous week.
Qatar banks’ cross-border assets in regions except GCC, Europe and N America grew 30% by end of 2017
Qatar banks’ cross-border assets in regions except GCC, Europe and N America grew 30% by end of 2017:
Qatar’s domestic banks saw declines in cross-border assets in the Gulf Co-operation Council (GCC), the European and North America; whereas they saw substantial expansion in the other countries, including Asia, during 2017, according to the central bank data. (Qatar’s) banking sector lowered their cross-border assets, in particular from the GCC region where the decline was the highest (39%), while assets with European countries and North America also shrank 19% and 22% respectively, Qatar Central Bank (QCB) said in its Financial Stability Review 2017. “As at end December 2017, however, assets with ‘other countries’ including Asian countries grew considerably by 30% thereby increasing their share to total cross-border asset to 21.1%,” it said.
Qatar’s domestic banks saw declines in cross-border assets in the Gulf Co-operation Council (GCC), the European and North America; whereas they saw substantial expansion in the other countries, including Asia, during 2017, according to the central bank data. (Qatar’s) banking sector lowered their cross-border assets, in particular from the GCC region where the decline was the highest (39%), while assets with European countries and North America also shrank 19% and 22% respectively, Qatar Central Bank (QCB) said in its Financial Stability Review 2017. “As at end December 2017, however, assets with ‘other countries’ including Asian countries grew considerably by 30% thereby increasing their share to total cross-border asset to 21.1%,” it said.
Oil at Three-Year High as U.S. Stock Decline Adds to Supply Risk - Bloomberg
Oil at Three-Year High as U.S. Stock Decline Adds to Supply Risk - Bloomberg:
Crude closed at a 3 1/2 year high amid shrinking stockpiles in the U.S., disruptions at Libyan ports and other worldwide supply risks. Futures rose 1 percent in New York on Thursday. Rapidly draining American surpluses are compounding real and envisioned supply interruptions in Canada, Iran, Venezuela and North Africa. Inventories stowed at the biggest U.S. pipeline hub in Cushing, Oklahoma, plunged more than 8 percent last week, the deepest cut since early February. “You had a very significant, almost overwhelming draw in Cushing,” said Thomas Finlon, director of Energy Analytics Group LLC in Wellington, Florida. “Nothing is getting better in Venezuela, Libya or Iran. The market’s got to go up.”
Crude closed at a 3 1/2 year high amid shrinking stockpiles in the U.S., disruptions at Libyan ports and other worldwide supply risks. Futures rose 1 percent in New York on Thursday. Rapidly draining American surpluses are compounding real and envisioned supply interruptions in Canada, Iran, Venezuela and North Africa. Inventories stowed at the biggest U.S. pipeline hub in Cushing, Oklahoma, plunged more than 8 percent last week, the deepest cut since early February. “You had a very significant, almost overwhelming draw in Cushing,” said Thomas Finlon, director of Energy Analytics Group LLC in Wellington, Florida. “Nothing is getting better in Venezuela, Libya or Iran. The market’s got to go up.”
Large and flexible Gulf aid will bolster Bahrain rating: Moody's | ZAWYA MENA Edition
Large and flexible Gulf aid will bolster Bahrain rating: Moody's | ZAWYA MENA Edition:
Ratings firm Moody's said on Thursday that Bahrain's B1 credit rating will be supported by aid pledged by other Gulf countries this week, as long as it is large and flexible. Saudi Arabia, Kuwait and the United Arab Emirates said on Tuesday that they would provide funding to struggling Bahrain. "New financial commitment from the GCC would provide effective support to the sovereign's credit profile if it is large, given the government's financing needs over the next 12-18 months," Moody's said.
Ratings firm Moody's said on Thursday that Bahrain's B1 credit rating will be supported by aid pledged by other Gulf countries this week, as long as it is large and flexible. Saudi Arabia, Kuwait and the United Arab Emirates said on Tuesday that they would provide funding to struggling Bahrain. "New financial commitment from the GCC would provide effective support to the sovereign's credit profile if it is large, given the government's financing needs over the next 12-18 months," Moody's said.
Saudi Arabia kick starts sale of state flour mills | Reuters
Saudi Arabia kick starts sale of state flour mills | Reuters:
Saudi Arabia on Thursday kicked off the sale of its flour mills, one of the first privatizations of the kingdom and a litmus test for other large state asset sales to follow. Saudi’s state grain buyer SAGO said it would start accepting applications for qualification of potential interested investors on Aug. 26. The kingdom will also make an announcement regarding the timeline for the qualification process on the same day, SAGO said in a statement. HSBC Saudi Arabia ― the financial advisor for the privatization ― said the launch of the qualification phase preceded the potential bidding phase.
Saudi Arabia on Thursday kicked off the sale of its flour mills, one of the first privatizations of the kingdom and a litmus test for other large state asset sales to follow. Saudi’s state grain buyer SAGO said it would start accepting applications for qualification of potential interested investors on Aug. 26. The kingdom will also make an announcement regarding the timeline for the qualification process on the same day, SAGO said in a statement. HSBC Saudi Arabia ― the financial advisor for the privatization ― said the launch of the qualification phase preceded the potential bidding phase.
United Arab Emirates asks World Court to dismiss Qatar discrimination suit | Reuters
United Arab Emirates asks World Court to dismiss Qatar discrimination suit | Reuters:
The United Arab Emirates argued before World Court judges on Thursday that a case brought against it by Qatar for alleged discrimination against Qatari citizens was without merit and should be dismissed. Qatar filed suit earlier this month at the court, formally known as the International Court of Justice, saying that measures the UAE put in place as part of a boycott against Qatar amount to forcible separation of families, in violation of an international treaty signed by both countries. But UAE lawyers challenged that in its response on Thursday.
The United Arab Emirates argued before World Court judges on Thursday that a case brought against it by Qatar for alleged discrimination against Qatari citizens was without merit and should be dismissed. Qatar filed suit earlier this month at the court, formally known as the International Court of Justice, saying that measures the UAE put in place as part of a boycott against Qatar amount to forcible separation of families, in violation of an international treaty signed by both countries. But UAE lawyers challenged that in its response on Thursday.
COLUMN-After OPEC, oil market enters a new era: Kemp | Reuters
COLUMN-After OPEC, oil market enters a new era: Kemp | Reuters:
OPEC is changing fundamentally as power in the oil market shifts towards Saudi Arabia, acting in concert with Russia, while the other members of the organisation are increasingly marginalised. In theory, all members of the Organization of the Petroleum Countries are equal, and the group has always taken decisions by consensus (“Statute of the Organization of the Petroleum Exporting Countries”, 1961 and 2012). OPEC’s founding statute stipulates that it “shall be guided by the principle of sovereign equality of its member countries” (Article 3).
OPEC is changing fundamentally as power in the oil market shifts towards Saudi Arabia, acting in concert with Russia, while the other members of the organisation are increasingly marginalised. In theory, all members of the Organization of the Petroleum Countries are equal, and the group has always taken decisions by consensus (“Statute of the Organization of the Petroleum Exporting Countries”, 1961 and 2012). OPEC’s founding statute stipulates that it “shall be guided by the principle of sovereign equality of its member countries” (Article 3).
UAE court to rule on Abraaj founder check case next week | Reuters
UAE court to rule on Abraaj founder check case next week | Reuters:
A United Arab Emirates court is expected to rule next week on a criminal case against Abraaj founder Arif Naqvi for issuing a check without sufficient funds, a lawyer involved in the case said on Thursday.
The Sharjah court case relates to a check for 177.1 million dirhams ($48 million), signed by Naqvi and fellow executive Muhammad Rafique Lakhani, and written to Hamid Jafar, another founding shareholder in private equity firm Abraaj, according to a prosecution document and a clerk at the prosecutor’s office.
The public prosecutor’s office issued arrest warrants this month against Naqvi, who founded Abraaj in 2002, and Lakhani in the latest blow to the Middle East’s biggest private equity fund, which is in dispute with four investors over the use of their money in a $1 billion healthcare fund.
A United Arab Emirates court is expected to rule next week on a criminal case against Abraaj founder Arif Naqvi for issuing a check without sufficient funds, a lawyer involved in the case said on Thursday.
The Sharjah court case relates to a check for 177.1 million dirhams ($48 million), signed by Naqvi and fellow executive Muhammad Rafique Lakhani, and written to Hamid Jafar, another founding shareholder in private equity firm Abraaj, according to a prosecution document and a clerk at the prosecutor’s office.
The public prosecutor’s office issued arrest warrants this month against Naqvi, who founded Abraaj in 2002, and Lakhani in the latest blow to the Middle East’s biggest private equity fund, which is in dispute with four investors over the use of their money in a $1 billion healthcare fund.
Saudi-Russian axis rules oil markets as Trump fights Iran | Reuters
Saudi-Russian axis rules oil markets as Trump fights Iran | Reuters:
Iran may be Russia’s ally in the Syrian conflict but when it comes to oil, Tehran’s arch-enemy Saudi Arabia takes precedence - if last week’s OPEC meeting in Vienna is anything to go by.
Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports, meaning Tehran had little to gain from OPEC production increases that lower oil prices and cut its revenue.
But Saudi Arabia and Russia had other ideas. According to three sources close to OPEC and Russia, the world’s two biggest oil exporters agreed in May to work hand in glove to engineer a sizeable increase in oil output - albeit for different reasons.
Iran may be Russia’s ally in the Syrian conflict but when it comes to oil, Tehran’s arch-enemy Saudi Arabia takes precedence - if last week’s OPEC meeting in Vienna is anything to go by.
Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports, meaning Tehran had little to gain from OPEC production increases that lower oil prices and cut its revenue.
But Saudi Arabia and Russia had other ideas. According to three sources close to OPEC and Russia, the world’s two biggest oil exporters agreed in May to work hand in glove to engineer a sizeable increase in oil output - albeit for different reasons.
Saudi Arabia's SABIC working on tightening Clariant ties: sources | Reuters
Saudi Arabia's SABIC working on tightening Clariant ties: sources | Reuters:
Saudi Basic Industries Corp (SABIC) 2010.SE is considering increasing its holding in Clariant (CLN.S) and pursuing joint ventures as the Saudi firm looks to strengthen ties with the Swiss chemicals group, sources told Reuters.
The world’s number four chemical firm bought a 24.9 percent stake in Clariant this year and is expected to intensify research and development with the Swiss specialty chemicals maker as well as hike its stake over time, the sources said.
It already has a New Jersey-based partnership with Clariant that licenses chemical process technology to customers including Huntsman (HUN.N) and Akzo Nobel (AKZO.AS).
Saudi Basic Industries Corp (SABIC) 2010.SE is considering increasing its holding in Clariant (CLN.S) and pursuing joint ventures as the Saudi firm looks to strengthen ties with the Swiss chemicals group, sources told Reuters.
The world’s number four chemical firm bought a 24.9 percent stake in Clariant this year and is expected to intensify research and development with the Swiss specialty chemicals maker as well as hike its stake over time, the sources said.
It already has a New Jersey-based partnership with Clariant that licenses chemical process technology to customers including Huntsman (HUN.N) and Akzo Nobel (AKZO.AS).
MIDEAST STOCKS-Dubai recovers from 11-day losing streak; Saudi flat | Reuters
MIDEAST STOCKS-Dubai recovers from 11-day losing streak; Saudi flat | Reuters:
Dubai stocks closed on a positive note on Thursday after 11 straight days of losses, while the Saudi market was flat as investors held back from taking new positions ahead of announcements of second quarter company results. The Dubai index inched up 0.2 percent, recovering from a course of unbroken declines since it recorded a two-month high on June 12. Main support came from Union Properties which jumped 9.3 percent and Dubai Commercial Bank which rose 5.0 percent.
Dubai stocks closed on a positive note on Thursday after 11 straight days of losses, while the Saudi market was flat as investors held back from taking new positions ahead of announcements of second quarter company results. The Dubai index inched up 0.2 percent, recovering from a course of unbroken declines since it recorded a two-month high on June 12. Main support came from Union Properties which jumped 9.3 percent and Dubai Commercial Bank which rose 5.0 percent.
MIDEAST STOCKS-Dubai heads for 12-day losing streak as Saudi rises | Reuters
MIDEAST STOCKS-Dubai heads for 12-day losing streak as Saudi rises | Reuters:
Dubai stocks looked on course for a 12th straight day of losses on Thursday as construction shares fell, while the Saudi market rose modestly. The Saudi index rose 0.2 percent, with the main support coming from property Developers Jabal Omar and Dar Al Arkan which jumped 4.3 percent and 1.5 percent respectively. Makkah Construction rose 2.1 percent. Jabal Omar and Makkah have projects around the Grand Mosque in Mecca and often rise at this time of year as occupancy rates peak during the annual Haj pilgrimage which is expected to start in August.
Dubai stocks looked on course for a 12th straight day of losses on Thursday as construction shares fell, while the Saudi market rose modestly. The Saudi index rose 0.2 percent, with the main support coming from property Developers Jabal Omar and Dar Al Arkan which jumped 4.3 percent and 1.5 percent respectively. Makkah Construction rose 2.1 percent. Jabal Omar and Makkah have projects around the Grand Mosque in Mecca and often rise at this time of year as occupancy rates peak during the annual Haj pilgrimage which is expected to start in August.
Abraaj Liquidator Is Seeking Ways to Fund Payments to Employees - Bloomberg
Abraaj Liquidator Is Seeking Ways to Fund Payments to Employees - Bloomberg:
Abraaj Group’s liquidator is seeking ways to make payments owed to staff at the buyout firm, while it has raised funds to cover immediate payroll costs amid the company’s restructuring.
Employees are concerned they won’t get a lump-sum payment due to workers under U.A.E. law instead of a pension, according to people familiar with the matter, who asked not to be identified because the information is private. About 90 employees such as back-office staff, secretaries and receptionists are owed money after working for the buyout firm, they said. The amount owed may total as much as $20 million, one of the people said.
PwC, which has been appointed as a provisional liquidator, has raised finance “principally in order to fund Abraaj payroll costs this week,” Mike Jervis, restructuring partner at the accounting firm, said in a statement. “We are in contact with the Deloitte team appointed to Abraaj Investment Management Ltd. to work out how other employee payments can be met.”
Abraaj Group’s liquidator is seeking ways to make payments owed to staff at the buyout firm, while it has raised funds to cover immediate payroll costs amid the company’s restructuring.
Employees are concerned they won’t get a lump-sum payment due to workers under U.A.E. law instead of a pension, according to people familiar with the matter, who asked not to be identified because the information is private. About 90 employees such as back-office staff, secretaries and receptionists are owed money after working for the buyout firm, they said. The amount owed may total as much as $20 million, one of the people said.
PwC, which has been appointed as a provisional liquidator, has raised finance “principally in order to fund Abraaj payroll costs this week,” Mike Jervis, restructuring partner at the accounting firm, said in a statement. “We are in contact with the Deloitte team appointed to Abraaj Investment Management Ltd. to work out how other employee payments can be met.”
Dubai Investor Amanat Sees Deal Opportunity With Abraaj Collapse - Bloomberg
Dubai Investor Amanat Sees Deal Opportunity With Abraaj Collapse - Bloomberg:
Amanat Holdings PJSC is scouting for deals as the investment firm seeks to capitalize on the collapse of Dubai-based Abraaj Group. “We want to be number one and now is the real opportunity to gain that position,” Managing Director Shamsheer Vayalil said in an interview on Wednesday. “Amanat is well poised to lead the healthcare and education space in the region and abroad in the incumbent era.” The company is looking at a “couple more” healthcare and education deals in the Gulf region, India and Egypt after some of its biggest transactions in recent weeks, Vayalil said. Amanat has deployed less than 60 percent of its 2.5 billion-dirham ($680 million) paid-up capital without raising debt, which “positions us strongly to flex our financial muscle and gain market position,” he said.
Amanat Holdings PJSC is scouting for deals as the investment firm seeks to capitalize on the collapse of Dubai-based Abraaj Group. “We want to be number one and now is the real opportunity to gain that position,” Managing Director Shamsheer Vayalil said in an interview on Wednesday. “Amanat is well poised to lead the healthcare and education space in the region and abroad in the incumbent era.” The company is looking at a “couple more” healthcare and education deals in the Gulf region, India and Egypt after some of its biggest transactions in recent weeks, Vayalil said. Amanat has deployed less than 60 percent of its 2.5 billion-dirham ($680 million) paid-up capital without raising debt, which “positions us strongly to flex our financial muscle and gain market position,” he said.
World's LNG Giant Is Pumping $20 Billion Into U.S. Oil, Gas - Bloomberg
World's LNG Giant Is Pumping $20 Billion Into U.S. Oil, Gas - Bloomberg:
Qatar Petroleum, the world’s biggest seller of liquefied natural gas, is looking to get even larger, investing $20 billion in America’s oil and gas fields at a time when rival U.S. exporters are expanding.
The investments will be made over five years, Chief Executive Officer Saad Sherida al-Kaabi said in an interview with Bloomberg News in Washington. Some of that will likely go toward lining up gas supplies for the Golden Pass LNG export project in Texas, being developed with Exxon Mobil Corp.
Qatar Petroleum, the world’s biggest seller of liquefied natural gas, is looking to get even larger, investing $20 billion in America’s oil and gas fields at a time when rival U.S. exporters are expanding.
The investments will be made over five years, Chief Executive Officer Saad Sherida al-Kaabi said in an interview with Bloomberg News in Washington. Some of that will likely go toward lining up gas supplies for the Golden Pass LNG export project in Texas, being developed with Exxon Mobil Corp.
World-Beating Tunisia May Struggle to Hold 2018 Stock Gains - Bloomberg
World-Beating Tunisia May Struggle to Hold 2018 Stock Gains - Bloomberg:
The best-performing stock market this year may be running on empty. Tunisia’s main benchmark has advanced 22 percent in dollar terms so far in 2018, the most among major gauges globally. This week marked a milestone when the Tunindex, as it’s known, advanced beyond 8,000 points for the first time in a rally fueled mostly by banks and exporters. Steps by the central bank to counter inflation running at a 25-year high are helping lenders preserve their profit margins, while exporters are benefiting from a plunging dinar.
The best-performing stock market this year may be running on empty. Tunisia’s main benchmark has advanced 22 percent in dollar terms so far in 2018, the most among major gauges globally. This week marked a milestone when the Tunindex, as it’s known, advanced beyond 8,000 points for the first time in a rally fueled mostly by banks and exporters. Steps by the central bank to counter inflation running at a 25-year high are helping lenders preserve their profit margins, while exporters are benefiting from a plunging dinar.
Middle East mergers gain momentum through privatisation and regulatory reforms | ZAWYA MENA Edition
Middle East mergers gain momentum through privatisation and regulatory reforms | ZAWYA MENA Edition:
The activity of mergers and acquisitions deals in the Middle East and North Africa (MENA) has witnessed a pick-up in activity recently as governments increase the pace of privatisation and regulatory changes in an attempt to transform the investment environment in the region. The value of announced M&A transactions with any MENA involvement reached a three-year high in the first quarter of this year – up 7 percent year-on-year to $13.9 billion, according to Thomson Reuters data. Deals with a MENA company as a target increased to $11.2 billion - an eight-year high, and up 50 percent from the same period in 2017, the report added, while domestic MENA deals reached a 5-year high, up by 42 percent on a year-on-year basis.
The activity of mergers and acquisitions deals in the Middle East and North Africa (MENA) has witnessed a pick-up in activity recently as governments increase the pace of privatisation and regulatory changes in an attempt to transform the investment environment in the region. The value of announced M&A transactions with any MENA involvement reached a three-year high in the first quarter of this year – up 7 percent year-on-year to $13.9 billion, according to Thomson Reuters data. Deals with a MENA company as a target increased to $11.2 billion - an eight-year high, and up 50 percent from the same period in 2017, the report added, while domestic MENA deals reached a 5-year high, up by 42 percent on a year-on-year basis.
Colony's Cayman court showdown on Abraaj set for July 11: sources | Reuters
Colony's Cayman court showdown on Abraaj set for July 11: sources | Reuters:
A Cayman Islands court will decide on July 11 whether to approve Colony Capital’s deal to take control of four funds belonging to Middle East private equity firm Abraaj Group, three sources familiar with the matter said. Abraaj, which denies any wrongdoing, has been thrown into turmoil by a dispute with four investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), over the use of their money in a $1 billion healthcare fund. The row has shaken confidence in Abraaj, halted its fund raising and sparked debt repayment problems, forcing it to file for provisional liquidation in the Cayman Islands.
A Cayman Islands court will decide on July 11 whether to approve Colony Capital’s deal to take control of four funds belonging to Middle East private equity firm Abraaj Group, three sources familiar with the matter said. Abraaj, which denies any wrongdoing, has been thrown into turmoil by a dispute with four investors, including the Bill & Melinda Gates Foundation and International Finance Corp (IFC), over the use of their money in a $1 billion healthcare fund. The row has shaken confidence in Abraaj, halted its fund raising and sparked debt repayment problems, forcing it to file for provisional liquidation in the Cayman Islands.
UAE court adjourns criminal case against Abraaj founder, other executive | Reuters
UAE court adjourns criminal case against Abraaj founder, other executive | Reuters:
A Sharjah court has adjourned until July 5 a judgment against the founder of private equity firm Abraaj and another executive for issuing a cheque without sufficient funds, a lawyer close to the case told Reuters on Thursday. The public prosecutor’s office in Sharjah, one of the United Arab Emirates, issued arrest warrants earlier this month against Arif Naqvi, who founded Abraaj in 2002, and fellow executive Muhammad Rafique Lakhani for issuing a cheque that bounced.
A Sharjah court has adjourned until July 5 a judgment against the founder of private equity firm Abraaj and another executive for issuing a cheque without sufficient funds, a lawyer close to the case told Reuters on Thursday. The public prosecutor’s office in Sharjah, one of the United Arab Emirates, issued arrest warrants earlier this month against Arif Naqvi, who founded Abraaj in 2002, and fellow executive Muhammad Rafique Lakhani for issuing a cheque that bounced.
U.S. oil prices steady ahead of sanctions on Iran | Reuters
U.S. oil prices steady ahead of sanctions on Iran | Reuters:
U.S. oil prices steadied on Thursday, pulling back from 3-1/2-year highs, but supply remained tight with investors concerned by the prospect of a big fall in crude exports from Iran due to U.S. sanctions.
U.S. light crude CLc1 was 15 cents lower at $72.61 per barrel by 0815 GMT, after hitting $73.06 on Wednesday, its highest since November 2014.
Benchmark Brent LCOc1 was unchanged at $77.62 a barrel.
U.S. oil prices steadied on Thursday, pulling back from 3-1/2-year highs, but supply remained tight with investors concerned by the prospect of a big fall in crude exports from Iran due to U.S. sanctions.
U.S. light crude CLc1 was 15 cents lower at $72.61 per barrel by 0815 GMT, after hitting $73.06 on Wednesday, its highest since November 2014.
Benchmark Brent LCOc1 was unchanged at $77.62 a barrel.
MOVES-Britain's largest Islamic bank Al Rayan appoints new COO | Reuters
MOVES-Britain's largest Islamic bank Al Rayan appoints new COO | Reuters:
Birmingham-based Al Rayan Bank, Britain’s oldest and largest Islamic lender, said on Wednesday it had appointed Paul McMillan as chief operating officer as part of the bank’s expansion efforts. McMillan will oversee operations, an area the bank is investing heavily to grow its business, after the lender tapped the capital markets in February raising 250 million pounds ($352 million) via a debut sale of Islamic bonds. McMillan, a former chief executive of mortgage servicing firm Acenden, takes over the role from the bank’s previous COO Venkat Chandrasekar.
Birmingham-based Al Rayan Bank, Britain’s oldest and largest Islamic lender, said on Wednesday it had appointed Paul McMillan as chief operating officer as part of the bank’s expansion efforts. McMillan will oversee operations, an area the bank is investing heavily to grow its business, after the lender tapped the capital markets in February raising 250 million pounds ($352 million) via a debut sale of Islamic bonds. McMillan, a former chief executive of mortgage servicing firm Acenden, takes over the role from the bank’s previous COO Venkat Chandrasekar.
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