Dubai court upholds GFH claim against 'fraudster' David Haigh - The National:
A Dubai court ordered a former deputy chief executive of GFH Capital, the investment banking arm of Bahrain’s GFH Financial Group, to pay out $6 million in damages and other costs to GFH Financial on Wednesday, after he was convicted of fraud and embezzlement in 2015. DIFC Courts judge Sir Jeremy Cooke referred to the defendant David Haigh as a “fraudster” in his judgment issued on Wednesday afternoon, seen by The National. He granted GFH Capital’s claim in full, plus legal costs and exchange rate fees as the monies to be paid are in different currencies. “The court, bearing in mind the seriousness of the allegations made, is satisfied on the evidence that the defendant is a fraudster who caused to be paid into his own bank accounts and that of his close friend, monies belonging to the claimant in the sums of £2,039,793.70, Dh8,735,340 and US$50,000,” the judgment said.
Wednesday 4 July 2018
Abraaj peace talks break down ahead of crucial UAE legal hearing
Abraaj peace talks break down ahead of crucial UAE legal hearing:
Peace talks between representatives of Arif Naqvi, the beleaguered founder and chief executive of the Abraaj Group, and the Sharjah business leader Hamid Jafar have ended without a settlement ahead of a crucial legal hearing in the UAE on Thursday.
Naqvi, who has been accused of writing bad cheques to the value of $300 million, had been seeking more time — up to a year — to pay the owed amount, but Jafar wanted immediate payment in cash or assets to cover the debts, according to a person involved in the talks.
Meetings involving legal representatives took place in London since last weekend, but foundered on the request for immediate repayment of the debts, incurred last December to bridge a financial hole at Abraaj.
Peace talks between representatives of Arif Naqvi, the beleaguered founder and chief executive of the Abraaj Group, and the Sharjah business leader Hamid Jafar have ended without a settlement ahead of a crucial legal hearing in the UAE on Thursday.
Naqvi, who has been accused of writing bad cheques to the value of $300 million, had been seeking more time — up to a year — to pay the owed amount, but Jafar wanted immediate payment in cash or assets to cover the debts, according to a person involved in the talks.
Meetings involving legal representatives took place in London since last weekend, but foundered on the request for immediate repayment of the debts, incurred last December to bridge a financial hole at Abraaj.
Waha Capital Plans to Hire for New Fund Targeting U.S., Europe - Bloomberg
Waha Capital Plans to Hire for New Fund Targeting U.S., Europe - Bloomberg: Abu Dhabi investment firm Waha Capital PJSC plans to hire more people as it seeks to start new funds, one of which will target undervalued U.S. and European equities.
“Our strategy is to increase fee income by raising third-party assets under management,” Chief Executive Officer Michael Raynes said in an emailed response to questions. “The focus is to take opportunities to investors, in this region and in Europe, the United States and Asia.”
The company, which has 2.4 billion dirhams ($653 million) in assets under management, is reorganizing its fund-marketing division to support its investment drive, which may also include a fund that caters to regional demand for sharia-compliant investments, he said.
“Our strategy is to increase fee income by raising third-party assets under management,” Chief Executive Officer Michael Raynes said in an emailed response to questions. “The focus is to take opportunities to investors, in this region and in Europe, the United States and Asia.”
The company, which has 2.4 billion dirhams ($653 million) in assets under management, is reorganizing its fund-marketing division to support its investment drive, which may also include a fund that caters to regional demand for sharia-compliant investments, he said.
U.S. Sidelined as Five Powers Set to Give Iran New Assurance - Bloomberg
U.S. Sidelined as Five Powers Set to Give Iran New Assurance - Bloomberg:
Top diplomats from world powers will meet on Friday in a bid to defend their landmark nuclear deal with Iran from attack by President Donald Trump.
Foreign ministers from China, France, Germany, Russia and the U.K. will convene in Vienna for the first time without the U.S. in order “to ensure the continued implementation” of the accord, which granted Iran a reprieve from sanctions in exchange for limits to its nuclear program, according to a European Union statement on Wednesday. Trump abandoned the deal in May and reimposed sanctions against countries and companies doing business with Iran.
“Austria and the European Union are ready to maintain and deepen the framework for cooperation with Iran,” Austrian President Alexander Van der Bellen said following a meeting in the Austrian capital with his Iranian counterpart, Hassan Rouhani. U.S. threats to impose secondary sanctions violate the rights of European companies and individuals, Van der Bellen said.
Top diplomats from world powers will meet on Friday in a bid to defend their landmark nuclear deal with Iran from attack by President Donald Trump.
Foreign ministers from China, France, Germany, Russia and the U.K. will convene in Vienna for the first time without the U.S. in order “to ensure the continued implementation” of the accord, which granted Iran a reprieve from sanctions in exchange for limits to its nuclear program, according to a European Union statement on Wednesday. Trump abandoned the deal in May and reimposed sanctions against countries and companies doing business with Iran.
“Austria and the European Union are ready to maintain and deepen the framework for cooperation with Iran,” Austrian President Alexander Van der Bellen said following a meeting in the Austrian capital with his Iranian counterpart, Hassan Rouhani. U.S. threats to impose secondary sanctions violate the rights of European companies and individuals, Van der Bellen said.
Banks Are Poised to Take a Majority Stake in Turk Telekom - Bloomberg
Banks Are Poised to Take a Majority Stake in Turk Telekom - Bloomberg:
Creditors that provided a $4.75 billion loan to the majority owner of Turkey’s largest phone operator are in the final stages of setting up a special purpose vehicle to take over the company as they seek to resolve the country’s biggest default, people with knowledge of the matter said.
About 90 percent of banks have formally approved the formation of an SPV that would assume control of Ojer Telekomunikasyon AS, or Otas, said the people, asking not to be identified because the talks are private. The remaining 10 percent have informally agreed and have until Thursday to officially approve, they said.
Banks will get a share in the SPV relative to their contribution to the Otas loan, the people said. International lenders are forming a separate holding company for tax reasons that will hold a stake in the SPV, one of the people said. Otas borrowed the money in 2013 to refinance its acquisition of a 55 percent stake in Turk Telekomunikasyon AS.
Creditors that provided a $4.75 billion loan to the majority owner of Turkey’s largest phone operator are in the final stages of setting up a special purpose vehicle to take over the company as they seek to resolve the country’s biggest default, people with knowledge of the matter said.
About 90 percent of banks have formally approved the formation of an SPV that would assume control of Ojer Telekomunikasyon AS, or Otas, said the people, asking not to be identified because the talks are private. The remaining 10 percent have informally agreed and have until Thursday to officially approve, they said.
Banks will get a share in the SPV relative to their contribution to the Otas loan, the people said. International lenders are forming a separate holding company for tax reasons that will hold a stake in the SPV, one of the people said. Otas borrowed the money in 2013 to refinance its acquisition of a 55 percent stake in Turk Telekomunikasyon AS.
MIDEAST STOCKS-UAE, Qatar rise alongside oil prices, Drake & Scull bounces | ZAWYA MENA Edition
MIDEAST STOCKS-UAE, Qatar rise alongside oil prices, Drake & Scull bounces | ZAWYA MENA Edition:
United Arab Emirates (UAE) and Qatar stock markets closed higher on Wednesday as oil prices rose on uncertainty over the supply outlook. Falling U.S. crude inventories and looming U.S. sanctions against Iran are a risk to supply in an already tight market despite OPEC pledges to raise output. Property and financial shares led the Dubai index higher with developers Emaar Properties and DAMAC Properties rising 1.8 percent and 1.9 percent respectively. Dubai Islamic Bank gained 0.8 percent and Emirates NBD ended up 1 percent.
United Arab Emirates (UAE) and Qatar stock markets closed higher on Wednesday as oil prices rose on uncertainty over the supply outlook. Falling U.S. crude inventories and looming U.S. sanctions against Iran are a risk to supply in an already tight market despite OPEC pledges to raise output. Property and financial shares led the Dubai index higher with developers Emaar Properties and DAMAC Properties rising 1.8 percent and 1.9 percent respectively. Dubai Islamic Bank gained 0.8 percent and Emirates NBD ended up 1 percent.
Saudi Arabia's PIF takes 15.2 pct direct stake in ACWA Power | Reuters
Saudi Arabia's PIF takes 15.2 pct direct stake in ACWA Power | Reuters:
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has taken a 15.2 percent direct stake in Riyadh-based ACWA Power, a developer and operator of power and water plants, the two announced in a joint statement on Wednesday. The PIF already owns a 9.8 percent stake in ACWA through a subsidiary, Sanabil Direct Investments Company, bringing its total shareholding in the company to 25 percent, the statement said. The investment will be in the form of a capital increase and proceeds will be used to “support ACWA’s growth strategy and investment plan,” it said.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has taken a 15.2 percent direct stake in Riyadh-based ACWA Power, a developer and operator of power and water plants, the two announced in a joint statement on Wednesday. The PIF already owns a 9.8 percent stake in ACWA through a subsidiary, Sanabil Direct Investments Company, bringing its total shareholding in the company to 25 percent, the statement said. The investment will be in the form of a capital increase and proceeds will be used to “support ACWA’s growth strategy and investment plan,” it said.
Exclusive: Dubai regulator probes Abraaj over alleged mismanagement - sources | Reuters
Exclusive: Dubai regulator probes Abraaj over alleged mismanagement - sources | Reuters:
Dubai’s financial regulator is investigating allegations of mismanagement at private equity firm Abraaj, which is on the verge of financial collapse after a scandal over its use of investor money, two sources familiar with the matter said.
The Dubai Financial Services Authority (DFSA) has interviewed the firm’s founder, Arif Naqvi, and other senior executives in the past few months as part of the probe, the sources said.
The DFSA declined to comment. Abraaj said in a statement discussions between it and the regulator were “ongoing.”
Dubai’s financial regulator is investigating allegations of mismanagement at private equity firm Abraaj, which is on the verge of financial collapse after a scandal over its use of investor money, two sources familiar with the matter said.
The Dubai Financial Services Authority (DFSA) has interviewed the firm’s founder, Arif Naqvi, and other senior executives in the past few months as part of the probe, the sources said.
The DFSA declined to comment. Abraaj said in a statement discussions between it and the regulator were “ongoing.”
EU lawmakers back plan for European Investment Bank work in Iran | Reuters
EU lawmakers back plan for European Investment Bank work in Iran | Reuters:
EU lawmakers gave approval on Wednesday for the European Investment Bank (EIB) to do business in Iran, overcoming a blocking attempt and keeping alive plans to save the 2015 nuclear deal with Tehran that Washington has abandoned.
The EIB, the European Union’s not-for-profit long term investment arm, is a key pillar of the bloc’s attempts to maintain business links with Iran in the face of Washington’s decision to re-impose sanctions on the Islamic Republic.
However, the EU lawmakers’ decision does not oblige the EIB to work with Iran, a move that could jeopardize its ability to raise money on U.S. markets and so have far reaching consequences for its operations.
EU lawmakers gave approval on Wednesday for the European Investment Bank (EIB) to do business in Iran, overcoming a blocking attempt and keeping alive plans to save the 2015 nuclear deal with Tehran that Washington has abandoned.
The EIB, the European Union’s not-for-profit long term investment arm, is a key pillar of the bloc’s attempts to maintain business links with Iran in the face of Washington’s decision to re-impose sanctions on the Islamic Republic.
However, the EU lawmakers’ decision does not oblige the EIB to work with Iran, a move that could jeopardize its ability to raise money on U.S. markets and so have far reaching consequences for its operations.
Saudi hospital operator seeks banks for stake sale -sources | Reuters
Saudi hospital operator seeks banks for stake sale -sources | Reuters:
Saudi Arabia’s Sulaiman Al-Habib Medical Group (HMG), one of the largest private providers of healthcare in the Gulf Arab region, has invited banks to pitch for advisory work on a planned minority stake sale, three banking sources told Reuters.
HMG sent a request for proposals to banks during the Muslim fasting month of Ramadan to pitch for the mandate, the sources said, declining to be named because of the commercial sensitivity of the matter.
HMG is looking to raise between $750 million to $1 billion, one of the sources said, adding that banks are pitching for a role.
Saudi Arabia’s Sulaiman Al-Habib Medical Group (HMG), one of the largest private providers of healthcare in the Gulf Arab region, has invited banks to pitch for advisory work on a planned minority stake sale, three banking sources told Reuters.
HMG sent a request for proposals to banks during the Muslim fasting month of Ramadan to pitch for the mandate, the sources said, declining to be named because of the commercial sensitivity of the matter.
HMG is looking to raise between $750 million to $1 billion, one of the sources said, adding that banks are pitching for a role.
Qatari Cash in NYC Meets Hong Kong Money to Back Wealth Firm - Bloomberg
Qatari Cash in NYC Meets Hong Kong Money to Back Wealth Firm - Bloomberg:
LJ Partnership, a London-based wealth manager armed with money from the Persian Gulf, is targeting global expansion, as rich families and sovereign funds increasingly team up to invest outside of the public markets. Dilmun, a family office in New York that originated in the Gulf region, this week acquired a 40 percent stake in LJ Partnership, which advises on $15 billion from about 250 clients, including individuals, families and foundations. The deal unites Dilmun with a Hong Kong real estate family that’s expanded into China and the U.K. Dilmun manages money for a member of the Qatari royal family, people with knowledge of the matter said, asking for anonymity to discuss information that isn’t public. LJ Partnership already has close ties to the Peterson Group, which acquired 20 percent of the firm in 2016. Peterson, led by Tony Yeung and best known for investments in Hong Kong real estate such as the LKF Tower hotel, has since increased its stake to 35 percent.
LJ Partnership, a London-based wealth manager armed with money from the Persian Gulf, is targeting global expansion, as rich families and sovereign funds increasingly team up to invest outside of the public markets. Dilmun, a family office in New York that originated in the Gulf region, this week acquired a 40 percent stake in LJ Partnership, which advises on $15 billion from about 250 clients, including individuals, families and foundations. The deal unites Dilmun with a Hong Kong real estate family that’s expanded into China and the U.K. Dilmun manages money for a member of the Qatari royal family, people with knowledge of the matter said, asking for anonymity to discuss information that isn’t public. LJ Partnership already has close ties to the Peterson Group, which acquired 20 percent of the firm in 2016. Peterson, led by Tony Yeung and best known for investments in Hong Kong real estate such as the LKF Tower hotel, has since increased its stake to 35 percent.
The Story of Malaysia’s 1MDB, the Scandal That Shook the World of Finance - Bloomberg
The Story of Malaysia’s 1MDB, the Scandal That Shook the World of Finance - Bloomberg:
Malaysia’s state-owned investment fund, 1MDB, was supposed to attract foreign investment. Instead, it has spurred criminal and regulatory investigations around the world that have cast an unflattering spotlight on financial deal-making, election spending and political patronage under former Prime Minister Najib Razak. A Malaysian parliamentary committee identified at least $4.2 billion in irregular transactions related to 1MDB. Najib was ousted from power in a May general election as the scandal fueled a voter backlash that ended his party’s 61 years of rule. On July 4, Malaysian authorities charged Najib with criminal breach of trust involving 1MDB-related monies.
Malaysia’s state-owned investment fund, 1MDB, was supposed to attract foreign investment. Instead, it has spurred criminal and regulatory investigations around the world that have cast an unflattering spotlight on financial deal-making, election spending and political patronage under former Prime Minister Najib Razak. A Malaysian parliamentary committee identified at least $4.2 billion in irregular transactions related to 1MDB. Najib was ousted from power in a May general election as the scandal fueled a voter backlash that ended his party’s 61 years of rule. On July 4, Malaysian authorities charged Najib with criminal breach of trust involving 1MDB-related monies.
Oil Rises on Signs of Stockpile Drop as Shortfall Fears Linger - Bloomberg
Oil Rises on Signs of Stockpile Drop as Shortfall Fears Linger - Bloomberg:
Oil extended gains to near $75 a barrel after an industry report showed U.S. inventories shrunk as global output disruptions continued to stoke concerns over supply shortfalls. Crude in New York increased as much as 1 percent as the premium on front-month futures surged even higher against later contracts. The American Petroleum Institute was said to report nationwide stockpiles dropped 4.51 million barrels last week. While the Saudi Cabinet affirmed the kingdom is ready to use its spare capacity as needed, the Middle Eastern nation also reiterated with Russia that OPEC’s agreement with allies is to boost output by 1 million barrels a day.
Oil extended gains to near $75 a barrel after an industry report showed U.S. inventories shrunk as global output disruptions continued to stoke concerns over supply shortfalls. Crude in New York increased as much as 1 percent as the premium on front-month futures surged even higher against later contracts. The American Petroleum Institute was said to report nationwide stockpiles dropped 4.51 million barrels last week. While the Saudi Cabinet affirmed the kingdom is ready to use its spare capacity as needed, the Middle Eastern nation also reiterated with Russia that OPEC’s agreement with allies is to boost output by 1 million barrels a day.
Billions worth of cheques bounced in 5 months in UAE | ZAWYA MENA Edition
Billions worth of cheques bounced in 5 months in UAE | ZAWYA MENA Edition:
Nearly 4.3 per cent of cheques issued by the UAE residents and entities bounced during the first half of 2018 with a total value of Dh26.2 billion, revealed Central Bank's data.
In total, over 12 million cheques worth Dh592 billion were passed through the UAE cheque clearing system, according to statistics published today by the Central Bank of the UAE.
The value of the cheques that were circulated from January to the end of May, represented around 39.3 per cent of the total value of the cheques circulated in 2017, which reached Dh1.5 trillion.
Nearly 4.3 per cent of cheques issued by the UAE residents and entities bounced during the first half of 2018 with a total value of Dh26.2 billion, revealed Central Bank's data.
In total, over 12 million cheques worth Dh592 billion were passed through the UAE cheque clearing system, according to statistics published today by the Central Bank of the UAE.
The value of the cheques that were circulated from January to the end of May, represented around 39.3 per cent of the total value of the cheques circulated in 2017, which reached Dh1.5 trillion.
UAE tops Saudi Arabia’s investors in five years | ZAWYA MENA Edition
UAE tops Saudi Arabia’s investors in five years | ZAWYA MENA Edition:
The UAE was the top investor in Saudi Arabia with $9.5 billion in investments within the five-year period starting from January 2013 until December 2017, according to a report from the Arab Investment and Export Credit Guarantee Corporation.
The UAE’s projects in its GCC neighbouring state amounted to 122 implemented by 65 companies, the report found.
The US ranked the second top investor in the oil-rich kingdom with investments of $8.8 billion distributed over 84 projects by 71 firms, while France ranked third with $3.96 billion in investments injected into 23 projects by 16 companies.
The UAE was the top investor in Saudi Arabia with $9.5 billion in investments within the five-year period starting from January 2013 until December 2017, according to a report from the Arab Investment and Export Credit Guarantee Corporation.
The UAE’s projects in its GCC neighbouring state amounted to 122 implemented by 65 companies, the report found.
The US ranked the second top investor in the oil-rich kingdom with investments of $8.8 billion distributed over 84 projects by 71 firms, while France ranked third with $3.96 billion in investments injected into 23 projects by 16 companies.
MIDEAST STOCKS-Blue-chips drive early buying in Dubai, as Saudi opens lower | ZAWYA MENA Edition
MIDEAST STOCKS-Blue-chips drive early buying in Dubai, as Saudi opens lower | ZAWYA MENA Edition:
Blue-chip shares helped drive up Dubai stocks on Wednesday, while the Saudi exchange was in negative territory in early trade. Most Gulf markets opened higher backed by rising oil prices, pushed up by looming U.S. sanctions against Iran which threaten to cut supplies to an already tight market despite pledges by producer cartel OPEC to raise output to make up for the disruptions. Emaar Properties opened 1.4 percent higher on the Dubai index, while Dubai Islamic Bank and Emirates NBD were up 0.8 percent and 1.0 percent, respectively.
Blue-chip shares helped drive up Dubai stocks on Wednesday, while the Saudi exchange was in negative territory in early trade. Most Gulf markets opened higher backed by rising oil prices, pushed up by looming U.S. sanctions against Iran which threaten to cut supplies to an already tight market despite pledges by producer cartel OPEC to raise output to make up for the disruptions. Emaar Properties opened 1.4 percent higher on the Dubai index, while Dubai Islamic Bank and Emirates NBD were up 0.8 percent and 1.0 percent, respectively.
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