Iranian-American Azima hires Sarosh Zaiwalla ahead of High Court showdown with Ras Al Khaimah investment agency:
Farhad Azima, the Iranian-American businessman embroiled in a bitter legal row with a UAE investment agency, has hired high profile Indian lawyer Sarosh Zaiwalla to fight his corner.
Zaiwalla has previously advised Saddam Hussein and Iran’s Bank Mellat.
It comes ahead of a showdown in the London High Court.
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Thursday 5 July 2018
Off-plan home sales in Dubai drop 20% in first half of 2018 | GulfNews.com
Off-plan home sales in Dubai drop 20% in first half of 2018 | GulfNews.com:
Off-plan residential transactions in Dubai for the first six months of 2018 totalled 9,437 units, down 20 per cent from last year’s 11,805 during the same period. The gap could have been wider had it not been for the 2,006 homes sold as off-plan last month, and the first time this year that monthly sales topped the 2,000 unit mark. In comparison, that mark was crossed thrice in the first-half of 2017, according to figures provided by GCP-Reidin. In the off-plan space, off-plan projects in the Meydan master-development (with 1,102 units sold) and Jumeirah Village Circle (908 units) were the top destinations for buyers. Dubai Creek Harbour and Dubai South also had strong numbers to show off. On the ready property side, sales in the first six months of 2018 did hold up well, with a final tally of 6,106 units as against 6,464 last year.
Off-plan residential transactions in Dubai for the first six months of 2018 totalled 9,437 units, down 20 per cent from last year’s 11,805 during the same period. The gap could have been wider had it not been for the 2,006 homes sold as off-plan last month, and the first time this year that monthly sales topped the 2,000 unit mark. In comparison, that mark was crossed thrice in the first-half of 2017, according to figures provided by GCP-Reidin. In the off-plan space, off-plan projects in the Meydan master-development (with 1,102 units sold) and Jumeirah Village Circle (908 units) were the top destinations for buyers. Dubai Creek Harbour and Dubai South also had strong numbers to show off. On the ready property side, sales in the first six months of 2018 did hold up well, with a final tally of 6,106 units as against 6,464 last year.
Naqvi burns the midnight oil, but can he put out the fire at Abraaj? | Arab News
Naqvi burns the midnight oil, but can he put out the fire at Abraaj? | Arab News:
The midnight oil was burning in London and Dubai on Wednesday as representatives of Arif Naqvi and Hamid Jafar locked horns again in negotiations over $300 million of debt that could decide the fate of Abraaj Group, once the Middle East’s renowned private equity business, now a fallen star of the regional financial establishment. Talks had been on and off most of the week, with Habib Al-Mulla, executive chairman of Baker & McKenzie Habib Al Mulla, among the lawyers in fractious discussions over the debts. People on both sides involved in the negotiations were not optimistic of a settlement in the dispute, which could involve criminal charges. “There is less than a 1 percent chance of a settlement before the court case,” one told Arab News as the talks went on ever more contentiously. “The two sides are too far apart, there is no common ground,” said another.
The midnight oil was burning in London and Dubai on Wednesday as representatives of Arif Naqvi and Hamid Jafar locked horns again in negotiations over $300 million of debt that could decide the fate of Abraaj Group, once the Middle East’s renowned private equity business, now a fallen star of the regional financial establishment. Talks had been on and off most of the week, with Habib Al-Mulla, executive chairman of Baker & McKenzie Habib Al Mulla, among the lawyers in fractious discussions over the debts. People on both sides involved in the negotiations were not optimistic of a settlement in the dispute, which could involve criminal charges. “There is less than a 1 percent chance of a settlement before the court case,” one told Arab News as the talks went on ever more contentiously. “The two sides are too far apart, there is no common ground,” said another.
Dubai’s troubled Abraaj nears out-of-court settlement: Lawyer
Dubai’s troubled Abraaj nears out-of-court settlement: Lawyer:
A lawyer for the founder of embattled Dubai-based private equity group Abraaj said yesterday it is close to an out-of-court settlement in a case over bounced cheques for millions of dollars.
“Parties have reached an understanding last night. Now, they will put it in a document,” said Arif Naqvi’s lawyer, Habib al-Mulla.
“A provisional agreement has been reached over the main issues to repay the loan,” al-Mulla, the chief executive of law firm Baker McKenzie Habib al-Mulla, told AFP.
Essam al-Tamimi, a lawyer for creditor United Arab Emirates businessman Hamid Jaafar, confirmed the negotiations but without giving details.
A lawyer for the founder of embattled Dubai-based private equity group Abraaj said yesterday it is close to an out-of-court settlement in a case over bounced cheques for millions of dollars.
“Parties have reached an understanding last night. Now, they will put it in a document,” said Arif Naqvi’s lawyer, Habib al-Mulla.
“A provisional agreement has been reached over the main issues to repay the loan,” al-Mulla, the chief executive of law firm Baker McKenzie Habib al-Mulla, told AFP.
Essam al-Tamimi, a lawyer for creditor United Arab Emirates businessman Hamid Jaafar, confirmed the negotiations but without giving details.
Qatar seen beating US in race to supply world with more LNG
Qatar seen beating US in race to supply world with more LNG:
It’s going to be hard to trump the world’s biggest liquefied natural gas producer on price. Qatar can start making a profit from the fuel at three-quarters of the cost of the cheapest US projects, according to Oslo-based researcher Rystad Energy. The Arabian Gulf nation, which became the world’s richest per capita thanks to the superchilled fuel, plans to expand its own production, making it a formidable adversary as the US and Australia vie for its crown. The nation can tap its share of the world’s largest known gas deposit and benefit from its location as it plans to expand LNG output by 30%. That may cement its position and help meet rising demand in Asia. The US is set to overtake Australia as the second-largest LNG exporter by 2023, according to the International Energy Agency.
It’s going to be hard to trump the world’s biggest liquefied natural gas producer on price. Qatar can start making a profit from the fuel at three-quarters of the cost of the cheapest US projects, according to Oslo-based researcher Rystad Energy. The Arabian Gulf nation, which became the world’s richest per capita thanks to the superchilled fuel, plans to expand its own production, making it a formidable adversary as the US and Australia vie for its crown. The nation can tap its share of the world’s largest known gas deposit and benefit from its location as it plans to expand LNG output by 30%. That may cement its position and help meet rising demand in Asia. The US is set to overtake Australia as the second-largest LNG exporter by 2023, according to the International Energy Agency.
QSE continues bull run for seventh consecutive day on buy interests
QSE continues bull run for seventh consecutive day on buy interests:
The Qatar Stock Exchange Thursday continued its bullish run for the seventh consecutive day, mainly on strong buying interests of foreign institutions. Buying interests in the banking counter largely overcame the selling pressure in five other sectors, thus helping the 20-stock Qatar Index settle 0.32% higher at 9,259.95 points. Doha Bank sponsored exchange traded fund QETF saw 0.05% gains; where as Masraf Al Rayan sponsored QATR tanked 2.9%.
The Qatar Stock Exchange Thursday continued its bullish run for the seventh consecutive day, mainly on strong buying interests of foreign institutions. Buying interests in the banking counter largely overcame the selling pressure in five other sectors, thus helping the 20-stock Qatar Index settle 0.32% higher at 9,259.95 points. Doha Bank sponsored exchange traded fund QETF saw 0.05% gains; where as Masraf Al Rayan sponsored QATR tanked 2.9%.
Saudi Fund Considering Boosting Stake in ArcelorMittal JV - Bloomberg
Saudi Fund Considering Boosting Stake in ArcelorMittal JV - Bloomberg:
Saudi Arabia’s sovereign wealth fund is considering a plan to inject up to $300 million into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter. The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40 percent by buying new shares and converting debt to equity, the people said, asking not to be identified as the information is private. The final terms of the deal have not been agreed and the plans could change, the people said. ArcelorMittal established the plant in 2007 as a joint venture with the Al-Tanmiah Company, a unit of the Bin Jarallah Group. At the time, it said the plant would become the biggest supplier of steel pipes to the upstream oil and gas industry in the Middle East, producing over 600,000 tons of pipe a year and employing over 600 people.
Saudi Arabia’s sovereign wealth fund is considering a plan to inject up to $300 million into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter. The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40 percent by buying new shares and converting debt to equity, the people said, asking not to be identified as the information is private. The final terms of the deal have not been agreed and the plans could change, the people said. ArcelorMittal established the plant in 2007 as a joint venture with the Al-Tanmiah Company, a unit of the Bin Jarallah Group. At the time, it said the plant would become the biggest supplier of steel pipes to the upstream oil and gas industry in the Middle East, producing over 600,000 tons of pipe a year and employing over 600 people.
Kuwait Investment Authority to adopt new strategy in ‘management’ of fund | ZAWYA MENA Edition
Kuwait Investment Authority to adopt new strategy in ‘management’ of fund | ZAWYA MENA Edition:
Kuwait Investment Authority (KIA) will follow a new strategy in the management of cash of the State’s Public Reserve Fund through its focus during the coming period on short-term investment of assets and investments to facilitate withdrawals from this reserve, reports Al-Jaridah daily quoting informed sources. The sources explained that the usual strategy of the KIA in the management of the general reserve is still ongoing, but preferred to make adjustments to its cash management, through the short term investment of assets instead of longterm so as to be able to exit from the short-term easily, unlike long-term that is difficult to exit when needed to provide liquidity to meet government withdrawals from the general reserve. The KIA has resorted to this option because the liquidity of the General Reserve Fund, in light of the continued growth of public expenditure, is running out unless the required financial reforms are enforced. The sources pointed out that this strategy will be adopted until the end of the Ministry of Finance implement its plans and strategies to address the budget deficit.
Kuwait Investment Authority (KIA) will follow a new strategy in the management of cash of the State’s Public Reserve Fund through its focus during the coming period on short-term investment of assets and investments to facilitate withdrawals from this reserve, reports Al-Jaridah daily quoting informed sources. The sources explained that the usual strategy of the KIA in the management of the general reserve is still ongoing, but preferred to make adjustments to its cash management, through the short term investment of assets instead of longterm so as to be able to exit from the short-term easily, unlike long-term that is difficult to exit when needed to provide liquidity to meet government withdrawals from the general reserve. The KIA has resorted to this option because the liquidity of the General Reserve Fund, in light of the continued growth of public expenditure, is running out unless the required financial reforms are enforced. The sources pointed out that this strategy will be adopted until the end of the Ministry of Finance implement its plans and strategies to address the budget deficit.
Middle East Stocks Mixed, Profit-Taking In Blue-Chip Stocks Weigh on Saudi Arabia - Nasdaq.com
Middle East Stocks Mixed, Profit-Taking In Blue-Chip Stocks Weigh on Saudi Arabia - Nasdaq.com:
MidEast shares were mixed, with Saudi stocks under pressure as investors took profits on blue chip stocks and weighed the government's commitment to keep balance and stability in the oil market. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports. In company news, Gulf General Investments Co contined to rise after the company said on Monday it had received regulatory approval to reduce its share capital to 586.7 million dirhams from 1.79 billion dirhams, effective from July 15. Drake & Scull International continued to drop amid ongoing concerns about its financial position, business outlook and the outcome of a probe into "violations" by previous management.
MidEast shares were mixed, with Saudi stocks under pressure as investors took profits on blue chip stocks and weighed the government's commitment to keep balance and stability in the oil market. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports. In company news, Gulf General Investments Co contined to rise after the company said on Monday it had received regulatory approval to reduce its share capital to 586.7 million dirhams from 1.79 billion dirhams, effective from July 15. Drake & Scull International continued to drop amid ongoing concerns about its financial position, business outlook and the outcome of a probe into "violations" by previous management.
Banks to lend up to $4 billion loan for Turk Telekom stake: sources | Reuters
Banks to lend up to $4 billion loan for Turk Telekom stake: sources | Reuters:
Creditor banks will extend a loan of up to $4 billion to the special purpose vehicle (SPV) they are creating to take over 55 percent of Turk Telekom as part of debt restructuring talks, two sources close to the matter told Reuters. The majority stake will be used as collateral for the loan, according to the sources, who asked not to be named because the information is confidential. “A $3 billion to $4 billion loan will be extended to this special purpose vehicle and banks will take the 55 percent stake as collateral,” one of the sources said, adding that the plan is to complete the process in the third quarter.
Creditor banks will extend a loan of up to $4 billion to the special purpose vehicle (SPV) they are creating to take over 55 percent of Turk Telekom as part of debt restructuring talks, two sources close to the matter told Reuters. The majority stake will be used as collateral for the loan, according to the sources, who asked not to be named because the information is confidential. “A $3 billion to $4 billion loan will be extended to this special purpose vehicle and banks will take the 55 percent stake as collateral,” one of the sources said, adding that the plan is to complete the process in the third quarter.
Strait of Hormuz: the world's most important oil artery | Reuters
Strait of Hormuz: the world's most important oil artery | Reuters:
With a third of the world’s sea-borne oil passing through it every day, the Strait of Hormuz is a strategic artery linking Middle East crude producers to key markets in Asia Pacific, Europe, North America and beyond. This week, an Iranian Revolutionary Guards commander threatened that Tehran will block oil shipments through the waterway in response to U.S. calls to ban all Iranian oil exports. The Strait has been at the heart of regional tensions for decades and this is not first time that Tehran has made such threats.
With a third of the world’s sea-borne oil passing through it every day, the Strait of Hormuz is a strategic artery linking Middle East crude producers to key markets in Asia Pacific, Europe, North America and beyond. This week, an Iranian Revolutionary Guards commander threatened that Tehran will block oil shipments through the waterway in response to U.S. calls to ban all Iranian oil exports. The Strait has been at the heart of regional tensions for decades and this is not first time that Tehran has made such threats.
Colony Capital's Abraaj deal faces investor resistance: sources | Reuters
Colony Capital's Abraaj deal faces investor resistance: sources | Reuters:
U.S. investment manager Colony Capital’s deal to take control of four funds belonging to Dubai-based Abraaj is encountering investor resistance, four sources familiar with the matter said, piling further pressure on the embattled Middle East buyout firm.
Colony’s offer last month to buy the fund management business that runs Abraaj’s Latin America, Sub Saharan Africa, North Africa and Turkey funds followed months of turmoil caused by a dispute between Abraaj and four investors over the use of their money in a $1 billion healthcare fund.
Abraaj denies any wrongdoing but the dispute has weighed heavily on what is the largest private equity firm in the Middle East and Africa. Having managed almost $14 billion in assets at its peak, Abraaj filed for provisional liquidation in the Cayman Islands last month.
U.S. investment manager Colony Capital’s deal to take control of four funds belonging to Dubai-based Abraaj is encountering investor resistance, four sources familiar with the matter said, piling further pressure on the embattled Middle East buyout firm.
Colony’s offer last month to buy the fund management business that runs Abraaj’s Latin America, Sub Saharan Africa, North Africa and Turkey funds followed months of turmoil caused by a dispute between Abraaj and four investors over the use of their money in a $1 billion healthcare fund.
Abraaj denies any wrongdoing but the dispute has weighed heavily on what is the largest private equity firm in the Middle East and Africa. Having managed almost $14 billion in assets at its peak, Abraaj filed for provisional liquidation in the Cayman Islands last month.
Oil slips as U.S. crude stockpiles show surprise build | Reuters
Oil slips as U.S. crude stockpiles show surprise build | Reuters:
Oil fell on Thursday after U.S. government data showed an unexpected build in crude oil stockpiles.
U.S. crude futures CLc1 fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday’s 3-1/2-year high of over $75.
Brent crude futures LCOc1 lost 85 cents to settle at $77.39 a barrel.
Oil fell on Thursday after U.S. government data showed an unexpected build in crude oil stockpiles.
U.S. crude futures CLc1 fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday’s 3-1/2-year high of over $75.
Brent crude futures LCOc1 lost 85 cents to settle at $77.39 a barrel.
Preparations for listing Aramco stalled: WSJ | Reuters
Preparations for listing Aramco stalled: WSJ | Reuters:
Public listing preparations of state-run Saudi Aramco have stalled, the Wall Street Journal reported on Thursday.
Aramco, the world’s biggest oil producer, has been expanding its global footprint by signing downstream deals and boosting the capacity of its plants ahead of the eagerly awaited initial public offering.
The company's public listing is a part of Saudi Arabia's plan to open its economy but a senior Aramco executive told here the WSJ that "everyone is almost certain it (IPO) is not going to happen".
Public listing preparations of state-run Saudi Aramco have stalled, the Wall Street Journal reported on Thursday.
Aramco, the world’s biggest oil producer, has been expanding its global footprint by signing downstream deals and boosting the capacity of its plants ahead of the eagerly awaited initial public offering.
The company's public listing is a part of Saudi Arabia's plan to open its economy but a senior Aramco executive told here the WSJ that "everyone is almost certain it (IPO) is not going to happen".
Why Trump is pressing Saudi Arabia to lower oil prices: Kemp | Reuters
Why Trump is pressing Saudi Arabia to lower oil prices: Kemp | Reuters:
The United States and Saudi Arabia appear to have reached an understanding: Washington will reduce or eliminate Iran’s oil export revenues and in return Riyadh will guarantee oil supplies and stabilize prices.
The basic deal is well understood by policymakers in both countries, with U.S. President Donald Trump repeatedly emphasizing his great personal relationship with the Saudi king and crown prince.
But strong personal relationships between the leaders and agreement on the overall deal obscure disagreement on some key details, not least the desirable level for oil prices.
The United States and Saudi Arabia appear to have reached an understanding: Washington will reduce or eliminate Iran’s oil export revenues and in return Riyadh will guarantee oil supplies and stabilize prices.
The basic deal is well understood by policymakers in both countries, with U.S. President Donald Trump repeatedly emphasizing his great personal relationship with the Saudi king and crown prince.
But strong personal relationships between the leaders and agreement on the overall deal obscure disagreement on some key details, not least the desirable level for oil prices.
Oil Near $74 Amid Trump Tweets, Forecast Drop in U.S. Stockpile - Bloomberg
Oil Near $74 Amid Trump Tweets, Forecast Drop in U.S. Stockpile - Bloomberg:
Oil held near $74 a barrel amid estimates that U.S crude inventories declined for a fourth week, compounding concerns that global markets are growing increasingly tight. Futures in New York were 0.3 percent higher following the U.S. Independence Day holiday, remaining near the highest since 2014. President Donald Trump criticized OPEC on Twitter again for failing to lower prices for consumers. Although Saudi Arabia has pledged the organization will boost supplies, Goldman Sachs Group Inc. said that losses in some members -- notably Venezuela and Iran -- will lead to a new rally.
Oil held near $74 a barrel amid estimates that U.S crude inventories declined for a fourth week, compounding concerns that global markets are growing increasingly tight. Futures in New York were 0.3 percent higher following the U.S. Independence Day holiday, remaining near the highest since 2014. President Donald Trump criticized OPEC on Twitter again for failing to lower prices for consumers. Although Saudi Arabia has pledged the organization will boost supplies, Goldman Sachs Group Inc. said that losses in some members -- notably Venezuela and Iran -- will lead to a new rally.
China Looks to Buck Iranian Oil Sanctions - Bloomberg
China Looks to Buck Iranian Oil Sanctions - Bloomberg:
China is unlikely to fully heed President Trump’s caveat to stop buying oil from Iran, according to FGE. If the planned U.S. sanctions prove successful to cut Iran’s oil exports to zero by Nov. 4, that will put as much as 2.3 million barrels a day of crude from the Persian Gulf state at risk, the consultant said. The White House has yet to get responses from China, India or Turkey, which together make up about 60 percent of the Persian Gulf state’s exports, according to FGE. While Turkey and India may comply with America’s demand, China may sustain at least some of its purchases, it said.
China is unlikely to fully heed President Trump’s caveat to stop buying oil from Iran, according to FGE. If the planned U.S. sanctions prove successful to cut Iran’s oil exports to zero by Nov. 4, that will put as much as 2.3 million barrels a day of crude from the Persian Gulf state at risk, the consultant said. The White House has yet to get responses from China, India or Turkey, which together make up about 60 percent of the Persian Gulf state’s exports, according to FGE. While Turkey and India may comply with America’s demand, China may sustain at least some of its purchases, it said.
Saudi Fund Considering Boosting Stake in ArcelorMittal JV - Bloomberg
Saudi Fund Considering Boosting Stake in ArcelorMittal JV - Bloomberg:
Saudi Arabia’s sovereign wealth fund is considering a plan to inject up to $300 million into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter. The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40 percent by buying new shares and converting debt to equity, the people said, asking not to be identified as the information is private. The final terms of the deal have not been agreed and the plans could change, the people said. ArcelorMittal established the plant in 2007 as a joint venture with the Al-Tanmiah Company, a unit of the Bin Jarallah Group. At the time, it said the plant would become the biggest supplier of steel pipes to the upstream oil and gas industry in the Middle East, producing over 600,000 tons of pipe a year and employing over 600 people.
Saudi Arabia’s sovereign wealth fund is considering a plan to inject up to $300 million into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter. The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40 percent by buying new shares and converting debt to equity, the people said, asking not to be identified as the information is private. The final terms of the deal have not been agreed and the plans could change, the people said. ArcelorMittal established the plant in 2007 as a joint venture with the Al-Tanmiah Company, a unit of the Bin Jarallah Group. At the time, it said the plant would become the biggest supplier of steel pipes to the upstream oil and gas industry in the Middle East, producing over 600,000 tons of pipe a year and employing over 600 people.
Dubai's DSI taps CFO for new restructuring role | ZAWYA MENA Edition
Dubai's DSI taps CFO for new restructuring role | ZAWYA MENA Edition:
Drake & Scull International (DSI) said on Thursday that chief financial officer Feras Khalthoum had been appointed chief restructuring officer, a new post at the Dubai-listed construction firm.
The company has appointed PG Raut as its new CFO, replacing Khalthoum, it said in a bourse statement.
DSI did not provide details of the chief restructuring officer's role.
Drake & Scull International (DSI) said on Thursday that chief financial officer Feras Khalthoum had been appointed chief restructuring officer, a new post at the Dubai-listed construction firm.
The company has appointed PG Raut as its new CFO, replacing Khalthoum, it said in a bourse statement.
DSI did not provide details of the chief restructuring officer's role.
Dubai's Emirates NBD raised around $52mln for Saudi equity fund: officials | ZAWYA MENA Edition
Dubai's Emirates NBD raised around $52mln for Saudi equity fund: officials | ZAWYA MENA Edition:
Emirates NBD, Dubai’s largest lender, is planning to focus on exploring equity investments in Saudi Arabia and Egypt between now and the end of 2019, according to senior officials at the bank’s asset management division.
“At the end of last year, we have identified Saudi as the story for this year and we converted an existing fund of ours into a Saudi fund,” Salman Bajwa, CEO of Emirates NBD Asset Management, said in a media roundtable event held in Dubai on Wednesday.
Bajwa said the Saudi fund had raised around $52 million and a return on investment of 18 percent so far this year. The bank’s asset management division hopes to end the year on $100 million, according to previous reports by local media.
Emirates NBD, Dubai’s largest lender, is planning to focus on exploring equity investments in Saudi Arabia and Egypt between now and the end of 2019, according to senior officials at the bank’s asset management division.
“At the end of last year, we have identified Saudi as the story for this year and we converted an existing fund of ours into a Saudi fund,” Salman Bajwa, CEO of Emirates NBD Asset Management, said in a media roundtable event held in Dubai on Wednesday.
Bajwa said the Saudi fund had raised around $52 million and a return on investment of 18 percent so far this year. The bank’s asset management division hopes to end the year on $100 million, according to previous reports by local media.
MIDEAST STOCKS-Dubai index edges up on blue chips, Saudi index slips | ZAWYA MENA Edition
MIDEAST STOCKS-Dubai index edges up on blue chips, Saudi index slips | ZAWYA MENA Edition:
Gains in shares of blue-chip property and contracting firms lifted Dubai stocks in early trade on Thursday, while Saudi stocks slipped and other Gulf markets were mixed.
Oil prices fell on Thursday after U.S. President Donald Trump sent a strident tweet demanding that OPEC cut prices for crude, compounding jitters in global financial markets before a U.S. deadline to impose tariffs on Chinese imports.
Dubai index was up 0.3 percent in early trade, with Emaar Properties trading 1.4 percent higher and DAMAC Properties up 1.9 percent.
Gains in shares of blue-chip property and contracting firms lifted Dubai stocks in early trade on Thursday, while Saudi stocks slipped and other Gulf markets were mixed.
Oil prices fell on Thursday after U.S. President Donald Trump sent a strident tweet demanding that OPEC cut prices for crude, compounding jitters in global financial markets before a U.S. deadline to impose tariffs on Chinese imports.
Dubai index was up 0.3 percent in early trade, with Emaar Properties trading 1.4 percent higher and DAMAC Properties up 1.9 percent.
Inside Qatar's charm offensive to win over Washington | Reuters
Inside Qatar's charm offensive to win over Washington | Reuters:
There was much bonhomie as a few dozen people, including members of Congress and U.S. administration officials, gathered last week for dinner in a posh Washington neighborhood in honor of Qatar’s foreign minister.
Treasury Secretary Steven Mnuchin sat next to the minister, Sheikh Mohammed bin Abdulrahman al-Thani.
“You have been a great friend to the United States,” Mnuchin told Thani, praising Qatar for its cooperation on counter-terrorism financing efforts.
There was much bonhomie as a few dozen people, including members of Congress and U.S. administration officials, gathered last week for dinner in a posh Washington neighborhood in honor of Qatar’s foreign minister.
Treasury Secretary Steven Mnuchin sat next to the minister, Sheikh Mohammed bin Abdulrahman al-Thani.
“You have been a great friend to the United States,” Mnuchin told Thani, praising Qatar for its cooperation on counter-terrorism financing efforts.
UPDATE 1-UAE court adjourns bounced cheque case of Abraaj founder | Reuters
UPDATE 1-UAE court adjourns bounced cheque case of Abraaj founder | Reuters:
A Sharjah court has adjourned until July 11 a case involving the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, a lawyer involved in the case said on Thursday.
The court case in Sharjah, one of the United Arab Emirates, relates to a cheque for 177.1 million dirhams ($48 million), signed by Naqvi and a fellow executive, and written to Hamid Jafar, another founding shareholder in Dubai-based Abraaj, according to a prosecution document.
Khalid al-Bannay, from Al Tamimi & Co, the law firm representing Jafar, said the court has adjourned the case until July 11.
A Sharjah court has adjourned until July 11 a case involving the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, a lawyer involved in the case said on Thursday.
The court case in Sharjah, one of the United Arab Emirates, relates to a cheque for 177.1 million dirhams ($48 million), signed by Naqvi and a fellow executive, and written to Hamid Jafar, another founding shareholder in Dubai-based Abraaj, according to a prosecution document.
Khalid al-Bannay, from Al Tamimi & Co, the law firm representing Jafar, said the court has adjourned the case until July 11.