Abraaj founder 'reaches settlement' over bounced cheque, lawyer says - The National:
Arif Naqvi, the founder of private equity firm Abraaj Group, which is battling allegations of misuse of investors’ funds, has reached an out-of-court settlement with a creditor in a criminal case over a bounced cheque and is waiting to sign off on the deal, his lawyer said. “The parties reached an understanding late on Wednesday night over the main issues to repay the loan. A document is underway of drafting,” Habib Al Mulla, executive chairman of Habib Al Mulla Baker Mackenzie, told The National in an emailed statement on Friday. He did not say when the agreement would be signed. A judge in Sharjah was scheduled to rule on Thursday whether the cheque in question was issued without the necessary funds, but adjourned the hearing until July 11.
Friday, 6 July 2018
A 10-year visa is what Dubai’s start-up scene needed | GulfNews.com
A 10-year visa is what Dubai’s start-up scene needed | GulfNews.com:
More innovation in both regulation and technology seems to be the leitmotif of the Dubai Government, and the introduction of the 10-year visa clearly reflects that. While start-ups can reasonably expect further encouragement to help them in their journey, it is the return of investment that will enable start-ups to foster an entrepreneurial spirt and drive growth. Getting a positive return on investment as a new business can be difficult and very often seems like pushing a heavy rock up a hill when someone’s timing you. Similarly, raising investments is time consuming, and there is the constant fear that you’ll run out of money and be forced to close up. With this new rule, start-ups will have time to prove their mettle, while encouraging investors to fund their businesses. When an entrepreneur puts time, money and effort in a business, it is fair that they expect a return. In our experience, start-ups need at least three years to get to $1 Million and then at least two to three more to consolidate that growth, and this new move provides for stability during that period. It will not only give start-ups a chance to to align their practises, but also their profits.
More innovation in both regulation and technology seems to be the leitmotif of the Dubai Government, and the introduction of the 10-year visa clearly reflects that. While start-ups can reasonably expect further encouragement to help them in their journey, it is the return of investment that will enable start-ups to foster an entrepreneurial spirt and drive growth. Getting a positive return on investment as a new business can be difficult and very often seems like pushing a heavy rock up a hill when someone’s timing you. Similarly, raising investments is time consuming, and there is the constant fear that you’ll run out of money and be forced to close up. With this new rule, start-ups will have time to prove their mettle, while encouraging investors to fund their businesses. When an entrepreneur puts time, money and effort in a business, it is fair that they expect a return. In our experience, start-ups need at least three years to get to $1 Million and then at least two to three more to consolidate that growth, and this new move provides for stability during that period. It will not only give start-ups a chance to to align their practises, but also their profits.
Iran Access to Oil, Financial Markets Unresolved in Vienna Talks - Bloomberg
Iran Access to Oil, Financial Markets Unresolved in Vienna Talks - Bloomberg:
World powers agreed to keep looking for ways to ensure Iran gets the financial and energy benefits it signed up for under a landmark nuclear deal after they fell short of providing tangible guarantees sought by the Islamic Republic.
“The participants stressed their determination to effectively develop and implement practical solutions,” said European Union foreign policy chief Federica Mogherini, who convened the meeting on Friday in Vienna. Foreign ministers from China, France, Germany and Russia reiterated that Iran should be able to sell its oil and gain international banking access in return for sticking to nuclear limits imposed by the July 2015 accord.
Iranian Foreign Minister Mohammad Javad Zarif warned via Twitter before the meeting that countries needed to “forge practical solutions” rather than make “lofty and obscure promises.” Zarif said he’d transmit the commitments made in Vienna to senior Iranian leaders, according to remarks translated by the Center for Middle East Strategic Studies.
World powers agreed to keep looking for ways to ensure Iran gets the financial and energy benefits it signed up for under a landmark nuclear deal after they fell short of providing tangible guarantees sought by the Islamic Republic.
“The participants stressed their determination to effectively develop and implement practical solutions,” said European Union foreign policy chief Federica Mogherini, who convened the meeting on Friday in Vienna. Foreign ministers from China, France, Germany and Russia reiterated that Iran should be able to sell its oil and gain international banking access in return for sticking to nuclear limits imposed by the July 2015 accord.
Iranian Foreign Minister Mohammad Javad Zarif warned via Twitter before the meeting that countries needed to “forge practical solutions” rather than make “lofty and obscure promises.” Zarif said he’d transmit the commitments made in Vienna to senior Iranian leaders, according to remarks translated by the Center for Middle East Strategic Studies.
Qatari Venture Wins Approval for Almost 1,000 London Homes - Bloomberg
Qatari Venture Wins Approval for Almost 1,000 London Homes - Bloomberg:
A Qatari Diar Real Estate Investment Co. venture won approval to build almost 1,000 homes in the U.K. capital’s Elephant and Castle district.
Southwark Council approved the revised plans to replace a shopping mall with apartment towers, a new college campus and stores late on Tuesday. Investor Delancey, Dutch pension fund APG Asset Management NV and the Qatari sovereign-wealth fund’s property development unit will develop the project using their firm Get Living.
Rentals have been drawing international investors and retirement funds after London’s property boom made homes unaffordable to most people living in the city. The full plan for the plot also includes stores, restaurants and bars, a live music venue, exhibition space and offices.
A Qatari Diar Real Estate Investment Co. venture won approval to build almost 1,000 homes in the U.K. capital’s Elephant and Castle district.
Southwark Council approved the revised plans to replace a shopping mall with apartment towers, a new college campus and stores late on Tuesday. Investor Delancey, Dutch pension fund APG Asset Management NV and the Qatari sovereign-wealth fund’s property development unit will develop the project using their firm Get Living.
Rentals have been drawing international investors and retirement funds after London’s property boom made homes unaffordable to most people living in the city. The full plan for the plot also includes stores, restaurants and bars, a live music venue, exhibition space and offices.
Oil mixed as investors short-cover and Saudi boosts output | Reuters
Oil mixed as investors short-cover and Saudi boosts output | Reuters:
Oil was mixed on Friday, with short-covering pushing up U.S. crude futures while Brent slipped on global trade tensions and increased Saudi production.
West Texas Intermediate crude futures CLc1 gained 61 cents to $73.55 by 11:30 a.m. (1530 GMT). Global benchmark Brent LCOc1 was down 39 cents at $77 a barrel.
For the week, WTI was on track for a loss of about 0.4 percent while Brent was down about 3 percent.
Oil was mixed on Friday, with short-covering pushing up U.S. crude futures while Brent slipped on global trade tensions and increased Saudi production.
West Texas Intermediate crude futures CLc1 gained 61 cents to $73.55 by 11:30 a.m. (1530 GMT). Global benchmark Brent LCOc1 was down 39 cents at $77 a barrel.
For the week, WTI was on track for a loss of about 0.4 percent while Brent was down about 3 percent.
Case against Abraaj founder adjourned as deal talks move forward | Financial Times
Case against Abraaj founder adjourned as deal talks move forward | Financial Times:
A Sharjah court judge on Thursday adjourned the case against Abraaj founder Arif Naqvi for issuing a $48.2m cheque with insufficient funds as talks to settle the debt move ahead.
Adjournment until July 11 comes after late night negotiations between representatives for Mr Naqvi and Hamid Jafar, the founder of Crescent Group, who loaned Abraaj $300m last December. The criminal case, which had its first hearing on June 28, relates to one of several cheques signed by Mr Naqvi and a co-defendant and written to Mr Jafar, which were dishonoured when presented.
An adviser to Mr Naqvi said the outline of a settlement agreement had been reached between Mr Naqvi and Mr Jafar late on Wednesday.
A Sharjah court judge on Thursday adjourned the case against Abraaj founder Arif Naqvi for issuing a $48.2m cheque with insufficient funds as talks to settle the debt move ahead.
Adjournment until July 11 comes after late night negotiations between representatives for Mr Naqvi and Hamid Jafar, the founder of Crescent Group, who loaned Abraaj $300m last December. The criminal case, which had its first hearing on June 28, relates to one of several cheques signed by Mr Naqvi and a co-defendant and written to Mr Jafar, which were dishonoured when presented.
An adviser to Mr Naqvi said the outline of a settlement agreement had been reached between Mr Naqvi and Mr Jafar late on Wednesday.
Bakr, Saleh and Saad Binladin give up 36.2% stake in Saudi Binladin Group | ZAWYA MENA Edition
Bakr, Saleh and Saad Binladin give up 36.2% stake in Saudi Binladin Group | ZAWYA MENA Edition:
Saudi businessmen Bakr, Saleh and Saad Binladin gave up their 36.2 pct stake in the Saudi Binladin Group to Istidama Holding Company, al-Arabiya TV reported on Thursday, citing the Saudi commerce ministry.
The company, crucial to the state's plans for major tourism and infrastructure projects, is now being run by a government-appointed committee after several senior brothers were detained in an anti-corruption purge late last year.
Saudi businessmen Bakr, Saleh and Saad Binladin gave up their 36.2 pct stake in the Saudi Binladin Group to Istidama Holding Company, al-Arabiya TV reported on Thursday, citing the Saudi commerce ministry.
The company, crucial to the state's plans for major tourism and infrastructure projects, is now being run by a government-appointed committee after several senior brothers were detained in an anti-corruption purge late last year.
Struggling to save nuclear deal, Iran and world powers meet | Reuters
Struggling to save nuclear deal, Iran and world powers meet | Reuters:
Iran wants world powers to present measures guaranteeing oil revenue and investment into the country despite U.S. sanctions when ministers meet on Friday to save the 2015 nuclear deal, but European states will fall short of its demands, diplomats said.
President Donald Trump pulled the United States out of the multinational deal in May under which sanctions on Iran were lifted in return for curbs on its nuclear program, verified by the International Atomic Energy Agency (IAEA). Washington has since told countries they must stop buying the OPEC producer’s oil from Nov. 4 or face financial consequences.
Iran wants world powers to present measures guaranteeing oil revenue and investment into the country despite U.S. sanctions when ministers meet on Friday to save the 2015 nuclear deal, but European states will fall short of its demands, diplomats said.
President Donald Trump pulled the United States out of the multinational deal in May under which sanctions on Iran were lifted in return for curbs on its nuclear program, verified by the International Atomic Energy Agency (IAEA). Washington has since told countries they must stop buying the OPEC producer’s oil from Nov. 4 or face financial consequences.
6 major wealth funds agree to encourage greener economy
6 major wealth funds agree to encourage greener economy:
The sovereign wealth funds of major oil-producing countries have agreed upon a common roadmap to encourage investments toward a greener economy. The six funds from Norway, United Arab Emirates, Saudi Arabia, Qatar, Kuwait and New Zealand released a joint framework Friday to encourage investors to take climate-related risks into consideration when investing. They also want to improve businesses’ transparency on their strategies toward establishing low-carbon economic growth. The funds hope to send a signal that will impact the international financial system. Altogether, they are worth $3 trillion. Norway’s sovereign wealth fund, the world’s largest of its kind, is worth $1 trillion alone.
The sovereign wealth funds of major oil-producing countries have agreed upon a common roadmap to encourage investments toward a greener economy. The six funds from Norway, United Arab Emirates, Saudi Arabia, Qatar, Kuwait and New Zealand released a joint framework Friday to encourage investors to take climate-related risks into consideration when investing. They also want to improve businesses’ transparency on their strategies toward establishing low-carbon economic growth. The funds hope to send a signal that will impact the international financial system. Altogether, they are worth $3 trillion. Norway’s sovereign wealth fund, the world’s largest of its kind, is worth $1 trillion alone.
Oil slips toward $77 as Saudi boost, trade tensions weigh | Reuters
Oil slips toward $77 as Saudi boost, trade tensions weigh | Reuters:
Oil slipped toward $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, although oil supply disruptions lent support.
Top exporter Saudi Arabia told OPEC it raised oil output by almost 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.
Brent crude LCOc1, the global benchmark, was down 19 cents at $77.20 a barrel by 0910 GMT. U.S. crude CLc1 slipped 2 cents to $72.92.
Oil slipped toward $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, although oil supply disruptions lent support.
Top exporter Saudi Arabia told OPEC it raised oil output by almost 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.
Brent crude LCOc1, the global benchmark, was down 19 cents at $77.20 a barrel by 0910 GMT. U.S. crude CLc1 slipped 2 cents to $72.92.
CNPC to sign oil exploration, refining pact with UAE's ADNOC this month: sources | Reuters
CNPC to sign oil exploration, refining pact with UAE's ADNOC this month: sources | Reuters:
China National Petroleum Corp (CNPC) is expected to sign a preliminary agreement with Abu Dhabi National Oil Co (ADNOC) later this month to invest in oil and gas exploration and refinery projects, four sources with knowledge of the matter said.
The agreement will be signed during a high-level Chinese state visit to the United Arab Emirates during which CNPC Chairman Wang Yilin will be on the business delegation.
“It will be a preliminary and broad cooperation deal that covers upstream and downstream investment,” said one of the sources, a Beijing-based oil executive briefed on Wang’s planned trip.
China National Petroleum Corp (CNPC) is expected to sign a preliminary agreement with Abu Dhabi National Oil Co (ADNOC) later this month to invest in oil and gas exploration and refinery projects, four sources with knowledge of the matter said.
The agreement will be signed during a high-level Chinese state visit to the United Arab Emirates during which CNPC Chairman Wang Yilin will be on the business delegation.
“It will be a preliminary and broad cooperation deal that covers upstream and downstream investment,” said one of the sources, a Beijing-based oil executive briefed on Wang’s planned trip.
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