Schon property and funds seized over failure to deliver Dubai Lagoon development - The National:
The property, plots of land and funds registered to developer Schon Properties will be seized after hundreds of investors in the Dubai Lagoon community have demanded their money back.
The Dubai Land Department will be in charge of the property and funds deposited in an escrow account until the Dubai Public Prosecution and Dubai Courts completes legal procedures to permit recovery by investors.
“The step is aimed at protecting the rights of investors in light of Schon Properties’ actions of exploiting investors by refraining from depositing their money in an escrow (guarantee) account,” according to a statement released by the Dubai Media Office on Thursday.
Thursday, 2 August 2018
REITs to soak up Gulf property glut
REITs to soak up Gulf property glut:
The number of real estate investment trusts (Reits) launched in the Gulf is expected to rise as investors look for a way of obtaining exposure to the region’s expanding property sector, analysts said.
A Reit allows investors to gain exposure to the real estate market through allowing collective ownership for fully-constructed real estate assets that generate regular income.
“(We are) most definitely likely to see an increase in the number of Reits launched in both Dubai and Abu Dhabi over the next 12 months,” said Craig Plumb, regional head of research at real estate consultancy JLL.
The number of real estate investment trusts (Reits) launched in the Gulf is expected to rise as investors look for a way of obtaining exposure to the region’s expanding property sector, analysts said.
A Reit allows investors to gain exposure to the real estate market through allowing collective ownership for fully-constructed real estate assets that generate regular income.
“(We are) most definitely likely to see an increase in the number of Reits launched in both Dubai and Abu Dhabi over the next 12 months,” said Craig Plumb, regional head of research at real estate consultancy JLL.
QSE investors became QR26.75bn richer last week - The Peninsula Qatar
QSE investors became QR26.75bn richer last week - The Peninsula Qatar:
Qatar Stock Exchange’s (QSE) benchmark index made a remarkable gain during the last week powered by banking and industrial sector stocks. The QSE index gained 373.33 points, or 3.89 percent, last week when the bourse closed yesterday at 9,981.22 points. Investors at the exchange became QR26.75bn richer as the market cap rose by 5.11 percent to reach QR550.53bn as compared to QR523.78bn at the end of previous week.
Trading value during last week increased by 25.84 percent to reach QR1.21bn compared to QR967.03m. Trading volume increased by 31.72 percent to reach 41.07 million shares, as against 31.18 million shares, while the number of transactions rose by 21.63 percent, to reach 18,711 transactions as compared to 15,383 transactions.
Banking and Financial Services sector led traded value last week with 46.21 percent of the total traded value. Industries sector accounted for 16.12 percent. Transportation sector accounted for 10.10 percent and Real Estate sector accounted for 9.46 percent.
Qatar Stock Exchange’s (QSE) benchmark index made a remarkable gain during the last week powered by banking and industrial sector stocks. The QSE index gained 373.33 points, or 3.89 percent, last week when the bourse closed yesterday at 9,981.22 points. Investors at the exchange became QR26.75bn richer as the market cap rose by 5.11 percent to reach QR550.53bn as compared to QR523.78bn at the end of previous week.
Trading value during last week increased by 25.84 percent to reach QR1.21bn compared to QR967.03m. Trading volume increased by 31.72 percent to reach 41.07 million shares, as against 31.18 million shares, while the number of transactions rose by 21.63 percent, to reach 18,711 transactions as compared to 15,383 transactions.
Banking and Financial Services sector led traded value last week with 46.21 percent of the total traded value. Industries sector accounted for 16.12 percent. Transportation sector accounted for 10.10 percent and Real Estate sector accounted for 9.46 percent.
Oil Bounces From One-Month Low as U.S. Supply Hub Seen Draining - Bloomberg
Oil Bounces From One-Month Low as U.S. Supply Hub Seen Draining - Bloomberg:
Oil recovered from the lowest level in more than a month amid signs the supply drain from the biggest U.S. supply hub will continue and heightened geopolitical tension.
Futures rose 1.9 percent after a Genscape report was said to show Cushing, Oklahoma, inventories sank 1.1 million barrels from Friday to Tuesday. The rally was further boosted when U.S. government officials told Reuters that Iran plans to hold a military exercise in the Strait of Hormuz in the coming days. Futures touched the lowest since June 22 earlier after reports that OPEC and Russia boosted production.
Oil recovered from the lowest level in more than a month amid signs the supply drain from the biggest U.S. supply hub will continue and heightened geopolitical tension.
Futures rose 1.9 percent after a Genscape report was said to show Cushing, Oklahoma, inventories sank 1.1 million barrels from Friday to Tuesday. The rally was further boosted when U.S. government officials told Reuters that Iran plans to hold a military exercise in the Strait of Hormuz in the coming days. Futures touched the lowest since June 22 earlier after reports that OPEC and Russia boosted production.
CORRECTED-Prince Alwaleed's firm takes $266.7 mln stake in Deezer | Reuters
CORRECTED-Prince Alwaleed's firm takes $266.7 mln stake in Deezer | Reuters:
Prince Alwaleed bin Talal’s Kingdom Holding has completed a 1 billion Saudi riyal ($266.7 million) deal to buy newly issued shares in the French music streaming service Deezer, the company said in a statement on Thursday.
Shares in Deezer will be bought through Kingdom Holding and Rotana Group, a Saudi-based entertainment company wholly owned by the Saudi billionaire which produces a series of channels covering music, cinema, religion, news and drama.
The statement did not provide any further details on the stake or the number of shares acquired.
Prince Alwaleed bin Talal’s Kingdom Holding has completed a 1 billion Saudi riyal ($266.7 million) deal to buy newly issued shares in the French music streaming service Deezer, the company said in a statement on Thursday.
Shares in Deezer will be bought through Kingdom Holding and Rotana Group, a Saudi-based entertainment company wholly owned by the Saudi billionaire which produces a series of channels covering music, cinema, religion, news and drama.
The statement did not provide any further details on the stake or the number of shares acquired.
TPG, KKR leading contenders to manage Abraaj's healthcare fund: sources | Reuters
TPG, KKR leading contenders to manage Abraaj's healthcare fund: sources | Reuters:
Buyout firms TPG (TPG.L) and KKR & Co (KKR.N) have emerged as leading contenders to run Dubai-based private equity firm Abraaj’s troubled $1 billion healthcare fund, three sources familiar with the matter said.
The two firms have access to the healthcare fund’s virtual data room and are about to start due diligence, with offers expected in the next few weeks, two of the three sources said.
They have emerged as frontrunners from an initial list of six bidders, two of the sources said, adding that some had been told investors wanted a potential manager with a large balance sheet and the ability to handle multiple regulators.
Buyout firms TPG (TPG.L) and KKR & Co (KKR.N) have emerged as leading contenders to run Dubai-based private equity firm Abraaj’s troubled $1 billion healthcare fund, three sources familiar with the matter said.
The two firms have access to the healthcare fund’s virtual data room and are about to start due diligence, with offers expected in the next few weeks, two of the three sources said.
They have emerged as frontrunners from an initial list of six bidders, two of the sources said, adding that some had been told investors wanted a potential manager with a large balance sheet and the ability to handle multiple regulators.
Oil rallies on expectation inventories will drop | Reuters
Oil rallies on expectation inventories will drop | Reuters:
Oil prices strengthened Thursday, with U.S. crude gaining nearly 2 percent after traders saw an industry report suggesting domestic crude stockpiles would soon decline again after a surprise rise in the latest week.
Traders said prices rallied early when industry information provider Genscape reported that crude inventories at the Cushing, Oklahoma, delivery hub for U.S. crude, dropped 1.1 million barrels since Friday, July 27.
On Wednesday, prices sank when the U.S. government reported that in the prior week, total U.S. inventories rose 3.8 million barrels, while supplies at Cushing fell 1.3 million barrels.
Oil prices strengthened Thursday, with U.S. crude gaining nearly 2 percent after traders saw an industry report suggesting domestic crude stockpiles would soon decline again after a surprise rise in the latest week.
Traders said prices rallied early when industry information provider Genscape reported that crude inventories at the Cushing, Oklahoma, delivery hub for U.S. crude, dropped 1.1 million barrels since Friday, July 27.
On Wednesday, prices sank when the U.S. government reported that in the prior week, total U.S. inventories rose 3.8 million barrels, while supplies at Cushing fell 1.3 million barrels.
UPDATE 1-Bahrain central bank's net foreign assets rebound in June | Reuters
UPDATE 1-Bahrain central bank's net foreign assets rebound in June | Reuters:
Net foreign assets at Bahrain’s central bank, an indication of its ability to defend its currency against market pressure, rebounded in June, the central bank said on Thursday.
The assets rose to 820.6 million dinars ($2.18 billion) in June from 671.1 million dinars in May. However, net foreign assets at Bahraini retail banks fell in June, to minus 1.26 billion dinars from minus 1.20 billion, meaning their liabilities exceeded assets.
Foreign assets have been under pressure as Bahrain runs fiscal and current account deficits fuelled by low oil prices. In May, net foreign assets of the central bank and retail banks combined sank to a record low of minus 526.1 million dinars.
Net foreign assets at Bahrain’s central bank, an indication of its ability to defend its currency against market pressure, rebounded in June, the central bank said on Thursday.
The assets rose to 820.6 million dinars ($2.18 billion) in June from 671.1 million dinars in May. However, net foreign assets at Bahraini retail banks fell in June, to minus 1.26 billion dinars from minus 1.20 billion, meaning their liabilities exceeded assets.
Foreign assets have been under pressure as Bahrain runs fiscal and current account deficits fuelled by low oil prices. In May, net foreign assets of the central bank and retail banks combined sank to a record low of minus 526.1 million dinars.
MIDEAST STOCKS-Abu Dhabi leads Gulf share tumble as world trade fears spread | Reuters
MIDEAST STOCKS-Abu Dhabi leads Gulf share tumble as world trade fears spread | Reuters:
Abu Dhabi’s stock market fell on Thursday, leading a tumble of most Gulf bourse’s as fears spread of an escalating trade dispute between the United States and China.
Analysts blame the retreat in world stock markets on the uncertainty around the trade policy of the Trump administration.
Trump said on Wednesday he wants to raise the tariff on $200 billion of Chinese goods to 25 percent from a previously proposed 10 percent, later rattling Asian stocks.
Abu Dhabi’s stock market fell on Thursday, leading a tumble of most Gulf bourse’s as fears spread of an escalating trade dispute between the United States and China.
Analysts blame the retreat in world stock markets on the uncertainty around the trade policy of the Trump administration.
Trump said on Wednesday he wants to raise the tariff on $200 billion of Chinese goods to 25 percent from a previously proposed 10 percent, later rattling Asian stocks.
Big Oil switches focus from profits to production | Financial Times
Big Oil switches focus from profits to production | Financial Times:
A rebound in crude prices helped the world’s energy supermajors generate higher profits in the second quarter but ultimately it was how much oil and gas they produced that differentiated their fortunes.
For ExxonMobil, which was widely seen as having the worst performance of all the majors, higher prices were offset by a 7 per cent drop in combined oil and gas production in the quarter from the same period last year.
Paul Sankey, an analyst from Mizuho in New York, described Exxon’s results as “shocking” and said the production number underlined the need for the world’s biggest energy producer to fast-track projects.
A rebound in crude prices helped the world’s energy supermajors generate higher profits in the second quarter but ultimately it was how much oil and gas they produced that differentiated their fortunes.
For ExxonMobil, which was widely seen as having the worst performance of all the majors, higher prices were offset by a 7 per cent drop in combined oil and gas production in the quarter from the same period last year.
Paul Sankey, an analyst from Mizuho in New York, described Exxon’s results as “shocking” and said the production number underlined the need for the world’s biggest energy producer to fast-track projects.
Embargo Pain Soothed for Qatar as Stock-Market Rout Evaporates - Bloomberg
Embargo Pain Soothed for Qatar as Stock-Market Rout Evaporates - Bloomberg:
Qatari stocks made a breakthrough, recouping their losses from the trade and travel embargo imposed on the nation 14 months ago by its neighbors.
After trailing all the other major stock indexes except Pakistan’s in 2017, Qatar is among the world’s biggest gainers this year. The QE Index advanced 1.5 percent on Wednesday, bringing its increase in 2018 to 17 percent. While the country’s dollar bonds haven’t fared as well, the yield on debt due 2026 narrowed about 40 basis points since reaching a peak in May.
The gas-rich nation has offset the blow on its economy by finding ways around the sanctions, prompting Moody’s Investors Service to reverse last year’s downgrade in Qatar’s rating outlook. It said Qatar, which is hosting the 2022 soccer World Cup, is likely to withstand the boycott “in its current form or even with further restrictions for an extended period without a deterioration of its credit profile.”
Qatari stocks made a breakthrough, recouping their losses from the trade and travel embargo imposed on the nation 14 months ago by its neighbors.
After trailing all the other major stock indexes except Pakistan’s in 2017, Qatar is among the world’s biggest gainers this year. The QE Index advanced 1.5 percent on Wednesday, bringing its increase in 2018 to 17 percent. While the country’s dollar bonds haven’t fared as well, the yield on debt due 2026 narrowed about 40 basis points since reaching a peak in May.
The gas-rich nation has offset the blow on its economy by finding ways around the sanctions, prompting Moody’s Investors Service to reverse last year’s downgrade in Qatar’s rating outlook. It said Qatar, which is hosting the 2022 soccer World Cup, is likely to withstand the boycott “in its current form or even with further restrictions for an extended period without a deterioration of its credit profile.”
Oil Trades Near $68 as Inventory and OPEC Output Weigh on Market - Bloomberg
Oil Trades Near $68 as Inventory and OPEC Output Weigh on Market - Bloomberg:
Oil traded near $68 a barrel after sliding for two consecutive sessions as rising U.S. inventories and higher output from OPEC and Russia weighed on the market.
Futures in New York were little changed, following a 3.5 percent slide in the past two sessions. U.S. government data Wednesday showed a surprise gain in nationwide stockpiles. Meanwhile, OPEC’s July output climbed as Saudi Arabia pumped near-record volumes and Russia boosted production to levels not seen since it joined the cartel in a coordinated cut two years ago.
Oil traded near $68 a barrel after sliding for two consecutive sessions as rising U.S. inventories and higher output from OPEC and Russia weighed on the market.
Futures in New York were little changed, following a 3.5 percent slide in the past two sessions. U.S. government data Wednesday showed a surprise gain in nationwide stockpiles. Meanwhile, OPEC’s July output climbed as Saudi Arabia pumped near-record volumes and Russia boosted production to levels not seen since it joined the cartel in a coordinated cut two years ago.
MIDEAST STOCKS-Abu Dhabi leads Gulf tumble in early trade | Reuters
MIDEAST STOCKS-Abu Dhabi leads Gulf tumble in early trade | Reuters:
Abu Dhabi’s stock market opened lower on Thursday, weighed down by blue-chip financial and telecom shares, and leading a tumble of regional Gulf bourses amid the second quarter earnings reporting season.
Oil prices rose, steadying after losses over the past two days, and Asian shares fell as the United States-China trade war escalated.
The Abu Dhabi main index fell by 0.7 percent, with First Abu Dhabi Bank shrinking 0.7 percent and Etisalat , also known as Emirates Telecommunications Group, falling 1.8 percent.
Abu Dhabi’s stock market opened lower on Thursday, weighed down by blue-chip financial and telecom shares, and leading a tumble of regional Gulf bourses amid the second quarter earnings reporting season.
Oil prices rose, steadying after losses over the past two days, and Asian shares fell as the United States-China trade war escalated.
The Abu Dhabi main index fell by 0.7 percent, with First Abu Dhabi Bank shrinking 0.7 percent and Etisalat , also known as Emirates Telecommunications Group, falling 1.8 percent.
Subscribe to:
Posts (Atom)