Dubai orders Danish tax fraud suspect to repay more than $1 billion | Reuters
A Dubai court has rejected an appeal by a British citizen charged with defrauding Danish tax authorities and ordered him to pay more than $1 billion to Denmark, according to a court document dated Tuesday and seen by Reuters.
A ruling issued by the Dubai Court of Cassation, its highest court, says Sanjay Shah must repay 4.643 billion dirhams ($1.3 billion) plus 5% interest to Denmark.
Shah's lawyer, Ali Al Zarouni, did not immediately respond to an emailed request for comment. His media and political adviser, Jack Irvine, said in an email that he had not spoken with Shah since Tuesday's court ruling.
Wednesday 17 May 2023
Exclusive: #Qatar fund explored claims against Switzerland for Credit Suisse losses | Reuters
Exclusive: Qatar fund explored claims against Switzerland for Credit Suisse losses | Reuters
Qatar's sovereign wealth fund, Credit Suisse's second-largest investor, has explored seeking redress for losses incurred by the bank's takeover, two people familiar with the matter said, as legal challenges to Switzerland's state-backed rescue mount.
The Qatar Investment Authority (QIA) sought legal advice on whether it had any claim against Swiss authorities, including through international arbitration, after Credit Suisse Group AG's forced sale to UBS Group AG (UBSG.S) at a fraction of its market value, the two sources said.
The move by the $475 billion sovereign wealth fund to study legal options has not been previously reported. QIA stands to lose roughly $330 million on its equity stake in Credit Suisse as a result of the sale to rival UBS, Reuters calculations show.
Shareholders of Credit Suisse and UBS were not granted a vote on the deal that was sealed over one weekend in March.
Switzerland and Qatar have a treaty that lays out a process to settle disputes. The fund tapped a law firm that specialises in international arbitration and has offices in London and Paris, the sources said.
Qatar's sovereign wealth fund, Credit Suisse's second-largest investor, has explored seeking redress for losses incurred by the bank's takeover, two people familiar with the matter said, as legal challenges to Switzerland's state-backed rescue mount.
The Qatar Investment Authority (QIA) sought legal advice on whether it had any claim against Swiss authorities, including through international arbitration, after Credit Suisse Group AG's forced sale to UBS Group AG (UBSG.S) at a fraction of its market value, the two sources said.
The move by the $475 billion sovereign wealth fund to study legal options has not been previously reported. QIA stands to lose roughly $330 million on its equity stake in Credit Suisse as a result of the sale to rival UBS, Reuters calculations show.
Shareholders of Credit Suisse and UBS were not granted a vote on the deal that was sealed over one weekend in March.
Switzerland and Qatar have a treaty that lays out a process to settle disputes. The fund tapped a law firm that specialises in international arbitration and has offices in London and Paris, the sources said.
#Qatar Stock Market Could Attract Up to $3.5 Billion on Free Float Plan - Bloomberg
Qatar Stock Market Could Attract Up to $3.5 Billion on Free Float Plan - Bloomberg
Qatar’s equity market could attract as much as $3.5 billion of passive flows if the Gulf state proceeds with a plan to combine all of the local stocks held by its sovereign wealth and pension funds, according to Dubai-based Arqaam Capital Ltd.
The $450 billion Qatar Investment Authority and the General Retirement and Social Insurance Authority are examining a proposal to consolidate their local holdings worth up to $3 billion under a separate entity in a bid to draw more foreign investor interest and deepen markets, Bloomberg News reported on Tuesday.
The new entity would hire third-party funds to actively manage and trade the shares, effectively boosting activity in the overall market, according to people with knowledge of the plans who asked not to be identified because the information isn’t public.
Such a move could attract an estimated $2.46 billion inflows from MSCI trackers and $1 billion inflows from FTSE trackers in a “blue sky scenario” where both entities pooled all of their stakes to free float, Arqaam analysts Jaap Meijer and Elia Al Chaar, wrote in a note on Wednesday.
Qatar’s equity market could attract as much as $3.5 billion of passive flows if the Gulf state proceeds with a plan to combine all of the local stocks held by its sovereign wealth and pension funds, according to Dubai-based Arqaam Capital Ltd.
The $450 billion Qatar Investment Authority and the General Retirement and Social Insurance Authority are examining a proposal to consolidate their local holdings worth up to $3 billion under a separate entity in a bid to draw more foreign investor interest and deepen markets, Bloomberg News reported on Tuesday.
The new entity would hire third-party funds to actively manage and trade the shares, effectively boosting activity in the overall market, according to people with knowledge of the plans who asked not to be identified because the information isn’t public.
Such a move could attract an estimated $2.46 billion inflows from MSCI trackers and $1 billion inflows from FTSE trackers in a “blue sky scenario” where both entities pooled all of their stakes to free float, Arqaam analysts Jaap Meijer and Elia Al Chaar, wrote in a note on Wednesday.
Most Gulf markets gain as investors shrug off US debt-ceiling talks | Reuters
Most Gulf markets gain as investors shrug off US debt-ceiling talks | Reuters
Most stock markets in the Gulf ended higher on Wednesday as investors shrugged off concerns around the U.S. government's debt-ceiling negotiations.
U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Monday prepared for the critical debt-ceiling talks, with a little more than two weeks to go before the government could run short of money to pay its bills.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, driven by a 3.6% jump in the country's biggest lender Saudi National Bank (1180.SE) and a 3% increase in Riyad Bank (1010.SE).
The Saudi stock market remains in a positive direction overall, but is starting to see some challenges to maintaining clear gains, said Gabi Dahduh, Senior Relationship Manager at CAPEX.com.
"The main index could be weighed by the deteriorating conditions in oil markets over the short to medium term."
Prices of oil - a key catalyst for the Gulf's financial markets - were steady after a surprise rise in U.S. crude inventories stoked demand concerns as economic worries competed with a tighter supply outlook for later in the year.
However, oil giant Saudi Aramco (2222.SE) finished 0.9% lower as the firm went ex-dividend.
The Qatari index (.QSI) outperformed the region to close 2% higher, as most of the stocks on the index were in positive territory including Qatar Islamic Bank (QISB.QA), which jumped 4.5%, following media reports that the Gulf state is planning to boost the stock market to attract foreigners.
Dubai's main share index (.DFMGI) snapped a four-session losing streak to finish 1.6% higher, with Emirates Central Cooling Systems (EMPOWER.DU) advancing 3%.
In Abu Dhabi, the index (.DFMGI) rose 0.5%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.1%, with Sidi Kerir Petrochemicals Co (SKPC.CA) retreating 6.7%.
According to Dahduh, the Egyptian bourse stabilized to a certain extent but continued to record losses as international investors' remained sellers due to global concerns and a declining risk appetite.
Most stock markets in the Gulf ended higher on Wednesday as investors shrugged off concerns around the U.S. government's debt-ceiling negotiations.
U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Monday prepared for the critical debt-ceiling talks, with a little more than two weeks to go before the government could run short of money to pay its bills.
Saudi Arabia's benchmark index (.TASI) gained 0.6%, driven by a 3.6% jump in the country's biggest lender Saudi National Bank (1180.SE) and a 3% increase in Riyad Bank (1010.SE).
The Saudi stock market remains in a positive direction overall, but is starting to see some challenges to maintaining clear gains, said Gabi Dahduh, Senior Relationship Manager at CAPEX.com.
"The main index could be weighed by the deteriorating conditions in oil markets over the short to medium term."
Prices of oil - a key catalyst for the Gulf's financial markets - were steady after a surprise rise in U.S. crude inventories stoked demand concerns as economic worries competed with a tighter supply outlook for later in the year.
However, oil giant Saudi Aramco (2222.SE) finished 0.9% lower as the firm went ex-dividend.
The Qatari index (.QSI) outperformed the region to close 2% higher, as most of the stocks on the index were in positive territory including Qatar Islamic Bank (QISB.QA), which jumped 4.5%, following media reports that the Gulf state is planning to boost the stock market to attract foreigners.
Dubai's main share index (.DFMGI) snapped a four-session losing streak to finish 1.6% higher, with Emirates Central Cooling Systems (EMPOWER.DU) advancing 3%.
In Abu Dhabi, the index (.DFMGI) rose 0.5%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.1%, with Sidi Kerir Petrochemicals Co (SKPC.CA) retreating 6.7%.
According to Dahduh, the Egyptian bourse stabilized to a certain extent but continued to record losses as international investors' remained sellers due to global concerns and a declining risk appetite.
#Oman’s Bank Dhofar and Omnivest Compete to Bid for Ahli Bank - Bloomberg
Oman’s Bank Dhofar and Omnivest Compete to Bid for Ahli Bank - Bloomberg
Oman’s Bank Dhofar SAOG revised its offer for Ahli Bank just a day after a consortium led by Oman International Development and Investment Co. said it plans to bid for the lender.
Bank Dhofar, the Gulf state’s second-largest lender with $11.2 billion in assets, said a potential merger with Ahli Bank would provide a “compelling opportunity” for shareholders, without providing further details. In April, Ahli Bank’s board of directors turned down an initial, non-binding offer from Bank Dhofar that would have created an entity with $19 billion in assets.
On Tuesday, Omnivest — as the consortium is know — submitted an offer to acquire Ahli Bank’s entire issued capital for a price of 185 baizas per share, valuing the bank at about 360.7 million rials. The consortium then plans to merge Ahli Bank with Oman Arab bank.
Muscat-based Bank Dhofar has attempted to merge with local rivals in the past with no success. It considered a combination with National Bank of Oman, but the lenders abandoned that deal in 2019. Talks with Bank Sohar for a potential combination collapsed in 2016 after three years of deliberations.
Oman’s Bank Dhofar SAOG revised its offer for Ahli Bank just a day after a consortium led by Oman International Development and Investment Co. said it plans to bid for the lender.
Bank Dhofar, the Gulf state’s second-largest lender with $11.2 billion in assets, said a potential merger with Ahli Bank would provide a “compelling opportunity” for shareholders, without providing further details. In April, Ahli Bank’s board of directors turned down an initial, non-binding offer from Bank Dhofar that would have created an entity with $19 billion in assets.
On Tuesday, Omnivest — as the consortium is know — submitted an offer to acquire Ahli Bank’s entire issued capital for a price of 185 baizas per share, valuing the bank at about 360.7 million rials. The consortium then plans to merge Ahli Bank with Oman Arab bank.
Muscat-based Bank Dhofar has attempted to merge with local rivals in the past with no success. It considered a combination with National Bank of Oman, but the lenders abandoned that deal in 2019. Talks with Bank Sohar for a potential combination collapsed in 2016 after three years of deliberations.
Major Gulf markets gain as investors shrug off US debt-ceiling talks | Reuters
Major Gulf markets gain as investors shrug off US debt-ceiling talks | Reuters
Major stock markets in the Gulf rose in early trade on Wednesday as investors shrugged off concerns around the U.S. government's debt-ceiling negotiations.
U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Monday prepared for the critical debt-ceiling talks, with a little more than two weeks to go before the U.S. government could run short of money to pay its bills.
Saudi Arabia's benchmark index (.TASI) added 0.2%, on course to end a three-day winning streak, led by a 1.8% rise in the country's biggest lender Saudi National Bank (1180.SE).
On the other hand, oil behemoth Saudi Aramco (2222.SE) lost 0.9% as the stock traded ex-dividend.
The kingdom's plans for another multibillion-dollar Aramco stock offering have gained momentum, Bloomberg News reported on Tuesday, citing sources familiar with the matter.
Dubai's main share index (.DFMGI) advanced 0.7%, with blue-chip developer Emaar Properties (EMAR.DU) climbing 1.4% and Emirates Central Cooling Systems (EMPOWER.DU) putting on 2.4%.
Separately, a new Dubai organisation focused on family businesses, a key component of the emirate's economy, on Tuesday said it would support the growth of family firms and help them survive generational transitions.
Family-owned businesses contribute 60% of the United Arab Emirates Gross Domestic Product (GDP) and 80% of its workforce, consultancy KPMG said in a report last year.
In Abu Dhabi, the index (.FTFADGI) gained 0.2%.
The Qatari benchmark (.QSI) climbed 1.3%, as most of the stocks on the index were in positive territory, including the Gulf's biggest lender Qatar National Bank (QNBK.QA), which was up 2.9%, following media reports that the Gulf state is planning to boost the stock market to attract foreigners.
Major stock markets in the Gulf rose in early trade on Wednesday as investors shrugged off concerns around the U.S. government's debt-ceiling negotiations.
U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Monday prepared for the critical debt-ceiling talks, with a little more than two weeks to go before the U.S. government could run short of money to pay its bills.
Saudi Arabia's benchmark index (.TASI) added 0.2%, on course to end a three-day winning streak, led by a 1.8% rise in the country's biggest lender Saudi National Bank (1180.SE).
On the other hand, oil behemoth Saudi Aramco (2222.SE) lost 0.9% as the stock traded ex-dividend.
The kingdom's plans for another multibillion-dollar Aramco stock offering have gained momentum, Bloomberg News reported on Tuesday, citing sources familiar with the matter.
Dubai's main share index (.DFMGI) advanced 0.7%, with blue-chip developer Emaar Properties (EMAR.DU) climbing 1.4% and Emirates Central Cooling Systems (EMPOWER.DU) putting on 2.4%.
Separately, a new Dubai organisation focused on family businesses, a key component of the emirate's economy, on Tuesday said it would support the growth of family firms and help them survive generational transitions.
Family-owned businesses contribute 60% of the United Arab Emirates Gross Domestic Product (GDP) and 80% of its workforce, consultancy KPMG said in a report last year.
In Abu Dhabi, the index (.FTFADGI) gained 0.2%.
The Qatari benchmark (.QSI) climbed 1.3%, as most of the stocks on the index were in positive territory, including the Gulf's biggest lender Qatar National Bank (QNBK.QA), which was up 2.9%, following media reports that the Gulf state is planning to boost the stock market to attract foreigners.
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