Sunday, November 30, 2014

Dubai property market leans towards affordable housing | Dubai Financial Market

The Dubai property market is increasingly leaning towards affordable
accommodations, an expert at Ggico Properties recently highlighted.


Speaking in an exclusive interview with Khaleej Times, Andrew Chambers,
chief executive officer of Ggico Properties, said: “The market today is
leaning more towards affordable housing because that is where the
greatest demand is. Dubai is getting an estimated 100,000 people a year,
and it is probably looking at a growth rate of about five per cent. Now
that is fantastic anywhere in the world for a city the size of Dubai.
If you are getting 100,000 people a year, you probably need at least
50,000 new dwellings a year; and these are the ones that are now geared
towards the affordable housing segment.”
Chambers said that he believed that the property market in the UAE has
become a lot more “organic and demand driven”.


Asked if there was a bubble in the property market, he answered with a resounding no.


“What we are witnessing now is a boom that is not going to bust,” he
said. “The growth in the property market has slowed down and it is
definitely more controlled. There is a real supply-demand balance, which
is a sign of a healthy mature market. In addition, there aren’t any
external influences pushing money into the UAE market to create a boom
and bust cycle like before.”

Saudi Aramco deal ‘sets benchmark for GE Oil & Gas’ | Saudi Stock Exchange

Highlighting its commitment to further support the oil and gas sector of
Saudi Arabia, GE Oil & Gas marked an industry milestone with the
award of a contract by Shandong Electric Power Construction Corp.
(SEPCO) to manufacture and assist with the commissioning and startup of
12 high-efficiency gas compression trains, each consisting of an
aeroderivative gas turbine and a pipeline centrifugal compressor, for
the Master Gas System Expansion Project in Saudi Arabia.


The contract underlines GE’s localization commitment with six of the gas
compression trains to be assembled locally at the GE Manufacturing
Technology Center in Dammam.


Moreover, work is in progress to expand and modify the center to meet
the localization commitment and create more jobs for Saudis.


The scope of work also includes a long-term service agreement with the
option of renewal. GE Oil & Gas will also extend training for Saudi
Aramco personnel on the supplied units and the control system at GE’s
overseas facility and customer site.


Rami Qasem, president & CEO of GE Oil & Gas for the Middle East,
North Africa and Turkey, said: “We are thankful to Saudi Aramco, our
long-term customer, for their support and trust in our tech-solutions.
The contract sets a benchmark for GE Oil & Gas in the Kingdom, as it
not only marks the first time such high-efficiency technology is
introduced in Saudi Arabia, but also demonstrates our local
manufacturing competencies.”





Rami Qasem said: “This is a good fit with our strategy for the Kingdom
to support our customers with the most advanced technologies that add to
their operational efficiency as to promote a culture of localization,
which in turns boosts the local manufacturing sector and promotes
exports.”


He added: “The expansion of the GE Manufacturing Technology Center,
which is part of the $1 billion investment commitment by GE in the
Kingdom, brings us closer to our customers, and enables us to provide
technology and repair support at short lead times.”


Rami Qasem said: “We will also establish local shop repair for the
supplied equipment further adding to our promptness in customer service
delivery.”


He said: “A number of Saudi professionals will be hired for the project
while Saudi nationals will be trained at GE Manufacturing Technology
Center on the packaging of the compressor train and other services.”


The PGT25 power turbine components have been designed taking into
account many years of experience gained by GE in the field by heavy duty
gas turbines and axial/centrifugal compressors.


The aerodynamic blading was planned with the main objective of obtaining very high efficiency at both design and reduced speeds.


From providing the first turbomachinery for Saudi Arabia’s early oil
expeditions and building partnerships with public and private sector
entities for over 80 years, GE Oil & Gas has a strong heritage of
working with Saudi Aramco.


The company’s compressor fleet in Saudi Arabia now numbers about 100, having doubled since 2010.

Arabtec helps Dubai stock index pull through | Dubai Financial Market

late surge in Arabtec shares helped to ensure Dubai’s stock market ended the last day of the trading week in the black.



The Dubai Financial Market yesterday closed 1.1 per cent higher at 4,494.37, ending a three-day losing streak.



The main index, however, finished the week 1.5 per cent lower compared with last Thursday’s close.



Arabtec shares were the big gainers after Egypt’s housing minister said
the company’s US$40 billion housing project will commence construction
next year, downplaying talks of delays to the project.



Shares of the construction company rose 6.1 per cent in heavy afternoon trading, ending the day at Dh3.97 each.



Dubai’s gains were not replicated in the capital, however. The Abu Dhabi
Securities Exchange General Index ended the day down 0.4 per cent at
4,797.90, dragged by a 1.9 per cent drop in the index heavyweight FGB.



Aldar Properties ended the day up 0.9 per cent at Dh3.19 for each share,
following an announcement that its credit rating had been upgraded to
investment grade by Moody’s.

Market news 30-11-2014

(Source http://www.gulfbase.com/)

Saturday, November 29, 2014

Swiss-Belhotel inks deal to run two Riyadh hotels

Financial Services (29 Nov 2014)

  • Songbird Estates says worth $4.4bn, more than Qatar offer

    Owner of London's Canary Wharf says property upturn means it is worth more than offer made by Qatar Investment Authority
  • MENA M&A activity increases by 17% in Q3 but values fall

    Ernst & Young report says 109 deals were announced during quarter although deal value falls by 47%
  • Zain Saudi proposes 45% capital reduction to shareholders

    Telecoms operator seeks approval to eliminate all accumulated losses up to September 30

Icon of Arab music Sabah dies in Lebanon



Sabah, an actress and singer considered an icon in the Arab World, has died, Lebanese media reported. Al-Nahar newspaper said the Lebanese diva passed away on Wednesday morning at her residence at the age of 87.

(Source: Al Jazeera English YouTube channel)


Friday, November 28, 2014

forex Reports

Financial news from Middle East date 28-11-2014

  • Why PE's back in vogue in the Middle East

    Confidence is returning to the Gulf’s private equity market after local investors took a hit after the global financial crisis.
  • Fighting talk: Mohammed Mahfoodh Al Ardhi

    Mohammed Mahfoodh Al Ardhi got his early training as a fighter pilot and recently was unveiled as the new executive chairman of Bahrain-based investment firm Investcorp
  • Dubai World said to set meetings to put new deal to all creditors

    Sources say state-owned conglomerate will hold talks in London on Dec 1 and in Dubai a week later

Thursday, November 27, 2014

OPEC Mixed on Oil Production Cuts as Shale Threat Rises By Alfonso Esparza

on Nov 27, 2014 10:08:48 GMT  2    0  inShare  Email marketpulse  The two main drivers of the price of oil have been an increase of production in the U.S. with the use of shale oil technology, and a lower demand for energy as global growth slows. Geopolitical turmoil has taken a backseat to those two factors. Even rising violence in oil producing states has not deeply affected the price of crude.  The Organization of the Petroleum Exporting Countries (OPEC) will hold its general meeting this week to decide if it needs to reduce its oil production quota to reverse the falling price of crude.  During OPEC’s last meeting in June, the members considered the market to be adequately supplied, and they indicated geopolitical tensions were the main reason prices had changed. There was a comment on the statement highlighting that although global demand would be stronger in 2014 than in 2013, non-OPEC supply was growing. 271114d  

Daily Market

Etihad Airways signs five-year sponsorship deal with New York City FC

Claudio Reyna, NYCFC Sporting Director; Tim Pernetti, NYCFC Chief Business Officer; David Villa; and James Hogan, President and Chief Executive Officer of Etihad Airways.
Claudio Reyna, NYCFC Sporting Director; Tim Pernetti, NYCFC Chief Business Officer; David Villa; and James Hogan, President and Chief Executive Officer of Etihad Airways.
New York City FC, the new Major League Soccer (MLS) franchise, has announced a major partnership with Etihad Airways.              
The Abu Dhabi-based airline becomes the club’s principal partner, which will see its branding on all of the team’s playing jerseys.
In conjunction with the uniform sponsorship, Etihad Airways also becomes one of the club’s founding partners.
The announcement was made as the first home jersey, which is now available for pre-sale, was unveiled for the first time in New York City.

Financial Services

Tuesday, November 25, 2014

Al-Futtaim to invest $700m in Egypt after dispute settled

Cairo Festival City development

Cairo Festival City development
Dubai-based conglomerate Al-Futtaim Group said on Tuesday it would invest $700 million in Egypt over three years and pay the government $30.5 million as part of a settlement reached last week over a long-standing land sale dispute.
Mohamed al-Makkawi, Al-Futtaim's Egypt CEO, told reporters the investments would be directed towards new projects in a second phase of the company's Cairo Festival City development, including a hotel and nearly 500 housing units.

Al-Futtaim to invest $700m in Egypt after dispute settled

Cairo Festival City development
Cairo Festival City development
Dubai-based conglomerate Al-Futtaim Group said on Tuesday it would invest $700 million in Egypt over three years and pay the government $30.5 million as part of a settlement reached last week over a long-standing land sale dispute.
Mohamed al-Makkawi, Al-Futtaim's Egypt CEO, told reporters the investments would be directed towards new projects in a second phase of the company's Cairo Festival City development, including a hotel and nearly 500 housing units.

Al-Futtaim to invest $700m in Egypt after dispute settled

Cairo Festival City development
Cairo Festival City development
Dubai-based conglomerate Al-Futtaim Group said on Tuesday it would invest $700 million in Egypt over three years and pay the government $30.5 million as part of a settlement reached last week over a long-standing land sale dispute.

Dubai's Noor Bank eyes Turkish growth to beat competition Move comes as banks in the UAE have been expanding heavily abroad, amid fierce rivalry at home among 51 lenders

Hussain al-Qemzi, chief executive of Noor Bank.
Hussain al-Qemzi, chief executive of Noor Bank.
Dubai-based Noor Bank is looking to Turkey and other international markets to escape tougher competition at home and take advantage of a booming global sharia-compliant finance industry, its chief executive told Reuters on Tuesday.

Sunday, November 23, 2014

EURUSD Analysis 2014.11.21

EURUSD Analysis 2014.11.21

EURUSD 2014.11.11

EURUSD is facing a selling pressure pushing it down as long as it remains below (1.2519) any four hours close below (1.2389) will open the way for the pair to test the next support level at (1.2365). Any four hours bare close above (1.2519) will change pair`s direction. Traders should consider selling each rally with a stop loss at (1.2519).

crisis-pushed-dubai-broker-from-stocks-to-sandwiches

Crisis pushed Dubai broker from stocks to sandwiches

When Nabil Al Rantisi decided to leave his job as a stockbroker at the Dubai-based Rasmala in the summer of 2011, he had spent two long years just getting by after the Dubai World debt standstill.

“Sentiment was at rock bottom, both for clients, who were losing their money, and the stock brokers, who were losing their jobs,” he remembers. “There was nothing happening except a big flow of bad news at the time, and the performances of companies were highly affected by the crisis.” Banks and property companies have the biggest representation on the UAE bourses, two sectors that were affected by the 2008 global financial crisis and the subsequent Dubai World debt crisis. 

Saturday, November 22, 2014

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Thursday, November 20, 2014

Gross domestic product

Gross domestic product



GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates.

Dubai World close to agreeing deal to extend $10.5bn debt settlement - ArabianBusiness.com

Dubai World close to agreeing deal to extend $10.5bn debt settlement - ArabianBusiness.com

ENTERTAINMENT NEWS

ENTERTAINMENT NEWS

Daily FX (Arabic)

Daily FX (Arabic)

أخبار سوق العملات

ملخّص المقال: قرار فائدة مجلس الاحتياطي الفدرالي هو واحد من الأحداث ذات الأهمّية المرتفعة والمرتقبة على الجدول الاقتصادي لهذا الأسبوع. تعرّف أكثر على هذا الحدث وعلى تأثيراته المحتملة.
قرار فائدة مجلس الاحتياطي الفدرالي هو واحد من الأحداث ذات الأهمّية المرتفعة والمرتقبة على الجدول الاقتصادي. يهدف هذا الإعلان الى إعلام الجميع حول قرار بنك الاحتياطي الفدرالي أزاء معدّلات الفائدة. إنّ سياسة رفع معدّلات الفائدة أو تخفيضها أو إبقائها على ما هي عليه قد تتمتّع بتأثيرات كبيرة على سوق الصرف. ومن أجل تكوين فكرة حيال مفهوم قرار فائدة مجلس الاحتياطي الفدرالي، لنلقٍ نظرة على بعض قرارات السياسة السابقة.

Wednesday, November 19, 2014

Markets in the Middle East

Entertainment News


Gross domestic product

Gross domestic product

Financial Services

  • Qatar in talks to fund UK high-speed rail development plan


    Saudi and Abu Dhabi investment funds have reportedly also met with Prime Minister David Cameron to help finance the project
  • Bahrain investment firm Arcapita completes $100m fundraising


    Move comes just over a year after it emerged from Chapter 11 bankruptcy
  • UAE's Abraaj gets go-ahead to buy Egyptian cakes and biscuits producer


    Equity firm will begin buying shares of Bisco Misr on Thursday and aims to complete its purchases by Dec. 17

Middle East & North Africa Gulf

  • India police clash with armed followers of wanted ‘godman’


    Supporters of Rampah Maharaj are being accused of using women and children as human shields
  • Salman Khan, Helen, Malaika perform at Arpita’s wedding


    Aamir Khan, Katrina Kaif and Karan Johar among other stars who attended the event in Hyderabad
  • Qatar ends naturalisation of Bahrainis: official


    Bahrain claims Qatar's naturalisation of Bahraini families is affecting national interests

Personal Finance

  • 9th Dubai International Sports Conference


  • US producer inflation up, but underlying trend muted


    Services account for most of the increase in the PPI
  • Dubai set for 10-15% foreign direct investment growth


    Mega projects announced by government help keep investor interest high

Sunday, November 16, 2014

Expo 2020 infrastructure tenders to be issued from next year | GulfNews.com

Expo 2020 infrastructure tenders to be issued from next year | GulfNews.com

In Focus | Forex

UAE publishes list of terrorist organisations | GulfNews.com

UAE publishes list of terrorist organisations | GulfNews.com

Etihad Airways signs five-year sponsorship deal with New York City FC - ArabianBusiness.com

Etihad Airways signs five-year sponsorship deal with New York City FC - ArabianBusiness.com

4-year-old boy drowns in Dubai Marina | GulfNews.com

4-year-old boy drowns in Dubai Marina | GulfNews.com

http://www.arabianbusiness.com/dubai-world-close-agreeing-deal-extend-10-5bn-debt-settlement-571841.html

http://www.arabianbusiness.com/dubai-world-close-agreeing-deal-extend-10-5bn-debt-settlement-571841.html