Amran's Feed
Mar 29, 2012

HSBC buys key Lloyds banking units in UAE

DUBAI (Reuters) – HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz), Europe’s largest bank, is buying the onshore retail, corporate and commercial banking business of Lloyds Banking Group (LLOY.L: Quote, Profile, Research, Stock Buzz) in the United Arab Emirates, to strengthen its Middle East presence.

HSBC is buying gross assets valued at $769 million at the end of 2011 and is expected to complete the deal in the second half of this year.

Mar 26, 2012

Brazil’s EBX group sells $2 bln stake to Mubadala

Dubai/Rio de Janeiro, March 26 (Reuters) – Abu Dhabi state
investment fund Mubadala said on Monday it will buy a
$2 billion stake in Brazil’s EBX Group, providing fresh capital
to the Brazilian conglomerate as it boosts spending on oil,
ports, shipyards, mines and electricity.

Mubadala, which has stakes in General Electric and
private equity firm Carlyle, said the investment will
give it a 5.63 percent preferred equity interest in Centennial
Asset Brazilian Equity Fund, the personal investment company of
Brazilian billionaire Eike Batista, who is behind the EBX Group.

Mar 21, 2012

Dubai dreams again with new opera and art complex

DUBAI (Reuters) – World’s tallest building? Check. Man-made islands in the sea? Check. Indoor ski slope? Check. Now it’s time for opera and art.

Dubai, which burst onto the global stage with a series of extravagant projects before being subdued by a crippling debt crisis, has now revived plans for an opera house in a bid to boost tourism.

Dec 6, 2011

Dubai may use sovereign fund to repay debt

DUBAI (Reuters) – Dubai, which narrowly averted a bond default in 2009, could use money raised by its sovereign wealth fund to help repay $3.8 billion in bonds owed by state-linked firms which mature next year, a source familiar with the matter said on Tuesday.

The Gulf Arab emirate has clawed its way back from the depths of its debt crisis, helped by an economic revival in trade and tourism and its safe-haven status amid the Arab Spring revolts, but still faces the challenge of big debt repayments.

Oct 27, 2011

Gulf jobs push seen a risk for business

DUBAI (Reuters) – Investors fear a big push by Mideast states to boost jobs for citizens, especially in the Gulf which has national quota programs and where higher salaries are demanded, will push up costs for businesses in the region.

A slew of state moves in recent months, accelerated by regional unrest partly rooted in a lack of job opportunities, has seen Gulf states raise salaries for citizens and attempt to reduce their expatriate workforce.

Oct 26, 2011

Moelis: Abu Dhabi buyers eyeing regional M&A deals

ABU DHABI (Reuters) – Certain Abu Dhabi entities are looking at snapping up regional competitors but tough credit markets and global uncertainty will slow any M&A activity, a top executive at independent investment bank Moelis & Co. said.

Augusto Sasso, co-head of Middle East and North Africa (MENA) investment banking, said Abu Dhabi clients were “actively looking” at acquisitions with the focus firmly on the MENA area.

Oct 25, 2011

Dubai has options to handle debt maturities: Deutsche Bank

ABU DHABI (Reuters) – Dubai has several options to handle its upcoming debt maturities and refinancing requirements, mainly thanks to reviving economic growth and stable income streams, a senior executive at Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) said on Tuesday.

“There are many options to handle upcoming debt maturities. When you have assets and/or the right level of income, you can solve them with the right amount of creativity,” Salman Al Khalifa, global markets head for MENA and country head for the United Arab Emirates, told the Reuters Middle East Investment Summit.

Oct 24, 2011

Investors cautious on Dubai, government-related entities:Moody’s

DUBAI (Reuters) – Investors are cautious about the ability of some of Dubai’s government-related entities to refinance their debt piles even as the emirate works to restore confidence in its financial health, a managing director at Moody’s said on Monday.

While economic zone Jebel Ali Free Zone (JAFZA) and Dubai International Financial Centre Investments (DIFCI) have been chipping away at their $1.25 billion and $2 billion debts maturing next year, there is still a lack of clarity as to how the firms will refinance, said David Staples, managing director of EMEA corporate finance at the ratings agency.

Oct 12, 2011

Analysis – Oman vote masks deeper malaise as reforms stutter

MUSCAT (Reuters) – This month’s election in Oman may give the small Gulf sultanate a glossier democratic veneer, but it is unlikely to bury the discontent exposed by protests in February inspired by Arab uprisings elsewhere.

Sultan Qaboos bin Said, an absolute ruler who deposed his father in 1970, responded to the unrest, in which five people were killed in the main industrial city of Sohar, with promises of reform and handouts.

Jun 2, 2011

Suicides shed light on darker side of Dubai’s glitz

DUBAI (Reuters) – Indian laborer Athiraman Kannan kept to his routine in the hours before he jumped off the world’s tallest building.

Three weeks ago, he arrived at Dubai’s Burj Khalifa at 7 a.m., clocked in and headed to where he was working on the upper reaches of the 163-storey tower. About an hour later, the 38-year-old father of one flung himself off the Burj Khalifa’s 147th floor, dying instantly when he hit the 108th floor.