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Kuwait, BlackRock eye foreign investments
December 14, 2009--U.S. asset manager BlackRock (BLK.N) and Kuwait's sovereign wealth fund are in talks to buy stakes in foreign banks, a Kuwaiti newspaper said in an unsourced report on Monday.
The talks aim at elevating banking connections between BlackRock, the world's largest asset manager, and the Kuwait Investment Authority, and might include increasing KIA's deposits at BlackRock, Kuwaiti daily al-Anbaa said.
Officials at KIA could not be reached for comment.
Dubai to unveil new bankruptcy law
December 15, 2009--A new reorganization bankruptcy law based on international standards that state-owned Dubai World may use to restructure $26bn of debt is to be revealed today, Bloomberg has reported.
The new law will be available 'should Dubai World and its subsidiaries be unable to achieve an acceptable restructuring of its remaining obligations,' the government of Dubai said.
Dubai Gold And Commodities Exchange Weekly Views Dec 13, 2009
December 13, 2009--Commodities Overview
Gold, silver, and petroleum prices led other commodities lower last week as investors and traders booked profits after a very strong end of November. Some of the short-term tightness in the market that had contributed to the rise in prices at the end of last month had dissipated by last week, allowing prices to fall.
That said, they did not fall far. It was clear from the market action that while some trading companies and more speculatively oriented funds were liquidating longs after recent highs, longer term investors and others continued to view precious metals and crude oil as likely to see higher prices over the first four months of 2010. As a result, the downward price pressures of the shorter term selling were tempered by continued buying interest from longer term investors. A stronger dollar and a wave of relatively strong economic indicators from China, the United States, and other countries all helped create a sense of caution toward continued gold and silver bullishness, as signs of economic recovery became more concrete. The strength of the dollar also put some caution into precious metals buyers. This week prices are expected to remain under downward pressure. Prices may not fall far, however, given continued longer term investor interest.
Currencies Overview
These reports have anticipated a time when the dollar found a bottom against major traded currencies and reversed. The view has been that the dollar would appreciate somewhat against the euro, yen, and pound, while remaining under pressure against the yuan, other Asian currencies, and the currencies of natural resource exporting nations. The bottom may have been reached over the past few weeks for the dollar, at least in the near term. The dollar has shown considerable strength since the middle of November. It may well be that the dollar could strengthen further over the next few weeks against major traded currencies, as investors shift to long dollar positions. Economic conditions are improving in the United States. While some signs of economic bottoming and recovery are beginning to emerge in Europe and Japan.
Abu Dhabi agrees to give Dubai $10bn
December 14, 2009-The government of Abu Dhabi and the UAE Central Bank have announced that they will provide $10bn to the Dubai Financial Support Fund, allowing Dubai World to repay $4.1bn of Islamic sukuk bonds that are due to be paid on Monday. The excess would be used to support Dubai World up until the end of April 2010, according to a statement issued today.
In an official statement Sheikh Ahamd bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee, said 'the government of Abu Dhabi and the UAE Central Bank have agreed to provide important support.
'Specifically, the government of Abu Dhabi has agreed to fund $10bn to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World.
Goverment of Dhabi announces set of actions
December 14, 2009--The Government of Dubai, acting through the Supreme Fiscal Committee (“SFC”), today announces a set of actions in relation to Dubai World:
HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee said:
“Like other global financial centers, Dubai has faced recent market challenges driven by the global economic slowdown and a severe real estate market correction.
“Recently, Dubai World announced that it might not be able to commercially support its obligations. Since that time, the Government of Dubai has worked closely with the Abu Dhabi Government and the UAE Central Bank in addressing and assessing the impact of Dubai World on the UAE economy, banking system and investor confidence
New panel to rule on Dubai World disputes
December 14, 2009--Dubai is to set up a tribunal to decide disputes related to the settlement of the financial position of Dubai World and its units, under a decree issued today by the ruler of the emirate, Sheikh Mohammed Bin Rashid Al Maktoum.
The tribunal will be established in the Dubai International Financial Centre and will be chaired by Anthony Evans, who is currently chief justice of DIFC Courts. The tribunal will be charged with 'hearing and deciding any demand to dissolve or liquidate' the state-owned corporation, according to a statement issued by the Dubai ruler's press office.
Dubai Gold Securities 9-Month Volume Surges On November Trading
Total Volume For First 9 Months At 80,881 Shares - Volume In The Last Three Months Almost Double That In The First Six Months Post-Launch And Reflects Growing Familiarity With Instrument
December 10, 2009--Trading in Dubai Gold Securities gathered pace in the three months ending 30 November 2009 with 53,190 shares traded during that period compared with a total of 27,691 shares in the first six months after its launch at the beginning of March 2009, representing an increase of 92%.
Some 40,668 shares were traded in November alone with a total value of US$4.57 million.
A joint initiative of the World Gold Council and the Dubai Multi Commodity Centre (DMCC), Dubai Gold Securities trades on NASDAQ Dubai and is the Middle East's first gold Exchange Traded Commodity (ETC). Additionally, it has been approved as Shariah compliant by an internationally recognized board of Shariah scholars.
Investors in the GCC region are increasingly seeking to obtain access to gold price performance by means other than the purchase of jewelry, said Grant Collins, Senior Managing Director, DCAM. "The introduction of Dubai Gold Securities has provided them with an efficient way to gain exposure to gold without incurring the costs associated with holding the physical metal. As a financial product that is designed to track the performance of the spot gold price, it fulfills the metal's central role as a preserver of wealth, and does so in a manner that is Shariah compliant. The volume in November is indicative of a growing interest in and familiarity with Dubai Gold Securities and exchange traded financial products generally among GCC regional institutions and local investors."
"DCAM has undertaken several initiatives this year aimed at informing market participants about the merits of gold ETCs, particularly as a hedging instrument against inflation and further weakness in the US dollar. And we anticipate continued interest in such products as long as those factors remain a concern for investors ," he added.
Dubai Gold Securities LLP is incorporated in the Dubai International Financial Centre and can offer up to 1 billion Dubai Gold Securities under the Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority. Dubai Gold Securities were first admitted to trading on NASDAQ Dubai on 2 March 2009.
Demand for natural gas sources presents export opportunities for GCC
December 10, 2009--The increase in demand for natural gas sources is presenting Gulf countries with wide-scale export opportunities as they evolve current commercial models and invest in liquefied natural gas (LNG) plants and infrastructure.
Natural gas is expected to become the fastest growing major fuel source, growing by more than 50% by 2030 when it will overtake coal. New gas chains from a global perspective were discussed on day two of the International Petroleum Technology Conference (IPTC), taking place in Doha until Wednesday 9 December.
Iraq oil potential overstated by some firms
December 10, 2009--Thamir Ghadhban, adviser to Iraq's prime minister and a former oil minister, has said that estimates of 10 or even 12 million bpd production targets proposed by some international oil companies in Iraq are not realistic, Reuters has reported
'With all due respect to IOCs and their technical expertise, I think some of the plateau figures that were bid on in the first round were exaggerated and most likely unsustainable,' he said.
Moody's reviews UAE and Abu Dhabi GRI ratings for downgrade
December 10, 2009--United Arab Emirates: Moody's Investors Service has placed the ratings of government-related issuers (GRIs) in the UAE on review for possible downgrade.
This includes all GRIs that are owned by either the federal UAE government, or the government of Abu Dhabi.
