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Fajr
04:27
Tuesday
23
April 2019

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Markets

2,811.09 -0.35%
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165,562,360
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-0.35%
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2,928
14
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3
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18
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Traded stocks 35
5,404.53 0.34%
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55,104,649
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1,222
7
Up
4
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13
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Al Salam
0.49
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Gulf Business


23/04/2019

Saudi court rejects AHAB bankruptcy filings after decade-long dispute

A Saudi court has rejected two applications from conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) to have its decade-long dispute with creditors resolved under the kingdom’s new bankruptcy law, AHAB said on Tuesday.The case was seen as a key test of the kingdom’s new regime for handling insolvency disputes. Creditors have been pursuing AHAB and Saad Group, another Saudi conglomerate, since they defaulted on about $22bn in combined debt in 2009.The company applied for a “protective settlement procedure” under Saudi Arabia’s new bankruptcy law earlier this year. After that was rejected, it applied for a financial restructuring procedure, another part...
23/04/2019

India’s Jet Airways halts all flight operations

India’s Jet Airways halts all flight operations Reuters Thursday 18 April 2019Embattled Jet Airways halted all flight operations indefinitely on Wednesday after its lenders rejected its plea for emergency funds, potentially bringing the curtains down on what was once India’s largest private airline.The carrier, saddled with roughly $1.2bn of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217m from its lenders, as part of a rescue deal agreed in late March.“The airline has been left with no other choice today but to go ahead with a temporary suspension of flight operations,” the...
23/04/2019

Dubai’s Emirates to operate first scheduled A380 service to Riyadh

Dubai’s Emirates to operate first scheduled A380 service to Riyadh Aarti Nagraj Thursday 18 April 2019Dubai airline Emirates will operate the first scheduled Airbus A380 service to Saudi Arabia’s capital of Riyadh, it announced on Thursday.The jumbo jet will operate the route five times a week, starting from Sunday, April 21.Flight EK 817/818, currently operated by a Boeing 777-300ER, will now be operated by the A380.EK 817 departs Dubai at 6.50pm, arriving in Riyadh at 7.35pm, while the return flight EK 818 leaves Riyadh at 9.25pm, arriving in Dubai at 12.35am the next day.The Emirates A380 aircraft that will serve...

23/04/2019

Saudi Aramco buys $1.2bn stake in South Korean refiner Hyundai Oilbank

The biggest shareholder in South Korean oil refiner Hyundai Oilbank said on Monday that state-owned Saudi Aramco has agreed to buy a 17 per cent stake in its oil processing operations for 1.4 trillion won ($1.24bn).Hyundai Heavy Industries Holdings said in a regulatory filing that it had signed a sales agreement with Saudi Aramco that included an option for Aramco to buy an additional 2.9 per cent stake in Hyundai Oilbank.In late January, Hyundai Heavy said Aramco planned to invest up to $1.6bn for as much as 19.9 per cent in the South Korean refiner to expand its foothold in...
23/04/2019

Dubai Arena to be renamed after Meraas signs 10-year deal with Coca Cola

Dubai’s upcoming multipurpose venue Dubai Arena will now be renamed Coca Cola Arena, after developer Meraas signed a 10-year agreement with The Coca-Cola Company for the exclusive naming rights to the venue.Located at Meraas’ retail and residential destination City Walk in Dubai, the arena will open to the public in June this year.Owned by Meraas, the 17,000-capacity Coca-Cola Arena will have the ability to host large scale live events 365 days a year.The fully air-conditioned indoor arena will feature end-stage, central and half-stage configuration capabilities. It can host major touring international artists, sporting events, comedy gigs, gala dinners, exhibitions and...
22/04/2019

Premier Inn opens its largest regional hotel in Dubai

Hotel chain Premier Inn has opened its seventh property in the UAE, and largest in the region – Premier Inn Al Jaddaf.A joint venture between Emirates Group and Whitbread, the new hotel was officially inaugurated by Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Group, who unveiled a plaque to mark the occasion and toured the guest rooms, restaurants, and public areas.The hotel features 389 rooms, from double occupancy to those that can accommodate a family of four, with leisure facilities including a gym, and a rooftop swimming pool with gazebo seating area and panoramic views of...

22/04/2019

India’s Jet Airways, backed by Etihad, likely to halt operations – reports

India’s Jet Airways, backed by Etihad, likely to halt operations – reports Reuters Tuesday 16 April 2019The management of India’s Jet Airways has proposed temporarily suspending all operations of the struggling airline, Indian media reported on Tuesday, as the company awaits promised funds from banks in a rescue deal.Its shares fell as much as 18.3 per cent to their lowest level since August 2015 following the news, as the future of the once-dominant Indian airline appeared increasingly uncertain.Jet Airways is likely to temporarily shut down operations, said Indian business channel CNBC TV18, citing unnamed sources. The channel said Jet’s CEO...
22/04/2019

Etihad Airways Group CFO departs amid turnaround plan

Etihad Airways Group CFO departs amid turnaround plan Reuters Tuesday 16 April 2019Etihad Airways Group Chief Financial Officer Mark Powers has stepped down after roughly a year in the job as the Abu Dhabi state-owned carrier overhauls its business after years of heavy losses.Powers, who joined in January 2018, resigned for personal reasons and has decided to return to the United States, Etihad said in a statement confirming an earlier Reuters report.He has been replaced in the interim by senior Etihad finance executive Adam Boukadida, the airline said on Tuesday. Etihad said it was searching for a permanent replacement.Etihad did...
21/04/2019

UAE’s Brooge Petroleum to list on Nasdaq after merger

The United Arab Emirates’ Brooge Petroleum and Gas Investment Co (BPGIC) said it would list on the Nasdaq stock exchange after merging with US-based firm Twelve Seas Investment Co.The $1bn deal is expected to be finalised before July 1, Brooge said in a statement.The move is part of the UAE-based oil storage company’s expansion strategy. BPGIC, which was set up in 2013, is one of the largest holders of storage assets in Fujairah.The company originally planned to float 40 per cent of its capital on the London Stock Exchange last year and had engaged HSBC and First Abu Dhabi Bank...

21/04/2019

Abu Dhabi’s ADGM regulator fines Eshara Capital and its CEO for breach

Abu Dhabi Global Market (ADGM)’s regulator has fined investment fund Eshara Capital and its CEO and founder Alexander David Guy for “breaching financial and regulatory reporting requirements”.Eshara received licence from the FSRA in 2016 to undertake regulated activities in the ADGM.However, the FSRA found that “Eshara failed, without reasonable excuse”, to ensure that required audit reports and regulatory returns were submitted within the stipulated timeframes, a statement on Tuesday said.“The breaching of fundamental financial and regulatory reporting requirements for an extended period of time in this case prevented the FSRA from accessing material information concerning the activities and financial resources...
21/04/2019

Saudi Aramco team in Pakistan for talks on first LNG deals

A delegation from the world’s largest crude oil producer, Saudi Aramco, is in Pakistan for discussions on what would be its first ever liquefied natural gas (LNG) shipments, a top Pakistani official said on Friday.Pakistan is facing an energy crisis with repeated power blackouts and gas supply outages that led to the sacking of the heads of two of its main gas distribution utilities in January.The Saudi delegation, which arrived on Thursday, was discussing LNG supplies, Nadeem Babar, the head of Prime Minister Imran Khan’s task force on energy reforms, told Reuters.“They’re discussing LNG sales. They’re entering this business,” he...
20/04/2019

Dubai property prices down 27% compared to mid-2014 – report

Residential property prices in Dubai continued to drop in the first quarter of the year, and are currently down 27.1 per cent compared to the peaks seen in mid-2014, a new report has found.Prices in Q1 fell 12.4 per cent year-on-year and 3.2 per cent quarter-on-quarter, the report by ValuStrat found.All established freehold locations monitored by the ValuStrat Price Index (VPI) witnessed price drops since the last quarter, ranging from 1.8 per cent to 5.2 per cent, the report added.On an annual basis, five out of 26 locations measured saw single-digit declines – including villas in Palm Jumeirah, Emirates Hills...