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Dhuhr
12:06
Tuesday
13
November 2018

Fajr
Fajr
05:11
Sunrise
Sunrise
06:32
Dhuhr
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12:06
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15:14
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19:10
Markets

2,802.88 -0.53%
Volume
87,591,426
Turnover
-0.53%
Trades
1,658
9
Up
5
Flat
21
Down
Traded stocks 35
4,954.23 -0.96%
Volume
63,311,344
Turnover
-0.96%
Trades
1,879
8
Up
8
Flat
14
Down
Traded stocks 30
Most active
Gulfa
5.84
ADIB
4.15
CBI
0.75
Gulf Cement
0.9
DRC
7.5
ADNH
3.8
Julphar
2.1
ADCB
7.91
ADIB
4.15
FAB
14.2
Etisalat
16.86
GFH
1.28
ADIB
4.15
GFH
1.28
Salama
0.73
DXB Entertainments
0.35

Gulf Business


13 minute 50 second

Auction of detained Saudi tycoon Maan al-Sanea’s properties to start in Dec

Saudi Arabia will start auctioning real estate assets of billionaire Maan al-Sanea and his company on Dec. 2 to help repay billions of dollars due to creditors, sources familiar with the matter told Reuters. The auction, originally planned for late October in the city of Khobar in Eastern Province, was delayed by a last-ditch attempt to reach a settlement, which failed to gain enough support from creditors, one source said. Read more: Saudi to auction detained billionaire Maan al-Sanea’s real estate assets Sanea, once ranked among the world’s 100 richest people by Forbes, was detained last year for unpaid debts...
13 hour 23 minute

Abu Dhabi grants France’s Total 40% of unconventional gas concession

Abu Dhabi National Oil Company (ADNOC) has awarded France’s Total 40 per cent of its Ruwais Diyab Unconventional Gas Concession. The deal, which will see ADNOC retain a 60 per cent stake, comes after Abu Dhabi’s Supreme Petroleum Council approved plans last week to invest $132bn in improving oil and gas production and announced potential discoveries of 15 trillion standard cubic feet of gas. Read: Abu Dhabi’s ADNOC plans to increase oil production under $132bn plan Under the terms, Total will explore and appraise the field for up to seven years and then develop it for 40 years of production....
16 hour 27 minute

Saudi Aramco, China’s Hengli Petchem agree 130,000 bpd oil supply deal

China’s private chemical group Hengli Petrochemical said it has entered an annual crude purchase deal with Saudi Aramco for 2019 supplies of 130,000 barrels per day, which marks the top OPEC producer’s second major marketing alliance with a private Chinese refiner. The deal was signed this week at the China International Import Expo in Shanghai and is worth $3.6bn based on current market price, according to a Hengli release seen by Reuters on Saturday and confirmed by a Hengli spokesman. This is Aramco’s second major crude supply pact with a private Chinese refiner. Aramco earlier agreed to supply Zhejiang Rongsheng...

17 hour 17 minute

Emaar launches its ‘last’ residential project in Downtown Dubai

Dubai developer Emaar has launched its “last” residential project in Downtown Dubai, called Burj Royale. Designed as an extension of the Old Town neighbourhood, the tower will offer views of the world’s tallest building – Burj Khalifa and the Dubai Fountain, a statement said. It will also be located within walking distance of the Dubai Mall and Dubai Opera. Further details about the project – including the size and the number of units – were not disclosed. “The prices of premium apartments in Downtown Dubai are extremely competitive compared to similar developments in global cities, making Burj Royale a great...
17 hour 35 minute

Pictures: Dubai Miracle Garden reopens with new exhibits

Dubai Miracle Garden – the huge natural flower garden – reopens on November 1 with a display of new attractions. Now in its seventh season, Miracle Garden features a giant Mickey Mouse made with flowers and Disney Avenue, while visitors will also be able to purchase Disney merchandise at the gift shop. Earlier this year, Dubai Miracle Garden marked the 90th anniversary of Mickey Mouse with a 18-metre floral structure of the Disney character, breaking the garden’s third Guinness World Records title. Other new additions include a floral castle that accommodates a garden dining experience, an illuminated nightscape, and Caribbean...
20 hour 36 minute

Iraq and Saudi agree to work together to stabilise oil markets

Iraq and Saudi Arabia agreed on Saturday to work together to stabilise oil markets, Iraq’s Oil Ministry spokesman Asim Jihad said, without giving further details. During a meeting in Baghdad, Iraq and Saudi Arabia’s oil ministers also discussed an electricity grid connection between the two countries to meet Iraq’s power needs, he said. The Saudi oil minister Khalid al-Falih also met Iraqi Prime Minister Adil Abdul-Mahdi. Iraq currently pumps around 4.6 million barrels per day (bpd) of oil, second only to Saudi Arabia in the Organization of the Petroleum Exporting Countries. The bulk of Iraq’s oil is exported via its...

20 hour 39 minute

Abu Dhabi’s Imkan says luxury villa project in Saadiyat on track for 2019 completion

Abu Dhabi developer Imkan announced that its Nudra project in Abu Dhabi is on track for completion next year. Imkan broke ground on the project, which features 37 luxury villas on Saadiyat Island, earlier this year. Located in Saadiyat’s Cultural District, the development is now 20 per cent complete, a statement said. The 26,000 sq ft development plots along the beachfront are currently being graded and hoarded, ready for handover before year-end. Site offices have been established and the first stage foundation work, including the bulk excavation, dewatering and the installation of over 1,500 piles, has been completed. So far,...
23 hour 10 minute

Dubai payments firm Network International selects banks for potential listing

The private equity owners of Middle Eastern payments firm Network International have selected investment banks for a potential listing, according to reports. Bloomberg cited sources as confirming Citigroup, JP Morgan and Morgan Stanley had been selected for the listing, which could take place in London next year. Barclays, Goldman Sachs and Emirates NBD Capital are acting as bookrunners and Evercore has been appointed financial advisor. The IPO could see 25 to 30 per cent of Network’s shares sold, with a potential valuation of about $3bn. Network is 49 per cent owned by private equity firms Warburg Pincus and General Atlantic,...
1 day 15 hour

Dubai real estate brokers earn 35% less commission in first nine months of 2018

Real estate brokers in Dubai earned 35 per cent less commission in the first nine months of 2018 compared to the same period last year. Figures from Dubai Land Department (DLD) showed Dhs842m ($229.23m) of commission earned in the first three quarters of the year, down from Dhs1.3bn ($353.92m) in the same period last year. Brokers earned Dhs429m from land sales, Dhs73m from building sales and Dhs340m from residential unit sales in the first nine months of the year. This compared to Dhs607m for land sales, Dhs110m for building sales and Dhs595m for unit sales in the same period of...

1 day 15 hour

Robo advisory start-up WeInvest opens Dubai office

Singapore-based fintech start-up WeInvest has announced the opening of an office in Dubai International Financial Centre (DIFC) The company said its entry into the UAE came after it was selected for the inaugural FinTech Hive accelerator programme in DIFC last year. Read: http://gulfbusiness.com/dubai-fintech-hive-selects-first-11-finalists/”>Dubai FinTech Hive accelerator selects first 11 finalists It has also expanded into Hong Kong, Indonesia, Malaysia and Thailand. WeInvest is a platform-as-a-service provider operating in the robo advisory space. Its clients include banks, wealth and asset managers, insurance companies and financial advisors. The opening of the Dubai office is linked to growing relationships with financial institutions in...
1 day 16 hour

Kuwait Finance House expects decision on Ahli United Bank merger before year-end

The board of Kuwait Finance House will likely decide on whether to go ahead with a merger with Bahrain’s Ahli United Bank before the end of the year, its chief executive told Reuters. The two banks have been in talks since earlier this year on a potential merger that would create one of the largest Islamic banks in the Gulf. “We are still waiting for the board’s decision,” Mazin Saad al-Nahedh said in an interview. “We should have closure on this subject.” Plans for potential mergers between banks in the Gulf have increased in the past two or three years...
1 day 16 hour

UAE’s TAQA rebounds to profit in Q3, fuelled by higher oil prices

Abu Dhabi National Energy Co (TAQA) on Thursday reported a third-quarter profit, recovering from a loss a year earlier, as higher oil prices boosted its revenue. The state-owned oil explorer and power supplier made a profit attributable to equity holders of Dhs153m ($42m) in the three months ended September 30, it said in a bourse statement. That compared with a Dhs194m loss in the same period last year. Read: Abu Dhabi’s TAQA reports 43% profit rise Third-quarter revenue from oil and gas was Dhs1.6bn compared to Dhs1.2bn in the prior-year period.