From Khaleej Times
“Anwar Ibrahim said, “On a macroeconomic perspective, a country can achieve global competitiveness if the leaders will place greater emphasis on good governance and promote suitable education to rebuild the economy. It should encourage the ability to innovate, adopt reforms and drive change in order to keep pace with globalisation. It is crucial to elevate human capacity development, enhance better trade opportunities and work beyond what is profitable to boost sustainable development.””
Dubai World plan evokes good response
8 April 2010
AJMAN — The Dubai government’s plan to restructure state-owned Dubai World’s debt has received good response from creditors and the deal is in the final stage, a top government official said.“The offer has been well received by the financial institutions, contractors and investors,” Ahmed bin Humaid Al Tayer, Governor of Dubai International Financial Centre (DIFC), said on Wednesday at the Ajman International Economic Conference.Al Tayer is also chairman of Emirates NBD, one of the biggest creditors of Dubai World, which is restructuring $24.8 billion of debt. Without disclosing the interest rate, Al Tayer said: “The interest rate offered is the best possible in the current circumstances.” He ruled out any obstacles in realising deal and said advisors and bankers are working on it.Dubai’s government on March 25 said it will pump up to $9.5 billion into Dubai World, outlining a long-awaited restructuring plan. Analysts and bankers termed the plan “better than expected during the current circumstances.”
Banks in Q1
Al Tayer said that banking sector’s earnings during the first quarter of 2010 will be almost the same compared to last year.“I think for the first quarter, taking into consideration the environment, the market and provisions, it is the same like last year’s first quarter plus or minus 5-10 per cent.”
Stock Exchange
The DIFC governor said that the UAE should have one stock exchange. The country has now three stock markets — the Dubai Financial Market (DFM), Nasdaq Dubai and the Abu Dhabi Securities Exchange (ADX).“It would be fantastic if we could have one stock exchange for the GCC as well.” Last week DFM Executive Chairman Essa Kazim said a possible consolidation is being discussed between the owners of DFM and ADX. “It is in the interest of everybody to consolidate,” Kazim said. Fahd Iqbal, EFG-Hermes Holding SAE’s Dubai-based strategist, said: “We don’t see why the country should have three stock exchanges. It really is a matter of streamlining to achieve a better scale.”Mergers are critical to stock exchange growth and a combination of the two bourses “would go a long way” to prompting growth, Iqbal said.Earlier at the conference, the first of its kind hosted by Ajman, speakers discussed regional and global economic opportunities and challenges facing the business sector. Dominique de Villepin, former prime minister of France and Dato Seri Anwar Ibrahim, former deputy prime minister of Malaysia, were the main speakers along with Al Tayer.They said good governance and transparency are the main tools for attracting investment. They also highlighted the importance of quality education.Anwar Ibrahim said, “On a macroeconomic perspective, a country can achieve global competitiveness if the leaders will place greater emphasis on good governance and promote suitable education to rebuild the economy. It should encourage the ability to innovate, adopt reforms and drive change in order to keep pace with globalisation. It is crucial to elevate human capacity development, enhance better trade opportunities and work beyond what is profitable to boost sustainable development.”De Villepin supported the concept of having a single currency at a regional and national level.He said, “A solid single currency is an element of credibility for a region and country. It facilitates trade and supports growth for the regional and national economy. By developing a single currency, greater stability and solidarity can be assured for the economy, which will thereby support the emergence of our economies from the current crisis.”
“Anwar Ibrahim said, “On a macroeconomic perspective, a country can achieve global competitiveness if the leaders will place greater emphasis on good governance and promote suitable education to rebuild the economy. It should encourage the ability to innovate, adopt reforms and drive change in order to keep pace with globalisation. It is crucial to elevate human capacity development, enhance better trade opportunities and work beyond what is profitable to boost sustainable development.””
Dubai World plan evokes good response
8 April 2010
AJMAN — The Dubai government’s plan to restructure state-owned Dubai World’s debt has received good response from creditors and the deal is in the final stage, a top government official said.“The offer has been well received by the financial institutions, contractors and investors,” Ahmed bin Humaid Al Tayer, Governor of Dubai International Financial Centre (DIFC), said on Wednesday at the Ajman International Economic Conference.Al Tayer is also chairman of Emirates NBD, one of the biggest creditors of Dubai World, which is restructuring $24.8 billion of debt. Without disclosing the interest rate, Al Tayer said: “The interest rate offered is the best possible in the current circumstances.” He ruled out any obstacles in realising deal and said advisors and bankers are working on it.Dubai’s government on March 25 said it will pump up to $9.5 billion into Dubai World, outlining a long-awaited restructuring plan. Analysts and bankers termed the plan “better than expected during the current circumstances.”
Banks in Q1
Al Tayer said that banking sector’s earnings during the first quarter of 2010 will be almost the same compared to last year.“I think for the first quarter, taking into consideration the environment, the market and provisions, it is the same like last year’s first quarter plus or minus 5-10 per cent.”
Stock Exchange
The DIFC governor said that the UAE should have one stock exchange. The country has now three stock markets — the Dubai Financial Market (DFM), Nasdaq Dubai and the Abu Dhabi Securities Exchange (ADX).“It would be fantastic if we could have one stock exchange for the GCC as well.” Last week DFM Executive Chairman Essa Kazim said a possible consolidation is being discussed between the owners of DFM and ADX. “It is in the interest of everybody to consolidate,” Kazim said. Fahd Iqbal, EFG-Hermes Holding SAE’s Dubai-based strategist, said: “We don’t see why the country should have three stock exchanges. It really is a matter of streamlining to achieve a better scale.”Mergers are critical to stock exchange growth and a combination of the two bourses “would go a long way” to prompting growth, Iqbal said.Earlier at the conference, the first of its kind hosted by Ajman, speakers discussed regional and global economic opportunities and challenges facing the business sector. Dominique de Villepin, former prime minister of France and Dato Seri Anwar Ibrahim, former deputy prime minister of Malaysia, were the main speakers along with Al Tayer.They said good governance and transparency are the main tools for attracting investment. They also highlighted the importance of quality education.Anwar Ibrahim said, “On a macroeconomic perspective, a country can achieve global competitiveness if the leaders will place greater emphasis on good governance and promote suitable education to rebuild the economy. It should encourage the ability to innovate, adopt reforms and drive change in order to keep pace with globalisation. It is crucial to elevate human capacity development, enhance better trade opportunities and work beyond what is profitable to boost sustainable development.”De Villepin supported the concept of having a single currency at a regional and national level.He said, “A solid single currency is an element of credibility for a region and country. It facilitates trade and supports growth for the regional and national economy. By developing a single currency, greater stability and solidarity can be assured for the economy, which will thereby support the emergence of our economies from the current crisis.”
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