It’s official. Jaiprakash Associates, the Indian energy and infrastructure conglomerate, has sold off two hydroelectric plants in northern India.
The last time one of the group’s subsidiaries did something similar, its shares rallied on hopes that the move would bring down the group’s debts. But this time the stock has tanked because of signs the plants may have been sold too cheaply. Read more
The competitition to attract financial business in the Gulf is hotting up.
Dubai’s financial centre says it will slash telecommunications rates as it seeks to sustain growth amid increasing competition from neighbours such as Abu Dhabi, Qatar and Saudi Arabia.
The DIFC is set this year to roll out a technology transit zone within its data centre, offering prices that can compete with London and other western cities to ease costs for trading desks and asset managers. Read more
Delays to ambitious tourist developments in the UAE capital city have left hospitality groups battling with serious oversupply, writes Camilla Hall. Read more
Abu Dhabi is pressing hard to build a homegrown arms industry, part of a push by Gulf governments to use their status as leading international weapons buyers to create domestic jobs and diversify away from oil.
Tawazun, Abu Dhabi’s state-owned defence company, has this month announced a flurry of deals to supply components to big western businesses, in what analysts see as part of a quid pro quo for contracts multinationals hope to win in the Gulf. Read more
Sentiment is everything in the Gulf. Without reliable or regular economic data, it is a struggle to know which direction the wind is blowing.
The underdevelopment and lack of disclosure of public statistics explains in part why so few saw Dubai’s 2009 debt crisis coming. And now, as some Gulf economies appear to be pulling out of the economic crisis, there are still few concrete numbers to prove it. Many are relying on improved sentiment…on anecdotes here and there. Read more
Abu Dhabi is touting for multinational tenants, in the latest of a wave of similar projects launched by Gulf governments as the competition to lure foreign companies grows stiffer, writes Camilla Hall.
While the western financial crisis is causing some US and European businesses to trim their overseas operations, the Abu Dhabi development is one of about 85 so-called cluster projects battling across the Gulf to attract companies from sectors such as the media, technology and finance.
Oil-rich Abu Dhabi has quietly issued a new public debt policy to its state-linked companies as it tries to rein in boom-time borrowing and get an idea of what debt it is responsible for.
The most important articles of the policy are here, from documents seen and translated into English by beyondbrics. Read more
After a bit of a lull, Mubadala is back. The announcement of a $2bn investment in Brazil signals a return to big-spending, strategic overseas moves that characterised the Abu Dhabi state investment company until the emirate ran into economic trouble in the last couple of years.
The $46bn diversified group mandated to generate financial and social returns is buying a 5.6 per cent stake in Eike Batista’s Brazilian EBX Group after a bit of a pause in its own operations and in the growth of the Abu Dhabi economy. Read more