Saudi Arabia, Kuwait, Qatar and UAE among Top 10 Countries in World by Proportion of Ultra[-]wealthy Households, Says Study by BCG
AME.info: Saudi Arabia, Kuwait, Qatar and UAE emerged as four of the top ten countries in the world with the highest density ultra[-]wealthy households. The findings appear in BCG's eleventh annual Global Wealth report titled Shaping a New Tomorrow: How to Capitalize on the Momentum of Change, which was released recently in the Middle East.

According to the study, "ultra-high-net-worth" (UHNW) households, defined as those with more than $100m in AuM, were most highly concentrated in Saudi Arabia registering 18 per 100,000 households. This was followed by Switzerland (10), Hong Kong (9), Kuwait (8), Austria (8), Norway (7), Qatar (6), Denmark (5), Singapore (5) and the UAE (5).

Qatar, Kuwait and UAE also made it to the top ten list in terms of the highest proportion of millionaire household by market with 8.9%, 8.5% and 2.6% millionaire households, respectively. » | Press Release | Thursday, June 02, 2011

Nach der Ölkatastrophe: Großbritannien fürchtet BP-Zusammenbruch
FRANKFURTER ALLGEMEINE ZEITUNG: Der Börsenwert hat sich halbiert, die Kosten der Ölpest summieren sich bislang auf 3,12 Milliarden Dollar: BP ist angeschlagen. Die britische Regierung fürchtet angeblich einen Zusammenbruch des Konzerns - ein Risiko, weil viele Rentenfonds betroffen wären. Derweil prüfen arabische Staatsfonds einen Einstieg.

Investoren aus dem Nahen Osten erwägen Medienberichten zufolge, dem angeschlagenen britischen Energiekonzern BP mit einer Kapitalspritze zur Seite zu springen. Die Londoner Zeitungen „Daily Telegraph“ und „Guardian“ berichteten am Montag übereinstimmend, der Golfstaat Kuweit prüfe, seine Beteiligung an dem britischen Energiekonzern von bislang 1,75 Prozent auf 10 Prozent aufzustocken. >>> | Dienstag, 06. Juli 2010


Libya Eyes Stake in 'Bargain BP'
THE TELEGRAPH: Libya has expressed an interest in building a stake in BP, describing the oil company as a bargain following its Gulf of Mexico oil spill.

The Libyan Government, headed by President Gaddafi, may not be welcomed as an investor in BP by the White House. Photograph: The Telegraph
Share[s] in BP rose 3.5pc to 333.3p in London, following weekend speculation that the company had been in contact with sovereign wealth funds about them buying stakes.

Shokri Ghanem, the chairman of Libya's National Oil Corporation, told a newswire that: "BP is interesting now with the price lower by half and I still have trust in BP. I will recommend it to the Libyan Investment Authority."

He later added: "I think that BP shares are good value for bargain hunters,"

BP denied that it was planning to issue any new equity, but a weighty shareholder buying up stock on the open market could still help provide a floor on the company's plummeting share price. It declined to comment on any talks with sovereign wealth funds.

The oil giant has lost half of its market value since the Deepwater Horizon rig exploded and sank on April 20, triggering a catastrophic leak. Qatar, Abu Dhabi and the Kuwait Investment Authority, which already holds 1.8pc of BP, have also been linked to the company as possible investors. >>> Rowena Mason | Monday, July 05, 2010

More Sharia-compliant Investment Companies than Conventional Ones in Kuwait
ARAB TIMES: KUWAIT, (KUNA): Islamic investment companies have surpassed conventional institutions, with 48 Sharia-compliant investment companies up to the end of July compared to 45 conventional ones. According to a KUNA analysis of statistics published by the Central Bank of Kuwait, however, the volume of assets managed by Islamic companies still remained less than that run by conventional companies. Total assets held by conventional companies came to KD 10.6 billion at the end of July compared to KD 7.9 billion held by Islamic ones. Nevertheless, there is a noticeable growth in assets of Islamic investment companies since January by 18.7 percent compared to the 14 percent growth rate registered by conventional companies during the same period.

As for assets of conventional companies, they were divided into credit facilities to residents at KD one billion, domestic investments at KD 3.1 billion, as well as KD 145 million in non-financial investments. Foreign assets came to KD 4.6 billion, cash at KD 8.7 million, and other assets came to KD 1.2 billion. Assets of Sharia-compliant investment companies came to a total of KD 7.9 billion of which financial investment accounted for KD 2.8 billion, foreign assets at KD 1.9 billion, as well as client financing operations at KD 947 million.

Meanwhile, the Chairman of Al-Madina Real Estate Development Company — a subsidiary of Al-Madina for Finance and Investment Company — announced that the company is proceeding with the implementation of its marketing strategy, which relies on real estate investment in the domestic market by seeking to seize promising investment opportunities, where the company acquired three residential towers in Abu Dhabi, in the UAE, and will be marketed in an exhibition. In another development, Global Investment House has signed a syndication of a $410 million three-year term loan backing its acquisition of a 20% stake in National Bank of Umm Quwain (NBQ). The loan was launched via arranging banks BNP Paribas and WestLB. Global Investment House will contribute with a 25% stake of the capital increase which will reach $650 million. [Source: ARAB TIMES] | September 24, 2008

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Inflation in Kuwait a National Challenge
AFP: KUWAIT CITY — Central Bank governor Sheikh Salem Abdulaziz al-Sabah warned on Wednesday that oil-rich Kuwait was faced with a "national challenge" after inflation hit 9.5 percent in January.

Sheikh Salem called for "coordination in various national economic policies to curb rising inflation," in a statement carried by the official KUNA news agency.

"Inflation constitutes a national challenge and was the result of local and foreign factors," he said.

The government Central Statistic Office said last month that the consumer price index in January hit 126.4 points, compared to 115.4 points a year ago, because of a sharp increase in housing services and the price of food.

The cost of housing services rose 16.1 percent in January compared to a year ago, while the price of beverages and tobacco rose 15.1 percent during the same period.

Medical care and education rose by 12 percent, household services 10 percent and foodstuffs by 7.7 percent.

The governor said inflation in Kuwait remained at around 1.1 percent between 2000 and 2004, and jumped to 4.1 percent in 2005 and to an annual average of 5.5 last year.

However, monthly inflation rates began rising rapidly since July last year. High Inflation in Kuwait a National Challenge: Governor >>>

The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)

Islamic Finance Expands as Wealth Grows
KHALEEJ TIMES: DUBAI - The market for Islamic finance and banking is growing rapidly in the Gulf thanks to burgeoning wealth and attractive financial instruments.

Studies have put the total value of Islamic equity funds in the Gulf region at around 30 billion dollars (19.5 billion euros), said Khaled al-Masri, partner in asset management at Dubai-based Rasmala Investments.

“Investable wealth in the Gulf Cooperation Council is growing by one of the highest rates in the world ... This increase is being met with more product providers and products being launched in the GCC market,” he said.

The Islamic finance industry worldwide is worth around 700 billion dollars, Moody’s Investors Services estimated in a February report.

Economies of the six GCC member states -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- have been enjoying remarkable growth over the past few years on the back of record oil prices.

The robust economic performance has inflated local wealth in this Muslim region where many might prefer to seek profit through investments that do not contradict their beliefs.

The basic principle of Islamic finance is the prohibition of Riba (usury), which is correlated with interest in today’s banking.
Islamic funds are also banned from investing in companies associated with tobacco, alcohol, pornography, pork or gambling, all considered taboo by devout Muslims.

Some 125 Islamic equity funds are based in the GCC out of around 320 globally, said Mark Smyth, UK-based managing director of Failaka Advisors, an Islamic fund research company.

“Increasing familiarity with Islamic products combined with the presence of longer and more established funds seems to be driving the current growth, combined with strong returns,” Smyth told AFP.

Islamic finance provides a “solution for investors and consumers who want to adhere to sharia-compliant principles in their investment and consumption decisions,” said Masri, referring to principles in line with Islamic law.

He also pointed out that the sukuk (Islamic bonds) have become appealing at the corporate and government levels as a tool to raise finance, which in turn increased the size of the sector.

A report by the US-based Morgan Stanley investment bank published by the local press in February put outstanding issued sukuk at more than 90 billion dollars worldwide. Islamic finance expands as wealth grows >>>

Mark Alexander (Paperback)
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