Save The Date 9 Nov 2014 Industry news

Save The Date 9 Nov 2014
Industry news
Middle East Gems & Jewellery Forum – 9th Nov 2014: Join jewellery
experts, traders and enthusiasts at the inaugural Middle East Gems and
Jewellery Forum 2014. Get involved in dynamic discussions, informative
seminars and lively networking sessions at this influential industry event.
For more information please click here
Diamond Dealers Face Loan Drought After Losing Bank: Antwerp’s
diamond dealers, who buy and sell 80 percent of the world’s most valuable
gemstones, have lost their bank. The Antwerp Diamond Bank, a source of
finance for 80 years to the network of companies that trade, cut and polish
in the Belgian port city, will stop lending after a sale by KBC Groep NV
(KBC) to China’s Yinren Group collapsed last week. It’s likely to make loans
scarcer in an industry that relies on debt to buy the dull, rough diamonds
that are finished into jewellery. To read more click here
Closure of Antwerp bank may end speculative roughs trade: While the
shutting down of the Antwerp Diamond Bank (ADB) has sent shock waves
across the global diamond industry, a large section of diamond
manufacturers in Surat are confident that the lack of bank finance would
end speculative trading of rough diamonds by the dealers in Antwerp. To
read more click here
Zim civic groups want audit of Marange firms before merger:
Zimbabwean civic groups have asked Harare to audit all firms mining
diamonds in Marange before streamlining their operations.This, they
argued, would help shed light on their operations. The country’s mines
minister Walter Chidhakwa previously said government would merge the six
diamond firms, leaving only one or two to bring transparency and
accountability. However, the move to streamline operations in Marange
would be likely threatened by legal hurdles, experts say. To read more click
UAE local news
Turner to Project Manage Burj2020: DMCC announced today that Turner,
has been appointed to project manage the ‘Burj 2020 District’ Development.
Turner won the tender that saw several global project management firms
pitch for the management of the commercial district set to be the next world
destination for large corporates. The ‘Burj 2020 District’ is being constructed
as a direct result of customer demand in particular from large corporates
and multi-business entities and will provide companies with a commercial
property offering unique to the Dubai marketplace. Benefits include single
ownership, contiguous Grade A commercial office space in the heart of
Dubai, close to metro stations, world-class cargo facilities, ports and
airports that connect to over 220 destinations including the new Al Maktoum
International Airport. To read more click here
Dubai enjoys status of global trading hub: Indian Institute of Foreign
Trade: Dubai is no more confined to Middle East trading hub, but has now
gained the status of global trading hub as it connects all the trading centres
across the globe, said a top official of Indian Institute of Foreign Trade, or
IIFT. For India, Dubai is emerging as a gateway to Africa as they require
cost effective products. There is a great deal of synergy for both UAE and
India to tap these markets as Dubai is also emerging as a global trading
hub as it connects markets from across the globe. To read more click here
New market in the UAE for private firms: His Highness Shaikh
Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of
the UAE and Ruler of Dubai, has launched the Second Market in the UAE
financial markets. The launching of the Second Market, which is solely for
trading of shares of private companies, is part of the SCA’s comprehensive
strategy aimed at achieving leadership in developing the financial markets
and in contributing to the development of the national economy according to
the best international standards and practices, in line with the objectives of
the UAE’s Vision 2020 and in enhancement of the UAE’s competitiveness
positions in various international indicators, reports and podiums. To read
more click here
UAE and GCC states see 50% rise in intra trade since 2008: The intra
trade between the UAE and the GCC countries has seen a quantum leap of
50 per cent over the period from 2008 to 2013 (Dh64 to 96 billion). This was
affirmed in an introductory workshop on GCC joint action decisions hosted
by the UAE Ministry of Finance (MoF) in collaboration with the Cooperation
Council for the Arab States of the Gulf. To read more click here
UAE banks credit growth seen at 8-9% in 2014-15: The UAE banking
system credit growth was about 4% in the first five months of 2014 and
international ratings agency Standard & Poor's expects around 8-9% credit
growth for the sector in 2014-2015, in line with healthy economic. It expects
certain Dubai-based banks to grow faster than their peers in Abu Dhabi as
the former were fairly inactive in lending in 2009-2012. Since 2013, banks in
Dubai have again focused on lending as most of them have significantly
improved their asset quality and funding profiles. To read more click here