Chinese-Qatari consortium buys Canary Wharf skyscraper for $1.4 bln

Fri, Jun 20 10:49 AM EDT LONDON, June 20 (Reuters) - Canary Wharf Group has sold a 1 million square foot (93,000 sq metre) building in London's financial district to a Chinese-Qatari consortium for 795 million pounds ($1.4 billion), the group's owner said on Friday. Qatar has built a significant presence in London's real estate market in recent years. Under the deal to buy the skyscraper which houses law firm Clifford Chance, China Life Insurance Company will own 70 percent of the building and Qatar Holding a 20 percent stake. Songbird Estates, Canary Wharf Group's owner, said it will retain a 10 percent interest in the property. The purchase was financed through equity provided by the stakeholders proportionate to their stakes, as well as through bank loans, Songbird Estates said in a statement. Shares in Songbird were trading 0.15 percent higher at 249 pence by 1446 GMT. The skyscraper at 10 Upper Bank Street is rented for an annual fee of 44.35 million pounds. It will continue to be managed by Canary Wharf Group. Qatar's presence in London's real estate also includes the Shard, Western Europe's tallest skyscraper at about 310 metres (1,016 feet). The iconic building was funded by Qatar's royal family and opened in 2012. A Qatari-backed plan to redevelop a central London site next to the River Thames was earlier this month given the go-ahead by the British government. Under the plan, eight new buildings will be constructed in the area around the 1960s British headquarters of oil company Shell, near to the landmark London Eye wheel on the south bank of the Thames, creating a 1.45 million sq ft complex with shops and offices and 877 homes. The Gulf Arab state's Investment Authority and China Investment Corp are major shareholders in Songbird Estates. ($1 = 0.5864 British Pounds) (Reporting by Karolin Schaps; Editing by James Macharia/Ruth Pitchford)

Insight: Smooth Qatar handover rooted in turbulent past of 'Father Emir'

Insight: Smooth Qatar handover rooted in turbulent past of 'Father Emir' Wed, Jul 03 06:13 AM EDT 2 of 2 By William Maclean DUBAI (Reuters) - Qatar's outgoing emir wanted to abdicate while he was still able to help his 33-year-old heir consolidate his authority, so ensuring minimal discord inside a family with a long record of palace intrigue. While no one other than outgoing emir Sheikh Hamad bin Khalifa al-Thani can know his full motivations, foremost among them appears to have been a need for stability in a dynasty that has ruled for more than 130 years. That is the picture of last week's abdication that emerges from diplomats and others familiar with a country that during his rule rose from obscurity and relative poverty to global prominence in finance, diplomacy, sport and media. Under the long planned handover, rare in a region where rulers usually die in office, Sheikh Hamad, 61, stepped down following 18 years in office and made way for his son, Sheikh Tamim bin Hamad al-Thani. Sheikh Hamad, a forceful, independent-minded personality who now takes the title "Father Emir", explained in an abdication speech that he wanted a new generation "with their innovative ideas and active energies" to take over. Left unspoken were other, related priorities. The outgoing ruler has had kidney problems, and while the condition was not the reason for his decision, diplomats said, his continued ability to master Qatar's complex dynastic politics will have been a factor in his thinking. VOLATILE HISTORY Hamad's need for a smooth succession appears to have been shaped by an awareness of volatile al-Thani family history: He himself took power in a coup, as did the man - his own father - that he ousted. As a result, Sheikh Hamad will have wanted to arrange matters so that he has maximum time to steer his son's early months in office and help him deepen his own power base. Shibley Telhami, a Middle East expert at the University of Maryland said his abdication, carried out at a time when Qatar was "thriving, moves the country into the hands of a new generation with minimal dissent, while giving his son a golden chance to bolster his own legitimacy and credentials." Jane Kinninmont, a Gulf Arab expert at Britain's Chatham House think tank, said: "In a country with no tradition of smooth successions, leaving now allows the father to help oversee his son's succession, and help him build up his support base within the ruling family." "Emir Hamad left on a high note ... He clearly has a sense of history and drama." Sheikh Hamad's earlier experience of power was turbulent and marked by continual tensions over control of state finances. He became effective ruler in 1992 when his father, Sheikh Khalifa, allowed him to appoint a cabinet of his own choice and left him to run Qatar's day-to-day affairs, although his father kept ultimate power by retaining financial control. But they fell out in early 1995 when Sheikh Khalifa apparently tried unsuccessfully to claw back some of his previous authority and to resume control of the economy. Later that year Sheikh Hamad ousted his father in a bloodless coup. In early 1996 he survived a coup attempt that analysts attributed to his father, who had come to power in a similar palace takeover in 1972 when he ousted his cousin. POTENTIAL RIVAL Fears of a possible repeat of the 1996 attempt continued to overshadow the country for several more years. The former emir's priority now appears to be to help Sheikh Tamim stamp his own mark on the state unbeholden to any powerful personality such as his own key lieutenant, Sheikh Hamad bin Jassim, Qatar's top diplomat. Sheikh Hamad bin Jassim lost his jobs as prime minister and foreign minister in Sheikh Tamim's first cabinet reshuffle, in what some diplomats saw as a long-planned step by the "Father Emir" to remove a potential rival to the young emir's authority. Analysts familiar with the country said the outgoing emir wanted his son to have something he had never enjoyed - the experience of wielding office without the handicap of feeling obligated to others. In his own case, Sheikh Hamad had placed considerable reliance on Hamad bin Jassim al-Thani, the then foreign minister who helped his 1995 takeover by building support for the move amongst major Qatari families and contacts. "HBJ", as he is known, went on to turn the country's gas export earnings into investment holdings with global clout, an achievement that provided the emir with the economic muscle to back his activist regional diplomacy. NEW EMIR HAS NO POLITICAL DEBTS "Tamim starts without being in debt to anyone," said Saad Djebbar, an Algerian lawyer who knows Qatar well. "Hbj (Hamad bin Jassim) was very good at business. He was kept busy. He knew how to deliver a deal. His strength was that he knew everyone and had a network. He provided money at a time when the emir didn't have much," he said. "Now, the new emir comes without any baggage. And he has plenty of money. He has no constraints. The old emir will still have a vision and power. He will stand behind the (new) emir. And he believes that the vision will guide his son." Hamad Bin Jassim was dropped from both his ministerial positions, and late on Tuesday evening he also lost his post as vice-chairman of the Qatar Investment Authority, according to an official announcement. His departure from the cabinet has stirred speculation that recent setbacks by Syrian rebels armed by Qatar were the real reason for the abdication. Rebels backed by Qatar and other Gulf Arab states have suffered reversals on the battlefield at the hands of President Bashar al-Assad's forces. Qatar's policy of arming Syrian rebels is viewed with unease by some other Gulf Arab states. But the abdication was planned at least two years ago, if not even earlier, people who know Qatar well say. (Additional reporting by Regan Doherty and Amena Bakr; editing by Janet McBride) ================== Former Qatari PM replaced as head of powerful sovereign wealth fund Reuters Jul 4, 2013 Save this article . -------------------------------------------------------------------------------- DOHA // Qatar's former prime minister, Sheikh Hamad bin Jassim Al Thani, has been replaced as deputy head of the country's powerful sovereign wealth fund in a restructuring move ordered by the country's new emir, the state news agency reported. Related In pictures: Meet the next ruler of Qatar Qatar's cabinet shuffle puts focus on regional relations ■ Qatar's new emir Sheikh Tamim sets out the way forward Topic Qatar Ahmad Al Sayed has been appointed chief executive of the Qatar Investment Authority (QIA), the gas-rich nation's sovereign wealth fund, Qatar News Agency said on Tuesday, citing a royal decree. Sayed was previously chief executive at Qatar Holding, the fund's investment arm. Qatar's new emir, Sheikh Tamim bin Hamad Al Thani, will chair the fund. Qatar's new Finance Minister Ali Sherif Al Emadi and new Economy and Trade Minister Ahmed Bin Jassim Bin Mohamed Al Thani were named to the new administrative council, it said. Sayed was general counsel at the QIA before heading Qatar Holding. In his late thirties, he is viewed as a hard negotiator on deals and has been the primary point man for top bankers and fund managers pitching investment ideas to the sovereign fund, widely seen as one of the world's most aggressive investors. His elevation to the top role of the sovereign wealth fund is an indication that the new Emir is keen to hand over responsibilities to the young generation in the Gulf state. Sheikh Hamad Bin Jassim Al Thani was widely thought to have stayed on as chief executive role at the fund. He was also the chairman of Qatar Holding. "When the new Emir took over there was a lot of talk in Qatar about how talented youngsters will be placed in key positions. This is a big example of that," one Dubai-based banking source said, speaking on condition of anonymity due to business ties with the sovereign fund. "I don't see much change to its opportunistic strategy under Al Sayed. These are savvy deal makers and they now have the experience of having worked on large deals." Read more: http://www.thenational.ae/business/economy/former-qatari-pm-replaced-as-head-of-powerful-sovereign-wealth-fund#ixzz2Y2mVK4Op Follow us: @TheNationalUAE on Twitter | thenational.ae on Facebook =============================

UPDATE 1-Petrofac JV wins $2.9 bln share of Abu Dhabi contract

UPDATE 1-Petrofac JV wins $2.9 bln share of Abu Dhabi contract Thu, Apr 11 07:47 AM EDT LONDON, April 11 (Reuters) - British oil services firm Petrofac said on Thursday its joint venture with Mubadala Petroleum won a $2.9 billion share of a contract to build facilities on an oil field in Abu Dhabi, lifting its shares. Petrofac's investors have been impatient to see it win new contracts after the company caused concerns in February by deviating from a usual practice of providing a specific annual profit targets. Shares in FTSE 100 constituent Petrofac, which have fallen 14 percent in the last three months, climbed 1.75 percent to 1,455.5 pence in midday training. Numis analyst Sanjeev Bahl said the joint venture contract win was worth about $1.45 billion to Petrofac itself, and was positive news for the company. "It helps derisk consensus forecasts. We still think they need another $5 billion or so (of contract wins) this year," he said. Petrofac, which designs and builds oil and gas infrastructure and also invests alongside oil firms in oil fields, earlier in April won another contract in Abu Dhabi worth $500 million. The company said in February it was seeing a strong pipeline of bidding opportunities meaning it would deliver "good growth" in net profit this year and adding to its confidence in meeting a 2015 earnings target. ======== UPDATE 1-Abu Dhabi fund Mubadala swings back into profit Thu, Apr 11 06:10 AM EDT * 2012 net profit 455 mln dhs VS 3.2 bln dhs loss in 2011 * Revenues up 12 pct in 2012 to 31.3 bln dirhams * 2012 financial investments losses more than half (Adds asset value performance, debt prices,) ABU DHABI, April 11 (Reuters) - Mubadala, the Abu Dhabi investment fund with a mandate to boost the emirate's local economy, swung to a net profit in 2012, helped by improved margins at some of its core businesses and lower impairments, it said on Thursday. Oil-rich Abu Dhabi, capital of the United Arab Emirates is investing billions of dollars in industry, tourism and infrastructure locally as well as overseas through state-backed entities such as Mubadala. However, earlier this month Mubadala signed a $2 billion loan refinancing with banks to replace a $2.5 billion loan agreed in 2010 [ID: nL5N0CQ2U7] Spreads on Mubadala bonds widened slightly on Thursday with the $500 million 7.625 percent bond maturing 2019 bid at 128.5 cents to the dollar to yield 2.520, compared with 2.515 on Wednesday. A $750 million 5.5 percent bond < AE061920099=> maturing 2021 was bid at 117.5 cents to the dollar to yield 3.03 percent, compared with 2.962 percent on Wednesday. The fund made a profit of 455 million dirhams ($124 million) in 2012, compared with a loss of 3.2 billion dirhams in 2011, when it booked heavy impairments on its financial portfolio. The fund, which has a local joint venture with General Electric and interests in the semiconductor, oil and gas, aerospace and real estate sectors in the region, increased its revenue by 12 percent last year to 31.3 billion dirhams, boosted, it said, by higher semiconductor sales and land sales. Losses from financial investments fell to 1.43 billion dirhams last year after a loss of 3.03 billion dirhams in 2011, while impairments on the fund's property portfolio dropped to 585.7 million dirhams from 653 million dirhams. "Our 2012 financial performance is a reflection of how we manage our portfolio, with certain key assets and projects reaching further maturity and improved market conditions positively impacting the value of many of our financial investments," said Chief Executive Khaldoon al Mubarak. Mubadala's total assets stood at 202.8 billion dirhams ($55.22 billion) at the end of the 2012, up from 177.1 billion dirhams a year ago. Mubadala, one of few state-controlled vehicles to publish results, also owns stakes in listed local companies such as Tabreed and indebted developer Aldar Properties which received shareholder approval for a merger with rival Sorouh Real Estate in March. ($1=3.6727 UAE dirhams) (Reporting by Stanley Carvalho; Editing by Dinesh Nair and Greg Mahlich) ================== Abu Dhabi fund Mubadala swings to 2012 profit on lower impairments Thu, Apr 11 05:01 AM EDT ABU DHABI, April 11 (Reuters) - Mubadala, the Abu Dhabi investment fund with a mandate to boost the emirate's local economy, swung to a net profit in 2012, helped by improved margins at some of its core businesses and lower impairments. Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit of 455 million dirhams ($123.88 million) for 2012, compared with a loss of 3.2 billion dirhams in 2011 when it booked heavy impairments on its financial portfolio. Unlike other regional sovereign wealth funds like Abu Dhabi Investment Authority (ADIA) or Qatar Investment Authority (QIA), Mubadala's main goal is to engage in investments which enhance development of the local economy, a theme which has gained greater consensus since the wake of the Arab spring. The fund has interests in semiconductors, oil and gas, aerospace and real estate among others. Revenue for the year increased 12 percent to 31.3 billion dirhams from 27.9 billion dirhams in 2011, Mubadala said in a statement on Thursday. It attributed the rise in revenues to higher sale of semiconductors and revenue from land sales. Losses from financial investments fell to 1.43 billion dirhams in 2012, compared with a loss of 3.03 billion dirhams in 2011, Mubadala said. Impairment losses on the fund's property portfolio dropped to 585.7 million dirhams from 653 million dirhams for 2011. Mubadala, one of few state-controlled vehicles to publish results, also owns stakes in local companies such as Tabreed and indebted developer Aldar Properties which received shareholder approval for a merger with rival Sorouh Real Estate in March. ($1 = 3.6730 UAE dirhams) (Reporting by Stanley Carvalho; Editing by Dinesh Nair) =================