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Friday, 27 August 2010

GCC Market Analytics: GCC Movers & Shakers

A quick look back at this week's big gainers and losers.

Enjoy.


Saudi Arabia outlook positive, inflation persists-IMF | Reuters

The outlook for Saudi Arabia's economy is positive as it confronted the global financial crisis handily, the International Monetary Fund said on Friday, noting gross domestic product not related to oil will likely grow 4.5 percent this year.

The fund's executive board also said the country's banking system is fundamentally sound, and the credit outlook has recently improved.

But the board, which had bilateral discussions with Saudi Arabia in July, said 'vulnerabilities remain, especially from the volatility of oil prices.'"

Abu Dhabi Investment, Apollo Are Among Bidders for Stake in BHF, FTD Says - Bloomberg

Deutsche Bank AG selected Abu Dhabi Investment Co., Apollo Global Management LLC, Permira Advisers LLP and LGT Group for the second round of a sale of BHF-Bank AG, Financial Times Deutschland reported, without saying where it got the information.

LGT of Liechtenstein has the best chances to win the bidding, the newspaper said. Abu Dhabi Investment, or ADIC, which has been cooperating with BHF in the fund business since 2009, is considered an unlikely buyer for political reasons, the FTD reported. The private-equity firms have only an “outsider chance” to win the bidding, FTD said.

Deutsche Bank spokesman Michael Lermer declined to comment when contacted by Bloomberg News.