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Sunday, 24 October 2010

Middle East, North African Economies Will Accelerate Next Year, IMF Says - Bloomberg

Growth in Middle Eastern and North African oil-exporting economies will accelerate next year as crude production rises, the International Monetary Fund said.

Gross domestic product in those countries will expand 5 percent in 2011 after growing 3.8 percent this year and 1.1 percent in 2009, the Washington-based lender said in its regional Economic Outlook released today.

Those forecasts put oil exporters on course to grow faster than most of the world’s major economies, which are still struggling to overcome the worst global slump since World War II. The IMF said on Oct. 6 that it expects global gross domestic product to expand 4.2 percent in 2011.

Abu Dhabi Shares Rise to Six-Month High Led by Etisalat, Waha; Egypt Gains - Bloomberg

Abu Dhabi shares rose to the highest in six months as Waha Capital PJSC said third-quarter profit jumped and after global markets gained last week on speculation the Federal Reserve will help stimulate the economy.

Waha Capital, an Abu Dhabi-based leasing company, increased 2.5 percent and Emirates Telecommunications Corp., the biggest phone company in the United Arab Emirates, gained for a second day. The ADX General Index advanced 0.5 percent to 2,821.01, the highest close since April 25. The Bloomberg GCC 200 Index gained 0.4 percent in Dubai. Israel’s TA-25 Index was little changed.

“Gains in U.S. and European markets last week helped boost investor confidence,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC, the U.A.E.’s second-largest lender by assets.