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Sunday, 3 July 2011

MENA stock markets close - July 3, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
DFM (Dubai Financial Market)
ADX (Abudhabi Securities Exchange)
KSE (Kuwait Stock Exchange)
BSE (Bahrain Stock Exchange)
MSM (Muscat Securities Market)
QE (Qatar Exchange)
LSE (Beirut Stock Exchange)
EGX 30 (Egypt Exchange)
ASE (Amman Stock Exchange)
TUNINDEX (Tunisia Stock Exchange)
CB (Casablanca Stock Exchange)
PSE (Palestine Securities Exchange)

HSBC Forecast -

HSBC's forecast for the region's three largest economies reveals its continued concerns for Saudi Arabia and Egypt, while it believes UAE's status as a safe haven is revived

HSBC expects Egypt's GDP to rise a mere 0.2% in 2011, a far cry from the robust 5.1% growth in 2010. To be fair, a lot has changed in the country since the end of 2010.

Hosni Mubarak's efforts to hold on to the country's rein and his subsequent departure sucked the life out of the Egyptian economy, and things are only now slowly turning back to normal, with many question marks hovering on the horizon.

Expat-run Saudi outlets facing the axe -

Small retail outlets in Saudi Arabia illegally run by expatriate workers, including over 120,000 in Jeddah, face being closed as part of new labour regulations, according to a report on Sunday.

Officials in the kingdom are seeking to clamp down on Saudi nationals illegally hiring expatriate workers to manage their stores and service outlets in return for a shake of the profits, a practice commonly known as "tasattur".

The move would impact up to 120,000 outlets in Jeddah alone, a source told the Saudi Gazette newspaper on Sunday.

Dubai market soars after Greece avoids financial tragedy - The National

Dubai's market staged its biggest daily gain in more than two months as investors were buoyed by Greece's latest aid package.

The Dubai Financial Market General Index climbed 2.5 per cent to 1,555.13 points, its highest point in a week, in the first day of trading after the Greek Parliament approved a set of austerity measures that staves off fears of a eurozone debt crisis.

International equities climbed higher on Friday as some clarity emerged on Greece's debt crisis. The country is suffering from one of its deepest recession in 40 years and a default would probably lead banks to freeze lending to other indebted European countries, causing a eurozone contagion.

Dubai's du repays $817 mln syndicated loan | Reuters

Dubai's du DU.DU has fully repaid a 3 billion dirhams ($816.8 million) syndicated loan facility, the telecoms carrier said in a statement on Sunday.

Du, which ended rival Etisalat's (ETEL.AD) domestic monopoly in 2007, used a "combination of existing financing facilities and cash" to repay the syndicate of 16 banks, it said in a bourse statement. The three-year facility was set up in 2008 and matured on June 30.

On June 7, du said it had closed a $220 million three-year refinancing facility and this would in part be used to pay off the maturing facility.

Private equity activity slumps in the Middle East, when will it pick up? « ArabianMoney

The value of Middle Eastern private equity deals slumped by 84 per cent to just $25 million in the first half of 2011 in comparison with the same period of 2010, according to the newly published Zephyr report on major capital deals. There were only seven private equity deals in the first half, the weakest result since 2007.

However, taken as a whole major regional capital deals held up well with a 54 per cent fall in volume to 222 transactions more than compensated by a 43 per cent increase in value to $10.2 billion.

gulfnews : Ras Al Khaimah: The emerging emirate

Following the accession of His Highness Shaikh Saud Bin Saqr Al Qasimi as Member of the Supreme Council and Ruler of Ras Al Khaimah in 2003, the emirate has embarked on rapid expansion and development, building its status as the UAE's third business hub.

Over the last eight years, Shaikh Saud has played a big part in establishing entities such as the Ras Al Khaimah Investment Authority (Rakia), introducing government and legal reforms to attract business to its free zones and investing in its tourist and commerce infrastructure.

"I want to build a diverse economy that enjoys strong, sustainable growth through attracting investments to create wealth and raise the standards of living for all the people of Ras Al Khaimah," said Shaikh Saud.

gulfnews : Nurturing skills is critical to Mena's success story

It is no secret that education builds long-term relationships within and between communities. These relationships will play a crucial role in building the Middle East of tomorrow.

Given the increasing skills shortage in the Middle East and North Africa (Mena) and the abundance of young people in the region — half the population is under 25 years old — governments need to cooperate with the private sector in order to ensure that education is developed sufficiently to support and sustain strong economic development

This region has vast potential, and young people are more educated, more technologically literate, and more engaged with the news than ever before. We have seen much of their energy spill over into the streets of some countries, primarily out of a desire to live better lives. However, as the region continues to grow and evolve it will come up against the challenge of supplying the right people for the right jobs in its economies.

Unrest to spark innovation in region - The National

The so-called Arab Spring will lead to greater innovation in the Middle East and North Africa (Mena) region as companies and governments look to build their economies and create wealth.

That is the belief of Professor Soumitra Dutta, the editor of the Insead business school's Global Innovation Index (GII), an annual report that ranks countries based on innovation.

He predicts that once stability returns to the Mena region, innovation will be given the optimum environment to flourish.

Saudi Shares Advance After U.S. Rally, Greek Debt Progress, Paced by Rajhi - Bloomberg

Saudi shares rose for a third day, led by petrochemical companies and banks, after U.S. stocks posted the biggest weekly rally in two years after Greece took action to avoid a default.

Saudi Basic Industries Corp. (SABIC), the world’s largest petrochemical maker, and Al Rajhi Bank paced the gains. Saudi Arabian Mining Co., also known as Ma’aden, rose for the fifth day after announcing financing for an aluminum project the company is developing in a joint venture with Alcoa Inc.

The 146-company Tadawul All Share Index (SASEIDX) rose 1.2 percent to 6,653.68 at the close in Riyadh today, its highest closing level since June 6. The largest bourse by market value in theMiddle East has gained 0.5 percent this year.

First Half Market Report Card « Alpha Dinar- talking Gulf finance

So far, 2011 has been an eventful year in the Middle East. Popular unrest removed the presidents of Tunisia and Egypt, while the fates of Libya, Syria, and Yemen remain uncertain. The unrest in the region transferred to the regional markets, as all GCC markets were in the red for the first half of the year. What is interesting is that Kuwait, although lagged by many as one of the safest countries in the region, was one of the worst performers in the GCC, leading us to believe that other factors come to play, such as the constant brawling between parliament members and the government and the lack of development.

Below is a recap of the performances of GCC stock markets for the first half of 2011: