Wednesday, 6 July 2011
Monty Guild, the chief executive of Guild Investment Management, said the IEA's move did not change oil's fundamentals.
'Our opinion continues to be oil prices will reach $150 barrels this year due to the fighting near Saudi Arabia,' Guild told Reuters in a telephone interview.
The downturn caused a dramatic outflow as investors took fright. Assets under management reached a low of under $4bn in the first quarter of 2009 and are now only slightly greater. Yet $4bn is much more than most estimates of hedge fund assets in the region.
Peter Laurelli of Hedgefund.net says his database contains 26 unique and active Mena-focused funds. Average asset size is roughly $100m, he says. The preferred strategy is long-short equity.
Nakheel “received acceptance from 100 percent of the banks and the required majority of its trade creditors giving their consent to the Nakheel restructuring plan,” it said today in an e-mailed statement.
Nakheel also signed agreements on its operational and financial separation from Dubai World, it said. The legal separation will happen upon completion of Nakheel’s restructuring, the real-estate company said.
The bank is a subsidiary of HSBC Holdings.
It was Individual Rating was downgraded to 'C' and removed it from Rating Watch Negative (RWN). The agency has also affirmed the bank's Long-term Issuer Default Rating (IDR) at 'AA-', Short-term IDR at 'F1+' and Support Rating at '1' as well as the senior unsecured notes at 'AA-'. The Outlook on the Long-term IDR is Stable.
|TASI (Saudi Stock Market)||6612.46||-0.22%|
|DFM (Dubai Financial Market)||1552.11||-0.44%|
|ADX (Abudhabi Securities Exchange)||2717.07||-0.45%|
|KSE (Kuwait Stock Exchange)||6208.5||-0.08%|
|BSE (Bahrain Stock Exchange)||1318.47||0.09%|
|MSM (Muscat Securities Market)||5952.48||0.04%|
|QE (Qatar Exchange)||8492.71||-0.11%|
|LSE (Beirut Stock Exchange)||1328.2||0.11%|
|EGX 30 (Egypt Exchange)||5320.51||-2.17%|
|ASE (Amman Stock Exchange)||2094.83||-0.78%|
|TUNINDEX (Tunisia Stock Exchange)||4283.68||0.74%|
|CB (Casablanca Stock Exchange)||11517.8||-0.05%|
|PSE (Palestine Securities Exchange)||497.35||0.67%|
The Dubai Financial Market General Index slipped 0.4 per cent to 1,552.11 points this morning, after a four-day rally, as traders await market-moving updates on company earnings. Volumes of traded shares on the market also struggled to breach 65 million, compared to volumes at least double this at the height of the property boom in 2007.
Increased trading volumes, the majority excercised by day traders that buy and sell on a regular basis, fuels increased liquidity and higher prices on the market.
Abu Dhabi’s Murban for August loading climbed 25 cents to a discount of 8 cents a barrel below its official selling price, according to data compiled by Bloomberg. Qatar Land remained at a discount of 41 cents, Bloomberg data showed.
Saudi Arabian Oil Co., the world’s largest crude exporter, cut official selling prices for August shipments of light crudes to customers in Asia and raised prices for medium and heavy grades. The state-owned producer, known as Saudi Aramco, reduced the formula price for Arab Super Light crude the most, by $1 a barrel to $3.85 above the benchmark, the company said yesterday in an e-mailed statement.
The bank had second-quarter net profit of 1.8 billion riyals ($494.3 million), according to Reuters calculations, compared to 1.4 billion riyals in the same period last year.
QNB reported first-half profit of 3.5 billion riyals in a statement. Reuters calculated the quarterly results based on figures previously given by the bank.
Hundreds more expatriate jobs could be on the line in the near future at Abu Dhabi government departments, two sources at the offices said, adding exact numbers are not available.
The capital of the United Arab Emirates, the emirate is home to most of its oil wealth.
The brokerage sees 'outperform'-rated Mobily as the 'most geared to the data growth investment theme in Eastern Europe, Middle East, and Africa mobile market,' and forecast a 19 percent revenue growth over last year.
'There is still little sign of competition affecting Mobily adversely, with first-quarter data from the regulator suggesting Mobily has over 75 percent share of mobile broadband subscriptions,' it added.
Saudi International Petrochemical Co. (Sipchem) raised SR1.8 billion ($480 million) from the sale of Islamic bonds.
The five-year, floating-rate sukuk was priced 175 basis points over the Saudi Interbank Offered Rate, and the offer received orders of about SR4.5 billion, the company said in a statement to the Saudi bourse Monday. Sipchems initial plan was to raise SR1.5 billion from the sale.
The bonds are the second local-currency debt to be sold by a borrower in Saudi Arabia this year, bringing total sales in the six-nation Gulf Cooperation Council to $2.3 billion in 2011 so far, compared with $2.5 billion in the year-earlier period from Jan. 1 to July 4, according to data compiled by Bloomberg.
Some 2,000 homes were completed in Dubai in the second quarter and another 18,000 will be ready for occupancy by the fourth quarter, a report from property consultancy Jones Lang LaSalle said, adding that total current residential stock will rise to around 322,000 homes.
Office supply in Dubai is expected to grow by more than 30 percent over the next three years, it said.
Egypt's decision to turn down International Monetary Fund (IMF) and the World Bank is a bold move, given that the country's fiscal situation remains fragile.
In April and May this year, the Egyptian government had estimated that the country had a financing gap in the range of $9-11 billion during 2011/12, and reached out to their bilateral and multilateral partners, including the IMF, for financial assistance.
The IMF's 12-month stand by agreement amounting to $3 billion.
"This arrangement would have supported the government's homegrown economic plan, which aimed at promoting social justice through higher social spending, preserving macroeconomic stability, and designing a road map for reforms after the elections," says Ratna Sahay, Deputy Director of the Middle East and Central Asia Department at the IMF.