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Sunday, 24 July 2011

Opec 2011 Bulletin’s 18 Most Important Pages (In Charts) | alifarabia

Opec’s annual bulletin reveals the changing dynamics of the energy industry and the key challenges facing both the producers and the consumers.

Click through the charts to find out more:

MENA stock markets close - July 24, 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)

UAE interbank offered rates at new 7-year low | Reuters

Interbank offered rates in the United Arab Emirates continued their slide to a fresh seven-year low on Sunday, as liquidity in the OPEC member's banking sector stayed high, also dragging one-year dirham forwards lower.

Bank deposits had risen to their highest level in at least two years in April as the Gulf Arab state enjoyed a safe-haven status amid regional unrest, but dropped again slightly in May.

The benchmark three-month interbank offered rate , based on quotes from a dozen banks, was set at 1.505 percent at Sunday's fixing, the lowest level since June 2004. Before Dubai's debt crisis in November 2009, the rate was 1.915 percent.

Abu Dhabi's UNB mandates 4 banks for bond -sources | Reuters

Union National Bank jointly owned by the governments of Abu Dhabi and Dubai, has picked four banks for investor meetings ahead of a potential dollar bond issue, two sources said on Sunday.

HSBC Holdings , Standard Chartered Plc , Citigroup and Deutsche Bank (DBKGn.DE) have been mandated for a Reg S deal, one banker familiar with the matter said.

'We have the plan but the exact timing of the roadshows are not yet finalised,' a UNB executive said, confirming that the lender had mandated banks for the potential sale.

Road to recovery a long one for Egypt - The National

Egypt's economy may have moved on from the revolution's most chaotic days. But the impact of the unrest continues to be felt.

Telecommunications, for example, still faces an ongoing drop in revenues.

Khaled Hegazy, Vodafone Egypt's director for external affairs, offers a snapshot of the initial impact. 'We had over 900 base stations that were completely shut down and looted,' he says. 'Six branches, including our flagship store, were completely destroyed. We incurred a massive hit over a short period of time.'

Persian Gulf Shares Decline on U.S. Debt Concern; Shuaa Capital Retreats - Bloomberg

Persian Gulf shares fell for the first time in six days as investors discounted earnings reports after talks to raise the U.S.-debt ceiling broke down, threatening the credit worthiness of the world’s biggest economy.

Shuaa Capital PSC, the investment bank controlled by Dubai’s ruler, dropped the most in a week. Emirates NBD PJSC, the biggest bank in the United Arab Emirates by assets, slid to the lowest level in almost a month. The Bloomberg GCC 200 Index, which tracks the biggest 200 companies in the region, dropped 0.1 percent at the 3:30 p.m. close in Riyadh. Dubai’s benchmark DFM General Index retreated 0.2 percent to 1,520.47 the lowest close since June 29. Israel’s TA-25 Index gained.

“Turnover is very low due to summertime and the fact that Ramadan is approaching, along with the volatility in international markets because of the debt crisis in Europe and the U.S.” said Marwan Shurrab, assistant fund manager and chief trader at Dubai-based Gulfmena Alternative Investments. “We are seeing mostly positive earnings and this is supposed to help but people are reluctant to participate.”

UAE's EMAL gets approval for $4.5 bln investment - Maktoob News

Abu Dhabi-based Emirates Aluminium (EMAL) has received approval from its board for a $4.5 billion investment that will almost double the aluminium smelter's annual capacity, the company said on Sunday.

Capacity will rise to 1.3 million metric tonnes on completion of its planned phase II project, the state-owned firm said.

EMAL is a 50-50 joint venture between Dubai Aluminium Company Ltd (Dubal) and Mubadala Development Co Mubadala), Abu Dhabi's investment vehicle.

Majid Al Futtaim raises US$1 billion loan after delaying bond sale -

Majid Al Futtaim Holding raised US$1 billion from a group of banks to refinance debt after the operator of Carrefour SA stores in the Middle East delayed plans to sell bonds.

The financing comprises a three-year revolving credit and a five-year term loan, the Dubai-based company said in an e-mailed statement today. The facility will be used for early refinancing of a US$1 billion loan maturing in July 2012 and to build a “liquidity buffer,” the company said.

The loan “has helped to lengthen the average maturity of our debt,” Daniele Vecchi, treasurer of Majid Al Futtaim, said in the statement. “To strengthen our financial profile further, we will continue to focus on diversifying our sources of funding and tapping the bond market continues to be a priority.”

gulfnews : Arab Spring is a mixed bag for Dubai

Over the course of the go-go mid-noughties — or more specifically 2003-08 — Dubai enjoyed incredible double-digit growth. Following the annual meetings of the World Bank Group and the International Monetary Fund held here in September 2003, Dubai was finally anointed with the double-edged brand of emerging market. This was two weeks after the second anniversary of the 9/11 terrorist attacks in the US and the Saudi capital (significantly Dubai-bound) that quickly followed.

Of course, with this growth came inflation, a strained demographic imbalance and, for those who didn't exit before the merry-go-round stopped, negative equity.

This is not to say that the boom was completely bad for Dubai. Quite the contrary. Although Dubai had its share of esoteric developments, it still managed to expand its airline fleet, airport, port, utilities and build a world-class transport network.

Results on the way but main focus is overseas - The National

The week ahead marks the peak of the second-quarter earnings season, with more than one third of the companies listed on Qatar's QE Index reporting. But the performance of stocks is likely to be shaped by the international backdrop, Abu Dhabi's Invest AD said yesterday.

Prominent companies reporting this week include Qatar International Islamic Bank and Qatar General Insurance and Reinsurance, in addition to Qatar Navigations due today. Qatar Gas Transport should report on Tuesday, Commercial Bank of Qatar and Dlala Holding on Wednesday and Qatar National Bank on Thursday. In the UAE, Emirates NBD and Shuaa Capital should release their second-quarter results tomorrow.

Even with this heavy flow of news on tap, a more critical measure of market sentiment may be developments outside the region, said Sachin Mohindra, the lead manager at Invest AD's GCC Focus Fund.

Saudi Shares Rise for Third Day on Europe’s Aid Plan, Rising Oil - Businessweek

Saudi Arabian shares extended gains for a third day after crude oil climbed to a six-week high as euro-region leaders sought to persuade investors that plans to control the debt crisis will be sufficient.

Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, strengthened to its highest price in almost two months. National Industrialization Co. and Samba Financial Group, the kingdom’s second-largest publicly traded lender by market value, paced the gains.

The 147-company Tadawul All Share Index rose 0.5 percent, to 6,522.52 at the 3:30 p.m. close in Riyadh, extending its three-day increase to 1.5 percent. Four shares rose for every stock that dropped.

UAE to grow 3.7 per cent and GCC 6 per cent - Emirates 24/7

The UAE economy will grow by 3.7 per cent in 2011 while the combined GDP of the country and its Gulf partners will expand by six per cent thanks to strong oil prices and government fiscal moves, Saudi Arabia’s largest bank has said.

National Commercial Bank (NCB) said top LNG exporter Qatar and Saudi Arabia, the world’s largest oil supplier, would lead growth in the six-nation Gulf Cooperation Council (GCC) this year. The UAE, the second largest Arab economy, is also back on track thanks to high oil prices and Dubai’s recovery.

“The uncertainty caused by the recent bout of regional political turmoil appears to have largely lifted in the GCC region. Even as regional stress points remain in Libya, Syria, and Yemen, the GCC economies have generally managed to overcome investor concerns through a combination policy initiatives and, until recently, positive momentum in the oil price,” NCB said in a 20-page study on the GCC economies, sent to Emirates 24/7 on Saturday.