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Thursday, 22 September 2011

MENA stock markets close - September 22, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
6142.26-0.03%
DFM (Dubai Financial Market)
1460.29-0.84%
ADX (Abudhabi Securities Exchange)
2557.45-0.02%
KSE (Kuwait Stock Exchange)
5916.2-0.67%
BSE (Bahrain Stock Exchange)
1245.01-0.92%
MSM (Muscat Securities Market)
5699.29-0.74%
QE (Qatar Exchange)
8444.79-0.62%
LSE (Beirut Stock Exchange)
1240.75-0.29%
EGX 30 (Egypt Exchange)
4335.16-2.21%
ASE (Amman Stock Exchange)
2033.25-0.08%
TUNINDEX (Tunisia Stock Exchange)
4659.180.93%
CB (Casablanca Stock Exchange)
11421-0.72%
PSE (Palestine Securities Exchange)
482.560.32%

MENA stock markets close - September 22, 2011

ExchangeStatus IndexChange
TASI (Saudi Stock Market)
6142.26-0.03%
DFM (Dubai Financial Market)
1460.29-0.84%
ADX (Abudhabi Securities Exchange)
2557.45-0.02%
KSE (Kuwait Stock Exchange)
5916.2-0.67%
BSE (Bahrain Stock Exchange)
1245.01-0.92%
MSM (Muscat Securities Market)
5699.29-0.74%
QE (Qatar Exchange)
8444.79-0.62%
LSE (Beirut Stock Exchange)
1240.75-0.29%
EGX 30 (Egypt Exchange)
4335.16-2.21%
ASE (Amman Stock Exchange)
2033.25-0.08%
TUNINDEX (Tunisia Stock Exchange)
4659.180.93%
CB (Casablanca Stock Exchange)
11421-0.72%
PSE (Palestine Securities Exchange)
482.560.32%

BNP CEO denies contact with Qatar about investment, Qatar Industries - Maktoob News

Baudouin Prot, chief executive of France's biggest listed bank, BNP Paribas , denied on Thursday that it was in contact with Qatar over possible investment by the Gulf state, repeating it had no need for fresh capital.

Deteriorating confidence in French banks' ability to withstand the euro zone debt crisis has hit their share prices hard and ramped up their cost of U.S. dollar funding, but Prot insisted in a radio interview the bank was operating normally.

Shares in BNP were down 5 percent at 23.23 euros at 1123 GMT, in line with banking stocks across Europe , pummelled by darkening clouds on the economic horizon. French rivals Societe Generale and Credit Agricole were down 7.4 percent and 7.7 percent, while Britain's Barclays was down 6.3 percent, and Spain's Santander down 5 percent.

Gulf Arab CDS rise on global woes; Dubai CDS hit 6-mth high, UAE Industries - Maktoob News

The cost of insuring Gulf debt rose on Thursday, with Dubai's CDS rising to the highest level in at least six months as global recession fears lead to a sense of risk aversion in financial markets.

Dubai's five-year credit default swaps (CDS) were at 470 points at 1246 GMT, up from 431 points on Sept. 21, according to data from Markit, and the highest levels since early March, according to data from Markit.

Abu Dhabi CDS rose to 117 points on Thursday, up from 106 points a day earlier, while Qatar CDS rose to 118 points, from 106 points on Wednesday.

TAQA and Energy Delta Institute partner to develop Dutch gas hub - bi-me.com

TAQA (Abu Dhabi National Energy Company PJSC), a global energy company majority owned by the Abu Dhabi Government, is the latest associate partner to join the internationally renowned Energy Delta Institute (EDI) in a strategic partnership.

The partnership contract is signed by TAQA's Managing Director for the Netherlands, Mr Jan Willem van Hoogstraten and President of EDI, Mr Eric Dam.

The objective of the strategic partnership is to develop the Netherlands' position in becoming the gas hub of Northwest Europe by addressing the threat of a growing shortage of qualified personnel in the natural gas industry.

Dubai Shares Snap Two-Day Advance After U.S. Fed Warns of Economic Risks - Bloomberg

Dubai’s benchmark stock index fell the most in more than a week after the U.S. Federal Reserve signaled “significant downside risks” to the world’s largest economy. Crude oil retreated.

Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper, decreased 1.1 percent and Emirates Integrated Telecommunications Co. (DU) dropped to a month low. The DFM General Index (DFMGI) slipped 0.8 percent, the most since Sept. 12, to 1,460.29 at the 2 p.m. close in Dubai. The index fell 0.5 percent this week. About 69 million shares traded in Dubai today, compared with this year’s daily average of 114 million shares, according to data compiled by Bloomberg.

“Local markets are reacting to the U.S. selloff yesterday and today’s continued selloff in Asia and Europe,” said Saad al Chalabi, an institutional trader at Al Ramz Securities in Abu Dhabi. “This is mostly due to the lack of liquidity and subdued market participation from foreign institutions.”

Abu Dhabi gets tough on govt entities' finances-sources | Reuters

Abu Dhabi's department of finance has accelerated its review of public spending by government entities in recent weeks, three sources said, a move likely to mean more changes to top management at state-run companies.

At least nine Abu Dhabi-controlled companies have already seen top managers exit this year, including investment vehicle Mubadala and developer Aldar as the government seeks to manage its vast wealth more effectively. .

The sources said a plan to centralise fundraising and crack down on undisciplined issuance in the biggest of the seven United Arab Emirates (UAE), reported by Reuters in May, had gathered pace.

Jordan asks to join EBRD

Jordan has asked to join the European Bank for Reconstruction and Development with a view to receiving EBRD funding, the European institution said in a statement.

Jordan has now joined Egypt, Morocco and Tunisia in seeking EBRD membership.

The four nations are the target of support under the “Deauville Partnership”, launched at the G8 summit in May to help promote political changes that have been under way in some Arab countries since this spring.

Abu Dhabi oil investment at all time high in 2010 - Emirates 24/7

Abu Dhabi’s investments in its massive hydrocarbons sector surged to a record high of more than Dh43 billion in 2010 as the emirate is pushing ahead with mega projects to expand output capacity, official data showed.

The investments last year were nearly 29 per cent above the capital pumped in 2009 and more than double the oil investments in 2008 when crude prices climbed to their highest average of nearly $95 a barrel.

The figures, published in Abu Dhabi’s yearbook released this week, showed the total fixed capital formation in the emirate’s hydrocarbon industry stood at Dh43.7 billion in 2010, up from Dh33.9 billion in 2009 and Dh18.5 billion in 2008. They were nearly six times the emirate’s oil investments of Dh7.2 billion in 2005.

gulfnews : UNB to test market for benchmark-sized bond

Union National Bank (UNB) is eyeing a dollar-denominated benchmark bond issue after planned investor meetings next week, which will test market appetite for regional debt amid a charged global economic backdrop.

UNB has picked five banks for the potential issue, it said yesterday, with roadshows due to kick off on Sunday in Abu Dhabi and Dubai, followed by Asia.

Citi, Deutsche Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered were given the mandate for the bond, which will be issued subject to market conditions following investor meetings.

Abu Dhabi’s Spending on Soccer, Skyscrapers Masks Slower Times - Businessweek

Ramy Kaddourah got the keys to his apartment in Abu Dhabi’s Raha Beach development two years late as the boom in the United Arab Emirates capital started to wane.

“Everyone got really excited about the plans to build up Abu Dhabi, then out of nowhere everything came to a stop,” said Kaddourah, 31, who runs a local private hospital and invests in property to rent. “If this can happen here, I don’t want to imagine what’s happening in the rest of the world.”

Abu Dhabi internationally is the oil-rich emirate spending billions of petrodollars on English soccer team Manchester City, the iconic Chrysler Building in New York and London’s Gatwick Airport. Yet that image is masking pressure at home as the government supports its six neighboring emirates while financing a $500 billion development plan.

gulfnews : Sovereign funds have slew of opportunities In Theory

Over the last three years the world of finance and business has undergone a great deal of change.

Banks and financial institutions, which used to offer loan promotions to get rid of their excess liquidity, are now looking hard to boost their cash reserves. They are only interested in those depositors who have cash in their case.

But where are those with cash in Europe? A look at their financial situation at the moment is reminiscent of a Somali desert.

THE DAILY STAR :: Gulf stock markets may react to Fed, Europe

After a week of dull trading, Gulf stock markets may regain some direction in the coming week in response to a policy decision by the U.S. Federal Reserve and developments in the eurozone debt crisis.

“The next two weeks are critical – we have the quantitative easing announcement in the U.S. and the Greek debt talks in Europe; these things can take the market in either direction,” said Joe Kawkabani, chief investment officer for equities at Franklin Templeton Investments (ME).

Late in the global day Wednesday, the Fed was expected to conclude a policy meeting and announce a fresh effort to stimulate the U.S. economy, possibly by rebalancing its $2.8 trillion portfolio of bond holdings to weight them more heavily toward longer-term securities. Any positive reaction by global markets would almost certainly buoy the Gulf.

OPEC Says Producers Will Cut Back Once Libya Output Recovers - NYTimes.com

Gulf members of OPEC will cut their output of oil once Libya’s production is back on track, Abdullah al-Badri, secretary general of OPEC, said this week.

Saudi Arabia and other Gulf producers raised output this summer to make up for the stall in Libyan exports that resulted from the uprising against Col. Muammar el-Qaddafi and the international sanctions imposed against his regime.

Now, “as long as Libya starts to produce more and more, it is in the other OPEC members’ best interest to produce less,” Mr. Badri told the Gulf Intelligence Energy Markets Forum in Dubai. “I don’t talk to member countries individually about this; the market sorts itself out.”

gulfnews : New law to regulate economic activity in Dubai

A new law regulating economic activity in Dubai was issued yesterday by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The 37 articles of Law No 13 of 2011 aim to regulate "economic activities in the emirate to create an environment conducive to boosting investment in Dubai", according to a statement on Shaikh Mohammad's official website.

The Department of Economic Development (DED) will be the body responsible for the regulation of economic activity for all businesses outside the freezones, according to the law.

Dubai’s National Bonds eyeing Nakheel sukuk - Banking & Finance - ArabianBusiness.com

National Bonds Corp, the Dubai-owned Islamic savings scheme, may invest in the Nakheel sukuk issued to trade creditors in part-payment for outstanding bills, its CEO said.

The Islamic bonds issued under the government-owned developer’s $16.1bn restructuring plan tumbled in their first week of trading as holders flooded the market.

“Yes,” said Mohammed Qasim Al-Ali, when asked about NBC’s interest in the bonds. “Nakheel and others, which are floating in the market at really good yields."

$23bn windfall for new Libya - FT.com

Libya’s revolutionary government has enjoyed a surprise windfall that will help finance the country’s post-war recovery after discovering $23bn-worth of assets that were unspent by Col Muammer Gaddafi’s regime, officials in London and Tripoli have told the Financial Times.

The find – described by one British official as “the equivalent of discovering several billion dollars under the mattress” – is being hailed as a big boost to Libya’s new rulers’ efforts to run the country.

Much of Libya’s estimated $160bn of foreign assets remains frozen under sanctions imposed against the Gaddafi regime. However, sources have confirmed that the unspent assets were found this month in Libyan state coffers.

Saudi Arabia, inflation, real estate, Saudi real estate, | alifarabia

With the ongoing rebound in economic activity, a question that emerges is whether inflation will increase again as it did in 2007–08 when the annual increase in consumer prices peaked at 11.1 percent in July 2008. Many of the drivers of inflation then are also present now, including higher food prices, depreciation of the nominal effective exchange rate, expansion of credit, and rising government spending.

However, the increases in these various drivers of inflation are at present generally smaller than they were in 2008. The one area where the pressure is greater now is fiscal spending, which is projected to increase by 24 percent in 2011 compared to 12 percent in 2008.

Still, a large part of this increase is capital injections to the Real Estate Development Fund and to the Saudi Credit and Saving Bank that are unlikely to be fully utilized this year.