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Saturday, 21 July 2012

Success needs luck and luckily you can create your own - The National @manar_alhinai

There is no written formula to entrepreneurial success. Your idea may be bold, your passion elevated and your IQ exceptional, but there will always be external factors beyond your control.

Those factors could help to boost your business, or serve as last-minute killers. A promised financial loan may disappear, equipment may fail, or the economy could crash overnight - any of these factors can affect or perhaps kill your business before it even launches. But then again, you may be one of the lucky ones. And when it comes to business, luck matters.

Your business idea, although basic, may come at the perfect time - as if it were meant to be.

Euro crisis a risk to oil as GCC banks on recovery - The National

Investors and analysts are preparing for a bumpy ride for at least the next six months as the European debt crisis stunts global growth and threatens to spill over to the Arabian Gulf.

While oil revenues should help to shield the region from a downturn, more negative twists in the global outlook could drag crude prices down, economists warn.

"My concern is with oil prices, which are a major credit driver for the GCC, and regional and sectarian issues," said Raza Agha, a senior economist at Royal Bank of Scotland for the Middle East and North Africa (Mena). "All of these things are depressing the outlook for the region."

Abu Dhabi team targets cyber crime - The National

Arabian Gulf nations are stepping up efforts to defend energy infrastructure from hackers as they make multibillion-dollar investments in the oil and nuclear sectors.

A team of 20 people from the Abu Dhabi National Oil Company and its subsidiaries are examining how to bolster cyber security as the emirate seeks to increase pumping capacity from 2.8 million barrels per day (bpd) to 3.5 million bpd by 2018.

In the same period, Saudi Arabia is expected to double spending on homeland security from US$7.8 billion (Dh28.65bn) to $15.4bn, including the creation of a 35,000-strong protection force for the oil industry, said the US consultancy Homeland Security Research.

Iran introduces tiered exchange rates for imports |GulfNews.com

Iran will introduce a three-tiered exchange rate system to purchase different classes of imports, state media reported on Saturday, in an indication that the government’s stores of hard currency are coming under pressure from Western sanctions.
The Iranian rial has lost nearly half its value in the last year, after the West tightened sanctions against Iran over its disputed nuclear programme.
Iran’s oil sales, its chief source of hard currency earnings, have plummeted this year due to the measures, and it has had trouble repatriating currency earned from crude exports because of sanctions against its central bank.

Regional markets look up on earnings |GulfNews.com

The region’s financial markets are likely to edge upward this week in anticipation of strong second quarter corporate earnings being reported by the blue chip companies, a general improvement in risk appetite in Europe and on the back of hopes the US Federal Reserve would unleash a third round of quantitative easing to shore up a flagging domestic economy, say market experts.
“Equities in developed European markets are cheap for those willing to wager that the continent’s problems can be solved by the current political leadership,” wrote Mark McFarland - Chief Investment Strategist at Emirates NBD in his latest weekly research note. “Our outlook continues to extend into Emerging and Frontier Markets for long-term returns. Earnings growth has still to revive across the Emerging Markets space but latest data for June show a strong revival in Saudi Arabia and in Mexico.”
Musa Haddad, Head Trader with National Bank of Abu Dhabi Asset Management in his technical analysis of the Dubai market said: “Trust my higher low, and my weekly Moving Average Convergence/Divergence that is about to give a long term buy signal, as my moving averages are in the process of a golden crossover.”

Bonds strenghten while the music plays on |GulfNews.com

We are somewhat used to the idea of the Mena region and GCC being on the periphery of international investor horizons, and therefore having a vulnerability to volatile funds flows.
The Gulf’s absence still from key MSCI indices, the retreat of European funding from regional project plans, and restrained foreign direct investment all attest to that notion.
However, that basic premise may now be in some doubt.

Zain Saudi $1.69 billion rights issue 105 pct oversubscribed | Reuters

Zain Saudi's $1.69 billion rights issue was over-subscribed by 105.4 percent, the issue's lead manager Saudi Fransi Capital said in an emailed statement on Saturday.

The kingdom's third telecom operator started a rights issue on July 10 which closed eight days later. The issuing price was set at 10 Saudi riyals, without a premium, it said.

"The rights issue was subscribed by more than 632 million shares with the receiving banks... This amounts to 6.34 billion riyals, a coverage of 105.4 percent of the rights issue shares," the firm said in the statement.

UPDATE 1-Qatar, Bahrain airlines eye Saudi skies | Reuters

Qatar Airways, Bahrain Air and Gulf Air are among the firms in pre-qualified consortia bidding for a new airline license in Saudi Arabia, an official from the General Authority for Civil Aviation (GACA) with knowledge of the matter told Reuters on Saturday.

This month GACA said 14 companies had applied for licenses to operate domestic and international flights in the country, seven of which have been short-listed.

The list of the seven pre-qualified consortia also includes Chinese firm HNA, the parent company of Hainan Airlines Co Ltd , the Islamic Development Bank (IDB), Nesma Holding, and United Arab Emirate's private carrier Falcon Express.

Saudi Stock Market close - July 21, 2012

 General Index
Intraday  3 month  
 Daily Statistics
 Date21/07/2012
 General Index6665.65
 Change (%)0.56%
 Change37.39
 T. Volume161524965
 T. Companies 158
   Advanced95
   Declined44
   Unchanged14
   UnTraded5


Saudi Arabia Shares Rise as STC Profit Climbs, Ramadan Begins - Bloomberg

Saudi Arabian shares gained for a second day after Saudi Telecom Co. (STC) and food producer Savola Group (SAVOLA) reported an increase in profit and as Ramadan, the month when Muslims fast from sunrise to sunset, began.
Saudi Telecom Co., the kingdom’s largest phone company, advanced 3.3 percent after profit beat analysts’ estimates. Savola headed for the biggest jump since April 17 after profit surged 48 percent. Saudi Basic (SABIC) Industries Corp., the world’s biggest petrochemical maker, advanced to the highest intraday level since July 10. The Tadawul All Share Index (SASEIDX) gained 0.3 percent to 6,645.6 at 1:25 p.m. in Riyadh, bringing the gain for the year to 3.6 percent.
“Volumes are expected to be light as Ramadan gets under way,” Asim Bukhtiar, head of research at Riyad Capital, said in response to e-mailed questions. “With the earnings season winding up, investors will take time to absorb the results and take positions accordingly. Saturday trading does tend to respond to Friday closing on the international markets.”

UPDATE 1-Saudi's Kingdom Holding Q2 net profit up 9.4 pct | Reuters

Saudi Arabia's Kingdom Holding , the investment firm of Saudi billionaire Prince Alwaleed bin Talal, made a 9.4 percent rise in its second quarter net profit, it said in a bourse statement on Saturday.

The firm made a net profit of 178.9 million riyals ($47.70 million) during the second quarter this year, compared to 163.5 million riyals in the same period a year earlier.

The rise in profits were attributed to high profits from the company's investments and sale of real estate investments which made up for the loss made from hotel revenues in the Middle East due to unrest in the region, the statement said.

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Dubai government replaces Istithmar board - FT.com

Dubai’s government has replaced the entire board of one its investment funds just a fortnight after they were appointed, in an apparent attempt to restore creditor confidence in Dubai World’s $25bn restructuring deal.
Laying bare a political tussle in an emirate where allegiances have been tested by the debt crisis, the government dissolved the board of Istithmar and said the board of state controlled conglomerate Dubai World, chaired by Emirates airlines boss Sheikh Ahmed bin Saeed Al Maktoum, would assume control.
Earlier this month, Istithmar chairman Sultan bin Sulayem, who led Dubai World from boom to bust, appointed a new board as the investment fund became increasingly active. It recently sold property in New York and took control of Dubai’s Atlantis hotel by purchasing Kerzner International’s 50 per cent stake.