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Saturday, 13 October 2012

Business - UAE projects value hits $545b

The UAE records a significant growth in value of projects, showing around one per cent increase to $545 billion in the third quarter.
The country along with Kuwait also helps increase the GCC projects market index by 0.2 per cent to $2.49 trillion as of the third quarter of 2012, says a report on Saturday.
According to MEED’s Gulf Projects Index, a comprehensive and up-to-date tracking system of projects that are either underway or planned throughout the region, the strong growth in the UAE’s projects industry was attributed to the revival of three projects worth $960 million, and the launch of three new projects worth a combined $230 million.

Saudi Stock Market close - October 13, 2012

General Index
Intraday  3 month  
 Daily Statistics
 General Index6682.47
 Change (%)-1.68%
 T. Volume145515584
 T. Companies 158

Saudi Shares Drop Most in 4 Months as Banks Miss Profit Estimate - Businessweek

Saudi Arabia’s benchmark stock index slid the most in more than four months as local lenders missed third-quarter earnings estimates.

The Tadawul All Share Index (SASEIDX) lost 1.7 percent to 6,682.47 by the 3:30 p.m. close in Riyadh, the sharpest retreat since June 2. Saudi British Bank sank 2.7 percent to a Dec. 21 low of 29.1 riyals. Banque Saudi Fransi (BSFR), partly owned by Paris-based Credit Agricole SA (ACA), retreated 3.3 percent to 29.7 riyals, the biggest drop since Sept. 18 last year.

Saudi British Bank reported a 4 percent gain in third- quarter profit to 656 million riyals ($175 million) on Oct. 10, missing a 826 million riyal forecast. Banque Saudi Fransi posted a 662 million riyal profit the same day, short of the mean estimate of six analysts for 785 million riyals. The Tadawul All Share Bank Index has gained 1 percent this year compared with a 4.1 percent rise in the All Share Index.

Good economy makes up for adverse political developments in Kuwait |

Extraordinary economic facts help compensating Kuwait for adverse political developments. Reference is made to last week’s decision by the country’s ruler of dissolving the parliament for the sixth time in six years.
Certainly, this fact about calling for new elections tells a great about the state of politics in Kuwait. Anyway, as per a constitutional clause, fresh elections should take place within 60 days at a time of tense political tensions.
The controversial move followed weeks of political uncertainty amidst protests by the political elite for serious democratic reforms. Their demands include having an elected premier as well as providing the legislative branch all necessary tools to ensure oversight of the government, public finance and management of resources, notably the significant oil sector.

BBC News - Gulf seeks aluminium profits VIDEO

STOCKS NEWS MIDEAST-Saudi shares open down - Yahoo! News Maktoob

Saudi Arabian shares open down on Saturday, weighed by weak global stocks and a dip in energy prices after local banks reported lacklustre earnings after market close on Wednesday.
Saudi stocks declined throughout last week, hitting a 10-week low on Tuesday but recovering slightly on Wednesday.
The all-share index starts 0.34 percent down, with banking shares down 0.44 percent in early trading.