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Sunday, 14 July 2013

Following Morsi’s ouster, Qatar’s support to Egypt in question - Daily News Egypt

"Qatar’s political and financial support for Egypt since the 2011 revolution has cause mixed reactions among the Egyptian people, as well as tensions among Gulf states. Post-Morsi, the economic relationship between Qatar and Egypt is uncertain.

Sherif Sami, a member of the General Authority of Investments, stated that competition between gulf countries, in terms of regional influence and international investments, is always present.

“Bilateral relations between countries are normally determined by interests, and gulf countries like Saudi Arabia, Kuwait and the United Arab Emirates (UAE) are now supporting Egypt as well, so Qatar won’t stand alone,” Sami said."

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Dubai stocks hit new post-crash high up 69% in the past 12 months « ArabianMoney

The Dubai Financial Market looks like becoming the best performing stock exchange in the world this year and advanced two per cent today to its highest level since November 2008 when the Global Financial Crisis struck.
The DFM is now up 57 per cent in the year-to-date and has gained 69 per cent over the past 12 months. However, even after this amazing recovery the index is more than 50 per cent down on its pre-crisis level and 70 per cent off its all-time high in early 2006.
Lots of room to go up!
The Bloomberg five-year chart below puts the recent recovery in the DFM into perspective. There still looks to be plenty of room for stocks to go higher:
Later this month ArabianMoney editor and publisher Peter Cooper will be making the case for Dubai stocks at the annual Agora Financial convention in Vancouver, one of the largest meetings of investors in the world.
He will argue that Dubai share valuations still look cheap by comparison to US stocks and other comparable emerging markets. The Abu Dhabi bourse has made similar advances and also remains undervalued.
MSCI ranking
The UAE won inclusion in the MSCI Emerging Market Index this summer and that has refocused interest in both bourses, and led to speculation about the desirability of a merger to create one national bourse.
With oil revenues high and Dubai real estate in a strong recovery optimism about local investments is coming out of a very deep hole. This is not just a question of following Wall Street. How high will UAE stocks go?
If you can’t get to Vancouver to hear the presentation then it will be reproduced in full in our sister publication the ArabianMoney investment newsletter (subscribe here) which is an indispensable and independent guide to these markets.
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MIDEAST STOCKS-Dubai rises to 57-month high ahead of Q2; Egypt climbs | Reuters

"Dubai's shares rose to a 57-month high on Sunday as optimism on second-quarter earnings boosted buying, while foreign investors returned to lift Egypt's market.

Shares of property firms, the main sector to benefit from a recovery in economic fundamentals, led gains in Dubai.

"There will be selective accumulation on stocks that beat earning once the numbers are out," said Mohammed Ali Yasin, managing director of Abu Dhabi Financial Services. Banking sector is expected to post strong growth, which would justify higher profits for the year, he added."

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UAE consumer price inflation under control, says senior government official |

"Consumer price inflation in Abu Dhabi and across the UAE is low and well under control, Dr Hashem Al Nuaimi, Director of Customer Protection Department at the Ministry of Economy said yesterday.
Al Nuaimi spoke to reporters while on a visit to the hypermarket located in Abu Dhabi’s Al Wahda Mall to monitor prices of consumable items during Ramadan.
“The prices of consumable items across the UAE are stable and in line with the government’s expectations. There is sufficient availability of all essential items, some of which are being sold by retailers below their cost,” said Al Nuaimi."

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Qatar plans to buy 118 Leopard tanks from Germany - newspaper - Yahoo!7

"Qatar aims to buy 118 more Leopard tanks from Germany before the soccer World Cup championships in 2022 for several billion euros, a German newspaper reported on Sunday.

It also plans to buy 16 tank howitzers, Bild am Sonntag reported citing government sources in Qatar.

The equipment is made by Krauss-Maffei Wegmann and Rheinmetall . Spokesmen were not immediately available for comment in Qatar or at Krauss-Maffei or Rheinmetall."

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Sibanthracite Pulls IPO | Business | The Moscow Times

"Coal miner Sibanthracite postponed its planned London stock market debut, blaming current market conditions and investor sentiment towards the global mining sector.

By Thursday, the day the order books on the sale closed, the company had not received enough orders for all of the shares on offer, according to market sources.

"Sibanthracite … today announces that it has decided to postpone its initial public offering," the company said in a statement to the stock exchange Friday."

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Saudi Arabia's GDP growth slows on lower oil output - The National

"Growth in Saudi Arabia's gross domestic product, adjusted for inflation, slowed to 2.13 per cent in the first quarter of 2013 from 6.5 per cent a year ago, data from the Central Department of Statistics showed on Sunday.

The headline figures reflect a fall in Saudi crude oil output over the year, while growth in the non-oil private sector also slowed to 4.31 per cent from 5.18 per cent at constant 1999 prices.

The statistics department revised its first quarter 2012 GDP growth figure to 6.5 per cent from the 8.3 per cent growth rate it announced in April."

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Gulf aids bolsters value of local currency - Daily News Egypt

"The Egyptian pound edged up in this week’s early transactions against the US dollar, with the cut-off price at EGP 7.002 to the US dollar compared to EGP 7.0189 at last Wednesday’s auction.

The index of the US dollar internationally declined 1.5%.

“Current political upheavals have left investors somewhat puzzled and confused, and have pulled the import sector to a halt,” said Sameh Abdel Rahman, head of Crown’s exchange company."

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Oman's Renaissance sells unit to UK Interserve for $46 million - Yahoo!7

"Oman's Renaissance Services has sold its oilfield maintenance services unit Topaz Oil and Gas, based in the United Arab Emirates, to Interserve for $46 million (30 million pounds), a bourse filing said on Sunday.

The U.K.-based support services and construction group bought the business to expand its growth in the Middle East, the statement said. Interserve has previously made acquisitions in Oman and Qatar it added.

"Interserve sees the Middle East oil and gas services sector as a key growth market and this acquisition establishes our presence in the UAE," Adrian Ringrose, Interserve's chief executive officer, said in the statement."

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Dubai Mashreq's retail banking profit to double in 2013 -newspaper | Reuters

"Mashreq, Dubai's third largest listed bank by assets, expects profit from its retail banking unit to double in 2013 from a year earlier, a top executive said in a newspaper interview on Sunday.

The bank made a net profit of 1.31 billion dirhams ($356.7 million) in 2013, according to Reuters data.

"We are very small, as the total net profit we made was 240 million dirhams in 2012. This year, we will double our profit," Farhad Irani, Mashreq's head of retail banking, told Dubai-based Khaleej Times."

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Dubai Stocks Post Longest Winning Streak in 2 Months on Stimulus - Bloomberg

"Dubai stocks climbed for a seventh day, the longest winning streak in two months, tracking a global rally amid optimism central banks will continue their monetary stimulus measures.
The benchmark DFM General Index, the world’s third-best performer this year among 94 gauges tracked by Bloomberg, gained 2 percent at the close in Dubai to the highest close since November 2008. Abu Dhabi’s measure increased 0.9 percent.
Emerging-market stocks rose, extending a weekly rally, as the European Central Bank executive board member Vitor Constancio said the euro area’s slow recovery implies that policy has to stay “accommodative for a longer period of time”. U.S. stocks also rose for a third week, sending benchmark indexes to all-time highs, as Federal Reserve Chairman Ben S. Bernanke pledged sustained monetary stimulus."

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Dubai's DP World says won't deal with unions - Transport -

"Dubai-based port operator DP World has defended its decision not to negotiate with a workers’ union over a pay dispute at the London Gateway.
The world's third-largest port operator is facing international trade union action after officials from the International Transport Workers’ Federation (ITF) representing dock workers voted last week to organise a global campaign to pressure DP World to engage in negotiations over trade union rights in a number of countries.
A global day of action is being organised for September."

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Kuwait's Al Kharafi on plans for the family empire -

In a taxi making its way through Kuwait City on the way to meet Bader Nasser Al Kharafi, my driver looks suitably impressed when I give him the office address, and chats animatedly about the high regard in which the renowned businessman is held.
As one of the most powerful men in Kuwait and a major player in one of the country’s most influential families, this is hardly surprising. Al Kharafi seems to have taken on an almost mythical status; the taxi driver cryptically refers to the fact that the businessman has a reputation for never sleeping because of the many different business hats he wears and the range of company boards he sits on each day.
Al Kharafi holds several high-profile roles within the family business, but across Kuwait itself he is also general manager of investment firm Al Khair National for Stocks and Real Estate Company, the vice chairman of media, advertising and exhibition firm UNIEXPO and is on the board of local giants such as Zain and Coca-Cola’s subsidiary in Kuwait and Iraq."

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Ukraine: EU support up again | Europe | DW.DE | 03.07.2013

"A majority of Ukrainians are in favor of their country joining the EU. The planned association agreement with Brussels is creating expectations beyond the economic benefits, according to the latest DW-Trend.
The number of Ukrainians supporting EU accession appears to be growing. Fifty-nine-percent support the notion of their country becoming a member of the 28-nation-bloc. Twenty-four percent are opposed to its admission. That appears to be a new trend, as last year the number of EU-proponents in Ukraine was much lower.
These are the results of the current DW-Trends for Ukraine. The representative survey was conducted by the Office of the Ukrainian research institute, IFAK, in June 2013 on behalf of DW'S Ukrainian language department. One thousand people, between the ages of 18 and 65 years, were interviewed in Ukrainian cities with more than 50,000 people.

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BSE chief has positive outlook for stocks - The National

"Ashishkumar Chauhan is the managing director and chief executive of the BSE, previously known as the Bombay Stock Exchange, the world's largest exchange by number of listed companies. Mr Chauhan was instrumental in setting up India's National Stock Exchange, India's other major stock exchange, and used to be the chief executive for the Mumbai Indians, an Indian Premier League cricket team. In an interview at his office in the BSE's landmark building on Dalal Street, he talks about the challenges the economy is facing, efforts to improve the financial markets and the demand for Indian equities from the UAE."

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Making sure region’s energy sources last longer |

"Like it or not, the world’s thirst for energy isn’t going to let up any time soon. On the contrary, according to the International Energy Agency (IEA), global demand will roughly double by 2050 driven largely by the expanding economies in Asia, but also in Africa and parts of South America.
As the world demands more energy, the oil industry is taking on new, harder-to-access hydrocarbon reserves — including unconventional ones such as North American shale that have become economically feasible to develop in recent years — while at the same time seeking to extend the working life of existing assets to maintain output. This in turn has put a firm focus on asset integrity, making it a top priority for many operators around the globe."

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Fiscal position of Gulf states “extremely strong” |

"The fiscal position of Gulf states is still extremely strong despite rapid rise in government spending, but with break-even oil prices rising, pace of spending will have to slow in 2014-15, according to a research by London-based Capital Economics.
“To be clear, a fiscal crisis is highly unlikely in the Gulf and governments are unlikely to be forced into policy tightening. Even if the region’s governments begin to run budget deficits, most have no debt so to speak of and have large savings in their sovereign wealth funds. Hence, they could fund budget deficits for a number of years,” said the think-tank in its research."

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Qatar real GDP growth seen soaring

Qatar’s real GDP growth is expected to accelerate during the remainder of 2013 reaching 6.5% for the full year and 6.8% in 2014, QNB has said in a report.

This, the bank said will be supported by large infrastructure investments and associated population growth that will more than offset the strong headwinds from the global economy.

“Qatar continues to enjoy a strong economy,” a QNB report said. Qatar’s real GDP expanded at a rapid pace in the first quarter of 2013 (6.2% year-on-year, according to the Qatar Statistics Authority), maintaining the same momentum as in 2012."

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Saudi Gazette - Oil price crash seen in not so distant future

"Crude horizon is murky, emitting bearish signals.  Despite hitting a 15- month highpoint last week, fundamentals do not appear strong enough to sustain the bull run – much longer.

Markets spiked late last week as the US Energy Information Administration's (EIA) weekly crude stockpiles tumbled by 9.9 million barrels in the week ended July 5, indicating some pickup in demand.

And while the fast changing political scenario in the Middle East helped strengthen the crude markets somewhat, the statement of the Fed chief Ben Bernanke clarifying the US central bank's stimulus drive would be kept in place "for the foreseeable future,” also helped the markets maintain some confidence."

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Saudi Gazette - Japan agrees to extend Aramco oil storage deal

"Tokyo has agreed in principle to allow Saudi Aramco to store crude in Japan beyond the end of 2013, a Japanese government official said Thursday, giving the top oil exporter continued access to a key supply depot close to its largest customers.

The contract, which was first agreed between Aramco and state-run Japan Oil, Gas and Metals National Corp (JOGMEC) in December 2010, has also helped Japan bulk up its emergency crude reserves.

The initial agreement allows Aramco to store up to 600,000 kiloliters (3.8 million barrels) of crude in Okinawa, southwest Japan, for three years ending December 2013."

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Saudi Gazette - GCC non-oil growth to hit 6%, inflation seen at 3% by 2014

The GCC countries’ non-oil economic growth is forecast to reach six percent in 2013 and 2014, nearly a percentage point higher than previously estimated as a result of a boost in public spending levels and improving private sector conditions, the National Bank of Kuwait (NBK) said in its latest “GCC Economic Outlook” report.

The upward revision of the region’s growth forecast was a result of growth momentum in Saudi Arabia and Qatar. Overall, nonetheless, economic growth will average four percent in 2013 and 2014, the report added.

“A combination of elevated public spending levels and improving private sector conditions will see real GCC non-oil GDP growth of close to six percent per year in 2013 and 2014, similar to 2012 and nearly one percent point higher than previously forecast,” the report said."

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