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Saturday, 31 August 2013

Familiar factors disturb Gulf stocks and bonds | GulfNews.com

Familiar factors disturb Gulf stocks and bonds | GulfNews.com:

"Gulf markets were naturally alarmed last week by the ramifications of the Syrian situation and pending international intervention.
At the same time, an element of profit-taking in stocks was present, with analysts referring to the elimination of some speculative froth. Clearly, it was a memo to all concerned that what goes up can come down again, even if the underlying trend is relatively assured.
As to bonds, their fate appears as captured by global benchmarks as has, in some places, been fully foreshadowed. That has made focusing on the policy and economic leadership of the US an imperative for investors."

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Saudi Arabian tourists drive UAE economy | GulfNews.com

Saudi Arabian tourists drive UAE economy | GulfNews.com:

"
  • Image Credit: Pankaj Sharma/Gulf News
  • Saudi tourists at The Dubai Mall. Saudis visit Dubai during the summer holidays, Eid Al Fitr and Eid Al Adha. They also come during the Dubai Shopping Festival (DSF) and Gitex Shopper.
Saudi Arabian tourists have played a role in boosting the UAE economy, which is led by trade and tourism.
While the majority of visitors from the kingdom come to Dubai, they also visit other emirates, such as Abu Dhabi and Ras Al Khaimah.
“Saudi Arabia is the biggest market for Dubai in terms of room occupancy,” said Philip Wooller, area director of STR Global for the Middle East and Africa. Last year, Saudi Arabia topped the source markets with 1,128,757 visitors to Dubai. The number was less in Abu Dhabi, with 70,765 visitors, says Wooller."

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Ukraine's economy far from perfection, but it's possible to work and develop in current conditions, Regions Party says

Ukraine's economy far from perfection, but it's possible to work and develop in current conditions, Regions Party says:

"Tax burden in Ukraine did not rise on the background of the economic crisis in contrast to some other countries, MP (the Party of Regions faction) Volodymyr Saldo has said.

"Unlike other countries that are also affected by the global economic crisis, tax burden in Ukraine was not increased. Yeah, it is too far to perfection, economic fluctuations are continuing. But figures are a stubborn thing, they indicate that it is possible to work and develop even in these conditions. And if there is imbalance in payments for services rendered, which is very noticeable locally, it should be eliminated," the press service said citing the deputy.

He noted that the course towards Ukraine's modernization proposed by President Viktor Yanukovych "gave a strong impetus to the development of our country," adding that the real proof of this are the adopted and, which is most important, "working Tax, Customs, Budget and Criminal Procedure Codes.""

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Moody's upbeat on Oman's new Islamic banking sector - Banking & Finance - ArabianBusiness.com

Moody's upbeat on Oman's new Islamic banking sector - Banking & Finance - ArabianBusiness.com:

"
Oman's new Islamic banking sector is likely to take a 6-8 percent share of the market over the next three to five years, according to a new report by rating agency Moody's.
It said the introduction of the Islamic Banking Regulatory Framework was "credit positive for the local banks", as expansion into Islamic banking has the potential to strengthen their franchises and diversify revenue generation.
The industry, however, will still need to manage various challenges to deliver the anticipated growth, Moody's added."

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The week ahead: Syria crisis



Can Dubai real estate head up again when financial markets are turning down? « ArabianMoney

Can Dubai real estate head up again when financial markets are turning down? « ArabianMoney:

"
Early in 2006 the Dubai Financial Market and Abu Dhabi Securities Exchange both crashed hard. But that did not prevent property prices in Dubai more than doubling over the next two-and-a-half years, before then also coming down like a stone.

Could it be the same story again this year with a major correction in local stock markets last month being followed by a renewed surge in the growing property boom in the UAE this autumn? It is certainly possible for history to repeat itself all over again."

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RIGZONE - Russia Lukoil Eyes Gas Production in Saudi Arabia in 2014

RIGZONE - Russia Lukoil Eyes Gas Production in Saudi Arabia in 2014:

"MOSCOW, Aug 30 (Reuters) - Russia's No.2 oil producer Lukoil plans to start natural gas production in Saudi Arabia next year, the company's vice president Leonid Fedun said on Friday.

"We made a discovery of 400 billion cubic metres... This would be large enough and the first gas-producing project in Saudi Arabia," he said during a conference call.

Lukoil secured a deal to find and pump gas in Saudi Arabia from the project known as Block A last decade.

The project is small by the standards of Saudi Arabia's immense hydrocarbon reserves, but it creates a potentially useful new link between producer cartel OPEC's leading member and Russia, the world's number one oil exporter."

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United Arab Shipping Company places Dh8.8b orders for 17 ships with South Korea’s Hyundai Heavy Industries | GulfNews.com

United Arab Shipping Company places Dh8.8b orders for 17 ships with South Korea’s Hyundai Heavy Industries | GulfNews.com:

"United Arab Shipping Company (UASC), the Gulf’s largest container shipping line, has placed orders for 10 large container ships with an option for additional seven vessels valued at Dh8.8 billion ($2.4 billion) to South Korea’s Hyundai Heavy Industries.
The order, the largest in the GCC, involves the construction of five 18,000 twenty-feet-equivalent units (TEU) vessels and five 14,000 TEU vessels valued at around $1.3 billion (Dh4.8 billion). The order includes options for one 18,000 TEU and six 14,000 TEU vessels, with a potential value of $1.1 billion.
A contract to this effect was signed by Dr Abdul Aziz Al Ohaly, UASC Board Member and O.H. Kim, President and Chief Operating Officer of Hyundai Heavy Industries (HHI) on August 29 in Dubai. The ships are scheduled for delivery between 2014 and 2015."

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Times of Oman | News :: Saudi Arabian crude output soars to 24-year high: Survey

Times of Oman | News :: Saudi Arabian crude output soars to 24-year high: Survey:

"
Organisation of Petroleum Exporting Countries (Opec) crude production climbed in August as Saudi Arabia pumped oil at the fastest pace in at least 24 years, a Bloomberg survey showed.

Output by the 12-member Opec increased 116,000 barrels a day, or 0.4 per cent, to an average 31.04 million from a revised 30.924 million in July, the survey of oil companies, producers and analysts showed on Thursday. The gain was the sixth in seven months.

Saudi output climbed 150,000 barrels to 9.95 million barrels a day in August, the sixth straight gain and the most for Opec's biggest supplier in monthly data going back to 1989. It was the largest gain of any Opec member this month."

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Yandex NV (YNDX): Yandex: A Russian Search Engine For Profit Seekers - Seeking Alpha

Yandex NV (YNDX): Yandex: A Russian Search Engine For Profit Seekers - Seeking Alpha:

"Our new stock idea is a speculation name, Yandex N.V., (YNDX), which is a Dutch company but really a Russian Internet search engine firm. Yandex trades on the Nasdaq exchange when it hasn't crashed, at around $33. Bank of America Merrill Lynch has a target price of $45. It is rated 'buy by 8 analysts, "strong buy" by 2, and "hold" by 2.

YNDX also offers search engines in Ukraine, Kazakhstan, Belarus and with its latest deal Turkey. Ukraine and Russia currently have tense relations, Turkey and Russia are at loggerheads over Syria, and Belarus and Russia dispute pricing potash, so there are clear and present political risks. Yandex search is financed via advertising to computers, mobile phones and other digital devices. It also does money transfers in its homeland via a joint venture with Sberbank, called Yandex Money, of which it owns 75%."

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