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Sunday, 6 October 2013

Qatar economic activity soaring

Qatar economic activity soaring:

"Large infrastructure projects such as the Doha Metro Rail would accelerate Qatar’s economic activity until the year-end, says QNB, which sees an increasing role for the country’s non-hydrocarbon sector until 2015.

The large infrastructure investment programme will have a direct effect on growth through higher investment spending and an indirect effect through population growth, a QNB report yesterday said.

Many expatriate workers are coming into Qatar to respond to higher labour demand from infrastructure spending. As a result, QNB expects Qatar’s population to grow rapidly over the next two years.

“This increased level of job growth, and thus higher disposable incomes, should boost aggregate domestic consumption, which will be a key driving force of GDP growth in the medium term,” the report said."

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MIDEAST STOCKS-Gulf mixed as Saudi rebounds from dip; Egypt rises: Thomson Reuters Business News - MSN Money

MIDEAST STOCKS-Gulf mixed as Saudi rebounds from dip; Egypt rises: Thomson Reuters Business News - MSN Money:

"* Eid holidays may coincide with U.S. political crisis

* Saudi dips as much as 1.7 pct, then recovers

* Dubai eases after index posts negative momentum divergence

* Gulf Finance House soars as chairman steps down

* Foreign buying helps to boost Egypt

By Olzhas Auyezov

DUBAI, Oct 6 (Reuters) - Gulf markets were mixed on Sunday as investors were cautious ahead of third-quarter earnings reports and Eid holidays that could coincide with major developments in the U.S. government's crisis over its funding and debt ceiling.

Saudi Arabia's bourse sank as much as 1.7 percent on what traders said was pre-holiday profit-taking, before closing down just 0.2 percent.

Gulf markets will be wholly or partially closed next week for Eid al-Adha, with Saudi Arabia shut for the entire week. While most investors are not gravely worried by the U.S. political turmoil, expecting it to be resolved before major damage is done to the U.S. economy or markets, the holidays will leave them exposed during a critical period."

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Week ahead: Oct 7-13 | beyondbrics

Week ahead: Oct 7-13 | beyondbrics:

"The week ahead in emerging markets: Obama misses out on two high-profile Asia summits, Yum and Cargill report earnings, the IMF lands in Belgrade, Turkey data, and the African Union meets in Ethiopia.

Monday, October 7
Asia-Pacific Economic Co-operation summit, Bali. Obama has pulled out of the summit owing to the federal shutdown.

Economic data
Ukraine – September reserves

Tuesday, October 8
Yum! Brands Q3 earnings
Alcoa Q3 earnings"

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UAE's Ajman Bank sacks CEO - Banking & Finance - ArabianBusiness.com

UAE's Ajman Bank sacks CEO - Banking & Finance - ArabianBusiness.com:

"Ajman Bank has sacked its Chief Executive Mohammed Zaqout, less than six months after appointing him to lead the United Arab Emirates' lender, a bourse statement said on Sunday.
The Islamic bank said it had terminated the services of Zaqout with effect from Sunday, with Chief Financial Officer Seifeldin Abdelkareem becoming acting CEO.
Ajman Bank, one of the smaller lenders in UAE, announced it had hired Zaqout as chief executive on April 8.
The bank, listed on the Dubai Financial Market since 2008, is 25-percent owned by the government of Ajman, one of the seven emirates of the UAE."

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GCC defies recession | Arab News

GCC defies recession | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:

"
INTENT: IMF’s Deputy Managing Director Nemat Shafik attends the GCC finance ministers meeting in Riyadh. (AFP)
The GCC has defied global trends of recession, with the economic bloc projected to expand by 4.1 percent in 2014, Nemat Shafik, deputy managing director of the IMF, said on Saturday.
Shafik highlighted the strong macroeconomic performance of GCC member states during a meeting held between GCC finance ministers and central bank governors. The meeting was chaired by Sheikh Ahmed Bin Mohammed Al-Khalifa, Bahrain’s minister of finance.
GCC finance ministers discussed several key issues, including the planned Gulf monetary union, a customs body and a GCC railway project."

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The Dubai property proposition | The National

The Dubai property proposition | The National:

"The cost of housing is back on the agenda in Dubai, as an increasing number of statistics point towards rapidly rising sale prices and rents. As the emirate gears up for one of the largest Cityscape exhibitions in years, the rapidly rising cost of renting and owning property in Dubai, particularly in the residential sector, is leading many commentators to question whether another bubble is developing.

Jones Lang LaSalle reported last week that house prices in the emirate rose by an average of 17.9 per cent over the year to the end of August, while it estimates that population and employment growth increased by just 5 per cent over the same period. Jones Lang described such growth as unsustainable, and warned that there could be a correction within the next 12 months."

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Lumpy M&A deals unlikely to boost 2014 activity in Middle East | The National

Lumpy M&A deals unlikely to boost 2014 activity in Middle East | The National:

"A large increase in targeted mergers and acquisitions in the first nine months of 2013 does not herald a sustained increase of Middle Eastern deals in 2014 and beyond, according to Mergermarket.

Africa and Middle East-targeted mergers and acquisitions announced in the first nine months reached US$51.6 billion, matching the annual total for 2012, according to Mergermarket’s Q1-Q3 2013 M&A Round-Up, published last week. This year is forecast to be the first since 2007 in which there was M&A activity worth more than $10bn each quarter, according to the report.

However, the rise in regional M&A activity is largely attributed to just three large deals, namely the merger of Aldar Properties and Sorouh Real Estate, the merger of Dubai Aluminium (Dubal) and Emirates Aluminium (Emal), and Etisalat’s potential acquisition of a 53 per cent stake in Maroc Telecom from Vivendi Telecom."

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End of potash cartel should reduce food prices in Arabian Gulf | The National

End of potash cartel should reduce food prices in Arabian Gulf | The National:

"For the Arabian Gulf states, heavily dependent on food imports, the Byzantine manoeuvrings in the potash industry could spell relief from steadily rising prices.

Potash is not a particularly glamorous mineral, but plants love it. It is essentially a fertilizer form of the element potassium, and is vital to organic life. Potash can turn sterile desert into fields of green. Countries such as Jordan that have large deposits of the mineral have used it to create agricultural industries that simply could not exist otherwise."

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Gulf economies to expand 4.4% in 2014: IMF | GulfNews.com

Gulf economies to expand 4.4% in 2014: IMF | GulfNews.com:

"The economies of the six Gulf Arab countries will expand by 4.4 per cent in 2014, the International Monetary Fund said on Saturday, raising its earlier forecast for the oil-rich bloc.
The aggregate economic growth in 2013 for the Gulf Cooperation Council will be at 3.7 per cent, said Nemat Shafiq, the IMF deputy managing director, in a meeting with the finance ministers of the member states in Riyadh.
The “GCC has continued to be one of the most performing economies,” she said, adding that “the growth is 3.7 per cent this year [and] 4.4 per cent next year, after an exceptional growth of 6,4 per cent in the last two years.”
Oil and gas receipts represent the bulk of their revenues."

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Cormorant Alpha helps Taqa achieve record North Sea production | GulfNews.com

Cormorant Alpha helps Taqa achieve record North Sea production | GulfNews.com:

"Cormorant Alpha, the North Sea oil production platform, is back on stream and already helping Taqa to break production records.
Cormorant Alpha handles 10,000 barrels per day (bpd) of oil production from Taqa’s South Cormorant field, but is also the conduit for the Brent System Pipeline, which carries approximately 10 per cent of the UK’s total oil production.
Since coming back from several months of shut-down, Taqa’s production in the UK has hit 70,000 barrels a day, a new record.
“That Cormorant Alpha is back up and running is a tribute to the expertise and teamwork of our North Sea workforce,” said Peter Jones, who took over as managing director of Taqa’s UK business in July. “The way that the business handled the issues on Cormorant Alpha earned it a great deal of respect across the industry. It was extremely open, honest and professional. Within the industry and beyond, it was recognised that this is the way we need to work.”"

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Dubai to get international centre for halal products by 2014 | GulfNews.com

Dubai to get international centre for halal products by 2014 | GulfNews.com:

"Dubai will have an international centre for halal products and will enjoy 10 per cent of the global market share in the next three years, Engr Hussain Nasser Lootah, a member of the Supreme Committee of Islamic Economy and director general of Dubai Municipality, said.
“The centre will include an international laboratory and accreditation centre and will be active by the first quarter of 2014,” he said.
While halal products are valued at $2.7 trillion (Dh9.9 trillion), the size of halal food is estimated at $685 billion, Lootah added.
“The role of the centre is to check if submitted products meet the Islamic standard for accreditation,” he said."

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Dubai reveals Islamic Economic Strategy | GulfNews.com

Dubai reveals Islamic Economic Strategy | GulfNews.com:

"In the presence of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the emirate announced its Islamic Economic Strategy which aims to turn Dubai into the Capital of Islamic Economy in three years.
The Supreme Committee of Islamic Economy supervised by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, has developed its strategy based on two main pillars to achieve its goal which includes sector building and infrastructure.
These pillars will focus on eight main areas including Sukuk, re-takaful, Halal Parks, Dubai Halal certification company, Islamic digital economy, financial services regulation and Sharia governance and centre of Islamic economy standards."

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