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Sunday, 22 June 2014

MIDEAST STOCKS-Dubai drops as Arabtec concerns linger; FTSE impact on Qatar fades | News by Country | Reuters

MIDEAST STOCKS-Dubai drops as Arabtec concerns linger; FTSE impact on Qatar fades | News by Country | Reuters:



"Uncertainty about the future of Dubai contractor Arabtec Holding put local investors in a bearish mood on Sunday, affecting the whole market, which ended a three-day gaining streak. Most Gulf markets moved little on declining volumes. 




Shares in Arabtec tumbled 9.9 percent after failing to hold on to early-session gains and were among the main drags on the Dubai benchmark, which fell 2.3 percent after going up as much as 1.0 percent shortly after the opening.



Arabtec shares have plunged 43 percent this month after one of its main shareholders, Abu Dhabi state fund Aabar Investments, reduced its stake in the firm to 18.94 percent from 21.57 percent."



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Dubai Stock Gains Dissolve as Arabtec Plunges; Kuwait Advances - Bloomberg

Dubai Stock Gains Dissolve as Arabtec Plunges; Kuwait Advances - Bloomberg:



"Dubai stocks dropped, wiping out most of their gains from the previous three days, led by real estate-related companies Emaar Properties PJSC and Arabtec Holding Co. Kuwaiti shares rose.



The DFM General Index (DFMGI) fell 2.3 percent to 4,489.90 at the close, the biggest decline among markets in the Middle East, following a 2.8 percent advance in the previous three trading sessions. Emaar, developer of the world’s tallest tower, slid 3.4 percent, while Arabtec, the United Arab Emirates’ biggest publicly traded construction company, plummeted 9.9 percent. Kuwait’s SE Price Index gained the most since October.



“It’s a bit of profit taking and no one wants to hold a position for more than a day right now,” Nayal Khan, the head of institutional sales and trading at the Naeem Holding brokerage in Dubai, said by e-mail. “It’s all very jittery at the moment and there's no positive catalyst to take us higher.”"



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Iran Daily: Tehran Appeals for Return of International Oil Companies | EA WorldView

Iran Daily: Tehran Appeals for Return of International Oil Companies | EA WorldView:



"Oil Minister Bijan Namdar Zanganeh has again called for the return of international investment in Iran’s oil and gas sectors.



Zanganeh said on Saturday that Tehran is in ongoing negotiations over the resumption of operations by international firms.



The Islamic Republic’s development of energy projects has been crippled since 2010 by the withdrawal of leading companies from projects, including the giant South Pars oil and gas field. Iran lacks essential technology and equipment to carry out the development, and other countries have not been able to complete the work — last month, Tehran cancelled contracts with China’s leading firms because of failure to fulfil contracts signed in 2009.

"



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Kurdish firm Karuk Group pivots its Iraq plans after war erupts | The National

Kurdish firm Karuk Group pivots its Iraq plans after war erupts | The National:



"On a bright spring day last month, the Faruk Group chief executive, Hawre Daro, sat at the end of a huge glass table in a flashy fifth-floor boardroom and talked of his company’s – and his own – big plans for the future in a wealthy, stable and largely safe Iraqi Kurdistan.



At Faruk’s headquarters in the south-east Kurdish city of Sulaymaniyah, Mr Daro spoke of new cement factories and outlined future plans for the telecoms giant Asiacell. He discussed a US$2 billion tourism project at Dukan Lake. But mainly, he talked of Iraqi Kurdistan and the role that Faruk, one of its biggest companies, will play in it.



Then he said something that, mere weeks later, was to prove apt: “This is a very difficult country to predict.”"



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Iraq fighting could push oil prices above $140 a barrel | The National

Iraq fighting could push oil prices above $140 a barrel | The National:



"Fears that the Islamist-led insurgency in Iraq could incite an oil price shock increased as fighting continued yesterday for control of the country’s biggest oil refinery.



Fighters from the Islamic State of Iraq and the Levant (ISIL) launched an attack on the Baiji refinery in northern Iraq last week as part of a wider insurgency that has also seized the second city of Mosul.



Economists fear that global oil prices could jump to as much as US$140 a barrel if oil production levels in Iraq fall because of the violence – a new threat to the global economy."



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Onshoring picks up pace in GCC | GulfNews.com

Onshoring picks up pace in GCC | GulfNews.com:



"The strong revival in regional equity markets and the rise of home grown wealth managers is driving a strong trend of onshoring or booking assets within the GCC region.



According to Boston Consulting Group’s global wealth report 2013 Middle East and Africa region had a 32.1 per cent offshore share — down from 34.4 per cent in 2008. And, with the ongoing attractiveness of regional investment opportunities — compared to global opportunities — this figure is expected to continue to decrease to 31.6 per cent in 2018.



Cash and deposits comprised 60 per cent of MEA’s wealth in 2008, which dropped to 52 per cent in 2013 as equities grew in popularity. This trend is predicted to continue until 2018, with the wealth breakdown anticipated to be 48 per cent in cash and deposits, 20 per cent in bonds, and 32 per cent in equities."



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