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Sunday, 7 December 2014

S&P cuts outlook on Saudi Arabia and Oman as oil rout continues | The National

S&P cuts outlook on Saudi Arabia and Oman as oil rout continues | The National:



"Weakened oil prices have resulted in Standard & Poor’s – which earlier warned of slower growth across the GCC – downgrading its outlook for Saudi Arabia and Oman.



S&P lowered its long-term outlook for Saudi Arabia’s rating to stable from positive, while Oman’s outlook dropped to negative from stable. The agency currently has Saudi Arabia with a rating of AA- and Oman with a lesser rating of A.



Saudi Arabia’s petroleum sector accounts for 44 per cent of its GDP."



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Russia’s falling fortunes take a toll on Dubai visitor numbers | The National

Russia’s falling fortunes take a toll on Dubai visitor numbers | The National:



"The fall in the value of the rouble, the effects of western sanctions, and plummeting oil prices have caused a decline in Russian tourism to the UAE, with Dubai especially feeling the effects as Russian visitors stay away or cut spending. 




Jumeirah Group, the largest hotelier in Dubai with an estimated 30 per cent market share, said that Russian visitors have fallen down the league table of guests at their luxury establishments in Dubai and Abu Dhabi.



Russians were the second biggest category by nationality in Jumeirah hotels last year, equal with visitors from Britain, but now they take a firm third place behind the UK and visitors from other countries in the GCC, Jumeirah said. Saudis top the GCC contingent."



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ENBD forecasts strong retail banking growth in the year ahead | GulfNews.com

ENBD forecasts strong retail banking growth in the year ahead | GulfNews.com:



"Emirates NBD posted a strong set of numbers with net profit doubling for the first nine months of this year supported by industry leading growth in retail banking and consistent decline in provisions. With just a few weeks left to the year end the bank is confident of a repeat of the strong performance in the retail business for the year ahead.



“We have had an excellent first 9 months for our retail business. Our revenues have grown by 9 per cent and our balance sheet has grown even faster. Our market share for all products is growing consistently,” said Suvo Sarkar, General Manager — Retail Banking and Wealth Management at Emirates NBD.



ENBD’s retail asset growth of nearly 20 per cent is significantly above the market, and the bank expects to continue to outperform the industry. Bank’s consumer lending grew 13 per cent quarter on quarter in the third quarter and by 18 per cent from end 2013, with the books getting a temporary boost from initial public offering (IPO) leverage."



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