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Sunday, 5 April 2015

MIDEAST STOCKS-Dubai up, Saudi down as Gulf reacts to Iran nuclear deal | Reuters

MIDEAST STOCKS-Dubai up, Saudi down as Gulf reacts to Iran nuclear deal | Reuters:



"Gulf stock markets reacted very differently on Sunday to Iran's nuclear deal with world powers, as Dubai rose on hopes for new Iranian business while Saudi Arabia fell on fears of lower oil prices. Egypt continued sliding after poor economic data.



If confirmed in a final agreement by a June 30 deadline, the nuclear deal - assuming it is received positively by major Gulf Arab governments - could reduce geopolitical tensions in the area, encouraging more foreign portfolio investment throughout the region.



But Saudi investors focused instead on the fact that lifting international sanctions on Iran would allow more Iranian oil onto the market, potentially pushing down crude prices and hurting profit margins of the petrochemical producers which are heavily weighted in the Saudi bourse. Brent oil plunged nearly 4.0 percent on Thursday in an initial reaction to the deal."



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Billions up for grabs if nuclear deal opens Iran economy | Reuters

Billions up for grabs if nuclear deal opens Iran economy | Reuters:



"Iranian investment banker Ramin Rabii says he shouted in joy when he learned that Tehran and world powers had reached a deal which promises to lift economic sanctions on Iran. Then he called colleagues to discuss the business implications. 




Rabii, managing director of Turquoise Partners, a Tehran-based investment firm with about $200 million of assets under management, has been grappling for years with the results of the sanctions: unstable growth, high inflation, international banking restrictions and hard currency shortages.



The agreement on curbing Iran's nuclear program, reached on Thursday, will - if confirmed in a final deal by a June 30 deadline - begin to ease those crippling problems for Turquoise and thousands of other Iranian firms."



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UPDATE 2-MIDEAST STOCKS-Saudi Arabia falls on oil price worries after Iran nuclear deal | Reuters

UPDATE 2-MIDEAST STOCKS-Saudi Arabia falls on oil price worries after Iran nuclear deal | Reuters:



"Saudi Arabia's stock market fell in early trade on Sunday after Iran's nuclear deal with world powers fuelled concern about a further decline in oil prices, which would hurt margins at Saudi petrochemical firms.



If confirmed in a final agreement by a June 30 deadline, the nuclear deal would ease sanctions and allow more Iranian oil onto the market, potentially pushing down crude prices. Brent oil plunged nearly 4.0 percent on Thursday in an initial reaction to the deal.



The main Saudi stock index fell 0.9 percent in the opening minutes with Saudi Basic Industries Corp, the biggest petrochemical producer, losing 1.5 percent and testing minor technical support on its March low of 79.25 riyals."



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Dubai developer DAMAC considers London tower investment | Reuters

Dubai developer DAMAC considers London tower investment | Reuters:



"Dubai property developer DAMAC will consider taking an equity stake in a project to build a 50-storey mixed-use tower in central London, which would mark its entry into the British market, it said on Sunday.



The second biggest Dubai developer by market value has projects in the United Arab Emirates, Qatar, Saudi Arabia, Jordan and Lebanon.



The London project, for which planning permission has been given, comprises 685,000 square feet of internal space for 450 residential units, as well as Grade A offices and retail space."



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Ukrainian government approves framework for $15 billion debt-swap - Finance Minister | Reuters

Ukrainian government approves framework for $15 billion debt-swap - Finance Minister | Reuters:



"The Ukrainian government approved on Saturday the framework for Ukraine's debt restructuring operation through which it aims to generate $15.3 billion (10 billion pounds), the Finance Ministry said in a statement.



Ukraine is due to start talks on a fast-track debt swap with investors including Franklin Templeton, PIMCO and Blackrock as part of a $40 billion bailout approved with the International Monetary Fund last month.



The Finance Ministry reiterated that Kiev wants a deal in place by end-May, before the IMF carries out its June review."



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Iran nuclear deal would provide boost for UAE trade | The National

Iran nuclear deal would provide boost for UAE trade | The National:



"Business chiefs from the UAE hope a framework nuclear deal with Iran could grow the nearly Dh100 billion in trade between the two countries.



A preliminary accord struck on Thursday could lead to sanctions being lifted in exchange for curbs to Iran’s nuclear programme.



The Iranian president, Hassan Rouhani, said in a televised speech that the country had taken a step towards preserving its nuclear rights and the removal of sanctions."



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Shaikha Budoor to co-chair World Economic Forum 2015 in Jordan |GulfNews.com

Shaikha Budoor to co-chair World Economic Forum 2015 in Jordan |GulfNews.com:



"Shaikha Budoor Bint Sultan Al Qasimi, Chairperson of Sharjah Investment and Development Authority (Shurooq), will be co-chairing the World Economic Forum on the Middle East and North Africa, which will be held at the King Hussain Bin Talal Convention Centre on the shores of the Dead Sea, Jordan, between May 21-23.



This is the first time an Emirati woman has been chosen to co-chair the World Economic Forum, an event that engages business, political, academic and other leaders in an effort to shape global, regional and industry agendas.



Shaikha Budoor joins a line-up of global figures in co-chairing the World Economic Forum 2015, such as Gordon Brown, Chair of the World Economic Forum Global Strategic Infrastructure Initiative, Member of Parliament and Prime Minister of the United Kingdom (2007-2010), Omar Al Ghanim, Chief Executive Officer of Al Ghanim Industries, Kuwait, Suma Chakrabarti, President of European Bank for Reconstruction and Development (EBRD), London, and John Rice, Vice-Chairman of GE, Hong Kong SAR."



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Saudi bourse a likely play for emerging market investors |GulfNews.com

Saudi bourse a likely play for emerging market investors |GulfNews.com:



"Emerging markets (EM) have had a bit of a rough ride since the mid-2013 ‘taper tantrum’ demonstrated their vulnerability to policy actions overseas, specifically the stance of the US Federal Reserve.



Considering that they were meant to be the trail-blazers — representing the fast-growing alternative to the secularly slowing, so-called advanced nations — that came as quite a shock to the system to many observers.



One key factor that was meant to play to their advantage, and central to the familiar story of the East taking over from the West as the world economy’s locomotive, was the commodity ‘supercycle’, featuring in many an analyst’s research note and institution’s marketing literature."



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UPDATE 1-MIDEAST STOCKS-Dubai leads Gulf markets up after Iran nuclear deal | News by Country | Reuters

UPDATE 1-MIDEAST STOCKS-Dubai leads Gulf markets up after Iran nuclear deal | News by Country | Reuters:



"Dubai's stock market led Gulf bourses higher in early trade on Sunday as investors reacted to Iran's deal with world powers on its disputed nuclear programme.



If confirmed in a final agreement by a June 30 deadline, the nuclear deal could eventually hurt Gulf economies to some degree by lifting international sanctions and allowing more Iranian oil onto the market, pushing down crude prices. Brent oil plunged nearly 4.0 percent on Thursday in an initial reaction to the deal.



But the agreement - if received positively by major Gulf Arab governments - could also reduce geopolitical tensions, encouraging more foreign portfolio investment throughout the region."



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