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Monday, 4 May 2015

Saudi Arabia Is More Than Just Oil: Sfakianakis - Bloomberg Business

Saudi Arabia Is More Than Just Oil: Sfakianakis - Bloomberg Business:



"Ashmore Group Middle East Director John Sfakianakis discusses Saudi Arabia opening its stock market to foreign investors and what it means for the kingdom’s economy. He speaks to Bloomberg’s Caroline Hyde on “Countdown.” (Source: Bloomberg)"



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MIDEAST STOCKS-Oil buoys Saudi Arabia; Egypt up as c.bank addresses FX shortage | Reuters

MIDEAST STOCKS-Oil buoys Saudi Arabia; Egypt up as c.bank addresses FX shortage | Reuters:



"Saudi Arabia's bourse edged up on Monday after oil prices hit a new 2015 high, while profit-taking continued in the United Arab Emirates. Egypt's market rose after the central bank sold some foreign currency to address shortages faced by importers.



Brent crude rose to a 2015 high of $67 a barrel on Monday, supported by expectations that the crude supply glut would ease and after weak Chinese factory activity reinforced views that stimulus measures would be rolled out.



The main Saudi stock index added 0.2 percent and petrochemicals giant Saudi Basic Industries (SABIC) was the main support, rising 1.3 percent."



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UPDATE 2-MIDEAST STOCKS-Saudi Arabia slips; Egypt up as c.bank addresses FX shortage | Reuters

UPDATE 2-MIDEAST STOCKS-Saudi Arabia slips; Egypt up as c.bank addresses FX shortage | Reuters:



"Saudi Arabia's stock market slipped in early trade on Monday despite stronger oil, while Egypt's bourse rose as the central bank sold some foreign currency to address shortages faced by importers.



The main Saudi stock index edged down 0.2 percent and National Commercial Bank, the kingdom's top lender, was the main drag, declining 0.7 percent.



Saudi Arabia Fertilizers Co (SAFCO) edged down 0.6 percent after it said the start-up of a new urea plant owned by the company had been pushed back further to the end of June."



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Dubai-based Gulf Navigation fighting for survival despite profit boost | The National

Dubai-based Gulf Navigation fighting for survival despite profit boost | The National:



"Gulf Navigation is fighting to survive in the face of mounting losses and legal setbacks, in spite of posting improved revenues and profit for the first quarter of the year.



The Dubai-based shipping company said in its first quarter results presentation that there is “a material uncertainty that may cast significant doubt about the group’s ability to continue as a going concern”.



Gulf Navigation’s accumulated losses stood at Dh288.1 million at the end of March, representing more than half of its share capital, obliging the firm to hold an extraordinary general meeting with shareholders over whether to continue operations."



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Foreign flows likely to fall short of expectations in Saudi | GulfNews.com

Foreign flows likely to fall short of expectations in Saudi | GulfNews.com:



"Foreign flows are likely to fall short of local expectations in the near term, but this won’t diminish the fundamental attractiveness of investments into $500 billion (Dh1.8 trillion) Saudi equity market after it opens up, a senior official at JP Morgan Private Bank told Gulf News.



The Capital Markets Authority (CMA) is planning to allow in foreign investors from June 15, a move closely watched by the global fraternity, as the world’s biggest exporter of petroleum gives access to own shares of Saudi Basic Industries and National Commercial Bank.



The Saudi Tadawul index has been the best performer in the region, with gains of more than 18 per cent so far this year, compared to Dubai index, which gained 13 per cent."



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Dubai’s Emaar First-Quarter Profit Climbs on Retail, Hotels - Bloomberg Business

Dubai’s Emaar First-Quarter Profit Climbs on Retail, Hotels - Bloomberg Business:



"Emaar Properties PJSC, the builder of the world’s tallest tower in Dubai, said first-quarter profit rose 7 percent, beating analyst estimates, as it generated more income from retail and hotel assets.



Net income increased to 1.03 billion dirhams ($280 million), or 14 fils a share, from 957 million dirhams, or 15 fils, a year earlier, the Dubai-based company said in a statement today. Analysts predicted earnings of 859 million dirhams, the average of five estimates in a Bloomberg survey.



“We are seeing better sales when we compare with the fourth quarter and margins are still healthy,” Taher Safieddine, an analyst at Shuaa Capital PSC in Dubai, said by phone. “The property sales business is clearly cooling down compared to the the first quarter of last year but we knew the market is softening.”"



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Saudi king faces changing landscape - BBC News

Saudi king faces changing landscape - BBC News:



"Just 100 days into his reign Saudi Arabia's new king has already launched air strikes in Yemen, promoted some conservatives, given away an estimated $32bn (£21bn) to his people and set his son on the path to the throne.



King Salman's decisive start, including the major cabinet reshuffle - which named his nephew, the powerful Interior Minister Prince Mohammed bin Nayef, as crown prince, and his son, Prince Mohammed bin Salman, as deputy crown prince - marks a clear break with the deliberate caution of his predecessor, King Abdullah.



For a system used to gradual movement and elite consensus, King Salman is showing there is another way of conducting Saudi politics. And his early moves suggest he sees the need to confront not only a regional challenge from Iran but also political pressures at home."



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