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Sunday, 10 May 2015

UPDATE 1-MIDEAST STOCKS-Dubai rises, other Gulf markets little moved | News by Country | Reuters

UPDATE 1-MIDEAST STOCKS-Dubai rises, other Gulf markets little moved | News by Country | Reuters:



"Most Gulf stock markets moved little in early trade on Sunday, although Dubai's bourse rose ahead of the last wave of first-quarter results.



Earlier in the day, Yemen's Houthi rebels and the group's army allies said they had accepted Saudi Arabia's proposal for a five-day truce to begin on Tuesday, which could bolster Gulf investors' hopes that a military intervention by Saudi-led ground forces will be avoided.



Developments in the oil markets were negative. Brent crude posted its first weekly loss in a month on Friday as the market fretted again about global oversupply; Brent, which hit a 2015 high just below $70 per barrel last week, closed at $65.39 on Friday."



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Saudi Arabia: ‘meaningful’ foreign interest to come post MSCI inclusion | GulfNews.com

Saudi Arabia: ‘meaningful’ foreign interest to come post MSCI inclusion | GulfNews.com:



"Equity markets in Saudi Arabia, slated to open for foreigners from June 15, may witness “meaningful interest” in terms of foreign flows only in 2016, when the $550 billion (Dh2.01 trillion) market may be included on the MSCI index, officials at Credit Suisse 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 allows investors to own shares of Saudi Basic Industries and Saudi Telecom.



The Saudi Tadawul index has been the best performer in the region, with gains of more than 18.5 per cent so far this year, compared to the Dubai index, which has gained 11 per cent"



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S&P reaffirms positive sovereign credit ratings for Sharjah | The National

S&P reaffirms positive sovereign credit ratings for Sharjah | The National:



"Standard & Poor’s (S&P) has reaffirmed the A/A-1 long- and short-term foreign and local currency sovereign credit ratings for Sharjah and maintained its stable outlook.



“The ratings are supported by Sharjah’s continued solid growth and low government debt burden,” said S&P in a statement late on Friday.



“Also underpinning the ratings are the advantages Sharjah derives from its membership in the United Arab Emirates, which include low external risks.”"



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Dubai banks lead in profit growth as bad-debt burden lightens | The National

Dubai banks lead in profit growth as bad-debt burden lightens | The National:



"Dubai banks were the stars of the first quarter’s earnings season, as they reduced their provisions for losses on loans related to Dubai government entities.



While most UAE banks turned a profit in the quarter, even despite the lower price of oil, it was the banks in Dubai that set the pace.



“Dubai banks stood out versus Abu Dhabi banks in general on operational growth,” said Taher Safieddine, an analyst at the Dubai-based investment bank Shuaa Capital."



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