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Wednesday, 24 June 2015

MIDEAST STOCKS-Egypt rebounds on positive corporate news; Saudi flat | Reuters

MIDEAST STOCKS-Egypt rebounds on positive corporate news; Saudi flat | Reuters:



"Positive corporate news helped Egypt's stock market rebound in early trade on Wednesday after three days of falls, while Saudi Arabia's market barely moved. 




The main Cairo stock index climbed 0.8 percent as Qalaa Holdings gained 1.0 percent after saying it had signed agreements with Financial Holdings International to sell its stakes in several non-core units. Qalaa aims to close the deal in December 2015, reducing its consolidated debt by about 800 million Egyptian pounds ($105 million). 




Orascom Telecom rose 1.2 percent after reporting a first-quarter net profit of 373.86 million pounds, up from 324.34 million Egyptian pounds a year earlier."



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World’s lowest debt-to-GDP ratio seen aiding Saudi debt sales | The National

World’s lowest debt-to-GDP ratio seen aiding Saudi debt sales | The National:



"Saudi Arabia has the world’s lowest debt to economic output ratio - for now. 




With oil prices tumbling and the kingdom burning through currency reserves at a record pace, economists from Bank of America Merrill Lynch to Abu Dhabi Commercial Bank expect authorities to start raising money through the local bond market to cover a widening budget deficit.



The potential sales will help create a benchmark for corporate borrowers. They may also be a boon for investment bankers after bond issuances in the six-nation GCC dropped by 34 per cent this year to $15.2 billion, data compiled by Bloomberg show."



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Dubai International Financial Centre to build fast by sticking to plan | The National

Dubai International Financial Centre to build fast by sticking to plan | The National:



"By any standard, the Dubai International Financial Centre has had an impressive first decade of business. Chirag Shah, head of strategy and business development for the DIFC for most of those 10 years, has been at the centre of it.



“It’s been an incredible journey. Back then Dubai had no name as a financial centre. Now it has the infrastructure, credibility and governance to be one of the top financial hubs of the world. Some people might say that’s ambitious, but look at how far we’ve come. All we have to do is to continue on the growth trajectory we’ve already got,” he says.



It certainly is ambitious. By 2024, DIFC aims to roughly triple in size, looking to lure 1,000 of the world’s top financial firms to Dubai, with a members’ combined balance sheet of $400 billion and a total workforce of 50,000."



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Etisalat inclusion in MSCI index possible this year after opening up to foreign ownership | The National

Etisalat inclusion in MSCI index possible this year after opening up to foreign ownership | The National:



"Etisalat could be included in the influential MSCI Emerging Markets Index as early as August after the UAE’s biggest listed company was opened up to foreign investment.



The Federal Government’s decision to allow foreign investors to own its shares sent the stock soaring 15 per cent yesterday – the maximum allowed in a single trading session and the biggest one-day gain for the telecoms company in a decade. 




Etisalat said on Monday that the Federal Government would allow non-Emirati shareholders to own up to 20 per cent of its share capital."



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Mobily’s Telecom Tower Sale Said to Attract American Tower, IHS - Bloomberg Business

Mobily’s Telecom Tower Sale Said to Attract American Tower, IHS - Bloomberg Business:



"Saudi Arabian mobile operator Etihad Etisalat Co. is attracting interest from companies including American Tower Corp. and IHS Nigeria Plc for its cellular-tower network, according to two people with knowledge of the matter.



The sale could be worth about $2 billion, the people said, asking not to be identified as the information is private. Mobily, as the Saudi Arabia company is known, is being advised by TAP Advisors, the people said. Talks are at an early stage and formal bids haven’t yet been submitted, the people said.



Carriers are selling towers in emerging markets such as the Middle East and Africa to reduce exposure to costly infrastructure. Kuwait’s largest mobile-phone operator is working with Citigroup Inc. on the possible sale of its tower network in two Gulf countries, which may fetch as much as $2 billion, people familiar with the matter said in January, while MTN Group Ltd. sold towers to IHS Holdings Ltd last year."



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MIDEAST STOCKS-Abu Dhabi surges on Etisalat, rest of Gulf flat | Reuters

MIDEAST STOCKS-Abu Dhabi surges on Etisalat, rest of Gulf flat | Reuters:



"Abu Dhabi's stock market rose sharply in early trade on Wednesday, boosted by further gains in Etisalat after the telecom operator said it would open its equity up to foreign investors, while other Gulf markets were flat.



Etisalat jumped 13.8 percent to 15.70 dirhams, its highest level since July 2005, two days after it said local and foreign institutions and expatriate individuals would be allowed to buy up to 20 percent of the company. Currently, only UAE individual investors can buy.



The share had risen its 15 percent daily limit on Tuesday, and trading volume in the stock during the first 45 minutes on Wednesday soared to 8 million shares, already the highest daily total since early 2014."



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Russia Pips Saudi Arabia in Race to Grab China Oil Market Share - Bloomberg Business

Russia Pips Saudi Arabia in Race to Grab China Oil Market Share - Bloomberg Business:



"Russia surpassed Saudi Arabia to become China’s top crude supplier as the fight for market share in the world’s second-largest oil consumer intensifies.



China imported a record 3.92 million metric tons from its northern neighbor in May, according to data emailed by the Beijing-based General Administration of Customs on Tuesday. That’s equivalent to 927,000 barrels a day, a 20 percent increase from the previous month. Saudi sales slumped 42 percent from April to 3.05 million tons.



China is becoming a key market for global oil exporters as surging output from shale fields from Texas to North Dakota allows the U.S., the biggest crude consumer, to rely less on overseas supplies. The Asian nation will account for more than 11 percent of world demand this year, the Paris-based International Energy Agency predicted this month."



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Formula 1: US-Qatari investors 'to bid' for sport - BBC News

Formula 1: US-Qatari investors 'to bid' for sport - BBC News:



"The Miami Dolphins American football team owner Stephen Ross is reportedly working with investors from Qatar to buy a stake in Formula 1 racing.



RSE Ventures and Qatar Sports Investments plan a bid for CVC Capital Partners' 35.5% stake in the holding company that owns F1.



The Financial Times and Reuters said the deal could be worth up to $8bn, and help build F1's presence in the US."



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MIDEAST STOCKS-Etisalat boosts Abu Dhabi as Saudi stabilises | Reuters

MIDEAST STOCKS-Etisalat boosts Abu Dhabi as Saudi stabilises | Reuters:



"A leap by the shares of United Arab Emirates telecommunications operator Etisalat boosted Abu Dhabi's stock market sharply on Tuesday, while Saudi Arabia stabilised after six straight trading days of declines.



Etisalat said local and foreign institutions and expatriate individuals would be allowed to buy up to 20 percent of its shares, though it did not say when the change would take effect. Currently, only UAE individual investors can buy from the market.



This sent the stock rocketing its 15 percent daily limit to 13.80 dirhams, its highest level since July 2008. The rise left the stock with a forward price/earnings ratio of about 12.5 times, more expensive than Saudi Telecom at around 11 but still cheaper than Qatar's Ooredoo at nearly 16."



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