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Monday, 12 October 2015

Dubai economy is resilient to global growth challenges and oil volatility | GulfNews.com

Dubai economy is resilient to global growth challenges and oil volatility | GulfNews.com:

"Dubai’s economy is well diversified and is better prepared to meet growth challenges faced by both developed and emerging economies and the potential impact of a sustained fall in oil prices, Sami Al Qamzi, Director General of Department of Economic Development, Government of Dubai said at the inaugural Dubai Investment Forum.

“Dubai’s economy has grown at an average rate of over 4 per cent annually from 2012-2014, despite the slow growth of the global economy. A key reason for Dubai’s resilience has been the emphasis we place on economic diversification. Today, Dubai’s economy is much more diversified than 2008-2009, and the dramatic transformation of Dubai’s economy that started in the early 70s is now entering a new level,” said Al Qamzi.

Speakers at the event said, the UAE economy is well prepared to withstand global economic challenges as it has undergone a number structural changes in the recent years."



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Dubai Investment Forum opens doors to higher private sector participation | GulfNews.com

Dubai Investment Forum opens doors to higher private sector participation | GulfNews.com:

"Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, deputy ruler of Dubai, on Monday attended the opening of the inaugural Dubai Investment Forum hosted by Dubai Investment Development Agency.

The Forum aims to provide investors with insights on existing as well as new and emerging investment opportunities across key growth sectors in Dubai. Shaikh Maktoum commended the importance of communication between investors and government institutions, and lauded the efforts of Dubai FDI in attracting international companies to the emirate of Dubai. He said such meetings support Dubai government’s efforts to promote the business sector, drive investment and economic development opportunities and further underline Dubai’s position as a global trade and investment hub, and a vital player in the development of the global economy.

Fahad Al Gergawi, Chief Executive Officer of Dubai FDI, said the investment environment in Dubai is attractive for private sector from the UAE and around the world to participate in various government led-projects across various sectors of the economy."



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MIDEAST STOCKS-Amer Group boosts Egypt; Saudi stalls at chart barrier | Reuters

MIDEAST STOCKS-Amer Group boosts Egypt; Saudi stalls at chart barrier | Reuters:

"A surge in the shares of real
estate developer Amer Group boosted Egypt's stock
market on Monday, while a recovery of Saudi Arabia's market
stalled as the index ran into technical resistance.

Egypt's index surged 1.4 percent as Amer jumped 8.8
percent. The exchange said it would suspend trading in the
company's shares from next Monday until it completed its planned
split into two companies; investors are bullish on the split,
and they scrambled to buy the stock while they still could.

Amer's surge ignited interest in other real estate stocks,
with Palm Hills Development rising 1.9 percent and
Talaat Mostafa adding 1.6 percent."



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MIDEAST STOCKS-Saudi stock index stalls at chart barrier; Amer soars in Egypt | Reuters

MIDEAST STOCKS-Saudi stock index stalls at chart barrier; Amer soars in Egypt | Reuters:

"Saudi Arabia's stock market stalled early on Monday after previously bumping up against recent highs, while real estate stocks lifted Egypt where Amer Group, a major player in the sector, surged.

The Saudi stock index, which had risen sharply in the past several days on the back of rebounding petrochemical stocks, edged down 0.2 percent to 7,810 points in the opening minutes. It faces a chart barrier at 7,812-7,953 points, its highs in September and at the end of August.

Leading petchem Saudi Basic Industries slipped 0.6 percent and National Commercial Bank, the kingdom's largest bank by assets, fell 0.5 percent after it posted a net profit of 1.99 billion riyals in the three months to Sept. 30. Analysts polled by Reuters had on average forecast NCB would make 2.23 billion riyals."



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MIDEAST STOCKS-Oil-related shares rise in Qatar, most of Gulf quiet | Reuters

MIDEAST STOCKS-Oil-related shares rise in Qatar, most of Gulf quiet | Reuters:

"Oil-related shares rose in Qatar early on Monday but most stocks in the Gulf were quiet with few new incentives to trade.

Brent oil edged up a further 0.7 percent to $53.0 a barrel in early Asian trade on Monday, extending a strong rebound since last week. Gulf oil officials sounded bullish at a conference in Kuwait on Sunday evening, and Qatar's energy minister declared the oil price had bottomed out.

This helped Qatari drilling rig provider Gulf International Services climb 2.3 percent and Qatar Fuel Co gain 1.9 percent on Monday. Most of the Qatar market moved little, however, with the index up 0.3 percent."



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Iran: a new natural gas supplier for Europe? | beyondbrics

Iran: a new natural gas supplier for Europe? | beyondbrics:

"With its 34tn cubic metres of natural gas, enough to satisfy current EU natural gas demand for 90 years, Iran has the biggest gas reserves in the world. Despite this rich natural endowment, the country has not yet translated potential into reality. Paradoxically, its natural gas production continues to be barely sufficient to satisfy its own domestic consumption.

There are two reasons for the under-exploitation of Iran’s natural gas resources: the international sanctions regime (which has targeted the country’s energy sector since 2007, completely halting the activities of international energy companies) and the country’s legal petroleum framework (the so-called ‘buyback scheme’, encumbered by very unattractive terms for international energy companies).

Since the election of Hassan Rouhani as president of Iran in 2013, a new political phase has begun, leading to the long-awaited July 2015 nuclear deal that foresees lifting most of the international sanctions in exchange for limits on Iran’s nuclear programmes. This is a historical step that could reshape the Iranian economy in general and its energy sector in particular."



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