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Sunday, 18 October 2015

ADCB third-quarter profit up 18.3% to Dh1.2 billion | The National

ADCB third-quarter profit up 18.3% to Dh1.2 billion | The National:

"Abu Dhabi Commercial Bank (ADCB), one of the emirate’s biggest lenders, yesterday posted an 19 per cent jump in third-quarter profit, even as lower oil prices weighed on economic growth.

Net income rose to Dh1.2 billion in the third quarter from Dh1.01bn in the corresponding period last year, meeting analyst estimates.

Interest income rose to Dh1.76bn from Dh1.58bn last year, while fees and commissions climbed to Dh334.6m from Dh306.4m last year."



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Flydubai swings to loss as conflicts in Iraq, Ukraine and Yemen force flight suspensions | The National

Flydubai swings to loss as conflicts in Iraq, Ukraine and Yemen force flight suspensions | The National:

"Flydubai yesterday said it swung to a loss of Dh147.4 million in the first half of the year amid lower Russian demand, and the suspension of flights to Iraq, Yemen and parts of Ukraine.

The strengthening of the US dollar in the past year also weighed on the airline’s profitability.

Flydubai, also known as Dubai Aviation Corp, posted a profit of Dh53.1m in the first half of2014."



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How VAT in UAE will impact consumers | GulfNews.com

How VAT in UAE will impact consumers | GulfNews.com:

"The impact of a value-added tax (VAT) system on consumers in the UAE may vary depending on household incomes and spending behavior, and how much will be levied on goods and services, analysts said.

Considering the purchasing power of residents in the country, a 3 per cent to 5 per cent VAT may generally be hardly noticeable, especially if the essential food items are exempted, but a tax rate of 10 per cent or higher is clearly seen to have a negative impact on consumer spending.

Those who love to shop for big-ticket items or upgrade their gadgets and cars more often than others will mainly bear the brunt of tax collection. As long as the VAT rate does not exceed 5 per cent and food essentials remain untaxed, low-income families have nothing to worry much about, according to the experts."



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Mideast investment banking fees dip 22% in first 9 months | GulfNews.com

Mideast investment banking fees dip 22% in first 9 months | GulfNews.com:

"Middle Eastern investment banking fees reached $480.5 million (Dh1.76 billion) during first nine months of the year, down 22 per cent on the same period last year and the lowest first-nine-month total since 2012, according to estimates from Thomson Reuters and Freeman Consulting.

Not one investment banking component saw year-over-year percentage gains during the first nine months of 2015, with equity capital markets underwriting declining 3 per cent compared to last year.

Fees from completed M&A transactions totalled $177.6 million, a 1 per cent decline from the first nine months of 2014, and accounting for 37 per cent of the overall Middle Eastern investment banking fee pool, the highest first nine month share since records began in 1980."



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MIDEAST STOCKS-SABIC boosts Saudi after Q3 beat; FX fears hit Egypt | Reuters

MIDEAST STOCKS-SABIC boosts Saudi after Q3 beat; FX fears hit Egypt | Reuters:

"Better-than-expected earnings at
top petrochemical producer Saudi Basic Industries
boosted the Saudi stock market on Sunday, while most Gulf
bourses moved little and Egypt fell on fears of currency
depreciation.

SABIC reported a 9.4 percent drop in third-quarter net
profit to 5.6 billion riyals ($1.5 billion) due to slumping
product sales prices, but it beat analysts' average forecast of
4.36 billion riyals because of cost-cutting. [ID:nL8N12I07K}

That was enough to boost the stock by 2.9 percent to 90.25
riyals, bringing its gains over the past 10 trading days to 15
percent. The Saudi stock index climbed 1.2 percent."



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Sovereign wealth funds in Arabian Gulf sell off assets to plug fiscal deficits | The National

Sovereign wealth funds in Arabian Gulf sell off assets to plug fiscal deficits | The National:

"Sovereign wealth funds (SWFs) across the Arabian Gulf are selling financial assets as the low oil price hits the region’s economies.

The Saudi Arabian Monetary Authority (Sama) and the Qatar Investment Authority (QIA) are selling stakes in European companies, as the oil price slump forces Gulf states to run major fiscal deficits for the first time since 2009, and encourages SWFs to plug the gap.

Sama has withdrawn US$1.3 billion from European equities this year, according to Nasdaq estimates."



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Sabic cost cutting limits impact of lower third-quarter sales | The National

Sabic cost cutting limits impact of lower third-quarter sales | The National:

"Cost cutting enabled Saudi Basic Industries Corp (Sabic) to limit the impact of a 23 per cent drop in third-quarter sales on its bottom line, the petrochemical producer’s acting chief executive said on Sunday.

The firm’s third-quarter sales were 37.3 billion Saudi riyals, down from 48.7bn riyals a year earlier, Yousef Abdullah Al Benyan told a news conference in Riyadh.

Sabic, Saudi Arabia’s largest listed company, had earlier said its third-quarter net profit fell 9.4 per cent to 5.6bn riyals."



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New insolvency law a safety net for SMEs, banks | GulfNews.com

New insolvency law a safety net for SMEs, banks | GulfNews.com:

"For centuries, trust and traditional networks sustained trade and business in the Middle East. As the region transitioned into a modern economy, people here used their innate skills to build a formidable small-to-medium-sized enterprise (SME) sector. Private entrepreneurs now play a crucial role in the economy of the UAE, providing employment to large number of people across the country.

The importance of small businesses cannot be emphasised enough, contributing as they do to 60 per cent of UAE’s GDP. According to the UAE Banks Federation Annual Report-2014, financing SME activity is now vital for a burgeoning economy like ours. However, the challenge before banks, governments and entrepreneurs now is to plug various lacunae in the law, so that the UAE becomes an attractive, business-friendly destination for innovative businesspeople.

An impediment to private enterprise and a major risk for banks has been the lack of a viable insolvency law. Ironically, UAE, which is an important international financial and business hub, has functioned without effective insolvency laws, which hurt its international reputation."



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Saudi Arabian Stocks Advance After Crude Climbs; Israel Rallies - Bloomberg Business

Saudi Arabian Stocks Advance After Crude Climbs; Israel Rallies - Bloomberg Business:

"Equities in Saudi Arabia, OPEC’s biggest oil producer, led most Arab markets higher after Brent crude rebounded to above $50 a barrel and global stocks rallied. Israeli shares headed for the best close in almost a month.
The Tadawul All Share Index climbed 0.8 percent to 7,760.48 as of 11:14 a.m. in Riyadh, led by Saudi Basic Industries Corp., one of the world’s largest petrochemical producers. Dubai’s DFM General Index added 0.3 percent, while Abu Dhabi’s ADX General Index rose 0.5 percent.
Brent crude, a benchmark for half the world’s oil, advanced after Baker Hughes Inc. said rigs targeting oil in the U.S. fell to a five-year low last week, raising speculation the nation’s output may drop. Saudi Arabia, which relies on crude for about 90 percent of government revenue, has seen its benchmark equities gauge lose 15 percent in the second half of the year amid the slump in oil prices. That’s among the world’s 10 worst performing indexes over the period."



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MIDEAST STOCKS-Gulf edges up in quiet trade on positive global cues | Reuters

MIDEAST STOCKS-Gulf edges up in quiet trade on positive global cues | Reuters:

"Gulf stock markets edged up early on Sunday in response to a positive global trend, though trading volumes were moderate.

The Dubai index climbed 0.5 percent as the most heavily traded stock, GFH Financial, added 2.0 percent. The company said it had agreed to acquire an industrial real estate portfolio in the United States in a deal worth $125 million -- potentially a fresh sign that it is putting its debt restructurings behind it.

Abu Dhabi gained 0.4 percent as telecommunications blue chip Etisalat, which has gained 22 percent since late August, added 1.0 percent to 15.30 dirhams."



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