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Monday, 26 October 2015

UAE Minister of Energy: 2016 will be year of oil price correction | The National

UAE Minister of Energy: 2016 will be year of oil price correction | The National:

"The UAE’s minister of energy said on Monday that he expected an upward correction of oil prices next year.

“We are expecting an upward correction - 2016 will be a year of correction, to what level we will see,” Suhail Al Mazroui told reporters on the sidelines of an international business conference in Abu Dhabi.

He stressed that the UAE would not try to impose a correction on the market, but that market fundamentals - including a faster-than-expected recovery in demand - were indicating there would be one."



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UAE banks may face tougher times amid slowing growth in loans | The National

UAE banks may face tougher times amid slowing growth in loans | The National:

"UAE banks may face a tough slog next year as loan growth slows amid lower oil prices, according to Alex Thursby, the chief executive of National Bank of Abu Dhabi.

As a result of the slowing rate of economic growth, Mr Thursby said he expected UAE loan growth to rise by about 5 per cent, nearly half the expansion rate over the past few years.

“I think financial services over the next 18 months will be a much tougher business than it has been in the previous 18 months, and the reason I say that is people have generated growth through growth of assets,” he said in an exclusive interview. “That’s slowing down, margin compression is continuing and markets are growing less.”"



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What Role Does China Play in the Middle East? - Bloomberg Business

What Role Does China Play in the Middle East? - Bloomberg Business:

"Angus Blair, chief executive officer and founder at Signet Institute, talks about China's political and business role in the Middle East. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"



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MIDEAST STOCKS-Saudi bounces as some blue chips pare losses | Reuters

MIDEAST STOCKS-Saudi bounces as some blue chips pare losses | Reuters:

"Saudi Arabia's top stock index
rebounded on Monday as some blue chips were bought back after
several days of punishing falls on concerns that low oil prices
would force the government into spending and subsidy reductions
as well as tax rises.

The index fell 6.7 percent over the four previous
trading but towards the end of the session, petrochemical
producer Saudi Basic Industries rose 1.8 percent,
mining group Ma'aden 3.8 percent and oil shipper Bahri
3.3 percent.

This helped the index close 0.6 percent higher. Turnover
remained modest, however, and some stocks continued sliding on
expectations of a tighter state budget. City Cement
fell 0.3 percent to a 31-month low, extending a decline that has
taken it down about 10 percent in the last two weeks."



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IMF calls on Arabian Gulf states to speed up spending cuts | The National

IMF calls on Arabian Gulf states to speed up spending cuts | The National:

"The IMF expects Arabian Gulf countries to move faster on cutting spending rather than introducing taxes to help balance their budgets.

The fund projected a wider fiscal deficit of 13 per cent for the Gulf region in a report released last week because of the oil price slump, compared with 8 per cent forecast in its May report.

“Realistically, some spending cuts are likely to come before the tax starts paying off,” said Masood Ahmed, director of the IMF’s Middle East and Central Asia department. “In the conversations we have had, a number of them [Gulf countries] are looking at ways at which to consolidate. People are looking at investments. They are looking at efficiency savings in current expenditures.”"



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UAE Minister of Energy: 2016 will be year of oil price correction | The National

UAE Minister of Energy: 2016 will be year of oil price correction | The National:

"The UAE’s minister of energy said on Monday that he expected an upward correction of oil prices next year.

“We are expecting an upward correction - 2016 will be a year of correction, to what level we will see,” Suhail Al Mazroui told reporters on the sidelines of an international business conference in Abu Dhabi.

He stressed that the UAE would not try to impose a correction on the market, but that market fundamentals - including a faster-than-expected recovery in demand - were indicating there would be one."



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MIDEAST STOCKS-Saudi consolidates; Egypt still dominated by Amer Group | Reuters

MIDEAST STOCKS-Saudi consolidates; Egypt still dominated by Amer Group | Reuters:

"Saudi Arabia's stock market was broadly stable early on Monday as petrochemical shares steadied following sharp falls, while trade in Amer Group and its affiliate Porto continued to dominate volumes in Egypt.

The Saudi stock index was almost flat as Saudi Basic Industries added 0.6 percent. Most of the 10 most heavily traded stocks moved narrowly though City Cement slid a further 1.5 percent to a 31-month low, continuing a decline that has taken it down about 10 percent in the last two weeks.

The market is worried that low oil prices could force the Saudi government into major spending and subsidy cuts, and possibly tax rises, in next year's state budget, which could hurt a wide range of industries including construction."



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MIDEAST STOCKS-Gulf markets edge down on Saudi concerns | Reuters

MIDEAST STOCKS-Gulf markets edge down on Saudi concerns | Reuters:

"Gulf stock markets edged down in early trade on Monday as investors remain concerned about the outlook for the Saudi Arabian market, where shares have been falling because of concern about next year's state budget.

The Saudi index closed down 1.4 percent on Sunday, bringing its losses over four trading days to 6.7 percent, on worries that low oil prices would force Riyadh into spending cuts and tax increases.

Saudi Arabia's weakness is dampening the entire region, even in countries such as the United Arab Emirates, which are relatively well placed to cope with an era of cheap oil."



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