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Tuesday, 10 November 2015

MIDEAST STOCKS-Egypt tumbles 4.4 pct on FX fears; austerity worries hit Qatar | Reuters

MIDEAST STOCKS-Egypt tumbles 4.4 pct on FX fears; austerity worries hit Qatar | Reuters:

"Egypt's stock market dropped
sharply for a third straight day on Tuesday because of
speculation about a possible currency devaluation or rise in
local interest rates. Gulf markets fell, with Qatar hit by
concern about looming austerity policies.

The Egyptian index tumbled 4.4 percent to 6,825
points, bringing its losses in the past three trading days to
9.5 percent. It broke through technical support at its September
low; the next support is its August low of 6,641 points.

Strong U.S. economic data on Friday raised expectations
for a U.S. rate hike next month. Meanwhile, the Russian airliner
crash in the Sinai threatens to slash Egyptian tourism revenues."



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China exposure | FT Markets - YouTube

China exposure | FT Markets - YouTube: ""



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Saudi Arabia to tap global bond markets as oil fall hits finances - FT.com

Saudi Arabia to tap global bond markets as oil fall hits finances - FT.com:

"Saudi Arabia has decided to tap international bond markets for the first time, in a sign of the damage lower oil prices are inflicting on its public finances.
Saudi officials say the kingdom could increase debt levels to as much as 50 per cent of gross domestic product within five years, up from a forecasted 6.7 per cent this year and 17.3 per cent in 2016."



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Adipec 2015: Opec not ready to cut oil output, says secretary general | The National

Adipec 2015: Opec not ready to cut oil output, says secretary general | The National:

"Opec, which pumps around 40 per cent of the world’s oil, expects higher crude prices next year but is not yet ready to cut its output and risk allowing other higher cost producers the opportunity to grab market share.

“We are following the market day in day out, month in month out. We see that 2016 is really producing some positive results,” said Abdalla Al Badri, the organisation’s secretary general at the Adipec oil and gas conference in Abu Dhabi on Tuesday.

The 12-member organisation meets next on December 4 in Vienna to decide on its output policy which is focused on protecting market share rather than propping up prices by reducing its output. Opec kept its production ceiling at 30 million barrels per day (bpd) at its previous meeting in June."



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Standard Chartered said to cut jobs in Dubai | The National

Standard Chartered said to cut jobs in Dubai | The National:

"Standard Chartered cut 11 sales and trading jobs in Dubai, including four managing director roles, according to two people with knowledge of the matter.

The London-based lender removed Vikrant Bhansali, regional head of institutional sales; Farhan Aziz, head of credit solutions and Jillian Correa, regional head of flow, from their positions, the people said, asking not to be identified because information isn’t public.

Standard Chartered has “acted to reduce management layers at a global level, and as a result, will have up to 25 per cent fewer senior staff,” the bank said in an emailed response to questions on Tuesday. The group’s new structure will be effective from January 1 and “changes are still work in progress, we are not in a position to provide details,” it said."



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Adipec 2015: IEA chief worried by sharp decline in oil sector investment | The National

Adipec 2015: IEA chief worried by sharp decline in oil sector investment | The National:

"The sharp decline of investment in the oil and gas sector will have serious consequences for the sector as supply fails to keep pace with demand, the head of the International Energy Agency has warned.

“What I am worried about the most is that this year oil investment declined by about 20 per cent compared to previous years and, more importantly, that it is expected to decline by the same amount next year,” said Fatih Birol, executive director of the Paris-based watchdog for the biggest energy consuming countries. “It is the first time since the 1980s that investment will have declined for two consecutive years and it will have serious consequences for the oil market.”

The warning from Mr Birol, a Turkish economist who this year took over as head of the IEA, comes as the agency releases its annual World Energy Outlook, which predicts that oil prices will recover over the next five years to average about US$85 per barrel as the supply-demand balance tightens."



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Damac's 9-month net profits soar to Dh3.67b | GulfNews.com

Damac's 9-month net profits soar to Dh3.67b | GulfNews.com:

"The DFM-listed Damac Properties Dubai has confirmed net profits of Dh3.67 billion for the first nine months of the year and a gain of 43 per cent over the same period in 2014.

Revenues weighed in at Dh6.77 billion and helped along by a steady stream of new project releases the developer had through the year, most notably at its ‘Akoya’ projects.

The numbers also confirm what has been a fruitful third quarter for the listed real estate majors in Dubai and Abu Dhabi as well as for privately held Nakheel. The big names have all seen solid gains on the profitability. What has been interesting about them is that these have been delivered against the backdrop of a general softness in property buying activity in Dubai."



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Aldar net profits up 9% to Dh638m | GulfNews.com

Aldar net profits up 9% to Dh638m | GulfNews.com:

"Aldar Properties, the Abu Dhabi based developer, reported on Tuesday Dh638 million in net profits for the third quarter of this year, marking a nine per cent increase on the Dh584 million reported in the third quarter of last year. The growth was mainly driven by rising recurring revenues and higher development profits on new developments.

Revenues for the third quarter 2015 were stood at Dh1.17 billion - down from Dh1.39 billion in the third quarter 2014.

“Aldar has delivered a solid performance in the third quarter by executing on our strategy to fully stabilise our recurring income portfolio and by bringing new quality developments to market. We continue to see strong demand in residential sales with Shams Meera and West Yas both performing well in the quarter, demand we will continue to respond to with quality residential products," said Mohammad Al Mubarak, Aldar's chief executive officer."



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MIDEAST STOCKS-Egypt continues tumbling on FX worries, Saudi almost flat | Reuters

MIDEAST STOCKS-Egypt continues tumbling on FX worries, Saudi almost flat | Reuters:

"Egypt's stock market continued to tumble early on Tuesday because of speculation about a possible currency devaluation or a rise in local interest rates. Most Saudi Arabian stocks opened barely changed.

The Egyptian index skidded 2.9 percent to 6,929 points, adding to a 2.8 percent drop on Monday and a 2.6 percent slide on Sunday. On Monday, it broke technical support on its October low; its next support is at the September low of 6,921 points.

Strong U.S. economic data on Friday has raised expectations for a U.S. rate hike next month. Meanwhile, the Russian airliner crash in the Sinai threatens to slash Egyptian tourism revenues."



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MIDEAST STOCKS-Gulf falls, Qatar hit by austerity worries | Reuters

MIDEAST STOCKS-Gulf falls, Qatar hit by austerity worries | Reuters:

"Gulf stock markets fell in line with weak global bourses early on Tuesday, with Qatar lagging after a senior official said the government needed to consider tax and spending reforms.

The Qatar index was down 1.3 percent after 50 minutes of trade with all of the 10 most heavily traded stocks lower. Petrochemicals and metals producer Industries Qatar sank 1.8 percent.

Saleh Mohammed al-Nabit, Qatar's Minister of Development Planning and Statistics, said in a speech on Monday that the government must urgently consider reforms to its subsidy and tax systems in light of low oil and gas prices."



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Developers in the Desert: Google's Oasis for Startups in Dubai - Bloomberg Business

Developers in the Desert: Google's Oasis for Startups in Dubai - Bloomberg Business:

"When Arab explorers traversed the deserts and seas centuries ago, they relied on an astrolabe, an astronomical navigation tool, to find their way.
Technology entrepreneurs finding their way through the complexities of the Middle East are turning to a modern-day version of the ancient instrument: AstroLabs, a startup accelerator in Dubai.
The Google Inc.-backed technology hub opened for business in October, with 42 startups plucked from among 250 applicants calling the sprawling ground-level space their home. Inside, there's a cafe, desks, video-conference rooms, access to blazing-fast Internet and a "coding cave"—a scene straight out of Silicon Valley or San Francisco. A device lab designed by Google is littered with iPhones, Android smartphones, tablets and computers, used by startups to test their mobile applications and content."



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