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Sunday, 10 January 2016

Mohammed bin Nayef, Saudi strong man in a power struggle - FT.com

Mohammed bin Nayef, Saudi strong man in a power struggle - FT.com:

"The day after last week’s execution of a Shia dissident in Saudi Arabia, a killing that sent tremors through the Middle East, police were dispatched to quell unrest in his village of al-Awamiya. Enraged followers of Nimr al-Nimr, the Shia cleric, long a thorn in the side of the Saudi royal family, railed against the interior minister, Crown Prince Mohammed bin Nayef, the man most directly associated with security in the kingdom.
The prince is the son of the late Nayef bin Abdulaziz, the long-time security chief and powerful royal who presided over numerous crackdowns, earning the wrath of freedom activists."



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Valuing Saudi Aramco | Lex - YouTube

Valuing Saudi Aramco | Lex - YouTube: ""



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Saudi Arabian Stocks Lead Mideast Drop as Oil Slide Saps Trading - Bloomberg Business

Saudi Arabian Stocks Lead Mideast Drop as Oil Slide Saps Trading - Bloomberg Business:

"Saudi Arabian stocks led a decline across most Middle Eastern markets amid reduced trading, as investors weighed the impact of plummeting oil prices.
The Tadawul All Share Index, the region’s biggest gauge, dropped 2.2 percent, extending its retreat this month to 12 percent. About 234 million shares were exchanged, or 9 percent less than the 30-day average. Qatari stocks fell 1 percent on about half the QE Index’s average volume. Trading in Dubai also slid.
“Investors are waiting until the end of the first quarter to see the impact of low oil prices and government cutting spending on corporate profits,” said Nabil Farhat, an Abu Dhabi-based partner at Al Fajr Securities."



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MIDEAST STOCKS-Small-caps pull down Saudi, Egypt slides | Reuters

MIDEAST STOCKS-Small-caps pull down Saudi, Egypt slides | Reuters:

"A sell-off of small-cap speculative stocks pulled Saudi Arabia's stock market down on Sunday, while Egypt dropped in response to weak global equities and concern about risks to the Chinese economy. Most Gulf markets were subdued.

The Saudi index, which had plunged 9.9 percent last week as oil prices slid, fell a further 2.2 percent to 6,091 points, its lowest level since November 2011.

In contrast to last week, Saudi petrochemical shares help up well, showing some resilience after a slide triggered by rises in the price of natural gas feedstock in the 2016 Saudi state budget. Saudi Basic Industries rebounded 1.1 percent."



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Aramco IPO talk has message for Saudi state firms | The National

Aramco IPO talk has message for Saudi state firms | The National:

"Is it worth US$781 billion, as McKinsey suggested in 2005? Bloomberg put the firm’s value at $2.5 trillion, while the former Saudi petroleum adviser Mohammed Al Sabban has suggested more than $10tn.

But whatever the number, the suggestion that part of the giant state oil firm Saudi Aramco might be privatised has triggered a mix of surprise, speculation and scepticism.

The deputy crown prince Mohammed bin Salman first mentioned the idea of listing a minority stake during an interview with The Economist. But investment bankers salivating over the deal, and analysts rushing to value it, should probably take a cold shower."



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Has the fall in Dubai property prices come to an end? | The National

Has the fall in Dubai property prices come to an end? | The National:

"Dubai’s residential property market is showing signs of plateauing after about 18 months of price decline.

New figures from the consultancy ValuStrat show that there was “no significant change” in values of apartments and villas in the 26 areas that it monitored in December. It said that its ValuStrat Price Index remained constant at 97.9 – the first time that no monthly change has been recorded since the current market correction began in mid-2014. The Index compares prices from a 100-point base that was set in January 2014.

The ValuStrat research manager Haider Tuaima said that the pace of decline in its house price index had started to slow early in 2015, and for the past few months the change in values registered had been negligible, indicating “a plateau in prices”."



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Most Mideast Stocks Drop as Trading Volumes Slump With Oil - Bloomberg Business

Most Mideast Stocks Drop as Trading Volumes Slump With Oil - Bloomberg Business:

"Most Middle Eastern stocks fell amid a decline in trading across the region as investors weighed the impact of plummeting oil prices.
The Tadawul All Share Index, the region’s biggest gauge, dropped 0.3 percent as of 12:25 p.m. in Riyadh as 92 million shares were exchanged, about 10 percent less than the 30-day average. Qatari stocks fell 1.5 percent on about 60 percent of the QE Index’s average volume. Trading in Muscat, Abu Dhabi and Dubai also slid.
“Investors are waiting till the end of the first quarter to see the impact of low oil prices and government cutting spending on corporate profits,” said Nabil Farhat, an Abu Dhabi-based partner at Al Fajr Securities."



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MIDEAST STOCKS-Petrochemicals regain some strength in Saudi; Egypt tumbles | Reuters

MIDEAST STOCKS-Petrochemicals regain some strength in Saudi; Egypt tumbles | Reuters:

"A return of some strength to beaten-down petrochemical stocks helped support Saudi Arabia's stock market early on Sunday, while Egypt fell sharply because of a shaky outlook for the Chinese economy and global markets.

The Saudi index, which had plunged 4.5 percent on Thursday, was down only 0.2 percent in the opening minutes of trade. Top petrochemical producer Saudi Basic Industries was flat while Saudi Kayan rose 0.8 percent.

However, underlining expectations for an economic slowdown in Saudi Arabia, retailer Jarir Marketing - a top play on the kingdom's consumer demand - fell 1.1 percent. It posted a fourth-quarter net profit flat to the previous year, in line with analysts' estimates.

"



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MIDEAST STOCKS-UAE mixed, Qatar falls in early trade | Reuters

MIDEAST STOCKS-UAE mixed, Qatar falls in early trade | Reuters:

"United Arab Emirates stock markets were mixed in thin volumes while Qatar fell in early trade on Sunday as investors remained wary of low oil prices and a slump in global equity markets because of a deceleration in the Chinese economy.

Dubai's index edged down 0.2 percent as Emaar Properties was flat after two days of falls, while local speculators' favourite GFH Financial gained 0.6 percent.

Abu Dhabi ADI> climbed 0.7 percent on the back of a rebound by First Gulf Bank, which gained 2.1 percent following a 5.6 percent tumble on Thursday. Other major stocks barely moved."



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Is 2016 the year when the world tumbles back into economic crisis? | Business | The Guardian

Is 2016 the year when the world tumbles back into economic crisis? | Business | The Guardian:

"Rarely have financial markets had a more traumatic start to the year. Shares plunged, the price of oil clattered to its lowest level in 11 years, trading on the Chinese stock market was halted twice, and the World Bank warned that a “perfect storm” might be brewing.

George Osborne chose his moment well to go public with his concern that the UK faces a “cocktail of threats”. In addition to the $2tn wiped off global stock markets, the North Koreans claimed they had exploded a hydrogen bomb and relations between Saudi Arabia and Iran worsened markedly.

On the face of it, there seems no reason why the global markets should remain depressed. Rising oil prices have traditionally been associated with recessions, so a drop of more than two-thirds in the cost of a barrel of crude should, logically, be good for growth. Cheaper energy means lower costs for businesses and additional spending power for consumers. There are winners and losers from a falling oil price but on balance the impact should be positive."



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