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Sunday, 31 January 2016

Iranian energy investment could take a while, IFC says | The National

Iranian energy investment could take a while, IFC says | The National:

"The International Finance Corporation (IFC) has started discussions with companies interested in investing in Iran, but it could take between six and nine months to materialise.

“It’s definitely a country with a huge amount of potential and I think we’ll see a huge programme,” said Mouayed Makhlouf, the Mena director at IFC, adding that investment could come next year. “We need to make sure we’re investing with the right people.”

One area that will be a prime opportunity is the power sector."



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Abu Dhabi Commercial Bank Q4 net profit rises 16 per cent | The National

Abu Dhabi Commercial Bank Q4 net profit rises 16 per cent | The National:

"Abu Dhabi Commercial Bank, a titan of the emirate’s banking scene, said yesterday that its net profit surged 16 per cent in the fourth quarter, defying expectations of analysts amid lower oil prices and weakening economic growth in the UAE.

The bank said it escaped the worst effects of falling oil prices in part by reducing exposure to small and medium-sized businesses, a segment that has shown the highest signs of stress and whose bad debts have hit smaller banks most keenly. At the same time, ADCB said it reduced money set aside to cover bad debts in the fourth quarter, a feat achieved only by a handful of lenders.

The bank said its profit in the last three months of the year increased to Dh1.19 billion compared to Dh1.02bn in the same period the previous year."



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Leaders chart new strategic roadmap for the UAE after oil | The National

Leaders chart new strategic roadmap for the UAE after oil | The National:

"The country’s leaders on Sunday signalled a raft of initiatives to chart the UAE’s economic direction in a world of $30 oil.

As ministers concluded a two-day retreat in Dubai, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, directed the launch of the new strategy “in the coming weeks”, with moves in four main areas: human capital, building a knowledge-based economy, government policies and community.

“The development of human capital is the global currency of the 21st century economies, and the only way to achieve sustainable development and promote the UAE’s journey towards further progress and prosperity,” Sheikh Mohammed said."



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MIDEAST STOCKS-Gulf jumps on oil price recovery, Egypt edges higher | Reuters

MIDEAST STOCKS-Gulf jumps on oil price recovery, Egypt edges higher | Reuters:

"Gulf stock markets rose sharply for a second straight trading day on Sunday after oil prices surged at the end of last week, though the Egyptian bourse closed far from its highs on persisting concern over the risk of currency depreciation.

Oil prices rebounded to almost $36 a barrel last week, from a 12-year low close to $27, on hopes that OPEC and non-OPEC producers might eventually agree on a deal restraining oil production to boost prices.

Such a deal is by no means guaranteed, however, and even if an agreement can be reached Gulf economies are still likely to face a difficult year as governments' austerity measures are felt by companies and consumers."



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MIDEAST MONEY-Iran to expand sale of Islamic treasury bills, spur debt markets | Reuters

MIDEAST MONEY-Iran to expand sale of Islamic treasury bills, spur debt markets | Reuters:

"Iran's government plans to increase its issues of short-term Islamic bonds this year, aiming to rejuvenate the domestic debt market and help reduce local firms' reliance on loans from a debt-laden banking sector.

In the wake of the lifting of nuclear-related sanctions, authorities in Tehran are rolling out a series of initiatives to develop the country's capital markets, such as new rules covering mortgage-backed securities.

Partly because low oil prices and the economic scars of sanctions have made foreign investors wary of lending to Iranian companies, most will initially have to rely on domestic investors for their funding needs."



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Bengal seeks to regain economic lustre - YouTube

Bengal seeks to regain economic lustre - YouTube: ""



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Mideast funds anticipate rebuilding equities positions -survey | Reuters

Mideast funds anticipate rebuilding equities positions -survey | Reuters:

"Many Middle East fund managers expect to start rebuilding their regional equities holdings in the next few months and have become less bearish towards bonds, a monthly Reuters survey shows.

The survey of 14 leading fund managers, conducted over the past 10 days, does not suggest funds are heavily bullish on stocks; many see a risk of further losses as austerity policies, adopted by governments in response to low oil prices, weigh on economies.

But the survey does suggest that funds have gone so far underweight on equities that they feel there is little room to continue cutting allocations, and that the next major change in allocations will be to increase them."



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Gulf governments will have to set market pace | GulfNews.com

Gulf governments will have to set market pace | GulfNews.com:

"The year 2015 can be marked by increased volatility across asset classes on the back of series of events that unfolded from possible “Grexit” from the EU to China’s sudden devaluation, and to end the year with Fed’s policy lift-off.

The rapidly changing themes during the year also took investors by storm, as before they could absorb one, the next one was already looming in the background. The year also witnessed depletion of global forex reserves held by central banks, falling from a peak of around $12 trillion (Dh44 trillion) in the beginning of the year to $11.25 trillion, the largest drop in decades.

Heightened concerns over Chinese growth has been the most important event due to the magnitude of its contribution to world economic growth, particularly those commodity-exporting economies with large amounts of dollar-dominated debt and a reliance on Chinese demand."



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MIDEAST STOCKS-Gulf markets surge on back of oil, global bourses | Reuters

MIDEAST STOCKS-Gulf markets surge on back of oil, global bourses | Reuters:

"Gulf stock markets rose sharply early on Sunday, with strong trading volumes suggesting some investors were returning after oil prices and global equities jumped at the end of last week.

Dubai's index surged 3.1 percent to 2,945 points in the first hour with real estate blue chip Emaar Properties jumping 4.3 percent.

The index may face resistance between 3,000 points and the late December peak of 3,189."



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