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Tuesday, 29 March 2016

Saudi Arabia and UAE government bank deposits fall | The National

Saudi Arabia and UAE government bank deposits fall | The National:

"Government bank deposits continued to fall in Saudi Arabia and the UAE last month, as the low oil price hits the balance sheets of lenders in both countries.

In Saudi Arabia, government deposits fell 6.6 per cent in February, from 291bn riyals (Dh284.93bn) in January to 271.8bn riyals in February, according to data from the Saudi Arabian Monetary Authority (Sama), the kingdom’s central bank.

M3, a measure of the money supply, fell for the first time in more than a decade, Sama data also showed."



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Dubai non-oil foreign trade down 3.6% | GulfNews.com

Dubai non-oil foreign trade down 3.6% | GulfNews.com:

"Dubai’s non-oil foreign trade dipped 3.6 per cent to Dh1.283 trillion in 2015, down from Dh1.331 trillion in 2014.

Announcing the 2015 figure on Tuesday, His Highness Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said imports accounted for Dh796 billion of the total, exports Dh132 billion and re-exports Dh355 million.

Shaikh Hamdan said Dubai’s trade sector continues to demonstrate strong performance and significantly contributes to the country’s economic growth."



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MIDEAST STOCKS-Saudi falls after weak data, most bourses rise | Reuters

MIDEAST STOCKS-Saudi falls after weak data, most bourses rise | Reuters:

"Saudi Arabia's stock market fell sharply on Tuesday as petrochemical stocks sagged and the central bank reported weak economic data, but most major markets in the region gained.

The Saudi index fell 1.5 percent to 6,177 points, closing below its mid-March low of 6,202 points, which suggested an uptrend since mid-February may have ended. Trading turnover shrank, a sign that investors were pulling out of the market.

Petrochemical heavyweight Saudi Basic Industries tumbled 3.0 percent after the price of Brent crude oil fell back below $40 a barrel."



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MIDEAST STOCKS-Egypt shares rise, Saudi edges down on petrochemicals | Reuters

MIDEAST STOCKS-Egypt shares rise, Saudi edges down on petrochemicals | Reuters:

"Egypt's stock market rose broadly in early trade on Tuesday while Saudi Arabia was pulled down by petrochemical shares after Brent crude oil fell back below $40 a barrel.

The Egyptian index climbed 0.9 percent in the first half-hour with nine of the 10 most heavily traded stocks rising. There was no significant reaction to the hijacking of an EgyptAir plane to Cyprus.

The most heavily traded stock, Egyptian billionaire Naguib Sawiris's Orascom Telecom Media, added 2.6 percent."



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EM dollar recession eclipses 1998-99 in depth | beyondbrics

EM dollar recession eclipses 1998-99 in depth | beyondbrics:

"The strength of the US dollar is the single most important issue of the many facing emerging market (EM) economies. At the same time – and in some cases as a corollary of the dollar’s strength – they are struggling with lower commodity prices, increasing rates of inflation, heightened political and geopolitical risks, greater financial market volatility, large capital outflows and an extended period of weakness in global trade.

It is critical to consider nominal dollar incomes in assessing countries’ relative economic performance and prospects because the dollar continues to dominate the pricing of global commodities, the settlement of international trade, the extension of cross-border credit and the foreign reserve assets held by EM central banks. Although the international roles of several other currencies, including the Chinese renminbi, are expanding, there is no convincing evidence that the dollar’s supremacy is under any immediate threat.

Early 2016 macroeconomic performance does not at first appear to have started as badly, or with as much volatility, as global financial markets – although there are some important exceptions. Time will tell whether markets under pressure are reliably indicating an economic turning ahead, but a closer look at many of the larger EMs reveals that downturns in dollar terms are already well entrenched."



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Saudi Arabia loses oil market share to rivals in key nations - FT.com

Saudi Arabia loses oil market share to rivals in key nations - FT.com:

"Saudi Arabia lost market share in more than half of the most important countries it sold crude to in the past three years, even as the kingdom increased output to record levels.

The world’s biggest oil exporter lost ground to rivals in nine out of 15 top markets between 2013 and 2015, including China, South Africa and the US, according to an analysis of customs data.

Saudi Arabia set itself a goal in late 2014 of maintaining its crude market share amid a glut that prompted a collapse in oil prices, but the imports data compiled by FGE, an energy consultancy, suggest the country’s strategy suffered setbacks in some of its key customer countries last year."



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Saudi Arabia economy shows deepening signs of strain | The National

Saudi Arabia economy shows deepening signs of strain | The National:

"The Saudi economy is showing deepening signs of strain under the weight of cheap oil.

Saudi consumers withdrew and spent less money in February, according to central bank data released on Monday. M3, one of the broadest measures of money supply, shrank for the first time since at least 2000, when Bloomberg started tracking the data.

While the kingdom still has one of the world’s largest foreign-currency reserves, cuts in government spending to shore up public finances are taking a toll on the economy. Growth may slow to 1.5 per cent this year, according to the median estimate of a Bloomberg survey, the slowest pace since at least 2009. Saudi officials have repeatedly said that the nation can weather the slump in oil prices.

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MIDEAST STOCKS-Gulf mixed in early trade; Dubai Parks stabilises | Reuters

MIDEAST STOCKS-Gulf mixed in early trade; Dubai Parks stabilises | Reuters:

"Gulf stock markets were mixed in early trade on Tuesday as Dubai Parks & Resorts stabilised after plunging in the previous two days, but soft oil prices and global bourses deterred major buying in the region.

The Dubai stock index edged up 0.1 percent to 3,268 points in the first hour, holding technical support on its mid-March low of 3,253 points.

Dubai Parks, the most heavily traded stock, climbed 1.7 percent. It had tumbled more than 10 percent in the past two days after proposing to boost its capital by 1.68 billion dirhams ($458 million) through a rights issue to finance development of a Six Flags theme park."



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