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Wednesday, 6 April 2016

Bank of Sharjah seeks shareholder nod for $1.5b bond programme | GulfNews.com

Bank of Sharjah seeks shareholder nod for $1.5b bond programme | GulfNews.com:

"Bank of Sharjah is seeking shareholder approval for the issuance of bonds worth up to $1.5 billion (Dh5.5 billion), the lender told the bourse on Wednesday.

Assent will be sought at a shareholder meeting to be held on April 30, the statement showed.

Any bond issuance will be subject to a board resolution on the matter and securing approval from relevant authorities, it added."



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MIDEAST STOCKS-Egypt slumps as locals dump stocks; Gulf moves little | Reuters

MIDEAST STOCKS-Egypt slumps as locals dump stocks; Gulf moves little | Reuters:

"Egypt's stock market tumbled on Wednesday as local investors booked profits made after the March 14 devaluation of the currency. Gulf markets were little changed as the region's first-quarter earnings season began.

The Egyptian index sank 2.6 percent to 7,460 points, retreating from technical resistance on the October peak of 7,716 points. Trading volume rose as Egyptian investors were net sellers, bourse data showed.

"The market today witnessed a correction after the strong price rally and volume surges seen after the currency devaluation on March 14," said Allen Sandeep, research director at Cairo-based Naeem brokerage."



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MIDEAST STOCKS-Petchems lift Saudi as oil recovers, Egypt edges up | Reuters

MIDEAST STOCKS-Petchems lift Saudi as oil recovers, Egypt edges up | Reuters:

"A rebound in oil prices helped lift Saudi Arabia's stock market in early trade on Wednesday while Egypt edged up in thin volume.

Riyadh's index was up 0.7 percent as the petrochemical sector recovered from the previous day's losses and rose 1.6 percent. Advanced Petrochemical added 2.0 percent, adding to a 1.0 percent gain on Tuesday, when it announced a 62.9 percent jump in first-quarter profit.

The telecommunications sector was another top gainer, with Zain KSA and Etihad Etisalat (Mobily) up 1.1 and 3.4 percent respectively."



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HSBC report on Arab Spring shows the cost of hopes dashed amid wreckage | The National

HSBC report on Arab Spring shows the cost of hopes dashed amid wreckage | The National:

"There have been many political, social and security analyses to mark the five-year anniversary of the Arab Spring, the series of events across the Middle East and North Africa that were the source of much hope and optimism in early 2011.

But there have not been many narratives of the economic consequences of those tumultuous events. Last week HSBC produced just such a piece of research. The lesson seems to be: be careful what you wish for – you might just get it.

For some, the upheavals at the time seemed to herald a bright new dawn where economies under the dead weight of kleptocratic dictatorship would be liberated from state control and dragged into the modern world. Entrepreneurs would emerge from the ruins to provide for a new class of enriched consumers eager to catch up with the rest of the world in terms of living standards, and empower the dynamic but underemployed youth of the region."



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Saudi Arabia makes intentions clear with $2tr fund | GulfNews.com

Saudi Arabia makes intentions clear with $2tr fund | GulfNews.com:

"When the Gulf countries reiterated their readiness to cope with a collapse in oil prices in spite of all the difficulties, misleading media campaigns and distortion of facts, some argued that the pledge was nothing more than an exaggeration. However, the Gulf has reacted strongly and swiftly.

Earlier, His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, announced the UAE’s adoption of a strategic approach laying the foundations of the post-oil era. Prince Mohammad Bin Salman, Saudi Deputy Crown Prince, followed in the footsteps of the UAE by last week announcing that Saudi Arabia will launch the world’s largest sovereign fund with a total of $2 trillion (Dh7.34 trillion) to prepare for the post-oil stage.

But what does this mean? The sovereign fund (dubbed the Public Investment Fund) was founded years ago, but the latest steps will boost its capabilities and contribute to diversifying national income through restructuring and improving the fund’s management and capabilities. It will be the world’s largest sovereign fund with sizeable annual revenues that would contribute, according to available data, to 40 per cent of the kingdom’s annual revenues."



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Thank Fed for Emerging Bond-Sale Bounce as Saudi Debut Nears - Bloomberg

Thank Fed for Emerging Bond-Sale Bounce as Saudi Debut Nears - Bloomberg:

"The dollar’s depreciation is proving a boon for one corner of the world: emerging-market borrowers facing a cash crunch.
As the Federal Reserve and European Central Bank cling to policies to keep borrowing costs low and drive down their currencies, they are engineering a turnaround in bond issuance by developing nations. The $41 billion of sales in March was busier than the 10 preceding months, a stand-out at the end of the worst quarter since 2010, according to data compiled by Bloomberg."



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MIDEAST STOCKS-Speculative stocks lead Dubai up, region firm | Reuters

MIDEAST STOCKS-Speculative stocks lead Dubai up, region firm | Reuters:

"Rallies in small and mid-cap stocks helped lift Dubai's stock market in early trade on Wednesday while Abu Dhabi and Qatar recovered some of the previous session's losses.

Dubai-based investment firm Shuaa Capital, which is 48.4 percent owned by a Dubai state-linked entity, jumped 6.1 percent, after surging 12.1 percent in unusually high volume on Tuesday. It has soared in heavy trade over the past 10 days, partly because of speculation that a strategic investor might be acquiring the company.

Builder Arabtec and developer Union Properties rose 1.7 and 1.4 percent respectively. Dubai's index was up 0.7 percent in the first 45 minutes of trade."



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