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Sunday, 5 June 2016

UPDATE 1-UAE c.bank governor sees no pressure on dirham, forwards volatility limited | Reuters

UPDATE 1-UAE c.bank governor sees no pressure on dirham, forwards volatility limited | Reuters:

"The governor of the United Arab Emirates central bank said on Sunday that he doesn't believe there is any pressure on the Gulf Arab state's currency and that any volatility seen in the forwards market has been limited.

Mubarak Rashid al-Mansouri also reiterated that the UAE would continue with the dirham's peg of 3.6725 to the U.S. dollar.

The outlook for the country's banking sector is improving after a difficult start to 2016, aided by an improvement in oil prices, which hit the $50 per barrel level for the first time in 2016 on May 26, Mansouri told reporters on the sidelines of an Arab finance ministers event in Abu Dhabi."



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MIDEAST STOCKS-Zain Saudi jumps on securing loan refinancing; Gulf bourses traded near flat | Reuters

MIDEAST STOCKS-Zain Saudi jumps on securing loan refinancing; Gulf bourses traded near flat | Reuters:

"Bourses in the Gulf traded near flat in early trade on Sunday with shares Saudi Arabia's third largest telecom operator surging after securing a refinancing loan.

Zain Saudi Arabia jumped 6.7 percent after the telecom operator said in a bourse statement on Sunday it has signed a 2.25 billion riyal ($600 million) loan refinancing with a group of four local banks.

The company is currently trading below its mean target price of 9.64 riyals, according to the average of 9 analysts polled by Reuters."



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