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Wednesday, 20 July 2016

Mashreq reports Dh1.1b first-half profit | GulfNews.com

Mashreq reports Dh1.1b first-half profit | GulfNews.com:

"Mashreq on Wednesday reported a first-half net profit of Dh1.1 billion, compared to Dh1.3 billion in the same period last year. Net profit for the first half stood stable compared to the normalised net profit for the first half of 2015 adjusted for the impact of recoveries, the bank said in a statement.

For the second quarter of the year the bank’s net profit was Dh539 million, up 1.4 per cent quarter-on-quarter. Adjusting for impact of recoveries in the second quarter of 2015, the bank said its normalised net profit increased by 3.5 per cent.

“Mashreq’s prudent fiscal policies and continued commitment to its focus on placing its customers at the forefront of all decisions has enabled the bank to return a stable performance for the first half 2016,” said Mashreq’s CEO, AbdulAziz Al Ghurair."



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MIDEAST STOCKS-Qatar, Saudi fall on Q2 earnings misses; FX troubles Egypt | Reuters

MIDEAST STOCKS-Qatar, Saudi fall on Q2 earnings misses; FX troubles Egypt | Reuters:

"Stock markets in Qatar and Saudi Arabia were pulled lower on Wednesday by two blue-chip companies whose weak second-quarter earnings missed forecasts, while Egypt was hurt by a fresh slide of its currency in the black market.

Commercial Bank of Qatar slumped 6.6 percent after it posted a 63 percent drop in second quarter net attributable profit to 212.3 million riyals ($58.3 million); analysts polled by Reuters had forecast 339.5 million riyals.

Other Qatari banks also fell, even though they had reported strong earnings at the start of this week. Qatar Islamic Bank dropped 1.6 percent. The main Qatari index dropped 0.5 percent to 10,592 points, but closed 81 points above its session low."



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ADIA Abu Dhabi UAE 2015 review pdf

ADIA’s mission is to sustain the long-term prosperity
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who reflect ADIA’s cultural values.



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Sovereign wealth fund Abu Dhabi Investment Authority (Adia) renews faith in China and India’s growth prospects amid market tumult | The National

Sovereign wealth fund Abu Dhabi Investment Authority (Adia) renews faith in China and India’s growth prospects amid market tumult | The National:

"The Abu Dhabi Investment Authority (Adia) said it remains focused on China’s and India’s long-term growth prospects, even after emerging markets generally have been hit by a slowing global economy.

The emirate’s main sovereign wealth fund said in its annual review, released today, that long-term returns declined last year amid tumultuous markets, though it explained the lower rates as mainly due to statistical averaging over the long periods it uses to measure returns.

Adia said its annualised returns over 20 and 30 years were 6.5 per cent and 7.5 per cent, respectively, as at the end of last year. That compared with 7.4 per cent and 8.4 per cent the previous year, and 7.2 per cent and 8.3 per cent as of the end of 2013."



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The reality check on Gulf states’ economy | GulfNews.com

The reality check on Gulf states’ economy | GulfNews.com:

"Oil prices have of late witnessed a quick and unexpected recovery to $50 (Dh183.50) a barrel. This recovery was associated with fluctuations that resulted from either speculations or from geopolitical and technical developments, such as the strikes and acts of sabotage targeting Nigerian oil installations and the unstable situations in Iraq and Iran, or even the decline in US inventories and drilling rigs.

The oil price gain has occurred in spite of doubling of Iranian oil exports by 2.5 million barrels a day and the boost to Iraqi production by more than 4 million barrels a day. Meanwhile, global demand has also increased, especially in Asia where the Chinese economy is growing faster than expected, creating a state of fragile balance that has, despite fluctuations, raised prices.

It is true the that prices might continue to fluctuate over the coming months, but they should remain in the current range with some drops and rises depending on market conditions and the whims of speculators."



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MIDEAST STOCKS-Qatar, Saudi dragged down by two Q2 earnings misses | Reuters

MIDEAST STOCKS-Qatar, Saudi dragged down by two Q2 earnings misses | Reuters:

"Stock markets in Qatar and Saudi Arabia were pulled lower early on Wednesday by two blue-chip companies whose weak second-quarter earnings missed forecasts, while other Gulf Arab markets moved little.

Commercial Bank of Qatar slumped 6.1 percent after it posted a 63-percent drop in second-quarter net attributable profit to 212.3 million riyals ($58.3 million); analysts polled by Reuters had forecast 339.5 million riyals.

Other Qatari banks also fell, even though they had reported strong earnings at the start of this week. Masraf Al Rayan was down 0.8 percent. The main Qatari index dropped 1.3 percent."



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