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Sunday, 24 July 2016

MIDEAST STOCKS-Gulf retreats as oil's fall outweighs Q2 earnings | Reuters

MIDEAST STOCKS-Gulf retreats as oil's fall outweighs Q2 earnings | Reuters:

"Gulf stock markets declined on Sunday as sharp falls in oil prices late last week outweighed a few positive corporate earnings in Saudi Arabia.

In Egypt, investors bought shares that could benefit from any currency devaluation.

Riyadh's stock index fell 1.2 percent as losses accelerated in the final hour of trade, with four-fifths of traded stocks declining."



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Qatar banks to remain stable on strong government spending | GulfNews.com

Qatar banks to remain stable on strong government spending | GulfNews.com:

"Qatar’s banking system is expected to remain stable despite the economic slowdown driven by low oil prices and the overall resilience is underpinned by the government’s continued deployment of its ample resources to maintain capital expenditure according to rating agency Moody’s.

“Banks’ creditworthiness will remain broadly resilient. This resilience will help maintain solid economic growth and create a supportive environment for the country’s banks. We expect bank earnings to decline slightly but to remain strong overall,” said Nitish Bhojnagarwala, as Assistant Vice President at Moody’s.

Although problem loans are expected to rise modestly, capital buffers will remain sound and Qatari banks will continue to display one of the best loan performances among GCC countries."



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Libya oil exports threatened as NOC warns against port deal | GulfNews.com

Libya oil exports threatened as NOC warns against port deal | GulfNews.com:

"Libya’s hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports.

In a letter seen by Reuters to UN. Libya envoy Martin Kobler and a number of oil and diplomatic officials, NOC chairman Mustafa Sanalla said it was a mistake to reward Ibrahim Jathran, head of the Petroleum Facilities Guard (PFG), for a blockade of the oil ports of Ras Lanuf, Es Sider and Zueitina.

The PFG confirmed on Friday that it would implement an agreement with Libya’s UN-backed Government of National Accord (GNA) to reopen the ports within days, following a visit by Kobler to meet Jathran in Ras Lanuf."



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ADGM and ADX look into new exchange on Abu Dhabi’s Al Maryah Island | The National

ADGM and ADX look into new exchange on Abu Dhabi’s Al Maryah Island | The National:

"Abu Dhabi Global Market (ADGM), the capital’s new financial free zone, and the Abu Dhabi Securities Exchange (ADX), its stock market, are to explore the possibility of setting up a new financial exchange on ADGM’s Al Maryah Island site.

The groundwork for a new exchange has been laid with a memorandum of understanding between the two bodies, signed yesterday. The agreement is intended to "foster bilateral cooperation" and "supports ADX’s commitment to the growth of the financial services sector in the emirate of Abu Dhabi," a joint statement said.


Ahmed Al Sayegh, the chairman of ADGM, said: "The MoU is a strategic and symbolic extension of our close relationship with ADX, which has been an important contributing partner since the inception of ADGM, and continues to be a significant stakeholder in the development of Abu Dhabi as an international economic hub. This collaboration allows both teams to work closely in establishing the objective of an exchange in ADGM.""



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UAE eases bank rules to spur SME growth | The National

UAE eases bank rules to spur SME growth | The National:

"The Government has loosened bank rules to help spur growth of small and medium-sized enterprises in the UAE, part of an ongoing effort to rationalise the bureaucracy that has stymied more rapid small business formation.

The Ministry of Human Resources and Emiratisation on Saturday issued a decree stating that from October of this year SMEs will no longer be required to secure a bank guarantee to be able to carry on as a going concern.


Saqr Ghobash, the Minister of Human Resources and Emiratisation, said the bank guarantee rule had been in place primarily to safeguard the payroll and protect employees’ rights."



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MIDEAST STOCKS-Gulf bourses soft as oil's fall outweighs Q2 earnings | Energy & Oil | Reuters

MIDEAST STOCKS-Gulf bourses soft as oil's fall outweighs Q2 earnings | Energy & Oil | Reuters:

"Gulf stock markets were soft in early trade on Sunday as weaker oil prices at the end of last week outweighed a few positive corporate earnings in Saudi Arabia.

Riyadh's stock index edged down 0.2 percent in the first hour. Saudi Kayan Petrochemical climbed 2.1 percent after it swung to a net profit in the second quarter of 91.02 million riyals ($24.3 million), ending a run of five straight quarterly losses and beating analysts' forecast for another loss.

Alinma Bank rose 0.7 percent after reporting a 12.1 percent year-on-year rise in second-quarter net profit to 409 million riyals; the average prediction was 395.3 million riyals."



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