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Monday, 8 August 2016

Saudi Arabia contract awards down 75 per cent on a year ago | The National

Saudi Arabia contract awards down 75 per cent on a year ago | The National:

"Contract awards in Saudi Arabia dropped by a further 27 per cent quarter-on-quarter to just 20.3 billion Saudi riyals (Dh19.88bn), and are 75 per cent lower than the 82.8bn riyals awarded in the corresponding period last year.

Research from the kingdom’s National Commercial Bank (NCB) stated that the decline was mainly owing to the lack of large contract awards by the Saudi government as it attempts its fiscal restructuring.


NCB said that in May, just 3.1bn riyals of new contracts were awarded, which was the lowest figure experienced since April 2010. Momentum on proposed new metro projects in cities such as Jeddah, Medina and Dammam were stalling, it said, with most of the work that was awarded from the energy and petrochemicals sectors."



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Liquidity tightening in UAE banking sector moderates | GulfNews.com

Liquidity tightening in UAE banking sector moderates | GulfNews.com:

"The UAE’s banking sector has been experiencing tightening of liquidity from last year. Monetary data for first half of 2016 showed the liquidity situation is moderating compared to the first half of 2016, according to a report from Abu Dhabi Commercial Bank (ADCB).
“The continued squeeze in dirham liquidity was reflected in Emirates interbank offered rates (Eibor) rising further and the loan to deposit ratio increasing to 103.3 per cent in June from 100.9 per cent in December 2015. However, the differential in the pace between credit and deposit growth narrowed in 1H2016, and greater external borrowing [bonds, syndicated loans, and deposits] also helped to limit upside pressure,” said Dr Monica Malik, Chief Economist of ADCB.
The GCC region’s access to capital received support in the second quarter of 2016 by the stronger oil price, the Fed keeping rates on hold, and sentiment towards emerging markets improving."



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Analysts sceptical about oil crossing $50 per barrel this year | GulfNews.com

Analysts sceptical about oil crossing $50 per barrel this year | GulfNews.com:

"Analysts are sceptical about oil prices crossing the mark of $50 (Dh183.5) per barrel this year despite the president of the Organisation of the Petroleum Exporting Countries (Opec) expressing optimism that oil prices are on the path to recovery due to increase in demand from oil consuming countries.
In a statement Opec president Dr Mohammad Bin Saleh Al Sada said big drop in capital expenditure in oil and gas projects this year and the last year and further curtailment of investments in the next four years will lead to tightening of the oil markets and drop in oil supply.
“The current bear market is only temporary and oil price would increase during later part of 2016,” said Al Sada in a statement."



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MIDEAST STOCKS-Qatar, Egypt rise to multi-month highs; petchems support Saudi | Reuters

MIDEAST STOCKS-Qatar, Egypt rise to multi-month highs; petchems support Saudi | Reuters:

"Stock markets in Qatar and Egypt closed at multi-month highs on Monday on the back of firm global bourses, while Saudi Arabia's stock market was supported by a recovery in oil prices.

Qatar's index rose 1.2 percent to 10,920 points, a nine-month high. Vodafone Qatar jumped 6.0 percent in unusually heavy trade and the largest listed stock, Qatar National Bank, added 2.3 percent.

Abu Dhabi's index reversed an early decline to add 0.1 percent as some mid-cap shares advanced. Abu Dhabi National Energy Co surged 8.0 percent."



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UAE and Kuwait more comfortable than GCC peers | GulfNews.com

UAE and Kuwait more comfortable than GCC peers | GulfNews.com:

"The UAE’s liquidity position along with Kuwait’s remained more comfortable than most other GCC countries.

Oman, Saudi Arabia, and Qatar continued to experience the greatest tightening pressure. Saudi Arabia and Oman’s larger fiscal deficits resulted in their governments drawing down their banking sector deposits and borrowing from domestic banks.

In Oman, government deposits contracted by -16.5 per cent year on year in May, with total deposits falling -3.4 per cent year on year. This was despite Oman issuing bonds in 2016 and both countries taking international syndicated loans."



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Opec president reassures oil market with optimism on second-half price recovery | The National

Opec president reassures oil market with optimism on second-half price recovery | The National:

"Opec’s president said on Monday that he expects oil prices to improve as demand picks up in the second half of this year.

In a rare move aimed at reassuring the market, the oil group’s current president, Qatar’s energy minister Mohammed Al Sada, released a letter through Opec, in which he noted that "higher oil demand is expected in the third and fourth quarters ... in preparation for the approaching winter season in the northern hemisphere".


Mr Al Sada was seeking to reassure those worried about the recent drop in oil prices after a strong recovery in the first half."



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Qatari investor holds options and shares in Deutsche Bank -source | GulfNews.com

Qatari investor holds options and shares in Deutsche Bank -source | GulfNews.com:

"A reported 10 per cent stake in Deutsche Bank held by its biggest shareholder, Qatar’s Al Thani family, includes purchase options amounting to nearly 2 per cent, a person familiar with the situation told Reuters on Monday. The size of the stake was the basis for the nomination of lawyer Stefan Simon to the supervisory board of Germany’s biggest lender last month. That was made at the suggestion of Paramount Services Holdings and Supreme Universal Holdings, investment vehicles of Shaikh Hamad Bin Jasem Bin Jaber Al Thani.

However, confusion surfaced over the weekend after a media report cited a court document as showing the Qataris held only 8 per cent in the lender. The person familiar with the situation told Reuters the Qataris held just over 8 per cent in shares but also held nearly 2 per cent in options, bringing their total stake to nearly 10 per cent."



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MIDEAST STOCKS-Qatar, Saudi edge up, UAE slips on profit-taking | Reuters

MIDEAST STOCKS-Qatar, Saudi edge up, UAE slips on profit-taking | Reuters:

"Stock markets in Qatar and Saudi Arabia edged up in early trade on Monday as firm oil and global stock markets encouraged investors to buy, but the two main indexes in the United Arab Emirates slipped as investors booked profits on recent gains.

Qatar's equities index rose 0.4 percent as the largest listed stock, Qatar National Bank, climbed 1.9 percent. Other banks also advanced including Islamic lender Masraf Al Rayan which was up 0.5 percent.

But Dubai's index slipped 0.1 percent as some of Sunday's top gainers pulled back. Arabtec was down 0.7 percent and Dubai Parks and Resorts off 0.6 percent."



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