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Monday, 15 August 2016

MOVES-UAE's Dhabi Group appoints new chief executive | Reuters

MOVES-UAE's Dhabi Group appoints new chief executive | Reuters:

"Dhabi Group, owned by a prominent member of the royal family in Abu Dhabi, has appointed a new chief executive to lead the diversified investment group, it said on Monday.

Adeel Bajwa, who was general counsel and board member of several of the group's companies, has taken the post, the company said in an emailed statement to Reuters.

Bajwa was involved in mergers and acquisitions for the group in Africa and South Asia, including deals involving Warid Telecom and Wateen Telecom in Pakistan."



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MIDEAST STOCKS-Gulf markets diverge, Egypt settles at 14-month high | Reuters

MIDEAST STOCKS-Gulf markets diverge, Egypt settles at 14-month high | Reuters:

"Stock markets in Dubai, Qatar and Egypt climbed to multi-month highs on Monday but Saudi Arabia was dragged lower by banking shares vulnerable to economic pressures due to low oil prices.

Dubai's index rose 1.0 percent to end at 3,602 points, just below technical resistance at its April peak of 3,605 points, as trading volume more than doubled from Sunday, a positive technical signal. Any break of resistance would point up to the October peak of 3,740 points.

Emaar Properties added 1.4 percent to 7.44 dirhams, taking its gains over the last week to 7.8 percent. The stock confirmed a break of resistance on the October peak of 7.01 dirhams, triggering a major reverse head & shoulders pattern formed by the highs and lows since August 2015 and pointing up in the very long term to around 9.75 dirhams."



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Opec supply freeze speculation propels oil to three-week high | The National

Opec supply freeze speculation propels oil to three-week high | The National:

"Oil climbed above $45 a barrel in New York for the first time in three weeks amid speculation that crude producers will revive talks to stabilise prices.

Futures rose as much as 1.4 per cent after climbing 6.4 per cent last week as Saudi Arabia signalled it’s prepared to discuss stabilising markets at informal Opec discussions next month. Russia is open to talks for a joint output freeze "if necessary," energy minister Alexander Novak told Saudi Arabian newspaper Asharq Al-Awsat.


US producers added rigs for a seventh week, the longest run since 2014, according to Baker Hughes data on Friday."



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Alex Thursby steps down as NBAD group chief executive | The National

Alex Thursby steps down as NBAD group chief executive | The National:

"Alex Thursby has stepped down as group chief executive of National Bank of Abu Dhabi (NBAD) after three years in the role, the bank has confirmed.

Abhijit Choudhury, NBAD’s group chief risk officer, has been appointed as acting chief executive with immediate effect.

Khalifa Sultan Al Suwaidi, who is currently a member of NBAD’s board of directors, will take on the newly created position of managing director "to support the bank through the integration planning process" until its merger with FGB is complete."



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Taqa Debt Beats Middle East as Abu Dhabi Utility Mulls Bond Sale - Bloomberg

Taqa Debt Beats Middle East as Abu Dhabi Utility Mulls Bond Sale - Bloomberg:

"Abu Dhabi National Energy Co. bonds are outperforming regional debt just as the government-controlled utility known as Taqa considers selling more debt this year to pay off bonds."



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MIDEAST STOCKS-Dubai nears technical resistance, Qatar eases off nine-month peak | Reuters

MIDEAST STOCKS-Dubai nears technical resistance, Qatar eases off nine-month peak | Reuters:

"Firmer oil prices helped lift most stock markets in the Gulf early on Monday but Qatar's index pulled away from a nine-month high as investors took profits.

Dubai's index added 0.7 percent to 3,594 points, nearing technical resistance at its April peak of 3,605 points. Any break would point up to the October peak of 3,740 points.

Emaar Properties added 0.8 percent and DAMAC Properties, which fell 0.4 percent on Sunday after reporting a drop in second-quarter net income, rebounded 2.9 percent.

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