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Thursday, 18 August 2016

MIDEAST STOCKS-Petchems support Saudi, Qatar retreats after surge on FTSE | Reuters

MIDEAST STOCKS-Petchems support Saudi, Qatar retreats after surge on FTSE | Reuters:

"Gulf stock markets were narrowly mixed in quiet trade on Thursday as petrochemical shares supported Saudi Arabia's index but Qatar pulled back after a surge this week due to hopes for inflows of foreign funds.

The Saudi stock index closed 0.1 percent higher as the petrochemical sector's sub-index gained 1.1 percent after Brent crude oil futures hit a five-week high of $49.93 a barrel overnight. Saudi Arabia Fertilizers closed 4.8 percent higher in volatile trade.

But Qatar's index dropped 0.8 percent after gaining this week on expectations for fund inflows in mid-September, when index compiler FTSE will upgrade the bourse to emerging market status."



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DP World to slow down expansion of Jebel Ali port due to ‘softer conditions’ | The National

DP World to slow down expansion of Jebel Ali port due to ‘softer conditions’ | The National:

"DP World plans to slow down expansion of its Jebel Ali port due to "softer market conditions" amid a grim global trade outlook.

The Nasdaq Dubai-listed port operator last year had planned to spend US$1.6 billion on a fourth terminal in Jebel Ali to boost capacity by 16 per cent to 22.1 million twenty-foot equivalent units (TEU) by 2018.

DP World is now delaying the 1.5 million TEU expansion of Terminal 3 at Jebel Ali into 2017 and will slow down construction of Terminal 4, without giving a new date of completion, chairman Sultan bin Sulayem said in a statement."



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Habtoor Leighton Group chief arrested in Dubai | GulfNews.com

Habtoor Leighton Group chief arrested in Dubai | GulfNews.com:

"The head of Habtoor Leighton Group (HLG), one of the leading diversified international contractors in the Middle East, has been arrested in Dubai.
HLG’s parent company, Australia-based Cimic Group (formerly known as Leighton Holdings), said in a statement to the Australian bourse on Thursday that “as a result of a complaint filed with police in Dubai, the CEO and MD of HLG, Jose Antonio Lopez-Monis, was arrested after market close on Wednesday.”
The group offered no information about the nature of the arrest, saying it would update the market when further information was available."



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Saudi Arabia has oil traders hanging on every word - FT.com

Saudi Arabia has oil traders hanging on every word - FT.com:

"Central bankers have long understood that a few well-placed words can wield nearly as much power as pulling the actual levers of monetary policy. It is a lesson that Opec and Saudi Arabia have started to heed.
Just a few short sentences from Saudi Arabia’s energy minister Khalid al-Falih last week sent hedge funds scrambling to cover large bets against the oil price, subsequently propelling Brent crude 10 per cent higher and largely silencing fears the market was on the cusp of another rout."



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MIDEAST STOCKS-Gulf moves narrowly, Saudi petchems firm with oil | Reuters

MIDEAST STOCKS-Gulf moves narrowly, Saudi petchems firm with oil | Reuters:

"Gulf stock markets moved little in early trade on Thursday as Saudi petrochemical shares firmed moderately in response to higher oil prices, but Qatar pulled back after a surge in past days due to hopes for inflows of foreign funds.

The Saudi stock index was flat after 45 minutes as petrochemical giant Saudi Basic Industries climbed 0.9 percent but the banking sector edged down.

Dubai's stock index edged down 0.1 percent as GFH Financial, a stock that attracts speculators and was the most heavily traded share, rose 1.0 percent but Emaar Properties slipped 0.3 percent."



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Why Has Demand for Gold Slumped in the Middle East? - Bloomberg

Why Has Demand for Gold Slumped in the Middle East? - Bloomberg:

"Jeff Rhodes, chief executive officer at Zee Gold, discusses the demand for gold in the Middle East, if the rally has more room to run and central banks getting back into the gold market. He speaks to Yousef Gamal El-Din and Rishaad Salamat on "Bloomberg Markets Middle East.""



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Norway's sovereign fund cuts value of UK property portfolio after Brexit | World news | The Guardian

Norway's sovereign fund cuts value of UK property portfolio after Brexit | World news | The Guardian:

"Norway’s $893bn (£687bn) sovereign wealth fund has cut the value of its UK property portfolio by 5% after Britain’s vote to leave the EU.

The world’s largest sovereign fund is one of Britain’s biggest foreign investors, owning shares in most top UK companies and $11bn in government bonds. It co-owns Regent Street, one of London’s premier shopping streets.

Britain is its largest investment location after the US, representing more than 10% of the fund’s value, with property accounting for just over 3%."



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