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Thursday, 25 August 2016

Preserving the UAE’s wealth requires the right balance | The National

Preserving the UAE’s wealth requires the right balance | The National:

"Every once in a while I decide to torture myself and rummage through the IMF’s databases looking for interesting research and analysis. When I found a Selected Issues UAE Country Report by the IMF, I thought I’d try my luck.

The report, published this month, begins by looking at government-related entities (GREs), which is anything that the government owns shares in. It is important to note that the IMF repeatedly warns that it does not have all information on all GREs. It looks at about 60 companies, although one should bear in mind that the government holdings in some are too small to have any influence.


One of the early IMF comparisons that is striking is the return on assets (ROA) of the non-financial corporate sector across GCC countries over the period from 2007 to 2014. The UAE at 8.1 per cent a year is higher only than Kuwait. Saudi Arabia at 9.6 per cent is about a fifth higher and Oman’s 13.3 per cent is more than three-fifths higher. How then are we the commercial hub of the GCC?"



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Cost cuts at UAE oil services firm Topaz Energy help to trim losses | The National

Cost cuts at UAE oil services firm Topaz Energy help to trim losses | The National:

"Topaz Energy and Marine drastically narrowed its losses in the second quarter of the year, mainly as a result of cost cuts, the UAE oil services company said.

Net losses in the three months to June 30 fell to US$700,000 compared with $4.1 million in the year-earlier period.

Direct costs shrank 19 per cent to $44.3m from $54.6m."



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Iran’s oil minister will join Opec talks on market in Algeria | GulfNews.com

Iran’s oil minister will join Opec talks on market in Algeria | GulfNews.com:

"Iran’s Oil Minister Bijan Namdar Zanganeh will participate in an informal meeting of Opec members next month in Algiers, a state news service reported.
Producers from the Organisation of Petroleum Exporting Countries will meet on the sidelines of an energy policy group in the Algerian capital next month to consider oil market conditions, Opec’s president, Qatar’s minister Mohammed Al Sada, said on Aug. 8. Saudi Arabia, the world’s largest exporter, is working “to restore balance between supply and demand to support oil prices,” and Opec and non-members will discuss potential steps in Algiers to stabilise markets, Saudi Energy Minister Khalid Al-Falih said on Aug. 13.
“I will participate in this meeting,” Iran’s Zanganeh was cited as saying by the oil ministry’s news service Shana. Zanganeh had not previously committed to attending the meeting, and he didn’t comment on the position Iran will take at the talks. Zanganeh also said he will meet with Opec Secretary General Mohammed Barkindo “in the near future.”"



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Saudi Arabia said to target first dollar bond in October after Fed meeting | GulfNews.com

Saudi Arabia said to target first dollar bond in October after Fed meeting | GulfNews.com:

"Saudi Arabia is planning to sell its first international bond in early October as the country seeks to plug a budget deficit estimated at about $80 billion this year, according to people with knowledge of the matter.
The government may hold a roadshow for potential investors in the last week of September and sell at least $10 billion of bonds early the following month, the people said, asking not to be identified as the information is private. The timing and size of the deal may change depending on market conditions, they said, with one person saying the kingdom wouldn’t be concerned by a potential US interest rate increase next month.
Citigroup Inc., HSBC Holdings Plc, and JPMorgan Chase & Co. were hired as global coordinators for the sale, people familiar told Bloomberg in June. Proceeds would be used to help fund an economic transformation plan and plug a budget shortfall caused by the slump in oil prices, they said. The gap is estimated at 13 per cent of economic output this year, according to the International Monetary Fund.
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MIDEAST STOCKS-Saudi keeps falling on economy fears, UAE firm | Reuters

MIDEAST STOCKS-Saudi keeps falling on economy fears, UAE firm | Reuters:

"Most Gulf stock markets fell on Thursday with Saudi Arabia sliding for a fifth straight day, led by banks, but United Arab Emirates bourses were firm. Egypt sank as blue chip Orascom Telecom Media and Technology Holding reported a loss.

The Saudi index, which on Wednesday fell below minor technical support on the April low of 6,066 points, sank 0.9 percent on Thursday to a six-month closing low of 5,977 points. Turnover was thin; this week's volume was the lowest in 2016.

That is partly because summer holidays have kept retail investors away. Investors are also worried about the impact on corporate earnings of Saudi Arabia's economic slowdown due to low oil prices.

"



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Putin's plans put in perspective | Analysis Review - YouTube

Putin's plans put in perspective | Analysis Review - YouTube: ""



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MIDEAST STOCKS-Gulf markets extend losses in early trade | Reuters

MIDEAST STOCKS-Gulf markets extend losses in early trade | Reuters:

"Gulf stock markets extended losses in early trade on Thursday with banks leading Saudi Arabia down, as investors continued to pull out of equities over concerns about the region's economic slowdown and policies of austerity.

The Saudi index, which on Wednesday fell below minor technical support on the April low of 6,066 points, sank a further 1.4 percent on Thursday morning to 5,946 points.

The banking index dropped 1.7 percent with Al Rajhi Bank SE> sliding 2.3 percent. Investors are worried about the impact of a severe slump in the Saudi construction sector on the quality of bank loans."



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