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Monday, 29 August 2016

A portrait of the UAE, as seen through bank data | The National

A portrait of the UAE, as seen through bank data | The National:

"The news on the economy continues to be grim. I went searching for data to help us understand what is going on. I was surprised at what I found. You’ll have to read the article to find out if the surprise was pleasant or not.

In the absence of a team of research analysts to mine the data that I need (free marketing anyone?) I needed to use what is available. One of the best sources of aggregate economic information is provided by the Central Bank of the UAE, available for free on its website.


As a start I took a look at its monthly statistical bulletin for June this year, which it notes is preliminary. I decided to look at some of the more often repeated mantras and see if the data matched. Looking at what is happening with the banks should give us a good idea at what is happening generally."



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Qatar raises its stake in Dubai Parks and Resorts | The National

Qatar raises its stake in Dubai Parks and Resorts | The National:

"Qatar Holding has lifted its stake in Dubai Parks and Resorts to 11 per cent after a Dh1.68 billion capital increase to fund the construction of a Six Flags amusement park set to open in the fourth quarter of 2019.

The Qatari sovereign wealth fund had not disclosed the size of its stake before the rights issue and is only doing so now because any stake over 5 per cent must be disclosed to the Dubai Financial Market, according to a Dubai Parks spokeswoman.

No one at Qatar Holding was immediately available to comment."



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Qatar introduces airport tax on passengers | The National

Qatar introduces airport tax on passengers | The National:

"Qatar’s government will levy a new airport tax on passengers from Tuesday as the country seeks new revenue streams amid falling oil prices.

Every passenger leaving Qatar from Doha’s Hamad International Airport, including transit passengers, will be charged 35 riyals ($9.61) for using airport facilities, according to a statement by the airport.

The charge will apply to tickets issued after August 30 and for any travel starting on December 1 onwards and would be used to "further increase the airport’s capacity and invest in new infrastructure", the statement said."



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Abu Dhabi Investment Authority names James new operations chief | GulfNews.com

Abu Dhabi Investment Authority names James new operations chief | GulfNews.com:

"The Abu Dhabi Investment Authority (Adia) announced on Monday that it has appointed Garry Beaton as global head of operations in its operations department.
In this newly created role, which is effective immediately, Beaton will be responsible, together with members of the senior management team, for guiding the department’s strategy and overseeing its key activities in the areas of trade support (internal and external funds), corporate actions, performance and development, securities lending and custody.
Beaton joins Adia after three years as global head of operations at the Ashmore Group Plc based in London. Prior to that, he was with Goldman Sachs Asset Management in London and Bengaluru."



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MIDEAST STOCKS-Qatar outperforms, rest of region sluggish | Reuters

MIDEAST STOCKS-Qatar outperforms, rest of region sluggish | Reuters:

"Qatar's stock market outperformed the Gulf on Monday as large-caps carried the index higher, but other bourses were little changed as a fresh slide in oil prices and a retreat in Asian share markets kept buyers away.

Qatar's main index added 0.6 percent, taking its gains over the past month to 5.4 percent. Qatar National Bank rose 1.0 percent and petrochemical producer Industries Qatar climbed 2.5 percent.

Both stocks are on a provisional list of about 20 which index compiler FTSE has said may be included in its secondary emerging markets index. A final list of stocks to be included will be announced after the close on Wednesday."



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Oil Falls on Growing Doubt About Output Deal as Dollar Rallies - Bloomberg

Oil Falls on Growing Doubt About Output Deal as Dollar Rallies - Bloomberg:

"Oil declined amid doubts that producers will agree on a deal to stabilize the market when global suppliers meet next month for informal talks."



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MIDEAST STOCKS-Gulf moves little in thin trade | Reuters

MIDEAST STOCKS-Gulf moves little in thin trade | Reuters:

"Gulf stocks moved little in early, thin trade on Monday as a fresh slide in oil prices and a retreat in Asian share markets kept buyers away.

Dubai's index was flat as stocks mainly traded by local investors were the top movers. Insurer Takaful Emarat Insurance gained 3.4 percent but Ajman Bank fell 1.3 percent.

In Abu Dhabi, the index edged up 0.3 percent with gainers outnumbering losers 12 to three. Union National Bank added 1.4 percent and First Gulf Bank rose 0.4 percent."



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