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Sunday, 4 September 2016

Saudi Arabia raises oil prices amid signs of growing demand | The National

Saudi Arabia raises oil prices amid signs of growing demand | The National:

"Saudi Arabia, the world’s largest crude exporter, has raised pricing for October oil sales to Asia and the United States in a sign of strengthening demand.

The state-owned Aramco increased its official selling price for Arab Light crude to Asia by 90 cents a barrel, to 20 cents below the regional benchmark, it said on Sunday. The company had been expected to raise Arab Light prices by 50 cents a barrel, to 60 cents less than the benchmark for Asian buyers, according to the median estimate in a Bloomberg survey of seven refiners and traders in the region.


Brent crude has dropped about half from its average price in 2014, when Saudi Arabia led Opec to maintain production to drive out higher-cost suppliers. The group decided at a June 2 meeting in Vienna to stick to its policy of unfettered production, with ministers united in their optimism that global oil markets are improving. Opec will meet again this month in Algiers."



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MIDEAST STOCKS-Saudi leads Gulf up as foreign investor limits eased | Reuters

MIDEAST STOCKS-Saudi leads Gulf up as foreign investor limits eased | Reuters:

"Saudi Arabia led Gulf stocks higher on Sunday as Riyadh eased restrictions on foreign investment in its securities markets, while most other bourses in the region were buoyed by strength in oil prices and global equities at the end of last week.

As previously announced, the Saudi Capital Market Authority lowered minimum qualifications for foreign institutional investors in its markets and raised ceilings on foreign ownership in stocks.

The reforms are not expected to cause a sudden surge of new foreign money into the kingdom; actual foreign ownership of stocks is well below the previous ceilings. Many investors remain deterred by less-than-attractive valuations and a sharp economic slowdown caused by low oil prices."



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U.A.E. Cabinet Adopts Final Version of Federal Bankruptcy Law - Bloomberg

U.A.E. Cabinet Adopts Final Version of Federal Bankruptcy Law - Bloomberg:

"The United Arab Emirates’ cabinet adopted a final version of the federal bankruptcy law, as the oil-rich nation tries to attract investors put off by current rules that criminalize an inability to repay debt.
The law “aims to enhance foreign investment and ease the work of commercial companies,” Sheikh Mohammed bin Rashid Al Maktoum, the U.A.E.’s prime minister and Dubai’s ruler, said on Twitter on Sunday. The post included no details of the new law."



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QuickTake Q&A: Saudi Stock Market Steps Up Bid for Foreign Cash - Bloomberg

QuickTake Q&A: Saudi Stock Market Steps Up Bid for Foreign Cash - Bloomberg:

"For the second time in 15 months, Saudi Arabia is loosening rules on foreigners investing in its almost $400 billion Tadawul Stock Exchange. The goal is to lure funds from overseas as the kingdom overhauls its economy to cut its dependence on oil revenue. Greater access for international investors may boost the chances of Saudi stocks being included in major emerging-markets equity indexes, potentially luring billions of dollars more."



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MIDEAST STOCKS-Gulf rises in quiet trade, Saudi blue chips strong | Reuters

MIDEAST STOCKS-Gulf rises in quiet trade, Saudi blue chips strong | Reuters:

"Most Gulf stock markets rose in quiet, early trade on Sunday after oil prices and global bourses climbed on Friday.

Saudi Arabia's index added 0.5 percent in the first half hour as, among blue chips, Saudi Basic Industries climbed 0.6 percent and Al Rajhi Bank rose 1.3 percent.

In Dubai, the index added 0.7 percent with GFH Financial, the most heavily traded stock, surging 3.1 percent.

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