Google+ Followers

Sunday, 2 October 2016

Opec deal: How Riyadh and Tehran poured oil on troubled waters — FT.com

Opec deal: How Riyadh and Tehran poured oil on troubled waters — FT.com:

"Saudi Arabia and Iran are sworn enemies on opposite sides of proxy wars tearing through the Middle East.

But at a marble-halled conference centre on the outskirts of Algiers that is a legacy of the $100 a barrel oil era, there was an unexpected sign of conviviality this week: Iran’s Opec governor was chatting warmly with a member of the Saudi delegation, even posing for a photograph together.

It was the prelude to an agreement five hours later that should result in the 14-member bloc cutting production for the first time since 2008."



'via Blog this'

Saudi Arabia’s overhaul of telecoms licensing arrangement to boost operators | The National

Saudi Arabia’s overhaul of telecoms licensing arrangement to boost operators | The National:

"Etisalat’s Saudi subsidiary stands to benefit from an overhaul of the kingdom’s telecoms licensing regime, with the prospect of lower annual licence costs bringing comfort to the country’s troubled operators.

The Communications and Information Technology Commission (CITC) has extended the operating licence of fellow telco Zain KSA for a further 15 years, according to an announcement yesterday by the country’s Capital Market Authority.


Under the new licensing arrangement, Zain KSA will pay 5 per cent of its annual net income to the government for the duration of the "unified" licence. A unified licence enables operators to offer landline telephone and internet services as well as mobile services, breaking the fixed-line monopoly of Saudi Telecom.

"



'via Blog this'

A compelling investor blueprint for ‘Why #Sharjah’ | GulfNews.com ht @bodour

A compelling investor blueprint for ‘Why Sharjah’ | GulfNews.com:

"As part of Shurooq’s ongoing efforts, I undertake many overseas travels to present the emirate of Sharjah as a lucrative investment and business destination. As I network with commercial leaders and global investors from around the world, I often see myself pausing to put myself in their position, asking myself the most important question, “Why Sharjah? Why should I invest in and share my business interests with this emirate?”
I completely understand the obstacles prospective investors may face as being torn between catching what appears to be a profitable investment opportunity, and in the same breath being worried about feeding large sums of money into a market and a city they don’t quite know much about. It is precisely these challenges, which pushes my team at Shurooq and myself to work harder than ever before in successfully illustrating the “Sharjah of the Future” to them — an emirate which has established itself as one of the most powerful business hubs in the entire Arab region.
I’m going to support this claim with real growth statistics and numbers. Take for instance, the latest report released by the Sharjah Economic Development Department (SEDD). According to it, the emirate’s GDP touched Dh140 billion in 2015, indicating a year-on-year growth rate of 3.4 per cent.
"



'via Blog this'

Saudi Lenders Told to Reschedule Loans of Clients Hit by Cuts - Bloomberg

Saudi Lenders Told to Reschedule Loans of Clients Hit by Cuts - Bloomberg:

"Saudi Arabia’s central bank directed local lenders to reschedule the consumer loans of clients affected by last week’s decision to scrap the bonuses and allowances of many state employees.
The Saudi Arabian Monetary Agency, as the central bank is known, said in a statement on its website on Sunday that the step was part of efforts to “reduce pressure on borrowers” whose income was cut by the government’s Sept. 26 package of measures to further trim spending.
The agency said local banks must obtain the client’s approval before rescheduling a loan. Borrowers should present proof that their income has been affected by the recent cuts to the nearest bank branch, the regulator said. Loans taken after the cabinet decision to end the payments won’t be rescheduled.
"



'via Blog this'

MIDEAST STOCKS-Saudi stocks plunge to multi-year lows on austerity | Reuters

MIDEAST STOCKS-Saudi stocks plunge to multi-year lows on austerity | Reuters:

"Saudi Arabia's stock market plunged to its lowest close since March 2011 on Sunday because of fears the government could introduce more austerity measures to curb a big budget deficit caused by low oil prices.

The Saudi index edged up in early trade but fell steadily through the afternoon to close 3.1 percent lower at 5,448 points in thin trade.

Global stock markets ended last week on a firm note while Brent oil for November delivery settled above $49 a barrel in response to last week's deal by OPEC crude producers to cut output."



'via Blog this'

MIDEAST STOCKS-Saudi Arabia, Qatar move little in thin trade | Reuters

MIDEAST STOCKS-Saudi Arabia, Qatar move little in thin trade | Reuters:

"Stock markets in Saudi Arabia and Qatar moved little in thin trade early on Sunday with most bourses in the region closed for the Islamic new year.

Global stock markets ended last week on a firm note while Brent oil for November delivery settled above $49 a barrel in response to OPEC's deal to cut output.

But many analysts are uncertain whether the OPEC deal will be implemented effectively or result in any extended rise of oil prices, and after the Saudi government said last week that it was cutting civil service allowances, the main factor in that market is the damage to economic growth from austerity steps."



'via Blog this'