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Monday, 10 October 2016

Off-plan sales must be stopped, says chairman of Al Habtoor | The National

Off-plan sales must be stopped, says chairman of Al Habtoor | The National:

"The chairman of the Al Habtoor Group has called for an end to off-plan property sales as ­Dubai housing completions reach their highest levels in almost four years.

Khalaf Al Habtoor, who runs one of the country’s biggest conglomerates, urged authorities to prevent property developers from taking money from investors before construction was well under way on new homes.

"You should not take people’s money," he said in an exclusive interview with The National. "You should sell when the building is more than 30 or 40 per cent completed. I would recommend to stop [off-plan sales] completely.""



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Oil price lifted by Russia backing Opec production freeze - BBC News

Oil price lifted by Russia backing Opec production freeze - BBC News:

"Russia has said it will support a proposal by Opec to freeze oil production in order to reverse the slump in global prices.
The move lifted the price of oil, with Brent crude hitting a one-year high.
"Russia is ready to accede to joint measures to reduce [oil] production, and is calling on other oil exporters to do so," said Russian President Vladimir Putin."



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Saudi Minister Says Oil at $60 by Year-End Not ‘Unthinkable’ - Bloomberg

Saudi Minister Says Oil at $60 by Year-End Not ‘Unthinkable’ - Bloomberg:

"The oil-price could recover to $60 a barrel by the end of 2016, said Saudi Arabia’s Energy Minister, just weeks after agreeing to cut supply for the first time in eight years.
The world’s largest crude exporter will work with other producers to determine output caps and is “optimistic” about reaching a deal by the end of November, although OPEC shouldn’t take action that would shock the oil market, Khalid Al-Falih said Monday. Many non-OPEC producers have expressed a willingness to cooperate and the minister said he will meet his Russian counterpart in the next couple of days."



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MIDEAST STOCKS-Banks lead Saudi rebound, Drake & Scull leaps in Dubai | Reuters

MIDEAST STOCKS-Banks lead Saudi rebound, Drake & Scull leaps in Dubai | Reuters:

"Saudi Arabia's stock market rebounded on the back of banking shares on Monday while other major Gulf bourses were firm, with builder Drake & Scull leaping in Dubai after it replaced its chief executive.

The Saudi stock index, which had tumbled 2.2 percent on Sunday as banks dropped because of concern about the impact of government austerity policies on their balance sheets, closed Monday 1.2 percent higher in moderate trading volume.

The banking index, which had plunged 4.5 percent on the previous day, bounced back 1.9 percent."



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Saudi Arabia to meet potential bond investors this week

Saudi Arabia to meet potential bond investors this week:

"Saudi Arabia has fired the starting gun for its debut international bond, a dollar-denominated sale that is expected to herald a new phase of the Gulf state’s economy.

On Wednesday October 12, representatives from the kingdom will meet potential bond investors in London to discuss plans to sell government bonds before flying to the US to meet investors in Boston and New York, writes Elaine Moore.

Citi, HSBC and JPMorgan have been hired to lead the sale of debt – which had been earlier earmarked at $15bn."



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Saudi Arabia's Falih says OPEC should not crimp supply too tightly | Reuters

Saudi Arabia's Falih says OPEC should not crimp supply too tightly | Reuters:

"Saudi Arabia's Energy Minister Khalid al-Falih said on Monday that OPEC should not crimp oil supply too tightly and said he was optimistic a global production deal to limit supplies could be reached by November.

Speaking at the World Energy Congress in Istanbul, Falih said OPEC, which agreed a deal to cut production in Algiers last month, needed to behave in a balanced and responsible manner and that he continued to believe in its important role.

"OPEC needs to make sure we don't crimp too tightly and create a shock to the market. We are going to be very responsible," Falih said."



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MIDEAST STOCKS-Saudi stabilises, Gulf moves sideways in early trade | Reuters

MIDEAST STOCKS-Saudi stabilises, Gulf moves sideways in early trade | Reuters:

"Saudi Arabia's stock market stabilised early on Monday after a sharp fall on the previous day, while other Gulf stock markets largely moved sideways in quiet trade.

The Saudi stock index, which had tumbled 2.2 percent on Sunday as banking shares dropped because of concern about the impact of government austerity policies on their balance sheets, was flat after 45 minutes of trade on Monday. The banking sector index edged up marginally.

Qassim Cement dropped 3.2 percent after reporting a 29 percent year-on-year drop in third-quarter net profit, citing lower demand for cement as well as cost increases due to cuts in state subsidies for electricity and fuel."



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