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Wednesday, 26 October 2016

Earnings at NBAD hold steady as FGB profits in third quarter | The National

Earnings at NBAD hold steady as FGB profits in third quarter | The National:

"National Bank of Abu Dhabi (NBAD) and FGB, set to complete a merger by next year, both revealed in third-quarter earnings yesterday that their core business of lending remained steady despite the slowdown in economic growth gripping the country.

While FGB reported a 31 per cent gain in profit for the quarter on the back of strong revenue from non-core businesses, NBAD said its profit was unchanged as a gain in fees and commissions was outweighed by a slight drop in income from loans.


"We achieved this performance during a period of seasonal slowdown and ongoing challenging market conditions, while we continued to maintain expense discipline along with strong capital and liquidity positions," said Abhijit Choudhury, the bank’s acting chief executive."



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Saudi Arabian Bank Rates Decline in Sign Cash Squeeze Is Easing - Bloomberg

Saudi Arabian Bank Rates Decline in Sign Cash Squeeze Is Easing - Bloomberg:

"Saudi Arabian bank-lending costs declined in a sign the kingdom’s cash squeeze may be easing after the government pledged to inject $5.3 billion into its financial institutions.
The three-month Saudi Interbank Offered Rate, the price banks pay each other for loans, fell for a second day Wednesday, the first back-to-back decline since June. It had been unchanged since last week, when the kingdom sold its first-ever international bond."



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UPDATE 1-UAE's Etisalat misses estimates for third-quarter net profit | Reuters

UPDATE 1-UAE's Etisalat misses estimates for third-quarter net profit | Reuters:

"United Arab Emirates-based telecoms operator Etisalat missed analyst forecasts on Wednesday as it posted a small fall in third-quarter net profit, according to Reuters calculations.

Etisalat, which directly and indirectly operates in about 18 countries across the Middle East, Africa and Asia, made a net profit after royalty payment - or tax - of 1.9 billion dirhams ($517.4 million) in the three months to Sept. 30, it said in a statement on Wednesday.

It did not provide a comparative profit figure. Its financial statement for the corresponding period of last year stated earnings of 1.95 billion dirhams."



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Dubai billionaire Alabbar plans messaging app for Middle East | Reuters

Dubai billionaire Alabbar plans messaging app for Middle East | Reuters:

"Billionaire Mohamed Alabbar, one of Dubai's most prominent businessmen, plans a phone messaging service for the Middle East that aims to compete with services such as WhatsApp.

Alabbar, who made his fortune as the chairman of Dubai's largest listed property developer, Emaar Properties EMAR.DU, has been moving into other areas, in particular technology.

Asked on the sidelines of a conference in Dubai on Tuesday if he was considering launching a messaging app akin to WhatsApp, Alabbar replied:

"Yes, soon," adding "it's regional" when asked if the service would be designed for an Arabic-speaking audience."



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UPDATE 1-Kuwait's Equate could include 30-year bond in debt issue due Thurs | Reuters

UPDATE 1-Kuwait's Equate could include 30-year bond in debt issue due Thurs | Reuters:

"Kuwait's Equate Petrochemical is considering expanding its imminent U.S. dollar debt issue to include a 30-year bond, according to a document from the lead arrangers, following the success of Saudi Arabia's offering.

Equate is expected to sell five-year and 10-year U.S. dollar-denominated debt on Thursday.

A source familiar with the matter said the petrochemical company had been encouraged by strong U.S. investor appetite for the 30-year tranche of Saudi Arabia's mammoth $17.5 billion bond issue last Thursday."



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MIDEAST STOCKS-Gulf markets weighed by low oil prices, weak earnings | Reuters

MIDEAST STOCKS-Gulf markets weighed by low oil prices, weak earnings | Reuters:

"Gulf stock markets saw lacklustre trade on Wednesday as low oil prices and weak earnings weighed on investor sentiment.

Crude prices declined for a third day, hovering near $50 a barrel for the first time in three weeks, amid doubts that OPEC members will agree to a cut output.

"Investor sentiment appears to be weak in general on low earnings visibility," said Vijay Harpalani, fund manager at Dubai-based Al Mal Capital."



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Oil buckles as investors cast doubt on an OPEC output deal | Reuters

Oil buckles as investors cast doubt on an OPEC output deal | Reuters:

"Oil fell for a third day on Wednesday, nearing $50 a barrel for the first time in three weeks, as investors grew increasingly doubtful that OPEC members will agree to cut output and as U.S. inventories staged a surprisingly large increase.

Iraq, the second-largest member of OPEC, does not want to join in with a proposed production cut that the group has said it will approve at a regular meeting in Vienna next month.

With Iran, Nigeria and Libya already expected to be excluded, along with potentially Venezuela and Indonesia, whose state oil producer said on Tuesday it was targeting a 42-percent increase in output next year, traders and investors are growing less confident in the chances for an effective deal."



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MIDEAST STOCKS-Gulf pulls back, mild profit-taking in Saudi | Reuters

MIDEAST STOCKS-Gulf pulls back, mild profit-taking in Saudi | Reuters:

"Most stock markets in the Gulf fell in early trade on Wednesday, with Saudi Arabia edging down after five straight days of gains, following declines in global bourses and oil prices.

The Saudi index was down 0.3 percent after 30 minutes of trade, but selling was light, suggesting the market's rebound might soon resume.

The Saudi market has been recovering since last week's huge international bond sale by0 the government improved sentiment and encouraged buying-back of many beaten-down stocks that had suffered double digit declines this year."



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