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Tuesday, 8 November 2016

Saudi Cash Boost Spurs Banks as Tadawul Climbs to August High - Bloomberg

Saudi Cash Boost Spurs Banks as Tadawul Climbs to August High - Bloomberg:
"Saudi Arabia’s pledge to unlock delayed payments to contractors by the end of the year propelled the nation’s stocks to the highest level since August.
The Tadawul All Share Index rose 2.1 percent to 6,327.79 in Riyadh on Tuesday, with 141 of the benchmark’s 175 members closing the session higher. Financial stocks led gains, with a gauge of the nation’s 12 lenders rising 2.7 percent. An interest rate used by banks to price loans fell for an eighth day, signaling a further easing of the kingdom’s cash squeeze.
Equities in Saudi Arabia have advanced 13 days out of 15 since the Arab world’s largest economy raised $17.5 billion in a bond sale last month, a record for an emerging market nation. The cash is helping to alleviate a liquidity crunch as the country grapples with a slump in the price of oil, its main source of income. The government said on Monday it would settle payments owed to private companies before the end of 2016."

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Dubai's Emaar Properties Q3 net profit up 36 pct | Reuters

Dubai's Emaar Properties Q3 net profit up 36 pct | Reuters:
"Dubai's Emaar Properties, builder of the world's tallest tower, reported a 36 percent increase in third-quarter net profit on Tuesday as revenue rose.

The developer, in which Dubai's government owns a minority stake, made a net profit of 1.15 billion dirhams ($313.1 million) in the three months to Sept. 30, it said in a bourse statement.

That compares with a profit of 843 million dirhams in the year-earlier period."

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Exclusive: Credit Suisse hired to sell RBS's Saudi Hollandi Bank stake - sources | Reuters

Exclusive: Credit Suisse hired to sell RBS's Saudi Hollandi Bank stake - sources | Reuters:
"Credit Suisse has been appointed to sell Royal Bank of Scotland's (RBS.L) 40 percent stake in Saudi Hollandi Bank 1040.SE, sources aware of the matter said on Tuesday, in a deal potentially worth around $1.2 billion.

Several sources said Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), was considered a likely buyer of the stake. The fund has been buying up assets at home and abroad following plans to turn it into the world's largest sovereign wealth fund with $2 trillion of assets.

The sale would be an opportunity for a foreign buyer to gain a foothold in the kingdom's banking sector, in which 12 commercial lenders share total assets worth around 2.22 trillion riyals ($592 billion). But banking sources expect the holding to go to a domestic player."

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MIDEAST STOCKS-Egypt hits eight-year high on FX euphoria, state payment plan lifts Saudi | Reuters

MIDEAST STOCKS-Egypt hits eight-year high on FX euphoria, state payment plan lifts Saudi | Reuters:

"Egypt's stock market surged to an eight-year high on Tuesday because of hopes for foreign fund inflows after the currency was floated last week, while a plan by Saudi Arabia's government to pay debts to the private sector boosted that market.

The Egyptian blue chip stock index jumped 2.5 percent to 10,097 points, its loftiest finish since June 2008 - although it closed well off the day's high of 10,177 points, and trading volume, while heavy, decreased considerably from Monday's massive amount.

The index has soared 18.4 percent since the Egyptian pound's peg of 8.8 to the U.S. dollar was scrapped last Thursday. On Tuesday, the pound continued drifting down to near 18 - a level making Egyptian assets look cheap to foreigners."



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Opec: oil demand could peak in just over a decade

Opec: oil demand could peak in just over a decade:

"Opec believes oil demand could peak within 13 years if the Paris climate agreement’s targets are fully implemented, sounding a warning to its members just days after the accord to curb global warming came into force.

The 14 members of the oil cartel are heavily reliant on energy revenues and have already been grappling with a prolonged downturn in prices, which has slashed budgets and pushed many producer countries into recession.

Though not the first to argue oil demand could be nearing a peak as momentum for further action to reduce emissions builds, the forecast carries additional weight coming from a group that collectively pumps more than a third of world oil supplies."



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#UAE faces tax haven blacklist threat from G20

UAE faces tax haven blacklist threat from G20:

"The United Arab Emirates is at risk of being put on a tax haven blacklist unless it promises to help other countries track down evaders, experts say, amid growing fears about the use of the Gulf state as a conduit for illicit flows.

The UAE has yet to sign up to a treaty facilitating the exchange of information on tax evaders and is a “source of concern”, said an official at the OECD group of wealthy nations.

In recent years, Dubai and the smaller emirates within the seven-member federation have thrived as tax havens, officials and activists say. Thousands of companies are registered in the UAE’s free zones, benefiting from extensive tax breaks and lax residency rules that make it easier to escape international financial scrutiny."



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Iran optimistic about implementation of OPEC output freeze: SHANA | Reuters

Iran optimistic about implementation of OPEC output freeze: SHANA | Reuters:
"Iranian oil minister Bijan Zanganeh said on Tuesday that he was still optimistic about implementation of a deal among oil producers to freeze output levels which was reached in Algeria in September, the ministry's news agency SHANA reported.

Asked if the freeze deal would be implemented, Zanganeh told reporters in Tehran: "We should wait, I am optimistic."

He denied reports that Egypt seeks to buy crude oil from Iran, the semi-official news agency Fars reported."

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MIDEAST STOCKS-Saudi extends gains as govt payment plan spurs buying, Aldar up on earnings beat | Reuters

MIDEAST STOCKS-Saudi extends gains as govt payment plan spurs buying, Aldar up on earnings beat | Reuters:
"Stock markets in the Gulf edged higher on Tuesday with Saudi Arabian shares heading for a fourth day of uninterrupted gains on positive news from the government's payment plan to the private sector.

Riyadh's general market index rose 0.5 percent with contractor Al Khodari, which works extensively on public financed projects, the top gainer after 15 minutes of trade, leaping 6.8 percent, after the government economic body said it was looking at making payments to the private sector, before the end of December.

Although the amount was not stated, the Council of Economic and Development Affairs said in a state news statement that it had also cancelled projects valued at up to 1 trillion Saudi riyals ($266.7 billion)."

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