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Sunday, 13 November 2016

Air Arabia third quarter net profit rises 26% | GulfNews.com

Air Arabia third quarter net profit rises 26% | GulfNews.com:
"Air Arabia, the UAE’s only publicly-listed airline, reported a 26 per cent rise in third-quarter net profit on Sunday.
The Sharjah-based firm made a net profit of Dh297 million ($80.9 million) in the three months to September 30, the company said in a statement. This compares with a profit of Dh235 million in the corresponding period of 2015.
EFG Hermes and SICO Bahrain had forecast the airline would make a third-quarter profit of Dh294.5 million and Dh209.4 million respectively."

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Iran Pumps More Oil as Saudi Minister Calls for OPEC Output Cuts - Bloomberg

Iran Pumps More Oil as Saudi Minister Calls for OPEC Output Cuts - Bloomberg:
"Iran boosted oil output at three western fields faster than it expected as rival OPEC producer Saudi Arabia called for a collective output cut later this month to help rebalance the market.
Output at the fields west of the Karoun River, near Iran’s border with Iraq, rose to about 250,000 barrels per day from 65,000 barrels in 2013, the Oil Ministry’s news service Shana reported Sunday, citing President Hassan Rouhani at a ceremony to formally open the project. Iran had expected to reach that output target by the end of the year, Mohsen Ghamsari, director for international affairs at the National Iranian Oil Co., said in September."

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ENBD expects retail lending growth to fall to around 5 pct in 2017 | Reuters

ENBD expects retail lending growth to fall to around 5 pct in 2017 | Reuters:



"Emirates NBD (ENBD), Dubai's largest bank, expects loan growth within its retail business to halve next year to around 5 percent as the market slows, its retail and wealth management head said on Sunday.

The bank's consumer lending book has grown by 10 percent since the end of 2015. ENBD is aiming for full-year loan growth of mid to high single digits next year across the bank.

"Single digit for next year is what most in the industry expects and I expect us to lead the industry and I hope we will continue to gain market share," Suvo Sarkar, senior executive vice president and group head of retail banking and wealth management at Emirates NBD, said in an interview."



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MIDEAST STOCKS-Egypt continues rally on IMF; Saudi strong, rest of Gulf hit by global weakness | Reuters

MIDEAST STOCKS-Egypt continues rally on IMF; Saudi strong, rest of Gulf hit by global weakness | Reuters:

"Egypt's stock market gained for a 12th straight session on Sunday after the International Monetary Fund approved a $12 billion loan for the country, while Saudi Arabia rose, bucking a downtrend in the rest of the Gulf.

The IMF loan approval had been widely expected, but it added fresh fuel to a rally caused by Egypt's decision to float its currency on Nov. 3, which has created hopes for major inflows of foreign money.

Egypt's blue-chip index climbed 2.1 percent in massive volume, although the index came well off the day's high and volume fell from the record set on Thursday. The index has surged 28.1 percent since the pound was floated."



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Dubai businessman Alabbar, Saudi SWF launch $1 bln e-commerce platform | Reuters

Dubai businessman Alabbar, Saudi SWF launch $1 bln e-commerce platform | Reuters:

"Businessman Mohamed Alabbar and Saudi Arabia's Public Investment Fund (PIF) are teaming up to launch a Middle Eastern e-commerce platform, the Dubai-based billionaire announced on Sunday.

Investors are initially contributing $1 billion to the project, which will be 50 percent owned by the Saudi sovereign wealth fund, Alabbar told a news conference. The other 50 percent will be owned by Alabbar and other regional investors.

Noon.com will launch operations in Saudi Arabia and the United Arab Emirates in January, with 20 million products on the platform, Alabbar added."



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MIDEAST STOCKS-Shares exposed to emerging market funds sag but Saudi index climbs | Reuters

MIDEAST STOCKS-Shares exposed to emerging market funds sag but Saudi index climbs | Reuters:

"Gulf shares which form part of MSCI's emerging market index fell in early trade on Sunday but Saudi Arabia's market bucked the trend as two of its biggest telecommunications operators rose after the settlement of a two-year arbitration process.

In Abu Dhabi, the index was down 1.2 percent as First Gulf Bank dropped 2.1 percent and Etisalat fell 1.7 percent in line with a sharp drop in emerging markets globally on Friday.

Qatar's main index fell 0.4 percent with petrochemical and metals producer Industries Qatar down 0.5 percent. Barwa Real Estate lost 1.0 percent."



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