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Monday, 15 May 2017

Fuel for Thought: The man who gave up a lifetime of oil for renewables | The National

Fuel for Thought: The man who gave up a lifetime of oil for renewables | The National:

"These days Saudi Arabia’s former energy minister, Ali Al Naimi, can’t seem to get enough of renewables. Just last week in Doha, Mr Al Naimi was leading the Forum of Energy Elders, an initiative by the Al Attiyah Foundation. The event aspires to foster a platform for these "energy elders" to provide feedback on how to address important issues facing the industry. According to organisers Gulf Intelligence, Mr Al Naimi said that throughout the earth’s life – which scientists believe to be 4.5 billion years – "the planet has run quite effectively on solar power. Our energy quest today is to utilise solar and other renewable forms of energy.""



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MIDEAST STOCKS-Region mixed; Saudi up with oil, slide in DXBE hurts Dubai | Reuters

MIDEAST STOCKS-Region mixed; Saudi up with oil, slide in DXBE hurts Dubai | Reuters:

"Middle Eastern stock markets were mixed on Monday with Saudi Arabia rising on the back of a rebound in oil prices and a continued slide by amusement park operator DXB Entertainments helping to drag down Dubai.

The Saudi index climbed 0.6 percent. Top petrochemical producer Saudi Basic Industries, whose margins could benefit from higher oil prices, gained 0.5 percent.

But PetroRabigh, which had tumbled its 10 percent daily limit on Sunday after reporting a sharp widening of its quarterly loss, sank a further 5.4 percent."



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MIDEAST STOCKS-Saudi edges up with oil, Gulf mostly sluggish | Reuters

MIDEAST STOCKS-Saudi edges up with oil, Gulf mostly sluggish | Reuters:

"Most stock markets in the Gulf were sluggish in early trade on Monday, although Saudi Arabia edged up in response to a surge in oil prices after the Saudi and Russian oil ministers agreed output cuts should be extended until March 2018.

The Saudi index rose 0.3 percent in the first half-hour, aided by petrochemicals, with Saudi Basic Industries gaining by the same margin.

But PetroRabigh, which had tumbled by its 10 percent daily limit on Sunday after reporting a sharp widening of its quarterly loss, sank a further 6.1 percent."



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Dubai's DAMAC Properties Q1 net profit falls 16.2 pct | Reuters

Dubai's DAMAC Properties Q1 net profit falls 16.2 pct | Reuters:

"Dubai's DAMAC Properties reported a 16.2 percent fall in first-quarter net profit on Monday as sales costs rose.

The developer reported a net profit of 880.4 million dirhams ($239.7 million) for the three months to March 31, down from 1.05 billion dirhams in the same period last year, according to a statement to Dubai's bourse.

The property firm's first-quarter revenue was 1.95 billion dirhams, up from the 1.62 billion dirhams it posted in the same period a year earlier. The firm's cost of sales rose to 887.3 million dirhams in the quarter, from 632.0 million dirhams in the same period of last year."



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Dubai's Gulf General Investment aims to complete debt restructuring by June | Reuters

Dubai's Gulf General Investment aims to complete debt restructuring by June | Reuters:

"Dubai-listed conglomerate Gulf General Investment Co(GGICO) said on Monday it expected to complete a restructuring of around 2.36 billion dirhams ($643 million) in loans by next month.

The firm, which has investments spanning financial services, property, hospitality, manufacturing and retailing, previously renegotiated 2.8 billion dirhams in financial commitments in 2012.

But the subdued local economy prompted the company to revisit that debt restructuring last year."



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Saudi Arabia, Russia agree oil output cuts until March 2018 | Reuters

Saudi Arabia, Russia agree oil output cuts until March 2018 | Reuters:

"Saudi Arabia and Russia, the world's two top oil producers, agreed on Monday to extend oil output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices. The timing of the announcement ahead of OPEC's next official meeting on May 25 and the statement's strong wording surprised markets, and the move is expected to go a long way to ensure that other OPEC members and producers who participated in the initial round of cuts fall into line. In a joint statement that followed an earlier meeting, Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak said they had agreed to prolong an existing deal until March next year."



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Saudi Arabia to Raise $9 Billion via Sukuk - Bloomberg

Saudi Arabia to Raise $9 Billion via Sukuk - Bloomberg:

"Fitch Ratings Global Head of Islamic Finance Bashar Al Natoor weighs in on Saudi Arabia's issuance. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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