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Sunday, 11 June 2017

MIDEAST STOCKS-Qatari banks fall after UAE red flag; UAE's Dana Gas, DSI rise | Reuters

MIDEAST STOCKS-Qatari banks fall after UAE red flag; UAE's Dana Gas, DSI rise | Reuters:

"Shares in Qatari banks fell on Sunday after the United Arab Emirates central bank ordered UAE banks to be wary of accounts which they hold with six Doha-based lenders, while Dana Gas and Drake & Scull outperformed in the UAE. As the diplomatic crisis in the region continued, the UAE told its banks to stop dealing with 59 individuals and 12 entities with alleged links to Qatar, and advised its banks to conduct "enhanced due diligence" towards the six Qatari lenders. Five of the six are listed on the market: Qatar National Bank, Qatar Islamic Bank, Qatar International Islamic Bank, Masraf Al Rayan and Doha Bank. All of them fell on Sunday with Islamic lender Masraf Al Rayan, the biggest loser, down 4.0 percent."



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Dubai private sector grows at slowest rate in seven months but still robust | The National

Dubai private sector grows at slowest rate in seven months but still robust | The National:

"Business conditions in Dubai registered their slowest improvement in seven months, even as key sectors including construction remain in a healthy state in the run up to Expo 2020.

Emirates NBD’s Economy Tracker Index, which tracks business confidence across the non-oil economy, dropped to 55.0 for the month of May, down from a two-year high in April.

A reading above 50 suggests the non-oil economy is growing, while a reading below 50 suggests that it is contracting."



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The mixed signals Oman’s economy is hearing | GulfNews.com

The mixed signals Oman’s economy is hearing | GulfNews.com:

"The Omani economy has been getting quite a few mixed signals from the international business community. On the one hand, the sultanate managed to sell bonds worth $5 billion (Dh18.3 billion), a success that even shocked keen followers of Omani economy. On the other, a mainline rating agency decided to downgrade the sovereign rating reflecting its concerns about the external financial position. In March, international investors gave a vote of confidence by purchasing bonds of $ billion of 5-, 10- and 30-year tranches. The subscribed amount stood at $20 billion, signalling global interest — and confidence — in the Omani economy. Undoubtedly, the need for raising funds in the international market was in place. The authorities prepared the 2017 budget with expenditures and revenues of $30 billion and 22.3 billion, which translates into a sizeable shortfall, or about 10 per cent of the GDP. "



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Qatar Banks Can Survive Gulf, Foreign Funds Withdrawal, S&P Says - Bloomberg

Qatar Banks Can Survive Gulf, Foreign Funds Withdrawal, S&P Says - Bloomberg:

"Qatari banks are strong enough to survive the pullout of all Gulf money and then some, according to S&P Global Ratings. SPGR ran two hypothetical scenarios of capital flight, and concluded that Qatar’s lenders could survive the withdrawal of all Gulf deposits plus a quarter of the remaining foreign funds the banks keep. Deposits and other funding sources from GCC countries represent about 8 percent of total liabilities of Qatari lenders or $20 billion, S&P said after examining the 2016 positions of the four biggest banks in Qatar. In the worst case, only two unidentified lenders would have to dip into their investment securities portfolio, it concluded."



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Saudi Arabia says oil inventory drawdown to accelerate in coming three to four months | Reuters

Saudi Arabia says oil inventory drawdown to accelerate in coming three to four months | Reuters:

"A drawdown in crude oil inventories will accelerate in the next three to four months, Saudi Arabian Energy Minister Khalid al-Falih said on Sunday. Falih, speaking to reporters in the Kazakh capital of Astana, also said Saudi Arabia planned to grow exports to the United States in the long-term. "The U.S. market will always be key (to us), in the long term we will continue and grow exports to the Unites States, today the United States is well supplied," Falih told a briefing."



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Qatar's Powerless Weapon - Bloomberg Gadfly

Qatar's Powerless Weapon - Bloomberg Gadfly:

"Oil and gas exports are key to Qatar's prosperity, and the restrictions imposed earlier this month by its neighbors on vessels could create some real problems for crude.For gas, there will be limited impact. However the key weapon in Qatar's arsenal -- its gas supplies to Abu Dhabi -- can't be compromised without escalating a battle the nation would seem destined to lose.Last week's shipping bans prevent vessels from entering terminals in either Saudi Arabia or the United Arab Emirates. Their scope has fluctuated between a restriction on Qatari-owned or flagged vessels, and a more general ban on all ships that have called, or plan to call, at Qatar, regardless of ownership or flag. The uncertainty means that shippers and buyers of Qatari oil are forced to operate as though their vessels will be barred from regional ports."



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Qatar Group to Pursue Damages Tied to Saudi-Led Blockade - Bloomberg

Qatar Group to Pursue Damages Tied to Saudi-Led Blockade - Bloomberg:

 "A Qatari human-rights group plans to take legal action over what it says are damages to citizens and the economy from the Saudi-led blockade of the gas-rich Gulf state.

Ali bin Smaikh Al Marri, chairman of Qatar’s National Human Rights Committee, told reporters in Doha that the group is shopping for an international law firm to take the case, and is soliciting a meeting with the United Nations High Commissioner for Human Rights.

In a surprise move, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties and trade links with Qatar, the world’s largest exporter of liquefied natural gas, on June 5. Qatar’s neighbors accuse it of destabilizing the region by supporting proxies of Shiite Muslim Iran and the Sunni militants of al-Qaeda and Islamic State, charges the sheikdom has denied. "



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These Are the Corporate Winners and Losers of the Qatar Standoff - Bloomberg

These Are the Corporate Winners and Losers of the Qatar Standoff - Bloomberg:

"With Qatar increasingly isolated from its Gulf neighbors in an escalating geopolitical crisis, the economic and financial implications are starting to emerge. The country — which has been accused of supporting Islamist militant groups by Saudi Arabia, Bahrain, the United Arab Emirates and Egypt — relies on other Gulf states for about 20 percent of its imports and almost half of its tourists, according to Dubai-based Arqaam Capital Ltd. Billions of dollars of infrastructure projects are also at stake as it prepares to host the 2022 soccer World Cup. “We expect the move to cut diplomatic ties with Qatar could have significant economic ramifications for its economy, but to have barely an effect on the rest of the GCC,” said Arqaam’s head of equity research Jaap Meijer. “We expect consumer prices in Qatar to be affected first, though economic growth and government projects should also be affected.”"



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MIDEAST STOCKS-Qatari banks fall after UAE red flag, Dubai's Emaar climbs | Reuters

MIDEAST STOCKS-Qatari banks fall after UAE red flag, Dubai's Emaar climbs | Reuters:

"Shares in Qatari banks fell in early trade on Sunday after the central bank of the United Arab Emirates ordered UAE banks to be wary of any accounts they hold with six Doha-based banks.

In Dubai, the largest listed property developer, Emaar Properties, rose 0.9 percent as investors continued to react positively to its plan to distribute funds from a listing of its local real estate developer to shareholders.

The UAE, as part of its response to the diplomatic rift in the region, told local banks to apply "enhanced due diligence" to the Qatari institutions and instructed banks to stop dealing with 59 individuals and 12 entities with alleged links to Qatar.

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