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Tuesday, 4 July 2017

MIDEAST STOCKS-Saudi pulls back sharply, banks hit hard; most of region weak | Reuters

MIDEAST STOCKS-Saudi pulls back sharply, banks hit hard; most of region weak | Reuters:

"Most major Middle Eastern stock markets fell on Tuesday as Saudi Arabian blue chips were hit by a major wave of profit-taking and Qatar fell before a diplomatic deadline set by other Gulf Arab states. In late June, before a one-week Eid-al Fitr holiday, the Saudi market surged after index compiler MSCI said it would consider upgrading Riyadh to emerging market status and economic reformer Prince Mohammed bin Salman was promoted to the post of crown prince. But many fund managers consider Riyadh close to fully valued, leaving it open to profit-taking. On Tuesday, the index fell 2.6 percent, its biggest drop since last October, in thin trading volume. Selling accelerated towards the close."



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Adia targets emerging markets as long-term gains slow - The National

Adia targets emerging markets as long-term gains slow - The National:

"The Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, has pinned its hopes on emerging markets for the next ten years, after registering a second consecutive annual drop in its long-term gains.  

"Economic growth in the decade ahead will be dominated by the emerging world," Sheikh Hamed bin Zayed Al Nahyan, Adia's managing director, said in the fund's annual review, published on Tuesday.

"We expect that over two-thirds of the growth in global GDP over the coming ten years will come from those emerging economies; with roughly half coming from China and India alone." "



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Adia’s returns drop to 6.1 per cent in 2016 | GulfNews.com

Adia’s returns drop to 6.1 per cent in 2016 | GulfNews.com:

"Abu Dhabi Investment Authority (Adia) one of the world’s largest sovereign wealth funds (SWF) saw a drop in its return in 2016 to 6.1 per cent from 6.5 per cent in 2015, marking the second consecutive year of lower returns.
Adia’s 20-year and 30-year annualised rates of return were 6.1 per cent and 6.9 per cent respectively as of December 31, 2016.

The 30-year annualised rates of return dropped from 7.1 per cent in 2015 to 6.9 per cent in 2016."



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Iran's Gas Wealth Lures Total to Take Dose of Political Risk - Bloomberg

Iran's Gas Wealth Lures Total to Take Dose of Political Risk - Bloomberg:

"Total SA made a $1 billion bet on natural gas in Iran, swallowing a hefty dose of political risk in the hope of gaining first-mover advantage in the country with the world’s largest reserves. The deal to develop phase 11 of the giant South Pars field is the first investment in Iran by an international energy company since sanctions were eased last year. Total expects it to open the way for further involvement in oil, gas and petrochemical projects there, said Chief Executive Officer Patrick Pouyanne. It also gives the French energy producer a high profile in a country that’s at the center of multiple geopolitical flash points, where many of its peers are still wary of treading."



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Qatar Says Fellow OPEC State U.A.E. Halts Oil Imports in Row - Bloomberg

Qatar Says Fellow OPEC State U.A.E. Halts Oil Imports in Row - Bloomberg:

"Qatar Petroleum is taking “legal actions” after Abu Dhabi National Oil Co. declared force majeure to halt shipments of condensate, a light oil liquid, from Qatar, according to QP Chief Executive Officer Saad Sherida Al Kaabi.

Qatar will continue to supply natural gas via pipeline to the United Arab Emirates and Oman, Al Kaabi told reporters at a press conference in Doha Tuesday. Al Kaabi said the force majeure declaration was imposed “illegally” on the condensate shipments. Adnoc wasn’t available to comment.

“I don’t know how they can call force majeure. We are the ones who should be calling force majeure because we have the restrictions, not them,” Al Kaabi said. “They have enforced force majeure on that contract illegally in our view and we are taking legal actions on that.”"



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Qatar Learns to Cope With Its Isolation as Saudi Deadline Looms - Bloomberg

Qatar Learns to Cope With Its Isolation as Saudi Deadline Looms - Bloomberg:



"Shock in Qatar over an unprecedented Arab boycott is giving way to daily acts of defiance. As a July 5 deadline to meet a 13-point list of tough demand looms, government maneuvering that’s kept food in markets, tourists in hotels and the national carrier in the air is paying off. Along the seafront in the capital, Doha, it’s not uncommon to see Qataris parading their children in military uniforms. And there’s no escaping the image of the nation’s ruler, Sheikh Tamim bin Hamad Al Thani, who’s been elevated to hero status by locals and foreigners alike."



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MIDEAST STOCKS-Qatar continues rebounding, Saudi pulls back further | Reuters

MIDEAST STOCKS-Qatar continues rebounding, Saudi pulls back further | Reuters:

"Qatar's stock market continued rebounding early on Tuesday from lows hit because of the diplomatic crisis surrounding Doha, while profit-taking in a few Saudi Arabian blue chips dragged down that market.

A deadline set by four Arab states for Doha to comply with their demands will expire late on Tuesday, and recent comments by Qatari officials suggest it is unlikely to acquiesce to enough of the demands to avoid further economic sanctions.

But net buying by foreign investors in the Qatari stock market over the last few days suggests some funds do not think the additional sanctions would be crippling, while they believe there is now value in the market."



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