Google+ Followers

Tuesday, 18 July 2017

Fawaz Abdulaziz Al Hokair sinks its teeth into Turkish simit maker - The National

Fawaz Abdulaziz Al Hokair sinks its teeth into Turkish simit maker - The National:

"Saudi Arabia’s Fawaz Abdulaziz Al Hokair Group has bought a 10 per cent stake in a Turkish chain specialising in the bagel-like bread product known as simit, building on three years of cooperation between the companies. The Riyadh-based retailer will help privately-held Simit Sarayi, whose current locations include City Walk in Dubai, open more than 250 shops in the Middle East and North Africa by 2021, bringing the total number of regional outlets to more than 300, the companies said in a joint statement yesterday .  Al Hokair has a master-franchise agreement with Simit Sarayi, which currently operates 408 shops in 21 countries, including Turkey. "



'via Blog this'

Biggest MSCI Emerging Hopeful Falters as Saudi Profits Stall - Bloomberg

Biggest MSCI Emerging Hopeful Falters as Saudi Profits Stall - Bloomberg:

"All it took was five trading days.

That was the time EFG-Hermes Holding SAE needed to go from overweight to underweight on Saudi Arabian shares after they were added to MSCI Inc.’s list for potential classification as an emerging market. The reasons: flat company earnings and excessive valuations.

Analysts have been slow to raise profit estimates for the $463 billion exchange -- the biggest among markets seeking emerging status on MSCI indexes -- as the kingdom struggles to diversify its economy away from oil amid low crude prices. While developing nation stocks have posted an 18 percent increase in 12-month forward earnings estimates over the past year, Saudi profit expectations are down 0.4 percent over that period."



'via Blog this'

MIDEAST STOCKS-Region falls; DAMAC hits Dubai, weak earnings dampen Egypt

MIDEAST STOCKS-Region falls; DAMAC hits Dubai, weak earnings dampen Egypt:

"Middle East stock markets fell on Tuesday as a tumble by real estate developer DAMAC caused Dubai to break a seven-session rising streak and weak corporate earnings helped to pull down Egypt's bourse.

The Egyptian blue chip index, which had closed at a record high on Monday, sank 1.7 percent in rising turnover - a negative technical sign. The broader EGX100 dropped 1.6 percent.

Ezz Steel plunged 10 percent after it reported a quarterly consolidated net loss after tax and minority interests of 521 million Egyptian pounds ($29.2 million), versus a loss of 137 million pounds a year ago."



'via Blog this'

Will a tie-up lead to an Emirates-flydubai consolidation? - The National

Will a tie-up lead to an Emirates-flydubai consolidation? - The National:

"In an increasingly turbulent travel industry, existing synergies between Emirates and flydubai have led the two carriers to move closer announcing an “extensive partnership” yesterday that will pave the way for greater network integration and crossover of passengers out of their joint hub at Dubai International Airport.   “This is an exciting and significant development for Emirates, flydubai, and Dubai aviation,” said Sheikh Ahmed bin Saeed Al Maktoum, the chairman and chief executive of Emirates Group and the chairman of flydubai. “Both airlines have grown independently and successfully over the years and this new partnership will unlock the immense value that the complementary models of both companies can bring to consumers, each airline and to Dubai.”"



'via Blog this'

Kuwait Finance House studying merger with Ahli United Bank

Kuwait Finance House studying merger with Ahli United Bank:

"Kuwait Finance House (KFH) is looking to merge with Bahrain's Ahli United Bank , Kuwait's biggest Islamic lender said in a statement on Tuesday, confirming an earlier media report. The Gulf's banking sector is consolidation as three years of low oil prices squeeze deposits and push up bad loans. "The merger is currently only under study and there has been no agreement so far, and this would be a positive step if it closed with the right price," KFH Chief Executive Mazin Al-Nahedh was quoted as saying in Kuwait's Arabic language Al-Qabas newspaper."



'via Blog this'

Oil Climbs on Report Saudi Arabia Considering More Export Cuts - Bloomberg

Oil Climbs on Report Saudi Arabia Considering More Export Cuts - Bloomberg:

"Oil climbed to the highest level in almost two weeks following a report that Saudi Arabia is considering deeper export curbs.

Futures gained as much as 2 percent in New York. Consultant Petroleum Policy Intelligence said the kingdom is considering additional export curbs of as much as 1 million barrels a day following signs that OPEC’s cutbacks aren’t clearing a global glut. Supplies from OPEC members Libya and Nigeria have recovered, while Iraq’s compliance has faltered and Ecuador announced it can no longer restrain output while its economy suffers."



'via Blog this'

MIDEAST STOCKS-Gulf narrowly mixed, Saudi Kayan rises on earnings

MIDEAST STOCKS-Gulf narrowly mixed, Saudi Kayan rises on earnings:

"Gulf stock markets were mixed in narrow ranges early on Tuesday though petrochemical maker Saudi Kayan rose in response to better-than-expected second-quarter earnings. The Saudi index edged down 0.1 percent in the first half-hour as Saudi Kayan, the most heavily traded stock, rose 2.2 percent. Its second-quarter net profit climbed to 242 million riyals ($64.5 million) from 97.3 million riyals a year ago; analysts had on average predicted 212 million riyals.

Jouf Cement jumped 9.5 percent after shareholders approved a 10 percent capital increase via an issue of bonus shares, to be paid for with the company's retained earnings.

National Co for Glass Industries surged 7.1 percent after reporting a 224 percent leap in quarterly net profit, although operating profit actually fell sharply."



'via Blog this'