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Wednesday, 29 November 2017

Moscow drags its feet on oil cuts commitment

Moscow drags its feet on oil cuts commitment:

"The fragile alliance between the world’s two largest crude oil producers faces its first big test, with Saudi Arabia still waiting on a clear commitment from Russia to back an extension of output cuts throughout 2018.

The two oil superpowers, which came together last year to reverse tumbling oil prices, have appeared unable to finalise a deal in the run-up to Opec’s meeting on Thursday, which brings together countries both inside and outside the cartel that together pump over half the world’s crude.

While inching closer, Moscow is dragging its feet over signing up for all of next year, sparking talk that a partnership that has underpinned oil markets for the past year could be under strain."



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Opec must make deeper cuts to oil inventories | Arab News

Opec must make deeper cuts to oil inventories | Arab News:

"Saudi Arabia and other Opec countries should resist any temptation to ramp up production in the wake of a partial recovery in the oil price and instead support deeper cuts to inventories to avoid another “massive” build up of stocks, an influential UK think-tank said on Wednesday, ahead of a crunch meeting of producers in Vienna today. In a report entitled “Opec’s hard choices,” the UK’s Oxford Institute of Energy Studies (OIES) said OPEC “should continue to pursue their current strategy of reducing the level of inventories. The job is not yet done. The faster this objective is achieved (which requires deeper cuts), the better position OPEC will be in.” OIES research fellow James Henderson told Arab News there was a strong argument for Saudi Arabia to test the price on the high side as there was “wide uncertainty” regarding a US shale response in the $60–$70 per barrel price range."



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Investment Corp of Dubai reports steady H1 net profit

Investment Corp of Dubai reports steady H1 net profit:

"Investment Corporation of Dubai’s (ICD) first-half net profit rose 0.3 percent to 10.3 billion dirhams ($2.8 billion), the Dubai government’s main investment arm said on Wednesday.

ICD benefited from higher commodity prices and continued strength in banking and financial services, it said in a statement.

ICD, whose portfolio includes stakes in companies such as Emirates Airline and Emirates NBD, registered a 13.1 percent rise in revenue to 93.2 billion dirhams."



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MIDEAST STOCKS-Saudi firm after settlements in corruption probe, Qatar climbs

MIDEAST STOCKS-Saudi firm after settlements in corruption probe, Qatar climbs:

"Saudi Arabia’s stock market was firm on Wednesday after news that senior prince Miteb bin Abdullah had been freed by authorities after settling corruption allegations against him by paying more than $1 billion. Miteb was the first senior figure confirmed to have been released in the kingdom’s sweeping anti-graft probe, and at least three other suspects have finalised settlement agreements, a Saudi official told Reuters. The news may indicate Saudi authorities can soon wind down parts of the probe, reducing the risk of disruption to the economy. A senior Saudi commercial banker told Reuters that the number of bank accounts frozen in the crackdown, which at one stage was around 2,000, had now fallen by many hundreds."



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MIDEAST STOCKS-Saudi edges up after settlements in corruption probe

MIDEAST STOCKS-Saudi edges up after settlements in corruption probe:

"Saudi Arabia’s stock market edged up in early trade on Wednesday after news that senior prince Miteb bin Abdullah had been freed after reaching a settlement agreement with investigators in the country’s corruption probe by paying more than $1 billion.

Apart from Miteb, the first senior figure confirmed to have been released among about 200 people detained in the probe, at least three other people allegedly involved in corruption cases have finalised settlement agreements, a Saudi official told Reuters.

The news may indicate Saudi authorities can soon wind down parts of the probe, reducing the risk of disruption to the economy through the freezing of bank accounts, and easing the danger that companies linked to detainees could be affected."



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Qatar among 'best developed' ecosystem for Islamic finance

Qatar among 'best developed' ecosystem for Islamic finance:

"Qatar is among the ‘top 10 nations’ in the world with the “best developed ecosystem” for Islamic finance, a report showed and noted that the country’s Islamic market was worth nearly $73bn in 2015. Qatar also figured among the top ‘Muslim consumer travel expenditure market’ and was worth nearly $11.7bn in 2015, according to ‘State of Global Islamic Economy 2016/17’ report produced by Thomson Reuters. The report noted that the “Islamic economy continues to evolve, driven by young Muslims asserting their values, and requiring companies to provide products and services that meet their faith-based needs.”"



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MIDEAST STOCKS-Saudi market may cheer settlements in corruption probe | ZAWYA MENA Edition

MIDEAST STOCKS-Saudi market may cheer settlements in corruption probe | ZAWYA MENA Edition:

"Saudi Arabia's stock market may respond positively on Wednesday to news that senior prince Miteb bin Abdullah has been freed after reaching a settlement agreement with investigators in the country's corruption probe by paying more than $1 billion. Apart from Miteb, the first senior figure confirmed to have been released among about 200 people detained in the probe, at least three other people allegedly involved in corruption cases have finalised settlement agreements, a Saudi official told Reuters. The news may please the market by suggesting that Saudi authorities could soon be able to wind down parts of the probe, reducing the risk of disruption to the economy through the freezing of bank accounts, and reducing the risk that companies linked to detainees could be affected. "



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Powerful Saudi prince released from detention over graft probe

Powerful Saudi prince released from detention over graft probe:

"Prince Miteb bin Abdullah, the former head of the Saudi National Guard and a son of the late king, has been released after more than three weeks in detention over corruption allegations, a person briefed on the investigation said on Tuesday.

The prince was one of more than 200 people, including members of the royal family, senior officials and businessmen, who were detained in an extraordinary anti-corruption crackdown led by Crown Prince Mohammed bin Salman, the kingdom’s powerful heir apparent.

Posts on social media by members of the royal family also said that Prince Miteb, considered a contender for the throne when his father King Abdullah was in power until his death in 2015, was no longer in detention. He would be the highest-profile detainee to be released."



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