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Saturday, 27 January 2018

Qatar Stock Exchange (QSE) index Weekly Market Report

Weekly Market Report:

"The Qatar Stock Exchange (QSE) index gained 259.51 points, or 2.8%, during the trading week to close at 9,459.61. Market capitalisation increased by 1.9% to QR514.4bn versus QR504.7bn at the end of the previous trading week. Of the 45 listed companies, 26 ended the week higher, while 16 declined and three remained unchanged. Gulf International Services Co (GISS) was the best performing stock for the week with a gain of 10.4% on 1.1mn shares traded. On the other hand, Islamic Holding Group (IHGS) was the worst performing stock for the week with a decline of 16.0% on 428.2k shares traded. Barwa Real Estate Co (BRES), Industries Qatar (IQCD) and Qatar Electricity & Water Co (QEWS) were the primary contributors to the weekly index gains. BRES was the biggest contributor to the index’s weekly increase, adding 50.7 points to the index. IQCD was the second biggest contributor to the mentioned gains, adding 43.3 points to the index. Moreover, QEWS added 27.8 points to the index. However, Qatari Investors Group (QIGD) shed 15.3 points off the index. Trading value during the week decreased by 2.6% to reach QR1.51bn versus QR1.55bn in the prior week. The banks and financial services sector led the trading value during the week, accounting for 45.2% of the total trading value. The consumer goods and services sector was the second biggest contributor to the overall trading value, accounting for 16.3% of the total trading value. QNB Group (QNBK) was the top value traded stock during the week with total traded value of QR151.2mn."



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UAE leads charge in Middle East M&A rally during Q4 | ZAWYA MENA Edition

UAE leads charge in Middle East M&A rally during Q4 | ZAWYA MENA Edition:

"With the UAE dominating both inbound and outbound mergers and acquisition deals by volume, the Middle East region recorded a rally in M&A activities in the last quarter of 2017 reflecting the sustained investor appetite, the latest report by global law firm Baker McKenzie reveals. While the overall global deal volumes rose slightly by three per cent and posted flat growth in terms of value in 2017, the Middle East activity rallied in the fourth quarter, with deal volumes rising by eight per cent and aggregate value up by 21 per cent at $6.6 billion compared to the previous quarter, the report said. Eighty per cent of all Middle East M&A activity was cross-border in nature in the fourth quarter and the UAE once again drove both inbound and outbound M&A in the region. "Despite overall M&A deal activity in the Middle East decreasing in both value and volume in 2017, the rally witnessed in the last quarter of the year was very positive," said Omar Momany, head of corporate/M&A at UAE-based Baker McKenzie Habib Al Mulla."



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UPDATE 1-Jordan's Arab Bank group says 2017 net profit unchanged at $533 mln

UPDATE 1-Jordan's Arab Bank group says 2017 net profit unchanged at $533 mln:

"Jordan’s largest lender, Arab Bank Group, said on Saturday its 2017 net profit came to $533 million, barely changed from $532.7 million with revenues coming mainly from core banking activities.

The bank, one of the Middle East’s major financial institutions, said in a statement that operational profits rose 12 percent, without factoring exchange-rate fluctuations.

Total loans rose 6 percent to $25.1 billion while deposits rose slightly to $33.8 billion at the end of last year compared with $33.6 billion in the same period the previous year."



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Saudi Frees Billionaires Including Alwaleed as Ritz Jail Empties - Bloomberg

Saudi Frees Billionaires Including Alwaleed as Ritz Jail Empties - Bloomberg:

"Saudi Arabia freed Prince Alwaleed bin Talal and several of the kingdom’s most prominent businessmen from detention this weekend, clearing out the Ritz-Carlton hotel that served as a jail for the country’s elite during a controversial crackdown on corruption.

Prince Alwaleed, the billionaire chairman of Riyadh’s Kingdom Holding Co. who owns stakes in Citigroup Inc. and Twitter Inc., returned home on Saturday after reaching a settlement with authorities, a senior government official said on condition of anonymity. He will remain at the helm of his company, the official said, declining to provide the other terms of the deal. Waleed al-Ibrahim, head of a major media firm, and retail billionaire Fawaz Al Hokair were also freed after agreeing to deals, another government official said."



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Saudi billionaire Prince Alwaleed bin Talal released: family sources

Saudi billionaire Prince Alwaleed bin Talal released: family sources:

"Saudi Arabian billionaire Prince Alwaleed bin Talal has been released from detention, family sources said on Saturday, more than two months after he was taken into custody in the kingdom’s sweeping crackdown on corruption.

His release came hours after he told Reuters in an exclusive interview at the opulent Ritz-Carlton hotel in Riyadh that he expected to be cleared of any wrongdoing and be released from custody within days.

 Family sources said Prince Alwaleed was released on Saturday.

"



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Prominent businessmen reach settlements in Saudi corruption probe - source

Prominent businessmen reach settlements in Saudi corruption probe - source:

"Several prominent businessmen have reached financial settlements with Saudi Arabian authorities in the kingdom’s sweeping crackdown on corruption, an official source told Reuters on Friday.

They include Waleed al-Ibrahim, owner of regional television network MBC; Fawaz Alhokair, a major shareholder in fashion retailer Fawaz Abdulaziz Alhokair Co; Khalid al-Tuwaijri, a former chief of the Royal Court; and Turki bin Nasser, a former head of the country’s meteorology and environmental protection agency, the source said.

The source, speaking on condition of anonymity under briefing rules, did not reveal the terms of the settlements. The men could not immediately be reached for comment, and it was not clear what allegations they had faced."



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Exclusive: HSBC side-steps high-profile Qatar deals in Gulf gauntlet

Exclusive: HSBC side-steps high-profile Qatar deals in Gulf gauntlet:

"A boycott of Qatar by its neighbors has prompted HSBC (HSBA.L) to turn down a leading role on Doha’s new dollar bond as the bank treads a political tightrope in the Gulf, four banking sources familiar with the decision told Reuters.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in June cut diplomatic and transport ties with Qatar, which they accuse of backing terrorism. The move initially hit Qatar’s growth but by the end of 2017 its economy had largely recovered.

The Qatari government, which denies the allegations, is now planning its first international bond since the crisis began and has approached banks in recent weeks to arrange the deal. "



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Exclusive - Detained Saudi billionaire Alwaleed says he expects to be released in days

Exclusive - Detained Saudi billionaire Alwaleed says he expects to be released in days:

"Saudi Arabian billionaire Prince Alwaleed bin Talal, detained in the kingdom’s sweeping crackdown on corruption, said on Saturday that he expected to be cleared of any wrongdoing and be released from custody within days.

Prince Alwaleed was speaking in an exclusive interview with Reuters at his suite in Riyadh’s opulent Ritz-Carlton hotel, where he has been held for over two months along with dozens of other suspects.

The prince, one of the nation’s most prominent tycoons, said he was continuing to maintain his innocence of any corruption in talks with authorities. He said he expected to keep full control of his global investment firm Kingdom Holding without being required to give up assets to the government. "



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