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Monday, 5 March 2018

QETF debut is seen attracting up to $5bn inflows from global investors

QETF debut is seen attracting up to $5bn inflows from global investors:

"Doha yesterday witnessed the debut of the Gulf region’s largest exchange traded fund (QETF) through which its founder Doha Bank is expecting $2bn to $5bn inflows from global investors. The open-ended fund, with an initial authorised capital of QR150mn raised through private placement, is also eyeing listing elsewhere in the world as part of measures to showcase Qatar’s success story. The QETF, established by Doha Bank and managed by Amwal, will have among the lowest expense ratios of any Middle East and North Africa equity fund globally and will make annual distributions to unit holders based on income received from the underlying securities."



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U.S. tariff hikes may have effect on UAE's Emirates Steel sales: CEO

U.S. tariff hikes may have effect on UAE's Emirates Steel sales: CEO:

"Emirates Steel, the largest steel producer in the UAE, said a tariff on imports to the United States could hurt its sales, 5 percent of which go to the U.S., the company’s chief executive said on Monday. Last week, President Trump announced that steel imported into the United States would be slapped with a 25 percent tariff and aluminum with a 10 percent tariff, prompting outcry from producers across the world. “We export 5 percent of our total exports to the United States ... there will be some effect on us,” Saeed al Remeithi told reporters, without providing details. "



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Saudi will issue sukuk as soon as market conditions allow- DMO chief | ZAWYA MENA Edition

Saudi will issue sukuk as soon as market conditions allow- DMO chief | ZAWYA MENA Edition:

"Saudi Arabia is committed to the sukuk market and will issue Islamic bonds as soon as market conditions allow, Fahad al-Saif, president of Saudi Arabia's debt management office (DMO) said on Monday. Speaking at a sukuk conference at the London Stock Exchange al-Saif also said Saudi Arabia had a ratio of 65 percent to 35 percent for local to international issuance, plus or minus 10 percent. "We want to ensure we don't oversupply a particular market," he said. "We want to develop the local market but don't want to crowd out the banks.""



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Dubai International Financial Centre sees higher growth in new companies | ZAWYA MENA Edition

Dubai International Financial Centre sees higher growth in new companies | ZAWYA MENA Edition:

"Dubai International Financial Centre said the number of new companies launching operations in the financial free zone rose in 2017.

The DIFC aims to more than double the number of financial firms within the free zone to 1,000 at a time when several centres in the Middle East are vying for expansion.

DIFC, the largest such hub in the Middle East, Africa and South Asia, attracted 315 new companies in 2017, compared with 305 in 2016 and 309 in 2015, it said at a briefing about DIFC's 2017 operating review."



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MIDEAST STOCKS-Qatar stocks fall, other Gulf markets subdued

MIDEAST STOCKS-Qatar stocks fall, other Gulf markets subdued:

"Qatar’s main stock index slumped to its lowest level in more than two months on Monday as two big Qatari companies went ex-dividend.

The Gulf’s markets had earlier opened on weak footing, taking their cue from Asia where investors exited shares amid concerns about a global trade war that could harm the outlook for growth.

Qatar shares closed 3.2 percent after two of its heavyweight stocks went ex-dividend."



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UAE non-oil growth slows to five-month low, says Emirates NBD - The National

UAE non-oil growth slows to five-month low, says Emirates NBD - The National:

"The UAE’s non-oil private sector economy slowed in February, with business conditions improving at their weakest rate in five months, impacted by slower output growth and softer job creation, according to the latest survey by Emirates NBD. The bank's seasonally adjusted purchasing managers’ index – a composite indicator designed to give an overview of operating conditions in the non-oil private sector economy – eased to 55.1 during February, from 56.8 in January, the lowest rate since last September. A reading above 50 suggests the non-oil economy is growing, while a reading below 50 suggests a contraction."



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REFILE-Qatar central bank evaluating studies related to 3-way bank merger- newspaper

REFILE-Qatar central bank evaluating studies related to 3-way bank merger- newspaper:

"Qatar Central Bank is evaluating legal, financial and technical information related to a three-way bank merger that is expected to create the country’s second largest lender, a Qatari newspaper reported on Monday. Executives at Masraf Al Rayan, Barwa Bank IPO-BABK.QA and International Bank of Qatar had missed an end-2017 target date to complete the merger plans, which sources familiar with the matter had said enjoyed the support of shareholders. A shake-up has long been mooted in the Qatari banking sector given that 18 local and international commercial banks serve a population of 2.6 million."



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IEA Sees American Energy Dominance Squeezing OPEC Into 2020s - Bloomberg

IEA Sees American Energy Dominance Squeezing OPEC Into 2020s - Bloomberg:

"The U.S. will dominate global oil markets for years to come, satisfying 80 percent of global demand growth to 2020 as the shale boom keeps OPEC under pressure, the International Energy Agency said. “The U.S. is set to put its stamp on global oil markets for the next five years,” IEA Executive Director Fatih Birol said in a report published Monday. OPEC’s surging rivals, which include Brazil and Canada, will leave little space for the cartel to expand even after its production curbs expire this year."



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Kuwait Stock Exchange Plans Share Sale as Early as This Year - Bloomberg

Kuwait Stock Exchange Plans Share Sale as Early as This Year - Bloomberg:

"Kuwait, which was classified as an emerging market by index provider FTSE Russell in September, plans to sell a stake in its stock exchange as early as this year. The Capital Markets Authority is conducting studies for the initial public offering through the end of April, Vice Chairman Mishaal Al-Usaimi told Bloomberg TV. “From that we will have a very clear timeline taking us to the IPO, but we are hopeful that we will complete that by the end of the year.” Kuwait’s bourse is competing with Saudi Arabia’s to become the second in the six-nation Gulf Cooperation Council after the Dubai Financial Market PJSC to raise cash through an IPO. The nation expected inflows of hundreds of millions of dollars from investors after the FTSE upgrade, and while Al-Usaimi said interest in Kuwaiti stocks remains “buoyant,” he acknowledged that liquidity “remains an issue.”"



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It Could Be Crunch Time for World's Third Most-Indebted Country - Bloomberg

It Could Be Crunch Time for World's Third Most-Indebted Country - Bloomberg:

"Step inside the Greek Orthodox cathedral in Beirut’s central Nejmeh Square and you could be in Athens: priests with long black robes and beards lead prayers and worshipers cross themselves in front of icons. The problem for Lebanon, the world’s third most-indebted country, is that it’s starting to look more like Greece financially. And if Greece’s survival as part of the euro was crucial to the European project, Lebanon is key to keeping what’s left of peace in the Middle East. “I don’t think the gravity of the situation is understood by everyone,” deputy Prime Minister Ghassan Hasbani said in his office in Beirut. The time has come for an international aid package that will force Lebanon to reform, “the same way that Greece was salvaged, but before it’s too late,” he said."



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Amwal launches Qatar's first ETF to track top companies | ZAWYA MENA Edition

Amwal launches Qatar's first ETF to track top companies | ZAWYA MENA Edition:

"Qatar's first listed exchange traded fund (ETF) will begin trading from Monday on the Qatar Stock Exchange for investors seeking to capture exposure to companies listed on the bourse, the asset manager handling the ETF said. The ETF is designed to track the Qatar Exchange Index which screens for the top 20 listed companies in Qatar by market capitalisation and liquidity. Reuters reported last month that Qatar's stock market is set to list its first exchange-traded funds this quarter citing market sources, as authorities seek to develop the bourse in the face of a boycott by other Arab states."



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MIDEAST STOCKS-Gulf markets hit by fears of global trade war, Qatar leads losses

MIDEAST STOCKS-Gulf markets hit by fears of global trade war, Qatar leads losses:

"Gulf stock markets were mostly weak early on Monday, taking their cue from Asia where investors dumped shares amid fears of global trade war that could harm the outlook for global growth. Qatar shares were down 0.9 percent in early trade, with two of its biggest stocks going ex-dividend. Industries Qatar plunged 5.3 percent and telecom firm Ooredoo dropped 2.4 percent as both went ex-dividend."



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