Qatar's PPI surges 18.9% year-on-year in November:
Robust hydrocarbons and manufacturing sector helped Qatar's industrial producers' earnings register a double-digit growth year-on-year in November 2018, according to official estimates.
Qatar's producer price index (PPI) – a measure of the average selling prices received by the domestic producers for their output – surged 18.9% on an yearly basis but reported a sharp 5.7% month-on-month decline during the review period, said the figures released by the Ministry of Development Planning and Statistics (MDPS).
MDPS had released a new PPI series in late 2015. With a base of 2013, it draws on an updated sampling frame and new weights. The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower.
Monday 31 December 2018
#UAE banks invest $24bln in #SaudiArabia, Egypt | ZAWYA MENA Edition
UAE banks invest $24bln in Saudi Arabia, Egypt | ZAWYA MENA Edition:
The investment of UAE’s banks in Saudi Arabia and Egypt reached AED87.2 billion at the end of Q3 2018, representing 12.5 per cent of the total assets invested abroad, which amounted to about AED693 billion in September of the same year.
Figures from the UAE Central Bank show that the value of investments by UAE banks, their subsidiaries and affiliates remain at their highest levels in the United Kingdom with a value of AED53 billion.
The UAE's banking system is the largest in terms of assets in the Middle East and North Africa. By the end of September 2018, its total assets stood at AED2.84 trillion. The total value of the investments of UAE’s banks in Egypt reached AED47.2 billion at the end of September 2018, while the value of its investments in Saudi Arabia, during the same period, was AED40 billion; AED36 billion in the Cayman Islands; AED34 billion in the United States, AED25 billion in India, AED20 billion in Oman, and about the same value in Bahrain, while the rest was distributed between the other countries.
The investment of UAE’s banks in Saudi Arabia and Egypt reached AED87.2 billion at the end of Q3 2018, representing 12.5 per cent of the total assets invested abroad, which amounted to about AED693 billion in September of the same year.
Figures from the UAE Central Bank show that the value of investments by UAE banks, their subsidiaries and affiliates remain at their highest levels in the United Kingdom with a value of AED53 billion.
The UAE's banking system is the largest in terms of assets in the Middle East and North Africa. By the end of September 2018, its total assets stood at AED2.84 trillion. The total value of the investments of UAE’s banks in Egypt reached AED47.2 billion at the end of September 2018, while the value of its investments in Saudi Arabia, during the same period, was AED40 billion; AED36 billion in the Cayman Islands; AED34 billion in the United States, AED25 billion in India, AED20 billion in Oman, and about the same value in Bahrain, while the rest was distributed between the other countries.
Saudi Aramco buys remaining 50 percent of rubber joint venture from Lanxess | Reuters
Saudi Aramco buys remaining 50 percent of rubber joint venture from Lanxess | Reuters:
Saudi Aramco has completed its acquisition of a 50 percent stake in Arlanxeo, its Netherlands-based joint venture with chemicals firm Lanxess, to become the full owner of the company, it said in a statement on Monday.
Lanxess’s share in the synthetic rubber and elastomer products venture was valued at 1.5 billion euros ($1.72 billion), Aramco said. Arlanxeo will maintain its current base in Maastricht.
Saudi Aramco has completed its acquisition of a 50 percent stake in Arlanxeo, its Netherlands-based joint venture with chemicals firm Lanxess, to become the full owner of the company, it said in a statement on Monday.
Lanxess’s share in the synthetic rubber and elastomer products venture was valued at 1.5 billion euros ($1.72 billion), Aramco said. Arlanxeo will maintain its current base in Maastricht.
Oversupply, faltering growth to weigh on oil prices in 2019: Reuters poll | Reuters
Oversupply, faltering growth to weigh on oil prices in 2019: Reuters poll | Reuters:
Crude oil prices look likely to trade below $70 per barrel in 2019 as surplus production, much of it from the United States, and slowing economic growth undermine OPEC-led efforts to shore up the market, a Reuters poll showed on Monday.
A survey of 32 economists and analysts forecasts the North Sea Brent crude oil benchmark LCOc1 will average $69.13 per barrel in 2019, more than $5 lower than last month’s projection.
Brent has averaged $71.76 in 2018.
Crude oil prices look likely to trade below $70 per barrel in 2019 as surplus production, much of it from the United States, and slowing economic growth undermine OPEC-led efforts to shore up the market, a Reuters poll showed on Monday.
A survey of 32 economists and analysts forecasts the North Sea Brent crude oil benchmark LCOc1 will average $69.13 per barrel in 2019, more than $5 lower than last month’s projection.
Brent has averaged $71.76 in 2018.
MIDEAST STOCKS- #Dubai leaps as Gulf ends strong year; oil clouds 2019 | Reuters
MIDEAST STOCKS-Dubai leaps as Gulf ends strong year; oil clouds 2019 | Reuters:
Dubai’s beaten-down stock market rose sharply on Monday as the largest Gulf bourses ended a year in which most outperformed global benchmarks, although soft oil prices cloud the outlook for 2019.
The Dubai index, which hit five-year lows last week, surged 2.4 percent — it biggest rise since June 2017 — as real estate stocks rebounded. Emaar Properties gained 3.3 percent and DAMAC Properties added 4.1 percent.
Dubai’s bounce still left it down 24.9 percent for all of 2018, making it the world’s worst-performing major stock market for the year in local currency terms, marginally underperforming indexes in Shanghai and Athens.
Dubai’s beaten-down stock market rose sharply on Monday as the largest Gulf bourses ended a year in which most outperformed global benchmarks, although soft oil prices cloud the outlook for 2019.
The Dubai index, which hit five-year lows last week, surged 2.4 percent — it biggest rise since June 2017 — as real estate stocks rebounded. Emaar Properties gained 3.3 percent and DAMAC Properties added 4.1 percent.
Dubai’s bounce still left it down 24.9 percent for all of 2018, making it the world’s worst-performing major stock market for the year in local currency terms, marginally underperforming indexes in Shanghai and Athens.
Gulf Arab Energy Firms May Lean on Debt in 2019 as Oil Falters - Bloomberg
Gulf Arab Energy Firms May Lean on Debt in 2019 as Oil Falters - Bloomberg:
Gulf Arab energy companies are expected to borrow more in 2019 to finance expansion plans after rising oil prices triggered a sharp retreat from debt markets in 2018.
Higher oil prices eased pressure on government budgets in Gulf Cooperation Council countries in 2018 and allowed the region’s energy companies to self-finance operations, according to Rory Fyfe, Chief Economist at MENA Advisors. That’s a shift from 2017 when lower oil prompted companies to issue record debt.
This dynamic could be repeated in 2019. Average oil prices hit a 4-year high in 2018, but ended the year on a dismal quarter that clouded the outlook for 2019. With global benchmark Brent crude down about 35 percent since October, energy companies in the region may have to accelerate their borrowing again.
Gulf Arab energy companies are expected to borrow more in 2019 to finance expansion plans after rising oil prices triggered a sharp retreat from debt markets in 2018.
Higher oil prices eased pressure on government budgets in Gulf Cooperation Council countries in 2018 and allowed the region’s energy companies to self-finance operations, according to Rory Fyfe, Chief Economist at MENA Advisors. That’s a shift from 2017 when lower oil prompted companies to issue record debt.
This dynamic could be repeated in 2019. Average oil prices hit a 4-year high in 2018, but ended the year on a dismal quarter that clouded the outlook for 2019. With global benchmark Brent crude down about 35 percent since October, energy companies in the region may have to accelerate their borrowing again.
POLL-Mideast funds wary on 2019, will favour #Saudi, Kuwaiti stocks | ZAWYA MENA Edition
POLL-Mideast funds wary on 2019, will favour Saudi, Kuwaiti stocks | ZAWYA MENA Edition:
Middle Eastern funds are cautious about prospects for regional markets as a whole in 2019 but are likely to pour sizeable amounts of money into Saudi Arabian and Kuwaiti equities, a Reuters poll showed on Monday.
Thirty-one percent of fund managers expect to raise their allocations to regional equities over the next three months and 8 percent to reduce them, according to the monthly poll of 13 leading fund managers, conducted over the past 10 days.
Although that balance is positive, it is the least bullish balance for any month of December since the survey was launched in 2013. Last December, 54 percent expected to raise regional equity allocations and none to reduce them.
Middle Eastern funds are cautious about prospects for regional markets as a whole in 2019 but are likely to pour sizeable amounts of money into Saudi Arabian and Kuwaiti equities, a Reuters poll showed on Monday.
Thirty-one percent of fund managers expect to raise their allocations to regional equities over the next three months and 8 percent to reduce them, according to the monthly poll of 13 leading fund managers, conducted over the past 10 days.
Although that balance is positive, it is the least bullish balance for any month of December since the survey was launched in 2013. Last December, 54 percent expected to raise regional equity allocations and none to reduce them.
REIT turn: #Saudi sees surge in listings, but market performance is tough | ZAWYA MENA Edition
REIT turn: Saudi sees surge in listings, but market performance is tough | ZAWYA MENA Edition:
The market for real estate investment funds (REITs) in Saudi Arabia saw strong growth in 2018, with the number of listings rising by a third since the first quarter of 2018 and it’s total worth in terms of market capitalisation surging by around 50 percent to pass the $3 billion mark, according to a new report published on Sunday by real estate consultancy firm Knight Frank.
However, the REIT market in the kingdom has faced a tough year on the bourse. While the Tadawul all share index rose by around 10 percent in 2018, the REIT index has fallen by around 20 percent year-to-date.
As a result, Knight Frank predicts that in 2019 it expects “the pace of REITs listings to moderate as indicated by fewer numbers of approved REITs in the pipeline”.
The market for real estate investment funds (REITs) in Saudi Arabia saw strong growth in 2018, with the number of listings rising by a third since the first quarter of 2018 and it’s total worth in terms of market capitalisation surging by around 50 percent to pass the $3 billion mark, according to a new report published on Sunday by real estate consultancy firm Knight Frank.
However, the REIT market in the kingdom has faced a tough year on the bourse. While the Tadawul all share index rose by around 10 percent in 2018, the REIT index has fallen by around 20 percent year-to-date.
As a result, Knight Frank predicts that in 2019 it expects “the pace of REITs listings to moderate as indicated by fewer numbers of approved REITs in the pipeline”.
Brent crude rises but set for first yearly drop since 2015 | Reuters
Brent crude rises but set for first yearly drop since 2015 | Reuters:
Oil prices rose about 2 percent on the final day of the year on Monday, mirroring gains in stock markets, but were on track for the first annual decline in three years amid lingering concerns of a persistent supply glut.
Hints of progress on a possible U.S.-China trade deal, with U.S. President Donald Trump saying he had a “very good call” with Chinese President Xi Jinping, helped bolster sentiment for oil.
Brent crude futures LCOc1 was up 83 cents at $54.05 a barrel by 0932 GMT, after rising by over a $1 a barrel in early trade to a high of $54.55 a barrel.
Oil prices rose about 2 percent on the final day of the year on Monday, mirroring gains in stock markets, but were on track for the first annual decline in three years amid lingering concerns of a persistent supply glut.
Hints of progress on a possible U.S.-China trade deal, with U.S. President Donald Trump saying he had a “very good call” with Chinese President Xi Jinping, helped bolster sentiment for oil.
Brent crude futures LCOc1 was up 83 cents at $54.05 a barrel by 0932 GMT, after rising by over a $1 a barrel in early trade to a high of $54.55 a barrel.
MIDEAST STOCKS-Most of Gulf rises in thin trade, ENBD aids #Dubai | Reuters
MIDEAST STOCKS-Most of Gulf rises in thin trade, ENBD aids Dubai | Reuters:
Most major Gulf stock markets rose early on Monday in light trade with many investors away on year-end holidays, while Dubai gained sharply, boosted by bank shares.
Saudi Arabia’s index gained 0.3 percent in the first 70 minutes with Al Rajhi Bank adding 0.6 percent and Samba Financial Group climbing 1.0 percent.
In Dubai, the index rose 1.4 percent, gaining for a fifth straight day after hitting a five-year low last week. The largest lender, Emirates NBD, jumped 5.4 percent in thin volume.
Most major Gulf stock markets rose early on Monday in light trade with many investors away on year-end holidays, while Dubai gained sharply, boosted by bank shares.
Saudi Arabia’s index gained 0.3 percent in the first 70 minutes with Al Rajhi Bank adding 0.6 percent and Samba Financial Group climbing 1.0 percent.
In Dubai, the index rose 1.4 percent, gaining for a fifth straight day after hitting a five-year low last week. The largest lender, Emirates NBD, jumped 5.4 percent in thin volume.
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