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Saturday, 23 April 2011
Saudi Stock Market close - April 23, 2011
S&P says Saudi unrest could have adverse global impact - ArabianBusiness.com
The global economy could be severely affected if the current wave of political uprisings spread to Saudi Arabia, the world's biggest oil producer, ratings agency Standard's & Poor's said in its GCC Q1 Outlook report.
While S&P analysts said they saw upheaval in the kingdom as "unlikely", they added that the impact would have a "tangible adverse economic impact" on oil importers and the global economy.
Kai Stukenbrock, a credit analyst, said in the report that the oil price "could rise beyond historical peak level" should serious uprisings take hold in Saudi Arabia.
While S&P analysts said they saw upheaval in the kingdom as "unlikely", they added that the impact would have a "tangible adverse economic impact" on oil importers and the global economy.
Kai Stukenbrock, a credit analyst, said in the report that the oil price "could rise beyond historical peak level" should serious uprisings take hold in Saudi Arabia.
Dubai ruler's firm said to have bigger debt woes - Las Vegas Sun
Dubai Group, part of an investment company controlled by the emirate's ruler, is reportedly seeking to renegotiate the terms on $10 billion in debt _ $4 billion more than previously divulged.
The disclosure highlights the serious financial challenges and problems with transparency still facing the indebted city-state despite its success in retooling the terms on $25 billion of state-linked debt.
Dubai Group has not publicly commented on the higher debt tally, which has been reported elsewhere, including by the Emirati government-owned daily The National on Tuesday.
The disclosure highlights the serious financial challenges and problems with transparency still facing the indebted city-state despite its success in retooling the terms on $25 billion of state-linked debt.
Dubai Group has not publicly commented on the higher debt tally, which has been reported elsewhere, including by the Emirati government-owned daily The National on Tuesday.
Saudi Shares Climb After Petrochemicals Exceed Profit Estimates - Businessweek
Saudi Arabian shares rose to the highest in a week after petrochemical companies reported better- than-estimated earnings and oil jumped.
Saudi Basic Industries Corp., the world’s largest petrochemicals maker, rose to the highest since September 2008, while National Industrialization Co. climbed to a three-year high. Rabigh Refining and Petrochemicals Co. surged by the maximum allowed in a single trading session.
The 146-company Tadawul All Share Index advanced as much as 0.7 percent to 6,617.39 and was at 6,612.68 as of 1:55 p.m. in Riyadh, the gauge’s highest level in a week. Crude oil for June delivery rose for a third day to $112.29 a barrel on April 21 before the Easter vacation halted trading, taking its gain this year to 23 percent. Sabic said this week that first-quarter profit surged 42 percent, while Rabigh’s net income more than doubled.
Saudi Basic Industries Corp., the world’s largest petrochemicals maker, rose to the highest since September 2008, while National Industrialization Co. climbed to a three-year high. Rabigh Refining and Petrochemicals Co. surged by the maximum allowed in a single trading session.
The 146-company Tadawul All Share Index advanced as much as 0.7 percent to 6,617.39 and was at 6,612.68 as of 1:55 p.m. in Riyadh, the gauge’s highest level in a week. Crude oil for June delivery rose for a third day to $112.29 a barrel on April 21 before the Easter vacation halted trading, taking its gain this year to 23 percent. Sabic said this week that first-quarter profit surged 42 percent, while Rabigh’s net income more than doubled.
12 UAE firms ranked on Forbes Global 2000 list - Emirates 24/7
Twelve companies from the UAE have got place in The Forbes Global 2000 list of public companies based on their rankings for sales, profits, assets and market value.
Etisalat with sales of $8.7 billion tops the list of the UAE companies and is ranked 449th. National Bank of Abu Dhabi stands at 825 (sales $2.6bn), Emirates NBD at 876 ($4.5bn) while First Gulf Bank holds 962 position ($2.3bn).
Other companies are DP World (1179, $2.9 billion), Taqa (1287, $5.8bn), Emaar Properties (1317, $1.7bn), Union National Bank
(1541, $1.2bn) and Dubai Islamic Bank (1550, $1.4bn).
Etisalat with sales of $8.7 billion tops the list of the UAE companies and is ranked 449th. National Bank of Abu Dhabi stands at 825 (sales $2.6bn), Emirates NBD at 876 ($4.5bn) while First Gulf Bank holds 962 position ($2.3bn).
Other companies are DP World (1179, $2.9 billion), Taqa (1287, $5.8bn), Emaar Properties (1317, $1.7bn), Union National Bank
(1541, $1.2bn) and Dubai Islamic Bank (1550, $1.4bn).
United Arab Emirates beneficiary as rich Arabs leave areas in turmoil
Wealthy residents of Arab countries currently in turmoil are increasing fleeing to safe havens such as the United Arab Emirates, with Abu Dhabi and Dubai being the most preferred destinations.
Al-Jaber Aviation told Bloomberg News that it added 500 percent more flights in the last three months in comparison to the same period last year, mainly from its private-jet services originating in the unrest-hit countries of Egypt, Tunisia, Bahrain and Yemen.
“Egypt saw the biggest increase, with high net-worth individuals flying to Dubai, Abu Dhabi and Europe,” al-Jaber’s chief operating officer Mark Peirotti told Bloomberg.
Royal Jet, a luxury business carrier owned by the Abu Dhabi government, projects a 15 percent boost in sales this year and increase in profit that will be “comfortably ahead” of targets, said its Chief Executive Officer Shane O’Hare.
Al-Jaber Aviation told Bloomberg News that it added 500 percent more flights in the last three months in comparison to the same period last year, mainly from its private-jet services originating in the unrest-hit countries of Egypt, Tunisia, Bahrain and Yemen.
“Egypt saw the biggest increase, with high net-worth individuals flying to Dubai, Abu Dhabi and Europe,” al-Jaber’s chief operating officer Mark Peirotti told Bloomberg.
Royal Jet, a luxury business carrier owned by the Abu Dhabi government, projects a 15 percent boost in sales this year and increase in profit that will be “comfortably ahead” of targets, said its Chief Executive Officer Shane O’Hare.