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Saturday, 9 July 2011
Saudi Stock Market close - July 9, 2011
Capital markets ripe for growth on key reforms
Oman’s capital markets are primed for expansion as a wave of key reforms in the Sultanate’s financial services sector gain pace, according to Yahya bin Said bin Abdullah Al Jabri, the executive president of the Capital Markets Authority (CMA).
Speaking exclusively to Oxford Business Group (OBG), the global publishing, research and consultancy firm, Al Jabri voiced his confidence that legislative changes and incentives aimed at encouraging family holdings to list on the Muscat bourse, should play a role in attracting investors to Oman.
He also predicted that activity on the Muscat Securities Market (MSM) would improve in the coming months, with a number of new initial public offerings (IPOs) slated to list, including an Islamic bank which is earmarked to enter the market towards the end of 2011.As a new player, the trillion-dollar Islamic finance industry is expected to contribute significantly to the expansion of Oman’s capital markets.
Speaking exclusively to Oxford Business Group (OBG), the global publishing, research and consultancy firm, Al Jabri voiced his confidence that legislative changes and incentives aimed at encouraging family holdings to list on the Muscat bourse, should play a role in attracting investors to Oman.
He also predicted that activity on the Muscat Securities Market (MSM) would improve in the coming months, with a number of new initial public offerings (IPOs) slated to list, including an Islamic bank which is earmarked to enter the market towards the end of 2011.As a new player, the trillion-dollar Islamic finance industry is expected to contribute significantly to the expansion of Oman’s capital markets.
GCC banks gear up for renewed growth - The National
Before the global economic crisis, GCC states were reaping the fruits of a regional diversification movement in which non-oil growth industries such as property and construction enjoyed a meteoric rise.
Fuelled further by rocketing oil prices, the GCC emerged as the Middle East and North Africa (Mena) region's fastest-growing economic bloc.
The Gulf's banking sector played a huge part in facilitating the surge and handling the region's teeming wealth. Although the early phases of the downturn slowed economic activity, overall the crisis has had a minimal effect on the region's finances.
Fuelled further by rocketing oil prices, the GCC emerged as the Middle East and North Africa (Mena) region's fastest-growing economic bloc.
The Gulf's banking sector played a huge part in facilitating the surge and handling the region's teeming wealth. Although the early phases of the downturn slowed economic activity, overall the crisis has had a minimal effect on the region's finances.
Dana Gas considers LSE asset listing - The National
Dana Gas is weighing whether to list some of its assets on the London Stock Exchange as trading volumes and stock valuations on local markets stumble.
The potential London listing follows attempts by at least two other companies in the Gulf to enter European markets with the aim of attracting more trading in their shares and getting fairer valuations for their assets.
DP World, the Dubai global ports operator, launched a second primary listing in London last month to complement trading on Nasdaq Dubai. Oman's Renaissance Services, an oil and gas services company, tried but failed to list one of its subsidiaries in London earlier this year but is considering a second attempt.
The potential London listing follows attempts by at least two other companies in the Gulf to enter European markets with the aim of attracting more trading in their shares and getting fairer valuations for their assets.
DP World, the Dubai global ports operator, launched a second primary listing in London last month to complement trading on Nasdaq Dubai. Oman's Renaissance Services, an oil and gas services company, tried but failed to list one of its subsidiaries in London earlier this year but is considering a second attempt.
GCC economies lack of diversification hurts banks, says Moody's - bi-me.com
Gulf Cooperation Council nations’ banks will continue to face challenges with loan defaults because the six economies aren’t diversified and a few companies dominate many businesses, Moody’s Investors Service said.
The countries, which include Saudi Arabia and the United Arab Emirates, depend on oil and gas exports, which “magnifies the impact of economic cycles on banks,” analysts led by Khalid Howladar said in a report.
High oil prices from 2002 to 2008 boosted government spending to diversify the economies and spurred the growth of the construction and real- estate industries in these countries, the report said.
The countries, which include Saudi Arabia and the United Arab Emirates, depend on oil and gas exports, which “magnifies the impact of economic cycles on banks,” analysts led by Khalid Howladar said in a report.
High oil prices from 2002 to 2008 boosted government spending to diversify the economies and spurred the growth of the construction and real- estate industries in these countries, the report said.
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