Dubai Shares Rise After Global Stocks Rally; Saudi Arabia Climbs - Bloomberg:
"Dubai shares advanced to the highest in almost two weeks after better-than-expected government data in the U.S. and the euro area spurred a global equity rally. Saudi Arabia’s main measure increased.
The Dubai Financial Market General Index (DFMGI) added 2.5 percent to 4,689.12 at the close, the highest since Oct. 13. Arabtec Holding Co., the biggest publicly-traded construction company in the United Arab Emirates, led gains with a 5.3 percent increase. Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower in Dubai, climbed 1.9 percent. Saudi Arabia’s Tadawul All Share Index advanced 1.5 percent.
Global stocks rallied after companies from Caterpillar Inc. to Yahoo! posted better-than-estimated earnings and government data signaled a strengthening economy. Fewer Americans filed applications for unemployment benefits over the past month than at any time in 14 years. Data in the euro area showed manufacturing unexpectedly revived in October, and a gauge of Chinese factory activity rose, exceeding analysts’ estimates."
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Sunday, 26 October 2014
Masdar first large-scale wind farm in the GCC set | Economy | Saudi Gazette
Masdar first large-scale wind farm in the GCC set | Economy | Saudi Gazette:
"Masdar, Abu Dhabi’s renewable energy company, signed on Oct. 22 a joint development agreement with the Rural Areas Electricity Company (RAECO) to build the first large-scale wind farm in the Gulf Cooperation Council (GCC). The $125 million, 50-megawatt wind farm in the Sultanate of Oman will be constructed in the country’s Dhofar Governorate.
The project is estimated to generate enough clean electricity to power 16,000 homes and mitigate 110,000 tons of CO2 per year. The project will consist of up to 25 wind turbines and construction begins the final quarter of 2015.
The first-of-its-kind wind project is a result of strong bilateral ties between the United Arab Emirates (UAE) and Oman. The project also reflects the increasing trend by GCC nations to invest in renewables as a means to diversify the energy mix and address long-term resource security. "
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"Masdar, Abu Dhabi’s renewable energy company, signed on Oct. 22 a joint development agreement with the Rural Areas Electricity Company (RAECO) to build the first large-scale wind farm in the Gulf Cooperation Council (GCC). The $125 million, 50-megawatt wind farm in the Sultanate of Oman will be constructed in the country’s Dhofar Governorate.
The project is estimated to generate enough clean electricity to power 16,000 homes and mitigate 110,000 tons of CO2 per year. The project will consist of up to 25 wind turbines and construction begins the final quarter of 2015.
The first-of-its-kind wind project is a result of strong bilateral ties between the United Arab Emirates (UAE) and Oman. The project also reflects the increasing trend by GCC nations to invest in renewables as a means to diversify the energy mix and address long-term resource security. "
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Real Madrid set to announce sponsorship deal with Abu Dhabi-based IPIC - Lifestyle - ArabianBusiness.com
Real Madrid set to announce sponsorship deal with Abu Dhabi-based IPIC - Lifestyle - ArabianBusiness.com:
"Real Madrid are set to announce a new sponsorship deal with Abu Dhabi-based International Petroleum Investment Company (IPIC) this week, according to local media reports in Spain.
Daily sports newspaper Marca, which last month revealed plans to rename Real Madrid’s home ground Abu Dhabi Santiago Bernabeu, reported the club will announce its new sponsorship agreement with IPIC on Tuesday.
The initial sponsorship deal is believed to be worth in the region of €20 million ($15.4 million) a season, similar to the amount the club’s shirt sponsor, Emirates, pays for its deal."
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"Real Madrid are set to announce a new sponsorship deal with Abu Dhabi-based International Petroleum Investment Company (IPIC) this week, according to local media reports in Spain.
Daily sports newspaper Marca, which last month revealed plans to rename Real Madrid’s home ground Abu Dhabi Santiago Bernabeu, reported the club will announce its new sponsorship agreement with IPIC on Tuesday.
The initial sponsorship deal is believed to be worth in the region of €20 million ($15.4 million) a season, similar to the amount the club’s shirt sponsor, Emirates, pays for its deal."
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Gulf states need to reform spending as oil price slips | GulfNews.com
Gulf states need to reform spending as oil price slips | GulfNews.com:
"Gulf Arab oil exporters will have to reform their state spending and make cuts in some areas because of weak oil prices, Kuwaiti Finance Minister Anas al-Saleh said on Saturday.
“We must undertake comprehensive economic reforms including the reform of imbalances in public finances,” Saleh told a meeting of Gulf Arab finance ministers, central bank governors and the International Monetary Fund in Kuwait.
“This must be undertaken through strengthening of efforts to diversify away from oil and decrease dependence on oil revenue, which is now inevitable.” Global oil prices tumbled to four-year lows below $83 per barrel this month, threatening — if current levels are sustained for a long period — to push the state budgets of some of the six members of the Gulf Cooperation Council into deficit after several years of big surpluses."
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"Gulf Arab oil exporters will have to reform their state spending and make cuts in some areas because of weak oil prices, Kuwaiti Finance Minister Anas al-Saleh said on Saturday.
“We must undertake comprehensive economic reforms including the reform of imbalances in public finances,” Saleh told a meeting of Gulf Arab finance ministers, central bank governors and the International Monetary Fund in Kuwait.
“This must be undertaken through strengthening of efforts to diversify away from oil and decrease dependence on oil revenue, which is now inevitable.” Global oil prices tumbled to four-year lows below $83 per barrel this month, threatening — if current levels are sustained for a long period — to push the state budgets of some of the six members of the Gulf Cooperation Council into deficit after several years of big surpluses."
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Mobius Says Blindfolded Investor Can Find Value in Russia Stocks - Bloomberg
Mobius Says Blindfolded Investor Can Find Value in Russia Stocks - Bloomberg:
"Russian stocks are such good value that almost anyone could find some bargains, according to Mark Mobius.
“You could almost be blindfolded and throw a few darts and you’ll hit something that’s cheap,” Mobius, who overseas about $40 billion as chairman of Templeton Emerging Markets Group, said in an interview today. Still, he’s not buying because of sanctions imposed on the nation over the conflict in Ukraine.
Russian equities offer “tremendous value now, but the problem is this inexorable march towards more and more sanctions, particularly from the U.S.,” he said in an interview with Bloomberg TV’s Guy Johnson and Francine Lacqua from Hong Kong. “We talk to our Russian analysts and every day they are coming up with new bargains. But we won’t put money in because of these sanctions.”"
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"Russian stocks are such good value that almost anyone could find some bargains, according to Mark Mobius.
“You could almost be blindfolded and throw a few darts and you’ll hit something that’s cheap,” Mobius, who overseas about $40 billion as chairman of Templeton Emerging Markets Group, said in an interview today. Still, he’s not buying because of sanctions imposed on the nation over the conflict in Ukraine.
Russian equities offer “tremendous value now, but the problem is this inexorable march towards more and more sanctions, particularly from the U.S.,” he said in an interview with Bloomberg TV’s Guy Johnson and Francine Lacqua from Hong Kong. “We talk to our Russian analysts and every day they are coming up with new bargains. But we won’t put money in because of these sanctions.”"
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Sabic Quarterly Net Drops 4.5% as Sales Fall, Missing Estimates - Bloomberg
Sabic Quarterly Net Drops 4.5% as Sales Fall, Missing Estimates - Bloomberg:
"Saudi Basic Industries Corp. (SABIC) posted a 4.5 percent decline in third-quarter profit, missing analysts’ estimates, as the world’s biggest petrochemicals maker suffered from lower sales.
Net income fell to 6.18 billion riyals ($1.65 billion) from 6.47 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement to the Saudi Stock Exchange today. The mean estimate of eight analysts was for a profit of 6.61 billion riyals, according to data compiled by Bloomberg.
“The decrease in net income is attributable to lower quantities sold and other income, despite lower financial charges,” according to the company. It didn’t provide further details."
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"Saudi Basic Industries Corp. (SABIC) posted a 4.5 percent decline in third-quarter profit, missing analysts’ estimates, as the world’s biggest petrochemicals maker suffered from lower sales.
Net income fell to 6.18 billion riyals ($1.65 billion) from 6.47 billion riyals a year earlier, the Riyadh-based company known as Sabic said in a statement to the Saudi Stock Exchange today. The mean estimate of eight analysts was for a profit of 6.61 billion riyals, according to data compiled by Bloomberg.
“The decrease in net income is attributable to lower quantities sold and other income, despite lower financial charges,” according to the company. It didn’t provide further details."
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Dubai Shares Rise After Global Stocks Rally; Abu Dhabi Advances - Bloomberg
Dubai Shares Rise After Global Stocks Rally; Abu Dhabi Advances - Bloomberg:
"Dubai shares climbed to the highest in almost two weeks after better-than-expected government data in the U.S. and the euro area spurred a global equity rally. Abu Dhabi’s index increased.
The Dubai Financial Market General Index (DFMGI) added 1.6 percent to 4,645.00, the highest since Oct. 14 at 11:54 a.m. local time. Arabtec Holding Co., the biggest publicly-traded construction company in the United Arab Emirates, led gains with a 3.1 percent increase, followed by Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai. Abu Dhabi’s ADX General Index climbed 0.4 percent.
Global stocks rallied after companies from Caterpillar Inc. to Yahoo! posted better-than-estimated earnings and government data signaled a strengthening economy. Fewer Americans filed applications for unemployment benefits over the past month than at any time in 14 years. Data in the euro area showed manufacturing unexpectedly revived in October, and a gauge of Chinese factory activity rose, exceeding analysts’ estimates."
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"Dubai shares climbed to the highest in almost two weeks after better-than-expected government data in the U.S. and the euro area spurred a global equity rally. Abu Dhabi’s index increased.
The Dubai Financial Market General Index (DFMGI) added 1.6 percent to 4,645.00, the highest since Oct. 14 at 11:54 a.m. local time. Arabtec Holding Co., the biggest publicly-traded construction company in the United Arab Emirates, led gains with a 3.1 percent increase, followed by Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai. Abu Dhabi’s ADX General Index climbed 0.4 percent.
Global stocks rallied after companies from Caterpillar Inc. to Yahoo! posted better-than-estimated earnings and government data signaled a strengthening economy. Fewer Americans filed applications for unemployment benefits over the past month than at any time in 14 years. Data in the euro area showed manufacturing unexpectedly revived in October, and a gauge of Chinese factory activity rose, exceeding analysts’ estimates."
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