UPDATE 2-MIDEAST STOCKS-Saudi Arabia edges down after credit outlook cut; Egypt resumes rally | Reuters:
"Saudi Arabia's stock market edged down in early trade on Tuesday after oil prices slipped and Standard and Poor's revised to negative its outlook on the kingdom's credit rating.
Brent crude dropped 1.2 percent to $57.63 per barrel by 0835 GMT as the International Energy Agency said the United States would remain the world's top source of oil supply growth until 2020, defying expectations of a more dramatic slowdown in shale output growth.
Also, China's consumer inflation, which came in at a five-year low for January, raised worries about oil demand in the world's second-largest economy, which is also a major consumer of petrochemicals produced in the Gulf."
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Tuesday, 10 February 2015
Dubai Holding has no plans to float firm or its units -CEO | Reuters
Dubai Holding has no plans to float firm or its units -CEO | Reuters:
"Dubai Holding, the investment vehicle of the emirate' s ruler, has no plans to list itself or any of its subsidiaries on the stock market, its chief executive said on Tuesday.
Dubai Financial Market, the emirate's main bourse, attracted a flurry of flotations late last year, most notably the 5.8 billion dirham ($1.58 billion) listing of Emaar Malls Group, as the initial public offer industry returned to life following a five-year hiatus.
But Dubai Holding and its subsidiaries, which include hotel group Jumeirah and real state developer Dubai Properties, have no plans at present to join them."
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"Dubai Holding, the investment vehicle of the emirate' s ruler, has no plans to list itself or any of its subsidiaries on the stock market, its chief executive said on Tuesday.
Dubai Financial Market, the emirate's main bourse, attracted a flurry of flotations late last year, most notably the 5.8 billion dirham ($1.58 billion) listing of Emaar Malls Group, as the initial public offer industry returned to life following a five-year hiatus.
But Dubai Holding and its subsidiaries, which include hotel group Jumeirah and real state developer Dubai Properties, have no plans at present to join them."
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S&P lowers outlook on Saudi Arabia due to plunge in oil prices | Reuters
S&P lowers outlook on Saudi Arabia due to plunge in oil prices | Reuters:
"Standard & Poor's lowered its outlook on Saudi Arabia to "negative" from "stable" as a result of the steep decline in oil prices.
The oil-rich country's fiscal position could weaken as a result of its dependence on oil, the ratings agency said.
"We view Saudi Arabia's economy as undiversified and vulnerable to a steep and sustained decline in oil prices," Standard & Poor's said in a statement on Monday."
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"Standard & Poor's lowered its outlook on Saudi Arabia to "negative" from "stable" as a result of the steep decline in oil prices.
The oil-rich country's fiscal position could weaken as a result of its dependence on oil, the ratings agency said.
"We view Saudi Arabia's economy as undiversified and vulnerable to a steep and sustained decline in oil prices," Standard & Poor's said in a statement on Monday."
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Electricity shortfall drains Rouhani’s growth drive - FT.com
Electricity shortfall drains Rouhani’s growth drive - FT.com:
"Plunging oil prices have already undermined Iran’s fledgling economic recovery. But another energy issue is also holding back President Hassan Rouhani’s attempts to revive the country’s underperforming industrial base: a lack of power-generating capacity.
“It is absolutely wrong to think we can achieve economic growth without having sufficient electricity production,” Hamid Chitchian, Iran’s energy minister, warned recently. “The electricity sector has consistently been weakened over the past five years and investment has dramatically decreased.”
Decades of heavy government subsidies have left Iran with high levels of energy consumption — per capita consumption of electricity is about 2,160 kilowatt hours compared with 1,300 kWh for neighbouring Iraq."
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"Plunging oil prices have already undermined Iran’s fledgling economic recovery. But another energy issue is also holding back President Hassan Rouhani’s attempts to revive the country’s underperforming industrial base: a lack of power-generating capacity.
“It is absolutely wrong to think we can achieve economic growth without having sufficient electricity production,” Hamid Chitchian, Iran’s energy minister, warned recently. “The electricity sector has consistently been weakened over the past five years and investment has dramatically decreased.”
Decades of heavy government subsidies have left Iran with high levels of energy consumption — per capita consumption of electricity is about 2,160 kilowatt hours compared with 1,300 kWh for neighbouring Iraq."
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UAE stocks edge lower as Saudi outlook cut weighs | GulfNews.com
UAE stocks edge lower as Saudi outlook cut weighs | GulfNews.com:
"UAE stocks edged lower on Tuesday afternoon after reports of an outlook cut by Standard and Poor’s for Saudi Arabia. The Dubai Financial Market General Index was down 0.73 per cent to be at 3,912.65 at 12.48pm. Damac Properties extended losses by falling more than 9 per cent in trade to be at Dh2.52. The Abu Dhabi Securities Exchange General Index was 0.02 per cent lower at 4,646.02."
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"UAE stocks edged lower on Tuesday afternoon after reports of an outlook cut by Standard and Poor’s for Saudi Arabia. The Dubai Financial Market General Index was down 0.73 per cent to be at 3,912.65 at 12.48pm. Damac Properties extended losses by falling more than 9 per cent in trade to be at Dh2.52. The Abu Dhabi Securities Exchange General Index was 0.02 per cent lower at 4,646.02."
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Marka reports loss of Dh13m, but expects return to profit this year | The National
Marka reports loss of Dh13m, but expects return to profit this year | The National:
"The retail group Marka has reported a loss of Dh13.6 million for the fourth quarter of last year, ahead of the start of operations this year.
The company expects to return to profit by the end of this year via a series of start-ups and acquisitions, its chief executive Nick Peel said last month.
Marka acquired Dubai World’s retail unit Retailcorp UAE in late December from Istithmar for Dh220m. The purchase of the company, which was not reflected in the quarterly results, gives Marka ownership of 15 sports shops in malls across the UAE, with rights to sell brands that include Nike, Reebok and adidas."
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"The retail group Marka has reported a loss of Dh13.6 million for the fourth quarter of last year, ahead of the start of operations this year.
The company expects to return to profit by the end of this year via a series of start-ups and acquisitions, its chief executive Nick Peel said last month.
Marka acquired Dubai World’s retail unit Retailcorp UAE in late December from Istithmar for Dh220m. The purchase of the company, which was not reflected in the quarterly results, gives Marka ownership of 15 sports shops in malls across the UAE, with rights to sell brands that include Nike, Reebok and adidas."
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Mergers and acquisitions in the region forecast to shrug off oil slump | The National
Mergers and acquisitions in the region forecast to shrug off oil slump | The National:
"Mergers and acquisitions (M&A) in the Middle East and North Africa will continue at a healthy rate this year despite the drop in oil price and weaker growth forecast in the region’s oil exporters, the advisory services firm EY said yesterday.
“The growth of Mena M&A is expected to continue in 2015 at a normalised year on year growth rate of up to 10 per cent,” said Phil Gandier, the Mena head of transaction advisory services at EY.
“The majority of Mena M&A transactions tend to occur in consumption-led sectors such as food and beverage, retail, health care and education, which have little correlation to economic activity and changes in oil price, so the positive trend is expected to continue.”"
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"Mergers and acquisitions (M&A) in the Middle East and North Africa will continue at a healthy rate this year despite the drop in oil price and weaker growth forecast in the region’s oil exporters, the advisory services firm EY said yesterday.
“The growth of Mena M&A is expected to continue in 2015 at a normalised year on year growth rate of up to 10 per cent,” said Phil Gandier, the Mena head of transaction advisory services at EY.
“The majority of Mena M&A transactions tend to occur in consumption-led sectors such as food and beverage, retail, health care and education, which have little correlation to economic activity and changes in oil price, so the positive trend is expected to continue.”"
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Standard & Poor’s affirms Abu Dhabi credit ratings despite oil plunge | The National
Standard & Poor’s affirms Abu Dhabi credit ratings despite oil plunge | The National:
"The ratings agency Standard & Poor’s on Monday night affirmed Abu Dhabi’s credit rating, which signals a vote of confidence in the emirate despite the recent fall in oil prices.
“We consider Abu Dhabi’s fiscal and external buffers to be sufficiently strong for the emirate to withstand the lower oil-price trajectory at the current rating level,” the New York-based agency said.
At the same time as it affirmed Abu Dhabi’s rating, S&P lowered its outlook for Saudi Arabia and reduced its rating for Bahrain. It held the ratings and outlook for Qatar stable."
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"The ratings agency Standard & Poor’s on Monday night affirmed Abu Dhabi’s credit rating, which signals a vote of confidence in the emirate despite the recent fall in oil prices.
“We consider Abu Dhabi’s fiscal and external buffers to be sufficiently strong for the emirate to withstand the lower oil-price trajectory at the current rating level,” the New York-based agency said.
At the same time as it affirmed Abu Dhabi’s rating, S&P lowered its outlook for Saudi Arabia and reduced its rating for Bahrain. It held the ratings and outlook for Qatar stable."
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