Fridman threatens legal action against UK - YouTube: ""
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Monday 2 March 2015
MIDEAST STOCKS-Gulf markets sluggish, EFG Hermes leads Egypt rebound | News by Country | Reuters
MIDEAST STOCKS-Gulf markets sluggish, EFG Hermes leads Egypt rebound | News by Country | Reuters:
"Gulf stock markets diverged on Monday on mixed corporate news, while Egypt rebounded on bullish comments by government officials and executives and signs that the planned parliamentary election will go ahead soon despite legal issues.
Saudi Arabia's main index climbed 0.4 percent as property stocks dominated trading and Makkah Construction and Development was the main support, jumping 4.8 percent. The company, which which uses a different fiscal calendar from most listed firms, is expected to post quarterly earnings this month.
Retailer United Electronics surged 7.6 percent. The company has proposed no cash dividend for the fourth quarter but plans to issue bonus shares."
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"Gulf stock markets diverged on Monday on mixed corporate news, while Egypt rebounded on bullish comments by government officials and executives and signs that the planned parliamentary election will go ahead soon despite legal issues.
Saudi Arabia's main index climbed 0.4 percent as property stocks dominated trading and Makkah Construction and Development was the main support, jumping 4.8 percent. The company, which which uses a different fiscal calendar from most listed firms, is expected to post quarterly earnings this month.
Retailer United Electronics surged 7.6 percent. The company has proposed no cash dividend for the fourth quarter but plans to issue bonus shares."
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MIDEAST STOCKS-Background mixed for Gulf, ex-dividends may weigh on Qatar | News by Country | Reuters
MIDEAST STOCKS-Background mixed for Gulf, ex-dividends may weigh on Qatar | News by Country | Reuters:
"Most Gulf stock markets appear to lack the strong catalysts needed to break out of the narrow ranges in which they have traded for the past two weeks, while stocks going ex-dividend on Monday may weigh on Qatar's bourse.
Dubai's index has moved between 3,804 and 3,886 points for the last nine sessions. It fell 1.0 percent to 3,827 points on Sunday after failing to break through the ceiling of that range.
Most major companies listed in the emirate have already reported their fourth-quarter earnings, with the exception of builder Arabtec."
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"Most Gulf stock markets appear to lack the strong catalysts needed to break out of the narrow ranges in which they have traded for the past two weeks, while stocks going ex-dividend on Monday may weigh on Qatar's bourse.
Dubai's index has moved between 3,804 and 3,886 points for the last nine sessions. It fell 1.0 percent to 3,827 points on Sunday after failing to break through the ceiling of that range.
Most major companies listed in the emirate have already reported their fourth-quarter earnings, with the exception of builder Arabtec."
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Central Bank chief says UAE benefiting from strong dollar | The National
Central Bank chief says UAE benefiting from strong dollar | The National:
"The UAE is benefiting from the strong US dollar, and the UAE dirham’s peg to the dollar has been very helpful to the economy, the central bank chief Mubarak Al Mansouri said on Monday.
“The strong dollar helps the UAE. We have benefited a lot from the link to the dollar,” Mr Al Mansouri said at a business conference.
He was speaking after a senior Qatari central bank official, director of research and monetary policy Khalid Alkhater, said last month that Arabian Gulf economies should rethink their monetary policies and the long-term sustainability of their dollar pegs."
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"The UAE is benefiting from the strong US dollar, and the UAE dirham’s peg to the dollar has been very helpful to the economy, the central bank chief Mubarak Al Mansouri said on Monday.
“The strong dollar helps the UAE. We have benefited a lot from the link to the dollar,” Mr Al Mansouri said at a business conference.
He was speaking after a senior Qatari central bank official, director of research and monetary policy Khalid Alkhater, said last month that Arabian Gulf economies should rethink their monetary policies and the long-term sustainability of their dollar pegs."
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Gulf Capital shelves IPO plans to focus on acquisitions | The National
Gulf Capital shelves IPO plans to focus on acquisitions | The National:
"Gulf Capital has postponed plans to go public because of the “soft” equity markets but will plough ahead with as many as six acquisitions this year, the company’s chief executive said.
The Abu Dhabi-based private equity firm has raised Dh850 million of debt to help fund growth. It announced last month its tapping of the syndicated revolving facility arranged by two banks, Abu Dhabi Commercial Bank and FGB.
“We realised with liquidity being plenty, and banks lending at very attractive rates, it was much more optimal for us to fund ourselves using debt rather than the equity market,” said Karim El Solh on the sidelines of a conference in Abu Dhabi."
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"Gulf Capital has postponed plans to go public because of the “soft” equity markets but will plough ahead with as many as six acquisitions this year, the company’s chief executive said.
The Abu Dhabi-based private equity firm has raised Dh850 million of debt to help fund growth. It announced last month its tapping of the syndicated revolving facility arranged by two banks, Abu Dhabi Commercial Bank and FGB.
“We realised with liquidity being plenty, and banks lending at very attractive rates, it was much more optimal for us to fund ourselves using debt rather than the equity market,” said Karim El Solh on the sidelines of a conference in Abu Dhabi."
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Oil falls on supply concerns; pickup in China manufacturing helps | GulfNews.com
Oil falls on supply concerns; pickup in China manufacturing helps | GulfNews.com:
"Oil stayed in the red on Monday on supply concerns despite partly recovering from earlier losses after a private business survey showed an improvement in China's manufacturing sector in February.
Brent and US crude futures fell about 1 percent early on Monday, after their first monthly rise since June, as surplus oil supply outweighed Beijing's efforts to support the world's second-largest economy.
"The key drivers over the next few months are going to come from supply dynamics more than demand dynamics," said Ric Spooner, chief analyst at CMC Markets in Sydney."
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"Oil stayed in the red on Monday on supply concerns despite partly recovering from earlier losses after a private business survey showed an improvement in China's manufacturing sector in February.
Brent and US crude futures fell about 1 percent early on Monday, after their first monthly rise since June, as surplus oil supply outweighed Beijing's efforts to support the world's second-largest economy.
"The key drivers over the next few months are going to come from supply dynamics more than demand dynamics," said Ric Spooner, chief analyst at CMC Markets in Sydney."
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Saudi Travel Tycoon Becomes Billionaire With Pilgrimage Packages - Bloomberg Business
Saudi Travel Tycoon Becomes Billionaire With Pilgrimage Packages - Bloomberg Business:
"Mohammed Al Madani, chancellor at Saudi Arabia’s ministry of foreign affairs, is a frequent flier, logging at least 10 international trips a year on diplomatic missions to London, Lisbon, Manila and elsewhere. Before packing his bags, he usually checks in with the Al Tayyar travel agency in Riyadh.
Al Madani is one of 3 million Saudi and non-Saudi government workers and their families who move in and out of the country every year, according to the Saudi Central Department of Statistics & Information. Publicly traded Al Tayyar Travel Group Holding Co. has captured almost half of the domestic market for the VIP travelers, and is Saudi Arabia’s largest air travel business.
“They’re always my first choice when coming to London,” Al Madani’s 21-year-old son, Fahad, an information technology student at Middlesex University, said in an e-mail."
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"Mohammed Al Madani, chancellor at Saudi Arabia’s ministry of foreign affairs, is a frequent flier, logging at least 10 international trips a year on diplomatic missions to London, Lisbon, Manila and elsewhere. Before packing his bags, he usually checks in with the Al Tayyar travel agency in Riyadh.
Al Madani is one of 3 million Saudi and non-Saudi government workers and their families who move in and out of the country every year, according to the Saudi Central Department of Statistics & Information. Publicly traded Al Tayyar Travel Group Holding Co. has captured almost half of the domestic market for the VIP travelers, and is Saudi Arabia’s largest air travel business.
“They’re always my first choice when coming to London,” Al Madani’s 21-year-old son, Fahad, an information technology student at Middlesex University, said in an e-mail."
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