MIDEAST STOCKS-Qatar, UAE rise, Egypt falls on MSCI index review | Reuters:
"Index compiler MSCI's semi-annual review lifted stock markets in the United Arab Emirates and Qatar on Wednesday, but had little impact on Saudi Arabia and was negative for Egypt.
MSCI published a standalone index for Saudi Arabia late on Tuesday which includes 19 stocks and is largely the same as the provisional Saudi index it compiled last year. One addition is Al Tayyar Travel Group, which rose 0.8 percent on Wednesday.
The index was released just before the Saudi market opens to direct foreign investment on June 15. Since Saudi Arabia will not be part of the emerging market universe for at least two years, however, significant inflows of passive foreign funds are not expected for now."
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Wednesday 13 May 2015
UPDATE 1-MIDEAST STOCKS-MSCI upgrades lift Qatar, Abu Dhabi; Arabtec drags down Dubai | News by Country | Reuters
UPDATE 1-MIDEAST STOCKS-MSCI upgrades lift Qatar, Abu Dhabi; Arabtec drags down Dubai | News by Country | Reuters:
"Stock markets in Qatar and Abu Dhabi rose in early trade on Wednesday after index compiler MSCI upgraded several local stocks, while builder Arabtec dragged down Dubai's bourse after posting a surprise first-quarter loss.
Qatar's benchmark rose 1.1 percent as Ezdan Holding and Qatar Insurance surged 7.0 and 6.9 percent respectively. MSCI added both stocks to its emerging markets index for the first time in a semi-annual review late on Tuesday.
Doha Bank edged up 0.5 percent after its weighting in the same benchmark was increased."
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"Stock markets in Qatar and Abu Dhabi rose in early trade on Wednesday after index compiler MSCI upgraded several local stocks, while builder Arabtec dragged down Dubai's bourse after posting a surprise first-quarter loss.
Qatar's benchmark rose 1.1 percent as Ezdan Holding and Qatar Insurance surged 7.0 and 6.9 percent respectively. MSCI added both stocks to its emerging markets index for the first time in a semi-annual review late on Tuesday.
Doha Bank edged up 0.5 percent after its weighting in the same benchmark was increased."
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Gulf Arabs fear Iran with cash as much as Iran with the bomb - FT.com
Gulf Arabs fear Iran with cash as much as Iran with the bomb - FT.com:
"When President Barack Obama set out to strike a deal with Iran to constrain its nuclear ambitions, he anticipated that success would lead to a new equilibrium in a Middle East in turmoil from which the US sought to pull back: a self-regulating balance of power between the rival hegemons of the Gulf, Saudi Arabia and Iran.
One reason this is going to be difficult for him to sell to Gulf Arab leaders at this week’s meeting at Camp David is that Saudi Arabia and its Sunni allies feel this balance has already tilted alarmingly towards Shia Iran. Some of their officials can be heard fulminating about Tehran’s ambition to recreate a Persian empire in Arab lands. They fear that if the framework nuclear deal agreed in Lausanne in April is formally concluded next month, an Iran freed of international sanctions on its economy could lock in its Arab gains and become unstoppable.
The Saudi-led Sunni coalition bombing the Houthis in Yemen – a heterodox Zaydi Shia movement Riyadh insists is powered by Iran – has dramatised this concern, which is centred on the Islamic republic’s influence in Iraq, Syria and Lebanon."
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"When President Barack Obama set out to strike a deal with Iran to constrain its nuclear ambitions, he anticipated that success would lead to a new equilibrium in a Middle East in turmoil from which the US sought to pull back: a self-regulating balance of power between the rival hegemons of the Gulf, Saudi Arabia and Iran.
One reason this is going to be difficult for him to sell to Gulf Arab leaders at this week’s meeting at Camp David is that Saudi Arabia and its Sunni allies feel this balance has already tilted alarmingly towards Shia Iran. Some of their officials can be heard fulminating about Tehran’s ambition to recreate a Persian empire in Arab lands. They fear that if the framework nuclear deal agreed in Lausanne in April is formally concluded next month, an Iran freed of international sanctions on its economy could lock in its Arab gains and become unstoppable.
The Saudi-led Sunni coalition bombing the Houthis in Yemen – a heterodox Zaydi Shia movement Riyadh insists is powered by Iran – has dramatised this concern, which is centred on the Islamic republic’s influence in Iraq, Syria and Lebanon."
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Dubai builder Arabtec swings to first quarter loss, misses forecasts | The National
Dubai builder Arabtec swings to first quarter loss, misses forecasts | The National:
"Dubai’s largest construction firm Arabtec swung to a first-quarter net loss on Wednesday, missing analysts’ estimates.
The builder reported a loss attributable to equity holders in the parent of Dh279.82 million in the three months to March 31, compared to a Dh137.89m profit in the corresponding period of 2014, it said in a statement to Dubai’s bourse.
Global Investment House had forecast Arabtec would make a quarterly profit of Dh95m, while SICO Bahrain had estimated a profit of Dh20.2m."
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"Dubai’s largest construction firm Arabtec swung to a first-quarter net loss on Wednesday, missing analysts’ estimates.
The builder reported a loss attributable to equity holders in the parent of Dh279.82 million in the three months to March 31, compared to a Dh137.89m profit in the corresponding period of 2014, it said in a statement to Dubai’s bourse.
Global Investment House had forecast Arabtec would make a quarterly profit of Dh95m, while SICO Bahrain had estimated a profit of Dh20.2m."
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Abu Dhabi’s Taqa reports Q1 profit fall on low oil prices | The National
Abu Dhabi’s Taqa reports Q1 profit fall on low oil prices | The National:
"Abu Dhabi National Energy Company, otherwise known as Taqa, the state-owned oil explorer and power supplier, said on Wednesday that first-quarter net profit dropped 6.6 per cent from a year earlier to Dh256 million because of low oil prices.
Total revenues tumbled 29 per cent to Dh5.13 billion because of the plunge of oil prices since last June.
The company received a Dh553m tax credit during the quarter from a one-off tax rate change for its operations in Britain’s North Sea, which prevented it from posting a loss for the quarter."
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"Abu Dhabi National Energy Company, otherwise known as Taqa, the state-owned oil explorer and power supplier, said on Wednesday that first-quarter net profit dropped 6.6 per cent from a year earlier to Dh256 million because of low oil prices.
Total revenues tumbled 29 per cent to Dh5.13 billion because of the plunge of oil prices since last June.
The company received a Dh553m tax credit during the quarter from a one-off tax rate change for its operations in Britain’s North Sea, which prevented it from posting a loss for the quarter."
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Tim Clark interview: Emirates president refocuses on war of words with US airlines | The National
Tim Clark interview: Emirates president refocuses on war of words with US airlines | The National:
"Tim Clark, the president of Emirates Airline, is refocusing on the war of words between some in the US aviation industry, including American, United and Delta airlines, and Arabian Gulf carriers over open Skies agreements.
It has been an increasingly bitter dispute, with the Americans claiming that Emirates, Etihad Airways and Qatar Airways have received $44 billion in subsidies from their governments, and seeking US government action against them.
In a lengthy and candid interview with The National, Mr Clark spoke forcefully about the Open Skies row, where it leaves Emirates’ growth plans, and what he thinks of other aviation executives."
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"Tim Clark, the president of Emirates Airline, is refocusing on the war of words between some in the US aviation industry, including American, United and Delta airlines, and Arabian Gulf carriers over open Skies agreements.
It has been an increasingly bitter dispute, with the Americans claiming that Emirates, Etihad Airways and Qatar Airways have received $44 billion in subsidies from their governments, and seeking US government action against them.
In a lengthy and candid interview with The National, Mr Clark spoke forcefully about the Open Skies row, where it leaves Emirates’ growth plans, and what he thinks of other aviation executives."
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Opec unlikely to slash production as prices go up and rigs reduce | GulfNews.com
Opec unlikely to slash production as prices go up and rigs reduce | GulfNews.com:
"The Organisation of the Petroleum Exporting Countries (Opec) is likely to stick to its position of not cutting oil production in the upcoming meet in Vienna in June as oil prices continue to move upward.
From less than $50 per barrel in January, oil prices have climbed up to $65 this week.
Analysts who spoke to Gulf News at Abu Dhabi International Downstream conference said they don’t see any change in the production targets of the oil cartel."
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"The Organisation of the Petroleum Exporting Countries (Opec) is likely to stick to its position of not cutting oil production in the upcoming meet in Vienna in June as oil prices continue to move upward.
From less than $50 per barrel in January, oil prices have climbed up to $65 this week.
Analysts who spoke to Gulf News at Abu Dhabi International Downstream conference said they don’t see any change in the production targets of the oil cartel."
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