UPDATE 2-MIDEAST STOCKS-Almarai, Ma'aden lift Saudi; Egypt slips | Reuters:
"Saudi Arabia's stock market rose in early trade on Tuesday, supported by industrial blue chips, while Egypt's bourse slipped as index compiler MSCI prepared to reduce the country's weighting in its emerging markets index.
The main Saudi index edged up 0.5 percent as dairy firm Almarai rose 1.9 percent after its board approved a capital investment plan for 2016-2020 which will reach 21 billion riyals ($5.6 billion).
The firm said it wanted to double consolidated sales in the period and expand its activities in farming, manufacturing, distribution and logistics."
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Tuesday, 26 May 2015
Emirates Global Aluminium to spend $5bn boosting capacity | The National
Emirates Global Aluminium to spend $5bn boosting capacity | The National:
"State-owned Emirates Global Aluminium (EGA) is spending US$5.2 billion to boost capacity at its smelter in Dubai and build an alumina refinery in Abu Dhabi, a company executive said yesterday.
EGA, the world’s fifth-largest aluminium producer, was formed last year with the merger of Abu Dhabi’s Emirates Aluminium (Emal) and Dubai Aluminium (Dubal).
EGA is adding about 40,000 tonnes per annum to the 1 million tonnes per annum smelter at Dubal due for start-up in 2017 and it is building a 2.2 million tonnes per annum alumina refinery in Al Taweelah in Abu Dhabi set for start-up in the first quarter of 2018, said Mohammad Abdulrahman, EGA’s vice president, Emal Phase II and major projects."
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"State-owned Emirates Global Aluminium (EGA) is spending US$5.2 billion to boost capacity at its smelter in Dubai and build an alumina refinery in Abu Dhabi, a company executive said yesterday.
EGA, the world’s fifth-largest aluminium producer, was formed last year with the merger of Abu Dhabi’s Emirates Aluminium (Emal) and Dubai Aluminium (Dubal).
EGA is adding about 40,000 tonnes per annum to the 1 million tonnes per annum smelter at Dubal due for start-up in 2017 and it is building a 2.2 million tonnes per annum alumina refinery in Al Taweelah in Abu Dhabi set for start-up in the first quarter of 2018, said Mohammad Abdulrahman, EGA’s vice president, Emal Phase II and major projects."
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The National Investor annual net profit slumps 70% | GulfNews.com
The National Investor annual net profit slumps 70% | GulfNews.com:
"The National Investor said on Monday its net profits for the year to March 2015 slumped 70 per cent.
Net profit for the year to March 2015 fell to Dh23 million from Dh80.4 million in the year before period, it said in a statement posted on Abu Dhabi Securities Exchange.
Fees and service income, however, rose to Dh123 million in the last fiscal year from around Dh95 million."
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"The National Investor said on Monday its net profits for the year to March 2015 slumped 70 per cent.
Net profit for the year to March 2015 fell to Dh23 million from Dh80.4 million in the year before period, it said in a statement posted on Abu Dhabi Securities Exchange.
Fees and service income, however, rose to Dh123 million in the last fiscal year from around Dh95 million."
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Brent Crude Trades Near $65 on Middle East Violence, OPEC Supply - Bloomberg Business
Brent Crude Trades Near $65 on Middle East Violence, OPEC Supply - Bloomberg Business:
"Oil traded near $65 a barrel as investors weighed flaring Middle East violence against signs that OPEC’s production policy will keep the global market amply supplied.
Futures slid as much as 0.7 percent in London after rising 0.2 percent Monday. Iraq’s prime minister pledged a swift takeover of the city of Ramadi from Islamic State militants, while in Saudi Arabia, King Salman vowed to punish those responsible for a suicide attack on Shiite worshipers. The Organization of Petroleum Exporting Countries will probably maintain its output quota at a June 5 meeting, a Bloomberg survey shows.
Oil’s recovery from a six-year low in January is stalling this month amid speculation a global glut will persist. OPEC, which pumps 40 percent of the world’s crude, is seen sticking with its strategy of favoring market share over supporting prices, while U.S. supply remains near a record."
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"Oil traded near $65 a barrel as investors weighed flaring Middle East violence against signs that OPEC’s production policy will keep the global market amply supplied.
Futures slid as much as 0.7 percent in London after rising 0.2 percent Monday. Iraq’s prime minister pledged a swift takeover of the city of Ramadi from Islamic State militants, while in Saudi Arabia, King Salman vowed to punish those responsible for a suicide attack on Shiite worshipers. The Organization of Petroleum Exporting Countries will probably maintain its output quota at a June 5 meeting, a Bloomberg survey shows.
Oil’s recovery from a six-year low in January is stalling this month amid speculation a global glut will persist. OPEC, which pumps 40 percent of the world’s crude, is seen sticking with its strategy of favoring market share over supporting prices, while U.S. supply remains near a record."
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Iran Increases Its Fuel Prices by 40% in a Bid to Boost Revenue - Bloomberg Business
Iran Increases Its Fuel Prices by 40% in a Bid to Boost Revenue - Bloomberg Business:
"Iran has raised fuel prices by 40 percent and scrapped an eight-year-old rationing program for private motorists as President Hassan Rouhani’s government seeks to shore up public finances.
Gas stations will sell regular fuel for 10,000 rials (36 U.S. cents), a liter, said Naser Sajadi, head of national Iranian Oil Products Distribution Co., according to Iranian state television. Under the plan that’s being discontinued, monthly consumption of up to 60 liters was at 7,000 rials a liter. The change will come into effect on Tuesday, Sajadi said.
Iran, an OPEC member, is scaling back a subsidy program that, along with international sanctions over the country’s nuclear program, has squeezed public finances. The decision to raise fuel prices will bring in about $1.8 billion in revenue in the Iranian year ending March 2016, said Saeed Laylaz, an economist and former adviser to ex-President Mohammad Khatami, downplaying its effect on inflation."
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"Iran has raised fuel prices by 40 percent and scrapped an eight-year-old rationing program for private motorists as President Hassan Rouhani’s government seeks to shore up public finances.
Gas stations will sell regular fuel for 10,000 rials (36 U.S. cents), a liter, said Naser Sajadi, head of national Iranian Oil Products Distribution Co., according to Iranian state television. Under the plan that’s being discontinued, monthly consumption of up to 60 liters was at 7,000 rials a liter. The change will come into effect on Tuesday, Sajadi said.
Iran, an OPEC member, is scaling back a subsidy program that, along with international sanctions over the country’s nuclear program, has squeezed public finances. The decision to raise fuel prices will bring in about $1.8 billion in revenue in the Iranian year ending March 2016, said Saeed Laylaz, an economist and former adviser to ex-President Mohammad Khatami, downplaying its effect on inflation."
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