MIDEAST STOCKS-Oil rally lifts Gulf markets, Arabtec soars | Reuters:
"Gulf stock markets rose on Wednesday after oil prices extended gains and index compiler MSCI delayed the inclusion of Chinese domestic shares in its emerging markets index, maintaining the weighting of Qatari, UAE and Egyptian stocks.
Dubai's index rose 1.4 percent and Amlak Finance surged the daily 15 percent limit for the sixth day in a row. The stock started trading again last week after a six-year suspension during which it restructured debt.
Another favourite with retail investors, builder Arabtec rose 12.3 percent and was the most traded UAE stock. After repeated delays, Egypt said in May it was about to finalise a deal with Arabtec on a $36.7 billion housing project."
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Wednesday 10 June 2015
MSCI Assessing Saudi Arabia’s Market Opening to Foreign Investors - WSJ
MSCI Assessing Saudi Arabia’s Market Opening to Foreign Investors - WSJ:
"Saudi Arabia’s plan to give foreigners direct access to its $580 billion stock market will help expand opportunities for global institutional investors but MSCI Inc. will only consider adding it to its emerging markets basket after gauging the effectiveness of the opening, the index compiler said.
In a much awaited move, the Middle East’s biggest economy—and one of the last major markets globally to restrict foreign investments—will allow international investors from June 15 to invest directly in some of the fastest-growing companies in the region.
MSCI welcomed the opening of the Saudi market. It will, however, consider a proposal to include Saudi Arabia in the emerging markets index only after assessing the “accessibility” and based on “feedback from international investors,” the indexer said in its annual market classification review late Tuesday."
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"Saudi Arabia’s plan to give foreigners direct access to its $580 billion stock market will help expand opportunities for global institutional investors but MSCI Inc. will only consider adding it to its emerging markets basket after gauging the effectiveness of the opening, the index compiler said.
In a much awaited move, the Middle East’s biggest economy—and one of the last major markets globally to restrict foreign investments—will allow international investors from June 15 to invest directly in some of the fastest-growing companies in the region.
MSCI welcomed the opening of the Saudi market. It will, however, consider a proposal to include Saudi Arabia in the emerging markets index only after assessing the “accessibility” and based on “feedback from international investors,” the indexer said in its annual market classification review late Tuesday."
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Emirates Riding Growth Surge Sees Airline Able to Double in Size - Bloomberg Business
Emirates Riding Growth Surge Sees Airline Able to Double in Size - Bloomberg Business:
"Emirates, already channeling a significant proportion of long-haul airline passengers via Dubai, could “easily” double in size with enough airport capacity to support such an expansion, President Tim Clark said.
The No. 1 carrier by international traffic sees its fleet of about 230 planes increasing to between 280 and 300 by 2025 and up to 600 in later years, Clark said at the International Air Transport Association’s annual meeting in Miami Tuesday.
Major growth is tied to the new Al Maktoum Airport at the Dubai World Central complex, where capacity is due to reach 120 million passengers by the middle of next decade. Further work may take that to 240 million, providing the infrastructure for Emirates to capture an even bigger slice of flights between the Americas and Europe and Asia, Africa and the Middle East."
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"Emirates, already channeling a significant proportion of long-haul airline passengers via Dubai, could “easily” double in size with enough airport capacity to support such an expansion, President Tim Clark said.
The No. 1 carrier by international traffic sees its fleet of about 230 planes increasing to between 280 and 300 by 2025 and up to 600 in later years, Clark said at the International Air Transport Association’s annual meeting in Miami Tuesday.
Major growth is tied to the new Al Maktoum Airport at the Dubai World Central complex, where capacity is due to reach 120 million passengers by the middle of next decade. Further work may take that to 240 million, providing the infrastructure for Emirates to capture an even bigger slice of flights between the Americas and Europe and Asia, Africa and the Middle East."
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