MIDEAST STOCKS-Saudi tests technical support, Egypt mixed | Reuters:
"Saudi Arabia's main stock index tested technical support in early trade on Sunday, depressed by lower oil prices, while Egypt's market moved little.
After about an hour of trade the Saudi index was down 0.6 percent to 9,447 points, fluctuating close to support on its 200-day average, now at 9,441 points.
Any clean break below that support - two straight daily closes - would be technically negative, implying a fresh wave of profit-taking after the index rose in anticipation of the market being opened to direct foreign investment on June 15."
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Sunday 21 June 2015
MIDEAST STOCKS-Gulf stocks mixed within narrow range as trade stays thin | Reuters
MIDEAST STOCKS-Gulf stocks mixed within narrow range as trade stays thin | Reuters:
"Gulf stock markets were trading within a narrow range early on Sunday with activity depressed because of the Muslim holy month of Ramadan.
Dubai's main index edged down 0.5 percent. Amlak , which has swung wildly since it resumed trading this month after a multi-year suspension due to debt restructuring, fell 2.0 percent and was Dubai's most heavily traded stock by a large margin.
Dubai Parks and Resorts slipped 1.6 percent, though it remained up 76 percent from early February levels."
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"Gulf stock markets were trading within a narrow range early on Sunday with activity depressed because of the Muslim holy month of Ramadan.
Dubai's main index edged down 0.5 percent. Amlak , which has swung wildly since it resumed trading this month after a multi-year suspension due to debt restructuring, fell 2.0 percent and was Dubai's most heavily traded stock by a large margin.
Dubai Parks and Resorts slipped 1.6 percent, though it remained up 76 percent from early February levels."
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Controlled growth can help Dubai make the most of airport expansion | The National
Controlled growth can help Dubai make the most of airport expansion | The National:
"In September 2014, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, approved plans to launch a US$32 billion expansion of Al Maktoum International Airport at Dubai World Central, paving the way for what had been announced as the biggest airport project in the world.
It opened for passenger operations in October 2013 and can accommodate 5 million travellers per year. The first phase of the expansion will involve the construction of two satellite buildings which will increase capacity to about 120 million passengers per year.
In the second phase, two new runways and storage hangars will be added. The plan is to complete phase two to coincide with the start of Expo 2020 in Dubai."
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"In September 2014, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, approved plans to launch a US$32 billion expansion of Al Maktoum International Airport at Dubai World Central, paving the way for what had been announced as the biggest airport project in the world.
It opened for passenger operations in October 2013 and can accommodate 5 million travellers per year. The first phase of the expansion will involve the construction of two satellite buildings which will increase capacity to about 120 million passengers per year.
In the second phase, two new runways and storage hangars will be added. The plan is to complete phase two to coincide with the start of Expo 2020 in Dubai."
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Saudi Arabia buys 38 per cent of Korean contractor Posco E&C for $1bn | The National
Saudi Arabia buys 38 per cent of Korean contractor Posco E&C for $1bn | The National:
"The South Korean steel maker Posco has agreed to sell a 38 per cent stake in its engineering and construction division to Saudi Arabia’s Public Investment Fund (PIF) for $1.08 billion.
The Posco chairman Kwon Oh-Joon announced that it would also collaborate with PIF with a view to setting up a Saudi government-run construction firm. The joint venture would target major railroads, hotels and other government-commissioned building programmes in the kingdom.
Saudi Arabia needs more capacity in its contracting market as there are only a handful of companies capable of delivering the country’s mega projects. As a result, several of its flagship infrastructure projects have suffered from long delays."
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"The South Korean steel maker Posco has agreed to sell a 38 per cent stake in its engineering and construction division to Saudi Arabia’s Public Investment Fund (PIF) for $1.08 billion.
The Posco chairman Kwon Oh-Joon announced that it would also collaborate with PIF with a view to setting up a Saudi government-run construction firm. The joint venture would target major railroads, hotels and other government-commissioned building programmes in the kingdom.
Saudi Arabia needs more capacity in its contracting market as there are only a handful of companies capable of delivering the country’s mega projects. As a result, several of its flagship infrastructure projects have suffered from long delays."
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A note on the State of the UAE’s economy by Mohammad Bin Rashid Al Maktoum | GulfNews.com
A note on the State of the UAE’s economy by Mohammad Bin Rashid Al Maktoum | GulfNews.com:
"I wanted in this brief note to highlight the current status of the United Arab Emirates’ economy and to outline the course we are steering in the period to come. It is my aim that this note, released ahead of the annual statistical reports, will increase transparency and accessibility for those interested in our national economy and will also give guidance regarding the most important economic indicators and trends in the UAE.
Before reviewing the most important economic indicators and variables I wish to refer to several key points:
Firstly, the UAE has anticipated many global economic scenarios, and built a range of economic policies in order to be better prepared and equipped to manage a range of variables; it has diversified its economy to reduce its dependence on oil, built more balanced management of global economic forces, and established a clear policy of openness and cooperation in order to align with the interests of other global players."
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"I wanted in this brief note to highlight the current status of the United Arab Emirates’ economy and to outline the course we are steering in the period to come. It is my aim that this note, released ahead of the annual statistical reports, will increase transparency and accessibility for those interested in our national economy and will also give guidance regarding the most important economic indicators and trends in the UAE.
Before reviewing the most important economic indicators and variables I wish to refer to several key points:
Firstly, the UAE has anticipated many global economic scenarios, and built a range of economic policies in order to be better prepared and equipped to manage a range of variables; it has diversified its economy to reduce its dependence on oil, built more balanced management of global economic forces, and established a clear policy of openness and cooperation in order to align with the interests of other global players."
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UAE markets continue to be range bound | GulfNews.com
UAE markets continue to be range bound | GulfNews.com:
"The Dubai Financial Market General Index (DFMGI) ended essentially sideways last week, closing down 8.95 or 0.22 per cent at 4,063.88. There were 17 advancing issues and 18 declining, while volume dropped from the prior week. The activity for the week occurred within a narrow range, the narrowest since February, and the index ended near the low of the week, which was at 4,056.96.
Over the past eight weeks the DFMGI has defined a consolidation range, with resistance at 4,253.28 (April peak), and support at 3,912.85 (May swing low). Until there is a decisive move through one of those price levels, signalling the next direction, the index will be within consolidation. Investors should be prepared for either scenario to unfold as a technical argument can be made for a move in either direction.
To date the correction off the April swing high (to May low) has been 8 per cent, essentially completing a 38.2 per cent Fibonacci retracement of the prior uptrend (close enough), measured from the March low of 3,232.79. The 38.2 per cent retracement completes at 3,863.45. This is a minimal retracement of the prior uptrend that can be expected, reflecting underlying strength. At the same time, there is no confirmation that the pullback is complete until we see a daily close above the April peak of 4,253.28."
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"The Dubai Financial Market General Index (DFMGI) ended essentially sideways last week, closing down 8.95 or 0.22 per cent at 4,063.88. There were 17 advancing issues and 18 declining, while volume dropped from the prior week. The activity for the week occurred within a narrow range, the narrowest since February, and the index ended near the low of the week, which was at 4,056.96.
Over the past eight weeks the DFMGI has defined a consolidation range, with resistance at 4,253.28 (April peak), and support at 3,912.85 (May swing low). Until there is a decisive move through one of those price levels, signalling the next direction, the index will be within consolidation. Investors should be prepared for either scenario to unfold as a technical argument can be made for a move in either direction.
To date the correction off the April swing high (to May low) has been 8 per cent, essentially completing a 38.2 per cent Fibonacci retracement of the prior uptrend (close enough), measured from the March low of 3,232.79. The 38.2 per cent retracement completes at 3,863.45. This is a minimal retracement of the prior uptrend that can be expected, reflecting underlying strength. At the same time, there is no confirmation that the pullback is complete until we see a daily close above the April peak of 4,253.28."
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Blackstone to Buy Mubadala-GE Venture Real Estate Debt Assets - Bloomberg Business
Blackstone to Buy Mubadala-GE Venture Real Estate Debt Assets - Bloomberg Business:
"Blackstone Group LP will acquire commercial real estate debt assets from Mubadala GE Capital Ltd. as Abu Dhabi investor Mubadala Development Co. weighs the future of its joint venture with General Electric Co.
Blackstone, the biggest real estate private equity firm, will pay cash for the debt, which accounts for 8 percent of Mubadala GE Capital’s total assets at the end of May, the joint venture said in an e-mailed statement Friday. It gave no valuation for the assets.
General Electric set up the $8 billion venture with Mubadala in 2008 to profit from commercial investments in the Middle East and Africa. Each company planned to contribute $4 billion in equity over three years to the fund, aiming to reach $40 billion in assets, they said at the time."
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"Blackstone Group LP will acquire commercial real estate debt assets from Mubadala GE Capital Ltd. as Abu Dhabi investor Mubadala Development Co. weighs the future of its joint venture with General Electric Co.
Blackstone, the biggest real estate private equity firm, will pay cash for the debt, which accounts for 8 percent of Mubadala GE Capital’s total assets at the end of May, the joint venture said in an e-mailed statement Friday. It gave no valuation for the assets.
General Electric set up the $8 billion venture with Mubadala in 2008 to profit from commercial investments in the Middle East and Africa. Each company planned to contribute $4 billion in equity over three years to the fund, aiming to reach $40 billion in assets, they said at the time."
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