MIDEAST STOCKS-Saudi rebounds slightly, Egypt stays weak | Reuters:
"Saudi Arabia's stock market rebounded slightly in early trade on Tuesday after having fallen for the past six trading days on disappointment at the slow pace of foreign fund inflows into the market.
The Saudi index rose 0.4 percent to 9,308 points. It had dropped on Sunday below its 200-day average, now at 9,415 points - a bearish technical signal. The average now acts as immediate resistance.
The market opened to direct foreign investment on June 15 but inflows since then have been minimal and the latest exchange data showed there was no change to this pattern on Monday."
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Tuesday, 23 June 2015
UAE telecoms operator Etisalat to allow foreign share ownership | GulfNews.com
UAE telecoms operator Etisalat to allow foreign share ownership | GulfNews.com:
"Etisalat, the UAE’ former telecoms monopoly, is lifting a ban on foreign ownership of its shares, with a new cap set at 20 per cent of its stock, the company said on Monday.
The telecoms operator did not state in its bourse filing when the new limits would take effect.
Etisalat added that Emirates Investment Authority, a UAE government fund that owns 60 per cent of the business, had no intention of reducing its etisalat stake for the time being."
'via Blog this'
"Etisalat, the UAE’ former telecoms monopoly, is lifting a ban on foreign ownership of its shares, with a new cap set at 20 per cent of its stock, the company said on Monday.
The telecoms operator did not state in its bourse filing when the new limits would take effect.
Etisalat added that Emirates Investment Authority, a UAE government fund that owns 60 per cent of the business, had no intention of reducing its etisalat stake for the time being."
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Dubai’s property market will not dip to 2009 levels: S & P | GulfNews.com
Dubai’s property market will not dip to 2009 levels: S & P | GulfNews.com:
"The current decline in Dubai’s property values could extend to an up to 20 per cent drop from their 2014 peaks, but still far removed from the rock-bottom it touched during the 2009-11 crisis years. In 2009-11, values were off by more than 50 per cent of their mid-2008 peak.
Two macro factors would be at work to counter a sharper correction, S & P reckons. “Dubai’s economy, especially, is more diversified and less reliant on oil,’ it states.
“Non-oil companies are contributing to a large share of GDP and employment, and their expansion may partly offset weaker demand from oil-related companies."
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"The current decline in Dubai’s property values could extend to an up to 20 per cent drop from their 2014 peaks, but still far removed from the rock-bottom it touched during the 2009-11 crisis years. In 2009-11, values were off by more than 50 per cent of their mid-2008 peak.
Two macro factors would be at work to counter a sharper correction, S & P reckons. “Dubai’s economy, especially, is more diversified and less reliant on oil,’ it states.
“Non-oil companies are contributing to a large share of GDP and employment, and their expansion may partly offset weaker demand from oil-related companies."
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