Iran nuclear talks: comprehensive deal ‘to be announced as early as Monday’ | World news | The Guardian:
"A comprehensive deal on the future of Iran’s nuclear programme will be announced as early as Monday after consensus was reached over the weekend on the main outstanding issues, according to western diplomats at the negotiations in Vienna.
The diplomats pointed out that there could still be last-minute surprises sprung by one of the parties to the talks, or squabbling over the language of the final text. Barring such unforeseen obstacles, they said, only technical issues had to be resolved.
After that it would take some hours for the text of the agreement, the English version of which stretches to more than 80 pages including five annexes, to be “scrubbed” or proofread and reviewed by lawyers. Translations would then have to be completed before the final text was sent to the relevant capitals for approval by national leaders."
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Sunday, 12 July 2015
MIDEAST STOCKS-Blue chips push up Saudi market; Egypt continues rebound | Reuters
MIDEAST STOCKS-Blue chips push up Saudi market; Egypt continues rebound | Reuters:
"Buying in beaten-down blue chips lifted Saudi Arabia's stock market early on Sunday, while Egypt's market continued to rise on hopes it had formed at least a short-term bottom after a downtrend lasting several months.
The Saudi index climbed 0.5 percent as petrochemical producer Saudi Basic Industries, which had surged its 10 percent daily limit in response to a rebound of oil prices on Thursday, added a further 1.6 percent to 103.00 riyals. However, it quickly came off its intra-day high of 105.75 riyals, suggesting its rally was already losing steam.
Miner Ma'adem, which had also jumped 10 percent on Thursday, gained a further 3.7 percent."
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"Buying in beaten-down blue chips lifted Saudi Arabia's stock market early on Sunday, while Egypt's market continued to rise on hopes it had formed at least a short-term bottom after a downtrend lasting several months.
The Saudi index climbed 0.5 percent as petrochemical producer Saudi Basic Industries, which had surged its 10 percent daily limit in response to a rebound of oil prices on Thursday, added a further 1.6 percent to 103.00 riyals. However, it quickly came off its intra-day high of 105.75 riyals, suggesting its rally was already losing steam.
Miner Ma'adem, which had also jumped 10 percent on Thursday, gained a further 3.7 percent."
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Abu Dhabi government’s AA rating confirmed by Fitch | The National
Abu Dhabi government’s AA rating confirmed by Fitch | The National:
"Fitch Ratings has once again maintained Abu Dhabi government’s AA investment grade, citing its ability to weather weaker oil prices, robust foreign sovereign assets, small budget deficit and strong GDP growth.
The outlook on the emirate’s long-term foreign and local currency issuer default ratings and senior unsecured foreign and local currency bonds were rated AA and stable.
The last rating from Fitch in February also affirmed Abu Dhabi’s AA grade."
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"Fitch Ratings has once again maintained Abu Dhabi government’s AA investment grade, citing its ability to weather weaker oil prices, robust foreign sovereign assets, small budget deficit and strong GDP growth.
The outlook on the emirate’s long-term foreign and local currency issuer default ratings and senior unsecured foreign and local currency bonds were rated AA and stable.
The last rating from Fitch in February also affirmed Abu Dhabi’s AA grade."
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UAE shares up on hopes of Greek bailout deal | The National
UAE shares up on hopes of Greek bailout deal | The National:
"Stocks in the United Arab Emirates climbed on bets Greece may secure a bailout deal and after equities in China rebounded.
The DFM General Index climbed 0.7 per cent to 4,046.74, on course for the highest close since July 6, late Sunday morning. Dubai Islamic Bank, the nation’s largest Sharia-compliant lender, was the biggest contributor with a 1.5 per cent jump. Abu Dhabi’s benchmark ADX General Index added 0.8 per cent, the most this month.
“We’re seeing some positive momentum in our local markets on optimism of a solution to Greece’s current debt problems and after Chinese stocks bounced back,” Muhammad Shabbir, the head of equities at Rasmala Investment Bank, said. “Anything that impacts growth in Europe, will affect the global economy, which has a direct impact on the regional oil exports.”"
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"Stocks in the United Arab Emirates climbed on bets Greece may secure a bailout deal and after equities in China rebounded.
The DFM General Index climbed 0.7 per cent to 4,046.74, on course for the highest close since July 6, late Sunday morning. Dubai Islamic Bank, the nation’s largest Sharia-compliant lender, was the biggest contributor with a 1.5 per cent jump. Abu Dhabi’s benchmark ADX General Index added 0.8 per cent, the most this month.
“We’re seeing some positive momentum in our local markets on optimism of a solution to Greece’s current debt problems and after Chinese stocks bounced back,” Muhammad Shabbir, the head of equities at Rasmala Investment Bank, said. “Anything that impacts growth in Europe, will affect the global economy, which has a direct impact on the regional oil exports.”"
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Saudi Arabia field report: Another potential oil crisis in the Middle East | Brookings Institution ht @talmaeena
Saudi Arabia field report: Another potential oil crisis in the Middle East | Brookings Institution:
"Saudi Arabia is the biggest oil exporter in the world. However, this status may be threatened as a result of domestic oil consumption. Several recent studies predict that Saudi Arabia will be a net oil importer by 2030 or 2038. Other regional energy exporters such as the United Arab Emirates, Kuwait, and Iran have worked to control their domestic consumption to address the skyrocketing costs, economic distortions, and potential vulnerabilities of high rates of internal energy utilization. The current efforts of Saudi Arabia to curb domestic consumption offer an excellent litmus test for its neighbors, as well as other oil and gas exporting countries.
Saudi Arabia is currently the biggest energy consumer in the Middle East. Energy demand in Saudi Arabia has increased annually by an average of 7.5 percent over the last five years. Economic and population growth explain some of the surge; even with oil prices flat or decreasing, real GDP rose by 3.6 percent in 2014. However, Saudi Arabia has not used energy efficiently. The kingdom’s energy intensity (defined as total energy consumption per unit of GDP, where Saudi Arabia is 4.1 when the UK sets 1 at 2013) is four times that of energy efficient countries, such as Britain and Germany, and their energy consumption per capita is high (see Figures 1 and 2). Saudi Arabia consumes the largest amount of oil in the world for electricity: according to the Saudi Electricity Company, 58 percent of the country’s total electricity supply comes from oil, with associated gas generating nearly 42 percent of the country’s total electricity in 2013. Domestic oil consumption has risen faster than of production and exports since 1991 (see Figures 3 and 4)."
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"Saudi Arabia is the biggest oil exporter in the world. However, this status may be threatened as a result of domestic oil consumption. Several recent studies predict that Saudi Arabia will be a net oil importer by 2030 or 2038. Other regional energy exporters such as the United Arab Emirates, Kuwait, and Iran have worked to control their domestic consumption to address the skyrocketing costs, economic distortions, and potential vulnerabilities of high rates of internal energy utilization. The current efforts of Saudi Arabia to curb domestic consumption offer an excellent litmus test for its neighbors, as well as other oil and gas exporting countries.
Saudi Arabia is currently the biggest energy consumer in the Middle East. Energy demand in Saudi Arabia has increased annually by an average of 7.5 percent over the last five years. Economic and population growth explain some of the surge; even with oil prices flat or decreasing, real GDP rose by 3.6 percent in 2014. However, Saudi Arabia has not used energy efficiently. The kingdom’s energy intensity (defined as total energy consumption per unit of GDP, where Saudi Arabia is 4.1 when the UK sets 1 at 2013) is four times that of energy efficient countries, such as Britain and Germany, and their energy consumption per capita is high (see Figures 1 and 2). Saudi Arabia consumes the largest amount of oil in the world for electricity: according to the Saudi Electricity Company, 58 percent of the country’s total electricity supply comes from oil, with associated gas generating nearly 42 percent of the country’s total electricity in 2013. Domestic oil consumption has risen faster than of production and exports since 1991 (see Figures 3 and 4)."
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