MIDEAST STOCKS-Markets remain under pressure after oil's sharp drop | Reuters:
"Middle East stock markets fell on
Wednesday after oil prices plunged again, although steadier
global equities and some positive corporate news softened the
blow.
Oil futures, which have been the main influence on equities
in the oil-exporting Gulf during the last few weeks of market
turmoil, tumbled 8 percent on Tuesday, erasing all gains made on
the previous day.
But global stock markets were in better shape, with Asian
bourses edging down only modestly on Wednesday while European
bourses rose and Wall Street was expected to open higher."
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Wednesday, 2 September 2015
MIDEAST STOCKS-Saudi sinks after oil's plunge, Egypt also soft | Reuters
MIDEAST STOCKS-Saudi sinks after oil's plunge, Egypt also soft | Reuters:
"Saudi Arabia's stock market dropped sharply in early trade on Wednesday after oil prices plunged again, while Egypt's bourse was also weak, tracking global emerging markets.
The main Saudi equity index fell 2.7 percent and all sectors were negative. Al Rajhi Bank, down 4.2 percent, was the main drag and another large lender, National Commercial Bank fell 1.9 percent.
Rating agency Fitch on Monday revised its outlook on both banks' ratings to negative from stable, following a similar revision for the sovereign's outlook last month, which was due to low oil prices."
'via Blog this'
"Saudi Arabia's stock market dropped sharply in early trade on Wednesday after oil prices plunged again, while Egypt's bourse was also weak, tracking global emerging markets.
The main Saudi equity index fell 2.7 percent and all sectors were negative. Al Rajhi Bank, down 4.2 percent, was the main drag and another large lender, National Commercial Bank fell 1.9 percent.
Rating agency Fitch on Monday revised its outlook on both banks' ratings to negative from stable, following a similar revision for the sovereign's outlook last month, which was due to low oil prices."
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MIDEAST STOCKS-Gulf markets dip after oil retreats | Reuters
MIDEAST STOCKS-Gulf markets dip after oil retreats | Reuters:
"Most Gulf equity markets edged down in early trade on Wednesday after oil prices tumbled again, but stocks' losses were limited because global shares appeared to be steadying.
Oil futures plunged 8 percent on Tuesday, erasing all gains made on the previous day, after a stronger-than-expected build in U.S. crude oil inventories and weak U.S. manufacturing data. Oil has extended losses by more than 2 percent in Asian trade on Wednesday, with Brent back down at $48.41 a barrel.
But global equities, which had dropped on Tuesday because of poor manufacturing data from China, were in a better shape. Asian markets edged down at a much slower pace on Wednesday, while European bourses and Wall Street were expected to open higher."
'via Blog this'
"Most Gulf equity markets edged down in early trade on Wednesday after oil prices tumbled again, but stocks' losses were limited because global shares appeared to be steadying.
Oil futures plunged 8 percent on Tuesday, erasing all gains made on the previous day, after a stronger-than-expected build in U.S. crude oil inventories and weak U.S. manufacturing data. Oil has extended losses by more than 2 percent in Asian trade on Wednesday, with Brent back down at $48.41 a barrel.
But global equities, which had dropped on Tuesday because of poor manufacturing data from China, were in a better shape. Asian markets edged down at a much slower pace on Wednesday, while European bourses and Wall Street were expected to open higher."
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Dubai property market lowest performer in the world in Q2 | The National
Dubai property market lowest performer in the world in Q2 | The National:
"House prices in Dubai were some of the fastest falling in the world in the second quarter of 2015, performing worse than those of the hard hit economies of Greece, China, Cyprus and Ukraine, new research has shown.
According to Knight Frank’s Global House Prices Index, mainstream residential prices fell by 12.2 per cent in the year to June and by 2.8 per cent quarter-on-quarter as volumes continued to slide.
Knight Frank ranked the city’s house price performance bottom of a list of 56 global cities for the period."
'via Blog this'
"House prices in Dubai were some of the fastest falling in the world in the second quarter of 2015, performing worse than those of the hard hit economies of Greece, China, Cyprus and Ukraine, new research has shown.
According to Knight Frank’s Global House Prices Index, mainstream residential prices fell by 12.2 per cent in the year to June and by 2.8 per cent quarter-on-quarter as volumes continued to slide.
Knight Frank ranked the city’s house price performance bottom of a list of 56 global cities for the period."
'via Blog this'
Dubai International Capital completes sale of Almatis to OYAK | GulfNews.com
Dubai International Capital completes sale of Almatis to OYAK | GulfNews.com:
"Dubai International Capital (DIC), the private equity arm of Dubai Holding, on Tuesday said it has completed the sale of Almatis (the Group), the world’s leading supplier of premium alumina for the refractory, ceramic and polishing industries to OYAK, Turkey’s largest private pension fund. The completion of this sale follows receipt of all relevant regulatory approvals.
Taco Gerbranda, Chief Executive Officer of Almatis, said: “We are grateful to DIC for their support and the strong partnership that we formed during their ownership period. This partnership was critical in allowing us to undertake very ambitious strategic steps that ensured the longer term stability of our company by extending our global presence, increasing capacity and becoming vertically integrated, with the single objective to better serve our customers.
“Today marks the start of a new chapter for Almatis, with an owner who has expertise in our sector. This transaction positions Almatis very well to support the growth of our customers, grow with them and at the same time strengthen our leadership in the premium alumina industry. With its strong understanding of Almatis’ customer needs, the market opportunities and challenges, OYAK is well placed to foster Almatis’ continuous development, pursuing its long-term strategy.” David Smoot, Chief Executive Officer of Dubai International Capital, commented: “We are extremely pleased with the outcome of the sale of Almatis. During our ownership, our close collaboration with the management team and investment in the business allowed the Group to achieve significant growth and improvements in its operations. The Group has an extremely attractive growth potential and OYAK is the right partner to support it in the next phase of its development.”"
'via Blog this'
"Dubai International Capital (DIC), the private equity arm of Dubai Holding, on Tuesday said it has completed the sale of Almatis (the Group), the world’s leading supplier of premium alumina for the refractory, ceramic and polishing industries to OYAK, Turkey’s largest private pension fund. The completion of this sale follows receipt of all relevant regulatory approvals.
Taco Gerbranda, Chief Executive Officer of Almatis, said: “We are grateful to DIC for their support and the strong partnership that we formed during their ownership period. This partnership was critical in allowing us to undertake very ambitious strategic steps that ensured the longer term stability of our company by extending our global presence, increasing capacity and becoming vertically integrated, with the single objective to better serve our customers.
“Today marks the start of a new chapter for Almatis, with an owner who has expertise in our sector. This transaction positions Almatis very well to support the growth of our customers, grow with them and at the same time strengthen our leadership in the premium alumina industry. With its strong understanding of Almatis’ customer needs, the market opportunities and challenges, OYAK is well placed to foster Almatis’ continuous development, pursuing its long-term strategy.” David Smoot, Chief Executive Officer of Dubai International Capital, commented: “We are extremely pleased with the outcome of the sale of Almatis. During our ownership, our close collaboration with the management team and investment in the business allowed the Group to achieve significant growth and improvements in its operations. The Group has an extremely attractive growth potential and OYAK is the right partner to support it in the next phase of its development.”"
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