MIDEAST STOCKS-Egypt extends rally, Etisalat lifts Abu Dhabi | Reuters:
"Egypt's stock market rose for a
third day in a row on Tuesday, supported by foreign inflows,
while Gulf markets were mixed as oil prices remained volatile.
The Cairo index edged up 0.2 percent as Commercial
International Bank, the country's biggest listed
lender, rose 1.0 percent to 51.00 pounds.
Pharos Capital on Tuesday raised its target price for the
stock by 4 percent to 61.14 pounds, citing income tax rate cuts
announced last month."
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Tuesday 15 September 2015
MIDEAST STOCKS-Oil weighs on Saudi; Egypt firm | Reuters
MIDEAST STOCKS-Oil weighs on Saudi; Egypt firm | Reuters:
"Saudi Arabia's stock market fell early on Tuesday as oil struggled to recover from Monday's sharp losses, while Egypt remained positive.
The main Saudi stock index fell 0.5 percent. Petrochemicals giant Saudi Basic Industries, whose profits are sensitive to oil prices, was down 1.6 percent.
Another heavyweight, mining, metals and chemicals firm Ma'aden, fell 2.0 percent. Aluminium is one of the company's main products and economic growth in China, which accounts for half the world's aluminium demand, appears to be slowing."
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"Saudi Arabia's stock market fell early on Tuesday as oil struggled to recover from Monday's sharp losses, while Egypt remained positive.
The main Saudi stock index fell 0.5 percent. Petrochemicals giant Saudi Basic Industries, whose profits are sensitive to oil prices, was down 1.6 percent.
Another heavyweight, mining, metals and chemicals firm Ma'aden, fell 2.0 percent. Aluminium is one of the company's main products and economic growth in China, which accounts for half the world's aluminium demand, appears to be slowing."
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Three-fifths of investors excited about Saudi Arabia opening up - FT.com
Three-fifths of investors excited about Saudi Arabia opening up - FT.com:
"Three-fifths of institutional investors expect large capital inflows into Saudi Arabia despite the triple threat of a low oil price, a declining government surplus and a leading role in the conflict in Yemen.
Nick Tolchard, head of Invesco Middle East said: “The key emphasis [of the study] is not the actual amount of money that will go to Saudi Arabia but the sentiment. It is very exciting that Saudi Arabia is liberalising.” According to the fund house’s latest Middle East asset management study, a net three-fifths of respondents predict net capital inflows into the world’s biggest oil producer. This is a big swing from the 17 per cent predicting net outflows this time last year."
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"Three-fifths of institutional investors expect large capital inflows into Saudi Arabia despite the triple threat of a low oil price, a declining government surplus and a leading role in the conflict in Yemen.
Nick Tolchard, head of Invesco Middle East said: “The key emphasis [of the study] is not the actual amount of money that will go to Saudi Arabia but the sentiment. It is very exciting that Saudi Arabia is liberalising.” According to the fund house’s latest Middle East asset management study, a net three-fifths of respondents predict net capital inflows into the world’s biggest oil producer. This is a big swing from the 17 per cent predicting net outflows this time last year."
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Dubai Diamond Finance Seen Growing as Local Banks Attract Trade - Bloomberg Business
Dubai Diamond Finance Seen Growing as Local Banks Attract Trade - Bloomberg Business:
"Dubai’s diamond trade will grow as the Middle East emirate attracts dealers from the industry’s traditional hub in the Belgian port of Antwerp after one of the city’s main lenders closed, depriving buyers of needed financing, according to National Bank of Fujairah.
“Do we anticipate a big shift of rough diamond traders to Dubai?” Davy Blommaert, unit head for precious metals and diamonds at National Bank of Fujairah, said in an interview Sunday. “Yes, that we foresee,” he said at the lender’s office in Dubai.
Dubai, historically a pearl center, is growing into a trading hub for the $57 billion global diamond market to take advantage of its transport links to India, the world’s biggest importer, and expanding financing available to the industry. Imports into the United Arab Emirates rose to $5.9 billion last year from $5.1 billion in 2013, according to the Kimberley Process, set up to stop the supply of blood diamonds from war zones."
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"Dubai’s diamond trade will grow as the Middle East emirate attracts dealers from the industry’s traditional hub in the Belgian port of Antwerp after one of the city’s main lenders closed, depriving buyers of needed financing, according to National Bank of Fujairah.
“Do we anticipate a big shift of rough diamond traders to Dubai?” Davy Blommaert, unit head for precious metals and diamonds at National Bank of Fujairah, said in an interview Sunday. “Yes, that we foresee,” he said at the lender’s office in Dubai.
Dubai, historically a pearl center, is growing into a trading hub for the $57 billion global diamond market to take advantage of its transport links to India, the world’s biggest importer, and expanding financing available to the industry. Imports into the United Arab Emirates rose to $5.9 billion last year from $5.1 billion in 2013, according to the Kimberley Process, set up to stop the supply of blood diamonds from war zones."
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QNB Said to Bid for Kuwait Finance House's Malaysian Operations - Bloomberg Business
QNB Said to Bid for Kuwait Finance House's Malaysian Operations - Bloomberg Business:
"Qatar National Bank SAQ, the biggest Middle East lender by market value, is among suitors that submitted final bids for Kuwait Finance House KSC’s Malaysian operations, people with knowledge of the matter said.
Kuwait Finance House is evaluating offers from Qatar National Bank and at least one other party, according to the people. It may not proceed with the sale unless it can agree on a high enough price, one of the people said, asking not to be identified as the information is private.
State-controlled Qatar National Bank has been expanding overseas to reduce its reliance on a home market of 2 million people. It has spent $3 billion on acquisitions since 2012, purchasing Societe Generale SA’s Egyptian unit and increasing its stakes in banks in Togo and Tunisia, data compiled by Bloomberg show."
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"Qatar National Bank SAQ, the biggest Middle East lender by market value, is among suitors that submitted final bids for Kuwait Finance House KSC’s Malaysian operations, people with knowledge of the matter said.
Kuwait Finance House is evaluating offers from Qatar National Bank and at least one other party, according to the people. It may not proceed with the sale unless it can agree on a high enough price, one of the people said, asking not to be identified as the information is private.
State-controlled Qatar National Bank has been expanding overseas to reduce its reliance on a home market of 2 million people. It has spent $3 billion on acquisitions since 2012, purchasing Societe Generale SA’s Egyptian unit and increasing its stakes in banks in Togo and Tunisia, data compiled by Bloomberg show."
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Saudi banks said to still be strong despite oil slump | The National
Saudi banks said to still be strong despite oil slump | The National:
"Saudi Arabian banks’ financial cushion and the government’s commitment to keep spending should enable them to weather a prolonged slump in oil prices, even though loan growth is slowing, Saudi British Bank (Sabb) said.
Sabb’s managing director, David Dew, in an interview with Reuters on Sunday, also said he saw no possibility of the government abandoning the riyal’s peg to the dollar.
The economic cost of lower crude prices in a country whose economy depends on oil exports, means Saudi banks will see lending grow at lower levels than the double-digit figures of recent years, Mr Dew said."
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"Saudi Arabian banks’ financial cushion and the government’s commitment to keep spending should enable them to weather a prolonged slump in oil prices, even though loan growth is slowing, Saudi British Bank (Sabb) said.
Sabb’s managing director, David Dew, in an interview with Reuters on Sunday, also said he saw no possibility of the government abandoning the riyal’s peg to the dollar.
The economic cost of lower crude prices in a country whose economy depends on oil exports, means Saudi banks will see lending grow at lower levels than the double-digit figures of recent years, Mr Dew said."
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Landmark agreement over inheritance laws in Dubai | GulfNews.com
Landmark agreement over inheritance laws in Dubai | GulfNews.com:
"A grey area related to the bequeathing of real estate assets held in Dubai by non-Muslim foreign nationals has been cleared following an agreement reached by the Dubai Land Department and a DIFC (Dubai International Financial Centre) entity.
A “will and probate registry” will be created following the agreement, with the DIFC Dispute Resolution Authority (DRA) — through its ancillary body, the DIFC Wills and Probate Registry — being the other party.
The move will pave the way for probate court orders covering the Dubai assets of those who have registered their wills through the registry."
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"A grey area related to the bequeathing of real estate assets held in Dubai by non-Muslim foreign nationals has been cleared following an agreement reached by the Dubai Land Department and a DIFC (Dubai International Financial Centre) entity.
A “will and probate registry” will be created following the agreement, with the DIFC Dispute Resolution Authority (DRA) — through its ancillary body, the DIFC Wills and Probate Registry — being the other party.
The move will pave the way for probate court orders covering the Dubai assets of those who have registered their wills through the registry."
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MIDEAST STOCKS-Gulf mostly weak, but Etisalat lifts Abu Dhabi | Reuters
MIDEAST STOCKS-Gulf mostly weak, but Etisalat lifts Abu Dhabi | Reuters:
"Most Gulf stock markets edged down in early trade on Tuesday, following negative global leads, but United Arab Emirates telecommunications firm Etisalat rose as it opened up to foreign and institutional investors.
Etisalat rose 1.4 percent and dominated trading volumes in Abu Dhabi, whose main index edged up 0.2 percent although most other stocks were negative.
As the biggest listed company in the UAE, Etisalat is now very likely to secure a place in emerging market indexes, attracting global funds. Previously, only local retail investors could buy the stock."
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"Most Gulf stock markets edged down in early trade on Tuesday, following negative global leads, but United Arab Emirates telecommunications firm Etisalat rose as it opened up to foreign and institutional investors.
Etisalat rose 1.4 percent and dominated trading volumes in Abu Dhabi, whose main index edged up 0.2 percent although most other stocks were negative.
As the biggest listed company in the UAE, Etisalat is now very likely to secure a place in emerging market indexes, attracting global funds. Previously, only local retail investors could buy the stock."
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