MIDEAST STOCKS-Saudi continues sliding, most other Gulf bourses firm | Reuters:
"Saudi Arabia's stock market fell
further on Sunday because of worries that low oil prices would
force Riyadh into spending cuts and tax increases, although most
other Gulf markets rose in response to a strong tone for global
equities.
The Saudi stock index edged up in early trade but
soon resumed falling and closed down 1.4 percent, bringing its
losses over four trading days to 6.7 percent.
Leading petrochemical producer Saudi Basic Industries
, its margins squeezed by low oil prices and facing the
possibility that the government could raise gas prices to save
money, fell 2.7 percent."
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Sunday, 25 October 2015
SMEs in the Emirates struggle to cope as oil fall bites | The National
SMEs in the Emirates struggle to cope as oil fall bites | The National:
"Small and medium-sized enterprises in the UAE felt the heat from the plunge in the price of oil in the third quarter amid belt tightening as payment collection and raising finance became more difficult, according to a survey by Gulf Finance.
SMEs are also grappling with a slowdown in orders, and they cited a drop in the third quarter compared to the second quarter, Gulf Finance, the financing unit of the Dubai-based investment bank Shuaa Capital, said in the survey results published today.
Looking ahead, Gulf Finance’s chief executive said the lull in the price of oil, a key driver of growth in the Middle East, may yet dampen business confidence some more."
'via Blog this'
"Small and medium-sized enterprises in the UAE felt the heat from the plunge in the price of oil in the third quarter amid belt tightening as payment collection and raising finance became more difficult, according to a survey by Gulf Finance.
SMEs are also grappling with a slowdown in orders, and they cited a drop in the third quarter compared to the second quarter, Gulf Finance, the financing unit of the Dubai-based investment bank Shuaa Capital, said in the survey results published today.
Looking ahead, Gulf Finance’s chief executive said the lull in the price of oil, a key driver of growth in the Middle East, may yet dampen business confidence some more."
'via Blog this'
Saudi economy remains resilient despite challenges | GulfNews.com
Saudi economy remains resilient despite challenges | GulfNews.com:
"Despite the withering effect from the oil price plunge and the hostilities in Yemen, the Saudi economy still has the fundamentals to fall back on. Certainly, this is true for the short term while sustaining it in the medium and long-term requires careful planning.
The latest statistics put the value of Saudi Arabia’s sovereign wealth fund (SWF) at $672 billion (Dh2.47 trillion) — one of the richest globally. The reserves are held by the Saudi Arabian Monetary Authority. Within the Gulf and the broader region, only the UAE holds higher reserves.
Evidently, budgetary surpluses of recent years have contributed to the sizeable SWF. The budget posted a surplus of $103 billion in fiscal year 2012 when oil prices averaged $109 per barrel but this fell to $53 billion in 2013 on the back of lower oil prices. The threat of budgetary deficits emerged in the second half of 2014 with the extraordinary fall in oil prices."
'via Blog this'
"Despite the withering effect from the oil price plunge and the hostilities in Yemen, the Saudi economy still has the fundamentals to fall back on. Certainly, this is true for the short term while sustaining it in the medium and long-term requires careful planning.
The latest statistics put the value of Saudi Arabia’s sovereign wealth fund (SWF) at $672 billion (Dh2.47 trillion) — one of the richest globally. The reserves are held by the Saudi Arabian Monetary Authority. Within the Gulf and the broader region, only the UAE holds higher reserves.
Evidently, budgetary surpluses of recent years have contributed to the sizeable SWF. The budget posted a surplus of $103 billion in fiscal year 2012 when oil prices averaged $109 per barrel but this fell to $53 billion in 2013 on the back of lower oil prices. The threat of budgetary deficits emerged in the second half of 2014 with the extraordinary fall in oil prices."
'via Blog this'
MIDEAST STOCKS-Saudi, Egypt stabilise; SABIC rebounds | Reuters
MIDEAST STOCKS-Saudi, Egypt stabilise; SABIC rebounds | Reuters:
"The Saudi Arabian and Egyptian stock markets stabilised early on Sunday after falling late last week, with a strong tone in global equities encouraging investors to buy back blue chips.
The Saudi index slipped last week because of worries that low oil prices would force Riyadh into spending cuts and other fiscal reforms that would hurt economic growth and corporate profits.
In the opening minutes of Sunday the index edged up 0.1 percent, however, with leading petrochemical producer Saudi Basic Industries adding 0.9 percent."
'via Blog this'
"The Saudi Arabian and Egyptian stock markets stabilised early on Sunday after falling late last week, with a strong tone in global equities encouraging investors to buy back blue chips.
The Saudi index slipped last week because of worries that low oil prices would force Riyadh into spending cuts and other fiscal reforms that would hurt economic growth and corporate profits.
In the opening minutes of Sunday the index edged up 0.1 percent, however, with leading petrochemical producer Saudi Basic Industries adding 0.9 percent."
'via Blog this'
MIDEAST STOCKS-Dubai, Qatar climb; Gulf Navigation surges | Reuters
MIDEAST STOCKS-Dubai, Qatar climb; Gulf Navigation surges | Reuters:
"Stock markets in Dubai and Qatar rebounded in early trade on Sunday in response to strong global markets, though Abu Dhabi was dampened by weak earnings from Union National Bank.
The Dubai stock index added 1.2 percent as Gulf Navigation, the most heavily traded stock, gained 6.3 percent.
Integrated Capital, controlled by Abu Dhabi Financial Group, raised its stake in Gulf Navigation to 5.19 percent in mid-August and has since increased it further to 6.01 percent, exchange data shows."
'via Blog this'
"Stock markets in Dubai and Qatar rebounded in early trade on Sunday in response to strong global markets, though Abu Dhabi was dampened by weak earnings from Union National Bank.
The Dubai stock index added 1.2 percent as Gulf Navigation, the most heavily traded stock, gained 6.3 percent.
Integrated Capital, controlled by Abu Dhabi Financial Group, raised its stake in Gulf Navigation to 5.19 percent in mid-August and has since increased it further to 6.01 percent, exchange data shows."
'via Blog this'
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