New normal may be here to stay for Gulf economies | The National:
"In 2009, at the height of the global financial crisis, The Economist published an article on the local version of that accelerating drama, soon after Dubai World had announced plans for a “standstill” on some of its debt repayments.
In marked contrast to some of the hysterical headlines from the western press, the headline was “Standing still, but still standing”.
It was not written by Simon Williams, then the Dubai-based chief Middle East economist for HSBC, who had left The Economist a few years earlier, but could well have been. His work for the bank in the dark days of 2009-10, when there was a serious threat to the financial well-being of heavily indebted Dubai, was characterised by a readiness to tell the story like it was, negatives and all, but from a fundamental position as a believer in the basic economic story of the Emirates."
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Tuesday, 24 November 2015
RPT/MIDEAST DEBT-Gulf banks rush to loan market to cope with liquidity squeeze | Reuters
RPT/MIDEAST DEBT-Gulf banks rush to loan market to cope with liquidity squeeze | Reuters:
"Gulf banks are rushing to raise money via the loan market by the end of the year in a flurry of activity attributed to a liquidity squeeze caused by lower oil prices, banking sources aware of the matter said on Monday.
At least nine institutions, including from Qatar, the United Arab Emirates, Bahrain and Kuwait, are said to be speaking to other banks about raising cash for between one and three years, with processes at various stages.
"It's gone crazy," said one of the sources, who heads loan syndications at one bank in the region. "It's not surprising with all the pressure on liquidity but I can't remember a market like this.""
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"Gulf banks are rushing to raise money via the loan market by the end of the year in a flurry of activity attributed to a liquidity squeeze caused by lower oil prices, banking sources aware of the matter said on Monday.
At least nine institutions, including from Qatar, the United Arab Emirates, Bahrain and Kuwait, are said to be speaking to other banks about raising cash for between one and three years, with processes at various stages.
"It's gone crazy," said one of the sources, who heads loan syndications at one bank in the region. "It's not surprising with all the pressure on liquidity but I can't remember a market like this.""
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MIDEAST STOCKS-Saudi rises, most markets fall on Turkey-Russia tensions | Reuters
MIDEAST STOCKS-Saudi rises, most markets fall on Turkey-Russia tensions | Reuters:
"Buying in some blue-chips lifted Saudi Arabia's stock market on Tuesday but most Middle Eastern markets fell in thin trade because of a lack of positive corporate news and Turkey's shooting down of a Russian warplane.
The Saudi stock index ended 0.7 percent higher at 7,202 points. Oil shipper Bahri climbed 2.8 percent and petrochemical producer Saudi Basic Industries gained 0.6 percent.
Real estate developer Dar Al Arkan, which had dropped 2.3 percent on Monday after the cabinet announced plans for a tax on undeveloped land, closed flat on Tuesday."
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"Buying in some blue-chips lifted Saudi Arabia's stock market on Tuesday but most Middle Eastern markets fell in thin trade because of a lack of positive corporate news and Turkey's shooting down of a Russian warplane.
The Saudi stock index ended 0.7 percent higher at 7,202 points. Oil shipper Bahri climbed 2.8 percent and petrochemical producer Saudi Basic Industries gained 0.6 percent.
Real estate developer Dar Al Arkan, which had dropped 2.3 percent on Monday after the cabinet announced plans for a tax on undeveloped land, closed flat on Tuesday."
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Saudi Cabinet Approves 2.5% Annual Tax on Undeveloped Urban Land - Bloomberg Business
Saudi Cabinet Approves 2.5% Annual Tax on Undeveloped Urban Land - Bloomberg Business:
"Saudi Arabia’s cabinet approved a landmark tax on undeveloped urban land to encourage the development of empty real estate and address a housing shortage.
The regulation mandates an annual tax of 2.5 percent "on all empty land dedicated for residential or commercial-residential use inside the urban boundaries," according to a cabinet statement published on the official Saudi Press Agency Monday. The tax will be applied gradually "and with the necessary controls to ensure the fair application of the fine and prohibit evading payment," it said.
The law, approved last week by the Shoura Council, an advisory body, is an attempt to address a shortage of housing by taxing so-called "white land," or urban plots that lie empty because their owners have no incentive to build on them. Pushing owners to build or sell the land may enable the government to avoid expensive construction in the desert as it seeks to address a shortage estimated at 1.5 million affordable homes."
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"Saudi Arabia’s cabinet approved a landmark tax on undeveloped urban land to encourage the development of empty real estate and address a housing shortage.
The regulation mandates an annual tax of 2.5 percent "on all empty land dedicated for residential or commercial-residential use inside the urban boundaries," according to a cabinet statement published on the official Saudi Press Agency Monday. The tax will be applied gradually "and with the necessary controls to ensure the fair application of the fine and prohibit evading payment," it said.
The law, approved last week by the Shoura Council, an advisory body, is an attempt to address a shortage of housing by taxing so-called "white land," or urban plots that lie empty because their owners have no incentive to build on them. Pushing owners to build or sell the land may enable the government to avoid expensive construction in the desert as it seeks to address a shortage estimated at 1.5 million affordable homes."
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MIDEAST STOCKS-Bahri boosts Saudi Arabia, Egypt stays weak | Reuters
MIDEAST STOCKS-Bahri boosts Saudi Arabia, Egypt stays weak | Reuters:
"Oil shipper Bahri boosted Saudi Arabia's stock market early on Tuesday while Egypt's market remained weak.
The Saudi stock index added 0.9 percent as Bahri climbed 1.6 percent in unusually heavy trade. The company, which reported a 501 percent leap in third-quarter net profit last month, released details of its earnings late on Monday.
Petrochemical producer Saudi Basic Industries rose 1.4 percent and real estate developer Dar Al Arkan, which had dropped 2.3 percent on Monday after the cabinet announced plans for a tax on undeveloped land, rebounded 1.6 percent."
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"Oil shipper Bahri boosted Saudi Arabia's stock market early on Tuesday while Egypt's market remained weak.
The Saudi stock index added 0.9 percent as Bahri climbed 1.6 percent in unusually heavy trade. The company, which reported a 501 percent leap in third-quarter net profit last month, released details of its earnings late on Monday.
Petrochemical producer Saudi Basic Industries rose 1.4 percent and real estate developer Dar Al Arkan, which had dropped 2.3 percent on Monday after the cabinet announced plans for a tax on undeveloped land, rebounded 1.6 percent."
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MIDEAST STOCKS-Gulf mixed in thin trade, Arabtec flat | Reuters
MIDEAST STOCKS-Gulf mixed in thin trade, Arabtec flat | Reuters:
"Gulf stock markets were mixed in thin trade early on Tuesday as a management change at Dubai builder Arabtec failed to boost the stock.
Arabtec, Dubai's most heavily traded stock, rose as much as 2.6 percent in the opening minutes after the company, confirming a Reuters story published late on Monday, said its board had accepted the resignation of acting chief executive Mohamed al-Fahim and replaced him with board member Saeed al-Mehairbi.
But the stock soon came off its highs and was flat after an hour of trade. Arabtec, which posted a big third-quarter loss, did not give a reason for the change."
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"Gulf stock markets were mixed in thin trade early on Tuesday as a management change at Dubai builder Arabtec failed to boost the stock.
Arabtec, Dubai's most heavily traded stock, rose as much as 2.6 percent in the opening minutes after the company, confirming a Reuters story published late on Monday, said its board had accepted the resignation of acting chief executive Mohamed al-Fahim and replaced him with board member Saeed al-Mehairbi.
But the stock soon came off its highs and was flat after an hour of trade. Arabtec, which posted a big third-quarter loss, did not give a reason for the change."
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