Boom-bust cycle jerks reins out of Opec’s hands | The National:
"From a low of US$9.10 per barrel in late 1998, oil prices escalated almost unrelentingly to $144 in July 2008, crashed below $34 in December in the financial crisis, rebounded to $128 in March 2012 on Middle East geopolitical turmoil and have now slumped again to around $36.
During this period, Opec was allegedly managing the market. If this is stability, what would instability look like?
A provocative new paper by Robert McNally of Columbia University argues that Opec’s market management role did not end with the recent rise of US shale oil. He concludes that the producers’ organisation has not effectively stabilised prices since 2004, except for a brief period during the financial crisis."
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Sunday, 20 December 2015
Lulu group to invest $300 million in Egypt | GulfNews.com
Lulu group to invest $300 million in Egypt | GulfNews.com:
"Lulu Group is planning to invest $300 million (Dh1.1 billion) in setting up 10 new hypermarkets in Egypt in the next two years, Chairman of the Group, Yousuf Ali MA, said after opening the group’s first hypermarket in Cairo.
“Egyptians are already well aware of Lulu and we hope to bring world class shopping closer to them in various important location of this great country. As per the plan, we intend to invest 3 billion Egyptian pounds [$300 million] in setting up 10 new hypermarkets in next 2 years across Egypt,” he said.
“The hypermarket will also offer a window of opportunity to the local community. We will encourage the Egyptian agricultural sector by procuring and promoting local agricultural produce and also export them to our stores across the GCC and Far East. Currently we are exporting 50 million pounds and this will go up to 150 million pounds next year.”"
'via Blog this'
"Lulu Group is planning to invest $300 million (Dh1.1 billion) in setting up 10 new hypermarkets in Egypt in the next two years, Chairman of the Group, Yousuf Ali MA, said after opening the group’s first hypermarket in Cairo.
“Egyptians are already well aware of Lulu and we hope to bring world class shopping closer to them in various important location of this great country. As per the plan, we intend to invest 3 billion Egyptian pounds [$300 million] in setting up 10 new hypermarkets in next 2 years across Egypt,” he said.
“The hypermarket will also offer a window of opportunity to the local community. We will encourage the Egyptian agricultural sector by procuring and promoting local agricultural produce and also export them to our stores across the GCC and Far East. Currently we are exporting 50 million pounds and this will go up to 150 million pounds next year.”"
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GCC has opportunities despite a slowdown in GDP growth | GulfNews.com
GCC has opportunities despite a slowdown in GDP growth | GulfNews.com:
"The GCC region along with the wider Middle East and Africa region continues to offer opportunities for balance sheet expansion, Frederic Oudea, Chief Executive of French banking giant Societe Generale, told Gulf News.
Oudea’s comment comes at a time when the GCC economies are facing a slowdown in growth and are in the process of trimming their public spending to cope with a decline in government revenues resulting from the persistent fall in oil prices.
While a few global banks operating in the region have announced the downsizing of their operations or closing down some lines of business, Societe Generale has been expanding and adding resources to the region since 2014."
'via Blog this'
"The GCC region along with the wider Middle East and Africa region continues to offer opportunities for balance sheet expansion, Frederic Oudea, Chief Executive of French banking giant Societe Generale, told Gulf News.
Oudea’s comment comes at a time when the GCC economies are facing a slowdown in growth and are in the process of trimming their public spending to cope with a decline in government revenues resulting from the persistent fall in oil prices.
While a few global banks operating in the region have announced the downsizing of their operations or closing down some lines of business, Societe Generale has been expanding and adding resources to the region since 2014."
'via Blog this'
MIDEAST STOCKS-Saudi, Dubai slip in blue chip sell-off; banks support Egypt | Reuters
MIDEAST STOCKS-Saudi, Dubai slip in blue chip sell-off; banks support Egypt | Reuters:
"Stock markets in Saudi Arabia and Dubai fell back on Sunday after oil prices slumped further, while Abu Dhabi and Egypt were buoyed by banking shares.
Brent crude settled at $36.88 a barrel on Friday after hitting a session low of $36.41, just 21 cents above a 2004 bottom. Meanwhile, global bourses sank on economic growth worries, with the Dow closing over 2 percent lower.
In response, the Saudi benchmark retreated 1.6 percent to 6,931 points, erasing most of Thursday's 2.6 percent jump. Sellers dumped blue chips in the first hour and mostly sat out the rest of the session, waiting for the announcement of the kingdom's 2016 state budget, which is expected in the coming week and may include major spending cuts."
'via Blog this'
"Stock markets in Saudi Arabia and Dubai fell back on Sunday after oil prices slumped further, while Abu Dhabi and Egypt were buoyed by banking shares.
Brent crude settled at $36.88 a barrel on Friday after hitting a session low of $36.41, just 21 cents above a 2004 bottom. Meanwhile, global bourses sank on economic growth worries, with the Dow closing over 2 percent lower.
In response, the Saudi benchmark retreated 1.6 percent to 6,931 points, erasing most of Thursday's 2.6 percent jump. Sellers dumped blue chips in the first hour and mostly sat out the rest of the session, waiting for the announcement of the kingdom's 2016 state budget, which is expected in the coming week and may include major spending cuts."
'via Blog this'
MIDEAST STOCKS-Saudi retreats after oil drops, Egypt more resilient | News by Country | Reuters
MIDEAST STOCKS-Saudi retreats after oil drops, Egypt more resilient | News by Country | Reuters:
"Saudi Arabian stocks retreated on Sunday after oil prices fell further and as investors sold ahead of the expected publication this week of the 2016 state budget, while Egypt's bourse headed for a fourth straight day of gains.
The Saudi index fell 1.9 percent in early trade to 6,911 points, as the bank sector declined 2.8 percent after enjoying a strong rally on Thursday.
National Commercial Bank and Al Rajhi Bank dropped 2.9 and 3.3 percent respectively, wiping off most of Thursday's gains, which were due to hopes that higher interest rates would improve lending margins."
'via Blog this'
"Saudi Arabian stocks retreated on Sunday after oil prices fell further and as investors sold ahead of the expected publication this week of the 2016 state budget, while Egypt's bourse headed for a fourth straight day of gains.
The Saudi index fell 1.9 percent in early trade to 6,911 points, as the bank sector declined 2.8 percent after enjoying a strong rally on Thursday.
National Commercial Bank and Al Rajhi Bank dropped 2.9 and 3.3 percent respectively, wiping off most of Thursday's gains, which were due to hopes that higher interest rates would improve lending margins."
'via Blog this'
Mideast Stocks Decline After Oil Sinks to Seven-Year Low - Bloomberg Business
Mideast Stocks Decline After Oil Sinks to Seven-Year Low - Bloomberg Business:
"Almost every Middle Eastern stock index declined after oil, the region’s main source of income, sank to the lowest in seven years, damping the outlook for government spending.
Dubai’s DFM General Index ended its longest winning streak in almost three months. The gauge decreased 1.5 percent, the most in a week, to close at 3,026.05. Emirates NBD PJSC’s 4 percent retreat was the biggest contributor to the decline. The Tadawul All Share Index in Saudi Arabia lost 1.6 percent, also the most in seven days, as of 2:24 p.m. in Riyadh. The kingdom boosted its crude exports in October.
The retreats reflect the crunch countries in the Gulf are feeling as the plunge in oil curbs government revenue. Kuwait and Qatar said they will issue debt to cover rising budget deficits, even as bank liquidity is drying up and some central banks in the region raise borrowing costs in line with the Federal Reserve. The six-member Gulf Cooperation Council, which includes Saudi Arabia and the United Arab Emirates, is home to about 30 percent of the world’s oil. Saudi Arabia, the Arab world’s biggest economy, may announce next year’s budget this week."
'via Blog this'
"Almost every Middle Eastern stock index declined after oil, the region’s main source of income, sank to the lowest in seven years, damping the outlook for government spending.
Dubai’s DFM General Index ended its longest winning streak in almost three months. The gauge decreased 1.5 percent, the most in a week, to close at 3,026.05. Emirates NBD PJSC’s 4 percent retreat was the biggest contributor to the decline. The Tadawul All Share Index in Saudi Arabia lost 1.6 percent, also the most in seven days, as of 2:24 p.m. in Riyadh. The kingdom boosted its crude exports in October.
The retreats reflect the crunch countries in the Gulf are feeling as the plunge in oil curbs government revenue. Kuwait and Qatar said they will issue debt to cover rising budget deficits, even as bank liquidity is drying up and some central banks in the region raise borrowing costs in line with the Federal Reserve. The six-member Gulf Cooperation Council, which includes Saudi Arabia and the United Arab Emirates, is home to about 30 percent of the world’s oil. Saudi Arabia, the Arab world’s biggest economy, may announce next year’s budget this week."
'via Blog this'
MIDEAST STOCKS-UAE stocks drop after oil extends losses | Reuters
MIDEAST STOCKS-UAE stocks drop after oil extends losses | Reuters:
"United Arab Emirates stock markets fell sharply on Sunday, erasing all of the prior session's gains, as investors dumped blue chips to take profit after oil prices extended losses and global markets sold off.
Brent crude settled at $36.88 a barrel on Friday after hitting a session low of $36.41, just 21 cents above a 2004 bottom. Meanwhile, global bourses sank on economic growth worries with the Dow closing more than 2 percent lower.
The Dubai stock index, which had jumped 2.9 percent on Thursday, fell back by the same amount on Sunday morning. Arabtec and Emaar Properties slumped 4.6 and 2.4 percent respectively; the two real estate-related firms accounted for 42 percent of total value traded in the market."
'via Blog this'
"United Arab Emirates stock markets fell sharply on Sunday, erasing all of the prior session's gains, as investors dumped blue chips to take profit after oil prices extended losses and global markets sold off.
Brent crude settled at $36.88 a barrel on Friday after hitting a session low of $36.41, just 21 cents above a 2004 bottom. Meanwhile, global bourses sank on economic growth worries with the Dow closing more than 2 percent lower.
The Dubai stock index, which had jumped 2.9 percent on Thursday, fell back by the same amount on Sunday morning. Arabtec and Emaar Properties slumped 4.6 and 2.4 percent respectively; the two real estate-related firms accounted for 42 percent of total value traded in the market."
'via Blog this'
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