Analysis: A non-specific Saudi statement of intent | The National:
"The IMF has given Saudi Arabia’s reforms its seal of approval – while admitting that it doesn’t quite know exactly what they are.
Prince Mohammed bin Salman’s objectives are “bold and far-reaching". But we must await the “supporting policies [that will] set out how these goals will be achieved", the IMF says.
Mohammed Alyahya, a consultant and researcher at a Saudi think tank, writing in the Financial Times, argues that nit-picking through the specifics misses the point. “Visions are, by their very nature, idealistic and ambitious", he writes, while what is “more important even than the detail of this vision is the team behind it", a rare illustration of meritocracy in the gerontocratic state.
"
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Thursday, 19 May 2016
GCC sovereign ratings diverge as economic impact of oil price varies | GulfNews.com
GCC sovereign ratings diverge as economic impact of oil price varies | GulfNews.com:
"The credit ratings of all GCC countries have come under pressure following the sharp decline oil prices over the past two years, which resulted in a squeeze on government finances.
However, analysts say there is a clear divergence in terms of ratings and the outlook among countries depending on their perceived resilience to the oil shock.
Saudi Arabia, the largest economy in the GCC, has been downgraded along with Oman and Bahrain by leading credit rating agencies such as Moody’s, Standard & Poor’s and Fitch since the beginning of this year."
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"The credit ratings of all GCC countries have come under pressure following the sharp decline oil prices over the past two years, which resulted in a squeeze on government finances.
However, analysts say there is a clear divergence in terms of ratings and the outlook among countries depending on their perceived resilience to the oil shock.
Saudi Arabia, the largest economy in the GCC, has been downgraded along with Oman and Bahrain by leading credit rating agencies such as Moody’s, Standard & Poor’s and Fitch since the beginning of this year."
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Iran’s London Charm Offensive Met With Wariness on Sanctions - Bloomberg
Iran’s London Charm Offensive Met With Wariness on Sanctions - Bloomberg:
"Investing in Iran is being held up by a lack of trust in market infrastructure and concern lingering sanctions will penalize western companies, money managers said at a conference in London.
While the lifting of most curbs after the country’s nuclear deal with world powers last year is luring some smaller investors, most are staying away from the market of 80 million consumers as they remain doubtful of Iran’s ability to protect their investments. To win back their trust, Tehran sent 50 policy makers and finance executives to meet their European counterparts at the first-ever Euromoney conference dedicated to the country.
“From the investor perspective, it’s the uncertainty,” Salman Ahmed, chief investment strategist at Lombard Odier Investment Managers, said at the conference on Thursday. “We have no influence on geopolitics. There are a lot of question marks right now.”
"
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"Investing in Iran is being held up by a lack of trust in market infrastructure and concern lingering sanctions will penalize western companies, money managers said at a conference in London.
While the lifting of most curbs after the country’s nuclear deal with world powers last year is luring some smaller investors, most are staying away from the market of 80 million consumers as they remain doubtful of Iran’s ability to protect their investments. To win back their trust, Tehran sent 50 policy makers and finance executives to meet their European counterparts at the first-ever Euromoney conference dedicated to the country.
“From the investor perspective, it’s the uncertainty,” Salman Ahmed, chief investment strategist at Lombard Odier Investment Managers, said at the conference on Thursday. “We have no influence on geopolitics. There are a lot of question marks right now.”
"
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How the Second-Richest Arab Nation Is Reacting to Oil Shock - Bloomberg
How the Second-Richest Arab Nation Is Reacting to Oil Shock - Bloomberg:
"The man in charge of helping Kuwait navigate the global oil-price shock said the Middle East’s second-richest nation is responding to the crisis by “spending as much as possible” to bolster economic growth.
Anas Al-Saleh, Kuwait’s deputy premier, said that the government isn’t canceling any projects. At the same time, authorities are cutting wasteful spending to plug a budget deficit that could exceed 13 percent of gross domestic product in 2016, according to International Monetary Fund estimates.
Al-Saleh, the minister of finance and the country’s acting oil chief, is pushing a plan to reduce Kuwait’s reliance on oil, a challenge shared by major crude exporters from Saudi Arabia to Nigeria. The measures include reducing utility subsidies, introducing corporate taxes, merging state entities to downsize the government and tapping local and international debt markets."
'via Blog this'
"The man in charge of helping Kuwait navigate the global oil-price shock said the Middle East’s second-richest nation is responding to the crisis by “spending as much as possible” to bolster economic growth.
Anas Al-Saleh, Kuwait’s deputy premier, said that the government isn’t canceling any projects. At the same time, authorities are cutting wasteful spending to plug a budget deficit that could exceed 13 percent of gross domestic product in 2016, according to International Monetary Fund estimates.
Al-Saleh, the minister of finance and the country’s acting oil chief, is pushing a plan to reduce Kuwait’s reliance on oil, a challenge shared by major crude exporters from Saudi Arabia to Nigeria. The measures include reducing utility subsidies, introducing corporate taxes, merging state entities to downsize the government and tapping local and international debt markets."
'via Blog this'
MIDEAST STOCKS-Markets retreat on weak oil, U.S. rate worries | Reuters
MIDEAST STOCKS-Markets retreat on weak oil, U.S. rate worries | Reuters:
"Middle East stock markets lost ground on Thursday after oil prices retreated and global equity prices fell on speculation the United States might raise interest rates as early as June.
The Saudi stock index dropped 0.6 percent in a broad-based decline as losers outnumbered gainers by 126 to 27.
Miner Ma'aden, which had been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's economic reform plan, dropped 2.2 percent.
"
'via Blog this'
"Middle East stock markets lost ground on Thursday after oil prices retreated and global equity prices fell on speculation the United States might raise interest rates as early as June.
The Saudi stock index dropped 0.6 percent in a broad-based decline as losers outnumbered gainers by 126 to 27.
Miner Ma'aden, which had been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's economic reform plan, dropped 2.2 percent.
"
'via Blog this'
MIDEAST STOCKS-Gulf pulls back on weaker oil, U.S. rate outlook | Reuters
MIDEAST STOCKS-Gulf pulls back on weaker oil, U.S. rate outlook | Reuters:
"Gulf stock markets lost ground in early trade on Thursday after oil prices retreated and Asian stocks fell on speculation the United States would raise interest rates as early as June.
The Saudi index dropped 0.4 percent in a broad-based decline during the first hour> Losers outnumbered gainers 119 to 28.
Miner Ma'aden, which has been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's economic reform plan, dropped 2.4 percent.
"
'via Blog this'
"Gulf stock markets lost ground in early trade on Thursday after oil prices retreated and Asian stocks fell on speculation the United States would raise interest rates as early as June.
The Saudi index dropped 0.4 percent in a broad-based decline during the first hour> Losers outnumbered gainers 119 to 28.
Miner Ma'aden, which has been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's economic reform plan, dropped 2.4 percent.
"
'via Blog this'
Kuwait's Al-Saleh: See Oil Around $50 for 2016 - Bloomberg
Kuwait's Al-Saleh: See Oil Around $50 for 2016 - Bloomberg:
"Acting Oil Minister and Deputy Prime Minister of Kuwait Anas Al-Saleh Kuwait's sovereign wealth fund, his outlook for oil prices and their investment plans. He speaks to Manus Cranny on "Bloomberg Markets Middle East." (Source: Bloomberg)"
'via Blog this'
"Acting Oil Minister and Deputy Prime Minister of Kuwait Anas Al-Saleh Kuwait's sovereign wealth fund, his outlook for oil prices and their investment plans. He speaks to Manus Cranny on "Bloomberg Markets Middle East." (Source: Bloomberg)"
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