Nasdaq Dubai Futures is a bold venture | The National:
"September 1 is a red letter day for all who believe in the cult of equities. That is the launch date of Nasdaq Dubai Futures, a new development in UAE markets and a bold attempt to seize an opportunity in securities that has been misunderstood and underexploited in the past.
Under Hamed Ali, its chief executive, Nasdaq has an opportunity to offer regional and international investors products that they take for granted elsewhere in the world but which have not gained traction in Arabian Gulf markets, with the exception of Kuwait, which has been trading derivatives for the past couple of years.
At least part of the thinking must be that if Kuwait, with limited appeal to global investors and far less liquidity than the UAE, can make a go of derivatives, markets here should not be left behind."
'via Blog this'
Tuesday, 30 August 2016
Qatar Bank CEO says liquidity better after $9b bond sale | GulfNews.com
Qatar Bank CEO says liquidity better after $9b bond sale | GulfNews.com:
"The availability of funds in the Qatari banking system, which earlier this year became a more serious issue than during the 2008 financial crisis, is improving after the country’s $9 billion bond sale in May, Doha Bank QSC Chief Executive Officer Raghavan Seetharaman said.
“The second quarter was an improvement compared to the first quarter, and the third quarter has also been following the right trend,” he said in a TV interview with Bloomberg Markets Middle East on Tuesday. “We’re likely to see similar in the coming quarters.”
Bank liquidity in the six-nation Gulf Cooperation Council has been tightening as a more than 50 per cent slump in crude oil prices since mid-2014 slows deposit growth and pushes governments to boost borrowing. The situation in Qatar became a bigger issue at the start of the year than it was in 2008, Seetharaman said in May, the same month that the government sold $9 billion of Eurobonds in the Middle East’s biggest-ever bond issue."
'via Blog this'
"The availability of funds in the Qatari banking system, which earlier this year became a more serious issue than during the 2008 financial crisis, is improving after the country’s $9 billion bond sale in May, Doha Bank QSC Chief Executive Officer Raghavan Seetharaman said.
“The second quarter was an improvement compared to the first quarter, and the third quarter has also been following the right trend,” he said in a TV interview with Bloomberg Markets Middle East on Tuesday. “We’re likely to see similar in the coming quarters.”
Bank liquidity in the six-nation Gulf Cooperation Council has been tightening as a more than 50 per cent slump in crude oil prices since mid-2014 slows deposit growth and pushes governments to boost borrowing. The situation in Qatar became a bigger issue at the start of the year than it was in 2008, Seetharaman said in May, the same month that the government sold $9 billion of Eurobonds in the Middle East’s biggest-ever bond issue."
'via Blog this'
Saudi Arabia signs initial deals with China on prince’s visit | GulfNews.com
Saudi Arabia signs initial deals with China on prince’s visit | GulfNews.com:
"Saudi Arabia signed 15 preliminary agreements with China on Tuesday in sectors from energy to housing on a trip headed by Deputy Crown Prince Mohammad Bin Salman aimed at bolstering relations with a top energy customer and trade partner.
The visit is part of a broad reform drive to cut the kingdom’s reliance on oil exports and showcase Saudi Arabia as a dynamic international nation with diverse promising opportunities for global investors.
Prince Mohammad met China’s vice premier Zhang Gaoli on Tuesday, state news agency SPA reported."
'via Blog this'
"Saudi Arabia signed 15 preliminary agreements with China on Tuesday in sectors from energy to housing on a trip headed by Deputy Crown Prince Mohammad Bin Salman aimed at bolstering relations with a top energy customer and trade partner.
The visit is part of a broad reform drive to cut the kingdom’s reliance on oil exports and showcase Saudi Arabia as a dynamic international nation with diverse promising opportunities for global investors.
Prince Mohammad met China’s vice premier Zhang Gaoli on Tuesday, state news agency SPA reported."
'via Blog this'
MIDEAST STOCKS-Gulf mostly rises but turnover low; Egypt climbs | Reuters
MIDEAST STOCKS-Gulf mostly rises but turnover low; Egypt climbs | Reuters:
"Most Gulf stock markets rose on Tuesday in response to firmer oil prices and global bourses but trading turnover in Saudi Arabia and Dubai was low, suggesting many investors did not expect an extended rally and were staying away.
Saudi Arabia's index gained 1.0 percent in a broad rise, with rising stocks outnumbering losers by 119 to 22. But the market recorded its second smallest daily volume this year. The smallest was on Aug. 21.
Major lender Al Rajhi Bank, which has dropped sharply in recent weeks because of concern about bad loans due to Saudi Arabia's economic slowdown, rose 2.3 percent."
'via Blog this'
"Most Gulf stock markets rose on Tuesday in response to firmer oil prices and global bourses but trading turnover in Saudi Arabia and Dubai was low, suggesting many investors did not expect an extended rally and were staying away.
Saudi Arabia's index gained 1.0 percent in a broad rise, with rising stocks outnumbering losers by 119 to 22. But the market recorded its second smallest daily volume this year. The smallest was on Aug. 21.
Major lender Al Rajhi Bank, which has dropped sharply in recent weeks because of concern about bad loans due to Saudi Arabia's economic slowdown, rose 2.3 percent."
'via Blog this'
Uber and Careem suspend services in Abu Dhabi - FT.com
Uber and Careem suspend services in Abu Dhabi - FT.com:
"US-based Uber and Dubai-based regional rival Careem said they had temporarily stopped their services in the United Arab Emirates capital on Saturday after it emerged that some drivers had been stopped by police.
At least eight Careem drivers have been detained, according to one person familiar with the matter, while local media reported that up to 50 drivers working for the two apps had been arrested.
“Uber made the decision to temporarily suspend services due to some unforeseen circumstances. Our goal is to have operations up and running as soon as possible,” a spokesperson said on Monday."
'via Blog this'
"US-based Uber and Dubai-based regional rival Careem said they had temporarily stopped their services in the United Arab Emirates capital on Saturday after it emerged that some drivers had been stopped by police.
At least eight Careem drivers have been detained, according to one person familiar with the matter, while local media reported that up to 50 drivers working for the two apps had been arrested.
“Uber made the decision to temporarily suspend services due to some unforeseen circumstances. Our goal is to have operations up and running as soon as possible,” a spokesperson said on Monday."
'via Blog this'
Saudi Arabia struggling to boost bank liquidity | The National
Saudi Arabia struggling to boost bank liquidity | The National:
"Easier lending rules and direct cash injections are doing little to alleviate a cash shortage at Saudi Arabian banks, now at its worst since the financial crisis.
The government is seeking to plug a hole in its finances by withdrawing deposits and selling local currency bonds to lenders in monthly auctions. The country, grappling with lower oil prices, raised 98 billion riyals (US$26bn) from bond sales to domestic institutions last year, with that figure probably set to rise to about 120bn riyals in 2016, according to Saudi Fransi Capital.
That’s draining funds from the system, reflected in interbank rates in Saudi Arabia that are at their highest since 2009 and which climbed 15 straight days through Monday."
'via Blog this'
"Easier lending rules and direct cash injections are doing little to alleviate a cash shortage at Saudi Arabian banks, now at its worst since the financial crisis.
The government is seeking to plug a hole in its finances by withdrawing deposits and selling local currency bonds to lenders in monthly auctions. The country, grappling with lower oil prices, raised 98 billion riyals (US$26bn) from bond sales to domestic institutions last year, with that figure probably set to rise to about 120bn riyals in 2016, according to Saudi Fransi Capital.
That’s draining funds from the system, reflected in interbank rates in Saudi Arabia that are at their highest since 2009 and which climbed 15 straight days through Monday."
'via Blog this'
MIDEAST STOCKS-Gulf shares slightly up in lethargic trade | Reuters
MIDEAST STOCKS-Gulf shares slightly up in lethargic trade | Reuters:
"Stock markets in the Gulf edged up in early trade on Tuesday after oil prices and Asian bourses made modest recoveries but trading volumes were thin.
Dubai's index climbed 0.1 percent with gainers outnumbering losers 13 to five. Trade mainly focused on speculative shares favoured by short-term local traders; builder Arabtec rose 0.7 percent and GFH Financial added 1.7 percent.
But courier Aramex, which had surged 2.3 percent on Monday, retreated 1.7 percent.
"
'via Blog this'
"Stock markets in the Gulf edged up in early trade on Tuesday after oil prices and Asian bourses made modest recoveries but trading volumes were thin.
Dubai's index climbed 0.1 percent with gainers outnumbering losers 13 to five. Trade mainly focused on speculative shares favoured by short-term local traders; builder Arabtec rose 0.7 percent and GFH Financial added 1.7 percent.
But courier Aramex, which had surged 2.3 percent on Monday, retreated 1.7 percent.
"
'via Blog this'
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