MIDEAST STOCKS-Dubai outperforms in broad rally, most of Gulf sluggish | Reuters:
"Dubai's stock market rose in a broad-based rally on Tuesday while other Gulf bourses were sluggish, with Saudi Arabian banks trading mixed after first-quarter earnings announcements. The Dubai index rose 0.9 percent to 3,496 points, rebounding from near technical support on its March low of 3,435 points. Nine of the 10 most heavily traded stocks gained with GFH Financial, the most active, adding 2.7 percent. Emaar Properties climbed 3.3 percent as an executive said its Address Downtown hotel in Dubai, which was damaged in a New Year's Eve fire in 2015, was on track to reopen in the fourth quarter."
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Tuesday, 18 April 2017
MIDEAST STOCKS-Dubai surges in broad rally, rest of region sluggish early on | Reuters
MIDEAST STOCKS-Dubai surges in broad rally, rest of region sluggish early on | Reuters:
"Dubai's stock market rose sharply in a broad-based rally early on Tuesday but other Gulf bourses were sluggish, with Saudi Arabian banks mixed after first-quarter earnings announcements. The Dubai index gained 1.3 percent to 3,509 points, rebounding from near technical support on its March low of 3,435 points. All 10 most heavily traded stocks rose with GFH Financial, the most active, adding 3.6 percent. Abu Dhabi dropped 0.7 percent, however, because of a 2.3 percent fall by telecommunications firm Etisalat as it went ex-dividend. "
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"Dubai's stock market rose sharply in a broad-based rally early on Tuesday but other Gulf bourses were sluggish, with Saudi Arabian banks mixed after first-quarter earnings announcements. The Dubai index gained 1.3 percent to 3,509 points, rebounding from near technical support on its March low of 3,435 points. All 10 most heavily traded stocks rose with GFH Financial, the most active, adding 3.6 percent. Abu Dhabi dropped 0.7 percent, however, because of a 2.3 percent fall by telecommunications firm Etisalat as it went ex-dividend. "
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UAE banking sector on its way to recovery, report says | The National
UAE banking sector on its way to recovery, report says | The National:
"While UAE banks’ profitability has been dented in recent years because of low oil prices, the industry remains in better shape overall than its global peers, according to a report on the UAE banking industry by the global consultants Alvarez & Marsal.
The consultancy also said in its inaugural report on the country’s banking sector that there are increasing signs of recovery following several dismal years amid a rise in bad debts and lacklustre lending growth.
The report, which is to be published on a quarterly basis, also said the biggest banks in the UAE, which have the most diversified portfolios of loans and have operations abroad, have fared the best."
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"While UAE banks’ profitability has been dented in recent years because of low oil prices, the industry remains in better shape overall than its global peers, according to a report on the UAE banking industry by the global consultants Alvarez & Marsal.
The consultancy also said in its inaugural report on the country’s banking sector that there are increasing signs of recovery following several dismal years amid a rise in bad debts and lacklustre lending growth.
The report, which is to be published on a quarterly basis, also said the biggest banks in the UAE, which have the most diversified portfolios of loans and have operations abroad, have fared the best."
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War for Talent Shows Nuclear Deal Rewards for Skilled Iranians - Bloomberg
War for Talent Shows Nuclear Deal Rewards for Skilled Iranians - Bloomberg:
"Aryan’s timing was impeccable: Months after he returned to Iran from college in Canada, job offers started to pile up. A decade of economic sanctions was drawing to an end in early 2016 as he settled back home, prompting a frenzied chase for Iran’s small pool of white-collar professionals.
“It’s a battle for talent,” said Aseyeh Hatami, founder and managing director of Iran’s leading jobs website, Iran Talent. Those with skills “and who are fit for a professional work environment are seized immediately,” she said.
The thriving metropolitan upper middle class that includes Aryan is a natural constituency for moderate President Hassan Rouhani, the architect of the 2015 nuclear deal with world powers that ended Iran’s isolation, as he seeks a second term at May 19 elections. Less clear is the degree of his support among the poor, leaving him vulnerable to accusations by hardline critics that his policies have failed to spread the benefits ."
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"Aryan’s timing was impeccable: Months after he returned to Iran from college in Canada, job offers started to pile up. A decade of economic sanctions was drawing to an end in early 2016 as he settled back home, prompting a frenzied chase for Iran’s small pool of white-collar professionals.
“It’s a battle for talent,” said Aseyeh Hatami, founder and managing director of Iran’s leading jobs website, Iran Talent. Those with skills “and who are fit for a professional work environment are seized immediately,” she said.
The thriving metropolitan upper middle class that includes Aryan is a natural constituency for moderate President Hassan Rouhani, the architect of the 2015 nuclear deal with world powers that ended Iran’s isolation, as he seeks a second term at May 19 elections. Less clear is the degree of his support among the poor, leaving him vulnerable to accusations by hardline critics that his policies have failed to spread the benefits ."
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Oil edges down after expected climb in U.S. output | Reuters
Oil edges down after expected climb in U.S. output | Reuters:
"Oil prices fell in thin trade on Tuesday after the Easter holiday break shut many markets for as long as four days and as a U.S. government report indicated rising production.
Benchmark Brent crude futures were down 4 cents at $55.32 at 0649 GMT (2:49 a.m. ET). They ended a quiet session on Monday down 53 cents at $55.36, after rising the three previous weeks.
U.S. West Texas Intermediate (WTI) crude futures were also down 4 cents at $52.61 a barrel. They settled down 53 cents at $52.65 a barrel."
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"Oil prices fell in thin trade on Tuesday after the Easter holiday break shut many markets for as long as four days and as a U.S. government report indicated rising production.
Benchmark Brent crude futures were down 4 cents at $55.32 at 0649 GMT (2:49 a.m. ET). They ended a quiet session on Monday down 53 cents at $55.36, after rising the three previous weeks.
U.S. West Texas Intermediate (WTI) crude futures were also down 4 cents at $52.61 a barrel. They settled down 53 cents at $52.65 a barrel."
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Saudi Wealth Fund to Get Airports in Step Toward Privatization - Bloomberg
Saudi Wealth Fund to Get Airports in Step Toward Privatization - Bloomberg:
"Saudi Arabia will transfer airports to its sovereign wealth fund by mid-2018, as part of a nationwide privatization drive spurred by low oil prices. Airports will be turned into companies before being handed over to the Public Investment Fund, to help improve accountability, Faisal Al-Sugair, chairman of Saudi Civil Aviation Holding Co., said in a phone interview. The transfer will also boost oversight as the General Authority of Civil Authority will no longer be both an operator and regulator, he said. The kingdom aims to win investment in airports as its seeks to revive an aviation industry that’s been dwarfed by competitors in nearby Dubai and Qatar. It’s also looking at privatizing seaports as depressed crude prices weigh on state spending plans."
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"Saudi Arabia will transfer airports to its sovereign wealth fund by mid-2018, as part of a nationwide privatization drive spurred by low oil prices. Airports will be turned into companies before being handed over to the Public Investment Fund, to help improve accountability, Faisal Al-Sugair, chairman of Saudi Civil Aviation Holding Co., said in a phone interview. The transfer will also boost oversight as the General Authority of Civil Authority will no longer be both an operator and regulator, he said. The kingdom aims to win investment in airports as its seeks to revive an aviation industry that’s been dwarfed by competitors in nearby Dubai and Qatar. It’s also looking at privatizing seaports as depressed crude prices weigh on state spending plans."
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