Ratings boost for Saudi reform program | Arab News:
"Political reforms in Saudi Arabia have potentially lifted the country’s appeal to investors, as well as widening opportunities for Saudi citizens, according to a report out today from New York-based credit ratings agency Standard & Poor’s. With that in mind, the agency said its ratings on KSA debt were unchanged at ‘A-/A-2’ , and the outlook remained ‘stable’. The stable outlook was based on S&P’s expectation that the Saudi authorities would continue to take steps to consolidate public finances and maintain government liquid assets close to 100 percent of GDP over the next two years."
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Tuesday, 21 November 2017
Qatar stock exchange CEO says shock of sanctions has passed | ZAWYA MENA Edition
Qatar stock exchange CEO says shock of sanctions has passed | ZAWYA MENA Edition:
"The Qatar Stock Exchange has passed the shock of the boycott imposed on Doha by other Arab states and is now operating normally, the exchange's chief executive Rashid Ali al-Mansoori said on Tuesday. Over 100 new foreign funds have begun investing in Qatar since the boycott was imposed in early June, Mansoori said in a speech, without naming any of the funds. He also said the exchange was in talks with Arab and Asian countries, which he did not name, to arrange dual listings of foreign stocks in Qatar. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha on June 5, and portfolio investors and depositors from the four countries began pulling money out of Qatar. "
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"The Qatar Stock Exchange has passed the shock of the boycott imposed on Doha by other Arab states and is now operating normally, the exchange's chief executive Rashid Ali al-Mansoori said on Tuesday. Over 100 new foreign funds have begun investing in Qatar since the boycott was imposed in early June, Mansoori said in a speech, without naming any of the funds. He also said the exchange was in talks with Arab and Asian countries, which he did not name, to arrange dual listings of foreign stocks in Qatar. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha on June 5, and portfolio investors and depositors from the four countries began pulling money out of Qatar. "
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MIDEAST STOCKS-Markets stay weak, ADNOC plans boost Abu Dhabi
MIDEAST STOCKS-Markets stay weak, ADNOC plans boost Abu Dhabi:
"Most Middle East stock markets fell on Tuesday, weighed down by geopolitical worries, but Abu Dhabi was boosted by government plans to privatise parts of Abu Dhabi National Oil Co (ADNOC). Saudi Arabia’s stock index fell 0.4 percent on the back of weak banks and cement shares. National Commercial Bank , the largest lender, lost 1.8 percent while Riyad Bank fell 1.2 percent. Northern Cement lost 1.1 percent. Food maker Savola dropped 2.3 percent to 35.65 riyals after Morgan Stanley cut its target price for the stock to 44 riyals from 50.6 riyals."
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"Most Middle East stock markets fell on Tuesday, weighed down by geopolitical worries, but Abu Dhabi was boosted by government plans to privatise parts of Abu Dhabi National Oil Co (ADNOC). Saudi Arabia’s stock index fell 0.4 percent on the back of weak banks and cement shares. National Commercial Bank , the largest lender, lost 1.8 percent while Riyad Bank fell 1.2 percent. Northern Cement lost 1.1 percent. Food maker Savola dropped 2.3 percent to 35.65 riyals after Morgan Stanley cut its target price for the stock to 44 riyals from 50.6 riyals."
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Qatar Insurance renews Abu Dhabi licence, two months after saying it would close branch | ZAWYA MENA Edition
Qatar Insurance renews Abu Dhabi licence, two months after saying it would close branch | ZAWYA MENA Edition:
"Qatar Insurance said on Tuesday that it had renewed the business licence for the company's branch in Abu Dhabi, more than two months after saying it would close because of a regional political row.
The branch will continue to conduct normal activities, Qatar Insurance said in a bourse statement.
The move is an apparent turnaround from September when the company said it was not able to renew its business licence in the United Arab Emirates capital because of the current political situation in the region. "
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"Qatar Insurance said on Tuesday that it had renewed the business licence for the company's branch in Abu Dhabi, more than two months after saying it would close because of a regional political row.
The branch will continue to conduct normal activities, Qatar Insurance said in a bourse statement.
The move is an apparent turnaround from September when the company said it was not able to renew its business licence in the United Arab Emirates capital because of the current political situation in the region. "
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Saudi Wealth Fund Is Said to Take Over Struggling Financial Hub - Bloomberg
Saudi Wealth Fund Is Said to Take Over Struggling Financial Hub - Bloomberg:
"Saudi Arabia’s sovereign wealth fund finalized a deal to take ownership of Riyadh’s $10 billion unfinished financial hub as the government attempts to revive the project, according to people familiar with the matter. The Public Investment Fund is taking control of the King Abdullah Financial District from the Public Pension Agency, the people said, asking not to be identified because the information is private. Details of the deal aren’t clear, they said. The fund will appoint Hilmi Ghosheh as the head of the hub that has been plagued by delays and cost overruns, the people said. Ghosheh is currently advising the PIF’s Managing Director Yasir Al-Rumayyan on real estate projects, according to his LinkedIn profile."
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"Saudi Arabia’s sovereign wealth fund finalized a deal to take ownership of Riyadh’s $10 billion unfinished financial hub as the government attempts to revive the project, according to people familiar with the matter. The Public Investment Fund is taking control of the King Abdullah Financial District from the Public Pension Agency, the people said, asking not to be identified because the information is private. Details of the deal aren’t clear, they said. The fund will appoint Hilmi Ghosheh as the head of the hub that has been plagued by delays and cost overruns, the people said. Ghosheh is currently advising the PIF’s Managing Director Yasir Al-Rumayyan on real estate projects, according to his LinkedIn profile."
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MIDEAST STOCKS-Saudi falls in early trade, Emaar still sliding in Dubai
MIDEAST STOCKS-Saudi falls in early trade, Emaar still sliding in Dubai:
"Saudi Arabia’s stock index fell 0.3 percent in early trade on Tuesday while blue chip Emaar Properties continued sliding in Dubai. National Commercial Bank, Saudi Arabia’s largest lender, lost 0.7 percent and food maker Savola dropped 1.9 percent to 35.80 riyals after Morgan Stanley cut its target price for the stock to 44 riyals from 50.6 riyals. In Dubai, the index fell 0.5 percent as Emaar Properties declined a further 1.7 percent. It has been sliding since late last week, when it priced the initial public offer of its local real estate development unit in the lower half of an indicative range."
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"Saudi Arabia’s stock index fell 0.3 percent in early trade on Tuesday while blue chip Emaar Properties continued sliding in Dubai. National Commercial Bank, Saudi Arabia’s largest lender, lost 0.7 percent and food maker Savola dropped 1.9 percent to 35.80 riyals after Morgan Stanley cut its target price for the stock to 44 riyals from 50.6 riyals. In Dubai, the index fell 0.5 percent as Emaar Properties declined a further 1.7 percent. It has been sliding since late last week, when it priced the initial public offer of its local real estate development unit in the lower half of an indicative range."
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