Job creation as important as growth says Saudi minister:
"Finding jobs for the growing Saudi Arabian workforce is one of the most challenging issues the Kingdom faces, a senior policymaker told the Euromoney conference in Riyadh on Thursday. Abdulaziz Al-Rasheed, deputy minister for economic affairs, said that the issue of employment was as important as the drive to diversify the economy away from oil dependency. “Economic growth is an important factor, but there are also huge structural issues in the labor market that we need to address,” he said."
'via Blog this'
Thursday, 3 May 2018
Saudi Arabia PMI edges lower in April but employment ticks up
Saudi Arabia PMI edges lower in April but employment ticks up:
"Saudi Arabia’s Purchasing Managers’ Index (PMI) edged lower last month as new orders contracted.
Saudi PMI fell to 51.4 in April from 52.8 in March, which represents the lowest reading since the series began in August 2009.
The PMI report from the UAE’s largest bank, Emirates NBD (ENBD), showed that the Kingdom’s new orders weakened in April."
'via Blog this'
"Saudi Arabia’s Purchasing Managers’ Index (PMI) edged lower last month as new orders contracted.
Saudi PMI fell to 51.4 in April from 52.8 in March, which represents the lowest reading since the series began in August 2009.
The PMI report from the UAE’s largest bank, Emirates NBD (ENBD), showed that the Kingdom’s new orders weakened in April."
'via Blog this'
Dubai stocks dive to 27-month low on rising real estate woes
Dubai stocks dive to 27-month low on rising real estate woes:
"Dubai stocks hit a 27-month low yesterday on the back of sharp falls in the real estate market and a drop in liquidity levels. The Dubai Financial Market Index ended the day’s trading down 1.83% on 2,947.99 points breaching the 3,000-point psychological barrier. The Dubai bourse, the most exposed to the global markets in the Gulf region, dropped 3.1% by the close of the trading week."
'via Blog this'
"Dubai stocks hit a 27-month low yesterday on the back of sharp falls in the real estate market and a drop in liquidity levels. The Dubai Financial Market Index ended the day’s trading down 1.83% on 2,947.99 points breaching the 3,000-point psychological barrier. The Dubai bourse, the most exposed to the global markets in the Gulf region, dropped 3.1% by the close of the trading week."
'via Blog this'
Saudi payment delays weigh on economic recovery
Saudi payment delays weigh on economic recovery:
"Some contractors in Saudi Arabia are still struggling to get paid on time by the government despite assurances from officials that the long-running problem has been resolved, potentially threatening a nascent economic recovery in the kingdom.
While the Finance Ministry is honouring a pledge to pay the dues on time, many government departments are taking months to process the paperwork and send it to the ministry, according to four people with knowledge of the matter who asked not to be named because the issue is sensitive. In other cases, the delay is caused by a long backlog of payments that the government is gradually working through, two people said.
The delays are less severe than in the aftermath of the 2014 oil slump. Still, they’re affecting a swath of the economy from construction to education, and they’re particularly acute for companies dealing with the Health Ministry, three people said. Saudi businesses are already grappling with rising fuel and electricity prices, and new fees. Officials at the finance and health ministries did not respond to requests for comment in time for publication."
'via Blog this'
"Some contractors in Saudi Arabia are still struggling to get paid on time by the government despite assurances from officials that the long-running problem has been resolved, potentially threatening a nascent economic recovery in the kingdom.
While the Finance Ministry is honouring a pledge to pay the dues on time, many government departments are taking months to process the paperwork and send it to the ministry, according to four people with knowledge of the matter who asked not to be named because the issue is sensitive. In other cases, the delay is caused by a long backlog of payments that the government is gradually working through, two people said.
The delays are less severe than in the aftermath of the 2014 oil slump. Still, they’re affecting a swath of the economy from construction to education, and they’re particularly acute for companies dealing with the Health Ministry, three people said. Saudi businesses are already grappling with rising fuel and electricity prices, and new fees. Officials at the finance and health ministries did not respond to requests for comment in time for publication."
'via Blog this'
Qatar non-oil private sector growth stays upbeat, says QFC PMI
Qatar non-oil private sector growth stays upbeat, says QFC PMI:
"The business conditions in Qatar’s non-oil private sector continue to improve in April this year, according to the country’s first PMI (purchasing managers’ index).
The headline seasonally adjusted Qatar Financial Centre (QFC) PMI – a composite gauge designed to give a single-figure snapshot of operating conditions in the non-oil private sector economy – fell to 51 in April, down from 52.5 in March.
Readings above 50 signal an improvement in business conditions on the previous month, while readings below 50 show deterioration."
'via Blog this'
"The business conditions in Qatar’s non-oil private sector continue to improve in April this year, according to the country’s first PMI (purchasing managers’ index).
The headline seasonally adjusted Qatar Financial Centre (QFC) PMI – a composite gauge designed to give a single-figure snapshot of operating conditions in the non-oil private sector economy – fell to 51 in April, down from 52.5 in March.
Readings above 50 signal an improvement in business conditions on the previous month, while readings below 50 show deterioration."
'via Blog this'
Exclusive: Saudi state finalized ownership transfer of $10 billion financial district | Reuters
Exclusive: Saudi state finalized ownership transfer of $10 billion financial district | Reuters:
"The Saudi government has finalized terms to transfer ownership of the kingdom’s glitzy $10 billion financial district in Riyadh to the finance ministry and Public Investment Fund (PIF), five sources familiar with the matter told Reuters.
The move paves the way for reviving work on King Abdullah Financial District (KAFD), which has been planned since 2006 to house banks and the financial regulator’s headquarters across an area roughly four times the size of London’s Canary Wharf.
The project, owned by the kingdom’s Public Pension Agency, has been plagued by construction delays, cost overruns and uncertainty about the future of its ownership. Cranes at the site have been still for three years. "
'via Blog this'
"The Saudi government has finalized terms to transfer ownership of the kingdom’s glitzy $10 billion financial district in Riyadh to the finance ministry and Public Investment Fund (PIF), five sources familiar with the matter told Reuters.
The move paves the way for reviving work on King Abdullah Financial District (KAFD), which has been planned since 2006 to house banks and the financial regulator’s headquarters across an area roughly four times the size of London’s Canary Wharf.
The project, owned by the kingdom’s Public Pension Agency, has been plagued by construction delays, cost overruns and uncertainty about the future of its ownership. Cranes at the site have been still for three years. "
'via Blog this'
Cautious Saudi bankers give reality check on country's economic health | Reuters
Cautious Saudi bankers give reality check on country's economic health | Reuters:
"Saudi Arabia’s banks are preparing for muted lending growth this year, providing a reality check on the state of the country’s economy and government efforts to stimulate growth.
Saudi Arabia unveiled its Vision 2030 plan in 2016 to transform the country’s economy, which is still suffering the after effects of the slump in oil prices, recession and austerity measures to cut the state deficit.
“Vision 2030 is in the future, but we’re dealing with the reality of now,” said one senior Saudi banker. “We’re having to be more careful and client demand is weak anyway.” "
'via Blog this'
"Saudi Arabia’s banks are preparing for muted lending growth this year, providing a reality check on the state of the country’s economy and government efforts to stimulate growth.
Saudi Arabia unveiled its Vision 2030 plan in 2016 to transform the country’s economy, which is still suffering the after effects of the slump in oil prices, recession and austerity measures to cut the state deficit.
“Vision 2030 is in the future, but we’re dealing with the reality of now,” said one senior Saudi banker. “We’re having to be more careful and client demand is weak anyway.” "
'via Blog this'
HSBC has 20-plus deals in pipeline in Saudi Arabia- exec | ZAWYA MENA Edition
HSBC has 20-plus deals in pipeline in Saudi Arabia- exec | ZAWYA MENA Edition:
"HSBC has more than 20 investment banking deals in the pipeline in Saudi Arabia and 2018-19 will be a year of delivery and execution of deals, the head of investment banking advisory at HSBC Saudi Arabia said on Thursday. "At HSBC by ourselves we have more than 20 deals in the pipeline and others are equally having a good share," Faris AlGhannam said at a business conference. "I think 2018-19 will be actual delivery. We and others will see a lot of M&A.""
'via Blog this'
"HSBC has more than 20 investment banking deals in the pipeline in Saudi Arabia and 2018-19 will be a year of delivery and execution of deals, the head of investment banking advisory at HSBC Saudi Arabia said on Thursday. "At HSBC by ourselves we have more than 20 deals in the pipeline and others are equally having a good share," Faris AlGhannam said at a business conference. "I think 2018-19 will be actual delivery. We and others will see a lot of M&A.""
'via Blog this'
Slumping economy overhangs Saudi reforms as officials, businessmen meet | ZAWYA MENA Edition
Slumping economy overhangs Saudi reforms as officials, businessmen meet | ZAWYA MENA Edition:
"A slump in Saudi Arabia's economy cast a shadow over ambitious plans for reform this week as top officials met businessmen to discuss freeing the kingdom from its dependence on oil exports.
At a conference with hundreds of foreign and local bankers and potential investors, ministers said privatisations and partnerships between the government and private companies to build infrastructure projects would begin within months.
They pointed to major successes since Crown Prince Mohammed bin Salman launched the reform programme in April 2016. A huge state budget deficit, which threatened the stability of the currency, is shrinking. Foreign portfolio funds are pouring into the country after a revamp of the stock market."
'via Blog this'
"A slump in Saudi Arabia's economy cast a shadow over ambitious plans for reform this week as top officials met businessmen to discuss freeing the kingdom from its dependence on oil exports.
At a conference with hundreds of foreign and local bankers and potential investors, ministers said privatisations and partnerships between the government and private companies to build infrastructure projects would begin within months.
They pointed to major successes since Crown Prince Mohammed bin Salman launched the reform programme in April 2016. A huge state budget deficit, which threatened the stability of the currency, is shrinking. Foreign portfolio funds are pouring into the country after a revamp of the stock market."
'via Blog this'
MIDEAST STOCKS-Markets down on Iran concerns, EM weakness; blue-chips lift Saudi | Reuters
MIDEAST STOCKS-Markets down on Iran concerns, EM weakness; blue-chips lift Saudi | Reuters:
"Middle East stock markets moved down in line with global emerging markets and because of persisting geopolitical tensions, as the risk of the United States pulling out of the Iran nuclear deal looms.
The Saudi Arabian index was in negative territory most of the day but closed up 0.1 percent as some selective buying for blue-chip stocks such as Al Rajhi Bank, up 0.8 percent, and Saudi Arabia Mining Co (Ma’aden), up 2.4 percent, offered support to an otherwise sluggish market.
Ma’aden shares soared almost 3 percent in early trade after it said its first-quarter net profit had more than doubled on higher sales and increased average realised prices of products. The company posted a net profit of 638 million riyals ($170.12 million)versus an average estimate of 372 million riyals, based on three analysts."
'via Blog this'
"Middle East stock markets moved down in line with global emerging markets and because of persisting geopolitical tensions, as the risk of the United States pulling out of the Iran nuclear deal looms.
The Saudi Arabian index was in negative territory most of the day but closed up 0.1 percent as some selective buying for blue-chip stocks such as Al Rajhi Bank, up 0.8 percent, and Saudi Arabia Mining Co (Ma’aden), up 2.4 percent, offered support to an otherwise sluggish market.
Ma’aden shares soared almost 3 percent in early trade after it said its first-quarter net profit had more than doubled on higher sales and increased average realised prices of products. The company posted a net profit of 638 million riyals ($170.12 million)versus an average estimate of 372 million riyals, based on three analysts."
'via Blog this'
Saudi Arabia’s balancing act with the price of oil
Saudi Arabia’s balancing act with the price of oil:
"For Saudi Arabia, the rebound in the oil price over the past year has been a strategic triumph. Its diplomacy, including an entente with longstanding rival Russia, led to a late 2016 agreement between Opec and other large producers, restricting oil supply. The deal has supported the steady ascent of prices since last summer. Brent crude hit $75 a barrel last month, and is now at a level that will enable Saudi Arabia to cover government spending from tax revenues, after three years of belt-tightening. Oil producers should remember, however, that victory can sow the seeds of defeat. If prices are allowed to continue to rise, it would be damaging for the world economy — and ultimately counterproductive for producers, too. Crude has been driven higher by a combination of restricted supply, strong demand and international tension, with concerns about the future of the international agreement on Iran’s nuclear programme coming into focus most recently."
'via Blog this'
"For Saudi Arabia, the rebound in the oil price over the past year has been a strategic triumph. Its diplomacy, including an entente with longstanding rival Russia, led to a late 2016 agreement between Opec and other large producers, restricting oil supply. The deal has supported the steady ascent of prices since last summer. Brent crude hit $75 a barrel last month, and is now at a level that will enable Saudi Arabia to cover government spending from tax revenues, after three years of belt-tightening. Oil producers should remember, however, that victory can sow the seeds of defeat. If prices are allowed to continue to rise, it would be damaging for the world economy — and ultimately counterproductive for producers, too. Crude has been driven higher by a combination of restricted supply, strong demand and international tension, with concerns about the future of the international agreement on Iran’s nuclear programme coming into focus most recently."
'via Blog this'
Oil Struggles Near $68 as Inventory Gain Overshadows Iran Fears - Bloomberg
Oil Struggles Near $68 as Inventory Gain Overshadows Iran Fears - Bloomberg:
"Oil’s recovery buoyed by potential supply risks was capped by expanding U.S. crude inventories while American President Donald Trump nears a decision on whether to reimpose sanctions on Iran.
Futures in New York were little changed after rising 1 percent on Wednesday, the biggest gain in two weeks. U.S. data showed that stockpiles last week gained by the most since January, exceeding estimates. Meanwhile, Trump has set a May 12 deadline to decide if he should stick with or pull out of a deal between Iran and world powers that eased restrictions on the producer’s crude exports in exchange for curbs on its nuclear program."
'via Blog this'
"Oil’s recovery buoyed by potential supply risks was capped by expanding U.S. crude inventories while American President Donald Trump nears a decision on whether to reimpose sanctions on Iran.
Futures in New York were little changed after rising 1 percent on Wednesday, the biggest gain in two weeks. U.S. data showed that stockpiles last week gained by the most since January, exceeding estimates. Meanwhile, Trump has set a May 12 deadline to decide if he should stick with or pull out of a deal between Iran and world powers that eased restrictions on the producer’s crude exports in exchange for curbs on its nuclear program."
'via Blog this'
Saudi Arabia’s credit rating stable, confidence rising | ZAWYA MENA Edition
Saudi Arabia’s credit rating stable, confidence rising | ZAWYA MENA Edition:
"Moody’s says in its annual credit analysis report on Saudi Arabia that the Kingdom’s (A1 stable) credit strengths include a strong fiscal position; substantial external liquidity buffers; a large stock of proved oil reserves combined with low extraction costs; and prudent financial system regulation.
“The stable outlook reflects our view that risks to Saudi Arabia's credit profile are broadly balanced. The government’s reform program, including the plans to balance the fiscal budget by 2023, could over time offer a route back to a higher rating level,” Moody’s Investors Service said on Monday.
This credit analysis elaborates on Saudi Arabia’s credit profile in terms of economic strength, institutional strength, fiscal strength and susceptibility to event risk, which are the four main analytic factors in our Sovereign Bond Rating methodology."
'via Blog this'
"Moody’s says in its annual credit analysis report on Saudi Arabia that the Kingdom’s (A1 stable) credit strengths include a strong fiscal position; substantial external liquidity buffers; a large stock of proved oil reserves combined with low extraction costs; and prudent financial system regulation.
“The stable outlook reflects our view that risks to Saudi Arabia's credit profile are broadly balanced. The government’s reform program, including the plans to balance the fiscal budget by 2023, could over time offer a route back to a higher rating level,” Moody’s Investors Service said on Monday.
This credit analysis elaborates on Saudi Arabia’s credit profile in terms of economic strength, institutional strength, fiscal strength and susceptibility to event risk, which are the four main analytic factors in our Sovereign Bond Rating methodology."
'via Blog this'
MIDEAST STOCKS-Gulf stocks mixed, Saudi Ma'aden up 3 pct on strong Q1 earnings | Reuters
MIDEAST STOCKS-Gulf stocks mixed, Saudi Ma'aden up 3 pct on strong Q1 earnings | Reuters:
"Gulf markets were trading mixed on Thursday, but some selective buying was seen in stocks on the back of strong earnings, such as in Saudi Arabian Mining Co (Ma’aden) and Saudi Arabia’s biggest lender National Commercial Bank (NCB).
The decision by the U.S. Federal Reserve to keep interest rates unchanged also provided some floor to the market, although there were fewer drivers for blue-chip stocks to go higher following recent gains.
Ma’aden shares rose almost 3 percent in early trade after it said its first-quarter net profit had more than doubled on higher sales and increased average realised prices of products."
'via Blog this'
"Gulf markets were trading mixed on Thursday, but some selective buying was seen in stocks on the back of strong earnings, such as in Saudi Arabian Mining Co (Ma’aden) and Saudi Arabia’s biggest lender National Commercial Bank (NCB).
The decision by the U.S. Federal Reserve to keep interest rates unchanged also provided some floor to the market, although there were fewer drivers for blue-chip stocks to go higher following recent gains.
Ma’aden shares rose almost 3 percent in early trade after it said its first-quarter net profit had more than doubled on higher sales and increased average realised prices of products."
'via Blog this'
Subscribe to:
Posts (Atom)