Court reserves judgement in Abraaj bounced cheque case | GulfNews.com:
A Sharjah court on Tuesday reserved the judgement in the bounced cheque case against Arif Naqvi, founder of the beleaguered private equity firm, to August 26.
This is second such case against Naqvi to be heard in a court in the UAE. The case relates to a cheque worth $217 million (Dh798 million) issued by Naqvi to Sharjah-based Crescent Group founder Hamid Jafar.
The new case comes after a similar case relating to a cheque bounce of $300 million was settled out of court on July 15.
Tuesday, 14 August 2018
Qatar’s current account balance swings back to surplus - The Peninsula Qatar
Qatar’s current account balance swings back to surplus - The Peninsula Qatar:
Qatar’s current account balance recorded a surplus QR23.4bn in 2017, in contrast to a deficit of QR30.1bn in 2016. The recovery in global energy prices enabled the turnaround in the current account balance and restores back the surplus position that Qatar had maintained for nearly two decades prior to 2016. As a percentage of GDP, the surplus stood at 3.8 percent in 2017 as against a deficit of 5.4 percent in 2016, Qatar Central Bank disclosed yesterday.
Within the current account, the trade (goods) account surplus increased to QR133.7bn in 2017, a sharp increase of 44.8 percent from the surplus of QR92.4bn in 2016.
Deficit in the services account continued, but at QR49.9bn showed a significant decline of 16.2 percent from the deficit of QR59.6bn in 2016. Deficit in the income account also recorded a sharp fall, while deficit in the transfers account remained flat at QR58.8bn in 2017 compared to QR58.9bn in the previous year.
Qatar’s current account balance recorded a surplus QR23.4bn in 2017, in contrast to a deficit of QR30.1bn in 2016. The recovery in global energy prices enabled the turnaround in the current account balance and restores back the surplus position that Qatar had maintained for nearly two decades prior to 2016. As a percentage of GDP, the surplus stood at 3.8 percent in 2017 as against a deficit of 5.4 percent in 2016, Qatar Central Bank disclosed yesterday.
Within the current account, the trade (goods) account surplus increased to QR133.7bn in 2017, a sharp increase of 44.8 percent from the surplus of QR92.4bn in 2016.
Deficit in the services account continued, but at QR49.9bn showed a significant decline of 16.2 percent from the deficit of QR59.6bn in 2016. Deficit in the income account also recorded a sharp fall, while deficit in the transfers account remained flat at QR58.8bn in 2017 compared to QR58.9bn in the previous year.
Crude Oil Drops as Stronger Dollar Discourages Some Investors - Bloomberg
Crude Oil Drops as Stronger Dollar Discourages Some Investors - Bloomberg:
Crude erased a morning rally as the strengthening greenback diminished the appeal of dollar-denominated commodities amid expectations of swelling supplies at a key U.S. storage complex.
Futures slid 0.2 percent in New York on Tuesday as the dollar advanced for a fourth session. An industry-funded tally of American crude inventories is expected to show that stockpiles towed at the Cushing, Oklahoma, pipeline nexus expanded for the first time in three months.
“Nobody wants to go home long” when forecasts are pointing to a bearish inventory report, said Bob Yawger, director of futures division at Mizuho Securities USA LLC.
Crude erased a morning rally as the strengthening greenback diminished the appeal of dollar-denominated commodities amid expectations of swelling supplies at a key U.S. storage complex.
Futures slid 0.2 percent in New York on Tuesday as the dollar advanced for a fourth session. An industry-funded tally of American crude inventories is expected to show that stockpiles towed at the Cushing, Oklahoma, pipeline nexus expanded for the first time in three months.
“Nobody wants to go home long” when forecasts are pointing to a bearish inventory report, said Bob Yawger, director of futures division at Mizuho Securities USA LLC.
Saudi Prince Faces U.K. Jail Sentence in Loan Fight - Bloomberg
Saudi Prince Faces U.K. Jail Sentence in Loan Fight - Bloomberg:
A Saudi prince faces jail in the U.K. for flouting English contempt laws in the latest stage of a long-running dispute over a loan agreement with hundreds of millions of dollars at stake.
Prince Hussam Bin Saud Bin Abdulaziz Al Saud, a former chairman of Zain Saudi Arabia, should be imprisoned for a year, a London judge said Friday. The prince, who didn’t attend the court hearing in the U.K., said the case should only be heard in Saudi Arabia.
The sentence for contempt of court in England stems from a dispute between the prince and the Kuwaiti-listed mobile operator Zain over a 2010 loan. After losing a private arbitration hearing in London where he was ordered to pay more than $500 million, the prince pursued separate legal proceedings in Riyadh, effectively ignoring U.K. court orders to halt the Saudi case.
A Saudi prince faces jail in the U.K. for flouting English contempt laws in the latest stage of a long-running dispute over a loan agreement with hundreds of millions of dollars at stake.
Prince Hussam Bin Saud Bin Abdulaziz Al Saud, a former chairman of Zain Saudi Arabia, should be imprisoned for a year, a London judge said Friday. The prince, who didn’t attend the court hearing in the U.K., said the case should only be heard in Saudi Arabia.
The sentence for contempt of court in England stems from a dispute between the prince and the Kuwaiti-listed mobile operator Zain over a 2010 loan. After losing a private arbitration hearing in London where he was ordered to pay more than $500 million, the prince pursued separate legal proceedings in Riyadh, effectively ignoring U.K. court orders to halt the Saudi case.
Mubadala offers to sell $150 mln of shares in Malaysia's RHB Bank -sources | Reuters
Mubadala offers to sell $150 mln of shares in Malaysia's RHB Bank -sources | Reuters:
Abu Dhabi sovereign fund Mubadala Investment Company has offered to sell around $150 million worth of shares in Malaysia’s RHB Bank Bhd in a block trade on Tuesday, sources familiar with the deal said.
Mubadala, which is the second largest shareholder in RHB through the 17.8 percent stake held by its unit Aabar Investments, has put the shares up for sale in the 5.07 to 5.18 ringgit ($1.24-$1.26) range, two sources said.
The offer represents a 3-5 percent discount to RHB’s closing share price of 5.34 ringgit on Tuesday, and a steeper discount to the 10.80 ringgit Aabar paid per share when it bought a 25 percent stake from government-owned Abu Dhabi Commercial Bank in 2011.
Abu Dhabi sovereign fund Mubadala Investment Company has offered to sell around $150 million worth of shares in Malaysia’s RHB Bank Bhd in a block trade on Tuesday, sources familiar with the deal said.
Mubadala, which is the second largest shareholder in RHB through the 17.8 percent stake held by its unit Aabar Investments, has put the shares up for sale in the 5.07 to 5.18 ringgit ($1.24-$1.26) range, two sources said.
The offer represents a 3-5 percent discount to RHB’s closing share price of 5.34 ringgit on Tuesday, and a steeper discount to the 10.80 ringgit Aabar paid per share when it bought a 25 percent stake from government-owned Abu Dhabi Commercial Bank in 2011.
Oil slips as strong dollar pressures; equities gains support | Reuters
Oil slips as strong dollar pressures; equities gains support | Reuters:
Oil prices edged lower on Tuesday, weighed down by a strengthening U.S. dollar as investors remained concerned about the financial crisis in Turkey.
Brent crude LCOc1 dipped 15 cents to settle at $72.46 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 16 cents to close at $67.04 a barrel.
Oil rebounded early from the previous session’s slide, supported by gains in equity markets, but pared gains at mid-day as the U.S. dollar index touched its highest since late June 2017. A stronger dollar makes greenback-denominated oil more expensive for holders of other currencies.
Oil prices edged lower on Tuesday, weighed down by a strengthening U.S. dollar as investors remained concerned about the financial crisis in Turkey.
Brent crude LCOc1 dipped 15 cents to settle at $72.46 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 16 cents to close at $67.04 a barrel.
Oil rebounded early from the previous session’s slide, supported by gains in equity markets, but pared gains at mid-day as the U.S. dollar index touched its highest since late June 2017. A stronger dollar makes greenback-denominated oil more expensive for holders of other currencies.
Dana Gas Q2 net profit falls on sukuk restructuring costs | Reuters
Dana Gas Q2 net profit falls on sukuk restructuring costs | Reuters:
United Arab Emirates-based energy company Dana Gas reported a 14 percent decrease in second quarter net profit on Tuesday, citing one-off sukuk restructuring costs.
Dana Gas has been at the centre of a long and complex legal dispute with its creditors when last year it halted payments on $700 million in sukuk, or Islamic bonds, saying the instruments had become unlawful in the UAE.
After reaching a consensual restructuring agreement in May, the firm said on Tuesday it completed the sukuk refinancing and that all legal proceedings have been brought to an end by the parties involved in the dispute.
United Arab Emirates-based energy company Dana Gas reported a 14 percent decrease in second quarter net profit on Tuesday, citing one-off sukuk restructuring costs.
Dana Gas has been at the centre of a long and complex legal dispute with its creditors when last year it halted payments on $700 million in sukuk, or Islamic bonds, saying the instruments had become unlawful in the UAE.
After reaching a consensual restructuring agreement in May, the firm said on Tuesday it completed the sukuk refinancing and that all legal proceedings have been brought to an end by the parties involved in the dispute.
DAMAC Properties 'holds its nerve' amid Dubai real estate slump: CFO | Reuters
DAMAC Properties 'holds its nerve' amid Dubai real estate slump: CFO | Reuters:
Dubai’s DAMAC Properties DAMAC.DU, owner and operator of the only Trump-branded golf club in the Middle East, is confident of its financial position despite registering its worst quarter in terms of booked sales since the company went public five years ago, its chief financial officer said.
DAMAC is feeling the impact of a real estate market in Dubai that is under pressure because of lower property prices and subdued sales as new developments hit the market.
“In a cyclical market it’s important to have some sense of certainty over direction, and from that perspective, we’re satisfied,” Adil Taqi said in a phone interview on Tuesday after the publication of DAMAC’s results for the first half of 2018.
Dubai’s DAMAC Properties DAMAC.DU, owner and operator of the only Trump-branded golf club in the Middle East, is confident of its financial position despite registering its worst quarter in terms of booked sales since the company went public five years ago, its chief financial officer said.
DAMAC is feeling the impact of a real estate market in Dubai that is under pressure because of lower property prices and subdued sales as new developments hit the market.
“In a cyclical market it’s important to have some sense of certainty over direction, and from that perspective, we’re satisfied,” Adil Taqi said in a phone interview on Tuesday after the publication of DAMAC’s results for the first half of 2018.
Commentary: Why Trump’s ‘Arab NATO’ plan won’t curb Iran | Reuters
Commentary: Why Trump’s ‘Arab NATO’ plan won’t curb Iran | Reuters:
The first round of what U.S. President Donald Trump called “the most biting sanctions ever imposed” against Tehran went into effect on August 7. “Anyone doing business with Iran will NOT be doing business with the United States,” Trump continued, in a tweet posted that morning. An even more damaging second round of U.S. sanctions against the Islamic Republic, reinstated after Washington pulled out of the 2015 nuclear deal between Iran and world powers, is expected to take effect in November.
Yet economic pressure is not the only tool the United States and its allies are using to counter Iran. In recent months, the Trump administration has been quietly working to forge a new security alliance, with the six members of the Gulf Cooperation Council (GCC) – Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Qatar, and Oman – as well as Egypt and Jordan, to counter what it views as aggressive Iranian expansion in the region. Tentatively known as the Middle East Strategic Alliance (MESA) – but already nicknamed “Arab NATO” by the by the international press – U.S. and Arab officials say the coalition is being planned in an effort to expand cooperation on counterterrorism, missile defense and military training, partly to address the security challenges posed by Iran and its proxies.
The basic concept of an Arab NATO, however, is structurally flawed, and stands little chance of success.
The first round of what U.S. President Donald Trump called “the most biting sanctions ever imposed” against Tehran went into effect on August 7. “Anyone doing business with Iran will NOT be doing business with the United States,” Trump continued, in a tweet posted that morning. An even more damaging second round of U.S. sanctions against the Islamic Republic, reinstated after Washington pulled out of the 2015 nuclear deal between Iran and world powers, is expected to take effect in November.
Yet economic pressure is not the only tool the United States and its allies are using to counter Iran. In recent months, the Trump administration has been quietly working to forge a new security alliance, with the six members of the Gulf Cooperation Council (GCC) – Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Qatar, and Oman – as well as Egypt and Jordan, to counter what it views as aggressive Iranian expansion in the region. Tentatively known as the Middle East Strategic Alliance (MESA) – but already nicknamed “Arab NATO” by the by the international press – U.S. and Arab officials say the coalition is being planned in an effort to expand cooperation on counterterrorism, missile defense and military training, partly to address the security challenges posed by Iran and its proxies.
The basic concept of an Arab NATO, however, is structurally flawed, and stands little chance of success.
MIDEAST STOCKS-Qatar, Saudi rebound as Turkey concerns ease | Reuters
MIDEAST STOCKS-Qatar, Saudi rebound as Turkey concerns ease | Reuters:
Qatar and Saudi stocks rose modestly on Tuesday, recouping part of recent losses - notably among banks - as concerns about contagion from sharp declines in the Turkish lira eased.
As the lira stabilised, Qatar stocks ended 0.9 percent higher, helped by a 1.5 percent rebound in Qatar National Bank from sharp falls in the past two days. It has a Turkish subsidiary, QNB Finansbank.
Saudi Arabia’s stock index climbed 0.3 percent, with its biggest bank, National Commercial Bank, rising 0.7 percent. Arqaam Capital estimated NCB’s exposure to Turkey at 8 percent of its assets and 12 percent of its loans.
Qatar and Saudi stocks rose modestly on Tuesday, recouping part of recent losses - notably among banks - as concerns about contagion from sharp declines in the Turkish lira eased.
As the lira stabilised, Qatar stocks ended 0.9 percent higher, helped by a 1.5 percent rebound in Qatar National Bank from sharp falls in the past two days. It has a Turkish subsidiary, QNB Finansbank.
Saudi Arabia’s stock index climbed 0.3 percent, with its biggest bank, National Commercial Bank, rising 0.7 percent. Arqaam Capital estimated NCB’s exposure to Turkey at 8 percent of its assets and 12 percent of its loans.
Shale boom zaps volatility in US natural gas market | Financial Times
Shale boom zaps volatility in US natural gas market | Financial Times:
When US natural gas futures passed a milestone this month, they did so quietly: volatility fell to the lowest levels since the market’s debut nearly 30 years ago.
The event seemed improbable. Volatility usually fades when commodity stocks are ample. Yet US gas stocks are 19.5 per cent below average. When the winter starts they are set to be at their lowest in more than a decade.
This situation is the latest example of how the world’s largest gas market has been transformed by shale drilling. While demand for gas is galloping, it has been met by waves of supply that show no sign of abating. Conditions that put traders on edge a decade ago get shrugs.
When US natural gas futures passed a milestone this month, they did so quietly: volatility fell to the lowest levels since the market’s debut nearly 30 years ago.
The event seemed improbable. Volatility usually fades when commodity stocks are ample. Yet US gas stocks are 19.5 per cent below average. When the winter starts they are set to be at their lowest in more than a decade.
This situation is the latest example of how the world’s largest gas market has been transformed by shale drilling. While demand for gas is galloping, it has been met by waves of supply that show no sign of abating. Conditions that put traders on edge a decade ago get shrugs.
Elon Musk’s latest salvo raises more questions than it answers | Financial Times
Elon Musk’s latest salvo raises more questions than it answers | Financial Times:
Elon Musk is at it again. Last week the Tesla founder roiled the markets with a mysterious tweet about how he wanted to take his electric car company private at $420 a share — well above its $342 price the day before the tweet — and had “ funding secured”.
The shares shot up by as much as 10 per cent, but gave up most of their gains later in the week after the Tesla board put out a statement suggesting that talks were at a preliminary stage.
The US Securities and Exchange Commission is said to be investigating whether the tweet broke market manipulation rules and class action lawyers are starting to file claims on behalf of investors who bought or sold based on the announcement.
Elon Musk is at it again. Last week the Tesla founder roiled the markets with a mysterious tweet about how he wanted to take his electric car company private at $420 a share — well above its $342 price the day before the tweet — and had “ funding secured”.
The shares shot up by as much as 10 per cent, but gave up most of their gains later in the week after the Tesla board put out a statement suggesting that talks were at a preliminary stage.
The US Securities and Exchange Commission is said to be investigating whether the tweet broke market manipulation rules and class action lawyers are starting to file claims on behalf of investors who bought or sold based on the announcement.
Why Saudi Arabia’s oil output figures are drawing scrutiny | Financial Times
Why Saudi Arabia’s oil output figures are drawing scrutiny | Financial Times:
Saudi Arabia’s oil production is arguably the most important number in the industry, determining whether the market will be under- or oversupplied. It is closely tracked by a host of actors from oil traders to the White House, so when it throws up surprises it quickly attracts attention.
In June the kingdom vowed to raise output, in a move widely seen as responding to pressure from US President Donald Trump after crude prices reached the highest level since 2014.
But after hiking output that month, the kingdom has said that it lowered output again in July. Figures provided by Saudi Arabia to Opec and published on Monday suggest it cut output by 200,000 barrels a day last month to 10.3m b/d— reversing about 40 per cent of the previous increase.
Saudi Arabia’s oil production is arguably the most important number in the industry, determining whether the market will be under- or oversupplied. It is closely tracked by a host of actors from oil traders to the White House, so when it throws up surprises it quickly attracts attention.
In June the kingdom vowed to raise output, in a move widely seen as responding to pressure from US President Donald Trump after crude prices reached the highest level since 2014.
But after hiking output that month, the kingdom has said that it lowered output again in July. Figures provided by Saudi Arabia to Opec and published on Monday suggest it cut output by 200,000 barrels a day last month to 10.3m b/d— reversing about 40 per cent of the previous increase.
Canada’s Biggest Builder Faces ‘New Level of Risk’ in Saudi Feud - Bloomberg
Canada’s Biggest Builder Faces ‘New Level of Risk’ in Saudi Feud - Bloomberg:
Canada’s diplomatic clash with Saudi Arabia is threatening a key pillar of SNC-Lavalin Group Inc.’s growth plan.
The Montreal-based builder gained additional exposure to the kingdom with its two biggest acquisitions, the 2014 purchase of Ireland’s Kentz Corp. and last year’s deal for WS Atkins of the U.K. SNC Chief Executive Officer Neil Bruce is counting on business in the Middle East to bolster his drive to increase profit more than 50 percent by 2020.
SNC is getting caught in the crossfire after the kingdom froze diplomatic ties and new business deals with Canada last week, following a call by Canadian Foreign Minister Chrystia Freeland for Saudi human rights activists to be released from prison. The flare-up spooked investors in Canada’s biggest construction company, which gets about 11 percent of sales in Saudi Arabia.
Canada’s diplomatic clash with Saudi Arabia is threatening a key pillar of SNC-Lavalin Group Inc.’s growth plan.
The Montreal-based builder gained additional exposure to the kingdom with its two biggest acquisitions, the 2014 purchase of Ireland’s Kentz Corp. and last year’s deal for WS Atkins of the U.K. SNC Chief Executive Officer Neil Bruce is counting on business in the Middle East to bolster his drive to increase profit more than 50 percent by 2020.
SNC is getting caught in the crossfire after the kingdom froze diplomatic ties and new business deals with Canada last week, following a call by Canadian Foreign Minister Chrystia Freeland for Saudi human rights activists to be released from prison. The flare-up spooked investors in Canada’s biggest construction company, which gets about 11 percent of sales in Saudi Arabia.
Sovereign Wealth U.S. Buying Binge May End Soon—Despite Tesla - Bloomberg
Sovereign Wealth U.S. Buying Binge May End Soon—Despite Tesla - Bloomberg:
It’s too early to call it, but the U.S. buying binge by sovereign wealth funds may end soon, according to Bank of America Corp.
Government-run funds have piled into the U.S. this decade, snapping up prime properties and stakes in hot tech companies -- most notably of late, the Tesla Inc. stake acquired by Saudi Arabia’s Public Investment Fund. Their trades were probably rewarding: U.S. economic growth hit a four-year high last quarter, unemployment is below 4 percent, and the S&P 500 Index is near a record, up more than 60 percent over the past five years.
“Investors such as SWFs and public pensions have been focused and enjoying the ride in the U.S. for the last couple of years, and certain indicators seem to still be constructive,” Woody Boueiz, global head of sovereign wealth funds at Bank of America, said in an interview. “It’s unclear what the trigger will be, but at some point I’d expect the weighting towards the U.S., and specifically certain sectors, to witness a rotation.”
It’s too early to call it, but the U.S. buying binge by sovereign wealth funds may end soon, according to Bank of America Corp.
Government-run funds have piled into the U.S. this decade, snapping up prime properties and stakes in hot tech companies -- most notably of late, the Tesla Inc. stake acquired by Saudi Arabia’s Public Investment Fund. Their trades were probably rewarding: U.S. economic growth hit a four-year high last quarter, unemployment is below 4 percent, and the S&P 500 Index is near a record, up more than 60 percent over the past five years.
“Investors such as SWFs and public pensions have been focused and enjoying the ride in the U.S. for the last couple of years, and certain indicators seem to still be constructive,” Woody Boueiz, global head of sovereign wealth funds at Bank of America, said in an interview. “It’s unclear what the trigger will be, but at some point I’d expect the weighting towards the U.S., and specifically certain sectors, to witness a rotation.”
BUZZ-Dubai's Drake & Scull jumps from record low; CEO replaced | ZAWYA MENA Edition
BUZZ-Dubai's Drake & Scull jumps from record low; CEO replaced | ZAWYA MENA Edition:
Shares in Dubai-listed builder Drake & Scull jump 7.2 pct to 0.505 dirham in early trade, market's most heavily traded stock; rebounds from record low, after plunging 79 percent this year.
Yousef Al Mulla appointed chief executive of group; he replaces Fadi Feghali, who took post in April.
Company says it's "devising a fresh restructuring plan that will carry forward the legacy of the ongoing restructuring and recapitalisation drive and ensures the continuity of the Company and its ability to grow and win new business."
Shares in Dubai-listed builder Drake & Scull jump 7.2 pct to 0.505 dirham in early trade, market's most heavily traded stock; rebounds from record low, after plunging 79 percent this year.
Yousef Al Mulla appointed chief executive of group; he replaces Fadi Feghali, who took post in April.
Company says it's "devising a fresh restructuring plan that will carry forward the legacy of the ongoing restructuring and recapitalisation drive and ensures the continuity of the Company and its ability to grow and win new business."
UAE court to issue judgment against Abraaj founder on Aug. 26 -lawyer | Reuters
UAE court to issue judgment against Abraaj founder on Aug. 26 -lawyer | Reuters:
A United Arab Emirates court will issue a judgment on August 26 against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, a lawyer involved in the case said on Tuesday.
This comes as Dubai-based Abraaj’s provisional liquidators seek to sell its investment management business.
The criminal case in the emirate of Sharjah relates to a cheque for 798 million dirham ($217.3 million), signed by Naqvi and a fellow executive and written to Hamid Jafar, another founding shareholder in Abraaj.
A United Arab Emirates court will issue a judgment on August 26 against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, a lawyer involved in the case said on Tuesday.
This comes as Dubai-based Abraaj’s provisional liquidators seek to sell its investment management business.
The criminal case in the emirate of Sharjah relates to a cheque for 798 million dirham ($217.3 million), signed by Naqvi and a fellow executive and written to Hamid Jafar, another founding shareholder in Abraaj.
Oil edges up on Saudi output cut and Iran sanctions | Reuters
Oil edges up on Saudi output cut and Iran sanctions | Reuters:
Oil prices rose on Tuesday after Saudi Arabia said it had cut production in July, although concerns over a slowdown in global economic growth kept a lid on markets.
Benchmark Brent crude oil LCOc1 was up 60 cents at $73.21 a barrel by 0745 GMT. U.S. light crude CLc1 was 60 cents higher at $67.80.
Saudi Arabia told the Organization of the Petroleum Exporting Countries that it had reduced crude output by 200,000 barrels per day (bpd) to 10.29 million bpd in July.
Oil prices rose on Tuesday after Saudi Arabia said it had cut production in July, although concerns over a slowdown in global economic growth kept a lid on markets.
Benchmark Brent crude oil LCOc1 was up 60 cents at $73.21 a barrel by 0745 GMT. U.S. light crude CLc1 was 60 cents higher at $67.80.
Saudi Arabia told the Organization of the Petroleum Exporting Countries that it had reduced crude output by 200,000 barrels per day (bpd) to 10.29 million bpd in July.
MIDEAST STOCKS-Gulf rebounds as Turkish lira, emerging markets stabilise for now | Reuters
MIDEAST STOCKS-Gulf rebounds as Turkish lira, emerging markets stabilise for now | Reuters:
Gulf stock prices rebounded modestly early on Tuesday from several days of falls, as investors were encouraged to buy back cautiously with the Turkish lira and other emerging markets regaining some stability for now.
Dubai’s stock index gained 0.6 percent as its top bank, Emirates NBD, added 1.2 percent. The bank, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal, had tumbled 4.6 percent on Monday because of its Turkey exposure.
Loss-making builder Drake & Scull jumped 9.8 percent from a record low and was the market’s most heavily traded stock; it appointed Yousef Al Mulla as group chief executive, replacing Fadi Feghali who had taken the post only in April, and said it was devising a fresh restructuring plan that would be announced later.
Gulf stock prices rebounded modestly early on Tuesday from several days of falls, as investors were encouraged to buy back cautiously with the Turkish lira and other emerging markets regaining some stability for now.
Dubai’s stock index gained 0.6 percent as its top bank, Emirates NBD, added 1.2 percent. The bank, which in May agreed to buy Turkey’s Denizbank in a $3.2 billion deal, had tumbled 4.6 percent on Monday because of its Turkey exposure.
Loss-making builder Drake & Scull jumped 9.8 percent from a record low and was the market’s most heavily traded stock; it appointed Yousef Al Mulla as group chief executive, replacing Fadi Feghali who had taken the post only in April, and said it was devising a fresh restructuring plan that would be announced later.
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