Kuwait launches OTC platform for trade in unlisted companies' shares - The National:
Boursa Kuwait, the region’s fourth-biggest equities exchange by market capitalisation, on Sunday launched an over-the-counter trading platform, becoming the first Arabian Gulf exchange to offer stocks of unlisted companies.
The bourse, which is implementing structural reforms and widening its product offerings to attract more investors, has developed the OTC platform to “serve investors looking to trade in unlisted securities, with a main focus on creating a new, credible and transparent investment system”, the exchange said on its website.
“[It] gives small companies and start-up businesses that do not qualify for listing in the official market the opportunity to grow, and simplifies procedures”.
Sunday, 18 November 2018
UAE banks benefit from US Fed rate rises
UAE banks benefit from US Fed rate rises:
Banks in the UAE are reaping the benefits of the US Federal Reserve’s three rate rises so far this year, with healthy increases in net interest incomes helping bolster profits.
With the dirham pegged to the US dollar, the actions of the US central bank have a direct impact on interest rates charged by UAE banks.
The UAE Central Bank last increased its repo rate by 25 basis points and raised interest rates on certificates of deposit on Sept. 26 to bring it in line with the Fed’s earlier move.
Banks in the UAE are reaping the benefits of the US Federal Reserve’s three rate rises so far this year, with healthy increases in net interest incomes helping bolster profits.
With the dirham pegged to the US dollar, the actions of the US central bank have a direct impact on interest rates charged by UAE banks.
The UAE Central Bank last increased its repo rate by 25 basis points and raised interest rates on certificates of deposit on Sept. 26 to bring it in line with the Fed’s earlier move.
Over 21,000 new firms established after blockade: QC - The Peninsula Qatar
Over 21,000 new firms established after blockade: QC - The Peninsula Qatar:
Defying the impact of the ongoing siege, Qatar has emerged as an attractive destination for local as well as foreign investors. Since the beginning of the siege until the end of August 2018, over 21,000 new companies were established in Qatar, which is evident about the vibrant economic environment of the Qatari economy, noted a top official of Qatar Chamber, yesterday.
Sheikh Khalifa bin Jassim Al Thani, the Chairman of Qatar Chamber (QC), in an interview with QNA, stressed that this huge number of companies registered in that limited period confirms the attractive investment climate in Qatar which was not affected by the unjust siege imposed on the country.
The QC Chairman praised Qatar’s flexible and multifaceted economic strategy, which is in line with the Qatar National Vision 2030, making the country achieved significant economic development over the past years, he said, noting the growth of the oil and non-oil sectors, where the contribution of the private sector to the GDP has increased significantly, especially with support given by the wise leadership and the distinguished government to this sector.
Defying the impact of the ongoing siege, Qatar has emerged as an attractive destination for local as well as foreign investors. Since the beginning of the siege until the end of August 2018, over 21,000 new companies were established in Qatar, which is evident about the vibrant economic environment of the Qatari economy, noted a top official of Qatar Chamber, yesterday.
Sheikh Khalifa bin Jassim Al Thani, the Chairman of Qatar Chamber (QC), in an interview with QNA, stressed that this huge number of companies registered in that limited period confirms the attractive investment climate in Qatar which was not affected by the unjust siege imposed on the country.
The QC Chairman praised Qatar’s flexible and multifaceted economic strategy, which is in line with the Qatar National Vision 2030, making the country achieved significant economic development over the past years, he said, noting the growth of the oil and non-oil sectors, where the contribution of the private sector to the GDP has increased significantly, especially with support given by the wise leadership and the distinguished government to this sector.
DP World chairman says trade tensions will make 2019 challenging | Reuters
DP World chairman says trade tensions will make 2019 challenging | Reuters:
Global ports operator DP World DPW.DI believes international trade tensions such as those between the United States and China will make 2019 challenging but not unmanageable, its chairman said on Sunday.
The Dubai government-controlled ports operator cautioned in August about geopolitical risks and changes in trade policies as first-half profit fell 2.1 percent.
DP World Chairman Sultan Ahmed bin Sulayem told Reuters he believed the psychological impact of trade tensions involving the United States were starting to translate into reality.
Global ports operator DP World DPW.DI believes international trade tensions such as those between the United States and China will make 2019 challenging but not unmanageable, its chairman said on Sunday.
The Dubai government-controlled ports operator cautioned in August about geopolitical risks and changes in trade policies as first-half profit fell 2.1 percent.
DP World Chairman Sultan Ahmed bin Sulayem told Reuters he believed the psychological impact of trade tensions involving the United States were starting to translate into reality.
GCC summit offers hope to end dispute: Kuwaiti minister | Reuters
GCC summit offers hope to end dispute: Kuwaiti minister | Reuters:
The next Gulf Cooperation Council summit, to be held in Riyadh next month, may be an opportunity to end the rift within the group, Kuwait’s deputy foreign minister was quoted as saying by state news agency KUNA.
Saudi Arabia, the United Arab Emirates, Bahrain and non-GCC member Egypt have imposed sanctions on GCC member Qatar accusing it of cozying up to their regional rival Iran and supporting terrorism.
At last year’s GCC summit, held in Kuwait, Saudi Arabia, the UAE and Bahrain sent ministers or deputy prime ministers, rather than heads of state.
The next Gulf Cooperation Council summit, to be held in Riyadh next month, may be an opportunity to end the rift within the group, Kuwait’s deputy foreign minister was quoted as saying by state news agency KUNA.
Saudi Arabia, the United Arab Emirates, Bahrain and non-GCC member Egypt have imposed sanctions on GCC member Qatar accusing it of cozying up to their regional rival Iran and supporting terrorism.
At last year’s GCC summit, held in Kuwait, Saudi Arabia, the UAE and Bahrain sent ministers or deputy prime ministers, rather than heads of state.
MIDEAST STOCKS-Saudi hits one-month low on negative sentiment, Qatar Fuel rebounds | Reuters
MIDEAST STOCKS-Saudi hits one-month low on negative sentiment, Qatar Fuel rebounds | Reuters:
Saudi Arabia’s stock market fell to a one-month low on Sunday as banks led blue-chip declines amid negative investor sentiment, while Qatar firmed, helped by a rebound in Qatar Fuel shares.
United Arab Emirates markets were closed for a religious holiday, while other bourses closed mixed in lacklustre trade.
The Saudi index fell 2.2 percent, with 165 declining stocks out of 180 being traded and only 11 stocks advancing.
Saudi Arabia’s stock market fell to a one-month low on Sunday as banks led blue-chip declines amid negative investor sentiment, while Qatar firmed, helped by a rebound in Qatar Fuel shares.
United Arab Emirates markets were closed for a religious holiday, while other bourses closed mixed in lacklustre trade.
The Saudi index fell 2.2 percent, with 165 declining stocks out of 180 being traded and only 11 stocks advancing.
RPT-Saudi Arabia defies US pressure to end Qatar row after Khashoggi killing | Reuters
RPT-Saudi Arabia defies US pressure to end Qatar row after Khashoggi killing | Reuters:
Saudi Arabia is defying U.S. calls to mend ties with Qatar despite signs that pressure to end another regional crisis, the Yemen war, has had an impact on Riyadh since the killing of a prominent journalist.
Jamal Khashoggi’s murder at the Saudi consulate in Istanbul on Oct. 2 caused a global outcry, opened Saudi Arabia to the possibility of sanctions and damaged the image of Crown Prince Mohammed bin Salman.
Washington believes it has more influence over Riyadh as its ally tries to repair the damage to the kingdom’s standing, and wants to use this leverage to end the Yemen war and rebuild Gulf unity against Iran, four sources familiar with the matter said.
Saudi Arabia is defying U.S. calls to mend ties with Qatar despite signs that pressure to end another regional crisis, the Yemen war, has had an impact on Riyadh since the killing of a prominent journalist.
Jamal Khashoggi’s murder at the Saudi consulate in Istanbul on Oct. 2 caused a global outcry, opened Saudi Arabia to the possibility of sanctions and damaged the image of Crown Prince Mohammed bin Salman.
Washington believes it has more influence over Riyadh as its ally tries to repair the damage to the kingdom’s standing, and wants to use this leverage to end the Yemen war and rebuild Gulf unity against Iran, four sources familiar with the matter said.
MIDEAST STOCKS-Banks lead Saudi down, Qatar Fuel rebounds | Reuters
MIDEAST STOCKS-Banks lead Saudi down, Qatar Fuel rebounds | Reuters:
Saudi Arabia’s stock market fell on Sunday morning as banking shares led blue chip declines, while Qatar was firm on the back of a rebound by Qatar Fuel.
United Arab Emirates markets were closed for a religious holiday, while other Gulf bourses were mixed in quiet trade.
The Saudi index fell 1.1 percent in the first 75 minutes with Al Rajhi Bank losing 0.8 percent and National Commercial Bank, the kingdom’s largest lender by assets, down 0.9 percent.
Saudi Arabia’s stock market fell on Sunday morning as banking shares led blue chip declines, while Qatar was firm on the back of a rebound by Qatar Fuel.
United Arab Emirates markets were closed for a religious holiday, while other Gulf bourses were mixed in quiet trade.
The Saudi index fell 1.1 percent in the first 75 minutes with Al Rajhi Bank losing 0.8 percent and National Commercial Bank, the kingdom’s largest lender by assets, down 0.9 percent.
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