Dubai index up nearly 1% on Emaar gains:
The Dubai index jumped nearly 1 per cent on Wednesday helped by heavyweight Emaar Properties even as traded value recovered.
The Dubai Financial Market General Index closed 0.93 per cent higher at 2,517. Traded value stood at Dh136 million compared to Dh80 million in the previous session.
Emaar Properties, which was the most-actively traded stock, closed 2.23 per cent higher at Dh4.13. Dubai Islamic Bank closed 0.39 per cent higher at Dh5.12. Damac Properties closed more than 4 per cent higher at Dh 1.20.
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Wednesday 23 January 2019
Majid Al Futtaim boss: ‘We’ll be everywhere’ in Saudi cinema expansion
Majid Al Futtaim boss: ‘We’ll be everywhere’ in Saudi cinema expansion:
A leading foreign investor in Saudi Arabia signaled his confidence in the Kingdom’s economy and investment prospects with a multibillion-dollar expansion program and a rollout of innovations in leisure and retail.
Speaking on the sidelines of the annual World Economic Forum in Davos, Alain Bejjani, chief executive of Dubai-based Majid Al Futtaim (MAF), unveiled the latest stages of a $4 billion investment plan.
This includes the first Vox cinema in Jeddah — part of a rollout that will see 300 new screens in the Kingdom within 18 months — and a plan to introduce Saudi-only workforces in the Carrefour chain of supermarkets that MAF operates in the country.
A leading foreign investor in Saudi Arabia signaled his confidence in the Kingdom’s economy and investment prospects with a multibillion-dollar expansion program and a rollout of innovations in leisure and retail.
Speaking on the sidelines of the annual World Economic Forum in Davos, Alain Bejjani, chief executive of Dubai-based Majid Al Futtaim (MAF), unveiled the latest stages of a $4 billion investment plan.
This includes the first Vox cinema in Jeddah — part of a rollout that will see 300 new screens in the Kingdom within 18 months — and a plan to introduce Saudi-only workforces in the Carrefour chain of supermarkets that MAF operates in the country.
#SaudiArabia could get $50bn inflow windfall says CMA chief
Saudi Arabia could get $50bn inflow windfall says CMA chief:
Saudi Arabia could attract inflows of as much as $50 billion according to the Kingdom’s markets chief.
Mohammed bin Abdullah Al-Quweiz, the president of Saudi Capital Market Authority, said he expected inflows of around $30-$50 billion because of the recent upgrade in emerging market indices.
He made the prediction in an interview with Al Arabiya on the sidelines of the World Economic Forum in Davos.
Saudi Arabia could attract inflows of as much as $50 billion according to the Kingdom’s markets chief.
Mohammed bin Abdullah Al-Quweiz, the president of Saudi Capital Market Authority, said he expected inflows of around $30-$50 billion because of the recent upgrade in emerging market indices.
He made the prediction in an interview with Al Arabiya on the sidelines of the World Economic Forum in Davos.
Blockade enhanced #Qatar's lead as regions most diversified economy: Al-Kuwari
Blockade enhanced Qatar's lead as regions most diversified economy: Al-Kuwari:
HE Minister of Commerce and Industry, Ali bin Ahmed al-Kuwari has said the blockade imposed on Qatar since mid-2017 has given the country the opportunity to cement its leading position as one of the strongest, most diverse and competitive economies in the region.
This came in al-Kuwari’s speech during a discussion that took place on Wednesday on “Multiple Strategic Visions: the Future of Policy-related Investment,” at the World Economic Forum in Davos.
He said the meeting was being held in the backdrop of uncertain global economic changes. Qatar witnessed regional challenges through the unlawful blockade aimed at undermining its position as an economically independent and sovereign state.
HE Minister of Commerce and Industry, Ali bin Ahmed al-Kuwari has said the blockade imposed on Qatar since mid-2017 has given the country the opportunity to cement its leading position as one of the strongest, most diverse and competitive economies in the region.
This came in al-Kuwari’s speech during a discussion that took place on Wednesday on “Multiple Strategic Visions: the Future of Policy-related Investment,” at the World Economic Forum in Davos.
He said the meeting was being held in the backdrop of uncertain global economic changes. Qatar witnessed regional challenges through the unlawful blockade aimed at undermining its position as an economically independent and sovereign state.
Damac Chairman Says #Dubai Property to Recover in 2020 – Bloomberg
Damac Chairman Says Dubai Property to Recover in 2020 – Bloomberg:
Hussain Sajwani, chairman and founder of Damac Properties PJSC, discusses Dubai's property market and plans to ramp up investment in London amid a potential hard Brexit. He speaks at the World Economic Forum's annual meeting in Davos, Switzerland, on "Bloomberg Surveillance." (Source: Bloomberg)
Hussain Sajwani, chairman and founder of Damac Properties PJSC, discusses Dubai's property market and plans to ramp up investment in London amid a potential hard Brexit. He speaks at the World Economic Forum's annual meeting in Davos, Switzerland, on "Bloomberg Surveillance." (Source: Bloomberg)
Damac May Invest Up to $1.3 Billion in London Properties - Bloomberg
Damac May Invest Up to $1.3 Billion in London Properties - Bloomberg:
#Dubai’s Damac Properties PJSC plans to take advantage of the weak pound to invest as much as 1 billion pounds ($1.3 billion) in London’s real estate market.
Chairman Hussain Sajwani said the Dubai-based property developer is looking at deals with values from 500 million pounds to 1 billion pounds in central London. Even if the U.K. left the European Union without a trade deal, which some analysts predict would result in sharp drops in the pound and asset values, Sajwani said he would still invest. Damac has more than $1.6 billion in cash, he added.
“If it was a hard Brexit there will be more opportunities and we would be looking to take advantage of that,” Sajwani said in a Bloomberg TV interview at the World Economic Forum in Davos on Wednesday. “London is London and you buy when there is blood on the street.”
#Dubai’s Damac Properties PJSC plans to take advantage of the weak pound to invest as much as 1 billion pounds ($1.3 billion) in London’s real estate market.
Chairman Hussain Sajwani said the Dubai-based property developer is looking at deals with values from 500 million pounds to 1 billion pounds in central London. Even if the U.K. left the European Union without a trade deal, which some analysts predict would result in sharp drops in the pound and asset values, Sajwani said he would still invest. Damac has more than $1.6 billion in cash, he added.
“If it was a hard Brexit there will be more opportunities and we would be looking to take advantage of that,” Sajwani said in a Bloomberg TV interview at the World Economic Forum in Davos on Wednesday. “London is London and you buy when there is blood on the street.”
#Qatar's $500 Million Foray Into Lebanon Provokes Saudi Pushback - Bloomberg
Qatar's $500 Million Foray Into Lebanon Provokes Saudi Pushback - Bloomberg:
Qatar threw a $500 million lifeline to Lebanon because of what it sees as its mission to be the Middle East’s emergency lender to nations in distress, according to the country’s foreign minister.
Not to be outdone, Qatar’s regional rival Saudi Arabia vowed less than a day later to support one of the world’s most indebted nations “all the way.”
For the small gas-rich emirate, the rationale for buying Lebanese government bonds is to secure a good investment and help steady a country whose stability is “very important” to Qatar, said Sheikh Mohammed Bin Abdulrahman Al Thani, who’s also the chairman of the country’s sovereign wealth fund. Manulife Asset Management has said that Qatar’s plan is reassuring investors that there will be “a buyer of last resort” for Lebanese Eurobonds.
Qatar threw a $500 million lifeline to Lebanon because of what it sees as its mission to be the Middle East’s emergency lender to nations in distress, according to the country’s foreign minister.
Not to be outdone, Qatar’s regional rival Saudi Arabia vowed less than a day later to support one of the world’s most indebted nations “all the way.”
For the small gas-rich emirate, the rationale for buying Lebanese government bonds is to secure a good investment and help steady a country whose stability is “very important” to Qatar, said Sheikh Mohammed Bin Abdulrahman Al Thani, who’s also the chairman of the country’s sovereign wealth fund. Manulife Asset Management has said that Qatar’s plan is reassuring investors that there will be “a buyer of last resort” for Lebanese Eurobonds.
DAMAC 2018 profit fell, #Dubai property prices may have hit bottom - chairman | Reuters
DAMAC 2018 profit fell, Dubai property prices may have hit bottom - chairman | Reuters:
DAMAC Properties saw annual profit fall in 2018 and earnings will be similar for the next two years, although Dubai property prices may have hit the bottom, its chairman said.
Dubai property prices have steadily fallen since a mid-2014 peak, hurting earnings of developers and forcing construction and engineering firms to cut jobs and halt expansion plans.
Chairman Hussein Sajwani told CNBC at the World Economic Forum in Davos that DAMAC’s profit fell last year and would “continue to be (at) similar levels, this year and next year.”
DAMAC Properties saw annual profit fall in 2018 and earnings will be similar for the next two years, although Dubai property prices may have hit the bottom, its chairman said.
Dubai property prices have steadily fallen since a mid-2014 peak, hurting earnings of developers and forcing construction and engineering firms to cut jobs and halt expansion plans.
Chairman Hussein Sajwani told CNBC at the World Economic Forum in Davos that DAMAC’s profit fell last year and would “continue to be (at) similar levels, this year and next year.”
Gulf Capital credit fund halts investments after staff departures -sources | Reuters
Gulf Capital credit fund halts investments after staff departures -sources | Reuters:
Gulf Capital is hiring investment staff after several senior departures in recent months, including two that sources close to the matter said have forced the Middle East private equity firm’s credit fund to suspend new investments.
The United Arab Emirates-based firm has emerged as one of the largest private equity players in the region with $3 billion of assets under management.
Gulf Capital has hired 15 people in the past year and a half, Chief Executive Karim El Solh said in response to Reuters’ questions on staff departures, and plans to add up to eight investment professionals in 2019.
Gulf Capital is hiring investment staff after several senior departures in recent months, including two that sources close to the matter said have forced the Middle East private equity firm’s credit fund to suspend new investments.
The United Arab Emirates-based firm has emerged as one of the largest private equity players in the region with $3 billion of assets under management.
Gulf Capital has hired 15 people in the past year and a half, Chief Executive Karim El Solh said in response to Reuters’ questions on staff departures, and plans to add up to eight investment professionals in 2019.
Colony Capital to buy #Abraaj's Latam private equity unit | Reuters
Colony Capital to buy Abraaj's Latam private equity unit | Reuters:
U.S. investment group Colony Capital Inc (CLNY.N) agreed to buy Dubai-based Abraaj Group’s private equity business in Latin America, the companies said on Wednesday.
The financial terms of the deal were not disclosed.
The transaction, which is being done through Abraaj Holdings and Abraaj Investment Management Limited’s joint provisional liquidators PricewaterhouseCoopers and Deloitte, is expected to close during the first quarter.
U.S. investment group Colony Capital Inc (CLNY.N) agreed to buy Dubai-based Abraaj Group’s private equity business in Latin America, the companies said on Wednesday.
The financial terms of the deal were not disclosed.
The transaction, which is being done through Abraaj Holdings and Abraaj Investment Management Limited’s joint provisional liquidators PricewaterhouseCoopers and Deloitte, is expected to close during the first quarter.
Natural gas fields give Israel a regional political boost
Natural gas fields give Israel a regional political boost:
A decade after discovering natural gas fields off its Mediterranean coast, Israel is starting to feel the geopolitical boost.
Its newfound riches have fostered economic bonds with its neighbors, tightening relations with Arab allies, and built new bridges in a historically hostile region — even without significant progress being made toward peace with the Palestinians.
Last week’s inclusion of Israel into the Eastern Mediterranean Gas Forum in Cairo — a consortium aiming to cut infrastructure costs and lower prices — marked the first time Arab countries accepted Israel into such a regional alliance, sparking excitement in the country that its long-held hope of finally also making “economic peace” with Egypt and Jordan was fast approaching.
A decade after discovering natural gas fields off its Mediterranean coast, Israel is starting to feel the geopolitical boost.
Its newfound riches have fostered economic bonds with its neighbors, tightening relations with Arab allies, and built new bridges in a historically hostile region — even without significant progress being made toward peace with the Palestinians.
Last week’s inclusion of Israel into the Eastern Mediterranean Gas Forum in Cairo — a consortium aiming to cut infrastructure costs and lower prices — marked the first time Arab countries accepted Israel into such a regional alliance, sparking excitement in the country that its long-held hope of finally also making “economic peace” with Egypt and Jordan was fast approaching.
Newcomers pile into race for #Qatar LNG | Reuters
Newcomers pile into race for Qatar LNG | Reuters:
Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway’s Equinor and Italy’s Eni, industry sources said.
Plans to expand Qatar’s liquefied natural gas (LNG) facilities, already the world’s largest, by more than a third in the next five years are considered one of the most lucrative investments in the rapidly growing global gas market.
Competition is expected to be fierce.
The huge interest underscores how successfully the small Gulf country positioned itself in the face of a boycott imposed in 2017 by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, which accuse Doha of supporting terrorism and their enemy Iran. Qatar denies the charge.
Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway’s Equinor and Italy’s Eni, industry sources said.
Plans to expand Qatar’s liquefied natural gas (LNG) facilities, already the world’s largest, by more than a third in the next five years are considered one of the most lucrative investments in the rapidly growing global gas market.
Competition is expected to be fierce.
The huge interest underscores how successfully the small Gulf country positioned itself in the face of a boycott imposed in 2017 by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, which accuse Doha of supporting terrorism and their enemy Iran. Qatar denies the charge.
U.S. oil firms tell OPEC their growth will slow | Reuters
U.S. oil firms tell OPEC their growth will slow | Reuters:
U.S. oil producers sought on Wednesday to soothe OPEC’s worries about losing market share, telling the group that investors in the U.S. firms wanted a reduction in growth and higher payouts.
The Organization of the Petroleum Exporting Countries and non-OPEC allies such as Russia have cut output since 2017 to support oil prices, while watching producers in the United States, which is not party to the cuts, drive up production.
The United States has overtaken Russia and Saudi Arabia to become the world’s biggest crude producer. Output is approaching 12 million barrels per day (bpd).
U.S. oil producers sought on Wednesday to soothe OPEC’s worries about losing market share, telling the group that investors in the U.S. firms wanted a reduction in growth and higher payouts.
The Organization of the Petroleum Exporting Countries and non-OPEC allies such as Russia have cut output since 2017 to support oil prices, while watching producers in the United States, which is not party to the cuts, drive up production.
The United States has overtaken Russia and Saudi Arabia to become the world’s biggest crude producer. Output is approaching 12 million barrels per day (bpd).
MIDEAST STOCKS-Financials lift #Dubai, most major Gulf markets gain | Reuters
MIDEAST STOCKS-Financials lift Dubai, most major Gulf markets gain | Reuters:
The Dubai stock market snapped a three day losing streak on Wednesday, boosted by its financial and property shares, while Saudi Arabia rose on the back of its banks.
The Dubai index was up 0.9 percent higher with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent.
Gulf Arab economies are expected to grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies.
The Dubai stock market snapped a three day losing streak on Wednesday, boosted by its financial and property shares, while Saudi Arabia rose on the back of its banks.
The Dubai index was up 0.9 percent higher with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent.
Gulf Arab economies are expected to grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies.
Etihad files lawsuit in Britain against Air Berlin administrators | ZAWYA MENA Edition
Etihad files lawsuit in Britain against Air Berlin administrators | ZAWYA MENA Edition:
Abu Dhabi's Etihad Airways said on Wednesday it had commenced legal proceedings in London against the administrators of Air Berlin.
In December, the German airline's insolvency administrator sued Etihad for damages of up to 2 billion euros ($2.26 billion) in a Berlin court, saying Etihad did not meet its financial obligations towards Air Berlin. State-owned Etihad filed its case on Wednesday in the High Court in London, a spokesman said.
Abu Dhabi's Etihad Airways said on Wednesday it had commenced legal proceedings in London against the administrators of Air Berlin.
In December, the German airline's insolvency administrator sued Etihad for damages of up to 2 billion euros ($2.26 billion) in a Berlin court, saying Etihad did not meet its financial obligations towards Air Berlin. State-owned Etihad filed its case on Wednesday in the High Court in London, a spokesman said.
Oil Holds Losses Near $53 as Trade Dispute Raises Economic Risks - Bloomberg
Oil Holds Losses Near $53 as Trade Dispute Raises Economic Risks - Bloomberg:
Oil held its losses from Tuesday at near $53 a barrel as pessimism over the prospects for a U.S.-China trade deal clouded the global economic outlook.
Futures in New York were little changed after falling on Tuesday, when they dropped with risk assets including global equities. The swoon was sparked by concerns that tensions between the world’s biggest economies will persist even after President Donald Trump’s top economic adviser denied a report that the U.S. has canceled preliminary talks with Chinese officials.
Oil held its losses from Tuesday at near $53 a barrel as pessimism over the prospects for a U.S.-China trade deal clouded the global economic outlook.
Futures in New York were little changed after falling on Tuesday, when they dropped with risk assets including global equities. The swoon was sparked by concerns that tensions between the world’s biggest economies will persist even after President Donald Trump’s top economic adviser denied a report that the U.S. has canceled preliminary talks with Chinese officials.
Lebanon's Bond Buyer of Last Resort Gets Hint of Saudi Pushback - Bloomberg
Lebanon's Bond Buyer of Last Resort Gets Hint of Saudi Pushback - Bloomberg:
Qatar threw a $500 million lifeline to Lebanon because of what it sees as its mission to be the Middle East’s emergency lender to nations in distress, according to the country’s foreign minister.
Not to be outdone, Qatar’s regional rival Saudi Arabia vowed less than a day later to support one of the world’s most indebted nations “all the way.”
For the small gas-rich emirate, the rationale for buying Lebanese government bonds is to secure a good investment and help steady a country whose stability is “very important” to Qatar, said Sheikh Mohammed Bin Abdulrahman Al Thani, who’s also the chairman of the country’s sovereign wealth fund. Manulife Asset Management has said that Qatar’s plan is reassuring investors that there will be “a buyer of last resort” for Lebanese Eurobonds.
Qatar threw a $500 million lifeline to Lebanon because of what it sees as its mission to be the Middle East’s emergency lender to nations in distress, according to the country’s foreign minister.
Not to be outdone, Qatar’s regional rival Saudi Arabia vowed less than a day later to support one of the world’s most indebted nations “all the way.”
For the small gas-rich emirate, the rationale for buying Lebanese government bonds is to secure a good investment and help steady a country whose stability is “very important” to Qatar, said Sheikh Mohammed Bin Abdulrahman Al Thani, who’s also the chairman of the country’s sovereign wealth fund. Manulife Asset Management has said that Qatar’s plan is reassuring investors that there will be “a buyer of last resort” for Lebanese Eurobonds.
#Qatar Fund Suggests Deutsche Bank Among Companies of Interest - Bloomberg
Qatar Fund Suggests Deutsche Bank Among Companies of Interest - Bloomberg:
Qatar Investment Authority’s chairman suggested Deutsche Bank AG is among the major German companies the sovereign wealth fund is talking to about potential stake purchases.
Sheikh Mohammed bin Abdulrahman Al Thani said in an interview at the World Economic Forum in Davos that QIA favors Germany because of its robust economy and is “interested in all the big companies” there. Asked if the $320 billion fund is talking with Deutsche Bank, he said: "We’re talking with everyone.”
QIA is looking “at different sectors” in Germany, said the chairman, who is also deputy prime minister and foreign minister of gas-rich Qatar. “Financial services is among them,” as are infrastructure and industrials, he said.
Qatar Investment Authority’s chairman suggested Deutsche Bank AG is among the major German companies the sovereign wealth fund is talking to about potential stake purchases.
Sheikh Mohammed bin Abdulrahman Al Thani said in an interview at the World Economic Forum in Davos that QIA favors Germany because of its robust economy and is “interested in all the big companies” there. Asked if the $320 billion fund is talking with Deutsche Bank, he said: "We’re talking with everyone.”
QIA is looking “at different sectors” in Germany, said the chairman, who is also deputy prime minister and foreign minister of gas-rich Qatar. “Financial services is among them,” as are infrastructure and industrials, he said.
Alwaleed's Kingdom Backs Uber Merger Talks With Dubai Rival - Bloomberg
Alwaleed's Kingdom Backs Uber Merger Talks With Dubai Rival - Bloomberg:
Kingdom Holding Co., one of Careem Networks FZ’s biggest backers, supports a potential merger between the Middle East ride-hailing firm and Uber Technologies Inc., according to the head of Prince Alwaleed Bin Talal’s investment firm.
“We don’t interfere nor are we party to the discussions, and if it ever happens I think we are supportive of it yes,” Chief Executive Officer Talal Bin Ibrahim Al Maiman said in an interview at the World Economic Forum in Davos, Switzerland.
Uber is in talks to acquire Careem to help the ride-hailing giant expand in the Middle East in a deal that could value the Dubai-based firm at $2 billion to $2.5 billion, people with knowledge of the plans said in September. Saudi billionaire Alwaleed joined a $500 million-fundraising round by Careem in 2017 and invested again in October. Kingdom Holding also has a seat on the company’s board.
Kingdom Holding Co., one of Careem Networks FZ’s biggest backers, supports a potential merger between the Middle East ride-hailing firm and Uber Technologies Inc., according to the head of Prince Alwaleed Bin Talal’s investment firm.
“We don’t interfere nor are we party to the discussions, and if it ever happens I think we are supportive of it yes,” Chief Executive Officer Talal Bin Ibrahim Al Maiman said in an interview at the World Economic Forum in Davos, Switzerland.
Uber is in talks to acquire Careem to help the ride-hailing giant expand in the Middle East in a deal that could value the Dubai-based firm at $2 billion to $2.5 billion, people with knowledge of the plans said in September. Saudi billionaire Alwaleed joined a $500 million-fundraising round by Careem in 2017 and invested again in October. Kingdom Holding also has a seat on the company’s board.
Gulf Arab economies likely to grow more slowly through 2020 | ZAWYA MENA Edition
Gulf Arab economies likely to grow more slowly through 2020 | ZAWYA MENA Edition:
Gulf Arab economies will grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies.
Gross domestic product in Saudi Arabia, the largest Gulf Arab economy and the world's largest oil exporter, will grow 2.1 percent in 2019 and 2.2 percent in 2020, the poll of 22 economists projected. Three months ago, the forecasts were for growth of 2.5 percent in 2019 and 3.0 percent in 2020.
The benchmark price for Brent crude oil LCOc1 averaged around $71.6 per barrel last year. So far this year, it has only averaged around $60 per barrel, and economists are predicting prices below $70 a barrel in 2019, based on lower demand growth and oversupply concerns.
Gulf Arab economies will grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies.
Gross domestic product in Saudi Arabia, the largest Gulf Arab economy and the world's largest oil exporter, will grow 2.1 percent in 2019 and 2.2 percent in 2020, the poll of 22 economists projected. Three months ago, the forecasts were for growth of 2.5 percent in 2019 and 3.0 percent in 2020.
The benchmark price for Brent crude oil LCOc1 averaged around $71.6 per barrel last year. So far this year, it has only averaged around $60 per barrel, and economists are predicting prices below $70 a barrel in 2019, based on lower demand growth and oversupply concerns.
MIDEAST STOCKS-Financials weigh on #Qatar, most Major Gulf markets mixed | Reuters
MIDEAST STOCKS-Financials weigh on Qatar, most Major Gulf markets mixed | Reuters:
The Qatar stock market fell in early trading on Wednesday, pressured by its financial shares, while property stocks lifted Saudi Arabia’s index.
Qatar’s index lost 0.8 percent, primarily due to a 1 percent drop in blue-chip Qatar National Bank and a 1.4 percent fall in lender Masraf Al Raya.
Gulf Arab economies will grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies.
The Qatar stock market fell in early trading on Wednesday, pressured by its financial shares, while property stocks lifted Saudi Arabia’s index.
Qatar’s index lost 0.8 percent, primarily due to a 1 percent drop in blue-chip Qatar National Bank and a 1.4 percent fall in lender Masraf Al Raya.
Gulf Arab economies will grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies.