Saudi stocks win big in FTSE EM index review:
Index provider FTSE Russell has added many Saudi stocks such as Saudi Basic Industries, and National Commercial Bank on its global equity index, a move that is expected to attract $500 million in passive flows.
About 80 stocks have been added to the emerging market index, data from the index provider revealed. FTSE Russell is planning to add Saudi Arabia’s stocks in the emerging market index in five phases
“The Phase 1 inclusion of Saudi Arabia is along expected lines and should bring in passive inflows of roughly $700 million. In total, the 5 phases spread out until September should drive in inflows of more than $4 billion,” Vrajesh Bhandari, portfolio manager with Al Mal Capital said.
Sunday, 17 February 2019
Qatari equities set for positive 2019 - The Peninsula #Qatar
Qatari equities set for positive 2019 - The Peninsula Qatar:
After an outstanding 2018 performance, Qatari equities are set for a positive 2019. QNBFS forecasts the Qatari stocks within its coverage universe to increase by 4.0 percent in aggregate earngings as of 2019.
“After an expected 10.0 percent rise in DPS for 2018 (only 1 percent excluding IQCD’s DPS growth), we anticipate a 3.9 percent DPS increase for 2019 and a 5.9 Percent growth for 2020”, QNB Financial Services noted in its ‘Qatar equity strategy 2019’.
DPS or dividend per share is an important metric to investors because the amount a firm pays out in dividends directly translates to income for the shareholder, and the DPS is the most straightforward figure an investor can use to calculate his or her dividend payments from owning shares of a stock over time.
After an outstanding 2018 performance, Qatari equities are set for a positive 2019. QNBFS forecasts the Qatari stocks within its coverage universe to increase by 4.0 percent in aggregate earngings as of 2019.
“After an expected 10.0 percent rise in DPS for 2018 (only 1 percent excluding IQCD’s DPS growth), we anticipate a 3.9 percent DPS increase for 2019 and a 5.9 Percent growth for 2020”, QNB Financial Services noted in its ‘Qatar equity strategy 2019’.
DPS or dividend per share is an important metric to investors because the amount a firm pays out in dividends directly translates to income for the shareholder, and the DPS is the most straightforward figure an investor can use to calculate his or her dividend payments from owning shares of a stock over time.
#SaudiArabia Signs Investment MoUs Worth $20 Billion in Pakistan - Bloomberg
Saudi Arabia Signs Investment MoUs Worth $20 Billion in Pakistan - Bloomberg:
Saudi Arabia’s Crown Prince Mohammed bin Salman said his country signed so-called memorandums of understanding worth $20 billion of investment in Pakistan.
“We are creating a great future for Saudi Arabia and Pakistan,” Prince Mohammed said at a reception by Prime Minister Imran Khan after the kingdom’s de facto ruler reached Islamabad on Sunday on a two-day trip. The two nations signed investments deals in energy and agriculture sector including setting up a $10 billion oil refinery in southwestern city of Gwadar.
Prince Mohammed’s investment plans may help premier Khan’s efforts to revive an economy hurt by widening current account and fiscal deficits. Saudi Arabia has already given a $3 billion loan to Pakistan, while the United Arab Emirates provided $1 billion as part of its $3 billion balance of payment support that helped south Asia’s second biggest economy avert a financial crisis.
Saudi Arabia’s Crown Prince Mohammed bin Salman said his country signed so-called memorandums of understanding worth $20 billion of investment in Pakistan.
“We are creating a great future for Saudi Arabia and Pakistan,” Prince Mohammed said at a reception by Prime Minister Imran Khan after the kingdom’s de facto ruler reached Islamabad on Sunday on a two-day trip. The two nations signed investments deals in energy and agriculture sector including setting up a $10 billion oil refinery in southwestern city of Gwadar.
Prince Mohammed’s investment plans may help premier Khan’s efforts to revive an economy hurt by widening current account and fiscal deficits. Saudi Arabia has already given a $3 billion loan to Pakistan, while the United Arab Emirates provided $1 billion as part of its $3 billion balance of payment support that helped south Asia’s second biggest economy avert a financial crisis.
#Qatar aims to build $20 billion sports sector ahead of World Cup | Reuters
Qatar aims to build $20 billion sports sector ahead of World Cup | Reuters:
Qatar wants to attract more sports companies to the Gulf state, aiming to develop a $20 billion sports sector ahead of the 2022 World Cup, a senior official said on Sunday.
Qatar Financial Center (QFC) - which licenses foreign companies, mostly in the finance sector, to exempt them from local ownership laws - aims to license about 150 sports companies by 2022, including around 25 this year, QFC’s CEO Yousuf Al-Jaida said at an event to announce the strategy. He did not give any names.
The drive to attract sports-related multinationals and facilitate the commercialization of sports-related services in the state is part of plans to become a regional hub for sporting events in the run-up to Qatar’s hosting of the 2022 soccer World Cup, he said.
Qatar wants to attract more sports companies to the Gulf state, aiming to develop a $20 billion sports sector ahead of the 2022 World Cup, a senior official said on Sunday.
Qatar Financial Center (QFC) - which licenses foreign companies, mostly in the finance sector, to exempt them from local ownership laws - aims to license about 150 sports companies by 2022, including around 25 this year, QFC’s CEO Yousuf Al-Jaida said at an event to announce the strategy. He did not give any names.
The drive to attract sports-related multinationals and facilitate the commercialization of sports-related services in the state is part of plans to become a regional hub for sporting events in the run-up to Qatar’s hosting of the 2022 soccer World Cup, he said.
StanChart, BNP Among Banks Said to Be Added to #Saudi Aramco Bond - Bloomberg
StanChart, BNP Among Banks Said to Be Added to Saudi Aramco Bond - Bloomberg:
Standard Chartered Plc and BNP Paribas SA are among about a dozen banks likely to be added as co-managers for Saudi Aramco’s landmark international bond sale, people with knowledge of the matter said.
Two Japanese lenders -- Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc. -- as well as Samba Financial Group and Gulf International Bank BSC are among those being appointed, according to the people, who asked not to be identified because the information is private. The banks have yet to be formally notified, they said.
Aramco declined to comment.
Saudi Aramco picked JPMorgan Chase & Co. and Morgan Stanley to manage the sale, its first-ever international dollar-bond offering, to fund the acquisition of petrochemical giant Saudi Basic Industries Corp., people with knowledge of the matter said on Thursday.
Standard Chartered Plc and BNP Paribas SA are among about a dozen banks likely to be added as co-managers for Saudi Aramco’s landmark international bond sale, people with knowledge of the matter said.
Two Japanese lenders -- Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc. -- as well as Samba Financial Group and Gulf International Bank BSC are among those being appointed, according to the people, who asked not to be identified because the information is private. The banks have yet to be formally notified, they said.
Aramco declined to comment.
Saudi Aramco picked JPMorgan Chase & Co. and Morgan Stanley to manage the sale, its first-ever international dollar-bond offering, to fund the acquisition of petrochemical giant Saudi Basic Industries Corp., people with knowledge of the matter said on Thursday.
Sunday Strategist: Airbus Grounded Its A380 After Only 11 Years - Bloomberg
Sunday Strategist: Airbus Grounded Its A380 After Only 11 Years - Bloomberg:
Airbus finally grounded its massive A380 a mere 11 years after its debut (in airplane years, that’s a blink).
The strategy on this superplane was suspect from the start. It was conceived in the late 1990s to conquer Boeing’s 747 and it did just that—in size, range and Instagram-worthy features. But when Airbus finally gave the 380 the green light, Boeing’s big bird was 31 years old and already starting its long, gradual descent.
The lesson here is to heavily discount old rivalries when planning for the future; let the sunk costs of competition be sunk. If you are the Chicago Tribune at the dawn of the Internet, for example, consider Craigslist; don’t sweat the Sun-Times.
Airbus finally grounded its massive A380 a mere 11 years after its debut (in airplane years, that’s a blink).
The strategy on this superplane was suspect from the start. It was conceived in the late 1990s to conquer Boeing’s 747 and it did just that—in size, range and Instagram-worthy features. But when Airbus finally gave the 380 the green light, Boeing’s big bird was 31 years old and already starting its long, gradual descent.
The lesson here is to heavily discount old rivalries when planning for the future; let the sunk costs of competition be sunk. If you are the Chicago Tribune at the dawn of the Internet, for example, consider Craigslist; don’t sweat the Sun-Times.
#Qatar's Financial Hub to Add Sports, Media to Compete With Dubai - Bloomberg
Qatar's Financial Hub to Add Sports, Media to Compete With Dubai - Bloomberg:
Qatar Financial Centre wants to attract companies other than just banks and asset managers to position itself as a multi-faceted business hub with better access than the country’s rival Dubai to markets including Turkey, Pakistan and Kuwait.
The new strategy is focused on building out four "clusters" for activities ranging from sports to media, Yousuf Al-Jaida, chief executive officer of the Qatar Financial Centre Authority, said in Doha.
The center drew up the plan after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut economic and diplomatic ties with Qatar in June 2017, accusing the Gulf country of financing terrorist groups and having close ties with Iran. Qatar rejects the charges. The rift forced it to shift trade and transportation routes to Kuwait and Oman and to buy goods from Iran and Turkey.
Qatar Financial Centre wants to attract companies other than just banks and asset managers to position itself as a multi-faceted business hub with better access than the country’s rival Dubai to markets including Turkey, Pakistan and Kuwait.
The new strategy is focused on building out four "clusters" for activities ranging from sports to media, Yousuf Al-Jaida, chief executive officer of the Qatar Financial Centre Authority, said in Doha.
The center drew up the plan after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut economic and diplomatic ties with Qatar in June 2017, accusing the Gulf country of financing terrorist groups and having close ties with Iran. Qatar rejects the charges. The rift forced it to shift trade and transportation routes to Kuwait and Oman and to buy goods from Iran and Turkey.
IPO of remaining 50% of Kuwaiti bourse seen in Q4 2019 or Q1 2020 - official | ZAWYA MENA Edition
IPO of remaining 50% of Kuwaiti bourse seen in Q4 2019 or Q1 2020 - official | ZAWYA MENA Edition:
The initial public offering for the remaining 50 percent of shares in the Kuwaiti bourse will take place in the fourth quarter of 2019 or the first quarter of 2020, said Abdulaziz AlMarzouq, commissioner of the Capital Markets Authority and vice chairman of the bourse's privatization committee.
On Thursday, a consortium led by Kuwait's National Investment Co. and including the Athens bourse won a tender to acquire 44 percent of the Kuwait stock exchange.
The initial public offering for the remaining 50 percent of shares in the Kuwaiti bourse will take place in the fourth quarter of 2019 or the first quarter of 2020, said Abdulaziz AlMarzouq, commissioner of the Capital Markets Authority and vice chairman of the bourse's privatization committee.
On Thursday, a consortium led by Kuwait's National Investment Co. and including the Athens bourse won a tender to acquire 44 percent of the Kuwait stock exchange.
UAE announces $1.1 billion of military deals with international companies: IDEX | Reuters
UAE announces $1.1 billion of military deals with international companies: IDEX | Reuters:
The United Arab Emirates (UAE) said on Sunday it had signed military deals worth 3.87 billion UAE dirhams ($1.1 billion) with international companies.
A spokesman for the IDEX defense conference said the UAE had also announced military deals worth 1.1 billion UAE dirhams with local companies.
The United Arab Emirates (UAE) said on Sunday it had signed military deals worth 3.87 billion UAE dirhams ($1.1 billion) with international companies.
A spokesman for the IDEX defense conference said the UAE had also announced military deals worth 1.1 billion UAE dirhams with local companies.
MIDEAST STOCKS-UAE property developers’ earnings give Gulf markets a boost | Reuters
MIDEAST STOCKS-UAE property developers’ earnings give Gulf markets a boost | Reuters:
Most stock markets in the Middle East closed higher on Sunday, reflecting a rally in global stock markets on Friday, and were also boosted by better-than-expected company results, particularly in real estate.
The Abu Dhabi index gained 0.7 percent and the Dubai index 0.6 percent, as two of the largest property developers in the United Arab Emirates posted positive fourth-quarter financial results last week that beat market expectations.
“The market is starting to rebuild confidence in earnings as a driver for sentiment,” said Arqaam Capital in a research note.
Most stock markets in the Middle East closed higher on Sunday, reflecting a rally in global stock markets on Friday, and were also boosted by better-than-expected company results, particularly in real estate.
The Abu Dhabi index gained 0.7 percent and the Dubai index 0.6 percent, as two of the largest property developers in the United Arab Emirates posted positive fourth-quarter financial results last week that beat market expectations.
“The market is starting to rebuild confidence in earnings as a driver for sentiment,” said Arqaam Capital in a research note.
#SaudiArabia Exceeds OPEC Output Cuts Russia Falls Short - Bloomberg
Saudi Arabia Exceeds OPEC Output Cuts Russia Falls Short - Bloomberg:
I know a little bit about standing on one leg; my daughter has encouraged me to learn to water ski. It’s not easy at my age, in England, in winter. OK, I’m actually on two legs, but they are on one ski. I tend to wobble a lot and to fall over much more than I would like. It sort of reminds me of the current state of the OPEC+ oil deal that was updated in December. That is also standing on a single leg and starting to look a bit shaky.
The deal had two main pillars (let’s call them legs) to hold the whole thing up. They were Saudi Arabia and Russia, the leaders, at least in volume terms, of the groups of countries that were party to the production deal. They agreed to take the biggest share of each group’s pledged output cuts — Saudi Arabia shouldering 40 percent of the OPEC burden and Russia assuming 60 percent of the non-OPEC contribution.
With the first month’s data now published, it is clear that, while one leg is functioning strongly, the other is bearing little of the weight of the deal – and that could spell trouble for the future.
I know a little bit about standing on one leg; my daughter has encouraged me to learn to water ski. It’s not easy at my age, in England, in winter. OK, I’m actually on two legs, but they are on one ski. I tend to wobble a lot and to fall over much more than I would like. It sort of reminds me of the current state of the OPEC+ oil deal that was updated in December. That is also standing on a single leg and starting to look a bit shaky.
The deal had two main pillars (let’s call them legs) to hold the whole thing up. They were Saudi Arabia and Russia, the leaders, at least in volume terms, of the groups of countries that were party to the production deal. They agreed to take the biggest share of each group’s pledged output cuts — Saudi Arabia shouldering 40 percent of the OPEC burden and Russia assuming 60 percent of the non-OPEC contribution.
With the first month’s data now published, it is clear that, while one leg is functioning strongly, the other is bearing little of the weight of the deal – and that could spell trouble for the future.
Bankers Are Sick of Choosing Sides Between #Qatar and #SaudiArabia - Bloomberg
Bankers Are Sick of Choosing Sides Between Qatar and Saudi Arabia - Bloomberg:
When Saudi Arabia cut ties with Qatar in mid-2017, many international bankers chose to chase a potential fee windfall in Riyadh over doing deals with its rich but isolated neighbor.
They’re not willing to pick sides anymore.
Executives from HSBC Holdings Plc, Goldman Sachs Group Inc. and other global banks are intensifying efforts to repair ties with Qatar’s finance ministry and sovereign wealth fund, according to interviews with people close to the lenders and Qatar’s government. While the kingdom remains key for business, some bankers regret diverting their attention from Doha after being blindsided when the Saudis delayed the sale of a stake in oil giant Aramco in July, they said.
When Saudi Arabia cut ties with Qatar in mid-2017, many international bankers chose to chase a potential fee windfall in Riyadh over doing deals with its rich but isolated neighbor.
They’re not willing to pick sides anymore.
Executives from HSBC Holdings Plc, Goldman Sachs Group Inc. and other global banks are intensifying efforts to repair ties with Qatar’s finance ministry and sovereign wealth fund, according to interviews with people close to the lenders and Qatar’s government. While the kingdom remains key for business, some bankers regret diverting their attention from Doha after being blindsided when the Saudis delayed the sale of a stake in oil giant Aramco in July, they said.
Oil Rally Finally Pulls Hedge Fund Optimists Off the Sidelines - Bloomberg
Oil Rally Finally Pulls Hedge Fund Optimists Off the Sidelines - Bloomberg:
Oil optimists look like they’re finally ready to take the driver’s seat in crude’s rebound.
For the first time this year, a jump in bets that Brent crude prices will rise far surpassed the move by short-sellers, helping set the tone for money managers’ positioning on the global benchmark. Sentiment is now the most bullish since late October.
So far, the mood had hinged mostly on what short-sellers were up to. But in the week ended Feb. 12, bullish bets rose by 10 percent, the most since late August, according to data released Friday. Wagers on falling prices shrank by 5.5 percent
Oil optimists look like they’re finally ready to take the driver’s seat in crude’s rebound.
For the first time this year, a jump in bets that Brent crude prices will rise far surpassed the move by short-sellers, helping set the tone for money managers’ positioning on the global benchmark. Sentiment is now the most bullish since late October.
So far, the mood had hinged mostly on what short-sellers were up to. But in the week ended Feb. 12, bullish bets rose by 10 percent, the most since late August, according to data released Friday. Wagers on falling prices shrank by 5.5 percent
Khamenei Wants Less Money Injected Into #Iran's Wealth Fund - Bloomberg
Khamenei Wants Less Money Injected Into Iran's Wealth Fund - Bloomberg:
Iran’s supreme leader, Ayatollah Ali Khamenei, wants less oil income diverted to the country’s sovereign wealth fund, the semi-official Tasnim news agency reported, as the economy reels from renewed U.S. sanctions.
Khamenei has instructed parliament to amend the draft budget for the Iranian year beginning March 21 so 20 percent of oil revenue is paid into the National Development Fund, versus the originally planned 30 percent, Tasnim reported, citing lawmaker Nader Qazipour.
A smaller injection would mean more disposable cash for an economy battered by the U.S. withdrawal from the multipower nuclear deal with Tehran and subsequent sanctions on Iranian oil and banks.
Iran’s supreme leader, Ayatollah Ali Khamenei, wants less oil income diverted to the country’s sovereign wealth fund, the semi-official Tasnim news agency reported, as the economy reels from renewed U.S. sanctions.
Khamenei has instructed parliament to amend the draft budget for the Iranian year beginning March 21 so 20 percent of oil revenue is paid into the National Development Fund, versus the originally planned 30 percent, Tasnim reported, citing lawmaker Nader Qazipour.
A smaller injection would mean more disposable cash for an economy battered by the U.S. withdrawal from the multipower nuclear deal with Tehran and subsequent sanctions on Iranian oil and banks.
#UAE carriers constitute 54% of Boeing’s deliveries in region in 2018 | ZAWYA MENA Edition
UAE carriers constitute 54% of Boeing’s deliveries in region in 2018 | ZAWYA MENA Edition:
Boeing delivered 39 airplanes in 2018 to its regional customers in the Middle East, 21 of which were to UAE carriers, according to Bernard J. Dunn, President, Boeing Middle East, North Africa and Turkey.
In an exclusive interview with the Emirates News Agency (WAM) ahead of the International Defence Exhibition (IDEX) 2019, starting in the UAE capital today, Dunn described 2018 as a 'great year'.
"2018 was a great year. Globally, we set a new annual record of 806 deliveries in 2018, surpassing our previous record of 763 deliveries in 2017. Boeing again grew its significant order book with 893 net orders, including 203 airplane sales in December." With regards to the Middle East, the American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide, delivered 39 commercial aircraft in 2018 to regional customer airlines.
Boeing delivered 39 airplanes in 2018 to its regional customers in the Middle East, 21 of which were to UAE carriers, according to Bernard J. Dunn, President, Boeing Middle East, North Africa and Turkey.
In an exclusive interview with the Emirates News Agency (WAM) ahead of the International Defence Exhibition (IDEX) 2019, starting in the UAE capital today, Dunn described 2018 as a 'great year'.
"2018 was a great year. Globally, we set a new annual record of 806 deliveries in 2018, surpassing our previous record of 763 deliveries in 2017. Boeing again grew its significant order book with 893 net orders, including 203 airplane sales in December." With regards to the Middle East, the American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, and missiles worldwide, delivered 39 commercial aircraft in 2018 to regional customer airlines.
#Kuwait's Agility 2018 net profit rises 18.4% | ZAWYA MENA Edition
Kuwait's Agility 2018 net profit rises 18.4% | ZAWYA MENA Edition:
Kuwait's Agility, one of the largest logistics companies in the Gulf, on Saturday reported an 18.4 percent rise in its 2018 net profit year-on-year.
The net profit figure reached 81.1 million Kuwaiti dinars ($267.04 million), the company said in a statement.
Revenues for the year increased 10.2 percent to 1.55 billion dinars, while net profit for the fourth quarter of 2018 rose 15.1 percent to 22.2 million dinars, it said.
Kuwait's Agility, one of the largest logistics companies in the Gulf, on Saturday reported an 18.4 percent rise in its 2018 net profit year-on-year.
The net profit figure reached 81.1 million Kuwaiti dinars ($267.04 million), the company said in a statement.
Revenues for the year increased 10.2 percent to 1.55 billion dinars, while net profit for the fourth quarter of 2018 rose 15.1 percent to 22.2 million dinars, it said.
HNA cuts stake in Deutsche Bank to 6.3 percent: SEC filing | Reuters
HNA cuts stake in Deutsche Bank to 6.3 percent: SEC filing | Reuters:
Chinese conglomerate HNA has cut its stake in Deutsche Bank to 6.3 percent, according to a filing with the U.S. Securities and Exchange Commission.
That marks a reduction from 7.64 percent of voting rights reported in the most recent filing in Germany.
HNA, even with the reduced holding, would remain one of the largest shareholders in Germany’s largest lender.
Chinese conglomerate HNA has cut its stake in Deutsche Bank to 6.3 percent, according to a filing with the U.S. Securities and Exchange Commission.
That marks a reduction from 7.64 percent of voting rights reported in the most recent filing in Germany.
HNA, even with the reduced holding, would remain one of the largest shareholders in Germany’s largest lender.
#AbuDhabi arms fair opens amid #Yemen war criticism
Abu Dhabi arms fair opens amid Yemen war criticism:
A biennial arms fair has opened in the United Arab Emirates as the country faces increasing scrutiny over its involvement in the Saudi-led war in Yemen.
While the war went unmentioned at the opening ceremony of the International Defense Exhibition and Conference in Abu Dhabi on Sunday, it was clearly present in the theatrical show offered to spectators.
In it, a militia threatens an unknown country with both launchpad-based and mobile ballistic missiles. Saudi Arabia has faced over 100 such launches by Yemen’s Houthi rebels into the kingdom.
A biennial arms fair has opened in the United Arab Emirates as the country faces increasing scrutiny over its involvement in the Saudi-led war in Yemen.
While the war went unmentioned at the opening ceremony of the International Defense Exhibition and Conference in Abu Dhabi on Sunday, it was clearly present in the theatrical show offered to spectators.
In it, a militia threatens an unknown country with both launchpad-based and mobile ballistic missiles. Saudi Arabia has faced over 100 such launches by Yemen’s Houthi rebels into the kingdom.
Rouhani says #Iran ready to improve ties with Gulf states | Reuters
Rouhani says Iran ready to improve ties with Gulf states | Reuters:
Iranian President Hassan Rouhani said on Sunday that Tehran wanted to establish close ties with all countries in the Middle East, where Iran has been involved in proxy wars with Saudi Arabia for decades.
“Iran is ready to work with regional states to preserve security in the Middle East ... Our enemies, America and Israel, want to create division among Iranians,” Rouhani said in a public speech in southern Iran, broadcast live on state TV.
Iran and Saudi Arabia are backing opposing sides in the wars in Syria and Yemen, while Saudi Arabia welcomed President Donald Trump’s move to pull the United States out of a nuclear deal between Iran and world powers and reimpose sanctions on Tehran.
Iranian President Hassan Rouhani said on Sunday that Tehran wanted to establish close ties with all countries in the Middle East, where Iran has been involved in proxy wars with Saudi Arabia for decades.
“Iran is ready to work with regional states to preserve security in the Middle East ... Our enemies, America and Israel, want to create division among Iranians,” Rouhani said in a public speech in southern Iran, broadcast live on state TV.
Iran and Saudi Arabia are backing opposing sides in the wars in Syria and Yemen, while Saudi Arabia welcomed President Donald Trump’s move to pull the United States out of a nuclear deal between Iran and world powers and reimpose sanctions on Tehran.
MIDEAST STOCKS-Robust company results boost sluggish Gulf real estate | Reuters
MIDEAST STOCKS-Robust company results boost sluggish Gulf real estate | Reuters:
Gulf markets rose in early trade on Sunday on the back of positive company results at the end of last week and they were also supported by a rally in global stock markets on Friday.
The Dubai index, up 0.8 percent, got a boost from stronger than expected fourth-quarter results for real estate companies such as Dubai’s Emaar Properties and this was also positive for the United Arab Emirates’ sluggish real estate sector.
Dubai property prices have fallen steadily since a mid-2014 peak, hurting earnings of developers and forcing construction and engineering firms to cut jobs and halt expansion plans.
Gulf markets rose in early trade on Sunday on the back of positive company results at the end of last week and they were also supported by a rally in global stock markets on Friday.
The Dubai index, up 0.8 percent, got a boost from stronger than expected fourth-quarter results for real estate companies such as Dubai’s Emaar Properties and this was also positive for the United Arab Emirates’ sluggish real estate sector.
Dubai property prices have fallen steadily since a mid-2014 peak, hurting earnings of developers and forcing construction and engineering firms to cut jobs and halt expansion plans.
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