Israel and Middle East Stocks News: - Bloomberg

Israel and Middle East Stocks News: - Bloomberg:

Israeli stocks fell the most in the Middle East as the country confirmed a coronavirus case and moved to contain its spread.

The main gauge in Tel Aviv retreated as much as 2.7% on Sunday, while those in Saudi Arabia, Dubai, Kuwait, Qatar and Egypt also fell. Israeli equities are highly correlated to moves in the U.S., where stocks sank on Friday.

Last week, emerging-market currencies had their worst five days since August and stocks fell on mounting evidence that the virus is taking a toll on corporate earnings and the global economy. Brent crude declined 1.4% on Friday to $58.50 a barrel, extending its loss this year to 11% as the outbreak cripples China’s industrial activity and transportation at a time when energy supplies already were abundant.

#Saudi Regulator Seeks to Raise Capital Levels for Insurers - Bloomberg

Saudi Regulator Seeks to Raise Capital Levels for Insurers - Bloomberg:

Saudi Arabia is working on new regulations that would raise capital requirements for the kingdom’s overcrowded insurance sector, its central bank governor said in an interview with Bloomberg TV.

The new rules would “make the market more attractive to foreign investors,” Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority, said in an interview Sunday in Riyadh. Officials are trying to expedite the regulations and hope they’ll be passed this year, he said. The government also wants to encourage other lines of business beyond motor and health insurance.

The central bank, which regulates the financial-services industry, has been urging consolidation in the kingdom’s crowded insurance market for several years. Of Saudi Arabia’s 33 insurance companies, 10 made a loss last year, with the bulk of all the profits being earned by just two companies -- Bupa Arabia and The Company for Cooperative Insurance, known as Tawuniya.

“We have too many small companies,” Alkholifey said. “If we have bigger companies serving the market in a better way that would be good. What is going on in the insurance sector is not just the supply side but also the demand side and more awareness.”

Damac Properties GM reveals plans for #Saudi expansion - Arabianbusiness

Damac Properties GM reveals plans for Saudi expansion - Arabianbusiness:

Dubai-based property developer Damac Properties is looking to expand into Saudi Arabia.

Ali Sajwani, general manager of operations, who has a strategic overview of the UAE and international businesses, revealed in an interview with Saudi publication Arab News, that the kingdom is very much part of the company’s future plans.

The 28-year-old said: “Over the next five years, under [Crown Prince] Mohammed bin Salman, it (Saudi) has all the right ingredients – a visionary leader pushing the country and opening it up to foreign investors.”

He added: “We’re speaking to people all the time in Saudi Arabia – developers, the authorities and landowners. We’re actively exploring that market and visit there regularly.”

Exclusive: If #Lebanon needs financial aid, France will be there, finmin says - Reuters

Exclusive: If Lebanon needs financial aid, France will be there, finmin says - Reuters:

France is ready to support Lebanon financially - bilaterally or multilaterally - its finance minister said on Sunday, warning against mixing economic recovery in the small Mediterranean state with U.S.-led efforts to counter Iran in the region.

“France always stands ready to help Lebanon. It has always been the case in the past and it will be the case in the future...” Bruno Le Maire told Reuters at the end of a meeting of finance officials from the Group of 20 (G20) major economies.

“If there is any help required from Lebanon, France will be there.” 


Lebanon’s long-brewing economic crisis spiraled last year as the country’s capital inflows slowed and protests erupted against the ruling elite.

#SaudiArabia in touch with other countries on #Lebanon aid - finmin - Reuters

Saudi Arabia in touch with other countries on Lebanon aid - finmin - Reuters:

Saudi Arabia is in contact with other countries to coordinate any support for Lebanon based on economic reforms, the kingdom’s finance minister said on Sunday.

“The kingdom has been and will remain supportive to Lebanon and the Lebanese people,” Mohammed al-Jadaan told reporters at the end of a meeting of finance officials from the Group of 20 countries.

Middle East #UAE News: 2019 Growth From Oil - Bloomberg

Middle East U.A.E. News: 2019 Growth From Oil - Bloomberg:

Economic growth in the United Arab Emirates is estimated to have accelerated last year, but mostly because of oil.

Excluding the hydrocarbon industry, the Middle East’s second-biggest economy expanded at the slowest pace since at least 2011, according to central bank forecasts released on Sunday. It grew 1.1% in 2020, compared with 1.3% a year ago, according to the lender’s latest quarterly review. Earlier calculations assumed there would be an acceleration to 1.8%.

The actual figures will be announced later this year.

The federation of seven emirates, dominated by oil-rich Abu Dhabi and Dubai, a hub for tourism and logistics, is struggling amid geopolitical tensions over Iran and an oversupplied property market. The coronavirus outbreak in China, the U.A.E.’s biggest trading partner, could put a further strain on the economy.

Abu Dhabi Commercial Bank, the nation’s third-largest lender by market value, reduced its non-oil growth projection for this year by 0.1 percentage points to 2.3% on the back of the virus. Its forecast for the economy as a whole is 0.6%.

MIDEAST STOCKS-Banks weigh on #Saudi, #Dubai as most major Gulf markets fall - Reuters

MIDEAST STOCKS-Banks weigh on Saudi, Dubai as most major Gulf markets fall - Reuters:

Most major Gulf stock markets fell on
Sunday, with Saudi Arabia hurt by losses in banking shares that
outweighed gains in Saudi Aramco and Emirates NBD dragging the
Dubai index lower.

Saudi Arabia's benchmark index closed down 0.3% as
Saudi Telecom dropped 2% and the country's largest
lender National Commercial Bank fell 1.3%.
But the index was supported by Saudi Aramco, which
rose 1.2% in its straight fifth session of gains.

The oil group received regulatory approval to develop Saudi
Arabia's Jafurah non-associated gas field, which would produce
some 550,000 barrels per day of gas liquids and condensates.

Separately, Reuters reported on Friday through sources that
Aramco is set to gain unconditional EU antitrust approval for
its $69 billion buy of a 70% stake in Saudi Basic Industries
Corp (SABIC). SABIC was up 0.6%.

The Dubai index was down 0.7%, with its biggest
lender Emirates NBD declining 2.3%. Air Arabia
lost 3.2%.

#UAE economy grew at 2.9% in 2019, central bank says - Reuters

UAE economy grew at 2.9% in 2019, central bank says - Reuters:

The United Arab Emirates’ economy grew at 2.9% year-on-year in 2019, up from 1.7% in 2018, a UAE central bank report said.

The country’s hydrocarbon sector grew at 7.6% in 2019, while the non-hydrocarbon sector expanded by 1.1%, the bank report said. 


The central bank said the UAE economy grew 1.3% in the fourth quarter from a year earlier, slowing from a pace of 2.9% in the third quarter.

The International Monetary Fund expects the UAE economy to expand at 2.5% in 2020 as oil producers will be hit by output cuts following the decision by OPEC and non-OPEC producers in December to extend supply cuts.

The UAE central bank report also said property prices in Dubai fell by 7.0% in the fourth quarter from a year earlier, compared with an 8.2% drop in the previous quarter.

OPEC Emperor #SaudiArabia Has Fallen For Russia's Tricks - Bloomberg

OPEC Emperor Saudi Arabia Has Fallen For Russia's Tricks - Bloomberg:

Russia’s oil output cuts are as real as the emperor’s new clothes, OPEC just can’t admit it.

 Source: Culture Club/Hulton Archive

As the Covid-19 virus hit demand for oil, OPEC kingpin Saudi Arabia wanted an urgent meeting among the cartel’s members and their international partners in order to bring in deeper and longer output cuts. Russia didn’t, and now the emergency gathering of the 23-nation coalition known as OPEC+ won’t happen. This is only the latest in a series of slights that the biggest member of OPEC’s allies has delivered to the wider group, ratcheting up questions about its potency to truly impact oil production levels and therefore prices.

So why does Saudi Arabia continue to tolerate the unwieldy situation in return for very little in the way of real output cuts? Here’s my take, with a bit of artistic license:

“The Emperor Salman and the Tailors of Rus” 1 — with apologies to Hans Christian Andersen

Salman, Prince of the Desert and Emperor of the lands of OPEC, was worried. The empire over which his country had held sway for nearly 60 years was beset on all sides by threats. His uncle, Sam, who had hitherto depended on the oil from the desert kingdom and its allies, had recently harnessed a wild beast called Shale that was threatening the riches of the realm. Salman needed to burnish his image, so he decided to take in his old suit of clothes for a makeover to restore its luster and his country’s reputation as the most important oil broker in the world.

Israel and Middle East Stocks News: - Bloomberg

Israel and Middle East Stocks News: - Bloomberg:

Israeli stocks fell the most in the Middle East as the country confirmed a coronavirus case and moved to contain its spread.

The main gauge in Tel Aviv retreated as much as 2.5% on Sunday, while those in Saudi Arabia, Dubai, Bahrain, Kuwait and Qatar also fell. Israeli equities are highly correlated to moves in the U.S., where stocks sank on Friday.


Last week, emerging-market currencies had their worst five days since August and stocks fell on mounting evidence that the virus is taking a toll on corporate earnings and the global economy. Brent crude declined 1.4% on Friday to $58.50 a barrel, extending its loss this year to 11% as the outbreak cripples China’s industrial activity and transportation at a time when energy supplies already were abundant.

MIDEAST STOCKS-Major Gulf markets mixed, banks weigh on #Saudi index - Agricultural Commodities - Reuters

MIDEAST STOCKS-Major Gulf markets mixed, banks weigh on Saudi index - Agricultural Commodities - Reuters:

Major Gulf stock markets were mixed in early trade on Sunday as banking shares dragged Saudi index lower, while petrochemical shares supported the Qatari index.

Saudi Arabia’s benchmark index edged down 0.2%, with Al Rajhi Bank and Banque Saudi Fransi both down 0.4% and 2.3% respectively.

But the index was supported by Saudi Aramco, which rose 0.5% in its straight fifth session of gains.

The oil group received regulatory approval to develop Saudi Arabia’s Jafurah non-associated gas field, which would produce some 550,000 barrels per day of gas liquids and condensates.