U.A.E. Stimulus Package: Coronavirus Latest Details - Bloomberg:
The United Arab Emirates boosted the size of its stimulus package to $34 billion as the second-biggest Arab economy seeks to fend off the impact of the coronavirus.
The cabinet approved an additional support package of 16 billion dirhams, bringing the total size to 126 billion dirhams, according to a tweet by Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum, who is also the prime minister of the U.A.E.
The nation’s central bank earlier this month rolled out a $27 billion package of measures to support its banks. Abu Dhabi and Dubai, which are part of the U.A.E., have also announced separate measures.
Sunday 22 March 2020
Stock Market Today: Dow, S&P Live Updates for March 22, 2020 - Bloomberg
Stock Market Today: Dow, S&P Live Updates for March 22, 2020 - Bloomberg:
U.S. equity futures tumbled at the start of trading Monday after a surge in the global death toll from the coronavirus and a failure as yet by Congress to agree on an aid plan. Crude oil slumped.
S&P 500 futures dropped 5% and hit limit down after the index lost more than 4% on Friday. Asian contracts pointed lower. The dollar climbed against major peers. New Zealand’s dollar fell with the country’s bond yields after its central bank joined other countries in saying it will start buying bonds to stimulate the economy. As investors attempt to assess the severity of the upcoming downturn, Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the virus.
Markets are “pricing a global recession, which we expect; stay defensive,” Goldman Sachs Group Inc. strategists Kamakshya Trivedi and Zach Pandl, wrote in a note Sunday. “The uncertainties around the depth and duration of the hit to the global economy remain high and the momentum in our own, and other, economic forecasts continues to be sharply negative with downside risks.”
The 10-year Treasury yield fell back below 1% last week and the dollar steadied after vaulting more than 8% in the previous eight sessions as the Fed coordinated action with global central banks to beef up dollar liquidity swap line arrangements.
U.S. equity futures tumbled at the start of trading Monday after a surge in the global death toll from the coronavirus and a failure as yet by Congress to agree on an aid plan. Crude oil slumped.
S&P 500 futures dropped 5% and hit limit down after the index lost more than 4% on Friday. Asian contracts pointed lower. The dollar climbed against major peers. New Zealand’s dollar fell with the country’s bond yields after its central bank joined other countries in saying it will start buying bonds to stimulate the economy. As investors attempt to assess the severity of the upcoming downturn, Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the virus.
Markets are “pricing a global recession, which we expect; stay defensive,” Goldman Sachs Group Inc. strategists Kamakshya Trivedi and Zach Pandl, wrote in a note Sunday. “The uncertainties around the depth and duration of the hit to the global economy remain high and the momentum in our own, and other, economic forecasts continues to be sharply negative with downside risks.”
The 10-year Treasury yield fell back below 1% last week and the dollar steadied after vaulting more than 8% in the previous eight sessions as the Fed coordinated action with global central banks to beef up dollar liquidity swap line arrangements.
Emaar orders its employees to work from home amid coronavirus pandemic - Arabianbusiness
Emaar orders its employees to work from home amid coronavirus pandemic - Arabianbusiness:
Emaar Group has mandated that its employees work from home as a precautionary measure amid the global coronavirus pandemic, the company has announced.
In a statement, Emaar said that move would be effective from Monday, March 23.
The statement added that it would continue to monitor global developments and prevention measures during the work-from-home period and update its actions based on how the situation evolves.
“The world is facing one of the biggest challenges in its modern history,” said Emaar Properties chairman Mohammed Alabbar. “The UAE has set an example for precautionary and preventive measures against Covid-19. Collective efforts are vital to tide over this critical period.”
Emaar Group has mandated that its employees work from home as a precautionary measure amid the global coronavirus pandemic, the company has announced.
In a statement, Emaar said that move would be effective from Monday, March 23.
The statement added that it would continue to monitor global developments and prevention measures during the work-from-home period and update its actions based on how the situation evolves.
“The world is facing one of the biggest challenges in its modern history,” said Emaar Properties chairman Mohammed Alabbar. “The UAE has set an example for precautionary and preventive measures against Covid-19. Collective efforts are vital to tide over this critical period.”
Emirates stops nearly all passenger flights, slashes wages - Reuters
Emirates stops nearly all passenger flights, slashes wages - Reuters:
Emirates, one of the world’s biggest long-haul airlines, said on Sunday it would stop nearly all passenger flights this week and cut staff wages by as much as half because of the coronavirus impact on travel demand.
The state-owned Dubai carrier had already announced the suspension of nearly 70% of its network of 159 destinations, asked staff to go on unpaid leave and frozen recruitment as the industry faces one of its biggest ever challenges.
“As a global network airline, we find ourselves in a situation where we cannot viably operate passenger services until countries reopen their borders and travel confidence returns,” Emirates Chairman Sheikh Ahmed bin Saeed al-Maktoum said in a statement.
The Dubai based airline, which initially said it was stopping all passenger operations by Wednesday, will maintain some services to 13 countries for repatriation flights at the request of governments.
Emirates, one of the world’s biggest long-haul airlines, said on Sunday it would stop nearly all passenger flights this week and cut staff wages by as much as half because of the coronavirus impact on travel demand.
The state-owned Dubai carrier had already announced the suspension of nearly 70% of its network of 159 destinations, asked staff to go on unpaid leave and frozen recruitment as the industry faces one of its biggest ever challenges.
“As a global network airline, we find ourselves in a situation where we cannot viably operate passenger services until countries reopen their borders and travel confidence returns,” Emirates Chairman Sheikh Ahmed bin Saeed al-Maktoum said in a statement.
The Dubai based airline, which initially said it was stopping all passenger operations by Wednesday, will maintain some services to 13 countries for repatriation flights at the request of governments.
MIDEAST STOCKS-Most Gulf stocks resume retreat; Egypt extends gains - Reuters
MIDEAST STOCKS-Most Gulf stocks resume retreat; Egypt extends gains - Reuters:
Most stock indexes in the Gulf closed
lower on Sunday, with Abu Dhabi leading the losses, as measures
by central banks to stem a coronavirus-induced financial rout
faded, though Egypt extended gains.
More than 305,000 people have been infected by coronavirus
across the world and more than 13,000 have died, according to a
Reuters tally.
In Abu Dhabi, the index declined 3.6%, dragged down
by a 4.4% slide in top lender First Abu Dhabi Bank and
a 4.9% fall in telecoms firm Etisalat.
Dubai's main share index ended 2.1% lower, with
Emirates NBD and developer Emaar Properties
tumbling 4.2% and 4.5% respectively.
On Friday, the United Arab Emirates health ministry
announced its first two deaths from the virus, official UAE news
agency WAM reported, adding that both fatalities were people who
had existing medical conditions.
Most stock indexes in the Gulf closed
lower on Sunday, with Abu Dhabi leading the losses, as measures
by central banks to stem a coronavirus-induced financial rout
faded, though Egypt extended gains.
More than 305,000 people have been infected by coronavirus
across the world and more than 13,000 have died, according to a
Reuters tally.
In Abu Dhabi, the index declined 3.6%, dragged down
by a 4.4% slide in top lender First Abu Dhabi Bank and
a 4.9% fall in telecoms firm Etisalat.
Dubai's main share index ended 2.1% lower, with
Emirates NBD and developer Emaar Properties
tumbling 4.2% and 4.5% respectively.
On Friday, the United Arab Emirates health ministry
announced its first two deaths from the virus, official UAE news
agency WAM reported, adding that both fatalities were people who
had existing medical conditions.
To Stop Oil Price War, Trump Must Strike Deal With Russia, #Saudi - Bloomberg
To Stop Oil Price War, Trump Must Strike Deal With Russia, Saudi - Bloomberg:
Don’t expect Russia or Saudi Arabia to bail out shale again. Balancing the oil demand destruction resulting from the global spread of the Covid-19 virus requires action from all producers, and the leaders to make it happen.
The forecasts for oil demand are grim. Analysts from Goldman Sachs Group to Macquarie Group and commodities trader Trafigura Group estimate the peak hit to global demand will be anywhere from 8 million barrels a day to 11.4 million. Consultancy IHS Markit says global oil markets face the possibility of the biggest crude surplus ever recorded. That is too big for any single producer, or small group of producers, to deal with alone. And it’s become painfully clear that they have no appetite to do so anyway.
In the space of two weeks Saudi Arabia has gone from being threatened with legal action in the U.S. for holding oil off the market to facing calls for legal action against it for flooding the market with it. It’s not lost on the kingdom's leaders that the people who accused them of artificially inflating the price of oil by not pumping at capacity are the same ones who are now accusing the country of dumping crude since it opened the taps.
Don’t be surprised that it has no desire to ride to anyone’s rescue. No doubt it would only be pilloried again for pushing prices up as soon as motorists complain about the cost of filling their tanks.
Don’t expect Russia or Saudi Arabia to bail out shale again. Balancing the oil demand destruction resulting from the global spread of the Covid-19 virus requires action from all producers, and the leaders to make it happen.
The forecasts for oil demand are grim. Analysts from Goldman Sachs Group to Macquarie Group and commodities trader Trafigura Group estimate the peak hit to global demand will be anywhere from 8 million barrels a day to 11.4 million. Consultancy IHS Markit says global oil markets face the possibility of the biggest crude surplus ever recorded. That is too big for any single producer, or small group of producers, to deal with alone. And it’s become painfully clear that they have no appetite to do so anyway.
In the space of two weeks Saudi Arabia has gone from being threatened with legal action in the U.S. for holding oil off the market to facing calls for legal action against it for flooding the market with it. It’s not lost on the kingdom's leaders that the people who accused them of artificially inflating the price of oil by not pumping at capacity are the same ones who are now accusing the country of dumping crude since it opened the taps.
Don’t be surprised that it has no desire to ride to anyone’s rescue. No doubt it would only be pilloried again for pushing prices up as soon as motorists complain about the cost of filling their tanks.
#Saudi-Russia Oil Price War Heralds End to Gulf Luxury Lifestyle - Bloomberg
Saudi-Russia Oil Price War Heralds End to Gulf Luxury Lifestyle - Bloomberg:
For much of the world, oil wealth is a curse. Endowed with ample reserves of hydrocarbons, the likes of Nigeria, Angola, Kazakhstan, Mexico and Venezuela frittered the benefits away.
Only in the Persian Gulf has oil been a nation-building blessing. The discoveries of petroleum in the mid-20th century turned an anarchic, desperately poor region into one of the most affluent places on the planet. Qatar, Kuwait and the United Arab Emirates are all richer than Switzerland. Even Saudi Arabia, Bahrain, and Oman are on a par with Japan or the U.K.
The transformation has been so complete that it’s easy to believe the wealth derives from some eternal law of nature. That’s not true, though. The current price war in oil markets will only hasten the moment when the unsustainable nature of Gulf economies faces a brutal reckoning.
Right now, all six monarchies are joining with Russia in opening the taps to flood the crude market and flush out higher-cost producers. While the planned 2.5 million barrels per day increase from Saudi Arabia is by far the biggest wave in this tsunami, its neighbors aren’t holding back. The U.A.E. will daily add about 200,000 barrels or more, according to consultancy Rystad Energy, while Kuwait will lift output by 110,000 barrels. Russia will raise daily production by 200,000 barrels.
For much of the world, oil wealth is a curse. Endowed with ample reserves of hydrocarbons, the likes of Nigeria, Angola, Kazakhstan, Mexico and Venezuela frittered the benefits away.
Only in the Persian Gulf has oil been a nation-building blessing. The discoveries of petroleum in the mid-20th century turned an anarchic, desperately poor region into one of the most affluent places on the planet. Qatar, Kuwait and the United Arab Emirates are all richer than Switzerland. Even Saudi Arabia, Bahrain, and Oman are on a par with Japan or the U.K.
The transformation has been so complete that it’s easy to believe the wealth derives from some eternal law of nature. That’s not true, though. The current price war in oil markets will only hasten the moment when the unsustainable nature of Gulf economies faces a brutal reckoning.
Right now, all six monarchies are joining with Russia in opening the taps to flood the crude market and flush out higher-cost producers. While the planned 2.5 million barrels per day increase from Saudi Arabia is by far the biggest wave in this tsunami, its neighbors aren’t holding back. The U.A.E. will daily add about 200,000 barrels or more, according to consultancy Rystad Energy, while Kuwait will lift output by 110,000 barrels. Russia will raise daily production by 200,000 barrels.
#UAE close beaches, impose restaurant restrictions to curb coronavirus spread - Arabianbusiness
UAE close beaches, impose restaurant restrictions to curb coronavirus spread - Arabianbusiness:
The UAE’s Ministry of Health and Prevention and the National Emergency Crisis and Disasters Management Authority announced it was temporarily closing beaches and other public areas, including parks, movie theatres and gyms, to contain the spread of the coronavirus.
Restaurants and cafes, however, could remain open if they provide a home-delivery service and limit client capacity to 20%, the National Emergency Crisis and Disaster Management Authority said on Twitter. A physical distance of two metres between customers, in addition to other sanitation and public hygiene measures, must be ensured. Outdoor and self-order kiosks are exempted, it added.
The new measures are coming into effect today (Sunday) and would remain in place for two weeks, pending review, it added.
The two authorities have urged all relevant federal, local, and private institutions to ensure compliance with these decisions as per the law and to roll out all necessary guidelines to boost public awareness of the new measures.
The UAE’s Ministry of Health and Prevention and the National Emergency Crisis and Disasters Management Authority announced it was temporarily closing beaches and other public areas, including parks, movie theatres and gyms, to contain the spread of the coronavirus.
Restaurants and cafes, however, could remain open if they provide a home-delivery service and limit client capacity to 20%, the National Emergency Crisis and Disaster Management Authority said on Twitter. A physical distance of two metres between customers, in addition to other sanitation and public hygiene measures, must be ensured. Outdoor and self-order kiosks are exempted, it added.
The new measures are coming into effect today (Sunday) and would remain in place for two weeks, pending review, it added.
The two authorities have urged all relevant federal, local, and private institutions to ensure compliance with these decisions as per the law and to roll out all necessary guidelines to boost public awareness of the new measures.
Middle East stocks extend drop, despite new economic measures - Arabianbusiness
Middle East stocks extend drop, despite new economic measures - Arabianbusiness:
- Abu Dhabi’s ADX General Index loses 3.5% as of 11:50 a.m. local time
- First Abu Dhabi Bank -4.6%, Etisalat -4.7% Abu Dhabi Commercial Bank -3.9%
- Dubai’s DFM General Index retreats 1.8%
- Emirates NBD -4.8%; Emaar Properties -3.1%; DU -2%
- Saudi Arabia’s Tadawul All Share Index falls 1.5%
- Saudi Aramco -1.2%; STC -2%; Sabic -1.5%
- Exchanges in Kuwait, Oman and Bahrain are closed due to a local holiday
UPDATE 1- #UAE banks ease pressure on core industries as social restrictions tighten - Reuters
UPDATE 1-UAE banks ease pressure on core industries as social restrictions tighten - Reuters:
Banks in the United Arab Emirates announced a raft of measures on Saturday they said would benefit the biggest contributors to the economy as the country announced its first deaths linked to the coronavirus pandemic.
Aviation, hospitality, healthcare, retail, event management, consumer goods and education would be prioritised by the banks, which will reschedule or delay loan payments, reduce instalments and cut or reduce fees, state news agency WAM reported.
Dubai’s largest bank Emirates NBD, Dubai Islamic , Emirates Islamic and Commercial Bank of Dubai, all state-linked, will introduce the measures from April 1 to June 30, WAM reported.
Mashreq is also taking part and Abu Dhabi Islamic Bank (ADIB) announced similar measures earlier on Saturday.
Banks in the United Arab Emirates announced a raft of measures on Saturday they said would benefit the biggest contributors to the economy as the country announced its first deaths linked to the coronavirus pandemic.
Aviation, hospitality, healthcare, retail, event management, consumer goods and education would be prioritised by the banks, which will reschedule or delay loan payments, reduce instalments and cut or reduce fees, state news agency WAM reported.
Dubai’s largest bank Emirates NBD, Dubai Islamic , Emirates Islamic and Commercial Bank of Dubai, all state-linked, will introduce the measures from April 1 to June 30, WAM reported.
Mashreq is also taking part and Abu Dhabi Islamic Bank (ADIB) announced similar measures earlier on Saturday.
#Saudi Aramco CEO reiterates production, supply commitments | ZAWYA MENA Edition
Saudi Aramco CEO reiterates production, supply commitments | ZAWYA MENA Edition:
The CEO of Saudi Arabian Oil Company (Saudi Aramco), Amin H. Nasser, said that his company has developed strategies to ensure production and supply commitments to its worldwide customers as businesses across the world continue to face challenges over the coronavirus.
"The cornerstone of our company is energy production, reliable supply and our commitment to our customers, especially in such difficult times; therefore, we have developed emergency and prevention plans in all areas of our business to ensure the ongoing [operation] of our business so that we can meet the needs of our customers around the world from energy products," he said.
Nasser said that he has considered the health and safety of the company's employees and facilities. "We have been carrying out continuous preventive plans in all our business areas, in addition to detailed emergency plans and leading medical support services, in order to reduce risks, ensure the best possible care and curb COVID-19 infection," Saudi Press Agency reported, citing the CEO.
The CEO of Saudi Arabian Oil Company (Saudi Aramco), Amin H. Nasser, said that his company has developed strategies to ensure production and supply commitments to its worldwide customers as businesses across the world continue to face challenges over the coronavirus.
"The cornerstone of our company is energy production, reliable supply and our commitment to our customers, especially in such difficult times; therefore, we have developed emergency and prevention plans in all areas of our business to ensure the ongoing [operation] of our business so that we can meet the needs of our customers around the world from energy products," he said.
Nasser said that he has considered the health and safety of the company's employees and facilities. "We have been carrying out continuous preventive plans in all our business areas, in addition to detailed emergency plans and leading medical support services, in order to reduce risks, ensure the best possible care and curb COVID-19 infection," Saudi Press Agency reported, citing the CEO.
#Kuwait extends obligatory work suspension by further two weeks | ZAWYA MENA Edition
Kuwait extends obligatory work suspension by further two weeks | ZAWYA MENA Edition:
The Kuwaiti cabinet has decided to extend the suspension of work in all ministries and state agencies by two additional weeks, said Government Spokesman Tareq Al-Mezrem Saturday.
The decision means that all civil servants, who have been on mandatory holiday from March 12 to 26, will resume work on April 12, the spokesman told a press conference following an extraordinary cabinet meeting.
The move is mainly intended to rein in the spread of the novel coronavirus, known as COVID-19, in the country, he added.
In addition, the cabinet decided to shut down all shops and central markets, except for foodstuff stores, he said, asking Kuwait Municipality to determine other necessary activities that need to be excluded.
The Kuwaiti cabinet has decided to extend the suspension of work in all ministries and state agencies by two additional weeks, said Government Spokesman Tareq Al-Mezrem Saturday.
The decision means that all civil servants, who have been on mandatory holiday from March 12 to 26, will resume work on April 12, the spokesman told a press conference following an extraordinary cabinet meeting.
The move is mainly intended to rein in the spread of the novel coronavirus, known as COVID-19, in the country, he added.
In addition, the cabinet decided to shut down all shops and central markets, except for foodstuff stores, he said, asking Kuwait Municipality to determine other necessary activities that need to be excluded.
European, Middle Eastern & African Stocks - Bloomberg #Qatar #SaudiArabia #UAE
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
#Qatar bans gatherings, deploy patrols to contain coronavirus - Reuters
Qatar bans gatherings, deploy patrols to contain coronavirus - Reuters:
Qatar said it would deploy mobile patrols and set up checkpoints after enacting a ban on Saturday on all gatherings to contain the spread of the coronavirus.
The Supreme Committee for Crisis Management said a hotline would be opened for people to report breaches of the ban, and that violators would be arrested.
The Gulf state also closed its parks and public beaches, but said food outlets, pharmacies and delivery services would operate normally.
By Saturday, Qatar had recorded 481 cases of the coronavirus, but no deaths.
Qatar said it would deploy mobile patrols and set up checkpoints after enacting a ban on Saturday on all gatherings to contain the spread of the coronavirus.
The Supreme Committee for Crisis Management said a hotline would be opened for people to report breaches of the ban, and that violators would be arrested.
The Gulf state also closed its parks and public beaches, but said food outlets, pharmacies and delivery services would operate normally.
By Saturday, Qatar had recorded 481 cases of the coronavirus, but no deaths.
Russia: Gulf nations, not us, to blame for oil prices fall -TASS - Reuters
Russia: Gulf nations, not us, to blame for oil prices fall -TASS - Reuters:
Russia never sought a sharp oil price fall or an end to cooperation with Organization of Petroleum Exporting Countries (OPEC), and the Gulf nations are to blame for the crisis on the global oil markets, a senior Russian official said.
In early March, Russia and OPEC failed to agree how their deal to cut oil production should work: OPEC wanted to deepen the cuts while Moscow proposed extending existing curbs. The disagreement came at a time when global demand was slumping because of the impact of the coronavirus pandemic.
Oil prices fell from nearly $50 per barrel on March 6 when the deal collapsed to below $27 on Friday, as Saudi Arabia, the top OPEC player, and Russia, the world’s second biggest oil exporter after Riyadh, prepare to open the taps from April 1.
“Russian position was never about triggering an oil prices fall. This is purely our Arab partners initiative,” Andrei Belousov, Russian first deputy prime minister, was quoted as saying by TASS late on Saturday.
Russia never sought a sharp oil price fall or an end to cooperation with Organization of Petroleum Exporting Countries (OPEC), and the Gulf nations are to blame for the crisis on the global oil markets, a senior Russian official said.
In early March, Russia and OPEC failed to agree how their deal to cut oil production should work: OPEC wanted to deepen the cuts while Moscow proposed extending existing curbs. The disagreement came at a time when global demand was slumping because of the impact of the coronavirus pandemic.
Oil prices fell from nearly $50 per barrel on March 6 when the deal collapsed to below $27 on Friday, as Saudi Arabia, the top OPEC player, and Russia, the world’s second biggest oil exporter after Riyadh, prepare to open the taps from April 1.
“Russian position was never about triggering an oil prices fall. This is purely our Arab partners initiative,” Andrei Belousov, Russian first deputy prime minister, was quoted as saying by TASS late on Saturday.
Middle East Stock News, Coronavirus: MidEast Equities Amid Virus - Bloomberg
Middle East Stock News, Coronavirus: MidEast Equities Amid Virus - Bloomberg:
Equity markets in the Middle East extended losses on Sunday despite regional governments trying to blunt the impact of coronavirus with economic stimulus measures.
Abu Dhabi’s main gauge lost the most in the region, while shares in Dubai, Saudi Arabia, Qatar and Bahrain also fell. The losses came after oil tumbled on Friday on concern that the collapse of global energy demand will deepen.
Over the weekend, Dubai’s ruler, Sheikh Mohammed Bin Rashid Al Maktoum, asked local banks to offer companies relief, including via repayment deferrals. Emirates NBD PJSC, Dubai’s biggest lender, lost as much as 4.9% as trading resumed. In Saudi Arabia, the government announced plans to raise its debt ceiling to borrow more as oil slumps.
“For banks, the pain will be felt for much longer. This is the perfect storm for them,” said Hedi Ben Mlouka, the chief executive officer at FIM Partners in Dubai, in an interview with Bloomberg TV on Sunday. “The interest-rate environment has gone to zero, so net interest margins will depress further, especially for Saudi banks. And then, the deterioration of asset qualit
Equity markets in the Middle East extended losses on Sunday despite regional governments trying to blunt the impact of coronavirus with economic stimulus measures.
Abu Dhabi’s main gauge lost the most in the region, while shares in Dubai, Saudi Arabia, Qatar and Bahrain also fell. The losses came after oil tumbled on Friday on concern that the collapse of global energy demand will deepen.
Over the weekend, Dubai’s ruler, Sheikh Mohammed Bin Rashid Al Maktoum, asked local banks to offer companies relief, including via repayment deferrals. Emirates NBD PJSC, Dubai’s biggest lender, lost as much as 4.9% as trading resumed. In Saudi Arabia, the government announced plans to raise its debt ceiling to borrow more as oil slumps.
“For banks, the pain will be felt for much longer. This is the perfect storm for them,” said Hedi Ben Mlouka, the chief executive officer at FIM Partners in Dubai, in an interview with Bloomberg TV on Sunday. “The interest-rate environment has gone to zero, so net interest margins will depress further, especially for Saudi banks. And then, the deterioration of asset qualit