Latest news
Qatar proposes to base 2012-13 budget on $65 oil
Zawya: The country’s finance ministry proposed that the budget be based on an oil price of $65 a barrel, finance minister Yousef Hussain Kamal told reporters at a conference here yesterday. Qatar based its 2011-2012 and 2010-2011 budgets on an oil price of $55 a barrel, the state-run Qatar News Agency reported in March last year, citing the finance ministry. Much bigger budget The budget will be “much bigger” than the…
Dubai Rethinks Growth Ambitions
Wall Street Journal: Dubai’s sky-high growth ambitions are coming back down to earth as it reassesses economic development plans hatched near the peak of its boom five years ago. Years after the emirate’s property-driven economy hit a wall, Dubai is officially scaling back the double-digit growth goals it set for itself in 2007. Instead, the emirate, which boasts the world’s tallest building and outlandish development projects such as a palm-tree-shaped…
Saudi Arabia: Assuring sustained growth
Zawya: Saudi Arabia’s economy, already robust after posting growth of 6.8% last year, seems set for a period of sustained expansion, with state-backed investments and higher-than-projected hydrocarbons earnings contributing to the Kingdom’s strong performance. GDP is expected to sharply increase, as the economy gains further momentum and oil prices remain over the $100 mark. According to research by Standard Chartered, the economy is expected to expand by 4.7% in 2012,…
Middle-Eastern stock markets took a breather in April, NAV for Persian Gulf Fund declined 2.05%
After a strong start to the year the Middle-Eastern stock markets took a breather in April and the fund’s performance for the month was –2.05%. In April many of the fund’s companies reported their Q1 results where majority of the fund’s investments surprised to the upside. For example from the industrial sector Industries Qatar and Saudi Basic Industries showed strong Q1 numbers that helped to alleviate the fears of…
Qatar:on the rise…
Zawya: Qatar is forecast to outstrip global growth again in 2012, though the rate is expected to slow to around 6%, according to the IMF. The energy sector, most notably natural gas, has been the largest driver of economic expansion. The nation is the world’s biggest liquefied natural gas (LNG) exporter, and hydrocarbons as a whole account for more than half of all exports. However, the government’s imposition of a…
Saudi CMA Head: Will Open Stk Mkt Gradually To Foreign Investors
Zawya: The Capital Market Authority wants to ensure its planned move would not affect the market’s stability, Abdulrahman al-Tuwaijri, the CMA’s chairman, told executives of listed companies and reporters in Riyadh, but did not give a time frame for the opening. The Middle East’s biggest market, known as the Tadawul, currently allows foreign investors to access the local market via share-swaps and exchange traded funds. The CMA hopes that opening…
GCC stock markets continued to rise in March and LHV Persian Gulf Fund recorded a result of +3.4% for the month
GCC stock markets continued to rise in March and LHV Persian Gulf Fund recorded a result of +3.4% for the month. This means that in total in Q1 2012 the fund’s performance was +12.4%. „MSCI GCC ex Saudi Arabia“ index rose at the same time by +2% (in euros, net). The fund’s Q1 performance was aided by 19% rises (in euros) in the stock markets of Saudi Arabia and Dubai…
The fund’s NAV rose by 7.81 per cent in February
The NAV of LHV Persian Gulf Fund gained 7.81 percent during February. This represented the best monthly return for the fund in the last 23 months and the fourth best monthly performance ever for the fund. Main reasons for such a burst of optimism were positive news coming from the euro zone, a steadily rising oil price and slightly oversold stock markets in the GCC that did not participate in the global stock market rally…
Up to date overview now available
An up to date overview made at the end of February 2012 of LHV Persian Gulf Fund, GCC-countries and the Middle-East region in general is now available in PDF format. Tried to cover the whole specter of investing – from general macroeconomic trends to risks associated with investing and finally to potential triggers for stock price growth in the region etc. Also covered the whole fund portfolio and discussed briefly the biggest…
Zawya: Vitol warns crude could pass 150 USD
The world’s largest independent oil trader has warned that oil prices could jump this year to a record high above 150 USD a barrel due to growing tensions with Iran. Read the whole article here.
