Latest news
Zawya: Gulf countries line up $1 trillion of projects by 2020
Combined with Qatar’s $106bn (to be awarded) projects, more than $1 trillion worth of major new projects are expected to be completed in the GCC region between now and 2020 which is the largest construction work per capita in the world, said a statement issued by MEED Quality Awards for Projects 2012. Read the whole article here.
Zawya: Abu Dhabi’s ADIA Tops List Of Biggest Sovereign Wealth Funds
The Abu Dhabi Investment Authority topped a new list of the world’s largest sovereign wealth funds with an estimated $627 billion of assets in its coffers. The list, compiled by the U.S.-based Sovereign Wealth Fund Institute and updated this month, puts China’s main sovereign fund second, with $567.9 billion of assets. Norway’s government pension fund came in third with $560 billion in assets. Read the whole article here.
Zawya: BRIC vs MENA
A number of ME markets are trading at valuations below their BRIC counterparts, says NBK Capital. With a few potential catalysts such as an MSCI upgrade and Saudi opening up, there may even be hope for the unthinkable: a rally. Read the whole article here.
The fund’s NAV rose by 0.82% in January
In th e month of January 2012 LHV Persian Gulf Fund´s NAV gained 0.82%. During the month a number of our investments delivered their Q4 2011 results. First Gulf Bank (UAE) released a strong set of results, coupled with greater than expected dividend pay-out. FGB reported net profit up 11% Q-o-Q and 18% Y-o-Y. Earnings were ahead of the consensus estimate. Another of our investments, Commercial Bank of Qatar, showed slightly mixed result for the period. Net…
Zawya: Middle East injects US$180 billion into 113 new power, water, energy projects
Middle East Electricity shines spotlight on booming energy sector; UAE forges ahead with power, water, energy projects worth US$34.2 billion. New power, water, and energy projects valued at US$180 billion are underway or at the planning stages in the Middle East, as the UAE forges ahead with 20 projects worth US$34.2 billion. Read the full article here.
Zawya: QNB projected to grow by 10 percent this year
Qatar National Bank (QNB) is projected to grow by 10 percent in the year 2012. The country’s fast growing economy and huge projects in the pipeline would be the growth drivers, H E Yousuf Hussein Kamal, the Minister of Finance and Economy, has said. The Minister, who is also the chairman of the country’s lead bank, was talking to the media on the sidelines of QNB Group ordinary and extra-ordinary…
Qatar profiled on famous “60 Minutes” programme
On Sundays CBS News runs a world-famous programme called “60 Minutes” that is watched by 14-15 million people. On January 15th, 2012 it had a 13 minute programme on Qatar and the Middle-East in general. It talked about Arab spring, Qatar’s current developments and its future prospects, had interviews with Qatar’s leaders, discussed the role of Al-Jazeera in the Middle-East etc. During the programme the host of the show comes to a conclusion about Qatar that: “This is…
Zawya: Region sits on gold mine of untapped solar energy
Abu Dhabi: The Gulf region has been blessed with an energy surplus for perpetuity due to its abundance of solar energy, the most technically viable source of renewable energy at present, a leading climate change expert said. Read the full article here.
Zawya: IMF Has Asked GCC States To Boost Contributions
The oil-rich Gulf Cooperation Council, or GCC, states have been approached by the International Monetary Fund to increase their financial contributions as the fund seeks to boost its resource base by an extra $500 billion to $600 billion to help battle the euro-zone debt crisis, Oman’s central bank governor said Thursday. Read the whole article here.
EFG-Hermes MENA Economics Note – Saudi Arabia: Record Oil Production in December
• Record Saudi Oil Production in December 2011 Saudi oil production rose to 10 million barrels per day (bpd) in December 2011, according to EIA-released data. This was the highest level in three decades and lifted average 2011 oil production to 9.4 million bpd. The increase came despite a further rise in Libyan oil output in December. We see the higher Saudi oil output as being aimed at stabilising the…
