Latest news

UAE, Qatar Miss Out Again on MSCI Emerging Market Upgrade

21 June 2012

Zawya – Index compiler MSCI Inc. (MSCI) late Wednesday said it decided to keep the United Arab Emirates and Qatar as frontier markets, a blow to a small number of local investors who were hoping a promotion to emerging market classification would help boost trading activity. As in December, when both markets were last passed over for an upgrade, MSCI cited concerns over trade settlement mechanisms in the U.A.E. and…

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GCC breakeven oil price declines

19 June 2012

Zawya: Saudi Arabia and the UAE’s breakeven oil prices have fallen for the first time in the past few years, according to Deutsche Bank’s calculations. This is great news for these two key Gulf producers who remain worried on two key counts: (1) over the past few years they have needed high oil prices to balance their books and; (2) the high price of oil makes offshore, Arctic and oilsands…

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Zawya: Greek Exit To Have Limited Impact On Mena, GCC -SCB

30 May 2012

The economic impact of a Greek exit from the EU would be real but mitigated in the Middle East and North Africa region, says Standard Chartered Bank, particularly in those parts of the region that are in a significantly stronger position now, like the six GCC economies. Says asset bubbles in the GCC have already burst, and unsustainable credit booms are long over. Notes that while the main channel of…

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IMF: Saudi Arabia Seen Growing At 6% In 2012

30 May 2012

Saudi Arabia–the world’s largest exporter of oil–is expected to grow by 6% this year on the back of strong crude prices and prudent economic management, the International Monetary Fund said Tuesday. The Middle Eastern country boosted oil production this year to help ease pressures on prices as geopolitical tensions escalated over Iran’s alleged nuclear weapons program. Also, Riyadh’s increase in government spending amid accommodative monetary policy has helped fuel the…

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Qatar to invite RFPs for metro project next month

22 May 2012

Zawya:  The Qatar Railways Development Company will invite the first Requests For Proposals (RFPs) for the underground work of the Qatar Rail Network project next month, a slight delay from the expected date of tendering in April 2012, an official told Zawya on condition of anonymity, without specifying a date.   As many as 70 global companies had expressed their intent to bid for various parts of the metro project,…

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Qatar proposes to base 2012-13 budget on $65 oil

9 May 2012

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…

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Dubai Rethinks Growth Ambitions

8 May 2012

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…

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Saudi Arabia: Assuring sustained growth

8 May 2012

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,…

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Middle-Eastern stock markets took a breather in April, NAV for Persian Gulf Fund declined 2.05%

3 May 2012

  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…

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Qatar:on the rise…

26 April 2012

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…

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