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IMF Mission Statement at the Conclusion of 2014 Article IV Discussions with Saudi Arabia
May 20, 2014--An International Monetary Fund (IMF) team led by Mr. Tim Callen,IMF Mission Chief to Saudi Arabia,held discussions during May 4-15 on the 2014 Article IV Consultation with Saudi Arabia. The completion of the Article IV Consultation is subject to the discussion by the IMF Executive Board. At the conclusion of the mission,Mr. Callen made the following statement:
"The economic outlook in Saudi Arabia remains favorable. Growth above 4 percent is expected in 2014 and 2015, led by government spending and robust private sector activity.
Risks around this growth outlook are evenly balanced. Inflation is likely to remain subdued."
"Saudi Arabia continues to play a systemic role in stabilizing the global oil market, which contributes positively to the global economy. Regionally,Saudi Arabia is a generous provider of financial assistance to other countries,while remittances sent home by expatriates working in the country are an important source of income for many countries."
The government is undertaking an ambitious economic reform and investment program to further develop and diversify the economy and create jobs, and important progress is being made.
Beirut bourse aims to attract sukuk listings
May 20, 2014--The Beirut Stock Exchange (BSE) has announced it will launch an advanced electronic trading system, in collaboration with NYSE-EURONEXT International, The Daily Star has reported.
The new system aims to encourage the listing of Islamic bonds, or sukuk, on the bourse and attract financing through financial markets as well as the banking sector, said acting...
Zamil subsidiary snatches $32 million deal
May 20, 2014--In Riyadh, the Tadawul All-Share Index added 0.10 per cent to hit 9,731.47 points on Tuesday, May 20.
SABIC, the market’s biggest share by capitalisation, declined by 0.40 per cent to SAR116.25. Zamil Industrial Investment Company slipped 0.50 per cent to SAR55.50. Its subsidiary, Zamil Towers and Galvanizing Company, revealed earlier in the day that...
Bahrain bourse follows fickle GCC trend
May 20, 2014--The Manama-based Bahrain All-Share Index slipped 0.30 per cent to 1,450.44 points on Tuesday, May 20.
Esterad gained the most, finishing 3.96 per cent higher at BHD0.21. Bank of Bahrain and Kuwait posted the biggest drop, ending off by 1.86 per cent to BHD0.422.
Qatar's Barwa Real Estate with new CEO
20, 2014--The Qatar Exchange 20 Index dipped by another 0.42 per cent to 12,734.15 points on Tuesday, May 20.
Earlier in the day, Michael Levy, Investment Manager at Baring Asset Management said the effect on the MSCI Emerging Markets Index is likely to be modest, with a probable weighting of just over 1% for the Qatar...
Abu Dhabi listed shares dive across the board
May 20, 2014--The Abu Dhabi stock market index ADXGI declined by 2.46 per cent to 4,749.87 points on Tuesday, May 20.
Invest Bank posted the biggest advance, ending 10 per cent higher at AED3.30. Fish producer Asmak plummeted by 9.70 per cent to AED6.05. Aldar Properties was the most liquid share, ending off by 0.18 per cent...
Dubai market loses 12 per cent in one week
May 20, 2014--After opening with small gains, the Dubai Financial Market General Index (DFMGI) fell for the fifth session straight on Tuesday, May 20, closing 4.11 per cent lower at 4,655.71 points.
Emaar lost by 3.65 per cent to reach AED9.25. The UAE's first developer and market bellwether lost AED1 since the start of the week. Arabtec...
GCC remains main growth engine in Mena: report
May 20, 2014--Qatar National Bank Group (QNB) has said that GCC countries continue to be the main engine of economic growth in the Middle East and North Africa (MENA), with Qatar leading the way, Saudi Gazette has reported.
Real GDP growth in the GCC registered an estimated 4.1% in 2013 with the highest growth rate in Qatar (6.5%), compared with 2.7% for the rest of the MENA region.
Dar Al Arkan kicks off sukuk roadshow
May 19, 2014--The Saudi Arabian stock market Tadawul saw its market index falling by 0.90 per cent to close at 9,724.75 points.
The shares of Dar Al Arkan Real Estaet Development gained against the trend, closing 0.76 per cent higher at SAR14.60. Earlier in the day, the property giant revealed that, further to the announcements May 20,...
NASDAQ Dubai-listed shares end mixed
May 19, 2014--The FTSE NASDAQ Dubai UAE 20 Index closed 4.42 per cent lower at 4,396.74 points on Monday, May 19.
Market bellwether Dubai Ports (DP) World fell by 1.50 per cent to $19.65. Interior design firm DEPA Limited bucked the trend by gaining 2.34 per cent, finishing at $0.656.
