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Mideast Stocks: Global trade tensions, Ramadan dent appetite for Gulf stocks
May 8, 2019--The Egyptian blue-chip index slid sharply to its worst day in six months on Wednesday, mirroring weak global sentiment, while Saudi Arabia's index fell, pressured by global tensions and investors retreating from markets during the Muslim holy month of Ramadan.
Blockchain in energy market to top $3bln by 2025: report
May 8, 2019--Rising security concerns of grids & networks on account of increasing interconnection and digitalization will drive the blockchain technology in energy market growth.
Blockchain technology in energy market size will surpass $3 billion by 2025, said US-based Global Market Insights, a global market research and strategy consulting firm.
Mideast Stocks: Oil, geopolitical tensions weigh on Saudi; most Gulf markets down
May 7, 2019--Saudi Arabia's stock market fell on Tuesday for the fourth straight day, weakened by a combination of lower oil prices and geopolitical tension in the Middle East, while Egypt's blue-chip index was buoyed by its largest lender.
The Saudi index was down 0.8 percent. The country's second-largest lender by assets Al Rajhi Bank lost 1.1 percent and National Commercial Bank shed 2.3 percent.
GCC Capital markets: Slowly but surely
May 7, 2019--2018 closed encouragingly for the GCC as it witnessed five IPO listings raising over $1 billion in the last quarter of the year. However, positivity dipped a little at the start of 2019 with only one IPO floated for the first quarter, compared to four IPOs worth $430 million, in the first quarter of 2018.
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Mideast Stocks: Saudi hit by profit-taking, financials drag major Gulf markets
May 6, 2019--Saudi Arabia's stock market fell on Monday to its lowest point in eight months, hurt by profit-taking in its banks, while most major Middle Eastern markets also slid sharply.
The Saudi index was down 1.5 percent, weakened by financial and petrochemical stocks. Its biggest lender, National Commercial Bank, decreased 1.9 percent and Banque Saudi Fransi 1050.SE lost 4.3 percent.
Mideast Stocks: Gulf reverses earlier gains on profit-taking, volumes thin
May 5, 2019--Middle East stock markets reversed earlier gains and closed in negative territory on Sunday, hit by profit-taking and disappointing quarterly results from some companies, with trading thin ahead of Ramadan.
The Saudi index was the worst hit in the Gulf, losing 1.7 percent, pulled down by heavyweight names in the banking and petrochemical sectors.
GCC markets achieve a positive performance in April
May 4, 2019--The GCC markets saw a positive performance during April, as the S&P GCC Index gained 4.4%, compared to 2.3% in March, Kuwait Financial Centre (Markaz) reported on Saturday.
The Boursa Kuwait achieved 2.2% returns in April and the general index marked fourth successive monthly growth.
Saudi Arabia's non-oil economy showing positive outlook
May 4, 2019-— Recent data show that Saudi Arabia's non-oil economy is growing with a positive outlook, according to Bloomberg.
Bank lending to private businesses grew last quarter at the fastest pace since 2016 and a gauge of economic activity rose the most in over a year. Consumer spending also improved, the report said.
IMF Staff Concludes Visit to the United Arab Emirates
May 2, 2019-The UAE economy continued to adjust last year, but green shoots are now emerging, with domestic credit growth, employment, and tourist arrivals showing improvement.
The economy may now be at a turning point, supported by public spending...as well as by external tailwinds.
Sustaining rapid growth after Expo 2020, and without policy stimulus, will require capitalizing on new growth drivers which in turn will require enhanced structural reforms.
An International Monetary Fund (IMF) mission led by Mr. Koshy Mathai visited the United Arab Emirates (UAE) from April 23 to May 1, 2019, to update itself on recent developments and the economic outlook and to discuss macroeconomic policies. Upon conclusion of the visit, Mr. Mathai issued the following statement:
"The economy continued to adjust last year. Corporate consolidation and structural reforms, including in large government-related entities (GREs) and commercial banks, as well as the fiscal position, weighed on aggregate demand. Given the dollar peg, the dirham appreciated against currencies of major trading partners and interest rates rose in general.
Mideast Stocks: Qatar hits 3 month high, financials weigh on Abu Dhabi
May 2, 2019--Qatar's stock market closed at a three-month high on Thursday, buoyed by drilling rig provider Gulf International Services, while the Abu Dhabi index was pressured by financial shares.
The Qatar index rose 0.8 percent, with Gulf International Services jumping 10 percent after its unit was awarded contracts by Qatar Petroleum to provide six offshore drilling rigs.