Middle East News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
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.
Four new investors per day: Record foreign investment in Q1 of 2019 for Saudi Arabia
May 1, 2019--70% increase from foreign investors when compared to Q1 2018
: Four new investors have set up companies in Saudi Arabia per day in the first quarter of 2019, the Saudi Arabian General Investment Authority (SAGIA) has revealed.
In a special report released on Wednesday, the authority also said that 267 new foreign investors were issued licenses in Q1 of this year, permitting them to operate in the country in a bid to “promote a competitive business environment in the Kingdom.”
Revenues boost Saudi Arabia's Q1 budget, expenditure up 8%
May 1, 2019--Saudi Arabia posted a surplus of 27.8 billion riyals ($7.41 billion) in the first quarter of this year, its first since 2014 and boosted by both oil and non-oil revenues.
The world's top oil exporter was hit hard by a slump in oil prices in 2014, leading to a budget deficit of 367 billion riyals, or about 15 percent of gross domestic product, in 2015.
view more
Dubai Gold & Commodities Exchange records best April since inception
May 1, 2019--The Dubai Gold & Commodities Exchange (DGCX) achieved its best April performance since inception, with overall volumes reaching 1,696,877 contracts, valued at $32.29 billion.
Last month's record-breaking performance was largely driven by an uptick in Indian Rupee (INR) trading fuelled by India's upcoming elections, as well as ongoing geopolitical tensions across Europe, the United States, and Asia, which have helped maintain elevated volumes in other contracts across the Exchange. Additionally the Indian Rupee Quanto Future, the index pricing of the Indian Rupee US Dollar currency pair, performed well, trading 1,621,202 contracts year-to-date, up 42.14 per cent year-on-year.
Mideast Stocks: Bank dents Abu Dhabi as cement makers strengthen Saudi index
April 30, 2019--The Abu Dhabi stock market fell sharply on Tuesday, dragged down by First Abu Dhabi Bank (FAB), while the Saudi index was lifted by its cement producers.
Abu Dhabi's index dropped 1.4 percent as First Abu Dhabi, the UAE's largest bank, shed 2.4 percent after reporting first-quarter results. The lender posted a rise in first-quarter profit but customer deposits and net interest margins fell while expenses rose.
Qatar Stock Exchange: QE Index ETF 'QETF' Discloses Its Condensed Financial Statements For The Three Month Period Ended March 31, 2019
April 30, 2019--QE Index ETF ‘QETF' disclosed its condensed financial statement for the three-month period ended March 31, 2019.
The statements show that the net asset value as of March 31, 2019 amounted to QR 372,434,485.17 representing QR 104.21 per unit.
Mideast Stocks: Profit-taking hits UAE markets, Saudi inches up
April 29, 2019--Abu Dhabi's stock market slid on Monday, affected by profit-taking and a sell-off in its financial shares, while Saudi Arabia was the only major Gulf market to rise.
The Abu Dhabi index lost 0.9 percent in its fourth straight day of declines, with energy firm Dana Gas dropping 4.1 percent and the largest bank in the United Arab Emirates, First Abu Dhabi Bank, losing 1.2 percent.
Mideast Stocks: Saudi Arabia up on banks, other Gulf shares lower
April 28, 2019--Dubai's stock index was flat with Dubai Islamic Bank up 0.4 percent and Air Arabia down 1.94 percent
Stocks in Saudi Arabia gained on Sunday after lenders such as Riyad Bank1010.SE rose due to strong earnings, while markets across the rest of the Gulf region traded lower.
view more
