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Tadawul gains 0.4%
February 10, 2010--Saudi Arabia's Tadawul All Share Index gained 0.4% to 6,225, with 68 stocks rising and 34 falling.
All sectors ended higher except Banks and Financial Services and Industrial Investment. Market heavyweight Alinma Bank gained 0.40 to SR12.60.
UAE's bank debt to rise in 2010
February 11, 2010--Non-performing loans are expected to swell almost 50% to nearly Dh65bn ($17.69bn) in the UAE this year, the National has reported. The rise is likely to force lenders to set aside more reserves to protect themselves.
'Non-performing loans are already at a reasonable level,' Sultan Nasser al Suwaidi, the Central Bank Governor, was quoted as saying yesterday. 'If you take into account write-offs, non-performing loans would be higher.'
Opec: 2010 economy to put pressure on oil demand
February 11, 2010--Opec has said that oil demand in 2010 will come under pressure from the slow pace of the recovery in the world economy, AFP has reported. "
As a result, US demand is a key uncertainty for this year. Non-OECD regions will be the sole contributors to global demand growth in 2010," the oil producers' group said. "The global recovery is proceeding apace... but the strength of the upturn in 2010 is still uncertain and regionally uneven."
OPEC Monthly Oil Market Report-February 2010
February 10, 2010--Oil Market Highlights
The OPEC Reference Basket continued its upward trend in early January to hit a 15-month high of
$80.29/b on the back of bullish sentiment, driven by cold weather. The trend was reversed after
temperatures rose in the Northern Hemisphere, combined with the stronger dollar and a downward
correction in equity markets.
The Basket fell steadily to stand at $71.01/b on 29 January. Renewed
concerns about economic growth, particularly in Euro-zone, resulted in a further decline, pushing the
Basket below $70/b in early February to stand at $69.76/b on 9 February. On a monthly basis, the
Basket averaged $76.01/b in January, up $2 from December.
The world economy continues to show some improvement and global GDP is now expected to grow at an upwardly revised 3.4% in 2010 after contracting by 0.9% in 2009. The main contribution for this growth is coming from developing Asia, with China seen growing by 9.1% in 2010, while India is forecast to grow by 7.0% in 2010. The OECD in comparison is forecast to grow on a much lower level of 1.7%. The US is now expected to contribute the most within the OECD at 2.5% in 2010. Growth in 2010 continues to be challenged by concerns about the level of public debt in almost all OECD regions, still record high unemployment levels across the globe and government efforts in China to prevent the economy from overheating.
NCB Capital launches new sukuk and murabaha fund
February 10, 2010--NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia's largest bank, today launched a US dollar-denominated, open-ended, sharia-compliant fund, compatible with sharia investment restrictions and regulations.
It will invest in sukuk and murabaha issued by highly rated companies and governments.
Kuwait forecasts $22.4bn budget deficit
February 10, 2010--Kuwait plans to increase spending by about 34% in the fiscal year starting April 1 and is projecting a budget deficit of KD6.46bn ($22.4bn), Bloomberg has reported.
Spending is forecast at KD16.16bn and revenue at KD9.7bn in a draft proposal sent to parliament. Oil revenue is projected at KD8.62bn and non-oil revenue at KD1.1bn. The 2010/2011 budget will be based on a price of $43 a barrel for oil, which now trades at about $72 a barrel.
Dubai groups line up Asian asset sales
February 9, 2010--State-linked Dubai entities have started talks to divest Asian assets as the emirate steps up the pace of its overseas asset sales to help ease its debt burden.
Dubai-based Emaar Properties is talking to potential buyers of its majority stake in Singapore-based distributor and retailer RSH, according to people familiar with the matter. RSH, which works with brands including Zara and Mango, operates across Asia and the Middle East.
Huge growth opportunities for local content in the Arab media industry starting from 2010
February 9, 2010-Developments in the region's local production industry for all media platforms could help drive growth in the value of local Arabic content over the next five years.
Arab Media Outlook 2009-2013: Inspiring Local Content,' the third and latest edition of the ground-breaking report on the current status and future of the Arab media industry.
UAE central bank expects low growth in 2010
February 9, 2010--Sultan Nasser al-Suweidi, the governor of the UAE's central bank, told a media briefing yesterday that the country's growth is projected to be low in 2010, but better than the previous year, Reuters has reported, citing a source at the briefing.
The International Monetary Fund forecast last month that the UAE economy would grow zero to 1% in 2010 as the impact of Dubai's debt restructuring continues to be a drag on its performance. 'We don't contradict their prediction but the IMF changes their forecast from time to time,' Suweidi said.
UAE inflation falls to 9-year low in '09
February 8, 2010--Inflation in the UAE reached a nine-year low of 1.5% in 2009, as prices returned to a downward path in December due to a fall in the household category, Reuters has reported, citing preliminary data from National Bureau of Statistics.
The country's consumer prices fell 0.4% on an annual basis in December, after an increase of 0.17% in November. On the month, prices decreased 0.7% in the last month of 2009, after rising 0.4% in November, the data showed.
