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Saudi Arabia and UAE introduce 5% VAT in bid to narrow deficits
January 4, 2018--Pivotal measure taken to end tax-free living as Gulf allies seek to boost non-oil income.
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MIDEAST STOCKS-Builders boost Dubai, Saudi edges up in early trade
December 28, 2017--Gulf stock markets were generally sluggish in early trade on Thursday although Saudi Arabia edged up and Dubai was boosted by strength in construction stocks.
The Dubai index added 0.6 percent as Drake & Scull, the most heavily traded stock,
, surged 4.1 percent to 2.29 dirhams, which would be its highest close since April 2016.
MIDEAST STOCKS-Saudi, Egypt outperform in weak region
December 26, 2017--Saudi Arabia's stock market rose in a mostly weak Gulf region on Tuesday after data showed deflationary pressure on the economy easing, while Egypt also gained but trading volume remained very low because of the end-of-year holiday period.
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The Tel Aviv Stock Exchange (TASE) Launches for the first time Series of Long dated TA-35 Index Derivatives
December 24, 2017--TASE Expects This Measure to Provide a Solution to an Existing Market Need
The board of directors of TASE's Maof Clearing House has approved the launch of series of long dated TA-35 Index derivatives.
Following talks held with TASE members and market players, TASE believes that the launch of long dated derivatives will contribute to enhancing liquidity and will provide a solution to a real existing need for the various market players.
The long dated TA-35 Index derivatives will be for 15 months.
MIDEAST STOCKS-Saudi flat early on, cement shares lose ground
December 19, 2017--Najran Cement gained 0.9% as Northern Region cement slipped 1.0%
Saudi Arabia's stock marke I was flat in early trade on Tuesday as some cement shares, which had surged in recent days on hopes that the 2018 state budget would boost infrastructure spending, lost ground.
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MIDEAST STOCKS-Saudi edges up before budget on back of cement firms
December 18, 2017-- Saudi Arabia's stock market edged up in early trade on Monday as cement firms climbed before the release of the government's 2018 budget after the close on Tuesday.
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TASE Launches a New Cross-Sector Equity Index
December 17, 2017--The TA Sector-Balance Index will comprise 100 major shares from 24 Sub-Sectors; Holding Companies and Biomed Companies (Other Than the Pharma Sub-Sector) Will Not be Included
TASE's board of directors approved (on December 14th, 2017), to launch a new equity index-the TA Sector-Balance Index. The index will comprise 100 major shares from a broad spread of sectors. The index will include shares from the TA-125 and the TA-SME60 indices, but will not include holding companies and biomed companies, with the exception of shares classified as pharma sub-sector.
IMF Policy Paper-Gulf Cooperation Council: The Economic Outlook and Policy Challenges in the GCC Countries
December 14, 2017--Summary: Global economic activity is gaining momentum. Global growth is forecast at 3.6 percent this year, and 3.7 percent in 2018, compared to 3.2 percent in 2016. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term.
The more positive global growth environment should support somewhat stronger oil demand. With inflation in advanced countries remaining subdued, monetary policy is expected to remain accommodative.
GCC countries are continuing to adjust to lower oil prices. Substantial fiscal consolidation has taken place in most countries, mainly focused on expenditure reduction. This is necessary, but it has weakened non-oil growth. With the pace of fiscal consolidation set to slow, non-oil growth is expected to increase to 2.6 percent this year, from 1.8 percent last year. However, because of lower oil output, overall real GDP growth is projected to slow to 0.5 percent in 2017 from 2.2 percent in 2016. Growth prospects in the medium-term remain subdued amid relatively low oil prices and geopolitical risks.
Policymakers have made a strong start in adjusting fiscal policy. While the needed pace of fiscal adjustment varies across countries depending on the fiscal space available, in general countries should continue to focus on recurrent expenditure rationalization, further energy price reforms, increased non-oil revenues, and improved efficiency of capital spending. Fiscal consolidation should be accompanied by a further improvement in fiscal frameworks and institutions. The direction of fiscal policy in the GCC is broadly consistent with these recommendations.
MIDEAST STOCKS-Gulf markets soft, stimulus plan doesn't buoy Saudi
December 14, 2017-- Gulf stock markets were mostly soft in early trade on Thursday, with the Saudi Arabian bourse taking little encouragement from the government's announcement of a 72 billion riyal ($19 billion) stimulus package.
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