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Weekly economic update: Across MENA this week
October 5, 2016--The fireworks on global stock markets after the dovish measures by the Fed and the BoJ did not last long, as a new banking crisis is unraveling in Europe, with Deutsche Bank in the eye of the storm after the US authorities threatened to impose a USB 14bn fine.
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World Bank-Economic and Social Inclusion Helps Prevent Violent Extremism and Contribute to Growth in the Middle East and North Africa
October 5, 2016--Against the backdrop of a slowing global economy, the Middle East and North Africa (MENA) region is expected to grow at an average of 2.3 percent this year, half a percentage point lower than last year, according to the latest issue of the World Bank's MENA Economic Monitor.
Low oil prices, which are expected to be in the $50-60 a barrel range through the end of the decade, have dampened growth among the region's oil exporters, especially the Gulf countries, which are forecast to grow at only 1.6 percent in 2016. Regional growth is expected to improve slightly to 3.1 and 3.5 percent over the next two years, as governments across the region continue to undertake reforms and diversify their economies away from oil.
Foreigners own $12bln in market value on Abu Dhabi Exchange
October 4, 2016--The market value of shares owned by foreign nationals in Abu Dhabi Securities Exchange (ADX) has reached Dh44.6 billion by August 2016.
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DGCX volumes surge 40%
October 3, 2016--Exchange Open Interest hits new record high of over $9.1b in September
Volumes on the Dubai Gold and Commodities Exchange (DGCX) touched close to 14.76 million contracts, growing 40 per cent from same period last year.
Middle East stock markets may be sluggish after Saudi's tumble
October 3, 2016--Middle Eastern stock markets may be sluggish on Monday after Saudi Arabia plunged on Sunday because of concern over the impact of government austerity measures and the risk of more such steps.
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Saudi remains weak despite oil rally, rest of Gulf firm
September 29, 2016--An overnight rally in oil prices after an OPEC production deal helped lift most Gulf stock markets in early trade on Thursday but Saudi Arabia's bourse contined to drop. Saudi petrochemical shares, which make up roughly one-quarter of the market's capitalisation, jumped after Brent oil surged over $48 a barrel.
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Infographic: regional economic commentary
September 28, 2016--Global stock markets were on a roll after the dovish decisions by the BoJ and the US Fed with Wall Street scoring another set of records, but by the end of the week, the impulse faded. Not many regional markets joined the party with Saudi Arabia falling almost 2 per cent.
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Cautious optimism for Egypt's economy
September 28, 2016--US rating agency says Egypt's stable outlook remains.
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United Arab Emirates shows stellar growth in RMB adoption
September 27, 2016--Special edition of SWIFT's RMB Tracker for Sibos 2016 shows new frontiers for RMB internationalisation in Europe, Middle East and Africa (EMEA).
Data from SWIFT's latest RMB Tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE) witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base. More than 80% of the direct payments made between the UAE and China/Hong Kong in August 2016 were in CNY, representing one of the highest increases worldwide.
Foreign institutions lift Qatar shares above 10,500
September 27, 2016--Increased buying support from foreign institutions on Monday added 75 points to lift the Qatar Stock Exchange above the 10,500 mark.
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