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أدوات الموضوع | التقييم: | انواع عرض الموضوع |
#11
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Saudi Bank urge; mortgage law seen soon
Saudi Arabia banks made a late surge on bets a long-delayed mortgage law may come soon, helping the kingdom's index TASI rally for a third day, while state-linked funds were thought to remain buyers in the market. Samba Financial Group climbed 7 percent, Riyad Bank rose 9.9 percent and Banque Saudi Fransi added 10 percent. The banking index ended 5.5 percent higher, having been down 1.7 percent intraday. "This has to be speculation the mortgage law will come in very soon," said a Riyadh-based fund manager who asked not to be identified. The long-awaited Saudi mortgage law is expected to be approved soon, the Chairman of Saudi Arabia's Shoura Council said in an online report on late Sunday. The main Saudi index climbed 3.3 percent to 5,951 points, taking its gains to 11.8 percent in three sessions since the country's finance minister said state-linked funds had been buying local stocks. The benchmark is down 10.1 percent in 2011 as nervous investors sold shares on widening Middle East unrest. "The minister's comments gave comfort to the market - government investment funds see value in the market and I expect they continue to be buyers," says the fund manager. Aramex was among the biggest losers as Dubai's index DFM ended lower for a third session in four to near a six-year low, with an ongoing property correction exacerbating risk-related selling. "Fundamentals don't matter at the moment," said Robert McKinnon, ASAS Capital chief investment officer. "Everything has sold off to ridiculous levels. Some stocks deserve it, some don't. So we are focused on buying the ones that we are most confident don't deserve the punishment that the market has given them and accept that we may have another 10 to 15 percent draw down." Aramex fell 3.6 percent, Dubai Financial Market dropped 3.5 percent and Dubai Investments Co shed 2.7 percent. The index fell 1 percent to 1,375 points, within 30 points of Thursday's six-year low, with Gulf Arab markets tumbling in the wake of Middle East unrest. "Some names will not rebound much from this fall," adds McKinnon. "There aren't a whole lot of quality names to buy in the UAE. I still don't like real estate other than Emaar." Emirates NBD, Dubai's largest listed bank, climbed 7 percent as 81,200 shares trade, helping to limit index declines. Dubai's benchmark, which is heavily skewed towards property-related stocks, was down 78 percent from a 2008 peak. Dubai house prices have fallen about 60 percent since a 2008 high and are forecast to make further double digit declines. Emaar Properties fell 1.2 percent. Abu Dhabi's index ADI slipped 0.4 percent to 2,549 points. Qatar's benchmark QSI made its largest gain in three months following a three-day weekend as an early-week rally on neighbouring Saudi Arabia's bourse TASI boosted local sentiment. "Institutions are the leaders in terms of liquidity - local funds have been buying in recent sessions and this should continue for the next few days, but foreigners are cautious and unlikely to take as big positions as they did before the crisis," said Hani Girgis, assistant chief dealer at Dlala brokerage. Qatar stocks, along with those in other Gulf Arab markets, have tumbled amid unprecedented unrest in the Middle East that has toppled veteran rulers in Egypt and Tunisia and sparked deadly protests in Bahrain and Oman. Those in turn raised fears Saudi Arabia, the world's top oil exporter, could become engulfed in sectarian strife. Qatar, along with the UAE, is seen as the most stable Gulf Arab country, but that has meant little to investors as they try to cut exposure to regional equities. Yet Qatar's economic outlook remains buoyant, with double-digit GDP growth forecast for 2011, and this should steady stocks in the medium term. "We can't isolate Qatar from the rest of the region...current share prices mean it could be a good time to take new positions and hold for maybe two more quarters," says Girgis. "The market has very strong support at 7,500 points." Qatar's index climbs 2.7 percent to 7,685 points, its largest gain since Dec. 5. Chemicals and steel producer Industries Qatar, seen benefiting from rising oil prices, climbed 2.6 percent, while Commercial Bank of Qatar and Barwa Real Estate added 6.2 and 5.1 percent respectively. Source: Reuters
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#12
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Sharia trade finance may reach 800 billion as demand escalates
Islamic trade finance may reach as much as $800bn a year should Sharia-compliant banks strengthen cooperation with financial institutions in other countries, according to a Bahrain-based regulator. "At this point, Islamic trade financing is very simple, it’s not focused and it isn’t competitive," said Mohamad Nedal Alchaar, secretary-general of the Accounting & Auditing Organization for Islamic Financial Institutions, whose standards have been adopted in countries including the UAE and Qatar. "We could tap 20 percent of the total trade financing, that’s very reasonable." Trade among the 57-member Organization of the Islamic Conference based in Jeddah is likely to reach $4 trillion in 2012, Alchaar said in an interview in Abu Dhabi on February 27. Islamic trade finance has been slow to develop because it remains fragmented, according to Yakub Bobat, Dubai-based Global Head of HSBC Amanah Commercial Banking. Sharia-compliant letters of credit are based on the principle of wakalah, where a bank acts as an agent and is paid fees and commissions in place of interest. Non-Islamic trade financing, which typically involves loans and the payment of interest, is forbidden under Islamic law. Demand for services and products that comply with Sharia law is increasing by about 15 percent a year and assets will rise to $1.6 trillion by 2012, according to the Kuala Lumpur-based Islamic Financial Services Board, a global standard- setting body. Global sales of sukuk, which pay asset returns to comply with Islam’s ban on interest rates, are showing signs of a recovery this year after slumping in 2010. Issuance has reached $3.9bn from $676m in the same period last year, according to data compiled by Bloomberg. Offerings fell 15 percent to $17.1bn last year. The yield on Dubai’s 6.396 percent sukuk maturing in November 2014 fell 7 basis points last week to 6.4 percent on March 4, according to Bloomberg data. The extra yield investors demand to hold Dubai’s government debt rather than Malaysia’s narrowed 2 basis points to 344, the data show. "The main reason why the industry has not been able to take off is that trade finance needs parties to connect across borders," Bobat said in a telephone interview March 3. "The industry today is still pretty local, fragmented, at best regionalized, and is in need of consolidation." HSBC Amanah is the Islamic banking unit of HSBC Holdings in London. The OIC plans to boost trade among member nations to 20 percent of total trading volume in 2015, according to the group’s 10-year plan posted on its website, from 14 percent in 2004. Trade among OIC members reached 17 percent in 2009, Jeddah-based Hameed Opeloyeru, assistant secretary-general of economic affairs at the OIC, said in an e-mail response to questions yesterday. The OIC, which includes the UAE, Indonesia and Pakistan, is in talks to establish a free-trade area for its more than 1.4 billion people, according to its website. "Islamic banks don’t have the reach yet to go into discussion with corporates that need trade financing," said Geert Bossuyt, the Dubai-based managing director and chief executive officer of Dar Al Istithmar, an Islamic finance advisory company established in the UK in 2004. Sharia-compliant banks will "become more active" over time, Bossuyt said in a telephone interview March 3. "It’s an evolutionary issue." Source: Bloomberg
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#13
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Saudi Arabia may escape wave of Middle east unrest, S and P says
Saudi Arabia, the world’s top oil exporter, may escape the popular unrest that is sweeping the Middle East, though it shares some of the conditions that caused it, Standard & Poor’s said. "Overall we are not very worried about that scenario and potential negative implications for creditworthiness," Kai Stukenbrock, S&P’s Dubai-based director of sovereign ratings in Europe, the Middle East and Africa, said in a conference call on Monday, referring to the risk of protest movements in the kingdom. S&P’s outlook for Saudi Arabia is "stable," he said. Popular unrest that ousted Tunisia’s Zine El Abidine Ben Ali in January and Egypt’s Hosni Mubarak last month has spread to Saudi Arabia’s neighbors, Bahrain and Yemen, fueling concern it may also spill into the kingdom. There have been protests in recent days in eastern Saudi Arabia by Shiite Muslims, a minority group who say they suffer discrimination. Saudi Arabia, an absolute monarchy that bans political parties and protests, shares some features that helped sparked protests in other countries, Stukenbrock said, citing a lack of civil liberties and political representation as well as "relatively high unemployment, particularly among the young." Saudi Arabia’s Tadawul All Share Index has tumbled 13 percent this year on concern the kingdom may be destabilized by the spread of political unrest. Source: Bloomberg
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#14
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Turkish bank open branch in Saudi Arabia
Turkish lender Ziraat Bankasi has inaugurated its first branch in Saudi Arabia, in Rowadah district, Jeddah, Arab News has reported. The bank plans to install 40 ATMs in Makkah and Madinah as well as set up more branches in other cities across the kingdom. Source: Arab News
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#15
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Aramco selects Samsung for Shaybah NGL
South Korea's Samsung Engineering has been confirmed as the winner of a contract to build Saudi Aramco's multi-billion dollar Shaybah natural gas liquids project, Reuters has reported. Samsung will perform the engineering, procurement and construction work for all the four construction packages related to Shaybah NGL, Aramco said. Source: Reuters
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#16
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Saudi issues new rules for shipping medicines
The Saudi Food and Drug Authority has announced new regulations aimed at stemming an upsurge in the online purchasing and selling of medicines, Saudi Gazette has reported. According to the new rules, all shipping and mail companies operating in the kingdom are required to report any medications transported into the country. "The remedies sold online are suspicious and half of them are counterfeit," an official from the SFDA was quoted by the daily as saying. Source: Saudi Gazette
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#17
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Saudi Oger to raise 2bn syndicated loan
Construction company Saudi Oger is raising a $2bn syndicated loan to finance the construction of police training facilities in Saudi Arabia, Reuters has reported, citing banking sources. The company has been trying to diversify its financing beyond domestic banks, many of which are near their lending limits for the construction company, the sources said. Source: Reuters
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#18
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Saudi United Electronics plans stock market listing
A stock market listing is being planned by Saudi-based United Electronics Co (Extra) in the second half of 2011, as the consumer electronics retailer expands at home and abroad, Arab News has reported. The firm plans to float 30% of its SR240m ($64m) capital to help fund branch expansion plans in Saudi Arabia and elsewhere in the Middle East, chief executive Mohammed Galal said. The company is set to open six new branches, raising the total from 18 to 24 by end-2011, he said. Source: Ame Info
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#19
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Gulf hotel markets set to see "challenging" conditions - expert
Selected markets in the Middle East hospitality sector will see more than half their current supply of hotels coming online in the next few years, an industry expert has predicted. Elizabeth Randall, managing director of STR Global, which supplies data to the industry worldwide, said the glut of development in the region could create "challenging market conditions" in the short term. She said Abu Dhabi was likely to report the largest increase in supply (89.4 percent) if every one of the 13,405 additional rooms in its total active pipeline open. Other markets to expect significant increases in existing supply include Riyadh, Saudi Arabia (77.2 percent with 4,831 rooms in its total active pipeline); Jeddah, Saudi Arabia (50.5 percent with 3,033 rooms); Muscat, Oman (49.5 percent with 1,931 rooms); and Dubai (49.2 percent with 28,474 rooms). "The main activity of hotel development in the region takes places across the United Arab Emirates, Saudi Arabia and Oman," Randall said. "Selected markets will see more than half of their current supply entering the markets over the coming years," she added. "Whilst the long-term prospects for the region are good, the new supply will create more challenging market conditions for the short-term. We see a more diverse offering coming into the markets, which were so far dominated by the upscale to luxury properties." Her comments came as STR Global revealed the Middle East/Africa's hotel development pipeline comprised 432 hotels totalling 118,454 rooms in February, a small increase on the previous month. Earlier this week, Deloitte said Middle East hotel occupancy jumped 13.1 percent in January to 60 percent. Revenue per available room (RevPAR) – a benchmark that reflects the industry’s fiscal health - reached $127 per night, trailed by $65 in Europe, $90 in Asia-Pacific and $48 in the Americas. Hospitality in the Gulf has been seeing steady gains throughout 2010 after a dismal two-year recovery from the global recession. Source: Arabian Business
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#20
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Saudi inflation slows to 10-months law in February
Saudi Arabia's annual inflation slowed to a 10-month low of 4.9 percent in February, with growth in housing and transport costs subsiding, data showed on Sunday. Inflation in the world's top oil exporter has been falling since it touched 18-month highs of 6.1 percent in August, reaching 5.3 percent in January. However recent handouts by the Saudi king to appease potential unrest could add to inflationary pressures. On a monthly basis, living costs in the biggest Arab economy rose by 0.2 percent in February, slightly up from a 0.1 percent increase in the previous month, data from the Central Department of Statistics showed. "The drop in inflation is going to be temporary, as commodity prices globally have been increasing and eventually you will see a reversal of the trend," said John Sfakianakis, chief economist at Banque Saudi Fransi. Some of new social spending worth $93bn, offered by King Abdullah on Friday to avoid the anti-government protests similar to those that have swept through nearby Arab countries, could also boost prices in the future through higher wages and social benefits. The overall package amounts to nearly 30 percent of economic output when combined with handouts worth an estimated $37bn initially announced last month to ease tensions in the desert kingdom, where more than 10 percent of Saudis are without a job. "I can't see the handouts have much of a short-term impact on inflation over the next few months," said Daniel Kaye, senior economist at the National Bank of Kuwait. "They might have a positive effect on the economy, but what matters more in the short-term is what is happening to food and housing costs," he said. Saudi Arabia, a US ally, has escaped the mass uprisings that have rocked the Arab world. But some dissent has built up as unrest has spread in neighbouring Yemen, Bahrain and Oman. On Sunday, dozens of Saudi men gathered outside the interior ministry in Riyadh, undeterred by heavy police presence, to demand the release of jailed relatives. Saudi food prices, which have the largest 26 percent weight in the consumer basket, rose 0.1 percent on a monthly basis in February after a 0.5 percent drop in the previous month. Housing and transport costs rose by 0.6 percent and 0.3 percent month-on-month, respectively, slower than in January, the data showed. In January, the OPEC member's central bank governor said he was worried that a global rise in food prices this year may drive up inflation in the import-reliant desert kingdom. Analysts polled by Reuters expected average inflation of 5.6 percent in 2011, up from 5.3 percent seen last year. Source: Reuters
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