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Frontier fund selling weighs on UAE, Qatar DUBAI: Selling by foreign frontier funds sparked heavy profit-taking in the United Arab Emirates and Qatar on Thursday. Saudi Arabia also declined, but Egypt rose for a third day. A number of companies from the UAE and Qatar remain part of MSCI's Frontier 100 benchmark even though the index compiler upgraded both countries to emerging market status in May. MSCI's opted to gradually phase those stocks out of the frontier index through monthly weighting reductions and one of these takes effect on Nov.1. This prompted a wave of selling by passive funds tracking the index on the final trading day before this milestone. Foreigners were net sellers in Dubai and Qatar, according to bourse data. Moreover, retail investors in Doha also joined the sell-off, leaving only local institutions as net buyers. Dubai's index fell 1.7 percent. MSCI index constituents Emaar Properties and Dubai Islamic Bank , which dropped 3.4 and ...

Kuwait plays down row with Saudi over shared oilfield KUWAIT CITY: Kuwait has played down a row with Saudi Arabia over its decision to halt production at an offshore oilfield jointly operated by the two Gulf neighbours.Oil Minister Ali al-Omair said the dispute over operations at the Khafji field would not affect strong ties."We hope to resolve this matter through dialogue, contacts and the open-door policy existing between the two nations," Omair said, cited by the official KUNA news agency overnight.A Kuwaiti oil trade ...
Kuwait keeps wide discount to Saudi oil in market share battle SINGAPORE: Kuwait has maintained a wide discount between the crude it sells to Asia against a comparable Saudi Arabian grade for November, amid increasing signs that Gulf producers are engaged in a price war to compete for market share.Global oil price Brent plummeted nearly 5 percent on Tuesday to their lowest since 2010, as key OPEC members showed no sign of cutting back production to support the market.Kuwaiti crude for November was priced at a ...
France's Total wins Egypt gas exploration licence CAIRO: French oil company Total has been awarded a licence to explore for natural gas in the Nile Delta, a source in the state-run Egyptian Natural Gas Holding company (EGAS) said on Monday. "France's Total won the bid to explore in Sector 2 in the Delta region," the source told Reuters on condition of anonymity. In December, Egypt's General Petroleum Corporation (EGPC) and Natural Gas Holding Company (EGAS) announced an international auction for oil and ...
Iraqi Kurds ship 13.7mn bbls oil since May, earning $1.3bn ISTANBUL: Iraqi Kurdistan has shipped a total of nineteen tankers carrying 13.7 million barrels of crude oil since May via a pipeline to Turkey's Mediterranean port of Ceyhan, a Turkish energy official told Reuters on Thursday."The flow of Kurdish oil continues without any issues. The 20th tanker will be loaded in the coming days," the official said, adding that the storage tanks in Ceyhan currently held 445,000 barrels of oil.Turkey's state-run lender Halkbank, where buyers ...
Egypt tenders to buy fuel oil for Oct-Dec DUBAI: Egypt's state-owned oil company has launched a tender to import hundreds of thousands of tonnes of fuel oil for delivery between October and December, according to tender documents seen by Reuters.Egyptian General Petroleum Corp (EGPC) is seeking nine cargoes of 180 CST fuel oil, each for 30,000-33,000 tonnes, for delivery to Alexandria port on a monthly basis, with three optional cargoes.EGPC is also seeking five cargoes of 40,000-45,000 tonnes each, of a similar grade ...
Oil market long term fundamentals robust-Saudi dep oilmin DUBAI: Long term oil market fundamentals are robust and short-term price moves have little meaning for Saudi Arabia, the kingdom's deputy oil minister, Prince Abdulaziz Bin Salman Bin Abdulaziz, was quoted as saying on Wednesday by the Saudi Press Agency. "Temporary factors such as concerns about global economic recovery, geopolitical events, and positioning in paper markets, can affect short-term price movement," he was quoted as saying."But for a major oil producer and exporter such as ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln