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Middle East & Africa


Gulf markets mixed as oil stays below $60 DUBAI: Gulf stock markets were mixed in early trade on Monday after gaining strongly in the two previous sessions on the back of Saudi Arabia's 2015 budget, which maintained government spending at a high level. Brent crude edged up early on Monday due to supply disruptions in Libya, but still traded just below $60 per barrel. Dubai's index fell 0.8 percent after jumping 2.6 percent on Sunday.Developer Emaar Properties pulled back 1.0 percent and builder Arabtec, which was the most traded stock, fell 1.2 percent. Shares in retail start-up Marka fell 2.1 percent, having surged 12.0 percent in the previous session on news of an acquisition that would make the company profitable on an operating basis in 2015. Abu Dhabi's index edged down 0.3 percent as lenders First Gulf Bank and Union National Bank pulled back 0.9 and 1.5 percent respectively. Qatar's benchmark rose 0.5 percent.Shares in drilling rig provider ...

Oil pull-back may end Gulf's rebound for now DUBAI: A renewed pull-back in oil prices may encourage profit-taking in Gulf stock markets on Tuesday and end their recent rebound, temporarily at least.After jumping to almost $63 a barrel on Monday, Brent crude slid back to not much over $60 after Saudi Arabia's oil minister said OPEC would not cut production at any price.The stabilisation of oil prices was a major factor behind Gulf bourses' recovery since late last week, so the possibility of ...
Oil markets face uncertain future as OPEC targets competitors ABU DHABI: The determination of powerful Gulf OPEC members to stifle competition from new oil producers has left the global energy market reeling and sparked unprecedented uncertainty, officials and experts say.Gathered in Abu Dhabi for a key conference, senior energy officials from Arab Gulf nations insisted they will not cut production despite the freefall in oil prices.A supply glut, lower demand and the stronger US dollar have all contributed to pushing down oil prices, which ...
Qatar oil minister says market experiencing ‘temporary correction’ ABU DHABI: The oil market is experiencing a "temporary correction" and fundamentals should dictate a fair price for oil, Qatar's oil minister Mohammed al-Sada said in a speech on Sunday."We believe in the role of market fundamentals in dictating prices," he told a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.Sada also said the main reason for oil's plunge in recent months was slow growth of the global ...
Iraq's SOMO sees average December oil exports from Basra topping 2.6mn bpd ABU DHABI: The head of Iraq's state oil marketing body, SOMO, said on Sunday that he expected average December oil exports from Basra to top 2.6 million barrels per day.Falah al-Amiri was speaking to Reuters on the sidelines of a meeting of ministers of the Organisation of Arab Petroleum Exporting Countries (OAPEC) in Abu Dhabi.Exports from Basra, Iraq's main oil-exporting hub, often fluctuate widely because of weather or technical problems. In early November they were ...
Iraq oil min says total production to reach 4mn bpd ABU DHABI: Iraq Oil Minister Adel Abdel Mahdi said on Sunday Iraq's total oil production would reach four million barrels per day (bpd) after Baghdad reached an agreement on exports with Kurdish regional authorities. Mahdi made the remarks in a speech at a conference in Abu Dhabi. Iraq's government reached a temporary agreement with Kurdish regional authorities on Dec. 2 to end a dispute over oil exports and budget payments to the semi-autonomous Kurdish region.Copyright ...
Saudi crude oil exports rise to almost 6.9mn bpd in Oct DUBAI: Top oil exporter Saudi Arabia shipped more crude oil in October than a month earlier while volumes used by domestic refineries remained high allowing more oil products exports, official data showed on Thursday.The OPEC member exported 6.897 million barrels per day of crude in October, up from 6.722 million in September, data published by the Joint Organisations Data Initiative (JODI) showed.Production was slightly lower in October at 9.69 million bpd from 9.704 million, the ...


Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln