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Middle East & Africa


Mideast markets dip again on oil price concerns DUBAI: Most Gulf stock markets fell further on Thursday as investors' hopes that OPEC would cut oil output to boost prices waned, while Egypt's bourse rose as Cairo's government eyed savings from cheaper crude.Brent crude fell $2 to a 50-month low under $76 after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts. OPEC members met in Vienna on Thursday."Definitely, the speech from the Saudi oil minister did not help," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.Saudi Arabia's stock market, where petrochemicals account for a large part of corporate earnings, stands to lose most from cheaper oil, but some investors fear that governments across the region may cut spending, which would have a knock-on effect on economies in general.The main Saudi index fell 0.3 percent to 9,056 points, ...

Kenya shares climb, shilling holds steady NAIROBI: Kenyan shares rose on Thursday, helped by big gains in a handful of blue chip names, while the shilling held near three-year lows.The all-share index rose 0.46 percent to close at 163.77 points, reflecting the impact of gains among a number of large companies."The story at the NSE is the strength in the big caps like Safaricom which has closed at a new record today," said Aly Khan Satchu, an independent trader and analyst.Telecom ...
Gulf stocks in sell-off on OPEC pessimism DUBAI :Saudi Arabia's bourse followed other Gulf markets and fell in early trade on Thursday as investors' hope that OPEC would cut oil output to boost the price at a meeting in Vienna waned, while Egypt extended gains.Brent crude traded below $77 per barrel after Saudi Arabian Oil Minister Ali al-Naimi told reporters late on Wednesday that the Gulf's oil exporters had reached a consensus and would not propose output cuts."Definitely, the speech from the ...
UAE, Qatar edge down; Dubai's Arabtec jumps DUBAI: Stock markets in the United Arab Emirates and Qatar edged down in early trade on Thursday as oil prices fell, although Dubai's Arabtec jumped after a source said its former chief executive would not sell his stake at the current price. Brent crude traded below $77 per barrel after Saudi Arabia, Kuwait, Qatar and the United Arab Emirates indicated they will not propose an output cut during the OPEC meeting on Thursday, reducing the ...
South Africa stocks end lower, naira hits MTN JOHANNESBURG: South African stocks slipped on Wednesday, driven by losses in Africa's largest telecoms operator MTN after the devaluation of the Nigerian currency.Nigeria is the biggest of MTN's 22 operations across Africa and the Middle East and contributed more than a third of the company's 72.8 billion rand ($6.6 billion) revenue in the first half of this year. The Nigerian central bank devalued its currency by 8 percent on Tuesday as the oil-producing nation takes ...
Gulf markets slide; Egypt rebounds DUBAI: Most stock markets in the Gulf fell in early trade on Wednesday as sliding oil prices remained a concern for investors, while oil importer Egypt posted gains. Saudi Arabia's index fell 1.7 percent shortly after opening, largely weighed down by bank stocks. Shares in Al Rajhi Bank dropped 3.0 percent, Samba Financial Group lost 2.9 percent and Bank AlBilad tumbled 3.8 percent. The price of Brent crude fell towards $78 per barrel on Wednesday ...
Markets fall as investor hopes fade for OPEC output cut DUBAI: Most regional markets fell on Tuesday due to bearish oil price expectations, with strong foreign demand for several heavyweight stocks listed in the United Arab Emirates and Qatar failing to offset a broad sell-off by local investors.In its semi-annual review, index compiler MSCI this month raised the weightings of a number of UAE and Qatari stocks in its emerging markets benchmark, a move that takes effect after Tuesday's close.At the same time, MSCI completed ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln