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Gulf markets surge as oil rebounds; Dubai up 13pc DUBAI: Stock markets in Saudi Arabia and the United Arab Emirates soared on Thursday after the price of oil rebounded and the Riyadh government eased investors' fears by saying it would continue spending heavily on economic development.Saudi Arabia's bourse was up 8.7 percent two hours into its session. All traded stocks posted gains and some, such as Advanced Petrochemical Co, were up 10 percent, the bourse's daily limit for price moves.The main fear of Gulf investors as bourses have tumbled in recent weeks has been that cheap oil would cause governments to cut back spending.But Saudi Arabian Finance Minister Ibrahim Alassaf said on Wednesday that his government would continue spending strongly on development projects and social benefits in its 2015 budget, expected to be announced on Monday.UAE, Kuwaiti and Qatari officials have made similar statements in recent days.Meanwhile, the price of Brent crude for February delivery jumped 2.5 percent and ...

Gulf markets surge after oil rebounds DUBAI: Stock markets in Saudi Arabia and the United Arab Emirates soared on Thursday after the price of oil rebounded and the Riyadh government eased investors' fears by saying it would continue spending heavily on economic development. Saudi Arabia's bourse rose 5.8 percent shortly after its opening. All traded stocks posted gains and some, such as Advanced Petrochemical Co, were up 10 percent, the bourse's daily limit for price moves. The main fear of Gulf ...
Saudi rebounds on spending pledge; Gulf markets stabilise DUBAI: Most Gulf stock markets regained strength on Wednesday as oil's slide paused, with blue chip banks pushing Abu Dhabi up sharply and Saudi Arabia's bourse jumping after the kingdom's finance minister said the government would continue spending heavily.Brent crude held below $60 a barrel on Wednesday, at roughly the same levels as on Tuesday, as major oil producers signalled they would maintain output despite a supply glut and faltering demand in Russia and Europe.Saudi ...
South Africa's rand on the backfoot as local, EM sentiment sours JOHANNESBURG: South Africa's rand was weaker against the U.S. dollar early on Wednesday with thin volumes following a public holiday on Tuesday.Market watchers expected the local unit to trend lower after state power utility Eskom said on Tuesday that nation-wide blackouts were set to continue.Russia's financial crisis is also expected to fuel negative sentiment towards riskier emerging market assets after the rouble tumbled close to 20 percent on Tuesday.By 0649 GMT the rand was down ...
Gulf markets stabilise after sharp drops; Saudis reassure on spending DUBAI: Gulf stock markets were relatively calm in early trade on Wednesday after falling sharply in the previous session when Brent crude oil dropped below $60 per barrel.Crude was trading at roughly the same levels, just below $60, on Wednesday. But Saudi Finance Minister Ibrahim Alassaf said his country would continue spending on development projects and social benefits in its 2015 budget as part of a "counter-cyclical" policy, which may have reassured investors that the ...
Markets may stay volatile as floor for oil still unclear DUBAI: Middle East stock markets look set to stay volatile on Wednesday as oil prices are still far from establishing any clear floor, and key producers indicate they have no plans to reduce output.Brent crude is trading below $60 a barrel. Its plunge has sent Gulf retail investors into a panic; indiscriminate sell-offs have erased year-to-date gains in most stock markets and wiped out $250 billion in stock value since the end of October.Investors fear ...
Saudi Arabia posts biggest daily drop in 6 years DUBAI: Saudi Arabia's stock index posted its biggest daily loss in six years on Tuesday after the price of Brent crude oil dropped below $59 per barrel for the first time since 2009.The Saudi index tumbled 7.3 percent to 7,330 points, its lowest level since June 2013. Dozens of stocks fell by their daily 10 percent limits, indicating further potential weakness. The index has dropped 34 percent from its September peak.Investors are concerned that dwindling ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln