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Oman government withdraws customs duty on bank notes (Times of Oman - 19/02/2017)

A new customs duty of 0.5 per cent on bank notes imported by exchange houses and banks was withdrawn by the government within four days of introducing the same, after money exchanges submitted a memorandum to the Central Bank of Oman (CBO). Hamoud

Technical analysis of the QSE index (Gulf Times - 19/02/2017)

This week’s uptick was on lower volumes and that indicates weakness of that up-move. However, we are generally optimistic on the index as positive momentum has been picking up. We maintain our support level at 10,500 and the resistance at the 11,500

China chooses yuan stability over growth to stem capital outflows (Gulf Times - 19/02/2017)

Chinese authorities are prioritising currency stability over growth to stem capital outflows, QNB has said in an economic commentary. In January, China’s foreign currency reserves dipped below $3tn, its lowest level in five years and down from the $4tn

Kuwaiti Oil Price Up 3 Cents to $52.20 per Barrel (The Peninsula - 19/02/2017)

The price of Kuwaiti oil went up by three cents to USD 52.20 per barrel Friday after being at USD 52.17 pb Thursday, Kuwait Petroleum Corporation (KPC) said Saturday. In global markets, there has been a rise in US shale oil output even though oil

Damac officially opens Trump golf course in Dubai (Trade Arabia - 19/02/2017)

Damac Properties, a leading developer of luxury properties in the UAE, has officially opened the Trump International Golf Club Dubai at its key property Damac Hills in Dubai, UAE. To mark the launch, Damac Properties led a golf course tour, with guests

JP Morgan confident of retaining share of Middle East investment bank (The National - 19/02/2017)

JP Morgan said it expects to keep its market share of investment bank fees in the Middle East steady in 2017 after doubling it last year, topping the rankings on the back of a boom in international bond sales from the region as governments plugged low

Gold steadies as global equities lose momentum (Gulfnews - 19/02/2017)

Gold prices eased on Friday but notched a weekly gain as investors opted for the safe-haven qualities of bullion due to uncertainty about US and European politics as well as the direction of stock markets. Global equity markets lost momentum after

Abu Dhabi shares provide reason to cheer (Gulfnews - 19/02/2017)

Last week the Dubai Financial Market General Index (DFMGI) fell by 32.05 or 0.87 per cent to end at 3,650.76. There were 18 advancing issues against 21 declining, while volume slightly exceeded the previous several weeks. The dominant long-term chart

Desert agriculture has immense potential in Oman (Oman Daily Observer - 19/02/2017)

Prospects for the sustainable cultivation of prodigious quantities of agricultural and farm produce in vast greenhouses constructed in the arid desert regions of Oman were showcased at a key conference held in the city last week. The most promising of

16 UAE major banks’ profits at Dhs35.31b (The Gulf Today - 19/02/2017)

The net consolidated profits of 16 UAE major banks dropped by around 6 per cent to Dhs35.31 billion in 2016, down from Dhs37.64 billion in 2015. Emirates NBD Bank was the most profitable bank with net profits of Dhs7.24 billion in 2016 compared with

UAE leads ME in Economic Freedom Index (The Gulf Today - 19/02/2017)

The United Arab Emirates (UAE) took the top spot in the Middle East and ranked 8th globally in the 2017 Index of Economic Freedom, released by the US-based Heritage Foundation. The UAE made incredible progress compared with the 2016 Index, which came

Mobily adds Viastore to ‘Neqaty Program’ (Saudi Gazette - 19/02/2017)

ETIHAD Etisalat (Mobily) has added Viastore, the leading smartphone and Apple products outlet chain, as a strategic partner to Neqaty Program as a step toward enhancing the portfolio of the program’s partners, which is considered as the best customer

Al Musafir, Al Rajhi Bank form strategic partnership (Saudi Gazette - 19/02/2017)

Al Musafir Company, a subsidiary of Al Tayyar Travel Group Holding, is embarking on a strategic partnership with Al Rajhi Bank to provide hotel booking service through Al Musafer Company’s apps and website, granting special discounts for credit

GCC meat & poultry demand on the rise (Saudi Gazette - 19/02/2017)

With bullish forecasts emerging on the GCC’s consumption of meat and poultry, a specialised segment focused on the product range has drawn a huge international response for world-leading food and beverage exhibition Gulfood 2017. The new meat & poultry

Stability returns to Saudi insurers (Saudi Gazette - 19/02/2017)

The Saudi insurance market appears to have finally turned the corner following a period of underwriting volatility, according to analysis by A.M. Best. Stability returns to Saudi insurers A review of preliminary disclosures by national insurers in Saudi

Oil prices still under pressure from North America (Arab News - 19/02/2017)

No matter how hard the Organization of the Petroleum Exporting Countries (OPEC) tries to support global crude prices and speed up the recovery of the oil market, the developments in North America are offsetting every effort. Oil prices in New York on

Aramaco, A giant IPO on track (Arab News - 19/02/2017)

The largest initial public offering (IPO) in history seems to be on track. On Friday, the Financial Times newspaper reported that Saudi Arabia is close to appointing the banks that will be lead underwriters on the IPO of Saudi Aramco, the world’s largest

C$ weakens as oil prices fall, greenback climbs (Business Recorder - 16/02/2017)

The Canadian dollar weakened against its US counterpart on Wednesday as a drop in oil prices and broader gains for the greenback offset stronger-than-expected domestic manufacturing data. Canadian manufacturing sales jumped for the second month in a row

GCC countries to have common strategy to counter dumping: Minister (Times of Oman - 16/02/2017)

A decision to introduce anti-dumping duties on foreign manufacturers to protect domestic industries will be taken at the GCC-level and not by individual countries within the bloc, Dr. Ali bin Masoud Al Sunaidi, Minister of Commerce and Industry, told

Gulf VAT rollout at 5% in 2018 may rise to 10% over the years: BMI (Gulf Times - 16/02/2017)

The Gulf Cooperation Council (GCC), which is planning to impose 5% value added tax (VAT) from 2018, could hike the rate to 10% in the future owing to sustained fiscal deficit for the next five years, according to BMI. “Given our forecasts for oil prices

Stock market fights for momentum ahead of March upgrade (The Peninsula - 16/02/2017)

Foreign inflows to Qatar Stock Exchange (QSE) saw a notable pick up in the second half of 2016, especially after the bourse’s first tranche upgrade by FTSE in September. The net foreign inflows to QSE averaged $212m a month compared to $81m in 1H16.

Bahrain presses on with key infrastructure projects (Trade Arabia - 16/02/2017)

Work on major infrastructure projects in Bahrain, mostly linked to the kingdom's hospitality and luxury segment, will continue despite financial challenges, according to a report by leading property consultancy firm CBRE. According to figures released by

Profit increases over 2016 for EIB (The National - 16/02/2017)

Emirates Investment Bank, the Dubai-based private lender, yesterday said that its net profit for 2016 rose 20.5 per cent amid gains in assets under management and revenues from the investment banking division. Net profit rose to Dh33.8m in 2016 compared

Mixed day for stock trades in UAE (The National - 16/02/2017)

UAE shares were mixed yesterday, as investors digested the large number of fourth-quarter earnings from blue chips such as Emaar, Aldar Properties and Etisalat. Dubai shares spent much of the day in positive territory but ended the day down 0.2 per cent

Abu Dhabi exchange to bring in short-selling by next month (The National - 16/02/2017)

The Abu Dhabi Securities Exchange (ADX) is coordinating with brokerages to introduce short-selling on the exchange by the end of March, according to Rashed Al Baloushi, the chief executive. Mr Al Baloushi told Bloom­berg the exchange was working on final

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