Kuwait Stock Exchange Daily Morning Brief 11-07-2012

News & Views

• Saudi Arabia's annual inflation eased to 4.9 percent in June, its lowest level since September 2011, despite a big rise in housing prices.
• The offering of Saudi Arabia's Al Tayyar Travel Group was oversubscribed by more than six times and raised more than USD 2.2bn, making this the Kingdom's largest IPO in recent years.
• The UAE sentiment is seen negative and banks are likely to be hit after Royal Bank of Scotland and two other banks abandoned talks on restructuring Dubai Group's USD 10 billion debt and threatened legal action.
• The Saudi Arabian Council of Ministers recently approved the final draft of five laws establishing a legal framework for mortgage lending in Saudi Arabia, more than a decade after the initial proposal of the laws.