Morning Round-Up – Egypt IMF talks, Dubai stocks, Saudi non oil

Egypt invites IMF officials to resume talks over a $3.2 billion loan package – Considering the IMF approved loans a few days ago for both Jordan and Morocco the pressure is on for Egypt to end the dithering over this much-needed loan package.  No timeframe has been given for an IMF delegation visit.

Egypt’s former prime minister Kamal El Ganzouri borrowed $4.8 billion on Egypt’s tab – Egypt signed 36 international cooperation treaties since the beginning of last year, making available $5.8 billion in financing.  Mr El Ganzouri was responsible for most of that.

Dubai Financial Market, the only publicly traded Arab Gulf stock market, said second quarter profit fell 31% – It is almost inevitable for this company to make a loss.  Trading volumes on the bourse were down to 691 million shares in the second quarter compared to 769 million in the year-ago period, according to Reuters data.  That is despite a revival in trading volumes earlier this year after investors were reassured from a string of state-owned companies refinancing debt and developers posted earnings that beat analysts’ estimates.

Qatar’s Barwa Real Estate, the Gulf Arab state’s largest listed property developer, posted a 21.1 percent drop in its net profit for the first half of 2012.

Saudi Arabia’s non oil exports rose 34% in 2011 to 158 billion Saudi riyals ($42 billion), compared with the previous year 




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