The document analyzes whether the Gulf Cooperation Council countries meet the criteria to form an optimal currency area by introducing a common currency. It discusses Mundell's theory of optimal currency areas and outlines the GCC's economic integration efforts over time. While the GCC countries meet some criteria like openness, fiscal transfers, and policy cooperation, they do not meet others like labor mobility and may lack a strong sense of solidarity due to nationalism. Overall, the document questions if the GCC is optimally suited for a currency union given its economic characteristics and political dynamics.
QNBFS Daily Market Report November 23, 2020QNB Group
The QE Index rose 0.9% to close at 10,202.8. Gains were led by the Banks & Financial Services and Transportation indices, gaining 2.1% and 1.7%, respectively.
The document summarizes the Gulf region market, including:
- The GCC countries include Kuwait, Saudi Arabia, Bahrain, Qatar, UAE, and Oman. They have large populations, mostly Muslim, and rely heavily on oil and gas production and exports.
- The region is experiencing rapid population and economic growth, driving significant investment in infrastructure and privatization of public services.
- Environmental needs in the region are estimated at $100 billion over the next decade, representing an opportunity for environmental strategies and solutions firms.
The document summarizes the daily performance of stock markets across Qatar and the GCC region. It provides details on:
- The Qatari stock market declining 1.0% led by losses in the real estate and industrial indices. Top losers were Dlala Brokerage and Islamic Holding Group.
- Other GCC markets also declined except for Saudi Arabia which fell 0.6%. Losses were spread across various sectors such as energy, utilities and banks.
- Company earnings news for RAK Ceramics reporting a 3.5% increase in net profits for FY2014.
- Qatar macro news including plans to stick to $200B infrastructure spending and expectations of 7% GDP growth in 2015
The United Arab Emirates is a federation of seven emirates located in the southeast of the Arabian Peninsula. It has a population of around 5.5 million people and its currency is the UAE dirham. The UAE was previously a British protectorate known as the Trucial States and had a pearling and fishing-based economy until the 1950s when oil was discovered. It gained independence in 1971 and formed the UAE federation in 1972. The UAE has a high-income economy based around oil and gas, but it is also developing its services sector. Abu Dhabi and Dubai are the two largest and most influential emirates, with Abu Dhabi having most of
The QE index in Qatar declined 1.8% led by losses in the Transportation and Banking & Financial Services indices. Qatar General Ins. & Rein. Co. and Qatari Investors Group were the top losers falling 4.7% and 4.4% respectively. Regional indices also declined except for Oman which gained marginally and Bahrain which was flat. Volume on the Qatar exchange rose 117.2% compared to the previous day.
QNBFS Daily Market Report November 23, 2020QNB Group
The QE Index rose 0.9% to close at 10,202.8. Gains were led by the Banks & Financial Services and Transportation indices, gaining 2.1% and 1.7%, respectively.
The document summarizes the Gulf region market, including:
- The GCC countries include Kuwait, Saudi Arabia, Bahrain, Qatar, UAE, and Oman. They have large populations, mostly Muslim, and rely heavily on oil and gas production and exports.
- The region is experiencing rapid population and economic growth, driving significant investment in infrastructure and privatization of public services.
- Environmental needs in the region are estimated at $100 billion over the next decade, representing an opportunity for environmental strategies and solutions firms.
The document summarizes the daily performance of stock markets across Qatar and the GCC region. It provides details on:
- The Qatari stock market declining 1.0% led by losses in the real estate and industrial indices. Top losers were Dlala Brokerage and Islamic Holding Group.
- Other GCC markets also declined except for Saudi Arabia which fell 0.6%. Losses were spread across various sectors such as energy, utilities and banks.
- Company earnings news for RAK Ceramics reporting a 3.5% increase in net profits for FY2014.
- Qatar macro news including plans to stick to $200B infrastructure spending and expectations of 7% GDP growth in 2015
The United Arab Emirates is a federation of seven emirates located in the southeast of the Arabian Peninsula. It has a population of around 5.5 million people and its currency is the UAE dirham. The UAE was previously a British protectorate known as the Trucial States and had a pearling and fishing-based economy until the 1950s when oil was discovered. It gained independence in 1971 and formed the UAE federation in 1972. The UAE has a high-income economy based around oil and gas, but it is also developing its services sector. Abu Dhabi and Dubai are the two largest and most influential emirates, with Abu Dhabi having most of
The QE index in Qatar declined 1.8% led by losses in the Transportation and Banking & Financial Services indices. Qatar General Ins. & Rein. Co. and Qatari Investors Group were the top losers falling 4.7% and 4.4% respectively. Regional indices also declined except for Oman which gained marginally and Bahrain which was flat. Volume on the Qatar exchange rose 117.2% compared to the previous day.
QNBFS Weekly Market Report January 5, 2016QNB Group
The Qatar Stock Exchange Index gained 2.69% over the week to close at 10,717.34 points. Trading value increased 16.4% to QR1.1 billion, while trading volume decreased 4.5% to 39.2 million shares. Ezdan Holding, Masraf Al Rayan and Qatar Insurance Co. were the top contributors to the weekly index gain, while Commercial Bank of Qatar deducted points. Foreign institutions remained net buyers during the week at QR175.7 million.
The QE index in Qatar declined 0.4% led by losses in the telecom and real estate indices. Ezdan Holding Group and Ooredoo were the top losers falling 3.4% and 3.0% respectively. In other GCC markets, indices in Saudi Arabia and Dubai fell while Abu Dhabi and Kuwait rose marginally. Global economic data showed mixed signals with UK unemployment falling but wages and Spanish home sales rising less than expected.
The Qatar Stock Exchange Index gained over 4% last week, with market capitalization increasing over 4%. Trading volume and value decreased from the prior week. The Banks and Financial Services sector contributed most to trading value and volume. Foreign institutions remained net buyers while Qatari investors remained net sellers. The document discusses stock performance and provides an outlook for the Qatari economy and non-oil sector growth amid lower oil prices.
1) The document discusses energy security in Asia and cooperation between energy producers and consumers in the region. 2) It outlines increasing energy demand and trade links between Asian countries and Gulf oil producers. 3) The document calls for greater cooperation between Asian countries on issues like investment, infrastructure development, and ensuring stable energy supplies and prices to support economic growth across Asia.
QNBFS Daily Market Report September 18, 2017QNB Group
The QSE Index declined 0.4% to close at 8,375.2. Losses were led by the Real Estate and Consumer Goods & Services indices, falling 1.1% and 0.9%, respectively.
The document provides an overview of stock market activity and economic indicators for Qatar and other GCC countries on September 16th. It notes that the QE index in Qatar declined 0.2% led by losses in the real estate and banking sectors. Top gainers included Medicare Group rising 3.5% while top losers were Dlala Brok. & Inv. Holding Co. falling 2.5%. Other GCC markets had mixed performance for the day. The document also provides commentary on recent economic data and forecasts for Qatar, including expectations for GDP growth of 6.5% in 2013 and 6.8% in 2014 driven by infrastructure investment ahead of the 2022 World Cup.
The document discusses the history and role of gold as money, from its use in early Islamic societies to the modern gold standard and fiat currency systems. It argues that fiat currencies have problems as a store of value and unit of account due to potential inflation. The document proposes adopting an Islamic gold dinar as an alternative currency that could provide price stability and help facilitate trade between Islamic countries. However, challenges to implementing the dinar include limited gold reserves in some countries and potential resistance from major powers.
The QSE Index in Qatar gained 0.1% as the Transportation and Industrials indices rose. Qatar General Insurance and Gulf Warehousing were the top gainers rising 5.5% and 5.3% respectively. Volume traded rose 15.5% compared to the 30-day average. In its earnings, CBQK reported a net profit that fell short of estimates mainly due to higher than expected provisions, with its bottom line dropping 15.3% YoY.
· The Qatar Stock Exchange (QSE) Index declined 151.58 points, or 1.50% during the trading week to close at 9,938.28. Market capitalization decreased by 1.97% to QR532.1 billion (bn) versus QR542.7bn at the end of the previous week. Of the 44 listed companies, 6 companies ended the week higher, while 36 fell and 2 remained unchanged. Ezdan Holding Group (ERES) was the best performing stock for the week with a gain of 1.6% on only 9.0 million (mn) shares traded. On the other hand, Qatar Cinema & Film Distribution Co. (QCFS) was the worst performing stock with a decline of 10.0% on only 1,070 shares traded only.
The QE Index rose 0.4% to close at 9,252.1. Gains were led by the Consumer Goods & Services and Banks & Financial Services indices, gaining 1.1% and 0.6%, respectively.
MIDDLE EAST INVESTMENT OPPORTUNITES FOR PRIVATE EQUITYsanthoshkrish
The document discusses opportunities for private equity investment in the Middle East region. It notes that private equity has historically accounted for only 0.1% of the global $2.3 trillion industry, but that the Middle East economies are growing rapidly, with real GDP growth exceeding 5% in most countries. Several factors are driving large infrastructure investment requirements in the region over the next 5-10 years, including population growth, economic diversification away from oil, and underinvestment. The private equity industry in the Middle East is also growing rapidly and could help meet the region's investment needs.
The QE Index declined 0.2% to close at 9,957.0. Losses were led by the Real Estate and Banks & Financial Services indices, falling 4.1% and 0.9%, respectively.
The United Arab Emirates (UAE) was founded in 1971 and is located in the Middle East between Oman and Saudi Arabia. The UAE consists of seven emirates with a total population of 9.4 million people. Abu Dhabi is the largest emirate and the capital, while Dubai is the largest city. The UAE has a GDP of $407.52 billion supported mainly by oil and gas exports as well as other industries such as manufacturing, tourism, and financial services. India is one of the UAE's top trading partners, with the UAE exporting $21.2 billion worth of goods to India in 2017 including gems, metals, and plastics, while importing $20.
The QSE Index gained 1.0% led by the Real Estate and Telecoms indices. Top gainers were Doha Insurance and Medicare Group. Regional markets were mixed with Saudi and Dubai rising while Abu Dhabi fell. Global economic data showed existing US home sales declined more than expected in August while UK house prices rose.
The document appears to be a series of slides by Chris Skinner discussing various topics related to banking, finance, regulation and the global economy over time. Some key points covered include discussions of past financial crises and regulations like Dodd-Frank, the rise of China and other emerging economies, changing roles of currencies, and future predictions around developments in areas like Africa, Latin America, and changes in European and global financial systems. The slides are dated ranging from the 2000s through the 2030s.
Greetings,
Attached FYI ( NewBase Special 17 February 2015 ) , with
energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• S.Arabia & UAE control 74 percent of GCC’s private wealth
• Egypt, Cyprus Sign Oil & Gas Related MoU
• Pipeline of opportunities: ‘TAPI will bring Kabul, Islamabad, Delhi closer’
• Norway:BG Group drills two dry wells near the Knarr field in N.Sea
• Norway Lundin Petroleum spuds exploration well on Gemini prospect
• France:Europa Oil & Gas farms out Tarbes Permit to Vermilion
• Angola: Oil majors focus on Angola
• U.S. 2014 LNG imports nosedive in 2014
• Oil Rises as OPEC Producers Signal Optimism Over Market Recovery
• Bahrain: MEOS-15 Conference to start March 11th
As this daily news periodical is free for you, we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
The QE index in Qatar rose 0.2% led by gains in the Transportation and Banking indices. Al Khaliji and Aamal Co. were the top gainers rising 5.4% and 4.3% respectively, while Doha Insurance Co. fell 2.7%. Trading volume on the QE exchange rose 42.2% compared to the previous day. Regional indices were mixed with Saudi Arabia and Abu Dhabi rising while Kuwait and Oman declined.
- The Qatar Exchange index fell 4.31% over the week, with market capitalization decreasing 4.01%. Only 2 stocks rose while 39 fell and 1 remained unchanged.
- Investors continue monitoring cues from the US Fed about potential tapering of quantitative easing, which could impact flows to emerging markets. Geo-political issues also dampened sentiment in GCC markets, with Dubai declining the most at 7.4% week-on-week.
- Trading value and volume decreased over the week, while foreign investors remained net sellers and local institutions were net buyers.
The QE index in Qatar rose 1.7% led by gains in the Transportation and Real Estate indices. Gulf International Services and Qatar Navigation were the top gainers rising 3.8% and 3.4% respectively, while Al Ahli Bank fell 1.8%. Across other GCC markets, indices in Saudi Arabia, Dubai, Abu Dhabi and Kuwait rose between 1.8-4.8% while Oman and Bahrain gained 0.7% and 0.3% respectively. Trading activity on the QE increased with volume rising 80.2% and value traded up 70% compared to prior day.
The document discusses openness in the Arab region, defined as the ratio of a country's total trade to its GDP. It finds that countries in the Middle East and North Africa (MENA) region generally have lower openness than other regions like East Asia and Europe. A table also shows data on the openness and intra-GCC trade for several Gulf Cooperation Council countries.
QNBFS Weekly Market Report January 5, 2016QNB Group
The Qatar Stock Exchange Index gained 2.69% over the week to close at 10,717.34 points. Trading value increased 16.4% to QR1.1 billion, while trading volume decreased 4.5% to 39.2 million shares. Ezdan Holding, Masraf Al Rayan and Qatar Insurance Co. were the top contributors to the weekly index gain, while Commercial Bank of Qatar deducted points. Foreign institutions remained net buyers during the week at QR175.7 million.
The QE index in Qatar declined 0.4% led by losses in the telecom and real estate indices. Ezdan Holding Group and Ooredoo were the top losers falling 3.4% and 3.0% respectively. In other GCC markets, indices in Saudi Arabia and Dubai fell while Abu Dhabi and Kuwait rose marginally. Global economic data showed mixed signals with UK unemployment falling but wages and Spanish home sales rising less than expected.
The Qatar Stock Exchange Index gained over 4% last week, with market capitalization increasing over 4%. Trading volume and value decreased from the prior week. The Banks and Financial Services sector contributed most to trading value and volume. Foreign institutions remained net buyers while Qatari investors remained net sellers. The document discusses stock performance and provides an outlook for the Qatari economy and non-oil sector growth amid lower oil prices.
1) The document discusses energy security in Asia and cooperation between energy producers and consumers in the region. 2) It outlines increasing energy demand and trade links between Asian countries and Gulf oil producers. 3) The document calls for greater cooperation between Asian countries on issues like investment, infrastructure development, and ensuring stable energy supplies and prices to support economic growth across Asia.
QNBFS Daily Market Report September 18, 2017QNB Group
The QSE Index declined 0.4% to close at 8,375.2. Losses were led by the Real Estate and Consumer Goods & Services indices, falling 1.1% and 0.9%, respectively.
The document provides an overview of stock market activity and economic indicators for Qatar and other GCC countries on September 16th. It notes that the QE index in Qatar declined 0.2% led by losses in the real estate and banking sectors. Top gainers included Medicare Group rising 3.5% while top losers were Dlala Brok. & Inv. Holding Co. falling 2.5%. Other GCC markets had mixed performance for the day. The document also provides commentary on recent economic data and forecasts for Qatar, including expectations for GDP growth of 6.5% in 2013 and 6.8% in 2014 driven by infrastructure investment ahead of the 2022 World Cup.
The document discusses the history and role of gold as money, from its use in early Islamic societies to the modern gold standard and fiat currency systems. It argues that fiat currencies have problems as a store of value and unit of account due to potential inflation. The document proposes adopting an Islamic gold dinar as an alternative currency that could provide price stability and help facilitate trade between Islamic countries. However, challenges to implementing the dinar include limited gold reserves in some countries and potential resistance from major powers.
The QSE Index in Qatar gained 0.1% as the Transportation and Industrials indices rose. Qatar General Insurance and Gulf Warehousing were the top gainers rising 5.5% and 5.3% respectively. Volume traded rose 15.5% compared to the 30-day average. In its earnings, CBQK reported a net profit that fell short of estimates mainly due to higher than expected provisions, with its bottom line dropping 15.3% YoY.
· The Qatar Stock Exchange (QSE) Index declined 151.58 points, or 1.50% during the trading week to close at 9,938.28. Market capitalization decreased by 1.97% to QR532.1 billion (bn) versus QR542.7bn at the end of the previous week. Of the 44 listed companies, 6 companies ended the week higher, while 36 fell and 2 remained unchanged. Ezdan Holding Group (ERES) was the best performing stock for the week with a gain of 1.6% on only 9.0 million (mn) shares traded. On the other hand, Qatar Cinema & Film Distribution Co. (QCFS) was the worst performing stock with a decline of 10.0% on only 1,070 shares traded only.
The QE Index rose 0.4% to close at 9,252.1. Gains were led by the Consumer Goods & Services and Banks & Financial Services indices, gaining 1.1% and 0.6%, respectively.
MIDDLE EAST INVESTMENT OPPORTUNITES FOR PRIVATE EQUITYsanthoshkrish
The document discusses opportunities for private equity investment in the Middle East region. It notes that private equity has historically accounted for only 0.1% of the global $2.3 trillion industry, but that the Middle East economies are growing rapidly, with real GDP growth exceeding 5% in most countries. Several factors are driving large infrastructure investment requirements in the region over the next 5-10 years, including population growth, economic diversification away from oil, and underinvestment. The private equity industry in the Middle East is also growing rapidly and could help meet the region's investment needs.
The QE Index declined 0.2% to close at 9,957.0. Losses were led by the Real Estate and Banks & Financial Services indices, falling 4.1% and 0.9%, respectively.
The United Arab Emirates (UAE) was founded in 1971 and is located in the Middle East between Oman and Saudi Arabia. The UAE consists of seven emirates with a total population of 9.4 million people. Abu Dhabi is the largest emirate and the capital, while Dubai is the largest city. The UAE has a GDP of $407.52 billion supported mainly by oil and gas exports as well as other industries such as manufacturing, tourism, and financial services. India is one of the UAE's top trading partners, with the UAE exporting $21.2 billion worth of goods to India in 2017 including gems, metals, and plastics, while importing $20.
The QSE Index gained 1.0% led by the Real Estate and Telecoms indices. Top gainers were Doha Insurance and Medicare Group. Regional markets were mixed with Saudi and Dubai rising while Abu Dhabi fell. Global economic data showed existing US home sales declined more than expected in August while UK house prices rose.
The document appears to be a series of slides by Chris Skinner discussing various topics related to banking, finance, regulation and the global economy over time. Some key points covered include discussions of past financial crises and regulations like Dodd-Frank, the rise of China and other emerging economies, changing roles of currencies, and future predictions around developments in areas like Africa, Latin America, and changes in European and global financial systems. The slides are dated ranging from the 2000s through the 2030s.
Greetings,
Attached FYI ( NewBase Special 17 February 2015 ) , with
energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• S.Arabia & UAE control 74 percent of GCC’s private wealth
• Egypt, Cyprus Sign Oil & Gas Related MoU
• Pipeline of opportunities: ‘TAPI will bring Kabul, Islamabad, Delhi closer’
• Norway:BG Group drills two dry wells near the Knarr field in N.Sea
• Norway Lundin Petroleum spuds exploration well on Gemini prospect
• France:Europa Oil & Gas farms out Tarbes Permit to Vermilion
• Angola: Oil majors focus on Angola
• U.S. 2014 LNG imports nosedive in 2014
• Oil Rises as OPEC Producers Signal Optimism Over Market Recovery
• Bahrain: MEOS-15 Conference to start March 11th
As this daily news periodical is free for you, we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
The QE index in Qatar rose 0.2% led by gains in the Transportation and Banking indices. Al Khaliji and Aamal Co. were the top gainers rising 5.4% and 4.3% respectively, while Doha Insurance Co. fell 2.7%. Trading volume on the QE exchange rose 42.2% compared to the previous day. Regional indices were mixed with Saudi Arabia and Abu Dhabi rising while Kuwait and Oman declined.
- The Qatar Exchange index fell 4.31% over the week, with market capitalization decreasing 4.01%. Only 2 stocks rose while 39 fell and 1 remained unchanged.
- Investors continue monitoring cues from the US Fed about potential tapering of quantitative easing, which could impact flows to emerging markets. Geo-political issues also dampened sentiment in GCC markets, with Dubai declining the most at 7.4% week-on-week.
- Trading value and volume decreased over the week, while foreign investors remained net sellers and local institutions were net buyers.
The QE index in Qatar rose 1.7% led by gains in the Transportation and Real Estate indices. Gulf International Services and Qatar Navigation were the top gainers rising 3.8% and 3.4% respectively, while Al Ahli Bank fell 1.8%. Across other GCC markets, indices in Saudi Arabia, Dubai, Abu Dhabi and Kuwait rose between 1.8-4.8% while Oman and Bahrain gained 0.7% and 0.3% respectively. Trading activity on the QE increased with volume rising 80.2% and value traded up 70% compared to prior day.
The document discusses openness in the Arab region, defined as the ratio of a country's total trade to its GDP. It finds that countries in the Middle East and North Africa (MENA) region generally have lower openness than other regions like East Asia and Europe. A table also shows data on the openness and intra-GCC trade for several Gulf Cooperation Council countries.
The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization consisting of 12 oil producing countries. It was founded in 1960 in Baghdad by 5 countries and aims to coordinate and unify petroleum policies among member countries. Key objectives include stabilizing oil prices and ensuring a steady supply of oil to consuming countries. OPEC faces challenges in enforcing production quotas and preventing price cheating among its members.
GCC Currency Union: Necessary Precursors and Prospects - Emilie J. RutledgeEconomic Research Forum
Emilie J. Rutledge, United Arab Emirates University
ERF and AFESD conference on: Monetary and Fiscal Institutions in Resource-Rich Arab Economies
Kuwait, November 4-5, 2015
For more info, please visit www.erf.org.eg
Session on: Central Bank Independence and Institutional Reforms
Optimal monetary policy response to commodity price shocks requires the presence of credible and strong institutions, which are often absent in resource-rich Arab economies. It also requires clarity about central bank versus government objectives and clear institutional arrangements about the role of each. Among the ways to achieve credibility and instill a clear division of policy responsibilities is to promote central bank independence (CBI). This section aims to examine the independence of monetary institutions in several Arab resource-rich economies as well as other institutional reform required for an effective and well-functioning GCC currency union.
The QE Index in Qatar rose 0.6% led by gains in the real estate and industrial indices. Gulf International Services and Qatari Investors Group were the top gainers, while Ezdan Holding Group and Ooredoo declined. Trading volume increased from the previous day. The document also provides stock market updates and news from other GCC countries as well as global economic data and news from Qatar including plans to increase trading volumes and list SMEs on the stock exchange.
The QSE Index in Qatar rose 0.7% led by gains in the Banks & Financial Services and Industrial indices. Barwa Real Estate Co. and Al Khaleej Takaful Group were the top gainers rising 7.6% and 5.0% respectively, while Vodafone Qatar fell 3.2%. Trading volume on the QSE rose 59.5% compared to the previous day. The document also provides stock market updates for other GCC countries and lists the top gainers and losers across the GCC exchanges.
Employment And Salary Trends In The Gulf 2012abdulhannan
The document provides an overview of employment trends in Gulf countries in 2012. It finds that Saudi Arabia led job creation in the Gulf while Bahrain saw the lowest growth. Nationalization continues to be a top priority for GCC governments and targets have intensified. The UAE and Qatar remain the most attractive destinations for expatriates, while Dubai is the most attractive city. Retention rates are highest in the UAE and lowest in Bahrain due to political tensions.
This weekly newsletter provides an overview of economic and business news from countries in the Middle East and North Africa region for the week of July 31, 2009 to August 6, 2009. Some of the key headlines include:
- Saudi Arabia announced a USD 1 billion investment plan in Africa and delivered over 50,000 housing loans worth USD 3.9 billion. However, gold jewelry demand fell 17% due to high prices and the global downturn.
- Kuwait saw volatility in crude oil prices through July and a projected 10% decline in tourism employment. Real estate sales in the UAE plunged 47% in Q2 2009, while IT spending is expected to grow to USD 4.7 billion by 2013.
-
Mehran Kamrava, CIRS Director and Interim Dean of the Georgetown University School of Foreign Service in Qatar, lectured to a group of French scholars from the HEC on the Geopolitics of the Gulf. Kamrava gave a broad overview of the relationships between the Gulf states and how these associations are shaped by the geopolitics of the region.
This weekly newsletter provides a summary of economic and financial news from the Middle East and North Africa (MENA) region for the week of July 24-30, 2009. Key highlights include:
- Stock markets in Saudi Arabia, Kuwait, UAE, and other MENA countries increased slightly. Commodity prices like gold and oil were stable.
- Saudi Arabia is increasing domestic power production from oil to reduce imports. Its foreign assets declined due to increased public spending. Several Gulf countries connected their electricity grids.
- The UAE, Qatar, and Bahrain saw economic growth and recovery in sectors like real estate, banking, and trade. Inflation declined in the UAE and Qatar.
- Jordan
This document is a weekly newsletter covering markets, macroeconomic news, government regulations, sector news, and company news for the MENA region for the week of July 10-16, 2009. Some of the key highlights include Saudi Arabia emerging as a major medical tourism destination, declines in non-petroleum exports and crude oil imports for several countries, falls in property and material prices in the UAE, and various company deals and earnings announcements across the region.
The QE index in Qatar rose 1.3% led by gains in the banking and real estate indices. Ezdan Holding Group and Salam International Investment Co. were the top gainers rising 7% and 4.7% respectively. Regional indices were mixed with Kuwait up 0.6% while Abu Dhabi fell 0.7% and Saudi Arabia declined 0.1%. QNBK reported a 7% rise in 1H2014 net profit to QR5.1 billion driven by a 5% increase in operating income.
The QE Index in Qatar declined 3.0% due to losses in the telecom and real estate indices. Masraf Al Rayan and Medicare Group were the top losers, falling 4.7% each. Trading volume rose 29.5% but was still below the 30-day average. In other GCC markets, indices fell sharply in Saudi Arabia and Dubai but declined more modestly in Kuwait, Oman, Abu Dhabi, and Bahrain.
buy old yahoo accounts buy yahoo accountsSusan Laney
As a business owner, I understand the importance of having a strong online presence and leveraging various digital platforms to reach and engage with your target audience. One often overlooked yet highly valuable asset in this regard is the humble Yahoo account. While many may perceive Yahoo as a relic of the past, the truth is that these accounts still hold immense potential for businesses of all sizes.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Structural Design Process: Step-by-Step Guide for BuildingsChandresh Chudasama
The structural design process is explained: Follow our step-by-step guide to understand building design intricacies and ensure structural integrity. Learn how to build wonderful buildings with the help of our detailed information. Learn how to create structures with durability and reliability and also gain insights on ways of managing structures.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
1. IS THE GCC AN OPTIMAL CURRENCY
AREA?
By
Adnan Ahmed Qatinah
Mohammed Ghiath HASAN AGHA
Husam Al Dakak
Ala'a Mohamed
ECONOMIC CHANGE IN THE ARAB REGION
2. • Introduction
• The theory of Optimum Currency Area
• Definition of Optimum Currency Area
• Potential Benefits and cost of Optimum Currency Area
• Criteria of an Optimal Currency Area (OCA)
• GCC Countries and the Optimality Criteria for OCA
• Overview of the economic cooperation in GCC
• Overview of GCC economics
• Benefits and Costs for GCC to have OCA
• Does GCC meet the criteria of an Optimum Currency Area?
• Conclusion
3. In 2001, the Gulf Cooperation Council countries (GCC)
(Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab
Emirates) decided to introduce a common currency by 2010.
Furthermore, in 2005, the GCC members adopted the
European Union (EU) convergence criteria with respect to
budget deficit, public debt, currency reserves, interest rate, and
inflation.
The main objective of our presentation is to
investigate to what extent the GCC member states meet the
theoretical criteria for an optimal monetary union.
4. Mundell stated “economic efficiency would be
maximized in a geographical region if the region all
shared a single currency".
Professor Robert
Mundell, 1999 Nobel
Laureate: the father
of the Theory of
Optimum Currency
5. 1981 • The Gulf Cooperation Council (GCC) was established.
1983 • Free Trade zone was established to enhance economic
integration.
1999 • Customs Union was established.
2003 • GCC countries pegged their currencies to the US dollar as
well as established a common external tariff of 5%
2008 • GCC countries agreed to introduce a monetary union.
6. Average Growth Rates of Nominal GDP
Saudi GCC
Period Bahrain Kuwait Oman Qatar UAE
Arabia Average
1970s 25.1 30.6 46.4 31.3 47.7 51.1 38.7
1980s 3.0 -3.3 7.1 0.1 -2.5 2.1 1.1
1990s 6.6 11.3 5.9 10.3 5.2 8.0 7.9
2001-2007 13.9 17.3 10.9 20.8 10.8 15.7 14.9
8. BENEFITS
• Reduces transaction costs
• Bargaining Power
• More Intra Trade
• Economies to Scale
• Removal of Foreign Exchange Risk
• Fixed Exchange Rates
COSTS
• Unitary Monetary Policy
• Constraint on national fiscal policy;
9. • Openness
• Diverse Production
• Mobile Labor
• Transfer Criterion
• Homogeneity of preferences
• Solidarity vs. nationalism
10. • McKinnon suggests that countries
with a small open economy, which
trades intensively with the world,
would be good for them to join an
optimum currency area. Ronald
McKinnon
Source:
http://www.stanford.edu/~mck
innon/
11. Openness degree of the GCC
The GCC economies have traditionally
been open to international trade in
goods and services. Asia and the
European Union have accounted for
about two-thirds of GCC exports and
Bahrain Kuwait Oman
imports. Qatar Saudi Arabia UAE
12. GCC trade in 2010
Intra-GCC trade has been low (less than 10
percent) due to the fact that all the GCC
countries are mainly oil producers and have
similar economic structures.
Intra-trade Extra-trade
13. Small open economies
GDP Trade Openness Intra-GCC
Country
Bn USD Bn USD % of GDP % of trade
Bahrain 15 21 133% 16.3%
Kuwait 94 74 78% 4.8%
Oman 35 32 91% 17.2%
Qatar 52 44 85% 7.4%
Saudi Arabia 346 250 72% 4.3%
UAE 158 247 157% 5.1%
GCC 701 668 95% 6.1%
World 48,121 24,365 51%
Source: Global Insight, IMF DOTS, Ecowin,
14. As far as the Mckinnon criterion is
concerned, most of GCC economies
qualify for joining a monetary union.
They are very open, they may will not
face asymmetric shocks.
15. Kenen stated that countries with a wide range of
products and similar production structure are more
likely to form an optimum currency area with lower
probability of asymmetric shocks.
Asymmetric shocks are more likely to have greater
negative impact on countries with less diverse
production. Peter Kenen
Source:
www.princeton.edu
16. Despite the efforts to diversify their
economies, GCC countries remain heavily
dependent on oil. Since 1991 oil and gas
income constituted, in average, 35 percent
of the GDP, 77 percent of total exports and
74 percent of government revenues.
17. GDP shares by sector
Oil and Financial Other
Country Manufacturing Government Construction Other
Gas services services
Bahrain 26.48% 12.33% 14.87% 19.80% 4.78% 12.99% 8.75%
Kuwait 54.49% 7.45% 11.99% 10.36% 1.93% 4.90% 8.88%
Qatar 59.57% 8.44% 8.87% 6.34% 5.66% 4.44% 6.68%
Saudi Arabia 50.13% 9.48% 16.09% 6.68% 4.52% 5.19% 7.91%
UAE 36.05% 12.95 9.18% 13.59% 7.99% 10.88% 9.36%
GCC 45.34% 10.13% 12.20% 11.35% 4.98% 7.68% 8.32%
Source: UNSD- Key Global Indicators, 2009
18. As far as the Kenen criterion is
concerned, most GCC economies
are qualify for joining a monetary
union, because, their economies
are similar production structure and
asymmetric shocks are not more
likely among GCC.
19. • Labor mobility is the key to dealing with asymmetric shocks in a currency area.
Thus, workers promptly move in response to economic incentives.
• full labor mobility occurs if people immediately take advantage of any different
in earnings, and move where they can earn more.
Economic Factors Non-Economic Factors
The cost of moving Culture differences
The prospect of becoming unemployed Family and friendship links
Career opportunities Current, Future Commitment to one’s country of Origin
Family career prospects (spouse, children)
Social benefits (subsidizes)
Taxation of earning both labor and saving
20. • Articles within the GCC Charter, in both the original Unified
Economic Agreement of 1981 as well as the new Economic
Agreement of 2001 contain specific provisions allowing full and
complete freedom of movement for citizenry.
• The GCC documents demonstrate a fairly liberal interpretation
of free movement rights, allowing citizens to move across the
six states’ borders for a variety of purposes, including residence
and employment, and to gain access to a host of social security
benefits in any of the member-states
21. GCC National Working in Qatar (2010)
Nationality Total
Kuwait 77
Bahrain 633
Oman 4,051
Saudi Arabia 775
United Arab Emirates 263
Total 5,799
Source: Data Collected from Qatar Statistics Authority
22. Foreigners as percent to total population in GCC
countries in 2007 •Estimates put the number of
foreign workers in the Gulf at
about 13.9 million in 2007.
• We can conclude that, labor
mobility situation might be
unable to play a major role to
deal with asymmetric shocks
in a GCC currency area.
N/A
Bahrain Kuwait Oman Qatar Saudi Arabia UAE
23. • OCA countries have to give up the exchange rate instrument used
to response to adverse shocks that hit an economy of this area.
The rest better off economies transfers compensation. When
adversely hit, a region sees its economy decline, so the tax
payments by its residents decline and the various welfare
payments (unemployment, social subsidies) rise.
• Given the recent economic boom, GCC has obtain a huge
reservation and sovereignty funds, these effective instrument will
enable GCC countries to face any adverse hit.
• On this Criterion, GCC is definitely an optimum monetary union.
24. Budget Surplus/ deficit for the GCC Countries % to GDP
Country 2003 2004 2005 2006 2007
Bahrain 1.8 1.4 5.1 2.3 0.6
Kuwait 10.0 15.1 29.1 17.6 29.7
Oman 1.4 2.4 2.5 0.3 0.3
Qatar 3.9 16.4 9.2 9.0 14.7
Saudi Arabia 45 11.4 18.4 21.7 14.6
UAE -4.5 -0.4 8.1 12.0 9.5
Source: Secretariat General of GCC, and Oman Central bank annual report
25. • In case of asymmetric shocks, country members of a currency area should
have a common reaction policy.
• Establishment of common monetary institutions is a key element. (EUCB).
• The monetary and exchange rates policies have been cooperated in the
GCC in response to exogenous shocks. (Kuwait is an exception).
• This criteria is likely to be met by GCC countries.
26. Criterion Satisfied?
Openness Yes
Product Diversification Yes
Labor Mobility No
Fiscal Transfers Yes
Homogeneity of Preferences Yes
Solidarity vs. Nationalism No
27. • For a currency area, sense of solidarity to
the union needs to overweight the own
national interests.
• In case of its establishment, the GCC
central bank might suffer from lack of
political support.
• This might be a crucial factor resulting in
catastrophic outcomes for the GCC in case
of forming a currency area.