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AFF Newsletter March 2011 ISSUE I

AFF Newsletter March 2011 ISSUE I

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Published by: Nitin on Mar 23, 2011
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04/05/2011

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Dear Reader,The tensions in the Arab world are escalating not without touching the local as wellas international financial markets.This issue will provide you with the news on financial losses in the MENA states asthe outcome of the turmoil. Also, it reflects the uncertainties in global market andthe attempts of financial actors to find economic solutions in the face of currentchallenges in the region.Meanwhile Tom Stevenson, the editor from The Telegraph in his article entitled
‘Japan Could Emerge Stronger from this Catastrophic Quake’ telling us about
another economic impact
on the global market caused by last week’s
earthquake inJapan.If you have any news you would like to include in future issues please contact me. Iwould also like to hear from those wishing to offer commentaries on currentdevelopments in Arab financial markets. Also, let me know if there are others whowould like to receive the newsletter.With warmest regards,Aynur Hamidova
AFF Project manager 
 If you would like to learn more about this newsletter or forthcoming events, or would like to suggestan event, article or include any comment for inclusion in the next edition. We welcome new readers,if you would like to me to include new interest to our complimentary distribution of the newsletter,please do not hesitate to contact me at projects@meconsult.co.uk . 
 
ARAB FINANCIAL FORUM NEWSLETTER MARCH 2011. ISSUE I
 
Arab Financial Forum Newsletter 
Monitoring the latest news
MEC International Ltd. Granville House. 132-135 Sloane Street London SW1X 9AXTel: 020 7591 4816 Fax: 020 7591 4801 E-mail: projects@meconsult.co.uk 
 
 
ARAB FINANCIAL FORUM NEWSLETTER MARCH 2011. ISSUE I
 
IN BRIEF 
Unrest costs Middle East, NorthAfrica markets $90 bln
– 
Markaz
March 9, 2011
The Middle East and North Africa marketshave lost nearly $90 billion year-to-date,mostly due to rising tension in Libya,according to analysts at Kuwait FinancialCentre (Markaz), who expect the upwardpressure on oil prices could seriously threatenthe global economic recovery.
Saudi Arabia’s stock market has plunged by
nearly $54 billion since the end of January asinvestors remain under the grip of fear that thecurrent turbulence in the region could spill into
the world’s oil superpower.
 
SABIC upbeat on 2011, toresume Japan ops Monday
March 13, 2011
Mohammed Al Mady, Saudi Basic IndustriesCorp's (SABIC) chief executive told Reuters onSunday that SABIC shut down its plant inJapan after a devastating earthquake there butwill resume operations on Monday.Read more 
OPEC oil output rose nearly 30mbarrels per day in Feb
– 
Platts
March 11, 2011
OPEC's crude oil production output jumped toan average 29.8 million barrels per day (b/d) inFebruary, as Saudi Arabia continued to boostproduction, according to a new Platts survey.Read more
March 10, 2011
The Arab League Secretariat Generalannounced Thursday that it would launch itsfirst Global real estate bourse with Arab andinternational participation aimed at developingreal estate investment.
Loan impairments easing in Gulf,says Standard Chartered
March 11, 2011
Credit quality and bank liquidity has improvedin the Gulf following a sharp ease in loanimpairment charges last year, the global CEOof Standard Chartered Bank said.
 
 
ARAB FINANCIAL FORUM NEWSLETTER MARCH 2011. ISSUE I
 
Oil markets brace for Saudi'rage' as global spare capacitywears thin
March8, 2011
Goldman Sachs suspects that OPEC has beenpumping far above its agreed quota sinceNovember and therefore cannot easily raiseoutput much without cutting deep into globalspare capacity
.
UAE sees no capital outflows dueto unrest -Central Bank
March 10, 2011
The United Arab Emirates has not seencapital outflows due to unrest in the region,the central bank governor said on Thursday,adding that inflationary pressures would notbe of concern despite high oil prices.
An integrated Arab initiative is to be launchedto promote the tourism sector whichdeteriorated in several Arab countries toppedby Egypt and Tunisia in addition to seekinginvestment in this sector which contributes tocombating unemployment.
Fitch Ratings has downgraded UAE-basedDubai Bank's (DB) Individual Rating to 'D/E'from 'D' and maintained it on Rating WatchNegative (RWN).
March 1, 2011
Algeria said Tuesday it was ready to supplyMorocco with gas from the southern Hasi Al-Raml field.
Qatar paying 2.2 bln euros for 6.2pct of Iberdrola
March 14, 2011
Qatar will buy 6.16 percent of Iberdrola SAfor 2.2 billion euros ($3 billion), helping theSpanish utility finance its Brazil operationsand further diluting unwanted suitor ACS.

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