Home
[size=36]Middle East funds plan to cut investments in Saudi Arabia[/size]
Economy | 09:15 - 01/08/2019
Follow up - Mawazine News
Middle East funds are planning to cut their investments in Saudi Arabia and increase them in the UAE, while maintaining current levels in other countries in the region, such as Qatar, Egypt, Turkey and Kuwait, Reuters reported.
A Reuters poll said 60 percent of fund managers surveyed said they would cut their investments in Saudi Arabia.
The main index of the Saudi stock market suffered last Monday its biggest one-day loss in a month, amid reports of weak results, before returning to a relative recovery in Wednesday's session.
Economists in a Reuters poll forecast that the kingdom's GDP would grow 1.7 percent this year.
"Looking at the future, two major components of the Saudi index will face significant adverse winds," said Mohamed Al-Gamal, general markets manager at Waha Capital in Abu Dhabi. "The petrochemical sector will face weak demand and the banking sector will suffer from lower profitability due to lower interest rates.
"We believe early this year that the shares of big Saudi companies have gone up significantly more than their value based on fundamentals," said Farajesh Bhandari, senior portfolio manager at Al Mal Capital in Dubai. "It is difficult to justify" further growth.
Talal Samhouri, head of asset management at Amwal in Doha, said: "We believe there will be a final upward trend for the Saudi market for the next few months supported by foreign inflows.
Saudi Arabia's budget deficit widened in the second quarter of this year compared to the same period in 2018, at around $ 9 billion, according to data published by Saudi Arabia on Tuesday.
A Reuters poll said 60 percent of fund managers surveyed said they would cut their investments in Saudi Arabia.
The main index of the Saudi stock market suffered last Monday its biggest one-day loss in a month, amid reports of weak results, before returning to a relative recovery in Wednesday's session.
Economists in a Reuters poll forecast that the kingdom's GDP would grow 1.7 percent this year.
"Looking at the future, two major components of the Saudi index will face significant adverse winds," said Mohamed Al-Gamal, general markets manager at Waha Capital in Abu Dhabi. "The petrochemical sector will face weak demand and the banking sector will suffer from lower profitability due to lower interest rates.
"We believe early this year that the shares of big Saudi companies have gone up significantly more than their value based on fundamentals," said Farajesh Bhandari, senior portfolio manager at Al Mal Capital in Dubai. "It is difficult to justify" further growth.
Talal Samhouri, head of asset management at Amwal in Doha, said: "We believe there will be a final upward trend for the Saudi market for the next few months supported by foreign inflows.
Saudi Arabia's budget deficit widened in the second quarter of this year compared to the same period in 2018, at around $ 9 billion, according to data published by Saudi Arabia on Tuesday.
» Baghdad demonstrators are calling for the United Nations to provide protection for them
» Iranian violations of Iraqi sovereignty .. Talk about sovereignty that does not exist
» Market Research] discusses the effectiveness of the national product
» Consumer Protection
» Business incubators guide young people to successful projects
» With the slogan "Your legitimacy is over." Activists rally for massive demonstrations in Baghdad and
» The Iranian regime directed pure evil
» Protesters were killed and 25 wounded in clashes with Iraqi security
» Trump hires a "battalion" of lawyers to defend him before the Senate
» Iraq is approaching three countries to sign partnership agreements along the lines of China
» Warning Iraqi institutions about the risks of using Windows 7
» The director of Al-Rashid Bank asks those accused of corruption to present evidence before the judic
» Deputy: The stagnant water is moving and the political forces are abdicating
» An American alert to thwart "million of Baghdad"
» During his meeting with the directors and officials of the Ministry's branches in the governorates .
» Allawi: The ruling authority must first think of the interests of Iraq and its people
» Iraq .. The movement refuses to invite Sadr to demonstrate against corruption and America
» The conclusion of the international conference to draw up a strategy for joint action between the Mi
» A steady stream of demonstrations in Baghdad
» Https & SSL Certificate has been applied!
» Al-Safi: Mr. Sistani's surgery was successful and is currently recovering
» Parliamentary Security: Political differences allowed ISIS to regroup
» Iraqi protest arenas reject politicization efforts ... and condemn the continued assassination of ac
» Oil expert: Political competition has stalled all beneficial initiatives for Iraq
» The Iranian and Iraqi regimes did not benefit from the killing of Soleimani ... they were hoping to
» Rafidain Bank announces the disbursement of a new meal from the civil and military pensioners predec
» Moussaoui: To Moqtada Al-Sadr, you follow the orders of your master Khamenei
» A former lawmaker: The Americans are prospecting for bullets in Hamrin .. without the government's k
» The mountain spawned a rat ... the leader of the terrorist organization Maesh failed to contain the
» Major General Samir Zaki takes the position of Army Air Force Command after Maliki's retirement
» Anbari official: Trebil border crossing is witnessing a big commercial traffic for the transport of
» KTFA Members (Links and comments) Thursday Afternoon 1-16-2020
» Korea denies the withdrawal of its companies from Iraq
» An Iraqi journalist announces running for Congress against Ilhan Omar
» Advisor to the Prime Minister: We stipulated that Chinese companies implement projects with internat
» Khamenei: America killed the most powerful anti-terrorist leader by assassinating Engineer and Solei
» Allawi: Iraq is under Chapter VI, and the ruling authority must think about the interests of the peo
» Al-Bawi: The international coalition "broke" Iraq's decision to remove foreign forces from its terri
» Al-Fatlawi confirms that there are parliamentary moves to pass the 2020 budget
» Washington denies the authenticity of a document talking about the deaths in Iran's bombing of Ein a
» The Pentagon: We are consulting with the Iraqi side on matters related to the presence of the Americ
» NATO is not ready for war in the Middle East
» Pompeo: I call upon Sistani to recover quickly
» Parliamentary defense warns: ISIS is reorganizing itself in Iraq
» U.S. MILITARY REINFORCEMENTS IN SYRIA'S OIL WELL Areas
» A rise in the dollar in Baghdad today
» Deputy: Trump's threats to Iraq "piracy"
» Al-Hakim recalls the "ambassador of reference"
» Al-Nujaifi: Parliament cannot bind the government to the decision to leave foreign forces, according
» A former lawmaker: The Americans are prospecting for bullets in Hamrin .. without the government's k
» Al-Aaraji: Most of its blocs are non-Iraqi
» Deputy: All moves to choose Abdel-Mahdi's replacement will not succeed
» A deputy reveals the existence of a movement from some quarters in order to keep Abdul-Mahdi in offi
» Karbouli attacks Al-Himim and accuses Abdul-Mahdi of silence for wasting the Sunni endowment funds
» Hashem: Abdul-Mahdi is no longer internationally accepted after his failure to manage crises
» Iraqis are the most foreign invested in the Jordanian real estate market during 2019
» Deputy for Wasit: party corruption is behind 230 projects suspended for 10 years
» The general manager of Al-Rasheed Bank refutes the "cheap allegations" and demands those accused of
» Central Command: 11 American soldiers were wounded in the Iranian attack on Ain al-Assad base
» US official: Saudi Arabia paid the first 500 million dollars for the deployment of our forces
» The US military is moving its forces in Iraq to safer areas
» Al-Jumaili wins his suit for his return to parliament and confirms: saving with the people's choice
» A deputy for victory explains the causes of calm in the political community
» Al-Jawahiri: The China agreement was adopted by all previous governments and failed due to quotas
» Charles de Gaulle .. France sends an aircraft carrier to the Middle East
» "Fleeing Forward" ... ambiguity over the Iraq-China agreement, and the finger pointing at Iran
» The US Treasury announces a 90-day grace period to end deals in Iranian sectors
» Housing announces direct three projects that reduce traffic momentum in Baghdad
» Chinese Ambassador Hammoudi: We are ready to implement the agreement with Iraq
» An economist proposes a solution to end the budget approval dilemma
» Spokesperson: Abdul-Mahdi did not grant approval to resume US military operations
» The Central Bank of Iraq reveals its sales value by Thursday's auction
» Parliamentary investment depends on the success of the Chinese agreement with a good negotiator and
» Deputy: Abdul-Mahdi will not be given confidence again, and the political blocs have failed to choos
» Al-Shammari: The last reference sermon undermined the idea of Abd al-Mahdi remaining
» Parliamentary security calls for activating military industrial companies to get rid of internationa
» Deputy: America has lost three axes in Iraq and is pressing for the failure of the China agreement
» Parliamentary Finance: The government will send the 2020 budget after a month, and its approval may
» Deputy: Unemployment in liberated areas exceeded 40%
» International Energy: Iraq’s oil supply is at risk
» An Iraqi report reveals urban and rural unemployment rates
» UAE sponsors the US pavilion at the Dubai Expo with 60 million dollars
» Jumaili is the place of Al-Halbousi in the House of Representatives
» Allawi: Iran wants to return to playing the role of the Arab Gulf policeman
» A source reveals the cancellation of the vote on the resignation of the Secretary-General of the Cou
» A medical source reveals the success of Sistani's leg surgery
» An economist explains the most important reasons for the dollar's exchange rate not returning to nor
» Quiet movements of currencies after the trade agreement between America and China
» The Minister of Justice recommends amending the Minors Welfare Law and investing their money
» A parliamentary committee: There is no agreement to establish American bases on Iraqi soil
» Allawi: Iran wants to fight its enemies from the land of Iraq
» Sadri leader: Talking about the current attempt to end the protests with the cover of expelling the
» Erdogan announces his country's intention to open new consulates in Iraq
» / Mawazine News / publishes the annual report of Human Rights on Iraq
» Abdul Mahdi: The government is ready to provide the best possible health care for Al-Sistani
» The US embassy comments on the Sistani reference procedure and describes it as the safety valve for
» Planning: projects suspended in the country since 2014 amounted to more than five thousand projects
» Disclosure of "threats" received by families of US soldiers in Kuwait