Foreign stake rise works well for IQ stocks

Source: The Peninsula (Read full story)

Increase in foreign ownership limit (FOL) worked well for the price and trade volumes of Industries Qatar’s (IQ) stocks. After raising its foreign ownership cap to 12.25 percent from 7.5 percent in October 2012, IQ’s stock price fell immediately, but picked up later. The stock price picked up and gathered almost 17 percent before the announcement of the full year 2012 results. Average daily share trade volume of the 90 days before the announcement were 115.175 while for the same number of days after the announcement were 228.125, an increase of almost cent percent.

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EU-Gulf free trade deal edges closer

Source: Arabian Business (Read full story)

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In comments that appeared to show the GCC’s reinvigorated desire to seal a FTA between the two major blocs in the free world, Bahrain’s Foreign Minister Sheikh Khalid bin Ahmed Al Khalifa said negotiators should now “strive harder to overcome the remaining obstacles to finalize signing”. However, the GCC’s insistence that it retain the right to impose duties on its exports remains the one major stumbling block. “I can say that almost 99 per cent of the items have being agreed and only one issue related to export duties is currently being reviewed before any decision is reached,” Sheikh Khalid told media following a meeting with EU officials in Manama, according to Gulf Daily News.

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Emir receives greetings from world leaders

Source: The Peninsula (Read full story)

The Emir H H Sheikh Tamim bin Hamad Al Thani received congratulations from several world leaders on assuming power. The cables of congratulations were received from Britain’s Queen Elizabeth II, Egyptian President Mohammed Mursi, Russian President Vladimir Putin, Comoros President Ikililou Dhoinine, Georgian President Mikheil Saakashvili, Djibouti’s President Ismail Omar Guelleh, Mauritanian President Mohammed Ould Abdel Aziz, Chinese President Xi Jinping, Nepalese President Ram Baran Yadav, and Bangladesh President Abdul Hamid.  The Emir received similar cables from Tunisia’s Constituent Assembly President Mustapha Ben Jaafar, Bangladesh Prime Minister Sheikh Hasina, Arab League Secretary General Nabil El Araby, Member of the UAE Supreme Council and Ruler of Fujairah Sheikh Hamad bin Mohammed Al Sharqi.

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Citizens to swear allegiance to Sheikh Tamim as Emir

Source: The Peninsula Qatar (Read full story)

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The Emir H H Sheikh Hamad bin Khalifa Al Thani and the Heir Apparent H H Sheikh Tamim bin Hamad Al Thani will receive Qatari citizens at the Emiri Diwan today and tomorrow to swear allegiance to Sheikh Tamim bin Hamad Al Thani as the Emir of Qatar, the Qatar News Agency reported yesterday. The Emir will address the nation today at 8am. The Emiri Diwan has also declared today a national holiday.  Meanwhile, the Emir met yesterday at Al Wajbah Palace members of the ruling family and decision-makers. The Emir and the Heir Apparent will receive Qatari citizens at the Emiri Diwan today from 9am to 11.30am and from 3.30pm to 6pm. They will also receive citizens from 8am to 11.30am tomorrow “to swear allegiance to H H Sheikh Tamim bin Hamad Al Thani as the Emir of Qatar,” Qatar News Agency said.

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Weekend shift: A welcome change

Source: The Saudi Gazette (Read full story)

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Saudi Arabia, the biggest Arab economy, had been the only member of the six-member Gulf Cooperation Council (GCC) to have a Thursday-Friday weekend after Oman shifted to a Friday-Saturday weekend last month. However, some Saudi companies, including food producer Savola had already announced they would change their own weekend to Friday and Saturday to improve their coordination with regional partners. The decision aligns Saudi Arabia’s work schedule with everybody else, John Sfakianakis, chief investment strategist at MASIC, a Riyadh-based investment company, was quoted as saying by Bloomberg. “It will make the Saudi market more aligned with regional markets,” he said.

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