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Public finances remain weak, Sisi’s win does not alter ratings: Fitch
“A very high turnout might have enhanced the legitimacy of the return to military rule in domestic and international eyes,” the credit agency says
Divergence in MENA sovereign energy importer-exporter ratings widens: Fitch
Reuters – Fitch Ratings says in a new report that the average sovereign ratings of energy exporters and importers in the Middle East and North Africa (MENA) have further diverged in 2014, following the upgrade of Saudi Arabia (to AA). Credit fundamentals across the energy exporters are expected to remain strong, driven by triple digit …
EMEA Oil & Gas winners and losers in Ukraine crisis: Fitch
Reuters – Fitch Ratings says BG Energy Holdings Ltd, BP plc, Royal Dutch Shell plc and Total SA are among the rated oil and gas companies in EMEA that stand to gain from a potential shift in EU countries’ energy links with Russia over time, while OAO Gazprom and NJSC Naftogaz of Ukraine, are most …
Fitch upgrade boosts Saudi shares
Saudi Arabia’s measure advanced 1.1% to its highest level since July 2008, while trading volume jumped to its highest in almost two years.
Fitch: Egypt’s ratings stabilised but rapid recovery unlikely
Egypt’s Long-term ratings of ‘B-’ are low and reflect substantial risks and challenges.
Fitch raises Egypt’s economic outlook to stable
The ratings agency keeps the country’s long-term foreign and local currency sovereign credit rating at B-
2014 outlook broadly stable for GCC banks; regional unrest a threat elsewhere in Middle East: Fitch
Fitch believes that impairment charges should fall, leading to a gradual improvement in profitability, although further recovery in asset quality will depend on continued economic growth.
Egyptian banks register profits despite economic uncertainties
Faisal Islamic Bank of Egypt announced net profits worth EGP 370.816m in the first half of 2013 compared to EGP 283.696m during the same period last year, marking a 31% increase.
Finance minister directs Gulf aid to foreign reserves and state budget
Expert: Value of aid is “economically misleading” and unlikely to raise the foreign reserve level
Moody’s: Gulf aid is “credit positive”
Qatar, meanwhile, had granted Egypt $2.5bn in loan last January, and extended a further $3bn in May by agreeing to buy Egyptian bonds at 3.5% interest.
Post-Morsi economy: bullish or bearish?
Many domestic businessmen, however, disagree; a number have already expressed optimism since the ousting of former president Mohamed Morsi on 3 July, citing a mostly-gaining stock exchange benchmark index, a slight increase in the value of the local currency, and an influx of foreign aid.
National Bank of Abu Dhabi 50th most secure bank globally: Global Finance
Bank makes top 50 ranking for fifth year in a row, also ranks as the most secure bank in the Middle East