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MIDEAST DAYBOOK: EU Sanctions on Iran Oil Start Today; Syria

July 01, 2012

European Union sanctions on Iran entered into full force today after exemptions on some contracts and insurance ended, boosting crude prices and pressure on the Persian Gulf nation to halt its nuclear-enrichment program.

World powers agreed yesterday on a plan for a Syrian transition government that doesn’t directly address the fate of President Bashar al-Assad.

WHAT TO WATCH: * Shareholders of Bahrain’s Capivest BSC, Elaf Bank BSC and Capital Management House BSC approved a merger of the three Islamic financial institutions as competition intensifies in the Persian Gulf’s state. * Four Airbus SAS A380 passenger jets being leased to Emirates Airline are the first of their kind to be used as collateral in a U.S. corporate bond offering, according to a person familiar with the transaction. * TAV Havalimanlari Holding AS (TAVHL), Turkey’s biggest airport operator, Saudi Oger Ltd. and Al Rajhi Holding Group of Saudi Arabia signed a contract for a $1.2 billion loan for the Medina airport project they won in 2011. * Iran called on OPEC to hold an emergency meeting to address the group’s production of crude in excess of the targeted 30 million barrels a day, Mehr news agency reported, citing the country’s Oil Minister.

MARKETS: * Dow Jones Industrial Average surged 2.2 percent on June 29. * Crude oil for August delivery rallied 9.4 percent to $84.96 a barrel on the New York Mercantile Exchange on June 29. * Saudi Arabia Tadawul All Share Index (SASEIDX) surged 1.9 percent. * Muscat Securities Market Index increased 0.7 percent. * Bahrain All Share Index (BHSEASI) gained 0.2 percent. * Abu Dhabi’s ADX General Index (ADSMI) dropped 0.9 percent. * Kuwait Stock Exchange Index (KWSEIDX) declined 0.6 percent. * Qatar’s QE Index (DSM) retreated 0.5 percent. * Dubai’s DFM General Index fell less than 0.1 percent. * Egypt’s stock market is closed for a holiday.

GENERAL NEWS: * Egypt’s new Islamist president was formally sworn into office, vowing to protect the freedom that hundreds died to achieve as he at once praised the military and indirectly challenged them over their limiting of his authority.

To contact the reporter on this story: Shaji Mathew in Dubai at

To contact the editor responsible for this story: Shaji Mathew at

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