**PLEASE NOTE THIS IS A PRESENTED MARKET REPORT**

Thomson Reuters Journalist Melanie Ralph says cheaper oil is helping Egypt bridge its budget and foreign trade gaps.

SHOWS: LONDON, ENGLAND, UK (JANUARY 19, 2015) (REUTERS - ACCESS ALL)

1. THOMSON REUTERS, JOURNALIST, MELANIE RALPH, SAYING:

Most Gulf equity markets pulled back today as oil prices slipped again and negative fourth-quarter earnings weighed on Saudi Arabia's bourse.

Brent crude fell back below $50 a barrel on concern that the global economic outlook was darkening and after Iraq announced record oil production.

Saudi Arabia's main index slid 0.6 percent as petrochemicals giant Saudi Basic Industries fell 1.9 percent and Savola Group, the kingdom's biggest food maker, dropped 2.3 percent.

Shares in Saudi Industrial Investment Group tumbled 3.6 percent after its fourth-quarter profit plunged 58 percent because of the fall in oil prices.

Meanwhile, Almarai, the Gulf's largest dairy company, added 2.1 percent after reporting a 15 percent rise in quarterly profit.

Elsewhere, Dubai's index slipped 0.2 percent as property and construction stocks fell while banks and other sectors did well.

Dubai Islamic Bank's 2.2 percent gain was the main support.

Two other Dubai lenders, Emirates NBD and Mashreq , reported strong quarterly results on Sunday and investors may be betting that DIB, whose board will review earnings on Jan. 25, will follow suit.

Air Arabia jumped 2.4 percent after announcing plans to launch a flight to Urumqi and become, it said, the first low-cost airline from the Middle East and Africa to enter the Chinese market.

Property-related stocks such as Emaar Properties, which lost 1.8 percent, came under pressure after consultancy JLL said that Dubai's markets for residential real estate and hotel properties were peaking as lower oil prices dampened sentiment.

Abu Dhabi's index edged up 0.3 percent as blue chips Etisalat and Abu Dhabi Commercial Bank added 0.5 and 3.4 percent respectively.

Qatar's bourse edged down 0.2 percent as shares in Qatar Islamic Bank dropped 2.7 percent despite strong fourth-quarter results.

However, the stock had risen 4.8 percent earlier this month in anticipation of the earnings report.

Egypt's index added 0.7 percent.

Cheaper oil is helping Egypt bridge its budget and foreign trade gaps.

That's your Mideast Wrap.