Google+ Followers

Saturday, 19 October 2013

UAE markets: the big picture | GulfNews.com

UAE markets: the big picture | GulfNews.com:

"Given that the UAE equity exchanges were closed last week for Eid holiday, today we’ll look at some of the larger patterns of the general indices.
Dubai
The Dubai Financial Market General Index (DFMGI) ended at 2,830.92 two weeks ago, the last day of trading prior to Eid holiday. That put the index 119 per cent above the low reached in January 2012, the lowest price subsequent to the 2008 financial crisis. The uptrend that followed is now in its 22nd month, reaching a high of 2,860.39 three weeks ago. That’s a 121 per cent gain from January 2012 when the accent increased its rate of change. For 2013 the DFMGI is up 74.5 per cent.
The index reached a record high of 8,544.67 back in November of 2005, several years before the peak in the UAE real estate market. Until the January 2012 low the DFMGI had been in a downtrend for a little more than six years, losing 84.9 per cent of its value. Since then it has recovered or retraced 21.6 of the prior drop."

'via Blog this'

Oman assets in Oxy’s MENA region minority interest sale | Oman Observer

Oman assets in Oxy’s MENA region minority interest sale | Oman Observer:

"US-based international energy producer Occidental Petroleum Corporation (OXY) announced at the weekend plans to pursue the sale of a minority interest in its Middle East/North Africa operations, which includes, among other things, interests in Blocks 9, 27, 53 and 62 in the Sultanate of Oman. The move, it said in a statement, stems from the Company’s “strategic review to streamline and focus operations in order to better execute the Company’s long-term strategy and enhance value for shareholders”. “These are the first formal steps in our effort to streamline the business, concentrate in areas where we have depth and scale and improve overall profitability. Our goal is to become a somewhat smaller company with more manageable exposure to political risk,” said Stephen I. Chazen, President and Chief Executive Officer. “We will continue to consider additional strategic alternatives for the Company to maximise total returns to our shareholders.”"

'via Blog this'

Why Did Saudi Arabia Snub the U.S.? | National Review Online

Why Did Saudi Arabia Snub the U.S.? | National Review Online:

"There were some precursors over the last several months to Saudi Arabia’s decision today to decline its seat on the United Nations Security Council. The Saudi regime was angered when President Obama backtracked from his red line on military action against Syrian president Bashar Assad’s use of chemical weapons. It is worth recalling that the petro kingdom informed Secretary of State Kerry that it would even fund a full-blown invasion of Syria.

In unusually non-diplomatic language, the Saudi regime accused the Security Council of practicing “double standards” and “allowing the ruling regime in Syria to kill and burn its people by the chemical weapons.”

To protest political inertia at the U.N. over Syria, the Saudis had pulled the plug on their address to the General Assembly in September.

While the Saudi regime sent a backhanded slap at Russia and China – two of the five permanent Security Council members – for blocking punitive measures against Syria, the Gulf monarchy also aimed to express its dissatisfaction with an erratic U.S. foreign policy."

'via Blog this'

Dubai Expo 2020 win vital for growth, says CBRE - ArabianBusiness.com

Dubai Expo 2020 win vital for growth, says CBRE - ArabianBusiness.com:

"A decision on whether Dubai will be chosen to host the 2020 World Expo will act as "a major catalyst" for future growth in the emirate, real estate consultants CBRE has said in a new report.
It said Dubai's real estate sector is expected to maintain positive momentum over the remainder of the year as a strong economic outlook and ongoing regional issues fuel agreeable growth conditions.
While a Expo 2020 win would be a big boost, the report added that failure to host the event would like cause a "short term dip" in sentiment levels, with significant hope value having already been placed on the outcome of the decision.
"A successful bid would of course be a great accolade for the emirate, opening a new window to the world to promote Dubai’s status as a global city, and one with world-class infrastructure. Importantly, it would also help to drive demand in the emirate's property sector, helping to reach new and untapped markets and ultimately increasing Dubai’s global reach," CBRE said."

'via Blog this'

Russia's lack of diplomacy and pressure on Ukraine will cost "a terrible lot"

Russia's lack of diplomacy and pressure on Ukraine will cost "a terrible lot":

"A good diplomacy saves money, a bad one leads to losses. The way the Russian government treats a neighbor nation, Ukraine, is a good illustration of this simple adage.

Does Gazprom, a publicly traded commercial company, act in shareholders’ interests when it deals with Ukraine? After all, it was the largest foreign consumer of Russian natural gas, followed only by Germany: Ukrainian imports peaked at 59 billion cubic meters a decade ago. Anyone would expect the supplier to love and cherish such a lucrative niche on the traditional market. Last year the volume shrank to 32 billion and in 2013, if Ukrainian Prime Minister Nikolay Azarov is to be believed, it is going to total less than 20 billion. In another eight to ten years, Azarov suggested, Ukraine would buy no Russian gas at all. "

'via Blog this'

Ukraine Offshore Production Sets Record | Oil&Gas Eurasia

Ukraine Offshore Production Sets Record | Oil&Gas Eurasia:

"Daily Ukrainian offshore gas production has peaked both in the Black Sea and the Sea of Azov, Chornomornaftogaz has said.

Currently, about 4.97mn cubic metres of gas is extracted offshore per day.

“The company has reached the historical maximum of daily gas production from the fields in the Black and Azov seas at 4.97mn cubic metres. As a result, it is planned to produce 1.65bn cubic metres this year”, said the company.

During the first nine months of this year, Chornomornaftogaz increased gas production by 37.6% year on year to 1.16bn cubic metres of gas."

'via Blog this'

The week ahead: October 18th 2013 - YouTube

The week ahead: October 18th 2013 - YouTube:

"Madagascar and the Maldives hold elections, the Ibero-American summit takes place in Panama and a strange fossil is auctioned in Dallas.

"

'via Blog this'

Duba's Palm Jumeirah island back to building | The National

Duba's Palm Jumeirah island back to building | The National:

"
More projects on Dubai’s Palm Jumeirah are being completed after delays caused
by the global financial crisis. Pawan Singh / The National 
Many projects on the Palm Jumeirah are finally complete after lengthy delays caused by the global financial crisis.

The Anantara and Sofitel hotels have opened in the past few weeks, and entertainment venues including the Supperclub and Music Hall at the Jumeirah Zabeel Saray have appeared.

Hoteliers say the boom is helping to make the island the much-hoped-for “destination within a destination” originally planned, while residents believe it makes life on the island more attractive.

The Jumeirah Zabeel Saray’s general manager, Stephan Schupbach, chairs an informal monthly meeting of Palm Jumeirah general managers, who are working together to enhance the destination rather than competing, ensuring each property fills a gap in the market."

'via Blog this'

Low-cost airlines to take off in the Middle East | GulfNews.com

Low-cost airlines to take off in the Middle East | GulfNews.com:

"Low-cost carriers (LLC) operating in the United Arab Emirates could be poised to increase market share despite dominance by state-owned full service airlines.
“The region’s LCCs sector continue to expand at a faster pace than the more traditional airline sectors in the region,” Simon Elsegood, Senior Analyst (Middle East & Africa) at Capa – Centre for Aviation, said in an email.
Last year the LLCs in the Middle East grew to 13.5 per cent, a modest 1.8 per cent increase on the previous year according to travel and tourism IT solutions company Amadeus. The increase was the second-highest globally after the Asian market.
The low-cost model has only existed in the Middle East for a little over a decade and has yet to reach the heights of the European, North American and Oceania markets, where low-cost carriers take more than 30 per cent of the market share."

'via Blog this'

Indian stocks future looks positive | GulfNews.com

Indian stocks future looks positive | GulfNews.com:

"After the rally in January when the benchmark index Sensex crossed the 20,000 mark, Indian equities retreated and has since remained volatile. The annual federal budget presented on February 28 did little to cheer them up. Relative to a strong showing last year, the Sensex index in 2013 has barely managed to stay positive.
Year to date, the Sensex is up only 0.89 per cent and in the last one month has been in negative territory, down 0.69 per cent. In the days after India’s annual budget was presented the markets declined as it disappointed investors, who did not see anything in it to boost growth or improve the investment climate. And last week, the broad-based Nifty Index slipped below 5800 on Wednesday and Sensex also lost ground only to edge up later on rate cut hopes and fall in core inflation numbers.
“Experts have a largely positive outlook for the markets, with most predicting a better performance for the Sensex and Nifty indices, with new highs likely on the back of strong foreign investment.”"

'via Blog this'

Russia Roofing Billionaires Seen Among Country’s Youngest - Bloomberg

Russia Roofing Billionaires Seen Among Country’s Youngest - Bloomberg:

"Sergey Kolesnikov and Igor Rybakov spent their summers in the early 1990s fixing rooftops around Moscow, a job that paid them about $500 a month.
The work gave the aspiring scientists, who were roommates at the Moscow Institute of Physics and Technology, Russia’s top research university, a chance to become entrepreneurs after the fall of the Soviet Union.
“We earned two degrees, one in physics and one in roofing,” Kolesnikov said in an interview at his central Moscow office."

'via Blog this'