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Saturday, 12 April 2014

UAE to raise oil production capacity to 3.5 million bpd | The National

UAE to raise oil production capacity to 3.5 million bpd | The National:



"The UAE plans to raise its oil production capacity to 3.5 million barrels per day by 2017 to meet growing demand for hydrocarbons as populations expand, said the country’s energy minister, Suhail Al Mazrouei.



“UAE is set to raise its production capacity to 3.5 million barrels per day aimed at keeping a market balance,” Mr Al Mazrouei told the Emirates news agency WAM on the sidelines of the 15th International Oil Summit in Paris. “We follow-up markets regularly, especially the present as well as future oil demands in coordination with Opec and its member Gulf states. We will focus on the country’s historic strategy, which is to supply international markets with oil, especially the challenges facing the market as well as the future role of the member states of Opec.”"



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MSCI guest list grows as UAE shares soar | The National

MSCI guest list grows as UAE shares soar | The National:



"MSCI will announce on May 14 which stocks from the UAE and Qatar are to join its Emerging Markets Index – but Deutsche Bank is jumping the gun and making predictions.



The UAE’s bourses have been booming over the past year, and this has pushed up the number of stocks that will satisfy criteria for inclusion on the index.



In July, Deutsche Bank identified 8 stocks that would satisfy the MSCI inclusion criteria.



The bank on Thursday updated this to 12 stocks from the UAE in a paper in which it applied its equity research criteria to the countries’ listed companies."



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Egypt to need more financial support, says IMF - Your Middle East

Egypt to need more financial support, says IMF - Your Middle East:



"Egypt will need further international assistance to put its economy back on track despite receiving huge loans from Gulf Arab states, the IMF said Friday.



"Egypt will need financial support which could come from its partners in the Gulf or, if the government wants that, from the IMF and from other international financial institutions," Christopher Jarvis, the International Monetary Fund's Egypt mission chief, told reporters.



The IMF had been in talks on a $4.8 billion bailout package for Egypt, which has been coping with violence and economic woes since the 2011 overthrow of president Hosni Mubarak.



But the discussions broke off last year due to political instability after the military overthrew elected president Mohamed Morsi of the Muslim Brotherhood.



Saudi Arabia recently announced a $5 billion support package for Egypt before the country holds May 26-27 elections in which retired army chief Abdel Fattah al-Sisi is seeking to be president."



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Iran's economy stabilizing - and might even soar if deal is reached - Your Middle East

Iran's economy stabilizing - and might even soar if deal is reached - Your Middle East:



"Iran's economy is stabilizing and will post substantially stronger growth if the Islamic republic reaches a comprehensive deal with world powers on its nuclear program, the IMF said Friday.



The International Monetary Fund estimates that Iran's economy shrank by 1.7 percent in 2013, the second straight year of contraction after the United States and its allies imposed sweeping sanctions.



But the IMF projects that Iran's economy will rebound by 1.5 percent in the current year -- even if sanctions relief under a temporary deal proves short-lived -- as Tehran undertakes reforms.



Masood Ahmed, director of the IMF's Middle East and Central Asia department, said that Iran's economic woes were "beginning to level off" but that much depends on whether the country reaches a comprehensive nuclear deal."



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Dubai Investments chief expects UAE real estate growth until 2018 - Property - ArabianBusiness.com

Dubai Investments chief expects UAE real estate growth until 2018 - Property - ArabianBusiness.com:



"The boss of Dubai Investments (DI), a diversified manufacturer and investor in property, believes the UAE's real estate market will continue to grow for at least another four years.



Khalid Bin Kalban, managing director and CEO of the investment firm whose property assets total more than AED8 billion ($2.17 billion), said: "The growth cycle in UAE's real estate market has just begun. Generally, the real estate is a five-year growth cycle... and we are just at the start of the first year.



"So we still have four years of growth ahead of us. All indications show that this growth is sustainable. Naturally, this offers us a huge opportunity."



His comments were made as DI announced that its subsidiaries across construction and related sectors were gearing up for expansion to take advantage of the current real estate boom across the UAE and GCC."



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Turkish Aerospace Industries open to Mubadala partnership | GulfNews.com

Turkish Aerospace Industries open to Mubadala partnership | GulfNews.com:



"Turkish government-backed Turkish Aerospace Industries (TAI) is open to partnering with Mubadala following discussions with its “friends from the UAE,” TAI president and CEO has said.



“We had discussions with our friends from the UAE several times and they are well aware of our capabilities and we are well aware of their serious intentions,” Muharrem Dortkasli said in an interview.



Dortkasli spoke to Gulf News at the Global Aerospace Summit in Abu Dhabi on Tuesday.



TAI is one of the drivers behind Turkey’s recent industrial and economic growth."



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UAE energy minister hopes Western partners keep oilfields role | GulfNews.com

UAE energy minister hopes Western partners keep oilfields role | GulfNews.com:



"The energy minister of the UAE said on Friday he hoped Western oil companies historically in charge of Abu Dhabi’s biggest oilfields would keep a role, but that no one was assured of keeping their seat when concessions are renewed.



“There is a process... What’s important is that it’s fair to the newcomers as it is to the previous shareholders.



This is a lifetime exercise and we have to do it right,” Suhail Bin Mohammad Al Mazroui told reporters on the sidelines of a conference in Paris.



The Opec member country has held a 60 per cent stake in Abu Dhabi Company for Onshore Oil Operations (ADCO) since acquiring an interest in fields that produce over half the UAE’ oil."



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Ukraine Sees $7 Billion IMF Funding This Year - Bloomberg #EuroMaidan

Ukraine Sees $7 Billion IMF Funding This Year - Bloomberg:



"Ukraine will probably receive $7 billion in International Monetary Fund financing this year to support the state budget and central bank reserves, Finance Minister Oleksandr Shlapak said.



The east European nation is also seeking further funding from the Group of Seven countries, Shlapak said an interview in Washington yesterday. Of the group’s members, Canada has pledged $200 million and the U.S. has also responded, he said.



The government predicts Ukraine’s economy will shrink 3 percent in 2014, the third recession since 2008, while reserves are at a nine-year low. The country sealed a preliminary accord with the IMF last month for as much as $18 billion in loans during two years, with the agreement unlocking $27 billion in international financing. Ukraine needs about $30 billion through 2015 to “balance the situation,” Shlapak said."



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