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Sunday, 7 September 2014

Shell looks to solar power to lift oil output - FT.com

Shell looks to solar power to lift oil output - FT.com:



"In an unusual alliance of old and new energies, Royal Dutch Shell, the European oil group, and a sovereign wealth fund from Oman are leading an investment of $53m into a small solar power company that uses its renewable energy to increase crude oil production.



Glasspoint, a California company, uses rows of curved mirrors in greenhouses to turn water into steam, which is then injected into oilfields to heat heavy crude so it will flow out more easily.



The company and its backers say the technology has great potential in oil-producing areas, especially in the Middle East. Even resource-rich countries such as Oman, Kuwait and Saudi Arabia are being forced to develop more challenging heavy oilfields, and also have many competing demands for the gas that is burnt to make steam."



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Ambramovich selling his Ukrainian assets? | @Odessablogger's Blog

Ambramovich selling his Ukrainian assets? | Odessablog's Blog:



"Whilst the ceasefire in eastern Ukraine is anything but, European and US sanctions are still to begin to bite properly, and the future of The Donbas looks at best to be set in some form of frozen conflict providing The Kremlin with de facto control of the region – other interesting things are happening amongst the Russian and Ukrainian oligarchy elite.



Amongst them, it would appear that Russia’s arguably most famous oligarchy, Roman Abramovich, is putting his Ukrainian assets in Dnepropetrovsk up for sale – or at the very least having them valued in preparation for sale.  Specifically work on an independent valuation of PJSC “Evraz Dnepropetrovsk Metallurgical Plant (DMZ), Petrovsky” (Dnepropetrovsk), Mining and Processing Plant (GOK) PJSC “Evraz Sukha Balka” (Krivoy Rog, Dnepropetrovsk region) and PJSC “Evraz Bagleykoks” .



That would essentially leave Evas Plc with Lanebrook Ukrainian Mining “Sukha Balka”, Petrovskogo  coke plants “Bagleykoks”, “Dneprokoks” and Dneprodzerzhinsky koksohzavod which it bought from Ukrainian oligarch Igor Kolomoisky in 2007."



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Dubai Holding Sees Unit's Profit at Over $1.09 Billion in 2014 - WSJ

Dubai Holding Sees Unit's Profit at Over $1.09 Billion in 2014 - WSJ:



"State-owned investment conglomerate Dubai Holding on Sunday said it expects full-year net profit at its real estate and hospitality arm to exceed 4 billion dirhams ($1.09 billion), reflecting the emirate's economic recovery.



Dubai Holding Commercial Operations Group, or DHCOG, which owns luxury hotel company Jumeirah Group, several business parks and telecommunications assets, said revenues rose to 5.6 billion dirhams while net profit reached 2.1 billion dirhams during the first six months. It didn't disclose comparative results for the same period in 2013. Full-year net profit for 2013 was 3.3 billion dirhams.



Dubai Holding's results come at a time when the emirate is enjoying stronger economic growth after the crisis years and as a result is launching several brash, large-scale projects again."



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About 8 of 10 UAE residents are in debt | Economy | Saudi Gazette

About 8 of 10 UAE residents are in debt | Economy | Saudi Gazette:



"Almost 8 out of 10 people in the UAE are indebted to their banks, with more than a quarter of respondents admitting to missing a payment or making a late payment on their existing loans,  a new survey showed.  
  



Around 77 percent of respondents confirmed that they have some form of debt with UAE banks, according to a survey carried out recently by a UAE-based finance comparison website.
 



More than half of the respondents of the online poll run by compareit4me.com said they have a credit card loan (54.7 percent), followed by personal loans (43.6 percent), car loans (12.6 percent) and mortgages (4.1 percent)."



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Rail line to link GCC states needs $15.4b in investment | Economy | Saudi Gazette

Rail line to link GCC states needs $15.4b in investment | Economy | Saudi Gazette:



"The Sultanate of Oman’s Ministry of Transport & Communications, in cooperation with the Cooperation Council for the Arab States of the Gulf – Secretariat General, and member states, organizes the first and official GCC Rail and Metro Conference that will be held on Jan. 11-12, 2015 at the Al Bustan Palace Muscat.
 



The GCC railway project is one of the most ambitious and challenging megaprojects in the world today. The investments projected by the GCC countries are estimated at more than $200 billion over the next 10 years with more than $15.4 billion investment in the GCC rail line to link the member states with an estimated length totaling 2,200 km.
 



The GCC Rail and Metro Conference 2015 – A Vision for Sustainable Development – will be attended by high-ranking government officials from the GCC States’ Ministries of Transport, Trade and Commerce, and Finance, alongside top executives from Etihad Rail, Saudi Railways Organization, Saudi Railway Company, Qatar Rail, and Oman Rail. They will share their progress on project’s development and localization initiatives as well as participation in dynamic panel discussions to address key issues, challenges and opportunities enabling effective private sector participation. This will further strengthen GCC economies by fostering trade and bolstering social integration amongst GCC Member States through improved understanding of localization practices for sustainable growth and development."



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Dubai Stocks Drop Before Emaar Malls Sale Starts; Qatar Retreats - Bloomberg

Dubai Stocks Drop Before Emaar Malls Sale Starts; Qatar Retreats - Bloomberg:



"Dubai’s benchmark index declined the most in a month as investors raise funds before Emaar Properties PJSC (EMAAR) opens the subscription for shares in its malls unit next week. Qatari stocks also fell.



The Dubai Financial Market General Index (DFMGI) lost 1.7 percent, the most since Aug. 6, to close 5,034.95, as Emaar retreated for a second day and Dubai Islamic Bank PJSC had the steepest decline in more than a month. In Doha, Industries Qatar QSC’s 2.1 percent drop led the QE Index 0.7 percent lower to 13,882.49.



“It’s profit taking, but not an extensive one, as some investors are preparing for the Emaar Mall’s share sale,” Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, said by telephone today. “The market was selling even before the dates for subscription were announced.”"



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UPDATE 1-MIDEAST STOCKS-Abu Dhabi rebounds; Dubai, Qatar fall | Reuters

UPDATE 1-MIDEAST STOCKS-Abu Dhabi rebounds; Dubai, Qatar fall | Reuters:



"Stock markets in Dubai and Qatar fell on Sunday, erasing early-session gains, while Abu Dhabi's big banks helped its bourse rebound.



Dubai's index slid 1 percent, having been up as much as 0.8 percent in initial trade.

Emaar Properties dropped 0.9 percent.



The developer on Sunday announced more details of its malls unit's initial public offer, which Emaar said had a net asset value of 33.2 billion dirhams ($9 billion). Subscription will open on September 14."



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Russia’s Rostec, China’s Shenhua to Invest $10 bln in Coal Exploration | Business | RIA Novosti

Russia’s Rostec, China’s Shenhua to Invest $10 bln in Coal Exploration | Business | RIA Novosti:



"Russian state company Russian Technologies, or Rostec, has signed a $10 billion deal with China’s state-owned Shenhua Group Corp Ltd, the largest producer of coal in the world, to develop coal deposits in Russia’s Siberia and the Far East, Forbes reports.



According to the memorandum of understanding, signed by Sergey Chemezov, Rostec’s CEO, and Yuzhuo Zhang, the chairman of Shenhua Group Corporation, on September 4, the companies will explore and develop the Ogodzhinskoye coal deposit, located in the Amur Region.



Coal reserves at the mine are estimated to be 1.6 billion metric tons. Rostec expects coal production to start in 2019 with an annual output reaching 30 million tons. The commodity will be largely exported to the Asia-Pacific Region, mainly China."



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Armor Firms Flocking to UAE | Defense News | defensenews.com

Armor Firms Flocking to UAE | Defense News | defensenews.com:



"Ras al-Khaimah, the fourth-largest emirate in the United Arab Emirates, is rapidly growing into a global hub for armored vehicle manufacturing, producing more than 4,000 vehicles annually, according to figures.



The tranquil northern emirate, referred to as RAK, is home to 10 major armored vehicle manufacturers that produce tactical and non-tactical trucks and cars for the growing regional market.



According to the 2014 Markets and Markets report on global armored vehicles market, the Middle East and Asia have become the sole drivers of growth worldwide."



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