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Friday, 29 May 2015

Dubai hotel room rates register biggest decline in over four years | The National

Dubai hotel room rates register biggest decline in over four years | The National:



"Dubai hotels are braced for a long hot summer after room rates fell by almost 13 per cent last month – the biggest decline in more than four years.



The industry is being hit by a double whammy of weakening occupancy and tumbling food and beverage sales as the city’s increasing supply of restaurants tempt guests away from hotel dining.



Egypt’s rebounding tourism sector is also attracting more tourists from the euro zone, where their purchasing power is stronger."



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Opec predicts global oil glut to continue for two more years | The National

Opec predicts global oil glut to continue for two more years | The National:



"The global oil glut could persist for another two years, says a draft report from the Opec producer group.



The paper comes ahead of the group’s meeting in Vienna next week.



In a draft report of Opec’s long-term strategy, the 12-member organisation does not foresee a cut in North American shale production for two years, Reuters reported."



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IMF loan could be back on the table for Egypt | The National

IMF loan could be back on the table for Egypt | The National:



"Egypt’s on-off talks with the IMF may be back on again, as investors say IMF loans offer a stronger platform for reviving the economy than the Arabian Gulf money keeping it afloat.



Even with signs of a recovery in tourism and investment, the gap between Egypt’s foreign currency receipts and needs may reach US$15 billion a year by 2017, said Jason Tuvey, a London-based analyst at Capital Economics. Support from GCC countries is “keeping strains in its balance of payments contained”, but it’s “not a long-term solution”, he said.



In the political upheaval that followed the revolt of 2011 and the army takeover two years later, as investors fled and currency reserves plunged, Egypt turned to the GCC. First Qatar and later Saudi Arabia and the UAE obliged, with more than $40bn in grants, loans and investment to prop up sympathetic governments. Meanwhile, repeated talks with the IMF broke off short of a loan accord."



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Saudi British Bank sells 1.5b-riyal capital-boosting sukuk | GulfNews.com

Saudi British Bank sells 1.5b-riyal capital-boosting sukuk | GulfNews.com:



"Saudi British Bank (SABB) has completed a private placement of 10-year, 1.5 billion riyal ($400 million) subordinated Tier 2 sukuk callable in five years, it said in a bourse statement on Thursday.



The announcement confirmed a report by Reuters earlier this month.



The sukuk carries a semi-annual profit of 6 months Sibor (Saudi Interbank Offered Rate) plus 1.30 per cent."



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British prime minister’s EU balancing act - YouTube

British prime minister’s EU balancing act - YouTube: ""



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