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Sunday, 12 June 2016

Brexit band is wrong about UK energy policy | The National

Brexit band is wrong about UK energy policy | The National:

"The energy policy – if it deserves the name – of those supporting a UK exit from the European Union is a microcosm of the broader arguments for voting to leave. Allegedly harmful regulations would be scrapped. British influence would be maintained in splendid isolation. And the disruption that would follow an exit can be shrugged off.

“Leaving the EU would, as far as energy is concerned, give the UK the chance to opt out of a relationship where the disadvantages overwhelmingly outweigh the advantages," claims Business for Britain, a pro-Brexit lobby. But there is no opting out from the thicket of pipelines, electricity cables and investments that link Britain to its EU neighbours.

So most of Business for Britain’s energy chapter is devoted to showing that Britain could keep the same regulations and international memberships outside the EU as it has today: upheaval for the sake of continuity."



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Adnoc to streamline operations across all activities, Sultan Al Jaber says | The National

Adnoc to streamline operations across all activities, Sultan Al Jaber says | The National:

"Sultan Al Jaber, the Minister of State and chief executive of Abu Dhabi National Oil Company, has revealed further details of his ambitious strategy to make the government-owned company a world leader in the energy sector.

The plan involves streamlining operations across all of Adnoc’s activities in an effort to drive efficiency, performance and profitability in the business. It will also involve establishing a new commercially oriented mindset among Adnoc’s 55,000 employees.

The goal is to ensure Adnoc remains a central contributor to the UAE’s economic diversification strategy and performs on a par with any multinational company, with focus squarely on shareholder value, Mr Al Jaber told The National.

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Meydan secures Dh1b financing for key projects | GulfNews.com

Meydan secures Dh1b financing for key projects | GulfNews.com:

"The Meydan Group has secured a Dh1 billion financing from a consortium of local banks led by Abu Dhabi Islamic Bank (ADIB) that will be used for a series of new and ongoing developments it has embarked on. The funding contains a Dh700 million Sukuk issue and a Dh300 million term facility, both of which mature in 2024.

“This facility assists in realizing our funding objectives to build strategic partnerships with local and regional financial institutions to continue our growth and enable us to fulfil our business strategy of linking the world with the emirate of Dubai,” said Saeed Humaid Al Tayer, Chairman and CEO of the Meydan Group, in a statement.

Meydan has got multiple projects in various stages of development, including the signature mixed-use Meydan One master-development, which is to feature a super-regional shopping mall and a signature tower that aims to be the tallest residential high-rise in the world. The destination will also feature attractions such as the largest indoor ski slope ever."



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Dubai’s residential market is still headed for oversupply | GulfNews.com

Dubai’s residential market is still headed for oversupply | GulfNews.com:

"Despite Dubai’s developers spreading out their new off-plan launches, work on their ongoing projects “remains steady” and will ensure the residential market is oversupplied until 2019 or so, according to a new report from Phidar Advisory.

So much so, launched projects and those announced for completion within the next 10 years could add a further 120,000 units to the existing supply. “The benefit of this potential supply injection is more affordable and stable housing costs, a factor that can stabilise/reduce labor costs and support general business and economic growth,” the report adds.

“Based on active construction projects, the three- and five-year demand CAGR (compounded annual growth rate) outpaces the supply CAGR, which will bring the market back to equilibrium.” (These projections do not include launched and announced projects for which construction has not commenced.)"



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MIDEAST STOCKS-Markets fall but Saudi developers make gains; Orascom down 6 pct | Reuters

MIDEAST STOCKS-Markets fall but Saudi developers make gains; Orascom down 6 pct | Reuters:

"Middle East stock markets fell on Sunday as investors booked profits following a pull-back in oil prices and international stock markets, but some Saudi Arabian real estate shares bucked the downtrend because of the kingdom's economic reform plan.

Dar Al Arkan Real Estate Development added 7.5 percent after a 20 percent jump last week. It has been strong since the developer said last week that it was in talks with the government to provide housing under the reform policies.

Emaar Economic City, another company which announced last week that it plans to build homes with the Ministry of Housing, advanced 1.7 percent."



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