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Saturday, 31 December 2016

Worst is over for UAE property market | GulfNews.com

Worst is over for UAE property market | GulfNews.com:
"Increased jobs cuts across the UAE coupled with uncertainty in the macroeconomic environment were the main driving factors in the UAE’s property market in 2016, putting downward pressure on rents and sale prices.
In both Dubai and Abu Dhabi, sale prices and rents dropped in 2016, with prices in Dubai now around 15 per cent lower from their last peak, according to JLL, a property consultancy.
And while analysts expect to see further downside pressure in 2017, they believe the worst is over for the residential market."

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Compliance in focus as Opec deal kicks off | GulfNews.com

Compliance in focus as Opec deal kicks off | GulfNews.com:
"Compliance to production cuts will be in focus as a historical deal between Opec (Organisation of the Petroleum Exporting Countries) and non-Opec member countries kickstarts on Sunday.
Opec members and countries from outside the group have agreed to reduce production by about 1.8 million barrels per day from January 1 to stabilise oil prices.
The 13-member Opec group would be cutting production by 1.2 million barrels per day, whereas non-Opec members led by Russia would be slashing output by 558,000 barrels per day.
"

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Egypt court backs government in Red Sea islands dispute | Reuters

Egypt court backs government in Red Sea islands dispute | Reuters:
"An Egyptian appeals court on Saturday upheld an agreement to give control of two islands in the Red Sea to Saudi Arabia, providing a boost for the government in a case that has prompted rare street protests.

The territorial deal, announced in April, caused public uproar among many Egyptians who said the uninhabited islands of Tiran and Sanafir belonged to their country.

The case has become a source of tension with Saudi Arabia, which has provided billions of dollars of aid to Egypt but recently halted fuel shipments amid deteriorating relations."

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