Google+ Followers

Monday, 23 January 2017

Reins loosen on Abu Dhabi’s austerity as diversified economy bodes well for UAE | The National

Reins loosen on Abu Dhabi’s austerity as diversified economy bodes well for UAE | The National:

"The UAE’s economy is set to perform better in 2017 than the previous year, which proved to be slower and more challenging. Overall growth will reach 2.8 per cent in 2017 from 2.1 per cent in 2016. The outlook for the UAE is quite positive given its more diversified nature compared to other more oil-dependent economies of the Arabian Gulf. Oil prices are on the cusp of recovery following last year’s Opec accord, which is proving to be reassuring for the UAE as well as the rest of the Gulf economies. Dubai’s hosting of Expo 2020 will drive government spending and investment. The event will draw in a large number of visitors, boosting private consumption and services exports."



'via Blog this'

OPEC Shrugs Off Threat of U.S. Cutting Oil Imports - Bloomberg

OPEC Shrugs Off Threat of U.S. Cutting Oil Imports - Bloomberg:

"OPEC’s two biggest suppliers to the U.S. shrugged off a vow by President Donald Trump to end dependence on the group’s oil, saying the world’s biggest economy would continue to need crude from abroad. The U.S. is “closely integrated in the global energy market,” Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said, while his Venezuelan counterpart Nelson Martinez said he expects his country’s crude exports to the world’s top consumer to remain stable. “The positions that the U.S. and Saudi Arabia take in global energy are very important for global economic stability,” Al-Falih said Sunday at a meeting of producing countries in Vienna. He added that Saudi Arabia was looking forward to working with the Trump administration."



'via Blog this'

MIDEAST STOCKS-Saudi shines in Gulf, Kuwait bull run slows; Egypt rebounds | Daily Mail Online

MIDEAST STOCKS-Saudi shines in Gulf, Kuwait bull run slows; Egypt rebounds | Daily Mail Online:

"Saudi Arabia outperformed other Gulf stock markets on Monday as several major stocks bounced after poor earnings earlier this week, while a bull run in Kuwait slowed and Egypt rebounded sharply from a slide triggered by tax fears.

The Saudi index rose 1.7 percent in the highest trading volume since Jan. 2. Food maker Savola, which had dropped 2.0 percent on Sunday after reporting a shock fourth-quarter loss, jumped 5.4 percent.

The company's earnings were squeezed in part by tough price competition in a slowing Saudi economy, but the stock's rebound suggested many investors were looking forward to a stronger non-oil economy this year as Riyadh delays new austerity steps."



'via Blog this'

U.S. shale oil and gas sector surges back to life: Kemp | Reuters

U.S. shale oil and gas sector surges back to life: Kemp | Reuters:

"The number of rigs drilling for oil and gas in the United States has recorded the largest one-week increase for over five years, confirming a rapid upturn is now underway.

The number of active oil and gas rigs jumped by 35 to 694 last week, according to oilfield services company Baker Hughes (tmsnrt.rs/2jSM39f).

Some of the increase may have been due to catch-up effects since the rig count unexpectedly declined by six the previous week. The average across the two weeks was in line with the recent trend."



'via Blog this'

Arabtec shares suspended from trading on DFM ahead of Q4 results announcement | The National

Arabtec shares suspended from trading on DFM ahead of Q4 results announcement | The National:

"Shares in Arabtec Holding have been suspended pending the release of its fourth-quarter earnings statement. A notice from the Dubai Financial Market this morning stated that "as its Board of Directors meeting is being held today", the construction firm’s shares would not trade from 11.30am until results are disclosed. The meeting is being held in Abu Dhabi at the offices of the parent company of Aabar, which is the largest shareholder in Arabtec, with a 36 per cent stake. EFG Hermes expects Arabtec’s losses to narrow in the fourth quarter of 2016 compared to a year earlier, according to Reuters."



'via Blog this'

Abu Dhabi Said to Meet Fixed-Income Investors in Asia This Week - Bloomberg

Abu Dhabi Said to Meet Fixed-Income Investors in Asia This Week - Bloomberg:

"Abu Dhabi, holder of about 6 percent of the world’s oil reserves, will hold fixed-income investor meetings in Asia this week, a person familiar with the matter said. The emirate, capital of the United Arab Emirates, will meet investors in Hong Kong, Taipei and Singapore from Monday, said the person said, asking not to be identified because he wasn’t authorized to speak publicly. The meetings are arranged by HSBC Holdings Plc and it isn’t clear if the emirate plans to sell bonds after the roadshow, said the person. Gulf Arab monarchies are selling bonds to shore up public finances after the slump in oil prices put a strain on government budgets. Kuwait picked six banks to advise on its first international debt sale, people familiar with the matter said this week. Saudi Arabia, Qatar and Abu Dhabi raised more than $30 billion from global bond markets last year to finance their budget deficits. "



'via Blog this'

Dubai's DP World creates $3.7 bln investment vehicle with Canada's Caisse de dépôt | Reuters

Dubai's DP World creates $3.7 bln investment vehicle with Canada's Caisse de dépôt | Reuters:

"Dubai ports operator DP World said on Monday it was partnering with Canadian pension fund manager Caisse de dépôt et placement du Québec to create an investment vehicle worth US$3.7 billion that would invest in ports and terminals worldwide. DP World will hold a 55 percent share in the vehicle while Caisse de dépôt, a long-term institutional investor that manages funds for public pension and insurance plans, will own 45 percent. The platform will have "a focus on investment-grade countries" excluding the United Arab Emirates, and will invest mostly in existing assets but with up to 25 percent in greenfield opportunities, DP World said. "



'via Blog this'

Russia beats Saudi Arabia as China's top crude oil supplier in 2016 | Reuters

Russia beats Saudi Arabia as China's top crude oil supplier in 2016 | Reuters:

"Russia overtook Saudi Arabia in 2016 to became China's biggest crude oil supplier for the first year ever, customs data showed on Monday, boosted by robust demand from independent Chinese "teapot" refineries.

Russian shipments surged nearly a quarter over 2015 to about 1.05 million barrels per day (bpd), the data showed, with Saudi Arabia coming in a close second with 1.02 million bpd, up 0.9 percent in 2016 versus the previous year. China is the world's second-largest oil buyer and the fastest-growing major importer.

While Saudi Arabia counts China's state oil firms as backbone clients over long-term supply contracts, China's independent refineries - nicknamed "teapots" due to their smaller processing capacity - saw Russia as a more flexible supplier."



'via Blog this'

MIDEAST STOCKS-Gulf mostly rises in early trade, Kuwait continues bull run | Reuters

MIDEAST STOCKS-Gulf mostly rises in early trade, Kuwait continues bull run | Reuters:

"Gulf stock markets mostly rose in early trade on Monday with Kuwait continuing a bull run that has made it by far the region's best-performing bourse this year. The Kuwaiti index, which rose 15.6 percent between the end of last year and Sunday, added a further 1.1 percent on Monday morning. Trading volume looked set to surpass Sunday's very high level and hit a new 43-month high. The country's biggest bank, National Bank of Kuwait (NBK) , climbed 1.5 percent and logistics giant Agility surged 4.4 percent. "



'via Blog this'