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Monday, 6 March 2017

Shurooq expects research, development to thrive in Sharjah | GulfNews.com

Shurooq expects research, development to thrive in Sharjah | GulfNews.com:

"Sharjah’s Investment and Development Authority (Shurooq) said it expects research and technology to be a thriving sector in the emirate, which aims to eventually become a research hub for the Middle East and North Africa.
In a press conference on Monday, Marwan Al Sarkal, chief executive officer of Shurooq, said Sharjah is also planning to focus on tourism and health care services in the next few years in a bid to grow its economy and attract more investment.
“Research and technology, in my view, is going to be the new thriving sector for Sharjah, keeping in mind that it’s going to be connected to the American University of Sharjah and University City. It is going to have a major impact because I believe the Arab world is missing a research centre, and I think Sharjah has the right platform and infrastructure to make it an exciting destination for research in the Arab world to thrive,” he said."



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Oil market whipsawed as OPEC production discussed | Reuters

Oil market whipsawed as OPEC production discussed | Reuters:

"Benchmark Brent gained while U.S. crude eased slightly on Monday, after the market pushed higher early in the day on reports that Iraq would participate if OPEC extended oil production curbs into the second half of the year. Output forecasts from oil ministers of crude-producing countries buffeted the market as industry leaders gathered at the annual CERAweek energy conference in Houston. Prices have been rangebound for more than 60 days on concerns U.S. production growth may undermine the Organization of the Petroleum Exporting Countries' agreement to cut output during the first half of the year. "We're still searching for direction," said Carl Larry, director of business development at Frost and Sullivan. "We couldn't push it up too far too fast and get over $55," he said, noting that U.S. oil prices had edged upward but not broken out of the range."



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Saudi Aramco to list locally and abroad in second half of 2018: CEO | Reuters

Saudi Aramco to list locally and abroad in second half of 2018: CEO | Reuters:

"Oil giant Saudi Aramco will be listed locally and abroad in the second half of 2018, and the process is going according to plans, Chief Executive Amin Nasser said on Monday. The IPO is the centerpiece of the Saudi government's ambitious plan, known as Vision 2030, to diversify the economy away from oil. Up to 5 percent of the world's largest oil producer is likely to be listed on both the Saudi stock exchange in Riyadh and on one or more international markets. "We have always said the listing will happen in the second half of 2018, everything is going very smoothly, we are evaluating different stock exchanges," Nasser, speaking at an industry conference in Bahrain, said."



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IEA: Oil investment drought threatens price surge

IEA: Oil investment drought threatens price surge:

"Drastic cuts in oil industry investment risk creating a shortfall in supply that by 2020 will expose the market to a surge in prices, the International Energy Agency has warned.

Despite a chorus of analysts predicting a decline in oil consumption in the coming years, as governments push for energy efficiencies, cleaner fuel usage and electric cars, the IEA cautioned in its five-year outlook: “We see no such peak in sight.”

More investment in global oil and gas exploration and production is crucial to ensure future supplies are able to meet growing demand, it added."



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MIDEAST STOCKS-Gulf mixed as Arabtec buoys Dubai while ex-dividend Barwa hits Qatar | Reuters

MIDEAST STOCKS-Gulf mixed as Arabtec buoys Dubai while ex-dividend Barwa hits Qatar | Reuters:

"Stock markets in the Gulf closed with mixed fortunes on Monday, with a rebound by financially troubled builder Arabtec boosting Dubai while Barwa Real Estate pulled down Qatar as the company went ex-dividend. Dubai's index added 0.4 percent as Arabtec , the most heavily traded stock, surged 6.4 percent on the three-year recovery plan outlined by the loss-making company late last week, including disposals of non-core assets. Six of Dubai's other most active stocks fell on Monday and two were flat."



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Warm US winter leaves natural gas market with supply problem

Warm US winter leaves natural gas market with supply problem:

"Winter has lost its icy bite for the second straight year in the US, wrongfooting forecasters and slackening demand for natural gas, resulting in excess supplies.  Unusual warmth across most of the country has led to the first-ever recorded rise in US natural gas inventories during the month of February. Normally utilities draw down stocks to fulfil heating demands.  Demand for gas used in heating is averaging less than 38bn cubic feet per day this winter, off by more than 1.5bn cu ft/d from the five-year average, according to Platts Analytics. "



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UAE growth could reach 4 per cent this year, says Minister of Economy | The National

UAE growth could reach 4 per cent this year, says Minister of Economy | The National:

"The UAE Minister of Economy says he expects GDP growth to reach 3.5 per cent to 4 per cent this year, boosted by higher oil prices and infrastructure projects under way ahead of Expo 2020. That compares to growth of about 3.7 per cent last year he said, a somewhat more sanguine assessment than those of independent economists such as the International Monetary Fund. "We’re very optimistic," Sultan Al Mansouri told reporters at a Jordan-UAE investment conference in Abu Dhabi on Monday. "



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Is Qatar's S&P Ratings Cut a Surprise? - Bloomberg

Is Qatar's S&P Ratings Cut a Surprise? - Bloomberg:

"Menacorp Managing Director Nabil Al Rantisi weighs in on Qatar's credit rating and economy, and discusses Arabtec's recovery plan. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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UPDATE 1-Dubai's Emaar chairman hopes for better year after tough 2016 | Reuters

UPDATE 1-Dubai's Emaar chairman hopes for better year after tough 2016 | Reuters:

"Mohamed Alabbar, chairman of Dubai's largest listed real estate developer Emaar Properties , said on Monday he was hoping for a better year after a tough 2016. The Gulf construction sector has slowed since mid-2014 after the slump in global oil prices forced governments to rein in spending. "We hope 2017 will be a better year. 2016 was tough for us," Alabbar said speaking at an investment conference in Dubai."



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Saudi Aramco's Green Energy Push Seen Widening Appeal of IPO - Bloomberg

Saudi Aramco's Green Energy Push Seen Widening Appeal of IPO - Bloomberg:

"Aramco is the world’s largest oil company, but when it sells shares next year its foray into renewables is what may lure investors who would otherwise be forced to stay away. Saudi Arabian Oil Co., as it is formally called, is considering investments of as much as $5 billion in renewable energy, part of the kingdom’s effort to reduce the amount of oil feeding domestic energy needs. That program and signs that King Salman’s government is finally making good on its vows to dramatically expand use of photovoltaics underpin the credibility of Aramco’s embrace of environmental and sustainability goals, measures that investors increasingly are looking for."



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Investors Start Doubting Oil Rally After Failure to Top $55 - Bloomberg

Investors Start Doubting Oil Rally After Failure to Top $55 - Bloomberg:

"The oil market’s failure to break out of the tightest range in more than a decade is sapping investor interest. After hitting a record high last week, hedge funds reduced wagers that U.S. oil prices would rise as concern grows that the market is again becoming vulnerable to a drop. Earlier bullish sentiment was based on optimism that OPEC production cuts would ease supply gluts. Now record U.S. crude stockpiles are raising doubts about that outlook. "They’ve gone so far on hopes and dreams," Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by telephone. "I’m worried they’ve overdone it, since we haven’t seen much happen with measures that would support the market -- i.e. inventories.""



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MIDEAST STOCKS-Gulf mostly soft early on, ex-dividend Barwa pulls down Qatar | Reuters

MIDEAST STOCKS-Gulf mostly soft early on, ex-dividend Barwa pulls down Qatar | Reuters:

"Gulf stock markets were mostly soft in early trade on Monday with Barwa Real Estate pulling down Qatar as the company went ex-dividend.

Qatar's index slid 0.7 percent as Barwa sank 7.8 percent to 36.60 riyals, nearing technical support at 35.85 riyals, the edge of an early February gap. The board recommended a cash dividend of 2.5 riyals per share, up from the previous year's 2.2 riyals.

Dubai's index edged down 0.2 percent with nine of the 10 most heavily traded stocks weak, although the most active, builder Arabtec, rebounded 2.5 percent after heavy losses in the past week."



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