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Friday, 29 December 2017

Qatar economy registers 5.5% surge y-o-y in real terms

Qatar economy registers 5.5% surge y-o-y in real terms:

"A robust expansion in both hydrocarbons and non-hydrocarbons helped Qatar economy register 5.5% surge year-on-year in real terms (inflation-adjusted) during the third quarter (Q3) of this year, according to the Ministry of Development Planning and Statistics (MDPS). The country's gross domestic product or GDP at constant prices (base year 2013) grew 1.9% compared to Q3, 2016 mainly on the back of non-hydrocarbons, particularly construction, manufacturing and financial sectors. Qatar's growth trajectory indicates that the blockade by the siege countries haven't altered the strong fundamentals, which rest on the solid platform, a phenomenon that has been corroborated by world economic think tanks including the Bretton Woods institution, experts said."



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Qatar economy has recovered from boycott, GDP figures show

Qatar economy has recovered from boycott, GDP figures show:

"Qatar’s economy has largely recovered from a boycott imposed by other Arab states and is again growing at one of the fastest rates in the region, according to figures released by the statistics ministry on Friday. Gross domestic product, adjusted for inflation, rose 1.9 percent from a year earlier in the third quarter of 2017, accelerating from a revised growth rate of just 0.3 percent in the second quarter, which was the slowest expansion since the 2009-2010 global financial crisis. GDP grew 5.5 percent from the previous quarter, accelerating from a rate of 0.2 percent in the second quarter."



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Amazon and Apple in talks to invest directly into Saudi Arabia

Amazon and Apple in talks to invest directly into Saudi Arabia:

"Global technology groups Apple and Amazon are close to unveiling plans to invest directly into Saudi Arabia as the kingdom seeks to pull itself out of an economic recession and diversify away from oil.

Both companies have been in talks with the government for more than a year, people briefed on the discussion said. Deals for Apple to establish flagship retail outlets and for Amazon to expand cloud-computing services could be announced as soon as the first quarter of next year, they said.

Apple and Amazon declined to comment."



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Will the Gulf’s flying gentry consider venturing below stairs? | Arab News

Will the Gulf’s flying gentry consider venturing below stairs? | Arab News:

"The arrival of Emirates at Stansted, a hub for Ryanair, sets up some potentially interesting options as the luxury and budget ends of air travel respond to the shared experience of tougher competition.
While Etihad’s ill-fated codeshare alliance strategy failed to deliver on its ambitious hopes following the collapse of both Air Berlin and Alitalia, there is still considerable interest in codeshare combinations between big global carriers and their low-cost cousins serving regions from Europe to Asia — and that do not require vast investments.
There has been no hint from either Emirates or Ryanair of any desire for future collaboration, but Ryanair CEO Michael O’Leary has long held the belief that carriers such as his would eventually provide the spokes to the hub model."



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UAE conventional banks' assets amount to $585bln in late November | ZAWYA MENA Edition

UAE conventional banks' assets amount to $585bln in late November | ZAWYA MENA Edition:

"The total assets of conventional banks operating in the UAE amounted to AED2.148 trillion by the end of November, accounting for around 80 percent of the UAE banking system's total assets, which reached AED2.687 trillion, with Islamic banks comprising the remaining 20 percent, with total assets of AED538.5 billion, according to the UAE Central Bank Indicators Report.

Conventional banks' assets increased by AED44 billion by the end of November against October, in yet a new sign of these banks' increased solvency, driven by government deposits as well as residents and non-residents' deposits following the recent interest rate hike.

The Islamic banks' assets rose as well by AED3.4 billion to AED538.5 billion during November from AED534.9 billion in October."



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Saudi Squeeze on Alwaleed Has More at Stake Than Money - Bloomberg

Saudi Squeeze on Alwaleed Has More at Stake Than Money - Bloomberg:

"Almost two months into it, Saudi Arabia's crackdown on corruption is yielding at least some of the $100 billion the kingdom is targeting. Dozens of former officials and businessmen have exchanged part of their wealth for freedom.


But in the increasingly drawn-out case of Prince Alwaleed bin Talal, the public face of the Saudi royal family to many foreign executives and investors, there's more at stake than taking over his global business empire and talks on a settlement have hit an impasse.

The Saudi crown prince, Mohammed bin Salman, is about to enter a crucial few months that will show his true motives and the scope of his power.

"



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Oil Resurrection Sets Stage for Another OPEC-Shale Clash in 2018 - Bloomberg

Oil Resurrection Sets Stage for Another OPEC-Shale Clash in 2018 - Bloomberg:

"Oil’s revival from the biggest crash in a generation persisted, with prices set for a second annual gain after a year marked by hurricanes, Middle East conflict and the tussle between OPEC and U.S. shale.


Futures are up more than 11 percent in 2017, having entered a bull market in September. The year’s gains were driven by output cuts by the Organization of Petroleum Exporting Countries and Russia, along with geopolitical tensions in the Middle East and pipeline disruptions from the North Sea to Canada and Libya. In 2018, investors will watch whether the price recovery triggers a new flood of U.S. output."



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