Timing the next recovery in Dubai’s property market:
Nobody is talking of an “immediate” recovery for Dubai’s property market this year. But it’s not the same as saying there will not be some green shoots of recovery.
The GCP-Reidin report reckons there will be “selective” gains visible in the market, with some communities actually recording a turnaround in property values.
This, the consultancy says, will be helped by developer incentives and locations such as Jumeirah Village Circle and Al Furjan likely beneficiaries.
Monday 7 January 2019
#Qatar’s real estate transaction value jumps to QR2.66bn in November - The Peninsula Qatar
Qatar’s real estate transaction value jumps to QR2.66bn in November - The Peninsula Qatar:
Qatar’s real estate market witnessed a remarkable growth in the month of November 2018, with the total value of transactions reaching at QR2.66bn, registering a double-digit growth of 52.6 percent month-on-month compared to QR1.74bn reported in October 2018, official data show.
When compared on year-on-year basis, the transaction value in November recorded a growth of 5.7 percent against QR2.51bn registered in the corresponding month previous year (November 2017), according to the latest edition of the Qatar Monthly Statistics released by the Ministry of Development Planning and Statistics.
The number of total real estate properties sold in November 2018, across all municipalities, reached 344, up 3.6 percent compared to 332 transactions in the previous month. On year-on-year basis the number of total deals signed in November was down 13.1 percent compared to 396 deals inked in the same month previous year.
Qatar’s real estate market witnessed a remarkable growth in the month of November 2018, with the total value of transactions reaching at QR2.66bn, registering a double-digit growth of 52.6 percent month-on-month compared to QR1.74bn reported in October 2018, official data show.
When compared on year-on-year basis, the transaction value in November recorded a growth of 5.7 percent against QR2.51bn registered in the corresponding month previous year (November 2017), according to the latest edition of the Qatar Monthly Statistics released by the Ministry of Development Planning and Statistics.
The number of total real estate properties sold in November 2018, across all municipalities, reached 344, up 3.6 percent compared to 332 transactions in the previous month. On year-on-year basis the number of total deals signed in November was down 13.1 percent compared to 396 deals inked in the same month previous year.
Just as Oil Prices Recover, Hedge Funds Lose Faith in Rally - Bloomberg
Just as Oil Prices Recover, Hedge Funds Lose Faith in Rally - Bloomberg:
Hedge funds picked a bad week to lose faith in oil’s recovery.
Money managers’ net-long bets on rising Brent crude prices fell for the first time in a month, according to data released Friday, leaving investors wrong-footed as the global benchmark enjoyed its biggest weekly rally in two years. Wagers on a Brent sell-off also jumped, leaving overall sentiment near its most bearish level since 2015.
Brent gained 9.3 percent last week as Saudi Arabia moved to trim its output and a healthy U.S. jobs report eased some fears about the economy. But investors are still far from convinced that the market has solved the supply glut that sent prices sliding in 2018.
Hedge funds picked a bad week to lose faith in oil’s recovery.
Money managers’ net-long bets on rising Brent crude prices fell for the first time in a month, according to data released Friday, leaving investors wrong-footed as the global benchmark enjoyed its biggest weekly rally in two years. Wagers on a Brent sell-off also jumped, leaving overall sentiment near its most bearish level since 2015.
Brent gained 9.3 percent last week as Saudi Arabia moved to trim its output and a healthy U.S. jobs report eased some fears about the economy. But investors are still far from convinced that the market has solved the supply glut that sent prices sliding in 2018.
Former Barclays bosses face London trial over Qatari cash call | Reuters
Former Barclays bosses face London trial over Qatari cash call | Reuters:
The most senior bankers to face criminal charges in Britain over conduct during the financial crisis are preparing to appear before a London jury in a trial that will test the mettle of the Serious Fraud Office.
Former Barclays (BARC.L) CEO John Varley and three one-time colleagues stand charged over deals with Qatari investors to secure cash injections that allowed the bank, that can trace its origins back to around 1690, to survive the crisis a decade ago.
The trial, that started on Monday and is slated to last for up to four months, is starting with lengthy legal, procedural arguments. Prosecutors are expected to open their case around Jan. 21.
The most senior bankers to face criminal charges in Britain over conduct during the financial crisis are preparing to appear before a London jury in a trial that will test the mettle of the Serious Fraud Office.
Former Barclays (BARC.L) CEO John Varley and three one-time colleagues stand charged over deals with Qatari investors to secure cash injections that allowed the bank, that can trace its origins back to around 1690, to survive the crisis a decade ago.
The trial, that started on Monday and is slated to last for up to four months, is starting with lengthy legal, procedural arguments. Prosecutors are expected to open their case around Jan. 21.
Middle East to lift EM sovereign debt sales in 2019 -Morgan Stanley | Reuters
Middle East to lift EM sovereign debt sales in 2019 -Morgan Stanley | Reuters:
Sales of hard currency debt issued by developing nations should bounce back this year after a torrid 2018 for emerging markets, driven by fresh supply from the Middle East, especially Saudi Arabia, Morgan Stanley predicted.
Sovereign hard currency gross issuance is expected to rise to $158 billion in 2019 - a 15 percent increase on 2018 - but will remain below the record $674 billion sold in 2017, Morgan Stanley strategist Simon Waever said in the bank’s EM sovereign credit outlook for 2019, published on Monday.
A grim combination of a strong dollar, Sino-U.S. trade tensions, central banks turning off the money taps, cooling growth around the globe and crisis in Turkey and Argentina have battered emerging markets in the past twelve month.
Sales of hard currency debt issued by developing nations should bounce back this year after a torrid 2018 for emerging markets, driven by fresh supply from the Middle East, especially Saudi Arabia, Morgan Stanley predicted.
Sovereign hard currency gross issuance is expected to rise to $158 billion in 2019 - a 15 percent increase on 2018 - but will remain below the record $674 billion sold in 2017, Morgan Stanley strategist Simon Waever said in the bank’s EM sovereign credit outlook for 2019, published on Monday.
A grim combination of a strong dollar, Sino-U.S. trade tensions, central banks turning off the money taps, cooling growth around the globe and crisis in Turkey and Argentina have battered emerging markets in the past twelve month.
Oil rises; lifted by OPEC cuts, steadying stock market | Reuters
Oil rises; lifted by OPEC cuts, steadying stock market | Reuters:
Oil prices edged higher on Monday, rebounding further from 1-1/2-year lows reached in December, on support from OPEC production cuts and steadying equities markets.
Brent crude LCOc1 futures rose 27 cents to settle at $57.33 a barrel, a 0.47 percent gain. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 56 cents to settle at $48.52 a barrel, a 1.17 percent gain.
Oil futures have gained more than 7 percent since last Monday.
Oil prices edged higher on Monday, rebounding further from 1-1/2-year lows reached in December, on support from OPEC production cuts and steadying equities markets.
Brent crude LCOc1 futures rose 27 cents to settle at $57.33 a barrel, a 0.47 percent gain. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 56 cents to settle at $48.52 a barrel, a 1.17 percent gain.
Oil futures have gained more than 7 percent since last Monday.
#UAE bank bailout signals sector restructuring, mergers | Reuters
UAE bank bailout signals sector restructuring, mergers | Reuters:
Smaller banks in the United Arab Emirates are facing regulatory pressure to merge after the fallout from a property downturn forced the state to lead a bailout of Invest Bank INVB.AD last month.
UAE has 50 commercial banks including 22 local lenders, a number seen as too high in a country of about 9.5 million people. Saudi Arabia, which has a population of 32 million, has 12 banks and is set to lose two of those if announced mergers are successfully concluded.
After two of the UAE’s biggest lenders, First Gulf Bank and National Bank of Abu Dhabi, merged in 2017 to become First Abu Dhabi Bank FAB.AD, three more lenders are in talks to combine, led by Abu Dhabi Commercial Bank ADCB.AD.
Smaller banks in the United Arab Emirates are facing regulatory pressure to merge after the fallout from a property downturn forced the state to lead a bailout of Invest Bank INVB.AD last month.
UAE has 50 commercial banks including 22 local lenders, a number seen as too high in a country of about 9.5 million people. Saudi Arabia, which has a population of 32 million, has 12 banks and is set to lose two of those if announced mergers are successfully concluded.
After two of the UAE’s biggest lenders, First Gulf Bank and National Bank of Abu Dhabi, merged in 2017 to become First Abu Dhabi Bank FAB.AD, three more lenders are in talks to combine, led by Abu Dhabi Commercial Bank ADCB.AD.
MIDEAST STOCKS-Oil rise lifts all major Gulf markets, #Saudi leads gains | Reuters
MIDEAST STOCKS-Oil rise lifts all major Gulf markets, Saudi leads gains | Reuters:
All major Gulf markets rose for a third straight session on Monday, boosted by financial stocks amid rising oil prices, while Saudi Arabia and Qatar gained sharply as most of their banks increased.
Oil prices rose by 2 percent on Monday, extending a rally from December's 18-month lows with support from OPEC production cuts and steadying share markets.
Saudi Arabia's index rose 1.5 percent to close at its highest since Aug. 12, 2018, with 11 of its 12 banks gaining.
All major Gulf markets rose for a third straight session on Monday, boosted by financial stocks amid rising oil prices, while Saudi Arabia and Qatar gained sharply as most of their banks increased.
Oil prices rose by 2 percent on Monday, extending a rally from December's 18-month lows with support from OPEC production cuts and steadying share markets.
Saudi Arabia's index rose 1.5 percent to close at its highest since Aug. 12, 2018, with 11 of its 12 banks gaining.
#Abraaj nears deal to offload K-Electric stake to Chinese | Financial Times
Abraaj nears deal to offload K-Electric stake to Chinese | Financial Times:
Abraaj is close to reaching agreement with the Pakistan government that will allow the failed emerging markets private equity firm to sell its 66 per cent stake in Karachi-based K-Electric to a Chinese group.
Two years ago, the company’s sale price to Shanghai Electric Power was set at about $1.8bn, which would have earned Abraaj about $450m.
Now the deal, which had been held up by regulatory approvals, is being renegotiated, probably at a lower price, according to senior people at Abraaj and people close to the transaction.
Abraaj is close to reaching agreement with the Pakistan government that will allow the failed emerging markets private equity firm to sell its 66 per cent stake in Karachi-based K-Electric to a Chinese group.
Two years ago, the company’s sale price to Shanghai Electric Power was set at about $1.8bn, which would have earned Abraaj about $450m.
Now the deal, which had been held up by regulatory approvals, is being renegotiated, probably at a lower price, according to senior people at Abraaj and people close to the transaction.
#AbuDhabi's Masdar to double renewables capacity in five years - CEO | Reuters
Abu Dhabi's Masdar to double renewables capacity in five years - CEO | Reuters:
Abu Dhabi Future Energy Company (Masdar) plans to double its renewables energy capacity in five years with new projects in Asia and the Americas, its chief executive said on Monday.
Masdar, wholly-owned by Abu Dhabi’s Mubadala Investment Company, has till now invested $8.5 billion to build capacity of 4 gigawatts (GW) in renewables projects in the United Arab Emirates, Britain, Seychelles, Spain and the Middle East.
“We are a growing company, we will be doubling our capacity in the next five years or less. We are pursuing opportunities globally and will be entering new geographies in Asia and the Americas,” CEO Mohamed Jameel al Ramahi told Reuters.
Abu Dhabi Future Energy Company (Masdar) plans to double its renewables energy capacity in five years with new projects in Asia and the Americas, its chief executive said on Monday.
Masdar, wholly-owned by Abu Dhabi’s Mubadala Investment Company, has till now invested $8.5 billion to build capacity of 4 gigawatts (GW) in renewables projects in the United Arab Emirates, Britain, Seychelles, Spain and the Middle East.
“We are a growing company, we will be doubling our capacity in the next five years or less. We are pursuing opportunities globally and will be entering new geographies in Asia and the Americas,” CEO Mohamed Jameel al Ramahi told Reuters.
Goldman Slashes Oil Forecasts as New Supply Seen Plentiful - Bloomberg
Goldman Slashes Oil Forecasts as New Supply Seen Plentiful - Bloomberg:
Goldman Sachs Group Inc. cut its oil price forecasts for 2019, citing a re-emerging surplus and resilient U.S. shale production.
Global benchmark Brent crude will average $62.50 a barrel this year, analysts including Damien Courvalin said in a Jan. 6 note, down from a previous estimate of $70. U.S. marker West Texas Intermediate will average $55.50 a barrel, down from a prior forecast of $64.50. Societe Generale SA also lowered 2019 price outlooks by $9 a barrel in a Jan. 7 note, with Brent now seen averaging $64.25 for the year and WTI $57.25.
A surge in OPEC production in late 2018 means the market started this year better supplied than the last, and pipeline constraints in the U.S. Permian Basin will clear up faster than expected, according to Goldman. Big projects in the works for years in Brazil and Canada will also ramp up output in 2019. Combined, those increases mean fewer high-cost marginal barrels will be needed to meet global demand growth this year, Courvalin said.
Goldman Sachs Group Inc. cut its oil price forecasts for 2019, citing a re-emerging surplus and resilient U.S. shale production.
Global benchmark Brent crude will average $62.50 a barrel this year, analysts including Damien Courvalin said in a Jan. 6 note, down from a previous estimate of $70. U.S. marker West Texas Intermediate will average $55.50 a barrel, down from a prior forecast of $64.50. Societe Generale SA also lowered 2019 price outlooks by $9 a barrel in a Jan. 7 note, with Brent now seen averaging $64.25 for the year and WTI $57.25.
A surge in OPEC production in late 2018 means the market started this year better supplied than the last, and pipeline constraints in the U.S. Permian Basin will clear up faster than expected, according to Goldman. Big projects in the works for years in Brazil and Canada will also ramp up output in 2019. Combined, those increases mean fewer high-cost marginal barrels will be needed to meet global demand growth this year, Courvalin said.
Mideast Stocks: #Saudi gains on financials, most of Gulf mixed | ZAWYA MENA Edition
Mideast Stocks: Saudi gains on financials, most of Gulf mixed | ZAWYA MENA Edition:
Most major Middle East markets were mixed in early trading on Monday, despite rebounding oil prices, while the Saudi market was lifted by its financial and petrochemical stocks.
Saudi Arabia's index rose 0.3 percent with Saudi Kayan Petrochemical adding 2.2 percent and Savola Group increasing 2 percent.
Saudi exchange data released late on Sunday showed that foreigners were net buyers of 134.3 million riyals ($35.81 million) of stocks last week.
Most major Middle East markets were mixed in early trading on Monday, despite rebounding oil prices, while the Saudi market was lifted by its financial and petrochemical stocks.
Saudi Arabia's index rose 0.3 percent with Saudi Kayan Petrochemical adding 2.2 percent and Savola Group increasing 2 percent.
Saudi exchange data released late on Sunday showed that foreigners were net buyers of 134.3 million riyals ($35.81 million) of stocks last week.
Dubai residential prices could fall by up to 10 percent in 2019: Savills | Reuters
Dubai residential prices could fall by up to 10 percent in 2019: Savills | Reuters:
Residential real estate prices in Dubai could fall by 5 to 10 percent in 2019, weakened by new supply, a strong dollar and lower oil prices, the Middle East chief executive of Savills (SVS.L) said on Monday.
Dubai’s over-supplied property market has steadily fallen since a mid-2014 peak, hurting earnings of the emirate’s top developers and forcing construction and engineering firms to cut jobs and halt expansion plans. [nL8N1YL05Y]
While the latest fall in house prices has not come close to the more than 50 percent plunge seen in 2009-2010, which pushed Dubai itself close to a debt default, residential prices fell by 6 to 10 percent in 2018, Savills’ Steve Morgan said.
Residential real estate prices in Dubai could fall by 5 to 10 percent in 2019, weakened by new supply, a strong dollar and lower oil prices, the Middle East chief executive of Savills (SVS.L) said on Monday.
Dubai’s over-supplied property market has steadily fallen since a mid-2014 peak, hurting earnings of the emirate’s top developers and forcing construction and engineering firms to cut jobs and halt expansion plans. [nL8N1YL05Y]
While the latest fall in house prices has not come close to the more than 50 percent plunge seen in 2009-2010, which pushed Dubai itself close to a debt default, residential prices fell by 6 to 10 percent in 2018, Savills’ Steve Morgan said.
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