The United Arab Emirates sheikhdom of Fujairah, an oil storage and trading hub on the Indian Ocean, is exploring for crude and may seek investors for a petrochemicals plant, an official with the government said.
Fujairah is conducting seismic surveys to find potential deposits at both on and offshore locations, Salem Kelil, technical adviser to the local government, said at a conference in Dubai today. The emirate has drilled three wells and hasn’t found any oil yet, he said.
One of the U.A.E.’s seven sheikhdoms, Fujairah is nestled between the Persian Gulf state’s Indian Ocean coast and the Hajar Mountains, the source of stones used to create the artificial islands off the coast of richer neighbor Dubai. Fujairah’s location outside the Strait of Hormuz energy-shipment chokepoint has helped it attract international oil traders and fuel-storage tank operators to the emirate.
Monday 24 September 2012
UPDATE 1-Abu Dhabi economic growth seen slowing to 3.9 pct in 2012 - Yahoo! News Maktoob
Abu Dhabi's economy is likely to grow 3.9 percent this year, lagging previous forecasts, but should pick up in the next few years helped by further diversification away from oil, the Department of Economic Development said on Monday.
A drop in oil production this year is expected to curb economic growth in Abu Dhabi, the largest of the seven members of the United Arab Emirates. The department, in an inaugural report on Abu Dhabi's development outlook, said the government should keep spending to support growth although it said the focus of spending was shifting to social projects.
Abu Dhabi accounts for 65 percent of UAE economic output and almost all of its oil production.
A drop in oil production this year is expected to curb economic growth in Abu Dhabi, the largest of the seven members of the United Arab Emirates. The department, in an inaugural report on Abu Dhabi's development outlook, said the government should keep spending to support growth although it said the focus of spending was shifting to social projects.
Abu Dhabi accounts for 65 percent of UAE economic output and almost all of its oil production.
Dubai's JAFZA posts 20 pct drop in H1 net profit | Reuters
Dubai state-owned industrial hub Jebel Ali Free Zone (JAFZA) said profit for the first half of the year fell 20 percent as higher financing costs more than offset a rise in revenue.
The company, which completed a three-pronged financing package to repay a $2 billion-equivalent Islamic bond earlier this year, made a profit of 212 million dirhams ($57.72 million), down from 265 million in the same period last year.
Revenues rose to 712 million dirhams in the first half of 2012 from 662 million dirhams in the first half of 2012, company financial statements showed.
The company, which completed a three-pronged financing package to repay a $2 billion-equivalent Islamic bond earlier this year, made a profit of 212 million dirhams ($57.72 million), down from 265 million in the same period last year.
Revenues rose to 712 million dirhams in the first half of 2012 from 662 million dirhams in the first half of 2012, company financial statements showed.
MIDEAST STOCKS-Saudi heads Gulf drop as slumping oil prices weigh - Yahoo! News Maktoob
Saudi Arabia's bourse made its largest one-day drop in 11 weeks on Monday as slumping oil prices and jittery global markets spurred nervy investors to cut risk.
Most other Gulf markets also fell as sentiment in the world's top oil exporting region faltered.
Saudi's index dropped 1 percent to a six-week low in its largest one-day loss since July 9 as the heavyweight
petrochemical and banking sectors headed declines. Saudi Basic Industries Corp (SABIC), the world's
largest chemicals producer, shed 1.6 percent. Samba Financial Group and Al-Rajhi Bank fell 2 and 0.7
percent respectively.
"Today's sell-off is in line with what's happening in U.S. markets - you've (also) seen oil prices come off and some of this selling is in reaction to that," said Asim Bukhtiar, head of research at Riyad Capital.
Most other Gulf markets also fell as sentiment in the world's top oil exporting region faltered.
Saudi's index dropped 1 percent to a six-week low in its largest one-day loss since July 9 as the heavyweight
petrochemical and banking sectors headed declines. Saudi Basic Industries Corp (SABIC), the world's
largest chemicals producer, shed 1.6 percent. Samba Financial Group and Al-Rajhi Bank fell 2 and 0.7
percent respectively.
"Today's sell-off is in line with what's happening in U.S. markets - you've (also) seen oil prices come off and some of this selling is in reaction to that," said Asim Bukhtiar, head of research at Riyad Capital.
MENA stock markets close - September 24, 2012
| Exchange | Status | Index | Change | ||||
 | TASI (Saudi Stock Market) | 6960.65 | -1.00% | ||||
 | DFM (Dubai Financial Market) | 1588.14 | -0.29% | ||||
| ADX (Abudhabi Securities Exchange) | 2604.77 | -0.26% | ||||
 | KSE (Kuwait Stock Exchange) | 5927.75 | 0.60% | ||||
 | BSE (Bahrain Stock Exchange) | 1079.2 | -0.59% | ||||
 | MSM (Muscat Securities Market) | 5555.54 | -0.59% | ||||
 | QE (Qatar Exchange) | 8573.61 | 0.06% | ||||
 | LSE (Beirut Stock Exchange) | 1116.07 | -0.51% | ||||
 | EGX 30 (Egypt Exchange) | 5831.1 | 0.27% | ||||
 | ASE (Amman Stock Exchange) | 1900.57 | -0.38% | ||||
 | TUNINDEX (Tunisia Stock Exchange) | 5003.4 | -0.15% | ||||
 | CB (Casablanca Stock Exchange) | 9491.37 | -0.19% | ||||
 | PSE (Palestine Securities Exchange) | 426.14 | -0.31% | ||||
STOCKS NEWS MIDEAST-Kuwait hits 3-mth high; UAE mkts dip - Yahoo! News Maktoob
Kuwait's bourse hits a three-month high, extending gains since the government said it would double the portion of state revenue it puts into a rainy day fund, while UAE markets dip as weak global cues spur traders to book gains.
Kuwait's index climbs 0.6 percent to finish at 5,928 points, its highest finish since June 19. It slumped to an
eight-year low in mid-August.
The government last week said it plans to raise the portion of state revenue it puts into the fund to 25 percent this fiscal year. The move is thought to be aimed at investing state money more efficiently.
Kuwait's index climbs 0.6 percent to finish at 5,928 points, its highest finish since June 19. It slumped to an
eight-year low in mid-August.
The government last week said it plans to raise the portion of state revenue it puts into the fund to 25 percent this fiscal year. The move is thought to be aimed at investing state money more efficiently.