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Saturday 12 January 2013
Saudi Stock Market close - January 13, 2013
Oman’s not so conservative budget | GulfNews.com
Continuing a new trend started in 2012, Oman’s budget for fiscal year 2013 is not exceptionally conservative with regards to projected revenues due to assumption of relatively higher oil prices.
The average oil price in the new budget stands at US$85 per barrel versus $75 per barrel in 2012. By comparison, the assumed rates for 2011, 2010 and 2009 were $58, $50 and $45 per barrel, respectively.
Undoubtedly, this is a significant development given the magnitude of the petroleum sector to the treasury. By one account, petroleum revenues are divided into 63 per cent for oil and 13 for cent for gas, or 76 per cent of total budgetary revenues.
Oman’s not so conservative budget | GulfNews.com
The average oil price in the new budget stands at US$85 per barrel versus $75 per barrel in 2012. By comparison, the assumed rates for 2011, 2010 and 2009 were $58, $50 and $45 per barrel, respectively.
Undoubtedly, this is a significant development given the magnitude of the petroleum sector to the treasury. By one account, petroleum revenues are divided into 63 per cent for oil and 13 for cent for gas, or 76 per cent of total budgetary revenues.
Oman’s not so conservative budget | GulfNews.com
BBC News - Spotlight on Qatar's property market - Click to view video
Building work is in full swing in Doha ahead of the 2022 World Cup, but in challenging global economic conditions how is Qatar's property market holding up?
Middle East Business Report's Jonathan Frewin has been finding out.
Middle East Business Report's Jonathan Frewin has been finding out.
Rights issues show Dubai’s islamic banks are not so hot for investors « ArabianMoney
Last week the Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum made a bold call for Dubai to become the centre of something he termed the ‘Islamic economy’. But after two recent rights issues announced by the top Dubai islamic banks investors are left feeling rather less impressed with this concept.
On Wednesday Emirates Islamic Bank announced it was preparing a $408 million rights issue to repair its balance sheet after its forced merger with Dubai Bank last November.
Rights issues show Dubai’s islamic banks are not so hot for investors « ArabianMoney
On Wednesday Emirates Islamic Bank announced it was preparing a $408 million rights issue to repair its balance sheet after its forced merger with Dubai Bank last November.
Rights issues show Dubai’s islamic banks are not so hot for investors « ArabianMoney
Hollande to boost Total for UAE gas deal, trumping UK
French President Francois Hollande will lead a charm offensive in the United Arab Emirates next week to try and help oil major Total win a $10 billion deal to operate the strategically important Bab sour gas field.
By deploying Hollande, Paris hopes to outmanoeuvre rivals including Britain, which is to send a Foreign Office under-secretary in support of Royal Dutch Shell, at an Abu Dhabi energy conference, where the deal will be discussed on the sidelines.
Aside from its value, the Bab ultra-sour gas deal could also give Total a competitive edge in talks for the 2014 renewal of the UAE’s largest onshore oil concession, ADCO, on which the Bab field stands.
Hollande to boost Total for UAE gas deal, trumping UK
By deploying Hollande, Paris hopes to outmanoeuvre rivals including Britain, which is to send a Foreign Office under-secretary in support of Royal Dutch Shell, at an Abu Dhabi energy conference, where the deal will be discussed on the sidelines.
Aside from its value, the Bab ultra-sour gas deal could also give Total a competitive edge in talks for the 2014 renewal of the UAE’s largest onshore oil concession, ADCO, on which the Bab field stands.
Hollande to boost Total for UAE gas deal, trumping UK
Riding Out The Next Crash In UAE, Myanmar And Mongolia
If it’s emerging markets with explosive potential you’re looking for, the globe-trotting Chris Mayer has identified three. He’s visited all of them — the first two in 2012.
- Mongolia. “The story is very simple,” says Chris. “You have a tiny economy of just under 3 million people. And they are sitting on enormous reserves of natural resources. The top 10 deposits alone are worth an estimated $3 trillion. It’s a decade-long story. I think a good analogy is Kazakhstan, which is culturally similar — an old Soviet-style economy that opened up and created an enormous boom, thanks to resources. The stock exchange went up 2,400% in six years from 2002; apartment prices rose 800%-plus and land prices in Almaty rose 8,000%.”
- Myanmar, or if you prefer, Burma. “If I could put all of my money in Myanmar, I would,” says globe-trotter and Asia bull Jim Rogers. “Another great story,” says Chris. “Fifty years of isolation and dictatorial rule and it is finally starting to thaw. There is no reason why Myanmar can’t approach the development of its neighbors such as Thailand, given time, investment and a commitment to freer markets. I think it will be one of the fastest-growing economies in Asia…” Hard to invest there, but a great story to watch.
- United Arab Emirates. Chris concedes this one might come as a surprise. “The economy went through a giant bust, but its place as the money center for the Middle East is secure, thanks to low taxes, privacy protection and location. It has the region’s biggest marine port and airport and is home to the highest number of foreign businesses… Best of all, the market is cheap after an epic bubble, but the underlying economy is still growing rapidly.”