UPDATE 1-MIDEAST STOCKS-Gulf markets mixed in thin trade | Reuters:
"Gulf stock markets were mixed in early trade on Thursday as oil prices supported Qatar and Etisalat's results boosted Abu Dhabi, but Dubai retreated.
Brent crude surged 5 percent on Wednesday, after Saudi Arabia's oil minister said oil demand was growing and data showed Chinese factories were producing more than expected. It pared early losses and held above $61 per barrel on Thursday.
Abu Dhabi's index added 0.8 percent largely because of Etisalat, the United Arab Emirates' largest telecommunications firm, which jumped 3.9 percent after posting net profit of 2.1 billion dirhams ($572 million) for the fourth quarter, a 45 percent increase year-on-year."
'via Blog this'
Thursday, 26 February 2015
Petrofac downgrades profit forecast to $460m | The National
Petrofac downgrades profit forecast to $460m | The National:
"Petrofac expects a lower than forecast net profit of US$460 million this year owing to fall in prices, which pushed the London-listed oil and gas company to post a 10.6 per cent drop in net profit last year.
In November, the firm forecast net profit of about $500m this year based on an average oil price of $82 a barrel, but the fall of Brent oil to less than $60 per barrel since June has lowered its forecast for this year.
“While the operating environment remains uncertain with the industry adjusting to a lower oil price environment, we are well positioned and will maintain our bidding discipline and focus on our areas of core strength,” said Petrofac. “At this stage, clients in our core onshore markets in the Middle East and North Africa are continuing to commit to ongoing investment in large strategic projects.”"
'via Blog this'
"Petrofac expects a lower than forecast net profit of US$460 million this year owing to fall in prices, which pushed the London-listed oil and gas company to post a 10.6 per cent drop in net profit last year.
In November, the firm forecast net profit of about $500m this year based on an average oil price of $82 a barrel, but the fall of Brent oil to less than $60 per barrel since June has lowered its forecast for this year.
“While the operating environment remains uncertain with the industry adjusting to a lower oil price environment, we are well positioned and will maintain our bidding discipline and focus on our areas of core strength,” said Petrofac. “At this stage, clients in our core onshore markets in the Middle East and North Africa are continuing to commit to ongoing investment in large strategic projects.”"
'via Blog this'
Telegraph’s Middle East conference sheds light on region | The National
Telegraph’s Middle East conference sheds light on region | The National:
"The political stability and economic strength of Gulf Cooperation Council states are fundamental to the Middle East’s future amid turbulence in much of the wider region, Saudi Arabia’s Prince Saud bin Khalid Al Faisal told a London conference on Wednesday.
Prince Saud said western perceptions of Gulf countries were often shaped by views of the region as a whole.
While his own country stood as a stabilising force, he acknowledged that events of the past 5-10 years had been “particularly challenging”."
'via Blog this'
"The political stability and economic strength of Gulf Cooperation Council states are fundamental to the Middle East’s future amid turbulence in much of the wider region, Saudi Arabia’s Prince Saud bin Khalid Al Faisal told a London conference on Wednesday.
Prince Saud said western perceptions of Gulf countries were often shaped by views of the region as a whole.
While his own country stood as a stabilising force, he acknowledged that events of the past 5-10 years had been “particularly challenging”."
'via Blog this'
Saudi’s Tanmiyat to Spend $218 Million Finishing Dubai Projects - Bloomberg Business
Saudi’s Tanmiyat to Spend $218 Million Finishing Dubai Projects - Bloomberg Business:
"Tanmiyat, a Saudi property developer and investor, plans to spend 800 million dirhams ($218 million) this year completing Dubai projects that stalled after the city’s 2008 real estate collapse.
The developer, which began work in the Persian Gulf emirate in 2006, will spend 600 million dirhams finishing a 15 million square-foot project in the Dubailand area that includes 500 villas, 12 residential buildings as well as a mall, schools and a 9-hole golf course, Tanmiyat Chief Executive Officer Muhammad Bin Odah said in an interview on Monday.
“Even with all the hardship the market went through, we still believe in Dubai,” Bin Odah said. “Nowhere else in the Middle East can compete with this city and its ability to draw buyers from different nationalities who feel comfortable enough to make it home.”"
'via Blog this'
"Tanmiyat, a Saudi property developer and investor, plans to spend 800 million dirhams ($218 million) this year completing Dubai projects that stalled after the city’s 2008 real estate collapse.
The developer, which began work in the Persian Gulf emirate in 2006, will spend 600 million dirhams finishing a 15 million square-foot project in the Dubailand area that includes 500 villas, 12 residential buildings as well as a mall, schools and a 9-hole golf course, Tanmiyat Chief Executive Officer Muhammad Bin Odah said in an interview on Monday.
“Even with all the hardship the market went through, we still believe in Dubai,” Bin Odah said. “Nowhere else in the Middle East can compete with this city and its ability to draw buyers from different nationalities who feel comfortable enough to make it home.”"
'via Blog this'
Subscribe to:
Posts (Atom)