Brent falls below $54 to reverse earlier gains as glut worries drag | Reuters:
"Brent crude fell below $54 a barrel in choppy trade on Tuesday, reversing gains earlier in the day as concerns over a growing supply glut weighed on the market.
Prices on the other side of the Atlantic fell for a sixth session to just above a six-year low, keeping their discount to Brent at near $10, a trend that analysts say could deepen.
"The oil market is currently oversupplied, driven in part by the success of North American shale," Morgan Stanley said."
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Tuesday, 17 March 2015
MIDEAST STOCKS-Weak oil weighs on Gulf mkts; Q4 hopes support Egypt | Reuters
MIDEAST STOCKS-Weak oil weighs on Gulf mkts; Q4 hopes support Egypt | Reuters:
"Most Gulf stock markets slumped on Tuesday as oil extended its slide, while Egypt stabilised after a profit-taking bout.
Brent crude fell towards $53 per barrel to trade at its lowest level since early February as concerns mountedover a growing supply glut.
Saudi Arabia's stock index dropped 1.4 percent as petrochemicals giant Saudi Basic Industries (SABIC) slid 4.1 percent to 87.25 riyals in heavy trade. The stock came under strong selling pressure after falling below 90 riyals; it had traded above that mark since the start of February."
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"Most Gulf stock markets slumped on Tuesday as oil extended its slide, while Egypt stabilised after a profit-taking bout.
Brent crude fell towards $53 per barrel to trade at its lowest level since early February as concerns mountedover a growing supply glut.
Saudi Arabia's stock index dropped 1.4 percent as petrochemicals giant Saudi Basic Industries (SABIC) slid 4.1 percent to 87.25 riyals in heavy trade. The stock came under strong selling pressure after falling below 90 riyals; it had traded above that mark since the start of February."
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Emirates Airline and Etihad Airways chiefs launch counter-attack in Washington over subsidies allegations | The National
Emirates Airline and Etihad Airways chiefs launch counter-attack in Washington over subsidies allegations | The National:
"The UAE’s major airlines are going on the counter-attack in Washington against allegations of unfair business practices levelled at them by three American airlines.
James Hogan, the Etihad Airways chief executive, and Tim Clark, the president of Emirates Airline, are both in the US capital to argue their case that claims made against them by Delta, United and American airlines, and aviation trade unions, are without foundation.
They will also meet government transport officials to urge the US administration to resist calls by the US carriers to pull back from agreements on the liberalisation of air travel."
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"The UAE’s major airlines are going on the counter-attack in Washington against allegations of unfair business practices levelled at them by three American airlines.
James Hogan, the Etihad Airways chief executive, and Tim Clark, the president of Emirates Airline, are both in the US capital to argue their case that claims made against them by Delta, United and American airlines, and aviation trade unions, are without foundation.
They will also meet government transport officials to urge the US administration to resist calls by the US carriers to pull back from agreements on the liberalisation of air travel."
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Dubai’s Daman Investments aims to launch IPO within weeks | The National
Dubai’s Daman Investments aims to launch IPO within weeks | The National:
"Daman Investments, a UAE asset management firm, is in the final stages of obtaining regulatory approval for an initial public offer of shares and hopes to launch it in the next few weeks, a senior executive said on Tuesday.
The company had announced last November that it planned to list on the Dubai Financial Market during the first quarter of 2015 to expand its business and fund new opportunities at home and in the wider region.
Since then weak equity markets in the Gulf, partly due to the plunge of oil prices, have caused at least several UAE companies to suspend IPO plans."
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"Daman Investments, a UAE asset management firm, is in the final stages of obtaining regulatory approval for an initial public offer of shares and hopes to launch it in the next few weeks, a senior executive said on Tuesday.
The company had announced last November that it planned to list on the Dubai Financial Market during the first quarter of 2015 to expand its business and fund new opportunities at home and in the wider region.
Since then weak equity markets in the Gulf, partly due to the plunge of oil prices, have caused at least several UAE companies to suspend IPO plans."
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Dubai apartments now up to Dh400,000 cheaper | GulfNews.com
Dubai apartments now up to Dh400,000 cheaper | GulfNews.com:
"Did you know that if you buy a one-bedroom apartment in Dubai today, you would spend nearly Dh400,000 less than you would about six or seven years ago?
Analysts said that if you’re planning to buy an apartment or villa, Dubai’s relatively low property prices, coupled with a slight decline in home loan rates, make 2015 one of the best times in years to invest in real estate.
Prices of apartments in Dubai now cost more than 20 per cent less than in 2008, and there is a likelihood that prices will further slow down or stabilise in the next few months, as more projects are expected to be completed before the end of the year."
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"Did you know that if you buy a one-bedroom apartment in Dubai today, you would spend nearly Dh400,000 less than you would about six or seven years ago?
Analysts said that if you’re planning to buy an apartment or villa, Dubai’s relatively low property prices, coupled with a slight decline in home loan rates, make 2015 one of the best times in years to invest in real estate.
Prices of apartments in Dubai now cost more than 20 per cent less than in 2008, and there is a likelihood that prices will further slow down or stabilise in the next few months, as more projects are expected to be completed before the end of the year."
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