More signs of slowdown in Dubai property market | The National:
"Dubai’s property market has shown more signs of a first quarter slowdown as new housing comes on stream at a time of slowing sentiment.
Average apartment prices fell 2 per cent compared with the previous quarter and villa prices fell 1 per cent during the first three months of the year, the property broker JLL reported as developers completed 730 new homes across the emirate.
“The first quarter of the year continued to see subdued activity in Dubai’s real estate market,” said Craig Plumb, head of research at JLL’s Dubai office."
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Tuesday, 14 April 2015
Dispute between Sharjah’s Crescent Petroleum and Iran moves to damages phase | The National
Dispute between Sharjah’s Crescent Petroleum and Iran moves to damages phase | The National:
"Sharjah’s Crescent Petroleum says an arbitration tribunal in The Hague has commenced the damages assessment phase in a long-running dispute over a gas supply contract with the National Iranian Oil Company (NIOC), in what will probably result in a multibillion-dollar award.
The dispute is being widely watched as Iran seeks to re-establish relationships with international oil companies in anticipation of sanctions being lifted should a final deal on its nuclear programme be reached this summer.
Iran, despite vying with Russia as the holder of the world’s largest gas reserves, is a net importer of gas and has struggled to follow through on agreements to supply it."
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"Sharjah’s Crescent Petroleum says an arbitration tribunal in The Hague has commenced the damages assessment phase in a long-running dispute over a gas supply contract with the National Iranian Oil Company (NIOC), in what will probably result in a multibillion-dollar award.
The dispute is being widely watched as Iran seeks to re-establish relationships with international oil companies in anticipation of sanctions being lifted should a final deal on its nuclear programme be reached this summer.
Iran, despite vying with Russia as the holder of the world’s largest gas reserves, is a net importer of gas and has struggled to follow through on agreements to supply it."
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Pension, longer visa for Dubai expats proposed | GulfNews.com
Pension, longer visa for Dubai expats proposed | GulfNews.com:
"Economy and finance experts in Dubai are backing the proposal to implement new policies including the introduction of a pension scheme, longer visa durations and sponsor-free visas for expatriates.
Analysts told Gulf News that by easing its policies on expatriates, Dubai will be able to attract more human capital and investments, drive domestic spending and ultimately sustain the emirate’s economic growth.
The Dubai Economic Council, an advisory body established by the Government of Dubai, and Deloitte have recently drafted a report that enumerates a list of policy recommendations that will enable Dubai to improve its sustainability and competitiveness."
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"Economy and finance experts in Dubai are backing the proposal to implement new policies including the introduction of a pension scheme, longer visa durations and sponsor-free visas for expatriates.
Analysts told Gulf News that by easing its policies on expatriates, Dubai will be able to attract more human capital and investments, drive domestic spending and ultimately sustain the emirate’s economic growth.
The Dubai Economic Council, an advisory body established by the Government of Dubai, and Deloitte have recently drafted a report that enumerates a list of policy recommendations that will enable Dubai to improve its sustainability and competitiveness."
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Oman-Iran gas pipeline faces obstacles | GulfNews.com
Oman-Iran gas pipeline faces obstacles | GulfNews.com:
"Oman and Iran are yet to agree on the route of a 260km underwater pipeline to carry Iranian gas to Oman, Oman’s Minister of Oil and Gas, Mohammed Al Rumhy, said on Monday.
The two countries reached an accord in March 2014 over the pipeline during a visit to Oman by Iranian President Hassan Rouhani. In 2013, after a memorandum of understanding (MoU) was signed in Tehran, Iranian Oil Minister Bijan Namdar Zanganeh said Iranian gas would start pumping to Oman in 2015.
“The first part is to agree on the route. Once we agree on the route we will move onto the second phase, which is the design of the pipeline itself,” Al Rumhy said in Muscat at the ministry’s annual media briefing."
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"Oman and Iran are yet to agree on the route of a 260km underwater pipeline to carry Iranian gas to Oman, Oman’s Minister of Oil and Gas, Mohammed Al Rumhy, said on Monday.
The two countries reached an accord in March 2014 over the pipeline during a visit to Oman by Iranian President Hassan Rouhani. In 2013, after a memorandum of understanding (MoU) was signed in Tehran, Iranian Oil Minister Bijan Namdar Zanganeh said Iranian gas would start pumping to Oman in 2015.
“The first part is to agree on the route. Once we agree on the route we will move onto the second phase, which is the design of the pipeline itself,” Al Rumhy said in Muscat at the ministry’s annual media briefing."
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Oman Oil Minister lashes out at Opec | GulfNews.com
Oman Oil Minister lashes out at Opec | GulfNews.com:
"Oman’s Minister of Oil and Gas, Mohammed Al Rumhy, hit out at the Organisation of Petroleum of Exporting Countries (Opec) on Monday, labelling their decision to choose market share over revenue as “wrong”.
Last November, 12-member Opec, which produces about a third of the world’s oil, decided to keep oil production flat at 30 million barrels day at a time when prices had declined due to a global excess of oil.
“I think they’re wrong those who are sticking to market share and reducing their income by half,” Al Rumhy said in Muscat at the ministry’s annual media briefing."
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"Oman’s Minister of Oil and Gas, Mohammed Al Rumhy, hit out at the Organisation of Petroleum of Exporting Countries (Opec) on Monday, labelling their decision to choose market share over revenue as “wrong”.
Last November, 12-member Opec, which produces about a third of the world’s oil, decided to keep oil production flat at 30 million barrels day at a time when prices had declined due to a global excess of oil.
“I think they’re wrong those who are sticking to market share and reducing their income by half,” Al Rumhy said in Muscat at the ministry’s annual media briefing."
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Deals raise oversight concerns at Abu Dhabi wealth fund - FT.com
Deals raise oversight concerns at Abu Dhabi wealth fund - FT.com:
"The managing director of one of Abu Dhabi’s sovereign wealth funds used his private shell companies to secure deals with businesses closely connected to the fund, raising concerns about corporate governance.
Khadem al-Qubaisi, managing director of state-owned International Petroleum Investment Company, used a Luxembourg-based company to take out a lease in Spain’s tallest building, according to documents seen by the Financial Times.
The building, owned by Bankia, the Spanish bank, became the headquarters of Cepsa, a Spanish energy group and subsidiary of Ipic, in July 2014, nine months after Mr Qubaisi closed the deal on the lease."
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"The managing director of one of Abu Dhabi’s sovereign wealth funds used his private shell companies to secure deals with businesses closely connected to the fund, raising concerns about corporate governance.
Khadem al-Qubaisi, managing director of state-owned International Petroleum Investment Company, used a Luxembourg-based company to take out a lease in Spain’s tallest building, according to documents seen by the Financial Times.
The building, owned by Bankia, the Spanish bank, became the headquarters of Cepsa, a Spanish energy group and subsidiary of Ipic, in July 2014, nine months after Mr Qubaisi closed the deal on the lease."
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Saudi Aramco Mega Deals Boost EMEA Islamic Loans to Record Start - Bloomberg Business
Saudi Aramco Mega Deals Boost EMEA Islamic Loans to Record Start - Bloomberg Business:
"The slump in oil prices since June has done little to damp appetite for Shariah-compliant credit in the Gulf.
Loan deals worth about $4 billion from Saudi Arabian Oil Co. and its joint venture Rabigh Refining & Petrochemical Co. have fueled the busiest ever start to a year for Islamic borrowing in Europe, the Middle East and Africa, according to data compiled by Bloomberg. About $7.1 billion of loans have been raised so far this year, compared with about $3 billion for the same period in 2014.
The increase in borrowing highlights how companies in the oil producing Gulf Cooperation Council are maintaining investment even after crude prices dropped about 50 percent since June. Shariah-compliant lenders are taking a bigger role in regional deals as the global Islamic finance industry’s assets are expected to almost double in the four years through 2018."
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"The slump in oil prices since June has done little to damp appetite for Shariah-compliant credit in the Gulf.
Loan deals worth about $4 billion from Saudi Arabian Oil Co. and its joint venture Rabigh Refining & Petrochemical Co. have fueled the busiest ever start to a year for Islamic borrowing in Europe, the Middle East and Africa, according to data compiled by Bloomberg. About $7.1 billion of loans have been raised so far this year, compared with about $3 billion for the same period in 2014.
The increase in borrowing highlights how companies in the oil producing Gulf Cooperation Council are maintaining investment even after crude prices dropped about 50 percent since June. Shariah-compliant lenders are taking a bigger role in regional deals as the global Islamic finance industry’s assets are expected to almost double in the four years through 2018."
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