S&P cuts Oman’s credit rating over oil price fall | The National:
"S&P has lowered its long-term outlook for Oman, pointing to further economic pressure from the slide in oil prices.
The credit rating agency downgraded the country’s long-term foreign and local currency sovereign credit ratings to BBB plus from A minus.
“The negative outlook reflects our view that the government’s fiscal and external positions could deteriorate beyond our current expectations over the next two years,” said S&P."
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Saturday, 21 November 2015
Changes to keep debtors out of jail | The National
Changes to keep debtors out of jail | The National:
"Mediation is to be introduced to reduce the number of people sent to prison and time served in civil cases over debts or bounced cheques.
Debtors in civil cases will have ready access to a judge without having to wait for a hearing, which also means fewer cases clogging up the courts. And those few who are eventually jailed over debts will not serve a day longer than their sentence.
“All they are required to do is to send in a request and a judge will meet them regardless of the date of their hearing,” said one judge, who asked not to be identified."
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"Mediation is to be introduced to reduce the number of people sent to prison and time served in civil cases over debts or bounced cheques.
Debtors in civil cases will have ready access to a judge without having to wait for a hearing, which also means fewer cases clogging up the courts. And those few who are eventually jailed over debts will not serve a day longer than their sentence.
“All they are required to do is to send in a request and a judge will meet them regardless of the date of their hearing,” said one judge, who asked not to be identified."
'via Blog this'
Short-term bottoms look to be put in for UAE markets | GulfNews.com
Short-term bottoms look to be put in for UAE markets | GulfNews.com:
"The Dubai Financial Market General Index (DFMGI) ended flat last week, rising only 8.02 or 0.25 per cent to close at 3,273.30, almost the high for the week. This was the first week of positive performance, although small, in six weeks. There were 13 advancing issues and 21 declining, while volume improved to an 11-week high.
Earlier in the week the DFMGI was down as much as 4.2 per cent for the week at the low of 3,127.96, and 26.5 per cent lower than the 2015 peak of 4,253.38. The index then managed to reverse the declines to close positive for the week, and on higher volume. This is a positive development and indicates that a low has probably been put in for now, at least short-term.
Declines from here should see support step in anywhere down to last week’s low. If oil starts to strengthen at the same time, this will help a rally, however, there is no clear sign of that yet, and it is not necessary for the DFMGI continue higher. Of course, a drop below last week’s low puts this potentially bullish reversal scenario at risk of failure."
'via Blog this'
"The Dubai Financial Market General Index (DFMGI) ended flat last week, rising only 8.02 or 0.25 per cent to close at 3,273.30, almost the high for the week. This was the first week of positive performance, although small, in six weeks. There were 13 advancing issues and 21 declining, while volume improved to an 11-week high.
Earlier in the week the DFMGI was down as much as 4.2 per cent for the week at the low of 3,127.96, and 26.5 per cent lower than the 2015 peak of 4,253.38. The index then managed to reverse the declines to close positive for the week, and on higher volume. This is a positive development and indicates that a low has probably been put in for now, at least short-term.
Declines from here should see support step in anywhere down to last week’s low. If oil starts to strengthen at the same time, this will help a rally, however, there is no clear sign of that yet, and it is not necessary for the DFMGI continue higher. Of course, a drop below last week’s low puts this potentially bullish reversal scenario at risk of failure."
'via Blog this'
Unemployment major factor in Middle East plight | GulfNews.com
Unemployment major factor in Middle East plight | GulfNews.com:
"The Arab region is plagued by a lack of job opportunities, knowledge and real notions of democracy, Shaikh Mohammad Sabah Al Salem Al Sabah, a member of the UN high-level advisory committee, has said.
Delivering a lecture that focused on challenges facing Arab youth and held as part of the 14th Middle East business conference at a British University on Friday, Shaikh Mohammad, a former foreign minister in Kuwait, said that according to figures from the World Bank, around 54 per cent of youth in the Middle East and North Africa (Mena) were unemployed. The picture becomes gloomier with the fact that three out of four women in the region were also unemployed, he added.
Shaikh Mohammad stressed that Arab governments were now forced to create 100 million jobs until 2020 in order to meet the alarming unemployment numbers."
'via Blog this'
"The Arab region is plagued by a lack of job opportunities, knowledge and real notions of democracy, Shaikh Mohammad Sabah Al Salem Al Sabah, a member of the UN high-level advisory committee, has said.
Delivering a lecture that focused on challenges facing Arab youth and held as part of the 14th Middle East business conference at a British University on Friday, Shaikh Mohammad, a former foreign minister in Kuwait, said that according to figures from the World Bank, around 54 per cent of youth in the Middle East and North Africa (Mena) were unemployed. The picture becomes gloomier with the fact that three out of four women in the region were also unemployed, he added.
Shaikh Mohammad stressed that Arab governments were now forced to create 100 million jobs until 2020 in order to meet the alarming unemployment numbers."
'via Blog this'
Dh300b projects in UAE to spur knowledge economy | GulfNews.com
Dh300b projects in UAE to spur knowledge economy | GulfNews.com:
"In a major step towards turning the UAE into a knowledge-based economy, President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has announced the adoption of the Science, Technology and Innovation’s Higher Policy, which includes 100 national initiatives in the educational sector, health, energy, transportation, space and water.
The plan foresees an investment of over Dh300 billion and includes new national policies in legislation, investment, technology, education and finance. Its goal is to build a vibrant knowledge-based economy in the UAE.
“The UAE is working towards establishing a solid future for the coming generations, away from the fluctuation of energy prices and markets,” commented Shaikh Khalifa."
'via Blog this'
"In a major step towards turning the UAE into a knowledge-based economy, President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has announced the adoption of the Science, Technology and Innovation’s Higher Policy, which includes 100 national initiatives in the educational sector, health, energy, transportation, space and water.
The plan foresees an investment of over Dh300 billion and includes new national policies in legislation, investment, technology, education and finance. Its goal is to build a vibrant knowledge-based economy in the UAE.
“The UAE is working towards establishing a solid future for the coming generations, away from the fluctuation of energy prices and markets,” commented Shaikh Khalifa."
'via Blog this'
Saudi Arabian petchems company Sabic eyes up acquisitions in 2016 | The National
Saudi Arabian petchems company Sabic eyes up acquisitions in 2016 | The National:
"One of the world’s largest petrochemical manufacturers, Saudi Basic Industries Corporation, or Sabic, will make “at least one acquisition” next year, according to its chief executive.
Yousef Al Benyan, acting vice chairman and chief executive of the Riyadh-based company, said on Thursday that Sabic was planning to announce the potential additions to its core market early in 2016.
“I can tell you that [we are evaluating] between two to four companies in North America and China,” he said on the sidelines of the GPCA petrochemicals conference in Dubai, declining to expand on the types of companies being looked at."
'via Blog this'
"One of the world’s largest petrochemical manufacturers, Saudi Basic Industries Corporation, or Sabic, will make “at least one acquisition” next year, according to its chief executive.
Yousef Al Benyan, acting vice chairman and chief executive of the Riyadh-based company, said on Thursday that Sabic was planning to announce the potential additions to its core market early in 2016.
“I can tell you that [we are evaluating] between two to four companies in North America and China,” he said on the sidelines of the GPCA petrochemicals conference in Dubai, declining to expand on the types of companies being looked at."
'via Blog this'
UAE’s banks should be engaging with the real world | GulfNews.com
UAE’s banks should be engaging with the real world | GulfNews.com:
"When the current panic in the SME (small and medium enterprise) market dies down, when banks begin to recover somewhat from the shocks created by a tidal wave of “skips”, the worst I have seen in 22 years here, they will, hopefully, put on their thinking caps to analyse what went wrong and how it could have been avoided.
It is quite clear that a mini sub-prime crisis has been created as a result of profligate lending to undeserving clients over the past five years. If indiscriminately throwing money at sub-prime clients caused the global crisis, both corporate and individual, then exactly the same has happened in the UAE.
The same causes shine through — ambitious growth targets, post global crisis exuberance, focus on assets to drive revenues, bonuses based on revenue rather than its quality, easy lending and tolerance of inefficiencies. Yes, plenty to think about."
'via Blog this'
"When the current panic in the SME (small and medium enterprise) market dies down, when banks begin to recover somewhat from the shocks created by a tidal wave of “skips”, the worst I have seen in 22 years here, they will, hopefully, put on their thinking caps to analyse what went wrong and how it could have been avoided.
It is quite clear that a mini sub-prime crisis has been created as a result of profligate lending to undeserving clients over the past five years. If indiscriminately throwing money at sub-prime clients caused the global crisis, both corporate and individual, then exactly the same has happened in the UAE.
The same causes shine through — ambitious growth targets, post global crisis exuberance, focus on assets to drive revenues, bonuses based on revenue rather than its quality, easy lending and tolerance of inefficiencies. Yes, plenty to think about."
'via Blog this'
GE Oil and Gas eyes opportunities in Iran as it prepares to open up | GulfNews.com
GE Oil and Gas eyes opportunities in Iran as it prepares to open up | GulfNews.com:
"GE Oil & Gas sees opportunities in Iran as the country gets ready to welcome global companies after reaching a historical nuclear deal with six major world powers in July this year.
“We have been in Iran previously before the sanctions and as the sanctions get lifted, we will go back in and will provide assistance,” Lorenzo Simonelli, President & CEO of GE Oil & Gas told Gulf News in an exclusive interview.
“I see the potential from an infrastructure perspective as the sanctions get lifted. We already have some installed base-related to knowing the field and also having prior equipment there but we’ve got to wait for Iran to open up and sanctions are lifted,” he added."
'via Blog this'
"GE Oil & Gas sees opportunities in Iran as the country gets ready to welcome global companies after reaching a historical nuclear deal with six major world powers in July this year.
“We have been in Iran previously before the sanctions and as the sanctions get lifted, we will go back in and will provide assistance,” Lorenzo Simonelli, President & CEO of GE Oil & Gas told Gulf News in an exclusive interview.
“I see the potential from an infrastructure perspective as the sanctions get lifted. We already have some installed base-related to knowing the field and also having prior equipment there but we’ve got to wait for Iran to open up and sanctions are lifted,” he added."
'via Blog this'
Russia Plays Down Threat of Low-Priced Saudi Oil Sales to Europe - Bloomberg Business
Russia Plays Down Threat of Low-Priced Saudi Oil Sales to Europe - Bloomberg Business:
"
Russian officials said Saudi Arabia won’t be able to maintain the discounted crude prices offered to refiners in Eastern Europe as the nation toned down its criticism of oil shipments from the biggest OPEC producer.
Saudi Arabia has priced its oil at a six-year low for Europe after starting to ship crude to traditional Russian markets such as Poland.
The discounted crude “is a temporary situation and it won’t work for a long period,” Nikolay Tokarev, chief executive officer of Russia’s state-run oil pipeline operator, Transneft OJSC, said in an interview on Friday."
'via Blog this'
"
Russian officials said Saudi Arabia won’t be able to maintain the discounted crude prices offered to refiners in Eastern Europe as the nation toned down its criticism of oil shipments from the biggest OPEC producer.
Saudi Arabia has priced its oil at a six-year low for Europe after starting to ship crude to traditional Russian markets such as Poland.
The discounted crude “is a temporary situation and it won’t work for a long period,” Nikolay Tokarev, chief executive officer of Russia’s state-run oil pipeline operator, Transneft OJSC, said in an interview on Friday."
'via Blog this'
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