About 6,000 new homes sitting empty in Dubai amid poor property market conditions | The National:
"Nearly a third of all the homes expected to be completed in Dubai this year are sitting empty, brokers say.
Poor market conditions and construction delays have been blamed for the situation as brokers slashed their estimates for completions.
According to the property broker CBRE, about 6,000 homes in areas such as Sports City and Dubailand have been largely completed but have not yet been handed over to buyers."
'via Blog this'
Monday, 14 December 2015
Abu Dhabi firms sign energy, property deals in Beijing | The National
Abu Dhabi firms sign energy, property deals in Beijing | The National:
"Abu Dhabi companies signed a series of deals in property and energy with Chinese companies as Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, seeks to improve trade and political ties with Beijing during his three-day trip to China.
The renewable energy company Masdar will work with two Chinese companies intertwining property and renewables. It has partnered China Vanke for further green building development in Masdar City.
The sustainable eco city will have additional residential apartments, two student accommodation blocks and a 10,000 square metre office building. “This collaboration will open up new space for [China] Vanke and Chinese industry to be inspired and activated,” said Wang Shi, the chairman of China Vanke."
'via Blog this'
"Abu Dhabi companies signed a series of deals in property and energy with Chinese companies as Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, seeks to improve trade and political ties with Beijing during his three-day trip to China.
The renewable energy company Masdar will work with two Chinese companies intertwining property and renewables. It has partnered China Vanke for further green building development in Masdar City.
The sustainable eco city will have additional residential apartments, two student accommodation blocks and a 10,000 square metre office building. “This collaboration will open up new space for [China] Vanke and Chinese industry to be inspired and activated,” said Wang Shi, the chairman of China Vanke."
'via Blog this'
UAE, China launch $10b joint strategic fund | GulfNews.com
UAE, China launch $10b joint strategic fund | GulfNews.com:
"His Highness Shaikh Mohammad Bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces held official talks with Chinese President Xi Jinping on Monday to bolster strategic bilateral cooperation, and discuss regional and international issues.
During the talks, the two leaders witnessed the launch of a $10 billion UAE-China joint strategic investment fund."
'via Blog this'
"His Highness Shaikh Mohammad Bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces held official talks with Chinese President Xi Jinping on Monday to bolster strategic bilateral cooperation, and discuss regional and international issues.
During the talks, the two leaders witnessed the launch of a $10 billion UAE-China joint strategic investment fund."
'via Blog this'
Equities volatile on oil swings as Fed decision looms | Reuters
Equities volatile on oil swings as Fed decision looms | Reuters:
"Global equity markets swung between gains and losses on Monday, as volatile oil prices rebounded from multi-year lows while weakness in credit markets weighed on sentiment ahead of an expected U.S. interest rate hike later this week.
Brent crude LCOc1 settled down 0.03 percent at $37.92 after falling as low as $36.33 a barrel, its weakest since December 2008. A fall below $36.20 would take oil down to levels not seen since 2004. U.S. crude CLc1 settled up 1.9 percent at $36.31 after earlier falling as low as $34.53.
The early declines in energy weighed on commodity stocks in Europe, which turned negative after a positive start, while the S&P energy sector .SPNY reversed course and was up 0.8 percent after falling as much as 1.3 percent early in the session."
'via Blog this'
"Global equity markets swung between gains and losses on Monday, as volatile oil prices rebounded from multi-year lows while weakness in credit markets weighed on sentiment ahead of an expected U.S. interest rate hike later this week.
Brent crude LCOc1 settled down 0.03 percent at $37.92 after falling as low as $36.33 a barrel, its weakest since December 2008. A fall below $36.20 would take oil down to levels not seen since 2004. U.S. crude CLc1 settled up 1.9 percent at $36.31 after earlier falling as low as $34.53.
The early declines in energy weighed on commodity stocks in Europe, which turned negative after a positive start, while the S&P energy sector .SPNY reversed course and was up 0.8 percent after falling as much as 1.3 percent early in the session."
'via Blog this'
MIDEAST STOCKS-Oil slump deepens Saudi gloom; Gulf, Egypt mixed | Reuters
MIDEAST STOCKS-Oil slump deepens Saudi gloom; Gulf, Egypt mixed | Reuters:
"Saudi Arabia's bourse slid in the last hour of trade on Monday to end lower for a third session as crude prices extended a slump, while markets in Egypt, Qatar and the United Arab Emirates made slight rebounds following sustained declines.
Brent prices tumbled to $36.78 by 1233 GMT, dropping further towards 11-year lows.
Saudi Arabia's index fell 1.2 percent to a three-year low of 6,686 points. Selling intensified as Brent prices fell below $37, Reuters data showed."
'via Blog this'
"Saudi Arabia's bourse slid in the last hour of trade on Monday to end lower for a third session as crude prices extended a slump, while markets in Egypt, Qatar and the United Arab Emirates made slight rebounds following sustained declines.
Brent prices tumbled to $36.78 by 1233 GMT, dropping further towards 11-year lows.
Saudi Arabia's index fell 1.2 percent to a three-year low of 6,686 points. Selling intensified as Brent prices fell below $37, Reuters data showed."
'via Blog this'
Oil tumbles towards crisis-era lows - FT.com
Oil tumbles towards crisis-era lows - FT.com:
"Oil fell to a seven-year low on Monday and close to the levels hit during the financial crisis amid increased expectations of a persistent oversupply in global crude.
The renewed pressure on the oil price comes amid widespread expectations that the US Federal Reserve will on Wednesday raise rates for the first time in nearly a decade."
'via Blog this'
"Oil fell to a seven-year low on Monday and close to the levels hit during the financial crisis amid increased expectations of a persistent oversupply in global crude.
The renewed pressure on the oil price comes amid widespread expectations that the US Federal Reserve will on Wednesday raise rates for the first time in nearly a decade."
'via Blog this'
MIDEAST STOCKS-Saudi, Egypt climb slightly higher supported by bargain buyers | Reuters
MIDEAST STOCKS-Saudi, Egypt climb slightly higher supported by bargain buyers | Reuters:
"Saudi Arabia and Egypt's bourses nudged higher on Monday, bolstered by buying support from bargain traders and positive company announcements.
Saudi Arabia's index rose 1 percent to 6,830 points, recovering some of Sunday's losses which dipped the market to its lowest level since late-2012.
Almarai jumped 6 percent to 80.25 riyals after it announced a dividend distribution of 1.15 riyals per share for 2015."
'via Blog this'
"Saudi Arabia and Egypt's bourses nudged higher on Monday, bolstered by buying support from bargain traders and positive company announcements.
Saudi Arabia's index rose 1 percent to 6,830 points, recovering some of Sunday's losses which dipped the market to its lowest level since late-2012.
Almarai jumped 6 percent to 80.25 riyals after it announced a dividend distribution of 1.15 riyals per share for 2015."
'via Blog this'
A question of liquidity as UAE banks ‘creak’ amid low oil | The National
A question of liquidity as UAE banks ‘creak’ amid low oil | The National:
"In delivering a particularly candid view of the UAE financial situation, the regional investment banking head of one of the biggest banks in the world does not want to be named.
“The big issue now is liquidity. After a year of low oil prices, the banking system is creaking. It is not at 2009 levels yet, but the alarm bells are ringing,” he says.
“It could be that we are only one black swan event away from a repetition of the financial crisis back then, when Dubai was a hair’s breadth away from insolvency.”"
'via Blog this'
"In delivering a particularly candid view of the UAE financial situation, the regional investment banking head of one of the biggest banks in the world does not want to be named.
“The big issue now is liquidity. After a year of low oil prices, the banking system is creaking. It is not at 2009 levels yet, but the alarm bells are ringing,” he says.
“It could be that we are only one black swan event away from a repetition of the financial crisis back then, when Dubai was a hair’s breadth away from insolvency.”"
'via Blog this'
MIDEAST STOCKS-Blue-chips lift UAE, Qatar; Kuwait's Viva sinks on takeover offer | Reuters
MIDEAST STOCKS-Blue-chips lift UAE, Qatar; Kuwait's Viva sinks on takeover offer | Reuters:
"Blue-chip stocks helped Gulf markets rebound in early trade on Monday as some buyers returned following sustained declines.
Dubai's bourse rose 0.5 percent with 13 of the 14 traded stocks making gains. The index had slumped to a two-year low a day earlier.
Drake and Scull and Arabtec, climbed 1.3 and 1.7 percent respectively."
'via Blog this'
"Blue-chip stocks helped Gulf markets rebound in early trade on Monday as some buyers returned following sustained declines.
Dubai's bourse rose 0.5 percent with 13 of the 14 traded stocks making gains. The index had slumped to a two-year low a day earlier.
Drake and Scull and Arabtec, climbed 1.3 and 1.7 percent respectively."
'via Blog this'
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