UAE hotel sector performance to be lower in 2016 | GulfNews.com:
"The performance of the UAE’s hotel sector is likely to weaken year-on-year in 2016 as new hotel room supply and macroeconomic factors put pressure on room rates and occupancy, according to industry experts.
The hotel sector in Dubai has seen declining rates and occupancy this year because of factors including growing supply, the weakening of the rouble and euro against the strong US dollar to which the UAE dirham is pegged, and lower oil prices, which have made a holiday in the UAE more expensive for some travellers from Russia and Europe.
Rashid Aboobacker, associate director at TRI Consulting in Dubai, said that hotels in the capital saw growth in performance indicators, such as occupancy and room rates, this year compared to 2014."
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Tuesday, 29 December 2015
Gulf economies embark on reforms as oil prices plunge | GulfNews.com
Gulf economies embark on reforms as oil prices plunge | GulfNews.com:
"Gulf countries are undertaking reforms to cut subsidies and increase fuel prices as oil hovers near eleven year lows on abundant supply and slowing demand.
Bahrain will be increasing fuel prices starting from Friday, according to Bahrain News Agency. They haven’t mentioned how much the increase would be but said the new move would contribute to providing financial savings and rationalising energy consumption.
Bahrain becomes the third country in the Gulf region to bring in reforms in the energy sector after UAE and Saudi Arabia."
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"Gulf countries are undertaking reforms to cut subsidies and increase fuel prices as oil hovers near eleven year lows on abundant supply and slowing demand.
Bahrain will be increasing fuel prices starting from Friday, according to Bahrain News Agency. They haven’t mentioned how much the increase would be but said the new move would contribute to providing financial savings and rationalising energy consumption.
Bahrain becomes the third country in the Gulf region to bring in reforms in the energy sector after UAE and Saudi Arabia."
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Oil ends up 3 percent on cold; glut worry persists longer term | Reuters
Oil ends up 3 percent on cold; glut worry persists longer term | Reuters:
"Oil jumped more than $1 a barrel on Tuesday as colder weather prompted buying a day after prices slid 3 percent, but slowing global demand and abundant supplies from OPEC members will continue to pressure the market, traders said.
Global oil benchmark Brent and U.S. crude's West Texas Intermediate (WTI) futures rose about 3 percent or more, after weather forecasts showed the United States may get some cold winter temperatures following an unusually balmy autumn.
Expectations of a drawdown last week in U.S. crude inventories also fed the rally. A Reuters poll suggested that stockpiles fell 2.5 million barrels last week ahead of inventory reports from the American Petroleum Institute on Tuesday and the government-run Energy Information Administration on Wednesday. [EIA/S]"
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"Oil jumped more than $1 a barrel on Tuesday as colder weather prompted buying a day after prices slid 3 percent, but slowing global demand and abundant supplies from OPEC members will continue to pressure the market, traders said.
Global oil benchmark Brent and U.S. crude's West Texas Intermediate (WTI) futures rose about 3 percent or more, after weather forecasts showed the United States may get some cold winter temperatures following an unusually balmy autumn.
Expectations of a drawdown last week in U.S. crude inventories also fed the rally. A Reuters poll suggested that stockpiles fell 2.5 million barrels last week ahead of inventory reports from the American Petroleum Institute on Tuesday and the government-run Energy Information Administration on Wednesday. [EIA/S]"
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MIDEAST STOCKS-Saudi shares fall but ends off lows as budget introduces austerity | Reuters
MIDEAST STOCKS-Saudi shares fall but ends off lows as budget introduces austerity | Reuters:
"Saudi Arabia's stock index fell but closed well off its lows on Tuesday after the 2016 state budget introduced spending cuts, rises in fuel, natural gas feedstock and electricity prices, and tax hikes. Other markets in the region were mixed.
Analysts welcomed the budget as showing the government's willingness to adopt difficult reforms to address a huge deficit caused by low oil prices. As such, it could help to sustain confidence in the riyal's peg to the U.S. dollar.
"It is a step in the right direction, as these steps will not bring the budget into balance again but do help to improve the fiscal sustainability of the country and its ability to withstand low oil prices now and in the future," said Jaap Meijer, managing director for equity research at Arqaam Capital in Dubai."
'via Blog this'
"Saudi Arabia's stock index fell but closed well off its lows on Tuesday after the 2016 state budget introduced spending cuts, rises in fuel, natural gas feedstock and electricity prices, and tax hikes. Other markets in the region were mixed.
Analysts welcomed the budget as showing the government's willingness to adopt difficult reforms to address a huge deficit caused by low oil prices. As such, it could help to sustain confidence in the riyal's peg to the U.S. dollar.
"It is a step in the right direction, as these steps will not bring the budget into balance again but do help to improve the fiscal sustainability of the country and its ability to withstand low oil prices now and in the future," said Jaap Meijer, managing director for equity research at Arqaam Capital in Dubai."
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Saudi budget prioritizes citizens with education, development funds - Al Arabiya News
Saudi budget prioritizes citizens with education, development funds - Al Arabiya News:
"Saudi Arabia unveiled on Monday its general budget for the fiscal year 2016 with total revenues estimated at SR513.8 billion ($136.9 billion), expenditures budgeted at SR840 billion and fiscal shortfall projected at SR326.2 billion.
Education and training received the highest allocation of SR191.659 billion, followed by health and social development with an allocation of SR104.864 billion. Other allocations included municipality services (SR21.246 billion), military and security services (SR213.367 billion), infrastructure and transportation (SR23.903 billion), economic resources (SR78.121 billion), public administration (SR23.840 billion), and budget support provision (SR183 billion).
Due to the recent excessive volatility of oil prices and to address potentially declining revenues, a budget support provision of SR183 billion has been established to offer increased flexibility to redirect capital expenditures and operating expenditures on both ongoing and new projects according to national developmental priorities and to meet any emerging expenditure needs in line with mechanisms and procedures of relevant royal decrees, said the Finance Ministry in a press release."
'via Blog this'
"Saudi Arabia unveiled on Monday its general budget for the fiscal year 2016 with total revenues estimated at SR513.8 billion ($136.9 billion), expenditures budgeted at SR840 billion and fiscal shortfall projected at SR326.2 billion.
Education and training received the highest allocation of SR191.659 billion, followed by health and social development with an allocation of SR104.864 billion. Other allocations included municipality services (SR21.246 billion), military and security services (SR213.367 billion), infrastructure and transportation (SR23.903 billion), economic resources (SR78.121 billion), public administration (SR23.840 billion), and budget support provision (SR183 billion).
Due to the recent excessive volatility of oil prices and to address potentially declining revenues, a budget support provision of SR183 billion has been established to offer increased flexibility to redirect capital expenditures and operating expenditures on both ongoing and new projects according to national developmental priorities and to meet any emerging expenditure needs in line with mechanisms and procedures of relevant royal decrees, said the Finance Ministry in a press release."
'via Blog this'
Shale's Running Out of Survival Tricks as OPEC Ramps Up Pressure - Bloomberg Business
Shale's Running Out of Survival Tricks as OPEC Ramps Up Pressure - Bloomberg Business:
"In 2015, the fracking outfits that dot America’s oil-rich plains threw everything they had at $50-a-barrel crude. To cope with the 50 percent price plunge, they laid off thousands of roughnecks, focused their rigs on the biggest gushers only and used cutting-edge technology to squeeze all the oil they could out of every well. Those efforts, to the surprise of many observers, largely succeeded. As of this month, U.S. oil output remained within 4 percent of a 43-year high.
The problem? Oil’s no longer at $50. It now trades near $35.
For an industry that already was pushing its cost-cutting efforts to the limits, the new declines are a devastating blow. These drillers are “not set up to survive oil in the $30s,” said R.T. Dukes, a senior upstream analyst for Wood Mackenzie Ltd. in Houston."
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"In 2015, the fracking outfits that dot America’s oil-rich plains threw everything they had at $50-a-barrel crude. To cope with the 50 percent price plunge, they laid off thousands of roughnecks, focused their rigs on the biggest gushers only and used cutting-edge technology to squeeze all the oil they could out of every well. Those efforts, to the surprise of many observers, largely succeeded. As of this month, U.S. oil output remained within 4 percent of a 43-year high.
The problem? Oil’s no longer at $50. It now trades near $35.
For an industry that already was pushing its cost-cutting efforts to the limits, the new declines are a devastating blow. These drillers are “not set up to survive oil in the $30s,” said R.T. Dukes, a senior upstream analyst for Wood Mackenzie Ltd. in Houston."
'via Blog this'
GCC stocks plunge after Saudi budget announcement | GulfNews.com
GCC stocks plunge after Saudi budget announcement | GulfNews.com:
"The GCC equity markets fell in early trade on Tuesday, with Saudi Arabia’s benchmark index leading the losses as it plunged 3.23 per cent to reach 6,766.56 following the announcement on the Saudi government’s budget deficits.
Meanwhile, the Dubai Financial Market (DFM) index fell 0.78 per cent to reach 3,095, with the index reaching a low of 3,078 just an hour after trade opened. Also in the UAE, Abu Dhabi’s benchmark index fell 0.63 per cent to reach 4,225.24.
Elsewhere in the GCC, markets were also in the red as Bahrain Bourse’s index slid 0.42 per cent to reach 1,199.34, and Qatar’s QE index dropped 1.16 per cent to reach 10,277.42.
"
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"The GCC equity markets fell in early trade on Tuesday, with Saudi Arabia’s benchmark index leading the losses as it plunged 3.23 per cent to reach 6,766.56 following the announcement on the Saudi government’s budget deficits.
Meanwhile, the Dubai Financial Market (DFM) index fell 0.78 per cent to reach 3,095, with the index reaching a low of 3,078 just an hour after trade opened. Also in the UAE, Abu Dhabi’s benchmark index fell 0.63 per cent to reach 4,225.24.
Elsewhere in the GCC, markets were also in the red as Bahrain Bourse’s index slid 0.42 per cent to reach 1,199.34, and Qatar’s QE index dropped 1.16 per cent to reach 10,277.42.
"
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MIDEAST STOCKS-UAE, Qatar move little in early trade | Reuters
MIDEAST STOCKS-UAE, Qatar move little in early trade | Reuters:
"Stock markets in the United Arab Emirates barely moved in early trade on Tuesday with volumes thinned by the absence of many foreign investors due to year-end holidays.
Dubai's index edged down 0.7 percent in a broad-based decline although Gulf Navigation bucked the trend, climbing 1.3 percent.
The Abu Dhabi index inched up 0.01 percent as National Bank of Fujairah, which rarely trades, jumped 14.9 percent in unusually heavy volume."
'via Blog this'
"Stock markets in the United Arab Emirates barely moved in early trade on Tuesday with volumes thinned by the absence of many foreign investors due to year-end holidays.
Dubai's index edged down 0.7 percent in a broad-based decline although Gulf Navigation bucked the trend, climbing 1.3 percent.
The Abu Dhabi index inched up 0.01 percent as National Bank of Fujairah, which rarely trades, jumped 14.9 percent in unusually heavy volume."
'via Blog this'
Iran Adding to Global Oil Glut Dims Hopes for Recovery Next Year - Bloomberg Business
Iran Adding to Global Oil Glut Dims Hopes for Recovery Next Year - Bloomberg Business:
"Investors are losing faith in an oil-price recovery next year as Iran prepares to add more crude to a global glut. That’s good news for American drivers who have enjoyed the lowest gasoline prices in six years.
Hedge funds reduced bets on rising prices to a three-month low and kept bearish wagers near a record high in the week ended Dec. 22, data from the U.S. Commodity Futures Trading Commission show. "
'via Blog this'
"Investors are losing faith in an oil-price recovery next year as Iran prepares to add more crude to a global glut. That’s good news for American drivers who have enjoyed the lowest gasoline prices in six years.
Hedge funds reduced bets on rising prices to a three-month low and kept bearish wagers near a record high in the week ended Dec. 22, data from the U.S. Commodity Futures Trading Commission show. "
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