UAE Minister of Economy pares growth estimate for 2015 | The National:
"Sultan Al Mansouri, the Minister of Economy, said on Wednesday that government expectations for growth in the UAE in 2015 have fallen to 3 per cent.
That is a significant cut to the government’s outlook, as the impact of the falling oil price, and a worsening global outlook, is recorded in official data.
Speaking to a student delegation from the National Defence College, the minister on Wednesday gave “a comprehensive overview of the national economy”."
'via Blog this'
Wednesday, 13 January 2016
Abraaj buys majority stake in Indian healthcare provider | The National
Abraaj buys majority stake in Indian healthcare provider | The National:
"Dubai-based Abraaj Group has agreed to buy a majority stake in the Indian healthcare provider Care, as it aims to tap India’s burgeoning multibillion dollar industry.
Care, which is based in Hyderabad, is the fifth largest healthcare provider in India, with 16 hospitals in nine cities.
India’s spending on health care is rapidly increasing and more facilities are much needed."
'via Blog this'
"Dubai-based Abraaj Group has agreed to buy a majority stake in the Indian healthcare provider Care, as it aims to tap India’s burgeoning multibillion dollar industry.
Care, which is based in Hyderabad, is the fifth largest healthcare provider in India, with 16 hospitals in nine cities.
India’s spending on health care is rapidly increasing and more facilities are much needed."
'via Blog this'
Energy experts expect oil prices to average $40 per barrel in 2016 | GulfNews.com
Energy experts expect oil prices to average $40 per barrel in 2016 | GulfNews.com:
"The price of oil this year will most likely average $40 per barrel in 2016, according to energy industry experts polled during a recent survey in the UAE.
At the 7th UAE Energy Forum on Tuesday, Gulf Intelligence asked 250 participants, including government officials, heads of oil and gas companies and analysts about where they think crude prices are headed this year.
More than half (51 per cent) of the respondents said they expect oil prices to average $40 per barrel, while nearly one-third said the price would stick to $30 per barrel."
'via Blog this'
"The price of oil this year will most likely average $40 per barrel in 2016, according to energy industry experts polled during a recent survey in the UAE.
At the 7th UAE Energy Forum on Tuesday, Gulf Intelligence asked 250 participants, including government officials, heads of oil and gas companies and analysts about where they think crude prices are headed this year.
More than half (51 per cent) of the respondents said they expect oil prices to average $40 per barrel, while nearly one-third said the price would stick to $30 per barrel."
'via Blog this'
Crude retreats, hovers near 12-year lows as U.S. oil inventories soar | Reuters
Crude retreats, hovers near 12-year lows as U.S. oil inventories soar | Reuters:
"Brent oil prices fell on Wednesday and U.S. crude pared gains after a massive build in U.S. gasoline and diesel inventories fed into bearish sentiment about stagnating demand amid the supply glut that has brought oil prices close to 12-year lows.
Both contracts saw intra-day highs of more than $1 above Tuesday's closing price on upbeat Chinese economic data earlier in the session.
By 12:35 p.m. EST (1735 GMT), Brent crude was down 32 cents at $30.54 a barrel, while U.S. West Texas Intermediate crude (WTI) was up 11 cents at $30.55."
'via Blog this'
"Brent oil prices fell on Wednesday and U.S. crude pared gains after a massive build in U.S. gasoline and diesel inventories fed into bearish sentiment about stagnating demand amid the supply glut that has brought oil prices close to 12-year lows.
Both contracts saw intra-day highs of more than $1 above Tuesday's closing price on upbeat Chinese economic data earlier in the session.
By 12:35 p.m. EST (1735 GMT), Brent crude was down 32 cents at $30.54 a barrel, while U.S. West Texas Intermediate crude (WTI) was up 11 cents at $30.55."
'via Blog this'
Iran expects IAEA nuclear report on Friday, minister says | Reuters
Iran expects IAEA nuclear report on Friday, minister says | Reuters:
"Iran expects the International Atomic Energy Agency to issue a "final" report on Friday confirming the Islamic republic has met all its obligations under its nuclear deal with world powers, an Iranian minister was quoted as saying on Wednesday.
Under the terms of the agreement, known as the JCPOA, international sanctions against Iran will be lifted once the IAEA, the Vienna-based U.N. nuclear watchdog, confirms Iran has restricted its nuclear program.
"The IAEA will issue its final report on Friday to confirm Iran has met its commitments under the JCPOA," Deputy Foreign Minister Abbas Araqchi said, according to the Fars news agency."
'via Blog this'
"Iran expects the International Atomic Energy Agency to issue a "final" report on Friday confirming the Islamic republic has met all its obligations under its nuclear deal with world powers, an Iranian minister was quoted as saying on Wednesday.
Under the terms of the agreement, known as the JCPOA, international sanctions against Iran will be lifted once the IAEA, the Vienna-based U.N. nuclear watchdog, confirms Iran has restricted its nuclear program.
"The IAEA will issue its final report on Friday to confirm Iran has met its commitments under the JCPOA," Deputy Foreign Minister Abbas Araqchi said, according to the Fars news agency."
'via Blog this'
Abu Dhabi's Masdar to Double Solar, Wind Power in Middle East - Bloomberg Business
Abu Dhabi's Masdar to Double Solar, Wind Power in Middle East - Bloomberg Business:
"Abu Dhabi’s state-owned Masdar plans to invest in renewable energy projects from the U.A.E. to Morocco to double its power generation capacity from solar and wind plants within a decade to meet rising demand in the region, Chief Executive Officer Ahmad Belhoul said.
Masdar plans to bid for power projects in Jordan after starting a 117 megawatt wind farm in the kingdom last year, Belhoul said in a telephone interview from Abu Dhabi. The company is working on projects to mount solar panels on 17,700 homes in Morocco and wants to develop wind and solar plants there, he said. It’s also pursuing solar developments in Abu Dhabi and neighboring Dubai as well as in Egypt, he said.
“We’re looking at demand in the Middle East and North Africa region doubling by 2030,” he said. “It makes sense for us to at least double our portfolio over the next 10 years.”"
'via Blog this'
"Abu Dhabi’s state-owned Masdar plans to invest in renewable energy projects from the U.A.E. to Morocco to double its power generation capacity from solar and wind plants within a decade to meet rising demand in the region, Chief Executive Officer Ahmad Belhoul said.
Masdar plans to bid for power projects in Jordan after starting a 117 megawatt wind farm in the kingdom last year, Belhoul said in a telephone interview from Abu Dhabi. The company is working on projects to mount solar panels on 17,700 homes in Morocco and wants to develop wind and solar plants there, he said. It’s also pursuing solar developments in Abu Dhabi and neighboring Dubai as well as in Egypt, he said.
“We’re looking at demand in the Middle East and North Africa region doubling by 2030,” he said. “It makes sense for us to at least double our portfolio over the next 10 years.”"
'via Blog this'
MIDEAST STOCKS-Egypt hits 25-mth low as foreign traders exit; other mkts weak | Reuters
MIDEAST STOCKS-Egypt hits 25-mth low as foreign traders exit; other mkts weak | Reuters:
"Egypt's index made its largest decline in two months to slump to a 25-month low on Wednesday as foreign funds sold stocks, while most Middle East bourses also fell after giving back early-session gains.
Cairo's benchmark dropped 4.0 percent to 6,205 points with all 29 traded stocks down more than 1 percent.
The index is down 11.4 percent this year and its close was its lowest since late 2013."
'via Blog this'
"Egypt's index made its largest decline in two months to slump to a 25-month low on Wednesday as foreign funds sold stocks, while most Middle East bourses also fell after giving back early-session gains.
Cairo's benchmark dropped 4.0 percent to 6,205 points with all 29 traded stocks down more than 1 percent.
The index is down 11.4 percent this year and its close was its lowest since late 2013."
'via Blog this'
The Woman Shaping Iran’s Oil Future - Bloomberg Business
The Woman Shaping Iran’s Oil Future - Bloomberg Business:
"At Monsoon, a bistro in Tehran that serves sushi, Szechwan beef, and Gouda and calamari on whole wheat toast, the fusion cuisine is an act of defiance. So are the women’s fashions—tight robes, exposed calves, headscarves that barely conceal blond and henna-colored hairstyles. The restaurant, with its rough concrete walls, red countertops, and statues of Hindu and Buddhist goddesses, looks more Manhattan than Islamic Republic. Seated at a corner table is Elham Hassanzadeh, almost 6 feet tall, with dark eyes, thick eyebrows, and lush brown hair that overflows her hijab. Her dining companions are the middle-aged bosses of two large Iranian engineering and construction companies.
Raised in a pistachio-farming family in tradition-minded southern Iran, Hassanzadeh, 31, earned her law degree and Ph.D. in the U.K. on scholarships. She literally wrote the book on Iran’s natural gas industry since the 1979 Islamic revolution—it was published last year by Oxford University Press. She has returned to Iran to head a consulting firm, Energy Pioneers, based in Tehran and London, that’s at the vanguard of Iran’s all-out push to lure back foreign investors after the expected lifting of sanctions in coming months. Iran is counting on Western technology and hoping to raise $100 billion in overseas financing to double its oil and gas production in the next five years. Hassanzadeh is building a business by parlaying a deep knowledge of Iran’s energy resources, close ties to government technocrats and industry leaders in Tehran, and high-level contacts at major oil companies, law firms, and investment houses in the West.
Her clients are impatient. “Foreign companies should open offices in Tehran immediately and buy shares in local companies who can be their agents and help with management,” says one of Hassanzadeh’s dinner companions, B.M. Hazrati. He’s the managing director of Arsa International Construction and head of a contractors’ trade group. “Unfortunately, they’re still looking at us like it’s 15 years ago.”"
'via Blog this'
"At Monsoon, a bistro in Tehran that serves sushi, Szechwan beef, and Gouda and calamari on whole wheat toast, the fusion cuisine is an act of defiance. So are the women’s fashions—tight robes, exposed calves, headscarves that barely conceal blond and henna-colored hairstyles. The restaurant, with its rough concrete walls, red countertops, and statues of Hindu and Buddhist goddesses, looks more Manhattan than Islamic Republic. Seated at a corner table is Elham Hassanzadeh, almost 6 feet tall, with dark eyes, thick eyebrows, and lush brown hair that overflows her hijab. Her dining companions are the middle-aged bosses of two large Iranian engineering and construction companies.
Raised in a pistachio-farming family in tradition-minded southern Iran, Hassanzadeh, 31, earned her law degree and Ph.D. in the U.K. on scholarships. She literally wrote the book on Iran’s natural gas industry since the 1979 Islamic revolution—it was published last year by Oxford University Press. She has returned to Iran to head a consulting firm, Energy Pioneers, based in Tehran and London, that’s at the vanguard of Iran’s all-out push to lure back foreign investors after the expected lifting of sanctions in coming months. Iran is counting on Western technology and hoping to raise $100 billion in overseas financing to double its oil and gas production in the next five years. Hassanzadeh is building a business by parlaying a deep knowledge of Iran’s energy resources, close ties to government technocrats and industry leaders in Tehran, and high-level contacts at major oil companies, law firms, and investment houses in the West.
Her clients are impatient. “Foreign companies should open offices in Tehran immediately and buy shares in local companies who can be their agents and help with management,” says one of Hassanzadeh’s dinner companions, B.M. Hazrati. He’s the managing director of Arsa International Construction and head of a contractors’ trade group. “Unfortunately, they’re still looking at us like it’s 15 years ago.”"
'via Blog this'
Bahrain and Oman raise fuel prices to boost coffers - FT.com
Bahrain and Oman raise fuel prices to boost coffers - FT.com:
"Bahrain and Oman have increased fuel prices significantly as the Gulf states struggle to rein in budget deficits and ease pressure on government coffers ravaged by the decline in oil prices.
The two poorer members of the six-strong Gulf Co-operation Council followed the example of the United Arab Emirates and Saudi Arabia in cutting subsidies and spending while looking at ways to boost non-oil revenues.
Bahrain, which last year ended state subsidies on meat, announced that regular petrol would rise on Tuesday by 56.3 per cent to 0.125 Bahraini dinars (33 US cents) per litre and premium petrol would increase by 60 per cent to BD 0.160."
'via Blog this'
"Bahrain and Oman have increased fuel prices significantly as the Gulf states struggle to rein in budget deficits and ease pressure on government coffers ravaged by the decline in oil prices.
The two poorer members of the six-strong Gulf Co-operation Council followed the example of the United Arab Emirates and Saudi Arabia in cutting subsidies and spending while looking at ways to boost non-oil revenues.
Bahrain, which last year ended state subsidies on meat, announced that regular petrol would rise on Tuesday by 56.3 per cent to 0.125 Bahraini dinars (33 US cents) per litre and premium petrol would increase by 60 per cent to BD 0.160."
'via Blog this'
Saudi market regulator approves REIT listing rules | Reuters
Saudi market regulator approves REIT listing rules | Reuters:
"Saudi Arabia's market regulator said it had approved rules governing the listing of real estate investment trusts (REITs), funds which could open the door to greater foreign investment in the kingdom's building sector.
The Capital Market Authority (CMA) said it would only accept property appraisals by members of the Saudi Authority for Accredited Valuers (Taqeem), which is launching a licensing system for real estate valuation in the kingdom.
The trusts are securities which trade on stock markets but invest directly in properties and distribute profits as dividends."
'via Blog this'
"Saudi Arabia's market regulator said it had approved rules governing the listing of real estate investment trusts (REITs), funds which could open the door to greater foreign investment in the kingdom's building sector.
The Capital Market Authority (CMA) said it would only accept property appraisals by members of the Saudi Authority for Accredited Valuers (Taqeem), which is launching a licensing system for real estate valuation in the kingdom.
The trusts are securities which trade on stock markets but invest directly in properties and distribute profits as dividends."
'via Blog this'
Middle East's Dangerous Mix of Oil and Politics - Bloomberg Business
Middle East's Dangerous Mix of Oil and Politics - Bloomberg Business:
"Alberto Gallo, head of macro credit research at RBS, discusses the dangerous mix of oil and politics in the Middle East as oil prices continue to move lower. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"
'via Blog this'
"Alberto Gallo, head of macro credit research at RBS, discusses the dangerous mix of oil and politics in the Middle East as oil prices continue to move lower. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)"
'via Blog this'
Abu Dhabi wealth fund Adia appoints Dodge as private equities head | The National
Abu Dhabi wealth fund Adia appoints Dodge as private equities head | The National:
"Sovereign wealth fund Abu Dhabi Investment Authority (Adia) has appointed Sherwood Dodge as its global head of private equities effective immediately, it said in a statement on Wednesday.
Mr Dodge will shape the fund’s strategy in private equity, oversee the department and make investment recommendations to Adia’s investment committee.
He reports to Hamad Al Dhaheri, executive director of Adia’s private equities department.
"
'via Blog this'
"Sovereign wealth fund Abu Dhabi Investment Authority (Adia) has appointed Sherwood Dodge as its global head of private equities effective immediately, it said in a statement on Wednesday.
Mr Dodge will shape the fund’s strategy in private equity, oversee the department and make investment recommendations to Adia’s investment committee.
He reports to Hamad Al Dhaheri, executive director of Adia’s private equities department.
"
'via Blog this'
Oil rises for first time in eight days as China imports hit record | Reuters
Oil rises for first time in eight days as China imports hit record | Reuters:
"Crude futures rose on Wednesday for the first time in eight days, with U.S. oil pulling further away from the widely watched $30-per-barrel level breached the previous session, as Chinese data showed record imports in December.
U.S. West Texas Intermediate crude (WTI) CLc1 was up 26 cents at $30.70 a barrel at 0608 GMT. On Tuesday, it fell 97 cents to close at $30.44 a barrel, after touching a low of $29.93, which was last seen in December 2003.
Brent crude LCOc1, the global benchmark, was up 20 cents at $31.06 a barrel. The contract fell 69 cents to settle at $30.86, after bottoming at $30.34, on Tuesday."
'via Blog this'
"Crude futures rose on Wednesday for the first time in eight days, with U.S. oil pulling further away from the widely watched $30-per-barrel level breached the previous session, as Chinese data showed record imports in December.
U.S. West Texas Intermediate crude (WTI) CLc1 was up 26 cents at $30.70 a barrel at 0608 GMT. On Tuesday, it fell 97 cents to close at $30.44 a barrel, after touching a low of $29.93, which was last seen in December 2003.
Brent crude LCOc1, the global benchmark, was up 20 cents at $31.06 a barrel. The contract fell 69 cents to settle at $30.86, after bottoming at $30.34, on Tuesday."
'via Blog this'
MIDEAST STOCKS-Petrochemicals lift Saudi as oil rebounds; Egypt up | Reuters
MIDEAST STOCKS-Petrochemicals lift Saudi as oil rebounds; Egypt up | Reuters:
"Saudi Arabia and Egypt's stock markets climbed in early trade on Wednesday as petrochemical stocks supported Riyadh's bourse following a slight rebound in oil prices and some buyers returned to Cairo.
Brent oil, the crude benchmark that most shapes Gulf investor sentiment, bounced back from near $30 a barrel to trade at $31.53 at 0903 GMT.
Saudi Arabia's index advanced 0.9 percent to 6,124 points in first 10 minutes of trade but lost some steam and fell to a low of 6,058 before bouncing back. The bourse was up 0.7 percent as of 0908 GMT, pulling away from Tuesday's four-year low."
'via Blog this'
"Saudi Arabia and Egypt's stock markets climbed in early trade on Wednesday as petrochemical stocks supported Riyadh's bourse following a slight rebound in oil prices and some buyers returned to Cairo.
Brent oil, the crude benchmark that most shapes Gulf investor sentiment, bounced back from near $30 a barrel to trade at $31.53 at 0903 GMT.
Saudi Arabia's index advanced 0.9 percent to 6,124 points in first 10 minutes of trade but lost some steam and fell to a low of 6,058 before bouncing back. The bourse was up 0.7 percent as of 0908 GMT, pulling away from Tuesday's four-year low."
'via Blog this'
MIDEAST STOCKS-Gulf bourses near-flat as oil, Asian mkts steady | Reuters
MIDEAST STOCKS-Gulf bourses near-flat as oil, Asian mkts steady | Reuters:
"Gulf stock markets were near-flat in early trade on Wednesday as oil prices steadied and Asian markets advanced.
Brent oil, the crude benchmark that most shapes Gulf investor sentiment, bounced back from near $30 a barrel to trade at $31.10 at 0703 GMT.
Dubai's benchmark was 0.06 percent higher as of 0705 GMT. It had been up as much as 1.2 percent in early trade, but that rise sparked some selling as day traders booked quick profits, indicating little confidence in a sustained rebound."
'via Blog this'
"Gulf stock markets were near-flat in early trade on Wednesday as oil prices steadied and Asian markets advanced.
Brent oil, the crude benchmark that most shapes Gulf investor sentiment, bounced back from near $30 a barrel to trade at $31.10 at 0703 GMT.
Dubai's benchmark was 0.06 percent higher as of 0705 GMT. It had been up as much as 1.2 percent in early trade, but that rise sparked some selling as day traders booked quick profits, indicating little confidence in a sustained rebound."
'via Blog this'
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