Dubai hotel revenues drop 6% on few tourists, cheap oil | GulfNews.com:
"Business isn’t looking very good for many hotels in Dubai and Abu Dhabi.
A new benchmark study released by global accountancy firm Ernst & Young (EY) on Wednesday showed that premium and budget hotels across the UAE recorded a slowdown in revenues during the last three months of 2015.
The decline has been attributed to the fall in the influx of holidaymakers from key markets, coupled with less liquidity, low oil prices, currency fluctuations and uncertain macroeconomic conditions."
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Wednesday 24 February 2016
It’s official: VAT will arrive in the UAE by 2018 | The National
It’s official: VAT will arrive in the UAE by 2018 | The National:
"Value added tax will be introduced to the UAE from 2018 at a rate of 5 per cent, while studies into a possible corporation tax are also under way.
Obaid Humaid Al Tayer, the Minister of State for Financial Affairs, said that the government was in the initial stages of examining the social and economic impact of such a tax as well as how it might affect competitiveness.
He made the disclosure at a press conference with Christine Lagarde, the IMF’s managing director, in Dubai. He said: “There is no time frame for implementing this tax and no law or draft law has been stipulated.”"
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"Value added tax will be introduced to the UAE from 2018 at a rate of 5 per cent, while studies into a possible corporation tax are also under way.
Obaid Humaid Al Tayer, the Minister of State for Financial Affairs, said that the government was in the initial stages of examining the social and economic impact of such a tax as well as how it might affect competitiveness.
He made the disclosure at a press conference with Christine Lagarde, the IMF’s managing director, in Dubai. He said: “There is no time frame for implementing this tax and no law or draft law has been stipulated.”"
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Saudi Arabia refuses to cut oil output as ‘no trust’, Iran says freeze is ‘ridiculous’ | The National
Saudi Arabia refuses to cut oil output as ‘no trust’, Iran says freeze is ‘ridiculous’ | The National:
"Saudi Arabia said it won’t cut oil production because it doesn’t trust other countries to join in, insisting instead that high-cost producers ought to bear the burden of reducing the current surplus.
“We are not banking on cuts because” there is “less than trust” that “countries are going to deliver even if they promise,” Saudi oil minister Ali Al-Naimi said in Houston Tuesday. The market will eventually rebalance because high-cost producers will have to “lower costs, borrow or liquidate” to cope with the slump in oil prices, Al-Naimi said, adding that he doesn’t know when the current price rout will end.
“It may sound harsh, and unfortunately it is, but it is the most efficient way to rebalance markets,” Al-Naimi told the IHS CERAWeek conference, an annual gathering of the North American oil industry. “Cutting low cost production to subsidise higher cost supplies only delays an inevitable reckoning.”"
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"Saudi Arabia said it won’t cut oil production because it doesn’t trust other countries to join in, insisting instead that high-cost producers ought to bear the burden of reducing the current surplus.
“We are not banking on cuts because” there is “less than trust” that “countries are going to deliver even if they promise,” Saudi oil minister Ali Al-Naimi said in Houston Tuesday. The market will eventually rebalance because high-cost producers will have to “lower costs, borrow or liquidate” to cope with the slump in oil prices, Al-Naimi said, adding that he doesn’t know when the current price rout will end.
“It may sound harsh, and unfortunately it is, but it is the most efficient way to rebalance markets,” Al-Naimi told the IHS CERAWeek conference, an annual gathering of the North American oil industry. “Cutting low cost production to subsidise higher cost supplies only delays an inevitable reckoning.”"
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MIDEAST STOCKS-Oil's retreat halts Gulf equity rally | Reuters
MIDEAST STOCKS-Oil's retreat halts Gulf equity rally | Reuters:
"Most Middle Eastern stock markets fell on Wednesday after oil prices pulled back sharply, interrupting a rally that had been built to a large extent on hopes that crude had bottomed out.
As Brent crude fell back below $33 a barrel, the Saudi stock index dropped 1.3 percent to 5,942 points, retreating from close to technical resistance at the February and January peaks of 6,056-6,098 points.
The petrochemical sector led the market down with Saudi Basic Industries losing 2.1 percent. Second-tier speculative stocks also tumbled. Saudi Paper, which had jumped 8.1 percent in unusually heavy trade on Tuesday, tumbled 8.1 percent on Wednesday."
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"Most Middle Eastern stock markets fell on Wednesday after oil prices pulled back sharply, interrupting a rally that had been built to a large extent on hopes that crude had bottomed out.
As Brent crude fell back below $33 a barrel, the Saudi stock index dropped 1.3 percent to 5,942 points, retreating from close to technical resistance at the February and January peaks of 6,056-6,098 points.
The petrochemical sector led the market down with Saudi Basic Industries losing 2.1 percent. Second-tier speculative stocks also tumbled. Saudi Paper, which had jumped 8.1 percent in unusually heavy trade on Tuesday, tumbled 8.1 percent on Wednesday."
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MIDEAST STOCKS-Saudi weighed down by petrochemical sector, Egypt sags | Reuters
MIDEAST STOCKS-Saudi weighed down by petrochemical sector, Egypt sags | Reuters:
"The petrochemical sector was the main drag on Riyadh's stock index in early trade on Wednesday after oil extended its decline, while Egypt's benchmark retreated as investors' mood soured.
The Riyadh index was down 1.2 percent in the first hour as Saudi Basic Industries, the largest listed petrochemical stock, shed 2.4 percent. Brent oil futures were trading below $33 a barrel.
The Saudi retail sub-sector index fell 1.1 percent with Al Othaim Markets, a supermarket chain, down 0.9 percent although the board recommended a cash dividend of 2.00 riyals per share for 2015, up from 2014 and above NCB Capital's forecast of 1.75 riyals."
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"The petrochemical sector was the main drag on Riyadh's stock index in early trade on Wednesday after oil extended its decline, while Egypt's benchmark retreated as investors' mood soured.
The Riyadh index was down 1.2 percent in the first hour as Saudi Basic Industries, the largest listed petrochemical stock, shed 2.4 percent. Brent oil futures were trading below $33 a barrel.
The Saudi retail sub-sector index fell 1.1 percent with Al Othaim Markets, a supermarket chain, down 0.9 percent although the board recommended a cash dividend of 2.00 riyals per share for 2015, up from 2014 and above NCB Capital's forecast of 1.75 riyals."
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MIDEAST STOCKS-Declines in oil prices weigh on UAE, Qatar stocks | Reuters
MIDEAST STOCKS-Declines in oil prices weigh on UAE, Qatar stocks | Reuters:
"Steep declines in oil prices have dampened investor sentiment, sending stock markets in the United Arab Emirates and Qatar lower in early trade on Wednesday.
Dubai's index fell 1.0 percent to 3,160 points in the first hour as investors booked profits close to chart resistance at the late December peak of 3,189 points.
Emirates NBD, the largest lender by market value, fell 4.1 percent after adding 2.6 percent on the previous day. The shares go ex-dividend on Wednesday. On Tuesday, Goldman Sachs raised its recommendation for the stock to "buy" from "neutral"."
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"Steep declines in oil prices have dampened investor sentiment, sending stock markets in the United Arab Emirates and Qatar lower in early trade on Wednesday.
Dubai's index fell 1.0 percent to 3,160 points in the first hour as investors booked profits close to chart resistance at the late December peak of 3,189 points.
Emirates NBD, the largest lender by market value, fell 4.1 percent after adding 2.6 percent on the previous day. The shares go ex-dividend on Wednesday. On Tuesday, Goldman Sachs raised its recommendation for the stock to "buy" from "neutral"."
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