Dubai growth to enter period of rapid acceleration ahead of Expo 2020, says IMF | The National:
"Economic growth in Dubai will enter a period of “rapid acceleration" ahead of Expo 2020 aided by the emirate’s political stability and a pick up in oil prices, according to the International Monetary Fund.
Annual growth will average in excess of 5 per cent following a minor slowdown in 2016, Zeine Zeidane, the IMF’s mission chief to the UAE, said in an interview in Dubai on Monday. Dubai’s economy will expand by 3.3 per cent this year from 3.5 per cent in 2015, in part due to a slowdown in the construction industry, he said.
Dubai’s “diversified economy" is helping it to overcome the negative impact of lower oil prices felt by other regional exporters, Zeidane said. Dubai’s safe haven status in a region “ridden by conflict," a weaker dollar and the strong performance of trading partners including India are also supporting the economy, he said."
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Tuesday, 10 May 2016
GCC banks forecast to see 'more pronounced' slowdown | GulfNews.com
GCC banks forecast to see 'more pronounced' slowdown | GulfNews.com:
"Banks in the Gulf Cooperation Council (GCC) region will experience more “pronounced” slowdown in 2016 and 2017 due to weak economic environment, a ratings agency said on Tuesday.
S&P Global Ratings Agency issued a report on Tuesday detailing how the current sluggish environment will impact the region's banking sector, particularly the Islamic banks.
As of 2015, customer deposits in Islamic banks already slowed to 9.2 per cent, compared with 16.9 per cent in 2014. The trend is expected to continue this year and in 2017, given that oil price-dependent deposits of government and their related entities account for between 15 per cent and 40 per cent of total GCC bank deposits."
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"Banks in the Gulf Cooperation Council (GCC) region will experience more “pronounced” slowdown in 2016 and 2017 due to weak economic environment, a ratings agency said on Tuesday.
S&P Global Ratings Agency issued a report on Tuesday detailing how the current sluggish environment will impact the region's banking sector, particularly the Islamic banks.
As of 2015, customer deposits in Islamic banks already slowed to 9.2 per cent, compared with 16.9 per cent in 2014. The trend is expected to continue this year and in 2017, given that oil price-dependent deposits of government and their related entities account for between 15 per cent and 40 per cent of total GCC bank deposits."
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Abu Dhabi’s $5b bond issue oversubscribed, indicating confidence | GulfNews.com
Abu Dhabi’s $5b bond issue oversubscribed, indicating confidence | GulfNews.com:
"Investors lined up over $17 billion (Dh62.4 billion) for Abu Dhabi’s $5 billion bond issue, which is being viewed as a vote of confidence for the emirate.
Abu Dhabi, which has a AA sovereign rating and one of the world’s lowest debt to GDP ratio, marked a return to the bond market after a gap of seven years. The Abu Dhabi government announced in December that it expects to post a budget deficit of Dh36.9 billion in 2016. Industry watchers say it received robust response for the bond issue, which was partly intended to plug the deficit.
“Investors are comfortable in investing in Abu Dhabi debt, and there is that confidence in the ability and the capacity of the government to pay them that debt,” Nadi Bargouti, Managing Director - Head of Asset Management at Emirates Investment Bank told Gulf News."
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"Investors lined up over $17 billion (Dh62.4 billion) for Abu Dhabi’s $5 billion bond issue, which is being viewed as a vote of confidence for the emirate.
Abu Dhabi, which has a AA sovereign rating and one of the world’s lowest debt to GDP ratio, marked a return to the bond market after a gap of seven years. The Abu Dhabi government announced in December that it expects to post a budget deficit of Dh36.9 billion in 2016. Industry watchers say it received robust response for the bond issue, which was partly intended to plug the deficit.
“Investors are comfortable in investing in Abu Dhabi debt, and there is that confidence in the ability and the capacity of the government to pay them that debt,” Nadi Bargouti, Managing Director - Head of Asset Management at Emirates Investment Bank told Gulf News."
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Emirates Group makes record Dh8.2b profit | GulfNews.com
Emirates Group makes record Dh8.2b profit | GulfNews.com:
"Emirates Group full-year profit grew by 50 per cent to a record high in 2015-2016 as low oil prices slashed operating costs at the world’s largest international airline.
Profit rose to Dh8.2 billion ($2.2 billion) in the 12 months to March 31, up from Dh5.5 billion in the previous year, Emirates said on Tuesday.
It is the Group’s 28th consecutive year of profitability and its highest ever profit. Revenue declined 3 per cent to Dh92.9 billion under pressure from the strong dollar."
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"Emirates Group full-year profit grew by 50 per cent to a record high in 2015-2016 as low oil prices slashed operating costs at the world’s largest international airline.
Profit rose to Dh8.2 billion ($2.2 billion) in the 12 months to March 31, up from Dh5.5 billion in the previous year, Emirates said on Tuesday.
It is the Group’s 28th consecutive year of profitability and its highest ever profit. Revenue declined 3 per cent to Dh92.9 billion under pressure from the strong dollar."
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MIDEAST STOCKS-Most Gulf bourses retreat; Egypt's Palm Hills slides | Reuters
MIDEAST STOCKS-Most Gulf bourses retreat; Egypt's Palm Hills slides | Reuters:
"Most bourses in the Gulf edged lower on Tuesday after oil prices pulled back overnight, while Egypt's Palm Hills Development tumbled in response to a drop in its profits.
Brent oil futures were trading at $44.11 a barrel, near two-week lows, while MSCI's broadest index of Asia-Pacific shares outside Japan was near one-month lows.
Petrochemical shares were the main drag on Saudi Arabia's stock index, with bellwether Saudi Basic Industries dropping 0.9 percent. The index fell 0.7 percent."
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"Most bourses in the Gulf edged lower on Tuesday after oil prices pulled back overnight, while Egypt's Palm Hills Development tumbled in response to a drop in its profits.
Brent oil futures were trading at $44.11 a barrel, near two-week lows, while MSCI's broadest index of Asia-Pacific shares outside Japan was near one-month lows.
Petrochemical shares were the main drag on Saudi Arabia's stock index, with bellwether Saudi Basic Industries dropping 0.9 percent. The index fell 0.7 percent."
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From Battle to Go Private to Mideast's Top Stock in 3 Weeks - Bloomberg
From Battle to Go Private to Mideast's Top Stock in 3 Weeks - Bloomberg:
"Investors in Kuwait’s Human Soft Holding Co. now own the best-performing stock in the Middle East after resisting the company’s efforts to delist.
The Kuwait-based education firm has risen almost every day since May 2, when the Capital Markets Authority rejected a bid by the company to voluntarily delist shares. The advance helped add fuel to a rally that began weeks earlier after Human Soft said first-quarter profit doubled, boosting the stock 93 percent since mid-April to May 8. "
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"Investors in Kuwait’s Human Soft Holding Co. now own the best-performing stock in the Middle East after resisting the company’s efforts to delist.
The Kuwait-based education firm has risen almost every day since May 2, when the Capital Markets Authority rejected a bid by the company to voluntarily delist shares. The advance helped add fuel to a rally that began weeks earlier after Human Soft said first-quarter profit doubled, boosting the stock 93 percent since mid-April to May 8. "
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LNG Traders Have Five Issues on Their Mind After Price Collapse - Bloomberg
LNG Traders Have Five Issues on Their Mind After Price Collapse - Bloomberg:
"After spot liquefied natural gas prices plummeted by two-thirds since May 2014 amid a global glut, European traders are trying to assess how much of the fuel will arrive in the region.
These five questions dominated discussions at the LNG summit Monday in Amsterdam at Flame, Europe’s biggest annual gas conference."
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"After spot liquefied natural gas prices plummeted by two-thirds since May 2014 amid a global glut, European traders are trying to assess how much of the fuel will arrive in the region.
These five questions dominated discussions at the LNG summit Monday in Amsterdam at Flame, Europe’s biggest annual gas conference."
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Is Emirates Airlines’ Pace of Growth Sustainable? - Bloomberg
Is Emirates Airlines’ Pace of Growth Sustainable? - Bloomberg:
"Timothy Clark, president of Emirates Airlines, discusses earnings and outlook for the company. He speaks with Manus Cranny on Bloomberg Television’s “On The Move.” (Source: Bloomberg)"
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"Timothy Clark, president of Emirates Airlines, discusses earnings and outlook for the company. He speaks with Manus Cranny on Bloomberg Television’s “On The Move.” (Source: Bloomberg)"
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Saudi Aramco prepares for global expansion as IPO looms | Reuters
Saudi Aramco prepares for global expansion as IPO looms | Reuters:
"Saudi Arabia's state-owned oil giant Aramco is seeking to expand globally via joint ventures overseas as it prepares for a partial privatization pushed by a government intent on diversifying the economy.
The company is looking at opportunities in the United States, India, Indonesia, Vietnam and China, chief executive Amin Nasser told reporters during a rare media visit to the company's Dhahran headquarters.
"We are looking at the current market status that, even though challenging, is an excellent opportunity for growth," Nasser said, adding that he believed an extra 1.2 million barrels per day would be added to global oil demand this year."
'via Blog this'
"Saudi Arabia's state-owned oil giant Aramco is seeking to expand globally via joint ventures overseas as it prepares for a partial privatization pushed by a government intent on diversifying the economy.
The company is looking at opportunities in the United States, India, Indonesia, Vietnam and China, chief executive Amin Nasser told reporters during a rare media visit to the company's Dhahran headquarters.
"We are looking at the current market status that, even though challenging, is an excellent opportunity for growth," Nasser said, adding that he believed an extra 1.2 million barrels per day would be added to global oil demand this year."
'via Blog this'
MIDEAST STOCKS-Gulf bourses wilt as oil dampens sentiment | Reuters
MIDEAST STOCKS-Gulf bourses wilt as oil dampens sentiment | Reuters:
"Bourses in the Gulf edged lower on Tuesday after oil prices pulled back overnight and Asian shares weakened.
Brent oil futures were trading at $44.11 a barrel, near two-week lows, although they stabilised in early Asian trade on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan was near one-month lows.
Petrochemical shares were the main drag on the Saudi Arabian stock index with bellwether Saudi Basic Industries dropping 1.2 percent. The index fell 0.5 percent."
'via Blog this'
"Bourses in the Gulf edged lower on Tuesday after oil prices pulled back overnight and Asian shares weakened.
Brent oil futures were trading at $44.11 a barrel, near two-week lows, although they stabilised in early Asian trade on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan was near one-month lows.
Petrochemical shares were the main drag on the Saudi Arabian stock index with bellwether Saudi Basic Industries dropping 1.2 percent. The index fell 0.5 percent."
'via Blog this'
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