Gulf aluminium producers cut costs amid glut and US protectionism concerns | The National:
"Gulf aluminium producers are cutting costs as they grapple with oversupply and amid concerns about a potential rise in protectionism under a Donald Trump presidency, officials said today.
"The most important factor in our business is to protect our margin," Abdulla Al Kalban, the chief executive of Emirates Global Aluminium, told the Arab International Aluminium Conference in Dubai today. "We keep hammering our costs every day."
EGA, with an output of 2.4 million tonnes per year, is the Gulf’s largest aluminium producer and one of the world’s top 10 aluminium companies."
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Tuesday, 22 November 2016
Qatar and UAE top in average wealth in the region | GulfNews.com
Qatar and UAE top in average wealth in the region | GulfNews.com:
"Qatar and UAE topped in the average wealth per person in the Middle East and North Africa region Global Wealth Report 2016 from Credit Suisse Research Institute (CSRI).
Growth in global wealth remains limited in 2016 with trend reflecting in the growth trends in the Middle East and North Africa region. The report shows, total global wealth in 2016 edged upwards by $3.5 trillion to a total of $256 trillion (or 1.4 per cent) and average wealth per adult was at $52,800.
“The consequences of the 2008-2009 recession will continue to have a material impact on growth, which is pointing more and more towards a long-term stagnation. The emergence of a multipolar world, confirmed by the impact of the Brexit vote in the UK and by the US Presidential election, is likely to exacerbate such a trend, which could possibly lead to a new normal lower rate of wealth growth,” said Loris Centola, Global Head of Research of International Wealth Management."
'via Blog this'
"Qatar and UAE topped in the average wealth per person in the Middle East and North Africa region Global Wealth Report 2016 from Credit Suisse Research Institute (CSRI).
Growth in global wealth remains limited in 2016 with trend reflecting in the growth trends in the Middle East and North Africa region. The report shows, total global wealth in 2016 edged upwards by $3.5 trillion to a total of $256 trillion (or 1.4 per cent) and average wealth per adult was at $52,800.
“The consequences of the 2008-2009 recession will continue to have a material impact on growth, which is pointing more and more towards a long-term stagnation. The emergence of a multipolar world, confirmed by the impact of the Brexit vote in the UK and by the US Presidential election, is likely to exacerbate such a trend, which could possibly lead to a new normal lower rate of wealth growth,” said Loris Centola, Global Head of Research of International Wealth Management."
'via Blog this'
Saudi Arabia’s Vision for the Future Looks Dim to Jobless Youth - Bloomberg
Saudi Arabia’s Vision for the Future Looks Dim to Jobless Youth - Bloomberg:
"Saudi engineering graduate Marwan turned down a job from General Electric to hold out for a better salary. It’s a decision he now regrets.
The 24-year-old native of the port city of Jeddah has been applying to jobs for a year with no luck. As the kingdom grapples with low oil prices, he worries whether he’ll still be employable when the economy recovers. “Will companies hire the new graduates, or us, the forgotten generation?” he said, declining to use his full name to share his experience."
'via Blog this'
"Saudi engineering graduate Marwan turned down a job from General Electric to hold out for a better salary. It’s a decision he now regrets.
The 24-year-old native of the port city of Jeddah has been applying to jobs for a year with no luck. As the kingdom grapples with low oil prices, he worries whether he’ll still be employable when the economy recovers. “Will companies hire the new graduates, or us, the forgotten generation?” he said, declining to use his full name to share his experience."
'via Blog this'
UAE's Etihad Airways sets pricing guidance for planned 5-year sukuk | Reuters
UAE's Etihad Airways sets pricing guidance for planned 5-year sukuk | Reuters:
"Etihad Airways has set final pricing guidance of around 215 basis points above midswaps for its planned sukuk, expected to be at least $500 million in size, according to one of the banks arranging the transaction.
The Islamic bond, which once completed will be Etihad's debut U.S dollar debt sale, received orders of up to $1.3 billion, the bank said on Tuesday. Order books are expected to close as early as later in the day, it added.
Initial guidance, released on Monday, was in the low-to-mid 200 basis points range over midswaps."
'via Blog this'
"Etihad Airways has set final pricing guidance of around 215 basis points above midswaps for its planned sukuk, expected to be at least $500 million in size, according to one of the banks arranging the transaction.
The Islamic bond, which once completed will be Etihad's debut U.S dollar debt sale, received orders of up to $1.3 billion, the bank said on Tuesday. Order books are expected to close as early as later in the day, it added.
Initial guidance, released on Monday, was in the low-to-mid 200 basis points range over midswaps."
'via Blog this'
Oil prices end near flat on uncertain outcome from OPEC meeting | Reuters
Oil prices end near flat on uncertain outcome from OPEC meeting | Reuters:
"Oil ended little changed on Tuesday in volatile trade that saw prices rise and fall by $1 a barrel depending on the latest comment from OPEC officials at a technical conference in Vienna on whether the cartel members would agree to an output cut.
Officials at the Organization of the Petroleum Exporting Countries (OPEC) meeting tried to hammer out the details of an agreement to cut output before a formal meeting on Nov. 30.
Brent futures LCOc1 gained 22 cents, or 0.45 percent, to settle at $49.12 a barrel, its highest close since the end of October, while U.S. crude CLc1 lost 21 cents, or 0.44 percent, to finish at $48.03."
'via Blog this'
"Oil ended little changed on Tuesday in volatile trade that saw prices rise and fall by $1 a barrel depending on the latest comment from OPEC officials at a technical conference in Vienna on whether the cartel members would agree to an output cut.
Officials at the Organization of the Petroleum Exporting Countries (OPEC) meeting tried to hammer out the details of an agreement to cut output before a formal meeting on Nov. 30.
Brent futures LCOc1 gained 22 cents, or 0.45 percent, to settle at $49.12 a barrel, its highest close since the end of October, while U.S. crude CLc1 lost 21 cents, or 0.44 percent, to finish at $48.03."
'via Blog this'
MIDEAST STOCKS-Saudi shares rebound, outperform rest of Gulf | Reuters
MIDEAST STOCKS-Saudi shares rebound, outperform rest of Gulf | Reuters:
"Saudi Arabian stocks rebounded on Tuesday as oil prices hit a one-month high, outperforming other stock markets in the Gulf where traders booked profits.
Egypt's main index pulled back but foreign buyers continued to hunt for bargain buys, lifting the broader index.
Saudi Arabia's general market index rose 1.6 percent to 6,602 points, heading back towards technical resistance at the July peak of 6,703 points."
'via Blog this'
"Saudi Arabian stocks rebounded on Tuesday as oil prices hit a one-month high, outperforming other stock markets in the Gulf where traders booked profits.
Egypt's main index pulled back but foreign buyers continued to hunt for bargain buys, lifting the broader index.
Saudi Arabia's general market index rose 1.6 percent to 6,602 points, heading back towards technical resistance at the July peak of 6,703 points."
'via Blog this'
Trump’s transition is tangled up in business ties
Trump’s transition is tangled up in business ties:
"Donald Trump’s transition to power is being dogged by questions over potential conflicts of interest related to his global business interests, as scrutiny grows over the president-elect’s dealings in Argentina, Saudi Arabia and the UK.
In Argentina, a project to build a 35-storey Trump Tower in Buenos Aires appears set to move forward after stalling under the previous Argentine government.
In Saudi Arabia, Mr Trump registered eight new companies in August this year, according to Federal Election Commission disclosures first reported by The Washington Post."
'via Blog this'
"Donald Trump’s transition to power is being dogged by questions over potential conflicts of interest related to his global business interests, as scrutiny grows over the president-elect’s dealings in Argentina, Saudi Arabia and the UK.
In Argentina, a project to build a 35-storey Trump Tower in Buenos Aires appears set to move forward after stalling under the previous Argentine government.
In Saudi Arabia, Mr Trump registered eight new companies in August this year, according to Federal Election Commission disclosures first reported by The Washington Post."
'via Blog this'
Saudi Telecom aims for data refuel of oil-led economy
Saudi Telecom aims for data refuel of oil-led economy:
"Saudi Arabia may be more dependent on data pipelines than oil ones in the future, if the head of its state-owned telecoms company achieves his goals.
Khaled Hussain Biyari, chief executive of Saudi Telecom Company or STC, believes it has a key role to play in reducing economic reliance on oil by transforming itself into a regional technology incubator and a capacity hub for US companies such as Facebook and Google.
As the dominant force in the Saudi telecoms market, Dr Biyari said his company would become a “major player” in the transformation of the economy. “The dependence on oil is a curse,” he said of the need to reform."
'via Blog this'
"Saudi Arabia may be more dependent on data pipelines than oil ones in the future, if the head of its state-owned telecoms company achieves his goals.
Khaled Hussain Biyari, chief executive of Saudi Telecom Company or STC, believes it has a key role to play in reducing economic reliance on oil by transforming itself into a regional technology incubator and a capacity hub for US companies such as Facebook and Google.
As the dominant force in the Saudi telecoms market, Dr Biyari said his company would become a “major player” in the transformation of the economy. “The dependence on oil is a curse,” he said of the need to reform."
'via Blog this'
Brent crude eyes $50 on Opec hopes
Brent crude eyes $50 on Opec hopes:
"Oil prices have risen towards $50 a barrel on Tuesday, extending gains to more than 12 per cent in the last five sessions as traders bet Opec is inching towards a deal to reduce output.
Brent crude oil, the international benchmark, rose almost 2 per cent on Tuesday to a high of $49.96 a barrel, while US marker West Texas Intermediate gained 1.5 per cent to $49.20.
The price of Brent is now at its highest since late October, though it remains below the year-high hit above $53 a barrel shortly after Opec agreed to work towards output curbs almost two months ago."
'via Blog this'
"Oil prices have risen towards $50 a barrel on Tuesday, extending gains to more than 12 per cent in the last five sessions as traders bet Opec is inching towards a deal to reduce output.
Brent crude oil, the international benchmark, rose almost 2 per cent on Tuesday to a high of $49.96 a barrel, while US marker West Texas Intermediate gained 1.5 per cent to $49.20.
The price of Brent is now at its highest since late October, though it remains below the year-high hit above $53 a barrel shortly after Opec agreed to work towards output curbs almost two months ago."
'via Blog this'
Dubai property prices to rise in 2017, but how quickly? | The National
Dubai property prices to rise in 2017, but how quickly? | The National:
"Brokers and analysts are certain that Dubai residential house prices will rise next year but disagree over the speed of the property market’s recovery.
Two reports yesterday by JLL and dubizzle and by Core Savills are forecasting that Dubai’s property market will recover much faster than the end of next year, which their rival Cluttons had set as a target on Sunday.
All three brokers expect house prices and rents to rise at various points next year as the emirate’s economy recovers and construction jobs are created to build Expo 2020 infrastructure."
'via Blog this'
"Brokers and analysts are certain that Dubai residential house prices will rise next year but disagree over the speed of the property market’s recovery.
Two reports yesterday by JLL and dubizzle and by Core Savills are forecasting that Dubai’s property market will recover much faster than the end of next year, which their rival Cluttons had set as a target on Sunday.
All three brokers expect house prices and rents to rise at various points next year as the emirate’s economy recovers and construction jobs are created to build Expo 2020 infrastructure."
'via Blog this'
Iraq says would not be fair to be asked by OPEC to cut oil output | Reuters
Iraq says would not be fair to be asked by OPEC to cut oil output | Reuters:
"OPEC should allow Iraq to continue raising output with no restrictions, Foreign Minister Ibrahim al-Jafari told reporters in Budapest on Tuesday, commenting on a plan by the organisation to limit supply in order to support prices.
"We think we should increase output. Iraq is in a special situation ...we are at war," he said, referring to the ongoing military campaign to defeat Islamic State.
"It would not be fair for us to cut oil output.""
'via Blog this'
"OPEC should allow Iraq to continue raising output with no restrictions, Foreign Minister Ibrahim al-Jafari told reporters in Budapest on Tuesday, commenting on a plan by the organisation to limit supply in order to support prices.
"We think we should increase output. Iraq is in a special situation ...we are at war," he said, referring to the ongoing military campaign to defeat Islamic State.
"It would not be fair for us to cut oil output.""
'via Blog this'
MIDEAST STOCKS-A rally in oil helps lift sentiment towards Gulf equities | Reuters
MIDEAST STOCKS-A rally in oil helps lift sentiment towards Gulf equities | Reuters:
"A rally in oil prices helped lift stock markets in the Gulf early on Tuesday, with investors favouring oil-derivative stocks and Abu Dhabi's banks extending gains in volatile week of trade.
Brent futures were trading at $49.22 a barrel in Asian trade, their highest level since October.
Saudi Arabia's general market index rose 0.6 percent in the first 15 minutes of trade, led by petrochemical shares, with all but one of the listed producers gaining. Yanbu National Petrochemical rose 2.7 percent."
'via Blog this'
"A rally in oil prices helped lift stock markets in the Gulf early on Tuesday, with investors favouring oil-derivative stocks and Abu Dhabi's banks extending gains in volatile week of trade.
Brent futures were trading at $49.22 a barrel in Asian trade, their highest level since October.
Saudi Arabia's general market index rose 0.6 percent in the first 15 minutes of trade, led by petrochemical shares, with all but one of the listed producers gaining. Yanbu National Petrochemical rose 2.7 percent."
'via Blog this'
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