Crude sell-off steepens as dollar strengthens:
"Brent crude, the global oil marker, fell 3.5 per cent to $53.79, while West Texas Intermediate, the US oil benchmark, dropped 4 per cent to $50.83 a barrel — extending their earlier declines.
The move came as the DXY dollar index, a gauge of the greenback against a basket of peers, jumped 0.8 per cent — after the Federal Reserve lifted interest rates for the first time in a year and signalled more interest rate rises next year than previously thought.
Strength in the dollar, the currency in which oil is denominated, makes it more expensive to foreign buyers."
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Wednesday, 14 December 2016
Conflicts, oil prices to dominate regional outlook, IMF says | GulfNews.com
Conflicts, oil prices to dominate regional outlook, IMF says | GulfNews.com:
"The Arab region has a diverse economic outlook based on the economic and political realities different countries face, Natalia Tamirisa, assistant to the director of the IMF Research Department, told the Arab Strategy Forum.
Based on this, countries from the region are categorised into three groups: countries in conflict, oil exporters and oil importers.
The slump in oil prices and ongoing conflicts continue to weigh on the region’s economic outlook."
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"The Arab region has a diverse economic outlook based on the economic and political realities different countries face, Natalia Tamirisa, assistant to the director of the IMF Research Department, told the Arab Strategy Forum.
Based on this, countries from the region are categorised into three groups: countries in conflict, oil exporters and oil importers.
The slump in oil prices and ongoing conflicts continue to weigh on the region’s economic outlook."
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Frustrated SWFs cast eyes over West's plans to upgrade crumbling assets | Reuters
Frustrated SWFs cast eyes over West's plans to upgrade crumbling assets | Reuters:
"Sovereign wealth funds are queuing up to finance the West's overhauls of crumbling roads, bridges and ports as public purse strings are loosened after a period of austerity, but they still face project delays and fierce competition for deals.
Offering strong and stable cashflows generated by service users, these investments hold huge appeal for a $6.5 trillion industry that, with its focus on future generations, is able to lock up capital for years.
Qatar's sovereign fund was first off the blocks this week, promising $10 billion for U.S. infrastructure after President-elect Donald Trump floated plans to spend up to $1 trillion on projects that will take years to complete."
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"Sovereign wealth funds are queuing up to finance the West's overhauls of crumbling roads, bridges and ports as public purse strings are loosened after a period of austerity, but they still face project delays and fierce competition for deals.
Offering strong and stable cashflows generated by service users, these investments hold huge appeal for a $6.5 trillion industry that, with its focus on future generations, is able to lock up capital for years.
Qatar's sovereign fund was first off the blocks this week, promising $10 billion for U.S. infrastructure after President-elect Donald Trump floated plans to spend up to $1 trillion on projects that will take years to complete."
'via Blog this'
UPDATE 1-UAE's NMC Health buys Sharjah's Al Zahra hospital for $560 mln | Reuters
UPDATE 1-UAE's NMC Health buys Sharjah's Al Zahra hospital for $560 mln | Reuters:
"United Arab Emirates-based healthcare provider NMC Health is buying the Al Zahra Hospital in Sharjah for $560 million, the London-listed company said on Wednesday, as it pushes ahead with its expansion in the UAE and the Gulf.
The acquisition will be funded by a mix of equity and debt with NMC placing around 10 percent of its issued share capital equivalent to $300 million, Prasanth Manghat, deputy chief executive, told Reuters.
NMC's three largest shareholders, who together control 61.6 per cent of NMC, plan to subscribe for up to $170 million of the placement, he said."
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"United Arab Emirates-based healthcare provider NMC Health is buying the Al Zahra Hospital in Sharjah for $560 million, the London-listed company said on Wednesday, as it pushes ahead with its expansion in the UAE and the Gulf.
The acquisition will be funded by a mix of equity and debt with NMC placing around 10 percent of its issued share capital equivalent to $300 million, Prasanth Manghat, deputy chief executive, told Reuters.
NMC's three largest shareholders, who together control 61.6 per cent of NMC, plan to subscribe for up to $170 million of the placement, he said."
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King Salman acknowledges Saudis' economic pain | Reuters
King Salman acknowledges Saudis' economic pain | Reuters:
"King Salman told Saudis on Wednesday he recognized that economic restructuring measures adopted in response to a sharp drop in oil prices were painful, but said they were necessary to avoid long-term damage to the country.
"The state has sought to deal with these changes ... through a variety of measures to restructure the economy, some of which may be painful in the short run but ultimately aim to protect the economy of your country from worse problems," he told the consultative Shura Council.
"Similar circumstances have happened before over the past three decades, forcing the state to cut its expenses, but it emerged from them, thanks be to God, with a strong economy and continuous and increasing growth," Salman said.
"
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"King Salman told Saudis on Wednesday he recognized that economic restructuring measures adopted in response to a sharp drop in oil prices were painful, but said they were necessary to avoid long-term damage to the country.
"The state has sought to deal with these changes ... through a variety of measures to restructure the economy, some of which may be painful in the short run but ultimately aim to protect the economy of your country from worse problems," he told the consultative Shura Council.
"Similar circumstances have happened before over the past three decades, forcing the state to cut its expenses, but it emerged from them, thanks be to God, with a strong economy and continuous and increasing growth," Salman said.
"
'via Blog this'
MIDEAST STOCKS-Gulf pulls back on caution before expected U.S. rate hike | Reuters
MIDEAST STOCKS-Gulf pulls back on caution before expected U.S. rate hike | Reuters:
"Stock markets in the Gulf retreated on Wednesday in shrinking trading volumes as investors turned cautious ahead of the U.S. interest rate hike and guidance from the U.S. central bank expected late in the day.
Petrochemical shares, which have been dragging Saudi Arabia's main index lower over the last two sessions, fell further. The main index lost 0.6 percent and all but one of the 14 listed petrochemical producers fell. PetroRabigh dropped 3.3 percent.
Many analysts think the Saudi market's uptrend is not reversing but stocks may take an extended breather following a stellar performance over a six-week period which took the index to a one-year high earlier this week."
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"Stock markets in the Gulf retreated on Wednesday in shrinking trading volumes as investors turned cautious ahead of the U.S. interest rate hike and guidance from the U.S. central bank expected late in the day.
Petrochemical shares, which have been dragging Saudi Arabia's main index lower over the last two sessions, fell further. The main index lost 0.6 percent and all but one of the 14 listed petrochemical producers fell. PetroRabigh dropped 3.3 percent.
Many analysts think the Saudi market's uptrend is not reversing but stocks may take an extended breather following a stellar performance over a six-week period which took the index to a one-year high earlier this week."
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Opec: oil market won’t balance until second half of 2017
Opec: oil market won’t balance until second half of 2017:
"Opec still does not expect the oil market to move back into balance until the second half of next year, despite agreeing a global supply pact with Russia and other countries to cut output.
In its monthly outlook, the 13-member cartel pegged demand for its crude at 32.6m b/d next year – just 100,000 b/d above the group’s new output target of 32.5m b/d – and said the further supply cuts agreed with non-Opec members would contribute to mopping up excess supplies, but only slowly, writes David Sheppard.
“Combined with the joint cooperation with a number of non-Opec countries in adjusting production by around 600,000 b/d [this] will accelerate the reduction of global inventories and bring forward the rebalancing of the oil market to the second half of 2017,” Opec said."
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"Opec still does not expect the oil market to move back into balance until the second half of next year, despite agreeing a global supply pact with Russia and other countries to cut output.
In its monthly outlook, the 13-member cartel pegged demand for its crude at 32.6m b/d next year – just 100,000 b/d above the group’s new output target of 32.5m b/d – and said the further supply cuts agreed with non-Opec members would contribute to mopping up excess supplies, but only slowly, writes David Sheppard.
“Combined with the joint cooperation with a number of non-Opec countries in adjusting production by around 600,000 b/d [this] will accelerate the reduction of global inventories and bring forward the rebalancing of the oil market to the second half of 2017,” Opec said."
'via Blog this'
Saudi Arabia engineers big shift in oil market sentiment | Reuters
Saudi Arabia engineers big shift in oil market sentiment | Reuters:
"Saudi Arabia has transformed sentiment in the oil market by assembling an unprecedented coalition of oil producing countries to agree output cuts in 2017.
Saudi officials have obtained pledges from OPEC members to cut production by almost 1.2 million barrels per day and from non-OPEC members by an extra 560,000 bpd during the first half of 2017.
In the process, Saudi negotiators wrong-footed many hedge fund managers, who had established large short positions in futures and options last month expecting there would be no deal or only a very weak one."
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"Saudi Arabia has transformed sentiment in the oil market by assembling an unprecedented coalition of oil producing countries to agree output cuts in 2017.
Saudi officials have obtained pledges from OPEC members to cut production by almost 1.2 million barrels per day and from non-OPEC members by an extra 560,000 bpd during the first half of 2017.
In the process, Saudi negotiators wrong-footed many hedge fund managers, who had established large short positions in futures and options last month expecting there would be no deal or only a very weak one."
'via Blog this'
RAK firms can have disputes heard in English at DIFC courts | The National
RAK firms can have disputes heard in English at DIFC courts | The National:
"A newly agreed deal allowing companies in Ras Al Khaimah to have disputes heard in English at Dubai International Financial Centre’s courts will give investors greater confidence in the Emirate’s trading environment, according to Sheikh Saud Bin Saqr Al Qasimi, the ruler of the emirate.
Speaking on Tuesday at the Ras Al Khaimah Finance and Investment Forum, Sheikh Saud said: "We understand that we live today in a world where not everybody speaks Arabic language. We’re very proud of our language, but we are human beings. Arabs are known for their hospitality.
"What we want to do is allow businesses, people who live here, to feel comfortable that they can speak as well in English. What we want is to say [is], we in Ras Al Khaimah want people to feel safe.""
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"A newly agreed deal allowing companies in Ras Al Khaimah to have disputes heard in English at Dubai International Financial Centre’s courts will give investors greater confidence in the Emirate’s trading environment, according to Sheikh Saud Bin Saqr Al Qasimi, the ruler of the emirate.
Speaking on Tuesday at the Ras Al Khaimah Finance and Investment Forum, Sheikh Saud said: "We understand that we live today in a world where not everybody speaks Arabic language. We’re very proud of our language, but we are human beings. Arabs are known for their hospitality.
"What we want to do is allow businesses, people who live here, to feel comfortable that they can speak as well in English. What we want is to say [is], we in Ras Al Khaimah want people to feel safe.""
'via Blog this'
Oil prices fall on rising US crude stocks, Opec output concerns | GulfNews.com
Oil prices fall on rising US crude stocks, Opec output concerns | GulfNews.com:
"Oil prices fell on Wednesday following a reported rise in US crude inventories and an estimate that Opec may have produced more crude in November than previously thought, potentially undermining a planned output cut.
US West Texas Intermediate (WTI) crude oil futures were down 69 cents, or 1.3 percent, to $52.29 a barrel at 0430 GMT (8.30am, Dubai).
International Brent crude futures were down 69 cents, or 1.2 percent, at $55.03 per barrel."
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"Oil prices fell on Wednesday following a reported rise in US crude inventories and an estimate that Opec may have produced more crude in November than previously thought, potentially undermining a planned output cut.
US West Texas Intermediate (WTI) crude oil futures were down 69 cents, or 1.3 percent, to $52.29 a barrel at 0430 GMT (8.30am, Dubai).
International Brent crude futures were down 69 cents, or 1.2 percent, at $55.03 per barrel."
'via Blog this'
Builder of World’s Tallest Tower Seen Buoyed in 2017 by Oil Recovery - Bloomberg
Builder of World’s Tallest Tower Seen Buoyed in 2017 by Oil Recovery - Bloomberg:
"The rally in one of emerging-markets’ best performing real estate stocks this month will probably extend into 2017.
Emaar Properties PJSC, the builder of the world’s tallest tower in Dubai, will likely gain next year as the emirate’s economy absorbs the effects of higher oil prices after major global producers agreed to cut output, said Marwan Shurrab, a fund manager and head of trading at Dubai-based Vision Investments & Holdings.
Having started this year on a $1 billion skyscraper in Dubai that will be even taller than Burj Khalifa, Emaar is a good choice for investors seeking exposure to the sheikhdom’s markets, he said. The developer, which is 30 percent owned by the Dubai government, rose on Monday to the highest level in 16 months."
'via Blog this'
"The rally in one of emerging-markets’ best performing real estate stocks this month will probably extend into 2017.
Emaar Properties PJSC, the builder of the world’s tallest tower in Dubai, will likely gain next year as the emirate’s economy absorbs the effects of higher oil prices after major global producers agreed to cut output, said Marwan Shurrab, a fund manager and head of trading at Dubai-based Vision Investments & Holdings.
Having started this year on a $1 billion skyscraper in Dubai that will be even taller than Burj Khalifa, Emaar is a good choice for investors seeking exposure to the sheikhdom’s markets, he said. The developer, which is 30 percent owned by the Dubai government, rose on Monday to the highest level in 16 months."
'via Blog this'
MIDEAST STOCKS-Blue chips weigh on UAE, Qatar; Saudi moves little in quiet trade | Reuters
MIDEAST STOCKS-Blue chips weigh on UAE, Qatar; Saudi moves little in quiet trade | Reuters:
"Stock markets in the United Arab Emirates and Qatar retreated in early trade on Wednesday as investors took profits in blue chips that had surged earlier this month, while Saudi Arabia's index moved little.
Dubai's index fell 1.1 percent to 3,585 points, heading for a second straight session of losses; it dropped back below technical resistance on its August peak of 3,624 points.
Air Arabia the only listed airline in the Gulf, was the worst performer, down 2.2 percent. Real estate giant Emaar Properties lost 1.2 percent."
'via Blog this'
"Stock markets in the United Arab Emirates and Qatar retreated in early trade on Wednesday as investors took profits in blue chips that had surged earlier this month, while Saudi Arabia's index moved little.
Dubai's index fell 1.1 percent to 3,585 points, heading for a second straight session of losses; it dropped back below technical resistance on its August peak of 3,624 points.
Air Arabia the only listed airline in the Gulf, was the worst performer, down 2.2 percent. Real estate giant Emaar Properties lost 1.2 percent."
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