Damac confirms Trump turned down Dh7.3bn of new deals | The National:
"Dubai-based developer Damac has confirmed that it had a US$2 billion offer to extend its working relationship with The Trump Organization rebuffed by US president-elect Donald Trump.
A spokesman for Damac confirmed that "discussions took place as stated in the media briefing [given by Mr Trump on Wednesday] but the proposals were declined by the Trump Organization".
"These proposals were for a variety of different properties deals," the spokesman added."
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Thursday, 12 January 2017
MIDEAST STOCKS-Saudi edges up in volatile trade as oil recovers, Egypt hits record | Reuters
MIDEAST STOCKS-Saudi edges up in volatile trade as oil recovers, Egypt hits record | Reuters:
"Saudi Arabia's stock market edged higher in volatile trade on Thursday but suffered its worst weekly decline since September, while Egypt extended its bull run as international funds accumulated shares.
The Saudi index closed 0.4 percent higher at 6,922 points; it remains near a six-week low and lost 3.8 percent over the week.
Investors bought shares after Brent oil futures rebounded 2.7 percent overnight and traded above $55.50 on Thursday. Eight of the 14 listed petrochemical producers rose with Saudi Arabia Fertilizers climbing 2.5 percent."
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"Saudi Arabia's stock market edged higher in volatile trade on Thursday but suffered its worst weekly decline since September, while Egypt extended its bull run as international funds accumulated shares.
The Saudi index closed 0.4 percent higher at 6,922 points; it remains near a six-week low and lost 3.8 percent over the week.
Investors bought shares after Brent oil futures rebounded 2.7 percent overnight and traded above $55.50 on Thursday. Eight of the 14 listed petrochemical producers rose with Saudi Arabia Fertilizers climbing 2.5 percent."
'via Blog this'
Saudi Arabia to cull billions of dollars of projects
Saudi Arabia to cull billions of dollars of projects:
"Saudi Arabia is planning to cull billions of dollars of projects as part of its latest cost-cutting measures to narrow a gaping budget deficit and balance the books by 2020.
The government, which has been forced to slash spending because of low oil prices, has awarded a contract to PwC, the consultancy group, to identify between SR50bn and SR75bn ($13bn-$20bn) in savings, say people aware of the matter.
The focus of the cuts will be on capital expenditure, such as infrastructure projects, as Riyadh hopes to avoid any politically sensitive spending reductions after austerity measures last year triggered an outburst of public discontent."
'via Blog this'
"Saudi Arabia is planning to cull billions of dollars of projects as part of its latest cost-cutting measures to narrow a gaping budget deficit and balance the books by 2020.
The government, which has been forced to slash spending because of low oil prices, has awarded a contract to PwC, the consultancy group, to identify between SR50bn and SR75bn ($13bn-$20bn) in savings, say people aware of the matter.
The focus of the cuts will be on capital expenditure, such as infrastructure projects, as Riyadh hopes to avoid any politically sensitive spending reductions after austerity measures last year triggered an outburst of public discontent."
'via Blog this'
U.A.E. Says $50 Oil ‘Isn’t Going to Cut It’ for Producers - Bloomberg
U.A.E. Says $50 Oil ‘Isn’t Going to Cut It’ for Producers - Bloomberg:
"Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
Prices have climbed almost 20 percent to above $50 a barrel since the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to cut production for the first time in eight years to curb a global glut. OPEC is reducing output along with 11 other producing nations including Russia after a slump in oil prices the past two years eroded revenue.
Crude at $50 a barrel “isn’t going to cut it” for most producers, Mazrouei told an Abu Dhabi energy conference Wednesday. When asked if that level should be a floor, he said: “I will never quote a price because I truly believe we should not target a price.”"
'via Blog this'
"Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.
Prices have climbed almost 20 percent to above $50 a barrel since the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to cut production for the first time in eight years to curb a global glut. OPEC is reducing output along with 11 other producing nations including Russia after a slump in oil prices the past two years eroded revenue.
Crude at $50 a barrel “isn’t going to cut it” for most producers, Mazrouei told an Abu Dhabi energy conference Wednesday. When asked if that level should be a floor, he said: “I will never quote a price because I truly believe we should not target a price.”"
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Saudi Exchange CEO Is in Full Pursuit of Emerging-Market Prize - Bloomberg
Saudi Exchange CEO Is in Full Pursuit of Emerging-Market Prize - Bloomberg:
"Saudi Arabia’s stock exchange is making a determined bid to win emerging-market status in 2017, a designation likely to trigger billions of dollars in investor inflows.
The Tadawul, as the biggest bourse in the Middle East is known, is working with international index compilers to effect the changes they need, Chief Executive Officer Khalid Al Hussan said in in an interview in Riyadh Wednesday. Joining neighbors United Arab Emirates and Qatar in the emerging-market stable could unleash $11 billion of investment in the Saudi market, according to calculations by the research division of EFG-Hermes, the biggest publicly traded Arab investment bank."
'via Blog this'
"Saudi Arabia’s stock exchange is making a determined bid to win emerging-market status in 2017, a designation likely to trigger billions of dollars in investor inflows.
The Tadawul, as the biggest bourse in the Middle East is known, is working with international index compilers to effect the changes they need, Chief Executive Officer Khalid Al Hussan said in in an interview in Riyadh Wednesday. Joining neighbors United Arab Emirates and Qatar in the emerging-market stable could unleash $11 billion of investment in the Saudi market, according to calculations by the research division of EFG-Hermes, the biggest publicly traded Arab investment bank."
'via Blog this'
Qatar Airways talking to CFM about engines for revised Airbus order | Reuters
Qatar Airways talking to CFM about engines for revised Airbus order | Reuters:
"Qatar Airways is in discussions with French-American engine maker CFM International about supplying engines for a revamped order for Airbus narrow-body jets that it expects to finalise "soon", its chief executive said on Thursday.
The Gulf airline has cancelled four A320neo jets powered by alternative Pratt & Whitney engines and expects to swap the overall aircraft order, which was originally for 50 jets, to larger A321neo aircraft.
Qatar Airways Chief Executive Akbar Al Baker acknowledged that his airline had received attractive prices when it originally ordered the new Pratt & Whitney engine, but said a decision on whether to keep those or switch to CFM would depend on delivery and performance guarantees."
'via Blog this'
"Qatar Airways is in discussions with French-American engine maker CFM International about supplying engines for a revamped order for Airbus narrow-body jets that it expects to finalise "soon", its chief executive said on Thursday.
The Gulf airline has cancelled four A320neo jets powered by alternative Pratt & Whitney engines and expects to swap the overall aircraft order, which was originally for 50 jets, to larger A321neo aircraft.
Qatar Airways Chief Executive Akbar Al Baker acknowledged that his airline had received attractive prices when it originally ordered the new Pratt & Whitney engine, but said a decision on whether to keep those or switch to CFM would depend on delivery and performance guarantees."
'via Blog this'
Saudi energy minister expects tight oil market in two to three years | Reuters
Saudi energy minister expects tight oil market in two to three years | Reuters:
"Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he expected tightness in the global oil market in two or three years.
Speaking at a conference in Abu Dhabi, Falih predicted global demand for oil would grow by well over 1 million barrels per day in 2017.
The oil market has been moving toward a balance of supply and demand and December's agreement by OPEC and non-OPEC producers to cut output will accelerate that process, he said. The deal is for six months and producers will consider later whether to renew it, he added."
'via Blog this'
"Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he expected tightness in the global oil market in two or three years.
Speaking at a conference in Abu Dhabi, Falih predicted global demand for oil would grow by well over 1 million barrels per day in 2017.
The oil market has been moving toward a balance of supply and demand and December's agreement by OPEC and non-OPEC producers to cut output will accelerate that process, he said. The deal is for six months and producers will consider later whether to renew it, he added."
'via Blog this'
Mubadala CEO expects to see more mergers in Abu Dhabi | Reuters
Mubadala CEO expects to see more mergers in Abu Dhabi | Reuters:
"More mergers are likely in Abu Dhabi as institutions there tie up in ways that are positive for their business, Khaldoon Khalifa al-Mubarak, group chief executive of Abu Dhabi state fund Mubadala, said on Thursday.
"There's an appetite for more mergers. I expect to see mergers continue in a positive way in Abu Dhabi," Mubarak told reporters. He did not elaborate on which firms might merge.
Last June, the Abu Dhabi government said it would merge Mubadala and another state fund, International Petroleum Investment Co, responding to the impact of low oil prices by pooling their investment power and consolidating operations. Mubarak said on Thursday that the merger was in its final stages and would be completed within weeks."
'via Blog this'
"More mergers are likely in Abu Dhabi as institutions there tie up in ways that are positive for their business, Khaldoon Khalifa al-Mubarak, group chief executive of Abu Dhabi state fund Mubadala, said on Thursday.
"There's an appetite for more mergers. I expect to see mergers continue in a positive way in Abu Dhabi," Mubarak told reporters. He did not elaborate on which firms might merge.
Last June, the Abu Dhabi government said it would merge Mubadala and another state fund, International Petroleum Investment Co, responding to the impact of low oil prices by pooling their investment power and consolidating operations. Mubarak said on Thursday that the merger was in its final stages and would be completed within weeks."
'via Blog this'
Oil rises on OPEC output cuts, China demand forecast | Reuters
Oil rises on OPEC output cuts, China demand forecast | Reuters:
"Oil prices rose on Thursday, supported by reports that key members of OPEC were starting to cut production as promised and by forecasts of strong demand growth in China.
Brent crude LCOc1 was up 70 cents at $55.80 a barrel by 1135 GMT (6:35 a.m. ET). U.S. crude CLc1 was up 60 cents at $52.85.
The Organization of the Petroleum Exporting Countries agreed in November to cut oil production to try to reduce a global supply glut that has depressed prices for more than two years. Several OPEC members appear to be implementing the deal."
'via Blog this'
"Oil prices rose on Thursday, supported by reports that key members of OPEC were starting to cut production as promised and by forecasts of strong demand growth in China.
Brent crude LCOc1 was up 70 cents at $55.80 a barrel by 1135 GMT (6:35 a.m. ET). U.S. crude CLc1 was up 60 cents at $52.85.
The Organization of the Petroleum Exporting Countries agreed in November to cut oil production to try to reduce a global supply glut that has depressed prices for more than two years. Several OPEC members appear to be implementing the deal."
'via Blog this'
MIDEAST STOCKS-Saudi recovers on oil rebound, outperforms Gulf | Reuters
MIDEAST STOCKS-Saudi recovers on oil rebound, outperforms Gulf | Reuters:
"Blue chips helped carry Saudi Arabia's stock index higher in early trade on Thursday after oil prices recovered overnight, but profit taking in large capital stocks weighed on other Gulf markets.
Riyadh's equities index had risen 0.6 percent after 45 minutes. Eight of the 12 listed banks advanced, with Saudi British Bank, the sector's chief gainer, up 1.6 percent.
Petrochemical producers were also strong, with all but one of 14 firms recovering some of this week's losses. Saudi Kayan added 1.2 percent."
'via Blog this'
"Blue chips helped carry Saudi Arabia's stock index higher in early trade on Thursday after oil prices recovered overnight, but profit taking in large capital stocks weighed on other Gulf markets.
Riyadh's equities index had risen 0.6 percent after 45 minutes. Eight of the 12 listed banks advanced, with Saudi British Bank, the sector's chief gainer, up 1.6 percent.
Petrochemical producers were also strong, with all but one of 14 firms recovering some of this week's losses. Saudi Kayan added 1.2 percent."
'via Blog this'
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