UAE economy poised for growth pick up, EFG-Hermes says | The National:
"The UAE’s economy will turn the corner next year, with growth outstripping 2017, thanks to improvement in the non-oil economy, according to the Egyptian investment bank EFG-Hermes. EFG-Hermes expects the economy to slow this year amid continued lower oil prices and the difficulties small and medium-sized enterprises are having in adjusting to the new economic realities. As a result, real GDP growth is expected to slip to 1.1 per cent this year from 3 per cent in 2016, the bank said on Tuesday. Next year, however, the economy is expected to advance by 3 per cent. "We see the pick up in economic activity gaining more pace over the coming period, driven mostly by Dubai’s expansionary fiscal stance, preparations for Expo 2020 gaining pace and Abu Dhabi’s receding fiscal tightening," said Mohamed Abu Basha, an economist at EFG-Hermes. "Overall, GDP growth is likely to decelerate this year in light of lower crude production in compliance with Opec supply cuts.""
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Tuesday, 30 May 2017
Dana Gas Venture Seeks $26.5 Billion in Damages From Iraqi Kurds - Bloomberg
Dana Gas Venture Seeks $26.5 Billion in Damages From Iraqi Kurds - Bloomberg:
"Dana Gas PJSC and its partners are seeking damages of at least $26.5 billion from Iraq’s self-governing Kurdish region for delays in oil and natural gas projects, a U.S. court filing shows.
United Arab Emirates-based Dana Gas and its partners in the venture, called Pearl Petroleum, filed a petition on May 12 in a federal court in Washington, D.C., seeking “recognition and enforcement” of awards in a London arbitration case, according to the U.S. court documents. The petition is part of a legal process that may allow Pearl Petroleum to seize Kurdish assets if the Kurds don’t pay awards decided in arbitration.
The Kurdistan Regional Government’s energy ministry said in an emailed statement that “the KRG will continue vigorously to pursue its rights and defend its position in all appropriate fora.” Dana Gas declined to comment on the U.S. court filing, while Crescent Petroleum, its biggest shareholder and also a party to the filing, had no immediate comment. "
'via Blog this'
"Dana Gas PJSC and its partners are seeking damages of at least $26.5 billion from Iraq’s self-governing Kurdish region for delays in oil and natural gas projects, a U.S. court filing shows.
United Arab Emirates-based Dana Gas and its partners in the venture, called Pearl Petroleum, filed a petition on May 12 in a federal court in Washington, D.C., seeking “recognition and enforcement” of awards in a London arbitration case, according to the U.S. court documents. The petition is part of a legal process that may allow Pearl Petroleum to seize Kurdish assets if the Kurds don’t pay awards decided in arbitration.
The Kurdistan Regional Government’s energy ministry said in an emailed statement that “the KRG will continue vigorously to pursue its rights and defend its position in all appropriate fora.” Dana Gas declined to comment on the U.S. court filing, while Crescent Petroleum, its biggest shareholder and also a party to the filing, had no immediate comment. "
'via Blog this'
No contradictions between Riyadh and Moscow on oil market, Saudi prince tells Putin | Reuters
No contradictions between Riyadh and Moscow on oil market, Saudi prince tells Putin | Reuters:
"Powerful Saudi Deputy Crown Prince Mohammed bin Salman told Russia's President Vladimir Putin on Tuesday that Russia and Saudi Arabia had no contradictions on the oil market. Putin told the prince that energy agreements between the two countries had high importance and Moscow and Riyadh developed their relations successfully to stabilize the energy market and the oil prices."
'via Blog this'
"Powerful Saudi Deputy Crown Prince Mohammed bin Salman told Russia's President Vladimir Putin on Tuesday that Russia and Saudi Arabia had no contradictions on the oil market. Putin told the prince that energy agreements between the two countries had high importance and Moscow and Riyadh developed their relations successfully to stabilize the energy market and the oil prices."
'via Blog this'
MIDEAST STOCKS-Gulf mostly rises, Qatar underperforms as Ezdan plunges again | Reuters
MIDEAST STOCKS-Gulf mostly rises, Qatar underperforms as Ezdan plunges again | Reuters:
"Most Gulf stock markets rose on Tuesday, with petrochemical shares pushing Saudi Arabia up, although Qatar dropped partly because of a fresh tumble by property firm Ezdan Holding. The Saudi index gained 0.7 percent in thin trade as the biggest petrochemical producer, Saudi Basic Industries , rose 1.0 percent and Saudi Kayan added 3.1 percent. Several other stocks favoured by foreign institutional investors also rose sharply. Food company Almarai climbed 2.9 percent and Banque Saudi Fransi surged 3.5 percent after its investment arm, Fransi Capital, said its Taleem real estate investment fund was heavily oversubscribed."
'via Blog this'
"Most Gulf stock markets rose on Tuesday, with petrochemical shares pushing Saudi Arabia up, although Qatar dropped partly because of a fresh tumble by property firm Ezdan Holding. The Saudi index gained 0.7 percent in thin trade as the biggest petrochemical producer, Saudi Basic Industries , rose 1.0 percent and Saudi Kayan added 3.1 percent. Several other stocks favoured by foreign institutional investors also rose sharply. Food company Almarai climbed 2.9 percent and Banque Saudi Fransi surged 3.5 percent after its investment arm, Fransi Capital, said its Taleem real estate investment fund was heavily oversubscribed."
'via Blog this'
DP World hitches lift on the new Silk Road
DP World hitches lift on the new Silk Road:
"When China held its One Belt, One Road summit in Beijing earlier this month it used the event as an opportunity not only to announce lavish new financing plans, but also to allay regional countries’ concerns that the global trade strategy would benefit China at their expense. Those misgivings have not troubled Sultan Ahmed bin Sulayem, chief executive of DP World. He sees China’s massive reimagining of ancient Silk Road trade routes as a business opportunity that could help ameliorate the effects of slowing global economic growth. “The Chinese horizon is changing,” says Mr bin Sulayem, one of Dubai’s most senior officials. DP World has, for example, just seen off the first direct freight train from the UK to China. The train left in April on its three-week journey from DP World’s London Gateway, at the mouth of the river Thames, to Yiwu in eastern China, laden with British products ranging from whisky to pharmaceuticals."
'via Blog this'
"When China held its One Belt, One Road summit in Beijing earlier this month it used the event as an opportunity not only to announce lavish new financing plans, but also to allay regional countries’ concerns that the global trade strategy would benefit China at their expense. Those misgivings have not troubled Sultan Ahmed bin Sulayem, chief executive of DP World. He sees China’s massive reimagining of ancient Silk Road trade routes as a business opportunity that could help ameliorate the effects of slowing global economic growth. “The Chinese horizon is changing,” says Mr bin Sulayem, one of Dubai’s most senior officials. DP World has, for example, just seen off the first direct freight train from the UK to China. The train left in April on its three-week journey from DP World’s London Gateway, at the mouth of the river Thames, to Yiwu in eastern China, laden with British products ranging from whisky to pharmaceuticals."
'via Blog this'
Ignore OPEC, It's China That Dictates Oil Prices | Zero Hedge
Ignore OPEC, It's China That Dictates Oil Prices | Zero Hedge:
"The OPEC deal will lead to an ongoing tightening of the crude oil market, putting a floor beneath crude prices in the $50s per barrel in the second half of 2017, according to Helima Croft of RBC Capital Markets. She said that prices should ultimately “grind higher into the $60s” by the fourth quarter, with an average price for WTI expected at $61. Political and economic pressure surrounding Saudi Aramco’s IPO and Russian elections – both of which are slated for 2018 – will ensure that OPEC and non-OPEC does “whatever it takes” to keep oil prices stable and on the rise. But there are a lot of factors outside of OPEC’s control. High up on that list is the role of China, a country that has received little attention in the oil world as of late amid all the furor over the OPEC vs. U.S. shale debate. But China could make or break the oil market this year and next, depending on what happens with its economy. "If you wanted to know where the downside risk is, it is not in OPEC's decision or in U.S. driving demand or in global inventories rebalancing. I think China is the big source of concern," Prestige Economics President Jason Schenker told CNBC."
'via Blog this'
"The OPEC deal will lead to an ongoing tightening of the crude oil market, putting a floor beneath crude prices in the $50s per barrel in the second half of 2017, according to Helima Croft of RBC Capital Markets. She said that prices should ultimately “grind higher into the $60s” by the fourth quarter, with an average price for WTI expected at $61. Political and economic pressure surrounding Saudi Aramco’s IPO and Russian elections – both of which are slated for 2018 – will ensure that OPEC and non-OPEC does “whatever it takes” to keep oil prices stable and on the rise. But there are a lot of factors outside of OPEC’s control. High up on that list is the role of China, a country that has received little attention in the oil world as of late amid all the furor over the OPEC vs. U.S. shale debate. But China could make or break the oil market this year and next, depending on what happens with its economy. "If you wanted to know where the downside risk is, it is not in OPEC's decision or in U.S. driving demand or in global inventories rebalancing. I think China is the big source of concern," Prestige Economics President Jason Schenker told CNBC."
'via Blog this'
Economic reform is top of Hassan Rouhani’s agenda
Economic reform is top of Hassan Rouhani’s agenda:
"Having secured a comfortable re-election victory, Iran’s president Hassan Rouhani will almost certainly make the Iranian economy a priority. If the nuclear agreement reached with six major world powers in 2015 was the prize achievement of his first term as president, the challenge of the next four years is to convert the lifting of international sanctions into jobs, investment and growth. Since the nuclear deal came into effect, Iran has raised its oil exports and lowered inflation. But one of the laments from Tehran is the reluctance of foreign banks to follow international oil companies, aircraft makers and car manufacturers, which have begun to dip their toes in Iranian waters. This, Iranian officials maintain, is out of fear of Washington. Some US sanctions remain in place and its authorities have determinedly pursued violations to the tune of billions of dollars. “The United States, instead of encouraging these financial institutions, use[s] multi-pronged words that are actually bringing fear to the hearts of these banks,” Mr Rouhani told an American interviewer last autumn."
'via Blog this'
"Having secured a comfortable re-election victory, Iran’s president Hassan Rouhani will almost certainly make the Iranian economy a priority. If the nuclear agreement reached with six major world powers in 2015 was the prize achievement of his first term as president, the challenge of the next four years is to convert the lifting of international sanctions into jobs, investment and growth. Since the nuclear deal came into effect, Iran has raised its oil exports and lowered inflation. But one of the laments from Tehran is the reluctance of foreign banks to follow international oil companies, aircraft makers and car manufacturers, which have begun to dip their toes in Iranian waters. This, Iranian officials maintain, is out of fear of Washington. Some US sanctions remain in place and its authorities have determinedly pursued violations to the tune of billions of dollars. “The United States, instead of encouraging these financial institutions, use[s] multi-pronged words that are actually bringing fear to the hearts of these banks,” Mr Rouhani told an American interviewer last autumn."
'via Blog this'
Oil Slides as Traders Await Evidence OPEC Cuts Are Working - Bloomberg
Oil Slides as Traders Await Evidence OPEC Cuts Are Working - Bloomberg:
"Oil slipped in New York as traders awaited further proof that production cuts by OPEC and its allies, which were extended at a meeting last week, are having an effect.
West Texas Intermediate futures were down 0.4 percent from Friday’s closing price following the Memorial Day holiday on Monday. OPEC and Russia’s deal to extend output limits through March was initially met with a selloff as deeper cuts or a plan for the rest of 2018 weren’t proposed. Saudi Arabia’s Energy Minister Khalid Al-Falih said the strategy is working and stockpiles will drop faster in the third quarter."
'via Blog this'
"Oil slipped in New York as traders awaited further proof that production cuts by OPEC and its allies, which were extended at a meeting last week, are having an effect.
West Texas Intermediate futures were down 0.4 percent from Friday’s closing price following the Memorial Day holiday on Monday. OPEC and Russia’s deal to extend output limits through March was initially met with a selloff as deeper cuts or a plan for the rest of 2018 weren’t proposed. Saudi Arabia’s Energy Minister Khalid Al-Falih said the strategy is working and stockpiles will drop faster in the third quarter."
'via Blog this'
MIDEAST STOCKS-UAE, Saudi inch up in timid trade; Qatar drops before FTSE changes | Reuters
MIDEAST STOCKS-UAE, Saudi inch up in timid trade; Qatar drops before FTSE changes | Reuters:
"Most stock markets in the Gulf were slightly higher in early trade on Tuesday with the main focus on stocks favoured by local day-traders, while Qatar's bourse fell ahead of changes by index compiler FTSE. Dubai's index rose 0.6 percent as loss-making theme park operator DXB Entertainments climbed 2.3 percent, pulling further away from a two-year low hit on Sunday. Investors were still reacting positively to news that its chief executive Raed Kajoor al-Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. The company has not yet named a new CEO. "
'via Blog this'
"Most stock markets in the Gulf were slightly higher in early trade on Tuesday with the main focus on stocks favoured by local day-traders, while Qatar's bourse fell ahead of changes by index compiler FTSE. Dubai's index rose 0.6 percent as loss-making theme park operator DXB Entertainments climbed 2.3 percent, pulling further away from a two-year low hit on Sunday. Investors were still reacting positively to news that its chief executive Raed Kajoor al-Nuaimi had been appointed CEO of a new entity that will manage development projects for Dubai Holding and Meraas Holding. The company has not yet named a new CEO. "
'via Blog this'