Turning Dubai property into a mass asset

Turning Dubai property into a mass asset:

Conversations about the current state of the real estate and equity markets in the UAE tend to ignore some basic parameters. Both about how value is created, as well as how it becomes mainstream as a tool of acceptance in society.

In Dubai, since the advent of freehold, the real estate sector has come to represent the economy in the same way as Wall Street defines the process of value creation in America. It is therefore worthwhile to examine the process of valuation, and its relation to society.

Nothing is more central to capitalism than capital itself. Property becomes capital when it is recognised as an asset, something that can generate value in the future. Valuations therefore become central to this process, as it creates order (and disorder) in markets.

Saudi Arabia defies U.S. pressure to end Qatar row after Khashoggi killing | Reuters

Saudi Arabia defies U.S. pressure to end Qatar row after Khashoggi killing | Reuters:

Saudi Arabia is defying U.S. calls to mend ties with Qatar despite signs that pressure to end another regional crisis, the Yemen war, has had an impact on Riyadh since the killing of a prominent journalist. 

Jamal Khashoggi’s murder at the Saudi consulate in Istanbul on Oct. 2 caused a global outcry, opened Saudi Arabia to the possibility of sanctions and damaged the image of Crown Prince Mohammed bin Salman.

Washington believes it has more influence over Riyadh as its ally tries to repair the damage to the kingdom’s standing, and wants to use this leverage to end the Yemen war and rebuild Gulf unity against Iran, four sources familiar with the matter said.

Oil edges up in volatile session but falls for sixth straight week | Reuters

Oil edges up in volatile session but falls for sixth straight week | Reuters:

Oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organization of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 percent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut.

Brent settled up 14 cents, or 0.2 percent, at $66.76 a barrel. The global benchmark fell 4.6 percent in the week, the sixth consecutive decline.

Oil firms on supply cut talk; still set for sixth weekly loss | Reuters

Oil firms on supply cut talk; still set for sixth weekly loss | Reuters:

Oil rose on Friday on hopes that supply cuts will be agreed at OPEC’s meeting on Dec. 6, but failed to recoup recent losses on oversupply concerns that have shaved more than a fifth off the Brent crude benchmark since early October.

Brent was up 85 cents at $67.47 a barrel by 0929 GMT. It has been recovering for three sessions since hitting an eight-month low on Tuesday but is still on course for a weekly loss of about 4 percent.

U.S. West Texas Intermediate (WTI) futures rose 55 cents to $57.01 a barrel after their steepest one-day loss in more than three years on Tuesday.