Dubai property market should find its own solution for oversupply:
In recent weeks, there appears to have been a plethora of commentary suggesting that the government should take measures to halt the supply of real estate. This has contributed to a flood of negative media that has captured the attention of commentators who are concerned about the current state of the economy.
I find these reactions to be incredulous; the focus appears to always be on the government interfering with the state of the economy in order to somehow “improve” things. However, what is not appreciated is that Dubai, and the UAE, are in an ecosystem, a framework of laws and regulations that is known for its thriving business and entrepreneurial sector.
Granted, this has been a system where there has been a symbiosis between the government and the private sector. However, it is clear that the private sector has always led the way in cementing the city — and the country’s — image of being a pioneer in the fields of business creativity.
Friday, 23 November 2018
As Oil Plunges, the Real OPEC Meeting Will Be at Next Week's G20 - Bloomberg
As Oil Plunges, the Real OPEC Meeting Will Be at Next Week's G20 - Bloomberg:
For the oil market, it looks like the real OPEC meeting will come a week ahead of schedule.
The cartel is set to meet on Dec. 6 in Vienna, but days earlier the key decision makers are set to gather on the sidelines of the G20 summit in Buenos Aires in a meeting that may well decide the direction of oil prices in 2019.
Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin, who lead the world’s two largest oil exporters and have been working together to manage the oil market for the past two years, both plan to be in the Argentinian capital at the end of next week. Just as important will be U.S. President Donald Trump, who’s made his opposition to OPEC a regular theme in his Twitter diplomacy.
For the oil market, it looks like the real OPEC meeting will come a week ahead of schedule.
The cartel is set to meet on Dec. 6 in Vienna, but days earlier the key decision makers are set to gather on the sidelines of the G20 summit in Buenos Aires in a meeting that may well decide the direction of oil prices in 2019.
Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin, who lead the world’s two largest oil exporters and have been working together to manage the oil market for the past two years, both plan to be in the Argentinian capital at the end of next week. Just as important will be U.S. President Donald Trump, who’s made his opposition to OPEC a regular theme in his Twitter diplomacy.
Oil plunges nearly 8 percent despite talk of output cut | Reuters
Oil plunges nearly 8 percent despite talk of output cut | Reuters:
Oil prices slumped up to nearly 8 percent to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output.
Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6.
But this has done little so far to prop up prices, which have dropped more than 20 percent so far in November, in a seven-week streak of losses. Prices were on course for their biggest one-month decline since late 2014.
Oil prices slumped up to nearly 8 percent to the lowest in more than a year on Friday, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output.
Oil supply, led by U.S. producers, is growing faster than demand and to prevent a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting on Dec. 6.
But this has done little so far to prop up prices, which have dropped more than 20 percent so far in November, in a seven-week streak of losses. Prices were on course for their biggest one-month decline since late 2014.
Brent crude futures settled down $3.80 a barrel, or 6.1 percent at $58.80. During the session, the benchmark dropped to $58.41, the lowest since October 2017.
U.S. West Texas Intermediate crude (WTI) lost $4.21, or 7.7 percent, to trade at $50.42, also the weakest since October 2017. In post-settlement trade, the contract continued to fall.
Trump’s Billionaire Gulf Partner ‘Sympathetic’ on U.S. Trade War - Bloomberg
Trump’s Billionaire Gulf Partner ‘Sympathetic’ on U.S. Trade War - Bloomberg:
Step aside, Kanye. Donald Trump’s latest supporter comes from the Middle East.
Dubai-based billionaire Hussain Sajwani, who has golf course deals with the Trump Organization, understands why the U.S. president is taking a tough stance on trade with China. Free trade shouldn’t be a luxury, the 65-year-old developer said in an interview, while stressing that he’s mostly focused on his real estate business, Damac Properties PJSC.
Poor trading conditions for Dubai property developers and a subsequent slump in Damac’s shares have slashed Sajwani’s fortune this year by more than a quarter to about $3.6 billion, according to the Bloomberg Billionaires Index. Yet the U.S. college graduate is unfazed by these fluctuations and expects Dubai’s real estate market to rebound within the next three years. Damac, founded by Sajwani in 2002, reported revenue last week of 1.5 billion dirhams ($408 million) for the three months through September, a 33 percent drop from the same period a year earlier.
Step aside, Kanye. Donald Trump’s latest supporter comes from the Middle East.
Dubai-based billionaire Hussain Sajwani, who has golf course deals with the Trump Organization, understands why the U.S. president is taking a tough stance on trade with China. Free trade shouldn’t be a luxury, the 65-year-old developer said in an interview, while stressing that he’s mostly focused on his real estate business, Damac Properties PJSC.
Poor trading conditions for Dubai property developers and a subsequent slump in Damac’s shares have slashed Sajwani’s fortune this year by more than a quarter to about $3.6 billion, according to the Bloomberg Billionaires Index. Yet the U.S. college graduate is unfazed by these fluctuations and expects Dubai’s real estate market to rebound within the next three years. Damac, founded by Sajwani in 2002, reported revenue last week of 1.5 billion dirhams ($408 million) for the three months through September, a 33 percent drop from the same period a year earlier.
Khashoggi Killing: Saudi King Is Accountable, Too - Bloomberg
Khashoggi Killing: Saudi King Is Accountable, Too - Bloomberg:
One of the central figures in the drama over the murder of Saudi journalist Jamal Khashoggi has remained an invisible man. Global attention has focused on the role played by Saudi Crown Prince Mohammed bin Salman in the Oct. 2 killing at the Saudi consulate in Istanbul. But another figure deserves equal billing: the prince’s father, King Salman.
The crown prince is often referred to as the “de facto ruler” of Saudi Arabia. But that’s not what he really is. The king has virtually total power. He has apparently delegated a lot of administrative authority to his son, enough to make “day-to-day ruler” a reasonable description of the younger man’s government role. But the king remains the ultimate authority.
It’s significant, then, that King Salman either goes unmentioned by public figures demanding accountability for the killing, or is specifically exonerated. Writing in the Washington Post, for example, Turkish Prime Minister Recep Tayyip Erdogan insisted that “We know the order to kill Khashoggi came from the highest levels of the Saudi government” but added, “I do not believe for a second that King Salman, the custodian of the holy mosques, ordered the hit on Khashoggi.”
One of the central figures in the drama over the murder of Saudi journalist Jamal Khashoggi has remained an invisible man. Global attention has focused on the role played by Saudi Crown Prince Mohammed bin Salman in the Oct. 2 killing at the Saudi consulate in Istanbul. But another figure deserves equal billing: the prince’s father, King Salman.
The crown prince is often referred to as the “de facto ruler” of Saudi Arabia. But that’s not what he really is. The king has virtually total power. He has apparently delegated a lot of administrative authority to his son, enough to make “day-to-day ruler” a reasonable description of the younger man’s government role. But the king remains the ultimate authority.
It’s significant, then, that King Salman either goes unmentioned by public figures demanding accountability for the killing, or is specifically exonerated. Writing in the Washington Post, for example, Turkish Prime Minister Recep Tayyip Erdogan insisted that “We know the order to kill Khashoggi came from the highest levels of the Saudi government” but added, “I do not believe for a second that King Salman, the custodian of the holy mosques, ordered the hit on Khashoggi.”
UAE real estate sector Q3 profits shrink 39% | ZAWYA MENA Edition
UAE real estate sector Q3 profits shrink 39% | ZAWYA MENA Edition:
The ten real estate companies listed on the UAE stock exchanges achieved a decline of 39% in profits during the third quarter of 2018 compared to the same period in the prior year.
Earnings shrank to AED 2.5 billion in Q3-18 from AED 4.05 billion in Q3-17, according to the latest data contributed by Mubasher.
Listed on the Abu Dhabi Securities Exchange (ADX), real estate companies posted a decrease of 33% in profits to AED 412.4 million in Q3-18 from AED 615.03 million in Q3-17.
The ten real estate companies listed on the UAE stock exchanges achieved a decline of 39% in profits during the third quarter of 2018 compared to the same period in the prior year.
Earnings shrank to AED 2.5 billion in Q3-18 from AED 4.05 billion in Q3-17, according to the latest data contributed by Mubasher.
Listed on the Abu Dhabi Securities Exchange (ADX), real estate companies posted a decrease of 33% in profits to AED 412.4 million in Q3-18 from AED 615.03 million in Q3-17.
Oil prices hit year low as OPEC considers output cut | Reuters
Oil prices hit year low as OPEC considers output cut | Reuters:
Oil prices fell to their lowest in a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers consider cutting production to try to stem a rising global surplus.
Oil supply, led by the United States, is growing more quickly than demand and to ward off a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start withholding output after a meeting planned for Dec. 6.
But this has done little so far to prop up the price. The value of a barrel of oil has dropped by around 20 percent so far in November, in a seven-week streak of losses.
Oil prices fell to their lowest in a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers consider cutting production to try to stem a rising global surplus.
Oil supply, led by the United States, is growing more quickly than demand and to ward off a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start withholding output after a meeting planned for Dec. 6.
But this has done little so far to prop up the price. The value of a barrel of oil has dropped by around 20 percent so far in November, in a seven-week streak of losses.
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