China flags up UAE as Silk Road mega-hub with $300m port deal:
China, the world largest trading nation, has thrown its weight behind Abu Dhabi as the Middle East hub for its Belt and Road Initiative (BRI) in an alliance with the UAE capital’s Khalifa Port.
Cosco, the Shanghai-based, state-owned group that ranks among the biggest shipping companies in the world, has invested an initial $300 million in the CSP Abu Dhabi Terminal, the first step in an investment program that could help make it one of the biggest ports in the Arabian Gulf over the next five years. Additional investment is pledged.
The expansion plan foresees a capacity of 9.1 million TEU (20-foot equivalent units, the standard measurement in the global container industry) by 2023. Jebel Ali, just 50 km away in Dubai, is currently by far the biggest port in the region with capacity of 22.1 million TEU.
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Monday 10 December 2018
Fiscal consolidation to slow down across GCC: Fitch Solutions
Fiscal consolidation to slow down across GCC: Fitch Solutions:
Fiscal consolidation looks set to slow across the Gulf Cooperation Council (GCC) in 2019 as governments focus increasingly on growth-supportive policies, despite oil prices levelling off, Fitch Solutions has said in a report.
In particular, the report noted "there appears to be a g rowing emphasis on the use of fiscal stimulus to encourage non-hydrocarbon private investment and business activity — an integral part of the various member states’ economic diversification programmes and crucial for job creation."
"GCC governments are continuing to invest heavily in infrastructure," Fitch Solutions said. Most notably, Qatar and Dubai are carrying out large-scale investment development programmes as they prepare to host the FIFA World Cup 2022 and the 2020 World Expo, respectively.
Fiscal consolidation looks set to slow across the Gulf Cooperation Council (GCC) in 2019 as governments focus increasingly on growth-supportive policies, despite oil prices levelling off, Fitch Solutions has said in a report.
In particular, the report noted "there appears to be a g rowing emphasis on the use of fiscal stimulus to encourage non-hydrocarbon private investment and business activity — an integral part of the various member states’ economic diversification programmes and crucial for job creation."
"GCC governments are continuing to invest heavily in infrastructure," Fitch Solutions said. Most notably, Qatar and Dubai are carrying out large-scale investment development programmes as they prepare to host the FIFA World Cup 2022 and the 2020 World Expo, respectively.
Oil Slides Most in Two Weeks as Traders Doubt OPEC+ Supply Cuts - Bloomberg
Oil Slides Most in Two Weeks as Traders Doubt OPEC+ Supply Cuts - Bloomberg:
Oil slid to its worst loss in two weeks as doubts grew about whether OPEC and its allies can deliver enough output cuts to head off a glut.
Futures fell 3.1 percent in New York, evaporating all the gains from last week’s pact between Russia, Saudi Arabia and other top producers to crimp supplies. Worries about demand also took a toll as data showed Chinese imports rising less than expected and Beijing summoned the U.S. ambassador to protest the arrest of a telecom executive.
While the alliance known as OPEC+ agreed to slash about 1 percent of global production, it remains uncertain exactly how the cutbacks will be implemented, analysts at Goldman Sachs Group Inc. and Morgan Stanley noted.
Oil slid to its worst loss in two weeks as doubts grew about whether OPEC and its allies can deliver enough output cuts to head off a glut.
Futures fell 3.1 percent in New York, evaporating all the gains from last week’s pact between Russia, Saudi Arabia and other top producers to crimp supplies. Worries about demand also took a toll as data showed Chinese imports rising less than expected and Beijing summoned the U.S. ambassador to protest the arrest of a telecom executive.
While the alliance known as OPEC+ agreed to slash about 1 percent of global production, it remains uncertain exactly how the cutbacks will be implemented, analysts at Goldman Sachs Group Inc. and Morgan Stanley noted.
`This Too Shall End': Loews CEO Tisch Eyes $75 Oil in Two Years - Bloomberg
`This Too Shall End': Loews CEO Tisch Eyes $75 Oil in Two Years - Bloomberg:
While oil prices remain stubbornly low despite a pledge by OPEC to curb global output, the head of one U.S. conglomerate is eyeing a rebound that’ll bring crude back to $75 a barrel.
“What we’ve seen this year is a dramatic increase in production,” Jim Tisch, chief executive officer of Loews Corp., which bought the rest of Boardwalk Pipeline Partners LP it didn’t already own earlier this year, said on Bloomberg TV Monday. “Now oil is $50 a barrel, the shale producers are singing the blues again, and I think things are going to slow down.”
That’s due in part to break-even prices that Tisch said explorers are “under-quoting.”
While oil prices remain stubbornly low despite a pledge by OPEC to curb global output, the head of one U.S. conglomerate is eyeing a rebound that’ll bring crude back to $75 a barrel.
“What we’ve seen this year is a dramatic increase in production,” Jim Tisch, chief executive officer of Loews Corp., which bought the rest of Boardwalk Pipeline Partners LP it didn’t already own earlier this year, said on Bloomberg TV Monday. “Now oil is $50 a barrel, the shale producers are singing the blues again, and I think things are going to slow down.”
That’s due in part to break-even prices that Tisch said explorers are “under-quoting.”
#Dubai's ENOC Group plans 45 new service stations in Saudi Arabia | ZAWYA MENA Edition
Dubai's ENOC Group plans 45 new service stations in Saudi Arabia | ZAWYA MENA Edition:
Dubai's Emirates National Oil Company (ENOC) said on Monday it plans to open 45 new service stations in Saudi Arabia over the next five years.
Over the next two years, it will open stations in the Central Region, mainly Riyadh and the Eastern province, it said.
ENOC said the plan would support the kingdom's aim to open 1,200 more petrol stations.
Dubai's Emirates National Oil Company (ENOC) said on Monday it plans to open 45 new service stations in Saudi Arabia over the next five years.
Over the next two years, it will open stations in the Central Region, mainly Riyadh and the Eastern province, it said.
ENOC said the plan would support the kingdom's aim to open 1,200 more petrol stations.
EU's top diplomat: EU-Iran trade vehicle could be ready by year-end | Reuters
EU's top diplomat: EU-Iran trade vehicle could be ready by year-end | Reuters:
The European Union’s foreign policy chief said on Monday a system to facilitate non-dollar trade with Iran and circumvent U.S. sanctions could be in place by year’s end.
The European Union wants the so-called Special Purpose Vehicle (SPV) to help preserve the economic benefits for Iran deriving from the curbs it placed on its nuclear program under a 2015 deal with world powers, from which President Donald Trump withdrew the United States in May.
EU diplomats had hoped to have the SPV in place by now but ran into delays as member states balked at hosting it for fear of being targeted by the revived U.S. sanctions regime against Iran.
The European Union’s foreign policy chief said on Monday a system to facilitate non-dollar trade with Iran and circumvent U.S. sanctions could be in place by year’s end.
The European Union wants the so-called Special Purpose Vehicle (SPV) to help preserve the economic benefits for Iran deriving from the curbs it placed on its nuclear program under a 2015 deal with world powers, from which President Donald Trump withdrew the United States in May.
EU diplomats had hoped to have the SPV in place by now but ran into delays as member states balked at hosting it for fear of being targeted by the revived U.S. sanctions regime against Iran.
RPT-COLUMN-OPEC and its allies seek the nirvana of crude oil balance: Russell | Reuters
RPT-COLUMN-OPEC and its allies seek the nirvana of crude oil balance: Russell | Reuters:
The key concept in the wake of the decision to reduce crude oil output by OPEC and its allies is “balance”. It’s something everybody in the market says they want, but they all have different ideas of what it means and how to get there.
Boiled down to the basics, both the Organization of the Petroleum Exporting Countries and the other producers, most notably Russia, are trying to do with the move to cut output by 1.2 million barrels per day (bpd) is achieve their vision of a balanced market.
While what this means is not exactly spelled out in unambiguous terms, it’s assumed to mean that they want an oil price they believe to be “fair” and one that will allow them to meet their fiscal obligations as well as ensuring sufficient incentive for capital spending to maintain future output.
The key concept in the wake of the decision to reduce crude oil output by OPEC and its allies is “balance”. It’s something everybody in the market says they want, but they all have different ideas of what it means and how to get there.
Boiled down to the basics, both the Organization of the Petroleum Exporting Countries and the other producers, most notably Russia, are trying to do with the move to cut output by 1.2 million barrels per day (bpd) is achieve their vision of a balanced market.
While what this means is not exactly spelled out in unambiguous terms, it’s assumed to mean that they want an oil price they believe to be “fair” and one that will allow them to meet their fiscal obligations as well as ensuring sufficient incentive for capital spending to maintain future output.
#Qatar considers selling dollar bonds for benchmark purposes only | Reuters
Qatar considers selling dollar bonds for benchmark purposes only | Reuters:
Qatar does not need to raise debt through international bonds next year because its budget forecasts an economic surplus, but it might issue dollar debt to provide a pricing benchmark to government-related entities that plan to sell bonds, a finance ministry official said.
Qatar raised $12 billion in a jumbo bond issue in April, one of the largest debt placements by an emerging-market sovereign this year, marking a successful comeback to international debt markets despite a rift with its Gulf neighbours.
Doha has been locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain since June of last year. They all severed diplomatic and transport ties with Qatar, accusing it of supporting terrorism, a charge Doha denies.
Qatar does not need to raise debt through international bonds next year because its budget forecasts an economic surplus, but it might issue dollar debt to provide a pricing benchmark to government-related entities that plan to sell bonds, a finance ministry official said.
Qatar raised $12 billion in a jumbo bond issue in April, one of the largest debt placements by an emerging-market sovereign this year, marking a successful comeback to international debt markets despite a rift with its Gulf neighbours.
Doha has been locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain since June of last year. They all severed diplomatic and transport ties with Qatar, accusing it of supporting terrorism, a charge Doha denies.
OPEC and non-OPEC cooperation deal to be signed in three months: UAE | Reuters
OPEC and non-OPEC cooperation deal to be signed in three months: UAE | Reuters:
A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months’ time in Saudi Arabia, the UAE’s energy minister said on Monday.
“By (the) end of March the document will be ready for signature,” Suhail al-Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be a forum with frequent meetings to work together to achieve market balance.
In a separate deal on Friday, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day (bpd).
A general cooperation agreement between OPEC and non-OPEC countries will be signed in three months’ time in Saudi Arabia, the UAE’s energy minister said on Monday.
“By (the) end of March the document will be ready for signature,” Suhail al-Mazrouei said at an event in Abu Dhabi of the cooperation agreement, which will be a forum with frequent meetings to work together to achieve market balance.
In a separate deal on Friday, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day (bpd).
Oil falls nearly 2 percent on stocks sell-off, pares OPEC deal gains | Reuters
Oil falls nearly 2 percent on stocks sell-off, pares OPEC deal gains | Reuters:
Oil fell nearly 2 percent on Monday, echoing the weakness in global stock markets as the focus returned to demand growth concerns and crude prices erased some of the gains made last week on an OPEC-led decision to cut output.
A gauge of global equities stumbled, putting it on track for its fifth straight daily decline, as losses in Europe and Asia extended to Wall Street on new signs the U.S.-China trade spat was impacting world economic growth.
The market was also weighed down by confusion stemming from British Prime Minister Theresa May’s postponement of a parliamentary vote on her Brexit deal and sluggish data from the world’s largest economies including the U.S, China, Japan and Germany in recent days.
Oil fell nearly 2 percent on Monday, echoing the weakness in global stock markets as the focus returned to demand growth concerns and crude prices erased some of the gains made last week on an OPEC-led decision to cut output.
A gauge of global equities stumbled, putting it on track for its fifth straight daily decline, as losses in Europe and Asia extended to Wall Street on new signs the U.S.-China trade spat was impacting world economic growth.
The market was also weighed down by confusion stemming from British Prime Minister Theresa May’s postponement of a parliamentary vote on her Brexit deal and sluggish data from the world’s largest economies including the U.S, China, Japan and Germany in recent days.
MIDEAST STOCKS-Egypt enjoys best day in two years, oil pressures Gulf | Reuters
MIDEAST STOCKS-Egypt enjoys best day in two years, oil pressures Gulf | Reuters:
Egypt’s blue-chip index rose on Monday for its biggest one-day gain in two years, after the country’s annual inflation dipped. Real estate continued to weigh on Dubai.
Egypt’s annual urban consumer price inflation dipped to 15.7 percent in November from 17.7 percent in October, the official statistics agency CAPMAS said on Monday, exceeding analysts’ expectations.
Inflation had spiked in October because of supply problems in the domestic fruit and vegetable market.
Egypt’s blue-chip index rose on Monday for its biggest one-day gain in two years, after the country’s annual inflation dipped. Real estate continued to weigh on Dubai.
Egypt’s annual urban consumer price inflation dipped to 15.7 percent in November from 17.7 percent in October, the official statistics agency CAPMAS said on Monday, exceeding analysts’ expectations.
Inflation had spiked in October because of supply problems in the domestic fruit and vegetable market.
Goldman Sachs and Morgan Stanley Warn Oil Uncertainty to Persist - Bloomberg
Goldman Sachs and Morgan Stanley Warn Oil Uncertainty to Persist - Bloomberg:
Oil’s gains risk being quelled by uncertainty over how the OPEC+ coalition will implement its deal to cut output, according to Goldman Sachs Group Inc. and Morgan Stanley.
While producers including Saudi Arabia and Russia defied market expectations as well as U.S. President Donald Trump late last week to pledge 1.2 million barrels a day of curbs, the lack of specific country allocations and exemptions for Iran, Venezuela and Libya cloud the market outlook, Goldman said in a report. For any sustained rally, a drop in stockpiles and evidence of the cuts being implemented are needed, it said.
“The need for this physical evidence emanates from both the surprisingly large surplus of the global oil market in the second half of 2018 as well the absence of a clear picture on the implementation of the cuts,” Goldman analysts Damien Courvalin and Jeffrey Currie wrote in a Dec. 7 report.
Oil’s gains risk being quelled by uncertainty over how the OPEC+ coalition will implement its deal to cut output, according to Goldman Sachs Group Inc. and Morgan Stanley.
While producers including Saudi Arabia and Russia defied market expectations as well as U.S. President Donald Trump late last week to pledge 1.2 million barrels a day of curbs, the lack of specific country allocations and exemptions for Iran, Venezuela and Libya cloud the market outlook, Goldman said in a report. For any sustained rally, a drop in stockpiles and evidence of the cuts being implemented are needed, it said.
“The need for this physical evidence emanates from both the surprisingly large surplus of the global oil market in the second half of 2018 as well the absence of a clear picture on the implementation of the cuts,” Goldman analysts Damien Courvalin and Jeffrey Currie wrote in a Dec. 7 report.
Oil Extends Gain on OPEC+ Output-Cut Pact and Libya Field Outage - Bloomberg
Oil Extends Gain on OPEC+ Output-Cut Pact and Libya Field Outage - Bloomberg:
Oil in London extended gains near $62 a barrel on prospects for a shrinking glut as the OPEC+ group agreed to curb output and protesters forced Libya’s biggest crude field to close.
Brent futures rose as much as 1.1 percent after jumping 2.7 percent on Friday as producers including Saudi and Russia committed to removing 1.2 million barrels a day of output, more than the market had expected. Skepticism before a producer meeting in Vienna last week had seen money managers boost bets against crude. Meanwhile, Libya’s state oil firm declared force majeure at its largest oil field after members of the Petroleum Facilities Guard shut down pumps leading to tanks.
Crude is paring this year’s losses after the Organization of Petroleum Exporting Countries and its partners defied U.S. President Donald Trump’s call for the producer group to keep taps open. Prices have slid from a four-year high in early October highs after Washington gave temporary exemptions from sanctions to eight nations to continue purchasing Iranian oil, while America exacerbated a global glut by pumping at record levels.
Oil in London extended gains near $62 a barrel on prospects for a shrinking glut as the OPEC+ group agreed to curb output and protesters forced Libya’s biggest crude field to close.
Brent futures rose as much as 1.1 percent after jumping 2.7 percent on Friday as producers including Saudi and Russia committed to removing 1.2 million barrels a day of output, more than the market had expected. Skepticism before a producer meeting in Vienna last week had seen money managers boost bets against crude. Meanwhile, Libya’s state oil firm declared force majeure at its largest oil field after members of the Petroleum Facilities Guard shut down pumps leading to tanks.
Crude is paring this year’s losses after the Organization of Petroleum Exporting Countries and its partners defied U.S. President Donald Trump’s call for the producer group to keep taps open. Prices have slid from a four-year high in early October highs after Washington gave temporary exemptions from sanctions to eight nations to continue purchasing Iranian oil, while America exacerbated a global glut by pumping at record levels.
#Qatar banks' reserves rise 5 pct in Jan-Sept -central bank | Reuters
Qatar banks' reserves rise 5 pct in Jan-Sept -central bank | Reuters:
Qatar’s central bank governor said that the total reserves of Qatari banks grew 5 percent over the first nine months of 2018.
Preventive measures taken by Qatari banks have improved the resilience of the banking system, Sheikh Abdullah in Saud al-Thani said at a financial conference in Doha.
Qatar’s economy has overcome a boycott by other Gulf states and has become even stronger than before, he said.
Qatar’s central bank governor said that the total reserves of Qatari banks grew 5 percent over the first nine months of 2018.
Preventive measures taken by Qatari banks have improved the resilience of the banking system, Sheikh Abdullah in Saud al-Thani said at a financial conference in Doha.
Qatar’s economy has overcome a boycott by other Gulf states and has become even stronger than before, he said.
Qatar Investment Authority has accelerated investments in technology - CEO | Reuters
Qatar Investment Authority has accelerated investments in technology - CEO | Reuters:
The Qatar Investment Authority (QIA) has accelerated its investments in technology and is keeping the door open to strategic partnerships for technology investments, its CEO said on Monday.
In the United States, the fund is focusing on “classic” sectors such as real estate, financials, and technology, Mansour Ibrahim al-Mahmoud told Reuters on the sidelines of an event in Doha, adding this was until the QIA revisits its strategy in the future.
“We have already accelerated and we have done several investments in technology and we will keep the momentum until we increase our pie,” he said.
The Qatar Investment Authority (QIA) has accelerated its investments in technology and is keeping the door open to strategic partnerships for technology investments, its CEO said on Monday.
In the United States, the fund is focusing on “classic” sectors such as real estate, financials, and technology, Mansour Ibrahim al-Mahmoud told Reuters on the sidelines of an event in Doha, adding this was until the QIA revisits its strategy in the future.
“We have already accelerated and we have done several investments in technology and we will keep the momentum until we increase our pie,” he said.
#Australia grabs world's biggest LNG exporter crown from #Qatar in Nov | Reuters
Australia grabs world's biggest LNG exporter crown from Qatar in Nov | Reuters:
Australia overtook Qatar as the world’s largest exporter of liquefied natural gas (LNG) for the first time in November, data from Refinitiv Eikon showed on Monday.
The surge in Australian exports follows the start up of a number of export projects in the country over the past three years, most recently the Ichthys project offshore its northern coast.
In November, Australia loaded 6.5 million tonnes of LNG for exports while Qatar exported over 6.2 million tonnes, the data showed.
Australia overtook Qatar as the world’s largest exporter of liquefied natural gas (LNG) for the first time in November, data from Refinitiv Eikon showed on Monday.
The surge in Australian exports follows the start up of a number of export projects in the country over the past three years, most recently the Ichthys project offshore its northern coast.
In November, Australia loaded 6.5 million tonnes of LNG for exports while Qatar exported over 6.2 million tonnes, the data showed.
Standard Chartered cuts jobs in #UAE retail bank: sources | Reuters
Standard Chartered cuts jobs in UAE retail bank: sources | Reuters:
Standard Chartered (STAN.L) is cutting jobs in its retail bank in the United Arab Emirates, in part as more customers move to digital services, people familiar with the matter told Reuters.
The bank has also reduced headcount within other sectors of the bank, including corporate and commercial divisions, as part of a global shake-up, said two of the people.
“Standard Chartered has made substantial progress in executing the transformation plan laid out in 2015; we will set out how we will develop the group and deliver higher returns at our-full year 2018 results in February,” it said in a statement.
Standard Chartered (STAN.L) is cutting jobs in its retail bank in the United Arab Emirates, in part as more customers move to digital services, people familiar with the matter told Reuters.
The bank has also reduced headcount within other sectors of the bank, including corporate and commercial divisions, as part of a global shake-up, said two of the people.
“Standard Chartered has made substantial progress in executing the transformation plan laid out in 2015; we will set out how we will develop the group and deliver higher returns at our-full year 2018 results in February,” it said in a statement.
#Oman sovereign fund eyes defensive sectors amid risks for global economy | Reuters
Oman sovereign fund eyes defensive sectors amid risks for global economy | Reuters:
Oman Investment Fund (OIF) may target defensive sectors such as healthcare and insurance in the short-term as more downside risks emerge for global economy, its chief strategy officer said.
“In the portion of our portfolio that is more exposed to public markets, we want to play defensively,” Fabio Scacciavillani, chief strategy officer of the fund, told Reuters on the sidelines of a conference in Doha. “We think we are in a late cycle stage of growth globally. We won’t see any acceleration in growth in the near future and let’s say the risks are on the downside.”
The International Monetary Fund recently cut its global economic growth forecast for 2018 and 2019, saying that the U.S-China trade war was taking a toll and emerging markets were struggling with tighter liquidity and capital outflows.
Oman Investment Fund (OIF) may target defensive sectors such as healthcare and insurance in the short-term as more downside risks emerge for global economy, its chief strategy officer said.
“In the portion of our portfolio that is more exposed to public markets, we want to play defensively,” Fabio Scacciavillani, chief strategy officer of the fund, told Reuters on the sidelines of a conference in Doha. “We think we are in a late cycle stage of growth globally. We won’t see any acceleration in growth in the near future and let’s say the risks are on the downside.”
The International Monetary Fund recently cut its global economic growth forecast for 2018 and 2019, saying that the U.S-China trade war was taking a toll and emerging markets were struggling with tighter liquidity and capital outflows.
COLUMN-OPEC and its allies seek the nirvana of crude oil balance: Russell | Reuters
COLUMN-OPEC and its allies seek the nirvana of crude oil balance: Russell | Reuters:
The key concept in the wake of the decision to reduce crude oil output by OPEC and its allies is “balance”. It’s something everybody in the market says they want, but they all have different ideas of what it means and how to get there.
Boiled down to the basics, both the Organization of the Petroleum Exporting Countries and the other producers, most notably Russia, are trying to do with the move to cut output by 1.2 million barrels per day (bpd) is achieve their vision of a balanced market.
While what this means is not exactly spelled out in unambiguous terms, it’s assumed to mean that they want an oil price they believe to be “fair” and one that will allow them to meet their fiscal obligations as well as ensuring sufficient incentive for capital spending to maintain future output.
The key concept in the wake of the decision to reduce crude oil output by OPEC and its allies is “balance”. It’s something everybody in the market says they want, but they all have different ideas of what it means and how to get there.
Boiled down to the basics, both the Organization of the Petroleum Exporting Countries and the other producers, most notably Russia, are trying to do with the move to cut output by 1.2 million barrels per day (bpd) is achieve their vision of a balanced market.
While what this means is not exactly spelled out in unambiguous terms, it’s assumed to mean that they want an oil price they believe to be “fair” and one that will allow them to meet their fiscal obligations as well as ensuring sufficient incentive for capital spending to maintain future output.
UPDATE 1- #Qatar's economy stronger than before, central bank governor says | Reuters
UPDATE 1-Qatar's economy stronger than before, central bank governor says | Reuters:
Qatar’s economy has shown resilience in the face of a boycott imposed by some Arab countries, Qatar’s central bank governor said on Monday.
Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in June last year.
“We have surmounted this crisis, we’ve become even stronger than before,” Qatar central bank governor Sheikh Abdullah bin Saud al-Thani said at a financial conference in Doha.
Qatar’s economy has shown resilience in the face of a boycott imposed by some Arab countries, Qatar’s central bank governor said on Monday.
Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in June last year.
“We have surmounted this crisis, we’ve become even stronger than before,” Qatar central bank governor Sheikh Abdullah bin Saud al-Thani said at a financial conference in Doha.
Mideast Stocks: Real estate continues to hurt #Dubai, most major Gulf markets dip | ZAWYA MENA Edition
Mideast Stocks: Real estate continues to hurt Dubai, most major Gulf markets dip | ZAWYA MENA Edition:
Dubai's stock market fell sharply on Monday in its fourth straight day of losses, as weak property stocks continued to pressure it, while other major Gulf markets slipped.
Brent crude oil rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut, but despite this, the outlook for next year remains muted on the back of an economic slowdown.
In Dubai, the Index fell 1.4 percent, continuing to hover at its lowest level in more than five years. Union Properties slumped 5.5 percent hitting a more than five year low, while DAMAC Properties lost 3 percent, its lowest since February 1, 2015.
Dubai's stock market fell sharply on Monday in its fourth straight day of losses, as weak property stocks continued to pressure it, while other major Gulf markets slipped.
Brent crude oil rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut, but despite this, the outlook for next year remains muted on the back of an economic slowdown.
In Dubai, the Index fell 1.4 percent, continuing to hover at its lowest level in more than five years. Union Properties slumped 5.5 percent hitting a more than five year low, while DAMAC Properties lost 3 percent, its lowest since February 1, 2015.