UAE property outlook 'encouraging' for 2019 after cautious approach last year - The National:
While the pace of new project launches eased last year as developers adopted a more cautious approach in response to market conditions, the outlook for 2019 is “encouraging”, a new report from property services firm Asteco found.
According to Asteco’s UAE Real Estate Report Q4 2018, transactional volumes and values declined across all sectors and emirates, although a number of government initiatives, including residency visa changes and 100 per cent ownership of companies outside free zones, will have a positive effect on the market this year.
"While the downward trajectory in the real estate market for the short-term is unavoidable due to tepid economic/market conditions and the expected supply glut, the outlook for the medium and long-term for the UAE is encouraging, fuelled by a pro-active government response and clear focus on economic progress and sustainability,” said John Stevens, managing director of Asteco.
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Saturday, 5 January 2019
Adnoc among top 10 oil and gas firms worldwide, new ranking finds - The National
Adnoc among top 10 oil and gas firms worldwide, new ranking finds - The National:
State-owned Abu Dhabi National Oil Company is among the top 10 most influential companies and organisations in the energy sector, a new ranking from research and intelligence firm GlobalData found.
The firm was ranked sixth on the list and was the only Middle Eastern company to be featured.
The UAE accounts for 4.2 per cent of global oil production, much of it from assets owned and operated by Adnoc, according to the BP Statistical Review of World Energy 2018. The state-firm, which GlobalData noted was the 12th-largest oil company by production, has undertaken a strategic overhaul, unveiling its downstream and gas strategy last year, as it looks to become an integrated energy player regionally and internationally.
State-owned Abu Dhabi National Oil Company is among the top 10 most influential companies and organisations in the energy sector, a new ranking from research and intelligence firm GlobalData found.
The firm was ranked sixth on the list and was the only Middle Eastern company to be featured.
The UAE accounts for 4.2 per cent of global oil production, much of it from assets owned and operated by Adnoc, according to the BP Statistical Review of World Energy 2018. The state-firm, which GlobalData noted was the 12th-largest oil company by production, has undertaken a strategic overhaul, unveiling its downstream and gas strategy last year, as it looks to become an integrated energy player regionally and internationally.
A positive start to the new year for #UAE markets
A positive start to the new year for UAE markets:
The Dubai Financial Market General Index (DFMGI) saw its strongest one-week performance in nine weeks last week, rising 56.53 or 2.29 per cent to close at 2,526.02. Strength was widespread as there were 30 advancing issues and only four declining, while weekly volume dipped to a seven-week low given the shortened trading week due to the year-end holiday.
It was a tough 2018 for the Dubai market, as it fell 24.9 per cent as of last year’s close at 2,529.75. The DFMGI hit a peak at 3,684.19 in October 2017 and subsequently went into a steady decline for the next 13 months, with a series of lower swing highs and lower swing lows. This continued into the end of the year and the index remains in a clear downtrend.
The DFMGI is still at risk in the bigger picture as the prior long-term support at 2,590.72 was broken to the downside in December. That drop triggered a bearish continuation of both the intermediate (starting from the February 2017 peak of 3,738.69) and long-term (begun from the May 2014 peak of 5,406.62) downtrends.
The Dubai Financial Market General Index (DFMGI) saw its strongest one-week performance in nine weeks last week, rising 56.53 or 2.29 per cent to close at 2,526.02. Strength was widespread as there were 30 advancing issues and only four declining, while weekly volume dipped to a seven-week low given the shortened trading week due to the year-end holiday.
It was a tough 2018 for the Dubai market, as it fell 24.9 per cent as of last year’s close at 2,529.75. The DFMGI hit a peak at 3,684.19 in October 2017 and subsequently went into a steady decline for the next 13 months, with a series of lower swing highs and lower swing lows. This continued into the end of the year and the index remains in a clear downtrend.
The DFMGI is still at risk in the bigger picture as the prior long-term support at 2,590.72 was broken to the downside in December. That drop triggered a bearish continuation of both the intermediate (starting from the February 2017 peak of 3,738.69) and long-term (begun from the May 2014 peak of 5,406.62) downtrends.
Positive outlook for #UAE's economy in 2019 | ZAWYA MENA Edition
Positive outlook for UAE's economy in 2019 | ZAWYA MENA Edition:
A number of economic officials and analysts have affirmed that the outlook for the UAE economy is highly positive despite global headwinds.
The country’s real gross domestic product (GDP) is expected to grow 3.7 percent this year, higher than the 2.9 percent forecast for 2018 and the 0.8 percent growth achieved in 2017, according to the latest economic outlook figures from the International Monetary Fund (IMF).
Speaking to the Emirates News Agency, Juma Mohammad Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, said geopolitical developments are unlikely to moderate the economic growth of the UAE, a trend in line with IMF projections of strong growth in the country in 2018 and 2019. "The positive outlook for the country’s economy has been affirmed by the advanced ranking across several global competitiveness indices" he said.
A number of economic officials and analysts have affirmed that the outlook for the UAE economy is highly positive despite global headwinds.
The country’s real gross domestic product (GDP) is expected to grow 3.7 percent this year, higher than the 2.9 percent forecast for 2018 and the 0.8 percent growth achieved in 2017, according to the latest economic outlook figures from the International Monetary Fund (IMF).
Speaking to the Emirates News Agency, Juma Mohammad Al Kait, Assistant Under-Secretary for Foreign Trade Affairs at the Ministry of Economy, said geopolitical developments are unlikely to moderate the economic growth of the UAE, a trend in line with IMF projections of strong growth in the country in 2018 and 2019. "The positive outlook for the country’s economy has been affirmed by the advanced ranking across several global competitiveness indices" he said.
Global oil and gas industry on steady footing: Moody’s - The Peninsula Qatar
Global oil and gas industry on steady footing: Moody’s - The Peninsula Qatar:
Oil and natural gas prices will be volatile, but also range-bound in 2019. While the recent announcement that Opec and Russia will cut production helps alleviate concerns about oversupply, the pivotal questions in the coming year are whether Opec and Russia will maintain their production discipline and what might happen in June, when the current agreement expires, Moody’s Investors Service said in its annual report outlining key credit themes in oil and gas for the year ahead.
Moody’s expects the medium-term price band for West Texas Intermediate (WTI) crude, the main North American benchmark, to be $50-$70 per barrel (bbl), and North American natural gas at Henry Hub to average $2.50-$3.50/MMBtu.
“Market expectations for continued strong oil demand growth remain in place, despite concerns about slowing demand growth as a result of weaker economic growth, the impact of tariffs and a strong US dollar,” said Steve Wood, Moody’s Managing Director for Oil & Gas.
Oil and natural gas prices will be volatile, but also range-bound in 2019. While the recent announcement that Opec and Russia will cut production helps alleviate concerns about oversupply, the pivotal questions in the coming year are whether Opec and Russia will maintain their production discipline and what might happen in June, when the current agreement expires, Moody’s Investors Service said in its annual report outlining key credit themes in oil and gas for the year ahead.
Moody’s expects the medium-term price band for West Texas Intermediate (WTI) crude, the main North American benchmark, to be $50-$70 per barrel (bbl), and North American natural gas at Henry Hub to average $2.50-$3.50/MMBtu.
“Market expectations for continued strong oil demand growth remain in place, despite concerns about slowing demand growth as a result of weaker economic growth, the impact of tariffs and a strong US dollar,” said Steve Wood, Moody’s Managing Director for Oil & Gas.
#DohaBank, StockHolding join hands to offer India investment solutions
Doha Bank, StockHolding join hands to offer India investment solutions:
Doha Bank has signed a memorandum of understanding (MoU) with Stock Holding Corporation of India Limited (StockHolding), India’s premier custodian and depository participant, to facilitate its global customer base to invest in India.
Under the MoU, Doha Bank will offer all banking-related services, while StockHolding will offer compliance, clearing, settlement and reporting services for all investment activities of customers.
The customers will be able to invest through the permitted mechanism in all permitted securities across asset classes, such as equity, mutual funds, debt (including government debt), all derivatives (equity/debt/currency), AIFs, and securitised assets, among others.
Doha Bank has signed a memorandum of understanding (MoU) with Stock Holding Corporation of India Limited (StockHolding), India’s premier custodian and depository participant, to facilitate its global customer base to invest in India.
Under the MoU, Doha Bank will offer all banking-related services, while StockHolding will offer compliance, clearing, settlement and reporting services for all investment activities of customers.
The customers will be able to invest through the permitted mechanism in all permitted securities across asset classes, such as equity, mutual funds, debt (including government debt), all derivatives (equity/debt/currency), AIFs, and securitised assets, among others.
#Iran approves anti-money laundering bill to ease foreign trade | Reuters #FATF
Iran approves anti-money laundering bill to ease foreign trade | Reuters:
A powerful Iranian council approved an anti-money laundering bill on Saturday, state media reported, a major step towards reforms that would bring Iran into line with global norms and could facilitate foreign trade in the face of U.S sanctions.
Iran has been trying to implement standards set by the Financial Action Task Force (FATF), an inter-governmental organization that underpins the fight against money laundering and terrorist financing.
Foreign businesses say Iran’s compliance with FATF standards and its removal from the organization’s blacklist are essential if they are to increase investment, especially after reimposition of the U.S. sanctions on Tehran.
A powerful Iranian council approved an anti-money laundering bill on Saturday, state media reported, a major step towards reforms that would bring Iran into line with global norms and could facilitate foreign trade in the face of U.S sanctions.
Iran has been trying to implement standards set by the Financial Action Task Force (FATF), an inter-governmental organization that underpins the fight against money laundering and terrorist financing.
Foreign businesses say Iran’s compliance with FATF standards and its removal from the organization’s blacklist are essential if they are to increase investment, especially after reimposition of the U.S. sanctions on Tehran.
Brent Crude Surges in Best Week Since '16 as U.S. Economy Shines - Bloomberg
Brent Crude Surges in Best Week Since '16 as U.S. Economy Shines - Bloomberg:
Brent crude surged to its best weekly gain in more than two years, as encouraging economic news out of the U.S. helped oil markets turn the page on 2018’s price collapse.
The global benchmark closed higher on Friday, ending the week up 9.3 percent for its best showing since December 2016. Oil rallied alongside the U.S. stock market following a strong jobs report and dovish comments on interest rates from the Federal Reserve. Production declines from Saudi Arabia to Libya also buoyed a market that plummeted last year on fears of a supply glut.
“The economy in many ways looks strong and that should be good for demand," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “You’re getting some people buying back in, as they look out and decide the market has gotten oversold."
Brent crude surged to its best weekly gain in more than two years, as encouraging economic news out of the U.S. helped oil markets turn the page on 2018’s price collapse.
The global benchmark closed higher on Friday, ending the week up 9.3 percent for its best showing since December 2016. Oil rallied alongside the U.S. stock market following a strong jobs report and dovish comments on interest rates from the Federal Reserve. Production declines from Saudi Arabia to Libya also buoyed a market that plummeted last year on fears of a supply glut.
“The economy in many ways looks strong and that should be good for demand," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “You’re getting some people buying back in, as they look out and decide the market has gotten oversold."
Texas Snaps 2 Years of Oilfield Job Growth as Crude Slides - Bloomberg
Texas Snaps 2 Years of Oilfield Job Growth as Crude Slides - Bloomberg:
Jobs in the Texas oil patch dropped for the first time in almost two years, according to the state’s workforce commission.
The number of workers handling exploration and drilling duties fell by 500 to 247,700 in November compared with the previous month, according to the latest data from the Texas Workforce Commission. Snapping a streak of 23 months for oilfield expansion, the state is weathering volatile oil prices that have lost more than a third of their value since October.
“We have seen tremendous growth in the oil and natural gas industry in Texas, including consistent job expansion, but growth is not guaranteed,” Todd Staples, president of the state oil and gas association, said Friday in a statement.
Jobs in the Texas oil patch dropped for the first time in almost two years, according to the state’s workforce commission.
The number of workers handling exploration and drilling duties fell by 500 to 247,700 in November compared with the previous month, according to the latest data from the Texas Workforce Commission. Snapping a streak of 23 months for oilfield expansion, the state is weathering volatile oil prices that have lost more than a third of their value since October.
“We have seen tremendous growth in the oil and natural gas industry in Texas, including consistent job expansion, but growth is not guaranteed,” Todd Staples, president of the state oil and gas association, said Friday in a statement.
Eight Arabs named among world's richest people | ZAWYA MENA Edition
Eight Arabs named among world's richest people | ZAWYA MENA Edition:
The world's top 500 billionaires included eight Arabs, of which four are from Saudi Arabia, two from Egypt, and two from the UAE, according to the Bloomberg Billionaires Index.
Saudis topped the billionaires' list as Prince Alwaleed bin Talal came in the first and 56th globally with a total net worth of $14.5 billion, down by $57 million compared to his wealth held in 2017.
Saudi energy mogul Mohammed Al-Amoudi ranked second among the richest Arabs and 157th internationally with a total net worth of $8.26 billion, down by $23.4 million from 2017.
The world's top 500 billionaires included eight Arabs, of which four are from Saudi Arabia, two from Egypt, and two from the UAE, according to the Bloomberg Billionaires Index.
Saudis topped the billionaires' list as Prince Alwaleed bin Talal came in the first and 56th globally with a total net worth of $14.5 billion, down by $57 million compared to his wealth held in 2017.
Saudi energy mogul Mohammed Al-Amoudi ranked second among the richest Arabs and 157th internationally with a total net worth of $8.26 billion, down by $23.4 million from 2017.