Dubai expects 2.1 pct growth in 2019 on Expo preparation, better trading outlook - Reuters:
Dubai’s economy is expected to grow by 2.1 percent in 2019, the government has forecast, recovering from a downturn last year when it hit its slowest pace since a 2009 contraction when the economy was hobbled by a debt crisis.
Dubai, whose economy is focused on tourism and international business services, saw its economy grow by just 1.94 percent in 2018 amid a downturn in its real estate market.
Recently announced stimulus policies and investments, better growth prospects in trading partners, and projects related to the hosting of the World Expo trade fair in 2020 will be major contributors to growth over the next three years, the Department of Economic Development (DED) said late on Sunday.
Monday, 22 April 2019
#Dubai Mashreq reports 5% jump in Q1 net income as provisions decline - The National
Dubai Mashreq reports 5% jump in Q1 net income as provisions decline - The National:
Mashreq Bank, the Dubai lender controlled by the Al Ghurair family, reported a 5 per cent year-on-year rise in its first quarter net profit as allowances for bad loans dropped.
Net income for the three-month period ending 31 March climbed to Dh628 million, the lender said in a statement on Monday. Impairment charges for the quarter fell 13.6 per cent from the year earlier period to Dh261m.
The lender’s total provisions for loans and advances reached Dh3.8 billion, more than 123 per cent coverage for non-performing loans, it added.
Mashreq Bank, the Dubai lender controlled by the Al Ghurair family, reported a 5 per cent year-on-year rise in its first quarter net profit as allowances for bad loans dropped.
Net income for the three-month period ending 31 March climbed to Dh628 million, the lender said in a statement on Monday. Impairment charges for the quarter fell 13.6 per cent from the year earlier period to Dh261m.
The lender’s total provisions for loans and advances reached Dh3.8 billion, more than 123 per cent coverage for non-performing loans, it added.
Former #Abraaj director ‘sought to hide cash crisis’ before company collapse - The National
Former Abraaj director ‘sought to hide cash crisis’ before company collapse - The National:
A former senior director at the now-defunct private equity giant Abraaj sought to hide the company’s parlous financial position while executives tried to tie up $6 billion for a new venture, according to US court documents.
Sivendran Vettivetpillai, 52, sent an email to Abraaj officials in January 2018 advocating the approach after $230 million was allegedly moved from a health fund to prop up other parts of the business, US prosecutors claim.
Abraaj was at that time seeking to raise billions of dollars for a new fund, the Abraaj Private Equity Fund VI (APEF VI) based on its pioneering reputation as an investor in emerging markets and a track record of “positive performance”.
A former senior director at the now-defunct private equity giant Abraaj sought to hide the company’s parlous financial position while executives tried to tie up $6 billion for a new venture, according to US court documents.
Sivendran Vettivetpillai, 52, sent an email to Abraaj officials in January 2018 advocating the approach after $230 million was allegedly moved from a health fund to prop up other parts of the business, US prosecutors claim.
Abraaj was at that time seeking to raise billions of dollars for a new fund, the Abraaj Private Equity Fund VI (APEF VI) based on its pioneering reputation as an investor in emerging markets and a track record of “positive performance”.
#Qatar Petroleum launches largest ship building programme in the history of LNG industry - The Peninsula Qatar
Qatar Petroleum launches largest ship building programme in the history of LNG industry - The Peninsula Qatar:
Qatar Petroleum today issued an ‘invitation to tender’ for the reservation of ship construction capacity required for the LNG carrier fleet for its North Field Expansion (NFE) Project, which will increase Qatar’s LNG production capacity from 77 million tons per annum (mta) to 110 mta starting in 2024.
In addition to addressing shipping requirements for the North Field Expansion Project, the tender covers shipping requirements for the LNG volumes that will be purchased and offtaken by Ocean LNG (a 70%-30% joint venture between Qatar Petroleum and ExxonMobil) from the Golden Pass LNG export project in the United States, which is currently under construction and is planned to start by 2024. The tender also includes options for replacement requirements for Qatar’s existing LNG fleet.
Commenting on this occasion, H E Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President & CEO of Qatar Petroleum, said: “With this significant step, Qatar Petroleum embarks on another major LNG ship-building campaign expected to initially deliver 60 LNG carriers in support of the planned production expansion, with a potential to exceed 100 new LNG carriers over the next decade.
Qatar Petroleum today issued an ‘invitation to tender’ for the reservation of ship construction capacity required for the LNG carrier fleet for its North Field Expansion (NFE) Project, which will increase Qatar’s LNG production capacity from 77 million tons per annum (mta) to 110 mta starting in 2024.
In addition to addressing shipping requirements for the North Field Expansion Project, the tender covers shipping requirements for the LNG volumes that will be purchased and offtaken by Ocean LNG (a 70%-30% joint venture between Qatar Petroleum and ExxonMobil) from the Golden Pass LNG export project in the United States, which is currently under construction and is planned to start by 2024. The tender also includes options for replacement requirements for Qatar’s existing LNG fleet.
Commenting on this occasion, H E Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President & CEO of Qatar Petroleum, said: “With this significant step, Qatar Petroleum embarks on another major LNG ship-building campaign expected to initially deliver 60 LNG carriers in support of the planned production expansion, with a potential to exceed 100 new LNG carriers over the next decade.
#SaudiArabia says to coordinate with other producers to ensure adequate oil supply - Reuters
Saudi Arabia says to coordinate with other producers to ensure adequate oil supply - Reuters:
Saudi Arabia said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market after the United States said it would end waivers granted to buyers of Iranian oil.
“Saudi Arabia is closely monitoring the oil market developments following the recent statement from the U.S. government regarding oil export sanctions on Iran,” Energy Minister Khalid a-Falih said in a statement.
“Saudi Arabia will coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance.”
Saudi Arabia said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market after the United States said it would end waivers granted to buyers of Iranian oil.
“Saudi Arabia is closely monitoring the oil market developments following the recent statement from the U.S. government regarding oil export sanctions on Iran,” Energy Minister Khalid a-Falih said in a statement.
“Saudi Arabia will coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance.”
Syria says it will allow #Qatar Airways to use its airspace
Syria says it will allow Qatar Airways to use its airspace:
Syria’s transport minister says Qatar Airways’ request to fly through Syrian airspace has been approved. Airlines have avoided Syria since the civil war broke out in 2011, causing long detours.
Ali Hammoud said Monday that the measure will save Qatar’s state-owned airline time and money.
Qatar Airways did not immediately comment on the report.
Syria’s transport minister says Qatar Airways’ request to fly through Syrian airspace has been approved. Airlines have avoided Syria since the civil war broke out in 2011, causing long detours.
Ali Hammoud said Monday that the measure will save Qatar’s state-owned airline time and money.
Qatar Airways did not immediately comment on the report.
Oil hits 2019 high on U.S. plan to tighten squeeze on Iran - Reuters
Oil hits 2019 high on U.S. plan to tighten squeeze on Iran - Reuters:
Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.
Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions.
“The geopolitical risk premium is back in the oil market, in a big way,” said John Kilduff, a partner at Again Capital LLC in New York. “Most, if not all, legitimate commercial interests will avoid Iran oil purchases. Iran’s flow will be reduced to a trickle.”
Brent crude futures rose $2.07, or 2.88 percent, to settle at $74.04 a barrel. The session high of $74.52 a barrel for the international benchmark was the highest since Nov. 1.
U.S. West Texas Intermediate crude futures climbed $1.70, or 2.66 percent, to settle at $65.70 a barrel. The contract hit $65.92 a barrel, the highest since Oct. 31.
Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.
Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions.
“The geopolitical risk premium is back in the oil market, in a big way,” said John Kilduff, a partner at Again Capital LLC in New York. “Most, if not all, legitimate commercial interests will avoid Iran oil purchases. Iran’s flow will be reduced to a trickle.”
Brent crude futures rose $2.07, or 2.88 percent, to settle at $74.04 a barrel. The session high of $74.52 a barrel for the international benchmark was the highest since Nov. 1.
U.S. West Texas Intermediate crude futures climbed $1.70, or 2.66 percent, to settle at $65.70 a barrel. The contract hit $65.92 a barrel, the highest since Oct. 31.
MIDEAST STOCKS-Lender FAB leads #AbuDhabi higher, petchems weigh on #Saudi - Reuters
MIDEAST STOCKS-Lender FAB leads Abu Dhabi higher, petchems weigh on Saudi - Reuters:
Abu Dhabi's stock market closed higher
for the fourth straight session on Monday, aided by its largest
lender First Abu Dhabi Bank, while petrochemical stocks pulled
the Saudi market down.
The Abu Dhabi index rose 0.8 percent, led by a 1.8
percent increase in First Abu Dhabi Bank (FAB).
The lender has been rising in recent sessions after it
obtained regulatory approval to increase its foreign ownership
limit to 40 percent from 25 percent.
Abu Dhabi's stock market closed higher
for the fourth straight session on Monday, aided by its largest
lender First Abu Dhabi Bank, while petrochemical stocks pulled
the Saudi market down.
The Abu Dhabi index rose 0.8 percent, led by a 1.8
percent increase in First Abu Dhabi Bank (FAB).
The lender has been rising in recent sessions after it
obtained regulatory approval to increase its foreign ownership
limit to 40 percent from 25 percent.
#Dubai's Escape From Economic Funk Hinges on Retail, Tourism - Bloomberg
Dubai's Escape From Economic Funk Hinges on Retail, Tourism - Bloomberg:
Dubai is looking to retail and tourism to break free of its weakest economic expansion in almost a decade.
Growth in the city’s gross domestic product is set to accelerate to 2.1 percent in 2019 and 3.8 percent the following year before slowing to 2.8 percent in 2021, according to projections released on Sunday by the emirate’s department of economic development. GDP expanded only 1.9 percent in 2018, substantially below forecasts made by the International Monetary Fund.
Dubai is looking to retail and tourism to break free of its weakest economic expansion in almost a decade.
Growth in the city’s gross domestic product is set to accelerate to 2.1 percent in 2019 and 3.8 percent the following year before slowing to 2.8 percent in 2021, according to projections released on Sunday by the emirate’s department of economic development. GDP expanded only 1.9 percent in 2018, substantially below forecasts made by the International Monetary Fund.
Oil hits 2019 high on U.S. plan to tighten squeeze on Iran - Reuters
Oil hits 2019 high on U.S. plan to tighten squeeze on Iran - Reuters:
Oil topped $74 a barrel on Monday, the highest since November, with the United States set to announce a further clampdown on Iranian oil exports, tightening global supplies.
The United States is expected to say later on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation said, confirming an earlier Washington Post report.
“This does bring a lot more uncertainty in terms of global supplies,” said Olivier Jakob, analyst at Petromatrix. “It is a bullish surprise for the market.”
Oil topped $74 a barrel on Monday, the highest since November, with the United States set to announce a further clampdown on Iranian oil exports, tightening global supplies.
The United States is expected to say later on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation said, confirming an earlier Washington Post report.
“This does bring a lot more uncertainty in terms of global supplies,” said Olivier Jakob, analyst at Petromatrix. “It is a bullish surprise for the market.”
#Saudi can raise oil output but will assess impact of Iran waivers ending: source - Reuters
Saudi can raise oil output but will assess impact of Iran waivers ending: source - Reuters:
Saudi Arabia is willing to compensate for any potential loss of crude supply if the U.S. ends waivers granted to buyers of Iranian oil, but the kingdom will assess the impact on the market before raising its output, a source familiar with Saudi thinking told Reuters on Monday.
The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest so far this year.
The source familiar with Saudi thinking said any action by the top oil exporter depends on the certainty of scrapping the waivers and its effect on the oil market.
Saudi Arabia is willing to compensate for any potential loss of crude supply if the U.S. ends waivers granted to buyers of Iranian oil, but the kingdom will assess the impact on the market before raising its output, a source familiar with Saudi thinking told Reuters on Monday.
The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3 percent jump in crude prices to their highest so far this year.
The source familiar with Saudi thinking said any action by the top oil exporter depends on the certainty of scrapping the waivers and its effect on the oil market.
MIDEAST STOCKS-Top lender lifts #AbuDhabi, most Gulf markets rise - Agricultural Commodities - Reuters
MIDEAST STOCKS-Top lender lifts Abu Dhabi, most Gulf markets rise - Agricultural Commodities - Reuters:
Abu Dhabi’s stock market rose for a fourth consecutive session on Monday, helped by heavyweight lender First Abu Dhabi Bank, while the Saudi market was pressured by losses for its petrochemical stocks, especially Saudi Kayan.
The Abu Dhabi index rose 0.3 percent, with First Abu Dhabi Bank gaining 0.7 percent.
The lender has been rising in the last few sessions after it obtained regulatory approval to increase its foreign ownership limit to 40 percent from 25 percent.
Abu Dhabi’s stock market rose for a fourth consecutive session on Monday, helped by heavyweight lender First Abu Dhabi Bank, while the Saudi market was pressured by losses for its petrochemical stocks, especially Saudi Kayan.
The Abu Dhabi index rose 0.3 percent, with First Abu Dhabi Bank gaining 0.7 percent.
The lender has been rising in the last few sessions after it obtained regulatory approval to increase its foreign ownership limit to 40 percent from 25 percent.
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