MIDEAST STOCKS-Dubai ends lower on property, banking as Gulf markets mixed - Reuters:
Dubai's stock market closed down on
Sunday, dragged lower by property and banking shares as Gulf
markets ended the day mixed amid rising geopolitical tensions
that have shaken investor confidence.
Dubai's main index fell 2.2%, led by a 3.1% decline
in heavyweight Emaar Properties and a 2.3% drop in
bank Emirates NBD. Dubai Islamic Bank fell
1.6%.
DAMAC Properties, which on May 15 reported its
smallest profit since going public in 2015, shed 3.0%,
recovering some earlier losses.
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Sunday 19 May 2019
#Oman to have best growth rate in GCC in 2020, says World Bank | ZAWYA MENA Edition
Oman to have best growth rate in GCC in 2020, says World Bank | ZAWYA MENA Edition:
Oman is predicted to have the highest growth among the countries of the Gulf Cooperation Council next year, according to a new report from the World Bank.
The Sultanate’s growth rate is expected to spike to six per cent in 2020, thanks to returns from the Tanfeedh programme for economic diversification, as well as continued investments to expand its oil and gas sector, with the Khazzan gas fields being targeted for significant expansion.
The figures were mentioned in the World Bank’s Gulf Economic Monitor as well as its Oman: Economic Update for April 2019.
Oman is predicted to have the highest growth among the countries of the Gulf Cooperation Council next year, according to a new report from the World Bank.
The Sultanate’s growth rate is expected to spike to six per cent in 2020, thanks to returns from the Tanfeedh programme for economic diversification, as well as continued investments to expand its oil and gas sector, with the Khazzan gas fields being targeted for significant expansion.
The figures were mentioned in the World Bank’s Gulf Economic Monitor as well as its Oman: Economic Update for April 2019.
#UAE energy minister says oil stocks building up, OPEC job not done | ZAWYA MENA Edition
UAE energy minister says oil stocks building up, OPEC job not done | ZAWYA MENA Edition:
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday that global oil inventories are still building up particularly in the United States, and that the job by OPEC and its allies to balance the oil market is not complete yet.
Mazrouei told reporters in Jeddah that conformity with the oil supply cuts are "excellent" and that he was happy with the UAE's compliance level.
He was speaking ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC producers, including Saudi Arabia and Russia, known as the JMMC, which will discuss oil market situation ahead of a policy meeting in June and could recommend a course of action for the oil producers.
United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday that global oil inventories are still building up particularly in the United States, and that the job by OPEC and its allies to balance the oil market is not complete yet.
Mazrouei told reporters in Jeddah that conformity with the oil supply cuts are "excellent" and that he was happy with the UAE's compliance level.
He was speaking ahead of a ministerial panel gathering on Sunday of top OPEC and non-OPEC producers, including Saudi Arabia and Russia, known as the JMMC, which will discuss oil market situation ahead of a policy meeting in June and could recommend a course of action for the oil producers.
In #Iran, economic struggles trump fears of US confrontation
In Iran, economic struggles trump fears of US confrontation:
Across Iran’s capital, the talk always seems to come back to how things may get worse.
Battered by U.S. sanctions and its depreciating rial currency, Iran’s 80 million people struggle to buy meat, medicine and other staples of daily life. Now they wonder aloud about America’s intentions as it rushes an aircraft carrier and other forces to the region over a still-unexplained threat it perceives from Iran.
The Associated Press spoke to a variety of people on Tehran’s streets recently, ranging from young and old, women wearing the all-encompassing black chador to those loosely covering their hair.
Across Iran’s capital, the talk always seems to come back to how things may get worse.
Battered by U.S. sanctions and its depreciating rial currency, Iran’s 80 million people struggle to buy meat, medicine and other staples of daily life. Now they wonder aloud about America’s intentions as it rushes an aircraft carrier and other forces to the region over a still-unexplained threat it perceives from Iran.
The Associated Press spoke to a variety of people on Tehran’s streets recently, ranging from young and old, women wearing the all-encompassing black chador to those loosely covering their hair.
#SaudiArabia says it seeks to avert war, ball in #Iran's court - Reuters
Saudi Arabia says it seeks to avert war, ball in Iran's court - Reuters:
Saudi Arabia said on Sunday that it wants to avert war in the region but stands ready to respond with “all strength” following last week’s attacks on Saudi oil assets, telling Iran that the ball was now in its court.
Riyadh has accused Tehran of ordering Tuesday’s drone strikes on two oil pumping stations in the kingdom, claimed by Yemen’s Iran-aligned Houthi group. Two days earlier, four vessels, including two Saudi oil tankers, were sabotaged off the coast of the United Arab Emirates.
Iran has denied involvement in either operation, which come as Washington and the Islamic Republic spar over sanctions and the U.S. military presence in the region, raising concerns about a potential U.S.-Iran conflict.
Saudi Arabia said on Sunday that it wants to avert war in the region but stands ready to respond with “all strength” following last week’s attacks on Saudi oil assets, telling Iran that the ball was now in its court.
Riyadh has accused Tehran of ordering Tuesday’s drone strikes on two oil pumping stations in the kingdom, claimed by Yemen’s Iran-aligned Houthi group. Two days earlier, four vessels, including two Saudi oil tankers, were sabotaged off the coast of the United Arab Emirates.
Iran has denied involvement in either operation, which come as Washington and the Islamic Republic spar over sanctions and the U.S. military presence in the region, raising concerns about a potential U.S.-Iran conflict.
#Qatar ships LNG to the #UAE after Dolphin pipeline outage: source - Reuters
Qatar ships LNG to the UAE after Dolphin pipeline outage: source - Reuters:
A major gas pipeline from Qatar to the United Arab Emirates, Dolphin, experienced an outage for several days last month and Qatar filled the gap with additional liquefied gas supplies, a source familiar with the situation said.
Qatar has been under a political and economic boycott by its neighbors, Saudi Arabia and the UAE, who accuse Doha of supporting extremism. Doha denies the claim.
Qatar, the world’s biggest producer of LNG, said when the embargo was imposed in June 2017 it would not close the pipeline, which would have caused major disruptions to the UAE’s gas system.
A major gas pipeline from Qatar to the United Arab Emirates, Dolphin, experienced an outage for several days last month and Qatar filled the gap with additional liquefied gas supplies, a source familiar with the situation said.
Qatar has been under a political and economic boycott by its neighbors, Saudi Arabia and the UAE, who accuse Doha of supporting extremism. Doha denies the claim.
Qatar, the world’s biggest producer of LNG, said when the embargo was imposed in June 2017 it would not close the pipeline, which would have caused major disruptions to the UAE’s gas system.
MIDEAST STOCKS-Property pulls down #Dubai as most Gulf markets lower - Reuters
MIDEAST STOCKS-Property pulls down Dubai as most Gulf markets lower - Reuters:
Dubai’s stock market opened lower on Sunday, dragged down by property shares as most Gulf markets were weaker amid rising geopolitical tensions.
Dubai’s main index was down 1.5% in early trade with Emaar Properties falling 3.8%.
The emirate’s top developer has outperformed its peers, reporting a 7.2% rise in first quarter profit on May 5, in a market where prices have fallen since a mid-2014 peak, hurt by weaker oil prices and muted sales.
Dubai’s stock market opened lower on Sunday, dragged down by property shares as most Gulf markets were weaker amid rising geopolitical tensions.
Dubai’s main index was down 1.5% in early trade with Emaar Properties falling 3.8%.
The emirate’s top developer has outperformed its peers, reporting a 7.2% rise in first quarter profit on May 5, in a market where prices have fallen since a mid-2014 peak, hurt by weaker oil prices and muted sales.