Accor CEO Says Don't Bet Against Dubai - YouTube:
Sebastien Bazin, chairman and chief executive officer at Accor talks about expanding in Dubai. He talks to Bloomberg's Yousef Gamal El-Din on the latest episode of "At The Top."
Saturday 25 January 2020
UPDATE 2- #Saudi wealth fund in talks to buy Newcastle United for 340 mln stg - Reuters
UPDATE 2-Saudi wealth fund in talks to buy Newcastle United for 340 mln stg - Reuters:
Saudi Arabia’s sovereign wealth fund is in talks to buy English soccer club Newcastle United for about 340 million pounds ($447 million), a source familiar with the situation told Reuters, confirming a report in the Wall Street Journal earlier on Saturday.
British billionaire Mike Ashley, who made his fortune from sportswear retailer Sports Direct (renamed Frasers Group last month) has owned Newcastle United since 2007.
Saudi’s Public Investment Fund together with a group led by British financier Amanda Staveley, are in discussions to buy the Premier League club, but the talks were at a delicate stage and could fall apart, a source familiar with the situation told Reuters.
A spokesman for Newcastle United declined to comment on Saturday. Saudi’s Public Investment Fund was not immediately available for comment, nor were representatives for Ashley or Staveley.
Saudi Arabia’s sovereign wealth fund is in talks to buy English soccer club Newcastle United for about 340 million pounds ($447 million), a source familiar with the situation told Reuters, confirming a report in the Wall Street Journal earlier on Saturday.
British billionaire Mike Ashley, who made his fortune from sportswear retailer Sports Direct (renamed Frasers Group last month) has owned Newcastle United since 2007.
Saudi’s Public Investment Fund together with a group led by British financier Amanda Staveley, are in discussions to buy the Premier League club, but the talks were at a delicate stage and could fall apart, a source familiar with the situation told Reuters.
A spokesman for Newcastle United declined to comment on Saturday. Saudi’s Public Investment Fund was not immediately available for comment, nor were representatives for Ashley or Staveley.
#SaudiArabia and the #UAE Could Spoil #Oman's Smooth Transition by Fomenting Regional Instability
Saudi Arabia and the UAE Could Spoil Oman's Smooth Transition by Fomenting Regional Instability:
Many observers have commended the smooth and transparent process by which Haitham bin Tariq was designated sultan of Oman, following the death of Sultan Qaboos, which was announced on Jan. 10. Because Qaboos had not publicly named a successor, the ruling family opted to open a sealed envelope containing the name of the individual Qaboos preferred, rather than selecting the new sultan themselves. Qaboos’s selection of his cousin Haitham, with his background in the foreign ministry and most recently as the minister of heritage and culture, over Haitham’s brothers Asad and Shihab—both military men—appears to signal his desire to perpetuate Oman’s role as a facilitator of regional diplomacy.
Yet Oman remains vulnerable to both foreign and domestic sources of instability as Saudi Arabia and the United Arab Emirates seek to expand their regional influence. Potential causes of domestic unrest—including high unemployment, budget deficits, and dwindling oil reserves—lack clear-cut solutions. Sultan Haitham faces multiple challenges even without the threat of foreign meddling, yet Oman’s neighbors may view the death of Qaboos as a unique opportunity to advance their own expansionist agendas.
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| The tiny village of Kumzar on the northernmost tip of Oman's Musandam peninsula on March 14, 2012, overlooking the strategic Straits of Hormuz. KARIM SAHIB/AFP VIA GETTY IMAGES |
Many observers have commended the smooth and transparent process by which Haitham bin Tariq was designated sultan of Oman, following the death of Sultan Qaboos, which was announced on Jan. 10. Because Qaboos had not publicly named a successor, the ruling family opted to open a sealed envelope containing the name of the individual Qaboos preferred, rather than selecting the new sultan themselves. Qaboos’s selection of his cousin Haitham, with his background in the foreign ministry and most recently as the minister of heritage and culture, over Haitham’s brothers Asad and Shihab—both military men—appears to signal his desire to perpetuate Oman’s role as a facilitator of regional diplomacy.
Yet Oman remains vulnerable to both foreign and domestic sources of instability as Saudi Arabia and the United Arab Emirates seek to expand their regional influence. Potential causes of domestic unrest—including high unemployment, budget deficits, and dwindling oil reserves—lack clear-cut solutions. Sultan Haitham faces multiple challenges even without the threat of foreign meddling, yet Oman’s neighbors may view the death of Qaboos as a unique opportunity to advance their own expansionist agendas.
#Iran’s Petropars developing South Pars gas field after withdrawal of foreign companies - Reuters
Iran’s Petropars developing South Pars gas field after withdrawal of foreign companies - Reuters:
Iran’s Petropars will develop phase 11 of South Pars, the world’s largest gas field, after the withdrawal of French oil major Total and the China National Petroleum Corp (CNPC), Iran’s oil minister was quoted as saying on Saturday.
“Now with the exit of the other two companies from the contract, Petropars has completely taken their place and the development of the first unit of phase 11 of South Pars has been given to this company,” Bijan Zanganeh was quoted as saying by ICANA, the Iranian parliament’s news site.
The offshore field, which Iran calls South Pars and Qatar calls North Field, is shared between Iran and Qatar.
Iran’s Petropars will develop phase 11 of South Pars, the world’s largest gas field, after the withdrawal of French oil major Total and the China National Petroleum Corp (CNPC), Iran’s oil minister was quoted as saying on Saturday.
“Now with the exit of the other two companies from the contract, Petropars has completely taken their place and the development of the first unit of phase 11 of South Pars has been given to this company,” Bijan Zanganeh was quoted as saying by ICANA, the Iranian parliament’s news site.
The offshore field, which Iran calls South Pars and Qatar calls North Field, is shared between Iran and Qatar.
#Dubai sees 'first signs of growing confidence' in property market - Arabianbusiness
Dubai sees 'first signs of growing confidence' in property market - Arabianbusiness:
Dubai’s real estate market could be seeing the first signs of growing market confidence, according to new research.
Chestertons said this is a result of a notable slowdown in apartment sales price declines and the stabilisation of rental rates.
Its Dubai Market Report Q4 2019 said transaction values for the year also underscored the positivity in the market with completed units witnessing a 60 percent increase compared to 2018, and off-plan units recording a 99 percent increase during the same period.
The volume of transactions was similarly positive in 2019 for completed and off-plan units, with a 39 percent and 68 percent increase compared to 2018, it added.
Dubai’s real estate market could be seeing the first signs of growing market confidence, according to new research.
Chestertons said this is a result of a notable slowdown in apartment sales price declines and the stabilisation of rental rates.
Its Dubai Market Report Q4 2019 said transaction values for the year also underscored the positivity in the market with completed units witnessing a 60 percent increase compared to 2018, and off-plan units recording a 99 percent increase during the same period.
The volume of transactions was similarly positive in 2019 for completed and off-plan units, with a 39 percent and 68 percent increase compared to 2018, it added.
Brent logs worst weekly loss in a year as China virus fears swell - Reuters
Brent logs worst weekly loss in a year as China virus fears swell - Reuters:
Crude prices sank more than 2% on Friday and Brent logged its biggest weekly decline in more than a year as concerns that a coronavirus will spread farther in China, the world’s second-largest oil consumer, curbing travel and oil demand.
The virus that has killed 26 people and infected more than 800 has prompted the suspension of public transport in 10 Chinese cities, while cases of infection have been found in several other Asian countries, France and the United States.
Brent crude LCOc1 settled at $60.69 a barrel, down $1.35, or 2.2%. The global benchmark fell 6.4% this week, its biggest weekly loss since Dec. 21, 2018.
U.S. crude futures CLc1 ended at $54.19 a barrel, shedding $1.4, or 2.5% on Friday and clocking a 7.4% weekly decline, their largest since July 19.
Crude prices sank more than 2% on Friday and Brent logged its biggest weekly decline in more than a year as concerns that a coronavirus will spread farther in China, the world’s second-largest oil consumer, curbing travel and oil demand.
The virus that has killed 26 people and infected more than 800 has prompted the suspension of public transport in 10 Chinese cities, while cases of infection have been found in several other Asian countries, France and the United States.
Brent crude LCOc1 settled at $60.69 a barrel, down $1.35, or 2.2%. The global benchmark fell 6.4% this week, its biggest weekly loss since Dec. 21, 2018.
U.S. crude futures CLc1 ended at $54.19 a barrel, shedding $1.4, or 2.5% on Friday and clocking a 7.4% weekly decline, their largest since July 19.
Priced for perfection, oil slides on fears coronavirus will hit demand: Kemp - Reuters
Priced for perfection, oil slides on fears coronavirus will hit demand: Kemp - Reuters:
China’s outbreak of novel coronavirus has sent oil prices sharply lower as traders reassess whether the country will be able to generate the strong economic growth needed to rebalance the market in 2020.
China and its neighbour India accounted for more than half of all incremental oil consumption between 2013 and 2018 so the economic growth of these two giant Asian economies is critical to the oil market.
Both suffered a sharp economic slowdown in late 2018 and through 2019 as a result of slumping auto sales, tightening credit conditions and, in China’s case, trade conflict with the United States.
The consequent slowdown in worldwide oil demand, coupled with continued strong increases in U.S. shale supply, sent prices tumbling during the second and third quarters of 2019 (tmsnrt.rs/2TVdAs2).
China’s outbreak of novel coronavirus has sent oil prices sharply lower as traders reassess whether the country will be able to generate the strong economic growth needed to rebalance the market in 2020.
China and its neighbour India accounted for more than half of all incremental oil consumption between 2013 and 2018 so the economic growth of these two giant Asian economies is critical to the oil market.
Both suffered a sharp economic slowdown in late 2018 and through 2019 as a result of slumping auto sales, tightening credit conditions and, in China’s case, trade conflict with the United States.
The consequent slowdown in worldwide oil demand, coupled with continued strong increases in U.S. shale supply, sent prices tumbling during the second and third quarters of 2019 (tmsnrt.rs/2TVdAs2).