Jebel Ali gas discovery could end Dubai's LNG imports by 2025 - The National:
The recent discovery of 80 trillion cubic feet of gas reserves in Jebel Ali would be sufficient to end Dubai’s reliance on LNG imports by 2025 with the UAE looking at tighter integration of its gas infrastructure, analysts say.
Dubai, which consumes around 1.5 billion standard cubic feet of gas a day, much of which is imported, could have a surplus when production begins on the discovered reserves.
“Eighty tcf is plenty of gas, and the first phase of development of this field can supply enough gas to Dubai and they won’t need to import LNG post-2025 because their FSRU [floating storage regasification unit – a vessel used to re-gasify imported LNG] for Jebel Ali LNG terminal is expiring in 2025,” says Siamak Adibi, senior consultant at Facts Global Energy based in London.
Dubai Supply Authority, which will jointly undertake development of the Jebel Ali project with Abu Dhabi National Oil Company, operates an FSRU with a send-out capacity of 1 billion bcf a day.
Saturday 8 February 2020
#UAE banks gearing up to chase Indian defaulters | Banking – Gulf News
UAE banks gearing up to chase Indian defaulters | Banking – Gulf News:
Leading UAE banks are understood to be initiating legal action against Indian borrowers who skipped their loan repayment and moved to India.
During the last few years, starting 2016, a number of Indian businessmen and salary earners have left the country leaving behind a trail of loan defaults following stress in the small and medium enterprises (SME) sector which resulted in a domino effect in terms of business failures and job losses.
At the peak of the SME sector stress in 2017, UAE banks’ non-performing loans (NPL) amounted to more than 7.5 per cent of the total loans and was estimated close to Dh9 billion that year with Indian borrowers accounting for a major chunk.
Although the pace of NPL formation has been on a decline in 2018 and 2019 and most banks have deleveraged from problem areas, loan defaults and rising provisions have been a big drain on the profitability of many banks in recent years.
Leading UAE banks are understood to be initiating legal action against Indian borrowers who skipped their loan repayment and moved to India.
During the last few years, starting 2016, a number of Indian businessmen and salary earners have left the country leaving behind a trail of loan defaults following stress in the small and medium enterprises (SME) sector which resulted in a domino effect in terms of business failures and job losses.
At the peak of the SME sector stress in 2017, UAE banks’ non-performing loans (NPL) amounted to more than 7.5 per cent of the total loans and was estimated close to Dh9 billion that year with Indian borrowers accounting for a major chunk.
Although the pace of NPL formation has been on a decline in 2018 and 2019 and most banks have deleveraged from problem areas, loan defaults and rising provisions have been a big drain on the profitability of many banks in recent years.
As OPEC+ Reels From China Virus, Libya Threatens Knockout Punch - Bloomberg
As OPEC+ Reels From China Virus, Libya Threatens Knockout Punch - Bloomberg:
After a week of wrestling, OPEC and Russia may be within reach of a hesitant response to the coronavirus. But a possible peace deal in Libya threatens to knock them off balance.
As the deadly epidemic in China has hammered crude demand and prices, it’s often been overlooked that the sudden surplus in global production would be much worse if most of the North African nation’s oil industry hadn’t been shut down by conflict. If the warring sides are able to reach an agreement in Cairo on Sunday, the restored oil output would dwarf the tentative production cut that was proposed at OPEC+ talks this week.
That would turn what’s already been a stern test for the cartel into a potentially insurmountable challenge.
After a week of wrestling, OPEC and Russia may be within reach of a hesitant response to the coronavirus. But a possible peace deal in Libya threatens to knock them off balance.
As the deadly epidemic in China has hammered crude demand and prices, it’s often been overlooked that the sudden surplus in global production would be much worse if most of the North African nation’s oil industry hadn’t been shut down by conflict. If the warring sides are able to reach an agreement in Cairo on Sunday, the restored oil output would dwarf the tentative production cut that was proposed at OPEC+ talks this week.
That would turn what’s already been a stern test for the cartel into a potentially insurmountable challenge.
What’s next for #Oman’s economy? - Gulf Business
What’s next for Oman’s economy? - Gulf Business:
Debonair and benign, Oman’s long-term leader Sultan Qaboos died on January 10, 2020 at the age of 79. Despite an arcane succession plan involving sealed letters in secret locations, Haitham bin Tariq Al Said was sworn into power hours later in a closely choreographed ceremony designed to confer as much of the previous Sultan’s authority onto his cousin as possible.
The sultanate is observing 40 days of mourning, which will extend until the middle of February. Government business has mostly paused, and one can imagine that Haitham Al Said is discretely using this lull to consolidate power, and reassure allies. Former British ambassador to Oman, Robert Alston notes that his first speech stressed a commitment “to continuity both domestically and internationally”.
“We will follow the path of the late Sultan,” Haitham said, promising to “promote peaceful solutions” to regional and global crises.
Haitham Al Said is widely perceived as a safe pair of hands. Sophisticated, bright, measured and quiet, he has worked in the government for decades, serving in the ministry of Foreign Affairs, and latterly as minister of Culture. He has also been instrumental in creating ‘Oman 2040’, the strategic plan for the country’s economic future.
Debonair and benign, Oman’s long-term leader Sultan Qaboos died on January 10, 2020 at the age of 79. Despite an arcane succession plan involving sealed letters in secret locations, Haitham bin Tariq Al Said was sworn into power hours later in a closely choreographed ceremony designed to confer as much of the previous Sultan’s authority onto his cousin as possible.
The sultanate is observing 40 days of mourning, which will extend until the middle of February. Government business has mostly paused, and one can imagine that Haitham Al Said is discretely using this lull to consolidate power, and reassure allies. Former British ambassador to Oman, Robert Alston notes that his first speech stressed a commitment “to continuity both domestically and internationally”.
“We will follow the path of the late Sultan,” Haitham said, promising to “promote peaceful solutions” to regional and global crises.
Haitham Al Said is widely perceived as a safe pair of hands. Sophisticated, bright, measured and quiet, he has worked in the government for decades, serving in the ministry of Foreign Affairs, and latterly as minister of Culture. He has also been instrumental in creating ‘Oman 2040’, the strategic plan for the country’s economic future.
More calls expected in 2020 to slow rate of #Dubai property projects - Arabianbusiness
More calls expected in 2020 to slow rate of Dubai property projects - Arabianbusiness:
Close to 50,000 new homes are forecast to be built in Dubai as sale prices and rents continue to fall, albeit at a slower pace, according to new research.
Asteco's report covering the fourth quarter of 2019 said that although some of the new supply is likely to spill over to 2021, calls from industry leaders for a short-term curb on new projects in order to restore the supply-demand balance are expected to increase.
Damac chairman Hussain Sajwani in October warned that the real estate slowdown could spillover to the city’s banks and called for curbs on construction.
Asteco said a total of 31,000 residential units were handed over in 2019, comprising approximately 23,600 apartments and 7,400 villas, with communities such as Damac Hills, Dubai Hills Estates and Akoya Oxygen accounting for the bulk of completions.
Close to 50,000 new homes are forecast to be built in Dubai as sale prices and rents continue to fall, albeit at a slower pace, according to new research.
Asteco's report covering the fourth quarter of 2019 said that although some of the new supply is likely to spill over to 2021, calls from industry leaders for a short-term curb on new projects in order to restore the supply-demand balance are expected to increase.
Damac chairman Hussain Sajwani in October warned that the real estate slowdown could spillover to the city’s banks and called for curbs on construction.
Asteco said a total of 31,000 residential units were handed over in 2019, comprising approximately 23,600 apartments and 7,400 villas, with communities such as Damac Hills, Dubai Hills Estates and Akoya Oxygen accounting for the bulk of completions.
#Saudi property prices rise for first time since early 2015 - Arabianbusiness
Saudi property prices rise for first time since early 2015 - Arabianbusiness:
Real estate prices in Saudi Arabia rose marginally by 0.5 percent in the final quarter of 2019, marking the first positive growth since early 2015.
According to a new research note from Jadwa Investment, property prices in the Gulf kingdom also rose by 0.9 percent quarter-on-quarter in Q4 2019.
Jadwa Investment said the local economy ended the year on a positive trend.
While point of sale transactions rose notably by an average of 23 percent in full year 2019, the non-oil PMI index averaged at 57.1 in 2019, the highest annual average since 2015.
Real estate prices in Saudi Arabia rose marginally by 0.5 percent in the final quarter of 2019, marking the first positive growth since early 2015.
According to a new research note from Jadwa Investment, property prices in the Gulf kingdom also rose by 0.9 percent quarter-on-quarter in Q4 2019.
Jadwa Investment said the local economy ended the year on a positive trend.
While point of sale transactions rose notably by an average of 23 percent in full year 2019, the non-oil PMI index averaged at 57.1 in 2019, the highest annual average since 2015.
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