Saudi Arabia extends suspension of flights, work indefinitely - Reuters:
Saudi Arabia said on Sunday it was extending indefinitely the suspension of international passenger flights and workplace attendance in both public and private sectors among efforts to contain the spread of the coronavirus.
Domestic flights, trains, buses and taxis also remain suspended, the Interior Ministry said in a statement.
Saturday 28 March 2020
#Dubai Announces Economic Incentive Package for its Free Zones - Bloomberg
Dubai Announces Economic Incentive Package for its Free Zones - Bloomberg:
Dubai announced an economic incentive package for its free zones on Saturday in the light of “exceptional circumstances” related to the coronavirus pandemic.
The measure consists of five parts, including postponing rent payments for six months and cancellation of some fines for companies and individuals, the state-run Emirates News Agency reported. The city is home to a number of free zones, including the Dubai International Financial Center.
The United Arab Emirates previously rolled out a $34 billion stimulus package to fend off the impact of the coronavirus. The Gulf nation has reported 468 virus cases so far, including two fatalities.
Dubai announced an economic incentive package for its free zones on Saturday in the light of “exceptional circumstances” related to the coronavirus pandemic.
The measure consists of five parts, including postponing rent payments for six months and cancellation of some fines for companies and individuals, the state-run Emirates News Agency reported. The city is home to a number of free zones, including the Dubai International Financial Center.
The United Arab Emirates previously rolled out a $34 billion stimulus package to fend off the impact of the coronavirus. The Gulf nation has reported 468 virus cases so far, including two fatalities.
S&P lowers #Kuwait rating to AA-, outlook stable | ZAWYA MENA Edition
S&P lowers Kuwait rating to AA-, outlook stable | ZAWYA MENA Edition:
Standard and Poor's (S&P) has lowered Kuwait's long-term foreign and local-currency sovereign credit ratings to (AA-) from (AA), Kuwait News Agency (KUNA) reported
"The oil price drop is happening alongside Kuwait's slow reform momentum, which has generally lagged that of other regional countries in recent years," the rating agency said in a report, projecting a stable economic outlook.
The stable outlook is due to “Kuwait's sizable fiscal and balance-of-payments buffers provide the government with headroom for policy measures over the next two years.”
On the other hand, S&P affirmed Kuwait’s (A-1+) short-term foreign and local currency sovereign credit ratings.
Standard and Poor's (S&P) has lowered Kuwait's long-term foreign and local-currency sovereign credit ratings to (AA-) from (AA), Kuwait News Agency (KUNA) reported
"The oil price drop is happening alongside Kuwait's slow reform momentum, which has generally lagged that of other regional countries in recent years," the rating agency said in a report, projecting a stable economic outlook.
The stable outlook is due to “Kuwait's sizable fiscal and balance-of-payments buffers provide the government with headroom for policy measures over the next two years.”
On the other hand, S&P affirmed Kuwait’s (A-1+) short-term foreign and local currency sovereign credit ratings.
Petrostates Hammered by Oil Price Plunge and Pandemic’s Spread - Bloomberg
Petrostates Hammered by Oil Price Plunge and Pandemic’s Spread - Bloomberg:
Kazakhstan’s long-standing leader calls it a “perfect storm.” Venezuela’s government is shutting fuel stations across the country. Chad is paying its sovereign debts using cattle.
Across the oil-rich states of Africa, the Middle East, Latin America and the former Soviet Union, leaders accustomed to a steady flow of petrodollars see trouble ahead as the oil price war promises to destabilize their economies -- and perhaps their hold on power.
Of course, it’s not just oil-producing countries that are suffering a dramatic economic shock as the coronavirus pandemic sweeps across the world, but for the world’s petrostates, the collapse in oil prices adds another layer of pain. The plunge in export income is putting pressure on currencies and pushing up bond yields just as the virus is ramping up the call on social spending.
“There’s no sugar coating: It’s going to be very difficult for producers,” said Russell Hardy, CEO of oil trader Vitol Group. “With the exception of a few countries with deep pockets, everyone is suffering. All oil producing countries will have to trim budgets and may have to look at financing.”
Kazakhstan’s long-standing leader calls it a “perfect storm.” Venezuela’s government is shutting fuel stations across the country. Chad is paying its sovereign debts using cattle.
Across the oil-rich states of Africa, the Middle East, Latin America and the former Soviet Union, leaders accustomed to a steady flow of petrodollars see trouble ahead as the oil price war promises to destabilize their economies -- and perhaps their hold on power.
Of course, it’s not just oil-producing countries that are suffering a dramatic economic shock as the coronavirus pandemic sweeps across the world, but for the world’s petrostates, the collapse in oil prices adds another layer of pain. The plunge in export income is putting pressure on currencies and pushing up bond yields just as the virus is ramping up the call on social spending.
“There’s no sugar coating: It’s going to be very difficult for producers,” said Russell Hardy, CEO of oil trader Vitol Group. “With the exception of a few countries with deep pockets, everyone is suffering. All oil producing countries will have to trim budgets and may have to look at financing.”
London Ritz Sale Said to Fetch Less Than 800 Million Pounds - Bloomberg #Qatar
London Ritz Sale Said to Fetch Less Than 800 Million Pounds - Bloomberg:
The sale of London’s Ritz Hotel by the U.K.’s billionaire Barclay twins fetched less than 800 million pounds ($997 million), according to a person familiar with the matter who asked not to be identified.
Law firm Macfarlanes said in a statement that it advised one of its private Qatari investor clients on the acquisition of the hotel that opened in London’s Mayfair in 1906.
“It is a privilege to become the owner of the iconic Ritz Hotel and have the opportunity to build on its innate style and grand traditions,” a spokesperson for the new owner said in the statement Friday.
The Ritz, which occupies a prime frontage in London’s St James’ district, is at the heart of a spat among the heirs of David and Frederick Barclay. The dispute became public last month after a court hearing that revealed Frederick was being secretly recorded by a nephew at the hotel.
The sale of London’s Ritz Hotel by the U.K.’s billionaire Barclay twins fetched less than 800 million pounds ($997 million), according to a person familiar with the matter who asked not to be identified.
Law firm Macfarlanes said in a statement that it advised one of its private Qatari investor clients on the acquisition of the hotel that opened in London’s Mayfair in 1906.
“It is a privilege to become the owner of the iconic Ritz Hotel and have the opportunity to build on its innate style and grand traditions,” a spokesperson for the new owner said in the statement Friday.
The Ritz, which occupies a prime frontage in London’s St James’ district, is at the heart of a spat among the heirs of David and Frederick Barclay. The dispute became public last month after a court hearing that revealed Frederick was being secretly recorded by a nephew at the hotel.
Oil News, OPEC: OPEC Members Aren’t Backing Request for Urgent Consultations - Bloomberg
Oil News, OPEC: Latest on Crude Prices in Energy War - Bloomberg:
OPEC nations aren’t giving support to a request from the group’s president for emergency consultations over tanking oil prices, according to a delegate.
Algeria, which holds the cartel’s rotating presidency, urged the secretariat this week to convene a panel that assesses market conditions as oil slumps amid the coronavirus crisis and a price war launched by OPEC’s biggest member, Saudi Arabia.
However, the request has failed to gather the majority backing necessary to go ahead, said the delegate, who declined to be identified as the group’s discussions are private. Riyadh is among those opposing the idea.
The kingdom remains locked in a bitter fight for market dominance with Russia after the two exporters -- who had led an alliance between OPEC and non-members -- clashed this month over how to deal with the coronavirus crisis.
OPEC nations aren’t giving support to a request from the group’s president for emergency consultations over tanking oil prices, according to a delegate.
Algeria, which holds the cartel’s rotating presidency, urged the secretariat this week to convene a panel that assesses market conditions as oil slumps amid the coronavirus crisis and a price war launched by OPEC’s biggest member, Saudi Arabia.
However, the request has failed to gather the majority backing necessary to go ahead, said the delegate, who declined to be identified as the group’s discussions are private. Riyadh is among those opposing the idea.
The kingdom remains locked in a bitter fight for market dominance with Russia after the two exporters -- who had led an alliance between OPEC and non-members -- clashed this month over how to deal with the coronavirus crisis.
#Dubai braces for financial hit as coronavirus batters vital tourism - Reuters
Dubai braces for financial hit as coronavirus batters vital tourism - Reuters:
The sundecks on Dubai’s beaches lie empty, and red flags warn visitors away from the waterfront to protect the Middle East’s tourism hub against coronavirus.
The infection is starting to deliver a painful blow to Dubai, one of the most visited cities globally, with some hotels closed and occupancy rates falling to less than 10% in others.
Hotels are working to protect remaining staff and guests, taking their temperature and giving them hand sanitizer. Restaurants have been reconfigured to space out dining tables.
But hotel workers worry this slowdown is only the start of something more damaging, and while authorities have said beaches and pools will be closed for just two weeks, officials have indicated those restrictions could be renewed.
The sundecks on Dubai’s beaches lie empty, and red flags warn visitors away from the waterfront to protect the Middle East’s tourism hub against coronavirus.
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| Aerial view of the Sheikh Zayed Road, following the outbreak of coronavirus disease (COVID-19), in Dubai, United Arab Emirates, March 26, 2020. REUTERS/Satish Kumar |
The infection is starting to deliver a painful blow to Dubai, one of the most visited cities globally, with some hotels closed and occupancy rates falling to less than 10% in others.
Hotels are working to protect remaining staff and guests, taking their temperature and giving them hand sanitizer. Restaurants have been reconfigured to space out dining tables.
But hotel workers worry this slowdown is only the start of something more damaging, and while authorities have said beaches and pools will be closed for just two weeks, officials have indicated those restrictions could be renewed.
UPDATE 1-S&P cuts #Oman rating deeper into junk, trims Bahrain's outlook - Reuters
UPDATE 1-S&P cuts Oman rating deeper into junk, trims Bahrain's outlook - Reuters:
Rating agency S&P has lowered crude producer Oman’s sovereign ratings deeper into junk territory, citing external challenges, and changed the outlook for Bahrain’s ratings to stable from positive due to the country’s dependence on oil revenue.
The changes came after S&P recently cut its forecast the Brent crude oil benchmark to an average of $30 a barrel in 2020, $50 per barrel in 2021, and $55 a barrel from 2022.
S&P cut Oman’s long-term foreign and local currency sovereign ratings to ‘BB-‘ from ‘BB’, citing higher external risks and indebtedness.
Rating agency S&P has lowered crude producer Oman’s sovereign ratings deeper into junk territory, citing external challenges, and changed the outlook for Bahrain’s ratings to stable from positive due to the country’s dependence on oil revenue.
The changes came after S&P recently cut its forecast the Brent crude oil benchmark to an average of $30 a barrel in 2020, $50 per barrel in 2021, and $55 a barrel from 2022.
S&P cut Oman’s long-term foreign and local currency sovereign ratings to ‘BB-‘ from ‘BB’, citing higher external risks and indebtedness.