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UAE. Wermuth Asset Management has announced its expectation that, given the availability of solar power at $4 cents/kWh, a price with which crude oil could only compete if offered below $7/barrel, the ‘carbon bubble’ will burst and that it will have profound implications for the Middle East’s oil producing countries, global financial markets and the world economy. If COP21 leaders this year commit to a global 2⁰C […]

INTERNATIONAL. In my “Net Assessment of the World,” I argued that four major segments of the European and Asian landmass were in crisis: Europe, Russia, the Middle East (from the Levant to Iran) and China. Each crisis was different; each was at a different stage of development. Collectively the crises threatened to destabilize the Eurasian landmass, the Eastern Hemisphere, and potentially generate a global crisis. They do […]

The United Arab Emirates said it would let domestic fuel prices move more freely in a politically sensitive reform that could save the government billions of dollars and begin reducing the wealthy country’s love of gas-guzzling cars with big engines. Gasoline and diesel will be deregulated from Aug. 1 and a new pricing policy linked to global levels will be introduced, state news agency WAM quoted the […]

An Apple iPhone 6 is seen on display at the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. Reuters/Mike Segar Forget that iPhone unit sales were not as strong as many had expected; that the revenue forecast fell short of the average estimate, and that there was no clarity on Apple Watch sales. Analysts, for the most part, remain […]

ABU DHABI // A decision to link gas and diesel prices to global oil markets has been described by industry leaders as an important reform initiative for the country. Suhail Al Mazroui, the Minister of Energy, announced on Wednesday that fuel prices will be deregulated from August 1 as part of the government’s plan “in diversifying sources of income, strengthening the economy and increasing its competitiveness in […]

The rout in commodities deepened with prices touching the lowest since 2002 as the prospect of higher U.S. interest rates sent gold tumbling. Raw materials are losing favor with investors as the dollar gains amid signals from Federal Reserve Chair Janet Yellen that the central bank may raise rates this year on the back of an improving U.S. economy. Higher borrowing costs curb the attractiveness of commodities […]

Crude slumped below $50 a barrel in New York for the first time in more than three months on speculation that Iranian shipments will climb, extending a global glut. West Texas Intermediate decreased as much as 1.9 percent. Iran will focus on regaining oil sales it lost due to sanctions regardless of the impact on prices, Oil Minister Bijan Namdar Zanganeh said in Tehran Monday. U.S. crude […]

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|By TAP Staff| The Saudi stock market, the largest market in the GCC with a total market capitalisation of approximately$550 billion, is drawing interest from a large number of potential foreign investors. The Saudi Stock Exchange opened to qualified foreign investors (QFI) for the first time one month ago. Increased participation from international financial institutions is primarily designed to help enhance the sophistication and stability of the […]

UAE. Dubai continued to see steady supply growth during the first six months of the year, as performance within the residential and hospitality markets began to soften after a three year period of sustained growth, according to the Q2 2015 Dubai MarketView by global property consulting firm CBRE. According to the CBRE report, Dubai’s rental market continues to outperform the transactional market in 2015, although residential leasing […]

|By TAP Staff| The end of sanctions could bring a rapid economic boom Iran, which had its oil exports halved by sanctions, and its economy cut by about 20 percent. The prospect of a deal has already helped push down global oil prices because of the possibility that Iranian supply could return to the market. Oil prices tumbled more than a dollar on Tuesday after the deal […]

|By Matein Khalid| Last week was a roller coaster and the Nikkei Dow closed at 19,800. Abenomics has had a seismic impact on Japan’s economy, financial markets and banking system. The yen has fallen from 76 on the eve of the election in 2012 to 122 against the US dollar. Corporate profits have exploded. Land price rises, job growth, bonuses, capex and consumer spending have lifted Japan […]

Prices for German luxury cars in China are tumbling as the country’s stock market sell-off and worries about broader economic growth chill demand for auto brands that once commanded price premiums from affluent Chinese consumers. At Mercedes-Benz stores operated by a dealer group with nearly 200 multiple brand outlets, customer traffic at showrooms has dwindled markedly since mid-June, when a stock market slide that saw indexes plunge by […]

|By Matein Khald| During the 2008 post-Lehman financial meltdown, home prices in Dubai fell by 60-70 per cent and a generation of offplan flippers and leveraged investors/buyers (a mortgage, by definition, is a highly leveraged and speculative financial product. There is a reason the word “mortgage” derives from the French “mort” or death!) were wiped out. However, the Arab Spring, global liquidity and the successful debt restructuring […]

An employee stands in front of the Apple flagship store on 5th Avenue in New York April 22, 2015. Reuters/Brendan McDermid/Files WASHINGTON/SAN FRANCISCO U.S. government antitrust regulators are looking into claims about whether Apple’s treatment of rival streaming music apps is illegal under antitrust law, according to three industry sources. Apple recently launched a new music streaming service, Apple Music. It also provides the App Store platform […]

UAE. Core Savills, the largest commercial lease transaction and one of the leading international real estate companies in the UAE, is optimistic on the outlook for the Dubai real estate market. Research released today by the firm has suggested declining apartment and villas prices in the emirate since the market peaked late last year will stabilize during 2016 and return to growth later in the year or […]

UAE. Private sector businesses in Dubai signalled further strong increases in business activity and new orders in June, though the rates of expansion moderated to 27- and 53-month lows, respectively. Despite softer increases in activity and new work, Dubai private sector companies were increasingly optimistic towards the year-ahead, with the degree of positive sentiment reaching a 19-month high. Furthermore, increased confidence towards the business outlook underpinned the […]

Oil prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency. There will be no overall production growth outside the Organization of Petroleum Exporting Countries next year for the first time since 2008, according to the IEA. Growth in U.S. shale oil supplies will stagnate to the […]

A brief period of high profitability for the world’s oil refineries is likely to come to an end as quickly as it began, the International Energy Agency (IEA) said on Friday. Weak crude oil and relatively high prices for gasoline, diesel and petrochemical feedstock have pushed up refining profits sharply over the last six months, helping oil companies cope with much lower profits from upstream production. In […]

|By Matein Khalid| De Gaulle dissed gold as a “barbarous relic” and Lenin sneered the yellow metal was fit only to “pave capitalist latrines”. So what? Gold has been an monetary metal in human history for centuries, back to the time of Pharonic Egypt, the Inca Empire, King Midas and the Spanish conquistadores of Mexico. While President Nixon removed the gold/dollar Bretton Woods linkage in 1971 and […]

UAE. The global sukuk market is heading toward a correction in 2015 after the Central Bank of Malaysia (BNM)–one of the largest issuers of sukuk worldwide–stopped issuing earlier this year, says a report published today by Standard & Poor’s Ratings Services. But as the report, titled “Global Sukuk Issuance Stalls In 2015 As Major Issuer Exits The Market,” points out, BNM’s move leaves the door open to […]

China’s biggest stock-market rout since 1992 has done nothing to erode the bullish outlook of Goldman Sachs Group Inc. Kinger Lau, the bank’s China strategist in Hong Kong, predicts the large-cap CSI 300 Index will rally 27 percent over the next 12 months as government support measures boost investor confidence and monetary easing spurs economic growth. Leveraged positions aren’t big enough to trigger a market collapse, Lau […]

Saudi Arabia’s sovereign wealth fund is to invest up to $10 billion in Russia over the next five years, in a move signalling a thawing in relations between the two countries. Saudi Arabia’s Public Investment Fund (PIF), the country’s sovereign wealth investment vehicle, agreed on Monday to invest $10 billion over the next five years approximately in the Russia Direct Investment Fund (RDIF), a government-run investment fund. […]

U.S. crude tumbled about 2 percent on Tuesday, sinking for a second straight day as investors fled to safe havens on worries about a near-bankrupt Greece and China’s stock market losses and as technical selling threatened to push oil into a bear market. Iran’s determination to seal a nuclear deal with global powers to bring more of its crude to an oversupplied market and the restart of […]

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