Oil prices tumbled their most in three months on Monday, with U.S. crude falling 6 percent, after Greece’s rejection of debt bailout terms and China’s rolling out of emergency measures to support its stock markets shook global markets. Adding to the pressure on oil, Iran and global powers were trying to meet a July 7 deadline on a nuclear deal, which could bring more supply to the […]
Oil price flux unlikely to hit long-term sector growth BEIRUT, 13 hours, 17 minutes ago The cyclicality of the oil and gas industry is unlikely to impact the long term trajectory of the sector, a report said, noting that the current fluctuations may speed up some of the trends that were already unfolding. The new report entitled “Oil and Gas Reality Check 2015” released by Deloitte, a […]
ME property market among world’s fastest growing NEW DELHI, 2 days ago Middle East real estate market revenues have augmented at a compounded annual growth rate (CAGR) of 4.7 per cent between 2009 and 2014, making it one of the fastest growing sectors across the world, a report said. Foreign real estate developers have infused billions of dollars into places such as Oman, Qatar, Dubai (UAE), Saudi […]
INTERNATIONAL. Greece’s seeming hour-by-hour descent into chaos at the end of the second quarter has fashioned an intensely uncertain framework casting markets at the mercy of headline risk. It is with that ever-changing caveat that Saxo Bank publishes its Q3 Outlook ahead of the Greek referendum on EU membership which, as things stand, will take place July 5. The outlook for Q3, therefore hangs in the balance, […]
UAE. Short-term real interest rates (US) will remain near zero for more than three years, according to the majority of institutional investors, academics and policy makers polled at the AQR Asset Management Institute’s inaugural Perspectives event, at London Business School. At the start, delegates were asked how much longer they expected short-term real interest rates (US) to remain near zero, with 38% answering more than three years. […]
NEW DELHI/MUMBAI Prime Minister Narendra Modi urged more companies to make electronic and digital goods on Wednesday, reviving his campaign promise to bridge India’s digital divide backed by over $70 billion in investment pledges. Launching a “Digital India Week” aimed at popularising the government’s push to connect 250,000 villages by 2019, Modi spoke of the need to boost local manufacturing of electronics – the country’s largest import […]
|TAP Special|Emirates has released a point-by-point rebuttal of subsidy allegations, asserting that the US legacy carriers got the facts wrong, got the law wrong, and set their sights on an outcome that will be wrong for American consumers, communities and the national economy. This is the airline’s response to allegations of subsidy and unfair competition leveled by the “big three” US legacy carriers – Delta, United and […]
Dubai real estate developer Limitless has taken a step closer to securing a second restructuring on debt outstanding from Dubai’s property crash six years ago. It said on Monday it would repay 2.07 billion dirhams ($564 million) to creditors and has won the approval of almost 90 percent of banks to extend its remaining debt to December 2018. Limitless is seeking to follow in the footsteps of […]
UAE. A new report by The Boston Consulting Group (BCG), a global management consulting firm and the world’s leading advisor on business strategy, delves into the challenges faced by Exploration & Production (E&P) companies here in the GCC region. The fact is, these are trying times for E&P companies globally. Following more than a decade of strong financial returns, the industry has experienced several difficult years caused […]
Few events will be as significant for the world in the next 15 years as China opening its capital borders, a shift that economists and regulators across the world are now starting to grapple with. With China’s leadership aiming to scale back the role of investment in the domestic economy, the nation’s surfeit of savings — deposits currently stand at $21 trillion — will increasingly need to […]
Gold edged higher on Friday, recovering from its lowest in more than two weeks as Greece failed to reach an agreement with its international creditors, although gains were capped by expectations of a U.S. interest rate hike. Asian equities fell as Greece failed again to reach an agreement with its creditors and stumbled towards a default, while major currencies like the euro and dollar drifted as the […]
GCC construction … buoyant. GCC construction sector in major growth phase DUBAI, 1 days ago The GCC construction industry foresees growth for the next three years, encouraged by factors such as favourable macroeconomics, positive demographics, and rising tourism activities, said an industry expert. “Higher budget allocation towards construction sector, as part of the strategic vision of the member nations, lends an added push to the industry,” added […]
UAE. The latest Towers Watson survey on Health Benefits reveals that employers are investing more in the health of their employees as many Gulf Co-operation Council (GCC) countries have implemented new legislation and amendments to laws that deal with mandates for employee healthcare coverage. These changes are already in effect or will come into effect in phases over the next few years and will implicitly impact employers. […]
As the civil war in Yemen continues, many families say they are living in constant fear. Parents say that their older children have been wetting their beds at night, and that younger ones are so traumatized that they are sent running for cover by the sound of a door slamming. The fighting between Houthi rebels and Saudi-backed government forces has displaced a million people, destroyed cultural heritage […]
SANA, Yemen — For nearly three months, Saudi Arabia, along with its allies, has been bombing Yemen, its southern neighbor, hoping to force the retreat of Shiite rebels who have seized major cities and to return the country’s president from the Saudi guest mansion where he lives to the presidential palace. So far, it has not worked. The rebels, known as the Houthis, have gained ground, more […]
|By K Raveendran| The trigger for Dubai’s property crash of 2009 had come in the form of a Standard & Poor’s report that warned of a serious price correction in the wake of a highly unrealistic boom. Six years later, the rating agency has issued another ominous report on Dubai’s property market, although there are not even the faintest signs of a boom present now. The warning […]
UAE. While Standard & Poor’s expects somewhat of a correction in the UAE’s residential real estate market after three years of sharp price appreciation–it should be nothing on the order that led to the Dubai crisis in 2009. After reaching a peak in 2014, the property market in the United Arab Emirates is set to soften in 2015 and early 2016. The market is facing a turnaround […]
UAE. The latest Crédit Agricole Private Banking research report, ‘Macro Comment – MENA Update’, noted that the UAE and Saudi Arabia continues to witness growth despite lower oil prices. The UAE even recorded high levels of job creation during this period. “Interestingly in the UAE, once again new orders and new export orders components reflected strong growth, while job creation hit a three-month high. This is reflected […]
The downturn in the helicopter will likely last18 to 24 months, say experts. Helicopter makers upbeat despite slump PARIS, 17 hours, 21 minutes ago Top US and European helicopter executives said this week that the oil price-led commercial helicopter market slump would be temporary and that they will keep investing in new technologies given the sector’s positive long-term outlook. The downturn will likely last 18 to 24 […]
|By K Raveendran| There is much hype about the opening up of the Saudi stock market, but any detached view is least supportive of optimism. The more realistic assessment is based on the fact that the market has already factored in the positivity and moved too far ahead in the expectation of large foreign inflows, making the market expensive for any new entrants. According to the assessment […]
Non-oil to drive ME economies to 5pc growth DUBAI, 3 days ago Middle Eastern economies are anticipated to witness around five per cent growth this year due to the gradual shift in investment to non-oil sectors, a report said. However, implementing pragmatic macroeconomic policies to stabilise global oil prices at $50 to $60 per barrel is likely to remain a key challenge to revenue growth, added the […]
KUWAIT. Fitch Ratings has affirmed Kuwait’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘AA’ with a Stable Outlook. The Country Ceiling has been affirmed at ‘AA+’ and the Short-term foreign currency IDR at ‘F1+’. KEY RATING DRIVERS Kuwait’s ratings reflect its exceptionally strong fiscal and external position, balanced against a heavily oil-dependent economy, a degree of geopolitical risk, and weak scores on measures of […]
|By TAP Staff| The shale industry boom, which was instrumental in oil producers like Gulf countries losing control of the market, is facing the risk of being sunk by the weight of debt. That should bring some reassurance to Gulf countries, who are now struggling to cope with the impact of lower oil prices. According to a Bloomberg report, drillers are devoting more revenue than ever to […]
UAE. Dubai and Abu Dhabi have been ranked as the 23rd and 33rd most expensive cities to live in (respectively) according to Mercer’s 2015 Cost of Living Survey. The two cities have experienced a significant jump compared to 2014, with Dubai soaring 44 places from last year’s position at 67 and Abu Dhabi going up 35 places 68th in 2014. Dubai and Abu Dhabi are the most […]
