SUMMARY OF DAILY UPDATES – 7th to 13th Feb 2016
- UAE Economy : Economic confidence among Mena CEOs falls to 3-year low. UAE likely to ratify federal debt law this year which shall allow federal government to issue bonds to raise bonds. Sovereign funds’ selling could hit $700bn of European stocks. Dubai house prices plummet 11% in 2015, rents hold up. UAE plans to trim ministries, outsource most gov’t services. New insolvency legislation in the UAE could be delayed because of cultural resistance, lack of information on company accounts and other challenges. UAE lawyer urges help for debtors in jail.
- Research released by Gulf Finance earlier this month showed worsening sentiment in the UAE’s small business sector, with many firms finding it tough to win new orders, arrange financing and collecting payments.
- UAE : Budget carrier flydubai 2015 net profit slumps 60%. Dubai to press ahead with world’s largest mall. Air Arabia says Q4 net profit falls 13%. Emaar Properties Q4 profit near-flat after Address hotel fire write-down. Damac’s 2015 net profit surges 30pc to $1.23bn. Lulu to open seven more hypermarkets in Oman. Rotana plans nine new hotels in UAE. UAE e-commerce to quadruple to $10bn by 2018. DP World plans over $1bn India investment. Dubai ranked ‘most popular city’ for Russian property buyers.
- Saudi may scrap local partner provision for foreign firms. Saudi power projects will need $133bn investment over 10 years. Saudi’s Sipchem pays $100m to raise stakes in two units. Majid Al Futtaim to invest $3.7bn building two malls in Riyadh.
- Qatar to award $22bn World Cup 2022 contracts.
- Oman plans to borrow between $5 billion and $10 billion from abroad to fund the deficit.
- Gold stages comeback as equities melt down.
- Europe’s top four economies – Germany, Britain, France and Italy suffered steeper drops in industrial output during December than any analyst had forecast a grim sign for the global economy as it struggles to sustain momentum.
- Toyota plans $396m spend for Turkey engines plant.