SUMMARY OF DAILY UPDATES FOR THE PERIOD 16TH JAN to 23rd JAN 2016
Dubai’s biggest landlord warns developers of “tough period ahead. Dubai property prices, rents forecast to soften further in 2016. Dubai villa oversupply leads to 18% drop in prices at The Springs.
Saudi Arabia’s economy set to grow at slowest rate since 2002. s It said to cut advance payments to firms for state contracts. Its central bank warns banks against riyal speculation.
Kuwait mulls income, sales taxes as oil hits 12-year low. Oman said to be planning VAT ‘for mid-2017.
International sanctions on Iran lifted on 16th. More bad news for crude oil as Iran supplies come on-board. Oil plunges below $29 on prospects of Iran supply. Oil producing nations forecast to sell $240bn assets this year. Airbus plan heralds Iran boom after sanctions lifted. Iran power sector: Enough to double GDP. Iran to hook up to international banks in weeks.
Gulf growth forecasts cut but region to avoid recession. GCC project contract values set to plunge 15pc in 2016.
Dubai hotels set to see ‘new norm’ of 70-75% occupancy. UAE’s RAKBank to cut up to 250 jobs as part of review.
As oil price falls Canadian expats in UAE feel benefit.
Dubai’s DP World inks JV deal to develop Russian ports.
Al Futtaim launches $509m Cairo retail project.
UAE’s coffee market poised for solid growth.
Mena region to attract $35bn renewable energy investment.
Oman reveals plan to set up first budget airline. Oman Tourism Development Company sets up investment unit for $1.3bn waterfront project.