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Sunday 15-01-2017


 15/01/2017

Gulf News

Dubai Municipality entered into as many as 24 agreements and initiatives in 2016 for enhancing services for the public, a senior official said on Thursday.

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Gulf News

A correction in global oil prices “will take time”, the UAE Energy Minister said on Monday ahead of a proposed meeting between major oil producers later this month to discuss capping output.

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Khaleej Times

Dubai saw property deals worth Dh259 billion in 2016, latest data shared by the Dubai Land Department (DLD) shows. Even as this marks a modest decline of 2.99 per cent over the Dh267 billion worth of transactions conducted in the emirate in 2015, it is still more than the GDP of 122 countries (including some regional countries like Oman, Lebanon, Jordan and Bahrain, among others).

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Khaleej Times

The widely-anticipated US Fed Rate hike was announced on December 14 last year. This quarter point (0.25 per cent) increase swiftly found its way into the GCC through matched increases in benchmark rates across several economies. The Central Bank of the UAE raised its key (certificate of deposit) rate by 25 basis points. We are headed towards a gradual rise in profit/interest rates through the year. From a local banking perspective, it implies a rise in the cost of funds borne by banks. History tells us that the higher cost of funding will lead to higher priced financing to consumers in 2017.

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Khaleej Times

2016 had begun amid a sharp cut in fuel subsidies in Saudi Arabia, Qatar, Bahrain and Oman, following a lead set by the UAE in 2015, accompanied by a series of rises in the price of water and electricity throughout the region. Such subsidy cuts, due to continue throughout the region in 2017, will see business costs rise. Lower oil revenues have resulted in a decline in government deposits in banks.

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Gulf News

The UAE’s Minister of Economy, Sultan Al Mansouri, said he was confident about the country’s prospects for economic growth in 2017 despite challenges like lower oil prices. He expects growth rate this year to remain almost steady compared to 2016 at three per cent.

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Khaleej Times

Crude oil recorded lucrative gains in 2016 as prices rebounded from decade-low levels of $26 per barrel in February of last year. Soaring over 50 per cent, this marked the first annual gain for Brent crude oil in four years. The over 45 per cent rally in WTI crude oil also marked the first yearly increase, following the sell-off, totalling -76 per cent, over the previous two years (crude oil peak prices were in 2014 - $107; 2015 - $62 and 2016 - $54).

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Gulf News

Latest Abu Dhabi Fund for Development and Irena facility funds $44.5m projects in four nations in the Pacific and Africa Dr Amal Abdullah Al Qubaisi, Federal National Council Speaker; Dr Thani Ahmad Al Zeyoudi, Minister of Environment and Climate…

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Page last updated : 12/02/2017 11:57 AM