News

Bloomberg Al Jaber Group agreed with banks to restructure $1.5 billion of debt for a second time, people with knowledge of the plan said. The group is close to signing a deal with about 20 creditors to push out loan maturities to December 2026, said the people, asking not to be identified because the information is private. In return, Al …

Bloomberg Oil gained after suffering its biggest drop on the day of an Opec meeting in more than four years. Futures rose 0.8 percent in New York after an industry report showed US oil inventories fell by almost 5 million barrels last week. Prices were still far from recouping the 4.8 percent decline, when concerns about the global economy overshadowed …

Bloomberg Oil slid to its worst loss in two weeks as mounting fears about the global economy undercut the latest plan from Opec and its allies to stabilise markets. Futures dropped by as much as 4.3 percent in New York, the steepest intraday decline since June 12. Bank of England Governor Mark Carney warned of the dangers of rising protectionism …

DUBAI / Emirates Business The total value of more than 26,000 construction projects exceeded AED9.25 trillion in June, according to the June 2019 Issue of the BNC Projects Journal: The Next Construction Circus — Setting the Stage for Growth, issued by BNC Network. Saudi Arabia leads the GCC region in the total value of construction projects worth $895.8 billion (AED3.29 …

DUBAI / Emirates Business The average size of a home loan taken out in the UAE in May 2019 was AED1.31 million, marking a steady incr-ease compared to an average loan size of AED1.67 million in May 2018, according to data from Mortgage Finder. This is in line with the current market trend which has shown a downward shift in …

Bloomberg Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter said. Aramco, the world’s most profitable company, held talks with a select group of investment banks to discuss potential roles on the offering, according to the people. Detailed work on the …

Bloomberg The Organization of Petroleum Exporting Countries (Opec) will extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields. Ministers from the group meeting in Vienna agreed to prolong their supply curbs by another nine months, said delegates, asking not …

Bloomberg Gold tumbled back below $1,400 an ounce after the US and China reached a truce in their trade war, dealing a blow to havens. Prices fell the most in a year after Donald Trump and Xi Jinping agreed to resume negotiations. Still, the setback may be temporary as investors now train their focus on US jobs data due on …

ABU DHABI / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received Masud Husain, Ambassador of Canada to the UAE, and his accompanying delegation in the presence of Matar Salim Ali Al Dhaheri, Under-Secretary of the Ministry of Defence. During the meeting, which was held at the headquarters of the Ministry of Defence, the two sides …

Bloomberg DP World Plc is in “very advanced” discussions to acquire Topaz Energy & Marine Plc in what would be the Dubai-based company’s first venture into the oil and gas sector. The world’s largest port operator also said in a statement that there is no certainty of a transaction. Sky News reported earlier that a $1.3 billion deal could be …