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DUBAI / WAM Dubai-based master developer Nakheel is heading back to MIPIM, the leading real estate exhibition held at Palais des Festivals in Cannes, France, for the fourth year. The developer will showcase plethora of real estate investment opportunities — including newly-launched residential projects — collectively worth more than $15.8 billion. Nakheel, which first represented Dubai at MIPIM in 2016, …

Bloomberg Boeing Co. grappled with more groundings of its most important airliner as operators from Brazil to South Korea idled the 737 Max following a second deadly crash, throwing the US manufacturer deeper into crisis. In a sign that the tragedy in Ethiopia, which killed everyone on board, threatens to become a commercial fiasco for Boeing, launch customer Lion Air …

ABU DHABI / WAM A report issued by the UAE Ministry of Economy (MoE) on the World Trade Organisation’s Trade Policy Review of the United States shows that despite shifts in the US trade policy towards increasing protectionism across multiple sectors, the US remains committed to working with all WTO members in maintaining fair and reciprocal trade partnerships. The report, …

Bloomberg The United Arab Emirates will continue to adjust its oil production until the market rebalances, the Opec member’s energy minister said. “We will continue to deliver on the Opec & non-Opec commitment for voluntary production adjustments, until the global market is re-balanced,” Suhail Al Mazrouei said on Twitter. “UAE compliance for the month of February 2019 will meet, if …

Bloomberg Opec crude oil shipments to the world’s largest economy sank to a thirty-year low as part of an effort by the cartel and its allies to balance supplies and counteract America’s shale boom. Opec supply cuts that started in 2017 were extended in 2018. The end result was Saudi Arabia cutting exports to the US by 9 percent to …

Bloomberg Crescent Point Energy Corp., the Canadian oil driller that fended off an activist investor last year, wrote down the value of its assets by C$2.73 billion ($2 billion) and is putting more holdings on the block as its new chief executive officer targets core operations. The after-tax writedown reflects the fair value of its assets, many of which were …

Bloomberg The global economy is suffering more than expected from trade tensions and political uncertainty which are clouding prospects particularly in Europe, according to a gloomy report from the OECD. As these are the organisation’s first forecasts in almost four months, it’s partly playing catch-up with developments since then. In that period, little has gone right for the world’s biggest …

Bloomberg The US trade deficit widened in 2018 to a 10- year high of $621 billion, bucking President Donald Trump’s pledges to reduce it, as tax cuts boosted domestic demand for imports while the strong dollar and retaliatory tariffs weighed on exports. The annual deficit in goods and services increased by $68.8 billion, or 12.5 percent, Commerce Department data showed …

Bloomberg Despite sitting on top of the world’s largest crude reserves, the reach of Venezuela’s state-owned oil company is receding. In the 1980s Petroleos de Venezuela SA started an international expansion with the objective of finding new outlets for its growing oil production. The company bought Citgo Petroleum Corp. in the US, leased the Isla refinery in Curacao, bought a …

DUBAI / WAM The potential of DP World investing in new infrastructure in Kazakhstan’s ports and logistics sectors was the focus of discussions between global trade enabler DP World’s Chairman and CEO Sultan Ahmed Bin Sulayem and Kazakhstan’s Prime Minister Askar Mamin in Astana on Tuesday. This follows the signing of two framework agreements with the government of Kazakhstan for …