LONDON / WAM UAE-linked oil services firm Petrofac has secured its third project under a 10-year framework agreement with Petroleum Development Oman (PDO) with the award of a procurement services project for the Mabrouk North East Line Pipe Procurement Project in Oman. The contract, valued at approximately $75 million, is the latest to be awarded under the agreement signed in …
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Bloomberg Oil held near $54 a barrel after Saudi Arabia said it would work with Russia and other members of the Opec+ coalition to prevent a slump in prices. Futures were little changed in New York, after rising 2.7 percent. Saudi Energy Minister Khalid Al-Falih said oil producers would take “preventive steps†to stop prices from diving, after meeting with …
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Bloomberg US President Donald Trump threatened to raise tariffs on China again if President Xi Jinping doesn’t meet with him at the upcoming Group of 20 summit in Japan. Trump was asked in an interview with CNBC on Monday whether tariffs on about $300 billion in Chinese goods would be enacted immediately if there’s no meeting at the summit later …
Read More »ABU DHABI / WAM The UAE and the International Renewable Energy Agency (Irena), on Monday, signed a supplementary agreement to the headquarters agreement that was signed in 2012 on hosting the Agency’s permanent headquarters in the UAE capital. The new document outlines the specific conditions governing the occupancy by Irena of its headquarters premises Dr Thani bin Ahmed Al Zeyoudi, …
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BAHRAIN / WAM Investcorp announced that it acquired 11 new US multifamily properties. The portfolio totals 2,615 units for a combined purchase price of approximately $370 million. The acquisition marks Investcorp’s largest US real estate portfolio acquisition co- mpleted in the past decade. “This diversified acquisition marks very exciting milestone for our real estate investment team as this is the …
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Bloomberg After days of wrangling over the wording of a communique, finance chiefs from the world’s largest economies warned that escalating trade and geopolitical tensions pose the biggest risk to global growth. Officials said that although growth appears to be stabilising, it “remains low and risks remain tilted to the downside,†according to the statement. “Most importantly, trade and geopolitical …
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Dubai / Emirates Business The headline seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index (PMI) — a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy — rose to 59.4 in May from 57.6 in April. This was the third successive monthly increase in the index, with the latest reading signalling a …
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Bloomberg Hedge funds kept running away from oil as prices tumbled into a bear market. They cut bets on West Texas Intermediate crude’s rally to the lowest level in 12 weeks, according to data. Optimism on Brent crude, the global benchmark, declined by the most this year. WTI reached bear territory, dropping more than 20 percent from its April high …
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Bloomberg Finance chiefs gathered in Fukuoka, Japan, for meetings of the Group of 20 are wrangling over language on how to describe global trade disputes in a communique that is to be published at the meeting’s conclusion. A fifth draft version of the statement seen by Bloomberg News referenced the need for a ‘pressing need to resolve trade tensions’ amid …
Read More »LONDON / WAM The Executive Director of the International Energy Agency (IEA) said Europe saved $8 billion on its natural gas bill last year because surging US shale production and a shake-up in EU energy markets forced Russia to change its gas pricing mechanism. Fatih Birol, speaking as the IEA released its annual gas report, said 2018 was a “golden …
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