ADIPEC Round Up – BP, ADNOC And Saudi Announcements

A round up of the day’s news and gossip from the region’s largest oil and gas event.

Dubai’s Commercial Property Sector Picks Up In Q3

Commercial demand is increasing in areas like DIFC and Downtown Dubai, says new report.

IMF Warns GCC To Cut Spending, Diversify

GDP growth in the GCC region is expected to slow to 3.75 per cent in 2013 as oil production stalls, says IMF.

Qatar Holding Invests In The Chernin Group

Qatar’s investment vehicle puts a rumoured $100 million into the Peter Chernin-owned media company.

Dubai’s Shuaa Capital Q3 Loss Narrows

The investment bank which has been through three CEOs in the past year posts Q3 loss of $3.78 million.

Exclusive: GCC Construction Market Down Says Drake & Scull’s Tabari

Lack of capital funding and collection of payments continue to plague the construction industry says UAE construction tycoon.

Arab Spring Economies To Recover Slowly – IMF

Weak demand in Europe and other regions will continue to weigh on the Arab Spring states.

REVEALED: Top 10 GCC Hotel Launches In 2012

As the Gulf’s hospitality industry grows, international and local hotel brands are ramping up their presence in the region.

UAE Frees Hundreds Of Emirati Debtors From Jail

The country has released 290 people convicted of bouncing cheques, reports official WAM news agency.

Saudi Arabia Says Not Aware Of Barclays Probe

US authorities are reportedly investigating whether Barclays made any improper payment to win a banking licence in Saudi.

The Middle East’s Top Green Companies

A definitive list of regional companies implementing meaningful initiatives for the environment.

OPEC Acknowledges Shale Oil Supply Is Significant

In its World Oil Outlook report, OPEC cuts its forecast of global oil demand to 2016 due to economic weakness.

Qatar’s QNB Issues $1bn Bond

Qatar National Bank said that the bond attracted strong investor interest and was several times oversubscribed.

First Free Sampling Store Opens In Dubai

Sample Central allows members to take products home for free in return for sharing their opinions.

Abu Dhabi Islamic Bank To Price Sukuk Thursday

The lender is set to raise $500 million from its offering after big investor interest for its debut deal.

Emirates May Buy 100 New Model Boeing 777s

The airline’s president Tim Clark has said the carrier could make its most expensive purchase ever from Boeing.

Emirates To Sponsor Glasgow 2014 Commonwealth Games

Dubai-based Emirates will now serve as the official airline of the games and the Queen’s Baton Relay.

Bahrain’s Batelco Sues Indian Ex-partner For $185m

The Bahraini telecoms firm accused Siva Ltd of not adhering to a settlement agreement over their joint venture S Tel.

Oil Down 4% As Fiscal Cliff Looms After US Vote

President Obama winning a second term in office has seen oil price drop after previous 3 per cent gains when Romney was favourite.

Aldar Properties And Sorouh Real Estate In Advanced Merger Talks

The two Abu Dhabi-based developers both reported higher quarterly profit on Wednesday even with asset writedowns.

Recovering Dubai Still Faces $48bn Debt – Standard Chartered

A report from the UK-based lender says the emirate’s overall debt burden remains a challenge.

UAE Investors Dash To Cash

UAE investors are holding onto their cash and assets amid the uncertain economic outlook, however India is a favourite for investment.

REVEALED: Top 10 Tweeters In The Middle East

UAE-based commentator Sultan Al Qassemi is the most connected Twitter user in the region, says new study.

Qatar National Bank To Sell $500m In New Bond Issue

Price guidance for QNB’s new bond was released at 155 basis points over midswaps, with transaction expected Wednesday.

British PM Cameron Meets KSA’s King Abdullah

The two leaders discussed regional and international developments, Palestine and the situation in Syria.

Obama Win Keeps Peace In The Middle East

The US President’s re-election will help abate worries of war in the Middle East, say political experts.

Egypt Hopes Obama Will Work For Both Nations’ Interests

Egypt’s presidency said it hoped Obama would work for American and Egyptian people.

Qatar Petroleum Shifts GIS Stake To State Pension Fund

QP had owned 30 per cent of the company having previously spun off 70 per cent in 2008.

Sorouh Sees 55% Rise In Q3 Net Profit

The Abu Dhabi developer’s profit was driven by rising revenues from national housing projects.

Investors Favour Fixed Income

With global markets in flux, fixed income is becoming the new favourite for regional investors.