Greetings,
Attached FYI ( NewBase Special 22 February 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• Russia Gets Second Junk Rating From Moody’s on Ukraine, Oil
• Standard & Poor’s confirms Abu Dhabi’s credit rating at AA
• Iraq to boost southern oil storage to 15m barrels
• Qatar Consortium wins Doha Metro deal
• Algeria: Gazprom confirms productivity of hydrocarbon deposits for El Assel area
• US: ExxonMobil filed Alaska LNG Project resources reports
• US oil workers’ union expands biggest plant strike since 1980
• Oil Falls Sharply After US Crude Inventories Rise
• Another Big Reason to Think Oil Prices Aren't Going Up Soon
• Lebanese gains and losses from lower oil prices
As this daily news periodical is free for you, we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Greetings,
Attached FYI ( NewBase Special 22 February 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• Russia Gets Second Junk Rating From Moody’s on Ukraine, Oil
• Standard & Poor’s confirms Abu Dhabi’s credit rating at AA
• Iraq to boost southern oil storage to 15m barrels
• Qatar Consortium wins Doha Metro deal
• Algeria: Gazprom confirms productivity of hydrocarbon deposits for El Assel area
• US: ExxonMobil filed Alaska LNG Project resources reports
• US oil workers’ union expands biggest plant strike since 1980
• Oil Falls Sharply After US Crude Inventories Rise
• Another Big Reason to Think Oil Prices Aren't Going Up Soon
• Lebanese gains and losses from lower oil prices
As this daily news periodical is free for you, we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
This presentation discusses about the impacts of resource nationalism on mining companies and the protective strategies adopted by mining companies to minimize the effects of resource nationalism, which in turn would benefit the host nation’s economy while ensuring sufficient returns to the Mining companies.
Abda El-Mahdi - Former State Minister of Finance and National Economy, Sudan
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
Kuwait, November 26-27, 2017
www.erf.org.eg
Majid Al Moneef - Former Governor of the Organization of Petroleum Exporting Countries, Saudi Arabia
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
How Could Arab Oil Exporters Respond to the New Global Oil Order: Graduate to Rule-based Macroeconomic Institutions
Kuwait, November 26-27, 2017
www.erf.org.eg
Securing Economic Resilience under the New Oil Order: The Need for ReformEconomic Research Forum
Allison Holland - International Monetary Fund
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
Kuwait, November 26-27, 2017
www.erf.org.eg
Azerbaijan’s current fiscal stance is quite strong; however, this stability is completely based on oil-related revenues. In the meantime, the situation with alternative sources of fiscal revenues is uncertain. A large part of fiscal management is built on opacity and an assessment of budget spending efficiency has never been done. It is likely that Azerbaijan will only be able to maintain its fiscal stability through the next ten years or so, i.e. until the end of the active oil-extraction period. In the more distant future, a substantial fiscal correction will be necessary.
Authored by: Dmytro Boyarchuk
Published in 2012
Aranca has compiled a special report on Saudi Arabia’s journey till 2025, highlighting the Kingdom’s economic potential, its influence on the region’s economy and opportunities available. Check out the report here!
Know more about economic and business developments in Oman and the region.
GCC stocks mixed as oil fails to provide catalyst
Improving trade flows point to Oman’s hub potential
LNG, Shift in world energy targets raises LNG prospects
Oman continues to boost national workforce
Consolidation puts Oman Oil Company in better position after oil price drop
Technologies for the ultimate home theatre experience
RAK’s Al Wadi Desert beckons tranquility
News
DIRTA JAYA SURVEY
Alamat: Jl.Pos Pengumben No 52 jakarta Barat
Contact : andyJaya
Phone:021-93404818
XL ; 087876262648
Simpati:082123568182
email : andyjayasurvey@yahoo.co.id
website :http://www.dirtajayasurvey.com
adalah perusahaan yang bergerak di bidang Sales , service kami menyediakan alat-alat Survey keperluan Pertambangan dan Konstruksi.
* Kami hadir untuk melayani pelanggan dalam bidang
* Pertambangan
* Konstruksi
* Telekomunikasi
* Kehutanan
@DIRTA JAYA SURVEY
Alat survey Total Station Topcon:
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Total Station Topcon ES 101
Total Station Topcon ES 102
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Total Station Topcon OS 101
Total Station Topcon OS 102
Total Station Topcon OS 103
Total Station Topcon OS 105
@ DIRTA JAYA SURVEY
Alat Survey Total Station Sokkia:
Total Station Sokkia Set FX 101
Total Station Sokkia Set FX 102
Total Station Sokkia Set FX 103
Total Station Sokkia Set FX 105
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Total Station Sokkia CX 107,
@ DIRTA JAYA SURVEY
Alat Survey Total Station Nikon:
Total Station Nikon DTM 322,
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Total Station Nikon Nivo 2M,
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Total Station Nikon Nivo 2C,
Total Station Nikon Nivo 3C,
Total Station Nikon Nivo 5c,
@DIRTA JAYA SURVEY
Alat Survey Digital Theodolite Topcon :
Theodolite Digital Topcon DT 209,
Theodolite Digital Topcon DT 207,
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Theodolite Digital Topcon DT 209L,
Theodolite Digital Topcon DT 207L,
Theodolite Digital Topcon DT 205L,
@ DIRTA JAYA SURVEY
Alat Survey Theodolite Digital Sokkia
Theodolite Digital Sokkia DT 740,
@ DIRTA JAYA SURVEY
Alat Survey Theodolite Digital Nikon
Theodolite Digital Nikon NE 100, 10 detik,
Theodolite Digital Nikon NE 101, 7 detik,
Theodolite Digital Nikon NE 102, 5 detik,
Theodolite Digital Nikon NE 103, 5 detik,
@DIRTA JAYA SURVEY
Theodolite Digital Minds CDT05,
Theodolite Digital South ET02,
Theodolite Digital South ET05,
Theodolite Digital Horizon ET1002,
Theodolite Digital Horizon ET1005,
@ DIRTA JAYA SURVEY
Alat Survey Waterpass/ Automatic Level Topcon:
Automatic Level Topcon ATB-2, 0.7mm,
Automatic Level Topcon ATB-3, 1.5mm,
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@ DIRTA JAYA SURVEY
Alat Survey Waterpass/ Automatic Level Sokkia
Automatic Level Sokkia B40, 2.0mm,
Automatic Level Sokkia B20, 0.7mm,
Automatic Level Sokkia B30-35, 1.5mm,
@ DIRTA JAYA SURVEY
Alat Survey Waterpass / Automatic Level Nikon
Automatic Level Nikon AC-2S, 2mm,
Automatic Level Nikon AP-8, 1.5mm,
Automatic Level Nikon AS-2C, 0.8mm,
This presentation discusses about the impacts of resource nationalism on mining companies and the protective strategies adopted by mining companies to minimize the effects of resource nationalism, which in turn would benefit the host nation’s economy while ensuring sufficient returns to the Mining companies.
Abda El-Mahdi - Former State Minister of Finance and National Economy, Sudan
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
Kuwait, November 26-27, 2017
www.erf.org.eg
Majid Al Moneef - Former Governor of the Organization of Petroleum Exporting Countries, Saudi Arabia
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
How Could Arab Oil Exporters Respond to the New Global Oil Order: Graduate to Rule-based Macroeconomic Institutions
Kuwait, November 26-27, 2017
www.erf.org.eg
Securing Economic Resilience under the New Oil Order: The Need for ReformEconomic Research Forum
Allison Holland - International Monetary Fund
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
Kuwait, November 26-27, 2017
www.erf.org.eg
Azerbaijan’s current fiscal stance is quite strong; however, this stability is completely based on oil-related revenues. In the meantime, the situation with alternative sources of fiscal revenues is uncertain. A large part of fiscal management is built on opacity and an assessment of budget spending efficiency has never been done. It is likely that Azerbaijan will only be able to maintain its fiscal stability through the next ten years or so, i.e. until the end of the active oil-extraction period. In the more distant future, a substantial fiscal correction will be necessary.
Authored by: Dmytro Boyarchuk
Published in 2012
Aranca has compiled a special report on Saudi Arabia’s journey till 2025, highlighting the Kingdom’s economic potential, its influence on the region’s economy and opportunities available. Check out the report here!
Know more about economic and business developments in Oman and the region.
GCC stocks mixed as oil fails to provide catalyst
Improving trade flows point to Oman’s hub potential
LNG, Shift in world energy targets raises LNG prospects
Oman continues to boost national workforce
Consolidation puts Oman Oil Company in better position after oil price drop
Technologies for the ultimate home theatre experience
RAK’s Al Wadi Desert beckons tranquility
News
DIRTA JAYA SURVEY
Alamat: Jl.Pos Pengumben No 52 jakarta Barat
Contact : andyJaya
Phone:021-93404818
XL ; 087876262648
Simpati:082123568182
email : andyjayasurvey@yahoo.co.id
website :http://www.dirtajayasurvey.com
adalah perusahaan yang bergerak di bidang Sales , service kami menyediakan alat-alat Survey keperluan Pertambangan dan Konstruksi.
* Kami hadir untuk melayani pelanggan dalam bidang
* Pertambangan
* Konstruksi
* Telekomunikasi
* Kehutanan
@DIRTA JAYA SURVEY
Alat survey Total Station Topcon:
Total Station Topcon GTS 102N,
Total Station Topcon GTS 255N,
Total Station Topcon ES 101
Total Station Topcon ES 102
Total Station Topcon ES 103
Total Station Topcon ES 105
Total Station Topcon OS 101
Total Station Topcon OS 102
Total Station Topcon OS 103
Total Station Topcon OS 105
@ DIRTA JAYA SURVEY
Alat Survey Total Station Sokkia:
Total Station Sokkia Set FX 101
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@ DIRTA JAYA SURVEY
Alat Survey Total Station Nikon:
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@DIRTA JAYA SURVEY
Alat Survey Digital Theodolite Topcon :
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@ DIRTA JAYA SURVEY
Alat Survey Theodolite Digital Sokkia
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@ DIRTA JAYA SURVEY
Alat Survey Theodolite Digital Nikon
Theodolite Digital Nikon NE 100, 10 detik,
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Theodolite Digital Nikon NE 103, 5 detik,
@DIRTA JAYA SURVEY
Theodolite Digital Minds CDT05,
Theodolite Digital South ET02,
Theodolite Digital South ET05,
Theodolite Digital Horizon ET1002,
Theodolite Digital Horizon ET1005,
@ DIRTA JAYA SURVEY
Alat Survey Waterpass/ Automatic Level Topcon:
Automatic Level Topcon ATB-2, 0.7mm,
Automatic Level Topcon ATB-3, 1.5mm,
Automatic Level Topcon ATB-4, 2.0mm,
@ DIRTA JAYA SURVEY
Alat Survey Waterpass/ Automatic Level Sokkia
Automatic Level Sokkia B40, 2.0mm,
Automatic Level Sokkia B20, 0.7mm,
Automatic Level Sokkia B30-35, 1.5mm,
@ DIRTA JAYA SURVEY
Alat Survey Waterpass / Automatic Level Nikon
Automatic Level Nikon AC-2S, 2mm,
Automatic Level Nikon AP-8, 1.5mm,
Automatic Level Nikon AS-2C, 0.8mm,
As of 10/16/2016 here are the court documents in the Dinar Banker and Sterling Currency Group court case 115-CV-0232-LMM
Other search terms:
Dinar Guru
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Frothy global assets are flashing warning signs despite the lack of an obvious catalyst to sell
Political action to redress rising inequality may provide the trigger
Avoiding major market corrections can have a huge impact on long term portfolio returns
The outlook for oil remains murky but expectations for a significant rally have receded
Macro-economic indicators suggest a subdued outlook for the GCC
Profits for listed regional companies are stable but the ‘subsidy arbitrage’ is over
The GCC is in a fateful economic battle that has troubling cyclical, structural, and systemic components — driven by risks around oil and a disruptive post-pandemic digital world for which it is ill-prepared. Businesses are unravelling as entitlements are withdrawn and regulations rolled back. This paper proposes to reframe relationship between the public and private sectors, rewarding companies that transition from dependency and hopeless business models, while helping govts achieve fiscal sustainability.
Saudi Arabia on the Move - An Aranca Special Report 2013Srinivas Macha
The Kingdom of Saudi Arabia (KSA), a completely oil-dependent economy until a few decades ago,
has now transformed into one of the most vibrant economies in the Middle East. Today, the country has
a diversified economic structure, strong international trade links, a stable political environment, strong
fiscal surplus and a vibrant financial services sector. Saudi Arabia’s increasing contribution to the global
economy has earned it a permanent seat at the G-20 -- the only OPEC member to get the honour. As the
exclusive knowledge partner for The Euromoney Saudi Arabia Conference 2013, Aranca has compiled
a special report on Saudi Arabia’s journey till 2025, highlighting the Kingdom’s economic potential,
its influence on the region’s economy and opportunities available. Given Saudi Arabia’s tremendous
potential as an attractive investment destination, we foresee opportunities in the financial sector as
the Kingdom looks to fund its growth plans. We also delve into the challenges around fully exploiting
demographic dividends, reducing reliance on public funding, attracting foreign investors, and reforming
capital markets and financial institutions
· US equity markets have performed very well but the MSCI World (excluding US) has been relatively subdued and remains 20% below its 2008 peak.
· The global outlook for the twenty-twenties is distinctly ominous with China, Europe, the UK and the US facing systemic challenges.
· High equity yields, creative fiscal measures and unorthodox monetary tools might help markets temporarily but can only delay the day of reckoning.
· The TASI was as much as 19% higher at the end of April ahead of a massive inflow of foreign money but the index trade is now over.
· There are at least seven signs that could limit the scale of the economic rebound and make it difficult for the stock market to move higher.
· Marmore forecasts aggregate GCC profits to decline by 1.8% this year with earnings in Saudi Arabia dropping by 6.1%.
· A lower risk profile can mitigate the lurking dangers as is optimizing portfolios to benefit from falling interest rates and avoiding cyclicals.
High valuations and a loss of momentum in risk assets have left them vulnerable to rising volatility
The focus now is on quantitative tightening but the increase in global debt poses bigger risks over the longer term
Sweeping societal changes in Saudi Arabia are breathtaking in scope but it’s difficult to attach a numerical value to developments or model for stock values
The Saudi stock index is having a stellar year so far but not all is well across the other GCC markets
The Aramco IPO has raised questions about its impact on the Tadawul index and the GCC markets more broadly
The consistent call on the banks and petrochemical companies has been vindicated by their steady performance
The bar to transformational change is very high and the obstacles significant. Pain before gain
The role of Saudi Arabia in Global Energy MarketsEdouardLotz
Saudi Arabia always played a major role in global oil supplies during the 20th century, as well for the 21st century. This report aims at analysing the energy profile of the country, its market structure, its energy strategy for the future and also its foreign relations having regard to its oil dominance.
Mitigating the Deadly Embrace in Financial Cycles: Countercyclical Buffers an...Joannes Mongardini
IMF Working Paper WP/16/87 providing macroprudential simulations of the effectiveness of countercyclical buffers and loan-to-value limits to mitigate housing bubbles and bursts
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
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• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Improving profitability for small businessBen Wann
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3. 1
Contents Executive Summary
Background 2
Recent Developments 3
Macroeconomic Outlook 5
Key Macroeconomic Indicators 7
A. Recent Macroeconomic Developments (2012)
Real GDP registered the strongest growth (4.4%) since
2006. This was driven by an expansion in oil and gas (6.3%)
and a recovery in the non-oil sector (3.5%), particularly in
real estate and business services (6.3%). On the demand
side, there was particular strength in private consumption
(9.4%) and investment (12.5%). Inflation was subdued at
0.7%, kept low by a third year of falling rents.
The 2012 fiscal outturn is not yet available, but we estimate
that a significant consolidation (3% of GDP) has taken place
in capital expenditures. This, together with stronger oil
exports, is estimated to have boosted the consolidated
national surplus to 5.9% of GDP.
The current account surplus rose to 17.3% of GDP, given
higher oil and non-oil exports.
The banking sector witnessed deposits growing at their
strongest pace since 2008 (8.6%). However, lending growth
was more muted (3.4%) and the non-performing loans ratio
rose to 8.4% at end-2012, reflecting the lingering effects of
the real estate crisis of 2009-10.
B. Macroeconomic Outlook (2013-14)
We forecast real GDP growth will slow to 4.0% in 2013 and
3.8% in 2014 as further strengthening in the non-oil sector
is offset by a slowdown in oil and gas.
Oil production growth is expected to slow because of delays
in issuing contracts and uncertainty over the 2014
expiration of the 35yr concession on Abu Dhabi’s onshore
oil fields. The non-oil sector will be buoyed by continued
strong private sector consumption growth (averaging 6.6%)
and large construction projects more than offsetting a
slowdown in government expenditure. This will help raise
non-oil growth to an average of 4.7% in 2013-14. Downside
risks to this scenario include lower global economic activity
and further declines in oil prices. Inflation is expected to
remain moderate over the medium term.
Lower oil revenues will also lead to a narrowing of the
national fiscal surplus to 5.0% in 2013 and 3.5% of GDP in
2014.
The current account surplus is expected to narrow slightly
in 2013-14 (to an average 14.7% of GDP), owing to lower oil
prices and import growth, linked to rising domestic demand.
The banking sector is expected to see stronger lending
growth than in recent years, particularly in the
construction sector. Lending to the public sector will be
impacted by a final decision by the central bank on new
lending limits to Government-Owned Enterprises (GREs).
On the deposit side, banks are likely to focus increasingly
on higher net-worth depositors.
Economics Team
economics@qnb.com.qa
Mohamad Moabi
Assistant General Manager
+974 4453 4638
mohamad.moabi@qnb.com.qa
Joannes Mongardini
Head of Economics
+974 4453 4412
joannes.mongardini@qnb.com.qa
Justin Alexander
Senior Economist
+974 4453 4642
justin.alexander@qnb.com.qa
Roy Thomas
Senior Economist
+974 4453 4648
roy.thomas@qnb.com.qa
Rory Fyfe
Economist
+974 4453 4643
rory.fyfe@qnb.com.qa
Ehsan Khoman
Economist
+974 4453 4423
Ehsan.Khoman@qnb.com.qa
Hamda Al-Thani
Economist
+974 4453 4646
hamda.althani@qnb.com.qa
Editorial closing, 15th July 2013
4. 2
Background
Abu Dhabi is pre-eminent among the emirates
because of its oil reserves and size
Uniquely amongst the Gulf Cooperation Council
(GCC) states, the United Arab Emirates (UAE) is a
federation of seven largely autonomous emirates who
joined together in 1971 after independence. They
vary significantly in size, population, economic
structure and hydrocarbon resources. Abu Dhabi has
a dominant role as it holds most of the UAE’s oil and
gas reserves, as well as 87% of the land area and 43%
of nationals. Abu Dhabi’s hydrocarbon revenue per
national is US$232,000, the highest in the GCC. As a
result, Abu Dhabi has a per capita GDP of US$82,000,
more than double the UAE average.
Oil and Gas Wealth Per National (2012)
Source: BP and QNB Group estimates; excludes emirates with little oil or gas
Dubai has become a regional trade, manufacturing
and services hub
Dubai still has significant hydrocarbon reserves and
revenue, relative to its population, but its production
has declined since the late 1990s. In response to this
decline, Dubai has invested heavily in infrastructure
development to diversify its economy. It drew on a
long tradition of international commerce to create an
unrivalled regional hub for trade and manufacturing,
now focused on the Jebel Ali port and free zone, as
well as a broader services economy. As a result, it has
achieved a similar level of development to Abu Dhabi
and a per capita GDP more than twice as high as the
five northern emirates. Although it was weakened by
a debt and real estate crisis in 2009, its economy is
now recovering.
GDP Per Capita (2012)
(US$k)
Source: National and emirate sources and QNB Group estimates
Sharjah and Ajman serve as residences for workers in
Dubai; other emirates rely on federal funding
Sharjah is the third largest emirate and has some oil
and gas reserves, although production is down
sharply from the peak. It is situated next to Dubai
and, along with Ajman, the smallest but most densely
populated emirate, forms part of a continuous coastal
metropolis. Cheaper rents in these emirates mean
that hundreds of thousands of workers commute from
them into Dubai daily. The other three emirates have
smaller expatriate populations. They are subsidized
by revenue transfers from the federal government.
Umm al-Quain, the smallest emirate, has recently
begun producing gas from a small offshore field. Ras
al-Khaimah, at the UAE’s northern tip, is the fourth
largest emirate, with a little offshore gas, although its
Saleh field has been largely depleted. Finally, Fujairah
is the only emirate situated on the east coast. It is
rising in importance as the terminus of a strategic
new pipeline bypassing the Straits of Hormuz, and
associated downstream industries.
Population by Emirate and Nationality (2012)
(m, % share shown)
Source: QNB Group estimates based on National Bureau of Statistics (NBS) data
6
8
16
22
27
95
137
301AbuDhabi
Qatar 724
Hydrocarbon reserves
(k boe / national)
Oman
Bahrain
Saudi
Sharjah
Dubai
Kuwait
UAE
13
11
11
2
13
90
102
232
213
Hydrocarbon revenue
(US$k / national)
Emirates
GCC states
12
242525
30
40
48
82
105
5northern
emirates
Bahrain
SaudiArabia
Oman
Dubai
UAE
Kuwait
AbuDhabi
Qatar
GCC av.
32.6
Emirates
GCC states
3.0
94%
Umm al
Quain
0.1 81%
Fujaira
0.3
74%
RAK
0.4
75%
Ajman
0.4
90%
Sharjah
1.8
91%
Abu
Dhabi
2.8
85%
Dubai
ExpatriatesNationals
7.8m (89%
1.0m
Total = 8.8m
5. 3
Recent Developments (2012)
The private sector took the lead in the recovery in
2012...
Real GDP registered the highest growth since 2006
(4.4%) as the oil sector saw a second year of strong
expansion (6.3%) and the non-oil sector grew by
3.5%, the strongest rate since 2008. Oil production
reached a new record of 3.4m barrels/day (including
crude, condensates and NGLs), according to BP data,
although this only represented a 1.8% rise compared
with 2011. In addition, marketable gas production
actually declined slightly. On the demand side, the
private sector showed a marked uptick after a period
of weak performance. On top of very strong private
consumption growth (9.4%), the surge in investment
(12.5%) was driven by the private sector, more than
offsetting a contraction in government investment.
Real GDP Growth with Selected Components (2008-12)
(% change)
Source: NBS and QNB Group analysis
...boosted by a turnaround in the real estate sector
The real estate sector (combined with business
services) grew at its strongest rate in five years
(6.3%), providing the largest contribution (28%) to
non-oil growth. This real estate recovery was most
evident in Dubai which was ranked as the world’s
second hottest real estate market of 2012 in Knight
Frank’s global house price index, with average
residential prices up 19% over the year. Price rises
have fed into Dubai rents which bottomed out in late
2012, after four years of decline. Average UAE rental
inflation was still -2.6% on average over 2012,
keeping overall inflation at a muted 0.7%.
Government and financial services also provided a
significant contribution to growth in 2012. Less
positively, domestic trade, the largest non-oil sector,
grew by just 0.6%. The construction sector stabilized
(0.1%) following two years of contraction.
Sector Contributions to Non-Oil Real Growth (2012)
(length of bars is % change, area of bars is share in non-oil real GDP growth)
Source: NBS and QNB Group analysis
Expenditure consolidation boosts the fiscal surplus
The 2012 fiscal outturn is not yet available, but we
estimate that expenditure consolidation (3% of GDP)
led to a significant increase in the fiscal surplus. The
expenditure consolidation was concentrated in capital
expenditures, where project implementation and the
start of new projects were delayed. Overall current
expenditure is estimated to have grown in line with
GDP, notwithstanding a significant hike in federal
wages. Oil and other revenue remained broadly
unchanged in percent of GDP. As a result, the overall
fiscal surplus is estimated to have increased to 5.9%
of GDP, the highest in the last four years.
Consolidated Fiscal Outturn (2008-12)
(% of GDP, balance shown at top/bottom of columns)
Source: IMF and QNB Group analysis
4.4
3.2
1.7
3.9
10
35
5
0
-5
-20
20102009
-4.8
2008 20122011
InvestmentNon-oil
Total Government Consumption
Private ConsumptionOil
0 2 86 144
Hospitality 3.6
Trade
1.2
Construction
Transport & Comms
13.4
Financial services 6.0
Government Services
2.4
Real Estate &
Business Services
6.328%
Social services
21%
18%
Agriculture 0.5
0.1
Domestic Services
5.9Utilities
3.0
Manufacturing
0.6
9.2
Services
Industry
Agriculture
8
40
20
0
-20
-40
2012e
6
-8
-19
27
7
2011
3
2010
-2
2009
-13
2008
17
-7
-15
31
Capital expenditure
Current expenditure
Oil and gas revenues
Other revenues
6. 4
The economic recovery led to reduced CDS spreads
The economic recovery, together with a broader
repricing of emerging market debt, helped reduce bond
yields and credit default swap (CDS) spreads to historic
lows in Abu Dhabi and by over a half in Dubai.
Concerns remain about the debt of Government-
Related Enterprises (GREs) and the Dubai government,
but the market seems to expect that the sizable
tranches of debt coming due in the next few years,
including a key US$20bn bailout loan from Abu Dhabi
and the central bank to Dubai, will be rolled over
successfully.
Dubai CDS Spread (Jan 2012 – Jun 2013)
(basis points above US Treasuries for a 5yr bond)
Source: Bloomberg and QNB Group analysis
A record trade surplus swelled the current account
surplus
The current account surplus rose to the highest level
(17.3% of GDP) since 2000. Higher oil and non-oil
exports delivered a record trade surplus (33.4% of
GDP), despite strong import growth (13.5%). The other
components of the current account (services, income
and transfers) remained stable in relative terms. In the
capital and financial account, foreign direct
investments picked up significantly. Portfolio
investment data is only available in net terms and
showed only a small increase (US$1bn) making it hard
to identify the reported US$8bn of safe haven capital
inflows that were received in 2012 in response to
regional instability. The overall balance of payments
surplus boosted reserves to US$45.8bn at end-2012,
equivalent to 4.4 months of domestic import cover (the
IMF recommends a minimum of three month cover for
pegged exchange rate regimes like the UAE).
Balance of Payments (2008-12)
(% of GDP, overall balance shown at top/bottom of columns)
Source: Central Bank and QNB Group analysis
Bank deposits rose but lending remained muted
The banking sector witnessed deposits growing at
their strongest rate (8.6%) since 2008, partly due to
safe haven capital inflows from countries in the region
with political instability. This provided a boost to
liquidity and eased interbank lending rates (three
month rates fell to 1.3% by end-2012). Lending grew
more gradually (3.4%), and new lending was
concentrated mainly in the government and
construction sectors. The 2009 real estate and debt
crisis has contributed to this moderation in lending and
rising non-performing loans levels (8.4% at end-2012).
New central bank rules, increasing liquid asset
coverage requirements, may have reduced the pool of
loanable funds. All but one of the local banks saw a rise
in profits in 2012, and their aggregate profit growth
was 17.4%, despite pressure on margins. Contributions
to the uptick included lower growth in provisioning
and greater fee income, including from trade financing.
Bank Loan and Deposit Growth (2009-2012)
(% change on LHS, loans as % of deposits on RHS)
Source: Central Bank and QNB Group analysis
200
250
300
350
400
450
500
Jan-12 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13
-30
-20
-10
0
10
20
2012
3
-4
-10
17
2011
1
2010
3
2009
-2
2008
-15
-4
-18
7
Errors & omissions
Capital & financial account
Current account
101.3
88.3
27.4
7.7 8.6
0
20
40
60
80
100
0
10
20
30
40
50
3.7
2009 2012
3.4
201120102008
47.5
Loan/Deposit ratio (RHS)
Loans
Deposits
7. 5
Macroeconomic Outlook (2013-14)
Growth momentum shifts from oil to non-oil
We forecast that the UAE will continue its recent trend of
steady expansion, although the rate of growth will ease
slightly in 2013 (4.0%) and 2014 (3.8%). This reflects a
slowdown in the oil & gas sector owing to delays in
issuing contracts and uncertainty over the expiration, in
2014, of the 35 year concession on Abu Dhabi’s onshore
oil fields. However, the non-oil sector will continue to
gather momentum, buoyed by continued strong private
sector consumption growth (averaging 6.6%), more than
offsetting a slowdown in government consumption.
Private demand will feed particularly into the hospitality,
entertainment and financial sectors, which will lead the
services sector’s growth. Evidence of this growth is
already visible in leading indicators such as hotel
occupancy. Construction is expected to return to solid
growth (averaging 5.5%). The sector will be supported by
housing projects, including a state plan to build over
12,000 units in Abu Dhabi. There are also major
infrastructure projects underway, such as railways and
two nuclear plants, and new megaprojects planned
including Mohammad Bin Rashid City in Dubai. If Dubai
wins the bid to host World Expo 2020 (decision due in
November 2013), this will provide a further boost.
Manufacturing is also picking up. The Markit
Manufacturing Purchasing Managers Index (PMI)
averaged 54.9 in H1-2013, up from 53.4 in 2012.
Real GDP Growth by Sector and Demand (2012-14)
(% change, selected components)
Source: NBS and QNB Group forecasts
Inflation will remain muted despite rising rents
The official consumer price index (CPI) rose on average
by 0.7% in the 12 months to May 2013. The principal
trend relates to housing rents, which have stabilized in
Abu Dhabi and begun to increase in Dubai. We estimate
that rental inflation has already turned positive
nationwide and will average 1.2% over 2013, picking up
to 2.2% in 2014. This shift will drive up inflation, but only
moderately (2.0% in 2014), given an easing in other parts
of the CPI, particularly food as a result of falling global
commodity prices. Oil prices are expected to fall to
US$97/barrel in 2014. As a result, nominal GDP growth
will average just 2.9%, bringing total GDP to US$407bn in
2014.
Inflation (2012-14)
(% change, sector weights in consumer price index shown)
Source: NBS and QNB Group forecasts; *average of prior 12 months
The fiscal surplus will narrow
Lower oil revenues will also lead to a narrowing of the
consolidated national fiscal surplus to around 3% of GDP
in 2014. Non-oil revenue is expected to pick up slightly,
mainly due to higher tax and fee receipts in Dubai as its
economy gathers pace. Current and capital expenditure
will both ease moderately relative to GDP, as continued
fiscal prudence will result in only small nominal increases
in government outlays.
Consolidated Fiscal Outturn (2012-14)
(% of GDP, balance shown at top of columns)
Source: QNB Group estimates and forecasts
3.8
4.04.4
0
1
2
3
4
5
6
7
2014f2013f2012
Oil and gas
Industry
Services
Total
3.84.04.4
0
3
6
9
12
2012 2013f 2014f
Investment
Government Consumption
Private Consumption
Total
2.0
-4
-2
0
2
4
6
1.3
2013f 2014f
0.70.7
May-13*2012
Transport & Comms (17%)
Total Food (14%)
Other (30%)Housing (29%)
7 7
-30
-20
-10
0
10
20
30
40
24
-8
-19
-8
7
26
-19
2014f
3
2013f
5
2012e
6
-8
-19
27
Other revenues
Current expenditure
Oil and gas revenues
Capital expenditure
8. 6
Debt levels are expected to fall to sustainable levels
Public debt levels are expected to continue to fall to
below 60 percent of GDP by 2014. The consolidated stock
of public debt, including GRE borrowing, is expected to
remain roughly constant in nominal terms in the coming
years. Some of the maturing Dubai GRE debt will be paid
off through asset disposals, and some stronger GREs will
issue additional debt, but the balance of debt is unlikely
to change significantly. This means that the level of debt
will fall relative to GDP to about 57% of GDP by 2014.
Yields have increased since the US Federal Reserve began
discussing a tapering of quantitative easing in June, in
particular the yields on benchmark Dubai bonds and
sukuk are up over 100bps. This will increase the cost of
refinancing. We expect that higher yields will remain
manageable as they are at par with mid-2012 levels.
Public Debt (2010-14)
(% of GDP)
Source: IMF and QNB Group forecasts
The balance of payments surplus will continue to register
a significant surplus
A small narrowing in the current surplus is forecast to be
offset by similar reductions in financial outflows over the
next two years, maintaining a relatively steady balance
of payments surplus (averaging 2.2% of GDP). This will
boost international reserves to around US$64bn,
equivalent to just over 5 months of domestic import
cover (excluding imports destined for re-export). The
narrowing of the current surplus (to an average of 14.7%
of GDP) will mainly be driven by rising imports of both
consumer and capital goods, drawn in by strong growth
in private consumption and investment. Lower oil prices
are expected to reduce hydrocarbon exports.
Current Account Balance (2012-14)
(% of GDP, overall balance shown at top of columns)
Source: Central Bank and QNB Group forecasts; *re-export trade excluded
The banking sector will continue to expand in line with
the growth in the deposit base
The growth in the banking sector will continue to be
driven by its deposit base. Loan and advances growth has
been picking up to 5.2% y-o-y in May 2013. It is expected
to accelerate further during 2013-14. New central bank’s
restrictions on lending to GREs are on hold as further
consultations are underway with the banking sector.
Their final form will significantly affect lending trends to
the public sector. Deposits are growing faster than loans
(10.8% in May 2013). As a result, the loan/deposit rate
has been declining steadily. This provides banks with
room to increase their lending portfolios, such as in
construction (up 9.1% in March 2013). Growth in this
sector is likely to pick up further, given the increase in
ongoing projects. Personal loans are also growing
strongly on the back of rising private consumption. In
terms of deposits, banks are likely to focus on higher net-
worth depositors as they face some competition from
shadow banking in lower income segments.
Bank Loan and Deposit Growth (Jan 12-May 13)
(% change YoY)
Source: Central Bank; Loan by sector data only available until Mar-13
5761
6570
81
2013f 2014f20122010 2011
-4-4-3
110
-20
60
-40
0
40
20
29
26
2012
17
27
-22
14
-13
-24
2014f
-23
25
31 27
2013f
-13 -13
15
Transfers balance
Domestic imports*
Hydrocarbon exports
Income balance
Services balance
Other exports*
5.2
9.1
10.8
15
10
5
0
-5
Jan-13Jul-12Jan-12 Apr-13Apr-12 Oct-12
Deposits
Loans (construction)
Loans & advances(total)
10. 8
Publications and QNB Group’s International Network
Recent Economic Insight Reports
Kuwait 2013 Qatar 2013 Oman 2013 Jordan 2012
Qatar reports
Qatar Monthly Monitor
Recent Weekly Economic Commentaries
GCC inflation has accelerated but should stabilize
QE tapering in the US could act as a brake on global growth
Emerging Markets Enter a Difficult Period of Weaker Growth, Capital Flight, and Tighter Monetary Policy
Credit Squeeze May Dampen Economic Growth in China, According to QNB Group
QNB Group Branches
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QNB Group Associates
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