FDI in UAE reaches $12 billion in 2013

Updated 20 May 2014
0

FDI in UAE reaches $12 billion in 2013

Fortress Investments, a major investment firm operating in the Middle East, says FDI investment in the UAE reached $12 billion in 2013 and is projected to grow 20 percent in 2014 to reach $14.4 billion.
The estimated growth rate in 2014 would represent a 260 percent increase over 2008, which not only demonstrates full recovery from the global financial crisis, but reflects huge future growth potential for the UAE economy that would offer greater investment opportunities, according to the investment firm.
“There is phenomenal investor interest in the UAE market. Dubai is now one of the most popular investment destinations among global investors. Many emerging sectors are attracting higher attention from investors, such as realty, ICT, education, tourism and entertainment,” said Hamed Mokhtar, MD at Fortress Investments. “Dubai’s attraction as an investment hotspot was never greater.”
Dubai’s successful Expo 2020 bid will ensure the investment in UAE market is lucrative in the medium term, as Dubai and the UAE would benefit from an estimated $6.9 billion earmarked for infrastructure projects around the event.
Dubai’s construction industry would benefit from the heightened new activity, but other sectors like travel, tourism, hospitality and retail would also gain during the run-up to the event and thereafter.
“Any significant investment should be carefully studied with the help of investment professionals,” Mokhtar said.
“Financial advisers provide clients with a clearer investment direction and a more prudent wealth management approach. Investors, irrespective of the size of their funds, often tend to be confused about the type of financial investments they should make and the timing they should choose. We offer practical financial solutions to guide and manage our clients’ existing business or simply their personal finances,” he added.
Fortress is a Dubai-based global leader in private banking and wealth management. Over the past two decades, the company’s versatile team of financial experts has acquired vast expertise and proficiency in global financial markets, and is fully equipped to deliver holistic solutions that would surpass clients’ expectations.


China’s crude oil imports from Saudi Arabia up 43%

Updated 25 May 2019
0

China’s crude oil imports from Saudi Arabia up 43%

  • Imports grew to 1.53 million barrels per day compared with 1.07 million a year ago
  • Sinopec Group and China National Petroleum Corp., the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said

BEIJING: China’s crude oil imports from Saudi Arabia rose 43 percent in April, making the Middle Eastern OPEC kingpin once again the top supplier to the world’s second-biggest economy, boosted by demand from new private refiners.
Saudi imports grew to 6.30 million tons, or 1.53 million barrels per day (bpd) on a daily basis, compared with 1.07 million bpd in the year ago period, according to data from the General Administration of Customs released on Saturday.
Saudi shipments were supported by higher refinery run rates at Hengli Petrochemical Co. Ltd, with production at the 400,000 bpd-capacity refinery in northeast China expected to reach optimal levels in late June. About 70 percent of the feedstock for Hengli came from Saudi Arabia.
Meanwhile Russian supplies were 6.12 million tons, or 1.49 million bpd, up from 1.35 million bpd in April last year.
China in April imported 3.24 million tons of crude oil from Iran, or 789,137 bpd, up from March’s 541,100 bpd, as companies ramped up buying before the scrapping of sanctions waivers the US had granted to big buyers of Iranian oil.
China Petrochemical Corp. (Sinopec Group) and China National Petroleum Corp. (CNPC), the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said.
Venezuela shipments stood at 1.9 million tons, or 462,813 bpd in April, up 85 percent versus 249,700 bpd in March, while crude imports from Iraq were 3.31 million tons, or 806,372 bpd, down from 904,500 bpd the previous month.