Saudi Aramco, Chevron chiefs see global oil demand recovery

Saudi Aramco, Chevron chiefs see global oil demand recovery
Shaybah oilfield in Saudi Arabia. Aramco chief Amin Nasser said global demand for oil is likely to recover from the second half of the year. (Reuters/File)
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Updated 02 March 2021

Saudi Aramco, Chevron chiefs see global oil demand recovery

Saudi Aramco, Chevron chiefs see global oil demand recovery
  • Amin Nasser says global demand could reach 99 million barrels per day in 2022

Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executive of Saudi Aramco told an oil and gas conference on Tuesday.
Global demand for oil is likely to recover from the second half of the year and could reach 99 million barrels per day (bpd)in 2022, Amin Nasser said at IHS Markit's online CERAWeek conference.

Diesel demand has recovered globally due to door-to-door deliveries, though jet fuel lags as people avoid long flights, said Chevron CEO Michael Wirth, who spoke on a panel with Nasser.
Oil demand improving in China, India and East Asia, with vaccine deployment as "cause for optimism" in the West, Nasser said.


Al Ramz boss sees interest rate upside for UAE property

Al Ramz boss sees interest rate upside for UAE property
Updated 39 min 21 sec ago

Al Ramz boss sees interest rate upside for UAE property

Al Ramz boss sees interest rate upside for UAE property
  • Dubai-listed Al Ramz recorded a 2020 loss of investments of about 31 million dirhams ($8.4 million)

DUBAI: Low interest rates may fuel the recovery of the UAE real estate sector, according to the boss of one of the country’s biggest brokers.
The country is well positioned for an “accelerated bounce back from 2020 as all the ingredients for growth come back in play starting in 2021,”
Al Ramz chairman Dhafer Sahmi Al-Ahbabi said in the company’s annual report published on Monday.
“The backdrop of low interest rates not seen since the 2011 lows, will fuel the private sector and real estate sector in the country to fuel the growth over the next few years,” he said.

The UAE stock market has already signaled this positive outlook with the UAE indexes already outperforming in the EMEA and EM region in 2021.”
It comes after a tough year for regional brokers hit hard by the sharp decline in corporate profits and trading activity.
Dubai-listed Al Ramz recorded a 2020 loss of investments of about 31 million dirhams ($8.4 million), resulting to a net loss of 10.9 million dirhams, compared to a profit of 4.1 million in 2019.
Al Ramz had to diversify its income sources to buffer the blow of COVID-19, Al-Ahbabi said.


Dubai to become first location outside US to get self-driving vehicles

Dubai to become first location outside US to get self-driving vehicles
Updated 45 min 53 sec ago

Dubai to become first location outside US to get self-driving vehicles

Dubai to become first location outside US to get self-driving vehicles
  • The move will make Dubai the first location outside the US to operate self-driving vehicles

DUBAI: Dubai’s transport authority has signed an agreement with Cruise, a General Motors unit, to operate its autonomous vehicles in the emirate by 2023.
The move will make Dubai the first location outside the US to operate self-driving vehicles, the emirate’s Crown Prince Hamdan bin Mohammed Al-Maktoum said on Twitter.
He said the goal was to convert 25 percent of the total transportation trips in Dubai into self-driving trips by 2030.
The fleet will reach 4,000 vehicles by 2030, the crown prince said, as Dubai aims to cut transportation costs by 900 million dirhams ($245 million) annually and reduce carbon emission by 12 percent per year by then.

 


Remittances from Egyptians abroad rose to $2.54bn in January

Remittances from Egyptians abroad rose to $2.54bn in January
Updated 12 April 2021

Remittances from Egyptians abroad rose to $2.54bn in January

Remittances from Egyptians abroad rose to $2.54bn in January
  • Remittances a major source of forex for Egypt
  • Comes as tourism revenues plunge on pandemic

RIYADH: Remittances from Egyptians working abroad edged up by $116.8 million to $2.54 billion in January from a year earlier, Asharq Business reported, citing a Central Bank filing.
Remittances from Egyptian expats between July 2020 and the end of January 2021 recorded a 10.6 percent increase.
Millions of Egyptians working overseas send money back to support their families at home, including a large diaspora across the Gulf states.
Together with income from ships passing through the Suez Canal, remittances are among the most important sources of foreign currency for the country.
Such remittances have become even more significant over the past year because of the sharp decline in tourism revenues as a result of the pandemic.


Qatar opposes Heathrow airport’s plan to raise $3.8bn

Qatar opposes Heathrow airport’s plan to raise $3.8bn
Updated 12 April 2021

Qatar opposes Heathrow airport’s plan to raise $3.8bn

Qatar opposes Heathrow airport’s plan to raise $3.8bn
  • The plan is “unreasonable, not in the consumer interest and should be rejected,” said Qatar Airways

RIYADH: London’s Heathrow airport faces opposition from some board members to its plan to raise £2.8 billion ($3.8 billion) from airlines and customers by increasing airport prices, the Telegraph reported.
The plan is “unreasonable, not in the consumer interest and should be rejected,” said Qatar Airways, whose owner, the Qatar Investment Authority, is also Heathrow’s second-biggest shareholder.
The airline’s top executive, Akbar Al-Baker, is a representative of the Gulf state on Heathrow’s board of directors.
Heathrow’s demands to change a complex regulatory framework so it could recoup losses caused by the pandemic, have been rejected by the Civil Aviation Authority, the newspaper said.
A spokesman for Heathrow said the regulatory adjustment is needed to lower prices for consumers.
Heathrow has been hit hard during the coronavirus pandemic, since it relies on long-haul markets that have been suspended.
Passenger volumes have fallen to the lowest level since 1966 due to the ban on non-essential travel and quarantine rules.
Qatar Airways owns a 25 percent stake in IAG, whose British Airways is the largest operator at Heathrow.


Iraq crackdown on corruption helps to boost forex reserves to $60bn says PM

Iraq crackdown on corruption helps to boost forex reserves to $60bn says PM
Updated 12 April 2021

Iraq crackdown on corruption helps to boost forex reserves to $60bn says PM

Iraq crackdown on corruption helps to boost forex reserves to $60bn says PM
  • Last month Iraq approved a 2021 budget of 130 trillion Iraqi dinars ($89.65 billion) as the country battles against the impact of low crude oil prices

RIYADH: Iraq’s foreign exchange reserves have risen to more than $60 billion helped by government reforms to stamp out corruption, said Prime Minister Mustafa Al-Kadhimi.
He made the remarks during a ceremony to mark the start of construction on a new fuel sector project in Basra, Iraqi News Agency reported.
The increase came as a result of the reform measures taken by the government after much betting on its failure and lack of continuity,” he said. “We have succeeded in stopping waste and great corruption in the notorious Central Bank auction and are continuing with our measures and we will not stop.”
Last month Iraq approved a 2021 budget of 130 trillion Iraqi dinars ($89.65 billion) as the country battles against the impact of low crude oil prices.
The budget deficit was estimated at 28.7 trillion Iraqi dinars.
Iraq relies on oil to fund 97 percent of its state budget.