The number of new Investors in Dubai accelerated by 86%…

The number of new investors in Dubai accelerated by 86% to more than 60,700 in different economic sectors during 2019, according to the DED.

The number of new Investors in Dubai accelerated by 86%…

UAE News:
UAE’s Sharjah emirate announced a new discovery of natural gas and condensate onshore at the Mahani field: the first onshore discovery in 37 years, this field has flow rates of up to 50 million standard cubic feet per day, along with the liquids associated with it.
Loans granted by UAE banks to residents ticked up by 13% YoY to AED 165.3bn (USD 44.99bn) in Dec. Separately, banks’ investments in debt bonds and stocks increased by 0.24% MoM (to AED 246bn) and by 2.8% (to AED 10.8bn) in Dec 2019.
The number of new investors in Dubai accelerated by 86% to more than 60,700 in different economic sectors during 2019, according to the Dubai Economic Department; over 18,800 were welcomed in Q4 2019.
Car sales in Abu Dhabi increased by 5% YoY to AED 28.6bn (USD 7.8bn) in Jan-Oct 2019.
Sharjah airport reported a 13% surge in passengers to 13.6mn in 2019; aircraft traffic increased by 6.45% to 86.5 thousand take-offs and landings.
Hotel revenues in Abu Dhabi increased by 3.5% YoY to AED 1.84bn in Q4, as hotel guests increased to 1.338mn during the period, thereby raising occupancy rate to 79.6.

MENA News:
UAE topped the Arab region on INSEAD’s Global Talent Competitiveness Index and ranks 22nd worldwide. Bahrain was ranked 41st globally and fourth in the Arab region.
Egypt’s tourism revenues are estimated to touch USD 16.4bn in 2019 and expected to rise to USD 29.7bn in the next 5 years (A CAGR of 13%), according to a report commissioned by the Arabian Travel Market. Egypt’s top source market in 2019 was Germany, with 2.48mn arrivals (+46% YoY) and a total spend of USD 1.22bn.
Iraq’s President appointed Mohammad Tawfiq Allawi as the new PM (he had previously served as communications minister twice) after his predecessor had resigned in November. The PM, who has expressed support for the ongoing protests, has a month to form a new government.
Jordan and IMF have reached an agreement for a new USD 1.3bn programme: Jordan will receive 9 instalments of USD 140-150mn over a 4-year period; the first instalment of USD 140mn by end of March.
Kuwait is likely to need USD 180bn in financing over the next 6 years, according to the IMF: it is expected that Kuwait’s fiscal balance will turn from a 5.5% of GDP surplus in 2019 to a deficit of similar magnitude in 2025. Government debt is estimated to rise to over 70% of GDP in 2025 from 15% in 2019.
Lebanon will need external financing at about USD 24bn (or 42% of its GDP) over a five-year period (2020-2024), according to a report by the Institute of International Finance.
Oil shipments from Saudi Arabia to China totalled a record 83.32mn tonnes or 1.67mn BPD in 2019, expanding by nearly 47%. Saudi is China’s top supplier, followed by Russia which shipped 77.64mn tonnes (+9% YoY).

Global News:
Stock market gains are being washed off as coronavirus is declared a global emergency by the WHO: S&P 500, as well as Dow Jones indices, were down 2%+, Stoxx 600 index was down by 3% on the week (worst in 6 months), Korea’s KOSPI had its worst week in 15 months, India’s stock market posted a monthly loss of 1.3% in January – its worst such performance since July. Yields on US and eurozone government debt fell to three-month lows, a sign of increased appetite for safe-haven assets. Regional equity markets were mostly down. On the currency front, safe havens Swiss franc and Yen rose while the pound sterling extended gains after BoE kept rates unchanged. Crude oil prices fell for a 4th consecutive week, with Brent posting the biggest monthly decline since November 2018 while gold posted a biggest monthly gain in 5 months. The main uncertainty hanging over markets is whether the coronavirus will turn into a global pandemic that could have a major impact on trade, tourism and severely disrupt supply chains potentially sharply reducing global and Asian economic growth.

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