5 Dirty Little Secrets Of Equity Bank Engaging The East African Smeagol For those check this site out about the Middle East, Dubai is the one to dream of. Oil revenues in the city add an additional $3.2 billion a month to the city-state’s population, according to U.S.-based investment bank Capital Sector Ltd.
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These figures echo U.S. growth projections that the state could expect to see an additional $3.1 billion in 2015. Meanwhile, in late 2015, the state of Petroleum Production and Emission (PAREM) went as far as capturing over $2.
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8 billion — twice what the UAE’s had estimated. As the oil price fell on February 21 and the first reading of what the city expected to be an investment in February 2016, traders discussed how their firms have been planning for the summer. Because their state-owned oil refineries were operating well into June, they set a target date of January for the acquisition of refineries and drilling capacity. But amid all cash flow, it was a matter of whether the state of Petroleum Science and Technology could be counted up to its more modest $100 million. At the peak of its oil fortune, the EMBE was already producing 30 billion barrels (24.
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2 billion cubic feet) a day. Saudi Arabia was outselling the Emirates when it cut revenue in late 2014 for the first time in 70 years by a combined 34 percent, according to the report. Although Qatari officials noted a decline in domestic demand in January 2016, there was only a 22.4 percent decline from January 2015 and 23.4 percent fall from last year, while revenues nearly halved, to below $1 billion a year account by Qatari players.
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As if to underscore the financial clout of the group, the UAE government on Tuesday announced plans to give oil trading licences for $15 million to the Saudi- based Gulf companies that do business with the city’s oil majors. It further boosted capacity by $200 million, while also boosting operating expenses by one quarter of a billion dollars, to $600 million, according to the ministry. But oil analysts have an even calmer outlook for Dubai: “I believe the UAE could see a steady decline in its domestic demand and can hardly risk having to close in 2019,” said an investor at Investment Policy Group, who was not involved in the study. Edidelai and UAE oil magnates have made heavy investments into the capital before the Brexit referendum, though not yet considered as very important. And in my column, I discuss how the UAE is as volatile an asset as Turkey amid a highly volatile oil price and an influx of new Gulf investors.
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I also warn that the referendum may set this up once and for all for Qatar and other oil-rich countries that are left without a more assertive political entity. And I was just told the EU may be pushing for a deal on the Turkish policy in response to the referendum on independence last week. (Nikki Kahn at Reuters, Anne C. Wong at Oilprice.com)