Press Review CW 35

  1.  UAE financial centres might profit from Brexit According to Miles Celic, chief executive of TheCityUK, a financial lobby group, UAE financial centres might profit from the move of London’s bankers, a consequence of the Brexit. Abu Dhabi and Dubai would profit from their financial free trade zones and their enterprise areas. Celic reckons that islamic finance is an area of "huge potential growth”. London is the biggest centre for Islamic finance outside of the Middle East.
    Source: www.thenational.ae/business/post-brexit-banking-shape-up-to-benefit-uae-financial-centres-1.625110
  2. Gulf Projects Index The Gulf Projects Index increased by 0.5 per cent in the week ending 25 August by reason of refinery announcement in Duqm, Oman. The Omani market increased by 2.3 %, the UAE market increased 1.0 % because of the DMAT preparing tender documents for the planned metro and light rail transit networks. Qatar, Bahrain and Iran recorded increases of 0.5, 0.2 and 0.8 per cent respectively. Kuwait, Saudi Arabia and Iraq remained unchanged.
    Source: www.meed.com/analysis/gulf-projects-index/oman-lifts-gulf-index/5020026.article
  3. Second coal power project in the UAE The Federal Electricity & Water Authority is planning to develop a 1.8GW coal-fired power plant in Northern Emirates, using an independent power project (IPP) model for the first time. The draft documents including the proposed scheme should submit to the client in the coming days. Financial adviser is the UK’s Deloitte, technical consultant is the local office of Austria’s ILF Consulting Engineers, and the legal adviser is UK’s Trowers & Hamlins. This project will be the second major coal-fired power plant in the UAE. The GCC’s having signed a 25-year power purchase agreement (PPA) with Dubai Electricity & Water Authority (Dewa). The project will be funded by debt of $2.5bn and equity of $650m, according to sources close to the scheme.
    Source: www.meed.com/sectors/power-and-water/alternative-energy/exclusive-uae-makes-progress-with-second-coal-power-project/5020033.article
  4. Prequalification documents referring to Facility E IWPP, Qatar While Facility D independent water and power project (IWPP) is currently under construction and will come online in 2018, Qatar General Electricity & Water Corporation (Kahramaa) plans its next project “Facility E IWPP” and has invited developers to submit prequalification documents until September 25, 2017. Financial consultant is UK’s EY, technical consultant is Finland’s Poyry, and legal adviser is UK’s DLA Piper. Facility E IWPP will have a power generation capacity of between 2,000-2,500MW and a desalination capacity of between 100 and 130 million imperial gallons a day (MIGD). Both facilities are planned to meet demand in the years following 2020.
    Source: https://www.meed.com/sectors/power-and-water/exclusive-qatar-invites-prequalification-for-facility-e-iwpp/5021066.article?blocktitle=Latest-from-MEED&contentID=22829
  5. Airberlin cancels operations to and from Abu Dhabi The German airline Airberlin will cancel all operations between Berlin and Abu Dhabi from September 15, 2017. By reason of this, Etihad is going to rebook costumers onto alternative Etihad flights from September 15. Etihad bought a 29 % stake in Airberlin in 2012. In mid-August, Etihad said it will not offer further funding to the struggling carrier, therefore Airberlin registered insolvency.
    Source: gulfnews.com/business/aviation/airberlin-cancels-operations-to-from-abu-dhabi-1.2083583
  6. Euro’s gains against dollar seen boosting UAE economy The Euro reached $1.20 on August 29, 2017 and touched its highest level since January 2015 and rises 14.3 % against the dollar this year. The dollar index has fallen 10 % in 2017. Analysts, among Hussain Syed, chief strategist at FXTM, prognosticate a continuing increase. Syed estimates a rise at 1.25 % before the end of 2017. The UAE might benefit the trade, retail, tourism, and especially the real estate sector, that is 15 % cheaper for European investors than 2016.
    Source: gulfnews.com/business/economy/spike-in-euro-to-benefit-uae-s-economy-1.2082168
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