Hydrocarbon revenues account for the largest share of the UAE's economy, so the downward trend in crude oil prices had an apparent impact on government spending, which, in turn, put pressure on the rate of job creation in the country.
The largest oil exporter in the world is facing an unprecedented deficit in the wake of falling oil prices, by more than half within one year to roughly $50 per barrel.
This accounts for 21 per cent of the UAE's total foreign non-oil trade, including the free zones' trade during 2014, according to the UAE Ministry of Economy statistics.
He points out that slower global economic growth will certainly leave an impact on petrochemical prices because demand will go down and so will prices.
Bahrain imports nearly 230,000 barrels per day from Saudi Arabia to be refined in Bapco's refinery and re-sold as high-value refined products such as diesel and jet fuels.
During the January-August period, the kingdom, the world's largest oil exporter, exported approximately 8.1bn barrels, reveals oil and energy affairs expert, Fahad bin Jumah.
While property sales in Q3 2015 were two per cent lower than those during the previous quarter, average house prices fell nearly six per cent to reach AED31.74 billion, down from AED39.56bn a year earlier.
The tower will host 885 residential apartments and will be home to more than 78,300 residents. It will also boast a 350-room five-star hotel, an observation deck at 655 metres and a Meydan One Marina Yacht Club.
The study, by Internet-based market research firm YouGov, shows that more than 50 per cent of buyers are buoyant about the continuing growth in the emirate's real estate market over the next 12 months.
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