Page 8 - Arabian Business
P. 8

JANUARY 28-FEBRUARY 3, 2018
                                                                  The top news and business
        Upfront headlines from the region




           THREE REASONS WHY                                                                  The 23rd edition of

                                                                                             the Dubai Shopping
                                                                                            Festival (DFS) has seen
                                                                                            a 10 percent increase in
                                                                                           footfall at malls, according
                                                                                             to event participants.










                                                                                            DUBAI SHOPPING
                                                                                                 FESTIVAL




                                                                                                 GOOD WEEK

                                                                                                  BAD WEEK


           u Majid Jafar, CEO of Sharjah-based Crescent Petroleum, interviewed in Davos last week
                                                                                             PHILADELPHIA
           Oil might hit $80 this year                                                    ENERGY SOLUTIONS
           An industry exec makes a bold prediction at Davos



                Tight supply. In an      Threat of oil             Return of shale.
                interview with CNBC at the   shocks. Jafar also    Price rises have come
           World Economic Forum in Davos,   noted, “The concern is, a shock   as a welcome relief to Gulf
           Crescent CEO Majid Jafar said that   like Venezuela, one country,   producers, where budget defi cits
           “unprecedented coordination, not   with a major outage of production,   soared to record levels after oil fell     The owner of the largest
           just from within OPEC, but with   could see a shock to prices, and...   from $110 in  2014 to below $28 in   oil refi nery serving the
           non-OPEC” has tightened supply   because of the huge under-  early 2016. However, Jafar noted   New York Harbour gasoline
           to the point where prices could   investment we had over the last   that higher prices could lead to   and diesel market fi led for
           rise by a further $10 in the coming   few years, the concern is, as global   competition from a resurgent US   Chapter 11 bankruptcy
           months. “I said here, last year,   growth continues, and the balance   shale industry. “What’s that noise   protection last Monday. The
           $60 over that year. We’re almost   happens in the market, you could   I can hear?” he joked.  “It’s a tap   company’s debt is between
           $70. We could be up to $80.”  see a shock upwards on oil prices.”  running. Is it a shale tap?”   $1bn and $10bn.

                                                      WEEK IN NUMBERS

                                           HEALTHCARE                                     HEALTHCARE MARKET
             2.5%                          FORECASTS                                             BY 2021


                                       $8.7tr                                            $28bn
             The expected rate of
             UAE emirate Ras Al
            Khaima’s GDP growth          The projected worldwide   Diabetes worldwide is     The size of the UAE’s
            between 2018 and 2021,       spending in healthcare    projected to rise to 642   healthcare market by
             according to Moody’s        by 2020, according to a   million incidents by 2040 due   2021, according to a
                                        study by fi nancial experts   to urbanisation and rising   study by MENA Research
               Investors Service.             Deloitte.               obesity levels.          Partners (MRP).
        8                                                                                         Vol. 19/04, January – February 2018
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