Page 8 - Arabian Business

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