UAE banks see personal loans fall in Q1
The quarter saw soft consumer demand and household sentiment
UAE bank’s lending of personal loans fell by 0.9 percent year-on-year in Q1 2019 and 1.2 percent quarter-on-quarter, according to data from the UAE Central Bank.
The slip is largely due to soft consumer demand and household sentiment.
According to the data, personal loans from UAE banks fell to AED 333.5 billion during the quarter, compared to AED 336.5 billion between January and March 2018.
Year-on-year, gross credit went up by 4.2 percent, from AED 1.608 trillion to AED 1.675 trillion.
“We highlight some caution on the loan growth outlook in the second quarter with the earlier start of the holy month of Ramadan in 2019,” Abu Dhabi Commercial Bank Monica Malik said in a note.
“Nevertheless, the weak consumer demand environment is continuing to temper private sector credit growth, with retail credit growth contracting by 0.9 percent on a month-on-month basis in March and down 1.2 percent year-to-date,” she added.
Malik added that the Q1 data reflects “weak” consumer demand and household sentiment.
“Ongoing uncertainties over the labour market was likely a key factor, with no new fiscal reforms implemented,” she added. “The government and government-related entities sectors are leading the loan growth, likely reflecting in part some pickup in investment activity.”
Total bank deposits were found to have risen 5.2 percent to AED 1.748 trillion from AED 1.662 trillion.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our You Tube page, which is updated daily.
UK firm said to plan $440m algae farm in Oman
A UK-based firm is reportedly planning to develop one of the world’s largest algae farms in Oman.
London-headquartered Feed Algae aims to invest OR167.5 million ($440 million) to build the project in the Sharqiyah Governorate of the sultanate, reported the Oman Observer.
It said the mega algae cultivation project will be capable of producing 100,000 tonnes of algae per annum, with the first harvest expected in 2022.
Oman’s Implementation Support & Follow-up Unit (ISFU), which has been assisting the investor in securing suitable land for the project, said the Al Sharqiyah Algae Farm will rank among the largest in the world.
It added that the global algae farming industry is projected to be worth around $48 billion over the next five years, citing the growing demand for environmentally-friendly and cost-competitive natural resources.
A plot has been provisionally allocated for the farm and a consultant will be appointed to conduct an environmental impact assessment while the investor finalises a feasibility study on the venture.
Saudi’s Taqa plans to acquire two US oilfield services firms
Saudi Arabia’s Industrialization and Energy Services Company (Taqa) plans to acquire two companies in the North American oilfield services technology and manufacturing sectors by the end of the year.
The announcement forms part of the company’s 2021 Strategy to become a leading oilfield services and equipment provider, it said in a statement.
Taqa said it has allocated approximately $1.2 billion for new investments and acquisitions over the next 3 years to build-out its capabilities and footprint in oilfield services, equipment manufacturing and new technologies across the wider Middle East North Africa region and North America.
The company said it is currently in discussions to acquire two companies in North America this year, a major step in accelerating its 2021 transformation and growth strategy.
Taqa added that it is also reviewing a number of further investment and acquisition opportunities in the wider Middle East region.
The oilfield services and equipment provider already has a substantial portfolio of wholly owned companies, subsidiaries and affiliates that were established in joint ventures with global leaders across several oilfield equipment and services markets.
Azzam Shalabi, CEO of Taqa, said: “Taqa’s planned investments in North America complement our Middle East expansion ambitions and are a key component of our 2021 Strategy which aims to deliver the best, most advanced integrated oilfield services and manufacturing solutions to our clients.
“North America is home to some of the world’s leading oilfield services companies and represents an exciting investment and expansion opportunity for Taqa. We are actively seeking to tap into the latest technology and manufacturing practices in this market, especially in the unconventional resources space, where we see significant growth opportunities.”
Established in 2003, Taqa is a joint stock company owned by the kingdom’s Public Investment Fund, Saudi Arabian joint stock companies and prominent institutional investors.
Here’s how an Indian expat can draw up a will in UAE
A non-resident Indian based outside India can register his or her will in the Embassy or Consulate of India in the country where he or she is residing with valid residence visa. Since you are a resident of United Arab Emirates, you can register your will either at the Indian Embassy in Abu Dhabi or the Consulate General of India in Dubai.
Prior to registration of your will, it is recommended that you consult a legal counsel who is well aware of laws of inheritance in India. Further, you may take assistance of the said legal counsel to draft a will for you as per your requirements and in accordance with prevailing laws of India. Upon drafting of the will and finalising the draft, you may approach the Indian Embassy in Abu Dhabi or the Consulate General of India in Dubai along with the below mentioned documents for attestation of your will.
1-Two original final drafts of will. One will be handed over to you upon attestation and one for the file of Indian Consulate, Dubai;
2-Your (executant) passport along with copy of passport and UAE visa page;
3-Photograph of the executant with white background and without wearing glasses;
4-Two individual witnesses who are Indians and residents in the UAE;
5-The witnesses need to carry their passports along with copy of the passports and UAE visa page;
6-Copy of the UAE Resident ID Card/Residence proof of the executant and the witnesses; and
7-Copy of title deeds of properties owned by the executant in India (optional).
The executor of the will along with the witnesses should appear before the consular officer at the Indian Embassy in Abu Dhabi or the Consulate General of India in Dubai to sign the will in their presence. Further, the witnesses needs to witness the will in the presence of the consular officer at the Indian Embassy in Abu Dhabi or the Consulate General of India in Dubai. Upon signing and witnessing of the will, you need to pay the relevant fees and the consular officer will attest the will and handover one original to you.
It is recommended that you approach a legal counsel who is well versed with the laws of India and seek his advice and services for registration of the will.