Oil Slump May Prompt U.A.E. Spending Cuts, Central Bank Says

The United Arab Emirates may cut government spending as a result of the slump in oil prices, Central Bank Governor Mubarak Rashed Al Mansoori said. The decline in the government’s oil revenue “may trigger further fiscal consolidation, albeit at a gradual pace, to preserve priority spending in support of non-oil growth,” Al Mansoori said at a conference in Dubai on Monday. Oil accounted for almost a third of the nation’s gross domestic product last year, government data show. The price of Brent crude has dropped more than 40 percent in the past year, putting a strain on economies in the six-nation Gulf Cooperation Council, where governments rely on income from oil to fund spending. The U.A.E. banking sector has lost 56 billion dirhams ($15.25 billion) in government deposits since September last year, National Bank of Abu Dhabi Chief Executive Officer Alex Thursby said last month. The global economic slowdown […]

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Leaked Emirati Emails Could Threaten Peace Talks in Libya

Photo Libyans demonstrated in Benghazi last month against a peace deal brokered by Bernardino Léon, a United Nations mediator. Credit Abdullah Doma/Agence France-Presse — Getty Images CAIRO — The United Arab Emirates was shipping weapons to favored belligerents in Libya over the summer in violation of an international arms embargo while simultaneously offering a highly paid job to the United Nations diplomat drafting a peace accord there, leaked Emirati emails show. The leaked correspondence is threatening to undermine months of Libyan talks by tarring the diplomat with an apparent conflict of interest. The emails also open a new window into the hidden and contradictory machinations of regional players like the United Arab Emirates that have helped inflame the fighting even as their diplomats say they support a peaceful solution. “The fact of the matter is that the U.A.E. violated the U.N. Security Council Resolution on Libya and continues to […]

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ADIPEC: Strain of low oil prices apparent even at plush Gulf meeting

On stage only a short time after the United Arab Emirates said it would increase its oil production despite low worldwide prices, the oil and gas minister of neighboring Oman didn’t pull any punches. Sultan Ahmed Al Jaber, the minister of state in the United Arab Emirates, smiles while listening to a speech in Abu Dhabi, United Arab Emirates, on Thursday, Oct. 29, 2015. Speaking from a Gulf nation whose skyscrapers rose on oil wealth, Britain’s Foreign Secretary Philip Hammond has called on the rest of the wealthy Arab world to put their money toward renewable and clean energy ahead of the landmark climate change conference in Paris later this year. (AP Photo/Jon Gambrell) ABU DHABI, United Arab Emirates (AP) — On stage only a short time after the United Arab Emirates said it would increase its oil production despite low worldwide prices, the oil and gas minister of […]

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