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OPEC+ s 9mn b/d of spare capacity stands ready to ramp… In the wake of the 2Q20 oil demand collapse, OPEC+ struck an unprecedented deal to remove nearly 10mn b/d of supply from the market. Now, with Brent trading into the $60-65 range, we expect OPEC+ to counter, adding more than 1.3mn b/d of supply in 2Qe and ramping further into year-end to keep prices and balances in check. Over the medium term, we think OPEC+ coordination will likely continue as the group wields its spare capacity in an effort to manage prices. GCC countries will likely have to carry meaningful spare capacity as demand growth slows and modest non-OPEC+ increases fill the gap. ....
Dubai, UAE - 16 February 2021: Al-Futtaim Automotive, the official distributor of Lexus in the UAE, has announced that Lexus International has recently revealed the six finalists for the Lexus Design Award 2021, each of whom will enjoy a once-in-a-lifetime experience and mentorship from renowned design leaders as they prototype their ideas with a budget of over USD 28,000 (over AED 100,000) per project. The finalists were selected by a distinguished jury from among 2,079 entries submitted by creators in 66 countries.
This year marks the ninth edition of the Lexus Design Award, which was established to support up-and-coming creators to demonstrate and further develop their talents. The program recognises fresh design talent and showcases their innovations on a prominent and respected international platform. In selecting this year s six finalists, judges looked for innovative ideas that embodied the three key principles of the Lexus brand―Anticipate, Innovate ....
Share Sharjah, February 24, 2021: The Sharjah Chamber of Commerce & Industry (SCCI) underlined its eagerness to strengthen all forms of economic relations between Sharjah and Egypt, increase the volume of bilateral trade between the two friendly countries, and stimulate economic activities in the emirate to launch more investment ventures. The statements made on the sidelines of the meeting held at the Chamber premises between HE Abdullah Sultan Al Owais, Chairman, SCCI, and HE Ashraf Deeb, Consul General of the Arab Republic of Egypt in Dubai. Present at the meeting were HE Mohammed Ahmed Amin Al Awadi, Director General of the SCCI, Counselor Wael Fathy, Consul of the Republic of Egypt in Dubai, Ashraf Hamdy, Minister Plenipotentiary of Commerce, Head of the Economic and Commercial Office at the Consulate. ....
Share United Arab Emirates - February 25, 2021: The International Air Transport Association (IATA) released new analysis showing that the airline industry is expected to remain cash negative throughout 2021. Previous analysis (November 2020) indicated that airlines would turn cash positive in the fourth quarter of 2021. At the industry level, airlines are now not expected to be cash positive until 2022.
Estimates for cash burn in 2021 have ballooned to the $75 billion to $95 billion range from a previously anticipated $48 billion. The following factors play into this estimate:
• Weak Start for 2021: It is already clear that the first half of 2021 will be worse than earlier anticipated. This is because governments have tightened travel restrictions in response to new COVID-19 variants. Forward bookings for summer (July-August) are currently 78% below levels in February 2019 (comparisons to 2020 are distorted owing to COVID-19 impacts ....