Oil price sentiments are still downbeat

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Oil price sentiments are still downbeat

The oil market is languishing and the trend is downward judging by the movement of benchmark crude prices. The price of Opec’s basket of crude oils posted $53.79 a barrel on July 20, down from $64.96 on May 6.

Brent crude oil prices posted $56.67 a barrel, down from $69.63 during the same period.

The reasons are many. Most importantly, concerns about more than 2 million barrels a day (mbd) of oversupply is what really matters. Opec production is now 31.7 mbd according to IEA and 31.4 mbd according to Opec, which is well above the ceiling of 30 mbd decided by the organization.

Production in Saudi Arabia, Iraq and UAE rose last month.

Other factors weighing on oil prices are the Greek crisis and its possible impact on growth in the Eurozone. Even the EU bailout deal may not be met with a popular acceptance for its severe austerity measures.

The relative slowdown in China may not only impact oil demand but also the filling of China’s strategic petroleum reserves.

The strength in the exchange rate of the dollar is not helping as it makes oil more expensive to all consumers other than the US. Oil stocks are now very high and rising which keeps consumers in a comfortable position.

Yet the market is confused by the available forecasts. While IEA is saying ‘Global oil demand growth is forecast to slow to 1.2 mbd in 2016, from an average 1.4 mbd this year’, Opec’s ‘Oil Market Report’ has not only revised upward demand for this year by 0.1 mbd but says “In 2016, world oil demand growth is forecast to pick up, reaching 1.34mbd.”

They are, however, closer with respect to the 2016 call, with Opec’s at 30.3 mbd and 30.1 mbd, according to IEA and Opec projections. It is perhaps the first time in a long time that the forecast is at a higher level, which may be attributed to a slowdown in US production.

Despite the majority of analysts predicting a softer market, CNBC reported that some banks are predicting a rebound in oil prices.

“JP Morgan expects Brent prices to hit $65 a barrel in the third quarter, and $67 in the fourth quarter of this year,” it reported, driven by demand in the holiday period followed by the cold season.

“Barclays analysts expect Brent to trade around $61 a barrel in the third quarter and $66 in the last quarter of the year,” it added.

Not even the decline in Saudi crude exports in May moved the market upward as it turned out to be a false signal when considering the rise in the kingdom’s exports from new refineries and its rising level of direct crude burn in the summer.

I have left the impact of the deal between P5+1 and Iran to the end of what might impact prices. I have discussed this at length in a previous column and mentioned that the market remains aware of the risk, though currently remains unimpressed as there will not be a flood of Iranian oil hitting the market this year or even in the next.

If IAEA reports by December that Iran has implemented all the requirement of the agreement, then Iranian oil will start flowing and estimates range between 0.5-1.0 mbd by the end of 2016.

The deal has been given a boost with the unanimous vote in the UN Security Council to endorse it and making it binding after 90 days, which still gives a chance to dissenting powers in the US and Iran to try and undo the deal.

In the US, Republicans and some Democrats are bent on scuttling the deal and they are more upset by the UN vote which seems to circumvent their own. But even if they succeed in the long process, it is not clear where that will leave the US with respect to its European allies, Russia and China.

Will the US Congress accept the country’s isolation and open the door again for Iran to purse its nuclear activities?

In Iran, the Revolutionary Guards’ commander Mohammad Ali Jafari denounced the deal and said “We will never accept it” as reported by Tasnim News Agency.

But we have to wait and see if Iran’s National Security Council will approve the deal.

Russia and Opec Secretary-General Abdullah Al Badri will discuss oil markets and the Iran situation in Moscow on July 30.

Russian energy minister Alexander Novak said that “the prices will be determined by the production costs of shale oil”, which implies that Russia is far from discussing any production cut as agreed with Saudi Arabia earlier and much to the displeasure of Iran.

With all what is going on, it is right to say that the oil market is passing into interesting times.

Gulfnews

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Sharjah Auditors: LLC Company Audit Sharjah

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sharjah auditorsSharjah Auditors: LLC Company Audit Sharjah

Sharjah Auditors, United Arab Emirates – Audit and Assurance, Internal Audit, Free Zone Company Servies, Feasibility Studies, Single Family Office

Why Saif Chartered Accountants as Sharjah Auditors?

Sharjah Auditors : Saif Chartered Accountants is a professional firm of Chartered Accountants, established in Dubai as an auditing and accounting firm. We have a full-fledged team with professional qualifications and experience in the field of accounting, auditing and business consultancy. Established in 1994, with offices in Dubai, UK, Hamriyah Free Zone, Sharjah and associate offices in RAK Free Trade Zone, Abu Dhabi, and India. Saif Chartered Accountants cater to a wide spectrum of clientele from diversified industries located in UAE.

Contact:
Tel: +971 4 4518600, Fax : +971 4 4518599
Mob: +971 50 8550 765, +971 50 675 9158
Mail: info@saifaudit.com, web : www.saifaudit.com

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Dubai’s green economy initiatives in focus

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Dubai economy

Dubai’s green economy initiatives in focus

Dubai Supreme Council of Energy reviews plans to position emirate as global hub for eco-friendly drive as well as plans to promote electric, hybrid and environmentally-friendly cars
Dubai economy

Dubai economy

Dubai: The Dubai Supreme Council of Energy on Tuesday reviewed plans to position Dubai as the global green economy hub at the Supreme Council’s 34th meeting chaired by Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy.

The council reviewed the Dubai Integrated Energy Strategy 2030 and other initiatives and innovations and green projects, stated Saeed Mohammad Al Tayer, Vice-Chairman of the council.

It also reviewed the Shams Dubai project to connect solar panels with Dubai Electricity and Water Authority’s grid and reviewed plans to promote electric, hybrid and environmentally-friendly cars in Dubai.

“Members of the Supreme Council reviewed the UAE Water Aid initiative… They reviewed details of a study to build a centre to build the skills of UAE Nationals in sustainable energy and research and development, in cooperation with Dewa under the umbrella of the Supreme Council and the United Nations Industrial Development Organisation (Unido),” Al Tayer said.

The meeting was also attended by Ahmad Buti Al Muhairbi, secretary-general of the Dubai Supreme Council of Energy; Abdullah Kalban, managing director & chief executive of Emirates Global Aluminium; Saif Al Falasi, CEO of Enoc, and Abdullah Abdul Kareem, director-general of the Department of Oil Affairs, among others.

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DWC Auditors : Saif Chartered Accountants

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DWC Auditors

DWC Auditors  (Dubai World Central )

ABOUT DWC

DWC AuditorsThe spirit of entrepreneurship and visionary foresight has been the hallmark of Dubai’s meteoric rise as a preeminent global destination. From the creation of Port Rashid to the Dubai Metro, the emirate has a tradition of investing in its future and developing the infrastructure necessary to spark future growth and further diversification of its economy. Dubai World Central is a continuation of this legacy.
The strategic underpinning of the master-planned development is based on three key factors: Dubai’s geographic location, the increasing importance of airports and the region’s booming aviation sector.

STRATEGIC LOCATION

Dubai is a vital connection point between East and West. Facilitating the global flow of goods, services and ideas, Dubai’s foreign trade amounted to USD 190 billion in 2011. Furthermore, its location positions it as a gateway to the emerging MENASA (Middle East, North Africa and South Asia) markets, which have a cumulative GDP of USD 3.6 trillion (2009) and an estimated one-quarter of the world’s population.
DWC further cements Dubai’s leading position as a logistics and trade hub. It takes advantage of Jebel Ali Port (the largest container port between Singapore and Rotterdam) and seamlessly connects it to Al Maktoum International Airport through the dedicated Dubai Logistics Corridor. This forms a single custom-bonded zone, reducing time on the ground and accelerating the flow of sea-to-air/ air-to-sea cargo. With direct access to the major trans-emirate road networks, DWC is a true multimodal logistics platform providing unprecedented levels of connectivity, speed and efficiency. Leading logistics businesses such as Aramex, Kuehne + Nagel and Panalpina are taking advantage of DWC’s dedicated Logistics District to grow their businesses within the region and beyond.

THE RISE OF THE AIRPORT CITY

Today’s businesses demand increasingly faster speeds of delivery and greater levels of connectivity. This is driving up demand for air transportation to the point that 35% of world trade by value (2010) now depends on it — a percentage that is sure to increase over time. Today, an airport is an economic catalyst and has expanded beyond traditional boundaries to encompass a larger urban development centered around it, forming an ‘aerotropolis’.
Embracing the aerotropolis model, DWC is the result of a carefully designed, forward-looking master plan that sets the framework for Dubai’s economic future. An area of 140 square kilometers has been designated to create a self-sustained economic zone to support a multitude of activities including logistics, aviation, commercial, exhibition, humanitarian, residential and leisure related businesses around a world-class airport with the planned annual capacity of 12 million tonnes of cargo and 160 million passengers.

FOCAL POINT OF GLOBAL AVIATION

In recent years, the Middle East has emerged as the center of the global aviation industry. With powerful players such as Emirates, Etihad Airways and Qatar Airways breaking records and bucking industry trends with remarkable growth and ambitious expansion plans, the region is a key market for companies throughout the entire aviation supply chain.
A dedicated aviation district has been designed with both landside and airside access to the Al Maktoum International Airport to capitalize on the opportunities. DWC is committed to creating a viable aviation industry cluster and encouraging the development of FBO’s, MRO’s, manufacturers, education institutions, consulting and other aviation-related businesses to service and meet the growing demands of the region.
This ambitious, multi-phased development is an example of Dubai’s bold and visionary spirit and is managed by the Dubai Aviation City Corporation under the leadership of H.H. Sheikh Ahmed bin Saeed Al Maktoum.

visit: http://www.dwc.ae

DWC FREE ZONE FAQ

http://www.dwc.ae/services/free-zone-faq/

Auditing service for DWC Companies:

http://www.saifaudit.com/

Tel: +971 4 4518600, Fax : +971 4 4518599
Mob: +971 50 8550 765, +971 50 675 9158
Mail: info@saifaudit.com
Web : www.saifaudit.com

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Audit Firms : Saif Chartered accountants, United Arab Emirates

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Audit Firms

Audit Firms : Saif Chartered accountants, United Arab Emirates

NON-TRADITIONAL AUDIT APPROACH TO TRADITIONAL AUDITING SERVICES AND A VISION BEYOND NUMBERS

Audit FirmsAudit Firms : Dubai, UAE

The world is changing – business concepts, interests, standards, technology and that too in a fast pace. The conventional audit approach which tends to focus on formal accounting control mechanisms also needs a change or at least we believe in that. The results of these traditional audits often focus on areas considered insignificant and in turn reflect a deficiency of the approach – its tendency to focus on symptoms instead of the real causes.
We as auditors tend to look beyond these traditional mechanisms and look for ways to enhance the services we provide.
Equally important, we understand the unique goals, opportunities, threats and challenges often faced by our clients and assist them to analyze the critical situations in a cohesive and comprehensive way.
We can assure that the professional assistance we provide comes from years of advanced training, experience, technical expertise and thorough industry knowledge. We don’t lag behind in investing our resources in continuing professional education and training, information technology and new business concepts.
Our presence in the area for more than two decades has been very successful and is one of the growing leaders in the community. As we enter into the next decade, we are committed to bring the perfect complement to the region through our dedicated approach and support to our very valued clients and our employees.

Audit firms : one of the best rated auditing company in Dubai, now the proud member of , Forum of Firms.

1106, The Prism,
P O Box 34927,
Near Business Bay Metro Station,
Business Bay, Sheikh Zayed Road, Dubai, UAE.

Tel: +971 4 4518600, Fax : +971 4 4518599
Mail: info@saifaudit.com
Web : www.saifaudit.com

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Auditors in UAE

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Auditors in UAE

Auditors in UAE – Bringing together – people and numbers.

Auditors in UAE

Auditors in UAE

Saif Chartered Accountants assist our clients accomplish their goals by providing highest quality services in accounting, audit and related professional services in UAE.
As an Auditors in UAE,  We understand that professional approach to the clients’ requirements in a very responsive and with personal attention to every client is valuable to our shared success.
We consistently strive to provide exceptional, industry specific services to our clients and maintain a dynamic work environment that encourages personal and professional growth for all our employees.
We are dedicated to the pursuit of professional excellence and our values dictate that we do so without compromise. Our core values are professionalism, responsiveness and quality. 

Contact Us:

Dubai

1106, The Prism,
P O Box 34927, 
Near Business Bay Metro Station,
Business Bay, Sheikh Zayed Road, Dubai, UAE.

Contact

Tel: +971 4 4518600, Fax : +971 4 4518599
Mob: +971 50 8550 765, +971 50 675 9158
Mail: info@saifaudit.com
Web : www.saifaudit.com

P.O. Box 49858, Hamriyah Free Zone, Sharjah, UAE.

208 Uxbridge Road, Shepherds Bush, W12 7JD, London, United Kingdom.

Vayanasala Cross Road, 33/2502, C2
Kochi, Kerala – 682032
Tel: +91 484 3097146

 

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DMCC Audit – Saif Chartered Accountants, Dubai, UAE

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DMCC Audit

DMCC Audit – Saif Chartered Accountants, Dubai, UAE

DMCC Audit : Saif Chartered Accountants, one of the leading auditing firms in Dubai, UAE cater all your licencing needs in DMCC (Dubai Multi Commodities Center) & JLT (Jumeirah Lakes Towers)

DMCC Audit

DMCC Audit

DMCC Audit Compliance

Audit in DMCC/JLT registered companies are made compulsory.

DMCC Audit : Penalties for Non compliance of Audit for companies in DMCC/ JLT

As per the DMCC Audit regulations, every new company licensed in DMCC has to appoint an auditor, approved by DMCC, and sumbit auditor’s appointment letter to DMCC with in 30 days of the licensing date.

Also it is mandatory to submit the audited financial to DMCC within 90 days of the financial period reporting date, non-compliance of the above will attract DMCC penalties.

Recently the free zone Authority issued a fine policy for all the clients who have not submitted the audited financials on time. Audit in DMCC/ JLT is compulsory for all registered companies in the free zone. As per DMCC Audit guide lines all its registered members need to submit audited financials for each year within three month from the date of financial year ended. Those clients failed to submit audited financials on time are being penalized for a minimum of AED 5000 for each financial year. DMCC has already implemented and started to issue fines for the clients who have not submitted audited financials. If any registered member in DMCC has not prepared and submitted the financials to free zone authority then you will be experiencing financial penalties and service termination also.

www.saifaudit.com

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Audit Firms in Dubai

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Audit Firms in Dubai

 
Saif Chartered Accountants – One of the leading Audit Firms in Dubai

 The leading Audit firms in Dubai : Saif Chartered Accountants established in 1999, is a progressive fast growing audit firm in UAE helping clients to accomplish their business interests and financial goals towards growth and profitability.

Audit Firms in Dubai

Audit Firms in Dubai

We provide quality accounting, auditing and consulting services in the United Arab Emirates. For over a decade, Saif Chartered Accountants has been providing superior service through the expertise of its professional team with its firm’s presence in Dubai and India. Our motivated and professional staffs that are qualified and immensely experienced to cater to the needs of a wide spectrum of clientele from individuals to large organizations, indigenous and international, takes care of our multi-disciplinary practices.

The firm’s proximity to large and fast developing market in India through our established offices gives impetus for a significant catering of our services in the region.

 Services

Audit & Assurance Services

Our Audit & Assurance practice is the core of our services. Our vast experience in the profession for more than a decade helps us to offer the best of the industry services to all our clients. We often associate with our clients to know more about their needs, their issues and predicaments. We assist them to evolve a better environment for a fruitful business operation and maintain a sustainable growth as years progress. We usually provide qualitative information to assist our clients to locate key issues in various segments of their industry and suggest remedies.

Our main areas of expertise interalia are as follows:

• Financial Audit, Review and Compilation
• Implementation of Internal control procedures
• Variance analysis of key areas from business history
• Performance measurement with Industrial /Seasonal /Geographical yard sticks
• Management Audit
• Preparation of Fixed Assets Register
• Preparation of Networth statements of Individuals
• Certificate Services
• Business Valuations
• Due Diligence
• Budgeting & Forecasting
• Business Advisory & Consultancy
• Company (LLC) Formations
• Internal Audit
• Free Zone Company Audit

Free Zone Companies

Saif Chartered Accountants can assist you with setting up your business in the various Free Trade Zones of the UAE which include Dubai, Abu Dhabi, Sharjah, Ajman, Ras-Al-Khaimah, Umm-Al-Quwain and Fujairah.

Feasibility Studies

Saif Chartered Accountants specializes in creative solutions for present day business interests. We have professional expertise and experience in identifying, and quantifying the business interests
Audit & Assurance Services

Our Audit & Assurance practice is the core of our services. Our vast experience in the profession for more than a decade helps us to offer the best of the industry services to all our clients. We often associate with our clients to know more about their needs, their issues and predicaments. We assist them to evolve a better environment for a fruitful business operation and maintain a sustainable growth as years progress. We usually provide qualitative information to assist our clients to locate key issues in various segments of their industry and suggest remedies.

Our main areas of expertise interalia are as follows:

• Financial Audit, Review and Compilation
• Implementation of Internal control procedures
• Variance analysis of key areas from business history
• Performance measurement with Industrial /Seasonal /Geographical yard sticks
• Management Audit
• Preparation of Fixed Assets Register
• Preparation of Networth statements of Individuals
• Certificate Services
• Business Valuations
• Due Diligence
• Budgeting & Forecasting
• Business Advisory & Consultancy
• Company (LLC) Formations
• Internal Audit
• Free Zone Company Audit

Free Zone Companies

Saif Chartered Accountants can assist you with setting up your business in the various Free Trade Zones of the UAE which include Dubai, Abu Dhabi, Sharjah, Ajman, Ras-Al-Khaimah, Umm-Al-Quwain and Fujairah.

Feasibility Studies

Saif Chartered Accountants specializes in creative solutions for present day business interests. We have professional expertise and experience in identifying, and quantifying the business interests of our clients and make viable projects for the accomplishments of our clients’ desires. All feasibility studies conducted by us are used for effective decision support process. We put emphasis on sensitivity analysis and assure that our studies take into consideration the key variables of varied factors of the industry. We follow due diligence in assessing market feasibility, risk analysis and planning.

Our areas of expertise include the following:

• Feasibility Studies
• Projections & Forecasts
• Budgeting Analysis
• Market Research and Marketing Consultancy
• Compilation of Complete Project Reports

Accounting & Payroll Services

We, at Saif Chartered Accountants also undertake accounting assignments of our clients. Those firms who want to outsource their accounting jobs, payroll services, we undertake the assignment on contractual basis that may be weekly, monthly or yearly and also compile financial statements and relevant reports. We also undertake backlog accounts and complete them professionally in a timely manner. Our accounting outsourcing solutions are cost effective and with our efficiency, accuracy, accounting know-how, and identifying the correct software solutions we guarantee complete satisfaction to our clients. We also undertake preparation of time sheets, muster rolls and pay sheets for firms where the sheer size of the firm makes it difficult to manage in a timely manner.

Our areas of expertise include the following:

• Accounting
• Book keeping
• Installation of account software
• Payroll management

Clients

We at Saif Chartered Accountants, offer various services to our clients in UAE including Free Zone Companies.

Over the years we have provided services to a large number of clientele. Our client strength have reached a phenomenal 2000+ mark and still growing.

Our sincere and dedicated services have also helped us to make our own position in the market and to achieve credibility in providing professional services. The recognition we achieved from various free zones, banks of UAE as their approved and authorized agents/auditors are valid credentials for our growth story.

Dubai

1106, The Prism,
P O Box 34927,
Near Business Bay Metro Station,
Business Bay, Sheikh Zayed Road, Dubai, UAE.

Contact

Tel: +971 4 4518600, Fax : +971 4 4518599
Mob: +971 50 8550 765, +971 50 675 9158
Mail: info@saifaudit.com
Web : www.saifaudit.com

Sharjah

P.O. Box 49858
Hamriyah Free Zone, Sharjah.

London
208 Uxbridge Road, Shepherds Bush
W12 7JD, London, United Kingdom
Tel: 0044 7540849488

Kochi
Vayanasala Cross Road, 33/2502, C2
Kochi, Kerala – 682032
Tel: +91 484 3097146

 

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