Gulf borrowing needs could plunge to $10bn if oil stays above $65 says Goldman Sachs

Gulf borrowing needs could plunge to $10bn if oil stays above $65 says Goldman Sachs

DUBAI: The Gulf Cooperation Council's borrowing requirements could drop to $10 billion over the next three years from about $270 billion, if oil prices remain elevated, according to Goldman Sachs Group. If prices for the commodity average $65 a barrel and all else is equal, borrowing needs for the six countries comprising the council would drop 96 percent from what they'd be if oil traded at $45, Bloomberg reported, citing Farouk Soussa, an economist at the bank. Oil prices have risen by almost 80 percent since the start of November to trade around $70 per barrel. The price outlook was further buoyed last week when OPEC+ producers agreed to extend production cuts. DUBAI: Abu Dhabi's Aldar is leading a consortium that is offering to acquire a majority stake in SODIC, one of Egypt's biggest property names. The purchase price in the range of 18 to 19 Egyptian pounds per share, valuing the deal at $420 million at the mid-point of that range, Aldar said in a stock exchange filing on Sunday. The deal is subject to due diligence, applicable regulatory approvals and other conditions, the Abu Dhabi developer said. The offer represents a 14 percent premium to SODIC's closing price