Google+ Followers

Tuesday, 15 November 2016

Emirates Global Aluminium in three-year supply deal with German BMW | The National

Emirates Global Aluminium in three-year supply deal with German BMW | The National:
"Emirates Global Aluminium has struck a three-year deal to supply high-quality aluminium to the German luxury car maker BMW that will be used to manufacture car engines.

EGA’s agreement is the first dir­ect deal of its kind with a ­major automotive company and comes amid intensifying efforts by the UAE to diversify its economy away from oil, the price of which has fallen steeply over the past two years.


"Winning BMW as a direct customer is important for EGA because their standards are so high, both for the aluminium itself and how it is made," said Abdulla Kalban, managing dir­ector and chief executive of EGA. "EGA produces high-quality aluminium with world-class efficiency and environmental responsibility. We have spent decades developing "

'via Blog this'

Saudi Oger said near $1.1b deal to sell Arab Bank stake | GulfNews.com

Saudi Oger said near $1.1b deal to sell Arab Bank stake | GulfNews.com:
"Saudi Oger Ltd reached a preliminary agreement to sell its 20 per cent stake in Jordan’s Arab Bank Plc to Fawaz Al Hokair Group for about $1.1 billion, according to people familiar with the matter.
The two family-owned companies plan to make a formal announcement after receiving regulatory approval, the people said, asking not to be identified as the information is private. Saudi banks are providing financing to Alhokair, the people said. No final agreement has been reached, and there’s no guarantee the sale will go through, they said.
Representatives for Saudi Oger, Arab Bank and Alhokair weren’t immediately available to comment."

'via Blog this'

China's ICBC becomes Dubai commodities exchange settlement bank | Reuters

China's ICBC becomes Dubai commodities exchange settlement bank | Reuters:

"Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, has become a settlement bank for the Dubai Gold & Commodities Exchange (DGCX), the exchange said on Tuesday, allowing more investors to clear transactions in yuan.

ICBC becomes the second Chinese bank to join DGCX's wholly-owned subsidiary, Dubai Commodities Clearing Corporation, as a clearing and settlement bank. Bank of China became a member in March.

The four other settlement banks are Dubai-based Emirates NBD, Standard Chartered, HSBC and India's Bank of Baroda."



'via Blog this'

Saudi has Trump-shaped reason to reverse OPEC cut | Reuters

Saudi has Trump-shaped reason to reverse OPEC cut | Reuters:
"Donald Trump may have handed Saudi Arabia an excuse to back out of a shaky pledge to cut oil output. Fears that the U.S. president-elect will supercharge domestic drilling, renege on global climate-change commitments and restore sanctions on Iran mean it is in the kingdom’s best interest to keep the spigots wide open.

The Organization of the Petroleum Exporting Countries (OPEC) is due to finalise a reduction in total production at its next scheduled meeting in Vienna on Nov. 30. The 14-member group wants to limit output to around 32.5 million barrels per day (bpd), compared with current levels closer to 34 million bpd, in a bid to revive prices which have tumbled 42 percent over the last two years. Saudi will have to shoulder the largest share of the cuts if that deal goes ahead.

But Trump’s victory has given the kingdom an opportunity to put its own interests ahead of OPEC’s and protect its share of the global oil market. The cartel’s decision to let oil prices fall two years ago has failed to deliver the hoped-for knockout blow to American production. The U.S. Department of Energy recently revised up its forecast for domestic production to 8.7 million bpd for 2017. Although that is about 1 million barrels fewer than last year’s average, it is probably more than Saudi would like."

'via Blog this'

Oil prices soar six percent on renewed hopes of OPEC output deal | Reuters

Oil prices soar six percent on renewed hopes of OPEC output deal | Reuters:
"Oil prices jumped 6 percent on Tuesday, with U.S. crude notching its biggest daily percentage gain in seven months, on renewed expectations that OPEC will agree later this month to reduce a global supply glut.

OPEC secretary-general Mohammed Barkindo will travel to member nations, including Iran and Venezuela, over the next several days to discuss the deal ahead of the group's meeting in Vienna on Nov. 30.

The Organization of the Petroleum Exporting Countries agreed to an outline of the deal in September but with two weeks to go before the next meeting, disagreements persist among OPEC members and non-OPEC Russia on the exact details of the deal."

'via Blog this'

MIDEAST STOCKS-Saudi, Egypt continue pull-back, MSCI index changes affect UAE, Qatar | Reuters

MIDEAST STOCKS-Saudi, Egypt continue pull-back, MSCI index changes affect UAE, Qatar | Reuters:
"Stock markets in Saudi Arabia and Egypt continued pulling back on Tuesday after big rallies earlier this month, while some individual stocks in the United Arab Emirates and Qatar moved sharply after MSCI adjusted its indexes.

The Saudi index, which had jumped 22 percent between mid-October and Sunday before profit-taking began on Monday, dropped 2.1 percent to 6,493 points on Tuesday in heavy trade, pulling back from technical resistance on the July peak of 6,703 points.

However, the index ended well off the day's low of 6,346 points. Among major losers, National Commercial Bank, the biggest lender, dropped 4.5 percent. Petrochemicals held up relatively well."

'via Blog this'

Saudi to Make PIF World's Biggest Fund - Bloomberg

Saudi to Make PIF World's Biggest Fund - Bloomberg:
"Bloomberg's Riad Hamade discusses the MISK Global Forum in Riyadh, Saudi Arabia's efforts to help with youth unemployment and the plan to make their sovereign wealth fund the biggest in the world. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"

'via Blog this'

MIDEAST STOCKS-Saudi stocks tumble on profit-taking, especially in banks | Reuters

MIDEAST STOCKS-Saudi stocks tumble on profit-taking, especially in banks | Reuters:
"Saudi stocks fell sharply in late trade on Tuesday on what fund managers described as heavy profit-taking, particularly in banks.

The main market index, which had jumped 22 percent between mid-October and Sunday, dropped as much as 4.3 percent in the afternoon before partially recovering to stand 2.6 percent lower.

Among major losers, Banque Saudi Fransi sagged 4.9 percent. Petrochemicals held up relatively well."

'via Blog this'

MIDEAST STOCKS-MSCI changes to affect UAE and Qatar, money rate hopes may support Saudi | Reuters

MIDEAST STOCKS-MSCI changes to affect UAE and Qatar, money rate hopes may support Saudi | Reuters:
"Individual stocks in the United Arab Emirates and Qatar may move on Tuesday in response to adjustments by index compiler MSCI, while expectations for further falls of market interest rates in Saudi Arabia could support that market.

The international market environment looks broadly neutral, with MSCI's broadest index of Asia-Pacific shares outside Japan marginally higher and Brent crude oil flat below $45 a barrel, although U.S. Treasury yields are continuing to rise, which may pull funds from emerging markets.

In its November review, effective at the close on Nov. 30, MSCI upgraded Dubai's DXB Entertainments to its UAE index and deleted Dubai Financial Market, while moving Arabtec down from the standard index to its small cap index. Arqaam Capital estimated this would cause net passive inflows of $65 million into DXB, and outflows of $40 million from Arabtec and $34 million from DFM."

'via Blog this'

MIDEAST STOCKS-Gulf mixed after MSCI adjusts indexes; profit-taking in Saudi banks, petchems | Reuters

MIDEAST STOCKS-Gulf mixed after MSCI adjusts indexes; profit-taking in Saudi banks, petchems | Reuters:

"Gulf stock markets were mixed early on Tuesday after MSCI adjusted its indexes, causing sharp moves in some shares.

Dubai's main index was up 0.1 percent as DXB Entertainments added 3.4 percent after MSCI upgraded the stock to its United Arab Emirates standard index, effective at the close on Nov. 30.

Builder Arabtec fell 3.1 percent after MSCI downgraded it to its small cap index, while Dubai Financial Market lost 0.9 percent after it was deleted from the standard index.

"

'via Blog this'