Oil prices near four-year high as hurricane bears down on US | Financial Times:
Oil prices rose to more than $80 a barrel on Wednesday, nearing a four-year high as traders braced for a series of tropical storms barrelling towards the US which are coinciding with mounting concerns about a global supply shortfall.
Hurricane Florence spiralled towards the US eastern seaboard, maintaining category four winds at 130 miles per hour. Its course shifted slightly south on Wednesday but it continued to head towards North and South Carolina.
Fuel supplies were in focus as motorists fill up their tanks in anticipation of the eye of the storm making landfall in the Carolinas on Friday.
Wednesday 12 September 2018
QSE nears 10,000 levels on strong buying interests
QSE nears 10,000 levels on strong buying interests:
Strong buying interests of foreign funds and individuals on Wednesday steered the Qatar Stock Exchange close to 10,000 levels.
Robust demand especially at transport and consumer goods counters rather imparted a 0.6% thrust to the 20-stock Qatar Index to 9,990.17 points.
Masraf Al Rayan and Doha Bank sponsored exchange traded funds QATR and QETF saw 1.49% and 0.76% gains respectively.
Strong buying interests of foreign funds and individuals on Wednesday steered the Qatar Stock Exchange close to 10,000 levels.
Robust demand especially at transport and consumer goods counters rather imparted a 0.6% thrust to the 20-stock Qatar Index to 9,990.17 points.
Masraf Al Rayan and Doha Bank sponsored exchange traded funds QATR and QETF saw 1.49% and 0.76% gains respectively.
Saudi Arabia Raises $2 Billion in Islamic Bond Sale - Bloomberg
Saudi Arabia Raises $2 Billion in Islamic Bond Sale - Bloomberg:
Saudi Arabia raised $2 billion through the issuance of notes due January 2029, completing the kingdom’s external funding requirements for the year.
The world’s biggest oil exporter mandated BNP Paribas SA, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc., Mizuho Bank and Samba Capital for the deal, according to a term sheet seen by Bloomberg. The kingdom’s offering priced at 127 basis points over midswaps, tightening from initial price guidance in the area of 145 basis points.
Saudi Arabia plans to borrow about $31 billion this year to bridge a budget deficit brought on by lower oil prices. In April, it raised $11 billion in a dollar bond sale and has raised a total of $50 billion since the end of 2016, according to data compiled by Bloomberg. In March, it increased a $10 billion syndicated loan by $6 billion.
Saudi Arabia raised $2 billion through the issuance of notes due January 2029, completing the kingdom’s external funding requirements for the year.
The world’s biggest oil exporter mandated BNP Paribas SA, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc., Mizuho Bank and Samba Capital for the deal, according to a term sheet seen by Bloomberg. The kingdom’s offering priced at 127 basis points over midswaps, tightening from initial price guidance in the area of 145 basis points.
Saudi Arabia plans to borrow about $31 billion this year to bridge a budget deficit brought on by lower oil prices. In April, it raised $11 billion in a dollar bond sale and has raised a total of $50 billion since the end of 2016, according to data compiled by Bloomberg. In March, it increased a $10 billion syndicated loan by $6 billion.
U.S. Likely Became Biggest Oil Producer Earlier This Year: EIA - Bloomberg
U.S. Likely Became Biggest Oil Producer Earlier This Year: EIA - Bloomberg:
America likely overtook Russia and Saudi Arabia in terms of oil output to become the world’s biggest producer earlier this year, according to the Energy Information Administration.
U.S. crude output exceeded that of Saudi Arabia in February for the first time in more than two decades, based on preliminary estimates from the agency’s Short-Term Energy Outlook. In June and August, it overtook Russia for the first time since 1999.
The EIA expects U.S. oil output to continue to exceed Russian and Saudi production for the rest of 2018 and in 2019. Growth has shot up in recent years from areas such as the Permian basin in West Texas and New Mexico.
America likely overtook Russia and Saudi Arabia in terms of oil output to become the world’s biggest producer earlier this year, according to the Energy Information Administration.
U.S. crude output exceeded that of Saudi Arabia in February for the first time in more than two decades, based on preliminary estimates from the agency’s Short-Term Energy Outlook. In June and August, it overtook Russia for the first time since 1999.
The EIA expects U.S. oil output to continue to exceed Russian and Saudi production for the rest of 2018 and in 2019. Growth has shot up in recent years from areas such as the Permian basin in West Texas and New Mexico.
Gazprom Neft, UAE's Mubadala discuss projects in Russia, Middle East
Gazprom Neft, UAE's Mubadala discuss projects in Russia, Middle East:
Russian oil producer Gazprom Neft and UAE-based Mubadala Petroleum are discussing several possible projects in Russia and the Middle East, Gazprom Neft CEO Alexander Dyukov said on Wednesday.
“It is too early to speak of any concrete results and agreements,” Dyukov told reporters at an economic forum in Russia’s far eastern city of Vladivostok.
Russian oil producer Gazprom Neft and UAE-based Mubadala Petroleum are discussing several possible projects in Russia and the Middle East, Gazprom Neft CEO Alexander Dyukov said on Wednesday.
“It is too early to speak of any concrete results and agreements,” Dyukov told reporters at an economic forum in Russia’s far eastern city of Vladivostok.
MIDEAST STOCKS-Region falls, Drake & Scull's plunge dampens Dubai | Reuters
MIDEAST STOCKS-Region falls, Drake & Scull's plunge dampens Dubai | Reuters:
Middle Eastern stock markets mostly fell on Wednesday as a plunge by loss-making construction firm Drake & Scull dampened Dubai and a late wave of selling in Saudi Arabian banks dragged down that market.
Dubai’s index fell 0.8 percent as Drake & Scull plunged its 10 percent daily limit to a record low of 0.405 dirham, bringing its losses this year to 82 percent.
The company said shareholders would meet on Sept. 27 to decide whether to dissolve the company, under an article of United Arab Emirates company law requiring firms to vote on whether they should continue operating if their accumulated losses have reached half of issued share capital.
Middle Eastern stock markets mostly fell on Wednesday as a plunge by loss-making construction firm Drake & Scull dampened Dubai and a late wave of selling in Saudi Arabian banks dragged down that market.
Dubai’s index fell 0.8 percent as Drake & Scull plunged its 10 percent daily limit to a record low of 0.405 dirham, bringing its losses this year to 82 percent.
The company said shareholders would meet on Sept. 27 to decide whether to dissolve the company, under an article of United Arab Emirates company law requiring firms to vote on whether they should continue operating if their accumulated losses have reached half of issued share capital.
Dubai's Drake & Scull shareholders to decide whether to dissolve firm | Reuters
Dubai's Drake & Scull shareholders to decide whether to dissolve firm | Reuters:
Shareholders of loss-making Dubai construction company Drake & Scull will meet on Sept. 27 to decide whether to dissolve the company, Drake & Scull announced on Wednesday.
The company, which posted a second-quarter net loss of 181.1 million dirhams ($49.3 million) compared to a year-earlier loss of 182.7 million dirhams, said it was calling a general assembly under an article of United Arab Emirates company law.
The law requires companies to vote on whether they should continue operating if their accumulated losses have reached half of their issued share capital.
Shareholders of loss-making Dubai construction company Drake & Scull will meet on Sept. 27 to decide whether to dissolve the company, Drake & Scull announced on Wednesday.
The company, which posted a second-quarter net loss of 181.1 million dirhams ($49.3 million) compared to a year-earlier loss of 182.7 million dirhams, said it was calling a general assembly under an article of United Arab Emirates company law.
The law requires companies to vote on whether they should continue operating if their accumulated losses have reached half of their issued share capital.
MIDEAST STOCKS-Gulf mostly sluggish, keeps outperforming emerging markets | Reuters
MIDEAST STOCKS-Gulf mostly sluggish, keeps outperforming emerging markets | Reuters:
Gulf stock markets were generally sluggish in early trade on Wednesday but the region continued to outperform slumping emerging markets elsewhere in the world, as has been the case for most of the past two weeks.
The Saudi stock index was up 0.3 percent after 45 minutes of trade, outperforming a 0.3 percent drop in the MSCI emerging market index.
Almost all petrochemical shares were firm after Brent oil surged near $80 a barrel over night; top producer Saudi Basic Industries climbed 0.8 percent and Chemanol surged 3.9 percent.
Gulf stock markets were generally sluggish in early trade on Wednesday but the region continued to outperform slumping emerging markets elsewhere in the world, as has been the case for most of the past two weeks.
The Saudi stock index was up 0.3 percent after 45 minutes of trade, outperforming a 0.3 percent drop in the MSCI emerging market index.
Almost all petrochemical shares were firm after Brent oil surged near $80 a barrel over night; top producer Saudi Basic Industries climbed 0.8 percent and Chemanol surged 3.9 percent.
UAE's Aldar Properties creates new subsidiary with $5.4 billion assets | Reuters
UAE's Aldar Properties creates new subsidiary with $5.4 billion assets | Reuters:
Abu Dhabi’s largest developer Aldar Properties is spinning off its recurring-revenue assets worth 20 billion dirhams ($5.4 billion) into a new, fully-owned subsidiary as it seeks to achieve operational efficiencies and raise cheaper capital.
The state-linked builder of Abu Dhabi’s Formula One circuit said on Wednesday the subsidiary, Aldar Investment Properties LLC, will take ownership of some of Aldar’s highest revenue-generating assets.
The new company follows the recent Abu Dhabi decree granting full onshore real estate ownership rights to Aldar Properties and its subsidiaries in the capital of the United Arab Emirates.
Abu Dhabi’s largest developer Aldar Properties is spinning off its recurring-revenue assets worth 20 billion dirhams ($5.4 billion) into a new, fully-owned subsidiary as it seeks to achieve operational efficiencies and raise cheaper capital.
The state-linked builder of Abu Dhabi’s Formula One circuit said on Wednesday the subsidiary, Aldar Investment Properties LLC, will take ownership of some of Aldar’s highest revenue-generating assets.
The new company follows the recent Abu Dhabi decree granting full onshore real estate ownership rights to Aldar Properties and its subsidiaries in the capital of the United Arab Emirates.
Saudi Arabia targets $2 billion with new Islamic bonds | Reuters
Saudi Arabia targets $2 billion with new Islamic bonds | Reuters:
Saudi Arabia has started marketing U.S. dollar-denominated sukuk, or Islamic bonds, with the issue expected to be around $2 billion in size, a document showed on Wednesday.
It would be the kingdom’s second international sale of sukuk after a $9 billion transaction last year. The exercise completes Saudi Arabia’s external funding requirements for 2018, according to the document.
The kingdom, acting through the ministry of finance, started marketing the notes with an initial price guidance of around 145 basis points over mid-swaps.
Saudi Arabia has started marketing U.S. dollar-denominated sukuk, or Islamic bonds, with the issue expected to be around $2 billion in size, a document showed on Wednesday.
It would be the kingdom’s second international sale of sukuk after a $9 billion transaction last year. The exercise completes Saudi Arabia’s external funding requirements for 2018, according to the document.
The kingdom, acting through the ministry of finance, started marketing the notes with an initial price guidance of around 145 basis points over mid-swaps.
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