Opec signals surplus oil next year | GulfNews.com:
"The Organisation of the Petroleum Exporting Countries (Opec) is expected to continue producing surplus oil going into next year even as production increased 14 per cent in July.
Output from 16-members of Opec, which contributed to 34.8 per cent of the total output last month, rose by 46,400 barrels per day to 33.106 million per day in July. Global supply, which includes supplies from non-Opec members rose by 24,000 barrels per day on month to 95.14 million of barrels per day in July. The Opec supplies are expected to register a surplus of 100,000 barrels per day in 2017, compared to a deficit that it saw last month, Opec said in its monthly report released on Wednesday.
“The overall indications in the supply side by the end of second quarter of 2016 are showing that the short-term outlook for non-Opec supply in 2016 is being revised up due to the recovery in Canadian oil production following the vast wildfire in Alberta and rising rig counts in the US for four consecutive weeks, resulting in higher-than-expected output,” Opec added."
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Wednesday, 10 August 2016
MIDEAST STOCKS-Qatar, Egypt climb to multi-month highs, Saudi cools | Reuters
MIDEAST STOCKS-Qatar, Egypt climb to multi-month highs, Saudi cools | Reuters:
"Stock markets in Qatar and Egypt rose to fresh multi-month highs on Wednesday, following global bourses higher, but Saudi Arabia's index pulled back as oil gave up some of its recent gains.
Doha's main index added 0.7 percent to 10,996 points, a new nine-month high. Stocks most exposed to foreign capital flows were among the top gainers, with Islamic lender Masraf Al Rayan advancing 2.9 percent.
Cairo's main index recovered from the previous session's 0.9 percent loss and gained 1.1 percent to 8,292 points, a 13-month closing high."
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"Stock markets in Qatar and Egypt rose to fresh multi-month highs on Wednesday, following global bourses higher, but Saudi Arabia's index pulled back as oil gave up some of its recent gains.
Doha's main index added 0.7 percent to 10,996 points, a new nine-month high. Stocks most exposed to foreign capital flows were among the top gainers, with Islamic lender Masraf Al Rayan advancing 2.9 percent.
Cairo's main index recovered from the previous session's 0.9 percent loss and gained 1.1 percent to 8,292 points, a 13-month closing high."
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Ex-Arabtec CEO’s Marya Group Invests $1 Billion, Mulls Listing - Bloomberg
Ex-Arabtec CEO’s Marya Group Invests $1 Billion, Mulls Listing - Bloomberg:
"Abu Dhabi-based Marya Group, chaired by former Arabtec Holding PJSC Chief Executive Officer Hasan Ismaik, is considering an initial public offering after the company’s investment portfolio passed $1 billion.
The group, which invests in education, health care, real estate and food and beverage in the Middle East, Europe, and America, plans to increase its investments “through a number of strategic acquisitions and partnerships - both regionally and internationally,” Ismaik said in an e-mailed statement on Wednesday. There are plans to list on a “major” stock market, he said.
Ismaik, a Jordanian national, was at the heart of a stock sell-off in Dubai in 2014 after his sudden exit from Arabtec along with other top managers shocked investors. He owned about a third of the United Arab Emirates’ largest construction company at the time and sold part of his stake for $962 million to Abu Dhabi’s state-controlled Aabar Investments PJSC. Ismaik still holds almost 12 percent in Arabtec and is the second-largest investor after Aabar, according to data compiled by Bloomberg."
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"Abu Dhabi-based Marya Group, chaired by former Arabtec Holding PJSC Chief Executive Officer Hasan Ismaik, is considering an initial public offering after the company’s investment portfolio passed $1 billion.
The group, which invests in education, health care, real estate and food and beverage in the Middle East, Europe, and America, plans to increase its investments “through a number of strategic acquisitions and partnerships - both regionally and internationally,” Ismaik said in an e-mailed statement on Wednesday. There are plans to list on a “major” stock market, he said.
Ismaik, a Jordanian national, was at the heart of a stock sell-off in Dubai in 2014 after his sudden exit from Arabtec along with other top managers shocked investors. He owned about a third of the United Arab Emirates’ largest construction company at the time and sold part of his stake for $962 million to Abu Dhabi’s state-controlled Aabar Investments PJSC. Ismaik still holds almost 12 percent in Arabtec and is the second-largest investor after Aabar, according to data compiled by Bloomberg."
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Dubai private sector output and employment surged in July | GulfNews.com
Dubai private sector output and employment surged in July | GulfNews.com:
"The Emirates NBD Dubai Economy Tracker Index (DET) rose further in July to reach 55.9, the highest reading since March 2015 signalling a positive start to the third quarter of 2016.
The rise in the DET in July was largely driven by faster growth in output and new work, with both these indices posting readings above 60 last month. Employment increased in July but at a relatively modest pace.
“The improvement in the Dubai Economy Tracker Index in July is consistent with the rise in the whole UAE Purchasing Managers Index last month, and is underpinned by stronger new work and output growth. The wholesale & retail sector in particular probably benefitted from holiday spending over Eid,” said Khatija Haque, head of MENA Research at Emirates NBD."
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"The Emirates NBD Dubai Economy Tracker Index (DET) rose further in July to reach 55.9, the highest reading since March 2015 signalling a positive start to the third quarter of 2016.
The rise in the DET in July was largely driven by faster growth in output and new work, with both these indices posting readings above 60 last month. Employment increased in July but at a relatively modest pace.
“The improvement in the Dubai Economy Tracker Index in July is consistent with the rise in the whole UAE Purchasing Managers Index last month, and is underpinned by stronger new work and output growth. The wholesale & retail sector in particular probably benefitted from holiday spending over Eid,” said Khatija Haque, head of MENA Research at Emirates NBD."
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INTERVIEW-China set to choose yuan clearing bank for UAE by end of year | Reuters
INTERVIEW-China set to choose yuan clearing bank for UAE by end of year | Reuters:
"China's central bank is expected to pick a Chinese lender to clear yuan transactions in the United Arab Emirates by the end of the year, which would strengthen the growing economic ties between China and the Middle East, a Chinese banking executive said.
Qatar opened the region's first yuan clearing centre in April last year, with Industrial and Commercial Bank of China (ICBC) becoming the clearing bank.
A clearing centre can handle all parts of a currency transaction from when a commitment is made until it is settled, reducing costs and time taken for trading."
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"China's central bank is expected to pick a Chinese lender to clear yuan transactions in the United Arab Emirates by the end of the year, which would strengthen the growing economic ties between China and the Middle East, a Chinese banking executive said.
Qatar opened the region's first yuan clearing centre in April last year, with Industrial and Commercial Bank of China (ICBC) becoming the clearing bank.
A clearing centre can handle all parts of a currency transaction from when a commitment is made until it is settled, reducing costs and time taken for trading."
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MIDEAST STOCKS-Abu Dhabi dips on TAQA's weak Q2, Gulf moves little | Reuters
MIDEAST STOCKS-Abu Dhabi dips on TAQA's weak Q2, Gulf moves little | Reuters:
"Stock markets in the Gulf were little changed in early trade on Wednesday with Abu Dhabi's index lagging on poor second-quarter earnings from an energy-related company.
Abu Dhabi's index slipped 0.2 percent as Abu Dhabi National Energy Co (TAQA) fell 3.6 percent, erasing some of the 12 percent gain posted over the previous week, after it reported a wider second-quarter net loss.
The state-owned oil explorer made a net loss of 588 million dirhams ($160.2 million) versus a loss of 421 million dirhams a year ago."
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"Stock markets in the Gulf were little changed in early trade on Wednesday with Abu Dhabi's index lagging on poor second-quarter earnings from an energy-related company.
Abu Dhabi's index slipped 0.2 percent as Abu Dhabi National Energy Co (TAQA) fell 3.6 percent, erasing some of the 12 percent gain posted over the previous week, after it reported a wider second-quarter net loss.
The state-owned oil explorer made a net loss of 588 million dirhams ($160.2 million) versus a loss of 421 million dirhams a year ago."
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