MIDEAST STOCKS-Saudi sags on profit taking, Egypt conquers 8-yr high as currency weakens | Reuters:
"Stock markets in the Gulf diverged on Monday with Saudi Arabia's index cooling for a third session as investors book profits on lofty prices while Abu Dhabi rebounded slightly.
Egypt hit yet another 8-year high as foreign investors continued to reprice equities as the local currency weakened against the U.S. dollar.
Riyadh's main index fell 1.1 percent in modest trade, with roughly 70 percent of the traded shares declining. It is now down 2.3 percent over the past three sessions but is still up 14.9 percent over the last 30 days."
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Monday, 21 November 2016
Oil rises as traders eye Opec production cut
Oil rises as traders eye Opec production cut:
"Oil prices rose sharply on Monday as traders weighed up the prospects of a deal between Opec member countries to cut production.
Ahead of a meeting of ministers in Vienna next week, Brent crude, the international benchmark, rose $2.09 a barrel or more than 4 per cent to $48.94. West Texas Intermediate, the US marker, was $1.94 a barrel stronger at $47.63. That leaves prices below last month’s intraday peaks of $53.73 for Brent and $51.93 for WTI.
The jump in prices came even as the physical oil market remains weak with plentiful supplies in the North Sea, while the rally has not been derailed by a pronounced strengthening of the US dollar since the election of Donald Trump."
'via Blog this'
"Oil prices rose sharply on Monday as traders weighed up the prospects of a deal between Opec member countries to cut production.
Ahead of a meeting of ministers in Vienna next week, Brent crude, the international benchmark, rose $2.09 a barrel or more than 4 per cent to $48.94. West Texas Intermediate, the US marker, was $1.94 a barrel stronger at $47.63. That leaves prices below last month’s intraday peaks of $53.73 for Brent and $51.93 for WTI.
The jump in prices came even as the physical oil market remains weak with plentiful supplies in the North Sea, while the rally has not been derailed by a pronounced strengthening of the US dollar since the election of Donald Trump."
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“Invest in Sharjah” wraps up in London | GulfNews.com
“Invest in Sharjah” wraps up in London | GulfNews.com:
"The Sharjah FDI office (Invest in Sharjah), the agency responsible for promoting investment opportunities in the emirate, recently concluded its participation at the inaugurating edition of the Foreign Direct Investment Expo 2016 (FDI Expo) in London, UK, which took place from November 17 — 18, 2016 at the London Olympia exhibition venue.
FDI Expo gathered more than 3,500 speakers and visitors, and served as a key platform for (Invest in Sharjah), an investment promotion agency under the Sharjah Investment and Development Authority (Shurooq) umbrella, to demonstrate competencies on multiple markets in Sharjah, as well as to highlight its role as the “Industrial Capital” of the UAE. The Expo explored strategic global FDI ventures which the UK can benefit from especially during its “Post-Brexit” period, with “Invest in Sharjah” being at the forefront introducing new initiatives and ways that British investors can capitalise on their foreign investments across a series of markets in Sharjah, especially in its ever emerging industrial sector.
“Keeping track with the latest trends and investment opportunities with UK markets has always been our top our priority to sustain the strength of our relationships with British investors. Our participation at the FDI Expo enabled us to do so, as well as enabled us to share our “Invest in Sharjah” brand and its vision to a crowd of the most industry leading experts from 80 regions,” said Mohammad Al Musharrkh, Director of Sharjah FDI Office.
"
'via Blog this'
"The Sharjah FDI office (Invest in Sharjah), the agency responsible for promoting investment opportunities in the emirate, recently concluded its participation at the inaugurating edition of the Foreign Direct Investment Expo 2016 (FDI Expo) in London, UK, which took place from November 17 — 18, 2016 at the London Olympia exhibition venue.
FDI Expo gathered more than 3,500 speakers and visitors, and served as a key platform for (Invest in Sharjah), an investment promotion agency under the Sharjah Investment and Development Authority (Shurooq) umbrella, to demonstrate competencies on multiple markets in Sharjah, as well as to highlight its role as the “Industrial Capital” of the UAE. The Expo explored strategic global FDI ventures which the UK can benefit from especially during its “Post-Brexit” period, with “Invest in Sharjah” being at the forefront introducing new initiatives and ways that British investors can capitalise on their foreign investments across a series of markets in Sharjah, especially in its ever emerging industrial sector.
“Keeping track with the latest trends and investment opportunities with UK markets has always been our top our priority to sustain the strength of our relationships with British investors. Our participation at the FDI Expo enabled us to do so, as well as enabled us to share our “Invest in Sharjah” brand and its vision to a crowd of the most industry leading experts from 80 regions,” said Mohammad Al Musharrkh, Director of Sharjah FDI Office.
"
'via Blog this'
The Very Real Risks That OPEC Won’t Cut Crude Oil Production - Bloomberg
The Very Real Risks That OPEC Won’t Cut Crude Oil Production - Bloomberg:
"OPEC says it’s close to a deal to cut oil output for the first time since 2008, a move that may halt a 2 1/2-year price slump. The actions of individual member states tell a different story. Here’s a look at the prospects for an agreement ahead of OPEC’s November 30 meeting:"
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"OPEC says it’s close to a deal to cut oil output for the first time since 2008, a move that may halt a 2 1/2-year price slump. The actions of individual member states tell a different story. Here’s a look at the prospects for an agreement ahead of OPEC’s November 30 meeting:"
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Arqaam Sees U.A.E. Bank ADCB Buying UNB in Next 12 to 18 Months - Bloomberg
Arqaam Sees U.A.E. Bank ADCB Buying UNB in Next 12 to 18 Months - Bloomberg:
"Abu Dhabi Commercial Bank PJSC will probably buy smaller rival Union National Bank PJSC in the next 12 to 18 months as the planned merger of Abu Dhabi’s two biggest banks boosts consolidation in the United Arab Emirates’ banking industry, Arqaam Capital Ltd. said.
Arqaam is “pretty confident” that ADCB and UNB looked at the possibility of a merger and “probably concluded that there are very strong merits for such a move,” Jaap Meijer, the brokerage’s head of equity research, said in an interview on Bloomberg TV on Monday. The shareholding structure of the two banks is supportive of a combination, he said.
Abu Dhabi in July decided to combine its two largest lenders, National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC, to create a regional powerhouse with $175 billion of assets. The merger was seen as a precursor to more deals in the U.A.E.’s financial services industry, where 49 lenders compete in a market of about 9 million people."
'via Blog this'
"Abu Dhabi Commercial Bank PJSC will probably buy smaller rival Union National Bank PJSC in the next 12 to 18 months as the planned merger of Abu Dhabi’s two biggest banks boosts consolidation in the United Arab Emirates’ banking industry, Arqaam Capital Ltd. said.
Arqaam is “pretty confident” that ADCB and UNB looked at the possibility of a merger and “probably concluded that there are very strong merits for such a move,” Jaap Meijer, the brokerage’s head of equity research, said in an interview on Bloomberg TV on Monday. The shareholding structure of the two banks is supportive of a combination, he said.
Abu Dhabi in July decided to combine its two largest lenders, National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC, to create a regional powerhouse with $175 billion of assets. The merger was seen as a precursor to more deals in the U.A.E.’s financial services industry, where 49 lenders compete in a market of about 9 million people."
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MIDEAST STOCKS-Abu Dhabi recovers, Saudi petrochemicals buoyed by oil bounce | Reuters
MIDEAST STOCKS-Abu Dhabi recovers, Saudi petrochemicals buoyed by oil bounce | Reuters:
"Abu Dhabi's stock market index rebounded in early trade on Monday as some of banking stocks which were sold off in the previous session recovered, while Saudi Arabia rose as oil prices firmed.
Abu Dhabi's index rose 0.9 percent after falling 1.7 percent on Sunday. Abu Dhabi Commercial Bank climbed 3.2 percent and Abu Dhabi Islamic Bank rose 0.3 percent.
On Sunday, Union National Bank dropped 5.2 percent and ADCB lost 2.7 percent after both lenders issued separate statements denying last week's Bloomberg report that they were involved in merger talks. Similarly, ADIB pulled back 0.8 percent after the lender said that it has no plans to merge with Alhilal Bank.
"
'via Blog this'
"Abu Dhabi's stock market index rebounded in early trade on Monday as some of banking stocks which were sold off in the previous session recovered, while Saudi Arabia rose as oil prices firmed.
Abu Dhabi's index rose 0.9 percent after falling 1.7 percent on Sunday. Abu Dhabi Commercial Bank climbed 3.2 percent and Abu Dhabi Islamic Bank rose 0.3 percent.
On Sunday, Union National Bank dropped 5.2 percent and ADCB lost 2.7 percent after both lenders issued separate statements denying last week's Bloomberg report that they were involved in merger talks. Similarly, ADIB pulled back 0.8 percent after the lender said that it has no plans to merge with Alhilal Bank.
"
'via Blog this'
Oil rally shrugs off dollar strength as hopes for output cut grow
Oil rally shrugs off dollar strength as hopes for output cut grow:
"Oil prices are making notable gains, tracking the prospect of a deal on output cuts between major producers, setting Brent crude on course for its first two-session advance since early October.Brent crude, the international benchmark, is up 1.3 per cent at $47.47 a barrel, while West Texas Intermediate is 1.3 per cent stronger at $46.30.
After the Asia-Pacific Economic Cooperation summit in Peru, Russian President Vladimir Putin told reporters he saw few hurdles to Opec reaching an agreement on supply cuts at its Vienna meeting scheduled for later this month.
That added to comments from Iran’s oil minister over the weekend that he was optimistic Opec members will agree to proposed supply cuts at the forthcoming Vienna meeting, while Iraq has been reported to offer three new proposals this week for the output cuts."
'via Blog this'
"Oil prices are making notable gains, tracking the prospect of a deal on output cuts between major producers, setting Brent crude on course for its first two-session advance since early October.Brent crude, the international benchmark, is up 1.3 per cent at $47.47 a barrel, while West Texas Intermediate is 1.3 per cent stronger at $46.30.
After the Asia-Pacific Economic Cooperation summit in Peru, Russian President Vladimir Putin told reporters he saw few hurdles to Opec reaching an agreement on supply cuts at its Vienna meeting scheduled for later this month.
That added to comments from Iran’s oil minister over the weekend that he was optimistic Opec members will agree to proposed supply cuts at the forthcoming Vienna meeting, while Iraq has been reported to offer three new proposals this week for the output cuts."
'via Blog this'
Oil prices buoyed by Opec production cut hopes
Oil prices buoyed by Opec production cut hopes:
"Oil prices were the big movers in Asian trade on Monday and eyeing their first back-to-back gains in a month amid hopes major producers would agree to output cuts and help rein in oversupply."
'via Blog this'
"Oil prices were the big movers in Asian trade on Monday and eyeing their first back-to-back gains in a month amid hopes major producers would agree to output cuts and help rein in oversupply."
'via Blog this'
‘Out of the Desert’, by Ali al-Naimi
‘Out of the Desert’, by Ali al-Naimi:
"When Ali al-Naimi was told he had been appointed Saudi oil minister, the most powerful post in the energy world, he was far from the desert kingdom. Keen for a break, the man who was then chief of state energy giant Saudi Aramco, was salmon fishing in remote Alaska.
After a series of urgent memos, Naimi returned a call from one of King Fahd’s advisers, who informed him of his new role — and ordered his speedy return.
“I asked if I had a choice in the matter. He said no,” said Naimi, recounting the 1995 conversation in his memoir, Out of the Desert. “I did what anyone in my position would do on hearing that momentous news: I went fishing.”
"
'via Blog this'
"When Ali al-Naimi was told he had been appointed Saudi oil minister, the most powerful post in the energy world, he was far from the desert kingdom. Keen for a break, the man who was then chief of state energy giant Saudi Aramco, was salmon fishing in remote Alaska.
After a series of urgent memos, Naimi returned a call from one of King Fahd’s advisers, who informed him of his new role — and ordered his speedy return.
“I asked if I had a choice in the matter. He said no,” said Naimi, recounting the 1995 conversation in his memoir, Out of the Desert. “I did what anyone in my position would do on hearing that momentous news: I went fishing.”
"
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