Saudi Aramco’s value at risk from climate change policies:
"The valuation of Saudi Aramco, which is planning its initial public offering for next year, could be greatly cut by policies to address the threat of global warming, an environmental campaign group has warned.
Oil Change International has calculated that policies to meet the Paris climate agreement’s commitment to limit global warming to “well below” 2C could reduce the value of Saudi Arabia’s state energy group by about 40 per cent.
“New York and London have been competing hard to get the Aramco listing, but I don’t think they have been paying enough attention to how much it would increase oil price risk and climate risk for investors,” said Greg Muttitt of Oil Change."
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Sunday 13 August 2017
Exclusive: Arab bloc won't discriminate against U.S. firms in Qatar rift - sources
Exclusive: Arab bloc won't discriminate against U.S. firms in Qatar rift - sources:
"Four Arab countries that imposed sanctions on Qatar have told the United States that U.S. companies doing business with them would not be punished for also working with Doha, four sources with knowledge of the matter said.
Foreign firms have become increasingly cautious on their cross border dealings over concerns they could fall foul of the region's biggest diplomatic crisis in years.
Saudi Arabia, the United Arab Emirates (UAE), Egypt and Bahrain sent a letter to U.S. Secretary of State Rex Tillerson in July reassuring him that U.S. companies would not be discriminated against as part of the boycott, according to sources with knowledge of the letter.
"
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"Four Arab countries that imposed sanctions on Qatar have told the United States that U.S. companies doing business with them would not be punished for also working with Doha, four sources with knowledge of the matter said.
Foreign firms have become increasingly cautious on their cross border dealings over concerns they could fall foul of the region's biggest diplomatic crisis in years.
Saudi Arabia, the United Arab Emirates (UAE), Egypt and Bahrain sent a letter to U.S. Secretary of State Rex Tillerson in July reassuring him that U.S. companies would not be discriminated against as part of the boycott, according to sources with knowledge of the letter.
"
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Saudi Arabia's Budget Deficit Narrows as Crude Revenue Rises - Bloomberg
Saudi Arabia's Budget Deficit Narrows as Crude Revenue Rises - Bloomberg:
"Saudi Arabia’s second-quarter budget gap narrowed to 46.5 billion riyals ($12.4 billion) from the same period last year after income from oil advanced, while non-oil revenue fell.
Total revenue climbed 6 percent in the second quarter to 163.9 billion riyals after income from crude jumped 28 percent, the finance ministry said in a statement. That helped narrow the deficit from 58.4 billion riyals in the same period last year, even though revenue from non-oil sources fell by 17 percent. Spending dropped 1.3 percent, to 210.4 billion riyals.
“It’s really a story of stronger oil revenue and ongoing fiscal restraint,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “Much of the narrowing in the deficit seen in the first half of 2017 is due to higher oil revenue, versus in 2016,”"
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"Saudi Arabia’s second-quarter budget gap narrowed to 46.5 billion riyals ($12.4 billion) from the same period last year after income from oil advanced, while non-oil revenue fell.
Total revenue climbed 6 percent in the second quarter to 163.9 billion riyals after income from crude jumped 28 percent, the finance ministry said in a statement. That helped narrow the deficit from 58.4 billion riyals in the same period last year, even though revenue from non-oil sources fell by 17 percent. Spending dropped 1.3 percent, to 210.4 billion riyals.
“It’s really a story of stronger oil revenue and ongoing fiscal restraint,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “Much of the narrowing in the deficit seen in the first half of 2017 is due to higher oil revenue, versus in 2016,”"
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MIDEAST STOCKS-Bourses most exposed to foreign funds lag as global mood cautious
MIDEAST STOCKS-Bourses most exposed to foreign funds lag as global mood cautious:
"Stock markets in the Middle East that are most exposed to foreign funds were the chief losers on Sunday, taking their cue from international bourses, where the mood was soured last week by growing tensions between the United States and North Korea.
The worst performer in the region was Egypt's blue-chip index, which dropped 1.4 percent as all but two of the 30 most valuable shares declined. The broader EGX100 fell 0.7 percent.
Shares often traded by foreign funds were particularly weak, with Investment firm EFG Hermes dropping 5.8 percent and Commercial International Bank shedding 1.4 percent."
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"Stock markets in the Middle East that are most exposed to foreign funds were the chief losers on Sunday, taking their cue from international bourses, where the mood was soured last week by growing tensions between the United States and North Korea.
The worst performer in the region was Egypt's blue-chip index, which dropped 1.4 percent as all but two of the 30 most valuable shares declined. The broader EGX100 fell 0.7 percent.
Shares often traded by foreign funds were particularly weak, with Investment firm EFG Hermes dropping 5.8 percent and Commercial International Bank shedding 1.4 percent."
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MIDEAST STOCKS-UAE, Qatar underperform, Saudi flat in early trade
MIDEAST STOCKS-UAE, Qatar underperform, Saudi flat in early trade:
"Stock markets in the Gulf that are most exposed to foreign funds were the chief losers in early trade on Sunday, taking their cue from global bourses, where the mood was soured last week by growing tensions between the United States and North Korea.
The Dubai index was down 0.5 percent as most shares fell, including commodities shipper Gulf Navigation, which was down 3.0 percent despite reporting a rise in second-quarter profit.
Shuaa Capital rose 0.8 percent, however, after it swung to a second-quarter net profit of 12.1 million dirhams ($3.3 million) from a loss of 50.8 million dirhams a year ago."
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"Stock markets in the Gulf that are most exposed to foreign funds were the chief losers in early trade on Sunday, taking their cue from global bourses, where the mood was soured last week by growing tensions between the United States and North Korea.
The Dubai index was down 0.5 percent as most shares fell, including commodities shipper Gulf Navigation, which was down 3.0 percent despite reporting a rise in second-quarter profit.
Shuaa Capital rose 0.8 percent, however, after it swung to a second-quarter net profit of 12.1 million dirhams ($3.3 million) from a loss of 50.8 million dirhams a year ago."
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