Flydubai's loss widens in first half of 2018 on rising fuel costs - The National:
Dubai-based low-cost carrier flydubai widened its first half loss to Dh316.8 million compared with the same period last year, as rising oil prices increased fuel costs for the airline.
Flydubai reported a price impact of Dh175m in the first half of this year due to a 35 per cent increase in the average Brent crude oil price compared to the same period last year, it said in a statement on Wednesday.
The airline’s loss widened from the Dh142.5m reported for the six months of 2017. Total revenue for the period increased 10.4 per cent to Dh2.8 billion from a year earlier, flydubai said.
Wednesday 5 September 2018
QFCRA opens opportunities for asset managers - The Peninsula Qatar
QFCRA opens opportunities for asset managers - The Peninsula Qatar:
The Qatar Financial Centre Regulatory Authority (QFCRA) announced that it has completed the signing of 21 MoUs with securities regulators in the European Union.
The MoUs were coordinated by the European Securities and Markets Authority (ESMA), following its review of the QFC’s legislative and supervisory framework and its approval of the QFCRA as a MoU counterparty.
The MoUs create the opportunity for QFC fund managers to manage and market funds to professional investors in the EU and represent a significant opportunity for asset managers authorised in the Qatar Financial Centre.
The Qatar Financial Centre Regulatory Authority (QFCRA) announced that it has completed the signing of 21 MoUs with securities regulators in the European Union.
The MoUs were coordinated by the European Securities and Markets Authority (ESMA), following its review of the QFC’s legislative and supervisory framework and its approval of the QFCRA as a MoU counterparty.
The MoUs create the opportunity for QFC fund managers to manage and market funds to professional investors in the EU and represent a significant opportunity for asset managers authorised in the Qatar Financial Centre.
Etihad-linked EA Partners’ creditors said to hire Dechert ahead of debt plan
Etihad-linked EA Partners’ creditors said to hire Dechert ahead of debt plan:
A group of creditors to EA Partners, a special purpose vehicle linked to Etihad Airways, hired law firm Dechert LLP ahead of a possible debt restructuring, according to people familiar with the matter.
The hiring follows unsuccessful auctions of defaulted claims on two insolvent affiliates of the Abu Dhabi-based airline, Air Berlin and Alitalia, said the people, asking not to be identified because it’s private.
A spokesman for Dechert confirmed a group of investors had appointed the firm but declined to comment further. A spokesman for Etihad declined to comment on the hiring. Officials at EA Partners didn’t return calls and emails seeking comment.
A group of creditors to EA Partners, a special purpose vehicle linked to Etihad Airways, hired law firm Dechert LLP ahead of a possible debt restructuring, according to people familiar with the matter.
The hiring follows unsuccessful auctions of defaulted claims on two insolvent affiliates of the Abu Dhabi-based airline, Air Berlin and Alitalia, said the people, asking not to be identified because it’s private.
A spokesman for Dechert confirmed a group of investors had appointed the firm but declined to comment further. A spokesman for Etihad declined to comment on the hiring. Officials at EA Partners didn’t return calls and emails seeking comment.
Crude Edges Lower After Industry Report Shows Build in Cushing - Bloomberg
Crude Edges Lower After Industry Report Shows Build in Cushing - Bloomberg:
Oil declined marginally after an industry group showed a build in Cushing, Oklahoma, stockpiles.
Futures in New York edged lower from the settlement Wednesday after the American Petroleum Institute was said to report a draw in nationwide oil inventories that was offset by expansions in Cushing, gasoline and distillate stockpiles. Before the report, oil prices settled 1.7 percent lower after emerging-market stocks careened toward bear-market territory while a basket of the most-vulnerable currencies dipped to the lowest in more than a year.
Oil is falling amid concern that “emerging-market contagion is going to suppress economic growth and limit demand,” said Gene McGillian, manager of market research at Tradition Energy.
Oil declined marginally after an industry group showed a build in Cushing, Oklahoma, stockpiles.
Futures in New York edged lower from the settlement Wednesday after the American Petroleum Institute was said to report a draw in nationwide oil inventories that was offset by expansions in Cushing, gasoline and distillate stockpiles. Before the report, oil prices settled 1.7 percent lower after emerging-market stocks careened toward bear-market territory while a basket of the most-vulnerable currencies dipped to the lowest in more than a year.
Oil is falling amid concern that “emerging-market contagion is going to suppress economic growth and limit demand,” said Gene McGillian, manager of market research at Tradition Energy.
Saudi Bourse CEO Sees Aramco IPO as `Certain' Despite Delay - Bloomberg
Saudi Bourse CEO Sees Aramco IPO as `Certain' Despite Delay - Bloomberg:
Saudi Arabia’s bourse is in no doubt that state-owned oil giant Aramco will eventually list its shares on the local stock market following a delay in what was going to be one of the world’s largest IPOs.
“I’m certain Aramco will join the market,” Khalid Abdullah Al Hussan, the chief executive officer of the Saudi stock market, said in an interview in Riyadh on Wednesday. “The decision has been made to take the company public, and the government has announced, several times, that they are looking at the proper time for listing Aramco.”
Al Hussan declined to give more details on the possible timing of the share sale. The Tadawul All Share Index fell as much as 4.6 percent on Wednesday before closing 3.1 percent lower, the biggest slide since September 2016, amid a rout in emerging market assets.
Saudi Arabia’s bourse is in no doubt that state-owned oil giant Aramco will eventually list its shares on the local stock market following a delay in what was going to be one of the world’s largest IPOs.
“I’m certain Aramco will join the market,” Khalid Abdullah Al Hussan, the chief executive officer of the Saudi stock market, said in an interview in Riyadh on Wednesday. “The decision has been made to take the company public, and the government has announced, several times, that they are looking at the proper time for listing Aramco.”
Al Hussan declined to give more details on the possible timing of the share sale. The Tadawul All Share Index fell as much as 4.6 percent on Wednesday before closing 3.1 percent lower, the biggest slide since September 2016, amid a rout in emerging market assets.
UK court stops Djibouti from terminating joint venture agreement with DP World | ZAWYA MENA Edition
UK court stops Djibouti from terminating joint venture agreement with DP World | ZAWYA MENA Edition:
The High Court of England & Wales has granted an injunction restraining Djibouti's port company, Port de Djibouti S.A. (PDSA), from treating its joint venture shareholders' agreement with global trade enabler DP World as terminated.
The High Court has further prohibited PDSA from removing directors of the Doraleh Container Terminal (DCT) joint venture company who were appointed by DP World pursuant to that agreement.
PDSA is not to interfere with the management of DCT until further orders of the Court or the resolution of the dispute by a London-seated arbitration tribunal.
The High Court of England & Wales has granted an injunction restraining Djibouti's port company, Port de Djibouti S.A. (PDSA), from treating its joint venture shareholders' agreement with global trade enabler DP World as terminated.
The High Court has further prohibited PDSA from removing directors of the Doraleh Container Terminal (DCT) joint venture company who were appointed by DP World pursuant to that agreement.
PDSA is not to interfere with the management of DCT until further orders of the Court or the resolution of the dispute by a London-seated arbitration tribunal.
Oil falls more than 1 percent as storm fears ease, demand concerns mount | Reuters
Oil falls more than 1 percent as storm fears ease, demand concerns mount | Reuters:
Oil prices fell more than one percent on Wednesday after a U.S. Gulf storm weakened and moved away from oil-producing areas and as concerns mounted about global trade disputes and Turkey’s currency crisis hurting demand.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.15 to settle at $68.72 a barrel, a 1.65 percent loss.
Brent crude LCOc1 futures fell 90 cents to settle at $77.27 a barrel, a 1.15 percent loss. The global benchmark had climbed in the previous session to $79.72 a barrel, its highest since May.
Oil prices fell more than one percent on Wednesday after a U.S. Gulf storm weakened and moved away from oil-producing areas and as concerns mounted about global trade disputes and Turkey’s currency crisis hurting demand.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.15 to settle at $68.72 a barrel, a 1.65 percent loss.
Brent crude LCOc1 futures fell 90 cents to settle at $77.27 a barrel, a 1.15 percent loss. The global benchmark had climbed in the previous session to $79.72 a barrel, its highest since May.
Qatar Petroleum in talks over potential German LNG terminal | Reuters
Qatar Petroleum in talks over potential German LNG terminal | Reuters:
Qatar Petroleum, the world’s top supplier of liquefied natural gas (LNG), is talking to German energy firms Uniper and RWE about cooperating on a potential local LNG terminal, its chief executive told a paper.
“We have a serious interest in participating in a German LNG terminal and are talking to Uniper and RWE,” Saad Al-Kaabi told business daily Handelsblatt in an interview ahead of the Qatar Germany Business and Investment Forum in Berlin on Sept. 7.
Al-Kaabi said there were two ways of participating in an LNG terminal, either by securing capacity to open up supply, or by taking a stake in the terminal infrastructure.
Qatar Petroleum, the world’s top supplier of liquefied natural gas (LNG), is talking to German energy firms Uniper and RWE about cooperating on a potential local LNG terminal, its chief executive told a paper.
“We have a serious interest in participating in a German LNG terminal and are talking to Uniper and RWE,” Saad Al-Kaabi told business daily Handelsblatt in an interview ahead of the Qatar Germany Business and Investment Forum in Berlin on Sept. 7.
Al-Kaabi said there were two ways of participating in an LNG terminal, either by securing capacity to open up supply, or by taking a stake in the terminal infrastructure.
Fears rise, diapers vanish: Iran currency crash causes chaos
Fears rise, diapers vanish: Iran currency crash causes chaos:
Iran’s rial fell to a record low on Wednesday as worried residents of Tehran lined up outside beleaguered moneychangers, part of a staggering 140-percent drop in the currency’s value since America pulled out of the nuclear deal only four months ago.
Those who went to work at the start of the Iranian week on Saturday saw their money shed a quarter of its value by the time they left the office Wednesday. Signs of the currency chaos can be seen everywhere in Tehran, where travel agents offer vacation prices only in hard currency and diapers have disappeared from store shelves — something acknowledged by the supreme leader.
Many exchange shops in downtown Tehran simply turned off their electronic signs showing the current rate for the U.S. dollar, while some Iranians who wanted hard currency sought out informal money traders on street corners. Exchange shops that remained open offered 150,000 rials to the U.S. dollar.
Iran’s rial fell to a record low on Wednesday as worried residents of Tehran lined up outside beleaguered moneychangers, part of a staggering 140-percent drop in the currency’s value since America pulled out of the nuclear deal only four months ago.
Those who went to work at the start of the Iranian week on Saturday saw their money shed a quarter of its value by the time they left the office Wednesday. Signs of the currency chaos can be seen everywhere in Tehran, where travel agents offer vacation prices only in hard currency and diapers have disappeared from store shelves — something acknowledged by the supreme leader.
Many exchange shops in downtown Tehran simply turned off their electronic signs showing the current rate for the U.S. dollar, while some Iranians who wanted hard currency sought out informal money traders on street corners. Exchange shops that remained open offered 150,000 rials to the U.S. dollar.
UAE's Mubadala completes oilfields acquisition deal in Russia
UAE's Mubadala completes oilfields acquisition deal in Russia:
Abu Dhabi’s state-owned Mubadala fund has completed a deal on investment in oil production in Russia’s western Siberia, the Russian Direct Investment Fund, a partner in the deal, said in a statement on Wednesday.
Mubadala Petroleum has bought a 44 percent stake in Gazprom Neft-Vostok LLC, the operator of 13 oilfields, from Gazprom Neft . RDIF has acquired 5 percent in the company.
Abu Dhabi’s state-owned Mubadala fund has completed a deal on investment in oil production in Russia’s western Siberia, the Russian Direct Investment Fund, a partner in the deal, said in a statement on Wednesday.
Mubadala Petroleum has bought a 44 percent stake in Gazprom Neft-Vostok LLC, the operator of 13 oilfields, from Gazprom Neft . RDIF has acquired 5 percent in the company.
UPDATE 1-Saudi bourse says IPOs to increase, futures to aid foreign funds | Reuters
UPDATE 1-Saudi bourse says IPOs to increase, futures to aid foreign funds | Reuters:
The Saudi Stock Exchange expects share listings to pick up next year while the launch of stock index futures should smooth an influx of money from overseas, its chief executive said on Wednesday.
The Saudi market, with a capitalisation of about $500 billion, is bracing for heavy inflows of foreign funds in 2019 — analysts predict $20 billion or more — as it joins emerging market indexes compiled by MSCI and FTSE Russell.
Absorbing that amount of money without destabilising stock prices may be difficult. But Khalid al-Hussan said authorities were working on several initiatives to deepen the market with initial public offers of equity, helping to make it more stable.
The Saudi Stock Exchange expects share listings to pick up next year while the launch of stock index futures should smooth an influx of money from overseas, its chief executive said on Wednesday.
The Saudi market, with a capitalisation of about $500 billion, is bracing for heavy inflows of foreign funds in 2019 — analysts predict $20 billion or more — as it joins emerging market indexes compiled by MSCI and FTSE Russell.
Absorbing that amount of money without destabilising stock prices may be difficult. But Khalid al-Hussan said authorities were working on several initiatives to deepen the market with initial public offers of equity, helping to make it more stable.
Saudi Aramco in early talks on jumbo debt deal | Reuters
Saudi Aramco in early talks on jumbo debt deal | Reuters:
Oil and gas giant Saudi Aramco is having preliminary talks with banks about a potential debt financing of up to US$70bn to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, banking sources said on Wednesday.
Aramco is looking at buying a strategic stake in Sabic, the world’s fourth-biggest petrochemicals company, from Saudi’s Public Investment Fund (PIF), which owns a 70% stake worth around US$70bn.
Bankers say a potential financing of US$50-70bn is a strong possibility. A deal of this size would set a new record for the region and give sovereign wealth fund PIF cash to fund Saudi’s ambitious Vision 2030 plan to diversify its oil-dependent economy.
Oil and gas giant Saudi Aramco is having preliminary talks with banks about a potential debt financing of up to US$70bn to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, banking sources said on Wednesday.
Aramco is looking at buying a strategic stake in Sabic, the world’s fourth-biggest petrochemicals company, from Saudi’s Public Investment Fund (PIF), which owns a 70% stake worth around US$70bn.
Bankers say a potential financing of US$50-70bn is a strong possibility. A deal of this size would set a new record for the region and give sovereign wealth fund PIF cash to fund Saudi’s ambitious Vision 2030 plan to diversify its oil-dependent economy.
MIDEAST STOCKS-Saudi index drops below 200-day average amid emerging markets sell-off | Reuters
MIDEAST STOCKS-Saudi index drops below 200-day average amid emerging markets sell-off | Reuters:
Saudi Arabia’s main stock index fell below major technical support for the first time this year on Wednesday, leading declines in Middle East stocks as the region was swept up in a broader emerging markets sell-off.
Investor sentiment was gloomy across emerging markets, with the MSCI emerging market index down 1.3 percent as a result of worries about a potential escalation in the U.S.-China trade conflict and the health of emerging markets such as Turkey and Argentina.
Saudi Arabia’s stock index dropped 3.9 percent in late trade, falling below its 200-day average for the first time this year. The index closed 3.1 percent down.
Saudi Arabia’s main stock index fell below major technical support for the first time this year on Wednesday, leading declines in Middle East stocks as the region was swept up in a broader emerging markets sell-off.
Investor sentiment was gloomy across emerging markets, with the MSCI emerging market index down 1.3 percent as a result of worries about a potential escalation in the U.S.-China trade conflict and the health of emerging markets such as Turkey and Argentina.
Saudi Arabia’s stock index dropped 3.9 percent in late trade, falling below its 200-day average for the first time this year. The index closed 3.1 percent down.
Investcorp buys 40% holding in Swiss private bank PBS | Financial Times
Investcorp buys 40% holding in Swiss private bank PBS | Financial Times:
Investcorp has bought a more than 40 per cent stake in a Swiss private bank as the $22.6bn alternative investment group seeks to increase its assets under management to $50bn in four years.
The Bahrain-listed group declined to provide financial details but said its holding in Banque Pâris Bertrand Sturdza, a $5.4bn private bank, strengthens its ambitions to become a larger global financial group.
Investcorp started life in 1982 as a Gulf-based private equity specialist but has since expanded into other alternative assets including real estate, hedge funds and private debt, acquiring the $12bn debt management business of 3i, Britain’s biggest listed private equity group, two years ago in a £222m deal.
Investcorp has bought a more than 40 per cent stake in a Swiss private bank as the $22.6bn alternative investment group seeks to increase its assets under management to $50bn in four years.
The Bahrain-listed group declined to provide financial details but said its holding in Banque Pâris Bertrand Sturdza, a $5.4bn private bank, strengthens its ambitions to become a larger global financial group.
Investcorp started life in 1982 as a Gulf-based private equity specialist but has since expanded into other alternative assets including real estate, hedge funds and private debt, acquiring the $12bn debt management business of 3i, Britain’s biggest listed private equity group, two years ago in a £222m deal.
Dubai Slowdown Prompts S&P to Lower Ratings of Two State Firms - Bloomberg
Dubai Slowdown Prompts S&P to Lower Ratings of Two State Firms - Bloomberg:
Dubai’s economic slowdown has prompted S&P Global Ratings to cut the credit ratings of two government-related companies.
S&P lowered the rating of Dubai Electricity & Water Authority, the emirate’s utility monopoly, by one level to BBB, two steps above junk, with a negative outlook. It also downgraded DIFC Investments LLC, which owns properties in Dubai’s tax-free financial center, to BBB- with a stable outlook.
“Credit conditions in Dubai have deteriorated, which we believe affects the government’s likely ability to provide extraordinary financial support to its government-related entities if needed,” the rating company said.
Dubai’s economic slowdown has prompted S&P Global Ratings to cut the credit ratings of two government-related companies.
S&P lowered the rating of Dubai Electricity & Water Authority, the emirate’s utility monopoly, by one level to BBB, two steps above junk, with a negative outlook. It also downgraded DIFC Investments LLC, which owns properties in Dubai’s tax-free financial center, to BBB- with a stable outlook.
“Credit conditions in Dubai have deteriorated, which we believe affects the government’s likely ability to provide extraordinary financial support to its government-related entities if needed,” the rating company said.
Iran Sets Nov. 4 Cutoff for Europe to Offset U.S. Sanctions - Bloomberg
Iran Sets Nov. 4 Cutoff for Europe to Offset U.S. Sanctions - Bloomberg:
Iran has given European parties to the nuclear deal until Nov. 4 -- the start of U.S. sanctions against its vital oil industry -- to come up with ways to offset the impact, suggesting it may otherwise pull out.
Iran has “clearly announced” to European nations that if its “main interests” in the nuclear agreement are not served, “staying in the deal will not benefit us anymore,” Iranian Deputy Foreign Minister Abbas Araghchi said on state television late Tuesday, according to the Tasnim news agency. “They have a deadline of Nov. 4 and from then on, any action by them would be useless.”
The U.S. sanctions on Iran’s oil industry are targeting the lifeline of its economy. Last month, it banned Iran from buying dollars, and trading gold and other precious metals, and imposed sanctions on the automotive sector.
Iran has given European parties to the nuclear deal until Nov. 4 -- the start of U.S. sanctions against its vital oil industry -- to come up with ways to offset the impact, suggesting it may otherwise pull out.
Iran has “clearly announced” to European nations that if its “main interests” in the nuclear agreement are not served, “staying in the deal will not benefit us anymore,” Iranian Deputy Foreign Minister Abbas Araghchi said on state television late Tuesday, according to the Tasnim news agency. “They have a deadline of Nov. 4 and from then on, any action by them would be useless.”
The U.S. sanctions on Iran’s oil industry are targeting the lifeline of its economy. Last month, it banned Iran from buying dollars, and trading gold and other precious metals, and imposed sanctions on the automotive sector.
Qatar Is First Gulf Nation to Grant Expats Permanent Residency - Bloomberg
Qatar Is First Gulf Nation to Grant Expats Permanent Residency - Bloomberg:
Qatar has officially made permanent residency an option for a limited number of foreigners, a landmark development in the energy-rich Gulf.
Emir Sheikh Tamim bin Hamad Al Thani issued a decree allowing a maximum of 100 expatriates to gain permanent residency each year, giving them access to a generous welfare system and commercial rights previously reserved for citizens of the world’s biggest exporter of natural gas. The Ministry of Interior will decide on applications, according to the Sept. 4 decree.
A yearlong boycott of Qatar by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt has lent added urgency to encouraging expatriates to stay in the country by granting some of them more rights. Permanent residency for foreigners has been a controversial issue in the six-nation Gulf Cooperation Council, where citizens’ privileges are guarded zealously. Expatriates make up more than 90 percent of Qatar’s 2.7 million people.
Qatar has officially made permanent residency an option for a limited number of foreigners, a landmark development in the energy-rich Gulf.
Emir Sheikh Tamim bin Hamad Al Thani issued a decree allowing a maximum of 100 expatriates to gain permanent residency each year, giving them access to a generous welfare system and commercial rights previously reserved for citizens of the world’s biggest exporter of natural gas. The Ministry of Interior will decide on applications, according to the Sept. 4 decree.
A yearlong boycott of Qatar by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt has lent added urgency to encouraging expatriates to stay in the country by granting some of them more rights. Permanent residency for foreigners has been a controversial issue in the six-nation Gulf Cooperation Council, where citizens’ privileges are guarded zealously. Expatriates make up more than 90 percent of Qatar’s 2.7 million people.
Saudi stock exchange to launch options after stock index futures -CEO | Reuters
Saudi stock exchange to launch options after stock index futures -CEO | Reuters:
The Saudi stock exchange will launch options at an unspecified time after the launch of stock index futures, its chief executive Khalid al-Hussan said on Wednesday.
He was speaking to reporters a day after global index provider MSCI announced it had signed an agreement with the Saudi Stock Exchange Co (Tadawul) to jointly launch a tradeable index later this year in a move that could spur the growth of derivatives and exchange-traded funds.
The Saudi stock exchange will launch options at an unspecified time after the launch of stock index futures, its chief executive Khalid al-Hussan said on Wednesday.
He was speaking to reporters a day after global index provider MSCI announced it had signed an agreement with the Saudi Stock Exchange Co (Tadawul) to jointly launch a tradeable index later this year in a move that could spur the growth of derivatives and exchange-traded funds.
Oil falls below $78 as U.S. storm threat eases | Reuters
Oil falls below $78 as U.S. storm threat eases | Reuters:
Oil fell below $78 a barrel on Wednesday as a tropical storm hitting the U.S. Gulf coast weakened, offsetting support from forecasts of lower U.S. inventories and sanctions against Iran.
Crude had jumped the previous day as oil companies shut dozens of offshore platforms in anticipation of damage from tropical storm Gordon. But by Wednesday the storm was weakening, reducing its threat to oil producers.
“Tropical storm Gordon made an uneventful landfall after dashing expectations that it would strengthen to a hurricane,” said Stephen Brennock of oil broker PVM.
Oil fell below $78 a barrel on Wednesday as a tropical storm hitting the U.S. Gulf coast weakened, offsetting support from forecasts of lower U.S. inventories and sanctions against Iran.
Crude had jumped the previous day as oil companies shut dozens of offshore platforms in anticipation of damage from tropical storm Gordon. But by Wednesday the storm was weakening, reducing its threat to oil producers.
“Tropical storm Gordon made an uneventful landfall after dashing expectations that it would strengthen to a hurricane,” said Stephen Brennock of oil broker PVM.
MSCI CEO says composition of new Saudi tradeable index not yet fixed
MSCI CEO says composition of new Saudi tradeable index not yet fixed:
The composition of new MSCI-Saudi tradeable index is not yet fixed, but the index provider will publish standards later, MSCI CEO Henry Fernandez said on Wednesday.
MSCI said the index would be based on the broader MSCI Saudi Arabia index series, part of the MSCI Emerging Markets Index.
The composition of new MSCI-Saudi tradeable index is not yet fixed, but the index provider will publish standards later, MSCI CEO Henry Fernandez said on Wednesday.
MSCI said the index would be based on the broader MSCI Saudi Arabia index series, part of the MSCI Emerging Markets Index.
MIDEAST STOCKS-Abu Dhabi shares climb, UNB makes fresh gains on merger talks | Reuters
MIDEAST STOCKS-Abu Dhabi shares climb, UNB makes fresh gains on merger talks | Reuters:
Abu Dhabi’s stock market edged higher on Wednesday, in contrast to most other Gulf markets, propelled by a surge in Union National Bank as investors expected the bank to benefit from a potential merger.
UNB added to double-digit gains on Tuesday to climb 6.6 percent. It follows Abu Dhabi Commercial Bank announcing on Monday it was in early merger talks with UNB and separately with unlisted Al Hilal Bank.
UNB confirmed talks with ADCB, saying they were “very preliminary”.
Abu Dhabi’s stock market edged higher on Wednesday, in contrast to most other Gulf markets, propelled by a surge in Union National Bank as investors expected the bank to benefit from a potential merger.
UNB added to double-digit gains on Tuesday to climb 6.6 percent. It follows Abu Dhabi Commercial Bank announcing on Monday it was in early merger talks with UNB and separately with unlisted Al Hilal Bank.
UNB confirmed talks with ADCB, saying they were “very preliminary”.
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