Abu Dhabi Stock Exchange Aims to Start Futures Trading Next Year - Bloomberg:
Abu Dhabi’s stock exchange is joining a race to introduce derivatives as Gulf bourses including Kuwait and Saudi Arabia put strategies in place to lure more investors.
The Abu Dhabi Securities Exchange, known as ADX, plans to enable trading of futures contracts on single stocks in 2019, and they may eventually be available for the benchmark ADX General Index, Chief Executive Officer Rashed Al Blooshi said Monday in an interview, without specifying any starting dates.
Saudi Arabia’s stock exchange, the biggest in the Middle East, announced last week that it will introduce index-futures trading next year, with the contracts and options on single stocks expected to be available by 2020. Investors can already trade futures on United Arab Emirates company stocks listed on the Nasdaq Dubai exchange, but liquidity is thin. The derivatives will also be part of reforms Kuwait is undertaking that may result in the exchange’s upgrade to emerging-markets status at MSCI Inc. next year.
Monday, 10 September 2018
Oil Rally Stalls as Saudi Barrels Seen Offsetting Iran Sanctions - Bloomberg
Oil Rally Stalls as Saudi Barrels Seen Offsetting Iran Sanctions - Bloomberg:
Crude oil slipped in New York as investors weighed a potential production surge from Saudi Arabia and Russia against concern that sanctions against Iran will trigger a global supply crunch.
West Texas Intermediate crude advanced as much as 1.1 percent on Monday before pulling back. While South Korea has become the first of Iran’s top-three oil customers to fulfill a U.S. demand that buyers cut imports to zero, speculation that Saudi Arabia and Russia will fill in any supply gaps is keeping prices in check. A trade war between U.S. and China has also pressured the market lower.
Investors will be watching to see if “the Russians and the Saudis continue to put more oil on the market. That will basically negate some of the worries about tightening supply,” said Gene McGillian, manager of market research at Tradition Energy. Yet, Trump’s fresh threats of tariffs don’t really “sit well with the demand side of the market.”
Crude oil slipped in New York as investors weighed a potential production surge from Saudi Arabia and Russia against concern that sanctions against Iran will trigger a global supply crunch.
West Texas Intermediate crude advanced as much as 1.1 percent on Monday before pulling back. While South Korea has become the first of Iran’s top-three oil customers to fulfill a U.S. demand that buyers cut imports to zero, speculation that Saudi Arabia and Russia will fill in any supply gaps is keeping prices in check. A trade war between U.S. and China has also pressured the market lower.
Investors will be watching to see if “the Russians and the Saudis continue to put more oil on the market. That will basically negate some of the worries about tightening supply,” said Gene McGillian, manager of market research at Tradition Energy. Yet, Trump’s fresh threats of tariffs don’t really “sit well with the demand side of the market.”
SABIC and Clariant to deepen alliance as regulators back stake deal
SABIC and Clariant to deepen alliance as regulators back stake deal:
Saudi Basic Industries Corp won regulatory approvals on Monday to buy a quarter of Swiss chemicals maker Clariant, cementing a partnership they hope will drive profit.
The world's fourth-largest chemicals maker said in January it was buying a 24.99 percent stake from activist investors, rescuing Clariant from a hostile takeover threat.
However, gaining a regulatory nod from countries including Mexico and Brazil has pushed back closure of SABIC's stock purchase by nine months.
Saudi Basic Industries Corp won regulatory approvals on Monday to buy a quarter of Swiss chemicals maker Clariant, cementing a partnership they hope will drive profit.
The world's fourth-largest chemicals maker said in January it was buying a 24.99 percent stake from activist investors, rescuing Clariant from a hostile takeover threat.
However, gaining a regulatory nod from countries including Mexico and Brazil has pushed back closure of SABIC's stock purchase by nine months.
Dana and Keystone to boost oil and gas investment in Kurdistan
Dana and Keystone to boost oil and gas investment in Kurdistan:
The Kurdistan region of Iraq is set to attract increased investment from international oil and gas companies as the improving price of crude boosts sentiment.
Abu Dhabi-listed Dana Gas said it would raise gas production after Pearl Petroleum, in which it has a 35 percent stake, received its latest payment from the Kurdistan Regional Government.
Britain’s Gulf Keystone Petroleum also said it was resuming spending on the Shaikan oilfield in the region as it reported record profit for the first half.
The Kurdistan region of Iraq is set to attract increased investment from international oil and gas companies as the improving price of crude boosts sentiment.
Abu Dhabi-listed Dana Gas said it would raise gas production after Pearl Petroleum, in which it has a 35 percent stake, received its latest payment from the Kurdistan Regional Government.
Britain’s Gulf Keystone Petroleum also said it was resuming spending on the Shaikan oilfield in the region as it reported record profit for the first half.
Corporate captains hail successful Berlin Forum - The Peninsula Qatar
Corporate captains hail successful Berlin Forum - The Peninsula Qatar:
Qatar’s corporate honchos have hailed the successful outcome of the just-concluded Qatar-Germany Business and Investment Forum.
Speaking to The Peninsula, on the sidelines of the event, the heads of top banks and the real estate industry leaders affirmed the Forum opened a new chapter in the long-standing bilateral relation of Qatar and Germany, world’s two fastest growing economies.
Just Real Estate (JRE) CEO Nasser H Al Ansari told The Peninsula that the Forum has helped open new market in both Qatar and Germany. He foresees a further strengthening of relationship between Qatar and Germany.
Qatar’s corporate honchos have hailed the successful outcome of the just-concluded Qatar-Germany Business and Investment Forum.
Speaking to The Peninsula, on the sidelines of the event, the heads of top banks and the real estate industry leaders affirmed the Forum opened a new chapter in the long-standing bilateral relation of Qatar and Germany, world’s two fastest growing economies.
Just Real Estate (JRE) CEO Nasser H Al Ansari told The Peninsula that the Forum has helped open new market in both Qatar and Germany. He foresees a further strengthening of relationship between Qatar and Germany.
QSE nears 9,900 levels on stronger buying support from foreign institutions
QSE nears 9,900 levels on stronger buying support from foreign institutions:
Stronger buying support from foreign institutions on Monday gave a 119 points thrust to the Qatar Stock Exchange, whose key index neared 9,900 levels.
Insurance, Industrials and Banking counters witnessed higher-than-average demand, leading to a 1.22% jump in the 20-stock Qatar Index to 9,889.62 points.
Masraf Al Rayan and Doha Bank sponsored exchange traded funds QATR and QETF saw 0.86% and 0.15% gains respectively.
Stronger buying support from foreign institutions on Monday gave a 119 points thrust to the Qatar Stock Exchange, whose key index neared 9,900 levels.
Insurance, Industrials and Banking counters witnessed higher-than-average demand, leading to a 1.22% jump in the 20-stock Qatar Index to 9,889.62 points.
Masraf Al Rayan and Doha Bank sponsored exchange traded funds QATR and QETF saw 0.86% and 0.15% gains respectively.
MIDEAST STOCKS-Gulf outperforms emerging market slump, late sales hit Saudi | Reuters
MIDEAST STOCKS-Gulf outperforms emerging market slump, late sales hit Saudi | Reuters:
Gulf stock markets mostly rose on Monday, outperforming emerging markets globally, though Saudi Arabia closed lower because of a wave of selling in the final hour.
MSCI’s emerging market index was down 0.9 percent. Gulf markets have been weakened by the global downturn but many fund managers think that with Brent oil above $75 a barrel and given the region’s currency pegs, they can ride out instability relatively comfortably.
Vrajesh Bhandari, portfolio manager at Al Mal in Dubai, called last week’s losses in Gulf markets a technical correction. The fundamental case for most stocks in Al Mal’s portfolio had not changed.
Gulf stock markets mostly rose on Monday, outperforming emerging markets globally, though Saudi Arabia closed lower because of a wave of selling in the final hour.
MSCI’s emerging market index was down 0.9 percent. Gulf markets have been weakened by the global downturn but many fund managers think that with Brent oil above $75 a barrel and given the region’s currency pegs, they can ride out instability relatively comfortably.
Vrajesh Bhandari, portfolio manager at Al Mal in Dubai, called last week’s losses in Gulf markets a technical correction. The fundamental case for most stocks in Al Mal’s portfolio had not changed.
State Street opens Abu Dhabi office, eyes regional growth | Reuters
State Street opens Abu Dhabi office, eyes regional growth | Reuters:
U.S. financial services provider State Street Corporation (STT.N) opened a new office in Abu Dhabi on Monday, expanding in the United Arab Emirates as it eyes growth prospects in the Middle East region.
State Street, with $2.7 trillion in assets under management, has an office in Dubai, the regional financial hub for the last 26 years.
Its new office will be in the Abu Dhabi Global Market (ADGM), a financial free zone, State Street said in a statement.
U.S. financial services provider State Street Corporation (STT.N) opened a new office in Abu Dhabi on Monday, expanding in the United Arab Emirates as it eyes growth prospects in the Middle East region.
State Street, with $2.7 trillion in assets under management, has an office in Dubai, the regional financial hub for the last 26 years.
Its new office will be in the Abu Dhabi Global Market (ADGM), a financial free zone, State Street said in a statement.
Qatargas agrees on 22-year LNG supply deal with China | Reuters
Qatargas agrees on 22-year LNG supply deal with China | Reuters:
Qatargas said on Monday it had agreed on a 22-year deal with PetroChina International Co, a unit of PetroChina Co, to supply China with around 3.4 million tonnes of liquefied natural gas (LNG) annually, as the nation stepped up efforts to combat air pollution.
The Qatari state-owned company will supply LNG from the Qatargas 2 project - a venture between Qatar Petroleum, Exxon Mobil Corp and Total - to receiving terminals across China, with the first cargo to be delivered this month.
The deal allows flexibility in delivering LNG to Chinese terminals including those in Dalian, Jiangsu, Tangshan and Shenzhen, using the Qatargas fleet of 70 conventional, Q-Flex and Q-Max vessels, the company said.
Qatargas said on Monday it had agreed on a 22-year deal with PetroChina International Co, a unit of PetroChina Co, to supply China with around 3.4 million tonnes of liquefied natural gas (LNG) annually, as the nation stepped up efforts to combat air pollution.
The Qatari state-owned company will supply LNG from the Qatargas 2 project - a venture between Qatar Petroleum, Exxon Mobil Corp and Total - to receiving terminals across China, with the first cargo to be delivered this month.
The deal allows flexibility in delivering LNG to Chinese terminals including those in Dalian, Jiangsu, Tangshan and Shenzhen, using the Qatargas fleet of 70 conventional, Q-Flex and Q-Max vessels, the company said.
Abu Dhabi’s Aldar Properties hires banks for $750 mln sukuk refinancing - sources | Reuters
Abu Dhabi’s Aldar Properties hires banks for $750 mln sukuk refinancing - sources | Reuters:
Aldar Properties, the state-linked builder of Abu Dhabi’s Formula One circuit, has hired banks to arrange a U.S. dollar-denominated sukuk issue of at least $750 million, sources familiar with the matter said.
The company has mandated JPMorgan, Standard Chartered, and First Abu Dhabi Bank for the debt sale, said the sources. Other banks, including Dubai Islamic Bank , will also have a role in the deal, said the sources.
The issue will refinance a $750 million outstanding sukuk, or Islamic bond, due in December this year. The size of the transation could increase, depending on demand, one of the sources said.
Aldar Properties, the state-linked builder of Abu Dhabi’s Formula One circuit, has hired banks to arrange a U.S. dollar-denominated sukuk issue of at least $750 million, sources familiar with the matter said.
The company has mandated JPMorgan, Standard Chartered, and First Abu Dhabi Bank for the debt sale, said the sources. Other banks, including Dubai Islamic Bank , will also have a role in the deal, said the sources.
The issue will refinance a $750 million outstanding sukuk, or Islamic bond, due in December this year. The size of the transation could increase, depending on demand, one of the sources said.
Saudi's PIF selects Goldman Sachs as adviser on SABIC sale: sources | Reuters
Saudi's PIF selects Goldman Sachs as adviser on SABIC sale: sources | Reuters:
Saudi Arabia’s Public Investment Fund (PIF) has selected Goldman Sachs & Co (GS.N) to advise on the sale of its stake in petrochemicals firm SABIC to state oil company Saudi Aramco, two sources familiar with the process told Reuters on Monday.
Citigroup Inc (C.N) won the mandate to advise SABIC on the transaction, the sources said.
Aramco plans to buy a controlling stake in Saudi Basic Industries Corp (SABIC) 2010.SE, possibly taking the entire 70 percent holding owned by PIF, the kingdom’s sovereign wealth fund.
Saudi Arabia’s Public Investment Fund (PIF) has selected Goldman Sachs & Co (GS.N) to advise on the sale of its stake in petrochemicals firm SABIC to state oil company Saudi Aramco, two sources familiar with the process told Reuters on Monday.
Citigroup Inc (C.N) won the mandate to advise SABIC on the transaction, the sources said.
Aramco plans to buy a controlling stake in Saudi Basic Industries Corp (SABIC) 2010.SE, possibly taking the entire 70 percent holding owned by PIF, the kingdom’s sovereign wealth fund.
Oil up as U.S. drilling stalls, Iranian sanctions bite | Reuters
Oil up as U.S. drilling stalls, Iranian sanctions bite | Reuters:
Oil prices rose on Monday as U.S. drilling stalled and as investors anticipated lower supply once new U.S. sanctions against Iran’s crude exports kick in from November.
Benchmark Brent crude oil rose $1.09 a barrel, or 1.4 percent, to a high of $77.92 and was trading at $77.85 by 0900 GMT. U.S. light crude was 70 cents higher at $68.45.
“A higher oil price scenario is built on lower exports from Iran due to U.S. sanctions, capped U.S. shale output growth, instability in production in countries like Libya and Venezuela and no material negative impact from a U.S./China trade war on oil demand in the next 6-9 months,” said Harry Tchilinguirian, oil strategist at French bank BNP Paribas.
Oil prices rose on Monday as U.S. drilling stalled and as investors anticipated lower supply once new U.S. sanctions against Iran’s crude exports kick in from November.
Benchmark Brent crude oil rose $1.09 a barrel, or 1.4 percent, to a high of $77.92 and was trading at $77.85 by 0900 GMT. U.S. light crude was 70 cents higher at $68.45.
“A higher oil price scenario is built on lower exports from Iran due to U.S. sanctions, capped U.S. shale output growth, instability in production in countries like Libya and Venezuela and no material negative impact from a U.S./China trade war on oil demand in the next 6-9 months,” said Harry Tchilinguirian, oil strategist at French bank BNP Paribas.
MIDEAST STOCKS-Gulf outperforms emerging market slump, petchems boost Saudi | Reuters
MIDEAST STOCKS-Gulf outperforms emerging market slump, petchems boost Saudi | Reuters:
Gulf stock markets mostly rose in early trade on Monday, outperforming a fresh slump in emerging markets globally, with petrochemical blue chips pushing up Saudi Arabia.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.1 percent. Gulf markets have not escaped the global downturn but many fund managers think that with Brent oil above $75 a barrel and given the region’s currency pegs, they can ride out the instability relatively comfortably.
Vrajesh Bhandari, portfolio manager at Al Mal in Dubai, said last week’s losses in Gulf markets were “a technical correction which creates an indiscriminate sell-off”. The fundamental case for most stocks in Al Mal’s portfolio has not changed, he said.
Gulf stock markets mostly rose in early trade on Monday, outperforming a fresh slump in emerging markets globally, with petrochemical blue chips pushing up Saudi Arabia.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.1 percent. Gulf markets have not escaped the global downturn but many fund managers think that with Brent oil above $75 a barrel and given the region’s currency pegs, they can ride out the instability relatively comfortably.
Vrajesh Bhandari, portfolio manager at Al Mal in Dubai, said last week’s losses in Gulf markets were “a technical correction which creates an indiscriminate sell-off”. The fundamental case for most stocks in Al Mal’s portfolio has not changed, he said.
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