Uber Is in Advanced Talks to Buy Mideast Rival Careem - Bloomberg:
Uber Technologies Inc. is in advanced discussions to buy its Dubai-based rival Careem Networks FZ, a deal that would expand the ride-hailing giant’s operations in the Middle East, according to people familiar with the matter.
The companies may announce a cash-and-shares transaction that values Careem at about $3 billion in the coming weeks, the people said, asking not to be identified because the talks are private.
Negotiations are ongoing and no final agreements have been reached, the people said. Representatives for the companies declined to comment.
Thursday, 28 February 2019
#Kuwait Is Said to Plan $10 Billion Investment Fund With China - Bloomberg
Kuwait Is Said to Plan $10 Billion Investment Fund With China - Bloomberg:
Kuwait is planning to create a $10 billion fund with China to invest in the two countries, according to people with knowledge of the matter.
The Gulf state is discussing the creation of a Kuwait-China Silk Road Fund that would invest in Kuwaiti projects related to the Silk City and islands development, according to the people. It could also be used for strategic investments in China and other areas under the Asian country’s “One Belt, One Road” initiative, the people said, asking not to be identified because the information is private.
China and Kuwait would each be responsible for raising around $5 billion for the fund, the people said. The Asian country would also work with Chinese strategic partners to arrange debt financing for projects, which could give the fund an investment capacity of as much as $30 billion, they said.
Kuwait is planning to create a $10 billion fund with China to invest in the two countries, according to people with knowledge of the matter.
The Gulf state is discussing the creation of a Kuwait-China Silk Road Fund that would invest in Kuwaiti projects related to the Silk City and islands development, according to the people. It could also be used for strategic investments in China and other areas under the Asian country’s “One Belt, One Road” initiative, the people said, asking not to be identified because the information is private.
China and Kuwait would each be responsible for raising around $5 billion for the fund, the people said. The Asian country would also work with Chinese strategic partners to arrange debt financing for projects, which could give the fund an investment capacity of as much as $30 billion, they said.
Exxon's Cyprus gas discovery adds another giant to East Med collection | Reuters
Exxon's Cyprus gas discovery adds another giant to East Med collection | Reuters:
ExxonMobil added another giant gas discovery to the east Mediterranean region after finding a gas-bearing reservoir offshore Cyprus but infrastructure bottlenecks and geopolitical disputes mean output from the field could be far off.
Exxon, together with partner Qatar Petroleum (QP), estimated in-place gas resources in the reservoir at 5 to 8 trillion cubic feet (tcf) of gas, similar order of magnitude to the Aphrodite and Calypso gas finds nearby, also in Cypriot waters.
The region’s gas output has begun to soar thanks to older discoveries finally bearing fruit. Israel’s Leviathan field, found in 2010 with around 22 tcf, will fully come online in November, though the 2015 Zohr discovery offshore Egypt with up to 30 tcf is already producing.
ExxonMobil added another giant gas discovery to the east Mediterranean region after finding a gas-bearing reservoir offshore Cyprus but infrastructure bottlenecks and geopolitical disputes mean output from the field could be far off.
Exxon, together with partner Qatar Petroleum (QP), estimated in-place gas resources in the reservoir at 5 to 8 trillion cubic feet (tcf) of gas, similar order of magnitude to the Aphrodite and Calypso gas finds nearby, also in Cypriot waters.
The region’s gas output has begun to soar thanks to older discoveries finally bearing fruit. Israel’s Leviathan field, found in 2010 with around 22 tcf, will fully come online in November, though the 2015 Zohr discovery offshore Egypt with up to 30 tcf is already producing.
Brent eases as trade talks drag, China's economy shows weakness | Reuters
Brent eases as trade talks drag, China's economy shows weakness | Reuters:
Brent oil fell while U.S. crude futures steadied on Thursday as U.S.-China trade tensions persisted, both Chinese and Indian economies showed signs of slowing and news of surging U.S. production undermined OPEC-led output curbs.
Global benchmark Brent crude futures for April ended the session down 36 cents, or 0.5 percent, at $66.03 a barrel. The more active May Brent contract fell 27 cents, or 0.4 percent, to settled at $66.31.
U.S. West Texas Intermediate (WTI) crude for April delivery rose 28 cents, or 0.5 percent, to settle at $57.22.
Brent oil fell while U.S. crude futures steadied on Thursday as U.S.-China trade tensions persisted, both Chinese and Indian economies showed signs of slowing and news of surging U.S. production undermined OPEC-led output curbs.
Global benchmark Brent crude futures for April ended the session down 36 cents, or 0.5 percent, at $66.03 a barrel. The more active May Brent contract fell 27 cents, or 0.4 percent, to settled at $66.31.
U.S. West Texas Intermediate (WTI) crude for April delivery rose 28 cents, or 0.5 percent, to settle at $57.22.
MIDEAST STOCKS-Real estate pressures #Dubai, most Gulf markets drop | Reuters
MIDEAST STOCKS-Real estate pressures Dubai, most Gulf markets drop | Reuters:
Dubai's stock market slid on Thursday, pulled lower by property and financial stocks, while most major Gulf bourses also fell.
The Dubai index fell 1.5 percent, with lender Emirates NBD down 4.2 percent and Emaar Development 4.7 percent lower.
Emaar Malls slid 3.9 percent. On Monday, it bought 49 percent of e-commerce fashion website Namshi from Global Fashion Group for 475.5 million dirhams ($129.47 million).
Dubai's stock market slid on Thursday, pulled lower by property and financial stocks, while most major Gulf bourses also fell.
The Dubai index fell 1.5 percent, with lender Emirates NBD down 4.2 percent and Emaar Development 4.7 percent lower.
Emaar Malls slid 3.9 percent. On Monday, it bought 49 percent of e-commerce fashion website Namshi from Global Fashion Group for 475.5 million dirhams ($129.47 million).
At Oil Industry's Big Summit, Uncomfortable Truths Creep In - Bloomberg
At Oil Industry's Big Summit, Uncomfortable Truths Creep In - Bloomberg:
Right from the start of London’s biggest gathering of oil traders and producers, uncomfortable truths began to intrude upon the usual round of business meetings and cocktail parties.
Three climate-change protesters who glued their hands to the doors of the conference venue found that nature was making their point for them. “Why is it so warm?” one shouted to people walking in off streets that were basking in a record winter heat wave, which was causing wildfires in the north of the country.
The protest outside the InterContinental hotel on Wednesday highlighted the oil industry’s existential crisis. It is under increasing pressure to course correct and align itself to the demands of the energy transition. While Big Oil is no stranger to demonstrations at conferences, CEOs are finally acknowledging they face real consequences to their ability to retain shareholders if they don’t respond.
Right from the start of London’s biggest gathering of oil traders and producers, uncomfortable truths began to intrude upon the usual round of business meetings and cocktail parties.
Three climate-change protesters who glued their hands to the doors of the conference venue found that nature was making their point for them. “Why is it so warm?” one shouted to people walking in off streets that were basking in a record winter heat wave, which was causing wildfires in the north of the country.
The protest outside the InterContinental hotel on Wednesday highlighted the oil industry’s existential crisis. It is under increasing pressure to course correct and align itself to the demands of the energy transition. While Big Oil is no stranger to demonstrations at conferences, CEOs are finally acknowledging they face real consequences to their ability to retain shareholders if they don’t respond.
Darkening economic outlook threatens to cap oil price in 2019: Reuters poll | Reuters
Darkening economic outlook threatens to cap oil price in 2019: Reuters poll | Reuters:
Oil analysts have grown more pessimistic over the prospects for a significant price rally this year, as booming U.S. shale output and a deteriorating global economic backdrop threaten to offset the boost from OPEC’s crude supply cuts.
A Reuters survey of 36 economists and analysts on Thursday forecast Brent crude oil futures to average $66.44 a barrel in 2019, slightly below the $67.32 projected in January’s poll. That also compares with the $62 average for the global benchmark this year.
This is the fourth straight month in which analysts have cut their oil price forecasts.
Oil analysts have grown more pessimistic over the prospects for a significant price rally this year, as booming U.S. shale output and a deteriorating global economic backdrop threaten to offset the boost from OPEC’s crude supply cuts.
A Reuters survey of 36 economists and analysts on Thursday forecast Brent crude oil futures to average $66.44 a barrel in 2019, slightly below the $67.32 projected in January’s poll. That also compares with the $62 average for the global benchmark this year.
This is the fourth straight month in which analysts have cut their oil price forecasts.
Exxon Mobil finds natural gas off Cyprus | Reuters
Exxon Mobil finds natural gas off Cyprus | Reuters:
U.S. oil and gas major Exxon Mobil Corp said on Thursday it had found natural gas offshore Cyprus, a region already known for some of the world’s largest such discoveries.
The east Mediterranean island is located in the Levant basin, where both Israel and Egypt have found some of the largest reserves of natural gas in the past decade.
Exxon’s discovery could represent natural gas resources of between 5 trillion and 8 trillion cubic feet, it said.
U.S. oil and gas major Exxon Mobil Corp said on Thursday it had found natural gas offshore Cyprus, a region already known for some of the world’s largest such discoveries.
The east Mediterranean island is located in the Levant basin, where both Israel and Egypt have found some of the largest reserves of natural gas in the past decade.
Exxon’s discovery could represent natural gas resources of between 5 trillion and 8 trillion cubic feet, it said.
#Iran Gets a Little Sweet Relief From Oil-Money Headache in India - Bloomberg
Iran Gets a Little Sweet Relief From Oil-Money Headache in India - Bloomberg:
Sanctioned by the U.S., Iran’s found a sweet way to use the cash it’s accumulated from trading oil: Purchase sugar from India.
Iran is struggling to spend the rupees it’s made from oil sales to India that are sitting in the south Asian nation’s banks. Meanwhile, sugar stockpiles are stacking up in India after a bumper crop. Now the two have struck a deal that eases each other’s woes -- albeit only to some extent.
The Government Trading Corporation of Iran will buy 150,000 tons of raw sugar from Indian mills for delivery in March-April, paying in rupees from escrow accounts held at UCO Bank. Indian sweeteners regain access to an old market, which has been dominated by Brazil, the world’s biggest producer and exporter.
Sanctioned by the U.S., Iran’s found a sweet way to use the cash it’s accumulated from trading oil: Purchase sugar from India.
Iran is struggling to spend the rupees it’s made from oil sales to India that are sitting in the south Asian nation’s banks. Meanwhile, sugar stockpiles are stacking up in India after a bumper crop. Now the two have struck a deal that eases each other’s woes -- albeit only to some extent.
The Government Trading Corporation of Iran will buy 150,000 tons of raw sugar from Indian mills for delivery in March-April, paying in rupees from escrow accounts held at UCO Bank. Indian sweeteners regain access to an old market, which has been dominated by Brazil, the world’s biggest producer and exporter.
#Saudi Bourse Reforms Small-Cap Market Before Index Promotion - Bloomberg
Saudi Bourse Reforms Small-Cap Market Before Index Promotion - Bloomberg:
The Saudi stock exchange is making changes to its platform for trading in small- and medium-size companies, just before the country’s inclusion in major emerging-market benchmarks.
The Tadawul, as the bourse is known, aims to increase the number of listed companies in the segment and improve liquidity in trading, according to a statement on Wednesday. The changes include allowing companies to list without an initial public offering and by reducing trade thresholds.
Changes to Nomu, as the platform started in 2017 is known, are among reforms adopted by the $530 billion bourse to better align itself with international markets and open up to foreign investors. Last year, FTSE Russell and MSCI Inc. announced the inclusion of the kingdom in their emerging-market benchmarks, with the upgrade happening over several tranches, starting next month. Investors and analysts expect billions of dollars in inflows as a result.
The Saudi stock exchange is making changes to its platform for trading in small- and medium-size companies, just before the country’s inclusion in major emerging-market benchmarks.
The Tadawul, as the bourse is known, aims to increase the number of listed companies in the segment and improve liquidity in trading, according to a statement on Wednesday. The changes include allowing companies to list without an initial public offering and by reducing trade thresholds.
Changes to Nomu, as the platform started in 2017 is known, are among reforms adopted by the $530 billion bourse to better align itself with international markets and open up to foreign investors. Last year, FTSE Russell and MSCI Inc. announced the inclusion of the kingdom in their emerging-market benchmarks, with the upgrade happening over several tranches, starting next month. Investors and analysts expect billions of dollars in inflows as a result.
#SaudiArabia's Crude Supply to U.S. Gulf Falling Fast and Hard - Bloomberg
Saudi Arabia's Crude Supply to U.S. Gulf Falling Fast and Hard - Bloomberg:
Saudi Arabia sliced its crude supply to plants located on the U.S. Gulf Coast, the world’s largest refining center, by more than half from a year ago. And shipments may grind to a complete halt soon.
The Middle East’s largest producer is making good on its pledge to reduce deliveries to its biggest American customers in an effort to comply with OPEC’s deal to cut output. Saudi Aramco shipped just 1.6 million barrels of its oil to U.S. Gulf Coast buyers this month compared with 5.75 million a year ago, according to U.S. Customs data compiled by Bloomberg. In January, shipments were at 2.69 million.
"We could see Saudi oil imports declining to zero into the U.S. Gulf Coast," said Andy Lipow, president of Lipow Oil Associates in Houston. U.S. President Donald Trump’s recent comment via Twitter that oil prices are too high won’t stem the current declining trend, as "OPEC and non-OPEC members feel prices are too low, and they will do what it takes to put the market back in balance."
Saudi Arabia sliced its crude supply to plants located on the U.S. Gulf Coast, the world’s largest refining center, by more than half from a year ago. And shipments may grind to a complete halt soon.
The Middle East’s largest producer is making good on its pledge to reduce deliveries to its biggest American customers in an effort to comply with OPEC’s deal to cut output. Saudi Aramco shipped just 1.6 million barrels of its oil to U.S. Gulf Coast buyers this month compared with 5.75 million a year ago, according to U.S. Customs data compiled by Bloomberg. In January, shipments were at 2.69 million.
"We could see Saudi oil imports declining to zero into the U.S. Gulf Coast," said Andy Lipow, president of Lipow Oil Associates in Houston. U.S. President Donald Trump’s recent comment via Twitter that oil prices are too high won’t stem the current declining trend, as "OPEC and non-OPEC members feel prices are too low, and they will do what it takes to put the market back in balance."
#AbuDhabi's ADIA unit partners with India's Kotak Investment to launch fund | ZAWYA MENA Edition
Abu Dhabi's ADIA unit partners with India's Kotak Investment to launch fund | ZAWYA MENA Edition:
Abu Dhabi's sovereign wealth fund said on Thursday its subsidiary was launching a fund with India's Kotak Investment Advisors.
The fund will target a range of non-performing loan (NPL) opportunities in India, ADIA said in a statement.
The fund will "target both pre-stress and distressed opportunities, with a key focus on providing financial support to pre-stress businesses to prevent them from entering insolvency," it said.
Abu Dhabi's sovereign wealth fund said on Thursday its subsidiary was launching a fund with India's Kotak Investment Advisors.
The fund will target a range of non-performing loan (NPL) opportunities in India, ADIA said in a statement.
The fund will "target both pre-stress and distressed opportunities, with a key focus on providing financial support to pre-stress businesses to prevent them from entering insolvency," it said.
Mideast Stocks: Emirates NBD weighs on #Dubai, banks lift #Qatar | ZAWYA MENA Edition
Mideast Stocks: Emirates NBD weighs on Dubai, banks lift Qatar | ZAWYA MENA Edition:
Dubai's stock market fell on Thursday as lender Emirates NBD and real estate stocks slipped, while Qatar was lifted by its banks.
The Dubai index was down 1.1 percent, with Emirates NBD sliding 4.4 percent. The bank's shares have seen a sell-off in recent sessions.
Property shares also fell, with Emaar Properties shedding 0.8 percent and its unit Emaar Malls losing 2.2 percent.
Dubai's stock market fell on Thursday as lender Emirates NBD and real estate stocks slipped, while Qatar was lifted by its banks.
The Dubai index was down 1.1 percent, with Emirates NBD sliding 4.4 percent. The bank's shares have seen a sell-off in recent sessions.
Property shares also fell, with Emaar Properties shedding 0.8 percent and its unit Emaar Malls losing 2.2 percent.
Even China may not be able to soak up all 2019's new LNG: Russell | Reuters
Even China may not be able to soak up all 2019's new LNG: Russell | Reuters:
Not even China’s voracious appetite for liquefied natural gas may be enough to absorb the additional supplies hitting the market this year, with the price of the super-chilled fuel potentially a casualty.
While China’s LNG imports got off to a rollicking start in 2019, it’s unlikely that will match the 41-percent growth experienced in 2018.
Imports were 6.58 million tonnes in January, a record-high and up 27.8 percent from the same month in 2018, according to customs data released on Feb. 23.
Not even China’s voracious appetite for liquefied natural gas may be enough to absorb the additional supplies hitting the market this year, with the price of the super-chilled fuel potentially a casualty.
While China’s LNG imports got off to a rollicking start in 2019, it’s unlikely that will match the 41-percent growth experienced in 2018.
Imports were 6.58 million tonnes in January, a record-high and up 27.8 percent from the same month in 2018, according to customs data released on Feb. 23.
#Saudi bourse expects $15-$20 bln in passive fund inflows in 2019 | Reuters
Saudi bourse expects $15-$20 bln in passive fund inflows in 2019 | Reuters:
Saudi Arabia’s stock exchange expects $15 to $20 billion in passive fund inflows this year, its chief executive told Reuters on Thursday.
Tadawul, Saudi Arabia’s main stock exchange, will join the FTSE Russell and MSCI’s emerging market indexes later this year which has heightened the interest of foreign investors in the Saudi market.
Khalid al-Hussan, chief executive officer of Tadawul, also told Reuters that he is still committed to the listing of the stock exchange, but a planned initial public offering will not happen this year.
Saudi Arabia’s stock exchange expects $15 to $20 billion in passive fund inflows this year, its chief executive told Reuters on Thursday.
Tadawul, Saudi Arabia’s main stock exchange, will join the FTSE Russell and MSCI’s emerging market indexes later this year which has heightened the interest of foreign investors in the Saudi market.
Khalid al-Hussan, chief executive officer of Tadawul, also told Reuters that he is still committed to the listing of the stock exchange, but a planned initial public offering will not happen this year.
#Saudi market cross-listing regulations expected in second quarter | Reuters
Saudi market cross-listing regulations expected in second quarter | Reuters:
Regulations to allow companies from other Gulf countries to list on Saudi Arabia’s stock market are expected to be finalised in the second quarter of this year, the chief executive of the Saudi bourse, Tadawul, said on Thursday.
Saudi Arabia’s Capital Market Authority and Tadawul are working with potential investors in the Gulf countries on the new cross-listing rules, Khalid al-Hussan, chief executive officer of Tadawul told a news conference.
Regulations to allow companies from other Gulf countries to list on Saudi Arabia’s stock market are expected to be finalised in the second quarter of this year, the chief executive of the Saudi bourse, Tadawul, said on Thursday.
Saudi Arabia’s Capital Market Authority and Tadawul are working with potential investors in the Gulf countries on the new cross-listing rules, Khalid al-Hussan, chief executive officer of Tadawul told a news conference.
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