Crude Advances as U.S., China Close in on Healing Trading Rift - Bloomberg:
Oil climbed as the U.S. and China were said to be near a settlement of a trade dispute that threatened to erode energy demand in the world’s largest economies.
Futures in New York rose 1.4 percent on Monday. American and Chinese negotiators are close to signing an accord that would lift tariffs and usher in new intellectual-property protections, according to people familiar with the talks. Meanwhile, OPEC crude exports fell by almost 700,000 barrels a day last month, tanker-tracking consultant Kpler said in a report.
Monday 4 March 2019
#UAE traders steer clear of new positions
UAE traders steer clear of new positions:
UAE traders were unwilling to place fresh positions, resulting in a sideways trend on the Dubai index.
The Dubai index has been trading sideways for the past four sessions. The index had been on a gaining streak since the past two weeks, gaining 9 per cent till last Wednesday. The Dubai Financial Market General Index closed 0.04 per cent higher at 2,643.51. Traded value fell to Dh162 million on Monday, compared to Dh200-300 million in the last few sessions, indicating declining interest.
Arabtec closed 0.92 per cent higher at Dh2.20. DP World closed 1.74 per cent higher at $16.33. Small stocks in the UAE are still struggling. Union Properties closed 1.04 per cent lower at Dh0.381. RAK Properties closed at Dh0.46, up 0.44 per cent. Gulf Finance House closed at Dh0.958, down 0.73 per cent.
UAE traders were unwilling to place fresh positions, resulting in a sideways trend on the Dubai index.
The Dubai index has been trading sideways for the past four sessions. The index had been on a gaining streak since the past two weeks, gaining 9 per cent till last Wednesday. The Dubai Financial Market General Index closed 0.04 per cent higher at 2,643.51. Traded value fell to Dh162 million on Monday, compared to Dh200-300 million in the last few sessions, indicating declining interest.
Arabtec closed 0.92 per cent higher at Dh2.20. DP World closed 1.74 per cent higher at $16.33. Small stocks in the UAE are still struggling. Union Properties closed 1.04 per cent lower at Dh0.381. RAK Properties closed at Dh0.46, up 0.44 per cent. Gulf Finance House closed at Dh0.958, down 0.73 per cent.
Al Tayyar Sharpens Travel Focus as Talk of Uber Deal Lifts Stock - Bloomberg
Al Tayyar Sharpens Travel Focus as Talk of Uber Deal Lifts Stock - Bloomberg:
Al Tayyar Travel Group Holding will focus on expanding its online businesses as the Saudi Arabian tourism operator seeks to diversify revenue sources.
The company has been focusing on finding new revenue and profit streams since the end of a major government contract to provide travel services for Saudi students last year, which alone was responsible for nearly a third of total bookings.
The travel group’s stock extended gains on Monday after Bloomberg News reported that Uber Technologies Inc. is in advanced discussions to buy Dubai-based ride-hailing service Careem Networks FZ, a company in which Al Tayyar invested in back in 2014. Analysts at Arqaam Capital estimate the Saudi company owns almost 15 percent in Careem.
Al Tayyar Travel Group Holding will focus on expanding its online businesses as the Saudi Arabian tourism operator seeks to diversify revenue sources.
The company has been focusing on finding new revenue and profit streams since the end of a major government contract to provide travel services for Saudi students last year, which alone was responsible for nearly a third of total bookings.
The travel group’s stock extended gains on Monday after Bloomberg News reported that Uber Technologies Inc. is in advanced discussions to buy Dubai-based ride-hailing service Careem Networks FZ, a company in which Al Tayyar invested in back in 2014. Analysts at Arqaam Capital estimate the Saudi company owns almost 15 percent in Careem.
Saudis Weigh $4 Billion Deal for OCI Methanol Assets - Bloomberg
Saudis Weigh $4 Billion Deal for OCI Methanol Assets - Bloomberg:
Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals maker, is exploring an acquisition of OCI NV’s methanol assets that would solidify its status as one of the world’s biggest producers of the chemical, people familiar with the matter said.
The Saudi Arabian company has made an initial approach that valued OCI’s assets, which include plants in Texas and the Netherlands, at as much as $4 billion, the people said, asking not to be identified because the discussions are private. Preliminary discussions between Sabic, as the state-controlled firm is known, and OCI may not lead to an agreement, they said.
OCI said in a statement Monday that it had received “inbound interest” for its methanol assets, without naming the party, and said it hasn’t made a decision. The Amsterdam-based company didn’t provide any additional information. A representative for Sabic declined to comment.
Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals maker, is exploring an acquisition of OCI NV’s methanol assets that would solidify its status as one of the world’s biggest producers of the chemical, people familiar with the matter said.
The Saudi Arabian company has made an initial approach that valued OCI’s assets, which include plants in Texas and the Netherlands, at as much as $4 billion, the people said, asking not to be identified because the discussions are private. Preliminary discussions between Sabic, as the state-controlled firm is known, and OCI may not lead to an agreement, they said.
OCI said in a statement Monday that it had received “inbound interest” for its methanol assets, without naming the party, and said it hasn’t made a decision. The Amsterdam-based company didn’t provide any additional information. A representative for Sabic declined to comment.
#Saudi privatisation - the story so far | ZAWYA MENA Edition
Saudi privatisation - the story so far | ZAWYA MENA Edition:
In April 2018, the Saudi Arabian government announced the launch of 14 PPP initiatives. The headline projects were the corporatisation of the Saudi ports sector, the privatisation of part of the Saline Water Company (SWCC), and the sale of some of SWCC’s assets.
The initiative extended to the Saudi football league, the postal service and the flour mills sector. In addition, the corporatisation of the King Faisal Specialist Hospital was highlighted. As well as increasing employment prospects, the key stated objective was the raising of some $10 billion for the State treasury. So what have we seen since April 2018?
We are seeing the early signs of the development of a comprehensive regulatory regime. At the top of the pyramid is the Council of Ministers, chaired by King Salman bin Abdulaziz Al Saud. The Council of Economic Development Affairs (CEDA) ranks next, chaired by the Crown Prince, Mohammad bin Salman. The Steering Management Committee (SMC) sits within CEDA and is tasked with achieving the policy objectives of Vision 2030. The SMC directs 12 separate Vision Realisation Programmes (VRPs). Next are the VRP Committees for each VRP, followed by each VRP Office, which reports into the relevant VRP Committee.
In April 2018, the Saudi Arabian government announced the launch of 14 PPP initiatives. The headline projects were the corporatisation of the Saudi ports sector, the privatisation of part of the Saline Water Company (SWCC), and the sale of some of SWCC’s assets.
The initiative extended to the Saudi football league, the postal service and the flour mills sector. In addition, the corporatisation of the King Faisal Specialist Hospital was highlighted. As well as increasing employment prospects, the key stated objective was the raising of some $10 billion for the State treasury. So what have we seen since April 2018?
We are seeing the early signs of the development of a comprehensive regulatory regime. At the top of the pyramid is the Council of Ministers, chaired by King Salman bin Abdulaziz Al Saud. The Council of Economic Development Affairs (CEDA) ranks next, chaired by the Crown Prince, Mohammad bin Salman. The Steering Management Committee (SMC) sits within CEDA and is tasked with achieving the policy objectives of Vision 2030. The SMC directs 12 separate Vision Realisation Programmes (VRPs). Next are the VRP Committees for each VRP, followed by each VRP Office, which reports into the relevant VRP Committee.
EFG Hermes advising on $500mln M&A deal in #SaudiArabia, more in pipeline: exec | ZAWYA MENA Edition
EFG Hermes advising on $500mln M&A deal in Saudi Arabia, more in pipeline: exec | ZAWYA MENA Edition:
Egypt's EFG Hermes is working on a $500 million merger and acquisition in Saudi Arabia and expects more deals to come out of the kingdom this year, especially from the private sector, its head of investment banking told Reuters.
Saudi Arabia has made attracting greater foreign investment a key part of its economic Vision 2030 plan as it tries to diversify the economy away from its reliance on oil.
The kingdom's impending inclusion in the FTSE Russell emerging markets index this month is expected to draw billions of dollars of foreign fund flows.
Egypt's EFG Hermes is working on a $500 million merger and acquisition in Saudi Arabia and expects more deals to come out of the kingdom this year, especially from the private sector, its head of investment banking told Reuters.
Saudi Arabia has made attracting greater foreign investment a key part of its economic Vision 2030 plan as it tries to diversify the economy away from its reliance on oil.
The kingdom's impending inclusion in the FTSE Russell emerging markets index this month is expected to draw billions of dollars of foreign fund flows.
OPEC likely to defer output policy decision until June: sources | Reuters
OPEC likely to defer output policy decision until June: sources | Reuters:
OPEC and its partners are unlikely to decide on their output policy in April as it would be too early to get a clear picture of the impact of their supply cuts on the market by then, three OPEC sources said on Monday.
The sources said the production policy by the so-called OPEC+ alliance is expected to be agreed on in June with an extension of the pact the likely scenario so far, but much depends on the extent of U.S. sanctions on both OPEC members Iran and Venezuela.
“So far the likely decision is to extend the agreement in June. Nothing much is planned for April, just to discuss the OPEC and non-OPEC (cooperation pact),” one OPEC source said.
OPEC and its partners are unlikely to decide on their output policy in April as it would be too early to get a clear picture of the impact of their supply cuts on the market by then, three OPEC sources said on Monday.
The sources said the production policy by the so-called OPEC+ alliance is expected to be agreed on in June with an extension of the pact the likely scenario so far, but much depends on the extent of U.S. sanctions on both OPEC members Iran and Venezuela.
“So far the likely decision is to extend the agreement in June. Nothing much is planned for April, just to discuss the OPEC and non-OPEC (cooperation pact),” one OPEC source said.
Oil prices gain around 1 pct on U.S.-China trade hopes | Reuters
Oil prices gain around 1 pct on U.S.-China trade hopes | Reuters:
Oil prices rose about 1 percent on Monday, boosted by reports that the United States and China could reach a formal agreement as early as this month to end a tit-for-tat trade war that has limited global economic growth.
Brent crude futures were up 45 cents to $65.52 a barrel by 11:54 a.m. EST (1654 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 53 cents, or 1 percent, to $56.33 a barrel.
Washington and Beijing appeared close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods as China pledges to make structural economic changes and end tariffs on the United States, a source briefed on negotiations said on Sunday.
Oil prices rose about 1 percent on Monday, boosted by reports that the United States and China could reach a formal agreement as early as this month to end a tit-for-tat trade war that has limited global economic growth.
Brent crude futures were up 45 cents to $65.52 a barrel by 11:54 a.m. EST (1654 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 53 cents, or 1 percent, to $56.33 a barrel.
Washington and Beijing appeared close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods as China pledges to make structural economic changes and end tariffs on the United States, a source briefed on negotiations said on Sunday.
EU and #Qatar sign open skies accord | Reuters
EU and Qatar sign open skies accord | Reuters:
The European Union and Qatar signed a broad air services pact on Monday allowing Qatari and EU member state airlines unlimited airspace access between each other’s territories.
The Comprehensive Air Transport Agreement includes provisions on fair competition, transparency, the environment and consumer protections, Qatar’s ministry of transport said.
Both sides agreed to terms last month.
The European Union and Qatar signed a broad air services pact on Monday allowing Qatari and EU member state airlines unlimited airspace access between each other’s territories.
The Comprehensive Air Transport Agreement includes provisions on fair competition, transparency, the environment and consumer protections, Qatar’s ministry of transport said.
Both sides agreed to terms last month.
MIDEAST STOCKS- #Saudi market extends gains ahead of FTSE inclusion | Reuters
MIDEAST STOCKS-Saudi market extends gains ahead of FTSE inclusion | Reuters:
Saudi Arabian stocks registered a fifth straight session of gains on Monday, ahead of the market's entry to the FTSE Russell's emerging market index in a little more than two weeks, rising along with most major Middle Eastern markets.
The Saudi stock exchange expects passive fund inflows of between $15 billion and $20 billion this year as it gears up for inclusion in emerging market benchmarks, its chief executive told Reuters on Thursday.
Saudi stocks will become the largest Middle East market in the FTSE Emerging Index with an overall weighting of 2.7 percent, according to index compiler FTSE Russell.
Saudi Arabian stocks registered a fifth straight session of gains on Monday, ahead of the market's entry to the FTSE Russell's emerging market index in a little more than two weeks, rising along with most major Middle Eastern markets.
The Saudi stock exchange expects passive fund inflows of between $15 billion and $20 billion this year as it gears up for inclusion in emerging market benchmarks, its chief executive told Reuters on Thursday.
Saudi stocks will become the largest Middle East market in the FTSE Emerging Index with an overall weighting of 2.7 percent, according to index compiler FTSE Russell.
Sultan Al Jaber: changing the mindset of a 50-year-old institution | Financial Times
Sultan Al Jaber: changing the mindset of a 50-year-old institution | Financial Times:
When Sultan Al Jaber took over as chief executive at the Abu Dhabi National Oil Company, he insisted that the current oil price should be visible all over its new 65-storey headquarters. The Brent, West Texas Intermediate and Dubai Light crude prices are shown on a screen in the foyer, on a circular ticker in the canteen, and even in the lifts.
The point is to remind the employees every day that although they are working for a state-owned company, in a country with the world’s eighth-largest oil reserves, they are still operating in a fiercely competitive global market.
For Mr Al Jaber, 45, the oil price has been a great help. When he arrived at Adnoc in February 2016 with a mandate for change, the 70 per cent slump in oil over the previous 18 months created “a unique opportunity”, he says now.
When Sultan Al Jaber took over as chief executive at the Abu Dhabi National Oil Company, he insisted that the current oil price should be visible all over its new 65-storey headquarters. The Brent, West Texas Intermediate and Dubai Light crude prices are shown on a screen in the foyer, on a circular ticker in the canteen, and even in the lifts.
The point is to remind the employees every day that although they are working for a state-owned company, in a country with the world’s eighth-largest oil reserves, they are still operating in a fiercely competitive global market.
For Mr Al Jaber, 45, the oil price has been a great help. When he arrived at Adnoc in February 2016 with a mandate for change, the 70 per cent slump in oil over the previous 18 months created “a unique opportunity”, he says now.
More IPOs needed to boost interest in #UAE markets - EFG Hermes exec | ZAWYA MENA Edition
More IPOs needed to boost interest in UAE markets - EFG Hermes exec | ZAWYA MENA Edition:
Stock markets in the United Arab Emirates need to attract more companies in a braoder range of sectors if they are to remain attractive to investors, the CEO of EFG Hermes's Investment Banking division has said.
Speaking to Zawya on the sidelines of the bank’s annual One on One conference in Dubai on Sunday, Mohamed Ebeid said: “In the UAE, we need more paper (shares). What's out there is not enough, by all means.
“It's very concentrated around financials, so you'll find this very difficult to attract more money getting in,” Ebeid said. “So you need more sectors.”
Stock markets in the United Arab Emirates need to attract more companies in a braoder range of sectors if they are to remain attractive to investors, the CEO of EFG Hermes's Investment Banking division has said.
Speaking to Zawya on the sidelines of the bank’s annual One on One conference in Dubai on Sunday, Mohamed Ebeid said: “In the UAE, we need more paper (shares). What's out there is not enough, by all means.
“It's very concentrated around financials, so you'll find this very difficult to attract more money getting in,” Ebeid said. “So you need more sectors.”
Mideast Stocks: #Saudi steady ahead of FTSE inclusion, most Gulf markets down | ZAWYA MENA Edition
Mideast Stocks: Saudi steady ahead of FTSE inclusion, most Gulf markets down | ZAWYA MENA Edition:
Saudi Arabia's stock exchange was steady in early trading on Monday, ahead of its entry to the FTSE Russell's emerging market index in a little more than two weeks, while most major Gulf markets slipped.
Saudi Arabia's main index as flat, with petrochemical investor Alujain rising 2.1 percent after providing an update on a fire in its affiliate's plant. The firm said it expects the plant to start operating in the first half from Oct. 2019.
Saudi Arabia's stock exchange expects passive fund inflows of $15 billion to $20 billion this year as it gears up for inclusion in emerging market benchmarks, its chief executive told Reuters on Thursday.
Saudi Arabia's stock exchange was steady in early trading on Monday, ahead of its entry to the FTSE Russell's emerging market index in a little more than two weeks, while most major Gulf markets slipped.
Saudi Arabia's main index as flat, with petrochemical investor Alujain rising 2.1 percent after providing an update on a fire in its affiliate's plant. The firm said it expects the plant to start operating in the first half from Oct. 2019.
Saudi Arabia's stock exchange expects passive fund inflows of $15 billion to $20 billion this year as it gears up for inclusion in emerging market benchmarks, its chief executive told Reuters on Thursday.
Oil prices rise on trade deal hopes, OPEC supply cuts | Reuters
Oil prices rise on trade deal hopes, OPEC supply cuts | Reuters:
Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth.
International Brent futures were at $65.25 a barrel at 0713 GMT, up 18 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $55.94 per barrel, up 14 cents, or 0.3 percent.
Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth.
International Brent futures were at $65.25 a barrel at 0713 GMT, up 18 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $55.94 per barrel, up 14 cents, or 0.3 percent.
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