UAE gross bank assets up to Dh2.895 trillion:
The UAE gross bank assets, including bankers’ acceptances, stood at Dh2.895 trillion, in March down from Dh2.909.5 trillion in the preceding month,
figures by the UAE Central Bank have showed.
Gross credit in the banking system, rallied 2 per cent from Dh1,671.9 trillion by the end of February 2019 to Dh1,675.1 trillion in March, with total bank deposits going down by Dh20.1 billion driven by
a dip in residents’ and non-residents’ deposits, by Dh17.4 billion and Dh2.7 billion respectively.
In the meantime, CBUAE announced that the Money Supply aggregate M1 increased by 2.2 per cent, from Dh501.1 billion by the end of February 2019 to Dh512 billion by March same year.
Tuesday 23 April 2019
Column: Oil traders to Saudi Arabia: show us the barrels - Reuters
Column: Oil traders to Saudi Arabia: show us the barrels - Reuters:
“The United States, Saudi Arabia and the United Arab Emirates ... are committed to ensuring that global oil markets remain adequately supplied,” the White House said in a press statement issued on Monday.
“Oil markets are well-supplied and oil inventory levels are seasonally strong,” the U.S. State Department wrote in an accompanying briefing note explaining the rationale for eliminating sanctions waivers for buyers of Iranian oil.
“We have commitments from oil-producing countries, including the kingdom of Saudi Arabia and the United Arab Emirates, to increase oil production to offset reductions in Iranian oil exports,” the department announced.
“The United States, Saudi Arabia and the United Arab Emirates ... are committed to ensuring that global oil markets remain adequately supplied,” the White House said in a press statement issued on Monday.
“Oil markets are well-supplied and oil inventory levels are seasonally strong,” the U.S. State Department wrote in an accompanying briefing note explaining the rationale for eliminating sanctions waivers for buyers of Iranian oil.
“We have commitments from oil-producing countries, including the kingdom of Saudi Arabia and the United Arab Emirates, to increase oil production to offset reductions in Iranian oil exports,” the department announced.
#Saudi Real Estate Refinance Co plans up to $1.07bln sukuk sale this year -CEO | ZAWYA MENA Edition
Saudi Real Estate Refinance Co plans up to $1.07bln sukuk sale this year -CEO | ZAWYA MENA Edition:
Saudi Real Estate Refinance Co (SRC), modelled on U.S. mortgage finance firm Fannie Mae, aims to issue up to 4 billion riyals ($1.07 billion) of long-term sukuk this year, its chief executive said on Tuesday.
The plan by SRC, a subsidiary of Saudi Arabia's sovereign Public Investment Fund, comes as it prepares to purchase more home loan portfolios from mortgage financing companies and banks to boost the kingdom's secondary mortgage market.
SRC, formed in 2017, is also keen to tap foreign institutional investors for its debt sale this year, Fabrice Susini told Reuters in an interview.
Saudi Real Estate Refinance Co (SRC), modelled on U.S. mortgage finance firm Fannie Mae, aims to issue up to 4 billion riyals ($1.07 billion) of long-term sukuk this year, its chief executive said on Tuesday.
The plan by SRC, a subsidiary of Saudi Arabia's sovereign Public Investment Fund, comes as it prepares to purchase more home loan portfolios from mortgage financing companies and banks to boost the kingdom's secondary mortgage market.
SRC, formed in 2017, is also keen to tap foreign institutional investors for its debt sale this year, Fabrice Susini told Reuters in an interview.
U.S. making a mistake politicizing oil: #Iran oil minister - Reuters
U.S. making a mistake politicizing oil: Iran oil minister - Reuters:
The United States has made a bad mistake by politicizing oil and using it as a weapon, Iran’s Oil Minister Bijan Zanganeh said in a parliamentary session on Tuesday, the Islamic Republic News Agency (IRNA) reported.
Oil prices on Tuesday hit their highest level since November after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.
Zanganeh added that the United States will not be able to reduce Iran’s oil exports to zero.
The United States has made a bad mistake by politicizing oil and using it as a weapon, Iran’s Oil Minister Bijan Zanganeh said in a parliamentary session on Tuesday, the Islamic Republic News Agency (IRNA) reported.
Oil prices on Tuesday hit their highest level since November after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.
Zanganeh added that the United States will not be able to reduce Iran’s oil exports to zero.
Oil surges amid OPEC caution to offset Iran sanctions - Reuters
Oil surges amid OPEC caution to offset Iran sanctions - Reuters:
Oil prices hit their highest in about six months on Tuesday as sources said Gulf OPEC members were ready to raise output only if there was demand before offsetting any shortfall following a U.S. decision to end waivers for buyers of Iranian crude.
Output in Saudi Arabia, the world’s top oil exporter and de facto leader of the Organization of the Petroleum Exporting Countries, will rise in May, but that it is not related to Iran sanctions, the sources said.
The sources said Saudi production in May will also still within its production target under a OPEC+ supply-cutting deal, which has led global supply cuts since the start of the year aimed at propping up crude prices. The group is set to meet in June to discuss output policy.
Oil prices hit their highest in about six months on Tuesday as sources said Gulf OPEC members were ready to raise output only if there was demand before offsetting any shortfall following a U.S. decision to end waivers for buyers of Iranian crude.
Output in Saudi Arabia, the world’s top oil exporter and de facto leader of the Organization of the Petroleum Exporting Countries, will rise in May, but that it is not related to Iran sanctions, the sources said.
The sources said Saudi production in May will also still within its production target under a OPEC+ supply-cutting deal, which has led global supply cuts since the start of the year aimed at propping up crude prices. The group is set to meet in June to discuss output policy.
UPDATE 2- #Saudi's Al Rajhi Bank Q1 net profit rises 21 pct on higher fees - Reuters
UPDATE 2-Saudi's Al Rajhi Bank Q1 net profit rises 21 pct on higher fees - Reuters:
Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported double-digit growth in first-quarter net profit on Tuesday, helped by higher special commission income and fees.
Saudi Arabia’s biggest Islamic lender said net profit rose 21 percent in the three months ended March 31 to 2.89 billion riyals ($771 million). It made net profit of 2.38 billion riyals in the same period a year earlier.
The bank aims to boost its mortgage lending as more affordable housing comes on the market, Chief Executive Steve Bertamini told Reuters this month.
Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported double-digit growth in first-quarter net profit on Tuesday, helped by higher special commission income and fees.
Saudi Arabia’s biggest Islamic lender said net profit rose 21 percent in the three months ended March 31 to 2.89 billion riyals ($771 million). It made net profit of 2.38 billion riyals in the same period a year earlier.
The bank aims to boost its mortgage lending as more affordable housing comes on the market, Chief Executive Steve Bertamini told Reuters this month.
MIDEAST STOCKS-Earnings aid #Saudi, real estate hurts Egypt - Reuters
MIDEAST STOCKS-Earnings aid Saudi, real estate hurts Egypt - Reuters:
Saudi Arabia's stock market rose on
Tuesday, lifted by a slew of corporate announcements, while
Egypt's blue-chip index was pulled down by its real estate
shares.
Saudi Arabia's index added 0.4 percent, with Riyad
Bank climbing 3.6 percent to reach its highest since
May 2006. The lender posted a 44.7 percent increase in first
quarter net profit.
Saudi British Bank rose 1.3 percent after the
Capital Market Authority approved a request to increase its
capital to 20.55 billion riyals ($5.48 billion) from 15 billion
riyals.
Saudi Arabia's stock market rose on
Tuesday, lifted by a slew of corporate announcements, while
Egypt's blue-chip index was pulled down by its real estate
shares.
Saudi Arabia's index added 0.4 percent, with Riyad
Bank climbing 3.6 percent to reach its highest since
May 2006. The lender posted a 44.7 percent increase in first
quarter net profit.
Saudi British Bank rose 1.3 percent after the
Capital Market Authority approved a request to increase its
capital to 20.55 billion riyals ($5.48 billion) from 15 billion
riyals.
These Six Markets Are the Biggest Winners and Losers From Oil’s Rally By Bloomberg
These Six Markets Are the Biggest Winners and Losers From Oil’s Rally By Bloomberg:
Emerging markets got a lift from the Federal Reserve, Donald Trump and Xi Jinping to start the year. Oil may be the next saving grace.
Investors say a potential uptick in crude prices might be the latest tailwind for the developing world after the White House scrapped waivers tied to Iranian oil sanctions. Brent crude gained as much as 3.5 percent on Monday and was close to reaching $75 a barrel on Tuesday for the first time since October.
While there’s no guarantee the gains will last, emerging-market assets have historically benefited from climbing oil prices. MSCI’s EM currency index produced double-digit returns during the three biggest oil rallies this century.
Emerging markets got a lift from the Federal Reserve, Donald Trump and Xi Jinping to start the year. Oil may be the next saving grace.
Investors say a potential uptick in crude prices might be the latest tailwind for the developing world after the White House scrapped waivers tied to Iranian oil sanctions. Brent crude gained as much as 3.5 percent on Monday and was close to reaching $75 a barrel on Tuesday for the first time since October.
While there’s no guarantee the gains will last, emerging-market assets have historically benefited from climbing oil prices. MSCI’s EM currency index produced double-digit returns during the three biggest oil rallies this century.
UPDATE 1- #Oman Aviation seeks up to $6 bln for airline, airports -CEO - Reuters
UPDATE 1-Oman Aviation seeks up to $6 bln for airline, airports -CEO - Reuters:
Oman Aviation Group is seeking to raise up to $6 billion to finance the expansion of state-owned Oman Air and Oman Airports up until 2030, its chief executive said on Tuesday.
Request for proposals have been issued to local and international banks and the first tranche is expected to be raised by mid-2020, Mustafa al-Hinai told Reuters in a phone interview. The planned financing would be spread over several tranches.
Government entity Oman Aviation Group was formed in February 2018 and includes Oman Air, Oman Airports and Oman Aviation Services.
Oman Aviation Group is seeking to raise up to $6 billion to finance the expansion of state-owned Oman Air and Oman Airports up until 2030, its chief executive said on Tuesday.
Request for proposals have been issued to local and international banks and the first tranche is expected to be raised by mid-2020, Mustafa al-Hinai told Reuters in a phone interview. The planned financing would be spread over several tranches.
Government entity Oman Aviation Group was formed in February 2018 and includes Oman Air, Oman Airports and Oman Aviation Services.
#Dubai Islamic Bank board backs examining possible deal for Noor Bank - Reuters
Dubai Islamic Bank board backs examining possible deal for Noor Bank - Reuters:
Dubai Islamic Bank (DIB) on Tuesday said it had received approval from its board to explore the possible acquisition of unlisted Noor Bank.
The United Arab Emirates’ largest sharia-compliant lender also received approval to appoint financial advisers to conduct due diligence and valuation of Noor Bank, it said in a statement.
Dubai’s sovereign investment group, Investment Corp of Dubai (ICD) is a common shareholder in the two banks. ICD owns 28.37 percent of DIB and more than 22.7 percent of Noor Bank.
Dubai Islamic Bank (DIB) on Tuesday said it had received approval from its board to explore the possible acquisition of unlisted Noor Bank.
The United Arab Emirates’ largest sharia-compliant lender also received approval to appoint financial advisers to conduct due diligence and valuation of Noor Bank, it said in a statement.
Dubai’s sovereign investment group, Investment Corp of Dubai (ICD) is a common shareholder in the two banks. ICD owns 28.37 percent of DIB and more than 22.7 percent of Noor Bank.
Iran sanctions decision rewards hedge fund oil bulls: Kemp - Reuters
Iran sanctions decision rewards hedge fund oil bulls: Kemp - Reuters:
Hedge fund managers added even more bullish long positions in crude oil and gasoline last week as traders bet prices will continue rising despite a sluggish economy and political sensitivity around escalating motoring costs.
The Trump administration’s decision to toughen sanctions on Iran’s oil exports has rewarded fund managers who have been increasingly confident that the oil market will tighten significantly this year, lifting prices.
Even before the latest sanctions announcement, hedge funds and other money managers increased their net long position in the six most important petroleum futures and options contracts by another 61 million barrels in the week to April 16
Hedge fund managers added even more bullish long positions in crude oil and gasoline last week as traders bet prices will continue rising despite a sluggish economy and political sensitivity around escalating motoring costs.
The Trump administration’s decision to toughen sanctions on Iran’s oil exports has rewarded fund managers who have been increasingly confident that the oil market will tighten significantly this year, lifting prices.
Even before the latest sanctions announcement, hedge funds and other money managers increased their net long position in the six most important petroleum futures and options contracts by another 61 million barrels in the week to April 16
Oil hits highest since November as U.S. to tighten Iran sanctions - Reuters
Oil hits highest since November as U.S. to tighten Iran sanctions - Reuters:
Oil prices hit their highest since November on Tuesday after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.
Brent crude futures were at $74.25 per barrel at 1055 GMT, up 21 cents or 0.28 percent from their last close, after reaching their loftiest level since November at $74.70.
U.S. West Texas Intermediate crude futures were at $65.94 per barrel, up 39 cents or 0.59 percent, having marked their strongest since October at $66.19 in earlier trading.
Oil prices hit their highest since November on Tuesday after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.
Brent crude futures were at $74.25 per barrel at 1055 GMT, up 21 cents or 0.28 percent from their last close, after reaching their loftiest level since November at $74.70.
U.S. West Texas Intermediate crude futures were at $65.94 per barrel, up 39 cents or 0.59 percent, having marked their strongest since October at $66.19 in earlier trading.
MIDEAST STOCKS-Q1 results lift #Saudi, real estate hurts #Dubai - Reuters
MIDEAST STOCKS-Q1 results lift Saudi, real estate hurts Dubai - Reuters:
Saudi Arabia’s stock market rose on Tuesday, lifted by a string of corporate earnings announcements for the first quarter, while real estate shares weighed on the Dubai index.
Saudi Arabia’s index climbed 0.4 percent, with Riyad Bank gaining 3.2 percent to reach its highest in 13 years. The lender posted a 44.7 percent increase in its first quarter net profit.
Saudi British Bank rose 1.5 percent after the Capital Market Authority approved a request to increase its capital to 20.55 billion riyals ($5.48 billion) from 15 billion riyals.
Saudi Arabia’s stock market rose on Tuesday, lifted by a string of corporate earnings announcements for the first quarter, while real estate shares weighed on the Dubai index.
Saudi Arabia’s index climbed 0.4 percent, with Riyad Bank gaining 3.2 percent to reach its highest in 13 years. The lender posted a 44.7 percent increase in its first quarter net profit.
Saudi British Bank rose 1.5 percent after the Capital Market Authority approved a request to increase its capital to 20.55 billion riyals ($5.48 billion) from 15 billion riyals.
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