UAE regulator refers listed firm to public prosecutor over acquisition - The National:
The Securities and Commodities Authority, the UAE's capital markets regulator, referred a case of an unidentified listed company to public prosecution on suspicion that errors led to an inflated acquisition value, according to a statement on its website.
Calls to SCA for further clarification were not immediately answered.
The regulator was set up in 2000 and granted administrative independence by a federal decree. The public authority is tasked with supervising and monitoring UAE capital markets, the Abu Dhabi Securities Exchange and Dubai Financial Market.
Wednesday 15 May 2019
Majority of Marka shareholders vote to liquidate company
Majority of Marka shareholders vote to liquidate company:
Following years of turmoil, the shareholders of embattled retailer Marka voted on Wednesday morning to liquidate the business, after a last ditch attempt at turning the company’s finances around failed.
Around 90 per cent of shareholders in attendance voted to file for bankruptcy, according to Khalid Bin Kalban, chairman of board.
The company, which listed on the Dubai Financial Market in 2014, has suffered consecutive quarterly losses since its IPO.
Following years of turmoil, the shareholders of embattled retailer Marka voted on Wednesday morning to liquidate the business, after a last ditch attempt at turning the company’s finances around failed.
Around 90 per cent of shareholders in attendance voted to file for bankruptcy, according to Khalid Bin Kalban, chairman of board.
The company, which listed on the Dubai Financial Market in 2014, has suffered consecutive quarterly losses since its IPO.
Arabtec CEO steps down as profits decline in first quarter
Arabtec CEO steps down as profits decline in first quarter:
Arabtec Holding, the Dubai-listed construction firm, reported on Wednesday a 50 per cent plunge in its profits for the first quarter of this year as it recorded some losses on one of its investments.
The company also announced that its chief executive officer, Hamish Tyrwhitt, has stepped down from his position, and will be replaced temporarily by chief financial officer, Peter Pollard.
Arabtec did not provide details on why Tyrwhitt is stepping down, but the board of directors thanked him in a statement for his efforts. The board said Pollard, who will take on the role of acting CEO “has been instrumental in driving the company forward, in line with the group’s strategic priorities.”
Arabtec Holding, the Dubai-listed construction firm, reported on Wednesday a 50 per cent plunge in its profits for the first quarter of this year as it recorded some losses on one of its investments.
The company also announced that its chief executive officer, Hamish Tyrwhitt, has stepped down from his position, and will be replaced temporarily by chief financial officer, Peter Pollard.
Arabtec did not provide details on why Tyrwhitt is stepping down, but the board of directors thanked him in a statement for his efforts. The board said Pollard, who will take on the role of acting CEO “has been instrumental in driving the company forward, in line with the group’s strategic priorities.”
#UAE announces 6-month interim visas for long-term residence visa seekers
UAE announces 6-month interim visas for long-term residence visa seekers:
The UAE on Wednesday announced a six-month multiple entry visa for investors, talented individuals and outstanding students so that they can “explore opportunities” and “review facilities” for long-term residency in the country.
The Federal Authority for Identity and Citizenship announced three new services: a six-month visa with several trips to complete the procedures for residency of an investor, a six-month visa with several trips to complete long-term residency procedures for both entrepreneurs and outstanding students, a six-month visa with only one trip to complete the residency procedures for the talented individuals.
The ICA also revealed it received around 6,000 applications from investors and entrepreneurs in the first week of taking in applications for long-term residency visas.
The UAE on Wednesday announced a six-month multiple entry visa for investors, talented individuals and outstanding students so that they can “explore opportunities” and “review facilities” for long-term residency in the country.
The Federal Authority for Identity and Citizenship announced three new services: a six-month visa with several trips to complete the procedures for residency of an investor, a six-month visa with several trips to complete long-term residency procedures for both entrepreneurs and outstanding students, a six-month visa with only one trip to complete the residency procedures for the talented individuals.
The ICA also revealed it received around 6,000 applications from investors and entrepreneurs in the first week of taking in applications for long-term residency visas.
#Saudi economic reforms ‘yielding positive results,’ says IMF
Saudi economic reforms ‘yielding positive results,’ says IMF:
Economic reforms underway in Saudi Arabia have started to yield “positive results,” the IMF said on Wednesday — although the fund cautioned that challenges, notably the level of government spending, remain.
The International Monetary Fund (IMF) issued its preliminary findings on the Kingdom’s economy following an official staff visit to the country, prior to the preparation of a final report.
It found that reforms under the Vision 2030 program — the ambitious plan to diversify Saudi Arabia’s economy set out three years ago — were paying off.
Economic reforms underway in Saudi Arabia have started to yield “positive results,” the IMF said on Wednesday — although the fund cautioned that challenges, notably the level of government spending, remain.
The International Monetary Fund (IMF) issued its preliminary findings on the Kingdom’s economy following an official staff visit to the country, prior to the preparation of a final report.
It found that reforms under the Vision 2030 program — the ambitious plan to diversify Saudi Arabia’s economy set out three years ago — were paying off.
New business continues to underpin confidence: QFC - The Peninsula Qatar
New business continues to underpin confidence: QFC - The Peninsula Qatar:
The most recent Qatar Financial Centre’s (QFC) Purchasing Managers’ Index (PMI) survey of Qatari non-hydrocarbon private sector businesses highlighted a further rise in the volume of new business at the beginning of 2019’s second quarter.
Meanwhile, overall sentiment regarding future output was the third-strongest since the survey began in April 2017, with more than three-quarters of respondents expecting growth at their business units over the next 12 months. As a consequence, while the level of the headline PMI figure ebbed slightly from March’s reading, sustained growth in such new work orders supported firms’ robust expectations for future total business activity.
The headline PMI for Qatar eased slightly to 48.9 in April, from 50.1 in March. Although the most recent reading continues to register above its average over the final quarter of 2018 (48.6), it is just below the trend observed over the first quarter of 2019 (49.7). The month-on-month dip in the PMI mainly reflects the slower growth rate of new orders and declines in the output as well as employment indicators.
The most recent Qatar Financial Centre’s (QFC) Purchasing Managers’ Index (PMI) survey of Qatari non-hydrocarbon private sector businesses highlighted a further rise in the volume of new business at the beginning of 2019’s second quarter.
Meanwhile, overall sentiment regarding future output was the third-strongest since the survey began in April 2017, with more than three-quarters of respondents expecting growth at their business units over the next 12 months. As a consequence, while the level of the headline PMI figure ebbed slightly from March’s reading, sustained growth in such new work orders supported firms’ robust expectations for future total business activity.
The headline PMI for Qatar eased slightly to 48.9 in April, from 50.1 in March. Although the most recent reading continues to register above its average over the final quarter of 2018 (48.6), it is just below the trend observed over the first quarter of 2019 (49.7). The month-on-month dip in the PMI mainly reflects the slower growth rate of new orders and declines in the output as well as employment indicators.
Ritz-Carlton Central Park Is Said to Be in Talks for a Sale - Bloomberg
Ritz-Carlton Central Park Is Said to Be in Talks for a Sale - Bloomberg:
The owners of the Ritz-Carlton New York, Central Park are exploring a sale after receiving interest from at least two buyers, according to people familiar with the matter.
Owners Westbrook Partners LLC and Korea Investment Corp are in discussions with Qatar’s Katara Hospitality and Trinity White City Ventures about a potential sale of the 259-key hotel, said the people, who declined to be named because the talks are private. The would-be buyers have sought opinions from appraisers and other service providers, the people said.
A spokeswoman for Katara Hospitality said that the company is not in talks to buy the hotel. A representative for Trinity White City Ventures declined to comment. A Westbrook representative didn’t immediately have a comment, while KIC didn’t immediately respond.
The owners of the Ritz-Carlton New York, Central Park are exploring a sale after receiving interest from at least two buyers, according to people familiar with the matter.
Owners Westbrook Partners LLC and Korea Investment Corp are in discussions with Qatar’s Katara Hospitality and Trinity White City Ventures about a potential sale of the 259-key hotel, said the people, who declined to be named because the talks are private. The would-be buyers have sought opinions from appraisers and other service providers, the people said.
A spokeswoman for Katara Hospitality said that the company is not in talks to buy the hotel. A representative for Trinity White City Ventures declined to comment. A Westbrook representative didn’t immediately have a comment, while KIC didn’t immediately respond.
Oil firms on Middle East uncertainty, shrugs off U.S. crude build - Reuters
Oil firms on Middle East uncertainty, shrugs off U.S. crude build - Reuters:
Oil futures inched up on Wednesday as the prospect of mounting tensions in the Middle East hitting global supplies overshadowed an unexpected build in U.S. crude inventories.
Brent crude settled at $71.77 a barrel, gaining 53 cents or 0.7%. West Texas Intermediate (WTI) crude futures settled at $62.02 a barrel, climbing 24 cents or 0.4%.
U.S. crude inventories rose unexpectedly last week to their highest since September 2017, while gasoline stockpiles decreased more than forecast, the Energy Information Administration (EIA) said.
Oil futures inched up on Wednesday as the prospect of mounting tensions in the Middle East hitting global supplies overshadowed an unexpected build in U.S. crude inventories.
Brent crude settled at $71.77 a barrel, gaining 53 cents or 0.7%. West Texas Intermediate (WTI) crude futures settled at $62.02 a barrel, climbing 24 cents or 0.4%.
U.S. crude inventories rose unexpectedly last week to their highest since September 2017, while gasoline stockpiles decreased more than forecast, the Energy Information Administration (EIA) said.
#SaudiArabia woos foreign workers with new residency scheme | Financial Times
Saudi Arabia woos foreign workers with new residency scheme | Financial Times:
Saudi Arabia has approved a new residency scheme to attract skilled foreign labour to help implement an economic reform programme aimed at reducing the kingdom’s dependence on oil.
The law, which was passed by the consultive Shura Council this month and announced by the cabinet on Tuesday, would offer two types of residencies: one would be permanent while the other could be renewed annually. The government will publish details of the new rules within 90 days.
“Our aim is to attract innovators from across the world to live and work in Saudi Arabia — and this reform will play a significant role in doing so,” Ibrahim Al Omar, governor of the Saudi Arabian General Investment Authority, said. “These investors and entrepreneurs will help to drive private sector growth, which is needed to realise the ambitious goals set out in Saudi Vision 2030.”
Saudi Arabia has approved a new residency scheme to attract skilled foreign labour to help implement an economic reform programme aimed at reducing the kingdom’s dependence on oil.
The law, which was passed by the consultive Shura Council this month and announced by the cabinet on Tuesday, would offer two types of residencies: one would be permanent while the other could be renewed annually. The government will publish details of the new rules within 90 days.
“Our aim is to attract innovators from across the world to live and work in Saudi Arabia — and this reform will play a significant role in doing so,” Ibrahim Al Omar, governor of the Saudi Arabian General Investment Authority, said. “These investors and entrepreneurs will help to drive private sector growth, which is needed to realise the ambitious goals set out in Saudi Vision 2030.”
Royal Family Stake in FAB Proves Obstacle to MSCI Reweighting - Bloomberg
Royal Family Stake in FAB Proves Obstacle to MSCI Reweighting - Bloomberg:
A stake controlled by the royal family of Abu Dhabi is getting in the way of the United Arab Emirates’ largest bank earning a bigger weighting in MSCI Inc.’s benchmarks.
Shares in First Abu Dhabi Bank PJSC, which unexpectedly failed to win an upgrade of its weighting in a May 13 review by MSCI, are heading for their worst week since the lender was created in a 2017 merger. MSCI considers strategic holdings, along with limits on foreign ownership, among factors when assessing a stock’s representation, said Chairman and Chief Executive Officer Henry Fernandez.
“Only the shares that are fully available for a purchase are the ones that will get included in an index,” he said Wednesday in a Bloomberg TV interview. MSCI’s decision caught investors by surprise, as they had expected an upgrade after the U.A.E. bank known as FAB raised the limit on foreign ownership earlier this year.
A stake controlled by the royal family of Abu Dhabi is getting in the way of the United Arab Emirates’ largest bank earning a bigger weighting in MSCI Inc.’s benchmarks.
Shares in First Abu Dhabi Bank PJSC, which unexpectedly failed to win an upgrade of its weighting in a May 13 review by MSCI, are heading for their worst week since the lender was created in a 2017 merger. MSCI considers strategic holdings, along with limits on foreign ownership, among factors when assessing a stock’s representation, said Chairman and Chief Executive Officer Henry Fernandez.
“Only the shares that are fully available for a purchase are the ones that will get included in an index,” he said Wednesday in a Bloomberg TV interview. MSCI’s decision caught investors by surprise, as they had expected an upgrade after the U.A.E. bank known as FAB raised the limit on foreign ownership earlier this year.
Royal Family Stake in FAB Proves Obstacle to MSCI Reweighting - Bloomberg
Royal Family Stake in FAB Proves Obstacle to MSCI Reweighting - Bloomberg:
A stake controlled by the royal family of Abu Dhabi is getting in the way of the United Arab Emirates’ largest bank earning a bigger weighting in MSCI Inc.’s benchmarks.
Shares in First Abu Dhabi Bank PJSC, which unexpectedly failed to win an upgrade of its weighting in a May 13 review by MSCI, are heading for their worst week since the lender was created in a 2017 merger. MSCI considers strategic holdings, along with limits on foreign ownership, among factors when assessing a stock’s representation, said Chairman and Chief Executive Officer Henry Fernandez.
“Only the shares that are fully available for a purchase are the ones that will get included in an index,” he said Wednesday in a Bloomberg TV interview. MSCI’s decision caught investors by surprise, as they had expected an upgrade after the U.A.E. bank known as FAB raised the limit on foreign ownership earlier this year.
A stake controlled by the royal family of Abu Dhabi is getting in the way of the United Arab Emirates’ largest bank earning a bigger weighting in MSCI Inc.’s benchmarks.
Shares in First Abu Dhabi Bank PJSC, which unexpectedly failed to win an upgrade of its weighting in a May 13 review by MSCI, are heading for their worst week since the lender was created in a 2017 merger. MSCI considers strategic holdings, along with limits on foreign ownership, among factors when assessing a stock’s representation, said Chairman and Chief Executive Officer Henry Fernandez.
“Only the shares that are fully available for a purchase are the ones that will get included in an index,” he said Wednesday in a Bloomberg TV interview. MSCI’s decision caught investors by surprise, as they had expected an upgrade after the U.A.E. bank known as FAB raised the limit on foreign ownership earlier this year.
Oil Rebounds as Shrinking U.S. Gasoline Supply Brightens Outlook - Bloomberg
Oil Rebounds as Shrinking U.S. Gasoline Supply Brightens Outlook - Bloomberg:
Oil rebounded as a government report showed shrinking U.S. gasoline supplies, suggesting more demand ahead for crude as tensions flare in the Middle East.
Futures in New York rose as much as 0.9%, erasing an earlier loss. The Energy Information Administration on Wednesday said domestic gasoline inventories fell 1.12 million barrels, about four times deeper than analysts forecast. Refinery activity also ticked higher, showing crude processors are gearing up consumption after an unusually long maintenance season.
That offset a 5.43 million barrel increase in American crude supplies that was less than some of the most bearish estimates had suggested.
Oil rebounded as a government report showed shrinking U.S. gasoline supplies, suggesting more demand ahead for crude as tensions flare in the Middle East.
Futures in New York rose as much as 0.9%, erasing an earlier loss. The Energy Information Administration on Wednesday said domestic gasoline inventories fell 1.12 million barrels, about four times deeper than analysts forecast. Refinery activity also ticked higher, showing crude processors are gearing up consumption after an unusually long maintenance season.
That offset a 5.43 million barrel increase in American crude supplies that was less than some of the most bearish estimates had suggested.
MIDEAST STOCKS- #SaudiArabia up on banks, weak earnings hurt #Dubai - Reuters
MIDEAST STOCKS-Saudi Arabia up on banks, weak earnings hurt Dubai - Reuters:
Saudi Arabia's stock market rose
moderately on Wednesday, lifted by its banking shares following
index provider MSCI's decision to include multiple lenders,
while Dubai was pressured by a string of disappointing corporate
earnings.
Saudi Arabia's index increased 1.3% with Al Rajhi
Bank gaining 2.1% and Alinma Bank rising
2.6%, while National Commercial Bank was up 0.9%.
"The 10% to 15% correction in large caps especially the top
banks made them look pretty reasonable in terms of valuations,"
said Vrajesh Bhandari portfolio manager at Al Mal Capital.
Saudi Arabia's stock market rose
moderately on Wednesday, lifted by its banking shares following
index provider MSCI's decision to include multiple lenders,
while Dubai was pressured by a string of disappointing corporate
earnings.
Saudi Arabia's index increased 1.3% with Al Rajhi
Bank gaining 2.1% and Alinma Bank rising
2.6%, while National Commercial Bank was up 0.9%.
"The 10% to 15% correction in large caps especially the top
banks made them look pretty reasonable in terms of valuations,"
said Vrajesh Bhandari portfolio manager at Al Mal Capital.
Tanker attacks near #UAE expose weaknesses in Gulf Arab security - Reuters
Tanker attacks near UAE expose weaknesses in Gulf Arab security - Reuters:
Attacks on Saudi tankers and other vessels off the coast of the United Arab Emirates this week expose vulnerabilities in the security of a key oil-shipping route amid rising tensions between the United States, Iran and Gulf Arab states.
The operation near the Strait of Hormuz appeared designed to test the resolve of the United States and its Sunni Muslim allies without triggering a war, after Washington tightened sanctions on Iran and beefed up its military presence nearby.
The UAE has not characterized the sabotage or blamed anyone, but U.S. national security agencies believe proxies sympathetic to or working for Iran may have been behind it, a U.S. official has said. Tehran has distanced itself from the incident, which no one has claimed.
Attacks on Saudi tankers and other vessels off the coast of the United Arab Emirates this week expose vulnerabilities in the security of a key oil-shipping route amid rising tensions between the United States, Iran and Gulf Arab states.
The operation near the Strait of Hormuz appeared designed to test the resolve of the United States and its Sunni Muslim allies without triggering a war, after Washington tightened sanctions on Iran and beefed up its military presence nearby.
The UAE has not characterized the sabotage or blamed anyone, but U.S. national security agencies believe proxies sympathetic to or working for Iran may have been behind it, a U.S. official has said. Tehran has distanced itself from the incident, which no one has claimed.
#Dubai’s Majid Al Futtaim Plans More Green Bond Issuances: CEO – Bloomberg
Dubai’s Majid Al Futtaim Plans More Green Bond Issuances: CEO – Bloomberg:
Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, one of the biggest real estate companies in Dubai and the operator of Carrefour SA stores in the Middle East, talks about its business strategy and its plan to raise $600 million dollars in Sukuk bonds for environmentally-friendly projects. He speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Alain Bejjani, chief executive officer of Majid Al Futtaim Holding LLC, one of the biggest real estate companies in Dubai and the operator of Carrefour SA stores in the Middle East, talks about its business strategy and its plan to raise $600 million dollars in Sukuk bonds for environmentally-friendly projects. He speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#SaudiArabia's $53 Billion Non-Oil Stimulus May Last Beyond 2021 - Bloomberg
Saudi Arabia's $53 Billion Non-Oil Stimulus May Last Beyond 2021 - Bloomberg:
Saudi Arabia’s 200 billion-riyal ($53 billion) lifeline to its non-oil economy may be in place for longer than planned as the kingdom supports industries struggling to cope with reforms that pushed up costs and dampened demand.
The program is earmarking 36 billion riyals to boost private-sector growth this year, on top of the 40 billion riyals already spent, according to Naif Al-Rasheed, managing director of the Private Sector Stimulus Office. The financing could continue beyond the original planned end date of 2021, according to Al-Rasheed, who’s in charge of allocating the money and monitoring its effectiveness.
“The office has a long-term mandate to continuously support the private sector through economic cycles,” Al-Rasheed said in his first news media interview. Until now, Saudi Arabia hasn’t provided the breakdown of how it planned to deploy the stimulus.
Saudi Arabia’s 200 billion-riyal ($53 billion) lifeline to its non-oil economy may be in place for longer than planned as the kingdom supports industries struggling to cope with reforms that pushed up costs and dampened demand.
The program is earmarking 36 billion riyals to boost private-sector growth this year, on top of the 40 billion riyals already spent, according to Naif Al-Rasheed, managing director of the Private Sector Stimulus Office. The financing could continue beyond the original planned end date of 2021, according to Al-Rasheed, who’s in charge of allocating the money and monitoring its effectiveness.
“The office has a long-term mandate to continuously support the private sector through economic cycles,” Al-Rasheed said in his first news media interview. Until now, Saudi Arabia hasn’t provided the breakdown of how it planned to deploy the stimulus.
Russia Seen Wanting to Share Saudi Output Hike as OPEC+ Meets - Bloomberg
Russia Seen Wanting to Share Saudi Output Hike as OPEC+ Meets - Bloomberg:
Russia will join OPEC+ talks this weekend having barely fulfilled its pledged production cuts, but keen to secure a share of any potential output increase.
In recent months, Russia has indicated it would welcome a return to production growth, said analysts from Fitch Ratings Inc. and IHS Markit Inc. That’s back on the agenda after pledges by Saudi Arabia and its Gulf allies to fill the supply gap created by tighter U.S. sanctions on Iran.
Moscow "sees a place for its extra barrels in the market," said Maksim Nechaev, Russia director for IHS Markit. The country has the means to increase production by around 300,000 barrels a day within a short period of time "and this is probably the message that Russia will bring."
Russia will join OPEC+ talks this weekend having barely fulfilled its pledged production cuts, but keen to secure a share of any potential output increase.
In recent months, Russia has indicated it would welcome a return to production growth, said analysts from Fitch Ratings Inc. and IHS Markit Inc. That’s back on the agenda after pledges by Saudi Arabia and its Gulf allies to fill the supply gap created by tighter U.S. sanctions on Iran.
Moscow "sees a place for its extra barrels in the market," said Maksim Nechaev, Russia director for IHS Markit. The country has the means to increase production by around 300,000 barrels a day within a short period of time "and this is probably the message that Russia will bring."
#UAE's Finablr shares down as much 5% after London market debut - Reuters
UAE's Finablr shares down as much 5% after London market debut - Reuters:
Shares in payments and foreign exchange company Finablr slipped in early trading on Wednesday, falling by as much as 5% on its market debut.
The United Arab Emirates-based firm had extended the closing of books for the London public offering by one day and cut its price on Tuesday, amid weak investor demand in jittery global markets.
Finablr was priced at 175 pence per share but fell to a low of 166.16 pence on Wednesday.
Shares in payments and foreign exchange company Finablr slipped in early trading on Wednesday, falling by as much as 5% on its market debut.
The United Arab Emirates-based firm had extended the closing of books for the London public offering by one day and cut its price on Tuesday, amid weak investor demand in jittery global markets.
Finablr was priced at 175 pence per share but fell to a low of 166.16 pence on Wednesday.
DAMAC's first-quarter profits drop 94% as #Dubai property market slumps - Reuters
DAMAC's first-quarter profits drop 94% as Dubai property market slumps - Reuters:
Dubai’s DAMAC Properties , the owner and operator of the only Trump-branded golf club in the Middle East, reported a 94% annual drop in first-quarter net profit, pressured by a slump in the emirate’s property market.
DAMAC said on Wednesday its net profits in the first three months of the year amounted to 31.1 million dirhams ($8.47 million), against 483.9 million dirhams during the same period a year earlier.
EFG Hermes had forecast a net profit of 270 million dirhams.
Dubai’s DAMAC Properties , the owner and operator of the only Trump-branded golf club in the Middle East, reported a 94% annual drop in first-quarter net profit, pressured by a slump in the emirate’s property market.
DAMAC said on Wednesday its net profits in the first three months of the year amounted to 31.1 million dirhams ($8.47 million), against 483.9 million dirhams during the same period a year earlier.
EFG Hermes had forecast a net profit of 270 million dirhams.
Oil prices fall as U.S. stockpiles rise, but Middle East tensions support - Reuters
Oil prices fall as U.S. stockpiles rise, but Middle East tensions support - Reuters:
Oil fell on Wednesday after data showed a surprise rise in U.S. crude stockpiles and as Chinese industrial output grew less than expected in April, but prices were supported by mounting tensions in the Middle East.
Brent crude futures were at $71.06 a barrel at 0646 GMT, down 18 cents, or 0.3%, from their last close. Brent ended 1.4% higher on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures were at $61.33 per barrel, down 45 cents, or 0.7%, from their previous settlement. WTI closed up 1.2% in the previous session.
Oil fell on Wednesday after data showed a surprise rise in U.S. crude stockpiles and as Chinese industrial output grew less than expected in April, but prices were supported by mounting tensions in the Middle East.
Brent crude futures were at $71.06 a barrel at 0646 GMT, down 18 cents, or 0.3%, from their last close. Brent ended 1.4% higher on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures were at $61.33 per barrel, down 45 cents, or 0.7%, from their previous settlement. WTI closed up 1.2% in the previous session.
MIDEAST STOCKS-Banks bolster #Saudi; most major Gulf markets mixed - Reuters
MIDEAST STOCKS-Banks bolster Saudi; most major Gulf markets mixed - Reuters:
Saudi Arabia’s stock market rose on Wednesday buoyed by its banking stocks recovering from recent losses, while major Gulf markets were mixed in subdued trading.
Saudi Arabia’s index increased 2.4% as all its banking stocks rose. Al Rajhi Bank and National Commercial Bank were up 3.1% each, while Samba Financial Group rose 3.5%.
The index fell as much as 2.1% on Tuesday after drone attacks but recovered to close flat at 0.1%. Saudi Arabia said drones had struck oil pumping stations two days after its oil tankers were sabotaged off the coast of the United Arab Emirates.
Saudi Arabia’s stock market rose on Wednesday buoyed by its banking stocks recovering from recent losses, while major Gulf markets were mixed in subdued trading.
Saudi Arabia’s index increased 2.4% as all its banking stocks rose. Al Rajhi Bank and National Commercial Bank were up 3.1% each, while Samba Financial Group rose 3.5%.
The index fell as much as 2.1% on Tuesday after drone attacks but recovered to close flat at 0.1%. Saudi Arabia said drones had struck oil pumping stations two days after its oil tankers were sabotaged off the coast of the United Arab Emirates.
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