Oil drops more than 2% on U.S. inventories build, demand worries - Reuters:
Oil futures tumbled more than 2% on Wednesday as an unexpected build in U.S. crude stockpiles compounded investor worries that a prolonged trade fight between Washington and Beijing could dent crude demand.
Brent crude futures shed $1.58 a barrel, or 2.2%, to $70.60 a barrel by 1:18 p.m. EDT (1718 GMT). U.S. West Texas Intermediate (WTI) crude futures dropped $2.03 a barrel, or 3.2%, to $61.10 a barrel.
U.S. crude inventories swelled by 4.7 million barrels in the week to May 17 to their highest in nearly two years, the U.S. Energy Information Administration reported. Analysts polled by Reuters had forecast a decrease of 599,000 barrels.
Wednesday 22 May 2019
#AbuDhabi Crown Prince says #UAE to guarantee maritime freedom in the region: agency - Reuters
Abu Dhabi Crown Prince says UAE to guarantee maritime freedom in the region: agency - Reuters:
Abu Dhabi’s Crown Prince said on Wednesday the United Arab Emirates is working with Arab countries to guarantee maritime freedom in the region, Emirates news agency (WAM) reported.
Hosting Jordan’s King Abdullah, on an official visit to Emirates, Crown Prince Mohammed bin Zayed al-Nahyan said “UAE is working to coordinate with Arab countries, especially Jordan ... to preserve Arab interests, maintain regional security and stability, and guarantee maritime freedom in this region of strategic importance to the whole world,” WAM said.
The two said UAE and Jordan will do a military exercise together in UAE in the near future.
Abu Dhabi’s Crown Prince said on Wednesday the United Arab Emirates is working with Arab countries to guarantee maritime freedom in the region, Emirates news agency (WAM) reported.
Hosting Jordan’s King Abdullah, on an official visit to Emirates, Crown Prince Mohammed bin Zayed al-Nahyan said “UAE is working to coordinate with Arab countries, especially Jordan ... to preserve Arab interests, maintain regional security and stability, and guarantee maritime freedom in this region of strategic importance to the whole world,” WAM said.
The two said UAE and Jordan will do a military exercise together in UAE in the near future.
#Saudi Wealth Fund Is Said to Plan IPO of Traffic Monitoring Firm - Bloomberg
Saudi Wealth Fund Is Said to Plan IPO of Traffic Monitoring Firm - Bloomberg:
Saudi Arabia’s sovereign wealth fund is weighing an initial public offering of the kingdom’s traffic-management firm, according to people familiar with the matter.
Tahakom Comprehensive is working with Saudi Fransi Capital on the possible sale of a 30% stake, the people said, asking not to be identified as the information is private. The company, which operates the traffic-monitoring system Saher, is ultimately owned by the Public Investment Fund.
The shares would list on the kingdom’s Tadawul stock exchange, the people said. A final decision hasn’t been made, and the parties may decide not to proceed with the sale or offer a different amount to the public, they said.
Saudi Arabia’s sovereign wealth fund is weighing an initial public offering of the kingdom’s traffic-management firm, according to people familiar with the matter.
Tahakom Comprehensive is working with Saudi Fransi Capital on the possible sale of a 30% stake, the people said, asking not to be identified as the information is private. The company, which operates the traffic-monitoring system Saher, is ultimately owned by the Public Investment Fund.
The shares would list on the kingdom’s Tadawul stock exchange, the people said. A final decision hasn’t been made, and the parties may decide not to proceed with the sale or offer a different amount to the public, they said.
#SaudiArabia Seeks Private Money to Transform Red Sea Beaches - Bloomberg
Saudi Arabia Seeks Private Money to Transform Red Sea Beaches - Bloomberg:
Saudi Arabia is seeking private sector investment to turn an archipelago, desert and mountains -- an area about the size of Belgium -- on its Red Sea coast into a global tourism destination.
The oil-rich kingdom’s sovereign wealth fund has committed financing for the project’s first phase, while the Red Sea Development Co. is in talks with banks to raise debt, according to the head of the firm managing the process. The project will cover 90 islands and 28,000 square kilometers (10,810 square miles), according to the company website.
“The funding is backed by the Public Investment Fund -- they’re funding the equity and we will source senior debt,” John Pagano, chief executive officer of Red Sea Development, said in an interview in Riyadh. “While there’s no absolute need for capital, bringing in private sector investors is seen as a good thing. We are actively engaged in discussions with numerous investors.”
Saudi Arabia is seeking private sector investment to turn an archipelago, desert and mountains -- an area about the size of Belgium -- on its Red Sea coast into a global tourism destination.
The oil-rich kingdom’s sovereign wealth fund has committed financing for the project’s first phase, while the Red Sea Development Co. is in talks with banks to raise debt, according to the head of the firm managing the process. The project will cover 90 islands and 28,000 square kilometers (10,810 square miles), according to the company website.
“The funding is backed by the Public Investment Fund -- they’re funding the equity and we will source senior debt,” John Pagano, chief executive officer of Red Sea Development, said in an interview in Riyadh. “While there’s no absolute need for capital, bringing in private sector investors is seen as a good thing. We are actively engaged in discussions with numerous investors.”
#Dubai's Mashreqbank hires Citi, BAML for dollar bond reopening -sources | ZAWYA MENA Edition
Dubai's Mashreqbank hires Citi, BAML for dollar bond reopening -sources | ZAWYA MENA Edition:
Dubai-based Mashreqbank has hired Citi and Bank of America Merrill Lynch (BAML) as joint bookrunners for a "tap" of a $500 million bond the bank issued in February, sources close to the matter said.
Under a bond tap, an existing transaction is reopened for subscription, using the same documentation as before.
The new paper is being marketed with an initial price guidance of 4% to 4.1%, the sources said.
Dubai-based Mashreqbank has hired Citi and Bank of America Merrill Lynch (BAML) as joint bookrunners for a "tap" of a $500 million bond the bank issued in February, sources close to the matter said.
Under a bond tap, an existing transaction is reopened for subscription, using the same documentation as before.
The new paper is being marketed with an initial price guidance of 4% to 4.1%, the sources said.
#Saudi Aramco signs U.S. LNG deal with Sempra - Reuters
Saudi Aramco signs U.S. LNG deal with Sempra - Reuters:
Saudi Aramco has entered into a 20-year agreement with U.S.-based Sempra Energy to purchase liquefied natural gas(LNG) from its subsidiary Sempra LNG, the two companies said on Wednesday.
The Saudi state oil giant plans to become a major global gas player while the U.S. market is undergoing a shale boom.
Aramco has been developing its own gas resources and eying gas assets in the United States, Russia, Australia and Africa.
Saudi Aramco has entered into a 20-year agreement with U.S.-based Sempra Energy to purchase liquefied natural gas(LNG) from its subsidiary Sempra LNG, the two companies said on Wednesday.
The Saudi state oil giant plans to become a major global gas player while the U.S. market is undergoing a shale boom.
Aramco has been developing its own gas resources and eying gas assets in the United States, Russia, Australia and Africa.
MIDEAST STOCKS-Financials, property elevate #Dubai, most of Gulf up - Reuters
MIDEAST STOCKS-Financials, property elevate Dubai, most of Gulf up - Reuters:
Dubai's stock market rose sharply on
Wednesday, buoyed by financial and real estate shares, to lead
gains in most major Gulf bourses.
Dubai's index closed 1.8% higher with all its real
estate shares gaining. Blue-chip developer Emaar Properties
added 2.6% and market heavyweight lender Emirates NBD
was up 2.8%.
Locals and foreigners bought selectively on the Dubai
Financial Market, especially in the real estate and construction
space, said Harsh Oza, vice president for research at Shuaa
Capital.
Dubai's stock market rose sharply on
Wednesday, buoyed by financial and real estate shares, to lead
gains in most major Gulf bourses.
Dubai's index closed 1.8% higher with all its real
estate shares gaining. Blue-chip developer Emaar Properties
added 2.6% and market heavyweight lender Emirates NBD
was up 2.8%.
Locals and foreigners bought selectively on the Dubai
Financial Market, especially in the real estate and construction
space, said Harsh Oza, vice president for research at Shuaa
Capital.
Oil prices down on swelling U.S. stockpiles, demand concerns - Reuters
Oil prices down on swelling U.S. stockpiles, demand concerns - Reuters:
Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and on demand concerns linked to a protracted trade war between China and the United States.
However, analysts said oil markets remained tight amid supply cuts by producer group OPEC and allies such as Russia, and as political tension escalates in the Middle East.
Brent crude futures were down 41 cents at $71.77 a barrel by 1339 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 67 cents at $62.46.
Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and on demand concerns linked to a protracted trade war between China and the United States.
However, analysts said oil markets remained tight amid supply cuts by producer group OPEC and allies such as Russia, and as political tension escalates in the Middle East.
Brent crude futures were down 41 cents at $71.77 a barrel by 1339 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 67 cents at $62.46.
UPDATE 2-Mall operator Arabian Centres shares drop below IPO price - Reuters
UPDATE 2-Mall operator Arabian Centres shares drop below IPO price - Reuters:
Saudi Arabian mall operator Arabian Centres shares traded below their initial public offer price on Wednesday, underperforming the market and reflecting limited retail investor demand.
The Arabian Centres IPO was priced at the lower end of an indicative price band and coincided with a fall in global markets driven by fears over the wider economic impact of a growing trade dispute between the United States and China.
Arabian Centres was the kingdom’s third biggest IPO since Saudi Arabian lender National Commercial Bank raised $6 billion in 2014, according to Refintiv data.
Saudi Arabian mall operator Arabian Centres shares traded below their initial public offer price on Wednesday, underperforming the market and reflecting limited retail investor demand.
The Arabian Centres IPO was priced at the lower end of an indicative price band and coincided with a fall in global markets driven by fears over the wider economic impact of a growing trade dispute between the United States and China.
Arabian Centres was the kingdom’s third biggest IPO since Saudi Arabian lender National Commercial Bank raised $6 billion in 2014, according to Refintiv data.
Mideast Stocks: #Saudi gains ahead of MSCI entry, banks lift most Gulf markets | ZAWYA MENA Edition
Mideast Stocks: Saudi gains ahead of MSCI entry, banks lift most Gulf markets | ZAWYA MENA Edition:
Saudi Arabia's stock market rose on Wednesday with most of its banks gaining ahead of MSCI entry later this month. Lenders also lifted most major Gulf bourses.
Saudi's index was up 0.9% in early trade. Al Rajhi Bank increased 1%, petrochemical maker Saudi Basic Industries added 0.9% and Saudi Telecom was 1.9% higher.
The three stocks will be the largest additions to the MSCI Emerging Markets Index measured by full company market capitalization.
Saudi Arabia's stock market rose on Wednesday with most of its banks gaining ahead of MSCI entry later this month. Lenders also lifted most major Gulf bourses.
Saudi's index was up 0.9% in early trade. Al Rajhi Bank increased 1%, petrochemical maker Saudi Basic Industries added 0.9% and Saudi Telecom was 1.9% higher.
The three stocks will be the largest additions to the MSCI Emerging Markets Index measured by full company market capitalization.
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