Oil steady as attack in Syria supports but U.S. crude stocks weigh - Reuters:
Oil futures were mixed on Wednesday as a Turkey-launched offensive in Syria and hopes of progress in ending the U.S.-China trade war supported oil, but a build in U.S. crude inventories held prices back.
Brent crude LCOc1 settled at $58.32 a barrel, up 8 cents, while U.S. West Texas Intermediate crude CLc1 settled at $52.59 a barrel, down 4 cents.
Later, prices fell from settlement levels after Chinese officials said Beijing has lowered expectations for progress at the trade talks this week. Negotiators from the world’s top two economies meet in Washington on Thursday in the latest effort to hammer out a deal.
Wednesday 9 October 2019
#Qatar Energy Minister Saad Sherida Al-Kaabi Seeks Exxon, Shell, ConocoPhillips for Gas Expansion - Bloomberg
Qatar Energy Minister Saad Sherida Al-Kaabi Seeks Exxon, Shell, ConocoPhillips for Gas Expansion - Bloomberg:
Qatar Energy Minister Saad Sherida Al-Kaabi discusses plans to expand its part of the world’s largest natural gas field. The Persian Gulf state has invited Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA, ConocoPhillips and other “big players” to submit bids to cooperate on the project, Al-Kaabi said Tuesday. He also comments on a carbon capture and storage project in an interview with Annmarie Hordern in London on "Bloomberg Surveillance." (Source: Bloomberg)
Qatar Energy Minister Saad Sherida Al-Kaabi discusses plans to expand its part of the world’s largest natural gas field. The Persian Gulf state has invited Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA, ConocoPhillips and other “big players” to submit bids to cooperate on the project, Al-Kaabi said Tuesday. He also comments on a carbon capture and storage project in an interview with Annmarie Hordern in London on "Bloomberg Surveillance." (Source: Bloomberg)
#Dubai's new low-cost virtual license to draw foreign businesses, freelancers | ZAWYA MENA Edition
Dubai's new low-cost virtual license to draw foreign businesses, freelancers | ZAWYA MENA Edition:
The Dubai government is keen to attract more investments in its innovative and consultancy sectors, and the recently launched virtual license will result in a more simplified business environment for foreign investors and entrepreneurs, according to global consultancy PwC Middle East.
“Those eligible to apply for virtual licenses will benefit from a simple, fast and low-cost solution to conduct business in the UAE, without the need to reside in the country,” Darren Harris, Legal Services Leader at PwC Legal Middle East told Zawya.
“Ongoing benefits include the ability to manage the business online, including the digital execution and submission of documents,” he said. “In addition, all businesses operating under a virtual license will get access to DubaiStore.com, an online marketplace for the promotion of products and services with online shoppers and interested customers.”
The Dubai government is keen to attract more investments in its innovative and consultancy sectors, and the recently launched virtual license will result in a more simplified business environment for foreign investors and entrepreneurs, according to global consultancy PwC Middle East.
“Those eligible to apply for virtual licenses will benefit from a simple, fast and low-cost solution to conduct business in the UAE, without the need to reside in the country,” Darren Harris, Legal Services Leader at PwC Legal Middle East told Zawya.
“Ongoing benefits include the ability to manage the business online, including the digital execution and submission of documents,” he said. “In addition, all businesses operating under a virtual license will get access to DubaiStore.com, an online marketplace for the promotion of products and services with online shoppers and interested customers.”
GCC banks to maintain stable financial profiles - S&P | ZAWYA MENA Edition
GCC banks to maintain stable financial profiles - S&P | ZAWYA MENA Edition:
Rated banks in the Gulf Cooperation Council (GCC) are set to maintain stable financial profiles in 2020, barring any major increase in geopolitical risk or a sharp fall in oil prices, Standard & Poor’s Global Ratings said in a report Wednesday.
“In our view, GCC banks will successfully navigate a less-than-favourable macroeconomic environment in 2020 supported by their solid financial profiles,” the report said.
Rated banks in the Gulf Cooperation Council (GCC) are set to maintain stable financial profiles in 2020, barring any major increase in geopolitical risk or a sharp fall in oil prices, Standard & Poor’s Global Ratings said in a report Wednesday.
“In our view, GCC banks will successfully navigate a less-than-favourable macroeconomic environment in 2020 supported by their solid financial profiles,” the report said.
Etihad Airways expects to return to profitability in 2023: executive - Reuters
Etihad Airways expects to return to profitability in 2023: executive - Reuters:
Abu Dhabi-based Etihad Airways expects to return to profitability in 2023, at the end of a five-year turnaround plan, its chief commercial officer, Robin Kamark, said on Wednesday.
Etihad suffered from its third consecutive year of annual losses in 2018 despite cost savings of nearly half a billion dollars as it cut its workforce and fleet.
Kamark told reporters on the sidelines of an aviation conference in Abu Dhabi that Etihad has taken delivery of two Airbus A-350-1000 aircraft.
Abu Dhabi-based Etihad Airways expects to return to profitability in 2023, at the end of a five-year turnaround plan, its chief commercial officer, Robin Kamark, said on Wednesday.
Etihad suffered from its third consecutive year of annual losses in 2018 despite cost savings of nearly half a billion dollars as it cut its workforce and fleet.
Kamark told reporters on the sidelines of an aviation conference in Abu Dhabi that Etihad has taken delivery of two Airbus A-350-1000 aircraft.
#Saudi developer Dar Al Arkan sells $600 mln in Islamic bonds - Reuters
Saudi developer Dar Al Arkan sells $600 mln in Islamic bonds - Reuters:
Saudi Arabian real estate developer Dar Al Arkan is set to raise $600 million through an issuance of sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed on Wednesday.
The paper, which is due in 2025 and has attracted orders of more than $1.6 billion, offers investors a profit rate of 7%, according to the document, down from initial price guidance of 7.25% to 7.375% issued earlier on Wednesday.
AlKhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Nomura, Noor Bank, Standard Chartered Bank and Warba Bank have been hired to arrange the deal.
Saudi Arabian real estate developer Dar Al Arkan is set to raise $600 million through an issuance of sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed on Wednesday.
The paper, which is due in 2025 and has attracted orders of more than $1.6 billion, offers investors a profit rate of 7%, according to the document, down from initial price guidance of 7.25% to 7.375% issued earlier on Wednesday.
AlKhair Capital, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, Goldman Sachs International, Nomura, Noor Bank, Standard Chartered Bank and Warba Bank have been hired to arrange the deal.
Oil rises on signs of easing U.S.-China tensions - Reuters
Oil rises on signs of easing U.S.-China tensions - Reuters:
Oil rose on Wednesday following media reports that China was open to agreeing a partial trade deal with the United States, while Turkey’s military operation in northern Syria also supported prices as it could impact regional oil production.
Brent crude LCOc1 was up 97 cents at $59.21 a barrel by 1326 GMT, and U.S. West Texas Intermediate crude CLc1 was at $53.57, up 94 cents.
Negotiators from the United States and China, the world’s top two economies, will meet in Washington on Thursday in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that has slowed global growth.
Oil rose on Wednesday following media reports that China was open to agreeing a partial trade deal with the United States, while Turkey’s military operation in northern Syria also supported prices as it could impact regional oil production.
Brent crude LCOc1 was up 97 cents at $59.21 a barrel by 1326 GMT, and U.S. West Texas Intermediate crude CLc1 was at $53.57, up 94 cents.
Negotiators from the United States and China, the world’s top two economies, will meet in Washington on Thursday in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that has slowed global growth.
Shell still has appetite for Mideast investments, says CEO - Reuters
Shell still has appetite for Mideast investments, says CEO - Reuters:
Royal Dutch Shell (RDSa.L) has no intention to change its plans to invest in the Middle East, Chief Executive Ben van Beurden said on Wednesday.
“We have absolutely no intention to change our attitude and appetite for investing in the Middle East. Far from it,” van Beurden told the Oil & Money conference.
Shell pulled out of the Majnoon oilfield in Iraq two years ago and earlier this year sold its stake in a refinery in Saudi Arabia. It is a major investor in Qatar and Oman.
Royal Dutch Shell (RDSa.L) has no intention to change its plans to invest in the Middle East, Chief Executive Ben van Beurden said on Wednesday.
“We have absolutely no intention to change our attitude and appetite for investing in the Middle East. Far from it,” van Beurden told the Oil & Money conference.
Shell pulled out of the Majnoon oilfield in Iraq two years ago and earlier this year sold its stake in a refinery in Saudi Arabia. It is a major investor in Qatar and Oman.
#Qatar National Bank nine-month net profit rises 4% to 11.2 billion riyals - Reuters
Qatar National Bank nine-month net profit rises 4% to 11.2 billion riyals - Reuters:
Qatar National Bank (QNB) (QNBK.QA), the Gulf’s largest lender, reported a 4% increase in nine-month net profit to 11.2 billion riyals ($3.1 billion) on Wednesday, broadly in line with analyst estimates.
Third-quarter net profit was 3.8 billion riyals in the three months to Sept. 30 according to a Reuters calculation, up from 3.72 billion riyals in the corresponding period of 2018.
EFG Hermes had forecast a third-quarter net profit of 3.763 billion riyals, while SICO Bahrain estimated net profit of 3.9 billion riyals.
Qatar National Bank (QNB) (QNBK.QA), the Gulf’s largest lender, reported a 4% increase in nine-month net profit to 11.2 billion riyals ($3.1 billion) on Wednesday, broadly in line with analyst estimates.
Third-quarter net profit was 3.8 billion riyals in the three months to Sept. 30 according to a Reuters calculation, up from 3.72 billion riyals in the corresponding period of 2018.
EFG Hermes had forecast a third-quarter net profit of 3.763 billion riyals, while SICO Bahrain estimated net profit of 3.9 billion riyals.
#UAE's Etihad Rail awards $436 mln contract to Hitachi Rail - Reuters
UAE's Etihad Rail awards $436 mln contract to Hitachi Rail - Reuters:
The United Arab Emirates’ Etihad Rail on Wednesday said it awarded a 1.6 billion dirhams ($436 million) systems and integration contract to Hitachi Rail STS for stage two of the national railway network.
Hitachi Rail will be responsible for the design and build of railway systems related to its subsystems, in coordination with other Stage Two works and contracts, as well as managing uptime and operation tests, a statement from Etihad Rail said.
Stage Two links the United Arab Emirates and Saudi Arabia from Fujairah to Al Ghuweifat through Mussafah, Khalifa Port and Jebel Ali Port.
The United Arab Emirates’ Etihad Rail on Wednesday said it awarded a 1.6 billion dirhams ($436 million) systems and integration contract to Hitachi Rail STS for stage two of the national railway network.
Hitachi Rail will be responsible for the design and build of railway systems related to its subsystems, in coordination with other Stage Two works and contracts, as well as managing uptime and operation tests, a statement from Etihad Rail said.
Stage Two links the United Arab Emirates and Saudi Arabia from Fujairah to Al Ghuweifat through Mussafah, Khalifa Port and Jebel Ali Port.
MIDEAST STOCKS-Financials drag most of Gulf lower, #Saudi underperforms - Reuters
MIDEAST STOCKS-Financials drag most of Gulf lower, Saudi underperforms - Reuters:
Most major Gulf markets traded in the red on Wednesday
with weakness in banking shares weighing and Saudi Arabian stocks
underperforming their regional peers.
Saudi Arabia’s index fell 1.5%. Al Rjahi Bank declined
2.5% and the Country’s biggest lender National Commercial Bank slid
2.2%.
Saudi Basic Industries (SABIC) shed 1.8%, extending losses
following its downgrade by Fitch on Monday.
Fitch downgraded SABIC and Saudi Aramco to A from A+ after attacks last
month on two oil production facilities. It also considered rising geopolitical
tensions in the region and the country's continued fiscal deficit.
Most major Gulf markets traded in the red on Wednesday
with weakness in banking shares weighing and Saudi Arabian stocks
underperforming their regional peers.
Saudi Arabia’s index fell 1.5%. Al Rjahi Bank declined
2.5% and the Country’s biggest lender National Commercial Bank slid
2.2%.
Saudi Basic Industries (SABIC) shed 1.8%, extending losses
following its downgrade by Fitch on Monday.
Fitch downgraded SABIC and Saudi Aramco to A from A+ after attacks last
month on two oil production facilities. It also considered rising geopolitical
tensions in the region and the country's continued fiscal deficit.
Russian sovereign fund opens office in #Saudi - Reuters
Russian sovereign fund opens office in Saudi - Reuters:
The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has opened its first foreign office in Saudi Arabia, the fund said on its website, as it seeks to do more deals in the kingdom.
The office will conduct its investment activities as part of existing agreements and joint platforms such as the Russia-Saudi Investment Fund, which was established by RDIF and Saudi sovereign fund PIF, it said in a statement.
The move comes after RDIF said this year it was poised to significantly increase its number of investment deals with Saudi Arabia.
The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has opened its first foreign office in Saudi Arabia, the fund said on its website, as it seeks to do more deals in the kingdom.
The office will conduct its investment activities as part of existing agreements and joint platforms such as the Russia-Saudi Investment Fund, which was established by RDIF and Saudi sovereign fund PIF, it said in a statement.
The move comes after RDIF said this year it was poised to significantly increase its number of investment deals with Saudi Arabia.
UPDATE 1-Attacks on #Saudi Aramco have no impact on IPO plans - CEO - Reuters
UPDATE 1-Attacks on Saudi Aramco have no impact on IPO plans - CEO - Reuters:
Saudi Aramco’s chief executive said on Wednesday there would be no impact on the stock market listing plans of the state oil giant after attacks on its installations last month, which he blamed on Iran.
Attacks such as those on Sept. 14, which sent oil prices up as much as 20%, may continue if there is no concerted international response, Amin Nasser told the Oil & Money conference in London.
The attacks targeted the Abqaiq and Khurais plants at the heart of Saudi Arabia’s oil industry, causing fires and damage and shutting down 5.7 million barrels per day (bpd) of production - more than 5% of global oil supply.
Saudi Aramco’s chief executive said on Wednesday there would be no impact on the stock market listing plans of the state oil giant after attacks on its installations last month, which he blamed on Iran.
Attacks such as those on Sept. 14, which sent oil prices up as much as 20%, may continue if there is no concerted international response, Amin Nasser told the Oil & Money conference in London.
The attacks targeted the Abqaiq and Khurais plants at the heart of Saudi Arabia’s oil industry, causing fires and damage and shutting down 5.7 million barrels per day (bpd) of production - more than 5% of global oil supply.
MIDEAST STOCKS-Gulf stocks drop as U.S.-China trade tensions mount - Reuters
MIDEAST STOCKS-Gulf stocks drop as U.S.-China trade tensions mount - Reuters:
Gulf stock markets fell on Wednesday, led by banking shares, amid persistent weakness in oil prices as an escalating dispute between the United States and China stoked worries over global economic growth and oil demand.
Oil prices slipped for a third consecutive session as tensions mounted after the United States imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, after having widened the trade blacklist to include some of China’s top artificial intelligence startups.
Saudi Arabia’s index fell 0.7% with financial stocks leading the losses. Al Rjahi Bank lost 0.8% and the kingdom’s largest lender National Commercial Bank decreased 1.4%.
Gulf stock markets fell on Wednesday, led by banking shares, amid persistent weakness in oil prices as an escalating dispute between the United States and China stoked worries over global economic growth and oil demand.
Oil prices slipped for a third consecutive session as tensions mounted after the United States imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, after having widened the trade blacklist to include some of China’s top artificial intelligence startups.
Saudi Arabia’s index fell 0.7% with financial stocks leading the losses. Al Rjahi Bank lost 0.8% and the kingdom’s largest lender National Commercial Bank decreased 1.4%.
Oil eases on concerns over U.S.-China talks, weak demand signals - Reuters
Oil eases on concerns over U.S.-China talks, weak demand signals - Reuters:
Oil prices slid on Tuesday as Washington’s blacklisting of more Chinese companies dampened hopes for a trade deal between the two countries, although unrest in Iraq and Ecuador lent some support to crude prices.
Early in the session, both Brent crude LCOc1 and West Texas Intermediate (WTI) CLc1 rose more than 1%. But at settlement, Brent was down 11 cents, or 0.2% at $58.24 a barrel while WTI CLc1 fell 12 cents, or 0.2%, at $52.63.
Prices extended losses slightly in post-settlement trade after American Petroleum Institute data showed U.S. crude inventories rose by 4.1 million barrels in the week ended Oct. 4, far surpassing the 1.4 million barrels analysts had forecast.
Oil prices slid on Tuesday as Washington’s blacklisting of more Chinese companies dampened hopes for a trade deal between the two countries, although unrest in Iraq and Ecuador lent some support to crude prices.
Early in the session, both Brent crude LCOc1 and West Texas Intermediate (WTI) CLc1 rose more than 1%. But at settlement, Brent was down 11 cents, or 0.2% at $58.24 a barrel while WTI CLc1 fell 12 cents, or 0.2%, at $52.63.
Prices extended losses slightly in post-settlement trade after American Petroleum Institute data showed U.S. crude inventories rose by 4.1 million barrels in the week ended Oct. 4, far surpassing the 1.4 million barrels analysts had forecast.
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