Saudi's SALIC, Russian fund team up on agri projects - Reuters:
Russian sovereign wealth fund RDIF and Saudi Arabia’s SALIC have signed an agreement to team up in searching for investment projects in the Russian agricultural sector, RDIF said in a statement on Monday.
President Vladimir Putin visited Riyadh on Monday for the first time in over a decade, seeking to capitalize on growing influence borne of military advances in Syria, strong ties with regional rivals and cooperation on energy policy.
SALIC - Saudi Agricultural and Livestock Investment Co - and RDIF will jointly search for investment projects in the Russian agricultural and livestock industries, RDIF said.
Monday 14 October 2019
#Saudi CMA approves IPO of Al-Mubarak Saudi Sovereign Sukuk Fund | ZAWYA MENA Edition
Saudi CMA approves IPO of Al-Mubarak Saudi Sovereign Sukuk Fund | ZAWYA MENA Edition:
The Saudi Capital Market Authority (CMA) approved the public offering of Arab National Investment Company’s sukuk fund.
The authority said in statement on Tadawul that the approval of the fund “should never be considered as a recommendation to subscribe in the fund”.
The statement added that the approval only indicates that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.
The Saudi Capital Market Authority (CMA) approved the public offering of Arab National Investment Company’s sukuk fund.
The authority said in statement on Tadawul that the approval of the fund “should never be considered as a recommendation to subscribe in the fund”.
The statement added that the approval only indicates that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.
UPDATE 1-Too early to discuss possible buildup in oil inventories - #Kuwait's oil min - Reuters
UPDATE 1-Too early to discuss possible buildup in oil inventories - Kuwait's oil min - Reuters:
Kuwait’s oil minister said that it was too early to discuss a possible buildup in oil inventories in 2020, adding that any talks about a deeper cut in production by OPEC and its allies were “up in the air”.
“Oil inventories buildup (in 2020) is not something that we have to talk about right now because it’s still an assumption,” Khaled al-Fadhel told reporters.
“As of now... we are just thinking about how we can maneuver through the inventory buildup, if it happens,” he said.
Kuwait’s oil minister said that it was too early to discuss a possible buildup in oil inventories in 2020, adding that any talks about a deeper cut in production by OPEC and its allies were “up in the air”.
“Oil inventories buildup (in 2020) is not something that we have to talk about right now because it’s still an assumption,” Khaled al-Fadhel told reporters.
“As of now... we are just thinking about how we can maneuver through the inventory buildup, if it happens,” he said.
Putin discussed oil prices with #Saudi leaders: Kremlin spokesman - Reuters
Putin discussed oil prices with Saudi leaders: Kremlin spokesman - Reuters:
Kremlin spokesman Dmitry Peskov said on Monday that President Vladimir Putin had discussed oil prices with Saudi King Salman and Crown Prince Mohammed bin Salman.
“A substantial exchange of opinions took place, on regional problems, on situation at the energy markets, or on oil prices, to keep it simple,” he told reporters in Riyadh during Putin’s first visit to Saudi Arabia in over a decade.
Kremlin spokesman Dmitry Peskov said on Monday that President Vladimir Putin had discussed oil prices with Saudi King Salman and Crown Prince Mohammed bin Salman.
“A substantial exchange of opinions took place, on regional problems, on situation at the energy markets, or on oil prices, to keep it simple,” he told reporters in Riyadh during Putin’s first visit to Saudi Arabia in over a decade.
Oil falls more than 2% on U.S.-China trade deal doubts, stronger dollar - Reuters
Oil falls more than 2% on U.S.-China trade deal doubts, stronger dollar - Reuters:
Oil prices lost about 2% on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight.
Oil prices also felt pressure as the U.S. dollar .DXY, which has an inverse relationship with crude prices, gained as waning trade deal hopes and ongoing concerns over Britain’s exit from the European Union attracted safe-haven investments.
Brent crude LCOc1 settled at $59.35 a barrel, shedding $1.16, or 1.92%, while U.S. West Texas Intermediate (WTI) crude CLc1 settled at $53.59 a barrel, losing $1.11, or 2.03%.
Oil prices lost about 2% on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight.
Oil prices also felt pressure as the U.S. dollar .DXY, which has an inverse relationship with crude prices, gained as waning trade deal hopes and ongoing concerns over Britain’s exit from the European Union attracted safe-haven investments.
Brent crude LCOc1 settled at $59.35 a barrel, shedding $1.16, or 1.92%, while U.S. West Texas Intermediate (WTI) crude CLc1 settled at $53.59 a barrel, losing $1.11, or 2.03%.
MIDEAST STOCKS-Banks boost #Qatar, Deyaar's surge lifts #Dubai - Reuters
MIDEAST STOCKS-Banks boost Qatar, Deyaar's surge lifts Dubai - Reuters:
Qatar's stock market rose sharply on
Monday, helped by financial shares, while a surge in Deyaar
Development buoyed the Dubai index, even as most Middle Eastern
stocks were quiet.
In Qatar, the index rose 1.2%, extending its gains
for a third straight day, with Qatar Islamic Bank
increasing 2.6% and Masraf Al Rayan adding 3.3%. The
two are scheduled to report their third quarter financials on
Oct. 16 and 27 respectively.
Dubai's main share index was up 0.5% as real estate
developer Deyaar Development soared 14.7%, reaching
its highest since November 2018, after the company said its
board would approve third-quarter results later this week.
Qatar's stock market rose sharply on
Monday, helped by financial shares, while a surge in Deyaar
Development buoyed the Dubai index, even as most Middle Eastern
stocks were quiet.
In Qatar, the index rose 1.2%, extending its gains
for a third straight day, with Qatar Islamic Bank
increasing 2.6% and Masraf Al Rayan adding 3.3%. The
two are scheduled to report their third quarter financials on
Oct. 16 and 27 respectively.
Dubai's main share index was up 0.5% as real estate
developer Deyaar Development soared 14.7%, reaching
its highest since November 2018, after the company said its
board would approve third-quarter results later this week.
Ali El Adou, Head of Asset Management at Daman Investments, on Saudi Arabian Banks - Bloomberg
Ali El Adou, Head of Asset Management at Daman Investments, on Saudi Arabian Banks - Bloomberg:
Ali El Adou, the head of asset management at Daman Investments in Dubai, talks about Saudi Arabian banks. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Ali El Adou, the head of asset management at Daman Investments in Dubai, talks about Saudi Arabian banks. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Emirates Warns Airbus-Boeing Tariff War Will Push Up Fares - Bloomberg
Emirates Warns Airbus-Boeing Tariff War Will Push Up Fares - Bloomberg:
A face-off between the U.S. and European Union over jetliner tariffs risks making travel more expensive for passengers, the world’s biggest long-haul airline has warned.
Tit-for-tat import duties on Boeing Co. and Airbus SE planes would ultimately increase the cost of the aircraft and hence also fares, Emirates President Tim Clark said Monday in Dubai, where the carrier is based.
“In the end, the prices of what we get charged as a result of tariff imposition will be passed through as they have to, to consumers, so prices are likely to rise,” Clark said in a speech at the 2019 Aviation Show.
A face-off between the U.S. and European Union over jetliner tariffs risks making travel more expensive for passengers, the world’s biggest long-haul airline has warned.
Tit-for-tat import duties on Boeing Co. and Airbus SE planes would ultimately increase the cost of the aircraft and hence also fares, Emirates President Tim Clark said Monday in Dubai, where the carrier is based.
“In the end, the prices of what we get charged as a result of tariff imposition will be passed through as they have to, to consumers, so prices are likely to rise,” Clark said in a speech at the 2019 Aviation Show.
One Month After Worst Oil-Supply Halt, Aramco Says All Clear - Bloomberg
One Month After Worst Oil-Supply Halt, Aramco Says All Clear - Bloomberg:
In the early hours of a sweltering Saturday in September, a volley of missiles pierced the heart of Saudi Arabia’s oil industry, knocking out 5% of global production. A month later, it’s as if the attack never happened.
Saudi Aramco says it’s currently pumping 9.9 million barrels a day, the same as before the Sept. 14 surprise attacks at Abqaiq, the world’s biggest oil-processing facility, and the field at Khurais. While the attacks laid bare Saudi Arabia’s vulnerability to major disruptions, Brent crude has slid below where it was beforehand, trading Monday at less than $60 a barrel.
Shiny, freshly painted spherical tanks that separate oil from natural gas and water are back at work at Abqaiq, company officials told reporters touring the damaged sites on Saturday. On an earlier visit to Abqaiq one week after the assaults, gaping holes showed where projectiles had punctured the same tanks. More repairs await; several crude stabilization towers are still charred and encased in scaffolding.
In the early hours of a sweltering Saturday in September, a volley of missiles pierced the heart of Saudi Arabia’s oil industry, knocking out 5% of global production. A month later, it’s as if the attack never happened.
Saudi Aramco says it’s currently pumping 9.9 million barrels a day, the same as before the Sept. 14 surprise attacks at Abqaiq, the world’s biggest oil-processing facility, and the field at Khurais. While the attacks laid bare Saudi Arabia’s vulnerability to major disruptions, Brent crude has slid below where it was beforehand, trading Monday at less than $60 a barrel.
Shiny, freshly painted spherical tanks that separate oil from natural gas and water are back at work at Abqaiq, company officials told reporters touring the damaged sites on Saturday. On an earlier visit to Abqaiq one week after the assaults, gaping holes showed where projectiles had punctured the same tanks. More repairs await; several crude stabilization towers are still charred and encased in scaffolding.
Air Arabia to decide on new aircraft orders by Jan 2020: CEO - Reuters
Air Arabia to decide on new aircraft orders by Jan 2020: CEO - Reuters:
Budget airline Air Arabia (AIRA.DU) will make a decision on ordering new aircraft by January 2020, its chief executive said on Monday.
The decision will be made in the last part of 2019 or in January next year, Adel Ali said at a conference in Dubai. He said the company would order around 115 to 120 planes and is looking at Airbus A220 aircraft and the Boeing 737 MAX. Air Arabia’s current fleet consists of Airbus A320 planes.
Budget airline Air Arabia (AIRA.DU) will make a decision on ordering new aircraft by January 2020, its chief executive said on Monday.
The decision will be made in the last part of 2019 or in January next year, Adel Ali said at a conference in Dubai. He said the company would order around 115 to 120 planes and is looking at Airbus A220 aircraft and the Boeing 737 MAX. Air Arabia’s current fleet consists of Airbus A320 planes.
Column: Trump's non-deal deal with China is mainly significant for sentiment - Russell - Reuters
Column: Trump's non-deal deal with China is mainly significant for sentiment - Russell - Reuters:
When is an agreement not really an agreement? When it is the latest maneuver in the long-running trade dispute between the United States and China.
That’s not to say the Oct. 11 announcement by both parties isn’t significant, but it is still a long, long way from the sort of comprehensive resolution sought not only by the world’s two biggest economies, but also by the rest of the world fearful of a trade war-inspired recession.
President Donald Trump went so far as to call the announcement a “lovefest,” while Chinese Vice Premier Liu He was more circumspect, noting that the two sides had made “substantial progress in many fields.”
When is an agreement not really an agreement? When it is the latest maneuver in the long-running trade dispute between the United States and China.
That’s not to say the Oct. 11 announcement by both parties isn’t significant, but it is still a long, long way from the sort of comprehensive resolution sought not only by the world’s two biggest economies, but also by the rest of the world fearful of a trade war-inspired recession.
President Donald Trump went so far as to call the announcement a “lovefest,” while Chinese Vice Premier Liu He was more circumspect, noting that the two sides had made “substantial progress in many fields.”
UPDATE 1-Too early to discuss possible buildup in oil inventories - #Kuwait's oil min - Reuters
UPDATE 1-Too early to discuss possible buildup in oil inventories - Kuwait's oil min - Reuters:
Kuwait’s oil minister said that it was too early to discuss a possible buildup in oil inventories in 2020, adding that any talks about a deeper cut in production by OPEC and its allies were “up in the air”.
“Oil inventories buildup (in 2020) is not something that we have to talk about right now because it’s still an assumption,” Khaled al-Fadhel told reporters.
“As of now... we are just thinking about how we can maneuver through the inventory buildup, if it happens,” he said.
Kuwait’s oil minister said that it was too early to discuss a possible buildup in oil inventories in 2020, adding that any talks about a deeper cut in production by OPEC and its allies were “up in the air”.
“Oil inventories buildup (in 2020) is not something that we have to talk about right now because it’s still an assumption,” Khaled al-Fadhel told reporters.
“As of now... we are just thinking about how we can maneuver through the inventory buildup, if it happens,” he said.
#SaudiArabia calls for focus on oil market stability, not oil price - Reuters
Saudi Arabia calls for focus on oil market stability, not oil price - Reuters:
Saudi Arabia’s Energy Minister said on Monday it was important to concentrate on the stability of the oil market rather than the price of oil and that a fair price was a stable price.
The minister, Prince Abdulaziz bin Salman, said oil exporters taking part in the global output deal between OPEC and its allies were showing serious commitment to the cuts.
Saudi Arabia’s Energy Minister said on Monday it was important to concentrate on the stability of the oil market rather than the price of oil and that a fair price was a stable price.
The minister, Prince Abdulaziz bin Salman, said oil exporters taking part in the global output deal between OPEC and its allies were showing serious commitment to the cuts.
#Saudi visit showcases Putin's growing Middle East influence - Reuters
Saudi visit showcases Putin's growing Middle East influence - Reuters:
Russian President Vladimir Putin visits Saudi Arabia on Monday for the first time in over a decade, seeking to capitalize on growing influence borne of military advances in Syria, strong ties with regional rivals and cooperation on energy policy.
Moscow accrued power in the Middle East in 2015 by sending troops to Syria, where it and Iran have been key backers of President Bashar al-Assad amid civil war, while the United States pulled back.
On the eve of Putin’s trip, U.S. troops were evacuating northern Syria as their erstwhile Kurdish allies struck a deal with Assad’s Russian-backed army aimed at halting a Turkish offensive.
Russian President Vladimir Putin visits Saudi Arabia on Monday for the first time in over a decade, seeking to capitalize on growing influence borne of military advances in Syria, strong ties with regional rivals and cooperation on energy policy.
Moscow accrued power in the Middle East in 2015 by sending troops to Syria, where it and Iran have been key backers of President Bashar al-Assad amid civil war, while the United States pulled back.
On the eve of Putin’s trip, U.S. troops were evacuating northern Syria as their erstwhile Kurdish allies struck a deal with Assad’s Russian-backed army aimed at halting a Turkish offensive.
Oil falls due to caution over first phase of U.S.-China trade deal - Reuters
Oil falls due to caution over first phase of U.S.-China trade deal - Reuters:
Oil prices fell on Monday as scant details about the first phase of a trade deal between the United States and China undercut optimism over a U.S.-Sino thaw that had helped lift crude markets by 2% at the end of last week.
Brent crude LCOc1 fell 46 cents to $60.05 a barrel by 0840 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 lost 40 cents at $54.30 a barrel. Both were down 0.7%.
Late on Friday, the United States and China outlined the first stage of a trade deal and suspended this week’s scheduled U.S. tariff hikes. But existing tariffs remain in place and officials on both sides said much more work was needed before an accord could be agreed.
Oil prices fell on Monday as scant details about the first phase of a trade deal between the United States and China undercut optimism over a U.S.-Sino thaw that had helped lift crude markets by 2% at the end of last week.
Brent crude LCOc1 fell 46 cents to $60.05 a barrel by 0840 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 lost 40 cents at $54.30 a barrel. Both were down 0.7%.
Late on Friday, the United States and China outlined the first stage of a trade deal and suspended this week’s scheduled U.S. tariff hikes. But existing tariffs remain in place and officials on both sides said much more work was needed before an accord could be agreed.
MIDEAST STOCKS-Gulf stocks gain ahead of corporate earnings, #Qatar outperforms - Reuters
MIDEAST STOCKS-Gulf stocks gain ahead of corporate earnings, Qatar outperforms - Reuters:
All major Gulf stock markets gained on Monday ahead of corporate earnings, which are expected to gather pace later this week, with Qatar outperforming its regional peers.
Qatar’s index was up 0.5%, led by lenders. Masraf Al Rayan advanced 2.8%, while Qatar Islamic Bank rose 1.3% ahead of its nine-month earnings on Wednesday.
Saudi Arabia’s index inched up 0.2% after five straight sessions of losses, with Al Rajhi Bank and Saudi Telecom gaining 0.5% and 0.6%, respectively.
All major Gulf stock markets gained on Monday ahead of corporate earnings, which are expected to gather pace later this week, with Qatar outperforming its regional peers.
Qatar’s index was up 0.5%, led by lenders. Masraf Al Rayan advanced 2.8%, while Qatar Islamic Bank rose 1.3% ahead of its nine-month earnings on Wednesday.
Saudi Arabia’s index inched up 0.2% after five straight sessions of losses, with Al Rajhi Bank and Saudi Telecom gaining 0.5% and 0.6%, respectively.
America’s Shale Oil Boom Is Nearly Over - Bloomberg
America’s Shale Oil Boom Is Nearly Over - Bloomberg:
America’s second shale boom is running out of steam. But don’t panic just yet, a third one may be coming over the horizon.
The U.S. Energy Information Administration published its latest short-term energy outlook last week and has cut its forecast of oil production by the end of 2020 for the fourth straight month. It now expects American output to rise by just 370,000 barrels a day over the course of next year. That will be the slowest growth in four years and is yet another indicator that the latest period of rapid shale expansion is faltering.
The number of rigs drilling for oil in the U.S. has fallen in each of the last 10 months, dropping by a total of 20% since November. And productivity gains are waning. Drilling in the Permian, the most prolific of the shale basins, fell by 11% in the nine months to August, according to the EIA.
America’s second shale boom is running out of steam. But don’t panic just yet, a third one may be coming over the horizon.
The U.S. Energy Information Administration published its latest short-term energy outlook last week and has cut its forecast of oil production by the end of 2020 for the fourth straight month. It now expects American output to rise by just 370,000 barrels a day over the course of next year. That will be the slowest growth in four years and is yet another indicator that the latest period of rapid shale expansion is faltering.
The number of rigs drilling for oil in the U.S. has fallen in each of the last 10 months, dropping by a total of 20% since November. And productivity gains are waning. Drilling in the Permian, the most prolific of the shale basins, fell by 11% in the nine months to August, according to the EIA.
#Dubai Utility Gets Record Low Bid to Build Solar-Power Plant - Bloomberg
Dubai Utility Gets Record Low Bid to Build Solar-Power Plant - Bloomberg:
Dubai Electricity & Water Authority selected a contractor that submitted a “record” low bid to build a 900-megawatt solar-power plant in the emirate, Chief Executive Officer Saeed Mohammed Al Tayer said.
The contractor, which Al Tayer declined to identify, bid 1.7 cents per kilowatt-hour for the photovoltaic plant. The decision requires a lengthy evaluation before DEWA can publicly announce the winner, he said Sunday in an interview.
The bid “is the lowest price worldwide,” Al Tayer said. DEWA required offers of less than 2.4 cents per kilowatt-hour. The plant will be the fifth phase of a sprawling facility in in the desert outside Dubai -- the Mohammed bin Rashid Al Maktoum Solar Park, which will have 5 gigawatts of installed capacity by 2030 if DEWA completes it as planned.
Dubai Electricity & Water Authority selected a contractor that submitted a “record” low bid to build a 900-megawatt solar-power plant in the emirate, Chief Executive Officer Saeed Mohammed Al Tayer said.
The contractor, which Al Tayer declined to identify, bid 1.7 cents per kilowatt-hour for the photovoltaic plant. The decision requires a lengthy evaluation before DEWA can publicly announce the winner, he said Sunday in an interview.
The bid “is the lowest price worldwide,” Al Tayer said. DEWA required offers of less than 2.4 cents per kilowatt-hour. The plant will be the fifth phase of a sprawling facility in in the desert outside Dubai -- the Mohammed bin Rashid Al Maktoum Solar Park, which will have 5 gigawatts of installed capacity by 2030 if DEWA completes it as planned.
UAE real estate market showing positive signs | ZAWYA MENA Edition
UAE real estate market showing positive signs | ZAWYA MENA Edition:
The UAE real estate market is maturing and expected to recover post-Expo 2020 with help from the government’s newly implemented reforms, according to speakers at the Institute of Chartered Accountants in England and Wales (ICAEW) roundtable in Dubai.
ICAEW’s Corporate Finance Faculty (CFF) roundtable on the future of supply and demand of commercial and residential properties in the UAE discussed the need for a more sustainable balance between market supply and demand, a post-event press statement by the institute said.
The statement said the speakers agreed that the UAE real estate landscape is growing, highlighting the rise in secondary market transactions in recent months compared to previous years. But they also noted that the pick-up in investments is yet to overturn the supply in residential properties.
The UAE real estate market is maturing and expected to recover post-Expo 2020 with help from the government’s newly implemented reforms, according to speakers at the Institute of Chartered Accountants in England and Wales (ICAEW) roundtable in Dubai.
ICAEW’s Corporate Finance Faculty (CFF) roundtable on the future of supply and demand of commercial and residential properties in the UAE discussed the need for a more sustainable balance between market supply and demand, a post-event press statement by the institute said.
The statement said the speakers agreed that the UAE real estate landscape is growing, highlighting the rise in secondary market transactions in recent months compared to previous years. But they also noted that the pick-up in investments is yet to overturn the supply in residential properties.
#AbuDhabi' real estate market sees downturn in Q3: Chestertons | ZAWYA MENA Edition
Abu Dhabi' real estate market sees downturn in Q3: Chestertons | ZAWYA MENA Edition:
The real estate market in Abu Dhabi may be close to bottoming out as the downward corrections it faced in the second quarter of 2019 have slowed in Q3-19, according to Chestertons MENA’s Q3-19 Abu Dhabi market report.
Sales prices and rental rates in the UAE’s capital have seen a marginal slump in Q3-19, with the average apartment sales price falling 1%, the leading international real estate services firm said.
Moreover, the average rental rates for apartments decreased by 1%, while rental rates for villas remained steady, the report highlighted.
The real estate market in Abu Dhabi may be close to bottoming out as the downward corrections it faced in the second quarter of 2019 have slowed in Q3-19, according to Chestertons MENA’s Q3-19 Abu Dhabi market report.
Sales prices and rental rates in the UAE’s capital have seen a marginal slump in Q3-19, with the average apartment sales price falling 1%, the leading international real estate services firm said.
Moreover, the average rental rates for apartments decreased by 1%, while rental rates for villas remained steady, the report highlighted.
MIDEAST STOCKS- #Saudi stocks fall as most of Gulf markets rise - Reuters
MIDEAST STOCKS-Saudi stocks fall as most of Gulf markets rise - Reuters:
Saudi Arabian stocks fell on Sunday led
by banks, while most Gulf markets gained, mirroring Friday's
surge in global peers after talks between the United States and
China progressed towards a resolution of their trade war.
Saudi Arabia's index retreated 0.8%. The kingdom's
largest lender National Commercial Bank and Riyad Bank
dropped 2.4% and 2.3%, respectively, ahead of company
earnings season starting this week.
The banking stocks also fell as the Saudi central bank said
on Sunday that financial institutions in Saudi Arabia should
hire Saudi nationals for leading positions and, if they hire
foreigners, they will have to explain the reason to the
regulator.
Saudi Arabian stocks fell on Sunday led
by banks, while most Gulf markets gained, mirroring Friday's
surge in global peers after talks between the United States and
China progressed towards a resolution of their trade war.
Saudi Arabia's index retreated 0.8%. The kingdom's
largest lender National Commercial Bank and Riyad Bank
dropped 2.4% and 2.3%, respectively, ahead of company
earnings season starting this week.
The banking stocks also fell as the Saudi central bank said
on Sunday that financial institutions in Saudi Arabia should
hire Saudi nationals for leading positions and, if they hire
foreigners, they will have to explain the reason to the
regulator.
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