Deeper Deflation Is #Dubai’s Price for Faster Economic Upswing - Bloomberg

Deeper Deflation Is Dubai’s Price for Faster Economic Upswing - Bloomberg:

Dubai is deflating its economy to squeeze out growth.

The emirate’s selling prices dropped last month at the fastest pace since February 2016, according to IHS Markit. Its Dubai Purchasing Managers’ Index rose for a third month to 54.6 in October, staying well above the threshold of 50 that separates growth from contraction.

By contrast, IHS Markit’s gauge tracking business conditions for the United Arab Emirates as a whole -- of which Dubai is a part -- was unchanged at its lowest level in almost a decade.

Aramco IPO Could Entice #Saudi Individuals Back to Riyadh Bourse - Bloomberg

Aramco IPO Could Entice Saudi Individuals Back to Riyadh Bourse - Bloomberg:

Saudi Aramco’s gigantic initial public offering could trigger a return by retail investors to the Riyadh stock exchange as individuals snap up shares in the world’s most profitable company.

The oil behemoth said over the weekend in its offering prospectus that as much as 0.5% of the stock will be allocated to individual investors, while leaving potential buyers in the dark about the size of the stake it plans to sell and the pricing range. 


Were the company to fetch a valuation of $1.5 trillion -- lower than the range aimed for by Saudi Arabia, but closer to estimates by foreign investors -- the portion set aside for individuals could be $7.5 billion. Some locals have been selling part of their equity portfolios recently to raise cash for Aramco stock, according to analysts and investors.

#Oman's oil and gas sector allocated investments of $10 billion-$15 billion: minister - Reuters

Oman's oil and gas sector allocated investments of $10 billion-$15 billion: minister - Reuters:

Oman’s oil and gas sector has been allocated investments of between $10 billion and $15 billion over the next three years, Emirates’ News agency (WAM) cited its oil and gas minister as saying on Monday.

These will be “mostly concentrated in the petrochemical industries, in addition to the presence of many investments for foreign companies in the energy sector”, Minister Mohammed bin Hamad al-Rumhy said.

The minister, who is attending an energy conference in the UAE capital Abu Dhabi, also affirmed Oman’s commitment to the OPEC+ agreement. He said an oil price of $60 per barrel is suitable for Oman and good for its economy, WAM reported.

Oil slips as trade worries offset Cushing drawdown - Reuters

Oil slips as trade worries offset Cushing drawdown - Reuters:

Oil prices edged lower on Monday as little progress on U.S.-China trade negotiations kept prices pressured, but bullish inventory data in the United States offered some support.

Brent crude LCOc1 futures lost 33 cents to settle at $62.18 a barrel, after falling to $61.57 earlier in the session. U.S. West Texas Intermediate (WTI) crude CLc1 fell 38 cents to settle at $56.86 a barrel.


Investors are worried about fallout from the 16-month U.S.-China trade war, which has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.

#UAE's Masdar acquires stake in India's renewable energy firm | ZAWYA MENA Edition

UAE's Masdar acquires stake in India's renewable energy firm | ZAWYA MENA Edition:

Abu Dhabi Future Energy Company (Masdar) has acquired a stake in India’s Hero Future Energies (HFE), the renewable energy arm of Rahul Munjal’s Hero Group. 


The Economic Times had reported at the beginning of October that Masdar will acquire a 20 percent stake in HFE for $150 million.

Masdar’s stake acquisition follows a $125 million investment in HFE by the International Finance Corporation (IFC), part of the World Bank, in 2017.

HFE, whose existing operations are mostly in India, expects as much as 25 percent of its growth to come from new markets in Europe and Asia.

Russia's Lukoil does not plan to invest in #Saudi Aramco's IPO - Reuters

Russia's Lukoil does not plan to invest in Saudi Aramco's IPO - Reuters:

Lukoil, Russia’s second largest oil producer, does not plan to invest in Saudi Aramco’s planned initial public offering, its CEO and biggest shareholder, Vagit Alekperov, told reporters on Monday. 

Saudi state oil giant Aramco plans to start the offering, set to rank it as the world’s most valuable company, on Nov. 17.

It has not said how much of the company will be floated or named any cornerstone investors.

Mideast Stocks: #Dubai rebounds on earnings, #Saudi extends gains | ZAWYA MENA Edition

Mideast Stocks: Dubai rebounds on earnings, Saudi extends gains | ZAWYA MENA Edition:

Dubai's stock market rebounded on Monday, supported by real estate shares and corporate earnings, as Saudi rallied on the back of financials.

Dubai's index rose 0.5% with Emirates NBD gaining 0.9%, while Emaar Properties was up 1% a day after reporting a 20% rise in third-quarter net profit.

The profit came despite a prolonged slowdown in the emirate's property sector, where the supply glut has sent residential prices sliding by at least a quarter since mid-2014.

The blue-chip developer's unit Emaar Development advanced 3.9%. On Sunday, it reported nine-month net profit of 2.07 billion dirhams ($563.60 million).

Oil drops more than 1% on concern over U.S.-China trade war - Reuters

Oil drops more than 1% on concern over U.S.-China trade war - Reuters:

Oil prices fell more than 1% on Monday amid concerns over the prospects of a trade deal between the United States and China, while worries about oversupply also weighed on the market.

Brent crude was down 69 cents, or 1.1%, at $61.82 by 0730 GMT. The contract rose 1.3% last week.

U.S. crude was 63 cents, or 1.1%, lower at $56.61 a barrel, having risen 1.9% last week.

U.S. President Donald Trump said on Saturday that trade talks with China were moving along “very nicely,” but the United States would only make a deal with Beijing if it was the right one for America.

#UAE says not worried about oil demand growth - Reuters

UAE says not worried about oil demand growth - Reuters:

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Monday he was not worried about oil demand growth.

Greener energy will have a higher pace of growth in the future but oil and natural gas will grow as well, he said at a conference in Abu Dhabi.

Oil majors partner in new exchange listing ADNOC's Murban crude: ICE - Reuters

Oil majors partner in new exchange listing ADNOC's Murban crude: ICE - Reuters:

International Exchange Inc said on Monday that oil majors including BP, Total and Shell would be partners in a new exchange it is launching in the United Arab Emirates next year to list Abu Dhabi National Oil Co’s (ADNOC) flagship Murban crude grade. 

The Murban futures contract, to be hosted on the new ICE Futures Abu Dhabi (IFAD), would replace retroactive pricing, allowing buyers to hedge risks and capture more value from ADNOC’s oil output, CEO Sultan al-Jaber told an energy forum in the United Arab Emirates capital Abu Dhabi.

BP, Total, Inpex, Vitol [VITOLV.UL], Shell, Petrochina, Korea’s GS Caltex and Japan’s JXTG agreed to become partners in the new exchange, ICE chairman and CEO Jeffrey Sprecher told a news conference on the sidelines of the event.

MIDEAST STOCKS-Corporate earnings lift #Dubai, #Saudi extends gains - Agricultural Commodities - Reuters

MIDEAST STOCKS-Corporate earnings lift Dubai, Saudi extends gains - Agricultural Commodities - Reuters:

Dubai’s stock market rose in early trading on Monday boosted by positive corporate earnings, while Saudi Arabian shares extended their gains for a third consecutive day.

Dubai’s index rose 0.6% led by a 1.2% gain in Emaar Properties . The largest listed developer in Dubai reported a 20% rise in profit for the third quarter.

The profit came despite a prolonged slowdown in the emirate’s property sector, where the supply glut has sent residential prices sliding by at least a quarter since mid-2014.

Emirates NBD was up 0.5%, while Air Arabia advanced 1.4% as its third-quarter profit jumped 57%. The United Arab Emirates’ only listed airline attributed the surge to a 10% rise in passengers it carried from its four hubs in the UAE, Morocco and Egypt.