Gas Field in `Star Wars' Country to Start Producing by End-2019 - Bloomberg:
Tunisia’s biggest energy project -- a long-delayed, $1.2 billion joint venture with Vienna-based OMV AG -- will start producing natural gas by the end of the year, the country’s industry minister said.
Output from the Nawara gas field will enable Tunisia to slash imports of the fuel by 30% and will contribute a full percentage point to the nation’s economic growth rate, Slim Feriani, minister of industry and small and medium enterprises, said in an interview in Tunis. The field lies in southern Tataouine province, which provided a backdrop for scenes in the movie “Star Wars.”
The project represents a potential economic and financial watershed for the North African country, which currently must import much of its energy. Tunisia, cradle of the so-called Arab Spring uprisings against authoritarian rule, is struggling to revive its economy and push ahead with an International Monetary Fund-backed program that calls for cost-cutting measures. The government had planned for Nawara to start up in 2016, but technical and social issues caused delays.
Tuesday 12 November 2019
Oil steadies after Trump dashes hopes on trade deal details - Reuters
Oil steadies after Trump dashes hopes on trade deal details - Reuters:
Oil prices ended Tuesday little changed after paring gains of about 1% following a speech from U.S. President Donald Trump that offered few new details about Washington’s trade talks with Beijing.
Concerns about slower economic growth and oil demand due to the fallout from the 16-month trade dispute between the world’s two biggest economies have weighed on crude futures.
Brent crude futures ended the session down 12 cents at $62.06 a barrel after trading between $62.85 and $61.82. West Texas Intermediate (WTI) crude futures settled down 6 cents at $56.80 a barrel.
Prices pared earlier gains after Trump’s remarks to a lunch gathering of The Economic Club of New York included mixed messages about U.S.-China trade talks and excluded specifics about any progress in negotiations.
Oil prices ended Tuesday little changed after paring gains of about 1% following a speech from U.S. President Donald Trump that offered few new details about Washington’s trade talks with Beijing.
Concerns about slower economic growth and oil demand due to the fallout from the 16-month trade dispute between the world’s two biggest economies have weighed on crude futures.
Brent crude futures ended the session down 12 cents at $62.06 a barrel after trading between $62.85 and $61.82. West Texas Intermediate (WTI) crude futures settled down 6 cents at $56.80 a barrel.
Prices pared earlier gains after Trump’s remarks to a lunch gathering of The Economic Club of New York included mixed messages about U.S.-China trade talks and excluded specifics about any progress in negotiations.
HSBC’s Quinn Courts Qataris for Deals After Chasing #Saudi Fees - Bloomberg
HSBC’s Quinn Courts Qataris for Deals After Chasing Saudi Fees - Bloomberg:
HSBC Holdings Plc is intensifying efforts to mend ties with Qatar after diverting its attention from the gas-rich Gulf state that’s been isolated by a regional standoff to chase a fee windfall in Saudi Arabia.
Acting Chief Executive Officer Noel Quinn traveled to the country this month to meet officials at the sovereign wealth fund, finance ministry and central bank, according to people with knowledge of the matter, who asked not to be identified because the matter is private.
The bank is trying to improve relations with key executives such as Finance Minister Ali Shareef Al Emadi, who sits on the boards of the country’s biggest bank, national airline and Qatar Investment Authority, one of the people said. Representatives for HSBC and the QIA declined to comment. Qatar’s media office declined to comment on behalf of the ministry of finance and central bank.
HSBC Holdings Plc is intensifying efforts to mend ties with Qatar after diverting its attention from the gas-rich Gulf state that’s been isolated by a regional standoff to chase a fee windfall in Saudi Arabia.
Acting Chief Executive Officer Noel Quinn traveled to the country this month to meet officials at the sovereign wealth fund, finance ministry and central bank, according to people with knowledge of the matter, who asked not to be identified because the matter is private.
The bank is trying to improve relations with key executives such as Finance Minister Ali Shareef Al Emadi, who sits on the boards of the country’s biggest bank, national airline and Qatar Investment Authority, one of the people said. Representatives for HSBC and the QIA declined to comment. Qatar’s media office declined to comment on behalf of the ministry of finance and central bank.
ICE looks to new #AbuDhabi exchange to expand to other crude grades: CEO - Reuters
ICE looks to new Abu Dhabi exchange to expand to other crude grades: CEO - Reuters:
The head of Intercontinental Exchange Inc said it wants to use the new Murban crude oil futures contract it will launch next year in the United Arab Emirates to expand to other crude grades.
“Over time, ICE futures Abu Dhabi - the goal is to start with Murban crude but to expand in a natural way,” CEO Jeffrey Sprecher told an energy conference in the UAE capital Abu Dhabi.
“We will use Murban as a base to get deeper into Asia, I suspect,” he said.
The head of Intercontinental Exchange Inc said it wants to use the new Murban crude oil futures contract it will launch next year in the United Arab Emirates to expand to other crude grades.
“Over time, ICE futures Abu Dhabi - the goal is to start with Murban crude but to expand in a natural way,” CEO Jeffrey Sprecher told an energy conference in the UAE capital Abu Dhabi.
“We will use Murban as a base to get deeper into Asia, I suspect,” he said.
Oil rises further above $62 as trade hopes support - Reuters
Oil rises further above $62 as trade hopes support - Reuters:
Oil rose further above $62 a barrel on Tuesday, supported by hopes that U.S. President Donald Trump may signal progress on trade talks with China and lower inventories at a U.S. oil hub.
Concern about slower economic growth and oil demand due to the fallout from the 16-month U.S.-China trade dispute sent prices lower on Monday. Trump gives a speech later on Tuesday and investors are keen for an update on the talks.
Brent crude, the global benchmark, was up 30 cents at $62.48 a barrel by 1440 GMT, after falling as low as $61.90. West Texas Intermediate (WTI) crude rose 44 cents to$57.30.
Oil rose further above $62 a barrel on Tuesday, supported by hopes that U.S. President Donald Trump may signal progress on trade talks with China and lower inventories at a U.S. oil hub.
Concern about slower economic growth and oil demand due to the fallout from the 16-month U.S.-China trade dispute sent prices lower on Monday. Trump gives a speech later on Tuesday and investors are keen for an update on the talks.
Brent crude, the global benchmark, was up 30 cents at $62.48 a barrel by 1440 GMT, after falling as low as $61.90. West Texas Intermediate (WTI) crude rose 44 cents to$57.30.
MIDEAST STOCKS-Saudi extends gains; other Gulf markets dip | Nasdaq
MIDEAST STOCKS-Saudi extends gains; other Gulf markets dip | Nasdaq:
Corporate announcements helped lift the Saudi Arabian stock market on Tuesday but most major Gulf bourses were driven lower by losses in financial stocks.
Saudi Arabia's main index .TASI added 0.7%, with Saudi Basic Industries (Sabic) 2010.SE gaining 1.5% and Saudi Arabian Mining Co 1211.SE jumping 5%.
Sabic rose for a sixth consecutive day. Saudi Aramco IPO-ARMO.SE in its initial public offering prospectus said it expected to close its acquisition of Sabic in the first half of next year.
Saudi Paper Manufacturing 2300.SE rose 6.3% after it said that accumulated losses declined to 7.84% of capital.
Abdullah Al Othaim 4001.SE rose 3.5% and Dallah Healthcare 4004.SE gained 1.9% as both proposed cash dividends, for the nine months and first half respectively.
Corporate announcements helped lift the Saudi Arabian stock market on Tuesday but most major Gulf bourses were driven lower by losses in financial stocks.
Saudi Arabia's main index .TASI added 0.7%, with Saudi Basic Industries (Sabic) 2010.SE gaining 1.5% and Saudi Arabian Mining Co 1211.SE jumping 5%.
Sabic rose for a sixth consecutive day. Saudi Aramco IPO-ARMO.SE in its initial public offering prospectus said it expected to close its acquisition of Sabic in the first half of next year.
Saudi Paper Manufacturing 2300.SE rose 6.3% after it said that accumulated losses declined to 7.84% of capital.
Abdullah Al Othaim 4001.SE rose 3.5% and Dallah Healthcare 4004.SE gained 1.9% as both proposed cash dividends, for the nine months and first half respectively.
Truck Delivery App Wins #Saudi Funds to Expand in Middle East - Bloomberg
Truck Delivery App Wins Saudi Funds to Expand in Middle East - Bloomberg:
Trukker, a digital marketplace for land freight based in the U.A.E, has raised one of the largest initial rounds of capital for a startup in the region.
The $23 million financing round, known in the industry as Series A, is being led by STV, a $500 million Saudi technology venture capital fund that previously invested in Careem, the U.A.E.-based ride-hailing company that was acquired by Uber for $3.1 billion in March.
The fund raising would be the fourth-largest Series A on record for the Middle East, according to data from research firm MAGNiTT. The average venture investment in delivery and transport projects in the region is $2.9 million year-to-date, according to a MAGNiTT report.
Trukker, a digital marketplace for land freight based in the U.A.E, has raised one of the largest initial rounds of capital for a startup in the region.
The $23 million financing round, known in the industry as Series A, is being led by STV, a $500 million Saudi technology venture capital fund that previously invested in Careem, the U.A.E.-based ride-hailing company that was acquired by Uber for $3.1 billion in March.
The fund raising would be the fourth-largest Series A on record for the Middle East, according to data from research firm MAGNiTT. The average venture investment in delivery and transport projects in the region is $2.9 million year-to-date, according to a MAGNiTT report.
Bank of America Hires First Investment Bank Head in #SaudiArabia - Bloomberg
Bank of America Hires First Investment Bank Head in Saudi Arabia - Bloomberg:
Bank of America Corp. hired Saud Al Tassan to head investment banking in Saudi Arabia, according to people familiar with the matter, as global institutions expand in the kingdom to tap opportunities.
Al Tassan, previously chief executive officer of local financial-services firm Swicorp, joined in October and is the first person to hold the position, the people said, asking not to be identified because the information is private. He also worked at NCB Capital and Banque Saudi Fransi, according to an internal memo seen by Bloomberg, which was confirmed by a bank spokeswoman.
Bank of America is one of more than 20 institutions working on Saudi Aramco’s initial public offering, which is expected to be the biggest ever. The mammoth deal, as well as the potential of dozens of other privatizations, M&A deals and share sales, is prompting banks such as Goldman Sachs Group Inc. and Citigroup Inc. to open and boost headcount in the kingdom.
Bank of America Corp. hired Saud Al Tassan to head investment banking in Saudi Arabia, according to people familiar with the matter, as global institutions expand in the kingdom to tap opportunities.
Al Tassan, previously chief executive officer of local financial-services firm Swicorp, joined in October and is the first person to hold the position, the people said, asking not to be identified because the information is private. He also worked at NCB Capital and Banque Saudi Fransi, according to an internal memo seen by Bloomberg, which was confirmed by a bank spokeswoman.
Bank of America is one of more than 20 institutions working on Saudi Aramco’s initial public offering, which is expected to be the biggest ever. The mammoth deal, as well as the potential of dozens of other privatizations, M&A deals and share sales, is prompting banks such as Goldman Sachs Group Inc. and Citigroup Inc. to open and boost headcount in the kingdom.
Aramco Retail Investors Must Bid at Top End of IPO Price Range - Bloomberg
Aramco Retail Investors Must Bid at Top End of IPO Price Range - Bloomberg:
Retail investors in the world’s biggest IPO will have to bid at the top end of the price range.
Saudi Aramco will set the final price for all investors based on institutional investors’ book-building process, according to a statement. If the final offer price is lower than the top end, retail investors will have the option to get additional shares or a refund.
The price range will be announced on Nov. 17 and the final price on Dec. 5.
Retail investors in the world’s biggest IPO will have to bid at the top end of the price range.
Saudi Aramco will set the final price for all investors based on institutional investors’ book-building process, according to a statement. If the final offer price is lower than the top end, retail investors will have the option to get additional shares or a refund.
The price range will be announced on Nov. 17 and the final price on Dec. 5.
Islamic Development Bank hires banks for green euro sukuk | ZAWYA MENA Edition
Islamic Development Bank hires banks for green euro sukuk | ZAWYA MENA Edition:
Jeddah-based Islamic Development Bank has appointed banks to arrange investor meetings ahead of a potential issue of euro-denominated "green" sukuk, or Islamic bonds, a document showed on Tuesday.
The triple-A rated financial institution has hired Citi, First Abu Dhabi Bank, HSBC, LBBW, Natixis, Societe Generale and Standard Charted Bank as joint lead managers and bookrunners for the deal.
Green bonds are a growing category of fixed-income securities and green sukuk could widen the appeal of Islamic bonds beyond traditional markets in Asia and the Middle East to include ethical investors in Western countries.
Jeddah-based Islamic Development Bank has appointed banks to arrange investor meetings ahead of a potential issue of euro-denominated "green" sukuk, or Islamic bonds, a document showed on Tuesday.
The triple-A rated financial institution has hired Citi, First Abu Dhabi Bank, HSBC, LBBW, Natixis, Societe Generale and Standard Charted Bank as joint lead managers and bookrunners for the deal.
Green bonds are a growing category of fixed-income securities and green sukuk could widen the appeal of Islamic bonds beyond traditional markets in Asia and the Middle East to include ethical investors in Western countries.
UPDATE 1-Murban crude listing will not impact OPEC cuts compliance - #UAE energy min - Reuters
UPDATE 1-Murban crude listing will not impact OPEC cuts compliance -UAE energy min - Reuters:
United Arab Emirates’ Minister of Energy Suhail al-Mazrouei said on Tuesday that he sees no conflict between his country’s compliance with OPEC output cuts and plans to list Murban crude oil by the Abu Dhabi National Oil Co (ADNOC).
Intercontinental Exchange Inc will next year launch a new exchange in the UAE to list ADNOC’s flagship Murban crude grade.
Mazrouei said the UAE remains committed to cuts agreed by the Organization of the Petroleum Exporting Countries, plus allies led by Russia. These countries have since January implemented an agreement to cut output by 1.2 million barrels per day (bpd) which lasts until March 2020 in an attempt to boost prices.
United Arab Emirates’ Minister of Energy Suhail al-Mazrouei said on Tuesday that he sees no conflict between his country’s compliance with OPEC output cuts and plans to list Murban crude oil by the Abu Dhabi National Oil Co (ADNOC).
Intercontinental Exchange Inc will next year launch a new exchange in the UAE to list ADNOC’s flagship Murban crude grade.
Mazrouei said the UAE remains committed to cuts agreed by the Organization of the Petroleum Exporting Countries, plus allies led by Russia. These countries have since January implemented an agreement to cut output by 1.2 million barrels per day (bpd) which lasts until March 2020 in an attempt to boost prices.
#AbuDhabi's Aldar Q3 revenue jumps, sees growth in property market - Reuters
Abu Dhabi's Aldar Q3 revenue jumps, sees growth in property market - Reuters:
Abu Dhabi’s Aldar Properties said on Tuesday its revenue for the third quarter rose 7% to 1.6 billion dirhams ($435.6 million), as it recorded more sales of properties before they were built.
Off-plan development sales surged 272% to 1.1 billion dirhams, the company said, adding that it was optimistic about the country’s property market, supported by new visa rules for investors, the government’s fiscal stimulus package, and reforms to diversify the economy away from oil.
“It is very much a growth story for Aldar,” the company’s chief financial officer, Greg Fewer, told a post-earnings call. “The core business is growing quite nicely.”
The company reported a blip of 8% in its net profit for the third quarter to 387 million dirhams from a year ago, when it had recorded a higher non-recurring income from government infrastructure projects.
Abu Dhabi’s Aldar Properties said on Tuesday its revenue for the third quarter rose 7% to 1.6 billion dirhams ($435.6 million), as it recorded more sales of properties before they were built.
Off-plan development sales surged 272% to 1.1 billion dirhams, the company said, adding that it was optimistic about the country’s property market, supported by new visa rules for investors, the government’s fiscal stimulus package, and reforms to diversify the economy away from oil.
“It is very much a growth story for Aldar,” the company’s chief financial officer, Greg Fewer, told a post-earnings call. “The core business is growing quite nicely.”
The company reported a blip of 8% in its net profit for the third quarter to 387 million dirhams from a year ago, when it had recorded a higher non-recurring income from government infrastructure projects.
Giant Aramco listing a critical test for young #Saudi exchange - Reuters
Giant Aramco listing a critical test for young Saudi exchange - Reuters:
The imminent listing of oil giant Aramco will be a pivotal moment for Saudi Arabia’s young and untested Tadawul stock exchange.
The Tadawul has said it has been preparing for years and is primed for the long-awaited share sale in coming weeks. But hosting possibly the biggest initial public offering in history represents a huge leap into the big league for a 12-year-old exchange that only admitted foreign investors four years ago.
Mega-IPOs have a record of causing technical glitches on stock markets as they can lead to a surge in trading orders that swamp an exchange’s system and can prevent investors from buying or selling stock.
Facebook’s (FB.O) 2012 listing on Nasdaq, for example, was hit by widespread delays and problems processing the huge volume of orders. And that was a smaller IPO than Aramco’s is expected to be, on a marquee exchange with more than four decades of experience; the Nasdaq Composite index today hosts more than $13 trillion worth of shares, according to Refinitiv data, about 27 times th
The imminent listing of oil giant Aramco will be a pivotal moment for Saudi Arabia’s young and untested Tadawul stock exchange.
The Tadawul has said it has been preparing for years and is primed for the long-awaited share sale in coming weeks. But hosting possibly the biggest initial public offering in history represents a huge leap into the big league for a 12-year-old exchange that only admitted foreign investors four years ago.
Mega-IPOs have a record of causing technical glitches on stock markets as they can lead to a surge in trading orders that swamp an exchange’s system and can prevent investors from buying or selling stock.
Facebook’s (FB.O) 2012 listing on Nasdaq, for example, was hit by widespread delays and problems processing the huge volume of orders. And that was a smaller IPO than Aramco’s is expected to be, on a marquee exchange with more than four decades of experience; the Nasdaq Composite index today hosts more than $13 trillion worth of shares, according to Refinitiv data, about 27 times th
Oil rises further above $62 as trade hopes support - Reuters
Oil rises further above $62 as trade hopes support - Reuters:
Oil rose further above $62 a barrel on Tuesday, supported by hopes that U.S. President Donald Trump may signal progress on trade talks with China and lower inventories at a U.S. oil hub.
Concern about slower economic growth and oil demand from the fallout of the 16-month U.S.-China trade dispute sent prices lower on Monday. Trump gives a speech later on Tuesday and investors are keen for an update on the talks.
Brent crude, the global benchmark, was up 30 cents at $62.48 a barrel by 0939 GMT, after earlier falling as low as $61.90. U.S. West Texas Intermediate (WTI) crude was up 19 cents at $57.05.
“The oil market is in a holding pattern,” said Tamas Varga of oil broker PVM. “The next $5-$10 move will be decided by economic and trade considerations.”
Oil rose further above $62 a barrel on Tuesday, supported by hopes that U.S. President Donald Trump may signal progress on trade talks with China and lower inventories at a U.S. oil hub.
Concern about slower economic growth and oil demand from the fallout of the 16-month U.S.-China trade dispute sent prices lower on Monday. Trump gives a speech later on Tuesday and investors are keen for an update on the talks.
Brent crude, the global benchmark, was up 30 cents at $62.48 a barrel by 0939 GMT, after earlier falling as low as $61.90. U.S. West Texas Intermediate (WTI) crude was up 19 cents at $57.05.
“The oil market is in a holding pattern,” said Tamas Varga of oil broker PVM. “The next $5-$10 move will be decided by economic and trade considerations.”
MIDEAST STOCKS-Gulf mostly little changed; financials drive #Saudi up - Agricultural Commodities - Reuters
MIDEAST STOCKS-Gulf mostly little changed; financials drive Saudi up - Agricultural Commodities - Reuters:
Most major Gulf stock markets traded in negative territory early on Tuesday, but Saudi Arabia’s extended gains for a fourth day, led by financial stocks and corporate announcements.
The Saudi benchmark index rose 0.6%, driven by a 1.7% increase in Saudi Telecom Co and a 0.5% rise in Al Rajhi Bank.
Saudi Paper Manufacturing jumped 4% following its announcement that its accumulated losses declined to 7.84% of capital.
Elsewhere, Dallah Healthcare added 1% and Abdullah Al Othaim increased 0.8%. The duo proposed cash dividends for the first half and nine months respectively.
Most major Gulf stock markets traded in negative territory early on Tuesday, but Saudi Arabia’s extended gains for a fourth day, led by financial stocks and corporate announcements.
The Saudi benchmark index rose 0.6%, driven by a 1.7% increase in Saudi Telecom Co and a 0.5% rise in Al Rajhi Bank.
Saudi Paper Manufacturing jumped 4% following its announcement that its accumulated losses declined to 7.84% of capital.
Elsewhere, Dallah Healthcare added 1% and Abdullah Al Othaim increased 0.8%. The duo proposed cash dividends for the first half and nine months respectively.
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