UAE banks' total investments reach $108bln in November | ZAWYA MENA Edition:
The UAE Central Bank revealed on Sunday that total banking investments reached AED396.2 billion in November.
According to banking indicators released by the Central Bank, debt securities saw a jump of 16.7 percent year-to-date, with a total of AED245.4 billion.
Bank deposits saw a rise of 4.6 percent year-on-year, with a total of AED1.8 trillion in November 2019 compared to AED1.74 trillion for the same month in 2018.
Total banks' reserves at the Central Bank totalled AED309.6 billion, representing a 9.2 percent increase year-on-year.
Sunday 22 December 2019
#UAE's Brooge Petroleum to start trading on Nasdaq on Monday - Reuters
UAE's Brooge Petroleum to start trading on Nasdaq on Monday - Reuters:
UAE-based Brooge Petroleum and Gas Investment Co (BPGIC) said it will start trading on New York’s Nasdaq stock exchange on Monday, following its merger with U.S. company Twelve Seas Investment Co.
Oil storage company BPGIC completed the merger on Friday, it said in a statement on Sunday, and its valuation now exceeds $1 billion.
The merger and listing were aimed at establishing a global presence with access to liquid markets that could support the company’s expansion plans, BPGIC said.
BPGIC, which was set up in 2013, is one of the largest holders of oil storage assets in Fujairah.
UAE-based Brooge Petroleum and Gas Investment Co (BPGIC) said it will start trading on New York’s Nasdaq stock exchange on Monday, following its merger with U.S. company Twelve Seas Investment Co.
Oil storage company BPGIC completed the merger on Friday, it said in a statement on Sunday, and its valuation now exceeds $1 billion.
The merger and listing were aimed at establishing a global presence with access to liquid markets that could support the company’s expansion plans, BPGIC said.
BPGIC, which was set up in 2013, is one of the largest holders of oil storage assets in Fujairah.
#Kuwait oil minister hopes to resolve Neutral Zone issue with #SaudiArabia by year end - Reuters
Kuwait oil minister hopes to resolve Neutral Zone issue with Saudi Arabia by year end - Reuters:
Kuwait’s oil minister said on Sunday he hoped Kuwait and Saudi Arabia will resolve the Neutral Zone issue by the end of 2019.
The two countries halted output from the jointly-run oilfields- Khafji and Wafra - in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply.
“We hope that by the end of the year things will be cleared out and things will go back to normal,” Kuwaiti minister Khaled al-Fadhel told reporters on the sidelines of a conference in Kuwait.
“Kuwait and Saudi Arabia have always been in agreement (regarding the Neutral Zone conflict),” al-Fadhel added. However, resuming oil production from the zone remains a political issue that needs to be discussed at higher levels.
Kuwait’s oil minister said on Sunday he hoped Kuwait and Saudi Arabia will resolve the Neutral Zone issue by the end of 2019.
The two countries halted output from the jointly-run oilfields- Khafji and Wafra - in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply.
“We hope that by the end of the year things will be cleared out and things will go back to normal,” Kuwaiti minister Khaled al-Fadhel told reporters on the sidelines of a conference in Kuwait.
“Kuwait and Saudi Arabia have always been in agreement (regarding the Neutral Zone conflict),” al-Fadhel added. However, resuming oil production from the zone remains a political issue that needs to be discussed at higher levels.
MIDEAST STOCKS-Petrochemicals lift #Saudi shares, #Qatar rises on banks - Reuters
MIDEAST STOCKS-Petrochemicals lift Saudi shares, Qatar rises on banks - Reuters:
Saudi Arabia's main stock market index
rose for a sixth consecutive session on Sunday as gains in
petrochemical shares overshadowed losses in oil giant Aramco, while Qatar was boosted by financials.
Saudi Arabia's benchmark index edged up 0.1% with Al
Rajhi Bank gaining 0.6% while National
Industrialization (Tasnee) was up 4.3%.
Among other stocks, Saudi Vitrified Clay Pipe
surged 10% after its board proposed a 1 riyal per share dividend
for the second half.
Saudi Aramco's shares, however, fell for a fourth-day in a
row, to close 0.6% down at 35.3 riyals ($9.41).
Saudi Arabia's main stock market index
rose for a sixth consecutive session on Sunday as gains in
petrochemical shares overshadowed losses in oil giant Aramco, while Qatar was boosted by financials.
Saudi Arabia's benchmark index edged up 0.1% with Al
Rajhi Bank gaining 0.6% while National
Industrialization (Tasnee) was up 4.3%.
Among other stocks, Saudi Vitrified Clay Pipe
surged 10% after its board proposed a 1 riyal per share dividend
for the second half.
Saudi Aramco's shares, however, fell for a fourth-day in a
row, to close 0.6% down at 35.3 riyals ($9.41).
Aramco Stocks Give Up About Half of Gains Since Debut: Inside EM - Bloomberg
Aramco Stocks Give Up About Half of Gains Since Debut: Inside EM - Bloomberg:
Saudi Aramco shares extended their losses for a fourth session, reversing about half the gains accumulated from the rally following its historic trading debut.
The oil giant’s stocks lost as much as 1.7% on Sunday, before trimming the decline to 1.3% at 35.05 Saudi riyals as of 11:50 a.m. local time. When it hit the intraday low, it had pared more than half of its gains since it became the world’s biggest initial public offering.
Investors are seeking new catalysts for the stock after it was included in major emerging-market equity benchmarks, analysts say. Foreigners balked at Aramco’s IPO, citing what they deemed to be an expensive valuation along with concerns that ranged from governance to geopolitical issues. Local investors ended up being the main buyers.
Aramco’s retreat is “quite surprising,” given recent performances of global equities and the oil price, said Vrajesh Bhandari, senior portfolio manager at Al Mal Capital in Dubai. “It could be a bit of profit-taking and some risk-off before retail investors close books ahead of year-end,” he said.
Saudi Aramco shares extended their losses for a fourth session, reversing about half the gains accumulated from the rally following its historic trading debut.
The oil giant’s stocks lost as much as 1.7% on Sunday, before trimming the decline to 1.3% at 35.05 Saudi riyals as of 11:50 a.m. local time. When it hit the intraday low, it had pared more than half of its gains since it became the world’s biggest initial public offering.
Investors are seeking new catalysts for the stock after it was included in major emerging-market equity benchmarks, analysts say. Foreigners balked at Aramco’s IPO, citing what they deemed to be an expensive valuation along with concerns that ranged from governance to geopolitical issues. Local investors ended up being the main buyers.
Aramco’s retreat is “quite surprising,” given recent performances of global equities and the oil price, said Vrajesh Bhandari, senior portfolio manager at Al Mal Capital in Dubai. “It could be a bit of profit-taking and some risk-off before retail investors close books ahead of year-end,” he said.
Oil’s 2019 Milestones Tell Decade’s Story of Energy Abundance - Bloomberg
Oil’s 2019 Milestones Tell Decade’s Story of Energy Abundance - Bloomberg:
Global oil markets notched up a number of milestones this year that echoed the story of the past decade: the world has shifted from an era of supply tightness to plenty.
What distinguished the developments of 2019 was not just how big they were but often how little impact they had. From the world’s biggest-ever initial public offering to its worst-ever supply disruption, a barrage of sanctions on exporters to two OPEC interventions, never before had so many momentous events left investors so unmoved.
At the heart of that indifference was the force that has transformed world energy balances over the past 10 years: the American revolution in shale oil and gas, which is cushioning global markets against shocks that would once have sent prices rocketing. This too achieved a landmark in 2019, turning the U.S. into an net exporter of crude and refined oil.
And there was another turning point showing the years ahead may also be marked by supply abundance. For the first time, the world’s leading energy institution predicted that demand for oil -- once expected to keep growing almost indefinitely -- will stall at the turn of the next decade.
Global oil markets notched up a number of milestones this year that echoed the story of the past decade: the world has shifted from an era of supply tightness to plenty.
What distinguished the developments of 2019 was not just how big they were but often how little impact they had. From the world’s biggest-ever initial public offering to its worst-ever supply disruption, a barrage of sanctions on exporters to two OPEC interventions, never before had so many momentous events left investors so unmoved.
At the heart of that indifference was the force that has transformed world energy balances over the past 10 years: the American revolution in shale oil and gas, which is cushioning global markets against shocks that would once have sent prices rocketing. This too achieved a landmark in 2019, turning the U.S. into an net exporter of crude and refined oil.
And there was another turning point showing the years ahead may also be marked by supply abundance. For the first time, the world’s leading energy institution predicted that demand for oil -- once expected to keep growing almost indefinitely -- will stall at the turn of the next decade.
The Bank of New York Mellon launches new office in #AbuDhabi | ZAWYA MENA Edition
The Bank of New York Mellon launches new office in Abu Dhabi | ZAWYA MENA Edition:
The Bank of New York Mellon, a global investments company with $1.9 trillion in assets under management, has opened a new office in the Abu Dhabi Global Market (ADGM), the international financial centre in the UAE capital.
BNY Mellon has $35.8 trillion in assets under custody and/or administration as of September 2019. It is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
In the Middle East and North Africa region, BNY Mellon works with wealth funds, financial institutions, and governments, offering asset servicing, corporate trust and treasury services. It opened its first representative office in Lebanon in 1963 and received a branch license from the Dubai Financial Services Authority in 2008.
“Our new office in the Abu Dhabi Global Market comes at an important time in our 100-year history in the region and more than 20 years in Abu Dhabi,” Hani Kablawi, Chairman, EMEA, and CEO of Global Asset Servicing, said in a statement.
The Bank of New York Mellon, a global investments company with $1.9 trillion in assets under management, has opened a new office in the Abu Dhabi Global Market (ADGM), the international financial centre in the UAE capital.
BNY Mellon has $35.8 trillion in assets under custody and/or administration as of September 2019. It is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).
In the Middle East and North Africa region, BNY Mellon works with wealth funds, financial institutions, and governments, offering asset servicing, corporate trust and treasury services. It opened its first representative office in Lebanon in 1963 and received a branch license from the Dubai Financial Services Authority in 2008.
“Our new office in the Abu Dhabi Global Market comes at an important time in our 100-year history in the region and more than 20 years in Abu Dhabi,” Hani Kablawi, Chairman, EMEA, and CEO of Global Asset Servicing, said in a statement.
Masdar committed to UK despite Brexit, says CEO Mohamed Jameel Al Ramahi - Arabianbusiness
Masdar committed to UK despite Brexit, says CEO Mohamed Jameel Al Ramahi - Arabianbusiness:
The outcome of the United Kingdom’s protracted Brexit negotiations will have no impact on future investment by Abu Dhabi’s renewable energy giant Masdar, according to its CEO Mohamed Jameel Al Ramahi.
In the UK, Masdar is a partner in three offshore wind farms, with a combined generating capacity of more than 1GW: London Array, the Dudgeon Offshore Wind Farm, and Hywind Scotland, the world’s first floating wind farm.
While in September this year, Masdar and the UK Government invested £70 million ($86.3 million) to bolster Britain’s electric vehicle charging infrastructure.
Al Ramahi told Arabian Business: “We are a major investor in the United Kingdom and we will continue to be a major investor there.”
The outcome of the United Kingdom’s protracted Brexit negotiations will have no impact on future investment by Abu Dhabi’s renewable energy giant Masdar, according to its CEO Mohamed Jameel Al Ramahi.
In the UK, Masdar is a partner in three offshore wind farms, with a combined generating capacity of more than 1GW: London Array, the Dudgeon Offshore Wind Farm, and Hywind Scotland, the world’s first floating wind farm.
While in September this year, Masdar and the UK Government invested £70 million ($86.3 million) to bolster Britain’s electric vehicle charging infrastructure.
Al Ramahi told Arabian Business: “We are a major investor in the United Kingdom and we will continue to be a major investor there.”
MIDEAST STOCKS- #Saudi down in early trade as Aramco slips for a fourth day - Agricultural Commodities - Reuters
MIDEAST STOCKS-Saudi down in early trade as Aramco slips for a fourth day - Agricultural Commodities - Reuters:
Saudi Arabia’s stock market eased in early trade on Sunday as most financial and energy shares traded lower, meanwhile Qatar extended gains as bank shares rose.
Saudi’s index was down 0.2% after five consecutive days of gains. Oil giant Saudi Aramco dropped 1.1% to 35.1 riyals ($9.36) in its fourth straight fall.
Last week, Aramco was included in the MSCI, Saudi Tadawul index and FTSE benchmark.
Among banking shares , National Commercial Bank and Riyad Bank slipped 0.8 and 0.6%, respectively. The two lenders ended talks last week on their potential merger.
Saudi Arabia’s stock market eased in early trade on Sunday as most financial and energy shares traded lower, meanwhile Qatar extended gains as bank shares rose.
Saudi’s index was down 0.2% after five consecutive days of gains. Oil giant Saudi Aramco dropped 1.1% to 35.1 riyals ($9.36) in its fourth straight fall.
Last week, Aramco was included in the MSCI, Saudi Tadawul index and FTSE benchmark.
Among banking shares , National Commercial Bank and Riyad Bank slipped 0.8 and 0.6%, respectively. The two lenders ended talks last week on their potential merger.