Joint Saudi, Kuwaiti oil field expected to produce 320,000 bpd by end-2020 - Reuters:
Saudi Arabia’s energy minister said on Wednesday the Khafji oil field which is jointly operated with Kuwait would produce 320,000 oil barrels per day (bpd) at the end of 2020, Saudi-owned al-Arabiya TV reported.
Prince Abdulaziz bin Salman made the announcement at Khafji oil field complex in Saudi Arabia, a day after signing a deal with Kuwait that ended a dispute over the partitioned Neutral Zone that is shared by the two countries.
The two OPEC members halted production more than five years ago at Khafji and Wafra field, another jointly run field. Production is also resuming at Wafra. Output from both before the shutdown was 500,000 bpd, or about 0.5% of the world’s oil supply.
“With the signing of this new accord, both parties have reached consensus that now is the right time to resume production in this zone,” Saudi Aramco President and Chief Executive Amin Nasser said in a statement.
Wednesday, 25 December 2019
MIDEAST STOCKS-Most of Gulf sluggish, blue-chips hurt Egypt - Agricultural Commodities - Reuters
MIDEAST STOCKS-Most of Gulf sluggish, blue-chips hurt Egypt - Agricultural Commodities - Reuters:
Most major Gulf bourses were sluggish in
holiday-thinned trade on Wednesday with Saudi Arabia leading the
losses on financials, while Egypt retreated on a blue-chip
sell-off.
Saudi Arabia's benchmark index declined 0.9%, driven
down by a 1.8% fall in Al Rajhi Bank and a 3% slide in
National Commercial Bank.
State-owned Aramco dropped a further 0.6% to 35.2
riyals ($9.38) despite Goldman Sachs saying that it may
stabilise its shares by purchasing additional shares on the
market.
The stabilisation period will end on Jan. 9, but so far no
transactions have been executed.
Gulf Union Cooperative Insurance gained earlier in
the session, then went into reverse and closed 1.5% down. On
Wednesday, the insurer signed a non-binding memorandum of
understanding with Al Ahlia for Cooperative Insurance
to evaluate a merger. Al Ahlia climbed 3.1%.
Most major Gulf bourses were sluggish in
holiday-thinned trade on Wednesday with Saudi Arabia leading the
losses on financials, while Egypt retreated on a blue-chip
sell-off.
Saudi Arabia's benchmark index declined 0.9%, driven
down by a 1.8% fall in Al Rajhi Bank and a 3% slide in
National Commercial Bank.
State-owned Aramco dropped a further 0.6% to 35.2
riyals ($9.38) despite Goldman Sachs saying that it may
stabilise its shares by purchasing additional shares on the
market.
The stabilisation period will end on Jan. 9, but so far no
transactions have been executed.
Gulf Union Cooperative Insurance gained earlier in
the session, then went into reverse and closed 1.5% down. On
Wednesday, the insurer signed a non-binding memorandum of
understanding with Al Ahlia for Cooperative Insurance
to evaluate a merger. Al Ahlia climbed 3.1%.
#Saudi untapped mortgage market nears $133bln: Al Rajhi Capital | ZAWYA MENA Edition
Saudi untapped mortgage market nears $133bln: Al Rajhi Capital | ZAWYA MENA Edition:
Al Rajhi Capital estimates the size of untapped mortgage potential in Saudi Arabia at around SAR 500 billion ($133.3 billion), roughly a third of the current private-sector loan portfolio that totals SAR 1.5 trillion.
The research firm said that its calculations show about 1.22 million homes are likely to be constructed from 2020 to 2030 for achieving Vision 2030 penetration target of 70%, with the current run rate is near 180,000 homes in 2019, and is estimated to increase to 190,000 per year for the next three years.
“We believe it is important to look at mortgage loans as % of Interest-Earning Assets (IEA), rather than as % of the loan, as some banks have large non-loan IEA. By this metric we have observed that Al Rajhi, Riyad, Aljazira have the highest weights in the same order,” the report noted.
Al Rajhi Capital further explained that assuming an increase in the mortgage market next year by SAR 80 billion, it estimates that mortgage could add about 5% of the TTM profits to the sectors bottom line in 2020.
Al Rajhi Capital estimates the size of untapped mortgage potential in Saudi Arabia at around SAR 500 billion ($133.3 billion), roughly a third of the current private-sector loan portfolio that totals SAR 1.5 trillion.
The research firm said that its calculations show about 1.22 million homes are likely to be constructed from 2020 to 2030 for achieving Vision 2030 penetration target of 70%, with the current run rate is near 180,000 homes in 2019, and is estimated to increase to 190,000 per year for the next three years.
“We believe it is important to look at mortgage loans as % of Interest-Earning Assets (IEA), rather than as % of the loan, as some banks have large non-loan IEA. By this metric we have observed that Al Rajhi, Riyad, Aljazira have the highest weights in the same order,” the report noted.
Al Rajhi Capital further explained that assuming an increase in the mortgage market next year by SAR 80 billion, it estimates that mortgage could add about 5% of the TTM profits to the sectors bottom line in 2020.
Emaar denies plan to sell At The Top Burj Khalifa tourist attraction - Arabianbusiness
Emaar denies plan to sell At The Top Burj Khalifa tourist attraction - Arabianbusiness:
Emaar Properties on Tuesday denied reports it is looking to sell the observation deck of Burj Khalifa, the world’s tallest tower.
Earlier, unnamed sources quoted in a Reuters report claimed Standard Chartered bank had been appointed as advisors as part of a potential sale.
But in a filing with Dubai Financial Market, the Dubai developer said: "The company would like to confirm that it is not selling the At The Top business in Burj Khalifa."
Emaar added in the statement: "The company is currently considering a structured transaction wherein financing is being raised against the cashflows of At The Top business.
 |
| The At The Top attraction is considered a 'must see' for a significant portion of the approximately 16 million overnight visitors to Dubai each year. |
Emaar Properties on Tuesday denied reports it is looking to sell the observation deck of Burj Khalifa, the world’s tallest tower.
Earlier, unnamed sources quoted in a Reuters report claimed Standard Chartered bank had been appointed as advisors as part of a potential sale.
But in a filing with Dubai Financial Market, the Dubai developer said: "The company would like to confirm that it is not selling the At The Top business in Burj Khalifa."
Emaar added in the statement: "The company is currently considering a structured transaction wherein financing is being raised against the cashflows of At The Top business.
MIDEAST STOCKS-Gulf mostly little changed; financials pressure #Saudi - Agricultural Commodities - Reuters
MIDEAST STOCKS-Gulf mostly little changed; financials pressure Saudi - Agricultural Commodities - Reuters:
Gulf stock markets were mostly quiet in moderate trading volumes on Wednesday in the absence of foreign investors for Christmas, while Saudi was hurt by losses in financial shares.
The Saudi index fell 0.3% as Al Rajhi Bank lost 0.5% and fellow lender National Commercial Bank dropped 0.6%.
State-owned Aramco slipped a further 0.4% despite Goldman Sachs saying that it may stabilise its shares by purchasing additional shares on the market.
But Gulf Union Cooperative Insurance gained 2.6% after it signed a non-binding memorandum of understanding with Al Ahlia for Cooperative Insurance to evaluate merger. Al Ahlia advanced 5.6%.
Gulf stock markets were mostly quiet in moderate trading volumes on Wednesday in the absence of foreign investors for Christmas, while Saudi was hurt by losses in financial shares.
The Saudi index fell 0.3% as Al Rajhi Bank lost 0.5% and fellow lender National Commercial Bank dropped 0.6%.
State-owned Aramco slipped a further 0.4% despite Goldman Sachs saying that it may stabilise its shares by purchasing additional shares on the market.
But Gulf Union Cooperative Insurance gained 2.6% after it signed a non-binding memorandum of understanding with Al Ahlia for Cooperative Insurance to evaluate merger. Al Ahlia advanced 5.6%.