#SaudiArabia Wealth Fund Builds Team to Hunt for Global Bargains - Bloomberg

Saudi Arabia Wealth Fund Builds Team to Hunt for Global Bargains - Bloomberg:

Saudi Arabia’s $320 billion sovereign wealth fund has reassigned some staff to finding quick trading wins in global markets battered by the coronavirus pandemic.

The Public Investment Fund, which until five years ago was a holding company for government stakes in domestic businesses, sees this as an opportunity to broaden its global portfolio, according to people familiar with the fund, who asked not to be identified because the matter is private. So far, its acquisition of stakes in energy and entertainment firms represent big bets that things will return to normal sooner than later as the world recovers from the pandemic shock.

PIF Recent Deals

Source: Bloomberg

The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis, said the fund’s governor, Yasir Al-Rumayyan at a virtual event last week. The fund expects to see “lots of opportunities,” he said, citing airlines, energy and entertainment companies as examples.

The PIF’s mandate was broadened in 2015 by Crown Prince Mohammed bin Salman to include international investments to support economic diversification. It will take some massive home runs to make a difference for the oil-rich kingdom, which is losing foreign reserves at the fastest rate since at least 2000. The central bank’s net foreign assets last month dropped more than 5% from February to $464 billion, the lowest since 2011, according to data compiled by Bloomberg.

Finablr Group may owe $1.3bn, investigators find - Arabianbusiness

Finablr Group may owe $1.3bn, investigators find - Arabianbusiness:

Embattled payments and foreign exchange platform may owe at much as $1.3 billion, the company said on Thursday.

In a statement posted to the London Stock Exchange (LSE), Finablr said that its independent financial advisor, Houlihan Lokey and private investigators Kroll have been working to establish the current indebtedness position of the Finablr Group.

“The results of this exercise currently indicate that the total net indebtedness of the Finablr Group may be approximately $1,300 million (excluding any liabilities of the Travelex business),” the statement said. “This is materially above the last reported figure for the Group’s indebtedness position as at 30 June 2019 and the levels of indebtedness previously disclosed to the board.”

“The board cannot exclude the possibility that some of the proceeds of these borrowings may have been used for purposes outside of the Finablr Group,” it added.

Emirates, Etihad warn air travel recovery could take three years: business council - Reuters

Emirates, Etihad warn air travel recovery could take three years: business council - Reuters:

Middle East state carriers Emirates and Etihad Airways believe it could take three years for air travel demand to return to levels seen just before the COVID-19 pandemic broke out, according to the U.S. - UAE business council.

The business council hosted a video conference with Emirates President Tim Clark and Etihad Chief Executive Tony Douglas on Wednesday, it said.

Clark and Douglas both said during the conference that they believed 85% of the world’s airlines are at risk of insolvency, and that without state support could go bankrupt before year-end, according to the business council.

The airlines also warned it could take until 2023 for passenger demand to recover to pre-crisis levels.

MENA managers to boost Egypt funds, say #SaudiArabia and #UAE most vulnerable: Reuters poll - Reuters

MENA managers to boost Egypt funds, say Saudi Arabia and UAE most vulnerable: Reuters poll - Reuters:

Middle Eastern fund managers plan to increase investments in Egypt in the current quarter, according to a Reuters poll, and say Saudi Arabia and the United Arab Emirates are most vulnerable to tumbling oil prices and the coronavirus pandemic.

The region, which is mostly under lockdown as it deals with the outbreak, is home to many oil producers, who have seen the price of their main resource tumble as they spend to help support their economies. 


“Overall we expect the combination of COVID-19 and low oil prices to weigh on regional GDP growth, stress some of the weak corporate balance sheets and filter into earnings downgrades over the next few quarters,” said Mohamed Eljamal of Waha Capital.

Oil prices surge on last day of roller-coaster month - Reuters

Oil prices surge on last day of roller-coaster month - Reuters:

Oil prices jumped on Thursday, after several producers said they would cut output and as signs the U.S. crude glut was not growing as quickly as many had feared brought an upbeat close to one of the most volatile months for oil trading in history.

Fuel demand worldwide slumped about 30% in April. Even after major oil producers led by Saudi Arabia agreed to slash production by nearly 10 million barrels per day (bpd), U.S. crude futures closed on April 20 at a record low in negative territory.

That collapse in U.S. West Texas Intermediate (WTI) futures made traders frantic to avoid taking delivery as the May front-month contract expired, forcing traders to pay $37.63 a barrel at settlement to get rid of their contracts.

Prices have recovered somewhat but remain down over 60% since the start of the year.

On its last day as the front-month, Brent futures for June delivery rose $2.73, or 12%, to settle at $25.27 a barrel, while U.S. West Texas Intermediate (WTI) crude for June rose $3.78, or 25%, to settle at $18.84.

That was the highest close for Brent since April 20 and WTI since April 16.

Brent, the international benchmark, gained about 11% in April after falling more than 65% over the prior three months. WTI, meanwhile, fell for a fourth month in a row, dropping over 70% during that time, including an 8% loss in April.

The more actively traded Brent futures for July, which will soon be the front-month, gained about 9% to settle at $26.48 a barrel.

#UAE risks inclusion on money laundering watch list, watchdog warns | Financial Times

UAE risks inclusion on money laundering watch list, watchdog warns | Financial Times:

Dubai has diversified its economy away from oil but a buccaneering attitude to investment in property and commodities has exposed the emirate to criminality © Karim Sahib/AFP/Getty

UAE must take increased measures to stamp out money laundering or face inclusion on an international watch list, the world’s main dirty money monitoring group has warned.

The Financial Action Task Force on Thursday urged the Gulf state to prioritise the pursuit of international laundering networks, close loopholes in gold and property markets and work with international partners to tackle illegal financial flows.

If the UAE fails to take action in these areas within one year, the country will be placed on FAFT’s so-called “grey list” of 18 states that includes Yemen, Syria and Zimbabwe, in what would be a major blow to the country’s reputation as the Middle East’s main financial hub.

“Generally, fundamental and major improvements are needed across the UAE in order to demonstrate that the system cannot be used for money laundering and terrorist financing,” the Paris-based group said.

MIDEAST STOCKS-Oil buoys #Saudi market, ex-dividend stocks hurt #AbuDhabi - Reuters

MIDEAST STOCKS-Oil buoys Saudi market, ex-dividend stocks hurt Abu Dhabi - Reuters:

Saudi Arabia’s stock market extended gains from the previous session on Thursday, helped by the rise in oil prices, while the Abu Dhabi index was pressured by firms trading ex-dividend.

Brent was up 7.2%, or $1.63, at $24.17 a barrel by 0731 GMT, boosted by signs that the U.S. crude glut is easing and fuel demand battered by COVID-19 restrictions is starting to pick up.

On Wednesday, Brent settled at $22.54 a barrel, up $2.08, or 10.2%.

Saudi Arabia’s benchmark index added 1.2%, led by a 2% gain in Al Rajhi Bank and a 1.6% increase in oil giant Saudi Aramco.

#MBS: The Rise to Power of Mohammed bin Salman — a palace coup | Financial Times #SaudiArabia

MBS: The Rise to Power of Mohammed bin Salman — a palace coup | Financial Times:

Barring accident or assa­ssination, Mohammed bin Salman is destined to become king of Saudi Arabia, the first monarch of the third generation to rule the country founded by his grandfather Ibn Saud in 1932. At only 34, Crown Prince Mohammed — often known by his initials MBS — is already a deeply divisive figure.

He has won praise from supporters, including much of the country’s youth, as a long-awaited game-changer. His far-reaching plans — known as Vision 2030 — promise a future that will free the kingdom both from dependence on oil and the stifling effects of religious ultraconservatism. But critics and opponents see him as harbinger of a new Saudi nationalism, an accessory to murder and a ruthless dictator in the making whose fanatical hatred of Iran has split the consensus of Gulf states, boycotting Qatar and creating a humanitarian disaster in Yemen.

In this engaging account, Ben Hubbard shows both sides of the story, bringing his narrative alive with a host of insights, conversations, anecdotes and details. We learn how, as a young prince, Mohammed forged bonds with other teenagers by renting a fleet of jet skis for them. By royal Saudi standards, the family was not especially wealthy. Before becoming king, Mohammed’s father Salman, governor of Riyadh, had no personal “fortune”, unlike other princes who became hugely rich on commissions. 

Part of Prince Mohammed’s motivation, Hubbard suggests, may be driven by his envy of wealthier cousins. Hence the lavish spending on Bugattis, super yachts and an ersatz “Louis XIV” palace in the Paris suburbs, along with the milking of royal princes and wealthy merchants who were incarcerated in the Ritz-Carlton hotel in Riyadh until they paid up after admitting “corruption”. Up until his mid-twenties, “there was little reason to expect that he would become more than a middling prince who dabbled in business and pitched up abroad now and then for a fancy vacation”.

Norway to cut oil production by 13% | Financial Times

Norway to cut oil production by 13% | Financial Times:

Norway will cut its oil production for the first time in 18 years, as Western Europe’s largest crude producer moves to respond to the coronavirus-linked crash in fuel demand.

The country’s oil and energy ministry said late on Wednesday that it would order producers to curtail production by 250,000 barrels a day in June or more than 13 per cent of total output, as the country honours an unofficial pact with Opec and its allies to help shore up the market.

The move comes as oil demand is estimated to have crashed by as much as a third globally, with measures to curtail the spread of coronavirus hitting travel and the economy. Oil prices have dropped by more than 70 per cent since January, with Brent crude slumping below $20 a barrel for the first time in almost two decades last week.

“We are currently facing an unprecedented situation in the oil market,” said Tina Bru, Norway’s minister of petroleum and energy. “We have previously stated that we will consider a cut in Norwegian production if several big producing countries implement significant cuts.”

Credit profile of GCC banks to weaken over COVID-19, lower oil prices | ZAWYA MENA Edition

Credit profile of GCC banks to weaken over COVID-19, lower oil prices | ZAWYA MENA Edition:

Standalone credit profiles of GCC banks are set to weaken following the coronavirus pandemic and the drop-in oil prices, Fitch Ratings said.

GCC governments announced stimulus packages for their banking sectors to mitigate the economic impact of the pandemic, but Fitch expects banks' profitability and asset quality to deteriorate, leading to pressure on some banks' viability ratings.

“GCC countries announced monetary, fiscal and macro-prudential stimulus measures dwarfing any previously seen in the region. These are equivalent to significant proportions of GDP and could be increased if the crisis deepens,” the ratings agency said.

For example, the UAE and Saudi Arabia announced support packages of $77 billion and $56.5 billion respectively. This is over 15 percent of GDP for the UAE and over 7 percent of GDP for Saudi Arabia.

#UAE doing too little to stem money laundering and terrorist finance: watchdog - Reuters

UAE doing too little to stem money laundering and terrorist finance: watchdog - Reuters:

The United Arab Emirates is not doing enough to prevent money laundering despite recent progress, and causing concerns about its ability to combat financing of terrorism, the global dirty money monitoring group said on Thursday.

The U.S.-allied Gulf state, which includes the region’s financial and commercial centre Dubai, will now be put under a year-long observation by the Paris-based Financial Action Task Force (FATF).

The intergovernmental body said in a report that major or fundamental improvements are required in 10 of 11 areas evaluated for preventing money laundering and the financing of terrorism and weapons of mass destruction. 

The report, which took 14 months to compile and involved a visit to the UAE in July, gave a ‘low’ rating for investigation and prosecution of money laundering and a ‘moderate’ rating for preventive measures and financial sanctions related to countering the financing of terrorism.

#UAE News: #Dubai Islamic Bank Books $404 Million in Provisions - Bloomberg

UAE News: Dubai Islamic Bank Books $404 Million in Provisions - Bloomberg:

Dubai Islamic Bank PJSC set aside $404 million in provisions in the first quarter, joining its competitors in the Middle East business hub to prepare for the impact of the coronavirus on their loan books.

The Shariah-compliant lender’s impairments rose more than fourfold in the first three months from a year earlier as profit fell 17% to 1.11 billion dirhams ($302 million), according to a statement on Thursday.

“We have adopted a highly conservative approach to provisioning in this quarter building coverage and protection against any impacts on asset quality arising out of the current environment,” Chief Executive Officer Adnan Chilwan said in the statement.

Virus May Be a Welcome Reality Check for #Dubai’s Property Glut - Bloomberg

Virus May Be a Welcome Reality Check for Dubai’s Property Glut - Bloomberg:

Chairman of Damac Properties is adamant that his company will 

pull through.Hussain Sajwani spoke exclusively to Yousef Gamal el-Din.

 (

Source: Bloomberg)

While the coronavirus is wreaking havoc around the world, it could give Dubai’s long-slumping property market a much-needed break from new projects, a top developer said.

“If there is a silver lining to this crisis, it’s that now everybody is going to halt new projects at least for a while,” Hussain Sajwani, chairman of Damac Properties PJSC, said in an interview. “The reality on the ground is dictating the situation.”

Dubai’s developers have continued to build homes and start big new projects despite six years of falling prices and unmistakable signs of oversupply in the market. Now the double hit of the virus crisis and a partly related plunge in oil prices means buyers will have considerably less cash to pay for new homes. 


Developers have no choice but to halt projects “because their receivables are going to be huge” if they continue, Sajwani said.

Coronavirus will trigger biggest ever plunge in energy demand, emissions: IEA - Reuters

Coronavirus will trigger biggest ever plunge in energy demand, emissions: IEA - Reuters:

Economic lockdowns brought on by the coronavirus pandemic look set to cut global energy demand and carbon dioxide emissions by record amounts, the International Energy Agency (IEA) said on Thursday.

Global energy demand could slump by 6% in 2020 due to the restrictions placed on homes and industry in what would be the largest contraction in absolute terms on record, according to Paris-based IEA, which advises industrialised nations on energy.

The slump would lead to a drop in carbon dioxide emissions of 8%, six times larger than the biggest fall of 400 million tonnes recorded in 2009 following the global financial crisis, according to the IEA, which described its estimate as conservative.

“Some countries may delay the lifting of the lockdown, or a second wave of coronavirus could render our current expectations on the optimistic side,” the organisation’s executive director Fatih Birol told Reuters.

European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session

European, Middle Eastern & African Stocks - Bloomberg:

Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.

Oil prices rise amid early signs of fuel demand picking up - Reuters

Oil prices rise amid early signs of fuel demand picking up - Reuters:

Oil prices jumped on Thursday, buoyed by signs that the U.S. crude glut is not growing as quickly as expected and that fuel demand battered by COVID-19 restrictions is starting to pick up.

West Texas Intermediate (WTI) crude futures CLc1 climbed to a high of $17.75 a barrel and were up 9.2%, or $1.39, at $16.45 at 0640 GMT. The U.S. benchmark surged 22% on Wednesday.

Brent LCOc1 was up 5.6%, or $1.27 at $23.81 a barrel in light trading, with the June contract expiring on Thursday. The contract hit a high of $25 earlier in the session, having posted a 10% gain on Wednesday.

The most active Brent crude contract for July LCOc2 was up $1.15 or about 5%, at $25.38 a barrel.

Oil posts double-digit gains after U.S. crude storage build slows - Reuters

Oil posts double-digit gains after U.S. crude storage build slows - Reuters:

Oil prices surged more than 10% on Wednesday after U.S. crude stockpiles grew less than expected and gasoline posted a surprise draw, feeding optimism that fuel consumption will recover as some European countries and U.S. state ease coronavirus lockdowns.

Crude prices crashed earlier this month, with global fuel tanking roughly 30% due to efforts to slow the spread of the virus. To ease the growing glut, major oil producing-nations agreed in mid-April to cut output by nearly 10 million barrels per day. Shale producers and oil majors are also reducing production.

U.S. West Texas Intermediate (WTI) crude futures settled at $15.06 a barrel, jumping $2.72, or 22%. Brent crude futures settled at $22.54 a barrel, up $2.08, or 10.2%.

U.S. crude oil inventories swelled by 9 million barrels last week to 527.6 million barrels, about 7 million barrels below their record high, the Energy Information Administration said. The build was slightly less than the 10.6 million-barrel rise analysts had expected in a Reuters poll.

#SaudiArabia Suffers Crisis Flashback But Finds New Ways to Cope - Bloomberg

Saudi Arabia Suffers Crisis Flashback But Finds New Ways to Cope - Bloomberg:

It’s a different Saudi Arabia that confronts another collapse in oil prices.

When the kingdom last stared down the crash in crude, it wielded reserves that peaked at over $735 billion in 2014. The stockpile was down by over a third just three years later, channeled almost entirely toward deficit spending.

Saudi Arabia may now be blowing through its reserves at the fastest pace in at least two decades, but the government is barely using the holdings to cover fiscal needs. Following its debut in international bond markets in 2016, borrowing covered most of the budget deficit in the first quarter.

Goldman Sachs Group Inc. predicts the central bank’s reserves, down more than 100 billion riyals ($27 billion) in March alone, will stabilize soon.

“Despite a further anticipated decline in oil revenues in the second quarter, we expect the rate of reserve burn to slow,” Farouk Soussa, a Goldman Sachs economist, said in a report.

Oil Surges on Biggest Jump in U.S. Gasoline Demand in 11 Months - Bloomberg

Oil Surges on Biggest Jump in U.S. Gasoline Demand in 11 Months - Bloomberg:

Oil rose after the U.S. reported the biggest jump in gasoline demand since last year, offering a glimmer of hope that consumption could gradually return as major producers continue to cut output to counter a global glut.

West Texas Intermediate futures surged as much as 36% Wednesday. U.S. gasoline stocks fell by 3.67 million barrels compared to an estimated build of 2.49 million, according to the U.S. Energy Information Administration. Weekly gasoline supplied, an indicator of demand, rose by 549,000 barrels, the most since May.

“That was a nice surprise to the market,” Nick Holmes, portfolio manager at Tortoise, said regarding better-than-expected results for crude inventory and gasoline supply in the EIA report.

Valero Energy Corp. said in its first quarter earnings conference call that it sees gasoline demand to recover gradually, along with jet fuel at a slower pace. The company sees the best recovery in demand in the Midwest.

#Oman tells state companies to replace expats with locals - ONA - Reuters

Oman tells state companies to replace expats with locals - ONA - Reuters:

Oman’s finance ministry told state companies on Wednesday to replace foreign workers with locals, as part of efforts to develop the national workforce, state-owned Oman News Agency reported.

The move is part of the government’s running so-called “Omanisation” policy, which is aimed at improving the number and quality of jobs available for Omani citizens.

Low oil prices and the economic slowdown caused by the new coronavirus outbreak are straining the finances of Oman, a relatively small energy producer with debt rated “junk” by all the major rating agencies.

Two weeks ago, the state barred private companies from trying to lessen the economic burden of the coronavirus crisis by firing Omanis.

#AbuDhabi’s Etihad delays return of passenger flights to June 16 - Reuters

Abu Dhabi’s Etihad delays return of passenger flights to June 16 - Reuters:

Abu Dhabi’s Etihad Airways on Wednesday said it now plans to start operating regular passenger flights from June 16, delaying the resumption for a second time this month.

The airline has opened bookings for flights across its network from June 16, it said in a statement, though cautioned that could change should current restrictions be extended.

Etihad on April 25 said it would extend the suspension until at least May 16 due to the coronavirus outbreak. It earlier planned to start resuming flights from May 1.

Gulf Fiscal Response to Crisis Faulted as ‘Too Small and Narrow’ - Bloomberg

Gulf Fiscal Response to Crisis Faulted as ‘Too Small and Narrow’ - Bloomberg:

The extent of fiscal support provided by Gulf Arab economies in response to the global coronavirus pandemic is “too small and narrow” and lags behind similar efforts in Europe, the U.S. and Asia, according to Oxford Economics.

“Although some of the lockdown restrictions are being eased” across the six members of the energy-rich Gulf Cooperation Council, “the non-oil economy is not yet out of the woods,” Scott Livermore and Ahmed Esam at Oxford Economics said in a report. “And authorities can still aid the recovery across the GCC by expanding the depth and breadth of policy support.”

#UAE News: #AbuDhabi Shelves Private Equity Sale Over Coronavirus - Bloomberg

UAE News: Abu Dhabi Shelves Private Equity Sale Over Coronavirus - Bloomberg:

The Abu Dhabi Investment Authority is delaying the sale of $2 billion in private-equity fund stakes after the outbreak of the deadly coronavirus.

The sovereign wealth fund, which is estimated to have about $580 billion under management, was in talks with several investors including money manager Ardian about selling chunks of the portfolio, according to people familiar with the discussions. The market turmoil triggered by the crisis made it difficult for them to agree on how much the stakes were worth, said the people, who asked not to be identified because the talks are private.

ADIA plans to restart the sales process in the second half of the year, one of the people said. Spokespeople for ADIA and Ardian declined to comment.

The fallout from the coronavirus pandemic is roiling companies owned by private equity funds and has hurt the niche business of buying and selling buyout stakes -- known as secondary transactions. Deals have started to dry up amid estimates that portfolios will drop in value by as much as 50% in the first half of the year. Some investors have walked away from secondary deals that were close to being signed, according to Steve Lessar, co-head of secondaries and liquidity solutions in BlackRock Inc.’s Private Equity Partners business.

Moody's downgrades #Dubai utility DEWA to Baa2, outlook still negative - Reuters

Moody's downgrades Dubai utility DEWA to Baa2, outlook still negative - Reuters:

Moody’s on Wednesday downgraded the rating of Dubai Electricity & Water Authority (DEWA), the state-owned monopoly provider of electricity and water in Dubai, to Baa2 from Baa1 and maintained a negative outlook.

Many investors view the ratings of government-related entities in Dubai as an indicator of the government’s own credit profile as Dubai is not rated by any of the major ratings agencies.

“Moody’s expects the coronavirus outbreak will aggravate the structural slowdown in real GDP growth for the Emirate of Dubai, contributing to the further deterioration of fiscal strength of the government via increasing debt levels,” the rating agency said in a report.

“The downgrade also reflects the risk of sustained large dividend transfers from DEWA to the government of Dubai as a result of the deteriorating economic and fiscal health of the emirate.”

Emerging sovereigns set for borrowing binge but weaker names struggle - Reuters

Emerging sovereigns set for borrowing binge but weaker names struggle - Reuters:

A flurry of international debt issuance by investment-grade emerging market sovereigns in 2020 should help offset a dearth of sales by lower-rated names, barred from capital markets until they can muster support in the form of debt relief or emergency funding.

Gulf governments such as Qatar, Abu Dhabi and Saudi Arabia, have provided a significant chunk of 2020 bond sales so far, accounting for around half of the sovereign emerging sales as they scrambled to raise cash to plug budget shortfalls caused by plunging oil prices.

Israel and Indonesia have also raised money in the wake of the COVID-19 outbreak.

With $100 billon already issued year to date, despite a drought in March, emerging sovereign debt issuance could surpass the record of $178.3 billion in 2017, said Stefan Weiler, head of Central and Eastern Europe, Middle East and Africa debt capital markets at JPMorgan.

Mideast Stocks: #Saudi leads Gulf higher as oil prices gain | ZAWYA MENA Edition

Mideast Stocks: Saudi leads Gulf higher as oil prices gain | ZAWYA MENA Edition:

Saudi Arabian stocks ended higher on Wednesday, buoyed by a leap in oil prices, while bourses in the United Arab Emirates were little changed as banks faced write-downs on NMC debt. 

June Brent crude futures were up 4.6%, or 95 cents, at $21.41 a barrel by 1139 GMT, as U.S. stockpiles rose less than expected and on hopes that demand will improve as some European countries and some U.S. cities moved to ease restrictions.  

Saudi Arabia's benchmark index closed 1.5% higher, with Al Rajhi Bank 1120.SE rising 2.7% and Jabal Omar Development gaining 6%. 

Elsewhere, oil giant Saudi Aramco ended up 0.8%. 

In Dubai, the index edged up 0.3%, as blue-chip developer Emaar Properties increased 1.1%, while its unit Emaar Development jumped 4.1%. 

However, Dubai Islamic Bank, which has a $425 million exposure to troubled Hospital Group NMC Heath, dropped 0.8%. 

Banks in the United Arab Emirates with exposure to troubled hospital operator NMC Health risk having to make provisions for between 25% and 50% on more than $2 billion of outstanding debt to the company, Reuters reported citing three banking sources.  

The Abu Dhabi index gave up early gains to end flat. First Abu Dhabi Bank, the country's largest lender, added 0.4%, whereas Abu Dhabi Commercial Bank, which has an exposure to NMC of $981 million, fell 0.5%.

In Qatar, the index rose 1.2%, most of the stocks on the index advanced including Commercial Bank, which closed 4% higher.

But Qatar Insurance slipped 1.1%, after it posted a net loss of 185 million riyals ($50.82 million) in the first-quarter, against a profit of 266 million riyals a year earlier.

Oil prices jump after smaller than feared U.S. inventories build - Reuters

Oil prices jump after smaller than feared U.S. inventories build - Reuters:

Oil prices jumped on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell, with support also coming from hopes that demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns.

June Brent crude LCOc1 futures were up 11.88%, or $2.43, at $22.89 a barrel by 1340 GMT. The more active July contract added $1.83, or 8.05%, to $24.57.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 24.31% or $3, to $15.34, after a 27% plunge over the first two days of the week.

U.S. crude inventories rose by 10 million barrels to 510 million barrels in the week to April 24, data from the American Petroleum Institute (API) showed on Tuesday, compared with analyst expectations of 10.6 million barrels.

Airlines and oil giants are on the brink. No government should offer them a lifeline | Environment | The Guardian

Airlines and oil giants are on the brink. No government should offer them a lifeline | Environment | The Guardian:

Do Not Resuscitate. This tag should be attached to the oil, airline and car industries. Governments should provide financial support to company workers while refashioning the economy to provide new jobs in different sectors. They should prop up only those sectors that will help secure the survival of humanity and the rest of the living world.

They should either buy up the dirty industries and turn them towards clean technologies, or do what they often call for but never really want: let the market decide. In other words, allow these companies to fail.

This is our second great chance to do things differently. It could be our last. The first, in 2008, was spectacularly squandered. Vast amounts of public money were spent reassembling the filthy old economy, while ensuring that wealth remained in the hands of the rich. Today, many governments appear determined to repeat that catastrophic mistake.

Covid-19 Oil Collapse Is Geopolitical Reset in Disguise - Bloomberg

Covid-19 Oil Collapse Is Geopolitical Reset in Disguise - Bloomberg:

The world is on the cusp of a geopolitical reset. The global pandemic could well undermine international institutions, reinforce nationalism and spur de-globalization. But far-sighted leadership could also rekindle cooperation, glimmers of which appeared in the G-20’s offer of debt relief for some of the world’s poorest countries, a joint plea from more than 200 former national leaders for a more coordinated pandemic response and an unprecedented multinational pact to arrest the crash in oil markets. 

The remarkable effort to address the turmoil in the oil markets will be critical to oil’s eventual balance — although the past two weeks have shown that its promised production cuts were too slow and insufficient in the face of oil demand’s plunge. The challenges and opportunities that the collapse in the oil market is pushing to the fore are perhaps just the first taste of Covid-19 induced geopolitical crises that world leaders and policy makers will need to grapple with in the coming months and years.

As history has shown, a big change in energy markets often precipitates a big change in geopolitics. For instance, the shift from coal to oil catapulted Middle Eastern countries to strategic significance. And the recent technology-driven boom in shale oil elevated the United States to net oil exporter status, changing its outlook on the importance of oil in global affairs. We now face a disruption of such proportions that it, too, will reorder some power relationships.

Expect Further FX Reserve Drawdowns in #SaudiArabia, Says Monica Malik of Abu Dhabi Commercial Bank - Bloomberg

Expect Further FX Reserve Drawdowns in Saudi Arabia, Says Monica Malik of Abu Dhabi Commercial Bank - Bloomberg:



Monica Malik, chief economist at Abu Dhabi Commercial Bank, discusses Saudi Arabia’s central bank depleting its net foreign assets in March and what it means for the economy. She speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)

Record Plunge in #Saudi Reserves Only Prelude to Looming Drawdown - Bloomberg

Record Plunge in Saudi Reserves Only Prelude to Looming Drawdown - Bloomberg:

Saudi Arabia’s central bank depleted its net foreign assets in March at the fastest clip since at least 2000, showing the severity of the damage inflicted by the slump in oil prices even as the government is only starting to lean on the holdings to cover budget needs.

The drop of more than 100 billion riyals ($27 billion), or over 5% from the previous month, brought the stockpile to $464 billion, the lowest since 2011, according to data compiled by Bloomberg. In the first quarter, the government ran a budget deficit of 34.1 billion riyals, which was mostly covered by external and domestic borrowing, Finance Ministry data showed on Wednesday.

Economists say the world’s biggest oil exporter will have have to dig deeper into reserves despite scaling back spending and looking to rely more on debt to withstand the historic collapse in commodity markets. Crude sales account for the majority of the government’s revenue.

'Small group of employees' behind fraud at NMC Health | Banking – Gulf News

'Small group of employees' behind fraud at NMC Health | Banking – Gulf News:

B.R. Shetty is a multi-billionaire non-resident Indian (NRI) who has dedicated a large part of his life building an empire of healthcare facilities and other companies in the country. Forbes set his personal net worth at a whopping $4.2 billion in August 2018.Image Credit: Ahmed Kutty/ Gulf News

Fraudulent bank accounts were created and cheques issued by a "small group of current and former" executives at NMC Health, according to the founder, the Indian billionaire Dr. B.R. Shetty.

The former chairman of the Abu Dhabi headquartered hospital operator said, investigations he commissioned found:

"The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorised, consented to, or had any knowledge of.  "The fraudulent creation of loans, personal guarantees, cheques and bank transfers in my name, and using my forged signature, that I neither authorised, consented to, or had any knowledge of."

This is the first time Dr. Shetty, who has been in India for the last two months and more on a family issue, has issued a statement based on investigations he had commissioned. He had brought in a consultancy to conduct it after initial revelations came to light that NMC Health had not been fully transparent with its finances.

Dr. Shetty had stepped down as executive chairman after the then Board of Directors barred him from attending any meetings.

MIDEAST STOCKS-Major bourses in the Gulf rise on gains in oil prices - Agricultural Commodities - Reuters

MIDEAST STOCKS-Major bourses in the Gulf rise on gains in oil prices - Agricultural Commodities - Reuters:

Major stock markets in the Gulf climbed on Wednesday boosted by a jump in oil prices and as sentiment was helped by coronavirus-induced lockdowns easing in some parts of the world.

Oil prices gained on Wednesday as U.S. stockpiles rose less than expected and on expectations demand will improve as some European countries and some U.S. cities moved to ease restrictions.

Brent crude futures rose 4.1%, or 83 cents, to $21.29 a barrel at 0753 GMT, adding to a 2.3% gain on Tuesday. 


Energy stocks added 0.5% boosted by gains in oil giant Saudi Aramco, up 0.8%.That along with gains in Al Rajhi Bank, up 1.3%, helped Saudi Arabia’s benchmark index rise 1%.

Investment firm Saudi Industrial Development increased 2% after its board proposed to use its statutory reserves to cover a part of accumulated losses.

In Dubai, the index gained 1%, with blue-chip developer Emaar Properties rising 1.9% and DAMAC Properties leaping 5.9%.

The Abu Dhabi index edged 0.2% higher as aquaculture firm International Holding rose 4.5% and Abu Dhabi Islamic Bank gained 0.6%.

Also helping sentiment, emirate’s media office in a tweet said the United Arab Emirates’ government of Abu Dhabi will allocate 15% of government procurement spending and annual contracts to micro-Small and Medium Enterprises from 2020 onwards to drive growth for small businesses.

However, the gains in Abu Dhabi’s index were limited by losses at energy firm Dana Gas, which declined 2.7% a day before it trades ex-dividend.

Qatar’s index gained 0.3%, supported by a 1.6% rise in petrochemical firm Industries Qatar and a 3% increase in telecoms firm Ooredoo. Ooredoo is scheduled to report its first-quarter results on Wednesday.

A decliner was Qatar Insurance, down 3.9%, after it posted a net loss of 185 million riyals ($50.82 million) in the first-quarter, from a profit of 266 million riyals a year earlier.

Emirates Will Really Miss Those Big-Spending Business Travelers - Bloomberg

Emirates Will Really Miss Those Big-Spending Business Travelers - Bloomberg:

Airplanes operated by Emirates at Dubai International Airport on March 23. The airline has idled as much as 90% of its aircraft.

PHOTOGRAPHER: CHRISTOPHER PIKE/BLOOMBERG

Until recently, Tarek Sultani Makhzoumi typically spent every other week of the year on the road, traveling from London to the U.S. or the United Arab Emirates. Like many road warriors, Makhzoumi, chief operating officer for health-care technology company MAP Sciences, became accustomed to the perks of constant corporate travel—everything from restaurant-class in-flight meals to lay-flat beds in business or first class—on business-focused carriers including Emirates.

But in the era of shrunken corporate budgets and a growing embrace of videoconferences, such extravagances risk becoming relics of a globe-trotting past. Moreover, many travelers are likely to remain reluctant to spend time in densely packed lines at airports, queue up at temperature-measuring checkpoints, or sit for hours in close proximity to strangers. “The process of getting into a plane is going to be longer,” Makhzoumi says. “And I have to look into my cash flow more closely.” He plans to travel only “when it’s absolutely worth it” and pack more meetings into each trip when he does.

Any pullback among the bankers, consultants, and tech specialists like Makhzoumi who’ve long filled the front cabins of commercial airliners is bad news for carriers that cater to them. Especially Emirates, which boasts the world’s biggest long-haul fleet.

#Saudi Prince MBS’s Vision 2030 Confronts Coronavirus, Oil Shock - Bloomberg

Saudi Prince MBS’s Vision 2030 Confronts Coronavirus, Oil Shock - Bloomberg:

The courtyard around the Grand Mosque in Mecca should be teeming with hundreds of thousands of pilgrims marking the start of Ramadan. Instead, it’s deserted: The coronavirus pandemic has hit the city where the Prophet Mohammed was born.

Saudi Arabia’s health minister appealed for social distancing during the month of abstention, a time of large gatherings at iftar, the daily meal at sunset to break the fast. On state-run Ekhbariya TV, doctors and nurses are hailed as heroes as they test foreign workers living in cramped quarters and hand out medical supplies in plastic bags with a rose sticking out of each one.

The country’s response to Covid-19 was to lock down quickly, winning praise from many Saudis. Tourism is at a standstill worldwide, hitting the finances of many nations. The economic impact of the pandemic, though, couldn’t have come at a more pivotal time for Saudi Arabia.

This was supposed to be Crown Prince Mohammed bin Salman’s year. For 2020 the plan was for Saudi Arabia to exhibit some of the first fruits of its great modernization project—from a record number of Muslim faithful visiting holy sites to new industries and entertainment that showed the society had become more open and could one day thrive without oil. Then in November, the 34-year-old prince, the kingdom’s de facto leader, would claim the spotlight on the world stage by hosting his fellow Group of 20 chiefs.

European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session

European, Middle Eastern & African Stocks - Bloomberg:

Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.

#Saudi foreign reserves fall at fastest in at least two decades - Reuters

Saudi foreign reserves fall at fastest in at least two decades - Reuters:

Saudi Arabia’s central bank foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011, while the kingdom slipped into a $9 billion budget deficit in the first quarter as oil revenues collapsed.

Saudi Arabia, the world’s largest oil exporter, is facing an unprecedented challenge this year as oil prices have plumbed historic lows.

At the same time, measures to contain the spread of the new coronavirus are likely to curb the pace and the scale of sweeping economic reforms launched by Crown Price Mohammed bin Salman.

The Saudi Arabian Monetary Authority said on Tuesday its net foreign assets, which include securities such as U.S Treasuries and foreign deposits, fell in March to $464 billion, their lowest since 2011.

Russia expects up to 15% drop in oil output in 2020: Ifx - Reuters

Russia expects up to 15% drop in oil output in 2020: Ifx - Reuters:

Russian Energy Minister Alexander Novak on Wednesday said the country’s oil output could fall by up to 15% this year, Interfax news agency reported, representing its first annual decline since 2008.

Novak cited this month’s deal between the Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers to cut their combined oil output by almost 10 million barrels per day (bpd) in May and June to combat slumping prices in the face of the coronavirus pandemic.

Russian oil output will decline to between 480 million and 500 million tonnes (9.6 million bpd to 10 million bpd), from 2019’s post-Soviet high of 560 million tonnes, Novak said.

Oil prices claw back losses as storage fills less rapidly than feared - Reuters

Oil prices claw back losses as storage fills less rapidly than feared - Reuters:

U.S. oil prices gained on Wednesday, trimming some of this week’s losses, after U.S. stockpiles rose less than expected and on expectations demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdown.

U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 12.6%, or $1.56, at $13.91 at 0643 GMT, paring a 27% plunge over the first two days of this week.

Earlier in the session, WTI futures jumped by more than 15% to a session high of $14.40.

Brent crude LCOc1 futures rose 3.1%, or 64 cents, to $21.10 a barrel, adding to a 2.3% gain on Tuesday.

U.S. crude inventories rose by 10 million barrels to 510 million barrels in the week to April 24, data from industry group the American Petroleum Institute showed on Tuesday, compared with analysts’ expectations for a build of 10.6 million barrels.

Brent settles higher on easing lockdowns, U.S. crude falls amid storage shortage - Reuters

Brent settles higher on easing lockdowns, U.S. crude falls amid storage shortage - Reuters:

U.S. crude prices settled lower on Tuesday, falling about 3% as domestic stockpiles were expected to have risen closer to record highs amid tightening storage despite plans to cut production during the COVID-19 pandemic.

However, markets were supported on hopes of demand recovering across the world, as governments announced the easing of coronavirus-related restrictions, although Britain said its too dangerous to relax a lockdown for fear of a deadly second outbreak.

At least 16 U.S. states looked set to restart business.

“Demand destruction has leveled off in the U.S., but production cuts have just begun in earnest,” said Phil Flynn, senior analyst at Price Futures Group.”

U.S. West Texas Intermediate (WTI) crude CLc1 was down 44 cents, or 3.4%, at $12.34 a barrel. The contract plunged 25% on Monday.

Global benchmark Brent crude LCOc1 settled up 47 cents, or 2.3%, at $20.46 a barrel, following a 6.8% slide on Monday.

Oil Crash Has Little Relevance to Emerging Markets in Virus Era - Bloomberg

Oil Crash Has Little Relevance to Emerging Markets in Virus Era - Bloomberg:

Time was when an oil-price rout almost certainly meant a currency meltdown in emerging markets. Now, it’s failing to cause as much as a flutter.

Sixteen of 25 developing-nation currencies analyzed by Bloomberg are trading near their highest levels in at least 15 years against Brent crude, the benchmark for more than half of the world’s oil. And all but two of them have a correlation coefficient of less than 0.3 with the commodity, signaling crude-price moves have little impact.

The breakdown of oil’s traditional influence on emerging markets shows that currencies are driven more by the economic outlook in the coronavirus era and are treating the oil slump as an idiosyncratic story. They could rebound once the pandemic subsides and national lock-downs are lifted, even if oil prices are slow to respond.

#Saudi Banks Act in Unison to Reassure Investors on Oil and Virus - Bloomberg

Saudi Banks Act in Unison to Reassure Investors on Oil and Virus - Bloomberg:

Saudi Arabia’s banks are all on the same page when it comes to the message they want to send to investors this earnings season: they’re financially sound, even with the double whammy of the coronavirus and collapse in oil prices.

All of the oil-rich kingdom’s listed lenders used the same language -- word-for-word -- to highlight their strength and warn that it’s still too early “to determine the size and extent of the financial impact at this stage.”

The kingdom’s largest lender, National Commercial Bank, was the first to reassure investors on Tuesday that “its financial soundness indicators are strong and able to stand the current economic challenges.” It also said government initiatives to support the banking sector “will limit the economic and financial impact” of the measures taken to curtail the spread of the coronavirus.

By the time Arab National Bank posted the same statement to the stock market just one hour later, that message had been repeated ten times.

As society opens, #Saudi women surge into job market - Arabianbusiness

As society opens, Saudi women surge into job market - Arabianbusiness:

Like thousands of Saudi women, Rouaa al-Mousa entered the workforce as reforms sweep the ultra-conservative kingdom and is certain that neither grumbling male bosses nor the coronavirus will change that.

Armed with a college degree but bound by conservative Saudi attitudes to women working, the 25-year-old was expecting to wait years before finding a suitable job.

But Mousa graduated in the midst of changes in the kingdom that have seen women flood the labour market.

She got a job working the evening shift as a receptionist at a government institution in Riyadh -- part of a mixed team of 10 women and six men.

BRIEF-Moody's Says #Dubai's Economy And GRES Most Exposed Among Emirates To Coronavirus Impact - Reuters

BRIEF-Moody's Says Dubai's Economy And GRES Most Exposed Among Emirates To Coronavirus Impact - Reuters:

* MOODY’S SAYS DUBAI’S ECONOMY AND GRES MOST EXPOSED AMONG EMIRATES TO CORONAVIRUS IMPACT

* MOODY’S - CORONAVIRUS OUTBREAK AND PANDEMIC’S INDIRECT IMPACT ON GLOBAL GROWTH & TRADE POSE SIGNIFICANT SHOCK TO ECONOMIC GROWTH IN UNITED ARAB EMIRATES

* MOODY’S SAYS NEGATIVE GROWTH AND FISCAL IMPLICATIONS OF COVID-19 ARE MOST ACUTE IN DUBAI DUE TO ITS RELIANCE ON THE TOURISM AND TRANSPORTATION SECTORS

* MOODY’S SAYS CORONAVIRUS IS A MAJOR SHOCK FOR THE UAE’S OPEN ECONOMY, EXTENT OF WHICH WILL ONLY BE MARGINALLY SOFTENED BY STIMULUS MEASURES

* MOODY’S SAYS DUBAI’S GRE DEBT REMAINS MOST EXPOSED TO MACRO RISKS BECAUSE OF ITS HOLDINGS IN REAL ESTATE, TRANSPORTATION, TOURISM SECTORS

#UAE banks face write-downs of between 25%-50% on NMC debt - sources - Reuters

UAE banks face write-downs of between 25%-50% on NMC debt - sources - Reuters:

Banks in the United Arab Emirates (UAE) with exposure to troubled hospital operator NMC Health risk having to make provisions for between 25% to 50% on more than $2 billion of outstanding debt to the company, three banking sources said.

NMC, the largest private healthcare provider in the UAE, was placed into administration earlier in April after months of turmoil which followed questions about its financial reporting from short-seller Muddy Waters. NMC’s shares were suspended two months ago and on Monday the company requested the delisting of its shares from the London Stock Exchange.

Some UAE banks have classified their debt exposure to the company as “doubtful”, a UAE central bank document showed and one of the three sources familiar with the matter said.

Other banks in the UAE have higher recovery expectations for their exposure and may treat it as substandard, another source said.

Oil fund’s forced sales send WTI prices plunging again: Kemp - Reuters

Oil fund’s forced sales send WTI prices plunging again: Kemp - Reuters:

Front-month U.S. light crude oil futures prices slumped almost 25% yesterday, the second sharp tumble in a week, after the exchange operator ordered a major commodity fund to sell some of its near-dated futures contracts.

United States Oil Fund (USO) announced to investors it would roll its current positions forward over three days between Monday and Wednesday after intervention by the Chicago Mercantile Exchange (CME).

USO positions were previously split between contracts for delivery in June (20%), July (40%), August (20%) and September (20%), after the fund had already been forced to shift them out of the front-month by recent volatility.

The fund is now shifting its positions even further forward, exiting the June contract altogether, and moving positions to July (30%), August (15%), September (15%), October (15%), December (15%) and June 2021 (10%).

Banks pitching for potential #SaudiArabia euro-denominated bonds - sources - Reuters

Banks pitching for potential Saudi Arabia euro-denominated bonds - sources - Reuters:

Saudi Arabia is likely to issue euro-denominated bonds this year and some banks have started pitching for the possible debt sale, two sources familiar with the matter said, as the kingdom plans to boost borrowing to offset a sharp drop in oil revenue.

The Saudi issuance is likely to be around June and about the same size as the country’s last euro bond issuance, one of the sources said. The desert kingdom raised 3 billion euros from its debut bonds denominated in euros last July.

A spokesman for the Saudi finance ministry did not immediately respond to a request for comment. 


The Saudi government has already raised $12 billion in international bonds this year.

Brent rises on easing lockdowns, U.S. crude falls amid storage shortage - Reuters

Brent rises on easing lockdowns, U.S. crude falls amid storage shortage - Reuters:

Oil prices fell on Tuesday with U.S. crude leading the decline, falling about 3% as domestic stockpiles were expected to have risen closer to record highs amid tightening storage despite plans to cut production.

However, the markets were supported on hopes of demand recovering as across the world, governments announced the easing of restrictions, although Britain said its too dangerous to relax a lockdown for fear of a deadly second outbreak. At least 16 states in the United States looked set to restart business.

Global benchmark Brent crude LCOc1 fell 4 cents, or 0.2%, to $19.95 a barrel at 12:50 p.m. EDT (1450 GMT), following a 6.8% slide on Monday.

“While wild price swings are set to last in the very near term, we see more upside than downside from prices around $20 per barrel. The oil price should recover in the longer term,” said Norbert Rücker, analyst at Swiss bank Julius Baer.

U.S. West Texas Intermediate (WTI) crude CLc1 was down 43 cents, or 3.4%, at $12.35 a barrel. The contract plunged 25% on Monday.

MIDEAST STOCKS-Most Gulf markets rise, tracking oil, Asian shares - Agricultural Commodities - Reuters

MIDEAST STOCKS-Most Gulf markets rise, tracking oil, Asian shares - Agricultural Commodities - Reuters:

Most stock markets in the Middle East
closed higher on Tuesday, buoyed by gains in Brent oil prices
and Asian, as optimism about the easing of coronavirus-related
restrictions reassured markets.

Brent crude rose 41 cents, or 2%, to $20.40 a barrel
at 1006 GMT, following a 6.8% slide on Monday.

Saudi Arabia's benchmark index gained 0.8%, with Al
Rajhi Bank rising and Saudi British Bank
gaining 5.3%.

But Petrorabigh dropped 2.5% after it posted a net
loss of 1.80 billion riyals ($478.85 million) in the first
quarter, doqn from profit of 257 million riyals a year earlier.

Saudi Arabia's King Salman issued an order allowing the
opening of some economic and commercial activities, which
includes wholesale and retail shops in addition to malls, from
April 29 to May 13, state news agency (SPA) reported on Sunday.

The order also limited the curfew across the kingdom to 9
a.m. to 5 p.m. until May 13, while keeping a 24-hour curfew in
Mecca and in previously isolated neighbourhoods.

The Abu Dhabi index reversed earlier losses to close up 1.2%. First Abu Dhabi Bank (FAB), which retreated
3.6% during the session, ended 1.6% higher.
The largest lender in the United Arab Emirates reported a 22% drop in quarterly profit on Monday, hit by interest rate
cuts and impairment charges.
Its net profit in the first quarter was 2.4 billion dirhams ($653.42 million) versus 3.1 billion dirhams a year earlier.
Dubai's main share index rose 0.6%, with blue-chip developer Emaar Properties rising 2.3% and its unit

Emaar Malls up 3.3%.
The Qatari index gained 0.8%, helped by a 4.2% leap in Qatar Gas Transport Company and a 0.2% gain in
Mesaieed Petrochemical despite a steep fall in first-quarter net profit.

Oil Plunges Again After Sudden Index Shift Prompts Fire Sale - Bloomberg

Oil Plunges Again After Sudden Index Shift Prompts Fire Sale - Bloomberg:

Crude whipsawed near $11 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts for fear prices may turn negative again.

June futures fell as much as 21% in New York before paring some of the decline to trade 8.8% lower. S&P Dow Jones said it will roll all of its West Texas Intermediate contracts for June into July on Tuesday, due to the risk that the nearer contract will go negative. Crude for July rose as much as 9% to $19.66.

The United States Oil Fund LP is also selling all of its WTI June contracts, while several other ETFs have said they will exit near-term contracts and buy later ones.

PRICES:
WTI for June dropped $1.08 to $11.70 a barrel as of 11:40 a.m. London time. It earlier fell to as low as $10.07. Brent for the same month gained 51 cents to $20.50. Dated Brent, a reference for nearly two-thirds of the world’s physical crude, dropped to $13.62 on Monday, from $16.01 on Friday, according to traders monitoring prices from S&P Global Platts.

#UAE News: #Dubai Likely to Open to Tourists in Early July video - Bloomberg

UAE News: Dubai Likely to Open to Tourists in Early July - Bloomberg:



Dubai hopes to reopen for tourists at the beginning of July, after halting most arrivals last month to contain the coronavirus pandemic.

European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg:

Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.

Oil moves mixed on easing lockdowns, looming storage shortage - Reuters

Oil moves mixed on easing lockdowns, looming storage shortage - Reuters:

Oil prices were mixed on Tuesday as optimism about the easing of coronavirus-related restrictions reassured markets, although traders remained cautious with storage capacities filling up fast and supply cuts not deep enough to counter falling demand.

Brent crude LCOc1 rose 41 cents, or 2%, to $20.40 a barrel at 1006 GMT, following a 6.8% slide on Monday.

U.S. West Texas Intermediate (WTI) crude CLc1 was down 78 cents, or 6%, at $12.00 a barrel. The contract plunged 25% on Monday.

“While wild price swings are set to last in the very near term, we see more upside than downside from prices around $20 per barrel. The oil price should recover in the longer term,” said Norbert Rücker, analyst at Swiss bank Julius Baer.

European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session

European, Middle Eastern & African Stocks - Bloomberg:

Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.

MIDEAST STOCKS-Banks aid #Saudi index as FAB weighs on #AbuDhabi - Agricultural Commodities - Reuters

MIDEAST STOCKS-Banks aid Saudi index as FAB weighs on Abu Dhabi - Agricultural Commodities - Reuters:

Saudi Arabian stocks edged up on Tuesday, bolstered by banking, while weak earnings by top lender First Abu Dhabi Bank (FAB) weighed on Abu Dhabi.

Saudi Arabia’s benchmark index added 0.2% amid choppy trade, as Riyad Bank advanced 1.9% and Saudi British Bank was up 2.7%.

But oil giant Saudi Aramco retreated 0.5% amid concern about dwindling capacity to store crude worldwide.

Brent crude futures were down 5.8%, or $1.15, at $18.84 a barrel by 0751 GMT.

The Abu Dhabi index declined 1%, led by a 2.7% fall in First Abu Dhabi Bank (FAB).

The biggest lender in the United Arab Emirates reported a 22% drop in quarterly profit on Monday, hit by interest rate cuts and impairment charges.

Oil prices sink as world runs low on storage capacity amid frail demand - Reuters

Oil prices sink as world runs low on storage capacity amid frail demand - Reuters:

Oil prices slumped again on Tuesday amid concern about dwindling capacity to store crude worldwide, heightened by fears that fuel demand may be slow to pick up once countries ease curbs imposed on business and social life to combat the coronavirus pandemic. 

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell to as little as $10.64 a barrel on Tuesday, and were off 12.8%, or $1.64, at $11.14 a barrel as of 0635 GMT. WTI plunged 25% on Monday.

Brent crude LCOc1 futures fell to a low of $18.85 and were last down 4.3%, or 85 cents, at $19.14 a barrel. The benchmark slid 6.8% on Monday, and the contract for June delivery expires on April 30.

Strategists said part of the WTI decline is due to retail investment vehicles like exchange-traded funds selling out of the front-month June contract and buying into months later in the year to avert massive losses like last week, when WTI plummeted below zero.

U.S. oil plunges 25%, Brent falls below $20 a barrel - Reuters

U.S. oil plunges 25%, Brent falls below $20 a barrel - Reuters:

Brent crude fell below $20 a barrel and U.S. crude plunged 25% on Monday, driven lower by skittish investors fleeing the U.S. benchmark due to lack of available storage to deal with a coronavirus-induced collapse in demand.

Even as governments worldwide are taking tentative steps towards reducing restriction on movement to help economies rebound, fuel demand remains weak.

Fuel demand is down 30% globally, and storage is becoming precious, with roughly 85% of worldwide onshore storage full as of last week, according to Kpler data.

Economic concerns continue to plague the market. Global economic output is expected to contract by 2% this year - worse than the financial crisis - while demand has collapsed by 30% because of the pandemic.

U.S. West Texas Intermediate crude futures (WTI) fell $4.16, or 24.6%, to settle at $12.78 a barrel. Brent crude slid $1.45, or 6.8%, to settle at $19.99 a barrel.

Banks asked to search and seize BR Shetty’s accounts in #UAE | Banking – Gulf News

Banks asked to search and seize BR Shetty’s accounts in UAE | Banking – Gulf News:

The Central Bank of the UAE (CBUAE) has instructed financial institutions in the country to search and freeze all bank accounts of Indian billionaire BR Shetty and his family along with those of companies where he has a stake.

The apex bank has also blacklisted several firms associated with Shetty along with their entire senior management.

In an advisory issued last week, CBUAE cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.

UPDATE 9-U.S. oil plunges 18%, Brent hovers near $20 a barrel - Agricultural Commodities - Reuters

UPDATE 9-U.S. oil plunges 18%, Brent hovers near $20 a barrel - Agricultural Commodities - Reuters:

Brent crude hovered around $20 a barrel and U.S. crude plunged 18% on Monday, driven lower by skittish investors fleeing the U.S. benchmark due to lack of available storage to deal with a coronavirus-induced collapse in demand.

Even as governments worldwide are taking tentative steps towards reducing restriction on movement to help economies rebound, fuel demand remains weak.

Fuel demand is down 30% globally, and storage is becoming precious, with roughly 85% of worldwide onshore storage full as of last week, according to Kpler data.

Economic concerns continue to plague the market. Global economic output is expected to contract by 2% this year - worse than the financial crisis - while demand has collapsed by 30% because of the pandemic.

#UAE tells banks to freeze accounts of NMC founder Shetty, others: sources - Reuters

UAE tells banks to freeze accounts of NMC founder Shetty, others: sources - Reuters:

United Arab Emirates lenders have been told by the central bank to freeze the accounts of NMC Health shareholder BR Shetty and his family, three sources with knowledge of the matter said.

NMC (NMC.L), which was founded by Shetty in the mid-1970s and has become the largest private healthcare provider in the UAE, was placed into administration this month.

Its shares, which NMC plans to delist in London, were suspended after more than halving in value since December, when short-seller Muddy Waters questioned its financial reporting.

The UAE freezing directive, which was issued by the central bank last week, extends to two other NMC shareholders, Khalifa al-Muhairi and Saeed Mohamed Butti Mohamed al-Qebaisi, the sources, who had seen the order, told Reuters.

RPT-COLUMN-Asian LNG prices take bigger coronavirus hit than Brent crude: Russell - Reuters

RPT-COLUMN-Asian LNG prices take bigger coronavirus hit than Brent crude: Russell - Reuters:

While the coronavirus-led plunge in crude oil prices has grabbed the bulk of the headlines, the collapse in spot liquefied natural gas (LNG) prices in Asia has been just as dramatic, and just as likely to have lasting consequences.

Spot LNG prices for delivery to North Asia LNG-AS slipped to $1.95 per million British thermal units (mmBtu) in the week ended April 24 - the lowest on record and also the first time they have closed below the $2 mark.

That means a slump of 71.3% since their pre-winter peak of $6.80 per mmBtu in October last year, worse than the 70.1% fall in Brent crude oil futures from their Jan. 8 peak this year - $71.75 a barrel - to the April 24 close of $21.44.

Du CEO warns 'worst is still ahead' for #UAE telco amid Covid-19 crisis - Arabianbusiness

Du CEO warns 'worst is still ahead' for UAE telco amid Covid-19 crisis - Arabianbusiness:

The CEO of Emirates Integrated Telecommunications Company (EITC), Johan Dennelind, has warned of tough times ahead for the provider, who last week announced a year-on-year 4.8 percent drop in revenues to AED2.99 billion for the first quarter of 2020.

According to a company statement last week, Q1 2020 EBITDA and net income were down by 10.8 percent (AED1.266bn) and 21 percent (AED335m) year-on-year respectively, driven by a decline in mobile revenues as a result of customers moving towards more prepaid options as opposed to fixed contracts.

Dennelind told Arabian Business: “We have only talked about Q1 and as you see our revenues are down five percent on year-on-year for the quarter and moving forward we expect the worst is still ahead of us in terms of our revenue impact and we’re mitigating more on the cost side to try to stay in the right zone.