Middle East News: Shuaa Capital Sees Value in Saudi Property - Bloomberg:
Saudi Arabia’s property market could offer opportunities for investors even after the double whammy of lower oil prices and the coronavirus, according to the deputy Chief Executive Officer of Dubai-based Shuaa Capital PSC.
“There’s still an immense opportunity for growth in that market,” Mustafa Kheriba said in an interview. “The opening up of the country will allow investors to deploy capital and make decent returns.”
Saudi Arabia’s economy is being battered by a slump in crude prices this year and from lockdown measures to prevent the spread of Covid-19. Saudi Binladin Group missed some salary payments in April and May as the construction giant reels under the impact of the pandemic and restructures about $15 billion of debt, people familiar with that matter said.
Shuaa -- created from a reverse merger with Abu Dhabi Financial Group -- operates Shuaa Saudi Arabia, which specializes in asset management, custody and advisory services. It also invests in hospitality real estate developments and mega residential projects in the kingdom.
Sunday, 5 July 2020
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.
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.
Lost in Oil’s Rally: $2 Trillion-a-Year Refining Industry Crisis - Bloomberg
Lost in Oil’s Rally: $2 Trillion-a-Year Refining Industry Crisis - Bloomberg:
Crude oil is the world’s most important commodity, but it’s worthless without a refinery turning it into the products that people actually use: gasoline, diesel, jet-fuel and petrochemicals for plastics. And the world’s refining industry today is in pain like never before.
“Refining margins are absolutely catastrophic,” Patrick Pouyanne, the head of Europe’s top oil refining group Total SA, told investors last month, echoing a widely held view among executives, traders and analysts.
What happens to the oil refining industry at this juncture will have ripple effects across the rest of the energy industry. The multi-billion-dollar plants employ thousands of people and a wave of closures and bankruptcies looms.
“We believe we are entering into an ‘age of consolidation’ for the reļ¬ning industry,” said Nikhil Bhandari, refining analyst at Goldman Sachs Inc. The top names of the industry, which collectively processed well over $2 trillion worth of oil last year, are giants such as Exxon Mobil Corp. and Royal Dutch Shell Plc. There are also Asian behemoths like Sinopec of China and Indian Oil Corp., as well as large independents like Marathon Petroleum Corp. and Valero Energy Corp. with their ubiquitous fuel stations.
Crude oil is the world’s most important commodity, but it’s worthless without a refinery turning it into the products that people actually use: gasoline, diesel, jet-fuel and petrochemicals for plastics. And the world’s refining industry today is in pain like never before.
“Refining margins are absolutely catastrophic,” Patrick Pouyanne, the head of Europe’s top oil refining group Total SA, told investors last month, echoing a widely held view among executives, traders and analysts.
“We believe we are entering into an ‘age of consolidation’ for the reļ¬ning industry,” said Nikhil Bhandari, refining analyst at Goldman Sachs Inc. The top names of the industry, which collectively processed well over $2 trillion worth of oil last year, are giants such as Exxon Mobil Corp. and Royal Dutch Shell Plc. There are also Asian behemoths like Sinopec of China and Indian Oil Corp., as well as large independents like Marathon Petroleum Corp. and Valero Energy Corp. with their ubiquitous fuel stations.
Middle East News: Train Linking Gulf States Due to Start in 2023 - Bloomberg
Middle East News: Train Linking Gulf States Due to Start in 2023 - Bloomberg:
A $15 billion train project connecting Gulf Cooperation Council states is expected to start operating in 2023, Saudi Arabia’s Al-Jazira newspaper reported.
The first phase of the Gulf Railway Project, which is expected to be finalized that year, will connect Saudi Arabia, the United Arab Emirates and Oman, the newspaper said, citing new details on the timetable from the GCC Secretariat. The second phase linking Saudi Arabia, Kuwait and Bahrain in expected to be completed in 2025.
There was no mention of GCC member Qatar, which was included in the project when it was first announced in 2001 as a means to facilitate trading among Gulf states. For the past three years, however, it’s been boycotted by Saudi Arabia, the UAE and Bahrain.
A $15 billion train project connecting Gulf Cooperation Council states is expected to start operating in 2023, Saudi Arabia’s Al-Jazira newspaper reported.
The first phase of the Gulf Railway Project, which is expected to be finalized that year, will connect Saudi Arabia, the United Arab Emirates and Oman, the newspaper said, citing new details on the timetable from the GCC Secretariat. The second phase linking Saudi Arabia, Kuwait and Bahrain in expected to be completed in 2025.
There was no mention of GCC member Qatar, which was included in the project when it was first announced in 2001 as a means to facilitate trading among Gulf states. For the past three years, however, it’s been boycotted by Saudi Arabia, the UAE and Bahrain.
Saudi Shares Lead Gulf Gains With 2Q Earnings Eyed: Inside EM - Bloomberg
Saudi Shares Lead Gulf Gains With 2Q Earnings Eyed: Inside EM - Bloomberg:
Saudi Arabia led gains in the Gulf as the earnings season started in the kingdom with a positive tone. In Israel, the main index interrupted a four-day winning streak, pressured by banks.
Saudi Arabia’s Tadawul All Share Index advanced as much as 0.7%. Food producer Almarai Co. JSC, the first Saudi company to deliver second-quarter numbers, gained as much as 2% after posting a 11% increase in profit.
As more company results for the period are published, “we expect the recovery to be gradual and believe that the theme that would play out is, the large companies getting larger at the behest of the smaller ones,” Al Rajhi Capital analysts wrote a note.
Benchmarks in in Dubai and Abu Dhabi rose after non-oil private sector activity in the UAE improved in June for the first time in six months and reached the strongest since October 2019, according to IHS Markit data released on Sunday. Gauges in Qatar, Kuwait and Bahrain also advanced, while the index in Oman was little changed.
Saudi Arabia led gains in the Gulf as the earnings season started in the kingdom with a positive tone. In Israel, the main index interrupted a four-day winning streak, pressured by banks.
Saudi Arabia’s Tadawul All Share Index advanced as much as 0.7%. Food producer Almarai Co. JSC, the first Saudi company to deliver second-quarter numbers, gained as much as 2% after posting a 11% increase in profit.
As more company results for the period are published, “we expect the recovery to be gradual and believe that the theme that would play out is, the large companies getting larger at the behest of the smaller ones,” Al Rajhi Capital analysts wrote a note.
Benchmarks in in Dubai and Abu Dhabi rose after non-oil private sector activity in the UAE improved in June for the first time in six months and reached the strongest since October 2019, according to IHS Markit data released on Sunday. Gauges in Qatar, Kuwait and Bahrain also advanced, while the index in Oman was little changed.
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.
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 initiatives to support private sector exceed 51 billion riyals - central bank - Reuters
Saudi initiatives to support private sector exceed 51 billion riyals - central bank - Reuters:
Saudi government initiatives to support the financing of the private sector to mitigate the impact of the coronavirus oubreak have exceeded 51 billion riyals ($13.60 billion), the central bank said on Sunday.
Saudi government initiatives to support the financing of the private sector to mitigate the impact of the coronavirus oubreak have exceeded 51 billion riyals ($13.60 billion), the central bank said on Sunday.
#UAE restructures government, seeking more agility as it deals with coronavirus impact - Reuters
UAE restructures government, seeking more agility as it deals with coronavirus impact - Reuters:
The United Arab Emirates announced a broad government restructuring on Sunday, merging government entities and appointing new economy and industry ministers, and giving it a year to achieve new targets.
The head of Abu Dhabi’s national oil company ADNOC, Sultan al-Jaber, was named as industry and advanced technology minister and Abdullah al-Marri was appointed economy minister, as part of the restructuring announced by UAE Vice President Sheikh Mohammed bin Rashid al-Maktoum on his official Twitter account.
The energy and infrastructure ministries were merged under a single portfolio to be headed by the current energy minister, Suhail Al Mazrouei.
A source familiar with the matter said al-Jaber would retain his post as ADNOC chief executive.
The United Arab Emirates announced a broad government restructuring on Sunday, merging government entities and appointing new economy and industry ministers, and giving it a year to achieve new targets.
The head of Abu Dhabi’s national oil company ADNOC, Sultan al-Jaber, was named as industry and advanced technology minister and Abdullah al-Marri was appointed economy minister, as part of the restructuring announced by UAE Vice President Sheikh Mohammed bin Rashid al-Maktoum on his official Twitter account.
The energy and infrastructure ministries were merged under a single portfolio to be headed by the current energy minister, Suhail Al Mazrouei.
A source familiar with the matter said al-Jaber would retain his post as ADNOC chief executive.
#UAE non-oil private sector jumps back to growth in June - PMI - Reuters
UAE non-oil private sector jumps back to growth in June - PMI - Reuters:
The United Arab Emirates (UAE) non-oil private sector grew in June for the first time this year, emerging from months of contraction as coronavirus restrictions were lifted, a survey showed on Sunday.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, rose to 50.4 in June from 46.7 in May, edging above the 50.0 mark that separates expansion from contraction.
“At 50.4 in June, the UAE PMI signalled the first stage of recovery in the non-oil private sector. More firms are now seeing an increase in activity as opposed to a decline, while new orders grew at the fastest rate in ten months,” said David Owen, economist at survey compiler IHS Markit.
Output levels grew at their strongest pace since October last year and new orders grew at their fastest since August as demand improved after the easing of lockdown measures.
The United Arab Emirates (UAE) non-oil private sector grew in June for the first time this year, emerging from months of contraction as coronavirus restrictions were lifted, a survey showed on Sunday.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, rose to 50.4 in June from 46.7 in May, edging above the 50.0 mark that separates expansion from contraction.
“At 50.4 in June, the UAE PMI signalled the first stage of recovery in the non-oil private sector. More firms are now seeing an increase in activity as opposed to a decline, while new orders grew at the fastest rate in ten months,” said David Owen, economist at survey compiler IHS Markit.
Output levels grew at their strongest pace since October last year and new orders grew at their fastest since August as demand improved after the easing of lockdown measures.
#Saudi non-oil private sector shrinks again in June - PMI - Reuters
Saudi non-oil private sector shrinks again in June - PMI - Reuters:
Saudi Arabia’s non-oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey showed on Sunday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 47.7 in June from 48.1 in May, remaining below the 50.0 mark that separates growth from contraction.
“June data highlighted another difficult month for Saudi Arabia’s non-oil private sector economy, with cautious business and consumer spending patterns widely reported to have held back new order intakes,” said Tim Moore, economics director at survey compiler IHS Markit.
The June figure is a setback for the non-oil private sector, which Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman has put at the centre of reforms aimed at diversifying the kingdom’s oil-reliant economy.
Saudi Arabia’s non-oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey showed on Sunday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 47.7 in June from 48.1 in May, remaining below the 50.0 mark that separates growth from contraction.
“June data highlighted another difficult month for Saudi Arabia’s non-oil private sector economy, with cautious business and consumer spending patterns widely reported to have held back new order intakes,” said Tim Moore, economics director at survey compiler IHS Markit.
The June figure is a setback for the non-oil private sector, which Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman has put at the centre of reforms aimed at diversifying the kingdom’s oil-reliant economy.
MIDEAST STOCKS-Banks buoy #Saudi index; other major Gulf markets quiet - Agricultural Commodities - Reuters
MIDEAST STOCKS-Banks buoy Saudi index; other major Gulf markets quiet - Agricultural Commodities - Reuters:
The Saudi Arabian stock market rose in early trade on Sunday, buoyed by its banking shares, while other major Gulf bourses were little changed.
Saudi Arabia’s benchmark index gained 0.6%, driven by a 0.5% rise in Al Rajhi Bank and a 1% increase in Riyad Bank.
The kingdom extended for an additional period several government initiatives to support the private sector and investors in mitigating the impact of the coronavirus outbreak, state news agency SPA reported on Thursday, citing a decision by King Salman.
In Qatar, the index slipped 0.1%, with lender Masraf Al Rayan falling 1.5% and Qatar National Bank , the Gulf’s largest lender, down 1.1%.
The Saudi Arabian stock market rose in early trade on Sunday, buoyed by its banking shares, while other major Gulf bourses were little changed.
Saudi Arabia’s benchmark index gained 0.6%, driven by a 0.5% rise in Al Rajhi Bank and a 1% increase in Riyad Bank.
The kingdom extended for an additional period several government initiatives to support the private sector and investors in mitigating the impact of the coronavirus outbreak, state news agency SPA reported on Thursday, citing a decision by King Salman.
In Qatar, the index slipped 0.1%, with lender Masraf Al Rayan falling 1.5% and Qatar National Bank , the Gulf’s largest lender, down 1.1%.