US envoy in Qatar: Gulf dispute 'gone on too long' | News | Al Jazeera:
The three-year blockade of Qatar by neighbouring Arab nations has gone on for too long and threatens regional security and prosperity, a US envoy has said.
US Special Representative for Iran Brian Hook on Sunday acknowledged the challenge ahead of ending the crisis that has torn apart the Gulf Cooperation Council (GCC) - with the United Arab Emirates (UAE), Saudi Arabia, and Bahrain part of the siege.
Egypt also joined the blockade, which saw nations close their airspace and borders to Qatar in June 2017.
Kuwait and Oman, the two other nations in the GCC, have sought dialogue between the countries since, with Kuwait's Emir Sheikh Sabah Al Ahmad Al Sabah leading those efforts.
Sunday 26 July 2020
US oil production wells up after Covid price crash | Financial Times
US oil production wells up after Covid price crash | Financial Times:
US oil companies have increased production by 1.2m barrels a day over the past six weeks, as they restore wells shut earlier this year and start producing from others they left unfinished as prices sank.
Output bottomed out at 9.7m b/d in the second week of June but has since risen to 10.9m b/d as activity starts to pick up in the big shale fields of Texas, according to Genscape, a division of consultancy Wood Mackenzie that monitors energy flows. That figure is more than the UK’s entire crude production of 1.1m b/d.
US production should now stabilise at about 11m b/d through to the end of 2020, analysts said. That is well below the 13m b/d in March before the Saudi-Russian price war and coronavirus pandemic devastated US oil prices.
“It’s a slow, slow recovery, but it’s happening,” said Alexandre Ramos-Peon, a senior analyst at Rystad Energy, a consultancy.
US oil companies have increased production by 1.2m barrels a day over the past six weeks, as they restore wells shut earlier this year and start producing from others they left unfinished as prices sank.
Output bottomed out at 9.7m b/d in the second week of June but has since risen to 10.9m b/d as activity starts to pick up in the big shale fields of Texas, according to Genscape, a division of consultancy Wood Mackenzie that monitors energy flows. That figure is more than the UK’s entire crude production of 1.1m b/d.
US production should now stabilise at about 11m b/d through to the end of 2020, analysts said. That is well below the 13m b/d in March before the Saudi-Russian price war and coronavirus pandemic devastated US oil prices.
“It’s a slow, slow recovery, but it’s happening,” said Alexandre Ramos-Peon, a senior analyst at Rystad Energy, a consultancy.
#Kuwait sovereign wealth fund fights court battle with fired executives | Financial Times
Kuwait sovereign wealth fund fights court battle with fired executives | Financial Times:
The Kuwait Investment Authority’s London arm has launched High Court proceedings against former executives over an alleged conspiracy to award unlawful pay increases.
The case is part of a broader dispute between the $600bn sovereign wealth fund and a number of former employees, which began during a period of upheaval after Saleh Al-Ateeqi, a former McKinsey partner who once worked for Tony Blair, was appointed president of the Kuwait Investment Office in April 2018.
More than 30 out of the KIO’s roughly 100 employees have left the organisation since the start of 2018, according to people familiar with the matter.
The KIO, which opened an office in London in 1953, is the world’s oldest sovereign wealth fund; the KIA was established in 1982 as the KIO’s parent firm.
The Kuwait Investment Authority’s London arm has launched High Court proceedings against former executives over an alleged conspiracy to award unlawful pay increases.
The case is part of a broader dispute between the $600bn sovereign wealth fund and a number of former employees, which began during a period of upheaval after Saleh Al-Ateeqi, a former McKinsey partner who once worked for Tony Blair, was appointed president of the Kuwait Investment Office in April 2018.
More than 30 out of the KIO’s roughly 100 employees have left the organisation since the start of 2018, according to people familiar with the matter.
The KIO, which opened an office in London in 1953, is the world’s oldest sovereign wealth fund; the KIA was established in 1982 as the KIO’s parent firm.
Mubadala invests over $150 million in world’s largest wood pellet-producer | Business – Gulf News
Mubadala invests over $150 million in world’s largest wood pellet-producer | Business – Gulf News:
Abu Dhabi’s Mubadala invested over $150 million as an anchor investor in the recapitalization of Enviva Holdings, the world’s largest producer of industrial wood pellets, the sovereign wealth fund said in a tweet on Sunday.
Last week, Enviva said it completed a series of transactions that recapitalized the company with more than $1 billion of new equity contributions and incremental equity commitments from affiliates of private equity firm Riverstone Holdings LLC.
Companies perform recapitalization to make their capital structure more stable. US-based Enviva helps major utilities around the world to cost-effectively displace coal and other fossil fuels as part of the energy transition to a low-carbon future.
Through its subsidiaries, the company owns and operates eight plants with a combined wood pellet production capacity of about 4.1 million metric tons per year.
Abu Dhabi’s Mubadala invested over $150 million as an anchor investor in the recapitalization of Enviva Holdings, the world’s largest producer of industrial wood pellets, the sovereign wealth fund said in a tweet on Sunday.
Last week, Enviva said it completed a series of transactions that recapitalized the company with more than $1 billion of new equity contributions and incremental equity commitments from affiliates of private equity firm Riverstone Holdings LLC.
Companies perform recapitalization to make their capital structure more stable. US-based Enviva helps major utilities around the world to cost-effectively displace coal and other fossil fuels as part of the energy transition to a low-carbon future.
Through its subsidiaries, the company owns and operates eight plants with a combined wood pellet production capacity of about 4.1 million metric tons per year.
Mideast Stocks - Major Gulf stocks gain; Aramco extends losses | ZAWYA MENA Edition
Mideast Stocks - Major Gulf stocks gain; Aramco extends losses | ZAWYA MENA Edition:
United Arab Emirates stocks ended higher on Sunday, lifted by banks and property shares, while losses at oil giant Saudi Aramco limited Saudi Arabian gains.
Dubai's main share index closed up 0.3%, led by a 6.1% surge in DAMAC Properties and a 0.5% gain in Emirates NBD Bank.
DAMAC Properties confirmed that Port Investment Limited which transferred its shares to Omran Group is owned by DAMAC International Limited, a joint venture company in which DAMAC has a 20% shareholding.
In Abu Dhabi, the index rose 0.6%, with the country's largest lender First Abu Dhabi Bank gaining 0.6% and aquaculture culture firm International Holding 2.4% higher.
Saudi Arabia's benchmark index was up 0.1%, with Al Rajhi Bank gaining 1.9%, while Bank Albilad added 1.5%.
United Arab Emirates stocks ended higher on Sunday, lifted by banks and property shares, while losses at oil giant Saudi Aramco limited Saudi Arabian gains.
Dubai's main share index closed up 0.3%, led by a 6.1% surge in DAMAC Properties and a 0.5% gain in Emirates NBD Bank.
DAMAC Properties confirmed that Port Investment Limited which transferred its shares to Omran Group is owned by DAMAC International Limited, a joint venture company in which DAMAC has a 20% shareholding.
In Abu Dhabi, the index rose 0.6%, with the country's largest lender First Abu Dhabi Bank gaining 0.6% and aquaculture culture firm International Holding 2.4% higher.
Saudi Arabia's benchmark index was up 0.1%, with Al Rajhi Bank gaining 1.9%, while Bank Albilad added 1.5%.
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.
#Qatar Commercial Bank to Continue to Build Buffers Against Risk - Bloomberg
Qatar Commercial Bank to Continue to Build Buffers Against Risk - Bloomberg:
Commercial Bank of Qatar will continue to build buffers against risk for the rest of the year to protect itself from the fallout of the coronavirus pandemic, according to its group chief executive officer.
Lenders in the gas-rich Gulf state are building up “significant risk buffers in anticipation of prudent provisioning for what may happen once the stimulus measures are taken off,” Joseph Abraham said in an interview with Bloomberg TV on Sunday.
Qatar has a “great degree of resilience” after a Saudi-led standoff that started in 2017, which impacted similar sectors hit by this year’s pandemic. “The banking sector has managed its exposure in these various areas,” he said.
Last week, Commercial Bank of Qatar reported a 8.2% rise in net operating income for the first half.
Commercial Bank of Qatar will continue to build buffers against risk for the rest of the year to protect itself from the fallout of the coronavirus pandemic, according to its group chief executive officer.
Lenders in the gas-rich Gulf state are building up “significant risk buffers in anticipation of prudent provisioning for what may happen once the stimulus measures are taken off,” Joseph Abraham said in an interview with Bloomberg TV on Sunday.
Qatar has a “great degree of resilience” after a Saudi-led standoff that started in 2017, which impacted similar sectors hit by this year’s pandemic. “The banking sector has managed its exposure in these various areas,” he said.
Last week, Commercial Bank of Qatar reported a 8.2% rise in net operating income for the first half.
Middle East Deals: #Saudi Car Rental Firm Theeb Hires IPO Advisers - Bloomberg
Middle East Deals: Saudi Car Rental Firm Theeb Hires IPO Advisers - Bloomberg:
Saudi Arabia’s Theeb Rent-a-Car hired Saudi Fransi Capital to advise on a potential initial public offering, according to people with knowledge of the matter.
The share sale and listing on the local stock exchange would allow Bahrain-based alternative investment firm Investcorp to reduce its stake in the care hire business, the people said, asking not to be identified because the information is private.
The IPO could happen next year, depending on how quickly the company recovers from the impact of the coronavirus outbreak, the people said. Final decisions haven’t been made and the company may decide to delay the share sale, they said.
Saudi Arabian companies are taking the lead in new offerings at a time when IPOs across the region have been scarce. Investcorp, which acquired a stake in Theeb in 2013, is also preparing to sell shares in grocery business BinDawood Holding, in what would be the buyout firm’s third exit from Saudi Arabia via a share sale in five years.
Saudi Arabia’s Theeb Rent-a-Car hired Saudi Fransi Capital to advise on a potential initial public offering, according to people with knowledge of the matter.
The share sale and listing on the local stock exchange would allow Bahrain-based alternative investment firm Investcorp to reduce its stake in the care hire business, the people said, asking not to be identified because the information is private.
The IPO could happen next year, depending on how quickly the company recovers from the impact of the coronavirus outbreak, the people said. Final decisions haven’t been made and the company may decide to delay the share sale, they said.
Saudi Arabian companies are taking the lead in new offerings at a time when IPOs across the region have been scarce. Investcorp, which acquired a stake in Theeb in 2013, is also preparing to sell shares in grocery business BinDawood Holding, in what would be the buyout firm’s third exit from Saudi Arabia via a share sale in five years.
TAQA, Masdar consortium to develop world's largest solar power plant in #AbuDhabi - Arabianbusiness
TAQA, Masdar consortium to develop world's largest solar power plant in Abu Dhabi - Arabianbusiness:
A consortium led by Abu Dhabi National Energy Company (TAQA) and Masdar, with partners French electric utility company, EDF and JinkoPower, will develop the world’s largest solar power plant in Abu Dhabi.
Emirates Water and Electricity Company (EWEC) awarded the contract to develop the 2 GW Al Dhafra Solar Photovoltaic, PV, Independent Power Producer, IPP, project, which will be located approximately 35 kilometres from Abu Dhabi city.
The procurement process resulted in one of the most cost-competitive tariffs for solar PV energy, set at AED 4.97 fils/kWh (USD 1.35 cents/kWh) on a levelised cost of electricity basis.
The Al Dhafra Solar PV project is expected to provide approximately 160,000 households across the UAE with electricity. It will be larger than TAQA’s existing 1.2 GW ‘Noor Abu Dhabi’ solar plant, which is currently the world’s largest operational single-project solar PV plant.
A consortium led by Abu Dhabi National Energy Company (TAQA) and Masdar, with partners French electric utility company, EDF and JinkoPower, will develop the world’s largest solar power plant in Abu Dhabi.
Emirates Water and Electricity Company (EWEC) awarded the contract to develop the 2 GW Al Dhafra Solar Photovoltaic, PV, Independent Power Producer, IPP, project, which will be located approximately 35 kilometres from Abu Dhabi city.
The procurement process resulted in one of the most cost-competitive tariffs for solar PV energy, set at AED 4.97 fils/kWh (USD 1.35 cents/kWh) on a levelised cost of electricity basis.
The Al Dhafra Solar PV project is expected to provide approximately 160,000 households across the UAE with electricity. It will be larger than TAQA’s existing 1.2 GW ‘Noor Abu Dhabi’ solar plant, which is currently the world’s largest operational single-project solar PV plant.
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.
MIDEAST STOCKS-Gulf markets little changed in early trade - Reuters
MIDEAST STOCKS-Gulf markets little changed in early trade - Reuters:
Major Gulf stock markets were little changed early on Sunday, with the Saudi index slipping slightly on declines among energy companies.
Saudi Arabia’s benchmark index dipped by 0.3%, driven down by a 0.9% fall for oil giant Saudi Aramco and a 1.8% drop for Rabigh Refining and Petrochemical Company.
Al Rajhi Bank, however, firmed by 0.2% despite a fall in second-quarter profit.
The value of kingdom’s oil exports dropped by 65% year on year in May, representing a fall of nearly $12 billion, official data showed on Thursday.
Dubai’s main share index added 0.2%, with lender Emirates NBD rising 0.7% and Emaar Properties up 0.4%.
Major Gulf stock markets were little changed early on Sunday, with the Saudi index slipping slightly on declines among energy companies.
Saudi Arabia’s benchmark index dipped by 0.3%, driven down by a 0.9% fall for oil giant Saudi Aramco and a 1.8% drop for Rabigh Refining and Petrochemical Company.
Al Rajhi Bank, however, firmed by 0.2% despite a fall in second-quarter profit.
The value of kingdom’s oil exports dropped by 65% year on year in May, representing a fall of nearly $12 billion, official data showed on Thursday.
Dubai’s main share index added 0.2%, with lender Emirates NBD rising 0.7% and Emaar Properties up 0.4%.
#UAE's Dana Gas appoints financial adviser for Islamic bonds - Reuters
UAE's Dana Gas appoints financial adviser for Islamic bonds - Reuters:
United Arab Emirates’ Dana Gas said on Sunday it has appointed a financial adviser in relation to its dollar-denominated Islamic bonds, which the company has already restructured twice.
Dana said in a bourse filing it had appointed Houlihan Lokey “as the company’s financial adviser in relation to its Nile Delta Sukuk. The Nile Delta Sukuk currently has $379.6 million outstanding and matures on 31st October 2020.”
Earlier this month the firm asked bondholders to disclose their holdings, a document seen by Reuters showed, with some investors saying the request was possibly a first step toward another restructuring of the firm’s debt.
Dana Gas rocked the global Islamic finance industry in 2017, when it said it would not redeem its $700 million sukuk, or Islamic bonds, arguing they were no longer valid under UAE law because of changes in Islamic financial practice.
United Arab Emirates’ Dana Gas said on Sunday it has appointed a financial adviser in relation to its dollar-denominated Islamic bonds, which the company has already restructured twice.
Dana said in a bourse filing it had appointed Houlihan Lokey “as the company’s financial adviser in relation to its Nile Delta Sukuk. The Nile Delta Sukuk currently has $379.6 million outstanding and matures on 31st October 2020.”
Earlier this month the firm asked bondholders to disclose their holdings, a document seen by Reuters showed, with some investors saying the request was possibly a first step toward another restructuring of the firm’s debt.
Dana Gas rocked the global Islamic finance industry in 2017, when it said it would not redeem its $700 million sukuk, or Islamic bonds, arguing they were no longer valid under UAE law because of changes in Islamic financial practice.
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