Oil drops 1.5%, reversing course as U.S. gasoline demand slumps - Reuters:
Oil fell more than 1.5% on Wednesday, reversing course as gasoline demand fell in the United States in the latest week, an indication that economic recovery from the pandemic may be slower than expected.
Futures prices turned negative after weekly government data from the U.S. showed lower gasoline demand from a week earlier, shrugging off bullish crude inventory data.
“The market is trying to dismiss the number as a storm-related one-off,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “While the storm may have exaggerated the numbers, it doesn’t justify the amount of the sell-off that we got.”
Crude inventories USOILC=ECI fell by 9.4 million barrels in the last week to 498.4 million barrels, a far steeper dive than the 1.9 million-barrel drop that analysts expected in a Reuters poll. [EIA/S] The data reflects a period during which Hurricane Laura shut output and refining facilities.
Brent crude LCOc1, the global benchmark, fell 69 cents, or 1.5%, to $44.89 a barrel by 11:00 a.m. EDT (1500 GMT), after two days of price gains. U.S. West Texas Intermediate CLc1 fell 82 cents, or 2%, to $41.94 a barrel.
Wednesday 2 September 2020
U.S. crude stocks drop nine million bbls, record fall in output amid hurricane - EIA - Reuters
U.S. crude stocks drop nine million bbls, record fall in output amid hurricane - EIA - Reuters:
U.S. crude oil and fuel stockpiles fell sharply last week as Hurricane Laura shut offshore production and refining facilities, the Energy Information Administration said on Wednesday.
Crude inventories fell by 9.4 million barrels in week to Aug. 28 to 498.4 million barrels, according to data, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel drop.
That was driven by a record fall in production, which dropped by 1.1 million barrels per day to 9.7 million bpd, its lowest since January 2018, as most U.S. offshore facilities were shut as a precaution ahead of Laura.
Laura made landfall early Thursday, lashing the coast with high winds and causing numerous refineries to shut or reduce output.
U.S. crude oil and fuel stockpiles fell sharply last week as Hurricane Laura shut offshore production and refining facilities, the Energy Information Administration said on Wednesday.
Crude inventories fell by 9.4 million barrels in week to Aug. 28 to 498.4 million barrels, according to data, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel drop.
That was driven by a record fall in production, which dropped by 1.1 million barrels per day to 9.7 million bpd, its lowest since January 2018, as most U.S. offshore facilities were shut as a precaution ahead of Laura.
Laura made landfall early Thursday, lashing the coast with high winds and causing numerous refineries to shut or reduce output.
Adnoc CEO Discusses #AbuDhabi Property Deal With Apollo - Bloomberg
Adnoc CEO Discusses Abu Dhabi Property Deal With Apollo - Bloomberg:
Sultan Al Jaber, chief executive officer of United Arab Emirates' state-owned energy producer Abu Dhabi National Oil Co., or Adnoc, discusses its deal with Apollo Global Management. The private equity giant is investing $2.7 billion in Abu Dhabi’s property market along with a group of pension and insurance funds, in one of the largest real estate deals in the Middle East. The Apollo-led consortium will buy 49% of a property-leasing unit established by Adnoc. Al Jaber speaks with Bloomberg's Manus Cranny. (Source: Bloomberg)
Sultan Al Jaber, chief executive officer of United Arab Emirates' state-owned energy producer Abu Dhabi National Oil Co., or Adnoc, discusses its deal with Apollo Global Management. The private equity giant is investing $2.7 billion in Abu Dhabi’s property market along with a group of pension and insurance funds, in one of the largest real estate deals in the Middle East. The Apollo-led consortium will buy 49% of a property-leasing unit established by Adnoc. Al Jaber speaks with Bloomberg's Manus Cranny. (Source: Bloomberg)
Apollo’s Zelter on #AbuDhabi Property Deal With Adnoc - Bloomberg
Apollo’s Zelter on Abu Dhabi Property Deal With Adnoc - Bloomberg:
Apollo Global Management Co-President Jim Zelter discusses the private equity giant's decision to invest $2.7 billion in Abu Dhabi’s property market along with a group of pension and insurance funds, in one of the largest real estate deals in the Middle East. The Apollo-led consortium will buy 49% of a property leasing unit established by United Arab Emirates' state-owned energy producer Abu Dhabi National Oil Co., or Adnoc, Zelter speaks with Bloomberg's Manus Cranny. (Source: Bloomberg)
Apollo Global Management Co-President Jim Zelter discusses the private equity giant's decision to invest $2.7 billion in Abu Dhabi’s property market along with a group of pension and insurance funds, in one of the largest real estate deals in the Middle East. The Apollo-led consortium will buy 49% of a property leasing unit established by United Arab Emirates' state-owned energy producer Abu Dhabi National Oil Co., or Adnoc, Zelter speaks with Bloomberg's Manus Cranny. (Source: Bloomberg)
Dana Gas in talks with IPR Energy on Egypt assets sale as sukuk loom - sources - Reuters
Dana Gas in talks with IPR Energy on Egypt assets sale as sukuk loom - sources - Reuters:
United Arab Emirates’ Dana Gas is negotiating details of a sale of its Egyptian assets with Texas-headquartered IPR Energy, three sources familiar with the matter said, ahead of a repayment of some $300 million in debt in October.
The energy producer - whose main assets are in Egypt and in the Kurdistan Region of Iraq - was hoping to raise over $500 million from the sale, but it will likely yield significantly less, the three sources said.
Dana declined to comment while IPR Energy did not immediately respond to a request for comment.
Dana has said it would use the sale proceeds to pay $309 million in outstanding Islamic bonds, or sukuk, due at the end of October.
The company last month announced a nearly $19 million loss for the first half of the year, after a $37 million impairment charge related to oil and gas assets in Egypt affected by low oil prices amid the COVID-19 pandemic.
United Arab Emirates’ Dana Gas is negotiating details of a sale of its Egyptian assets with Texas-headquartered IPR Energy, three sources familiar with the matter said, ahead of a repayment of some $300 million in debt in October.
The energy producer - whose main assets are in Egypt and in the Kurdistan Region of Iraq - was hoping to raise over $500 million from the sale, but it will likely yield significantly less, the three sources said.
Dana declined to comment while IPR Energy did not immediately respond to a request for comment.
Dana has said it would use the sale proceeds to pay $309 million in outstanding Islamic bonds, or sukuk, due at the end of October.
The company last month announced a nearly $19 million loss for the first half of the year, after a $37 million impairment charge related to oil and gas assets in Egypt affected by low oil prices amid the COVID-19 pandemic.
#Saudi Aramco Slows Diversification Plans Amid Industry Downturn - WSJ
Saudi Aramco Slows Diversification Plans Amid Industry Downturn - WSJ:
Saudi Arabia’s state oil giant is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a heavy dividend burden it assumed as part of its recent initial public offering, according to people familiar with the matter.
Saudi Aramco is now slowing down and reviewing a $6.6 billion plan to add petrochemical output at its Motiva refinery in Texas, these people said. It is also reviewing a big natural-gas project with Sempra Energy in the same state, and pausing investments in refineries in China, India and Pakistan, these people said. At home, Aramco is delaying by a year plans, announced in March, to boost crude production capacity to 13 million barrels a day, from currently about 12 million, these people said.
Aramco didn’t immediately return requests for comment.
In its December IPO, Dhahran-based Saudi Arabian Oil Co. promised shareholders $75 billion in annual dividends for the next five years. That pledge helped persuade private investors to pay a premium for the thin slice of Aramco shares the government floated on the local stock market.
Saudi Arabia’s state oil giant is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a heavy dividend burden it assumed as part of its recent initial public offering, according to people familiar with the matter.
Saudi Aramco is now slowing down and reviewing a $6.6 billion plan to add petrochemical output at its Motiva refinery in Texas, these people said. It is also reviewing a big natural-gas project with Sempra Energy in the same state, and pausing investments in refineries in China, India and Pakistan, these people said. At home, Aramco is delaying by a year plans, announced in March, to boost crude production capacity to 13 million barrels a day, from currently about 12 million, these people said.
Aramco didn’t immediately return requests for comment.
In its December IPO, Dhahran-based Saudi Arabian Oil Co. promised shareholders $75 billion in annual dividends for the next five years. That pledge helped persuade private investors to pay a premium for the thin slice of Aramco shares the government floated on the local stock market.
Natwest Markets, Banco Santander sell #Saudi British Bank shares -term sheet | ZAWYA MENA Edition
Natwest Markets, Banco Santander sell Saudi British Bank shares -term sheet | ZAWYA MENA Edition:
Natwest Markets and Banco Santander are selling around 25 million shares in Saudi British Bank (SABB), or about 1.25% of the company, according to a term sheet seen by Reuters.
SABB last traded at 26.85 riyals on Wednesday, valuing the shares at 670 million Saudi riyals ($178.64 million).
The shares may be sold to institutional investors inside and outside the Saudi Arabia, including to institutional investors outside the United States in accordance with Regulation S under the U.S. Securities Act, the term sheet said.
Citigroup and Goldman Sachs are joint book-runners and joint brokers for the deal, the term sheet said, which did not indicate the selling price.
HSBC owns a 29.2% stake in SABB, according to Refinitiv data.
Under the terms of the deal, Natwest Markets and Banco Santander have agreed not to dispose of any remaining shares they own in SABB for at least 90 days, the sheet said.
Natwest Markets and Banco Santander are selling around 25 million shares in Saudi British Bank (SABB), or about 1.25% of the company, according to a term sheet seen by Reuters.
SABB last traded at 26.85 riyals on Wednesday, valuing the shares at 670 million Saudi riyals ($178.64 million).
The shares may be sold to institutional investors inside and outside the Saudi Arabia, including to institutional investors outside the United States in accordance with Regulation S under the U.S. Securities Act, the term sheet said.
Citigroup and Goldman Sachs are joint book-runners and joint brokers for the deal, the term sheet said, which did not indicate the selling price.
HSBC owns a 29.2% stake in SABB, according to Refinitiv data.
Under the terms of the deal, Natwest Markets and Banco Santander have agreed not to dispose of any remaining shares they own in SABB for at least 90 days, the sheet said.
UPDATE 3-Returning to public debt markets after six years, #Dubai gets $2 billion - Reuters
UPDATE 3-Returning to public debt markets after six years, Dubai gets $2 billion - Reuters:
The government of Dubai sold $2 billion in dual-tranche bonds on Wednesday, its first sale in public debt markets in six years, as it seeks to boost finances hit by the coronavirus crisis.
Dubai sold $1 billion in 10-year sukuk, or Islamic bonds, at 210 basis points (bps) over mid-swaps and $1 billion in 30-year conventional bonds at 4%, according to a document issued by one of the banks leading the deal and seen by Reuters.
It received more than $6.5 billion in orders for the sukuk and over $3.5 billion for the bonds.
“There is no value in the sukuk but there will be local buyers,” a fund manager who declined to be named said on the initial pricing, which was tightened during book-building by 40 bps for the sukuk and 37.5 bps for the conventional notes.
“It’s attractively priced for Dubai ... less money on the table for investors,” said Tim Ash, emerging markets senior sovereign strategist at BlueBay Asset Management.
The government of Dubai sold $2 billion in dual-tranche bonds on Wednesday, its first sale in public debt markets in six years, as it seeks to boost finances hit by the coronavirus crisis.
Dubai sold $1 billion in 10-year sukuk, or Islamic bonds, at 210 basis points (bps) over mid-swaps and $1 billion in 30-year conventional bonds at 4%, according to a document issued by one of the banks leading the deal and seen by Reuters.
It received more than $6.5 billion in orders for the sukuk and over $3.5 billion for the bonds.
“There is no value in the sukuk but there will be local buyers,” a fund manager who declined to be named said on the initial pricing, which was tightened during book-building by 40 bps for the sukuk and 37.5 bps for the conventional notes.
“It’s attractively priced for Dubai ... less money on the table for investors,” said Tim Ash, emerging markets senior sovereign strategist at BlueBay Asset Management.
Mideast Stocks: #Saudi leads Gulf gains as financials boost; Egypt eases | ZAWYA MENA Edition
Mideast Stocks: Saudi leads Gulf gains as financials boost; Egypt eases | ZAWYA MENA Edition:
Saudi Arabian shares ended higher on Wednesday, outperforming other Gulf peers, buoyed by gains in banking shares, while Egypt's blue-chip index extended losses.
The kingdom's benchmark index advanced 1.5%, boosted by a 2.1% gain in oil giant Saudi Aramco and a 1.7% rise in Al Rajhi Bank.
In August, the total value of shares traded on the Saudi stock exchange (Tadawul) amounted to 150.41 billion riyals ($40.10 billion), a 35.02% increase compared to the previous month.
The biggest gainer on the benchmark index was Emaar The Economic City, up 9.9%, extending gains to a second straight session.
On Tuesday, the developer entered a subscription agreement with Public Investment Fund (PIF), the kingdom's main sovereign wealth fund. The completion of the deal is subject to several conditions.
Dubai's main share index added 0.3%, helped by a 1.4% rise in blue-chip developer Emaar Properties and a 1.3% increase in Emirates Integrated Telecommunications.
Saudi Arabian shares ended higher on Wednesday, outperforming other Gulf peers, buoyed by gains in banking shares, while Egypt's blue-chip index extended losses.
The kingdom's benchmark index advanced 1.5%, boosted by a 2.1% gain in oil giant Saudi Aramco and a 1.7% rise in Al Rajhi Bank.
In August, the total value of shares traded on the Saudi stock exchange (Tadawul) amounted to 150.41 billion riyals ($40.10 billion), a 35.02% increase compared to the previous month.
The biggest gainer on the benchmark index was Emaar The Economic City, up 9.9%, extending gains to a second straight session.
On Tuesday, the developer entered a subscription agreement with Public Investment Fund (PIF), the kingdom's main sovereign wealth fund. The completion of the deal is subject to several conditions.
Dubai's main share index added 0.3%, helped by a 1.4% rise in blue-chip developer Emaar Properties and a 1.3% increase in Emirates Integrated Telecommunications.
European, Middle Eastern & African Stocks - Bloomberg #UAE close; #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.
Gulf Investor With $540 Million in Cash Says M&A Spree Not Over - Bloomberg
Gulf Investor With $540 Million in Cash Says M&A Spree Not Over - Bloomberg:
International Holdings Company PJSC, which has quickly become the United Arab Emirates’ fifth-most-valuable listed company, isn’t done yet with a rapid-fire acquisition spree.
Through a flurry of M&A that started last year, the Abu Dhabi-based company has amassed a portfolio spanning real estate to utilities and health care to food services. The shares have soared more than 500% in 2020, giving IHC a market capitalization of about $19 billion.
“We are talking to some existing solar facilities to acquire them and are currently in conversations to invest in a large solar plant in Europe,” Syed Basar Shueb, the company’s chief executive officer and managing director, told Bloomberg in an interview. IHC has about two billion dirhams ($540 million) in cash for acquisitions and is in advanced talks for a deal involving a private social media platform based in “a significant market,” he said.
International Holdings Company PJSC, which has quickly become the United Arab Emirates’ fifth-most-valuable listed company, isn’t done yet with a rapid-fire acquisition spree.
Through a flurry of M&A that started last year, the Abu Dhabi-based company has amassed a portfolio spanning real estate to utilities and health care to food services. The shares have soared more than 500% in 2020, giving IHC a market capitalization of about $19 billion.
“We are talking to some existing solar facilities to acquire them and are currently in conversations to invest in a large solar plant in Europe,” Syed Basar Shueb, the company’s chief executive officer and managing director, told Bloomberg in an interview. IHC has about two billion dirhams ($540 million) in cash for acquisitions and is in advanced talks for a deal involving a private social media platform based in “a significant market,” he said.
The gains in its stock accelerated after Sheikh Tahnoon Bin Zayed Al Nahyan became IHC chairman in April. A member of the Abu Dhabi royal family, Sheikh Tahnoon holds the same post at the Royal Group, a major UAE conglomerate and IHC’s biggest shareholder.
#Qatar’s Next Gambit After World Cup? Convincing Expats to Stay - Bloomberg
Qatar’s Next Gambit After World Cup? Convincing Expats to Stay - Bloomberg:
Qatar has set out to create a more permanent worker population with sweeping labor reforms introduced this week as it winds down a building frenzy for the 2022 soccer World Cup.
Achieving that goal would mark a fundamental shift in the economics of the world’s biggest exporter of liquefied natural gas. Foreign workers account for 95% of Qatar’s workforce and about 90% of its population.
The new rules impose a standard minimum wage applicable to employees of all nationalities and professions -- a first for the Gulf region -- and make it easier for workers to change jobs. Qatar’s Minister of Commerce and Industry Ali bin Ahmed Al Kuwari said the hope is that the revamp will encourage more foreigners, particularly skilled workers, to stick around.
“This is about creating a liberal labor market,” he said in an interview Monday.
Qatar has set out to create a more permanent worker population with sweeping labor reforms introduced this week as it winds down a building frenzy for the 2022 soccer World Cup.
Achieving that goal would mark a fundamental shift in the economics of the world’s biggest exporter of liquefied natural gas. Foreign workers account for 95% of Qatar’s workforce and about 90% of its population.
The new rules impose a standard minimum wage applicable to employees of all nationalities and professions -- a first for the Gulf region -- and make it easier for workers to change jobs. Qatar’s Minister of Commerce and Industry Ali bin Ahmed Al Kuwari said the hope is that the revamp will encourage more foreigners, particularly skilled workers, to stick around.
“This is about creating a liberal labor market,” he said in an interview Monday.
#Kuwait, Middle East News: Rich Petrostate Is Running Out of Cash - Bloomberg
Kuwait, Middle East News: Rich Petrostate Is Running Out of Cash - Bloomberg:
When Kuwait’s then-Finance Minister Anas Al-Saleh warned in 2016 that it was time to cut spending and prepare for life after oil, he was ridiculed by a population raised on a seemingly endless flow of petrodollars. Four years on, one of the world’s richest countries is struggling to make ends meet as a sharp decline in energy prices raises profound questions over how Gulf Arab states are run.
Al-Saleh’s long gone, shifting to other cabinet positions. A successor, Mariam Al-Aqeel, moved on in January, two weeks after suggesting Kuwait restructure a public-sector wage bill that’s the single biggest drag on state finances. Her replacement, Barak Al-Sheetan, warned last month there wasn’t enough to cash to pay state salaries beyond October.
Slow to adjust big-spending habits as oil revenues fall, the Gulf states are hurtling toward a moment of economic reckoning, prompting renewed debate over the future of nations that for decades bought popular loyalty with state largesse.
“We’re going to wake up one day and realize we went through all our savings, not because we didn’t check our bank statement but because we looked at it and said, it’s probably a bank glitch, and then bought the latest Rolex,” said Fawaz Al-Sirri, who heads Bensirri political and financial communications firm.
When Kuwait’s then-Finance Minister Anas Al-Saleh warned in 2016 that it was time to cut spending and prepare for life after oil, he was ridiculed by a population raised on a seemingly endless flow of petrodollars. Four years on, one of the world’s richest countries is struggling to make ends meet as a sharp decline in energy prices raises profound questions over how Gulf Arab states are run.
Al-Saleh’s long gone, shifting to other cabinet positions. A successor, Mariam Al-Aqeel, moved on in January, two weeks after suggesting Kuwait restructure a public-sector wage bill that’s the single biggest drag on state finances. Her replacement, Barak Al-Sheetan, warned last month there wasn’t enough to cash to pay state salaries beyond October.
Slow to adjust big-spending habits as oil revenues fall, the Gulf states are hurtling toward a moment of economic reckoning, prompting renewed debate over the future of nations that for decades bought popular loyalty with state largesse.
“We’re going to wake up one day and realize we went through all our savings, not because we didn’t check our bank statement but because we looked at it and said, it’s probably a bank glitch, and then bought the latest Rolex,” said Fawaz Al-Sirri, who heads Bensirri political and financial communications firm.
#UAE's largest lender set to start talks on Israeli banking tie-ups - Arabianbusiness
UAE's largest lender set to start talks on Israeli banking tie-ups - Arabianbusiness:
First Abu Dhabi Bank, the UAE's biggest lender, plans to start talks with Bank Hapoalim and Bank Leumi to forge cooperation in the financial sector.
“The discussions will look to establish banking relationships that will strengthen financial and economic cooperation between UAE and Israel, focusing on correspondent banking, bilateral trade, and technology and innovation,” First Abu Dhabi Bank said in a tweet cited by Bloomberg.
The decision follows the signing of a memorandum of understanding between the UAE central bank and the Israeli Prime Minister’s Office, the bank said.
The UAE and Israel started normalizing relations last month. As part of the process, El Al Israel Airlines on Monday operated an unprecedented commercial flight to the UAE with senior US and Israeli officials aboard.
First Abu Dhabi Bank, the UAE's biggest lender, plans to start talks with Bank Hapoalim and Bank Leumi to forge cooperation in the financial sector.
“The discussions will look to establish banking relationships that will strengthen financial and economic cooperation between UAE and Israel, focusing on correspondent banking, bilateral trade, and technology and innovation,” First Abu Dhabi Bank said in a tweet cited by Bloomberg.
The decision follows the signing of a memorandum of understanding between the UAE central bank and the Israeli Prime Minister’s Office, the bank said.
The UAE and Israel started normalizing relations last month. As part of the process, El Al Israel Airlines on Monday operated an unprecedented commercial flight to the UAE with senior US and Israeli officials aboard.
#UAE's warm welcome to Israelis reflects changing region
UAE's warm welcome to Israelis reflects changing region:
In less than 24 hours on the ground, Israel’s first-of-its-kind delegation to the United Arab Emirates received a warm welcome that would have been nearly unthinkable just a few weeks ago.
Dozens of Israeli officials and their accompanying traveling press corps got a dizzying taste of Abu Dhabi’s glamorous hotels, historic landmarks and scorching climate. The Emirati charm offensive was on full display as the hosts literally pulled out the red carpet at the airport as they sought to convey a new spirit of friendship following the historic U.S.-brokered deal to normalize relations between the two countries.
Emirati diplomats in their traditional white garb warmly greeted their Israeli counterparts, some wearing Jewish skullcaps, as they hammered out the initial details of agreements on a range of issues, including diplomacy, trade, science, technology and cooperation in countering the coronavirus pandemic.
“It is a message of coexistence. It is a message of togetherness and tolerance in the region,” said Jamal al-Musharakh, a senior Emirati Foreign Ministry official, in a briefing with the visiting reporters Tuesday. “There are too many conflicts in the region and it’s high time to look forward to sustainable ways forward and hope for the future.”
In less than 24 hours on the ground, Israel’s first-of-its-kind delegation to the United Arab Emirates received a warm welcome that would have been nearly unthinkable just a few weeks ago.
Dozens of Israeli officials and their accompanying traveling press corps got a dizzying taste of Abu Dhabi’s glamorous hotels, historic landmarks and scorching climate. The Emirati charm offensive was on full display as the hosts literally pulled out the red carpet at the airport as they sought to convey a new spirit of friendship following the historic U.S.-brokered deal to normalize relations between the two countries.
Emirati diplomats in their traditional white garb warmly greeted their Israeli counterparts, some wearing Jewish skullcaps, as they hammered out the initial details of agreements on a range of issues, including diplomacy, trade, science, technology and cooperation in countering the coronavirus pandemic.
“It is a message of coexistence. It is a message of togetherness and tolerance in the region,” said Jamal al-Musharakh, a senior Emirati Foreign Ministry official, in a briefing with the visiting reporters Tuesday. “There are too many conflicts in the region and it’s high time to look forward to sustainable ways forward and hope for the future.”
#Qatar Airways agrees delivery delays with Airbus, still talking to Boeing - Reuters
Qatar Airways agrees delivery delays with Airbus, still talking to Boeing - Reuters:
Qatar Airways has struck a deal with Airbus SE (AIR.PA) to delay delivery of airplanes due to the pandemic-induced travel downturn but remains in talks with Boeing Co (BA.N) about deferrals, the airline’s chief executive said on Wednesday.
“We have the ability to bring forward the deliveries if there is a rebound in air travel,” Qatar Airways CEO Akbar al-Baker said of the Airbus deal at the CAPA Australia Pacific Aviation Summit, without providing further details.
Al-Baker said the airline had not reached an agreement with Boeing.
“As far as Boeing is concerned we are still in negotiations with them, but regardless of what they feel an aircraft manufacturer needs to oblige customers in difficult times,” he said. “People who will not oblige and stand with us in this difficult time will not see us again.”
Qatar Airways has struck a deal with Airbus SE (AIR.PA) to delay delivery of airplanes due to the pandemic-induced travel downturn but remains in talks with Boeing Co (BA.N) about deferrals, the airline’s chief executive said on Wednesday.
“We have the ability to bring forward the deliveries if there is a rebound in air travel,” Qatar Airways CEO Akbar al-Baker said of the Airbus deal at the CAPA Australia Pacific Aviation Summit, without providing further details.
Al-Baker said the airline had not reached an agreement with Boeing.
“As far as Boeing is concerned we are still in negotiations with them, but regardless of what they feel an aircraft manufacturer needs to oblige customers in difficult times,” he said. “People who will not oblige and stand with us in this difficult time will not see us again.”
ADNOC signs $5.5 billion real estate deal with Apollo-led consortium - Reuters
ADNOC signs $5.5 billion real estate deal with Apollo-led consortium - Reuters:
Abu Dhabi National Oil Company (ADNOC) said on Wednesday it had entered into a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management Inc.
ADNOC, the state-owned oil company of Abu Dhabi in the United Arab Emirates, said in a statement that the transaction will result in upfront proceeds of $2.7 billion and is expected to close before year-end.
“The strategic investment will leverage the rental income streams from select ADNOC real estate assets under a 24-year master lease agreement,” it added.
Under the real estate transaction, which ADNOC said was one of the region’s largest, private equity firm Apollo led a consortium of institutional investors to acquire a 49% stake in Abu Dhabi Property Leasing Holding Company, a wholly owned ADNOC affiliate.
Abu Dhabi National Oil Company (ADNOC) said on Wednesday it had entered into a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management Inc.
ADNOC, the state-owned oil company of Abu Dhabi in the United Arab Emirates, said in a statement that the transaction will result in upfront proceeds of $2.7 billion and is expected to close before year-end.
“The strategic investment will leverage the rental income streams from select ADNOC real estate assets under a 24-year master lease agreement,” it added.
Under the real estate transaction, which ADNOC said was one of the region’s largest, private equity firm Apollo led a consortium of institutional investors to acquire a 49% stake in Abu Dhabi Property Leasing Holding Company, a wholly owned ADNOC affiliate.
MIDEAST STOCKS-Most major Gulf markets gain in early trade; #Saudi eases | Reuters
MIDEAST STOCKS-Most major Gulf markets gain in early trade; Saudi eases | Reuters:
Financial shares helped most major stock markets in the Gulf rise in early trade on Wednesday, while the Saudi index bucked the trend to trade lower.
Saudi Arabia’s benchmark index lost 0.2%, with Al Rajhi Bank dropping 0.5% and oil giant Saudi Aramco down 0.4%.
The kingdom postponed its fourth Future Investment Initiative conference to January 2021 from October this year, the organisers said on Tuesday, due to global travel issues related to the COVID-19 pandemic.
The biggest gainer on the benchmark index was Emaar The Economic City, up 8%, and is on course to extend gains to a second straight session.
On Tuesday, the developer entered a subscription agreement with Public Investment Fund (PIF), the kingdom’s main sovereign wealth fund. The completion of the deal is subject to several conditions.
Financial shares helped most major stock markets in the Gulf rise in early trade on Wednesday, while the Saudi index bucked the trend to trade lower.
Saudi Arabia’s benchmark index lost 0.2%, with Al Rajhi Bank dropping 0.5% and oil giant Saudi Aramco down 0.4%.
The kingdom postponed its fourth Future Investment Initiative conference to January 2021 from October this year, the organisers said on Tuesday, due to global travel issues related to the COVID-19 pandemic.
The biggest gainer on the benchmark index was Emaar The Economic City, up 8%, and is on course to extend gains to a second straight session.
On Tuesday, the developer entered a subscription agreement with Public Investment Fund (PIF), the kingdom’s main sovereign wealth fund. The completion of the deal is subject to several conditions.
Oil rises to $46 on U.S. inventory drop, economy hopes - Reuters
Oil rises to $46 on U.S. inventory drop, economy hopes - Reuters:
Oil rose to $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell and as surveys showing stronger manufacturing raised hopes of a recovery from the coronavirus pandemic.
U.S. crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said, more than forecast.
Manufacturing surveys around the world showed expanding activity in August, although the outlook remains shaky.
Brent crude LCOc1, the global benchmark, was up 37 cents, or 0.8%, to $45.95 a barrel as of 0911 GMT, climbing for a third day. U.S. West Texas Intermediate CLc1 rose 34 cents, or 0.8%, to $43.10.
Oil rose to $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell and as surveys showing stronger manufacturing raised hopes of a recovery from the coronavirus pandemic.
U.S. crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said, more than forecast.
Manufacturing surveys around the world showed expanding activity in August, although the outlook remains shaky.
Brent crude LCOc1, the global benchmark, was up 37 cents, or 0.8%, to $45.95 a barrel as of 0911 GMT, climbing for a third day. U.S. West Texas Intermediate CLc1 rose 34 cents, or 0.8%, to $43.10.
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