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.
Sunday 13 September 2020
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #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.
Emiratis to Israelis: ‘We want to do business with anyone, no matter their religion’ | Financial Times
Emiratis to Israelis: ‘We want to do business with anyone, no matter their religion’ | Financial Times:
For decades, observant Jewish residents of the United Arab Emirates stuck to a vegetarian diet because no kosher meats were available in the Muslim-majority country that, along with its Gulf neighbours, maintained a diplomatic isolation of Israel.
While Israeli passport holders were not able to settle in the UAE, over time the Jewish community — just a few thousand of the 9m population — established itself with government backing. In recent years, the provision of kosher food and other elements of daily life has become easier.
A local abattoir now slaughters 1,000 chickens a week in line with kosher rites, which share similarities with Islamic halal requirements. A ‘secret’ synagogue in a villa in an upmarket neighbourhood in Dubai has been joined by a second place of worship.
In the wake of last month’s deal to normalise relations between the UAE and Israel, efforts are being stepped up in anticipation of hundreds of thousands of Israeli and Jewish tourists. The oil-rich capital Abu Dhabi this week instructed hotels to seek kosher certification for handling meals and to designate an area in kitchens for their preparation.
For decades, observant Jewish residents of the United Arab Emirates stuck to a vegetarian diet because no kosher meats were available in the Muslim-majority country that, along with its Gulf neighbours, maintained a diplomatic isolation of Israel.
While Israeli passport holders were not able to settle in the UAE, over time the Jewish community — just a few thousand of the 9m population — established itself with government backing. In recent years, the provision of kosher food and other elements of daily life has become easier.
A local abattoir now slaughters 1,000 chickens a week in line with kosher rites, which share similarities with Islamic halal requirements. A ‘secret’ synagogue in a villa in an upmarket neighbourhood in Dubai has been joined by a second place of worship.
In the wake of last month’s deal to normalise relations between the UAE and Israel, efforts are being stepped up in anticipation of hundreds of thousands of Israeli and Jewish tourists. The oil-rich capital Abu Dhabi this week instructed hotels to seek kosher certification for handling meals and to designate an area in kitchens for their preparation.
OPEC’s 60th Birthday: The Oil Cartel's Got a Whack-a-Mole Problem - Bloomberg
OPEC’s 60th Birthday: The Oil Cartel's Got a Whack-a-Mole Problem - Bloomberg:
The Organization of Petroleum Exporting Countries turns 60 tomorrow, and the oil producer group is putting a brave face on its Covid-curtailed Diamond Jubilee. But rifts within the cartel are resurfacing as de facto leader Saudi Arabia struggles to maintain discipline among members itching to pump more crude.
The birthday celebrations, due to be held in Baghdad’s Al-Shaab Hall where OPEC came into being, have been postponed as a result of the coronavirus pandemic. That may be a blessing as the OPEC family gathering would have been “a lot more like the Simpsons and a lot less like the Waltons,” to misquote former U.S. President George H. W. Bush.
Rifts have always existed among a membership that for most of the group’s life has ranged between 12 and 15 very different countries, whose only unifying characteristic has been an economic over-dependence on oil exports.
The differences at the heart of OPEC have never been more obvious than they were in the mid-1980s, when it embarked on an ill-fated attempt to create a rules-based mechanism for allocating oil production targets.
The Organization of Petroleum Exporting Countries turns 60 tomorrow, and the oil producer group is putting a brave face on its Covid-curtailed Diamond Jubilee. But rifts within the cartel are resurfacing as de facto leader Saudi Arabia struggles to maintain discipline among members itching to pump more crude.
The birthday celebrations, due to be held in Baghdad’s Al-Shaab Hall where OPEC came into being, have been postponed as a result of the coronavirus pandemic. That may be a blessing as the OPEC family gathering would have been “a lot more like the Simpsons and a lot less like the Waltons,” to misquote former U.S. President George H. W. Bush.
Rifts have always existed among a membership that for most of the group’s life has ranged between 12 and 15 very different countries, whose only unifying characteristic has been an economic over-dependence on oil exports.
The differences at the heart of OPEC have never been more obvious than they were in the mid-1980s, when it embarked on an ill-fated attempt to create a rules-based mechanism for allocating oil production targets.
Israel Stocks Lead Losses in the Mideast Amid Lockdown Woes, September 13 - Bloomberg
Israel Stocks Lead Losses in the Mideast Amid Lockdown Woes, September 13 - Bloomberg:
The main equities index in Tel Aviv retreated the most in the Middle East as the country is set to enter a second coronavirus lockdown.
The TA-35 declined as much as 1.5% on Sunday, adding to a 2.6% decline last week, dragged down by LivePerson Inc, Bank Hapoalim BM and Israel Discount Bank Ltd. The gauge traded at the lowest level since April 6.
An inner cabinet of Israeli ministers late on Thursday approved a two-week, full-fledged lockdown, to be followed by two more weeks of strict limits on movement and economic activity. The plan is subject to the final approval of the full cabinet on Sunday and faces opposition from some ministers. Israel’s equity index is down 7.3% in September.
Elsewhere in the region, gauges in Saudi Arabia, Kuwait and Qatar advanced as much as 0.8%, while those in Dubai, Abu Dhabi, Bahrain and Oman slipped.
The main equities index in Tel Aviv retreated the most in the Middle East as the country is set to enter a second coronavirus lockdown.
The TA-35 declined as much as 1.5% on Sunday, adding to a 2.6% decline last week, dragged down by LivePerson Inc, Bank Hapoalim BM and Israel Discount Bank Ltd. The gauge traded at the lowest level since April 6.
An inner cabinet of Israeli ministers late on Thursday approved a two-week, full-fledged lockdown, to be followed by two more weeks of strict limits on movement and economic activity. The plan is subject to the final approval of the full cabinet on Sunday and faces opposition from some ministers. Israel’s equity index is down 7.3% in September.
Elsewhere in the region, gauges in Saudi Arabia, Kuwait and Qatar advanced as much as 0.8%, while those in Dubai, Abu Dhabi, Bahrain and Oman slipped.
Vodafone Remains in Talks to Sell Stake in Egypt Unit to STC - Bloomberg
Vodafone Remains in Talks to Sell Stake in Egypt Unit to STC - Bloomberg:
Vodafone Group Plc said it remains in talks to sell its Egyptian business to Saudi Telecom Co. after failing to finalize the terms before a deadline.
Vodafone “remains in discussions with Saudi Telecom to finalize the transaction in the near future,” and “now looks to Saudi Telecom and Telecom Egypt to find a suitable agreement to enable the transaction to close,” the U.K.-based mobile carrier said in a statement.
Saudi Telecom offered to pay $2.39 billion for a 55% stake in Vodafone Egypt in January. It had to extend a memorandum of understanding to acquire the stake in July because of delays to due diligence amid restrictions in place to halt the spread of the coronavirus. The remaining shares in Vodafone Egypt are held by state-owned Telecom Egypt.
Saudi Telecom said in a separate statement that its non-binding MoU to acquire the stake expired without a deal. Saudi Telecom and Vodafone will continue talks, it said.
Vodafone Group Plc said it remains in talks to sell its Egyptian business to Saudi Telecom Co. after failing to finalize the terms before a deadline.
Vodafone “remains in discussions with Saudi Telecom to finalize the transaction in the near future,” and “now looks to Saudi Telecom and Telecom Egypt to find a suitable agreement to enable the transaction to close,” the U.K.-based mobile carrier said in a statement.
Saudi Telecom offered to pay $2.39 billion for a 55% stake in Vodafone Egypt in January. It had to extend a memorandum of understanding to acquire the stake in July because of delays to due diligence amid restrictions in place to halt the spread of the coronavirus. The remaining shares in Vodafone Egypt are held by state-owned Telecom Egypt.
Saudi Telecom said in a separate statement that its non-binding MoU to acquire the stake expired without a deal. Saudi Telecom and Vodafone will continue talks, it said.
OPEC+ Bid to Rescue Oil Market Falters as Demand Recovery Stalls - Bloomberg
OPEC+ Bid to Rescue Oil Market Falters as Demand Recovery Stalls - Bloomberg:
It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets.
Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coranavirus has thwarted their best efforts to keep the market afloat.
After reviving crude prices from an unprecedented collapse over the spring, OPEC+ is seeing the recovery stall and fuel demand falter as the deadly pandemic surges once again. Prices slipped below $40 a barrel last week for the first time since June.
On Thursday, Saudi Arabia and Russia -- the leading members of the alliance -- will chair a monitoring meeting to assess whether the vast production cuts, which they started easing in August, are still staving off an oil glut. New signs of exporters reneging on the deal aren’t helping.
It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets.
Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coranavirus has thwarted their best efforts to keep the market afloat.
After reviving crude prices from an unprecedented collapse over the spring, OPEC+ is seeing the recovery stall and fuel demand falter as the deadly pandemic surges once again. Prices slipped below $40 a barrel last week for the first time since June.
On Thursday, Saudi Arabia and Russia -- the leading members of the alliance -- will chair a monitoring meeting to assess whether the vast production cuts, which they started easing in August, are still staving off an oil glut. New signs of exporters reneging on the deal aren’t helping.
#SaudiArabia's BinDawood Holding sets IPO price range, aims to raise up to 2.2 billion riyals | Reuters
Saudi Arabia's BinDawood Holding sets IPO price range, aims to raise up to 2.2 billion riyals | Reuters:
Saudi Arabian supermarket retailer BinDawood Holding set an indicative price for its initial public offering, seeking to raise as much as 2.19 billion riyals ($585 million) in a Riyadh listing.
The company plans to offer 22.86 million existing shares at an indicative pricing of between 84 riyals to 96 riyals per share in the planned IPO, according to a regulatory filing on Sunday. It will sell 20% of the company through the sale of existing shares.
It targets a valuation of between 9.6 billion riyals and 11 billion riyals, according to Reuters calculations.
BinDawood's IPO marks another major listing for Saudi Arabia's bourse, as companies tap into Saudi demand for shares since oil giant Aramco's 2222.SE record IPO last year.
Saudi Arabian supermarket retailer BinDawood Holding set an indicative price for its initial public offering, seeking to raise as much as 2.19 billion riyals ($585 million) in a Riyadh listing.
The company plans to offer 22.86 million existing shares at an indicative pricing of between 84 riyals to 96 riyals per share in the planned IPO, according to a regulatory filing on Sunday. It will sell 20% of the company through the sale of existing shares.
It targets a valuation of between 9.6 billion riyals and 11 billion riyals, according to Reuters calculations.
BinDawood's IPO marks another major listing for Saudi Arabia's bourse, as companies tap into Saudi demand for shares since oil giant Aramco's 2222.SE record IPO last year.
MIDEAST STOCKS- #UAE bourses ease in early trade; other major markets gain | Reuters
MIDEAST STOCKS-UAE bourses ease in early trade; other major markets gain | Reuters:
Stock markets in the United Arab Emirates fell in early trade on Sunday amid a resurgence in new coronavirus cases, while other major Gulf markets traded higher.
On Saturday, the United Arab Emirates health ministry reported 1,007 new coronavirus cases, its highest daily number of infections since the start of the pandemic.
Dubai’s main share index lost 0.4%, hurt by a 0.9% fall in sharia-compliant lender Dubai Islamic Bank and a 1% drop in blue-chip developer Emaar Properties.
The Abu Dhabi index slipped 0.2%, as telecoms firm Etisalat dropped 0.4%, while the country’s largest lender First Abu Dhabi Bank was down 0.2%.
Saudi Arabia’s benchmark index rose 0.5%, with Dr Sulaiman Al-Habib Medical Services gaining 4.2%, whereas Al Rajhi Bank firmed 0.3%.
Amongst others, Saudi Electricity Company (SEC) was up 1.1%. SEC, the kingdom’s electric transmission monopoly, sold $1.3 billion in dual-tranche green sukuk, or Islamic bonds, the first public green issuance from the region this year.
The deal comes amid a flurry of debt issues, as Gulf borrowers - particularly governments - seek to plug finances that have been hit by the double blow of the coronavirus pandemic and lower oil prices.
Separately, Saudi Arabian supermarket retailer BinDawood Holding IPO-BDHA.SE set an indicative price for its initial public offering, seeking to raise as much as 2.19 billion riyals ($583.98 million) in a Riyadh listing.
The Qatari index gained 0.7%, led by a 10% surge in United Development Company and a 1.1% increase in petrochemical firm Industries Qatar.
Stock markets in the United Arab Emirates fell in early trade on Sunday amid a resurgence in new coronavirus cases, while other major Gulf markets traded higher.
On Saturday, the United Arab Emirates health ministry reported 1,007 new coronavirus cases, its highest daily number of infections since the start of the pandemic.
Dubai’s main share index lost 0.4%, hurt by a 0.9% fall in sharia-compliant lender Dubai Islamic Bank and a 1% drop in blue-chip developer Emaar Properties.
The Abu Dhabi index slipped 0.2%, as telecoms firm Etisalat dropped 0.4%, while the country’s largest lender First Abu Dhabi Bank was down 0.2%.
Saudi Arabia’s benchmark index rose 0.5%, with Dr Sulaiman Al-Habib Medical Services gaining 4.2%, whereas Al Rajhi Bank firmed 0.3%.
Amongst others, Saudi Electricity Company (SEC) was up 1.1%. SEC, the kingdom’s electric transmission monopoly, sold $1.3 billion in dual-tranche green sukuk, or Islamic bonds, the first public green issuance from the region this year.
The deal comes amid a flurry of debt issues, as Gulf borrowers - particularly governments - seek to plug finances that have been hit by the double blow of the coronavirus pandemic and lower oil prices.
Separately, Saudi Arabian supermarket retailer BinDawood Holding IPO-BDHA.SE set an indicative price for its initial public offering, seeking to raise as much as 2.19 billion riyals ($583.98 million) in a Riyadh listing.
The Qatari index gained 0.7%, led by a 10% surge in United Development Company and a 1.1% increase in petrochemical firm Industries Qatar.
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