Oil falls amid surging virus cases and U.S.-China tensions | Reuters
Oil prices fell around 1% on Monday as surging coronavirus cases and heightened tensions between the United States and China undermined the positive impact from an OPEC+ deal on production.
Brent crude fell 46 cents, or 0.9%, to settle at $48.79 a barrel. U.S. crude fell 50 cents, or 1.1%, to settle at $45.76 a barrel.
Prices came under pressure after Reuters exclusively reported that the United States was preparing to impose sanctions on at least a dozen Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong.
Rising tensions between the United States and China, the world’s top oil consumers, have weighed repeatedly on the market in recent years.
Monday, 7 December 2020
Pandemic brings surge in business for Middle East’s fintechs | Financial Times
Pandemic brings surge in business for Middle East’s fintechs | Financial Times
Some of the world’s strictest lockdowns and restrictions were imposed across the Gulf states to combat coronavirus. They caused havoc across oil-reliant economies already hit by low crude prices.
Some of the world’s strictest lockdowns and restrictions were imposed across the Gulf states to combat coronavirus. They caused havoc across oil-reliant economies already hit by low crude prices.
But, as elsewhere around the world, the region’s emerging technology firms were big beneficiaries from a surge in ecommerce activity as customers sheltered at home.
The payment platforms behind the shift from bricks-and-mortar to digital commerce have dominated the region’s emerging fintech scene, some supported by larger telecoms companies. Early last year, e-payments surged in Saudi Arabia, the Gulf’s largest market, after customers were allowed to use debit cards — rather than less-common credit cards — for online transactions.
The burgeoning market has attracted overseas interest in the digital infrastructure underpinning financial technology. Western Union last month said it would invest up to $200m for a 15 per cent stake in STC Pay, the fast-growing payments arm of Saudi Telecom Company, the Riyadh-listed giant controlled by the kingdom’s sovereign wealth fund.
Regional payments are dominated by Payfort, a Dubai-based start-up sold to Amazon in 2017, the same year that the US company became the region’s dominant ecommerce player with the acquisition of local incumbent rival Souq.
#Israel can link Middle East, European ports, DP World chairman says | Reuters
Israel can link Middle East, European ports, DP World chairman says | Reuters
Israel is a logical, strategic link between ports in Europe and the Middle East, DP World’s chairman said on Monday, estimating initial UAE-Israel bilateral trade could be worth $5 billion.
Dubai state-owned DP World, one of the world’s largest port operators, is partnering with an Israeli group to bid for one of Israel’s main ports.
“The port facilities (in Israel) will allow us to link our ports in Europe to the Middle East,” Sultan Ahmed bin Sulayem told a United Arab Emirates-Israel conference in Dubai.
DP World, whose European operations include ports in the United Kingdom and the Netherlands, runs the Middle East’s largest transshipment port in Dubai.
It said in September it had signed a series of agreements with Israel’s DoverTower, including a joint bid in the privatization of Haifa Port on the Mediterranean.
Israel is a logical, strategic link between ports in Europe and the Middle East, DP World’s chairman said on Monday, estimating initial UAE-Israel bilateral trade could be worth $5 billion.
Dubai state-owned DP World, one of the world’s largest port operators, is partnering with an Israeli group to bid for one of Israel’s main ports.
“The port facilities (in Israel) will allow us to link our ports in Europe to the Middle East,” Sultan Ahmed bin Sulayem told a United Arab Emirates-Israel conference in Dubai.
DP World, whose European operations include ports in the United Kingdom and the Netherlands, runs the Middle East’s largest transshipment port in Dubai.
It said in September it had signed a series of agreements with Israel’s DoverTower, including a joint bid in the privatization of Haifa Port on the Mediterranean.
#Saudi stocks lead gains; Egypt loses | Reuters
Saudi stocks lead gains; Egypt loses | Reuters
Major Gulf markets eked out gains on Monday, riding on the positive sentiment around the progress in COVID-19 vaccine development and the OPEC+ deal on oil production cuts, with Saudi stocks breaking a losing streak of four sessions.
Despite oil prices falling on surging coronavirus cases globally and amid heightened tensions between the United States and China, markets in the Gulf managed to close in positive territory, with some erasing losses in the morning trade.
Saudi Arabia’s benchmark index gained 0.6%, with lenders Riyad Bank and National Commercial Bank adding 1.6% and 0.9%, respectively.
Dubai’s main share index closed almost flat. Dubai’s largest lender Emirates NBD was the top gainer, putting on nearly 2%, while property stock Emaar Properties strengthened about 1%.
Dubai Islamic Bank was the top loser on the benchmark, declining about a percent.
The Abu Dhabi index gained 0.2%, with financial stocks leading the gains.
Index heavyweight First Abu Dhabi Bank and Finance House closed 1% and about 15% higher, respectively, to feature among the top gainers in the session.
Both Dubai and Abu Dhabi markets have gained in the two sessions after they reopened following a three-day holiday period last week.
The Qatari index, however, eased 0.2%, hurt by a 2.2% fall in Qatar International Islamic Bank and a 1.2% decline in Commercial Bank.
In the previous session, Qatari stocks had closed higher buoyed by hopes of a resolution to a dispute with some of the country’s Arab neighbours.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a diplomatic, trade and travel embargo on Qatar since mid-2017, accusing Doha of supporting terrorism. Qatar denies the charges and says the embargo aims to undermine its sovereignty.
The Saudi foreign minister on Friday said that resolution with Qatar seemed “within reach”.
Outside the Gulf, Egypt’s blue-chip index lost 0.3%, dragged mainly by a 6.7% fall in Juhanya Food Industries.
Major Gulf markets eked out gains on Monday, riding on the positive sentiment around the progress in COVID-19 vaccine development and the OPEC+ deal on oil production cuts, with Saudi stocks breaking a losing streak of four sessions.
Despite oil prices falling on surging coronavirus cases globally and amid heightened tensions between the United States and China, markets in the Gulf managed to close in positive territory, with some erasing losses in the morning trade.
Saudi Arabia’s benchmark index gained 0.6%, with lenders Riyad Bank and National Commercial Bank adding 1.6% and 0.9%, respectively.
Dubai’s main share index closed almost flat. Dubai’s largest lender Emirates NBD was the top gainer, putting on nearly 2%, while property stock Emaar Properties strengthened about 1%.
Dubai Islamic Bank was the top loser on the benchmark, declining about a percent.
The Abu Dhabi index gained 0.2%, with financial stocks leading the gains.
Index heavyweight First Abu Dhabi Bank and Finance House closed 1% and about 15% higher, respectively, to feature among the top gainers in the session.
Both Dubai and Abu Dhabi markets have gained in the two sessions after they reopened following a three-day holiday period last week.
The Qatari index, however, eased 0.2%, hurt by a 2.2% fall in Qatar International Islamic Bank and a 1.2% decline in Commercial Bank.
In the previous session, Qatari stocks had closed higher buoyed by hopes of a resolution to a dispute with some of the country’s Arab neighbours.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a diplomatic, trade and travel embargo on Qatar since mid-2017, accusing Doha of supporting terrorism. Qatar denies the charges and says the embargo aims to undermine its sovereignty.
The Saudi foreign minister on Friday said that resolution with Qatar seemed “within reach”.
Outside the Gulf, Egypt’s blue-chip index lost 0.3%, dragged mainly by a 6.7% fall in Juhanya Food Industries.
#AbuDhabi Investment Office to open #Israel office in weeks | Reuters
Abu Dhabi Investment Office to open Israel office in weeks | Reuters
State-run Abu Dhabi Investment Office (ADIO) will open its office in Israel within weeks, its director general said on Monday.
ADIO announced in September it would open its first office outside the United Arab Emirates in Tel Aviv following the UAE-Israel agreement signed the same month to establish formal ties.
Asked about the new office, Tariq bin Hendi told a UAE-Israel conference in Dubai: “It’s very exciting for us because we will have that office open in the next few weeks.”
State-run Abu Dhabi Investment Office (ADIO) will open its office in Israel within weeks, its director general said on Monday.
ADIO announced in September it would open its first office outside the United Arab Emirates in Tel Aviv following the UAE-Israel agreement signed the same month to establish formal ties.
Asked about the new office, Tariq bin Hendi told a UAE-Israel conference in Dubai: “It’s very exciting for us because we will have that office open in the next few weeks.”
Qatari Shares Set for More Gains Amid Talks to End Gulf Rift - Bloomberg
Qatari Shares Set for More Gains Amid Talks to End Gulf Rift - Bloomberg
Qatari stocks are likely to see further gains after the gas-rich nation said it had made progress towards ending a rift that has disrupted commercial ties and complicated business in the Persian Gulf for more than three years.
The country’s benchmark QE Index rose 1.5% on Sunday to close at its highest level since January after Saudi Arabia and Qatar moved closer to a preliminary rapprochement. Riyadh had severed diplomatic and trade ties with Doha in June 2017.
“With the rift looking to be ending soon, the biggest beneficiary should be Qatar Stock Exchange,” said Talal Samhouri, senior portfolio manager at Doha-based Aventicum Capital Management Qatar LLC. Shares in Qatar trade at cheaper valuations than those in Riyadh, making them more appealing, he said.
The long-running spat disrupted trade and travel in the world’s top oil-producing region, and forced airlines to reroute traffic. The QE Index slumped 18% in 2017 -- its biggest annual decline since the global financial crisis -- and has underperformed Saudi Arabai’s main Tadawul Index over the past three-and-a half years.
Qatari stocks are likely to see further gains after the gas-rich nation said it had made progress towards ending a rift that has disrupted commercial ties and complicated business in the Persian Gulf for more than three years.
The country’s benchmark QE Index rose 1.5% on Sunday to close at its highest level since January after Saudi Arabia and Qatar moved closer to a preliminary rapprochement. Riyadh had severed diplomatic and trade ties with Doha in June 2017.
“With the rift looking to be ending soon, the biggest beneficiary should be Qatar Stock Exchange,” said Talal Samhouri, senior portfolio manager at Doha-based Aventicum Capital Management Qatar LLC. Shares in Qatar trade at cheaper valuations than those in Riyadh, making them more appealing, he said.
The long-running spat disrupted trade and travel in the world’s top oil-producing region, and forced airlines to reroute traffic. The QE Index slumped 18% in 2017 -- its biggest annual decline since the global financial crisis -- and has underperformed Saudi Arabai’s main Tadawul Index over the past three-and-a half years.
#UAE News: #Dubai’s Largest Developer Halts New Projects as Glut Hits Values - Bloomberg
UAE News: Dubai’s Largest Developer Halts New Projects as Glut Hits Values - Bloomberg
Dubai’s largest developer is temporarily halting new projects amid a property glut that, combined with the coronavirus pandemic, has shaved nearly a third off house prices in the past six years.
“We don’t build anymore,” Emaar Properties PJSC Chairman Mohamed Alabbar said at a conference in Dubai on Monday. “The government entities decided to stop new developments almost a year back, but Covid definitely put the brakes on.”
The comments marked a rare admission from Emaar, which for years has resisted calls to stop construction even as new properties flooded the market and drove down values. Home prices in Dubai, the Middle East’s main business and financial hub, have slumped by more than 30% since 2014, forcing the government to set up a committee to manage supply and demand.
Alabbar was criticized by Damac Properties PJSC Chairman Hussain Sajwani last year as the main culprit in perpetuating the city’s oversupply. Sajwani said Emaar offered payment plans that encouraged speculation and wouldn’t slow building even when the majority of other big developers, including Meraas Holding LLC and Nakheel PJSC, did.
Dubai’s largest developer is temporarily halting new projects amid a property glut that, combined with the coronavirus pandemic, has shaved nearly a third off house prices in the past six years.
“We don’t build anymore,” Emaar Properties PJSC Chairman Mohamed Alabbar said at a conference in Dubai on Monday. “The government entities decided to stop new developments almost a year back, but Covid definitely put the brakes on.”
The comments marked a rare admission from Emaar, which for years has resisted calls to stop construction even as new properties flooded the market and drove down values. Home prices in Dubai, the Middle East’s main business and financial hub, have slumped by more than 30% since 2014, forcing the government to set up a committee to manage supply and demand.
Alabbar was criticized by Damac Properties PJSC Chairman Hussain Sajwani last year as the main culprit in perpetuating the city’s oversupply. Sajwani said Emaar offered payment plans that encouraged speculation and wouldn’t slow building even when the majority of other big developers, including Meraas Holding LLC and Nakheel PJSC, did.
Oil falls on surging virus cases and U.S.-China tensions | Reuters
Oil falls on surging virus cases and U.S.-China tensions | Reuters
Oil prices slipped on Monday as the positive impact from COVID-19 vaccines and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China.
Brent crude fell 76 cents, or 1.5%, to $48.49 a barrel by 0911 GMT. U.S. crude was down 82 cents, or 1.8%, at $45.44.
“Surging virus cases and a Reuters report signalling the United States is preparing new sanctions on Chinese officials ... outweighed the positive sentiment driven by vaccine news,” said Hussein Sayed, chief market strategist at FXTM.
Reuters exclusively reported that the United States was preparing to impose sanctions on at least a dozen Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong.
Oil prices slipped on Monday as the positive impact from COVID-19 vaccines and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China.
Brent crude fell 76 cents, or 1.5%, to $48.49 a barrel by 0911 GMT. U.S. crude was down 82 cents, or 1.8%, at $45.44.
“Surging virus cases and a Reuters report signalling the United States is preparing new sanctions on Chinese officials ... outweighed the positive sentiment driven by vaccine news,” said Hussein Sayed, chief market strategist at FXTM.
Reuters exclusively reported that the United States was preparing to impose sanctions on at least a dozen Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong.
MIDEAST STOCKS-Major Gulf markets ease on weaker oil; #Dubai rises | Nasdaq
MIDEAST STOCKS-Major Gulf markets ease on weaker oil; Dubai rises | Nasdaq
Major Gulf markets were subdued in early trading on Monday, mirroring weak oil prices, while the Dubai index was on track to extend gains from the previous session.
Brent crude oil futures LCOc1 were down 24 cents, or 0.5%, at $49.01 a barrel by 0752 GMT, as a continued surge in coronavirus cases globally forced a series of renewed lockdowns. O/R
Saudi Arabia's benchmark index .TASI fell 0.2%, with Al Rajhi Bank 1120.SE losing 0.6%, while oil behemoth Saudi Aramco 2222.SE was down 0.4%.
Dubai's main share index .DFMGI gained 0.4%, led by a 1.4% rise in its largest lender Emirates NBD ENBD.DU.
Property stock Emaar Properties EMAR.DU strengthened 1.5% in the morning trade.
The Abu Dhabi index .ADI lost 0.3%, with telecoms firm Etisalat ETISALAT.AD shedding 1%.
The Qatari index .QSI eased 0.1%, hurt by a 0.5% fall in petrochemical firm Industries Qatar IQCD.QA and a 0.8% drop in Qatar International Islamic Bank QIIB.QA.
In the previous session, Qatari stocks closed higher buoyed by hopes of a resolution to a dispute with some of the country's Arab neighbours.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a diplomatic, trade and travel embargo on Qatar since mid-2017, accusing Doha of supporting terrorism. Qatar denies the charges and says the embargo aims to undermine its sovereignty.
The Saudi foreign minister on Friday said that resolution with Qatar seemed "within reach" after Kuwait announced progress towards ending a row that Washington says hampers a united Gulf front against Iran.
Major Gulf markets were subdued in early trading on Monday, mirroring weak oil prices, while the Dubai index was on track to extend gains from the previous session.
Brent crude oil futures LCOc1 were down 24 cents, or 0.5%, at $49.01 a barrel by 0752 GMT, as a continued surge in coronavirus cases globally forced a series of renewed lockdowns. O/R
Saudi Arabia's benchmark index .TASI fell 0.2%, with Al Rajhi Bank 1120.SE losing 0.6%, while oil behemoth Saudi Aramco 2222.SE was down 0.4%.
Dubai's main share index .DFMGI gained 0.4%, led by a 1.4% rise in its largest lender Emirates NBD ENBD.DU.
Property stock Emaar Properties EMAR.DU strengthened 1.5% in the morning trade.
The Abu Dhabi index .ADI lost 0.3%, with telecoms firm Etisalat ETISALAT.AD shedding 1%.
The Qatari index .QSI eased 0.1%, hurt by a 0.5% fall in petrochemical firm Industries Qatar IQCD.QA and a 0.8% drop in Qatar International Islamic Bank QIIB.QA.
In the previous session, Qatari stocks closed higher buoyed by hopes of a resolution to a dispute with some of the country's Arab neighbours.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a diplomatic, trade and travel embargo on Qatar since mid-2017, accusing Doha of supporting terrorism. Qatar denies the charges and says the embargo aims to undermine its sovereignty.
The Saudi foreign minister on Friday said that resolution with Qatar seemed "within reach" after Kuwait announced progress towards ending a row that Washington says hampers a united Gulf front against Iran.
Subscribe to:
Posts (Atom)