Major Gulf markets little changed; Dubai ends winning streak | Reuters
Major stock markets in the Gulf were little changed on Sunday in the absence of new catalysts to encourage buying, with Dubai closing flat after six days of rises.
Saudi Arabia’s benchmark index was flat, with Jabal Omar Development rising 4.1%, snapping three sessions of losses.
Dubai’s main share index traded flat, with its largest lender Emirates NBD Bank falling 0.9%.
The Abu Dhabi index gained 0.6%, with the country’s largest lender First Abu Dhabi Bank rising 1.4%.
Stocks in the United Arab Emirates registered gains in the week to Thursday, riding on a rally fuelled by optimism around COVID-19 vaccine developments.
UAE’s non-oil gross domestic product (GDP) is expected to grow by 3.6% in 2021, state news agency WAM reported on Saturday citing central bank estimates, suggesting the economy will rebound from an expected contraction in 2020.
In Qatar, the index concluded 0.2%, with petrochemical maker Industries Qatar advancing 2%, while Qatar National Bank firmed 0.8%.
Sunday 13 December 2020
#UAE, #Israel export credit agencies sign agreement to boost trade | Reuters
UAE, Israel export credit agencies sign agreement to boost trade | Reuters
The export credit agencies of the United Arab Emirates (UAE) and Israel have signed a cooperation agreement to develop economic relations between the two countries, the UAE’s state news agency WAM said.
Etihad Credit Insurance and the Israel Foreign Trade Risks Insurance Corporation (ASHR’A) plan to support jointly exports, trade, and investment between the two countries, WAM said.
Since the UAE and Israel agreed to normalise relations in August, the two countries have signed a series of accords to boost economic and business ties.
The annual exchange of trade between Israel and the UAE across several industries is expected to reach $4 billion per year, the WAM report said.
The export credit agencies of the United Arab Emirates (UAE) and Israel have signed a cooperation agreement to develop economic relations between the two countries, the UAE’s state news agency WAM said.
Etihad Credit Insurance and the Israel Foreign Trade Risks Insurance Corporation (ASHR’A) plan to support jointly exports, trade, and investment between the two countries, WAM said.
Since the UAE and Israel agreed to normalise relations in August, the two countries have signed a series of accords to boost economic and business ties.
The annual exchange of trade between Israel and the UAE across several industries is expected to reach $4 billion per year, the WAM report said.
Board of #Dubai's Arabtec to meet on Tuesday - Arabianbusiness
Board of Dubai's Arabtec to meet on Tuesday - Arabianbusiness
The board of directors of UAE-based Arabtec has announced plans to hold a meeting on Tuesday afternoon.
Arabtec Holding confirmed last month that it was to file an application for its insolvent liquidation at the competent courts "at the earliest opportunity".
In accordance with the resolution of the company’s shareholders at the general assembly meeting held on September 30, the conclusion was reached following a two-month period of discussions with key stakeholders.
The decision was taken at a general assembly meeting held on November 30 despite a group of shareholders making a last-ditch attempt to save the construction giant from liquidation.
According to a filing on the Dubai Financial Market on Sunday morning, a meeting is planned for Tuesday at 3pm. No further details were given.
The board of directors of UAE-based Arabtec has announced plans to hold a meeting on Tuesday afternoon.
Arabtec Holding confirmed last month that it was to file an application for its insolvent liquidation at the competent courts "at the earliest opportunity".
In accordance with the resolution of the company’s shareholders at the general assembly meeting held on September 30, the conclusion was reached following a two-month period of discussions with key stakeholders.
The decision was taken at a general assembly meeting held on November 30 despite a group of shareholders making a last-ditch attempt to save the construction giant from liquidation.
According to a filing on the Dubai Financial Market on Sunday morning, a meeting is planned for Tuesday at 3pm. No further details were given.
#Iran Sets Out Ambitions to Hike Oil Production Next Year - Bloomberg
Iran Sets Out Ambitions to Hike Oil Production Next Year - Bloomberg
Iran said it planned to roughly double oil production in the next year, as the country anticipates a loosening of U.S. sanctions after Joe Biden becomes president.
Oil Minister Bijan Namdar Zanganeh told lawmakers on Saturday the government aims to pump 4.5 million barrels a day of oil and gas condensate, which is a liquid form of natural gas, during the next Iranian calendar year beginning on March 21, the state-run Islamic Republic News Agency reported.
Zanganeh also said Iran will increase oil exports to 2.3 million barrels a day provided that the U.S. eases sanctions on the energy sector, IRNA reported, citing Jafar Qaderi, a parliamentarian who sits on the budgetary affairs commission.
The projected exports are expected to cover 25% of Iran’s budget for the year ending March 2022, Qaderi said, a sign that the Islamic Republic’s economy is reducing its dependence on income from oil.
Iran said it planned to roughly double oil production in the next year, as the country anticipates a loosening of U.S. sanctions after Joe Biden becomes president.
Oil Minister Bijan Namdar Zanganeh told lawmakers on Saturday the government aims to pump 4.5 million barrels a day of oil and gas condensate, which is a liquid form of natural gas, during the next Iranian calendar year beginning on March 21, the state-run Islamic Republic News Agency reported.
Zanganeh also said Iran will increase oil exports to 2.3 million barrels a day provided that the U.S. eases sanctions on the energy sector, IRNA reported, citing Jafar Qaderi, a parliamentarian who sits on the budgetary affairs commission.
The projected exports are expected to cover 25% of Iran’s budget for the year ending March 2022, Qaderi said, a sign that the Islamic Republic’s economy is reducing its dependence on income from oil.
#Dubai's Emaar Names New Chairman as Alabbar Steps Down - Bloomberg
Dubai's Emaar Names New Chairman as Alabbar Steps Down - Bloomberg
Mohamed Alabbar, founder of Dubai’s largest developer Emaar Properties PJSC, is stepping down as chairman to comply with regulatory requirements and will continue running the government-backed company as its new managing director.
The company, which built the world’s tallest tower, cited a regulatory rule that bars combining the position of chairman and any executive role in publicly listed companies. Jamal Bin Theniyah, who had been vice chairman, was appointed chairman, and Ahmed Jawa, a board member, was named vice chairman.
Alabbar, who had served as Emaar chairman since July 1997, will be “devoted to the executive management matters and the day to day affairs of Emaar,” the company said in a stock market filing published on Sunday.
Alabbar is one of the top lieutenants of Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai who helped shepherd the emirate’s emergence from a small fishing town into a global metropolis. Alabbar founded Emaar in 1997, building thousands of homes, offices and malls and creating landmarks including one of the world’s largest shopping centers.
Mohamed Alabbar, founder of Dubai’s largest developer Emaar Properties PJSC, is stepping down as chairman to comply with regulatory requirements and will continue running the government-backed company as its new managing director.
The company, which built the world’s tallest tower, cited a regulatory rule that bars combining the position of chairman and any executive role in publicly listed companies. Jamal Bin Theniyah, who had been vice chairman, was appointed chairman, and Ahmed Jawa, a board member, was named vice chairman.
Alabbar, who had served as Emaar chairman since July 1997, will be “devoted to the executive management matters and the day to day affairs of Emaar,” the company said in a stock market filing published on Sunday.
Alabbar is one of the top lieutenants of Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai who helped shepherd the emirate’s emergence from a small fishing town into a global metropolis. Alabbar founded Emaar in 1997, building thousands of homes, offices and malls and creating landmarks including one of the world’s largest shopping centers.
Oil Rises From the Ashes as the Big Coronavirus Recovery Trade - Bloomberg
Oil Rises From the Ashes as the Big Coronavirus Recovery Trade - Bloomberg
Brent crude topped $50 a barrel last week for the first time since March, a milestone for an oil market that’s been grinding its way back out of a deep slump for months.
Things aren’t back to normal yet, but the positive signals are proliferating. The enormous glut of fuel that accumulated this year on everything from tiny barges to giant supertankers is being steadily depleted.
While the coronavirus pandemic is worse than ever in the U.S., demand in Europe is bouncing back as a second wave of lockdowns eases and Asia continues to pull in huge volumes of crude.
But there’s more to this than a realignment of supply and demand -- huge financial flows are also driving the price rally. In a world that’s expecting to see travel recover sharply next year, crude has become a hot Covid-vaccine trade.
Brent crude topped $50 a barrel last week for the first time since March, a milestone for an oil market that’s been grinding its way back out of a deep slump for months.
Things aren’t back to normal yet, but the positive signals are proliferating. The enormous glut of fuel that accumulated this year on everything from tiny barges to giant supertankers is being steadily depleted.
While the coronavirus pandemic is worse than ever in the U.S., demand in Europe is bouncing back as a second wave of lockdowns eases and Asia continues to pull in huge volumes of crude.
But there’s more to this than a realignment of supply and demand -- huge financial flows are also driving the price rally. In a world that’s expecting to see travel recover sharply next year, crude has become a hot Covid-vaccine trade.
Mideast Stocks Rise as Vaccine Rollout Buoys Mood: Inside EM - Bloomberg
Mideast Stocks Rise as Vaccine Rollout Buoys Mood: Inside EM - Bloomberg
Most equities markets in the Middle East advanced as investors looked to the rollout of mass vaccination programs for a fresh spur to prices.
Saudi Arabia’s Tadawaul All Share Index gained the most in the region, climbing 0.3% as of 10:27 a.m. local time. Gauges in Dubai, Abu Dhabi, Bahrain, Kuwait and Qatar also rose, while Oman’s benchmark index slipped.
Saudi Arabia announced over the weekend it approved Pfizer Inc. and BioNTech SE’s Covid-19 vaccine, joining the U.K., Canada and Bahrain. Egypt said it will start this week to register requests for inoculation against the coronavirus after receiving the first shipments of the Chinese-made Sinopharm vaccine. The country is also working on an agreement with China’s Sinovac Biotech Ltd. for joint production of the vaccine.
“This is really the inflection point that we have been waiting for throughout 2020,” said Fahd Iqbal, the head of Middle East research at Credit Suisse AG in Dubai. “Right now, there is going to be a process of understanding the logistics, how quickly people will be inoculated. But this will be a significant change to sentiment overall. It is a clear scaling-up opportunity in terms of exposure to the region.”
Elsewhere in the area, Qatar expects to get vaccines this month or at the beginning of 2021. Israel aims to vaccinate 60,000 people a day from Dec. 27. The United Arab Emirates approved emergency use of the Sinopharm vaccine back in September.
Most equities markets in the Middle East advanced as investors looked to the rollout of mass vaccination programs for a fresh spur to prices.
Saudi Arabia’s Tadawaul All Share Index gained the most in the region, climbing 0.3% as of 10:27 a.m. local time. Gauges in Dubai, Abu Dhabi, Bahrain, Kuwait and Qatar also rose, while Oman’s benchmark index slipped.
Saudi Arabia announced over the weekend it approved Pfizer Inc. and BioNTech SE’s Covid-19 vaccine, joining the U.K., Canada and Bahrain. Egypt said it will start this week to register requests for inoculation against the coronavirus after receiving the first shipments of the Chinese-made Sinopharm vaccine. The country is also working on an agreement with China’s Sinovac Biotech Ltd. for joint production of the vaccine.
“This is really the inflection point that we have been waiting for throughout 2020,” said Fahd Iqbal, the head of Middle East research at Credit Suisse AG in Dubai. “Right now, there is going to be a process of understanding the logistics, how quickly people will be inoculated. But this will be a significant change to sentiment overall. It is a clear scaling-up opportunity in terms of exposure to the region.”
Elsewhere in the area, Qatar expects to get vaccines this month or at the beginning of 2021. Israel aims to vaccinate 60,000 people a day from Dec. 27. The United Arab Emirates approved emergency use of the Sinopharm vaccine back in September.
Mideast Stocks-Major Gulf markets rise in early trade | ZAWYA MENA Edition
Mideast Stocks-Major Gulf markets rise in early trade | ZAWYA MENA Edition
Stock markets in the Gulf rose in early trade on Sunday, led by advances in financial shares, with Dubai on track to extend gains for a seventh session.
Saudi Arabia's benchmark index added 0.3%, with Jabal Omar Development rising 3.3%, on track to end three sessions of losses.
Elsewhere, Al Rajhi Bank firmed 0.3%.
Dubai's main share index edged up 0.1%, supported by a 4.2% jump in DAMAC Properties.
The property firm last week said its hospitality sector has seen an increase in occupancy since the onset of the pandemic.
In Abu Dhabi, the index gained 0.3%, led by a 0.9% rise in the country's largest lender First Abu Dhabi Bank and a 0.6% increase in Aldar Properties.
The Qatari index rose 0.3%, with Commercial Bank gaining 2.3%.
Stock markets in the Gulf rose in early trade on Sunday, led by advances in financial shares, with Dubai on track to extend gains for a seventh session.
Saudi Arabia's benchmark index added 0.3%, with Jabal Omar Development rising 3.3%, on track to end three sessions of losses.
Elsewhere, Al Rajhi Bank firmed 0.3%.
Dubai's main share index edged up 0.1%, supported by a 4.2% jump in DAMAC Properties.
The property firm last week said its hospitality sector has seen an increase in occupancy since the onset of the pandemic.
In Abu Dhabi, the index gained 0.3%, led by a 0.9% rise in the country's largest lender First Abu Dhabi Bank and a 0.6% increase in Aldar Properties.
The Qatari index rose 0.3%, with Commercial Bank gaining 2.3%.