Oil prices edge higher after U.S. crude stockpile draw | Reuters
Oil prices edged higher on Wednesday, buoyed by U.S. government data that showed crude stockpiles fell last week and by optimism about a coronavirus relief package in the United States.
Brent crude futures rose 32 cents to settle at $51.08 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents to settle at $47.82 a barrel.
U.S. crude inventories fell by 3.1 million barrels in the week to Dec. 11, the Energy Information Administration said. Analysts had expected a 1.9-million-barrel drop, after stockpiles surged in last week’s data.
“We couldn’t afford to have a build after last week,” said Bob Yawger, director of energy futures at Mizuho. “A U.S. stimulus package seems on the way, which will also be supportive.”
U.S. congressional leaders said substantial progress has been made in the months-long standoff on coronavirus relief and a funding bill to avert a government shutdown.
Wednesday 16 December 2020
How #Saudi Aramco IPO proved a game changer in a tumultuous year for oil
How Saudi Aramco IPO proved a game changer in a tumultuous year for oil
In a masterpiece of understatement, Amin Nasser summed up 2020 at a recent awards ceremony. “This year has been challenging,” the president and chief executive of Saudi Aramco told journalists.
Prospects looked very different just over a year ago, when Aramco made its debut on the Tadawul stock exchange in Riyadh in the world’s biggest initial public offering (IPO), becoming the world’s most valuable company in the process.
Having pulled off that complex piece of financial engineering, four years in the making, the life-time Aramco man could have been excused for seeking a period of respite. But it was not to be.
Within a couple of months, global demand for oil had been savaged by the coronavirus pandemic, and Aramco had to think again about the financial assumptions on which the world-beating IPO had been constructed.
“My generation hasn’t seen anything like this. I don't think the world has seen anything like this,” Nasser said, this time eschewing the restraint about what, by general industry consensus, has been the most difficult period in the 150-year history of the oil industry.
In a masterpiece of understatement, Amin Nasser summed up 2020 at a recent awards ceremony. “This year has been challenging,” the president and chief executive of Saudi Aramco told journalists.
Prospects looked very different just over a year ago, when Aramco made its debut on the Tadawul stock exchange in Riyadh in the world’s biggest initial public offering (IPO), becoming the world’s most valuable company in the process.
Having pulled off that complex piece of financial engineering, four years in the making, the life-time Aramco man could have been excused for seeking a period of respite. But it was not to be.
Within a couple of months, global demand for oil had been savaged by the coronavirus pandemic, and Aramco had to think again about the financial assumptions on which the world-beating IPO had been constructed.
“My generation hasn’t seen anything like this. I don't think the world has seen anything like this,” Nasser said, this time eschewing the restraint about what, by general industry consensus, has been the most difficult period in the 150-year history of the oil industry.
#SaudiArabia unveils 2021 budget - @RiyadhBureau @ahmed
#SaudiArabia unveils 2021 budget - @RiyadhBureau @ahmed
Saudi Arabia unveiled a 990 bn riyals ($263.9 bn) budget for 2021 that will see spending cut by 7.3% and said deficit will jump to around SR298 bn this year as the kingdom tackles the impact from low oil prices and the coronavirus pandemic.
Gross domestic product is projected to shrink by 3.7% this year but to return to a growth of 3.2% in 2021. Revenues for 2020 are expected to stand at SR770 bn and SR849 bn next year.
The budget “aims to provide assurance about the government’s ability to manage the crisis, gradually restore the pace of economic growth, strengthen the social benefits and subsidies schemes and continue to provide basic services,” the finance ministry said Tuesday in a statement.
Oil revenues for 2020 are estimated to be SR412 bn, down by 30.7% compared to the previous year, while non-oil revenues are expected to increase from SR332 bn to SR358 bn, “mainly due to the collection of exceptional profits from government investments,” according to the statement. Public debt expected to increase to SR937 bn next year from SR854 bn this year.
Saudi Arabia unveiled a 990 bn riyals ($263.9 bn) budget for 2021 that will see spending cut by 7.3% and said deficit will jump to around SR298 bn this year as the kingdom tackles the impact from low oil prices and the coronavirus pandemic.
Gross domestic product is projected to shrink by 3.7% this year but to return to a growth of 3.2% in 2021. Revenues for 2020 are expected to stand at SR770 bn and SR849 bn next year.
The budget “aims to provide assurance about the government’s ability to manage the crisis, gradually restore the pace of economic growth, strengthen the social benefits and subsidies schemes and continue to provide basic services,” the finance ministry said Tuesday in a statement.
Oil revenues for 2020 are estimated to be SR412 bn, down by 30.7% compared to the previous year, while non-oil revenues are expected to increase from SR332 bn to SR358 bn, “mainly due to the collection of exceptional profits from government investments,” according to the statement. Public debt expected to increase to SR937 bn next year from SR854 bn this year.
#UAE News: #Dubai Wealth Fund Takes Control of Meydan's Property and Horse-Racing - Bloomberg
UAE News: Dubai Wealth Fund Takes Control of Meydan's Property and Horse-Racing - Bloomberg
Investment Corp. of Dubai is gaining a larger footprint in the emirate’s property market by asserting control over state-owned developer Meydan’s real estate projects.
“We have embarked on a review of Meydan’s business strategy,” Mohammed Al Shaibani, ICD’s chief executive officer, said in an emailed reply to questions. “Our aim is to improve efficiencies in operations.”
Meydan, which built Dubai’s horse racetrack, is now overseen by the same government committee that earlier this year took charge of Nakheel PJSC, another builder managed by the wealth fund, according to people familiar with the matter. ICD is also the biggest shareholder in Emaar Properties PJSC, Dubai’s largest developer.
Facing a property glut, Dubai has moved to combine several of its state developers that have churned out an increasingly unsustainable supply of homes, offices and shopping centers. Already a drag on property values, some projects have run into financial trouble after the coronavirus pandemic wrought havoc across Dubai’s economy.
Investment Corp. of Dubai is gaining a larger footprint in the emirate’s property market by asserting control over state-owned developer Meydan’s real estate projects.
“We have embarked on a review of Meydan’s business strategy,” Mohammed Al Shaibani, ICD’s chief executive officer, said in an emailed reply to questions. “Our aim is to improve efficiencies in operations.”
Meydan, which built Dubai’s horse racetrack, is now overseen by the same government committee that earlier this year took charge of Nakheel PJSC, another builder managed by the wealth fund, according to people familiar with the matter. ICD is also the biggest shareholder in Emaar Properties PJSC, Dubai’s largest developer.
Facing a property glut, Dubai has moved to combine several of its state developers that have churned out an increasingly unsustainable supply of homes, offices and shopping centers. Already a drag on property values, some projects have run into financial trouble after the coronavirus pandemic wrought havoc across Dubai’s economy.
Aramco may have to sell assets, borrow more to maintain #Saudi dividend | Reuters
Aramco may have to sell assets, borrow more to maintain Saudi dividend | Reuters
Oil giant Aramco, whose dividend remains vital to helping Saudi Arabia contain a huge deficit, may have to sell assets and borrow more to fulfil its fiscal role amid uncertainty in oil prices, market specialists said.
While Saudi Arabia has increased non-oil revenues this year, Aramco still accounted for more than half its total income, and will be key to containing a budget shortfall this year forecast at 298 billion riyals ($79.4 billion), or 12% of GDP.
Aramco, the world’s largest oil producer, listed in 2019 in a record $29.4 billion share sale, but the government still owns 98.2% of the group.
Though its profits plummeted this year as oil prices tumbled during the COVID-19 pandemic, the company is sticking to a promised $75 billion annual dividend that will go almost entirely to the government.
While it is not obliged to maintain such a high payout, economists expect the firm to continue to offer the same support to state coffers next year.
Oil giant Aramco, whose dividend remains vital to helping Saudi Arabia contain a huge deficit, may have to sell assets and borrow more to fulfil its fiscal role amid uncertainty in oil prices, market specialists said.
While Saudi Arabia has increased non-oil revenues this year, Aramco still accounted for more than half its total income, and will be key to containing a budget shortfall this year forecast at 298 billion riyals ($79.4 billion), or 12% of GDP.
Aramco, the world’s largest oil producer, listed in 2019 in a record $29.4 billion share sale, but the government still owns 98.2% of the group.
Though its profits plummeted this year as oil prices tumbled during the COVID-19 pandemic, the company is sticking to a promised $75 billion annual dividend that will go almost entirely to the government.
While it is not obliged to maintain such a high payout, economists expect the firm to continue to offer the same support to state coffers next year.
Saudis pushing for Gulf dispute breakthrough at summit - sources | Reuters
Saudis pushing for Gulf dispute breakthrough at summit - sources | Reuters
An annual Gulf Arab summit has been put off to January while parties locked in a rancorous row that led to a boycott of Qatar work towards announcing a tangible deal, though a final resolution is likely to take longer, informed sources said.
The dispute, in which Saudi Arabia and its allies severed diplomatic, trade and travel ties with Qatar in mid-2017, has seen movement with Riyadh earlier this month saying a final solution was within reach.
The other nations involved were more circumspect when welcoming progress in mediation efforts by Kuwait and the United States, which wants Gulf Arabs to be united against Iran.
Four sources familiar with the matter said they expected an announcement to coincide with the summit, which is normally held in December and has not grouped Qatar’s emir together with leaders of the boycotting states since 2017.
A Gulf source said a deal, to be finalised by ministers ahead of the government leaders’ summit, could result in a set of principles for negotiations or a more concrete move involving reopening airspace to Qatar as a show of good faith.
“Things are moving fast but are still up in the air. Negotiations for a final resolution will take months and months,” the source said.
An annual Gulf Arab summit has been put off to January while parties locked in a rancorous row that led to a boycott of Qatar work towards announcing a tangible deal, though a final resolution is likely to take longer, informed sources said.
The dispute, in which Saudi Arabia and its allies severed diplomatic, trade and travel ties with Qatar in mid-2017, has seen movement with Riyadh earlier this month saying a final solution was within reach.
The other nations involved were more circumspect when welcoming progress in mediation efforts by Kuwait and the United States, which wants Gulf Arabs to be united against Iran.
Four sources familiar with the matter said they expected an announcement to coincide with the summit, which is normally held in December and has not grouped Qatar’s emir together with leaders of the boycotting states since 2017.
A Gulf source said a deal, to be finalised by ministers ahead of the government leaders’ summit, could result in a set of principles for negotiations or a more concrete move involving reopening airspace to Qatar as a show of good faith.
“Things are moving fast but are still up in the air. Negotiations for a final resolution will take months and months,” the source said.
Brent oil hovers around $50/bl on vaccine optimism and weaker dollar | Reuters
Brent oil hovers around $50/bl on vaccine optimism and weaker dollar | Reuters
Oil prices edged lower on Wednesday after a surprise gain in U.S. crude inventories and tighter coronavirus lockdowns in Europe but a weakening dollar and progress on the rollout of COVID-19 vaccines offered support.
Brent crude futures were down 13 cents, or 0.26%, to $50.63 a barrel by 1421 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 15 cents, or 0.31%, to $47.47.
“A weak dollar is helping support the price but the market is riding a wave of vaccine optimism. Yesterday, we had a strong rally due to the impending approval of a second COVID-19 vaccine,” said Harry Tchilinguirian, head of commodity research at BNP Paribas.
“The market is looking further ahead to the recovery instead of near-term low oil demand.”
Oil prices edged lower on Wednesday after a surprise gain in U.S. crude inventories and tighter coronavirus lockdowns in Europe but a weakening dollar and progress on the rollout of COVID-19 vaccines offered support.
Brent crude futures were down 13 cents, or 0.26%, to $50.63 a barrel by 1421 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 15 cents, or 0.31%, to $47.47.
“A weak dollar is helping support the price but the market is riding a wave of vaccine optimism. Yesterday, we had a strong rally due to the impending approval of a second COVID-19 vaccine,” said Harry Tchilinguirian, head of commodity research at BNP Paribas.
“The market is looking further ahead to the recovery instead of near-term low oil demand.”
Major markets finish stronger on higher oil prices | Reuters
Major markets finish stronger on higher oil prices | Reuters
Major Gulf markets ended higher on Wednesday on higher oil prices as a weakening dollar and progress on the rollout of COVID-19 vaccines helped crude climb above $51 a barrel.
The positive sentiment was also aided by U.S. congressional leaders expressing optimism about a stimulus deal.
Brent crude futures rose 25 cents, or 0.5%, to $51.01 a barrel by 1017 GMT, but the gains were capped by a surprise gain in U.S. crude inventories and tighter coronavirus lockdowns in Europe.
The movement in oil prices is a key catalyst for the Gulf region’s financial markets.
The Saudi benchmark firmed 0.7%, with lender Al-Rajhi leading the gains, putting on 1.1%. Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals firm, advanced 2.2% after it proposed a second-half dividend of 1.5 riyal per share.
On Tuesday, Saudi Arabia announced a 990 billion riyal ($263.91 billion) budget for 2021, around 7% less than estimated spending for this year, as the world’s biggest oil exporter seeks to tame a huge deficit caused by lower petroleum revenues and the coronavirus crisis.
Dubai’s main share index strengthened 0.4%, helped by a 0.9% gain in top lender Emirates NBD, while property stock Damac Properties put on 3.4%.
The Abu Dhabi index also added 0.4%, bolstered mainly by a 0.6% gain each in telecoms firm Etisalat and the country’s largest lender First Abu Dhabi Bank.
In Qatar, the index ended the session little changed. The Gulf’s biggest lender Qatar National Bank was the biggest loser in the benchmark, shedding 1.4%.
Among gainers on the Qatar index, Qatar Islamic Bank firmed 2%, while Qatar Commercial Bank tacked on 1.4%.
Major Gulf markets ended higher on Wednesday on higher oil prices as a weakening dollar and progress on the rollout of COVID-19 vaccines helped crude climb above $51 a barrel.
The positive sentiment was also aided by U.S. congressional leaders expressing optimism about a stimulus deal.
Brent crude futures rose 25 cents, or 0.5%, to $51.01 a barrel by 1017 GMT, but the gains were capped by a surprise gain in U.S. crude inventories and tighter coronavirus lockdowns in Europe.
The movement in oil prices is a key catalyst for the Gulf region’s financial markets.
The Saudi benchmark firmed 0.7%, with lender Al-Rajhi leading the gains, putting on 1.1%. Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals firm, advanced 2.2% after it proposed a second-half dividend of 1.5 riyal per share.
On Tuesday, Saudi Arabia announced a 990 billion riyal ($263.91 billion) budget for 2021, around 7% less than estimated spending for this year, as the world’s biggest oil exporter seeks to tame a huge deficit caused by lower petroleum revenues and the coronavirus crisis.
Dubai’s main share index strengthened 0.4%, helped by a 0.9% gain in top lender Emirates NBD, while property stock Damac Properties put on 3.4%.
The Abu Dhabi index also added 0.4%, bolstered mainly by a 0.6% gain each in telecoms firm Etisalat and the country’s largest lender First Abu Dhabi Bank.
In Qatar, the index ended the session little changed. The Gulf’s biggest lender Qatar National Bank was the biggest loser in the benchmark, shedding 1.4%.
Among gainers on the Qatar index, Qatar Islamic Bank firmed 2%, while Qatar Commercial Bank tacked on 1.4%.
Saudis Stop Disclosing Oil Revenue Following Aramco’s Listing - Bloomberg
Saudi Arabia has stopped disclosing projected revenue from oil following the listing of Aramco, as doing so could give clues about the state energy giant’s dividend plans.
The kingdom is relying on payouts from Aramco, the world’s biggest oil company, to help plug its budget deficit and bolster an economy that’s been hammered this year by coronavirus lockdowns and the crash in crude prices. The Dhahran-based firm sold shares for the first time in December 2019, though the government still owns around 98% of them.
“The reason we don’t disclose the oil and non-oil breakdown is because of the presence of Aramco as a listed company,” Finance Minister Mohammed Al-Jadaan said in a press conference following the kingdom’s budget announcement for next year. “The government deals with Aramco as a supplier for tax. We have revenue that comes from Aramco, tax that comes from Aramco and also dividends since the government is the largest shareholder.”
#AbuDhabi's ADX signs MOU with Tel Aviv Stock Exchange - Abu Dhabi media office | Reuters
Abu Dhabi's ADX signs MOU with Tel Aviv Stock Exchange - Abu Dhabi media office | Reuters
Abu Dhabi’s ADX securities market signed a memorandum of understanding with Israel’s Tel Aviv Stock Exchange to foster co-operation between the two exchanges, the Abu Dhabi government media office said Wednesday on Twitter.
#Saudi 2021 budget cuts spending after deficit spike on oil, COVID-19 | Reuters
Saudi 2021 budget cuts spending after deficit spike on oil, COVID-19 | Reuters
Saudi Arabia announced a 990 billion riyal ($263.91 billion) budget for 2021 on Tuesday, around 7% less than estimated spending for this year, as the world’s biggest oil exporter seeks to tame a huge deficit caused by lower petroleum revenues and the coronavirus crisis.
The kingdom expects to post a deficit of 298 billion riyals this year, or 12% of gross domestic product (GDP), as crude revenues are slated to drop by over 30%, and 141 billion riyals or 4.9% of GDP next year, according to a budget statement. It plans to nearly balance its budget by 2023.
The finance ministry said the budget reflected “the ability to adopt appropriate policies to balance between growth, economic stability and fiscal sustainability in the medium and long term.”
Saudi Arabia expects the economy to shrink by 3.7% this year but to swing back to a 3.2% growth next year.
Saudi Arabia announced a 990 billion riyal ($263.91 billion) budget for 2021 on Tuesday, around 7% less than estimated spending for this year, as the world’s biggest oil exporter seeks to tame a huge deficit caused by lower petroleum revenues and the coronavirus crisis.
The kingdom expects to post a deficit of 298 billion riyals this year, or 12% of gross domestic product (GDP), as crude revenues are slated to drop by over 30%, and 141 billion riyals or 4.9% of GDP next year, according to a budget statement. It plans to nearly balance its budget by 2023.
The finance ministry said the budget reflected “the ability to adopt appropriate policies to balance between growth, economic stability and fiscal sustainability in the medium and long term.”
Saudi Arabia expects the economy to shrink by 3.7% this year but to swing back to a 3.2% growth next year.
#UAE billionaire Hussain Sajwani, family still own over 85% of firm, DAMAC clarifies | ZAWYA MENA Edition
UAE billionaire Hussain Sajwani, family still own over 85% of firm, DAMAC clarifies | ZAWYA MENA Edition
Dubai’s real estate developer DAMAC Properties clarified on Wednesday that only a small portion of the company’s shares are owned by foreign investors and that the majority ownership, approximately 85%, is still controlled by the founder, Emirati billionaire Hussain Sajwani and his family.
It was reported last week that more than a third (33.82 percent) of the company, representing a little over two billion shares, are owned by “foreign investors”.
In a statement to the Dubai Financial Market (DFM) on Wednesday, the developer said foreigners hold only three percent of all company shares, while the biggest chunk of the shares, around 72 percent, still belong to Sajwani.
“The company wishes to clarify that… 72.2 percent of total company shares are held by founder and chairman Hussain Sajwani (18 percent are held by him through companies registered in foreign jurisdictions, and the balance 54 percent are held onshore),” DAMAC said.
Dubai’s real estate developer DAMAC Properties clarified on Wednesday that only a small portion of the company’s shares are owned by foreign investors and that the majority ownership, approximately 85%, is still controlled by the founder, Emirati billionaire Hussain Sajwani and his family.
It was reported last week that more than a third (33.82 percent) of the company, representing a little over two billion shares, are owned by “foreign investors”.
In a statement to the Dubai Financial Market (DFM) on Wednesday, the developer said foreigners hold only three percent of all company shares, while the biggest chunk of the shares, around 72 percent, still belong to Sajwani.
“The company wishes to clarify that… 72.2 percent of total company shares are held by founder and chairman Hussain Sajwani (18 percent are held by him through companies registered in foreign jurisdictions, and the balance 54 percent are held onshore),” DAMAC said.
#SaudiArabia to get sovereign wealth fund dividend, has no tax hike plan - Finance Minister | Reuters
Saudi Arabia to get sovereign wealth fund dividend, has no tax hike plan - Finance Minister | Reuters
Saudi Arabia expects to receive up to 25 billion riyals ($6.7 billion) in dividends this year from its sovereign wealth fund, the Public Investment Fund (PIF), in a one-off measure aimed at boosting coffers battered by low oil prices.
“We called for part of the dividends, so we are possibly going to receive around 15 to 25 billion Saudi riyals in dividends from PIF,” Finance Minister Mohammed al-Jadaan told Reuters late on Tuesday, after the announcement of Saudi Arabia’s 2021 budget.
He said receiving dividends from PIF’s profits was an exceptional decision and that the government generally does not plan to call for dividends from the fund in the future.
PIF is Saudi Arabia’s Crown Prince Mohammed bin Salman’s vehicle of choice for his ambitious plan to transform the economy and wean it off oil revenues.
Saudi Arabia expects to receive up to 25 billion riyals ($6.7 billion) in dividends this year from its sovereign wealth fund, the Public Investment Fund (PIF), in a one-off measure aimed at boosting coffers battered by low oil prices.
“We called for part of the dividends, so we are possibly going to receive around 15 to 25 billion Saudi riyals in dividends from PIF,” Finance Minister Mohammed al-Jadaan told Reuters late on Tuesday, after the announcement of Saudi Arabia’s 2021 budget.
He said receiving dividends from PIF’s profits was an exceptional decision and that the government generally does not plan to call for dividends from the fund in the future.
PIF is Saudi Arabia’s Crown Prince Mohammed bin Salman’s vehicle of choice for his ambitious plan to transform the economy and wean it off oil revenues.
#Saudi petrochemical giant SABIC eyes $1.2mln in cash dividends | ZAWYA MENA Edition
Saudi petrochemical giant SABIC eyes $1.2mln in cash dividends | ZAWYA MENA Edition
Saudi Basic Industries Corp. (SABIC), the world’s fourth-biggest petrochemical firm, is planning to hand out 4.5 million Saudi riyals ($1.2 million) in cash dividends to its shareholders.
The company’s board has recommended the payout for the second half of the year, the firm said in a bourse filing on Wednesday.
About three billion shares will be eligible to receive the dividend, pegged at 1.5 riyals per share. The proposed dividend represents 15 percent of the share’s par value.
“The eligibility of cash dividend will be to shareholders who own the company shares on the eligibility date and enrolled in the company’s register at the Securities Depository Centre for Company (Edaa) by the end of the second trading day of the day of the General Assembly of the company, which will be announced later,” the firm said.
Saudi Basic Industries Corp. (SABIC), the world’s fourth-biggest petrochemical firm, is planning to hand out 4.5 million Saudi riyals ($1.2 million) in cash dividends to its shareholders.
The company’s board has recommended the payout for the second half of the year, the firm said in a bourse filing on Wednesday.
About three billion shares will be eligible to receive the dividend, pegged at 1.5 riyals per share. The proposed dividend represents 15 percent of the share’s par value.
“The eligibility of cash dividend will be to shareholders who own the company shares on the eligibility date and enrolled in the company’s register at the Securities Depository Centre for Company (Edaa) by the end of the second trading day of the day of the General Assembly of the company, which will be announced later,” the firm said.
MIDEAST STOCKS-Most Gulf markets rise in early trade; #Dubai stocks ease | Nasdaq
MIDEAST STOCKS-Most Gulf markets rise in early trade; Dubai stocks ease | Nasdaq
Most major markets in the Gulf traded higher early on Wednesday, with Saudi Basic Industries Corp (SABIC) 2010.SE supporting the Saudi index.
The kingdom's benchmark index .TASI rose 0.4%, with SABIC, the world's 4th-biggest petrochemicals firm, advancing 1.2%, after it proposed a second-half dividend of 1.5 riyal per share.
Meanwhile, Saudi Arabia announced a 990 billion riyal ($263.91 billion) budget for 2021 on Tuesday, around 7% less than estimated spending for this year, as the world's biggest oil exporter seeks to tame a huge deficit caused by lower petroleum revenue and the coronavirus crisis.
The kingdom expects the economy to shrink by 3.7% this year but to swing back to 3.2% growth next year.
Dubai's main share index .DFMGI, however, eased 0.1%, hit by a 0.9% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.6% retreat in logistic firm Aramex ARMX.DU.
Dubai's non-oil private sector shrank for a second consecutive month in November as the pandemic drove business sentiment to a historic low, a survey showed on Monday.
The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) declined to 49.0 in November from 49.9 in October.
The Abu Dhabi index .ADI added 0.2%, bolstered mainly by a 0.6% gain in telecoms firm Etisalat ETISALAT.AD and a 0.3% increase in the country's largest lender First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI edged up 0.2%, led by a 1% rise in the Gulf's biggest lender Qatar National Bank QNBK.
Most major markets in the Gulf traded higher early on Wednesday, with Saudi Basic Industries Corp (SABIC) 2010.SE supporting the Saudi index.
The kingdom's benchmark index .TASI rose 0.4%, with SABIC, the world's 4th-biggest petrochemicals firm, advancing 1.2%, after it proposed a second-half dividend of 1.5 riyal per share.
Meanwhile, Saudi Arabia announced a 990 billion riyal ($263.91 billion) budget for 2021 on Tuesday, around 7% less than estimated spending for this year, as the world's biggest oil exporter seeks to tame a huge deficit caused by lower petroleum revenue and the coronavirus crisis.
The kingdom expects the economy to shrink by 3.7% this year but to swing back to 3.2% growth next year.
Dubai's main share index .DFMGI, however, eased 0.1%, hit by a 0.9% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.6% retreat in logistic firm Aramex ARMX.DU.
Dubai's non-oil private sector shrank for a second consecutive month in November as the pandemic drove business sentiment to a historic low, a survey showed on Monday.
The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) declined to 49.0 in November from 49.9 in October.
The Abu Dhabi index .ADI added 0.2%, bolstered mainly by a 0.6% gain in telecoms firm Etisalat ETISALAT.AD and a 0.3% increase in the country's largest lender First Abu Dhabi Bank FAB.AD.
In Qatar, the index .QSI edged up 0.2%, led by a 1% rise in the Gulf's biggest lender Qatar National Bank QNBK.
Subscribe to:
Posts (Atom)