Oil prices dip as demand concerns counter U.S. stimulus | Reuters
Oil prices fell on Monday as concerns about weakening fuel demand and the prospect of higher OPEC+ output outweighed optimism over a U.S. stimulus package.
Oil prices strengthened earlier in the day, with Brent rising above $52 a barrel, as Democrats aimed for larger $2,000 COVID-19 relief payments following U.S. President Donald Trump’s signing of a $2.3 trillion stimulus deal.
But a new variant of the virus in the United Kingdom has led to restrictions on movement being reimposed, hitting near-term demand and weighing on prices, while hospitalizations and infections surged in parts of Europe and Africa.
Brent crude settled at $50.86 a barrel, falling 43 cents, or 0.84%, after trading as high as $52.02 earlier in the session. U.S. West Texas Intermediate (WTI) crude settled at $47.62 a barrel, losing 61 cents, or 1.26%.
Monday 28 December 2020
#Oman Banks Get More Flexibility in Financing Stock Investments - Bloomberg
Oman Banks Get More Flexibility in Financing Stock Investments - Bloomberg
Oman’s central bank said it approved a recommendation that would provide more flexibility for banks in financing stock market investments.
The regulator’s board reviewed the prospects and challenges facing the economy and approved a recommendation to amend some of the provisions in granting of loans against shares.
“The amendment is expected to provide greater flexibility and enhanced opportunities to banks in financing investments in shares or against the security of shares,” according to a statement posted on its website. It didn’t provide further details.
The regulator also said banking sector in Oman was “comfortably placed” to ensure its continued support to the economy.
Oman’s central bank said it approved a recommendation that would provide more flexibility for banks in financing stock market investments.
The regulator’s board reviewed the prospects and challenges facing the economy and approved a recommendation to amend some of the provisions in granting of loans against shares.
“The amendment is expected to provide greater flexibility and enhanced opportunities to banks in financing investments in shares or against the security of shares,” according to a statement posted on its website. It didn’t provide further details.
The regulator also said banking sector in Oman was “comfortably placed” to ensure its continued support to the economy.
Oil rises to touch $52 after Trump signs aid bill | Reuters
Oil rises to touch $52 after Trump signs aid bill | Reuters
Oil rose to hit $52 a barrel on Monday as U.S. President Donald Trump’s signing of a coronavirus aid package and the start of a European vaccination campaign outweighed concern about weak near-term demand.
After Trump backed down from a threat to block the package, Democrats on Monday will try to push through expanded $2,000 relief payments. Europe, meanwhile, launched a mass vaccination drive on Sunday. [nL1N2J804R]
Brent crude was up 45 cents, or 0.9%, at $51.74 a barrel at 1200 GMT, after trading as high as $52.02 and reversing an earlier decline. U.S. West Texas Intermediate (WTI) crude added 44 cents, or 0.9%, to $48.67.
“The signing of the U.S. stimulus bill, with the possibility of an increased size, should put a floor under oil prices in a shortened week,” said Jeffrey Halley, analyst at broker OANDA.
Oil rose to hit $52 a barrel on Monday as U.S. President Donald Trump’s signing of a coronavirus aid package and the start of a European vaccination campaign outweighed concern about weak near-term demand.
After Trump backed down from a threat to block the package, Democrats on Monday will try to push through expanded $2,000 relief payments. Europe, meanwhile, launched a mass vaccination drive on Sunday. [nL1N2J804R]
Brent crude was up 45 cents, or 0.9%, at $51.74 a barrel at 1200 GMT, after trading as high as $52.02 and reversing an earlier decline. U.S. West Texas Intermediate (WTI) crude added 44 cents, or 0.9%, to $48.67.
“The signing of the U.S. stimulus bill, with the possibility of an increased size, should put a floor under oil prices in a shortened week,” said Jeffrey Halley, analyst at broker OANDA.
Egyptian shares gain, Gulf stocks mixed | Reuters
Egyptian shares gain, Gulf stocks mixed | Reuters
Egyptian shares bounced back on Monday after the central bank kept rates unchanged, citing rising inflation and slowing economic growth due to the coronavirus pandemic.
Egypt’s blue-chip index rose 0.7%, with most of its constituents ending higher. Sidi Kerir Petrochemicals jumped 6.6% and EFG Hermes increased 1.4%.
Saudi Arabia’s index fell 0.3% as Al Rajhi Bank dropped 0.7% and Saudi Basic Industries (SABIC) closed down 0.8%, having risen as much as 0.6% during the day.
SABIC, which owns 31.5% of Clariant, on Monday re-ignited a battle over the Swiss chemicals maker’s future by seeking a 12-year board member term limit that would force Chairman Hariolf Kottmann’s ouster.
Among the gainers, Halwani Brothers Company surged 9.9% to a record high of 88.9 riyals after the food producer and distributor proposed raising capital through a bonus share issue and distributing a 1.5 riyal-per-share cash dividend for 2020.
The Dubai index closed almost flat. Damac Propeties dropped 2.9%, while Emirates NBD Bank gained 0.5%.
DXB Entertainments was the biggest loser in percentage term, falling 4% to 0.095 dirham in its fifth consecutive day of losses.
DXB has lost over a fifth of its value since Meraas, which owns more than half of the loss-making theme park group, intended to make a conditional offer to acquire the remaining shares and take it private.
In Abu Dhabi, the index was up 0.2% with First Abu Dhabi Bank gaining 0.3% and Emirates Telecommunications Group adding 0.1%.
The Qatari index closed nearly 0.1% down. Commercial Bank gained 0.9%, while Qatar International Islamic Bank shed 0.8%.
Telecoms company Ooredoo, which rose in last three sessions, ended 0.3% down.
After the market closed, Ooredoo said the company and CK Hutchison Holdings are exploring a deal to merge their Indonesian units.
Egyptian shares bounced back on Monday after the central bank kept rates unchanged, citing rising inflation and slowing economic growth due to the coronavirus pandemic.
Egypt’s blue-chip index rose 0.7%, with most of its constituents ending higher. Sidi Kerir Petrochemicals jumped 6.6% and EFG Hermes increased 1.4%.
Saudi Arabia’s index fell 0.3% as Al Rajhi Bank dropped 0.7% and Saudi Basic Industries (SABIC) closed down 0.8%, having risen as much as 0.6% during the day.
SABIC, which owns 31.5% of Clariant, on Monday re-ignited a battle over the Swiss chemicals maker’s future by seeking a 12-year board member term limit that would force Chairman Hariolf Kottmann’s ouster.
Among the gainers, Halwani Brothers Company surged 9.9% to a record high of 88.9 riyals after the food producer and distributor proposed raising capital through a bonus share issue and distributing a 1.5 riyal-per-share cash dividend for 2020.
The Dubai index closed almost flat. Damac Propeties dropped 2.9%, while Emirates NBD Bank gained 0.5%.
DXB Entertainments was the biggest loser in percentage term, falling 4% to 0.095 dirham in its fifth consecutive day of losses.
DXB has lost over a fifth of its value since Meraas, which owns more than half of the loss-making theme park group, intended to make a conditional offer to acquire the remaining shares and take it private.
In Abu Dhabi, the index was up 0.2% with First Abu Dhabi Bank gaining 0.3% and Emirates Telecommunications Group adding 0.1%.
The Qatari index closed nearly 0.1% down. Commercial Bank gained 0.9%, while Qatar International Islamic Bank shed 0.8%.
Telecoms company Ooredoo, which rose in last three sessions, ended 0.3% down.
After the market closed, Ooredoo said the company and CK Hutchison Holdings are exploring a deal to merge their Indonesian units.
#Oman’s Expat Work Force Down by 16% Amid Pandemic, Report Says - Bloomberg
Oman’s Expat Work Force Down by 16% Amid Pandemic, Report Says - Bloomberg
Nearly a sixth of Oman’s expatriate workers left the Gulf Arab country in the first 11 months of 2020, after losing their jobs because of the coronavirus pandemic, the Times of Oman reported, citing government figures.
The National Centre for Statistics and Information calculated that 272,126 foreign workers departed, leaving the non-Omani work force at 1.4 million. Most were from Nepal, Uganda, India, Pakistan, Bangladesh and Egypt.
Wealthy Gulf Arab monarchies have for decades depended on unskilled and skilled foreign workers to transform their economies. But with no formal route to citizenship or permanent residency, and no social safety nets, many expatriates who lost jobs due to measures to curb the spread of the virus have been forced to return home.
Nearly a sixth of Oman’s expatriate workers left the Gulf Arab country in the first 11 months of 2020, after losing their jobs because of the coronavirus pandemic, the Times of Oman reported, citing government figures.
The National Centre for Statistics and Information calculated that 272,126 foreign workers departed, leaving the non-Omani work force at 1.4 million. Most were from Nepal, Uganda, India, Pakistan, Bangladesh and Egypt.
Wealthy Gulf Arab monarchies have for decades depended on unskilled and skilled foreign workers to transform their economies. But with no formal route to citizenship or permanent residency, and no social safety nets, many expatriates who lost jobs due to measures to curb the spread of the virus have been forced to return home.
#Qatar November Exports Rise From Prior Month; Energy Sales Lower - Bloomberg
Qatar November Exports Rise From Prior Month; Energy Sales Lower - Bloomberg
Qatar, the world’s biggest shipper of liquefied natural gas, posted an increase in exports in November compared with the previous month although the coronavirus pandemic continued to weigh on the sale of energy products.
November Exports:
Qatar, the world’s biggest shipper of liquefied natural gas, posted an increase in exports in November compared with the previous month although the coronavirus pandemic continued to weigh on the sale of energy products.
November Exports:
- 16.6 billion riyals ($4.5 billion) vs 22.2 billion riyals year ago
- Exports in October: 15.3 billion riyals
- The decrease in November from year-ago period “was mainly due to lower exports of petroleum gases and other gaseous hydrocarbons,” according to the country’s Planning and Statistics Authority.
- 7.5 billion riyals vs 9.7 billion riyals year ago
- Imports in October: 8.3 billion riyals
Al Mal Capital's REIT raises $95.3mln in IPO ahead of #Dubai listing | ZAWYA MENA Edition
Al Mal Capital's REIT raises $95.3mln in IPO ahead of Dubai listing | ZAWYA MENA Edition
Asset management firm Al Mal Capital has raised 350 million dirhams ($95.29 million) from the initial public offering (IPO) of its property fund.
The subsidiary of Dubai Investments had earlier floated its newly founded real estate investment trust (REIT) on the Dubai Financial Market (DFM). The proceeds were meant to invest in a diversified portfolio of assets.
“We are proud that we have successfully raised the required amount for Al Mal Capital REIT, especially during the unprecedented times we faced this year. We are confident that the REIT will continue to meet investors’ needs, as we begin to purchase and acquire income-generating real estate assets,” said Naser Al Nabulsi, vice chairman and CEO of Al Mal Capital.
Al Mal Capital REIT secured a license to operate as a real estate investment fund on December 21, 2020. Following the IPO, the REIT’s shares will be listed on the bourse in January 2021.
Asset management firm Al Mal Capital has raised 350 million dirhams ($95.29 million) from the initial public offering (IPO) of its property fund.
The subsidiary of Dubai Investments had earlier floated its newly founded real estate investment trust (REIT) on the Dubai Financial Market (DFM). The proceeds were meant to invest in a diversified portfolio of assets.
“We are proud that we have successfully raised the required amount for Al Mal Capital REIT, especially during the unprecedented times we faced this year. We are confident that the REIT will continue to meet investors’ needs, as we begin to purchase and acquire income-generating real estate assets,” said Naser Al Nabulsi, vice chairman and CEO of Al Mal Capital.
Al Mal Capital REIT secured a license to operate as a real estate investment fund on December 21, 2020. Following the IPO, the REIT’s shares will be listed on the bourse in January 2021.
#Dubai's DXB Entertainments to hire advisors to review Meraas' buyout offer | ZAWYA MENA Edition
Dubai's DXB Entertainments to hire advisors to review Meraas' buyout offer | ZAWYA MENA Edition
DXB Entertainments (DXBE) is set to hire some advisors to review Meraas’ proposal to buy out the troubled theme park operator.
DXB Entertainments is the owner and operator of Dubai Parks and Resorts, the region’s leading integrated leisure and entertainment destination.
State-backed Meraas Leisure and Entertainment made a conditional offer on December 20, 2020 to pay in cash and acquire the remaining shares of DXBE.
According to Refinitiv Eikon data, the Dubai property firm owns 52.3 percent of DXBE, while Qatar Investment Authority holds 10.98 percent and Kuwait Investment Authority, a little over 5 percent.
In a bourse filing on Monday, the owner of Dubai Parks and Resorts said it will be considering a resolution on December 30, 2020 to review and approve the appointment of the financial and legal advisors for the purpose of evaluating Meraas’ offer.
DXB Entertainments (DXBE) is set to hire some advisors to review Meraas’ proposal to buy out the troubled theme park operator.
DXB Entertainments is the owner and operator of Dubai Parks and Resorts, the region’s leading integrated leisure and entertainment destination.
State-backed Meraas Leisure and Entertainment made a conditional offer on December 20, 2020 to pay in cash and acquire the remaining shares of DXBE.
According to Refinitiv Eikon data, the Dubai property firm owns 52.3 percent of DXBE, while Qatar Investment Authority holds 10.98 percent and Kuwait Investment Authority, a little over 5 percent.
In a bourse filing on Monday, the owner of Dubai Parks and Resorts said it will be considering a resolution on December 30, 2020 to review and approve the appointment of the financial and legal advisors for the purpose of evaluating Meraas’ offer.
#UAE President forms new #AbuDhabi council to oversee economic, financial affairs | ZAWYA MENA Edition
UAE President forms new Abu Dhabi council to oversee economic, financial affairs | ZAWYA MENA Edition
The UAE President Sheikh Khalifa bin Zayed, also ruler of Abu Dhabi on Sunday issued a law to establish the Supreme Council for Financial and Economic Affairs to organise and oversee all matters related to the emirate’s financial, investment, economic, petroleum and natural resources affairs.
The current Supreme Petroleum Council, which regulates petroleum-related policies, will be merged with this new council, the Abu Dhabi media office said in a tweet.
The council is chaired by Sheikh Khalifa and its vice chairman is Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The UAE President Sheikh Khalifa bin Zayed, also ruler of Abu Dhabi on Sunday issued a law to establish the Supreme Council for Financial and Economic Affairs to organise and oversee all matters related to the emirate’s financial, investment, economic, petroleum and natural resources affairs.
The current Supreme Petroleum Council, which regulates petroleum-related policies, will be merged with this new council, the Abu Dhabi media office said in a tweet.
The council is chaired by Sheikh Khalifa and its vice chairman is Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
SABIC seeks Clariant chairman's ouster in post-Christmas coup | Reuters
SABIC seeks Clariant chairman's ouster in post-Christmas coup | Reuters
Clariant’s biggest shareholder, Saudi Basic Industries Corporation, on Monday re-ignited a battle over the Swiss chemicals maker’s future by seeking a 12-year board member term limit that would force Chairman Hariolf Kottmann’s ouster.
SABIC, which owns 31.5% of Clariant, asked for the new term limit, including for the chairperson, to be added to the agenda of the annual general meeting of shareholders scheduled for April 7.
Aramco-controlled SABIC also proposed a special dividend distribution of 2 Swiss francs per share, Clariant said in a statement, which would total roughly 670 million francs ($753 million).
That could drain the company’s coffers that new CEO Conrad Keijzer might otherwise use to bulk up via acquisitions that he has said are a priority.
Clariant’s biggest shareholder, Saudi Basic Industries Corporation, on Monday re-ignited a battle over the Swiss chemicals maker’s future by seeking a 12-year board member term limit that would force Chairman Hariolf Kottmann’s ouster.
SABIC, which owns 31.5% of Clariant, asked for the new term limit, including for the chairperson, to be added to the agenda of the annual general meeting of shareholders scheduled for April 7.
Aramco-controlled SABIC also proposed a special dividend distribution of 2 Swiss francs per share, Clariant said in a statement, which would total roughly 670 million francs ($753 million).
That could drain the company’s coffers that new CEO Conrad Keijzer might otherwise use to bulk up via acquisitions that he has said are a priority.
Oil firms after Trump signs aid bill; demand concerns linger | Reuters
Oil firms after Trump signs aid bill; demand concerns linger | Reuters
Oil prices edged higher on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package, although lingering worries about near-term demand weighed on the market.
Brent crude futures added 12 cents, or 0.2%, at $51.41 a barrel at 0803 GMT, having fallen as much as 1.5% to $50.53 a barrel earlier in the session.
U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.4%, to $48.41 a barrel.
“With trading volumes thinned by the holiday week, oil is likely to remain below the radar in coming days. That said, the signing of the U.S. stimulus bill, with the possibility of an increased size, should put a floor under oil prices in a shortened week,” said Jeffrey Halley, senior market analyst at OANDA.
Oil prices edged higher on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package, although lingering worries about near-term demand weighed on the market.
Brent crude futures added 12 cents, or 0.2%, at $51.41 a barrel at 0803 GMT, having fallen as much as 1.5% to $50.53 a barrel earlier in the session.
U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.4%, to $48.41 a barrel.
“With trading volumes thinned by the holiday week, oil is likely to remain below the radar in coming days. That said, the signing of the U.S. stimulus bill, with the possibility of an increased size, should put a floor under oil prices in a shortened week,” said Jeffrey Halley, senior market analyst at OANDA.
MIDEAST STOCKS- #Saudi index buoyed by petrochemical shares, Halwani Bros jumps | Nasdaq
MIDEAST STOCKS-Saudi index buoyed by petrochemical shares, Halwani Bros jumps | Nasdaq
Saudi Arabia's main index edged higher in early trade on Monday, buoyed by petrochemical shares a day after the energy ministry announced the discovery of four new oil and gas fields.
Saudi Basic Industries 2010.SE rose 0.6% and Saudi Kayan Petrochemical 2350.SE gained 0.8%, supporting a 0.1% rise in the benchmark index .TASI.
State-owned Saudi Aramco 2222.SE edged up 0.1% after the announcement that it had discovered oil in the Al-Ajramiyah well, northwest of the city of Rafhaa, with tests showing a rate of 3,850 barrels per day.
Halwani Brothers Company 6001.SE jumped 9.9% to a record high of 88.9 riyals after the food producer and distributor proposed raising capital through a bonus share issue and distributing a 1.5 riyal-per-share cash dividend for 2020.
The Dubai index .DFMGI was down 0.2%. Blue-chip developer Emaar Properties EMAR.DU lost 0.8% while Damac Properties DAMAC.DU shed 1.5%.
DXB Entertainments DXBE.DU was the biggest loser in percentage term, falling 4% to 0.095 dirham.
Its shares were due to see their fifth consecutive day of losses since filings showed Meraas, which owns more than half of the loss-making theme park group intended to make a conditional offer to acquire the remaining shares and take it private.
In Abu Dhabi, the index .ADI was up 0.2% with Emirates Telecommunications Group ETISALAT.AD and First Abu Dhabi Bank FAB.AD gaining 0.3% and 0.2% respectively.
The Qatari index .QSI was trading down 0.1%. Qatar Fuel QFLS.QA and the telecom company Ooredoo ORDS.QA both fell 1%.
Saudi Arabia's main index edged higher in early trade on Monday, buoyed by petrochemical shares a day after the energy ministry announced the discovery of four new oil and gas fields.
Saudi Basic Industries 2010.SE rose 0.6% and Saudi Kayan Petrochemical 2350.SE gained 0.8%, supporting a 0.1% rise in the benchmark index .TASI.
State-owned Saudi Aramco 2222.SE edged up 0.1% after the announcement that it had discovered oil in the Al-Ajramiyah well, northwest of the city of Rafhaa, with tests showing a rate of 3,850 barrels per day.
Halwani Brothers Company 6001.SE jumped 9.9% to a record high of 88.9 riyals after the food producer and distributor proposed raising capital through a bonus share issue and distributing a 1.5 riyal-per-share cash dividend for 2020.
The Dubai index .DFMGI was down 0.2%. Blue-chip developer Emaar Properties EMAR.DU lost 0.8% while Damac Properties DAMAC.DU shed 1.5%.
DXB Entertainments DXBE.DU was the biggest loser in percentage term, falling 4% to 0.095 dirham.
Its shares were due to see their fifth consecutive day of losses since filings showed Meraas, which owns more than half of the loss-making theme park group intended to make a conditional offer to acquire the remaining shares and take it private.
In Abu Dhabi, the index .ADI was up 0.2% with Emirates Telecommunications Group ETISALAT.AD and First Abu Dhabi Bank FAB.AD gaining 0.3% and 0.2% respectively.
The Qatari index .QSI was trading down 0.1%. Qatar Fuel QFLS.QA and the telecom company Ooredoo ORDS.QA both fell 1%.
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