Oil up, near $70 a barrel as demand outlook improves | Reuters
Oil prices firmed on Monday, with Brent trading near $70 a barrel on growing optimism that fuel demand will grow in the next quarter, while investors looked ahead to see how producers will respond at this week’s OPEC+ meeting.
Trading was thin as U.S. and UK markets were closed on Monday due to public holidays. Brent crude futures settled up 60 cents, or 0.9%, at $69.32 a barrel, off the a session high of $69.82. U.S. West Texas Intermediate crude rose 0.9% and last traded at $66.91 a barrel. Both contracts were set for a second monthly gain.
Analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports.
“Despite the mobility restrictions that are still in place, oil demand is recovering dynamically around the world,” Commerzbank said.
Monday 31 May 2021
Undecided investors will settle fate of #Dubai fund Emirates REIT's $400m Sukuk extension plans | Property – Gulf News
Undecided investors will settle fate of Dubai fund Emirates REIT's $400m Sukuk extension plans | Property – Gulf News
The final stretch is in sight for what is turning out to be one of the most intense battle of wits in the UAE’s corporate landscape.
Equitativa, the operator of the Emirates REIT property fund, says it has swung enough investors in favour of its plan to issue new Sukuk certificates to replace the current ones for a $400 million debt issue. And that by June 9, which is the deadline for the submission for the consent, it will have the majority.
Now, opposing this view is the Ad Hoc Group, which features some of the biggest names in the local and international investor space, which says that together they currently constitute 33 per cent of the investor base in the $400 million Sukuk. They are also looking to swing enough of the undecided to join in opposing Equitativa’s move.
Even otherwise, the 30 per cent plus combined strength gives the Group a “blocking position”. Plus, a “majority of certificate-holders – 55 per cent (with only 75 per cent of the 60 per cent of certificate-holders who have voted to date in favour) – remain opposed or have yet to vote, demonstrating the lack of support for the consent solicitation despite the deal being structured to incentivise early voting,” the Group said in a statement issued Monday.
The final stretch is in sight for what is turning out to be one of the most intense battle of wits in the UAE’s corporate landscape.
Equitativa, the operator of the Emirates REIT property fund, says it has swung enough investors in favour of its plan to issue new Sukuk certificates to replace the current ones for a $400 million debt issue. And that by June 9, which is the deadline for the submission for the consent, it will have the majority.
Now, opposing this view is the Ad Hoc Group, which features some of the biggest names in the local and international investor space, which says that together they currently constitute 33 per cent of the investor base in the $400 million Sukuk. They are also looking to swing enough of the undecided to join in opposing Equitativa’s move.
Even otherwise, the 30 per cent plus combined strength gives the Group a “blocking position”. Plus, a “majority of certificate-holders – 55 per cent (with only 75 per cent of the 60 per cent of certificate-holders who have voted to date in favour) – remain opposed or have yet to vote, demonstrating the lack of support for the consent solicitation despite the deal being structured to incentivise early voting,” the Group said in a statement issued Monday.
#UAE's Ministry of Economy unveils campaign for companies to comply with 'ultimate beneficiary' rules | The National
UAE's Ministry of Economy unveils campaign for companies to comply with 'ultimate beneficiary' rules | The National
The UAE’s Ministry of Economy has started a campaign to ensure that more than 500,000 non-financial businesses in the country submit data on their ultimate beneficiaries.
Property brokers, account auditors, dealers of precious metals and gemstones and corporate services providers are being encouraged to register the required data before the campaign ends on June 30, said Safeya Al Safi, director of the ministry's anti-money laundering department, yesterday.
Declaring a company’s ultimate beneficiary is “one of the main requirements for completing disclosure and transparency requirements from enterprises and individuals within the anti-money laundering system in the country”, Ms Al Safi said.
“The ministry seeks to enhance understanding and raise awareness among these establishments ... [about] the dangers of money laundering, their methods and means of protection against it.”
Registering with the anti-money laundering system is a mandatory step for designated non-financial businesses and professionals, or DNFBPs, but it is not the only one, she said.
The UAE’s Ministry of Economy has started a campaign to ensure that more than 500,000 non-financial businesses in the country submit data on their ultimate beneficiaries.
Property brokers, account auditors, dealers of precious metals and gemstones and corporate services providers are being encouraged to register the required data before the campaign ends on June 30, said Safeya Al Safi, director of the ministry's anti-money laundering department, yesterday.
Declaring a company’s ultimate beneficiary is “one of the main requirements for completing disclosure and transparency requirements from enterprises and individuals within the anti-money laundering system in the country”, Ms Al Safi said.
“The ministry seeks to enhance understanding and raise awareness among these establishments ... [about] the dangers of money laundering, their methods and means of protection against it.”
Registering with the anti-money laundering system is a mandatory step for designated non-financial businesses and professionals, or DNFBPs, but it is not the only one, she said.
MIDEAST STOCKS #UAE, #Saudi indexes log monthly gain as Middle East markets end mixed | Reuters
MIDEAST STOCKS UAE, Saudi indexes log monthly gain as Middle East markets end mixed | Reuters
Middle Eastern stock markets closed mixed on Monday, with indexes in the United Arab Emirates and Saudi Arabia logging monthly gains amid rising oil prices and improving business activity in their non-oil sectors.
Brent crude futures (.LCOc1) have gained more than 3% this month and are up more than 34% year-on-year, according to Refinitiv Eikon data.
The United Arab Emirates' non-oil sector expanded in April as the seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI) edged up to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50.0 line that separates growth from contraction. read more
Saudi Arabia's PMI rose 55.2 in April, remaining above the 50 mark for the eighth straight month. read more
The index in Abu Dhabi (.ADI) closed 0.7% higher, ending the month with a 8.5% rise, its eighth consecutive monthly gain.
Market heavyweights First Abu Dhabi Bank (FAB.AD) climbed 3.2%, while Emirates Telecommunications Group (ETISALAT.AD) fell 0.6%.
The Dubai index (.DFMGI) dropped 0.4%, hit by property shares as the blue-chip developer Emaar Properties (EMAR.DU) declined 1.7% and Damac Properties (DAMAC.DU) decreased 3.6%.
Losses were partially offset by Emirates NBD Bank (ENBD.DU), which advanced 1.9%.
Dubai's index logged its third monthly gain this year, rising 7.4% for the month.
Saudi Arabia's all shares index (.TASI) closed flat, registering a fifth consecutive monthly gain, adding 1.3% for the month.
Al Rajhi Bank (1120.SE) and Dr. Sulaiman Al-Habib Medical Services Group (4013.SE) were down 0.4% and 0.1%, respectively, while Riyad Bank (1010.SE) increased 1.2% and Saudi Basic Industries (2010.SE) was up 0.5%.
The Qatari index (.QSI) closed 0.2% higher with the financial shares eclipsing the losses in energy sector. Commercial Bank (COMB.QA) and Qatar International Islamic Bank (QIIB.QA) increased 1.9% and 1.8%, respectively, while Qatar Electricity and Water (QEWC.QA) shed 3.5%.
Qatar's index lost 1.5% in May, logging its second monthly fall this year.
Outside the Gulf, Egyptian blue-chip index (.EGX30) was up 0.1%, but recorded a fourth consecutive monthly decline this year.
Commercial International Bank (COMI.CA) eased 1.3%, while CI Capital (CICH.CA) surged 6.9%.
Middle Eastern stock markets closed mixed on Monday, with indexes in the United Arab Emirates and Saudi Arabia logging monthly gains amid rising oil prices and improving business activity in their non-oil sectors.
Brent crude futures (.LCOc1) have gained more than 3% this month and are up more than 34% year-on-year, according to Refinitiv Eikon data.
The United Arab Emirates' non-oil sector expanded in April as the seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI) edged up to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50.0 line that separates growth from contraction. read more
Saudi Arabia's PMI rose 55.2 in April, remaining above the 50 mark for the eighth straight month. read more
The index in Abu Dhabi (.ADI) closed 0.7% higher, ending the month with a 8.5% rise, its eighth consecutive monthly gain.
Market heavyweights First Abu Dhabi Bank (FAB.AD) climbed 3.2%, while Emirates Telecommunications Group (ETISALAT.AD) fell 0.6%.
The Dubai index (.DFMGI) dropped 0.4%, hit by property shares as the blue-chip developer Emaar Properties (EMAR.DU) declined 1.7% and Damac Properties (DAMAC.DU) decreased 3.6%.
Losses were partially offset by Emirates NBD Bank (ENBD.DU), which advanced 1.9%.
Dubai's index logged its third monthly gain this year, rising 7.4% for the month.
Saudi Arabia's all shares index (.TASI) closed flat, registering a fifth consecutive monthly gain, adding 1.3% for the month.
Al Rajhi Bank (1120.SE) and Dr. Sulaiman Al-Habib Medical Services Group (4013.SE) were down 0.4% and 0.1%, respectively, while Riyad Bank (1010.SE) increased 1.2% and Saudi Basic Industries (2010.SE) was up 0.5%.
The Qatari index (.QSI) closed 0.2% higher with the financial shares eclipsing the losses in energy sector. Commercial Bank (COMB.QA) and Qatar International Islamic Bank (QIIB.QA) increased 1.9% and 1.8%, respectively, while Qatar Electricity and Water (QEWC.QA) shed 3.5%.
Qatar's index lost 1.5% in May, logging its second monthly fall this year.
Outside the Gulf, Egyptian blue-chip index (.EGX30) was up 0.1%, but recorded a fourth consecutive monthly decline this year.
Commercial International Bank (COMI.CA) eased 1.3%, while CI Capital (CICH.CA) surged 6.9%.
#Qatar Petroleum hires banks for June jumbo bond sale | Nasdaq
Qatar Petroleum hires banks for June jumbo bond sale | Nasdaq
Qatar Petroleum has hired a group of international banks to arrange a multibillion-dollar sale of bonds on international debt markets, said two sources close to the matter.
The sale is expected to take place by the end of June, the sources told Reuters, as the Gulf's hydrocarbons giants seek to raise cash in the face of low energy prices and Qatar Petroleum plans to expand capacity.
Qatar Petroleum, one of the world's biggest suppliers of liquefied natural gas (LNG), has hired BofA Securities BAC.N, Citi C.N, Goldman Sachs GS.N, HSBC HSBA.L, JPMorgan JPM.N and MUFG 8306.T to lead the deal, the sources said.
Qatar Petroleum did not immediately respond to a request for comment.
The banks either declined to comment or did not immediately respond to requests for comment.
Qatar Petroleum has hired a group of international banks to arrange a multibillion-dollar sale of bonds on international debt markets, said two sources close to the matter.
The sale is expected to take place by the end of June, the sources told Reuters, as the Gulf's hydrocarbons giants seek to raise cash in the face of low energy prices and Qatar Petroleum plans to expand capacity.
Qatar Petroleum, one of the world's biggest suppliers of liquefied natural gas (LNG), has hired BofA Securities BAC.N, Citi C.N, Goldman Sachs GS.N, HSBC HSBA.L, JPMorgan JPM.N and MUFG 8306.T to lead the deal, the sources said.
Qatar Petroleum did not immediately respond to a request for comment.
The banks either declined to comment or did not immediately respond to requests for comment.
#Israel and #UAE Sign Tax Treaty in Latest Normalization Step - Bloomberg
Israel and UAE Sign Tax Treaty in Latest Normalization Step - Bloomberg
Israel and the United Arab Emirates have signed a double taxation treaty, Israel’s Finance Ministry said on Monday, the latest move to normalize ties less than a year after the countries signed a historic accord.
The agreement will accelerate the development of economic relations and contribute to prosperity in both countries, Israeli Finance Minister Israel Katz said on Twitter.
The agreement adds to a string of accords signed between the two countries in what may be a sign that this month’s 11-day conflict with Hamas in Gaza won’t be a big setback for efforts to build ties. There was no immediate comment from the UAE, which faced criticism online for its normalization deal during the fighting.
Treaties for the avoidance of double taxation are bilateral agreements in which the contracting states establish rules that will apply to income and assets that are connected to the two countries, according to the Finance Ministry’s website. The Israel-UAE agreement also refers to the exchange of information between the two nations.
The treaty is subject to approval by Israel’s parliament and cabinet, and is expected to go into effect on Jan. 1, 2022. Israel is party to 58 double taxation treaties, the Finance Ministry said.
Israel and the United Arab Emirates have signed a double taxation treaty, Israel’s Finance Ministry said on Monday, the latest move to normalize ties less than a year after the countries signed a historic accord.
The agreement will accelerate the development of economic relations and contribute to prosperity in both countries, Israeli Finance Minister Israel Katz said on Twitter.
The agreement adds to a string of accords signed between the two countries in what may be a sign that this month’s 11-day conflict with Hamas in Gaza won’t be a big setback for efforts to build ties. There was no immediate comment from the UAE, which faced criticism online for its normalization deal during the fighting.
Treaties for the avoidance of double taxation are bilateral agreements in which the contracting states establish rules that will apply to income and assets that are connected to the two countries, according to the Finance Ministry’s website. The Israel-UAE agreement also refers to the exchange of information between the two nations.
The treaty is subject to approval by Israel’s parliament and cabinet, and is expected to go into effect on Jan. 1, 2022. Israel is party to 58 double taxation treaties, the Finance Ministry said.
Al Dhabi Capital's Yasin: Overweight #UAE Market - Bloomberg video
Al Dhabi Capital's Yasin: Overweight UAE Market - Bloomberg
Mohammed Ali Yasin, Chief Strategy Officer at Al Dhabi Capital, discusses a potential merger between Abu Dhabi's and Dubai's stock indices. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Mohammed Ali Yasin, Chief Strategy Officer at Al Dhabi Capital, discusses a potential merger between Abu Dhabi's and Dubai's stock indices. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#Kuwait International Bank agrees to sell debts owed by NMC Health | The National
Kuwait International Bank agrees to sell debts owed by NMC Health | The National
Kuwait International Bank is recouping some of the money it is owed by NMC Health, the healthcare group founded by BR Shetty that was placed into administration last year, by selling off its debt.
The lender is owed $74.11 million by NMC Health, but agreed to sell the debt for $13.25m, the company said in a statement to Boursa Kuwait, where its shares trade. It did not disclose the name of the buyer and said it had "fully provided" for the debt exposure in last year's accounts.
"The sale will be disclosed once executed and all relevant procedures are completed," KIB said.
Troubles at NMC Health, which grew from a single clinic into the UAE's biggest healthcare provider, began after a report by short seller Muddy Waters in 2019 accused the company of inflating its assets and understating its debt. An independent investigation following that uncovered more than $4.4bn of previously unreported debt and the company was placed into administration in April last year.
In an update to lenders in April, administrators Alvarez & Marsal said it has received about $6.4bn of creditor claims to date, including almost $6.3bn from a group of 136 financial creditors. A further $650m of debt from another 10 main financial creditors was still outstanding and needed to be filed ahead of a deadline at the end of April.
Creditors are set to vote on NMC Health's future on June 15. The administrators are proposing a lender-led restructuring of the group, which would cut its debt to $2.25bn in return for exit instruments that could be cashed in at a future date once the business returns to growth and generates more value.
The proposal needs the support of more than 50 per cent of unsecured creditors. If this isn't achieved, then a distressed sale or liquidation would take place . A distressed sale "is likely to yield a significantly lower recovery than a restructuring", administrators said, while liquidation of the business would lead to "little or no recovery" for the bulk of the company's creditors.
Kuwait International Bank is recouping some of the money it is owed by NMC Health, the healthcare group founded by BR Shetty that was placed into administration last year, by selling off its debt.
The lender is owed $74.11 million by NMC Health, but agreed to sell the debt for $13.25m, the company said in a statement to Boursa Kuwait, where its shares trade. It did not disclose the name of the buyer and said it had "fully provided" for the debt exposure in last year's accounts.
"The sale will be disclosed once executed and all relevant procedures are completed," KIB said.
Troubles at NMC Health, which grew from a single clinic into the UAE's biggest healthcare provider, began after a report by short seller Muddy Waters in 2019 accused the company of inflating its assets and understating its debt. An independent investigation following that uncovered more than $4.4bn of previously unreported debt and the company was placed into administration in April last year.
In an update to lenders in April, administrators Alvarez & Marsal said it has received about $6.4bn of creditor claims to date, including almost $6.3bn from a group of 136 financial creditors. A further $650m of debt from another 10 main financial creditors was still outstanding and needed to be filed ahead of a deadline at the end of April.
Creditors are set to vote on NMC Health's future on June 15. The administrators are proposing a lender-led restructuring of the group, which would cut its debt to $2.25bn in return for exit instruments that could be cashed in at a future date once the business returns to growth and generates more value.
The proposal needs the support of more than 50 per cent of unsecured creditors. If this isn't achieved, then a distressed sale or liquidation would take place . A distressed sale "is likely to yield a significantly lower recovery than a restructuring", administrators said, while liquidation of the business would lead to "little or no recovery" for the bulk of the company's creditors.
Diversity & Inclusion in the Israeli Tech Sector - Bloomberg video
Diversity & Inclusion in the Israeli Tech Sector - Bloomberg
Alan Feld, Founder and Managing Partner, Vintage Investment Partners, & Founder, Power in Diversity Israel discusses breaking down barriers to create an inclusive workforce for Israel's tech sector. He speaks with Yousef Gamal El-Din and Simone Foxman on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Alan Feld, Founder and Managing Partner, Vintage Investment Partners, & Founder, Power in Diversity Israel discusses breaking down barriers to create an inclusive workforce for Israel's tech sector. He speaks with Yousef Gamal El-Din and Simone Foxman on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Emirates Stallions Group lists on #AbuDhabi exchange | ZAWYA MENA Edition
Emirates Stallions Group lists on Abu Dhabi exchange | ZAWYA MENA Edition
Emirates Stallions Group, the construction and real estate company owned by Abu Dhabi’s International Holding Company (IHC), listed on the Abu Dhabi Securities Exchange Second Market on Monday.
It made its trading debut under the ticker ESG, IHC said in a disclosure on ADX.
Emirates Stallions Group, which is present in 12 markets, had assets of 537 million dirhams ($146 million) as of the end of Q1 2021 and over 1000 employees.
Matar Suhail Al Yabhouni Al Dhaheri, the chairman of Emirates Stallions Group said: “Listing Emirates Stallions Group on the ADX Second Market allows wider investor participation in an important business within the IHC Group. Backed by the financial strength of IHC, the second largest company by market capitalisation on the ADX, our portfolio companies have proven resilient over the last year and are well positioned to grasp new opportunities as the UAE and regional economies make a strong rebound from the global pandemic.”
Emirates Stallions is the fourth IHC Group company to list on the ADX Second Market, following the successful listings of Palm Sports, Easylease and Zee Stores in late 2020.
IHC said on early this month it planned to list three subsidiaries, including ESG and Al Seer Marine Supplies & Equipment Co. in the second quarter of this year. It has not yet named the third company.
IHC, which has been on a major acquisition spree over the past 12 months, has a portfolio spanning across nine industry verticals, including food, industries, capital and real estate.
Emirates Stallions Group, the construction and real estate company owned by Abu Dhabi’s International Holding Company (IHC), listed on the Abu Dhabi Securities Exchange Second Market on Monday.
It made its trading debut under the ticker ESG, IHC said in a disclosure on ADX.
Emirates Stallions Group, which is present in 12 markets, had assets of 537 million dirhams ($146 million) as of the end of Q1 2021 and over 1000 employees.
Matar Suhail Al Yabhouni Al Dhaheri, the chairman of Emirates Stallions Group said: “Listing Emirates Stallions Group on the ADX Second Market allows wider investor participation in an important business within the IHC Group. Backed by the financial strength of IHC, the second largest company by market capitalisation on the ADX, our portfolio companies have proven resilient over the last year and are well positioned to grasp new opportunities as the UAE and regional economies make a strong rebound from the global pandemic.”
Emirates Stallions is the fourth IHC Group company to list on the ADX Second Market, following the successful listings of Palm Sports, Easylease and Zee Stores in late 2020.
IHC said on early this month it planned to list three subsidiaries, including ESG and Al Seer Marine Supplies & Equipment Co. in the second quarter of this year. It has not yet named the third company.
IHC, which has been on a major acquisition spree over the past 12 months, has a portfolio spanning across nine industry verticals, including food, industries, capital and real estate.
MIDEAST STOCKS-Major Gulf stocks mixed; #UAE, #Saudi set for monthly gain | Nasdaq
MIDEAST STOCKS-Major Gulf stocks mixed; UAE, Saudi set for monthly gain | Nasdaq
Major Gulf stock markets were mixed in early trade on Monday, with indexes in the United Arab Emirates and Saudi Arabia set for monthly gains amid rising oil prices and signs of economic recovery.
Brent crude futures .LCOc1 have gained more than 3% this month and are up more than 34% year-on-year, according to Refinitiv Eikon data.
The United Arab Emirates' non-oil sector expanded in April as the seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI) edged up to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50.0 line that separates growth from contraction.
Saudi Arabia's PMI rose 55.2 in April, remaining above the 50 mark for the eighth straight month.
The Abu Dhabi index .ADI was up 0.2% and set for its second best monthly close this year.
First Abu Dhabi Bank FAB.AD increased 0.5% and Emirates Telecommunications Group ETISALAT.AD added 0.4%.
The index in Dubai .DFMGI edged down 0.1% as financial and property shares traded lower. Dubai Islamic Bank DISB.DU lost 0.4%, while Emaar Development EMAARDEV.DU shed 1.1%.
Dubai is set to register its third monthly gain this year when it closes on Monday.
Abu Dhabi and Dubai stocks have gained more than 29% and 12%, respectively, this year following the end of a political rift with Qatar, improving business activities and analysts' expectations of property prices.
Saudi Arabia's all shares index .TASI was trading flat and set to record a fifth monthly rise this year. Saudi National Bank 1180.SE was down 0.6% and Saudi British Bank 1060.SE was up 0.7%.
The Qatari index .QSI was up 0.3% but on track for a monthly loss. Industrial and financial stocks supported the index as Commercial Bank COMB.QA rose 2.2% and Industries Qatar IQCD.QA gained 0.8%.
Major Gulf stock markets were mixed in early trade on Monday, with indexes in the United Arab Emirates and Saudi Arabia set for monthly gains amid rising oil prices and signs of economic recovery.
Brent crude futures .LCOc1 have gained more than 3% this month and are up more than 34% year-on-year, according to Refinitiv Eikon data.
The United Arab Emirates' non-oil sector expanded in April as the seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI) edged up to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50.0 line that separates growth from contraction.
Saudi Arabia's PMI rose 55.2 in April, remaining above the 50 mark for the eighth straight month.
The Abu Dhabi index .ADI was up 0.2% and set for its second best monthly close this year.
First Abu Dhabi Bank FAB.AD increased 0.5% and Emirates Telecommunications Group ETISALAT.AD added 0.4%.
The index in Dubai .DFMGI edged down 0.1% as financial and property shares traded lower. Dubai Islamic Bank DISB.DU lost 0.4%, while Emaar Development EMAARDEV.DU shed 1.1%.
Dubai is set to register its third monthly gain this year when it closes on Monday.
Abu Dhabi and Dubai stocks have gained more than 29% and 12%, respectively, this year following the end of a political rift with Qatar, improving business activities and analysts' expectations of property prices.
Saudi Arabia's all shares index .TASI was trading flat and set to record a fifth monthly rise this year. Saudi National Bank 1180.SE was down 0.6% and Saudi British Bank 1060.SE was up 0.7%.
The Qatari index .QSI was up 0.3% but on track for a monthly loss. Industrial and financial stocks supported the index as Commercial Bank COMB.QA rose 2.2% and Industries Qatar IQCD.QA gained 0.8%.
#Qatar Air May Stop Taking Airbus Deliveries Over Mystery Spat - Bloomberg video
Qatar Air May Stop Taking Airbus Deliveries Over Mystery Spat - Bloomberg
Qatar Airways Chief Executive Officer Akbar Al Baker lashed out at Airbus SE for the second time this month, warning his airline might stop taking deliveries from the planemaker this year over an unspecified “serious” issue.
“We have an issue with Airbus we need to settle, and if we are not able to settle that serious issue we have with them, we will refuse to take any aircraft from them,” he said in an interview with Bloomberg TV. Problems with Qatar Airways, Al Baker warned, will cause Airbus “a stress in the relationship with IAG, with LatAm, with other airlines in which we have a shareholding.”
The subject of the spat? “I unfortunately cannot tell you what that issue is,” Al Baker said.
Airbus won’t say either. A spokesperson for the Blagnac, France-based company said it’s in constant discussions with customers about their requirements, and that details on those discussions “remain confidential.”
The warning comes days after the airline chief criticized Airbus’s giant A380 jets over their inefficiency and operational cost. However, he said his dissatisfaction with that aircraft was “water under the bridge” and not the subject of the latest dispute.
The Qatari carrier has leaned on its diverse fleet to keep flying during the pandemic and expects to service more than 140 destinations by mid-summer. Smaller planes have allowed the carriers to fly with fewer passengers amid the COVID-19 pandemic. It’s even added a handful of new routes to its roster, including Seattle and San Francisco.
“We have an issue with Airbus we need to settle, and if we are not able to settle that serious issue we have with them, we will refuse to take any aircraft from them,” he said in an interview with Bloomberg TV. Problems with Qatar Airways, Al Baker warned, will cause Airbus “a stress in the relationship with IAG, with LatAm, with other airlines in which we have a shareholding.”
The subject of the spat? “I unfortunately cannot tell you what that issue is,” Al Baker said.
Airbus won’t say either. A spokesperson for the Blagnac, France-based company said it’s in constant discussions with customers about their requirements, and that details on those discussions “remain confidential.”
The warning comes days after the airline chief criticized Airbus’s giant A380 jets over their inefficiency and operational cost. However, he said his dissatisfaction with that aircraft was “water under the bridge” and not the subject of the latest dispute.
The Qatari carrier has leaned on its diverse fleet to keep flying during the pandemic and expects to service more than 140 destinations by mid-summer. Smaller planes have allowed the carriers to fly with fewer passengers amid the COVID-19 pandemic. It’s even added a handful of new routes to its roster, including Seattle and San Francisco.
MIDEAST DEBT- #UAE sukuk standards slow issuance, distort prices, investors say | Reuters
MIDEAST DEBT-UAE sukuk standards slow issuance, distort prices, investors say | Reuters
The adoption by the United Arab Emirates of certain sharia-compliance standards has slowed the issuance of Islamic bonds from the Gulf, adding to a chronic supply-demand imbalance, market sources said.
Dubai, one of the UAE’s seven emirates, has long aimed to establish itself as a major global centre for issuance of sukuk, or Islamic bonds, that constitute the backbone of the $2.2 trillion global Islamic finance industry. UAE investors are also key players in the global sukuk market.
But compliance standards adopted by UAE central bank body the Higher Sharia Authority, and confusion around them, are preventing local banks from buying some sukuk, prompting investors to request clearer rules as the UAE’s flow of new issuance ebbs, market sources said.
“The market is going through a teething period as it seeks clarity on how to find ways to comply with the regulations,” said Bashar Al Natoor, global head of Islamic finance at Fitch Ratings.
The Higher Sharia Authority (HSA) adopted the sharia standards of the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the standard-setting body for the Islamic financial industry, in 2018. However, issuance programmes created prior to that were exempt from the new rules, sources said, meaning the effect has taken some time to become apparent.
Investors also said disagreement among scholars at UAE institutions over whether Saudi Arabia’s National Commercial Bank’s AT1 sukuk issuance in January was AAOIFI-compliant, and thus adhered to HSA regulations, had rattled potential buyers.
A key issue is around AAOIFI requirements for certain debt instruments’ “tangibility ratio”, which relates to the assets that need to be used as collateral for sukuk to remain sharia-compliant until maturity.
The adoption by the United Arab Emirates of certain sharia-compliance standards has slowed the issuance of Islamic bonds from the Gulf, adding to a chronic supply-demand imbalance, market sources said.
Dubai, one of the UAE’s seven emirates, has long aimed to establish itself as a major global centre for issuance of sukuk, or Islamic bonds, that constitute the backbone of the $2.2 trillion global Islamic finance industry. UAE investors are also key players in the global sukuk market.
But compliance standards adopted by UAE central bank body the Higher Sharia Authority, and confusion around them, are preventing local banks from buying some sukuk, prompting investors to request clearer rules as the UAE’s flow of new issuance ebbs, market sources said.
“The market is going through a teething period as it seeks clarity on how to find ways to comply with the regulations,” said Bashar Al Natoor, global head of Islamic finance at Fitch Ratings.
The Higher Sharia Authority (HSA) adopted the sharia standards of the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the standard-setting body for the Islamic financial industry, in 2018. However, issuance programmes created prior to that were exempt from the new rules, sources said, meaning the effect has taken some time to become apparent.
Investors also said disagreement among scholars at UAE institutions over whether Saudi Arabia’s National Commercial Bank’s AT1 sukuk issuance in January was AAOIFI-compliant, and thus adhered to HSA regulations, had rattled potential buyers.
A key issue is around AAOIFI requirements for certain debt instruments’ “tangibility ratio”, which relates to the assets that need to be used as collateral for sukuk to remain sharia-compliant until maturity.
Oil Market: OPEC+ Expected to Stick with July Output Boost - Bloomberg
Oil Market: OPEC+ Expected to Stick with July Output Boost - Bloomberg
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 Oil advanced in Asian trading with the market focused on an OPEC+ supply policy meeting early this week and any commentary around the prospect for returning Iranian supply. Futures in New York rose toward $67 a barrel after falling 0.8% on Friday. OPEC and its allies are expected to stick with a decision to boost output in July when the group gathers Tuesday, according to a Bloomberg survey last week. While rebounding demand is driving prices higher, the possibility of more barrels from Iran should a nuclear deal be revived is clouding the outlook. Iran and world powers have resumed discussions, Russia’s envoy to the United Nations in Vienna said in a tweet, adding that there was an understanding among the countries involved that “the current round should be final.” |
Sunday 30 May 2021
Most Mideast Stock Markets Set for Gains in May: Inside EM - Bloomberg
Most Mideast Stock Markets Set for Gains in May: Inside EM - Bloomberg
Stocks in the Middle East are poised to end the month higher on prospects of an economic rebound.
Benchmark indexes in the United Arab Emirates led gains through May. The UAE, a federation of seven sheikhdoms including Dubai and Abu Dhabi, has one of the highest coronavirus vaccine inoculation rates globally.
“There are multiple factors” for the gains across the region, including “vaccinations and ease in restrictions, recovery in oil price as well as growth in the private sector,” said Harshjit Oza, head of research at Abu Dhabi-based International Securities. However, geopolitics continue to weigh on Egyptian shares, he said.
Brent crude, a key source of revenue for economies in the Gulf, climbed about 3.5% this month. The S&P 500 ended last week near a record, while the MSCI Inc.’s emerging markets index closed at the highest level in a month.
Stocks in Saudi Arabia, Kuwait, Bahrain, Oman and Egypt rose on Sunday. Shares in Dubai, Abu Dhabi and Qatar fell, while those in Israel were little changed.
Stocks in the Middle East are poised to end the month higher on prospects of an economic rebound.
Benchmark indexes in the United Arab Emirates led gains through May. The UAE, a federation of seven sheikhdoms including Dubai and Abu Dhabi, has one of the highest coronavirus vaccine inoculation rates globally.
“There are multiple factors” for the gains across the region, including “vaccinations and ease in restrictions, recovery in oil price as well as growth in the private sector,” said Harshjit Oza, head of research at Abu Dhabi-based International Securities. However, geopolitics continue to weigh on Egyptian shares, he said.
Brent crude, a key source of revenue for economies in the Gulf, climbed about 3.5% this month. The S&P 500 ended last week near a record, while the MSCI Inc.’s emerging markets index closed at the highest level in a month.
Stocks in Saudi Arabia, Kuwait, Bahrain, Oman and Egypt rose on Sunday. Shares in Dubai, Abu Dhabi and Qatar fell, while those in Israel were little changed.
MIDDLE EAST MARKETS:
- Kuwait’s Premier Market index rises as much as 0.6%
- National Bank of Kuwait +1.2%; Boubyan Bank +0.8%; Burgan Bank +2.2%
- In Saudi Arabia, the Tadawul All Share Index climbs for a fourth day, the longest winning streak in a month
- The Tadawul Media sub-index leads gains
- Saudi Central Bank Gets a New Name and Governor
- Abu Dhabi’s ADX General Index falls for a third day, the longest losing streak in a month
- Adnoc Distribution falls 8.1%, down for a second day after parent company Adnoc sold a stake in the company at a discount
- NOTE: Adnoc’s $1.6 Billion Stock, Bond Sale Triggers Drop in Fuel Unit
- The Dubai Financial Market General Index falls for a second day
- Dubai Investments -2.3%; Dubai Islamic Bank -0.4%; Aramex -1.4%
- Egypt’s EGX 30 index climbs most in the region after falling for four days, led by gains in Commercial International Bank
- The lender rises as much as 2.3% after dropping about 10% the past two weeks
#Kuwait Finance House gets approval for $1bln sukuk issuance | ZAWYA MENA Edition
Kuwait Finance House gets approval for $1bln sukuk issuance | ZAWYA MENA Edition
Kuwait Finance House, a Sharia-complaint bank, said the Central Bank of Kuwait has approved its request to issue sukuk (Islamic sharia-complaint bonds) worth up to $1 billion, or its equivalent in other currencies.
In a filing to the Kuwaiti bourse the lender said the sukuk would support its Tier 1 capital in accordance with Basel III requirements.
The COVID-19 pandemic has an impact on the Kuwaiti banking system with profitability declines reported last year. However, the sector is well capitalised, with capital adequacy ratio averaging 18 percent, well above the mandated 13 percent.
Kuwait Finance House, a Sharia-complaint bank, said the Central Bank of Kuwait has approved its request to issue sukuk (Islamic sharia-complaint bonds) worth up to $1 billion, or its equivalent in other currencies.
In a filing to the Kuwaiti bourse the lender said the sukuk would support its Tier 1 capital in accordance with Basel III requirements.
The COVID-19 pandemic has an impact on the Kuwaiti banking system with profitability declines reported last year. However, the sector is well capitalised, with capital adequacy ratio averaging 18 percent, well above the mandated 13 percent.
MIDEAST STOCKS Most major Gulf markets fall, #Saudi bucks trend | Reuters
MIDEAST STOCKS Most major Gulf markets fall, Saudi bucks trend | Reuters
Most major Gulf stock markets fell on Sunday, led by the Abu Dhabi bourse, while Saudi Arabia closed higher supported by gains in telecom and healthcare shares.
In Abu Dhabi, the main share index (.ADI) lost 0.5%, weighed down by a 1.5% fall in First Abu Dhabi Bank (FAB.AD) and an 8.1% slide in Abu Dhabi National Company for Distribution (ADNOC Distribution) (ADNOCDIST.AD).
ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates, extended losses for a second day after its parent Company Abu Dhabi National Oil Company (ADNOC) said it raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit ADNOC Distribution. read more
The transaction could increase ADNOC Distribution's free float to 30%.
Dubai's index (.DFMGI) closed 0.3% lower, giving up early gains.
Dubai Investments (DINV.DU) weighed most on the index, declining 2.3%. Losses were partially offset by a 0.4% gain in Emirates NBD Bank (ENBD.DU).
The Dubai index is nearly 8% up this month, cushioned by growth in the non-oil private sector and analysts' expectations of economic recovery. read more
The Qatari index (.QSI) slipped 0.3% following a decline in financial and energy stocks. Commercial Bank (COMB.QA) shed 2% and Qatar Fuel (QFLS.QA) was 1.6% lower.
Bucking the trend in the Gulf, Saudi Arabia's benchmark share index (.TASI) closed 0.3% up, its fourth consecutive day of gains.
Al Rajhi Bank (1120.SE) was up 0.6%, while hospital operator Dr. Sulaiman Al-Habib Medical Services Group (4013.SE) and Saudi Telecom (7010.SE) both rose 1.5%.
Outside the Gulf, the Egyptian blue-chip index (.EGX30) rose 0.6%. The country's largest lender Commercial International Bank Egypt (CIB) (COMI.CA) gained 1.5%.
Most major Gulf stock markets fell on Sunday, led by the Abu Dhabi bourse, while Saudi Arabia closed higher supported by gains in telecom and healthcare shares.
In Abu Dhabi, the main share index (.ADI) lost 0.5%, weighed down by a 1.5% fall in First Abu Dhabi Bank (FAB.AD) and an 8.1% slide in Abu Dhabi National Company for Distribution (ADNOC Distribution) (ADNOCDIST.AD).
ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates, extended losses for a second day after its parent Company Abu Dhabi National Oil Company (ADNOC) said it raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit ADNOC Distribution. read more
The transaction could increase ADNOC Distribution's free float to 30%.
Dubai's index (.DFMGI) closed 0.3% lower, giving up early gains.
Dubai Investments (DINV.DU) weighed most on the index, declining 2.3%. Losses were partially offset by a 0.4% gain in Emirates NBD Bank (ENBD.DU).
The Dubai index is nearly 8% up this month, cushioned by growth in the non-oil private sector and analysts' expectations of economic recovery. read more
The Qatari index (.QSI) slipped 0.3% following a decline in financial and energy stocks. Commercial Bank (COMB.QA) shed 2% and Qatar Fuel (QFLS.QA) was 1.6% lower.
Bucking the trend in the Gulf, Saudi Arabia's benchmark share index (.TASI) closed 0.3% up, its fourth consecutive day of gains.
Al Rajhi Bank (1120.SE) was up 0.6%, while hospital operator Dr. Sulaiman Al-Habib Medical Services Group (4013.SE) and Saudi Telecom (7010.SE) both rose 1.5%.
Outside the Gulf, the Egyptian blue-chip index (.EGX30) rose 0.6%. The country's largest lender Commercial International Bank Egypt (CIB) (COMI.CA) gained 1.5%.
#UAE's Agthia Group included in MSCI Small Cap Emerging Markets Index | Retail – Gulf News
UAE's Agthia Group included in MSCI Small Cap Emerging Markets Index | Retail – Gulf News
Agthia Group, a leading food and beverages company, welcomed its inclusion in the Morgan Stanley Capital International Inc. (MSCI) Emerging Markets Index effective 27 May 2021.
Agthia Group joins the MSCI Emerging Markets Index, after fulfilling all the listing conditions, which comprises market capital, liquidity rates, and foreign inclusion factors, among others. By being in the index, which enjoys wide interest from international investors, Agthia is expected to increase the attractiveness of its stocks to foreign investors.
Agthia Group recently announced its Q1 2021 financial results recording Earnings per Share of AED0.069 per share and total revenues of Dh665.5 million, representing 57 per cent and 17 per cent year-on-year growth, respectively, compared to the same period in 2020. The Group also announced its long-term strategy which focuses on upscaling in priority markets, expanding into value-add categories and driving margin improvements by 2025.
Agthia Group, a leading food and beverages company, welcomed its inclusion in the Morgan Stanley Capital International Inc. (MSCI) Emerging Markets Index effective 27 May 2021.
Agthia Group joins the MSCI Emerging Markets Index, after fulfilling all the listing conditions, which comprises market capital, liquidity rates, and foreign inclusion factors, among others. By being in the index, which enjoys wide interest from international investors, Agthia is expected to increase the attractiveness of its stocks to foreign investors.
Agthia Group recently announced its Q1 2021 financial results recording Earnings per Share of AED0.069 per share and total revenues of Dh665.5 million, representing 57 per cent and 17 per cent year-on-year growth, respectively, compared to the same period in 2020. The Group also announced its long-term strategy which focuses on upscaling in priority markets, expanding into value-add categories and driving margin improvements by 2025.
ENBD REIT is considering strategic disposal of a real estate asset | Property – Gulf News
ENBD REIT is considering strategic disposal of a real estate asset | Property – Gulf News
ENBD REIT, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced that it is considering the strategic disposal of a real estate asset that accounts for more than 5 per cent of its net asset value (NAV).
The Board of Directors has received and accepted a letter of intent (LoI) in respect to property held by ENBD REIT in Dubai Silicon Oasis (which constitutes approximately 6 per cent of the overall portfolio by value and 11.8 per cent of the prevailing NAV). The LoI makes a conditional offer for the asset on satisfactory terms, and is now negotiating the final terms and considering the final documentation prior to transfer.
“It is intended that definitive documents be agreed in June 2021. Further details of the transaction, including the proposed use of proceeds resulting from this proposed disposal, will be announced to the market following completion of the transaction,” Emirates REIT said in a statement.
The latest announcement comes close on the heels of a dispute with creditors on the plans of the company to convert its current Sukuk certificates – from the $400 million debt offering – with new ones that would mature in a further two years.
Emirates REIT had maintained the profit rate on the new issue. An ‘ad hoc’ grouping of investors had last week said they are opposed to such a move, saying they wanted more clarity on the fund manager’s operations and the reasons for the plan to issue new certificates.
ENBD REIT, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced that it is considering the strategic disposal of a real estate asset that accounts for more than 5 per cent of its net asset value (NAV).
The Board of Directors has received and accepted a letter of intent (LoI) in respect to property held by ENBD REIT in Dubai Silicon Oasis (which constitutes approximately 6 per cent of the overall portfolio by value and 11.8 per cent of the prevailing NAV). The LoI makes a conditional offer for the asset on satisfactory terms, and is now negotiating the final terms and considering the final documentation prior to transfer.
“It is intended that definitive documents be agreed in June 2021. Further details of the transaction, including the proposed use of proceeds resulting from this proposed disposal, will be announced to the market following completion of the transaction,” Emirates REIT said in a statement.
The latest announcement comes close on the heels of a dispute with creditors on the plans of the company to convert its current Sukuk certificates – from the $400 million debt offering – with new ones that would mature in a further two years.
Emirates REIT had maintained the profit rate on the new issue. An ‘ad hoc’ grouping of investors had last week said they are opposed to such a move, saying they wanted more clarity on the fund manager’s operations and the reasons for the plan to issue new certificates.
Ex-premier's graft case a test of justice in oil-rich #Kuwait
Ex-premier's graft case a test of justice in oil-rich Kuwait
Where is Sheikh Jaber? Kuwait was abuzz with the question as citizens on social media demanded to know the whereabouts of their 79-year-old former prime minister. He’d been ordered detained pending trial in an unprecedented move last month over the alleged embezzlement of millions of dollars from a military aid fund.
When the scandal involving the sheikh and another royal family member erupted into public view nearly two years ago, it unleashed a rare wave of street protests. It prompted the Cabinet’s resignation and forced a reckoning in the Gulf Arab state about endemic corruption that has entrapped ministers and stained the country’s sprawling bureaucracy for generations.
Activists believe corruption runs rampant through the region of oil-rich Gulf Arab sheikhdoms, but public criminal cases against senior officials and royal family members remain rare, typically playing out behind palace doors.
That may be changing, however, with recent explosive feuds over money laundering in Kuwait, a major corruption sweep in Saudi Arabia and last week’s arrest of Qatar’s powerful finance minister in an embezzlement probe.
Now, Kuwait’s justice system is testing government pledges to hold ministers accountable for $790 million gone missing from the Defense Ministry fund years ago.
Where is Sheikh Jaber? Kuwait was abuzz with the question as citizens on social media demanded to know the whereabouts of their 79-year-old former prime minister. He’d been ordered detained pending trial in an unprecedented move last month over the alleged embezzlement of millions of dollars from a military aid fund.
When the scandal involving the sheikh and another royal family member erupted into public view nearly two years ago, it unleashed a rare wave of street protests. It prompted the Cabinet’s resignation and forced a reckoning in the Gulf Arab state about endemic corruption that has entrapped ministers and stained the country’s sprawling bureaucracy for generations.
Activists believe corruption runs rampant through the region of oil-rich Gulf Arab sheikhdoms, but public criminal cases against senior officials and royal family members remain rare, typically playing out behind palace doors.
That may be changing, however, with recent explosive feuds over money laundering in Kuwait, a major corruption sweep in Saudi Arabia and last week’s arrest of Qatar’s powerful finance minister in an embezzlement probe.
Now, Kuwait’s justice system is testing government pledges to hold ministers accountable for $790 million gone missing from the Defense Ministry fund years ago.
#AbuDhabi's Mubadala invests $497mln in IVC Evidensia | ZAWYA MENA Edition
Abu Dhabi's Mubadala invests $497mln in IVC Evidensia | ZAWYA MENA Edition
Abu Dhabi state investor Mubadala has invested GBP350 million ($497 million) in IVC Evidensia, Europe’s largest veterinary care provider.
In a statement, Justin Sabet-Peyman, Head of Consumer at Mubadala, said the investment aligns well with its focus on investing in market leading consumer businesses in resilient and growing sectors.
“We are excited to be partnering with EQT, Silver Lake, Nestlé and IVC’s world-class management team to help drive the company’s continued leadership and innovation in pet care.”
Mubadala, which manages a $243 billion portfolio of investments, is the second largest sovereign investor in the UAE, after Abu Dhabi Investment Authority (ADIA).
IVC was originally acquired by EQT Private Equity in December 2016 and in May 2017 it merged with Evidensia, the Swedish veterinary group.
Abu Dhabi state investor Mubadala has invested GBP350 million ($497 million) in IVC Evidensia, Europe’s largest veterinary care provider.
In a statement, Justin Sabet-Peyman, Head of Consumer at Mubadala, said the investment aligns well with its focus on investing in market leading consumer businesses in resilient and growing sectors.
“We are excited to be partnering with EQT, Silver Lake, Nestlé and IVC’s world-class management team to help drive the company’s continued leadership and innovation in pet care.”
Mubadala, which manages a $243 billion portfolio of investments, is the second largest sovereign investor in the UAE, after Abu Dhabi Investment Authority (ADIA).
IVC was originally acquired by EQT Private Equity in December 2016 and in May 2017 it merged with Evidensia, the Swedish veterinary group.
MIDEAST STOCKS Major Gulf stocks little changed, Dubai nudges higher | Reuters
MIDEAST STOCKS Major Gulf stocks little changed, Dubai nudges higher | Reuters
Major stock markets in the Gulf were little changed in early trade on Sunday, with expectations of economic recovery nudging Dubai higher again after the index snapped an eight-session winning streak at the end of last week.
Dubai's index (.DFMGI) was up 0.1% after closing lower on Thursday.
The United Arab Emirate's only listed airline Air Arabia (AIRA.DU) rose 1.5%, while shopping mall operator Emaar Mall (EMAA.DU) was up 1%.
Analysts expect Dubai house prices to rise this year for the first time in six years, supported by a swift vaccine rollout that has lifted hopes for an overall economic recovery.
Saudi Arabia's benchmark index (.TASI) inched up around 0.2% in its fourth consecutive day of gains.
Hospital operator Dr. Sulaiman Al-Habib Medical Services Group (4013.SE) rose 0.9%, Saudi Telecom (7010.SE) added 0.7% and Sahara International Petrochemical (2310.SE) was up 1.4%.
Saudi Arabia will allow entertainment venues to open at 40% capacity for those who are vaccinated against the novel coronavirus, as the kingdom relaxes restrictions imposed to check the spread of COVID-19. read more
The Abu Dhabi index (.ADI) was down 0.4% led by financials. First Abu Dhabi Bank (FAB.AD) fell 1.3% and Abu Dhabi Commercial Bank (ADCB.AD) retreated 0.7%.
Losses were partially offset by International Holdings (IHC.AD) and Emirates Telecommunications Group (ETISALAT.AD) gaining 0.8% and 0.3% respectively.
Qatar's index (.QSI) edged down 0.2% after three session of gains triggered by easing COVID-19 restrictions. read more
Banking shares weighed the most with Commercial Bank (COMB.QA) dropping 1.6% and Qatar International Islamic Bank (QIIB.QA) down 1.7%.
Major stock markets in the Gulf were little changed in early trade on Sunday, with expectations of economic recovery nudging Dubai higher again after the index snapped an eight-session winning streak at the end of last week.
Dubai's index (.DFMGI) was up 0.1% after closing lower on Thursday.
The United Arab Emirate's only listed airline Air Arabia (AIRA.DU) rose 1.5%, while shopping mall operator Emaar Mall (EMAA.DU) was up 1%.
Analysts expect Dubai house prices to rise this year for the first time in six years, supported by a swift vaccine rollout that has lifted hopes for an overall economic recovery.
Saudi Arabia's benchmark index (.TASI) inched up around 0.2% in its fourth consecutive day of gains.
Hospital operator Dr. Sulaiman Al-Habib Medical Services Group (4013.SE) rose 0.9%, Saudi Telecom (7010.SE) added 0.7% and Sahara International Petrochemical (2310.SE) was up 1.4%.
Saudi Arabia will allow entertainment venues to open at 40% capacity for those who are vaccinated against the novel coronavirus, as the kingdom relaxes restrictions imposed to check the spread of COVID-19. read more
The Abu Dhabi index (.ADI) was down 0.4% led by financials. First Abu Dhabi Bank (FAB.AD) fell 1.3% and Abu Dhabi Commercial Bank (ADCB.AD) retreated 0.7%.
Losses were partially offset by International Holdings (IHC.AD) and Emirates Telecommunications Group (ETISALAT.AD) gaining 0.8% and 0.3% respectively.
Qatar's index (.QSI) edged down 0.2% after three session of gains triggered by easing COVID-19 restrictions. read more
Banking shares weighed the most with Commercial Bank (COMB.QA) dropping 1.6% and Qatar International Islamic Bank (QIIB.QA) down 1.7%.
Saturday 29 May 2021
OPEC+ Talks to Offer Clues on Next Phase of Oil Supply Revival - Bloomberg
OPEC+ Talks to Offer Clues on Next Phase of Oil Supply Revival - Bloomberg
For oil traders, the biggest question in the market is how fast OPEC and its allies will revive production later this year. Next week they may get some clues.
When it meets on Tuesday, delegates said the alliance led by Saudi Arabia and Russia looks set to rubber-stamp output increases scheduled for the next two months.
But more importantly, Riyadh and Moscow may offer insights on the next stage of their strategy: bringing back the millions of barrels a day that remain offline after being shuttered when the coronavirus struck.
In theory, there’s a yawning supply gap for the Organization of Petroleum Exporting Countries and its partners to fill in the second half of the year as economies open up and fuel demand soars. Yet the group will need to weigh that against the risk from renewed virus outbreaks in India and elsewhere, and the prospect of extra supply from fellow member Iran.
The pace of revival they ultimately choose will be critical for crude markets and the fortunes of producers around the world. It was OPEC’s intervention that ended last year’s oil-price crash and fostered their recovery to nearly $70 a barrel today.
“We’re still expecting OPEC+ to push through with the announced measures until the end of July,” said Bill Farren-Price, a director at research firm Enverus and veteran observer of the cartel. Beyond that “it remains a delicate balancing act. OPEC’s sense of caution is warranted.”
For oil traders, the biggest question in the market is how fast OPEC and its allies will revive production later this year. Next week they may get some clues.
When it meets on Tuesday, delegates said the alliance led by Saudi Arabia and Russia looks set to rubber-stamp output increases scheduled for the next two months.
But more importantly, Riyadh and Moscow may offer insights on the next stage of their strategy: bringing back the millions of barrels a day that remain offline after being shuttered when the coronavirus struck.
In theory, there’s a yawning supply gap for the Organization of Petroleum Exporting Countries and its partners to fill in the second half of the year as economies open up and fuel demand soars. Yet the group will need to weigh that against the risk from renewed virus outbreaks in India and elsewhere, and the prospect of extra supply from fellow member Iran.
The pace of revival they ultimately choose will be critical for crude markets and the fortunes of producers around the world. It was OPEC’s intervention that ended last year’s oil-price crash and fostered their recovery to nearly $70 a barrel today.
“We’re still expecting OPEC+ to push through with the announced measures until the end of July,” said Bill Farren-Price, a director at research firm Enverus and veteran observer of the cartel. Beyond that “it remains a delicate balancing act. OPEC’s sense of caution is warranted.”
Racing for Hydrogen: How Gas Giants Are Vying to Stay Relevant - Bloomberg
Racing for Hydrogen: How Gas Giants Are Vying to Stay Relevant - Bloomberg
The global gas industry is in an existential race: either find a way to be part of the next generation of energy or risk getting supplanted by alternatives.
BP Plc, Sinopec, Equinor ASA and Royal Dutch Shell Plc are among the producers looking to hydrogen to help secure demand that otherwise may falter as decarbonization speeds up. They want to utilize existing pipelines, storage tankers and fuel supply to make blue hydrogen, a process that uses natural gas but captures the carbon emissions and stores them.
The straightest route to net-zero emissions uses hydrogen produced by renewable electricity -- known in the industry as green hydrogen -- but the blue variety is expected to be cheaper until at least 2030 as wind and solar power ramp up. Gas companies aiming to lower emissions now and avoid obsolescence next decade are planning to pour billions of dollars into building their blue businesses. At least 15 projects are scheduled to go online through 2027 in the U.K., Germany, Norway, the Netherlands, Sweden and New Zealand.
“Green is the destination, but we’ll get there on a blue highway,” said Al Cook, executive vice president for development and production at Stavanger, Norway-based Equinor. “At some point, green hydrogen might well be lower cost than blue, but that will likely not be for at least a decade.”
Clean hydrogen could meet a quarter of the world’s energy needs by 2050, with annual sales reaching 630 billion euros ($770 billion). Production of blue needs to be scaled up quickly because projects that don’t come online by 2030 risk becoming uncompetitive, according to BloombergNEF.
The global gas industry is in an existential race: either find a way to be part of the next generation of energy or risk getting supplanted by alternatives.
BP Plc, Sinopec, Equinor ASA and Royal Dutch Shell Plc are among the producers looking to hydrogen to help secure demand that otherwise may falter as decarbonization speeds up. They want to utilize existing pipelines, storage tankers and fuel supply to make blue hydrogen, a process that uses natural gas but captures the carbon emissions and stores them.
The straightest route to net-zero emissions uses hydrogen produced by renewable electricity -- known in the industry as green hydrogen -- but the blue variety is expected to be cheaper until at least 2030 as wind and solar power ramp up. Gas companies aiming to lower emissions now and avoid obsolescence next decade are planning to pour billions of dollars into building their blue businesses. At least 15 projects are scheduled to go online through 2027 in the U.K., Germany, Norway, the Netherlands, Sweden and New Zealand.
“Green is the destination, but we’ll get there on a blue highway,” said Al Cook, executive vice president for development and production at Stavanger, Norway-based Equinor. “At some point, green hydrogen might well be lower cost than blue, but that will likely not be for at least a decade.”
Clean hydrogen could meet a quarter of the world’s energy needs by 2050, with annual sales reaching 630 billion euros ($770 billion). Production of blue needs to be scaled up quickly because projects that don’t come online by 2030 risk becoming uncompetitive, according to BloombergNEF.
Brent ends at two-year high as demand outlook counters supply fears | Reuters
Brent ends at two-year high as demand outlook counters supply fears | Reuters
Oil prices ended the week more than 5% higher, with global benchmark Brent edging up on Friday to settle at a two-year high, as strong U.S. economic data and expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted.
Brent settled 17 cents or 0.2%, higher at $69.63 a barrel, its highest close since May 2019. U.S. West Texas Intermediate crude settled down 53 cents a barrel, or 0.79% at $66.32.
"Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark," said Commerzbank analyst Eugen Weinberg.
"Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers," he added.
Oil prices ended the week more than 5% higher, with global benchmark Brent edging up on Friday to settle at a two-year high, as strong U.S. economic data and expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted.
Brent settled 17 cents or 0.2%, higher at $69.63 a barrel, its highest close since May 2019. U.S. West Texas Intermediate crude settled down 53 cents a barrel, or 0.79% at $66.32.
"Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark," said Commerzbank analyst Eugen Weinberg.
"Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers," he added.
Friday 28 May 2021
#Dubai property fund Emirates REIT bond proposal yet to win a majority, says opposing group | Property – Gulf News
Dubai property fund Emirates REIT bond proposal yet to win a majority, says opposing group | Property – Gulf News
Dubai: So, who won?
The operator of Emirates REIT says it has a sizeable number of bondholders siding with its proposal to extend the maturity period of its $400 million Sukuk from 2017.On Thursday, Equitativa, the fund manager, said 75 per cent of those who cast early votes on the proposal sided with the move.
But the ‘Ad Hoc Group’ – comprising bondholders who opposed the maturity period extension – dispute this contention. “The existing Ad-Hoc Group represents over 30 per cent of large Sukuk holders and clearly represents the majority who are against the transaction and consider that the deal should be enhanced,” it said in a statement.
On Equitativa’s contention, the Group said: “The company announced that 60 per cent of the certificate-holders cast their vote before the early document review fee deadline, with 75 per cent of those votes in favour of the consent solicitation.
“The conclusion is that the majority of Certificate-holders representing 55 per cent remain opposed or have not voted, demonstrating the overwhelming concerns that certificate-holders have with the proposal presented. With that backdrop, the early vote results appear far from encouraging and validate the Ad-Hoc Group’s view that the majority of the certificate-holders remain unsupportive of the proposal as of the early participation deadline.”
Equitative had set May 26 evening as the deadline for the early submissions. June 7 is the final date.
What bondholders want
The Ad Hoc Group investors vehemently oppose the new Sukuk certificate plans. In the statement issued Thursday, they call for...
* Transparency on (i) the operational, financial and liquidity position of the company; (ii) All ongoing breaches to transaction documents; (iii) ongoing litigation; (iv) regulatory investigations; and (v) related party transactions.
* Cessation of cash leakages via excessive management fees, operating costs and capex.
* Rectification of legacy governance issues at the company.
* Adequate downside protection for the certificate-holders, particularly in respect to security.
* Adequate economics for the material risks that the certificate-holders bear.
Dubai: So, who won?
The operator of Emirates REIT says it has a sizeable number of bondholders siding with its proposal to extend the maturity period of its $400 million Sukuk from 2017.On Thursday, Equitativa, the fund manager, said 75 per cent of those who cast early votes on the proposal sided with the move.
But the ‘Ad Hoc Group’ – comprising bondholders who opposed the maturity period extension – dispute this contention. “The existing Ad-Hoc Group represents over 30 per cent of large Sukuk holders and clearly represents the majority who are against the transaction and consider that the deal should be enhanced,” it said in a statement.
On Equitativa’s contention, the Group said: “The company announced that 60 per cent of the certificate-holders cast their vote before the early document review fee deadline, with 75 per cent of those votes in favour of the consent solicitation.
“The conclusion is that the majority of Certificate-holders representing 55 per cent remain opposed or have not voted, demonstrating the overwhelming concerns that certificate-holders have with the proposal presented. With that backdrop, the early vote results appear far from encouraging and validate the Ad-Hoc Group’s view that the majority of the certificate-holders remain unsupportive of the proposal as of the early participation deadline.”
Equitative had set May 26 evening as the deadline for the early submissions. June 7 is the final date.
What bondholders want
The Ad Hoc Group investors vehemently oppose the new Sukuk certificate plans. In the statement issued Thursday, they call for...
* Transparency on (i) the operational, financial and liquidity position of the company; (ii) All ongoing breaches to transaction documents; (iii) ongoing litigation; (iv) regulatory investigations; and (v) related party transactions.
* Cessation of cash leakages via excessive management fees, operating costs and capex.
* Rectification of legacy governance issues at the company.
* Adequate downside protection for the certificate-holders, particularly in respect to security.
* Adequate economics for the material risks that the certificate-holders bear.
NMC's administrators set for new round of hearings in dispute with #Dubai Islamic Bank | The National
NMC's administrators set for new round of hearings in dispute with Dubai Islamic Bank | The National
Alvarez & Marsal, the administrator of the UAE's biggest healthcare operator NMC Healthcare, secured a stay late on Thursday evening against an earlier ruling where its bid to reclaim power over securities held by Dubai Islamic Bank failed.
Administrators had brought a claim through the Abu Dhabi Global Market Courts, where NMC Healthcare and its 35 associated companies were placed into administration last year.
However, Dubai Islamic Bank, which declared an exposure of $425 million to NMC Health at the time of its collapse, successfully challenged the court's jurisdiction on Monday.
Administrators then secured a ruling on Thursday allowing them time to amend the claims it will pursue against DIB.
"We look forward to the further hearing on this matter, due to take place at the end of June", a statement on NMC Health's investor relations page said on Thursday.
NMC Health, which was listed on the London Stock Exchange, was placed into administration in April last year after an independent investigation uncovered more than $4.4bn of previously-undeclared debt at the company. Its UAE arm, NMC Healthcare, was placed into administration in the ADGM Courts in September after a number of claims were filed against it in UAE courts.
Alvarez & Marsal sought power over securities held by DIB relating to insurance payments pledged as collateral against loans. However, DIB's lawyers had successfully challenged the ADGM's jurisdiction to hear the case.
"The judgement is positive and has substantially accepted DIB's submission that ADGM Court had no jurisdiction to entertain" the administrator's claim over its security interests, DIB said in a statement to the Dubai Financial Market on Thursday.
The lender said it "would be premature to comment further" as legal proceedings were continuing in the ADGM Court, and in the onshore Dubai and Sharjah courts.
Alvarez & Marsal said the ADGM Courts judgement handed down on Monday had "made clear that the joint administrators can proceed with their ADGM claim against DIB in relation to issues concerning their remuneration and expenses, and also proceed against the insurers" with a claim.
Administrators are continuing to drum up creditor support for a lender-led restructuring of NMC Health, which would see about $4bn worth of its debts being wiped out.
They are also continuing to pursue legal action against the company's former auditors and its directors with a view to recovering some of the missing money.
Alvarez & Marsal, the administrator of the UAE's biggest healthcare operator NMC Healthcare, secured a stay late on Thursday evening against an earlier ruling where its bid to reclaim power over securities held by Dubai Islamic Bank failed.
Administrators had brought a claim through the Abu Dhabi Global Market Courts, where NMC Healthcare and its 35 associated companies were placed into administration last year.
However, Dubai Islamic Bank, which declared an exposure of $425 million to NMC Health at the time of its collapse, successfully challenged the court's jurisdiction on Monday.
Administrators then secured a ruling on Thursday allowing them time to amend the claims it will pursue against DIB.
"We look forward to the further hearing on this matter, due to take place at the end of June", a statement on NMC Health's investor relations page said on Thursday.
NMC Health, which was listed on the London Stock Exchange, was placed into administration in April last year after an independent investigation uncovered more than $4.4bn of previously-undeclared debt at the company. Its UAE arm, NMC Healthcare, was placed into administration in the ADGM Courts in September after a number of claims were filed against it in UAE courts.
Alvarez & Marsal sought power over securities held by DIB relating to insurance payments pledged as collateral against loans. However, DIB's lawyers had successfully challenged the ADGM's jurisdiction to hear the case.
"The judgement is positive and has substantially accepted DIB's submission that ADGM Court had no jurisdiction to entertain" the administrator's claim over its security interests, DIB said in a statement to the Dubai Financial Market on Thursday.
The lender said it "would be premature to comment further" as legal proceedings were continuing in the ADGM Court, and in the onshore Dubai and Sharjah courts.
Alvarez & Marsal said the ADGM Courts judgement handed down on Monday had "made clear that the joint administrators can proceed with their ADGM claim against DIB in relation to issues concerning their remuneration and expenses, and also proceed against the insurers" with a claim.
Administrators are continuing to drum up creditor support for a lender-led restructuring of NMC Health, which would see about $4bn worth of its debts being wiped out.
They are also continuing to pursue legal action against the company's former auditors and its directors with a view to recovering some of the missing money.
Oil prices steady as Iran concerns offset demand outlook | Reuters
Oil prices steady as Iran concerns offset demand outlook | Reuters
Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand offset concerns about more supply from Iran once sanctions are lifted.
Brent crude was down 16 cents, 0.2%, to $69.30 a barrel by 0809 GMT, while U.S. West Texas Intermediate crude was up 3 cents, or less than 0.1%, at $66.88 a barrel.
“Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” said Commerzbank analyst Eugen Weinberg.
“Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers,” he added.
Brent and WTI are both on track to post weekly gains of 4% and 5%, respectively
Analysts expect global oil demand to rebound closer to 100 million barrels per day in the third quarter on summer travel in Europe and the United States following widespread COVID-19 vaccination programmes.
Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand offset concerns about more supply from Iran once sanctions are lifted.
Brent crude was down 16 cents, 0.2%, to $69.30 a barrel by 0809 GMT, while U.S. West Texas Intermediate crude was up 3 cents, or less than 0.1%, at $66.88 a barrel.
“Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” said Commerzbank analyst Eugen Weinberg.
“Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers,” he added.
Brent and WTI are both on track to post weekly gains of 4% and 5%, respectively
Analysts expect global oil demand to rebound closer to 100 million barrels per day in the third quarter on summer travel in Europe and the United States following widespread COVID-19 vaccination programmes.
Thursday 27 May 2021
Oil prices gain 1%, boosted by U.S. economic data | Reuters
Oil prices gain 1%, boosted by U.S. economic data | Reuters
Oil prices rose 1% on Thursday, bolstered by strong U.S. economic data that offset investors’ concerns about the potential for a rise in Iranian supplies.
Brent rose 59 cents, 0.9%, to settle at $69.46 a barrel. U.S. West Texas Intermediate (WTI) crude rose 64 cents, or 1%, to settle at $66.85 a barrel.
The number of Americans filing new claims for unemployment benefits dropped more than expected last week, according to data from the U.S. Labor Department.
The U.S. economy, which in the first quarter notched its second-fastest growth pace since the third quarter of 2003, is gathering momentum, with other data on Thursday showing business spending on equipment accelerated in April.
“That’s given us more of a risk-on attitude about the markets,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “We’re back to focusing on supply and demand.”
Oil prices rose 1% on Thursday, bolstered by strong U.S. economic data that offset investors’ concerns about the potential for a rise in Iranian supplies.
Brent rose 59 cents, 0.9%, to settle at $69.46 a barrel. U.S. West Texas Intermediate (WTI) crude rose 64 cents, or 1%, to settle at $66.85 a barrel.
The number of Americans filing new claims for unemployment benefits dropped more than expected last week, according to data from the U.S. Labor Department.
The U.S. economy, which in the first quarter notched its second-fastest growth pace since the third quarter of 2003, is gathering momentum, with other data on Thursday showing business spending on equipment accelerated in April.
“That’s given us more of a risk-on attitude about the markets,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “We’re back to focusing on supply and demand.”
Mideast Stocks: #Qatar shares jump as investors cheer virus restrictions easing | ZAWYA MENA Edition
Mideast Stocks: Qatar shares jump as investors cheer virus restrictions easing | ZAWYA MENA Edition
Major stock markets in the Gulf ended mixed on Thursday, with the Qatari index outperforming the region as the country is set to ease coronavirus restrictions.
The Gulf Arab state said on Wednesday that leisure and education centres and restaurants can reopen at limited capacity as of Friday under a phased easing of measures.
The Qatari benchmark advanced 1.3%, as most of the stocks on the index were in positive territory including petrochemical maker Industries Qatar.
Qatar said earlier this month that it would gradually lift coronavirus curbs in four phases, with the first phase on May 28 and the fourth on July 30.
Saudi Arabia's benchmark index gained 0.5%, with Al Rajhi Bank rising 1.2%, while Saudi Basic Industries finished 1.6% higher.
Dubai's main share index fell 0.3%, hit by a 1.2% fall in sharia-compliant lender Dubai Islamic Bank and a 0.7% decrease in Emirates NBD Bank.
However, the index secured its fourth weekly gain followed by a recent rise in property shares and financial stocks.
House prices in Dubai are expected to rise for the first time in six years in 2021, supported by a swift vaccine rollout that has lifted hopes for economic recovery, a Reuters poll of property analysts showed.
In Abu Dhabi, the index lost 0.3%, weighed down by a 8.2% slide in Abu Dhabi National Company for Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates.
Abu Dhabi National Oil Company (ADNOC) said it raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit ADNOC Distribution on Wednesday.
This could increase ADNOC Distribution's free float to 30%, it said.
Elsewhere, the Omani index shrugged off ongoing protests to nudge down 0.1%.
Citizens of Oman took the streets on Wednesday for a fourth day of demonstrations, braving a heavy security presence to demand that the country's ruler follow through on promises to create thousands of jobs.
Outside the Gulf, Egypt's blue-chip index declined 1.2%, extending losses for a third straight session.
Exchange data on Thursday showed foreign investors as net sellers of Egyptian stocks.
Major stock markets in the Gulf ended mixed on Thursday, with the Qatari index outperforming the region as the country is set to ease coronavirus restrictions.
The Gulf Arab state said on Wednesday that leisure and education centres and restaurants can reopen at limited capacity as of Friday under a phased easing of measures.
The Qatari benchmark advanced 1.3%, as most of the stocks on the index were in positive territory including petrochemical maker Industries Qatar.
Qatar said earlier this month that it would gradually lift coronavirus curbs in four phases, with the first phase on May 28 and the fourth on July 30.
Saudi Arabia's benchmark index gained 0.5%, with Al Rajhi Bank rising 1.2%, while Saudi Basic Industries finished 1.6% higher.
Dubai's main share index fell 0.3%, hit by a 1.2% fall in sharia-compliant lender Dubai Islamic Bank and a 0.7% decrease in Emirates NBD Bank.
However, the index secured its fourth weekly gain followed by a recent rise in property shares and financial stocks.
House prices in Dubai are expected to rise for the first time in six years in 2021, supported by a swift vaccine rollout that has lifted hopes for economic recovery, a Reuters poll of property analysts showed.
In Abu Dhabi, the index lost 0.3%, weighed down by a 8.2% slide in Abu Dhabi National Company for Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates.
Abu Dhabi National Oil Company (ADNOC) said it raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit ADNOC Distribution on Wednesday.
This could increase ADNOC Distribution's free float to 30%, it said.
Elsewhere, the Omani index shrugged off ongoing protests to nudge down 0.1%.
Citizens of Oman took the streets on Wednesday for a fourth day of demonstrations, braving a heavy security presence to demand that the country's ruler follow through on promises to create thousands of jobs.
Outside the Gulf, Egypt's blue-chip index declined 1.2%, extending losses for a third straight session.
Exchange data on Thursday showed foreign investors as net sellers of Egyptian stocks.
#Dubai property fund Emirates REIT already claims majority support for $400m Sukuk conversion | Property – Gulf News
Dubai property fund Emirates REIT already claims majority support for $400m Sukuk conversion | Property – Gulf News
After a tough few days of intense negotiations, the Dubai real estate fund Emirates REIT might have got enough investors to side with it on a change of status for its $400 million bond offering from 2017.
The fund manager of Emirates REIT, Equitativa, had initially set 7pm on Wednesday evening as the deadline for the investors to agree to its Consent Solicitation Memorandum. This has been changed to 3pm June 7.
This was for a plan to convert the current Sukuk certificates – from the $400 million debt offering – with new ones that would mature in a further two years. Emirates REIT had maintained the profit rate on the new issue. An ‘ad hoc’ grouping of investors had earlier this week said they are opposed to such a move, saying they wanted more clarity on the fund manager’s operations and the reasons for the plan to issue new certificates.
But in a statement issued on Thursday afternoon, Emirates REI said that “Close to 60 per cent of the Sukuk holders cast their vote before the early document review fee deadline with more than 75 per cent of those votes in favour of the consent solicitation presented by the company.”
What's the proposal?
The company proposed to maintain the "existing profit rate" for the new secured sukuk (the earlier one was unsecured). "The company believes that the enhanced security will lead to the Sukuk trading on more favourable terms," it said in a statement. "Since the launch of the CSM, the Sukuk has traded up 11 per cent to 69 points (as of 27 May 2021) vs 62 points (as of 17 May 2021). We are pleased to see the CSM proposal has been a catalyst for the improved trading price for the benefit of our Sukuk holders."
After a tough few days of intense negotiations, the Dubai real estate fund Emirates REIT might have got enough investors to side with it on a change of status for its $400 million bond offering from 2017.
The fund manager of Emirates REIT, Equitativa, had initially set 7pm on Wednesday evening as the deadline for the investors to agree to its Consent Solicitation Memorandum. This has been changed to 3pm June 7.
This was for a plan to convert the current Sukuk certificates – from the $400 million debt offering – with new ones that would mature in a further two years. Emirates REIT had maintained the profit rate on the new issue. An ‘ad hoc’ grouping of investors had earlier this week said they are opposed to such a move, saying they wanted more clarity on the fund manager’s operations and the reasons for the plan to issue new certificates.
But in a statement issued on Thursday afternoon, Emirates REI said that “Close to 60 per cent of the Sukuk holders cast their vote before the early document review fee deadline with more than 75 per cent of those votes in favour of the consent solicitation presented by the company.”
What's the proposal?
The company proposed to maintain the "existing profit rate" for the new secured sukuk (the earlier one was unsecured). "The company believes that the enhanced security will lead to the Sukuk trading on more favourable terms," it said in a statement. "Since the launch of the CSM, the Sukuk has traded up 11 per cent to 69 points (as of 27 May 2021) vs 62 points (as of 17 May 2021). We are pleased to see the CSM proposal has been a catalyst for the improved trading price for the benefit of our Sukuk holders."
#SaudiArabia 2021: Women at Work Climbing Fast in Conservative Islamic Kingdom - Bloomberg
Saudi Arabia 2021: Women at Work Climbing Fast in Conservative Islamic Kingdom - Bloomberg
It looks like a woman’s world on the 29th floor of Tamkeen Tower, where a call center for Saudi Arabia’s General Authority for Statistics overlooks the beige sprawl of Riyadh. Past frosted glass doors, the few men to one side of the room are vastly outnumbered by female colleagues sitting at desks spread across the office.
The scene is the opposite of what most workplaces in the conservative Islamic kingdom looked like a few years ago, reflecting the growing influx of women into the job market. “Look where we were and where we are now,” says Reem Almuhanna, 31, who oversees the call center’s 74 employees as they gather data on households and businesses.
Keeping women at home is a luxury the world’s largest exporter of crude can no longer afford. Crown Prince Mohammed bin Salman, 35, is overhauling the economy to prepare for a post-oil future and striving to create jobs amid sputtering economic growth. With the cost of living on the rise as the government cuts gasoline and electricity subsidies and introduces new fees and taxes, including a 15% value-added tax, Saudi households increasingly depend on women working.
It looks like a woman’s world on the 29th floor of Tamkeen Tower, where a call center for Saudi Arabia’s General Authority for Statistics overlooks the beige sprawl of Riyadh. Past frosted glass doors, the few men to one side of the room are vastly outnumbered by female colleagues sitting at desks spread across the office.
The scene is the opposite of what most workplaces in the conservative Islamic kingdom looked like a few years ago, reflecting the growing influx of women into the job market. “Look where we were and where we are now,” says Reem Almuhanna, 31, who oversees the call center’s 74 employees as they gather data on households and businesses.
Keeping women at home is a luxury the world’s largest exporter of crude can no longer afford. Crown Prince Mohammed bin Salman, 35, is overhauling the economy to prepare for a post-oil future and striving to create jobs amid sputtering economic growth. With the cost of living on the rise as the government cuts gasoline and electricity subsidies and introduces new fees and taxes, including a 15% value-added tax, Saudi households increasingly depend on women working.
Major Gulf markets slip, but #Dubai set for another weekly gain | Reuters
Major Gulf markets slip, but Dubai set for another weekly gain | Reuters
Most major Gulf stock markets opened lower on Thursday, although the Dubai index was still set for its fourth weekly gain after recent gains in property shares and financial stocks.
Dubai’s main share index fell 0.4%, with sharia-compliant lender Dubai Islamic Bank off 1%, while blue-chip developer Emaar Properties dropped 0.7%.
House prices in Dubai are expected to rise for the first time in six years in 2021, supported by a swift vaccine rollout that has lifted hopes for economic recovery, a Reuters poll of property analysts showed.
The Abu Dhabi index fell 1.2%, extending losses from the previous session, weighed by a 2.1% fall in the country’s largest lender First Abu Dhabi Bank.
Among others, Abu Dhabi National Company for Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates, dropped 7.2%.
Abu Dhabi National Oil Company (ADNOC) said it raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit ADNOC Distribution on Wednesday.
This could increase ADNOC Distribution’s free float to 30%, it said.
Saudi Arabia’s benchmark index eased 0.1%, hit by a 0.2% fall in Al Rajhi Bank.
In Qatar, the index gained 0.7%, with Qatar National Bank rising 1.7%, while petrochemical firm Industries Qatar increased 1.1%.
The Gulf Arab state said on Wednesday that leisure and education centres and restaurants can reopen at limited capacity as of Friday under a phased easing of coronavirus-related measures.
It said local and international sporting events can take place with fully vaccinated fans at 30% capacity in outdoor venues, with permission from the public health ministry.
Most major Gulf stock markets opened lower on Thursday, although the Dubai index was still set for its fourth weekly gain after recent gains in property shares and financial stocks.
Dubai’s main share index fell 0.4%, with sharia-compliant lender Dubai Islamic Bank off 1%, while blue-chip developer Emaar Properties dropped 0.7%.
House prices in Dubai are expected to rise for the first time in six years in 2021, supported by a swift vaccine rollout that has lifted hopes for economic recovery, a Reuters poll of property analysts showed.
The Abu Dhabi index fell 1.2%, extending losses from the previous session, weighed by a 2.1% fall in the country’s largest lender First Abu Dhabi Bank.
Among others, Abu Dhabi National Company for Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates, dropped 7.2%.
Abu Dhabi National Oil Company (ADNOC) said it raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit ADNOC Distribution on Wednesday.
This could increase ADNOC Distribution’s free float to 30%, it said.
Saudi Arabia’s benchmark index eased 0.1%, hit by a 0.2% fall in Al Rajhi Bank.
In Qatar, the index gained 0.7%, with Qatar National Bank rising 1.7%, while petrochemical firm Industries Qatar increased 1.1%.
The Gulf Arab state said on Wednesday that leisure and education centres and restaurants can reopen at limited capacity as of Friday under a phased easing of coronavirus-related measures.
It said local and international sporting events can take place with fully vaccinated fans at 30% capacity in outdoor venues, with permission from the public health ministry.
#UAE Oil Firm Adnoc Raises $1.6 Billion in Stock, Bond Sale - Bloomberg
UAE Oil Firm Adnoc Raises $1.6 Billion in Stock, Bond Sale - Bloomberg
Abu Dhabi’s state oil firm raised $1.64 billion through a stock and bond sale to institutional investors as the emirate continues to leverage energy assets to generate funds.
The capital of the United Arab Emirates, contains almost all the OPEC member’s hydrocarbon reserves. The government, along with others in the region such as Saudi Arabia and Oman, is seeking to use money from energy assets to build new industries and diversify the economy.
Both deals were completed on Wednesday and saw “significant demand” from regional and international investors, Adnoc said. They came a day after Abu Dhabi’s government raised $2 billion through seven-year bonds, attracting almost $7 billion in demand.
Abu Dhabi National Oil Co. sold 375 million shares in Adnoc Distribution PJSC, offering them at 4.36 dirhams ($1.19) each, a roughly 10% discount to Wednesday’s close. The fuel-retail unit fell as much as 9.3% in early trading on Thursday before paring losses to 4.64 dirhams -- down 4.3% -- by 10:12 a.m. in Abu Dhabi.
Adnoc also issued $1.195 billion of senior bonds that mature in 2024 and are exchangeable into the distributor’s stock.
Abu Dhabi’s state oil firm raised $1.64 billion through a stock and bond sale to institutional investors as the emirate continues to leverage energy assets to generate funds.
The capital of the United Arab Emirates, contains almost all the OPEC member’s hydrocarbon reserves. The government, along with others in the region such as Saudi Arabia and Oman, is seeking to use money from energy assets to build new industries and diversify the economy.
Both deals were completed on Wednesday and saw “significant demand” from regional and international investors, Adnoc said. They came a day after Abu Dhabi’s government raised $2 billion through seven-year bonds, attracting almost $7 billion in demand.
Abu Dhabi National Oil Co. sold 375 million shares in Adnoc Distribution PJSC, offering them at 4.36 dirhams ($1.19) each, a roughly 10% discount to Wednesday’s close. The fuel-retail unit fell as much as 9.3% in early trading on Thursday before paring losses to 4.64 dirhams -- down 4.3% -- by 10:12 a.m. in Abu Dhabi.
Adnoc also issued $1.195 billion of senior bonds that mature in 2024 and are exchangeable into the distributor’s stock.
GlobalFoundries Is Said to Tap Morgan Stanley for Jumbo IPO - Bloomberg
GlobalFoundries Is Said to Tap Morgan Stanley for Jumbo IPO - Bloomberg
GlobalFoundries is working with Morgan Stanley on an initial public offering that could value the chipmaker at about $30 billion, according to a person familiar with the matter.
No final decision has been made and the company’s plans could change, said the person, who asked to not be identified because the matter isn’t public.
GlobalFoundries is backed by Abu Dhabi sovereign fund Mubadala Investment Co. Mubadala had started preparations for a U.S. IPO of the company and is in discussions with potential advisers, Bloomberg News reported in April.
A representative for GlobalFoundries declined to comment. Mubadala didn’t respond to a request to its general inquiry email outside regular business hours while a representative for Morgan Stanley didn’t immediately have a comment.
The chipmaker is coming to market as numerous industries complain they can’t get enough semiconductor supply and governments across the globe gear up to provide financial support for expansions in production.
Globalfoundries’ biggest rivals, Taiwan Semiconductor Manufacturing Co. and Samsung Electronics, are struggling to keep up with demand for outsourced chipmaking demand.
The Philadelphia Stock Exchange Semiconductor Index has been on a tear, tripling since 2016.
GlobalFoundries was created when Mubadala bought Advanced Micro Devices Inc.’s manufacturing facilities in 2009 and later combined them with Singapore’s Chartered Semiconductor Manufacturing Ltd.
GlobalFoundries is working with Morgan Stanley on an initial public offering that could value the chipmaker at about $30 billion, according to a person familiar with the matter.
No final decision has been made and the company’s plans could change, said the person, who asked to not be identified because the matter isn’t public.
GlobalFoundries is backed by Abu Dhabi sovereign fund Mubadala Investment Co. Mubadala had started preparations for a U.S. IPO of the company and is in discussions with potential advisers, Bloomberg News reported in April.
A representative for GlobalFoundries declined to comment. Mubadala didn’t respond to a request to its general inquiry email outside regular business hours while a representative for Morgan Stanley didn’t immediately have a comment.
The chipmaker is coming to market as numerous industries complain they can’t get enough semiconductor supply and governments across the globe gear up to provide financial support for expansions in production.
Globalfoundries’ biggest rivals, Taiwan Semiconductor Manufacturing Co. and Samsung Electronics, are struggling to keep up with demand for outsourced chipmaking demand.
The Philadelphia Stock Exchange Semiconductor Index has been on a tear, tripling since 2016.
GlobalFoundries was created when Mubadala bought Advanced Micro Devices Inc.’s manufacturing facilities in 2009 and later combined them with Singapore’s Chartered Semiconductor Manufacturing Ltd.
#AbuDhabi fiscal strength will stay resilient to pandemic risks | ZAWYA MENA Edition
Abu Dhabi fiscal strength will stay resilient to pandemic risks | ZAWYA MENA Edition
The strength of the government's balance sheet, a very high per capita income, vast hydrocarbon reserves and superior infrastructure will support the credit profile of Abu Dhabi, said Moody’s Investors Service.
In addition, domestic politics are stable and the UAE (UAE, Aa2 stable) has good relations with the international community, the ratings agency noted in its annual credit analysis.
“A very high per capita income, vast hydrocarbon reserves and superior infrastructure also support creditworthiness. We expect Abu Dhabi’s fiscal strength will remain resilient to risks related to pandemic, particularly given the world-leading vaccination efforts by Abu Dhabi, the federal government and other emirates’ health authorities,” said Thaddeus Best, a Moody’s analyst.
However, Abu Dhabi's main credit challenges lie in a lack of institutional data transparency, particularly the absence of public figures on prospective budgets and on the composition of offshore assets managed by Abu Dhabi Investment Authority's (ADIA). Regional geopolitical tensions present event risks, and the emirate's dependence on hydrocarbons is also a significant vulnerability, the report said.
That said, the investment returns from ADIA provide an additional source of stable revenue for Abu Dhabi. “We estimate that total government debt is equivalent to 5 percent of the total value of the ADIA gross assets under management,” Moody’s noted.
On economic strength, Moody’s scores Abu Dhabi at “a1,” similar to Saudi Arabia (A1 negative), Hong Kong (Aa3 stable), and Qatar (Aa3 stable). The rating moved up from an initial “a3”.
Abu Dhabi’s institutions and governance strength score is “a2”. There have been some improvements in governance in recent years, particularly just after the 2015 oil price shock that demonstrated the government's willingness and ability to implement new fiscal measures, in contrast to other GCC sovereigns, the report said.
On fiscal strength the emirate scored at “aa1”, reflecting the vast amount of wealth and resources at the government's disposal relative to debt. This comes above the initial outcome of “aa2” to reflect the credibility of the UAE's fixed-exchange regime, which significantly lowers exchange rate risk from Abu Dhabi's foreign currency borrowings.
Moody’s “baa” assessment of Abu Dhabi’s susceptibility to event risk is the same as the UAE’s and is primarily driven by geopolitical factors.
The strength of the government's balance sheet, a very high per capita income, vast hydrocarbon reserves and superior infrastructure will support the credit profile of Abu Dhabi, said Moody’s Investors Service.
In addition, domestic politics are stable and the UAE (UAE, Aa2 stable) has good relations with the international community, the ratings agency noted in its annual credit analysis.
“A very high per capita income, vast hydrocarbon reserves and superior infrastructure also support creditworthiness. We expect Abu Dhabi’s fiscal strength will remain resilient to risks related to pandemic, particularly given the world-leading vaccination efforts by Abu Dhabi, the federal government and other emirates’ health authorities,” said Thaddeus Best, a Moody’s analyst.
However, Abu Dhabi's main credit challenges lie in a lack of institutional data transparency, particularly the absence of public figures on prospective budgets and on the composition of offshore assets managed by Abu Dhabi Investment Authority's (ADIA). Regional geopolitical tensions present event risks, and the emirate's dependence on hydrocarbons is also a significant vulnerability, the report said.
That said, the investment returns from ADIA provide an additional source of stable revenue for Abu Dhabi. “We estimate that total government debt is equivalent to 5 percent of the total value of the ADIA gross assets under management,” Moody’s noted.
On economic strength, Moody’s scores Abu Dhabi at “a1,” similar to Saudi Arabia (A1 negative), Hong Kong (Aa3 stable), and Qatar (Aa3 stable). The rating moved up from an initial “a3”.
Abu Dhabi’s institutions and governance strength score is “a2”. There have been some improvements in governance in recent years, particularly just after the 2015 oil price shock that demonstrated the government's willingness and ability to implement new fiscal measures, in contrast to other GCC sovereigns, the report said.
On fiscal strength the emirate scored at “aa1”, reflecting the vast amount of wealth and resources at the government's disposal relative to debt. This comes above the initial outcome of “aa2” to reflect the credibility of the UAE's fixed-exchange regime, which significantly lowers exchange rate risk from Abu Dhabi's foreign currency borrowings.
Moody’s “baa” assessment of Abu Dhabi’s susceptibility to event risk is the same as the UAE’s and is primarily driven by geopolitical factors.
#AbuDhabi's Mubadala back in market with two-tranche bonds - document | ZAWYA MENA Edition
Abu Dhabi's Mubadala back in market with two-tranche bonds - document | ZAWYA MENA Edition
Abu Dhabi state fund Mubadala began marketing a two-tranche U.S. dollar-denominated bond deal on Thursday, a document showed, returning to the debt markets less than three months after it raised $1.1 billion.
A Mubadala unit through which the bonds are issued, Mamoura Diversified Global Holding, gave initial price guidance of around 130 basis points over mid-swaps for a 10-year tranche and around 3.7% for 30-year Formosa bonds, the document from one of the banks on the deal showed.
Abu Dhabi Commercial Bank, Citi, FAB, JPMorgan, Morgan Stanley and Standard Chartered are arranging the deal, which is expected to launch later on Thursday.
Abu Dhabi state fund Mubadala began marketing a two-tranche U.S. dollar-denominated bond deal on Thursday, a document showed, returning to the debt markets less than three months after it raised $1.1 billion.
A Mubadala unit through which the bonds are issued, Mamoura Diversified Global Holding, gave initial price guidance of around 130 basis points over mid-swaps for a 10-year tranche and around 3.7% for 30-year Formosa bonds, the document from one of the banks on the deal showed.
Abu Dhabi Commercial Bank, Citi, FAB, JPMorgan, Morgan Stanley and Standard Chartered are arranging the deal, which is expected to launch later on Thursday.
Wednesday 26 May 2021
Oil settles higher on stronger demand outlook as U.S inventories fall | Reuters
Oil settles higher on stronger demand outlook as U.S inventories fall | Reuters
Oil prices settled higher on Wednesday as a drop in U.S. crude stockpiles reinforced expectations of improving demand ahead of the peak summer driving season, offsetting worries that a possible return of Iranian supply would cause a glut.
Brent settled up 16 cents, or 0.3%, to $68.87 a barrel and U.S. West Texas Intermediate (WTI) crude settled up 14 cents, or 0.2%, at $66.21 a barrel.
Both benchmarks pared losses after government data showed U.S. crude stocks at the Cushing, Oklahoma, storage hub fell last week to the lowest since March 2020. Refiners ramped up utilization rates to pre-pandemic levels.
Gasoline product supplied rose to 9.5 million barrels per day, a proxy for demand, while distillate demand was also higher. Gasoline consumption generally rises beginning around U.S. Memorial Day, which is May 31 this year, when people take to the roads.
Prices found some support from lifting of coronavirus curbs.
Oil prices settled higher on Wednesday as a drop in U.S. crude stockpiles reinforced expectations of improving demand ahead of the peak summer driving season, offsetting worries that a possible return of Iranian supply would cause a glut.
Brent settled up 16 cents, or 0.3%, to $68.87 a barrel and U.S. West Texas Intermediate (WTI) crude settled up 14 cents, or 0.2%, at $66.21 a barrel.
Both benchmarks pared losses after government data showed U.S. crude stocks at the Cushing, Oklahoma, storage hub fell last week to the lowest since March 2020. Refiners ramped up utilization rates to pre-pandemic levels.
Gasoline product supplied rose to 9.5 million barrels per day, a proxy for demand, while distillate demand was also higher. Gasoline consumption generally rises beginning around U.S. Memorial Day, which is May 31 this year, when people take to the roads.
Prices found some support from lifting of coronavirus curbs.
#Dubai Property Fund Unswayed by Creditor Dissent in Debt Dispute - Bloomberg
Dubai Property Fund Unswayed by Creditor Dissent in Debt Dispute - Bloomberg
Dubai-listed Emirates REIT made no indication it’s willing to compromise with a group of creditors that rejected its proposal to exchange $400 million of sukuk securities for new notes.
A dispute with investors escalated on Wednesday after the dissenting certificate-holders said they have the numbers to block the offer and asked for a meeting with the company the following day “to discuss the concerns of the Ad-Hoc Group and its requirements for the restructuring process.” Rothschild & Co. and Clifford Chance are advising the group.
In response, Emirates REIT said voting to accept its restructuring proposal remains open and reiterated that it has sufficient cash on hand to pay “the profit payment” due next month, if necessary. It didn’t say whether it would accept the invitation to meet on Thursday.
The creditors formed a so-called steering committee that includes several certificate-holders with large exposure to lead the talks with Emirates REIT, according to a separate document seen by Bloomberg. The steering committee consists of Aberdeen Standard Investments Ltd, GFH Financial Group, Sancta Capital, Shuaa Capital PSC and Oasis Management Co Ltd, the document showed.
Emirates REIT, whose portfolio ranges from schools to office space, has said it needs to improve its balance sheet after the global pandemic compounded a property slump in Dubai.
The Shariah-compliant real estate investment trust last week offered to exchange the unsecured sukuk securities due in 2022 for new secured notes maturing in 2024. Under the plan, the REIT’s coupon payments would be deferred for a year and be paid at maturity. The existing sukuk’s 5.125% rate is to be maintained.
The proposed transaction would represent “a material reduction in terms for lenders and is therefore viewed” as a distressed debt exchange, according to Fitch Ratings, which downgraded the Dubai-listed REIT to near-default status on Monday.
The REIT last year hired Houlihan Lokey Inc. as an adviser to help it review its options and has been considering a potential delisting from Nasdaq Dubai. It’s also said that the Dubai Financial Services Authority is investigating matters connected to its management.
The group of dissenting creditors said it represents a blocking majority to the offer and includes 13 institutions, with investors from the Gulf region, Europe, North America and Asia, alongside banks from the United Arab Emirates. It set out a list of conditions to develop a revised proposal, saying it would have to address issues ranging from governance to management fees and operating costs.
“The Ad-Hoc Group is prepared to work to reach a quick and efficient resolution,” it said in the statement.
Dubai-listed Emirates REIT made no indication it’s willing to compromise with a group of creditors that rejected its proposal to exchange $400 million of sukuk securities for new notes.
A dispute with investors escalated on Wednesday after the dissenting certificate-holders said they have the numbers to block the offer and asked for a meeting with the company the following day “to discuss the concerns of the Ad-Hoc Group and its requirements for the restructuring process.” Rothschild & Co. and Clifford Chance are advising the group.
In response, Emirates REIT said voting to accept its restructuring proposal remains open and reiterated that it has sufficient cash on hand to pay “the profit payment” due next month, if necessary. It didn’t say whether it would accept the invitation to meet on Thursday.
The creditors formed a so-called steering committee that includes several certificate-holders with large exposure to lead the talks with Emirates REIT, according to a separate document seen by Bloomberg. The steering committee consists of Aberdeen Standard Investments Ltd, GFH Financial Group, Sancta Capital, Shuaa Capital PSC and Oasis Management Co Ltd, the document showed.
Emirates REIT, whose portfolio ranges from schools to office space, has said it needs to improve its balance sheet after the global pandemic compounded a property slump in Dubai.
The Shariah-compliant real estate investment trust last week offered to exchange the unsecured sukuk securities due in 2022 for new secured notes maturing in 2024. Under the plan, the REIT’s coupon payments would be deferred for a year and be paid at maturity. The existing sukuk’s 5.125% rate is to be maintained.
The proposed transaction would represent “a material reduction in terms for lenders and is therefore viewed” as a distressed debt exchange, according to Fitch Ratings, which downgraded the Dubai-listed REIT to near-default status on Monday.
The REIT last year hired Houlihan Lokey Inc. as an adviser to help it review its options and has been considering a potential delisting from Nasdaq Dubai. It’s also said that the Dubai Financial Services Authority is investigating matters connected to its management.
The group of dissenting creditors said it represents a blocking majority to the offer and includes 13 institutions, with investors from the Gulf region, Europe, North America and Asia, alongside banks from the United Arab Emirates. It set out a list of conditions to develop a revised proposal, saying it would have to address issues ranging from governance to management fees and operating costs.
“The Ad-Hoc Group is prepared to work to reach a quick and efficient resolution,” it said in the statement.
MIDEAST STOCKS Most major Gulf markets gain; #AbuDhabi falls | Reuters
MIDEAST STOCKS Most major Gulf markets gain; Abu Dhabi falls | Reuters
Most major stock markets in the Gulf ended higher on Wednesday, with the Dubai index leading gains on back of top lender Emirates NBD.
Saudi Arabia's benchmark index (.TASI) added 0.2%, supported by a 5.5% rise in Dr Sulaiman Al-Habib Medical Services (4013.SE).
The value of Saudi Arabia's oil exports in March rose by 75% year on year to 52.3 billion riyals ($13.95 billion), official data showed on Wednesday. read more
Non-oil exports increased by 42.9% to 22.4 billion riyals, the General Authority for Statistics said.
Dubai's main share index (.DFMGI) advanced 1%, boosted by a 4.6% increase in Emirates NBD (ENBD.DU).
Last week, the bank sold $750 million in Additional Tier 1 bonds after receiving more than $1.75 billion in orders, a document showed.
Amazon.com Inc (AMZN.O) said on Wednesday its cloud service unit will launch three data centres in the first half of 2022 in the United Arab Emirates, its second Middle East infrastructure region. read more
"The UAE seems to be extending its efforts to welcome international business as the Minister of Economy, Abdulla Bin Touq Al-Marri said in an interview that the UAE aims to double its economy to 3 trillion dirhams ($816.82 billion) over the next decade," said Mohamad Ibrahim, regional director Middle East at Exness.
However, sharia-compliant lender Dubai Islamic Bank (DISB.DU) gave up early gains to close flat.
A judge in Abu Dhabi ruled in favour of Dubai Islamic Bank and against the administrators of NMC, in a case that could complicate the private healthcare firm's multi-billion-dollar debt restructuring. read more
In Abu Dhabi, the index (.ADI) fell 1%, ending three sessions of gains, with the country's largest lender First Abu Dhabi Bank (FAB.AD) down 2.6%.
Abu Dhabi sold $2 billion in seven-year bonds on Tuesday in its first foray into international debt markets this year, raising cash for state coffers despite a recent rebound in oil prices. read more
The Qatari benchmark (.QSI) edged up 0.2%, with petrochemical firm Industries Qatar (IQCD.QA) rising 2.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.5%, weighed down by a 4.2% fall in Commercial International Bank (COMI.CA) and a 2.7% decrease in Fawry for Banking Technology and Electronic (FWRY.CA).
Most major stock markets in the Gulf ended higher on Wednesday, with the Dubai index leading gains on back of top lender Emirates NBD.
Saudi Arabia's benchmark index (.TASI) added 0.2%, supported by a 5.5% rise in Dr Sulaiman Al-Habib Medical Services (4013.SE).
The value of Saudi Arabia's oil exports in March rose by 75% year on year to 52.3 billion riyals ($13.95 billion), official data showed on Wednesday. read more
Non-oil exports increased by 42.9% to 22.4 billion riyals, the General Authority for Statistics said.
Dubai's main share index (.DFMGI) advanced 1%, boosted by a 4.6% increase in Emirates NBD (ENBD.DU).
Last week, the bank sold $750 million in Additional Tier 1 bonds after receiving more than $1.75 billion in orders, a document showed.
Amazon.com Inc (AMZN.O) said on Wednesday its cloud service unit will launch three data centres in the first half of 2022 in the United Arab Emirates, its second Middle East infrastructure region. read more
"The UAE seems to be extending its efforts to welcome international business as the Minister of Economy, Abdulla Bin Touq Al-Marri said in an interview that the UAE aims to double its economy to 3 trillion dirhams ($816.82 billion) over the next decade," said Mohamad Ibrahim, regional director Middle East at Exness.
However, sharia-compliant lender Dubai Islamic Bank (DISB.DU) gave up early gains to close flat.
A judge in Abu Dhabi ruled in favour of Dubai Islamic Bank and against the administrators of NMC, in a case that could complicate the private healthcare firm's multi-billion-dollar debt restructuring. read more
In Abu Dhabi, the index (.ADI) fell 1%, ending three sessions of gains, with the country's largest lender First Abu Dhabi Bank (FAB.AD) down 2.6%.
Abu Dhabi sold $2 billion in seven-year bonds on Tuesday in its first foray into international debt markets this year, raising cash for state coffers despite a recent rebound in oil prices. read more
The Qatari benchmark (.QSI) edged up 0.2%, with petrochemical firm Industries Qatar (IQCD.QA) rising 2.6%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.5%, weighed down by a 4.2% fall in Commercial International Bank (COMI.CA) and a 2.7% decrease in Fawry for Banking Technology and Electronic (FWRY.CA).
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