Rolls-Royce joins with #Qatar to pump billions into green start-ups in UK | Financial Times

Rolls-Royce joins with Qatar to pump billions into green start-ups in UK | Financial Times

Rolls-Royce is joining forces with Qatar to build a science and engineering campus in the UK to develop green technology start-ups, as the aero-engine group seeks to accelerate its drive towards net zero. 

The partnership would see the gas-rich Gulf state invest billions of pounds into the venture over the next 20 years, with the FTSE 100 company providing its manufacturing expertise and testing facilities, according to three people briefed on the talks. It could be unveiled as early as this week’s COP26 climate talks in Glasgow, said one person familiar with the talks. 

While the exact details of the partnership still need to be finalised, the ambition is to build five green engineering “unicorns” — start-up companies valued at $1bn or more — by 2030 and up to 20 by 2040. Additional investment will be sought from external investors including venture capital funds. 

“The Qataris are willing and able to invest. Given the climate crisis, you have to move at speed,” said the same person, comparing the plan to the government-backed network of catapult centres that link business and academia to develop research.

ADCB nine-month net profit climbs 36% on lower impairment charges

ADCB nine-month net profit climbs 36% on lower impairment charges

Abu Dhabi Commercial Bank, the UAE’s third-largest lender, reported an almost 36 per cent jump in its nine-month net profit thanks to lower impairment charges as the UAE economy continued to recover from the Covid-19 pandemic.

The total profit attributable to equity holders of the bank for the period ending September 30 climbed to Dh3.8 billion ($1.03bn), the lender said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Impairment charges during the period dropped 35 per cent to Dh1.98bn, while net fees and commission income rose 24 per cent to Dh1.38bn.

“Despite the subdued macroeconomic conditions, the bank capitalised on an active lending pipeline and has extended Dh28bn in new credit this year to targeted economic sectors in line with our five-year growth strategy,” said Ala'a Eraiqat, ADCB's group chief executive.

#Saudi Aramco Investment News and Analysis After Earnings - Bloomberg

Saudi Aramco Investment News and Analysis After Earnings - Bloomberg

Investors buying Aramco shares in the hope that surging crude prices will encourage the company to follow other oil majors by boosting payouts are being disappointed.

While Dahran, Saudi Arabia-based Aramco, the world’s biggest crude producer, said Sunday third-quarter profit more than doubled to 114.1 billion riyals ($30.4 billion) from a year ago, there was no announcement on additional dividends.

After sliding in their first three months of 2020, the shares have since climbed above the level of the initial public offering of almost two years ago. But that’s cut the yield on Aramco stock to 3.7%, lower than peers such as Exxon Mobil Corp. and BP Plc.

The dividend plans remain “vague,” Bank of America analysts including Moscow-based Karen Kostanian wrote in a note last week. “Aramco’s current and future share-price trajectory will depend on its ability to utilize a window of opportunity to boost minority shareholder returns.”

#SaudiArabia posts third quarter budget surplus, first in over two years | Reuters

Saudi Arabia posts third quarter budget surplus, first in over two years | Reuters

Saudi Arabia recorded a budget surplus of 6.7 billion riyals ($1.79 billion) in the third quarter this year, as higher oil prices fuelled its first quarterly surplus in over two years.

The world's largest oil exporter saw revenues of 243.4 billion riyals in the quarter, with income from oil sales increased 60% to 147.9 billion riyals.

But non-oil revenue contracted 22% to 95.4 billion riyals, according to a finance ministry report that said quarterly public expenditure was down 8% year-on-year to 236.7 billion riyals.

It was the kingdom's first quarterly surplus since the first quarter in 2019, according to ministry data.

Most Gulf bourses in red; Aramco's Q3 profit surges | Reuters

Most Gulf bourses in red; Aramco's Q3 profit surges | Reuters

Most stock markets in the Gulf ended lower on Sunday, with the Saudi index extending losses for a third session as profit-taking continued after the main index reached multi-year highs.

Saudi Arabia's benchmark index (.TASI) fell 0.5%, weighed down by a 1.7% drop in petrochemical maker Saudi Basic Industries Corp (SABIC) (2010.SE), extending losses for a third session.

On Thursday, SABIC reported a net profit of 5.6 billion riyals ($1.49 billion), up from 1.1 billion riyals in the same period last year, but missed Refinitiv-compiled analysts' consensus estimate of 6.1 billion riyals. read more

But, Saudi Arabian state oil producer Aramco (2222.SE) finished 0.4% higher, following a sharp rise in quarterly earnings, boosted by higher crude oil prices and volumes sold, beating analysts forecasts. read more

Aramco's net income jumped to $30.4 billion for the third-quarter from $11.8 billion a year earlier.

The oil giant has risen over 8% this year to a market valuation of just over $2 trillion, a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before the company's initial public offering.

In Abu Dhabi, the index (.ADI) eased 0.1%, hit by a 1.7% fall in Alpha Dhabi Holding (ALPHADHABI.AD) and a 0.1% decrease in First Abu Dhabi Bank (FAB.AD), the country's largest lender.

Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 0.8% increase in blue-chip developer Emaar Properties (EMAR.DU) and a 10.4% surge in DAMAC Properties (DAMAC.DU).

On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani's offer to buy them out and delist the company.

If accepted, BlackRock, State Street and other minority shareholders will receive 1.4 dirham ($0.38) in exchange for each share that they hold, according to the offer.

Outside the Gulf, Egypt's blue-chip index (.EGX30) retreated 0.8%, after it advanced 1.3% in the previous session.

Meanwhile, Egypt's central bank kept its key interest rates unchanged during its monetary policy committee (MPC) meeting on Thursday.

Rolls Royce and #Qatar unite to create green start-ups fund worth billions | ZAWYA MENA Edition

Rolls Royce and Qatar unite to create green start-ups fund worth billions | ZAWYA MENA Edition

Qatar is set to join forces with Rolls Royce to launch a fund worth billions in investments in green engineering projects with a focus on an engineering hub in the UK with the potential for 10,000 jobs, The Sunday Times reported.

The UK broadsheet quoted sources close to the project reporting that a new science and engineering campus in the north of England would be built by the Middle Eastern state for start-ups to test and develop green technologies.

The target is to create five “unicorn” companies — start-ups worth $1 billion — by 2030 and up to 20 by 2040.

A sister campus would be built in Qatar.

The project will be one of the largest inward investments by a foreign state to the UK and the ST suggested an announcement could be made at the COP26 summit.

It is believed talks on the project have been underway for the best part of a year and venture capitalists and private equity firms are involved.

The article also stated that both Qatar and RR are also in talks with British universities to get involved in the project with a projected date of opening for 2023 and 1,000 jobs.

Indonesia and DP World Sign Deal for Port Developments - Bloomberg

Indonesia and DP World Sign Deal for Port Developments - Bloomberg

Indonesia’s newly established wealth fund signed an agreement with Dubai port operator DP World to develop seaports in Southeast Asia’s largest economy.

Under the agreement, Indonesia Investment Authority and DP World, one of the biggest global port operators, will form a consortium to explore long-term investment opportunities across the country, according to a joint statement on Sunday. A partnership with state port operator PT Pelabuhan Indonesia is among options that both parties say will bring economic value of up to $7.5 billion.

Indonesia, an archipelago with over 17,000 islands, considers marine logistics and seaports as a key support for the domestic economy, according to Ridha Wirakusumah, president director at the fund known as INA. The fund lets investors place money in sub-funds spanning infrastructure, healthcare, tourism, technology and the development of a new national capital city planned on the island of Kalimantan.

DP World recently announced a string of deals to become a more diversified and integrated logistics company. Its operations span from gateways in London and Antwerp to hubs in Africa, Russia, India and the Americas. The company, along with partner Caisse de dépôt et placement du Québec, signed a port and logistics park agreement with Indonesia’s Maspion Group in March.

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

#Saudi Deal to Allow Foreigner Access to Debt - Bloomberg video

Saudi Deal to Allow Foreigner Access to Debt - Bloomberg

Doug Bitcon, Head of Credit Strategies at Rasmala Investment Bank, discusses the Saudi deal with Euroclear to allow foreigner access to debt and where Saudi's government bonds fit into investment strategies. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East."

What Is Neom? #SaudiArabia Starts Building Futuristic Linear City - Bloomberg

What Is Neom? Saudi Arabia Starts Building Futuristic Linear City - Bloomberg

Saudi Arabia has started moving earth and tunneling through mountains to build a futuristic linear city that officials hope will host its first residents in 2024, the project’s chief executive said.

Employees are still developing regional master plans and a “founding law” for the mega-project called Neom, Nadhmi Al-Nasr said in an interview in Riyadh. But they’ve already started early infrastructure work on its main feature -- a 170-kilometer (105-mile) long car-free city called “The Line” that could begin welcoming inhabitants and tourists as early as the first quarter of 2024, he said.

“It’s a huge undertaking,” Al-Nasr said in an interview with Bloomberg TV, estimating that “not even 1%” of the work needed to plan and build the linear city is complete. “Today if you go to Neom you will see construction all over, you will see earthworks going on all over, you will see regions that are being developed,” he said.

Announced in 2017, Neom is the crown jewel of Crown Prince Mohammed bin Salman’s program to overhaul the economy of the world’s largest oil exporter. His plans to turn the remote region on the kingdom’s northwest Red Sea coast into a futuristic tech hub encapsulates the major elements of his so-called “Vision 2030” to diversify away from crude, loosen social restrictions and boost investment.

Yalla Showed Promise as #UAE’s First Tech Unicorn. Then Came the Short Sellers - Bloomberg

Yalla Showed Promise as #UAE’s First Tech Unicorn. Then Came the Short Sellers - Bloomberg

It was hailed as the first tech unicorn from the United Arab Emirates in its debut on the New York Stock Exchange and touted as the “Clubhouse of the Middle East.”

But these days, Yalla Group Ltd., a voice-chat startup based out of Dubai, might be earning a less flattering label: stock-market bust.

After a fivefold surge in the months following its initial public offering last year, Yalla — a Chinese-backed social network based in the United Arab Emirates that means “Let’s Go” in Arabic — has given up all its gains and then some. Since peaking at over $40 in February, Yalla has lost more than 80% of its market value. Its American depositary receipts, which debuted at $7.50, are now consistently below $7 and hit an all-time low of $6.26 this past week.

This is quite a comedown for a company once feted by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, drew comparisons to the buzzy Silicon Valley startup Clubhouse and even garnered a small stake from billionaire Steve Cohen’s hedge fund. But as the once red-hot, live-audio chatroom space cools, the company’s spectacular growth has come under scrutiny.

#Saudi Aramco's quarterly profit surges on oil price, volumes | Reuters

Saudi Aramco's quarterly profit surges on oil price, volumes | Reuters

Saudi Arabian state oil producer Aramco (2222.SE) said on Sunday its third-quarter net profit more than doubled, boosted by higher crude oil prices and volumes sold, beating analysts' forecasts.

The oil giant's best quarterly earnings since its listing in December 2019 was fuelled by the strongest quarterly average crude prices since its shares began trading.

Aramco shares were up 1% in early trade after the company disclosed its results and have risen about 9% this year to a market valuation of just over $2 trillion, a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before the company's initial public offering.

Aramco's net income jumped to $30.4 billion for the quarter to Sept. 30 from $11.8 billion a year earlier, it said in a bourse filing. That was above the median net profit forecast of $28.4 billion from four analysts.

Major Gulf bourses mixed in early trade | Reuters

Major Gulf bourses mixed in early trade | Reuters

Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi index on track to end a four-day losing streak.

Oil prices settled higher on Friday, supported by expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, would maintain production cuts.

OPEC+ forecasts are still higher than those of the International Energy Agency (IEA), which expects oil demand to grow by 5.5 million bpd in 2021 and 3.3 million bpd in 2022.

Saudi Arabia's benchmark index (.TASI) added 0.2%, with Al Rajhi Bank (1120.SE) rising 0.4%. Oil behemoth Saudi Aramco (2222.SE) gained more than 1%, following a sharp rise in quarterly earnings, boosted by higher crude oil prices and volumes sold, beating analysts forecasts.

Aramco's net income jumped to $30.4 billion for the third-quarter from $11.8 billion a year earlier.

The kingdom intends to bid to host the Expo 2030 world fair, Saudi Crown Prince Mohammed bin Salman said on Friday, part of the de facto ruler's push to transform the kingdom's economy and diversify it away from oil. read more

In Abu Dhabi, the index (.ADI) added 0.3%, helped by a 1.2% rise in conglomerate International Holding (IHC.AD) and a 0.7% increase in Aldar Properties (ALDAR.AD).

Dubai's main share index (.DFMGI) lost 0.3%, weighed down by a 0.7% fall in Emirates NBD Bank (ENBD.DU).

However, the index's losses were limited by a 8.8% surge in developer DAMAC Properties (DAMAC.DU).

On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani's offer to buy them out and delist the company.

If the recommendation is accepted, BlackRock, State Street and other minority shareholders will receive 1.4 dirhams ($0.3812) in exchange for each share that they hold, according to the offer.

The Qatari index (.QSI) fell 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.3% and Qatar National Bank (QNBK.QA) retreating 1.2%.

King Salman says Saudis will keep supporting energy markets' stability, balance | Reuters

King Salman says Saudis will keep supporting energy markets' stability, balance | Reuters

King Salman said on Saturday Saudi Arabia will continue supporting the stability and balance of oil markets, and also backs efforts to supply clean energy to the world.

The king, who was speaking remotely to the G20 summit, said the global economy still suffers from the COVID-19 pandemic and that low-income countries are still struggling to provide vaccines for their populations.

#Saudi to bid to host Expo 2030 world fair | Reuters

Saudi to bid to host Expo 2030 world fair | Reuters

Saudi Arabia intends to bid to host the Expo 2030 world fair, Saudi Crown Prince Mohammed bin Salman said on Friday, part of the de facto ruler's push to transform the kingdom's economy and diversify it away from oil.

The Saudi capital Riyadh has submitted a formal request to host Expo 2030 under the theme "The era of change: Leading the planet to a foresighted tomorrow", a statement said.

Gulf neighbour and regional business hub the United Arab Emirates, which is increasingly in economic competition with Saudi Arabia, is currently hosting the Expo 2020 world fair, which was delayed for a year by the COVID-19 pandemic.

The UAE Vice President and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum tweeted his support for the Saudi bid, saying "We will give our brothers access to the knowledge and experience we gained throughout seven years of preparation for the Expo".

The bid, which was submitted to the expo organising body the Bureau International des Expositions (BIE), will be led by the Royal Commission for Riyadh City.

Prince Mohammed said the 2030 Expo in Riyadh would coincide with the culmination of the kingdom's economic reform program known as Vision 2030, and allow the kingdom to share lessons from that programme.

Oil prices rebound, edge up ahead of next week's OPEC meeting | Reuters

Oil prices rebound, edge up ahead of next week's OPEC meeting | Reuters

U.S. crude prices settled higher on Friday, turning positive after an early decline, supported by expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, would maintain production cuts.

However, Brent and U.S. crude oil benchmarks both declined on the week after reaching multi-year highs on Monday.

Brent crude rose 6 cents to settle at $84.38, while U.S. West Texas Intermediate crude rose 76 cents, or 0.9%, to $83.57.

"While more Iranian supply may come online, it looks like OPEC+ is unlikely to raise production which is giving strength to the market today," said John Kilduff, partner at Again Capital LLC in New York.

Oil slips towards $84, heads for weekly drop as supply concerns ease | Reuters

Oil slips towards $84, heads for weekly drop as supply concerns ease | Reuters

Oil slipped towards $84 a barrel on Friday, heading for its first weekly loss in about two months after a rise in U.S. crude inventories and the prospect of more Iranian supply eased concern of a tight market.

U.S. crude stocks rose by 4.3 million barrels in this week's report. Iran has said talks on reviving the international deal on its nuclear programme will restart by the end of November, bringing it a step closer to boosting oil exports.

"The sharp rise in U.S. crude oil stocks and the expectation of nuclear talks being resumed with Iran have temporarily eased concerns about supply to some extent," said Commerzbank's Carsten Fritsch.

Brent crude fell 2 cents to $84.30 a barrel by 1345 GMT and U.S. West Texas Intermediate crude slipped 43 cents, or 0.5%, to $82.38. Both benchmarks touched multi-year highs on Monday.

Moody’s affirms eight #UAE banks' ratings and changes outlook to stable

Moody’s affirms eight UAE banks' ratings and changes outlook to stable

Moody's Investors Service affirmed the long-term ratings of eight UAE banks and changed the outlook to stable from negative on Thursday, saying the move was driven by a recovery in operating conditions in the country.

Moody's said it has changed the outlook to stable from negative on the long-term deposit and issuer ratings of Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Dubai Islamic Bank, HSBC Bank Middle East, MashreqBank, National Bank of Fujairah and The National Bank of Ras-Al-Khaimah.

The rating agency also affirmed the Baseline Credit Assessments (BCAs) and Adjusted BCAs of the eight banks.

“The primary driver for the BCA affirmations is Moody's view that the operating environment for the UAE banks is recovering from the effects of the pandemic. This is expected to support the banks' financial fundamentals, particularly profitability, capital and liquidity,” Moody’s said in a statement.

#Dubai Billionaire Sajwani Ups Damac Offer Amid Investor Backlash - Bloomberg

Dubai Billionaire Sajwani Ups Damac Offer Amid Investor Backlash - Bloomberg

Dubai-based billionaire Hussain Sajwani increased his bid to buy the rest of Damac Properties PJSC by about 8%, after a previous offer triggered a regulatory review and backlash from minority investors.

Sajwani’s Maple Invest Co. Limited will now offer 1.40 dirhams ($0.38) per share of Damac, up from 1.30 dirhams, valuing the developer at 8.47 billion dirhams. Sajwani and his family currently hold just under 84% of the company.

Maple’s initial offer was at a discount of nearly 45% to Damac’s local listing in 2015. That bid prompted the Securities and Commodities Authority to open a review and sparked a backlash among some investors who questioned the timing of the plan just as the property market started to improve.

The shares closed unchanged at 1.25 dirhams in Dubai on Thursday.

Sajwani’s bid is the latest in a string of similar deals in the United Arab Emirates which sought to buy out minority shareholders at a discount. Emaar Properties PJSC said in March it will effectively delist one of its units for about two-thirds of its original public-offering price. Late last year, government-controlled Meraas Holding LLC proposed taking DXB Entertainments private at a 33% discount.

#SaudiArabia completes early redemption of sukuk valued at $8.8bln | ZAWYA MENA Edition

Saudi Arabia completes early redemption of sukuk valued at $8.8bln | ZAWYA MENA Edition

Saudi Arabia on Thursday announced the completion of an early redemption of a portion of outstanding Islamic bonds maturing next year with a total value of 33 billion riyals ($8.80 billion).

The kingdom has also issued new Islamic bonds under its sukuk programme, the finance ministry said in a statement cited by the state news agency.

The new sukuk issuance comprises four tranches with a total value of 33.48 billion riyals.

Winter chill set to keep oil prices near $80 a barrel: Reuters poll | Reuters

Winter chill set to keep oil prices near $80 a barrel: Reuters poll | Reuters

Oil prices will hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for power generation, a Reuters poll showed on Friday.

The survey of 41 analysts and economists forecast benchmark Brent crude to average $70.89 a barrel in 2021, the highest forecast for the year since April 2019.

It falls short of the $100 a barrel level mooted by some producers and forecasters and compares with an average price of $69.52 so far this year. read more

Prices are forecast to average $80.92 a barrel in the fourth quarter this year and $78.74 in the subsequent quarter.

"The main factors affecting oil prices will continue to be related to the energy crunch in Europe and the switching from natural gas to oil derivatives," Matthew Sherwood, Global Economist at the Economist Intelligence Unit, said.

However, that could ease from about the middle of 2022 as the United States responds by pumping more oil, Sherwood added.

The poll forecast U.S. crude at $68.62 per barrel, the highest 2021 forecast since March 2017. West Texas Intermediate was seen averaging $78.06 in the current quarter and at $75.68 in the first quarter of 2022.

Oil rally resumes as OPEC+ seen keeping supply tight | Reuters

Oil rally resumes as OPEC+ seen keeping supply tight | Reuters

Oil rose further above $84 a barrel on Friday, within sight of a multi-year high hit this week, as expectations OPEC and its allies will keep supply tight countered rising U.S. inventories and the prospect of more Iranian exports.

Algeria said on Thursday a crude output increase by OPEC and its allies in December should not exceed 400,000 barrels per day because of risks. The alliance, which is gradually unwinding last year's record output cuts, meets on Nov. 4.

"Supply will therefore continue to play catch-up with demand in the immediate term," said Stephen Brennock of oil broker PVM. "In short, OPEC+ is intent on continuing to act as a key pillar of price support."

Brent crude rose 25 cents, or 0.3%, to $84.57 a barrel by 1104 GMT, while U.S. West Texas Intermediate crude added 27 cents, or 0.3%, to $83.08. Both benchmarks touched multi-year highs on Monday.

Oil Eases as Investors Weigh U.S. Stockpiles, Iranian Outlook - Bloomberg

Oil Eases as Investors Weigh U.S. Stockpiles, Iranian Outlook - Bloomberg

PRICES:
West Texas Intermediate crude for December delivery rose 15 cents to settle at $82.81 a barrel in New York
Brent for December settlement fell 26 cents to settle at $84.32 a barrel

Oil eked out a gain with OPEC and its allies expecting a tighter global oil market in the fourth quarter.

Futures in New York closed higher by 0.2% on Thursday, erasing earlier losses. World oil inventories will decline by an average of 1.1 million barrels a day in the fourth quarter, according to a person familiar with preliminary figures evaluated by the OPEC+ Joint Technical Committee. That compares with a forecast reduction of 670,000 barrels a day. Fuel demand will be slightly higher and supply from outside OPEC+ a little lower than previously anticipated, the data show.

Meanwhile, stockpiles at the biggest U.S. storage hub at Cushing, Oklahoma, continue to rapidly shrink. Supplies fell another 1.81 million barrels last week, according to traders citing Wood Mackenzie data.

#SaudiArabia in talks with automakers on plant plans, minister says | Reuters

Saudi Arabia in talks with automakers on plant plans, minister says | Reuters

Saudi Arabia is in talks with several carmakers about manufacturing in the country, Saudi Investment Minister Khalid al-Falih told Reuters, with an announcement expected this year.

The discussions are part of plans to attract foreign investment to support the transformation of Saudi Arabia's economy and diversify it away from oil.

"A car manufacturer will be announced before year-end, and following that there will be another one or two car manufacturers, and they will be cars of the future", Falih said.

Luxury electric car maker Lucid (LCID.O) is evaluating the opportunity for manufacturing in Saudi Arabia, but the company's board has to decide based on the economics and competitiveness of choosing the Saudi market, the minister said.

Oil hits two-week low on Iran talks resuming, U.S. crude build | Reuters

Oil hits two-week low on Iran talks resuming, U.S. crude build | Reuters

Oil prices fell about 1% to their lowest in two weeks on Thursday after Iran said talks with world powers on its nuclear programme would resume by the end of November and on rising U.S. crude inventories.

Brent crude was $1.06, or 1.2%, lower at $83.52 a barrel by 12:31 p.m ET (1631 GMT), having hit a two-week low of $82.32 earlier in the session and falling 2.1% on Wednesday.

U.S. West Texas Intermediate (WTI) crude fell 79 cents, or 0.9%, at $81.86, having earlier touched a two-week low of $80.58. The benchmark dropped 2.4% on Wednesday after weekly data showed U.S. crude stockpiles grew more than expected.

Iran's top nuclear negotiator Ali Bagheri Kani on Wednesday said the country's talks with six world powers to try to revive a 2015 nuclear deal will resume by the end of November.

GlobalFoundries shares open flat on Nasdaq debut, valuing chipmaker at $26 bln | Reuters

GlobalFoundries shares open flat on Nasdaq debut, valuing chipmaker at $26 bln | Reuters

Shares of GlobalFoundries Inc (GFS.O), which is owned by Abu Dhabi's sovereign wealth fund Mubadala Investment Co, opened flat on Nasdaq on Thursday, giving the chipmaker a market capitalization of about $26 billion.

GlobalFoundries priced its IPO, which is the third largest in the United States so far this year, at $47 a share. Only South Korean e-commerce giant Coupang and ride hailing company Didi Global have had larger stock market floats this year.

GlobalFoundries, which disclosed a 13% revenue growth for the six months ended June 30, has benefited from surging demand for chips, due to a global shortage that has forced automakers and other electronics firms to cut production.

Moreover, the IPO market in the U.S. has never been stronger, numerous other big names such as Coinbase Global Inc (COIN.O), Robinhood Markets Inc (HOOD.O) and gaming platform Roblox have already gone public this year. Electric-vehicle maker Rivian is also expected to list its shares in the coming weeks.

U.S. IPOs have raised an all-time record of over $250 billion so far this year, according to data from Dealogic.

EIG shortlisted as possible buyer for Aramco gas pipelines - sources | Reuters

EIG shortlisted as possible buyer for Aramco gas pipelines - sources | Reuters

U.S.-based energy investor EIG has been shortlisted as a potential buyer of Saudi Aramco's gas pipelines, part of a sale that could exceed $17 billion and is likely to be completed later this year, three sources familiar with the matter said.

Aramco (2222.SE) is looking to sell a significant minority stake in its gas pipelines, other sources have previously said.

In addition to EIG, private equity firms such Apollo could also be potential buyers, two of the sources said.

EIG, Aramco and Apollo did not immediately respond to requests from Reuters for comment.

Mideast Stocks: Major Gulf bourses end mixed; Egypt outperforms | ZAWYA MENA Edition

Mideast Stocks: Major Gulf bourses end mixed; Egypt outperforms | ZAWYA MENA Edition

Major stock markets in the Gulf ended mixed on Thursday, with the Saudi index extending losses, while the Egyptian bourse outperformed the region as investors await central bank's decision on interest rate.

Market sentiment remains mixed as the earnings season continues to produce good results while concerns about inflation levels cloud expectations, said Wael Makarem, senior market strategist at Exness.

Oil prices, a key catalyst for the Gulf's financial stocks, eased to their lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude, while rising cases of COVID-19 in Europe, Russia and some outbreaks in China dented hopes for a global economic recovery.

Saudi Arabia's benchmark index dropped 0.4%, dragged down by a 3% slide in Saudi Basic Industries Corp (SABIC) .

SABIC reported a net profit of 5.6 billion riyals ($1.49 billion), up from 1.1 billion riyals in the same period last year, but missed Refinitiv-compiled analysts' consensus estimate of 6.1 billion riyals.

Saudi Industrial Investment Group (SIIG) plunged 8.2%, a day after it reported a sharp decrease in earnings compared with the previous quarter.

Saudi Aramco finished flat, a day after it fetched a $2 trillion valuation. On Sunday, the oil giant is expected to report its earnings.

Egypt's blue-chip index advanced 1.3%, led by a 2% rise in Commercial International Bank.

Investors await the central bank's decision on interest rates and the market remains supported by strong fundamentals, said Makarem.

All but one of 18 analysts polled by Reuters believe the Egyptian central bank would keep rates unchanged at a meeting on Thursday.

The World Bank has approved a $360 million development policy financing loan to support Egypt's post-pandemic recovery.

The Qatari benchmark concluded 1.2% higher, ending two sessions of losses, buoyed by a 3.3% rebound in the Gulf's biggest lender Qatar National Bank.

Although, the Qatari index registered its first weekly loss in eight.

In Abu Dhabi, the index added 0.2%, with conglomerate International Holding Company (IHC) gaining 0.7%, after its subsidiary Al Seer Marine acquired two reefer ships and one bulk carrier.

First Abu Dhabi Bank the biggest lender in the United Arab Emirates, added 0.1%, despite a sharp rise in third-quarter net profit.

Dubai's main share index eased 0.1%, hit by a 0.7% fall in blue-chip developer Emaar Properties , while Dubai Financial Market declined 1%, as the listed bourse posted a third-quarter loss.

#Saudi Net Foreign Assets Rise to Highest This Year on Oil Prices - Bloomberg

Saudi Net Foreign Assets Rise to Highest This Year on Oil Prices - Bloomberg

Saudi Arabia’s net foreign assets rose in September to the highest level since late 2020 as oil prices averaged above $80 a barrel, boosting the kingdom’s finances.

The stockpile stood at 1.68 trillion riyals ($447.9 billion), a rise of around 2.5% compared to August, according to a monthly central bank report Thursday.

The kingdom’s assets suffered a steep decline last year amid the pandemic and a slump in crude prices. Saudi officials also attributed a record cumulative drop of more than $47 billion in March and April 2020 to a $40 billion transfer from the central bank to the sovereign wealth fund. It was meant to support investments abroad, taking advantage of market turmoil during the height of the pandemic.

The government expects its budget shortfall in 2022 to be around 1.6% of economic output, according to preliminary forecasts. It sees revenue reaching 903 billion riyals, 4.5% higher than a forecast last year, helped by soaring oil prices.

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiaArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiaArabia #Qatar close

GlobalFoundries, Mubadala Raise $2.6 Billion in U.S. IPO - Bloomberg

GlobalFoundries, Mubadala Raise $2.6 Billion in U.S. IPO - Bloomberg

GlobalFoundries Inc. and major shareholder Mubadala Investment Co. raised almost $2.6 billion in an initial public offering, pricing the chipmaker’s shares at the top of a marketed range.

The company and Mubadala sold 55 million shares Wednesday for $47 each after marketing them for $42 to $47, according to a statement confirming an earlier report by Bloomberg News.

At $47 a share, GlobalFoundries has a market value of more than $25 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.

The listing is the third biggest on a U.S. exchange this year, topped only by South Korean ecommerce firm Coupang Inc.’s $4.55 billion IPO and Chinese ride-hailing company DiDi Global Inc.’s $4.44 billion raise, according to data compiled by Bloomberg. That doesn’t include blank-check and similar companies.

#Saudi shares fall, major Gulf markets trade mixed | Reuters

Saudi shares fall, major Gulf markets trade mixed | Reuters

Saudi Arabia's stock market fell in early trade on Thursday, as oil prices retreated due to a spike in U.S. inventories and rising COVID-19 cases, while Abu Dhabi stocks were set to gain for a fourth week.

Brent crude dropped 94 cents, or 1.1%, to $83.64 a barrel by 0655 GMT, after official figures showed a surprise jump in U.S. inventories of crude, and rising cases of COVID-19 in Europe, Russia, and some outbreaks of infections in China dented hopes for an economic recovery.

Saudi Arabia's benchmark index (.TASI) fell 1.1%, weighed down by a 2.6% fall in Saudi Basic Industries Corp (SABIC) (2010.SE).

SABIC, the Gulf's largest petrochemical firm, reported a net profit of 5.6 billion riyals ($1.5 billion), up from 1.1 billion riyals in the same period last year, but missed Refinitiv-compiled analysts' consensus estimate of 6.1 billion riyals. read more

Among other losers, Saudi Industrial Investment Group (2250.SE) tumbled 8.4%, a day after it reported a sharp decrease in earnings compared with the previous quarter.

However, Leejam Sports (1830.SE) jumped 5%, following a rise in quarterly earnings.

In Abu Dhabi, the index (.ADI) gained 0.3%, with Emirates Telecommunications Group (ETISALAT.AD) advancing 1.3%, after it announced a partnership with Abu Dhabi Investment Office to enhance digital economy access for companies in Abu Dhabi.

First Abu Dhabi Bank (FAB.AD), the biggest lender in the United Arab Emirates, edged up 0.1% in a choppy trade, following a rise in third-quarter net profit. read more

UAE banks are witnessing a rebound in earnings after the economy was rattled by the pandemic in 2020, with FAB's investment banking business benefiting from increased deals flow in Abu Dhabi.

Dubai's main share index (.DFMGI) fell 0.3%, hit by a 0.4% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU)

The Qatari benchmark (.QSI) rose 0.7%, with most of the financial stocks in positive territory including Qatar National Bank (QNBK.QA) which rose 1.3%.

Billionaire Olayan Family May Revive Plans for #Saudi IPO - Bloomberg video

Billionaire Olayan Family May Revive Plans for Saudi IPO - Bloomberg

The Olayan family, which runs one of Saudi Arabia’s biggest conglomerates, may revive plans to take some of its companies public.

Olayan Financing Co. is considering an initial public offering of a holding company of about 25 units, Chief Executive Officer Nabeel Al-Amudi said in an interview with Bloomberg Television. It’s also weighing an IPO of some of its operating firms, he said in Riyadh on the sidelines of Saudi Arabia’s flagship investment forum.

“We are ready to roll,” Al-Amudi said. “Now the infrastructure is there.”

The Olayan family put its listing plans on hold in 2017 amid slow economic growth in the kingdom, Bloomberg reported at the time. Olayan had been working with Saudi Fransi Capital on the planned sale of the holding company, which may have been worth as much as $5 billion, people familiar with the matter said then.

IPO plans were “put back for various reasons including that the performance wasn’t where it needed to be,” said Al-Amudi, who was named CEO in May. “We’ve just seen a number of very successful IPOs in the Saudi market that we participated in as investors.”

Saudi Arabia, the Arab world’s largest economy, is witnessing a healthy rebound, the CEO said. The company is seeing an uptick in its consumables segment, he said. “It is not pre-pandemic levels in some of them but I think overall, we are quite happy with how things are progressing.”

Established in 1969, Olayan Financing controls the billionaire family’s investments in the Middle East. It’s the majority shareholder of Olayan Saudi Holding Co., whose portfolio includes companies in five sectors, according to its website.

#Qatar First Bank swings to $17mln net profit as AUM surges 140% | ZAWYA MENA Edition

Qatar First Bank swings to $17mln net profit as AUM surges 140% | ZAWYA MENA Edition

Corporate and investment banking firm Qatar First Bank (QFB) swung to a net profit in the first nine months of the year after a loss in 2020.

Net profit attributable to shareholders amounted to 62 million riyals ($17 million), compared to a loss of 227.9 million riyals in the same period last year. It is the bank’s highest nine-month profit recorded in any year since 2016, QFB said in a statement on Thursday.

Total income stood at 168 million riyals, compared to the negative total income of 82 million riyals in the previous year. Dividend income also jumped 322 percent year on year to 10 million riyals, driven mainly by the bank’s real estate investments and sukuk funds.

The bank said it has witnessed higher income from its investments in real estate and continued to reduce its expenses despite improving key financial indicators. Overall, the bank was able to cut its outgoings by 24 percent.

Its total real estate assets under management (AUM) grew by 140 percent to 3.9 billion riyals, following the acquisition of a multi-tenant office building in Dallas, Texas.

“QFB’s significant performance and strong financial results are a testament of the bank’s stability and resilience during the first three quarter of 2021 despite the challenging macroeconomic conditions,” said Sheikh Faisal bin Thani Al-Thani, chairman of QFB.

“The bank’s clear strategic direction, sourcing of profitable investments, and prudent risk management framework are behind the strong results.”

QFB is listed on the Qatar Stock Exchange and is the first independent Shariah-compliant bank authorised by the Qatar Financial Centre Regulatory Authority.

#UAE's FAB posts 54% surge in Q3 profit on higher non-interest income | Reuters

UAE's FAB posts 54% surge in Q3 profit on higher non-interest income | Reuters

First Abu Dhabi Bank (FAB) (FAB.AD), the biggest lender in the United Arab Emirates, posted on Thursday a 54% rise in third-quarter net profit, fuelled by higher non-interest income as the economy gradually recovers from the coronavirus pandemic.

UAE banks are witnessing a rebound in earnings after the economy was rattled by the pandemic in 2020, with FAB's investment banking business benefiting from increased deals flow in Abu Dhabi.

"Global markets and macro sentiment have broadly sustained their positive momentum in the third quarter of 2021, driven by COVID-19 vaccine rollout, improving business and consumer sentiment, and the impact of global monetary and fiscal support measures," the bank said.

FAB delivered a net profit of 3.9 billion dirhams ($1 billion) in the quarter ended Sept. 30, up from 2.5 billion dirhams a year earlier.

Citigroup plans more investment in #SaudiArabia, eyes banking license | Reuters

Citigroup plans more investment in Saudi Arabia, eyes banking license | Reuters

Citigroup (C.N) wants to pursue a banking license in Saudi Arabia to further boost its business in the kingdom by expanding into trade finance and treasury solutions, a senior executive said.

Citi was awarded a Saudi capital markets licence in 2017, allowing it to return to the kingdom in 2018 after a 13-year absence.

It advised Saudi Aramco on its $29.4 billion listing in 2019, in what was the world's biggest initial public offering, as well as on several sovereign and corporate bond deals.

"We have seen significant growth during this time and we're still very interested in making further investments locally in the market," Ebru Pakcan, Citi's head of EMEA emerging markets business, told Reuters on the sidelines of Saudi Arabia's FII investment conference.

#Saudi petrochemicals producer SABIC posts fivefold profit jump | Reuters

Saudi petrochemicals producer SABIC posts fivefold profit jump | Reuters

Petrochemicals giant Saudi Basic Industries Corp (SABIC) (2010.SE) on Thursday reported a fivefold increase in third-quarter profit helped by higher average selling prices.

SABIC reported a post-tax profit of 5.6 billion riyals ($1.5 billion), up from 1.1 billion riyals a year earlier but missing a 6.1 billion riyal consensus from estimates by four analysts compiled by Refinitiv.

Revenue increased 49% to 43.7 billion riyals.

Net income was helped not only by higher average selling prices but also by an increase in its share of results from joint ventures and associates, SABIC said. Unlike the third quarter of last year, there were also no material impairments.

Despite the increase in average sales prices, there was a moderation in margins due to rise in feedstock costs, it said.

“SABIC’s healthy financial performance during the third quarter of 2021 marked a continuation of our recovery from the impact of COVID-19, albeit at a lower level than our exceptionally strong performance during the second quarter," CEO Yousef Abdullah Al-Benyan said in a statement.

SABIC is 70% owned by Saudi state-controlled oil producer Saudi Aramco.

Oil plunges to 2-week low on U.S. inventory shock, rise in COVID-19 cases | Reuters

Oil plunges to 2-week low on U.S. inventory shock, rise in COVID-19 cases | Reuters

Oil prices slumped to their lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude, and rising cases of COVID-19 in Europe, Russia, and some outbreaks of infections in China dented hopes for an economic recovery.

Brent crude dropped 94 cents, or 1.1%, to $83.64 a barrel by 0655 GMT, having hit a two-week low of $82.32 earlier and fallen by 2.1% in the previous session.

U.S. oil was down 89 cents, also a 1.1% drop, at $81.77 a barrel - a one-week low after dropping 2.4% on Wednesday.

Outbreaks of coronavirus infections in China and record deaths and the threat of lockdowns in Russia, along with rising cases in western Europe were putting the brakes on a multi-week rally in oil prices. read more

EXCLUSIVE Major gas supplier #Qatar Energy plans 'green' bonds -sources | Reuters

EXCLUSIVE Major gas supplier Qatar Energy plans 'green' bonds -sources | Reuters

Qatar Energy, one of the world's top liquefied natural gas (LNG) suppliers, is working on a plan to reinvent itself as environmentally responsible for investors via a framework that will pave the way for it to sell "green" bonds in a deal likely to be worth several billion dollars, three sources with knowledge of the matter said.

Qatar Energy is working on establishing an Environmental, Social and Governance (ESG) framework that would allow it to issue green bonds - debt earmarked for environmentally friendly uses, the sources said.

If completed, it would be the first sale of green bonds by a national oil company in the hydrocarbon-rich Gulf.

A consultancy is working on the framework and QE sent a request for proposals to banks about two weeks ago, one of the sources said, without naming the consulting firm.

Oil drops more than 1% as U.S. stockpiles rise sharply | Reuters

Oil drops more than 1% as U.S. stockpiles rise sharply | Reuters

Oil prices fell on Wednesday after U.S. crude oil stockpiles rose more than expected, even as fuel inventories dropped and tanks at the nation's largest storage hub emptied further.

The bigger-than-expected rise in U.S. crude stocks gave some investors an impetus to unload long positions after strong gains in recent weeks brought both the Brent and U.S. crude benchmarks to multi-year highs.

Brent oil futures ended down $1.82, or 2.1%, to $84.58 a barrel, after closing at a seven-year high on Tuesday. U.S. West Texas Intermediate (WTI) crude settled down $1.99, or 2.4%, to $82.66 a barrel.

"We've had a reasonable pullback on profit-taking more than anything, but still $80 for (WTI) is a strong number," said Gary Cunningham, director of market research at Tradition Energy.

#Saudi Deal With Euroclear to Allow Foreigner Access to Debt - Bloomberg

Saudi Deal With Euroclear to Allow Foreigner Access to Debt - Bloomberg

Saudi Arabia reached an agreement with one of the world’s biggest bond clearing systems to settle transactions in its debt market.

The deal between the kingdom’s Securities Depository Center Company, known as Edaa, and Brussels-based Euroclear Bank will give foreign investors access to the sukuk and bond market within the Saudi Exchange.

Under the terms of an agreement signed at the Future Investment Initiative conference in Riyadh, the link is expected to become operational in March 2022, according to a statement on Wednesday.

“By becoming Euroclearable, this G-20 market will gain direct exposure to a wider international investor base, which will result in improved liquidity and cost efficiencies,” said Lieve Mostrey, chief executive officer of Euroclear Group.

#Saudi investment min says FDI up 60% this year, excluding Aramco pipeline deal | Reuters

Saudi investment min says FDI up 60% this year, excluding Aramco pipeline deal | Reuters

Saudi Arabia's investment minister said on Wednesday foreign direct investment (FDI) had seen a big jump this year, even without Aramco's oil pipeline sale.

Minister Khalid al-Falih told an investment conference: "FDI has been fantastic this year ... 60% jump excluding Aramco oil pipeline."

Saudi oil producer Aramco (2222.SE) has agreed in April a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners.

Saudi Arabia and Britain also signed a memorandum of understanding to promote bilateral investment flows.

#SaudiArabia Says in Talks With Car Makers for West Coast Hub - Bloomberg

Saudi Arabia Says in Talks With Car Makers for West Coast Hub - Bloomberg

Saudi Arabia is in talks with auto manufacturers to establish a presence in the kingdom on the West Coast of the kingdom, according to Industry and Mineral Resources Minister Bandar Alkhorayef.

There are “a couple of projects” underway for automakers to a establish manufacturing presence in Saudi Arabia, he said in an interview in Riyadh. The King Abdullah Economic City has been chosen as the location for these projects, he said.

The kingdom is also conducting a geological survey to identify potential mineral desposits as it looks to develop its mining industry, he said. “A large number of these minerals and metals are critical to the technologies that will drive a sustainable future and are in high demand.”

Saudi Arabia has been looking to develop a car making industry in the kingdom for over a decade.

Lucid Motors, which is part owned by Saudi Arabia’s sovereign wealth fund, is looking to build a manufacturing plant as part of a strategy to develop an auto-making hub in the country, people familiar with the plan told Bloomberg in January.

#Saudi State Miner Will Spend ‘Huge Amount’ on Battery Metals - Bloomberg video

Saudi State Miner Will Spend ‘Huge Amount’ on Battery Metals - Bloomberg

Saudi Arabia’s state miner said it would start to invest heavily in battery metals, as prices soar with the uptake of electric vehicles and the growth of wind and solar power.

“In the next 10 to 20 years we are going to spend huge amount of money looking for those metals in Saudi Arabia,” Abdulaziz Al Harbi, chief executive officer of Maaden, said to Bloomberg Television in Riyadh, when asked about nickel and lithium.

Investors are increasingly focused on what deposits of metals needed to make batteries the vast desert kingdom might contain. EV Metals Group Plc, an Australian company, announced a $3 billion project this month for the exploration and processing of minerals including lithium and nickel in Saudi Arabia. It’s unclear if Maaden will be involved.

The company’s earnings have soared this year amid a broad commodities boom, driven by major economies recovering from the coronavirus pandemic. Maaden made a profit of 1.27 billion riyals ($340 million) in the third quarter, up from 6.5 million riyals a year earlier. Revenue rose to a record of 6.7 billion riyals.

Mideast Stocks: Major Gulf bourses in red; Aramco hit $2trln valuation | ZAWYA MENA Edition

Mideast Stocks: Major Gulf bourses in red; Aramco hit $2trln valuation | ZAWYA MENA Edition

Major Gulf bourses ended lower on Wednesday as oil prices retreated following a more-than-expected rise in stockpiles, while the Egyptian bourse extended gains.

Saudi Arabia's benchmark index fell 0.3%, with petrochemical maker Saudi Basic Industries Corp2010.SE and Al Rajhi Bank losing 1.2% and 0.3%, respectively.

The market was in the red amid decreasing oil prices and as investors continue to take their profits after the main index reached a multi-year high, said Wael Makarem, senior market strategist at Exness.

"The market could resume its move higher as soon as oil prices show strength again."

Bucking the trend, oil behemoth Saudi Aramco gained 0.8% at 37.7 riyals per share, its highest close since Dec. 17, 2019, fetching a little over $2 trillion valuation.

Aramco said on Tuesday it has signed five memorandums of understanding as part of an initiative to tackle greenhouse gas emissions.

Also, the oil giant is expected to report its third-quarter earnings on Sunday.

Elsewhere, Banque Saudi Fransi jumped 4%, following a sharp rise in quarterly net profit.

Outside the Gulf, Egypt's blue-chip index rose 0.8%, with top lender Commercial International Bank climbing 3.1%.

All but one of 18 analysts polled by Reuters believe the Egyptian central bank would keep rates unchanged at a meeting on Thursday as it strives to attract portfolio investment while tamping down inflation.

In Abu Dhabi, the index dropped 0.6%, weighed down by a 1.9% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank, ahead of its earnings.

On the other hand, Fertiglobe, a joint venture between Abu Dhabi National Oil Company and chemicals producer OCI, surged about 18% above its listing price of 2.55 dirhams in its market debut.

Dubai's main share index eased 0.1%, hit by a 4.2% slide in logistic firm Aramex, extending losses for a second consecutive session.

But Dubai Islamic Bank, the country's largest sharia-compliant lender, advanced 1.2%, after it reported a quarterly net profit of 1.21 billion dirhams, up from 1 billion dirhams year ago.

The Qatari benchmark lost 0.4%, with Commercial Bank shedding 1.8%, while telecoms firm Ooredoo declined 2.4%, ahead of its earnings.

Teva Pharm Q3 profit misses estimates, to sell $4 bln in bonds | Reuters

Teva Pharm Q3 profit misses estimates, to sell $4 bln in bonds | Reuters

Israel-based Teva Pharmaceutical Industries (TEVA.TA) reported third-quarter profit that missed estimates, citing lower North American sales while Huntington’s disease treatment Austedo and migraine product Ajovy continue to show revenue gains.

The world's largest generic drugmaker said on Wednesday it earned 59 cents per diluted share excluding one-time items in the July-September period, up from 58 cents a share a year earlier. Revenue fell 2% to $3.89 billion.

Analysts had forecast Teva would earn 65 cents a share ex-items on revenue of $4.03 billion, according to I/B/E/S data from Refinitiv.

Teva reaffirmed its 2021 forecasts of adjusted EPS of $2.50-$2.70 and revenue of $16.0-$16.4 billion, compared with adjusted EPS of $2.57 and revenue of $16.7 billion in 2020.

Oil drops 1% as U.S. stockpiles sap rally | Reuters

Oil drops 1% as U.S. stockpiles sap rally | Reuters

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world's largest oil consumer.

Brent oil futures were down 88 cents, or 1%, to $85.52 a barrel at 1400 GMT after closing at the highest level in seven years on Tuesday.

West Texas Intermediate (WTI) futures were down 76 cents, or 0.9%, at $83.89 after gaining 1.1% in the previous session.

Both benchmarks remain near multi-year highs and closed on Friday with a seventh straight weekly gain as major producers hold back supply and demand rebounds after the easing of pandemic restrictions.

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

Pepsico, KPMG Among 40 Firms to Open Regional HQ in #SaudiArabia - Bloomberg

Pepsico, KPMG Among 40 Firms to Open Regional HQ in Saudi Arabia - Bloomberg

More than 40 global companies including Baker Hughes Co., KPMG and Schlumberger received licenses Wednesday to open their regional headquarters in Saudi Arabia, as the oil-exporting kingdom steps up competition with the Middle East’s business hub, Dubai.

The firms will get exemptions from work visa limits, eased regulations, and help with the relocation of staff under a new program to facilitate business, according to a website for the program and Hosam Alqurashi, a senior adviser at the Royal Commission for Riyadh City. The companies that have signed up so far also include Deloitte, Pepsico, Unilever, Siemens and Philips, according to a presentation Alqurashi gave at an investment conference in Riyadh.

Around half of the companies that received their permits this week had already signed agreements in January to relocate their regional headquarters to the kingdom. The rest were new.

Saudi officials are pushing to transform their desert capital into the new hub for business and talent in the Middle East as Crown Prince Mohammed bin Salman overhauls the economy and revamps regulations to attract more investment.

Multinational companies have typically chosen free-wheeling Dubai in the neighboring United Arab Emirates as their regional base, but competition is heating up as Saudi Arabia, with a much bigger land mass and population, opens up by easing social restrictions and welcoming tourists for the first time.

Oil drops more than 1% as U.S. stockpiles sap rally | Reuters

Oil drops more than 1% as U.S. stockpiles sap rally | Reuters

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world's largest oil consumer.

Brent oil futures fell $1.01 cents, or 1.2%, to $85.39 a barrel by 1050 GMT after closing at the highest level in seven years on Tuesday.

West Texas Intermediate (WTI) futures were down $1.19, or 1.4%, at $83.46 after gaining 1.1% in the previous session.

Both benchmarks remain near multi-year highs and closed on Friday with a seventh straight weekly gain as major producers hold back supply and demand rebounds after the easing of pandemic restrictions.

#UAE, #Qatar, #Saudi lead MENA debt market activity totalling $90bln | ZAWYA MENA Edition

UAE, Qatar, Saudi lead MENA debt market activity totalling $90bln | ZAWYA MENA Edition

Debt Capital Markets (DCM) in the MENA region totaled $90.9 billion during the first nine months of 2021, down 8 percent compared to the same period last year, according to Refinitiv.

The UAE was the top nation in DCM activity, with $25.8 billion in related proceeds. Qatar came in second, with $20.1 billion in related proceeds followed, by Saudi Arabia, Egypt and Oman.

Investment-grade corporate debt recorded a total of $62.3 billion, equivalent to 68 percent of total DCM proceeds and the highest year-to-date total since records began in 1980, the global data provider said.

The financials industry remained the top-performing industry from last quarter with $37.9 billion in proceeds so far in 2021.

The largest deal of the year so far is the $12.4 billion bond sale from state energy company Qatar Petroleum Corp back in June this year. This was followed by Saudi Aramco's $6 billion sukuk for funding its dividend.

The oil giant's debut $12 billion bond deal in 2019 was followed by an $8 billion, five-part transaction in November last year, both used to fund its dividend.

Fertiglobe Surges 20% in #AbuDhabi Debut After $795 Million IPO - Bloomberg

Fertiglobe Surges 20% in Abu Dhabi Debut After $795 Million IPO - Bloomberg

Fertiglobe Holdings, the fertilizer maker backed by U.S. hedge fund investor Jeff Ubben and a Singapore wealth fund, jumped 20% on its trading debut following a $795 million initial public offering.

The shares opened at 3.06 dirhams on Wednesday in Abu Dhabi. State-controlled Abu Dhabi National Oil Co. and OCI NV had sold just under 14% of Fertiglobe at 2.55 dirhams per share, valuing the company at $5.8 billion.

Fertiglobe’s listing is the emirate’s third largest. Singapore sovereign wealth fund GIC Pte and Ubben’s Inclusive Capital Partners committed $150 million between them to the deal.

The IPO is the latest in a series of heavily-oversubscribed listings in the United Arab Emirates and neighboring Saudi Arabia. A surge in oil prices has boosted both economies and liquidity on their equity markets.

GIP says will not bid for #Saudi Aramco's gas pipelines | Reuters

GIP says will not bid for Saudi Aramco's gas pipelines | Reuters

Private equity firm Global Infrastructure Partners (GIP) will not bid for Saudi Aramco's gas pipeline assets but is looking at other assets in the region, GIP founding partner Matthew Harris said on Wednesday.

There are other candidates for such opportunities in the region, including Qatar, Kuwait and Oman, Harris told Reuters on the sidelines of the Future Investment Initiative conference in Riyadh.

Investment opportunities exist in oil infrastructure, gas and LNG assets, he said.

Saudi Aramco (2222.SE) is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, sources previously told Reuters.

Reuters reported in August that companies that have been in talks for Aramco's gas pipeline assets include Global Infrastructure Partners (GIP), Brookfield and Singapore sovereign wealth fund GIC. read more

Aramco and other Gulf oil producers are following Abu Dhabi and its plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.

Major Gulf bourses move in narrow range as oil prices fall | Reuters

Major Gulf bourses move in narrow range as oil prices fall | Reuters

Major stock markets in the Gulf traded in a narrow range in early trade on Wednesday as oil prices fell, with the Saudi index on course to extend losses from the previous session.

Brent oil futures fell 94 cents, or 1.1%, to $85.46 a barrel by 0654 GMT, after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.

Saudi Arabia's benchmark index (.TASI) fell 0.4%, weighed down by 9.9% slide in Rabigh Refining and Petrochemical Company (2380.SE), after the petrochemical firm on Tuesday posted a sharp decrease sequentially in earnings.

Among other losers, SABIC Agri-Nutrients Co (2020.SE) fell 2.5%, while Saudi Arabian Mining Co (Ma'aden) (1211.SE) declined 0.5%, after the chief executive officer of the Gulf's largest miner said on Tuesday that a Board meeting in December will weigh whether it will pay out its first ever dividend.

Bucking the trend, oil behemoth Saudi Aramco (2222.SE) traded 1.1% higher on signing of five memorandum of understandings as part of an initiative to tackle greenhouse gas emissions.

The Abu Dhabi index (.ADI) eased 0.1%, hit by a 0.9% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD), ahead of its earnings.

On the other hand, Fertiglobe (FERTIGLOBE.AD), a joint venture between Abu Dhabi National Oil Company and chemicals producer OCI (OCI.AS), rose 21% above its listing price of 2.55 dirhams in its market debut. read more

Fertiglobe shareholders sold a 13.8% stake in the initial public offering raising around $795 million.

Dubai's main share index (.DFMGI) added 0.2%, with Dubai Islamic Bank (DISB.DU) advancing 1.2%, as the Sharia-compliant lender reported a rise in its quarterly net profit.

The Qatari benchmark (.QSI) rose 0.4%, driven by a 0.9% gain in Qatar National Bank (QNBK.QA) and a 0.4% increase in petrochemical maker Industries Qatar (IQCD.QA).

Oil drops 1% as U.S. stockpile rise saps rally | Reuters

Oil drops 1% as U.S. stockpile rise saps rally | Reuters

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.

Brent oil futures fell 94 cents, or 1.1%, to $85.46 a barrel by 0654 GMT after closing at the highest in seven years on Tuesday.

West Texas Intermediate (WTI) futures declined $1.02, or 1.2%, to $83.63 a barrel after gaining 1.1% in the previous session.

Crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, market sources citing American Petroleum Institute figures said late on Tuesday. That was more than the expectations for a 1.9 million barrel gain.