Oil hits 13-month highs as market rebalances | Reuters
Oil prices soared to their highest in about 13 months on Monday as vaccine rollouts promised to revive demand and producers kept supply reined in.
Brent crude was up 70 cents, or 1.1%, at $63.13 a barrel at 12:15 p.m. EST (1715 GMT) after hitting a session peak of $63.76, its highest since Jan. 22 last year.
U.S. West Texas Intermediate (WTI) crude futures gained 63 cents, or 1.1%, at $60.10 after touching $60.95, the highest since Jan. 8 last year.
Oil prices gained about 5% last week.
Monday 15 February 2021
#SaudiArabia Aims to Sideline Firms Without Base in the Kingdom - Bloomberg
Saudi Arabia Aims to Sideline Firms Without Base in the Kingdom - Bloomberg
Saudi Arabia said it will stop working with foreign firms that don’t base their Middle East headquarters in the kingdom, in its latest effort to shift the Gulf region’s business hub away from Dubai.
From Jan. 1, 2024 the government as well as agencies, institutes and funds owned by the state will no longer contract any companies or commercial institutions unless they have a regional hub in Saudi Arabia, according to a statement on the Saudi Press Agency attributed to an official source. The move is intended to encourage foreign firms to hire more Saudi nationals and limit “economic leakage,” according to the SPA report.
Dubai in the the United Arab Emirates has firmly established itself as the regional business hub for everything from banking to transport and logistics. As part of attempts to open and diversify its economy Saudi Arabia has though offered firms a package of incentives including tax breaks under a plan dubbed “Project HQ.”
A group of 24 international firms including Deloitte, PwC, Bechtel and PepsiCo said they were moving their regional headquarters to the kingdom at an annual investment conference organized by Saudi Arabia’s sovereign wealth fund last month.
Saudi Arabia said it will stop working with foreign firms that don’t base their Middle East headquarters in the kingdom, in its latest effort to shift the Gulf region’s business hub away from Dubai.
From Jan. 1, 2024 the government as well as agencies, institutes and funds owned by the state will no longer contract any companies or commercial institutions unless they have a regional hub in Saudi Arabia, according to a statement on the Saudi Press Agency attributed to an official source. The move is intended to encourage foreign firms to hire more Saudi nationals and limit “economic leakage,” according to the SPA report.
Dubai in the the United Arab Emirates has firmly established itself as the regional business hub for everything from banking to transport and logistics. As part of attempts to open and diversify its economy Saudi Arabia has though offered firms a package of incentives including tax breaks under a plan dubbed “Project HQ.”
A group of 24 international firms including Deloitte, PwC, Bechtel and PepsiCo said they were moving their regional headquarters to the kingdom at an annual investment conference organized by Saudi Arabia’s sovereign wealth fund last month.
Mideast Stocks: #Saudi shares climb on higher crude while #Qatar falls | ZAWYA MENA Edition
Mideast Stocks: Saudi shares climb on higher crude while Qatar falls | ZAWYA MENA Edition
Saudi shares extended gains for an eighth consecutive session on Monday on rising crude oil prices while corporate results weighed on the Qatari index.
Oil prices soared to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply in check.
Saudi Arabia's benchmark index advanced 0.5%, with Al Rajhi Bank rising 1.8% and National Commercial Bank climbing 1.5%.
Saudi shares extended gains for an eighth consecutive session on Monday on rising crude oil prices while corporate results weighed on the Qatari index.
Oil prices soared to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply in check.
Saudi Arabia's benchmark index advanced 0.5%, with Al Rajhi Bank rising 1.8% and National Commercial Bank climbing 1.5%.
The Qatari index lost 0.5%, dragged down by a 8.1% slide for telecoms giant Ooredoo after it reported a loss of 342 million riyals ($93.96 million) in the fourth-quarter, against a profit of 460 million riyals a year earlier.
Qatar Insurance fell 3.5% after a decline in 2020 profit.
Elsewhere, Dubai's main share index firmed 0.7%, led by a 1.9% rise for Emaar Properties despite the blue-chip developer's 58% drop in full-year profit.
Emaar founder Mohamed Alabbar was more optimistic about 2021, saying there were opportunities both traditional and technological that didn't exist five or 10 years ago.
In Abu Dhabi, the index slipped 0.3%, hit by a 1.6% decline for Aldar Properties and a 0.7% fall for the country's largest lender and index heavyweight First Abu Dhabi Bank.
Qatar Insurance fell 3.5% after a decline in 2020 profit.
Elsewhere, Dubai's main share index firmed 0.7%, led by a 1.9% rise for Emaar Properties despite the blue-chip developer's 58% drop in full-year profit.
Emaar founder Mohamed Alabbar was more optimistic about 2021, saying there were opportunities both traditional and technological that didn't exist five or 10 years ago.
In Abu Dhabi, the index slipped 0.3%, hit by a 1.6% decline for Aldar Properties and a 0.7% fall for the country's largest lender and index heavyweight First Abu Dhabi Bank.
#Sharjah's UAB blames NMC exposure, 'legacy issues' for $182mln loss | ZAWYA MENA Edition
Sharjah's UAB blames NMC exposure, 'legacy issues' for $182mln loss | ZAWYA MENA Edition
United Arab Bank (UAB) has blamed its exposure to NMC, as well as some legacy issues and the COVID-19 pandemic for its recent losses, which widened in 2020.
The bank reported a net loss of 667.3 million dirhams ($182 million) for 2020, after a loss of 470.7 million dirhams in 2019.
In a statement to the Abu Dhabi Securities Exchange (ADX), UAB said last year’s results were “predominantly driven by higher impairment charges due to the bank’s legacy issues”.
“[This was] further exacerbated by the challenging operating environment driven by COVID-19 and the low interest rate environment, as well as its exposure to NMC and its associated accounts,” UAB said.
UAB’s revenue dropped from 544.7 million dirhams in 2019 to 402.8 million dirhams in 2020.
United Arab Bank (UAB) has blamed its exposure to NMC, as well as some legacy issues and the COVID-19 pandemic for its recent losses, which widened in 2020.
The bank reported a net loss of 667.3 million dirhams ($182 million) for 2020, after a loss of 470.7 million dirhams in 2019.
In a statement to the Abu Dhabi Securities Exchange (ADX), UAB said last year’s results were “predominantly driven by higher impairment charges due to the bank’s legacy issues”.
“[This was] further exacerbated by the challenging operating environment driven by COVID-19 and the low interest rate environment, as well as its exposure to NMC and its associated accounts,” UAB said.
UAB’s revenue dropped from 544.7 million dirhams in 2019 to 402.8 million dirhams in 2020.
Global Oil Markets Are Now Balanced, Russia’s Novak Says - Bloomberg
Global Oil Markets Are Now Balanced, Russia’s Novak Says - Bloomberg
Global oil markets have rebalanced following last year’s historic collapse in demand, according to Russia’s deputy prime minister.
“The last few months we have seen low volatility, which means the market is balanced, and the prices we see today certainly correspond to the situation in the market,” Alexander Novak said on state television channel Rossiya 1 on Sunday. Crude will probably average $45 to $60 a barrel this year, according to Novak, who was Russian energy minister before President Vladimir Putin promoted him in November.
Benchmark Brent crude has surged 22% this year to top $63 a barrel as energy use recovers in the U.S. and China and nations roll out coronavirus vaccines. Prices have also been buoyed by deep supply cuts from the Organization of Petroleum Exporting Countries and its partners, who are trying to clear surplus stockpiles built up during the pandemic.
The oil market “has partially recovered, but not completely yet,” Novak said, adding that global demand was about 8% to 9% below pre-pandemic levels by the end of last year, compared with a decline of 20% to 25% in April and May.
Global oil markets have rebalanced following last year’s historic collapse in demand, according to Russia’s deputy prime minister.
“The last few months we have seen low volatility, which means the market is balanced, and the prices we see today certainly correspond to the situation in the market,” Alexander Novak said on state television channel Rossiya 1 on Sunday. Crude will probably average $45 to $60 a barrel this year, according to Novak, who was Russian energy minister before President Vladimir Putin promoted him in November.
Benchmark Brent crude has surged 22% this year to top $63 a barrel as energy use recovers in the U.S. and China and nations roll out coronavirus vaccines. Prices have also been buoyed by deep supply cuts from the Organization of Petroleum Exporting Countries and its partners, who are trying to clear surplus stockpiles built up during the pandemic.
The oil market “has partially recovered, but not completely yet,” Novak said, adding that global demand was about 8% to 9% below pre-pandemic levels by the end of last year, compared with a decline of 20% to 25% in April and May.
#Saudi and Qatari bonds fall as U.S. yields rise | ZAWYA MENA Edition
Saudi and Qatari bonds fall as U.S. yields rise | ZAWYA MENA Edition
Longer-term dollar-denominated bonds issued by investment-grade Gulf countries fell by more than a cent on Monday, Refinitiv's Tradeweb pricing showed, tracking a rise in U.S. Treasury yields.
Saudi government bonds due in 2060 shed 1.4 cents to trade at 118.25 cents on the dollar, while Qatari bonds due in 2050 fell 1.35 cents to 123.47 on the dollar.
Abu Dhabi bonds due in 2050 were down 1.55 cents to 114.8 on the dollar.
The Gulf countries' currencies are pegged to the dollar.
"Since most GCC (Gulf Cooperation Council) sovereigns (apart from high-yield countries Bahrain and Oman) are investment-grade rated (they) do react relatively strongly on underlying development in U.S. and EU rates," said Sergey Dergachev, a fund manager at Union Investment.
Oman and Bahrain's government bonds were little changed on Monday, Refinitiv's Tradeweb data showed.
Longer-term dollar-denominated bonds issued by investment-grade Gulf countries fell by more than a cent on Monday, Refinitiv's Tradeweb pricing showed, tracking a rise in U.S. Treasury yields.
Saudi government bonds due in 2060 shed 1.4 cents to trade at 118.25 cents on the dollar, while Qatari bonds due in 2050 fell 1.35 cents to 123.47 on the dollar.
Abu Dhabi bonds due in 2050 were down 1.55 cents to 114.8 on the dollar.
The Gulf countries' currencies are pegged to the dollar.
"Since most GCC (Gulf Cooperation Council) sovereigns (apart from high-yield countries Bahrain and Oman) are investment-grade rated (they) do react relatively strongly on underlying development in U.S. and EU rates," said Sergey Dergachev, a fund manager at Union Investment.
Oman and Bahrain's government bonds were little changed on Monday, Refinitiv's Tradeweb data showed.
#UAE NMC hospital founder B.R. Shetty, others under pressure as UK court orders total asset freeze | Banking – Gulf News
UAE NMC hospital founder B.R. Shetty, others under pressure as UK court orders total asset freeze | Banking – Gulf News
A court in London has put a freeze on any asset disposals by Dr. B.R. Shetty, founder of Abu Dhabi headquartered NMC Healthcare, as well as on other shareholders and former top executives, including Prasanth Manghat, who stepped down as CEO in late February last year.
The latest court order is sweeping in its impact – no assets held anywhere in the world by these individuals can now be sold. In recent months, court orders freezing Shetty’s assets had been issued in Dubai (by DIFC Courts) as well as in India after lenders – to NMC and Shetty individually – brought charges.
The verdict will “amplify the pressure” on Shetty and the others named, according to banking industry sources here. Manghat owns and operates hospitals and clinics in Kerala, including a specialty facility in Palghat.
He is believed to be in India, as are other former executives. They made their departures as soon as the NMC scandal came to light.
The UK court order stems from a request from Abu Dhabi Commercial Bank – the entity with the highest exposure to NMC, at an estimated Dh4 billion. Not just that, the ‘Financial Times’ reported that ADCB in its plaint specifically named Shetty – who founded NMC in the mid-1970s – as being the “chief protagonist” in the whole billion-dollar saga.
A court in London has put a freeze on any asset disposals by Dr. B.R. Shetty, founder of Abu Dhabi headquartered NMC Healthcare, as well as on other shareholders and former top executives, including Prasanth Manghat, who stepped down as CEO in late February last year.
The latest court order is sweeping in its impact – no assets held anywhere in the world by these individuals can now be sold. In recent months, court orders freezing Shetty’s assets had been issued in Dubai (by DIFC Courts) as well as in India after lenders – to NMC and Shetty individually – brought charges.
The verdict will “amplify the pressure” on Shetty and the others named, according to banking industry sources here. Manghat owns and operates hospitals and clinics in Kerala, including a specialty facility in Palghat.
He is believed to be in India, as are other former executives. They made their departures as soon as the NMC scandal came to light.
The UK court order stems from a request from Abu Dhabi Commercial Bank – the entity with the highest exposure to NMC, at an estimated Dh4 billion. Not just that, the ‘Financial Times’ reported that ADCB in its plaint specifically named Shetty – who founded NMC in the mid-1970s – as being the “chief protagonist” in the whole billion-dollar saga.
Aldar CEO: #UAE Stabilizing Economy Helped Business to Flourish - Bloomberg video
Aldar CEO: U.A.E. Stabilizing Economy Helped Business to Flourish - Bloomberg
Talal Al Dhiyebi, Aldar, CEO discusses the U.A.E. property market during pandemic. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
OPEC Cuts, Virus Has India Eying Prompt Imports of Light Oil - Bloomberg
OPEC Cuts, Virus Has India Eying Prompt Imports of Light Oil - Bloomberg
India’s refiners are turning to spot oil from Africa and North America as long-term suppliers in the Middle East cut output and as demand for gasoline jumps amid the Covid-19 pandemic.
Spot crude imports into the world’s third-largest oil market will rise by 10% to 15% this year from 2020, according to industry consultant FGE. The increased purchases are coming as India’s top suppliers, including Saudi Arabia and Iraq, curtail output as part of the OPEC+ pact.
The shift underscores how other producers are benefiting from the cuts as consumption returns in markets like India. It’s been especially good to exporters like the U.S. and Nigeria, whose crude produces more gasoline that’s in high demand as the pandemic pushes people to private cars instead of public transport.
“The pullback from traditional term suppliers came when refiners maximized throughput to align with the robust domestic demand recovery,” said Senthil Kumaran, FGE’s head of South Asia oil. “They were forced to scramble for spot supplies to bridge the shortfall.”
India’s refiners are turning to spot oil from Africa and North America as long-term suppliers in the Middle East cut output and as demand for gasoline jumps amid the Covid-19 pandemic.
Spot crude imports into the world’s third-largest oil market will rise by 10% to 15% this year from 2020, according to industry consultant FGE. The increased purchases are coming as India’s top suppliers, including Saudi Arabia and Iraq, curtail output as part of the OPEC+ pact.
The shift underscores how other producers are benefiting from the cuts as consumption returns in markets like India. It’s been especially good to exporters like the U.S. and Nigeria, whose crude produces more gasoline that’s in high demand as the pandemic pushes people to private cars instead of public transport.
“The pullback from traditional term suppliers came when refiners maximized throughput to align with the robust domestic demand recovery,” said Senthil Kumaran, FGE’s head of South Asia oil. “They were forced to scramble for spot supplies to bridge the shortfall.”
Oil hits 13-month highs as market re-balances | Reuters
Oil hits 13-month highs as market re-balances | Reuters
Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in.
Brent crude was up 77 cents, or 1.2%, at $63.20 a barrel at 0955 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020.
U.S. West Texas Intermediate (WTI) crude futures gained $1.04, or 1.8 %, to $60.51 a barrel. It touched $60.95 - its highest since Jan. 8 last year, earlier in the session.
Oil prices gained around 5% last week.
Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in.
Brent crude was up 77 cents, or 1.2%, at $63.20 a barrel at 0955 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020.
U.S. West Texas Intermediate (WTI) crude futures gained $1.04, or 1.8 %, to $60.51 a barrel. It touched $60.95 - its highest since Jan. 8 last year, earlier in the session.
Oil prices gained around 5% last week.
#UAE's Tabreed is interested in #Dubai airport district cooling deal - CEO | Reuters
UAE's Tabreed is interested in Dubai airport district cooling deal - CEO | Reuters
Dubai-listed National Central Cooling Co (Tabreed) is interested in acquiring the district cooling unit that serves Dubai International Airport, Tabreed Chief Executive Bader Al Lamki said on Monday.
Tabreed has been on a shopping spree during the COVID-19 pandemic, snapping up assets in locations such as Abu Dhabi’s Saadiyat Island, home to a Louvre museum. It also acquired an 80% stake in Dubai developer Emaar’s downtown district cooling business for 2.48 billion dirhams ($675 million).
“Dubai (international) airport has been in the market. We are looking at it. We will see how it goes,” Al Lamki told Reuters in an interview.
District cooling firms deliver chilled water via insulated pipes to offices, as well as industrial and residential buildings. With 86 district cooling plants, Tabreed services developments such as the Burj Khalifa, the world’s tallest skyscraper, the Dubai Opera and the Dubai Mall.
Dubai-listed National Central Cooling Co (Tabreed) is interested in acquiring the district cooling unit that serves Dubai International Airport, Tabreed Chief Executive Bader Al Lamki said on Monday.
Tabreed has been on a shopping spree during the COVID-19 pandemic, snapping up assets in locations such as Abu Dhabi’s Saadiyat Island, home to a Louvre museum. It also acquired an 80% stake in Dubai developer Emaar’s downtown district cooling business for 2.48 billion dirhams ($675 million).
“Dubai (international) airport has been in the market. We are looking at it. We will see how it goes,” Al Lamki told Reuters in an interview.
District cooling firms deliver chilled water via insulated pipes to offices, as well as industrial and residential buildings. With 86 district cooling plants, Tabreed services developments such as the Burj Khalifa, the world’s tallest skyscraper, the Dubai Opera and the Dubai Mall.
Adnoc Distribution profits increase 8.2% to $653.5m in 2020 - Arabianbusiness
Adnoc Distribution profits increase 8.2% to $653.5m in 2020 - Arabianbusiness
UAE fuel and convenience retailer Adnoc Distribution’s net profits totalled $653.5m in 2020, an 8.2 percent increase compared to 2018, despite the continued economic uncertainty caused by the coronavirus crisis.
The increase was achieved despite revenues dropping by 24.4 percent over the last year, from $5.8 billion to $4.4bn.
In a statement on Monday, the firm reported that EBIDTA (earnings before interest, tax, depreciation and amortisation) rose 12.3 percent to $868m.
Ahmed Al Shamsi, acting chief executive officer of ADNOC Distribution, said: “We set ambitious growth targets for 2020 and it is testament to our resilient business model that we not only met, but exceeded guidance in terms of both new station openings and convenience store refurbishments.”
UAE fuel and convenience retailer Adnoc Distribution’s net profits totalled $653.5m in 2020, an 8.2 percent increase compared to 2018, despite the continued economic uncertainty caused by the coronavirus crisis.
The increase was achieved despite revenues dropping by 24.4 percent over the last year, from $5.8 billion to $4.4bn.
In a statement on Monday, the firm reported that EBIDTA (earnings before interest, tax, depreciation and amortisation) rose 12.3 percent to $868m.
Ahmed Al Shamsi, acting chief executive officer of ADNOC Distribution, said: “We set ambitious growth targets for 2020 and it is testament to our resilient business model that we not only met, but exceeded guidance in terms of both new station openings and convenience store refurbishments.”
#Dubai Airports Traffic Slumps 70% in 2020 on Covid-19 Lockdowns - Bloomberg
Dubai Airports Traffic Slumps 70% in 2020 on Covid-19 Lockdowns - Bloomberg
Dubai International Airport reported a 70% slump in traffic last year as restrictions in place to stem the spread of the coronavirus pandemic put the air travel industry into a tailspin.
The number of travelers through the Middle East’s tourism hub fell to 25.9 million in 2020, according to a statement. That included 17.8 million passengers during the first quarter of the year, before the pandemic started to impact travel.
Since then, restrictions on air travel have battered airlines and airports around the world. “For the first time in the 60-year history of the world’s busiest international airport, the month of April saw commercial flights come to almost an entire halt,” the airport said.
Despite the drop in traffic, Dubai International Airport is the largest intercontinental hub in the world, Chief Executive Paul Griffiths said in an interview with Bloomberg TV on Monday. “There’s no reason to suggest why we won’t continue to be able to hold that crown going forward.”
Dubai International Airport reported a 70% slump in traffic last year as restrictions in place to stem the spread of the coronavirus pandemic put the air travel industry into a tailspin.
The number of travelers through the Middle East’s tourism hub fell to 25.9 million in 2020, according to a statement. That included 17.8 million passengers during the first quarter of the year, before the pandemic started to impact travel.
Since then, restrictions on air travel have battered airlines and airports around the world. “For the first time in the 60-year history of the world’s busiest international airport, the month of April saw commercial flights come to almost an entire halt,” the airport said.
Despite the drop in traffic, Dubai International Airport is the largest intercontinental hub in the world, Chief Executive Paul Griffiths said in an interview with Bloomberg TV on Monday. “There’s no reason to suggest why we won’t continue to be able to hold that crown going forward.”
Gulf expat exodus could continue until 2023, S&P says | Reuters
Gulf expat exodus could continue until 2023, S&P says | Reuters
The population in the Gulf Cooperation Council (GCC) states declined by about 4% last year due to an exodus of expatriates after the coronavirus crisis and lower oil prices, S&P Global Ratings said in a report on Monday.
The oil producing region was hit hard last year as COVID-19 restrictions impacted non-oil economic sectors, and lower oil prices and crude output cuts weighed on its main income source.
“We expect the proportion of foreigners in the region will continue to decline through 2023 relative to the national population, because of subdued non-oil sector growth and workforce nationalization policies,” S&P said.
Gulf states rely heavily on foreign workers in sectors ranging from financial services to healthcare and construction, but efforts to nationalise the workforce to fight rising unemployment among nationals have accelerated in recent years.
The population in the Gulf Cooperation Council (GCC) states declined by about 4% last year due to an exodus of expatriates after the coronavirus crisis and lower oil prices, S&P Global Ratings said in a report on Monday.
The oil producing region was hit hard last year as COVID-19 restrictions impacted non-oil economic sectors, and lower oil prices and crude output cuts weighed on its main income source.
“We expect the proportion of foreigners in the region will continue to decline through 2023 relative to the national population, because of subdued non-oil sector growth and workforce nationalization policies,” S&P said.
Gulf states rely heavily on foreign workers in sectors ranging from financial services to healthcare and construction, but efforts to nationalise the workforce to fight rising unemployment among nationals have accelerated in recent years.
Oil hits 13-month highs on concerns of Middle East tensions | Reuters
Oil hits 13-month highs on concerns of Middle East tensions | Reuters
Oil prices soared on Monday to their highest in about 13 months as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that a U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support.
Brent crude was up $1.02, or 1.6%, at $63.45 a barrel at 0806 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020.
U.S. West Texas Intermediate (WTI) crude futures gained $1.28, or 2.2%, to $60.75 a barrel. It touched $60.95 - its highest since Jan. 8 last year, earlier in the session.
Oil prices gained around 5% last week.
The Saudi-led coalition fighting in Yemen said late on Sunday it intercepted and destroyed an explosive-laden drone fired by the Iran-aligned Houthi group toward the kingdom, state TV reported, raising fears of fresh Middle East tensions.
Oil prices soared on Monday to their highest in about 13 months as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that a U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support.
Brent crude was up $1.02, or 1.6%, at $63.45 a barrel at 0806 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020.
U.S. West Texas Intermediate (WTI) crude futures gained $1.28, or 2.2%, to $60.75 a barrel. It touched $60.95 - its highest since Jan. 8 last year, earlier in the session.
Oil prices gained around 5% last week.
The Saudi-led coalition fighting in Yemen said late on Sunday it intercepted and destroyed an explosive-laden drone fired by the Iran-aligned Houthi group toward the kingdom, state TV reported, raising fears of fresh Middle East tensions.
MIDEAST STOCKS- #Saudi stocks gain as oil soars; #Qatar dips on weak earnings | Nasdaq
MIDEAST STOCKS-Saudi stocks gain as oil soars; Qatar dips on weak earnings | Nasdaq
Saudi shares rose on Monday, on course to extend gains for an eighth consecutive session amid rising crude prices, while a string of disappointing corporate earnings weighed on Qatar.
Brent crude LCOc1 was up $1.02, or 1.6%, at $63.45 a barrel at 0806 GMT, as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support. O/R
Saudi Arabia's benchmark index .TASI advanced 0.9%, with Al Rajhi Bank 1120.SE rising 3.6% and National commercial Bank 1180.SE climbing 2%.
The kingdom has extended by 20 days restrictions on entertainment activities, gatherings, and dine-in restaurant services to curb the spread of coronavirus, state news agency SPA said on Sunday, citing an interior ministry statement.
Two weeks ago Saudi Arabia suspended entry to the kingdom from 20 countries, with the exception of Saudi citizens, diplomats and medical practitioners and their families.
Dubai's main share index .TASI gained 0.6%, led by a 1.9% rise in Emaar Properties EMAR.DU, despite the blue-chip developer's 2020 profit plunging.
Emaar posted a net profit of 2.62 billion dirhams ($713.35 million) in 2020, down from 6.2 billion a year earlier.
However, Emaar's founder Mohamed Alabbar was more optimistic about 2021, saying there were opportunities both traditional and technological that didn't exist five or 10 years ago.
In Abu Dhabi, the index .ADI eased 0.1%, hit by a 1.1% fall in Aldar Properties ALDAR.AD and a 0.1% dip in the country's largest lender First Abu Dhabi Bank FAB.AD.
The Qatari index .QSI lost 0.3%, dragged down by a 5.8% slide in telecom giant Ooredoo ORDS.QA after it reported a loss of 342 million riyals ($93.96 million) in the fourth-quarter, compared to a profit of 460 million riyals a year earlier. []
Elsewhere, Qatar Insurance QINS.QA fell 3% following a decline in 2020 profit.
Saudi shares rose on Monday, on course to extend gains for an eighth consecutive session amid rising crude prices, while a string of disappointing corporate earnings weighed on Qatar.
Brent crude LCOc1 was up $1.02, or 1.6%, at $63.45 a barrel at 0806 GMT, as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support. O/R
Saudi Arabia's benchmark index .TASI advanced 0.9%, with Al Rajhi Bank 1120.SE rising 3.6% and National commercial Bank 1180.SE climbing 2%.
The kingdom has extended by 20 days restrictions on entertainment activities, gatherings, and dine-in restaurant services to curb the spread of coronavirus, state news agency SPA said on Sunday, citing an interior ministry statement.
Two weeks ago Saudi Arabia suspended entry to the kingdom from 20 countries, with the exception of Saudi citizens, diplomats and medical practitioners and their families.
Dubai's main share index .TASI gained 0.6%, led by a 1.9% rise in Emaar Properties EMAR.DU, despite the blue-chip developer's 2020 profit plunging.
Emaar posted a net profit of 2.62 billion dirhams ($713.35 million) in 2020, down from 6.2 billion a year earlier.
However, Emaar's founder Mohamed Alabbar was more optimistic about 2021, saying there were opportunities both traditional and technological that didn't exist five or 10 years ago.
In Abu Dhabi, the index .ADI eased 0.1%, hit by a 1.1% fall in Aldar Properties ALDAR.AD and a 0.1% dip in the country's largest lender First Abu Dhabi Bank FAB.AD.
The Qatari index .QSI lost 0.3%, dragged down by a 5.8% slide in telecom giant Ooredoo ORDS.QA after it reported a loss of 342 million riyals ($93.96 million) in the fourth-quarter, compared to a profit of 460 million riyals a year earlier. []
Elsewhere, Qatar Insurance QINS.QA fell 3% following a decline in 2020 profit.
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