U.S. report on Khashoggi weighs on Saudi shares | Reuters
Most major Gulf stock markets reversed earlier losses to close higher on Sunday, while Saudi shares retreated after U.S. intelligence released on Friday said Crown Prince Mohammed Bin Salman had approved an operation to capture or kill journalist Jamal Khashoggi in 2018.
The United States imposed sanctions on some of those involved but spared the crown prince himself in an effort to preserve relations with the kingdom.
Khashoggi was a U.S. resident who wrote opinion columns for the Washington Post critical of Crown Prince Mohammed bin Salman’s policies.
U.S. officials said they were considering cancelling arms sales to the kingdom that pose human rights concerns and limiting future sales to “defensive” weapons, as it reassesses its relationship with Saudi Arabia and its role in the Yemen war.
Saudi Arabia’s benchmark index fell 0.5%, its biggest intraday fall since Feb. 18, with Al Rajhi Bank losing 1.8%, while petrochemical maker Saudi Basic Industries slid 3%.
“I don’t think investors considered it a big risk that the U.S. would torpedo U.S. Saudi relations by targeting Mohammed Bin Salman,” said Khaled Abdel Majeed at London-based investment advisory firm SAM Capital Partners. “Political risk is high in Saudi Arabia and so are valuations,” he said.
In Dubai, the main share index ended 1% higher, buoyed by a 2.6% rise in blue-chip developer Emaar Properties and a 0.8% increase in sharia-compliant lender Dubai Islamic Bank.
Elsewhere, Dubai Financial Market jumped 6%, to become the top gainer on the index.
Last week, the DFM said it would reinstate a 10% limit down cap on daily movements in listed securities as of the February 28 trading session.
The Abu Dhabi index added 0.6%, with telecoms company Emirates Telecommunications Group advancing 2.2%.
In Qatar, the index gained 0.3%, with lender Masraf Al Rayan rising 1.5%.
Sunday, 28 February 2021
Aramco seeks one-year extension on $10 billion loan: sources | Reuters
Aramco seeks one-year extension on $10 billion loan: sources | Reuters
Saudi Aramco has asked banks to extend by a year a $10 billion loan it raised last May, two sources familiar with the matter said, suggesting that rebounding crude prices are not pushing the oil giant to reduce debt for the time being.
The sources confirmed a report by Loan Pricing Corporation, a fixed-income news provider owned by Refinitiv.
It is at the banks’ discretion whether to extend the loan, but lenders will likely agree in order to maintain a good relationship with Aramco in the hope of receiving future business, LPC said citing a banker.
One of the sources, who confirmed the report, echoed that, saying: “It’s Aramco. Why not?”
Aramco declined to comment.
Saudi Aramco has asked banks to extend by a year a $10 billion loan it raised last May, two sources familiar with the matter said, suggesting that rebounding crude prices are not pushing the oil giant to reduce debt for the time being.
The sources confirmed a report by Loan Pricing Corporation, a fixed-income news provider owned by Refinitiv.
It is at the banks’ discretion whether to extend the loan, but lenders will likely agree in order to maintain a good relationship with Aramco in the hope of receiving future business, LPC said citing a banker.
One of the sources, who confirmed the report, echoed that, saying: “It’s Aramco. Why not?”
Aramco declined to comment.
#AbuDhabi’s De Facto Ruler Becomes Chair of State Oil Firm Adnoc - Bloomberg
Abu Dhabi’s De Facto Ruler Becomes Chair of State Oil Firm Adnoc - Bloomberg
Abu Dhabi’s de facto ruler, Crown Prince Mohammed Bin Zayed, has become chairman of a newly-established board for the emirate’s state energy company.
The crown prince also appointed one of his sons, Khaled bin Mohamed bin Zayed, as chairman of a new executive committee at Abu Dhabi National Oil Co., according to tweets on Sunday from the emirate’s media office.
The move formalizes Prince Mohammed’s control over Adnoc, which pumps almost all the oil and gas in the United Arab Emirates, the third-biggest crude producer in OPEC.
Sultan Al Jaber, Adnoc’s chief executive officer, was given the additional title of managing director.
Abu Dhabi’s de facto ruler, Crown Prince Mohammed Bin Zayed, has become chairman of a newly-established board for the emirate’s state energy company.
The crown prince also appointed one of his sons, Khaled bin Mohamed bin Zayed, as chairman of a new executive committee at Abu Dhabi National Oil Co., according to tweets on Sunday from the emirate’s media office.
The move formalizes Prince Mohammed’s control over Adnoc, which pumps almost all the oil and gas in the United Arab Emirates, the third-biggest crude producer in OPEC.
Sultan Al Jaber, Adnoc’s chief executive officer, was given the additional title of managing director.
Khalifa bin Zayed, in his capacity as Chairman of the Supreme Council for Financial and Economic Affairs, has issued a resolution to form the board of directors of Abu Dhabi National Oil Company (ADNOC), chaired by Mohamed bin Zayed. pic.twitter.com/IrETcPu1PB
— مكتب أبوظبي الإعلامي (@admediaoffice) February 28, 2021
Jefferies International's Moubayed on #Dubai's Extending Curbs, the U.S. Report on #Khashoggi, Oil - Bloomberg
Jefferies International's Moubayed on Dubai's Extending Curbs, the U.S. Report on Khashoggi, Oil - Bloomberg
Alia Moubayed, Jefferies International Managing Director, discusses Dubai's extension of coronavirus curbs, the Biden administration's calling out of Saudi Arabia on the murder of Jamal Khashoggi, and oil prices. She speaks with Manus Cranny and Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#Saudi Shares Drop as U.S. Pins Khashoggi Murder on Crown Prince - Bloomberg
Saudi Shares Drop as U.S. Pins Khashoggi Murder on Crown Prince - Bloomberg
Saudi stocks fell the most in a month, tracking last week’s declines across emerging markets, as traders weighed the impact of a U.S. intelligence report saying Crown Prince Mohammed bin Salman signed off on the killing of Washington Post columnist Jamal Khashoggi.
The Tadawul All Share Index retreated as much 1%, its sharpest decline since Jan. 31. It pared losses to close 0.5% lower. Al Rajhi Bank, Saudi Basic Industries, Saudi Telecom Co. and Saudi Aramco dragged the index down the most by points. Stock indexes in the United Arab Emirates, Qatar, Oman and Bahrain advanced, while those in Egypt and Israel fell.
While President Joe Biden’s administration imposed only modest new sanctions on the kingdom, it’s expected to announce more action on Monday. Saudi Arabia said it “rejects the negative, false and unacceptable assessment in the report.”
“We could see some influence in the sale of arms to Saudi Arabia” Alia Moubayed, the London-based chief economist for Middle East, North Africa at Jefferies International, said in an interview with Bloomberg TV. “But in terms of flows, unless sanctions hit particular asset classes, I don’t see flows being significantly affected.”
Trading in Riyadh was also pressured by wider declines in emerging-market shares on Friday, when the MSCI EM Index fell 3.2% as a selloff in Treasuries triggered a slide in risk assets. Oil, Saudi Arabia’s biggest export, finished 1.1% lower last week.
Outflows from the Saudi stock exchange climbed to a record of 6.6 billion riyals ($1.76 billion) in October 2018, the month when Khashoggi was killed at the Saudi consulate in Istanbul. It was the biggest monthly drop in foreign holdings since the country opened up its stock market to international investors in 2015.
MIDDLE EASTERN MARKETS:
Saudi stocks fell the most in a month, tracking last week’s declines across emerging markets, as traders weighed the impact of a U.S. intelligence report saying Crown Prince Mohammed bin Salman signed off on the killing of Washington Post columnist Jamal Khashoggi.
The Tadawul All Share Index retreated as much 1%, its sharpest decline since Jan. 31. It pared losses to close 0.5% lower. Al Rajhi Bank, Saudi Basic Industries, Saudi Telecom Co. and Saudi Aramco dragged the index down the most by points. Stock indexes in the United Arab Emirates, Qatar, Oman and Bahrain advanced, while those in Egypt and Israel fell.
While President Joe Biden’s administration imposed only modest new sanctions on the kingdom, it’s expected to announce more action on Monday. Saudi Arabia said it “rejects the negative, false and unacceptable assessment in the report.”
“We could see some influence in the sale of arms to Saudi Arabia” Alia Moubayed, the London-based chief economist for Middle East, North Africa at Jefferies International, said in an interview with Bloomberg TV. “But in terms of flows, unless sanctions hit particular asset classes, I don’t see flows being significantly affected.”
Trading in Riyadh was also pressured by wider declines in emerging-market shares on Friday, when the MSCI EM Index fell 3.2% as a selloff in Treasuries triggered a slide in risk assets. Oil, Saudi Arabia’s biggest export, finished 1.1% lower last week.
Outflows from the Saudi stock exchange climbed to a record of 6.6 billion riyals ($1.76 billion) in October 2018, the month when Khashoggi was killed at the Saudi consulate in Istanbul. It was the biggest monthly drop in foreign holdings since the country opened up its stock market to international investors in 2015.
- The Saudi index’s decline trims its gain in February to 5.1%
- Riyad Bank rises as much as 1.9% after proposing a dividend for 2020 of 0.5 riyal per share
- Dubai’s DFM General Index rises 1%, the most in the Gulf
- Abu Dhabi’s ADX General Index gains 0.6%
- In Doha, the QE Index climbs 0.3%
- Ezdan Holding Group rises as much as 5.3% after saying it’s finalizing a bank facility to fully repay a $500 million sukuk maturing in May
- Shares dropped last week after S&P Global Ratings said the Qatari property developer faces the risk of a default or debt restructuring
- QLM Life & Medical Insurance jumps 10% for a second session, after Qatar said last week that all expatriates and visitors will be required to have health insurance
- Gauges in Bahrain and Oman rise 0.1% and 0.3%, respectively
- Kuwait’s market is closed for a local holiday
#UAE's Amanat posts 83% drop in profits for 2020 - Arabianbusiness
UAE's Amanat posts 83% drop in profits for 2020 - Arabianbusiness
Amanat Holdings, the GCC’s largest healthcare and education investment company, has revealed a net profit of $2.75 million for 2020, despite the economic impact of Covid-19, although this was down considerably by around 83 percent compared to the $16.3m profits announced in 2019.
The company reported total income of $19.2 million for the last 12 months, down 36.8 percent year-on-year, while income from investments was $15.3 million, a drop of 22.3 percent of 2019 figures.
Chief executive officer of Amanat, Dr. Mohamad Hamade, said: “Looking back at 2020, our results reflect our proactive response strategy that was focused on mitigating short-term impacts and positioning us for long-term growth.”
Amanat Holdings, the GCC’s largest healthcare and education investment company, has revealed a net profit of $2.75 million for 2020, despite the economic impact of Covid-19, although this was down considerably by around 83 percent compared to the $16.3m profits announced in 2019.
The company reported total income of $19.2 million for the last 12 months, down 36.8 percent year-on-year, while income from investments was $15.3 million, a drop of 22.3 percent of 2019 figures.
Chief executive officer of Amanat, Dr. Mohamad Hamade, said: “Looking back at 2020, our results reflect our proactive response strategy that was focused on mitigating short-term impacts and positioning us for long-term growth.”
Trump’s #Dubai Golf Expansion Gets Delayed Until at Least 2022 - Bloomberg
Trump’s Dubai Golf Expansion Gets Delayed Until at Least 2022 - Bloomberg
The Trump Organization’s website has long listed the Trump World Golf Club in the expat hub of Dubai as “coming soon.”
But four years after it was supposed to open for business, the 18-hole course designed by Tiger Woods faces yet another delay in the city already dealing with a glut of development, this time until at least 2022, according to a senior employee involved in the operation.
When it opens, the project will test whether Trump’s corporate brand holds the same allure in a region where the former U.S. president has enjoyed broad support. And it comes as the company is figuring out its path forward with Trump out of office.
Grafted onto the desert and ringed by a luxury housing development, the golf course doesn’t yet display any of the typical, gold-emblazoned Trump signage. Instead, the name that’s ubiquitous is Damac Properties Dubai Co., the local developer and Trump partner that’s building the surrounding community, Akoya Oxygen.
The Trump Organization’s website has long listed the Trump World Golf Club in the expat hub of Dubai as “coming soon.”
But four years after it was supposed to open for business, the 18-hole course designed by Tiger Woods faces yet another delay in the city already dealing with a glut of development, this time until at least 2022, according to a senior employee involved in the operation.
When it opens, the project will test whether Trump’s corporate brand holds the same allure in a region where the former U.S. president has enjoyed broad support. And it comes as the company is figuring out its path forward with Trump out of office.
Grafted onto the desert and ringed by a luxury housing development, the golf course doesn’t yet display any of the typical, gold-emblazoned Trump signage. Instead, the name that’s ubiquitous is Damac Properties Dubai Co., the local developer and Trump partner that’s building the surrounding community, Akoya Oxygen.
#Saudi Shares Drop as U.S. Pins Khashoggi Murder on Crown Prince - Bloomberg
Saudi Shares Drop as U.S. Pins Khashoggi Murder on Crown Prince - Bloomberg
Saudi stocks fell the most in a month, tracking last week’s declines across emerging markets, as traders weighed the impact of a U.S. intelligence report saying Crown Prince Mohammed bin Salman signed off on the killing of Washington Post columnist Jamal Khashoggi.
The Tadawul All Share Index retreated as much 1%, its sharpest decline since Jan. 31. It was 0.6% lower as of 10:43 a.m. in Riyadh. Rajhi Bank, Saudi Basic Industries, Saudi Telecom Co. and Saudi Aramco dragged the index down the most by points.
While President Joe Biden’s administration imposed only modest new sanctions on the kingdom, it’s expected to announce more action on Monday. Saudi Arabia said it “rejects the negative, false and unacceptable assessment in the report.”
“We could see some influence in the sale of arms to Saudi Arabia” Alia Moubayed, the London-based chief economist for Middle East, North Africa at Jefferies International, said in an interview with Bloomberg TV. “But in terms of flows, unless sanctions hit particular asset classes, I don’t see flows being significantly affected.”
Trading in Riyadh was also pressured by wider declines in emerging-market shares on Friday, when the MSCI EM Index fell 3.2% as a selloff in Treasuries triggered a slide in risk assets. Oil, Saudi Arabia’s biggest export, finished 1.1% lower last week.
Outflows from the Saudi stock exchange climbed to a record of 6.6 billion riyals ($1.76 billion) in October 2018, the month when Khashoggi was killed at the Saudi Consulate in Istanbul. It was the biggest monthly drop in foreign holdings since the country opened up its stock market to international investors in 2015.
Saudi stocks fell the most in a month, tracking last week’s declines across emerging markets, as traders weighed the impact of a U.S. intelligence report saying Crown Prince Mohammed bin Salman signed off on the killing of Washington Post columnist Jamal Khashoggi.
The Tadawul All Share Index retreated as much 1%, its sharpest decline since Jan. 31. It was 0.6% lower as of 10:43 a.m. in Riyadh. Rajhi Bank, Saudi Basic Industries, Saudi Telecom Co. and Saudi Aramco dragged the index down the most by points.
While President Joe Biden’s administration imposed only modest new sanctions on the kingdom, it’s expected to announce more action on Monday. Saudi Arabia said it “rejects the negative, false and unacceptable assessment in the report.”
“We could see some influence in the sale of arms to Saudi Arabia” Alia Moubayed, the London-based chief economist for Middle East, North Africa at Jefferies International, said in an interview with Bloomberg TV. “But in terms of flows, unless sanctions hit particular asset classes, I don’t see flows being significantly affected.”
Trading in Riyadh was also pressured by wider declines in emerging-market shares on Friday, when the MSCI EM Index fell 3.2% as a selloff in Treasuries triggered a slide in risk assets. Oil, Saudi Arabia’s biggest export, finished 1.1% lower last week.
Outflows from the Saudi stock exchange climbed to a record of 6.6 billion riyals ($1.76 billion) in October 2018, the month when Khashoggi was killed at the Saudi Consulate in Istanbul. It was the biggest monthly drop in foreign holdings since the country opened up its stock market to international investors in 2015.
OPEC+ Faces Calls to Cool Oil Market Frenzy With Extra Barrels - Bloomberg
OPEC+ Faces Calls to Cool Oil Market Frenzy With Extra Barrels - Bloomberg
From trading houses in Geneva to Wall Street banks, much of the oil world agrees that global markets could use some more barrels. The big question is whether OPEC+ will provide enough of them.
A crude glut that piled up during the pandemic is vanishing fast. Global inventories are plunging at the steepest rate in two decades, according to Morgan Stanley. Prices have rallied to pre-virus levels, while U.S. production has taken a hit from freezing storms. Talk swirls of market supercycles, and even the return of $100 oil.
With the need for more supply evident, traders expect the OPEC+ coalition, led by Saudi Arabia and Russia, will agree to increase production when it meets on March 4, reversing some of the output cuts made last year.
From trading houses in Geneva to Wall Street banks, much of the oil world agrees that global markets could use some more barrels. The big question is whether OPEC+ will provide enough of them.
A crude glut that piled up during the pandemic is vanishing fast. Global inventories are plunging at the steepest rate in two decades, according to Morgan Stanley. Prices have rallied to pre-virus levels, while U.S. production has taken a hit from freezing storms. Talk swirls of market supercycles, and even the return of $100 oil.
With the need for more supply evident, traders expect the OPEC+ coalition, led by Saudi Arabia and Russia, will agree to increase production when it meets on March 4, reversing some of the output cuts made last year.
#Saudi's Riyad Bank announces $399mln cash dividend | ZAWYA MENA Edition
Saudi's Riyad Bank announces $399mln cash dividend | ZAWYA MENA Edition
Saudi Arabia’s Riyad Bank is set to distribute 5 percent cash dividend to its shareholders, the lender said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The payout for the year 2020, pegged at 1.5 million Saudi riyals ($399 million), has been recommended by the bank’s board of directors.
A total of three billion shares will be eligible for the dividend at 0.50 Saudi riyal per share.
The bank also advised non-resident foreign investors that the dividend distribution, which is transferred by the resident financial broker, is subject to a withholding tax of five percent.
The bank’s net income for the full year 2020 fell 12 percent to 5.4 million Saudi riyals on the back of high impairment charge for credit losses.
Saudi Arabia’s Riyad Bank is set to distribute 5 percent cash dividend to its shareholders, the lender said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The payout for the year 2020, pegged at 1.5 million Saudi riyals ($399 million), has been recommended by the bank’s board of directors.
A total of three billion shares will be eligible for the dividend at 0.50 Saudi riyal per share.
The bank also advised non-resident foreign investors that the dividend distribution, which is transferred by the resident financial broker, is subject to a withholding tax of five percent.
The bank’s net income for the full year 2020 fell 12 percent to 5.4 million Saudi riyals on the back of high impairment charge for credit losses.
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