Oil down more than 1% on Chinese fuel demand doubts, OPEC supply concerns | Reuters
Oil prices fell more than 1% on Monday as fears that Chinese oil crude consumption is slowing and that OPEC may increase global supply following a meeting this week.
Brent crude settled at $63.69 a barrel, falling 73 cents, or 1.1%, and U.S. West Texas Intermediate (WTI) crude settled at $60.64 a barrel, losing 86 cents, or 1.4%.
China’s factory activity growth slipped to a nine-month low in February, sounding alarms over Chinese crude buying and pressuring oil prices.
“There’s some talk that their strategic reserves are filled up, and so some people are betting against the Chinese continuing to drive oil prices,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Investors were also concerned that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, would soon increase oil output.
Monday, 1 March 2021
Creditors of #Dubai's Drake & Scull set to vote on restructuring plan by end of April - Arabianbusiness
Creditors of Dubai's Drake & Scull set to vote on restructuring plan by end of April - Arabianbusiness
Drake & Scull International (DSI) has announced that creditors are set to vote on its restructuring plan by the end of April as the Dubai contracting major prepares to meet with them again on Monday.
The company initially presented its reorganisation plan - alongside experts Aaronite Partners - to creditors last week but will hold a second meeting on Monday, according to a filing to Dubai Financial Market.
DSI said creditors will be asked to vote on the plan "around the end of April".
In early February, the company said it had returned to full-year profitability in 2020.
The contracting firm said that it recorded a net profit of AED109 million compared to a net loss of AED87 million in 2019.
The company also announced a decrease in accumulated losses from AED5 billion dirhams to AED4.8 billion as of the end of December 2020.
Drake & Scull International (DSI) has announced that creditors are set to vote on its restructuring plan by the end of April as the Dubai contracting major prepares to meet with them again on Monday.
The company initially presented its reorganisation plan - alongside experts Aaronite Partners - to creditors last week but will hold a second meeting on Monday, according to a filing to Dubai Financial Market.
DSI said creditors will be asked to vote on the plan "around the end of April".
In early February, the company said it had returned to full-year profitability in 2020.
The contracting firm said that it recorded a net profit of AED109 million compared to a net loss of AED87 million in 2019.
The company also announced a decrease in accumulated losses from AED5 billion dirhams to AED4.8 billion as of the end of December 2020.
#AbuDhabi's ADQ assets estimated at $110 billion | Reuters
Abu Dhabi's ADQ assets estimated at $110 billion | Reuters
Abu Dhabi’s state holding company ADQ is worth $110 billion, sovereign wealth fund tracker Global SWF said, the first publicly available estimate of ADQ’s assets under management.
Established in 2018, ADQ has gained prominence in the past year as Abu Dhabi consolidated several government assets under its banner.
ADQ, which did not immediately respond to a request for comment, owns Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX.
It has also built up a portfolio of food and agriculture businesses and last year agreed to acquire an indirect 45% equity stake in commodities trader Louis Dreyfus Co.
Global SWF said on Monday that ADQ, the third-largest sovereign fund in Abu Dhabi, had $110 billion in assets under management, most of them domestic.
Oil-rich Abu Dhabi manages more than $1 trillion in sovereign wealth capital and is the world’s largest employer of sovereign wealth fund executives, the report said.
Abu Dhabi’s largest fund is the Abu Dhabi Investment Authority (ADIA), with $700 billion in assets under management, based on Global SWF estimates. State investor Mubadala manages more than $230 billion in assets.
Abu Dhabi’s state holding company ADQ is worth $110 billion, sovereign wealth fund tracker Global SWF said, the first publicly available estimate of ADQ’s assets under management.
Established in 2018, ADQ has gained prominence in the past year as Abu Dhabi consolidated several government assets under its banner.
ADQ, which did not immediately respond to a request for comment, owns Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX.
It has also built up a portfolio of food and agriculture businesses and last year agreed to acquire an indirect 45% equity stake in commodities trader Louis Dreyfus Co.
Global SWF said on Monday that ADQ, the third-largest sovereign fund in Abu Dhabi, had $110 billion in assets under management, most of them domestic.
Oil-rich Abu Dhabi manages more than $1 trillion in sovereign wealth capital and is the world’s largest employer of sovereign wealth fund executives, the report said.
Abu Dhabi’s largest fund is the Abu Dhabi Investment Authority (ADIA), with $700 billion in assets under management, based on Global SWF estimates. State investor Mubadala manages more than $230 billion in assets.
Saudia plans to order 70 Airbus, Boeing jets: report | Reuters
Saudia plans to order 70 Airbus, Boeing jets: report | Reuters
State-owned Saudi Arabian Airlines (Saudia) plans to order 70 airliners from Airbus and Boeing, Saudi news outlet Maaal reported on Monday, citing unidentified sources.
Saudia is in talks with local banks to raise 11.5 billion riyals ($3.07 billion) to partly finance an order for Airbus A321 narrow-bodied jets and Boeing 777 and 787 Dreamliner wide-bodies, Maaal said.
The report did not breakdown how many aircraft of each type Saudia was planning to purchase.
A banker, speaking on the condition of anonymity, told Reuters that Saudia was in the market to raise debt for an order of around 70 new jets.
The airline’s fleet of 144 aircraft already includes A321, 777 and 787 jets.
State-owned Saudi Arabian Airlines (Saudia) plans to order 70 airliners from Airbus and Boeing, Saudi news outlet Maaal reported on Monday, citing unidentified sources.
Saudia is in talks with local banks to raise 11.5 billion riyals ($3.07 billion) to partly finance an order for Airbus A321 narrow-bodied jets and Boeing 777 and 787 Dreamliner wide-bodies, Maaal said.
The report did not breakdown how many aircraft of each type Saudia was planning to purchase.
A banker, speaking on the condition of anonymity, told Reuters that Saudia was in the market to raise debt for an order of around 70 new jets.
The airline’s fleet of 144 aircraft already includes A321, 777 and 787 jets.
MIDEAST STOCKS-Moody's forecast lifts Qatari banks | Nasdaq
MIDEAST STOCKS-Moody's forecast lifts Qatari banks | Nasdaq
Qatari shares ended higher on Monday, extending gains for a third consecutive session, led by financial stocks after Moody's gave an upbeat forecast for the sector.
Other major Gulf markets were little changed.
A Moody's report on Monday said that Qatari bank profits will remain resilient in 2021 despite higher provisioning costs driven by the COVID-19 pandemic.
Qatar's benchmark .QSI rose 0.6%, with Qatar Islamic Bank QISB.QA climbing 2.2% while Qatar National Bank QNBK.QA, the Gulf's largest lender, closed with a 0.7% gain.
Saudi Arabia's benchmark index .TASI eased 0.1%, hit by a 2.4% fall for Al Rajhi Bank 1120.SE.
The losses were capped, however, by a 2.2% rise for National Commercial Bank 1180.SE.
In Dubai, the main share index .DFMGI gave up early gains to finish flat, with strength in the telecoms sector offset by losses among property companies.
Amanat Holdings AMANT.DU jumped more than 3% after the Dubai-listed healthcare company said it had bought long-term care specialist Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare.
Qatari shares ended higher on Monday, extending gains for a third consecutive session, led by financial stocks after Moody's gave an upbeat forecast for the sector.
Other major Gulf markets were little changed.
A Moody's report on Monday said that Qatari bank profits will remain resilient in 2021 despite higher provisioning costs driven by the COVID-19 pandemic.
Qatar's benchmark .QSI rose 0.6%, with Qatar Islamic Bank QISB.QA climbing 2.2% while Qatar National Bank QNBK.QA, the Gulf's largest lender, closed with a 0.7% gain.
Saudi Arabia's benchmark index .TASI eased 0.1%, hit by a 2.4% fall for Al Rajhi Bank 1120.SE.
The losses were capped, however, by a 2.2% rise for National Commercial Bank 1180.SE.
In Dubai, the main share index .DFMGI gave up early gains to finish flat, with strength in the telecoms sector offset by losses among property companies.
Amanat Holdings AMANT.DU jumped more than 3% after the Dubai-listed healthcare company said it had bought long-term care specialist Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare.
Oil Steadies With OPEC+ Meeting Looming Over Tightening Market - Bloomberg
Oil Steadies With OPEC+ Meeting Looming Over Tightening Market - Bloomberg
Oil edged higher ahead of a key OPEC+ meeting that may see some supply returned to a fast-tightening market.
Futures in New York flipped between gains and losses on Monday, after rising as much as 2.3%. The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.”
The market continues to face risks in the near term. China’s Unipec was re-offering cargoes of April Angolan crude amid weaker sales. Diesel demand in India was also down versus a year earlier amid record pump prices in the country. Both point to a limit on some of the recent firmness seen within the oil market.
“OPEC potentially putting more supply on the market could undercut some of the strength” prices have experienced lately, said John Kilduff, a partner at Again Capital LLC. The backdrop for market is “mostly supportive, but this additional slug of OPEC supply if it were to develop is definitely a limiting factor.”
Oil edged higher ahead of a key OPEC+ meeting that may see some supply returned to a fast-tightening market.
Futures in New York flipped between gains and losses on Monday, after rising as much as 2.3%. The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.”
The market continues to face risks in the near term. China’s Unipec was re-offering cargoes of April Angolan crude amid weaker sales. Diesel demand in India was also down versus a year earlier amid record pump prices in the country. Both point to a limit on some of the recent firmness seen within the oil market.
“OPEC potentially putting more supply on the market could undercut some of the strength” prices have experienced lately, said John Kilduff, a partner at Again Capital LLC. The backdrop for market is “mostly supportive, but this additional slug of OPEC supply if it were to develop is definitely a limiting factor.”
PRICES:
|
|---|
Oil jumps on vaccine optimism, U.S. stimulus | Reuters
Oil jumps on vaccine optimism, U.S. stimulus | Reuters
Oil prices rose on Monday, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.
Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT, and U.S. West Texas Intermediate (WTI) crude jumped 62 cents or 1% to $62.12 a barrel.
Both contracts finished February 18% higher.
“The three major supportive factors are the prevalent vaccine rollouts, the optimism about economic growth and the view that the oil balance will get tighter as a result of the first two points,” PVM Oil Associates analyst Tamas Varga said.
Support also came from a $1.9 trillion coronavirus relief package passed by the U.S. House of Representatives on Saturday.
Oil prices rose on Monday, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.
Brent crude was up 63 cents or 1% at $65.05 a barrel by 1150 GMT, and U.S. West Texas Intermediate (WTI) crude jumped 62 cents or 1% to $62.12 a barrel.
Both contracts finished February 18% higher.
“The three major supportive factors are the prevalent vaccine rollouts, the optimism about economic growth and the view that the oil balance will get tighter as a result of the first two points,” PVM Oil Associates analyst Tamas Varga said.
Support also came from a $1.9 trillion coronavirus relief package passed by the U.S. House of Representatives on Saturday.
COVID-19 impact: Qatari banks to see high provisioning costs in 2021 | ZAWYA MENA Edition
COVID-19 impact: Qatari banks to see high provisioning costs in 2021 | ZAWYA MENA Edition
Coronavirus pressures will keep provisioning costs high for Qatari banks this year as loan quality worsens, despite resilient 2020 results, Moody’s Investors Service said in a report published on Monday.
The combined net profit of the eight Qatari banks declined 12 percent year-over-year to 20.4 billion rials ($5.6 billion). The aggregate return on assets was 1.2 percent, compared with 1.4 percent in 2019.
Banks' total operating profit rose by 4 percent to 43.9 billion rials in 2020, up from 42.1 billion rials the previous year, boosted by higher net interest income of 9 percent. However, earnings were squeezed by an 11 percent decline in non-interest income.
The decline in bottom-line profitability mainly reflected higher pandemic related provisioning, which was partly offset by cost savings and higher net interest income.
“Although Qatari banks reported resilient earnings in 2020 with the pandemic’s added pressure on profits, we expect provisioning costs to remain high in 2021,” says Nitish Bhojnagarwala, Vice President – Senior Credit Officer at Moody’s Investors Service.
Coronavirus pressures will keep provisioning costs high for Qatari banks this year as loan quality worsens, despite resilient 2020 results, Moody’s Investors Service said in a report published on Monday.
The combined net profit of the eight Qatari banks declined 12 percent year-over-year to 20.4 billion rials ($5.6 billion). The aggregate return on assets was 1.2 percent, compared with 1.4 percent in 2019.
Banks' total operating profit rose by 4 percent to 43.9 billion rials in 2020, up from 42.1 billion rials the previous year, boosted by higher net interest income of 9 percent. However, earnings were squeezed by an 11 percent decline in non-interest income.
The decline in bottom-line profitability mainly reflected higher pandemic related provisioning, which was partly offset by cost savings and higher net interest income.
“Although Qatari banks reported resilient earnings in 2020 with the pandemic’s added pressure on profits, we expect provisioning costs to remain high in 2021,” says Nitish Bhojnagarwala, Vice President – Senior Credit Officer at Moody’s Investors Service.
Public listings in Mena markets set to rise in 2021, EY says | The National
Public listings in Mena markets set to rise in 2021, EY says | The National
More companies in the Middle East and North Africa are expected to go public in 2021 after the number of listings and money raised dropped last year, according to the consultancy EY.
Renewed optimism for a gradual pick-up in public offerings in regional markets is driven by regulatory changes that support public companies, EY said in a report on listings in the region. The consultancy expects more than 10 initial public offerings (IPOs) in Saudi Arabia this year and accelerated listing plans by private and state-owned companies in Egypt.
"As 2021 begins, we believe that continued fiscal stimulus measures, an abundance of liquidity, and growing confidence in Covid-19 vaccination programmes will sustain positive IPO momentum," Matthew Benson, EY Mena strategy and transactions leader, said.
In 2020, the Mena region recorded nine IPOs that raised $1.86 billion, a 40 per cent drop in total issuances and 94 per cent decline in total proceeds compared to 2019. Six of the nine IPOs were in the real estate sector, with the remainder in healthcare, consumer stables and insurance sectors, according to the report.
More companies in the Middle East and North Africa are expected to go public in 2021 after the number of listings and money raised dropped last year, according to the consultancy EY.
Renewed optimism for a gradual pick-up in public offerings in regional markets is driven by regulatory changes that support public companies, EY said in a report on listings in the region. The consultancy expects more than 10 initial public offerings (IPOs) in Saudi Arabia this year and accelerated listing plans by private and state-owned companies in Egypt.
"As 2021 begins, we believe that continued fiscal stimulus measures, an abundance of liquidity, and growing confidence in Covid-19 vaccination programmes will sustain positive IPO momentum," Matthew Benson, EY Mena strategy and transactions leader, said.
In 2020, the Mena region recorded nine IPOs that raised $1.86 billion, a 40 per cent drop in total issuances and 94 per cent decline in total proceeds compared to 2019. Six of the nine IPOs were in the real estate sector, with the remainder in healthcare, consumer stables and insurance sectors, according to the report.
U.S. Defends No Sanction on #Saudi Prince - Bloomberg video
U.S. Defends No Sanction on Saudi Prince - Bloomberg
The Biden administration has defended its decision not to sanction Saudi Arabia’s Crown Prince Mohammed bin Salman after a declassified U.S. report implicated him in the death of Washington Post Columnist Jamal Khashoggi. Bloomberg’s Sylvia Westall reports on “Bloomberg Daybreak: Europe.” (Source: Bloomberg)
Oil Powers Ahead as Critical OPEC+ Meeting Looms, Markets Rally - Bloomberg
Oil Powers Ahead as Critical OPEC+ Meeting Looms, Markets Rally - Bloomberg
Oil rebounded from its biggest slump since November ahead of a key OPEC+ meeting that may see some supply returned to a fast-tightening market.
Futures in New York rose above $62 a barrel. The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.”
Oil’s recovery from the impact of the pandemic has been driven by Asian demand, as well as fiscal and monetary stimulus. Data Monday showed most key manufacturing economies gained ground last month, with China staying in expansionary territory. Positive sentiment in equity markets also aided crude, while President Joe Biden’s $1.9 trillion relief plan moved closer to realization after passing the House of Representatives.
Oil rebounded from its biggest slump since November ahead of a key OPEC+ meeting that may see some supply returned to a fast-tightening market.
Futures in New York rose above $62 a barrel. The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.”
Oil’s recovery from the impact of the pandemic has been driven by Asian demand, as well as fiscal and monetary stimulus. Data Monday showed most key manufacturing economies gained ground last month, with China staying in expansionary territory. Positive sentiment in equity markets also aided crude, while President Joe Biden’s $1.9 trillion relief plan moved closer to realization after passing the House of Representatives.
Wealth Fund Newbie Comes Into Focus in $1 Trillion Sovereign Hub - Bloomberg #AbuDhabi #UAE
Wealth Fund Newbie Comes Into Focus in $1 Trillion Sovereign Hub - Bloomberg
For all the buzz around Abu Dhabi’s newest wealth fund, the size of ADQ has been harder to pin down.
A new report from Global SWF has put a number for the first time on how much the sovereign investor has amassed. Through the transfer of government holdings including the domestic stock exchange, alongside a series of investments, ADQ now oversees $110 billion in assets, according to estimates by the New York-based data firm and adviser.
Even in a city that’s among the few globally to manage around $1 trillion in sovereign wealth capital, ADQ has been making waves as one of the Gulf region’s most dynamic and deal-hungry investors, morphing in a short time from a relatively obscure holding company first known as ADDHC.
ADQ has also become Abu Dhabi’s go-to fund to accelerate the economic diversification of one of the world’s top oil exporters. Set up in 2018, it owns companies across the emirate’s non-oil economy, from a stake in a regional food giant, film studios and a steel producer to a low-cost airline and the entity that oversees the nuclear energy program of the United Arab Emirates.
“We have been monitoring ADQ for some time now and we are impressed by its growth from a domestic holding company to a sovereign wealth fund in its own right,” said Diego Lopez, managing director of Global SWF.
For all the buzz around Abu Dhabi’s newest wealth fund, the size of ADQ has been harder to pin down.
A new report from Global SWF has put a number for the first time on how much the sovereign investor has amassed. Through the transfer of government holdings including the domestic stock exchange, alongside a series of investments, ADQ now oversees $110 billion in assets, according to estimates by the New York-based data firm and adviser.
Even in a city that’s among the few globally to manage around $1 trillion in sovereign wealth capital, ADQ has been making waves as one of the Gulf region’s most dynamic and deal-hungry investors, morphing in a short time from a relatively obscure holding company first known as ADDHC.
ADQ has also become Abu Dhabi’s go-to fund to accelerate the economic diversification of one of the world’s top oil exporters. Set up in 2018, it owns companies across the emirate’s non-oil economy, from a stake in a regional food giant, film studios and a steel producer to a low-cost airline and the entity that oversees the nuclear energy program of the United Arab Emirates.
“We have been monitoring ADQ for some time now and we are impressed by its growth from a domestic holding company to a sovereign wealth fund in its own right,” said Diego Lopez, managing director of Global SWF.
#Dubai Suffered Steepest Population Drop in Gulf Region, S&P Says - Bloomberg
Dubai Suffered Steepest Population Drop in Gulf Region, S&P Says - Bloomberg
Dubai’s population dropped by 8.4% last year, the steepest decline in the Gulf region, as expatriate workers were forced to leave amid the economic upheaval wrought by the coronavirus pandemic, S&P Global Ratings said.
The drop in Dubai -- the Middle East’s hub for business and tourism -- compares with a 4% decline for the six-nation Gulf Cooperation Council, according to S&P estimates. Job losses accelerated in the region last year as the pandemic spread.
Expatriates make up the majority of the population in the United Arab Emirates, of which Dubai is a part. Residency permits in the country are usually tied to employment and many expatriates have to leave if they lose their jobs.
Dubai’s population dropped by 8.4% last year, the steepest decline in the Gulf region, as expatriate workers were forced to leave amid the economic upheaval wrought by the coronavirus pandemic, S&P Global Ratings said.
The drop in Dubai -- the Middle East’s hub for business and tourism -- compares with a 4% decline for the six-nation Gulf Cooperation Council, according to S&P estimates. Job losses accelerated in the region last year as the pandemic spread.
Expatriates make up the majority of the population in the United Arab Emirates, of which Dubai is a part. Residency permits in the country are usually tied to employment and many expatriates have to leave if they lose their jobs.
True Test for #Saudi Markets Still to Come After Khashoggi Report - Bloomberg
True Test for Saudi Markets Still to Come After Khashoggi Report - Bloomberg
Monday may provide the true test for Saudi Arabian markets following the U.S. intelligence report that said Crown Prince Mohammed bin Salman signed off on the killing of columnist Jamal Khashoggi.
The benchmark Tadawul All Share Index fell 0.5% on Sunday, a move that barely reflected the slump in emerging markets at the end of last week when Saudi markets were closed. The relatively muted response may be a sign of relief that the sanctions announced by the U.S. weren’t tougher, though the lower participation of foreign investors on a Sunday might have clouded the picture, analysts said.
President Joe Biden’s administration imposed only modest new sanctions on the kingdom when the report was released last week. Still, the president said in an interview with Univision News that he told Saudi King Salman that “the rules are changing” in the kingdom’s relationship with the U.S. and promised “significant changes” on Monday.
Saudi Arabia said it “rejects the negative, false and unacceptable assessment in the report” that implicated the crown prince, the king’s son and effective ruler.
Monday may provide the true test for Saudi Arabian markets following the U.S. intelligence report that said Crown Prince Mohammed bin Salman signed off on the killing of columnist Jamal Khashoggi.
The benchmark Tadawul All Share Index fell 0.5% on Sunday, a move that barely reflected the slump in emerging markets at the end of last week when Saudi markets were closed. The relatively muted response may be a sign of relief that the sanctions announced by the U.S. weren’t tougher, though the lower participation of foreign investors on a Sunday might have clouded the picture, analysts said.
President Joe Biden’s administration imposed only modest new sanctions on the kingdom when the report was released last week. Still, the president said in an interview with Univision News that he told Saudi King Salman that “the rules are changing” in the kingdom’s relationship with the U.S. and promised “significant changes” on Monday.
Saudi Arabia said it “rejects the negative, false and unacceptable assessment in the report” that implicated the crown prince, the king’s son and effective ruler.
#Saudi's Al Rajhi Bank board recommends $667mln dividend | ZAWYA MENA Edition
Saudi's Al Rajhi Bank board recommends $667mln dividend | ZAWYA MENA Edition
The board of directors of Saudi Arabia’s second largest bank has recommended a dividend of SAR 2.5 billion ($667 million).
The bank made the announcement to the Saudi Stock Exchange (Tadawaul) today, that its board had recommended a dividend of SAR 1 per share on 2.5 billion shares for 2020.
Al Rajhi Bank reported net income of SAR 10.59 billion in 2020, up from SAR 10.16 billion in 2019.
The board of directors of Saudi Arabia’s second largest bank has recommended a dividend of SAR 2.5 billion ($667 million).
The bank made the announcement to the Saudi Stock Exchange (Tadawaul) today, that its board had recommended a dividend of SAR 1 per share on 2.5 billion shares for 2020.
Al Rajhi Bank reported net income of SAR 10.59 billion in 2020, up from SAR 10.16 billion in 2019.
MIDEAST STOCKS-Most Gulf stocks gain in early trade on bank boost | Nasdaq
MIDEAST STOCKS-Most Gulf stocks gain in early trade on bank boost | Nasdaq
A rally in banking shares lifted major Gulf stock markets early on Monday, with the Saudi index leading the gains.
Saudi's benchmark index .TASI rose 0.6%, recovering from its biggest intraday fall since February in the previous session.
Underpinning the gains, Al Rajhi Bank 1120.SE climbed 1.2%, after proposing a 1 riyal per share dividend for 2020, and Saudi Basic Industries 2010.SE advanced 1.2%.
In Qatar, the index .QSI firmed 0.5% and was on course for a third straight session of gains. Industries Qatar IQCD.QA rose 2.2%, while Qatar International Islamic Bank QIIB.QA was up 2.4%.
Dubai's index .DFMGI opened 0.2% higher, helped by a 0.9% rise in its largest lender Emirates NBD ENBD.DU and a 1.7% jump in developer Damac properties DAMAC.DU.
Damac in a statement said on Sunday that it concluded a vaccination drive against COVID-19 for its employees and their spouses across the company and its units.
Amanat Holdings AMANT.DU advanced 2.5% after the Dubai-listed healthcare firm said it bought long-term care firm Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare.
The Abu Dhabi index .ADI edged up 0.1%, with the Adnoc Distribution ADNOCDIST.AD gaining 2.9%.
A rally in banking shares lifted major Gulf stock markets early on Monday, with the Saudi index leading the gains.
Saudi's benchmark index .TASI rose 0.6%, recovering from its biggest intraday fall since February in the previous session.
Underpinning the gains, Al Rajhi Bank 1120.SE climbed 1.2%, after proposing a 1 riyal per share dividend for 2020, and Saudi Basic Industries 2010.SE advanced 1.2%.
In Qatar, the index .QSI firmed 0.5% and was on course for a third straight session of gains. Industries Qatar IQCD.QA rose 2.2%, while Qatar International Islamic Bank QIIB.QA was up 2.4%.
Dubai's index .DFMGI opened 0.2% higher, helped by a 0.9% rise in its largest lender Emirates NBD ENBD.DU and a 1.7% jump in developer Damac properties DAMAC.DU.
Damac in a statement said on Sunday that it concluded a vaccination drive against COVID-19 for its employees and their spouses across the company and its units.
Amanat Holdings AMANT.DU advanced 2.5% after the Dubai-listed healthcare firm said it bought long-term care firm Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare.
The Abu Dhabi index .ADI edged up 0.1%, with the Adnoc Distribution ADNOCDIST.AD gaining 2.9%.
Oil prices jump as U.S. House passes huge stimulus bill | Reuters
Oil prices jump as U.S. House passes huge stimulus bill | Reuters
Oil prices rebounded more than $1 on Monday after the U.S. House of Representatives passed a huge stimulus package, although a slowdown in China’s February factory activity growth capped gains.
Brent crude futures for May rose $1.24, or 1.9%, to $65.66 per barrel by 0718 GMT. The April contract expired on Friday.
U.S. West Texas Intermediate (WTI) crude futures jumped $1.18, or 1.9%, to $62.68 a barrel.
Front-month prices for both contracts touched 13-month highs last week, slipping back on Friday along with wider financial markets following a bond rout amid inflation fears.
“Oil prices are recovering this morning in line with most risk assets on the back of the U.S. stimulus bill passing the House,” Stephen Innes, chief global markets strategist at Axi, wrote in a note on Monday.
Oil prices rebounded more than $1 on Monday after the U.S. House of Representatives passed a huge stimulus package, although a slowdown in China’s February factory activity growth capped gains.
Brent crude futures for May rose $1.24, or 1.9%, to $65.66 per barrel by 0718 GMT. The April contract expired on Friday.
U.S. West Texas Intermediate (WTI) crude futures jumped $1.18, or 1.9%, to $62.68 a barrel.
Front-month prices for both contracts touched 13-month highs last week, slipping back on Friday along with wider financial markets following a bond rout amid inflation fears.
“Oil prices are recovering this morning in line with most risk assets on the back of the U.S. stimulus bill passing the House,” Stephen Innes, chief global markets strategist at Axi, wrote in a note on Monday.
#Dubai GDP to return to pre-crisis levels only in 2023 - S&P | Reuters
Dubai GDP to return to pre-crisis levels only in 2023 - S&P | Reuters
Economic recovery in Dubai, the Middle East business hub, will be subdued and its gross domestic product in dollar terms will return to the 2019 level only in 2023, S&P Global Ratings said.
Dubai’s economy, heavily reliant on sectors such as transportation, tourism, and retail shopping, has been hit hard by the COVID-19 pandemic.
S&P has estimated Dubai saw the sharpest population decline in the Gulf last year, at 8.4% against a regional average of 4%.
“We think the 2020 shock will continue to reverberate through the economy, and GDP (in dollar terms) will return to the 2019 level only in 2023, keeping the pressure on most sectors until then,” S&P said in a report on Monday.
Real GDP contracted by 10.8% last year, the agency estimated. It expects the economy to recover this year, also partly thanks to Expo 2020, which Dubai delayed last year due to the pandemic and will now take place from October this year to March 2022.
The United Arab Emirates, of which Dubai is part, has the second-highest COVID-19 vaccination rate in the world, according to Oxford University’s Our World in Data research programme.
“High vaccination rates could help the UAE’s tourism sector recover earlier than others,” S&P said.
Economic recovery in Dubai, the Middle East business hub, will be subdued and its gross domestic product in dollar terms will return to the 2019 level only in 2023, S&P Global Ratings said.
Dubai’s economy, heavily reliant on sectors such as transportation, tourism, and retail shopping, has been hit hard by the COVID-19 pandemic.
S&P has estimated Dubai saw the sharpest population decline in the Gulf last year, at 8.4% against a regional average of 4%.
“We think the 2020 shock will continue to reverberate through the economy, and GDP (in dollar terms) will return to the 2019 level only in 2023, keeping the pressure on most sectors until then,” S&P said in a report on Monday.
Real GDP contracted by 10.8% last year, the agency estimated. It expects the economy to recover this year, also partly thanks to Expo 2020, which Dubai delayed last year due to the pandemic and will now take place from October this year to March 2022.
The United Arab Emirates, of which Dubai is part, has the second-highest COVID-19 vaccination rate in the world, according to Oxford University’s Our World in Data research programme.
“High vaccination rates could help the UAE’s tourism sector recover earlier than others,” S&P said.
#UAE healthcare firm Amanat buys long-term care firm Cambridge for $232 million | Reuters
UAE healthcare firm Amanat buys long-term care firm Cambridge for $232 million | Reuters
Dubai-listed healthcare firm Amanat Holdings has bought long-term care firm Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare.
Amanat said the deal was its first wholly owned investment in healthcare in the United Arab Emirates and was one of the biggest healthcare deals in the Gulf region in recent years.
Cambridge provides post-acute care and rehabilitation in the UAE and Saudi Arabia, with more than 250 beds across three facilities.
With this transaction, Amanat had fully deployed its paid-up capital of 2.5 billion dirhams ($681 million) and now managed close to 3 billion dirhams in assets, Amanat Chairman Hamad al-Shamsi said in a statement.
Reuters reported in September that the private equity owner of Cambridge Medical and Rehabilitation Center had hired corporate advisory firm deNovo for a potential sale of the company.
Dubai-listed healthcare firm Amanat Holdings has bought long-term care firm Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare.
Amanat said the deal was its first wholly owned investment in healthcare in the United Arab Emirates and was one of the biggest healthcare deals in the Gulf region in recent years.
Cambridge provides post-acute care and rehabilitation in the UAE and Saudi Arabia, with more than 250 beds across three facilities.
With this transaction, Amanat had fully deployed its paid-up capital of 2.5 billion dirhams ($681 million) and now managed close to 3 billion dirhams in assets, Amanat Chairman Hamad al-Shamsi said in a statement.
Reuters reported in September that the private equity owner of Cambridge Medical and Rehabilitation Center had hired corporate advisory firm deNovo for a potential sale of the company.