Goldman’s Saudi Investment Bank Chief Said to Leave for PIF Role - Bloomberg
Goldman Sachs Group Inc.’s head of investment banking for Saudi Arabia is leaving to join the kingdom’s sovereign wealth fund, according to people familiar with the matter, the latest in a string of departures at the U.S. lender in the Middle East.
Eyas AlDossari will join the Public Investment Fund to help work on new investments, the people said, asking not to be identified as the information is private. Goldman Sachs declined to comment, while the PIF and AlDossari didn’t immediately respond to requests for comments.
AlDossari joined in 2017 as Goldman looked to beef up its presence in the kingdom. The bank has since worked on Saudi Aramco’s initial public offering, as well as its $70 billion acquisition of a stake in Saudi Basic Industries Corp., and the merger of Saudi British Bank with Alawwal.
Over the past two years, though, Goldman has lost bankers including veteran Dubai-based dealmaker Hazem Shawki who joined Credit Suisse, and its regional CEO retired at the end of last year. Two other executives left this year to join Saudi Research & Marketing Group.
The bank’s Mideast operations were also dealt a blow from the corruption scandal in Malaysia involving the 1MDB investment fund, and it missed out on deals in the United Arab Emirates -- including with wealth fund Mubadala and state oil firm Abu Dhabi National Oil Co.
AlDossari is set to join the PIF which has been rapidly expanding since its mandate was changed from being a largely domestically focused holding company into an engine of Crown Prince Mohammed bin Salman’s plans to transform the kingdom’s economy.
Since 2015, the PIF has grown assets under management to $400 billion from about $150 billion. It has taken stakes in Uber Technologies, put $45 billion into SoftBank’s Vision Fund, and backed electric vehicle maker Lucid. It’s also increased headcount to more than 1,000 from about 40.
Sunday 21 March 2021
Masdar taps new markets to double its clean energy capacity over the next 5 years | The National
Masdar taps new markets to double its clean energy capacity over the next 5 years | The National
Abu Dhabi clean energy company Masdar expects a "sizeable part" of its renewable energy growth over the next five years to come from South-East Asia and Central Asia as it plans new projects to double capacity.
The company will look to develop new projects in Malaysia, Vietnam, Indonesia and Taiwan. It is bullish about new opportunities in Uzbekistan, Kazakhstan, Azerbaijan and Armenia.
“Masdar is now a global energy developer and we have an ambitious plan to grow our business further,” said Fawaz Al Muharrami, acting executive director of clean energy at Masdar.
“South-East Asia is an interesting market, and the growth of their economies is high and they have also started focusing on renewable energy targets,” he said.
“They are becoming active in that field and facilitating [a] proper regulatory environment to embody the development of renewable energy projects. We think that there is a good opportunity for us to benefit from this environment and grow further.”
Earlier this month, Masdar signed an agreement with Malaysia’s Petronas to explore renewable energy opportunities in Asia with a focus on Taiwan, Vietnam and Malaysia.
Abu Dhabi clean energy company Masdar expects a "sizeable part" of its renewable energy growth over the next five years to come from South-East Asia and Central Asia as it plans new projects to double capacity.
The company will look to develop new projects in Malaysia, Vietnam, Indonesia and Taiwan. It is bullish about new opportunities in Uzbekistan, Kazakhstan, Azerbaijan and Armenia.
“Masdar is now a global energy developer and we have an ambitious plan to grow our business further,” said Fawaz Al Muharrami, acting executive director of clean energy at Masdar.
“South-East Asia is an interesting market, and the growth of their economies is high and they have also started focusing on renewable energy targets,” he said.
“They are becoming active in that field and facilitating [a] proper regulatory environment to embody the development of renewable energy projects. We think that there is a good opportunity for us to benefit from this environment and grow further.”
Earlier this month, Masdar signed an agreement with Malaysia’s Petronas to explore renewable energy opportunities in Asia with a focus on Taiwan, Vietnam and Malaysia.
#Saudi Aramco to prioritise energy supply to China for 50 years, says CEO | Reuters
Saudi Aramco to prioritise energy supply to China for 50 years, says CEO | Reuters
Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday.
Saudi Arabia, the world’s biggest oil exporter, retained its position as China’s top supplier in the first two months this year, with volumes up 2.1% to 1.86 million barrels per day (bpd), China customs data showed on Saturday.
The kingdom beat Russia to keep its ranking as China’s top crude supplier in 2020 despite unprecedented production cuts in a pact between the Organization of the Petroleum Exporting Countries and its allies to balance global markets after demand plunged during the COVID-19 pandemic.
“Ensuring the continuing security of China’s energy needs remains our highest priority – not just for the next five years but for the next 50 and beyond,” Nasser said in a video speech.
“We appreciate that sustainable energy solutions are crucial to a faster and smoother global energy transition ... But, realistically, this will take some time since there are few alternatives to oil in many areas.”
Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday.
Saudi Arabia, the world’s biggest oil exporter, retained its position as China’s top supplier in the first two months this year, with volumes up 2.1% to 1.86 million barrels per day (bpd), China customs data showed on Saturday.
The kingdom beat Russia to keep its ranking as China’s top crude supplier in 2020 despite unprecedented production cuts in a pact between the Organization of the Petroleum Exporting Countries and its allies to balance global markets after demand plunged during the COVID-19 pandemic.
“Ensuring the continuing security of China’s energy needs remains our highest priority – not just for the next five years but for the next 50 and beyond,” Nasser said in a video speech.
“We appreciate that sustainable energy solutions are crucial to a faster and smoother global energy transition ... But, realistically, this will take some time since there are few alternatives to oil in many areas.”
Mideast Stocks: Mideast Equities Drop Tracking Slump in Oil Prices - Bloomberg
Mideast Stocks: Mideast Equities Drop Tracking Slump in Oil Prices - Bloomberg
Most Middle East stock markets retreated Sunday as oil’s worst week since October ruffled sentiment among traders.
Gauges in Qatar, Dubai, Abu Dhabi, Oman, Egypt and Israel dropped. The benchmark in Kuwait finished little changed, while Saudi Arabia’s main index edged higher.
Brent crude lost 6.8% last week, amid inflation concerns and worries over the trajectory of near-term demand. Still, Wall Street banks said the selloff was transitory. Adding to the pressure, an index tracking emerging-market stocks posted the first weekly drop in March as U.S. Treasuries breached key levels after the Fed signaled tolerance for higher yields.
“People are going to be focused especially if oil supply fundamentals change,” including potential production coming from Libya and Iran, said Alia Moubayed, the Middle East, North Africa analyst and managing director at Jefferies International. “This is what markets are looking at for the medium-term.”
Aramco climbed 0.6% for the session in Riyadh, erasing a drop of 0.6% earlier, after sticking to its goal of paying shareholders a $75 billion dividend for last year even as the pandemic caused earnings to plunge. The stock contributed the most by points to the positive performance of the main Saudi index.
Most Middle East stock markets retreated Sunday as oil’s worst week since October ruffled sentiment among traders.
Gauges in Qatar, Dubai, Abu Dhabi, Oman, Egypt and Israel dropped. The benchmark in Kuwait finished little changed, while Saudi Arabia’s main index edged higher.
Brent crude lost 6.8% last week, amid inflation concerns and worries over the trajectory of near-term demand. Still, Wall Street banks said the selloff was transitory. Adding to the pressure, an index tracking emerging-market stocks posted the first weekly drop in March as U.S. Treasuries breached key levels after the Fed signaled tolerance for higher yields.
“People are going to be focused especially if oil supply fundamentals change,” including potential production coming from Libya and Iran, said Alia Moubayed, the Middle East, North Africa analyst and managing director at Jefferies International. “This is what markets are looking at for the medium-term.”
Aramco climbed 0.6% for the session in Riyadh, erasing a drop of 0.6% earlier, after sticking to its goal of paying shareholders a $75 billion dividend for last year even as the pandemic caused earnings to plunge. The stock contributed the most by points to the positive performance of the main Saudi index.
MIDDLE EASTERN MARKETS:
- The Tadawul All Share Index rose 0.1%, extending increase this year to 9.3%
- Insurance company Tawuniya climbed 2.1% after reporting profit for the full year that beat the average analyst estimate
- Dubai’s DFM General Index declined 0.8%, Abu Dhabi’s ADX General Index fell 0.2%
- The UAE is expanding its coronavirus vaccination program after inoculating the majority of those at risk
- Dubai allowed medical centers to resume all non-essential surgeries from Sunday
- Qatar’s QE Index retreated 0.9%, the most in the Gulf
#Qatar’s landmark minimum wage comes into force | Business and Economy News | Al Jazeera
Qatar’s landmark minimum wage comes into force | Business and Economy News | Al Jazeera
Qatar’s new minimum wage law has come into force on Saturday for hundreds of thousands of migrant workers as it becomes the first country in the region to adopt a non-discriminatory minimum wage.
The new legislation ensures all employees receive a minimum monthly wage of 1,000 Qatari riyals ($275), as well as a minimum allowance of 300 riyals for food and 500 riyals for housing, unless their employer provides both.
More than 400,000 workers – or 20 percent of the private sector – will benefit directly from the new law, according to the International Labour Organization (ILO).
Qatar has only 300,000 citizens of its own among a population of 2.7 million.
According to the Qatar Government Communication Office, more than 5,000 companies have already updated their payroll systems to adhere to the new legislation.
Qatar’s new minimum wage law has come into force on Saturday for hundreds of thousands of migrant workers as it becomes the first country in the region to adopt a non-discriminatory minimum wage.
The new legislation ensures all employees receive a minimum monthly wage of 1,000 Qatari riyals ($275), as well as a minimum allowance of 300 riyals for food and 500 riyals for housing, unless their employer provides both.
More than 400,000 workers – or 20 percent of the private sector – will benefit directly from the new law, according to the International Labour Organization (ILO).
Qatar has only 300,000 citizens of its own among a population of 2.7 million.
According to the Qatar Government Communication Office, more than 5,000 companies have already updated their payroll systems to adhere to the new legislation.
Aramco’s $75 Billion Dividend Survives Oil and Earnings Rout - Bloomberg video
Aramco’s $75 Billion Dividend Survives Oil and Earnings Rout - Bloomberg
Saudi Aramco’s $75 billion dividend survived one of the biggest disruptions to oil markets in decades as the coronavirus pandemic and a price war sent crude prices tumbling.
Aramco will make the payout -- the largest of any listed company and almost all which goes to Saudi Arabia’s government -- for 2020 despite a slump in earnings and revenue. The dividend is a key source of cash for the kingdom, whose economy was hit after the virus hammered energy markets and shut down local businesses.
The world’s biggest oil company has taken on more debt in the past 12 months to keep up the dividend in the face of dwindling cash flow, though its gearing remains below that of firms such as Royal Dutch Shell Plc.
Aramco will make the payout -- the largest of any listed company and almost all which goes to Saudi Arabia’s government -- for 2020 despite a slump in earnings and revenue. The dividend is a key source of cash for the kingdom, whose economy was hit after the virus hammered energy markets and shut down local businesses.
The world’s biggest oil company has taken on more debt in the past 12 months to keep up the dividend in the face of dwindling cash flow, though its gearing remains below that of firms such as Royal Dutch Shell Plc.
#Saudi oil giant Aramco to scale back spending after 2020 profit slump | Reuters
Saudi oil giant Aramco to scale back spending after 2020 profit slump | Reuters
Saudi Arabian state oil giant Aramco is betting on an Asian-led rebound in energy demand this year after it reported a steep slide in net profit for 2020 on Sunday and scaled back its spending plans.
The COVID-19 pandemic took a heavy toll on the company and its global peers in 2020, but oil prices have rallied this year as economies recover from last year’s downturn and after oil producers extended output cuts.
“We are pleased that there are signs of a recovery,” Aramco CEO Amin Nasser told an earnings call. “China is also very close to pre-pandemic levels. So in Asia, East Asia in particular, there is strong pickup in demand.”
He said demand in Europe and United States would improve with more deployment of vaccines. Global oil demand is expected to reach 99 million barrels per day by the end of this year, he said.
Aramco lowered its guidance for capital expenditure in 2021 to around $35 billion from a range of $40 billion to $45 billion previously, according to a disclosure to the kingdom’s Tadawul bourse. Capital spending in 2020 was $27 billion.
Saudi Arabian state oil giant Aramco is betting on an Asian-led rebound in energy demand this year after it reported a steep slide in net profit for 2020 on Sunday and scaled back its spending plans.
The COVID-19 pandemic took a heavy toll on the company and its global peers in 2020, but oil prices have rallied this year as economies recover from last year’s downturn and after oil producers extended output cuts.
“We are pleased that there are signs of a recovery,” Aramco CEO Amin Nasser told an earnings call. “China is also very close to pre-pandemic levels. So in Asia, East Asia in particular, there is strong pickup in demand.”
He said demand in Europe and United States would improve with more deployment of vaccines. Global oil demand is expected to reach 99 million barrels per day by the end of this year, he said.
Aramco lowered its guidance for capital expenditure in 2021 to around $35 billion from a range of $40 billion to $45 billion previously, according to a disclosure to the kingdom’s Tadawul bourse. Capital spending in 2020 was $27 billion.
#Kuwait liquidity crunch unlikely until third quarter, says BofA | Reuters
Kuwait liquidity crunch unlikely until third quarter, says BofA | Reuters
Steps taken by the Kuwaiti government to mitigate depletion of the treasury’s liquid assets could push back the risk of a liquidity crunch to the third quarter this year, Bank of America estimates.
Kuwait’s General Reserve Fund (GRF), the sovereign fund used to cover state deficits, has been squeezed by the coronavirus-driven drop in oil prices and a continued stand-off between government and parliament on implementing measures such as a law to allowing state borrowing.
The fund raised about 6 billion to 7 billion dinars ($19.87 billion to $23.19 billion) in recent months through asset swaps with Kuwait’s Future Generations Fund (FGF) - a nest egg for when the country’s oil runs out - and thanks to money returned to the GRF after a law last year halted a mandatory annual transfer of 10% of state revenue to FGF.
“Authorities have taken steps to mitigate the depletion of the liquid assets in the GRF. We estimate this lengthened the timeline for depletion of GRF liquidity until 3Q21,” BofA said in a report dated March 17.
Steps taken by the Kuwaiti government to mitigate depletion of the treasury’s liquid assets could push back the risk of a liquidity crunch to the third quarter this year, Bank of America estimates.
Kuwait’s General Reserve Fund (GRF), the sovereign fund used to cover state deficits, has been squeezed by the coronavirus-driven drop in oil prices and a continued stand-off between government and parliament on implementing measures such as a law to allowing state borrowing.
The fund raised about 6 billion to 7 billion dinars ($19.87 billion to $23.19 billion) in recent months through asset swaps with Kuwait’s Future Generations Fund (FGF) - a nest egg for when the country’s oil runs out - and thanks to money returned to the GRF after a law last year halted a mandatory annual transfer of 10% of state revenue to FGF.
“Authorities have taken steps to mitigate the depletion of the liquid assets in the GRF. We estimate this lengthened the timeline for depletion of GRF liquidity until 3Q21,” BofA said in a report dated March 17.
Exclusive: New fund from India's Nikhil Kamath to target Middle East investors - Arabianbusiness
Exclusive: New fund from India's Nikhil Kamath to target Middle East investors - Arabianbusiness
Nikhil Kamath, India’s emerging poster boy of start-ups and stock trading, will be betting on a significant chunk of investors from the Middle East to make his soon-to-be-launched second hedge fund another success.
True Beacon Global is expected to go live by the end of April and will be an open-ended fund in which subscribers can enter or exit anytime after the fund is launched.
Unlike the uber-rich from the region who account for about one-fifth of Kamath’s existing alternative investment fund (AIF) – True Beacon Fund One, this time around, the co-founder of India’s unicorn equity trading platform Zerodha will be wooing Gulf millennials to be part of his new fund.
True Beacon’s new fund will also have a minimum investment level of $1 million for participation, similar to its existing one.
“Our existing fund has about 20 percent participation from the Middle East – both non-resident Indians (NRIs) and local investors combined. We will be targeting a similar participation, if not more, from the region in our new fund also,” Nikhil Kamath, co-founder and chief investment officer of Zerodha and True Beacon, told Arabian Business in an interview.
Nikhil Kamath, India’s emerging poster boy of start-ups and stock trading, will be betting on a significant chunk of investors from the Middle East to make his soon-to-be-launched second hedge fund another success.
True Beacon Global is expected to go live by the end of April and will be an open-ended fund in which subscribers can enter or exit anytime after the fund is launched.
Unlike the uber-rich from the region who account for about one-fifth of Kamath’s existing alternative investment fund (AIF) – True Beacon Fund One, this time around, the co-founder of India’s unicorn equity trading platform Zerodha will be wooing Gulf millennials to be part of his new fund.
True Beacon’s new fund will also have a minimum investment level of $1 million for participation, similar to its existing one.
“Our existing fund has about 20 percent participation from the Middle East – both non-resident Indians (NRIs) and local investors combined. We will be targeting a similar participation, if not more, from the region in our new fund also,” Nikhil Kamath, co-founder and chief investment officer of Zerodha and True Beacon, told Arabian Business in an interview.
Oil giant #Saudi Aramco sees 2020 profits drop to $49 billion
Oil giant Saudi Aramco sees 2020 profits drop to $49 billion
Saudi Arabia’s state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets.
Saudi Arabian Oil Co. released its annual financial results a year after the pandemic sent the price of oil crashing to all-time lows as people stopped moving around the world to stem the spread of the virus. In recent weeks, however, the price has edged up as movement restrictions ease, commerce increases and more people get vaccinated against COVID-19. Still, analysts caution that a peak in demand may still be far off.
Despite the 44% drop in net income, Aramco said it would stick to its promise of paying quarterly dividends of $18.75 billion — $75 billion a year — due to commitments the company made to shareholders in the run-up to its initial public offering. Nearly all of the dividend money goes to the Saudi government, which owns more than 98% of the company. Aramco’s policy to pay dividends significantly higher than its 2020 free cash flow of $49 billion stands in sharp contrast to other oil giants that have cut payouts. Seeking a cash infusion to pay the billions of dollars in the face of dwindling revenue, Aramco recently has issued international bonds.
Saudi Arabia’s state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets.
Saudi Arabian Oil Co. released its annual financial results a year after the pandemic sent the price of oil crashing to all-time lows as people stopped moving around the world to stem the spread of the virus. In recent weeks, however, the price has edged up as movement restrictions ease, commerce increases and more people get vaccinated against COVID-19. Still, analysts caution that a peak in demand may still be far off.
Despite the 44% drop in net income, Aramco said it would stick to its promise of paying quarterly dividends of $18.75 billion — $75 billion a year — due to commitments the company made to shareholders in the run-up to its initial public offering. Nearly all of the dividend money goes to the Saudi government, which owns more than 98% of the company. Aramco’s policy to pay dividends significantly higher than its 2020 free cash flow of $49 billion stands in sharp contrast to other oil giants that have cut payouts. Seeking a cash infusion to pay the billions of dollars in the face of dwindling revenue, Aramco recently has issued international bonds.
Oil Is Still on a Bumpy Path to Recovery Despite Price Swerve - Bloomberg
Oil Is Still on a Bumpy Path to Recovery Despite Price Swerve - Bloomberg
Oil just experienced its biggest one-day price slump in more than six months, but it hasn’t veered off the road to recovery.
Even as problems with Europe’s vaccine program and a slowdown in Chinese crude buying sent futures down 7% on Thursday, data from around the world showed a steady, albeit patchy, recovery in demand.
A year ago, idled jetliners were parked wing-tip to wing-tip on airport taxiways as a raging virus kept billions of people at home. Today, U.S. airports are the busiest since the pandemic started and flight attendants are returning from furlough.
These steps back toward normality from one of the industries hit hardest by Covid-19 is just one of many signs that the world is starting to move again. Consumption of gasoline, diesel and jet fuel are at the highest in more than a year.
The market’s jitters may still be justified. A renewed lockdown in Italy showed that any gains can be quickly lost if the spread of the virus accelerates again. Yet things are likely to keep improving through the summer, traditionally the peak period for oil demand.
Oil just experienced its biggest one-day price slump in more than six months, but it hasn’t veered off the road to recovery.
Even as problems with Europe’s vaccine program and a slowdown in Chinese crude buying sent futures down 7% on Thursday, data from around the world showed a steady, albeit patchy, recovery in demand.
A year ago, idled jetliners were parked wing-tip to wing-tip on airport taxiways as a raging virus kept billions of people at home. Today, U.S. airports are the busiest since the pandemic started and flight attendants are returning from furlough.
These steps back toward normality from one of the industries hit hardest by Covid-19 is just one of many signs that the world is starting to move again. Consumption of gasoline, diesel and jet fuel are at the highest in more than a year.
The market’s jitters may still be justified. A renewed lockdown in Italy showed that any gains can be quickly lost if the spread of the virus accelerates again. Yet things are likely to keep improving through the summer, traditionally the peak period for oil demand.
#Dubai builder Arabtec submits bankruptcy petition to court | ZAWYA MENA Edition
Dubai builder Arabtec submits bankruptcy petition to court | ZAWYA MENA Edition
Arabtec has announced that it has submitted a bankruptcy petition to Dubai Court, six months after shareholders voted to liquidate. The submission seals the fate of one of the UAE’s most high-profile construction companies, which racked up $216 million of losses in the first half of 2020.
In a statement to the Dubai Financial Market (DFM) the company said Arabtec Holding PJSC had submitted the bankruptcy petition to the court in addition to subsidiaries Arabtec Construction LLC, Austrian Arabian Readymix Concrete LLC, Arabtec Precast LLC and Emirates Falcon Electromechanical Co.
The company said an experts’ panel had been appointed by the bankruptcy judge to prepare reports on indebtedness and the possibility of restructuring.
The statement said the company had also applied to join an additional two entities working under the umbrella of the Holding Company, GSI Steel Construction Contraction LLC and Gulf Steel Industries FZE.
News that Arabtec shareholders had voted to liquidate the company broke in September following $216 million of losses in the first half of the year.
Arabtec has announced that it has submitted a bankruptcy petition to Dubai Court, six months after shareholders voted to liquidate. The submission seals the fate of one of the UAE’s most high-profile construction companies, which racked up $216 million of losses in the first half of 2020.
In a statement to the Dubai Financial Market (DFM) the company said Arabtec Holding PJSC had submitted the bankruptcy petition to the court in addition to subsidiaries Arabtec Construction LLC, Austrian Arabian Readymix Concrete LLC, Arabtec Precast LLC and Emirates Falcon Electromechanical Co.
The company said an experts’ panel had been appointed by the bankruptcy judge to prepare reports on indebtedness and the possibility of restructuring.
The statement said the company had also applied to join an additional two entities working under the umbrella of the Holding Company, GSI Steel Construction Contraction LLC and Gulf Steel Industries FZE.
News that Arabtec shareholders had voted to liquidate the company broke in September following $216 million of losses in the first half of the year.
Oil giant #Saudi Aramco declares $75bln in full-year dividend | ZAWYA MENA Edition
Oil giant Saudi Aramco declares $75bln in full-year dividend | ZAWYA MENA Edition
Oil giant Saudi Aramco’s shareholders can expect to receive $75 billion dividends for the full-year 2020.
The state-run company declared the payout on Sunday despite a sharp decline in net profits for the past 12 months.
In a bourse filing to the Saudi Stock Exchange (Tadawul), the company also said that the dividends for the fourth quarter 2020 will be $18.76 billion.
More than 199 billion shares will be eligible for the compensation, pegged at 0.3518 Saudi riyal per share. The funds will be distributed on March 31, 2020.
Due to the coronavirus pandemic, the company reported a 44 percent fall in net profits for the year ended December 31, 2020 to 183.76 billion Saudi riyals.
Oil giant Saudi Aramco’s shareholders can expect to receive $75 billion dividends for the full-year 2020.
The state-run company declared the payout on Sunday despite a sharp decline in net profits for the past 12 months.
In a bourse filing to the Saudi Stock Exchange (Tadawul), the company also said that the dividends for the fourth quarter 2020 will be $18.76 billion.
More than 199 billion shares will be eligible for the compensation, pegged at 0.3518 Saudi riyal per share. The funds will be distributed on March 31, 2020.
Due to the coronavirus pandemic, the company reported a 44 percent fall in net profits for the year ended December 31, 2020 to 183.76 billion Saudi riyals.
Mideast stocks: Major Gulf markets ease in early trade, Aramco edges higher | Reuters
Mideast stocks: Major Gulf markets ease in early trade, Aramco edges higher | Reuters
Major Gulf stock markets fell in early Sunday trade in the absence of fresh factors, with property shares weighing on the Dubai index.
Saudi Arabia’s benchmark index lost 0.2%, weighed down by a 1.5% fall in petrochemicals company Saudi Basic Industries.
Among others, Saudi Aramco reversed earlier losses to edge up 0.1% despite a sharp decline in full-year profit.
The oil giant expects to cut capital expenditure, it said after reporting a 44% slump in 2020 net profit, hit by lower crude oil prices and sales as the COVID-19 pandemic depressed demand.
In Dubai, the main share index fell 0.3%, with largest lender Emirates NBD losing 1.7% while DAMAC Properties retreated 2.7%.
The pandemic has placed added pressure on the property sector, where supply has outpaced demand for new houses and apartments for years in a market where foreigners account for the bulk of the population.
The Dubai real estate market is likely to remain in the doldrums over the next few years despite optimism over rising demand for certain market segments, with oversupply continuing to be a problem.
The Abu Dhabi index eased 0.1%, hit by a 0.4% fall for the country’s largest lender, First Abu Dhabi Bank.
In Qatar, the benchmark dropped 0.6%. Most constituents fell, including a 3.3% drop for Qatar International Islamic Bank.
In the previous session, the sharia-compliant lender traded ex-dividend.
Major Gulf stock markets fell in early Sunday trade in the absence of fresh factors, with property shares weighing on the Dubai index.
Saudi Arabia’s benchmark index lost 0.2%, weighed down by a 1.5% fall in petrochemicals company Saudi Basic Industries.
Among others, Saudi Aramco reversed earlier losses to edge up 0.1% despite a sharp decline in full-year profit.
The oil giant expects to cut capital expenditure, it said after reporting a 44% slump in 2020 net profit, hit by lower crude oil prices and sales as the COVID-19 pandemic depressed demand.
In Dubai, the main share index fell 0.3%, with largest lender Emirates NBD losing 1.7% while DAMAC Properties retreated 2.7%.
The pandemic has placed added pressure on the property sector, where supply has outpaced demand for new houses and apartments for years in a market where foreigners account for the bulk of the population.
The Dubai real estate market is likely to remain in the doldrums over the next few years despite optimism over rising demand for certain market segments, with oversupply continuing to be a problem.
The Abu Dhabi index eased 0.1%, hit by a 0.4% fall for the country’s largest lender, First Abu Dhabi Bank.
In Qatar, the benchmark dropped 0.6%. Most constituents fell, including a 3.3% drop for Qatar International Islamic Bank.
In the previous session, the sharia-compliant lender traded ex-dividend.
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