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Oil climbed to the highest in almost two weeks as traders looked ahead to this week’s OPEC+ meeting with speculation that renewed demand concerns will spur the group to keep production in check. Futures rose nearly 1% in New York, notching a second straight daily gain. Worries over the near-term recovery in demand, amid reimposed lockdown measures in Europe particularly, have raised expectations for OPEC+ to decide to keep production restrained at Thursday’s meeting. At the same time, the U.S. is providing a bright spot in the consumption rebound, with long-ailing jet fuel flashing signs of strength. “Oil has done a really good job of shrugging off last week’s selloff, and hopefully can have a run back up to recent contract highs,” said Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago. The expectations are for OPEC+ to maintain cuts “because they can see how fragile the market is, and they don’t want to derail the current recovery in prices.”  |
Monday, 29 March 2021
Oil Rises for Second Day With Focus Moving Toward OPEC+ Meeting - Bloomberg
Oil Rises for Second Day With Focus Moving Toward OPEC+ Meeting - Bloomberg
ADNOC goes live with futures and commodities trading exchange IFAD | Energy – Gulf News
ADNOC goes live with futures and commodities trading exchange IFAD | Energy – Gulf News
The Abu Dhabi energy giant ADNOC has launched the ICE Markets Intercontinental Exchange Futures Abu Dhabi (IFAD), becoming the first futures and commodities trading exchange established in the emirate. It is located at Abu Dhabi Global Market (ADGM).
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Group CEO of ADNOC, announced the launch. In a statement, ADGM saud: “We congratulate @AdnocGroup on the launch of their Murban Crude Oil contract, to be traded on IFAD. This milestone partnership bears witness to Abu Dhabi’s status as a leader in global #energy and an international #trading hub.”
Earlier this month, ADNOC announced that its Murban, Upper Zakum, Das and Umm Lulu crude grades will all be sold 'destination-free' from June, allowing its crude oils to become a freely-traded commodity.
The Abu Dhabi energy giant ADNOC has launched the ICE Markets Intercontinental Exchange Futures Abu Dhabi (IFAD), becoming the first futures and commodities trading exchange established in the emirate. It is located at Abu Dhabi Global Market (ADGM).
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Group CEO of ADNOC, announced the launch. In a statement, ADGM saud: “We congratulate @AdnocGroup on the launch of their Murban Crude Oil contract, to be traded on IFAD. This milestone partnership bears witness to Abu Dhabi’s status as a leader in global #energy and an international #trading hub.”
Earlier this month, ADNOC announced that its Murban, Upper Zakum, Das and Umm Lulu crude grades will all be sold 'destination-free' from June, allowing its crude oils to become a freely-traded commodity.
Latest: Adnoc rings New York opening bell to celebrate Murban crude futures trading in #AbuDhabi | The National
Latest: Adnoc rings New York opening bell to celebrate Murban crude futures trading in Abu Dhabi | The National
Abu Dhabi National Oil Company rang the opening bell at the New York Stock Exchange to celebrate the launch on Monday of crude futures contracts tracking the UAE's flagship Murban grade.
Murban joins the ranks of Brent, the most widely-traded oil benchmark, and US gauge West Texas Intermediate in pricing and trading oil.
Jeffrey Sprecher, chairman of ICE, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Adnoc managing director and group chief executive, rang the opening bell in an online ceremony to mark the occasion.
"We believe on its very first day Murban will become a globally recognised benchmark," Mr Sprecher said in a video message earlier on Monday.
Abu Dhabi National Oil Company rang the opening bell at the New York Stock Exchange to celebrate the launch on Monday of crude futures contracts tracking the UAE's flagship Murban grade.
Murban joins the ranks of Brent, the most widely-traded oil benchmark, and US gauge West Texas Intermediate in pricing and trading oil.
Jeffrey Sprecher, chairman of ICE, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Adnoc managing director and group chief executive, rang the opening bell in an online ceremony to mark the occasion.
"We believe on its very first day Murban will become a globally recognised benchmark," Mr Sprecher said in a video message earlier on Monday.
Oil Fluctuates With Volatility Lingering Ahead of OPEC+ Meeting - Bloomberg
Oil Fluctuates With Volatility Lingering Ahead of OPEC+ Meeting - Bloomberg
Oil switched between modest gains and losses as traders look ahead to this week’s OPEC+ meeting for signals of where the market is headed toward next.
Futures were little changed in New York after falling as much as 2.6% during a choppy trading session. The market is assessing the impact renewed coronavirus lockdowns will have on demand and the likelihood they spur OPEC+ to keep the reins on supply when the group meets to discuss output policy on Thursday.
U.S. equities fell as investors weighed to what extent a recent block trades selling spree would spread through financial markets. A strengthening U.S. dollar, which reduces the appeal of commodities priced in the currency, also weighed on crude futures.
“There’s volatility in the market coming from all over the place, and if the dollar continues to rip higher, that will not be good for crude,” said Bob Yawger, head of the futures division at Mizuho Securities. Still, “there’s support from the upcoming OPEC+ meeting. The virus situation right now is so dicey, it’s unlikely they can increase barrels.”
Oil switched between modest gains and losses as traders look ahead to this week’s OPEC+ meeting for signals of where the market is headed toward next.
Futures were little changed in New York after falling as much as 2.6% during a choppy trading session. The market is assessing the impact renewed coronavirus lockdowns will have on demand and the likelihood they spur OPEC+ to keep the reins on supply when the group meets to discuss output policy on Thursday.
U.S. equities fell as investors weighed to what extent a recent block trades selling spree would spread through financial markets. A strengthening U.S. dollar, which reduces the appeal of commodities priced in the currency, also weighed on crude futures.
“There’s volatility in the market coming from all over the place, and if the dollar continues to rip higher, that will not be good for crude,” said Bob Yawger, head of the futures division at Mizuho Securities. Still, “there’s support from the upcoming OPEC+ meeting. The virus situation right now is so dicey, it’s unlikely they can increase barrels.”
- WTI for May delivery rose 23 cents to $61.20 a barrel at 11:58 a.m. in New York
- Brent for the same month gained 3 cents to $64.60 a barrel
- Murban for June delivery traded at $63.38 a barrel on ICE Futures Abu Dhabi
#AbuDhabi launches new oil futures as it targets Asian refiners | Financial Times
Abu Dhabi launches new oil futures as it targets Asian refiners | Financial Times
Abu Dhabi began trading futures contracts for its most important oil grade Murban on Monday as the emirate seeks to create a rival regional benchmark as part of a big shake-up in the way its crude is traded.
The Abu Dhabi National Oil Company began trading Murban futures on a new local exchange, the ICE Futures Abu Dhabi. It will compete with Dubai, operated by S&P Global Platts, and the Oman crude futures on the Dubai Mercantile Exchange.
The contract was priced at $64.03 a barrel as of midday in London with 6,293 lots traded, ICE said on Twitter. Each lot is equivalent to 1,000 barrels.
Adnoc said on Monday that the introduction of the Murban futures contract was the latest step in the company’s “transformation into a more market and customer-centric organisation”, giving buyers better price transparency, hedging flexibility and risk management abilities.
Mideast Stocks: #Dubai leads major Gulf markets higher | ZAWYA MENA Edition
Mideast Stocks: Dubai leads major Gulf markets higher | ZAWYA MENA Edition
Most stock markets in the Gulf ended higher on Monday, amid hopes that the busy Suez Canal waterway will soon be reopened after the ship blocking it was partially re-floated.
The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting traffic on the shortest shipping route between Europe and Asia.
Saudi Arabia's benchmark index gained 1.4%, buoyed by a 1.5% rise in Al Rajhi Bank and a 3.6% surge in National Commercial Bank.
"There is renewed hope in the GCC market as several industries are beginning to trend up. This is excellent news as the market took a bit of a hit last week, and performances were a bit lacklustre," said Daniel Takieddine, market analyst at FxPRIMUS.
Now, analysts expect that the market should rebound properly from last week’s doldrums and post even higher gains, Takieddine added.
Dubai's main share index .DFMGI advanced 2.1%, with its top lender Emirates NBD ENBD.DU rising 2.7%, while property developer Emaar Properties climbed 2.9%.
Dubai Holding, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, said on Monday it had partnered with five firms to develop a 4 billion dirham ($1.09 billion) energy-from-waste facility.
In Abu Dhabi, the index finished 1.2% higher, led by a 2.4% increase in telecoms firm Etisalat.
Elsewhere, shares of Gulf Pharmaceutical Industries (Julphar) soared 14.4% after the firm begun interim manufacturing of a vaccine from China's Sinopharm, part of a joint venture between Sinopharm and Abu Dhabi-based G42.
Under the JV, a new main plant is being built in Abu Dhabi with production capacity of 200 million Hayat-Vax doses a year.
The Qatari index closed 1.3% higher, as most of the stocks on the index traded in positive territory including petrochemical maker Industries Qatar.
Most stock markets in the Gulf ended higher on Monday, amid hopes that the busy Suez Canal waterway will soon be reopened after the ship blocking it was partially re-floated.
The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting traffic on the shortest shipping route between Europe and Asia.
Saudi Arabia's benchmark index gained 1.4%, buoyed by a 1.5% rise in Al Rajhi Bank and a 3.6% surge in National Commercial Bank.
"There is renewed hope in the GCC market as several industries are beginning to trend up. This is excellent news as the market took a bit of a hit last week, and performances were a bit lacklustre," said Daniel Takieddine, market analyst at FxPRIMUS.
Now, analysts expect that the market should rebound properly from last week’s doldrums and post even higher gains, Takieddine added.
Dubai's main share index .DFMGI advanced 2.1%, with its top lender Emirates NBD ENBD.DU rising 2.7%, while property developer Emaar Properties climbed 2.9%.
Dubai Holding, the investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, said on Monday it had partnered with five firms to develop a 4 billion dirham ($1.09 billion) energy-from-waste facility.
In Abu Dhabi, the index finished 1.2% higher, led by a 2.4% increase in telecoms firm Etisalat.
Elsewhere, shares of Gulf Pharmaceutical Industries (Julphar) soared 14.4% after the firm begun interim manufacturing of a vaccine from China's Sinopharm, part of a joint venture between Sinopharm and Abu Dhabi-based G42.
Under the JV, a new main plant is being built in Abu Dhabi with production capacity of 200 million Hayat-Vax doses a year.
The Qatari index closed 1.3% higher, as most of the stocks on the index traded in positive territory including petrochemical maker Industries Qatar.
Oil Fluctuates With Market Eyeing OPEC+ Meeting, Suez Canal - Bloomberg
Oil Fluctuates With Market Eyeing OPEC+ Meeting, Suez Canal - Bloomberg
Oil fluctuated between gains and losses with traders looking ahead to an OPEC+ meeting this week and as salvage teams partially refloated the giant vessel that has been blocking the Suez canal for days.
Prices have been volatile in recent days. The market’s focus remains on the impact renewed coronavirus lockdowns would have on demand, before the OPEC+ discussions on output policy on Thursday. The canal continues to be blocked days after the Ever Given lost control and ran aground, even though there has been some progress to move the giant container ship.
Oil is set to close out a fourth consecutive quarterly gain this week, aided by sustained supply curbs by the Organization of Petroleum Exporting Countries and its allies, and optimism that global demand will expand as Covid-19 vaccines. But a run of three weekly losses for WTI has put a dent, underpinning speculation that OPEC+ will continue to hold on to their output cuts.
With work to free the Ever Given appearing to make progress “the oil market is left to its own fundamental devices,” said Tamas Varga, analyst at brokerage PVM Oil Associates. “Attention will shift back to the stuttering inoculation programs, the seemingly unstoppable rise in infection rates in several parts of the world and the upcoming OPEC meeting.”
Oil fluctuated between gains and losses with traders looking ahead to an OPEC+ meeting this week and as salvage teams partially refloated the giant vessel that has been blocking the Suez canal for days.
Prices have been volatile in recent days. The market’s focus remains on the impact renewed coronavirus lockdowns would have on demand, before the OPEC+ discussions on output policy on Thursday. The canal continues to be blocked days after the Ever Given lost control and ran aground, even though there has been some progress to move the giant container ship.
Oil is set to close out a fourth consecutive quarterly gain this week, aided by sustained supply curbs by the Organization of Petroleum Exporting Countries and its allies, and optimism that global demand will expand as Covid-19 vaccines. But a run of three weekly losses for WTI has put a dent, underpinning speculation that OPEC+ will continue to hold on to their output cuts.
With work to free the Ever Given appearing to make progress “the oil market is left to its own fundamental devices,” said Tamas Varga, analyst at brokerage PVM Oil Associates. “Attention will shift back to the stuttering inoculation programs, the seemingly unstoppable rise in infection rates in several parts of the world and the upcoming OPEC meeting.”
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UPDATE 2-Murban crude futures start trading at new ICE, #AbuDhabi exchange | Reuters
UPDATE 2-Murban crude futures start trading at new ICE, Abu Dhabi exchange | Reuters
Abu Dhabi started trading Murban crude futures contracts on Monday, offering a potential rival benchmark for trading Middle East crude.
The key contract of the new ICE Futures Abu Dhabi (IFAD) oil exchange was priced at $63.18 per barrel as of 0900 GMT with 4,164 lots traded, ICE said on Twitter. Each lot is 1,000 barrels.
Abu Dhabi-based IFAD is backed by the Intercontinental Exchange Inc, Abu Dhabi National Oil Co (ADNOC) and partners including international oil majors.
“Starting today, Murban futures will be freely traded from Singapore to London, and from Abu Dhabi to New York,” ADNOC Chief Executive Sultan al-Jaber said at the launch event.
The Murban contract, which prices the flagship Abu Dhabi grade that accounts for more than half of ADNOC’s production, will offer an alternative benchmark to Dubai, operated by S&P Global Platts, and Oman crude futures traded on the Dubai Mercantile Exchange (DME).
The contract will enable traders to hedge Middle East crude and refining margins against the grade. It would also allow traders to compare the values of competing supplies from Russia, Europe and the United States with similar quality to Murban using a range of cash-settled derivatives against Brent, West Texas Intermediate.
The contract prices the crude two months ahead with the first expiry month set for June. It is a physically delivered contract with delivery at Fujairah in the United Arab Emirates on a free-on-board (FOB) basis.
Abu Dhabi started trading Murban crude futures contracts on Monday, offering a potential rival benchmark for trading Middle East crude.
The key contract of the new ICE Futures Abu Dhabi (IFAD) oil exchange was priced at $63.18 per barrel as of 0900 GMT with 4,164 lots traded, ICE said on Twitter. Each lot is 1,000 barrels.
Abu Dhabi-based IFAD is backed by the Intercontinental Exchange Inc, Abu Dhabi National Oil Co (ADNOC) and partners including international oil majors.
“Starting today, Murban futures will be freely traded from Singapore to London, and from Abu Dhabi to New York,” ADNOC Chief Executive Sultan al-Jaber said at the launch event.
The Murban contract, which prices the flagship Abu Dhabi grade that accounts for more than half of ADNOC’s production, will offer an alternative benchmark to Dubai, operated by S&P Global Platts, and Oman crude futures traded on the Dubai Mercantile Exchange (DME).
The contract will enable traders to hedge Middle East crude and refining margins against the grade. It would also allow traders to compare the values of competing supplies from Russia, Europe and the United States with similar quality to Murban using a range of cash-settled derivatives against Brent, West Texas Intermediate.
The contract prices the crude two months ahead with the first expiry month set for June. It is a physically delivered contract with delivery at Fujairah in the United Arab Emirates on a free-on-board (FOB) basis.
#AbuDhabi Looks to Become Pharma Hub After Sinopharm Deal - Bloomberg
Abu Dhabi Looks to Become Pharma Hub After Sinopharm Deal - Bloomberg
Abu Dhabi is looking to transform itself into a pharmaceutical hub, with a goal to help distribute billions of vaccine doses.
“Our target for the future is to make Abu Dhabi a pharmaceutical center” and a “hub for life sciences,” Abu Dhabi Ports Chairman Falah Mohammed Al Ahbabi said at a virtual event on Monday. “We are building our airport, our capacity, our infrastructure and all our processes to achieve that target.”
The comments come after the United Arab Emirates, of which Abu Dhabi is the capital, become the first nation in the U.S-allied Gulf to set up a coronavirus vaccine production facility, boosting its efforts to become a supply hub to the Middle East and beyond.
Sinopharm CNBG and Abu Dhabi-based G42 said on Sunday they aim to produce up to 200 million doses annually at a plant that will become operational this year. G42 Group CEO Peng Xiao later told Bloomberg the company is talking to over 20 countries in the region “who are very interested in accessing the vaccine.”
Al Ahbabi said Abu Dhabi Ports can deliver 18 billion doses of vaccine in an area populated by 3.5 billion people. The company is part of the Hope Consortium, a logistics grouping with the capacity to distribute more than six billion doses.
Abu Dhabi is looking to transform itself into a pharmaceutical hub, with a goal to help distribute billions of vaccine doses.
“Our target for the future is to make Abu Dhabi a pharmaceutical center” and a “hub for life sciences,” Abu Dhabi Ports Chairman Falah Mohammed Al Ahbabi said at a virtual event on Monday. “We are building our airport, our capacity, our infrastructure and all our processes to achieve that target.”
The comments come after the United Arab Emirates, of which Abu Dhabi is the capital, become the first nation in the U.S-allied Gulf to set up a coronavirus vaccine production facility, boosting its efforts to become a supply hub to the Middle East and beyond.
Sinopharm CNBG and Abu Dhabi-based G42 said on Sunday they aim to produce up to 200 million doses annually at a plant that will become operational this year. G42 Group CEO Peng Xiao later told Bloomberg the company is talking to over 20 countries in the region “who are very interested in accessing the vaccine.”
Al Ahbabi said Abu Dhabi Ports can deliver 18 billion doses of vaccine in an area populated by 3.5 billion people. The company is part of the Hope Consortium, a logistics grouping with the capacity to distribute more than six billion doses.
#UAE's G42, Sinopharm Seal Production Deal for Millions of Doses - Bloomberg video
UAE's G42, Sinopharm Seal Production Deal for Millions of Doses - Bloomberg
Peng Xiao, CEO of G42 Group, the leading technology company based in Abu Dhabi, discusses the company’s joint venture with China’s Sinopharm CNBG to create the first covid-19 vaccine in the region. The newly formed group plans to produce 200 millon vaccine doses. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#Dubai to develop $1.1 billion energy from waste facility | Reuters
Dubai to develop $1.1 billion energy from waste facility | Reuters
Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum, said on Monday it had partnered with five firms to develop a 4 billion dirham ($1.1 billion) energy-from-waste facility.
The consortium consists of Dubal Holding, Switzerland-headquartered Hitachi Zosen Inova, Japan’s ITOCHU Corporation, Belgium’s BESIX Group and local construction firm Tech Group, Dubai Holding said in a statement.
The build and operate project has a 35-year concession period with the Dubai municipality, the statement said.
“The facility will treat 5,666 tonnes of municipal solid waste produced by Dubai per day,” it said, adding that it would generate energy by processing 1.9 million tonnes of waste per year.
Project finance loan agreements worth $900 million have been finalised with Japan Bank for International Cooperation and financial institutions including Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum, said on Monday it had partnered with five firms to develop a 4 billion dirham ($1.1 billion) energy-from-waste facility.
The consortium consists of Dubal Holding, Switzerland-headquartered Hitachi Zosen Inova, Japan’s ITOCHU Corporation, Belgium’s BESIX Group and local construction firm Tech Group, Dubai Holding said in a statement.
The build and operate project has a 35-year concession period with the Dubai municipality, the statement said.
“The facility will treat 5,666 tonnes of municipal solid waste produced by Dubai per day,” it said, adding that it would generate energy by processing 1.9 million tonnes of waste per year.
Project finance loan agreements worth $900 million have been finalised with Japan Bank for International Cooperation and financial institutions including Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
Analysis: With stick and carrot, #Saudi starts winning over firms in regional race | Reuters
Analysis: With stick and carrot, Saudi starts winning over firms in regional race | Reuters
When CSG opted to shift its regional headquarters this year from Dubai to Riyadh, it marked an early win for Saudi Arabia and proved a surprisingly easy move for the U.S. technology firm: the new office was up and running in just two months.
CSG is among several foreign companies that agreed earlier this year to set up regional offices in Saudi Arabia rather than overseeing operations remotely from Dubai, the buzzing commercial hub in neighbouring United Arab Emirates.
A Saudi ultimatum in mid-February has prompted some firms to rethink their strategy: from 2024, companies seeking state contracts in the Middle East’s biggest economy must have offices in the kingdom.
But, alongside this blunt approach, the government has launched sweeping economic and social reforms to attract investors, aiming to make the kingdom an easier place to live and work in and cutting the red tape that long deterred them.
“The serious weight that the Saudi government is putting behind their initiatives - backing that up with real action - is really very encouraging,” James Kirby, who heads CSG’s Europe, Middle East and Africa operations in London, told Reuters.
When CSG opted to shift its regional headquarters this year from Dubai to Riyadh, it marked an early win for Saudi Arabia and proved a surprisingly easy move for the U.S. technology firm: the new office was up and running in just two months.
CSG is among several foreign companies that agreed earlier this year to set up regional offices in Saudi Arabia rather than overseeing operations remotely from Dubai, the buzzing commercial hub in neighbouring United Arab Emirates.
A Saudi ultimatum in mid-February has prompted some firms to rethink their strategy: from 2024, companies seeking state contracts in the Middle East’s biggest economy must have offices in the kingdom.
But, alongside this blunt approach, the government has launched sweeping economic and social reforms to attract investors, aiming to make the kingdom an easier place to live and work in and cutting the red tape that long deterred them.
“The serious weight that the Saudi government is putting behind their initiatives - backing that up with real action - is really very encouraging,” James Kirby, who heads CSG’s Europe, Middle East and Africa operations in London, told Reuters.
Nikhil Kamath's AIF True Beacon in talks with Middle East funds for partnership - Arabianbusiness
Nikhil Kamath's AIF True Beacon in talks with Middle East funds for partnership - Arabianbusiness
Nikhil Kamath, India’s celebrated start-up investor and fund manager, is in discussions with some of the leading sovereign funds and investment firms in the Gulf region for a partnership deal with True Beacon, his alternative investment fund (AIF).
Besides sovereign wealth funds, institutional investors and family-managed offices are among the investment entities on True Beacon’s radar for the proposed partnership deal, under which it proposes to manage a specified corpus of a fund in the region for investments in India.
“Yes, we are currently in talks with some of the investment funds in the Middle East for a partnership deal,” Kamath told Arabian Business.
“We are quite hopeful on this, though nothing has been finalised yet,” he added.
Though most of the leading investment firms in the Gulf region have offices in India to manage their India investment plans, there are instances of some of the investment funds in the Middle East parking specified amount of funds with asset management companies in India under exclusive arrangements for managing their investments in certain sectors in the country.
Nikhil Kamath, India’s celebrated start-up investor and fund manager, is in discussions with some of the leading sovereign funds and investment firms in the Gulf region for a partnership deal with True Beacon, his alternative investment fund (AIF).
Besides sovereign wealth funds, institutional investors and family-managed offices are among the investment entities on True Beacon’s radar for the proposed partnership deal, under which it proposes to manage a specified corpus of a fund in the region for investments in India.
“Yes, we are currently in talks with some of the investment funds in the Middle East for a partnership deal,” Kamath told Arabian Business.
“We are quite hopeful on this, though nothing has been finalised yet,” he added.
Though most of the leading investment firms in the Gulf region have offices in India to manage their India investment plans, there are instances of some of the investment funds in the Middle East parking specified amount of funds with asset management companies in India under exclusive arrangements for managing their investments in certain sectors in the country.
MIDEAST STOCKS- #AbuDhabi leads major Gulf markets higher on hopes of Suez Canal's reopening | Nasdaq
MIDEAST STOCKS-Abu Dhabi leads major Gulf markets higher on hopes of Suez Canal's reopening | Nasdaq
Most Gulf stocks rose in early trade on Monday, in line with Asian shares, as the ship blocking the Suez Canal was re-floated, raising hopes the vital waterway could reopen and ease global shipping backlogs.
The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting shipping traffic on the shortest shipping route between Europe and Asia.
Saudi Arabia's benchmark index .TASI rose 0.5%, with Al Rajhi Bank 1120.SE gaining 0.5%, while petrochemical maker Saudi Basic Industries 2010.SE climbed 1.5%.
The Abu Dhabi index .ADI advanced 1.7%, buoyed by a 15% surge in International Holding Company IHC.AD, on track to extend gains for a fifth consecutive session.
The firm has gone through rapid expansion across its major business sectors, resulting in a sharp growth in its financials, positioning it for long-term growth.
So far this year, International Holding has risen over 60%.
Elsewhere, shares of Gulf Pharmaceutical Industries (Julphar) JULPHAR.AD soared 14.4% after the firm begun interim manufacturing of a vaccine from China's Sinopharm, part of a joint venture between Sinopharm and Abu Dhabi-based G42.
Under the JV, a new main plant is being built in Abu Dhabi with production capacity of 200 million Hayat-Vax doses a year.
Dubai's main share index .DFMGI gained 0.7%, with Emirates NBD Bank ENBD.DU rising 0.9% and Emaar Properties EMAR.DU up 1.2%
In Qatar, the index .QSI rose 0.2%, helped by a 0.6% increase in the Gulf's largest lender Qatar National Bank QNBK.QA.
Most Gulf stocks rose in early trade on Monday, in line with Asian shares, as the ship blocking the Suez Canal was re-floated, raising hopes the vital waterway could reopen and ease global shipping backlogs.
The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting shipping traffic on the shortest shipping route between Europe and Asia.
Saudi Arabia's benchmark index .TASI rose 0.5%, with Al Rajhi Bank 1120.SE gaining 0.5%, while petrochemical maker Saudi Basic Industries 2010.SE climbed 1.5%.
The Abu Dhabi index .ADI advanced 1.7%, buoyed by a 15% surge in International Holding Company IHC.AD, on track to extend gains for a fifth consecutive session.
The firm has gone through rapid expansion across its major business sectors, resulting in a sharp growth in its financials, positioning it for long-term growth.
So far this year, International Holding has risen over 60%.
Elsewhere, shares of Gulf Pharmaceutical Industries (Julphar) JULPHAR.AD soared 14.4% after the firm begun interim manufacturing of a vaccine from China's Sinopharm, part of a joint venture between Sinopharm and Abu Dhabi-based G42.
Under the JV, a new main plant is being built in Abu Dhabi with production capacity of 200 million Hayat-Vax doses a year.
Dubai's main share index .DFMGI gained 0.7%, with Emirates NBD Bank ENBD.DU rising 0.9% and Emaar Properties EMAR.DU up 1.2%
In Qatar, the index .QSI rose 0.2%, helped by a 0.6% increase in the Gulf's largest lender Qatar National Bank QNBK.QA.
#Dubai Real Estate Slump Lures Israelis to #UAE - Bloomberg
Dubai Real Estate Slump Lures Israelis to UAE - Bloomberg
As soon as Israel and the United Arab Emirates normalized diplomatic relations last year, Miri Vasilevsky-Pinto saw an opportunity.
Judging that Israelis would start seeking bargains in the UAE’s struggling property market, the Tel Aviv-based businesswoman began setting up a company that would cater to exactly that customer base. Less than three months later, Vasilevsky-Pinto, who has lived in Israel and Qatar, has notched up several sales.
“The market right now in Dubai is extraordinary” because of its low prices and favorable payment terms, she said in an interview. Her next project, she said, is to start offering tours to the emirate for would-be investors.
Vasilevsky-Pinto’s story offers a thread of comfort for a UAE property market in need of deliverance as a surplus of newbuilds and the coronavirus-triggered exodus of thousands of expatriates keep prices near the lowest since late 2012. The arrival of Israelis in a country that boasts one of the Arab world’s most iconic cities may also give the UAE a fresh edge versus its Gulf competitors, albeit one that remains contentious in a region where most nations don’t recognize the Jewish-majority state.
As soon as Israel and the United Arab Emirates normalized diplomatic relations last year, Miri Vasilevsky-Pinto saw an opportunity.
Judging that Israelis would start seeking bargains in the UAE’s struggling property market, the Tel Aviv-based businesswoman began setting up a company that would cater to exactly that customer base. Less than three months later, Vasilevsky-Pinto, who has lived in Israel and Qatar, has notched up several sales.
“The market right now in Dubai is extraordinary” because of its low prices and favorable payment terms, she said in an interview. Her next project, she said, is to start offering tours to the emirate for would-be investors.
Vasilevsky-Pinto’s story offers a thread of comfort for a UAE property market in need of deliverance as a surplus of newbuilds and the coronavirus-triggered exodus of thousands of expatriates keep prices near the lowest since late 2012. The arrival of Israelis in a country that boasts one of the Arab world’s most iconic cities may also give the UAE a fresh edge versus its Gulf competitors, albeit one that remains contentious in a region where most nations don’t recognize the Jewish-majority state.
#AbuDhabi’s Murban Crude Trades in Bid for Global Benchmark - Bloomberg video
Abu Dhabi’s Murban Crude Trades in Bid for Global Benchmark - Bloomberg
Abu Dhabi started trading futures contracts for Murban crude, its biggest oil grade, in a bid to create a benchmark for the energy market.
The aim is “to make sure that Murban is a globally freely traded commodity and allows everybody around the world to use it either for pricing or hedging their risk,” Khaled Salmeen, executive director of supply and trading at government-run Abu Dhabi National Oil Co., said in an interview with Bloomberg Television. “It provides an additional tool that the market has been looking for.”
Adnoc began trading Murban futures on an Abu Dhabi exchange on Monday, marking the first time a Persian Gulf OPEC member has allowed its oil to be freely sold and shipped anywhere in the world. Atlanta-based Intercontinental Exchange Inc. is operating the platform known as ICE Futures Abu Dhabi.
The contract for June delivery traded at $62.24 a barrel as of 10 a.m. in Abu Dhabi.
Abu Dhabi started trading futures contracts for Murban crude, its biggest oil grade, in a bid to create a benchmark for the energy market.
The aim is “to make sure that Murban is a globally freely traded commodity and allows everybody around the world to use it either for pricing or hedging their risk,” Khaled Salmeen, executive director of supply and trading at government-run Abu Dhabi National Oil Co., said in an interview with Bloomberg Television. “It provides an additional tool that the market has been looking for.”
Adnoc began trading Murban futures on an Abu Dhabi exchange on Monday, marking the first time a Persian Gulf OPEC member has allowed its oil to be freely sold and shipped anywhere in the world. Atlanta-based Intercontinental Exchange Inc. is operating the platform known as ICE Futures Abu Dhabi.
The contract for June delivery traded at $62.24 a barrel as of 10 a.m. in Abu Dhabi.
#Saudi Aramco restructures Sadara's senior debt financing | ZAWYA MENA Edition
Saudi Aramco restructures Sadara's senior debt financing | ZAWYA MENA Edition
Saudi Aramco has restructured Sadara Chemical Co’s senior debt financing by agreeing, along with Dow Chemical Co., to guarantee up to $3.7 billion of senior debt principal in proportion to their ownership interests in Sadara.
Sadara is a joint venture between Aramco and Dow Chemical Co. with Aramco owning 65 percent of its share capital.
The terms of the restructuring also include beneficial terms like a principal repayment grace period until 15 June 2026 and an extension of the final maturity date from 2029 to 2038, in connection with all of the facilities, Aramco said in a bourse filing on Monday.
Saudi Aramco, Dow and Sadara have also entered into agreements to provide additional feedstock by increasing the quantity of ethane and natural gasoline supplied by Saudi Aramco, and a gradual increase in Saudi Aramco’s rights to market, through the Saudi Basic Industries Corporation (SABIC), finished products produced by Sadara (subject to certain agreed terms) over the next five years.
Saudi Aramco has restructured Sadara Chemical Co’s senior debt financing by agreeing, along with Dow Chemical Co., to guarantee up to $3.7 billion of senior debt principal in proportion to their ownership interests in Sadara.
Sadara is a joint venture between Aramco and Dow Chemical Co. with Aramco owning 65 percent of its share capital.
The terms of the restructuring also include beneficial terms like a principal repayment grace period until 15 June 2026 and an extension of the final maturity date from 2029 to 2038, in connection with all of the facilities, Aramco said in a bourse filing on Monday.
Saudi Aramco, Dow and Sadara have also entered into agreements to provide additional feedstock by increasing the quantity of ethane and natural gasoline supplied by Saudi Aramco, and a gradual increase in Saudi Aramco’s rights to market, through the Saudi Basic Industries Corporation (SABIC), finished products produced by Sadara (subject to certain agreed terms) over the next five years.
#Dubai theme park group DXBE adds clause to smoothen Meraas takeover | ZAWYA MENA Edition
Dubai theme park group DXBE adds clause to smoothen Meraas takeover | ZAWYA MENA Edition
Dubai-based theme park operator DXB Entertainments has amended the Articles of Association to facilitate its takeover by Dubai property company Meraas.
In a filing to Dubai Financial Market, DXBE said it has added a clause to the Articles of Association that stipulates that any shareholder who owns 90 per cent plus one additional share in DXBE’s issued share capital has the right to enforce its minority shareholders to sell or swap shares owned by them in favour of the 90 per cent plus shareholder.
DXBE, which operates Dubai Parks and Resorts theme parks, has seen continued losses while attempts at expansion restructuring have failed. It saw losses widen to 7.8 billion dirhams in 2020 following months of closures and measures to restrict the spread of COVID-19.
Meraas Leisure and Entertainment in December announced its intent to buy out minority shareholders and take DXBE private. Earlier this month, DXBE’s shareholders passed a resolution enabling Meraas to acquire the senior bank debt of DXBE and subsequently convert this debt into new shares of DXBE at a conversion price of 0.08 dirhams per share.
They also authorised the company to increase its share capital by 53.03 billion dirhams to 62.82 billion dirhams through the issuance of 53,391,475,304 new ordinary shares of 1 dirham each in the share capital of the company to Meraas by converting the outstanding bank debt.
Dubai-based theme park operator DXB Entertainments has amended the Articles of Association to facilitate its takeover by Dubai property company Meraas.
In a filing to Dubai Financial Market, DXBE said it has added a clause to the Articles of Association that stipulates that any shareholder who owns 90 per cent plus one additional share in DXBE’s issued share capital has the right to enforce its minority shareholders to sell or swap shares owned by them in favour of the 90 per cent plus shareholder.
DXBE, which operates Dubai Parks and Resorts theme parks, has seen continued losses while attempts at expansion restructuring have failed. It saw losses widen to 7.8 billion dirhams in 2020 following months of closures and measures to restrict the spread of COVID-19.
Meraas Leisure and Entertainment in December announced its intent to buy out minority shareholders and take DXBE private. Earlier this month, DXBE’s shareholders passed a resolution enabling Meraas to acquire the senior bank debt of DXBE and subsequently convert this debt into new shares of DXBE at a conversion price of 0.08 dirhams per share.
They also authorised the company to increase its share capital by 53.03 billion dirhams to 62.82 billion dirhams through the issuance of 53,391,475,304 new ordinary shares of 1 dirham each in the share capital of the company to Meraas by converting the outstanding bank debt.
Oil slumps as Suez Canal container ship starts to move | Reuters
Oil slumps as Suez Canal container ship starts to move | Reuters
Oil slumped more than 2% on Monday after news from the Suez Canal that salvage crews have managed to move the giant container ship that has been clogging up the vital global trade passage for nearly a week.
Brent oil was down $1.38, or 2.1%, at $63.19 a barrel by 0511 GMT. U.S. crude fell 1.48 cents, or 2.4%, to $59.49 a barrel.
The stranded container ship Ever Given has almost been completely floated and will be inspected before it is moved, a shipping source with knowledge of the matter told Reuters on Monday.
Oil slumped more than 2% on Monday after news from the Suez Canal that salvage crews have managed to move the giant container ship that has been clogging up the vital global trade passage for nearly a week.
Brent oil was down $1.38, or 2.1%, at $63.19 a barrel by 0511 GMT. U.S. crude fell 1.48 cents, or 2.4%, to $59.49 a barrel.
The stranded container ship Ever Given has almost been completely floated and will be inspected before it is moved, a shipping source with knowledge of the matter told Reuters on Monday.