#UAE reviews plans to launch federal gold trading platform | The National

UAE reviews plans to launch federal gold trading platform | The National

Gold topped the list of commodities in Dubai's 2020 external trade at Dh213 billion Reuters

The UAE is reviewing plans to launch a federal platform for gold trading to strengthen the country’s role in the global gold and jewellery market.

Technical plans for the platform and for establishing a comprehensive database of all of the main players in the country's gold industry were reviewed at a meeting of the Emirates Gold Bullion Committee, chaired by minister of state for foreign trade Thani Al Zeyoudi.

The committee also reviewed the progress being made with the introduction of the UAE Good Delivery Standard, a quality benchmark for the production of high-quality gold, state news agency Wam said on Friday evening.

The committee is “confidently progressing on the path toward reinforcing the country's positions as a global hub for gold and precious stones trading and further facilitating doing business while bringing added value to this vital sector in order to contribute to increasing non-oil GDP,” Mr Al Zeyoudi said.

#Saudi Binladin International carries out largest debt restructuring in the region | ZAWYA MENA Edition

Saudi Binladin International carries out largest debt restructuring in the region | ZAWYA MENA Edition

Saudi Binladin International Holding is carrying out the largest debt restructuring in the Middle East, close to SR33 billion ($8.7 billion), with as much as 75 percent involving Saudi banks, said CEO Khalid Al Gwaiz on Thursday.

The company has obtained principal approvals from creditors for the debt restructuring and hopes to reach a formal agreement with them by the end of June and a final agreement by September, Al Gwaiz told Al Arabiya.

Binladin has an integrated transformation program that includes budget structuring and changes to its business model with the aim of helping it cope with recent developments in the market, he said.

The regional construction sector has been hit hard by the weakening of oil prices since 2014 and the associated decline in the real estate sector which has plunged some of the industry’s biggest names into financial distress.

Binladin has identified about SR1 trillion of opportunities in the Kingdom’s construction market linked to huge government projects that will allow it to pay creditors, Al Gwaiz said.

Oil Has Best Week Since Early March on Improving Demand Outlook - Bloomberg

Oil Has Best Week Since Early March on Improving Demand Outlook - Bloomberg

Oil posted the biggest weekly gain since early March as economic data in the U.S. and China strengthened expectations for a recovery in global fuel demand.

Futures in New York advanced 6.4% this week, despite eking out a small loss on Friday. On the heels of robust economic figures out of the U.S., data from China showed its gross domestic product climbed 18.3% in the first quarter from a year prior as consumer spending beat forecasts. In March, China’s refiners processed about 20% more crude than a year earlier, pointing to the strength of the country’s rebound.

JPMorgan Chase & Co. analysts brought forward their forecast for the global benchmark Brent hitting $70 a barrel again by four months to May, with a boost in U.S. demand likely bringing inventories for countries of the Organization for Economic Co-operation and Development in line sooner than expected.

“The world’s two largest economies are starting to really shine, and despite difficulties in Europe, they’re starting to get vaccinations going as well,” said Edward Moya, senior market analyst at Oanda Corp. “Having Europe, China and the U.S. for the most part looking at a return to normalcy, that speaks wonders for the demand outlook, which is very supportive for higher prices.”

Prices this week escaped the narrow trading range they had been in for nearly a month, with upbeat developments out of the world’s two largest economies helping lift the outlook for demand. The International Energy Agency joined the world’s major oil organizations in boosting its consumption forecasts earlier this week, with the IEA citing the improving situation in U.S. and China.

In Asia, a Chinese mega-refiner and some Japanese oil companies have been snapping up crude cargoes, boding well for the physical market. With Asian buying picking up, gauges of market strength have also climbed. Brent’s nearest timespread was in a bullish backwardation of 48 cents a barrel on Friday, compared with as little as 37 cents on Wednesday.

“We’re closing the gap on gasoline and jet fuel,” said Peter McNally, global head for industrials, materials and energy at Third Bridge. “International travel is not coming back this summer, but as far as the two biggest markets go -- China and the U.S. -- it’s encouraging.”