Oil gains more than 1% on fuel demand optimism | Reuters
Crude prices rose more than 1% on Wednesday, after U.S. distillate inventories posted a large drawdown and refiners ramped up activity to the highest in over a year, boosting hopes for rising fuel demand in the world's top oil consumer.
OPEC+, comprising of the Organization of the Petroleum Exporting Countries and its allies, on Tuesday decided to stick to plans for a phased easing of oil production restrictions from May to July, an indication that the group is confident that global demand will recovery. read more
"The market is supported by the general belief that the COVID endgame is in sight," said Tamas Varga, analyst at PVM Oil associates.
Brent crude futures gained 85 cents, or 1.3%, to settle at $67.27 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 92 cents, or 1.5%, to settle at $63.86 a barrel.
U.S. crude inventories (USOILC=ECI) rose by 90,000 barrels last week, the Energy Information Administration said, much smaller than analysts' forecasts for a 659,000-barrel build.
Wednesday, 28 April 2021
Accused Abraaj tycoon Arif Naqvi sells UK mansion for more than £12m | The National
Accused Abraaj tycoon Arif Naqvi sells UK mansion for more than £12m | The National
Abraaj founder Arif Naqvi sold his British country estate for £12.25 million ($17m) after being prevented from living there during his extradition battle with the United States.
Mr Naqvi was placed under effective house arrest at his London apartment two years ago after his detention at Heathrow Airport on suspicion of fraud and money laundering over the collapse of the Dubai-based private equity company.
Property ownership documents show his semi-rural retreat of Wootton Place, Oxfordshire, about 100 kilometres west of London, was sold to a prominent businessman in September last year for a £2.75m profit on the price Mr Naqvi paid in October 2006.
The home – complete with extensive grounds, cricket pitch and bordering a church in the village of Wootton – was owned, on paper, by British Virgin Islands-registered company Blondell Assets Ltd.
But the Naqvi family were well-known residents in the attractive hilltop village. The globe-trotting Mr Naqvi, who also had homes in Pakistan, St Kitts and France, was rarely seen at the house but threw open its gates several years ago for villagers and members of Pakistan’s cricket team who played a match on the private field.
Abraaj founder Arif Naqvi sold his British country estate for £12.25 million ($17m) after being prevented from living there during his extradition battle with the United States.
Mr Naqvi was placed under effective house arrest at his London apartment two years ago after his detention at Heathrow Airport on suspicion of fraud and money laundering over the collapse of the Dubai-based private equity company.
Property ownership documents show his semi-rural retreat of Wootton Place, Oxfordshire, about 100 kilometres west of London, was sold to a prominent businessman in September last year for a £2.75m profit on the price Mr Naqvi paid in October 2006.
The home – complete with extensive grounds, cricket pitch and bordering a church in the village of Wootton – was owned, on paper, by British Virgin Islands-registered company Blondell Assets Ltd.
But the Naqvi family were well-known residents in the attractive hilltop village. The globe-trotting Mr Naqvi, who also had homes in Pakistan, St Kitts and France, was rarely seen at the house but threw open its gates several years ago for villagers and members of Pakistan’s cricket team who played a match on the private field.
Oil Climbs With U.S. Demand Bump Driving Global Rebound Optimism - Bloomberg
Oil Climbs With U.S. Demand Bump Driving Global Rebound Optimism - Bloomberg
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Futures jumped as much as 2.2% in New York on Wednesday. A U.S. government report showed total petroleum stockpiles dropped last week, led by the biggest weekly decrease in distillate inventories since early March. A gauge of demand for overall petroleum products rose to the highest in more than two months. Meanwhile, Goldman Sachs Group Inc. is forecasting an unprecedented jump in global oil demand as vaccination rates rise. “Seasonally, this is the time we should be seeing big crude inventory builds,” said Matt Sallee, portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. “There’s a lot of green shoots in demand.” |
#Saudi Tadawul Group hires JP Morgan, Citi, NCB Capital for IPO -statement | Reuters
Saudi Tadawul Group hires JP Morgan, Citi, NCB Capital for IPO -statement | Reuters
Saudi Tadawul Group, the owner and operator of the country's stock market, said on Wednesday it appointed JP Morgan, (JPM.N) Citigroup (C.N) and the securities arm of Saudi National Bank (1180.SE) for its initial public offering.
Tadawul said the public share sale will allow it to expand and strengthen its position globally. The deal is part of efforts by Saudi Arabia to diversify its economy.
With a market capitalisation of $2.5 trillion, Tadawul is the Arab world’s largest stock exchange.
Saudi Arabia's stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of the listing this year, Group Chief Executive Khalid al-Hussan said previously.
The group will have four subsidiaries - its bourse Saudi Exchange, securities clearing and depository businesses and technology services.
Saudi Tadawul Group, the owner and operator of the country's stock market, said on Wednesday it appointed JP Morgan, (JPM.N) Citigroup (C.N) and the securities arm of Saudi National Bank (1180.SE) for its initial public offering.
Tadawul said the public share sale will allow it to expand and strengthen its position globally. The deal is part of efforts by Saudi Arabia to diversify its economy.
With a market capitalisation of $2.5 trillion, Tadawul is the Arab world’s largest stock exchange.
Saudi Arabia's stock exchange has converted itself into a holding company and will be renamed Saudi Tadawul Group ahead of the listing this year, Group Chief Executive Khalid al-Hussan said previously.
The group will have four subsidiaries - its bourse Saudi Exchange, securities clearing and depository businesses and technology services.
MIDEAST STOCKS Banks buoy #Saudi index; other major Gulf bourses dip | Reuters
MIDEAST STOCKS Banks buoy Saudi index; other major Gulf bourses dip | Reuters
Saudi Arabia's stock market outperformed the region on Wednesday, boosted by gains in financial shares, while other major Gulf markets ended lower.
Saudi Arabia's Crown Prince Mohammed bin Salman said on Tuesday the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax to 15% was temporary. read more
The country had tripled VAT to offset the impact of lower oil revenue on state finances in a move that had shocked citizens and businesses expecting more support from the government during the coronavirus pandemic.
Saudi Arabia's benchmark index (.TASI) advanced 2.6%, buoyed by a 4.3% jump in Al Rajhi Bank (1120.SE) and a 6.5% increase in petrochemical firm Saudi Basic Industries (2010.SE).
Elsewhere, oil behemoth Saudi Aramco (2222.SE) gained 1.1%. In the televised remarks, the crown prince said the kingdom was in discussions to sell 1% of Aramco to a leading global energy company. read more
Dubai's main share index (.DFMGI) lost 0.4%, weighed down by a 1.6% fall in Emaar Properties (EMAR.DU) and a 0.9% decrease in Dubai Islamic Bank (DIB) (DISB.DU).
DIB, the United Arab Emirates' biggest sharia-compliant lender, reported a net profit of 853 million dirhams ($232.25 million) in the first-quarter, down from 1.11 billion dirhams a year earlier.
However, Gulf Navigation (GNAV.DU) finished 1.3% higher, as the shipping firm completed a debt restructuring process of 200 million dirhams ($54.45 million) and expects a shift to profitability in 2021.
In Abu Dhabi, the index (.ADI) dropped 0.6%, hit by a 1.2% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) eased 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) losing 0.6%, ending four sessions of gains.
Among others, Ooredoo (ORDS.QA) was down 0.1%. The telecoms firm said on Wednesday it has extended the period of exclusivity for a memorandum of understanding with CK Hutchison Holdings Ltd (0001.HK) for a possible combination of their respective telecommunications businesses in Indonesia. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) retreated 1.1%, as most of the stocks on the index were in negative territory including Commercial International Bank (COMI.CA), which was down 4.1%.
Saudi Arabia's stock market outperformed the region on Wednesday, boosted by gains in financial shares, while other major Gulf markets ended lower.
Saudi Arabia's Crown Prince Mohammed bin Salman said on Tuesday the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax to 15% was temporary. read more
The country had tripled VAT to offset the impact of lower oil revenue on state finances in a move that had shocked citizens and businesses expecting more support from the government during the coronavirus pandemic.
Saudi Arabia's benchmark index (.TASI) advanced 2.6%, buoyed by a 4.3% jump in Al Rajhi Bank (1120.SE) and a 6.5% increase in petrochemical firm Saudi Basic Industries (2010.SE).
Elsewhere, oil behemoth Saudi Aramco (2222.SE) gained 1.1%. In the televised remarks, the crown prince said the kingdom was in discussions to sell 1% of Aramco to a leading global energy company. read more
Dubai's main share index (.DFMGI) lost 0.4%, weighed down by a 1.6% fall in Emaar Properties (EMAR.DU) and a 0.9% decrease in Dubai Islamic Bank (DIB) (DISB.DU).
DIB, the United Arab Emirates' biggest sharia-compliant lender, reported a net profit of 853 million dirhams ($232.25 million) in the first-quarter, down from 1.11 billion dirhams a year earlier.
However, Gulf Navigation (GNAV.DU) finished 1.3% higher, as the shipping firm completed a debt restructuring process of 200 million dirhams ($54.45 million) and expects a shift to profitability in 2021.
In Abu Dhabi, the index (.ADI) dropped 0.6%, hit by a 1.2% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) eased 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) losing 0.6%, ending four sessions of gains.
Among others, Ooredoo (ORDS.QA) was down 0.1%. The telecoms firm said on Wednesday it has extended the period of exclusivity for a memorandum of understanding with CK Hutchison Holdings Ltd (0001.HK) for a possible combination of their respective telecommunications businesses in Indonesia. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) retreated 1.1%, as most of the stocks on the index were in negative territory including Commercial International Bank (COMI.CA), which was down 4.1%.
#Saudi Aramco and India’s Reliance discuss cash and share stake deal | Financial Times
Saudi Aramco and India’s Reliance discuss cash and share stake deal | Financial Times
Saudi Arabia has held talks with Mukesh Ambani’s Reliance Industries about a cash and share deal for a stake in the Indian company’s refining and petrochemicals arm, as the world’s largest crude oil exporter seeks to deepen ties with the fastest-growing energy consumer.
Saudi Arabia has held talks with Mukesh Ambani’s Reliance Industries about a cash and share deal for a stake in the Indian company’s refining and petrochemicals arm, as the world’s largest crude oil exporter seeks to deepen ties with the fastest-growing energy consumer.
Three people familiar with the matter said talks were revived in recent weeks to finalise state energy giant Saudi Aramco’s acquisition of a 20 per cent stake in the conglomerate’s assets, first announced by Ambani in 2019 when it was tipped to be a $15bn deal.
The investment had been delayed because of the pandemic and its fallout on the finances of Saudi Aramco, which generates the bulk of the kingdom’s revenues and is already under pressure to hand out tens of billions of dollars in dividends to the state.
The kingdom was weighing paying for the Reliance deal with Saudi Aramco shares initially and then staggered cash payments over several years, the people said. The proportion of shares versus cash was still up for debate and terms had yet to be finalised, they added.
Mideast Petrostates Ramp Up Oil-Asset Sales to Raise Billions - Bloomberg
Mideast Petrostates Ramp Up Oil-Asset Sales to Raise Billions - Bloomberg
Time was when the Middle East’s petrostates recoiled from using their crown jewels to raise money from foreign investors.
Not any more. In the space of a few weeks, Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait have all accelerated multi-billion-dollar plans to sell energy assets or issue bonds off the back of them. Capping that trend, Saudi Crown Prince Mohammed bin Salman said Tuesday the kingdom is in talks with an unidentified “global energy company” to sell a stake worth about $20 billion in state oil firm Aramco.
The shift underscores how countries in a region that’s home to almost half the world’s oil reserves are taking advantage of the recovery in energy prices following last year’s coronavirus-triggered crash to bolster their ailing finances. The global transition to greener energy is only adding to the urgency, with governments requiring fresh funds to invest in new sectors and diversify their economies. And investors, hobbled by record low interest rates, are grabbing the opportunity.
“It makes sense for these countries to sell stakes when valuations are good,” said Justin Alexander, chief economist at MENA Advisors, a U.K.-based consultancy. “Some of it’s fiscal. Some of it’s a growing recognition of the speed of the energy transition and the need to realize value from these assets.”
Not any more. In the space of a few weeks, Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait have all accelerated multi-billion-dollar plans to sell energy assets or issue bonds off the back of them. Capping that trend, Saudi Crown Prince Mohammed bin Salman said Tuesday the kingdom is in talks with an unidentified “global energy company” to sell a stake worth about $20 billion in state oil firm Aramco.
The shift underscores how countries in a region that’s home to almost half the world’s oil reserves are taking advantage of the recovery in energy prices following last year’s coronavirus-triggered crash to bolster their ailing finances. The global transition to greener energy is only adding to the urgency, with governments requiring fresh funds to invest in new sectors and diversify their economies. And investors, hobbled by record low interest rates, are grabbing the opportunity.
“It makes sense for these countries to sell stakes when valuations are good,” said Justin Alexander, chief economist at MENA Advisors, a U.K.-based consultancy. “Some of it’s fiscal. Some of it’s a growing recognition of the speed of the energy transition and the need to realize value from these assets.”
At Dh853m for Q1-2021, #Dubai Islamic Bank's net profit is definitely in recovery mode | Banking – Gulf News
At Dh853m for Q1-2021, Dubai Islamic Bank's net profit is definitely in recovery mode | Banking – Gulf News
Dubai Islamic Bank will take a lot of strength from its first quarter 2021 numbers, with net profit up a whopping 2,337 per cent compared to what it was in the final three months of 2020. That’s Dh853 million between January to end March against Dh35 million in the fourth quarter of last year.
Just as important, impairment related losses were brought down to Dh751 million, from Dh1.9 billion, which is a 60 per cent decline. Net profit margin was more or less unchanged at 2.5 per cent.
DIB’s financials continue a trend where leading local banks have shown a strong recovery from the worst of the COVID-19 created disruptions in the second-half of last year. “The UAE banking sector continues to remain robust with healthy and well capitalized balance-sheets,” said Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.
“The further extension of the UAE Central Bank’s TESS programme will benefit and support the sector and DIB remains aligned to providing support to the domestic economy throughout this recovery period.” (TESS stands for Targetted Economic Support Scheme, which the Central Bank came up with to help businesses and individuals cope with the COVID-19 created hit.)
Dubai Islamic Bank will take a lot of strength from its first quarter 2021 numbers, with net profit up a whopping 2,337 per cent compared to what it was in the final three months of 2020. That’s Dh853 million between January to end March against Dh35 million in the fourth quarter of last year.
Just as important, impairment related losses were brought down to Dh751 million, from Dh1.9 billion, which is a 60 per cent decline. Net profit margin was more or less unchanged at 2.5 per cent.
DIB’s financials continue a trend where leading local banks have shown a strong recovery from the worst of the COVID-19 created disruptions in the second-half of last year. “The UAE banking sector continues to remain robust with healthy and well capitalized balance-sheets,” said Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.
“The further extension of the UAE Central Bank’s TESS programme will benefit and support the sector and DIB remains aligned to providing support to the domestic economy throughout this recovery period.” (TESS stands for Targetted Economic Support Scheme, which the Central Bank came up with to help businesses and individuals cope with the COVID-19 created hit.)
Scoring #SaudiArabia Vision 2030 Five Years After Launch: Chart - Bloomberg
Scoring Saudi Arabia Vision 2030 Five Years After Launch: Chart - Bloomberg
Five years ago, Saudi Arabia launched Vision 2030, an aspirational program with economic diversification at its heart. Crown Prince Mohammed bin Salman may be bullish on the Vision’s performance, but reality suggests the program has fallen short of its targets, Bloomberg Economics’ scorecard shows. Relative to its 2020 goals, the economy has regressed on most metrics -- including the unemployment rate and foreign direct investment.
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| Source: National Transformation Program, Bloomberg Economics |
#Saudi crown prince says he will further centralise policy making | Reuters
Saudi crown prince says he will further centralise policy making | Reuters
Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, said in a televised interview that he will further centralise policymaking, to ensure the success of his drive to diversify the economy.
In the interview, aired on Saudi TV late on Tuesday, he said the kingdom had set up a Budget Bureau to take over setting the state budget from the finance ministry, and would by the end of this year launch a new Policies Office.
The moves continue a shift of policy decisions away from traditional bodies such as the finance ministry and central bank, which began with the formation of a Council of Economic and Development Affairs, headed by the prince, after his father King Salman took the throne in 2015.
“Policies today are being translated by committees but in the future the dedicated office ... will issue orders to ministries to implement the prepared strategy with clear roles and objectives,” he said.
Prince Mohammed, who became crown prince in 2017 in a palace coup that ousted his predecessor, has consolidated his hold over the main levers of power in the world’s largest oil exporter.
He is also the minister of defence, head of the supreme council for state run oil company Saudi Aramco and chairman of sovereign wealth fund the Public Investment Fund, the main engine tasked with delivering on his diversification drive.
His remarks marked the fifth anniversary of Vision 2030, a programme intended to modernise the kingdom, wean the economy off oil revenues and lure foreign investment to establish new sectors and spur job creation.
Prince Mohammed said that before King Salman assumed power the “situation of the state was weak” with ministries scattered and no public policy.
“Nothing will be achieved without a strong state position that draws policies and sets strategies and aligns them with the different entities,” he said.
Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, said in a televised interview that he will further centralise policymaking, to ensure the success of his drive to diversify the economy.
In the interview, aired on Saudi TV late on Tuesday, he said the kingdom had set up a Budget Bureau to take over setting the state budget from the finance ministry, and would by the end of this year launch a new Policies Office.
The moves continue a shift of policy decisions away from traditional bodies such as the finance ministry and central bank, which began with the formation of a Council of Economic and Development Affairs, headed by the prince, after his father King Salman took the throne in 2015.
“Policies today are being translated by committees but in the future the dedicated office ... will issue orders to ministries to implement the prepared strategy with clear roles and objectives,” he said.
Prince Mohammed, who became crown prince in 2017 in a palace coup that ousted his predecessor, has consolidated his hold over the main levers of power in the world’s largest oil exporter.
He is also the minister of defence, head of the supreme council for state run oil company Saudi Aramco and chairman of sovereign wealth fund the Public Investment Fund, the main engine tasked with delivering on his diversification drive.
His remarks marked the fifth anniversary of Vision 2030, a programme intended to modernise the kingdom, wean the economy off oil revenues and lure foreign investment to establish new sectors and spur job creation.
Prince Mohammed said that before King Salman assumed power the “situation of the state was weak” with ministries scattered and no public policy.
“Nothing will be achieved without a strong state position that draws policies and sets strategies and aligns them with the different entities,” he said.
Extreme prudence required as headwinds remain: #Dubai Islamic Bank CEO | ZAWYA MENA Edition
Extreme prudence required as headwinds remain: Dubai Islamic Bank CEO | ZAWYA MENA Edition
Dubai Islamic Bank (DIB), the largest Islamic lender in the UAE, will continue to run its business with extreme prudence this year, as the “headwinds” of the pandemic remain, its top official said.
The bank, which has recently completed the integration with Noor Bank, reported on Wednesday a net profit of 853 million dirhams ($232 million) for the first quarter of the year, lower than in the same period in 2020 but a rebound from the previous quarter.
“As significant headwinds remain in the current environment, we continue to approach the year with extreme prudence, with focus on low-risk sectors and those showing consistent signs of recovery as the market improves,” said Adnan Chilwan, chief executive officer of DIB.
Chilwan maintained that liquidity remains strong and that business momentum is still positive. However, he said efficiency build up is critical to attaining stability and profitability in light of the challenging conditions. “A focused and disciplined approach to managing OPEX has led to a cost income ratio of 27.5 percent, the lowest in the market,” he said.
“Liquidity remains a strong suit with robust growth in customer deposits of seven percent year on year and four percent year to date, to reach 214 billion dirhams,” he added.
Also, with a liquidity coverage ratio (LCR) of 127 percent, which is well above the minimum regulatory requirements, Chilwan said the lender is “ideally positioned to capture growth opportunities” as conditions improve.
The International Monetary Fund (IMF) has recently forecast that the UAE’s economy will grow 3.1 percent this year, up from the previous estimate of 1.2 percent.
“IMF has revised positively the economic outlook on the UAE, on account of the country’s robust and quick response to the challenges faced in times of the pandemic. Being a global leader in the vaccination race, the economic recovery is expected to accelerate consumer spending and business activities in the coming periods,” said Mohammed Ibrahim Al Shaibani, chairman of DIB.
“The UAE banking sector continues to remain robust with healthy and well capitalised balance sheets. The further extension of the UAE [central bank’s} TESS programme will benefit and support the sector,” he added.
Dubai Islamic Bank (DIB), the largest Islamic lender in the UAE, will continue to run its business with extreme prudence this year, as the “headwinds” of the pandemic remain, its top official said.
The bank, which has recently completed the integration with Noor Bank, reported on Wednesday a net profit of 853 million dirhams ($232 million) for the first quarter of the year, lower than in the same period in 2020 but a rebound from the previous quarter.
“As significant headwinds remain in the current environment, we continue to approach the year with extreme prudence, with focus on low-risk sectors and those showing consistent signs of recovery as the market improves,” said Adnan Chilwan, chief executive officer of DIB.
Chilwan maintained that liquidity remains strong and that business momentum is still positive. However, he said efficiency build up is critical to attaining stability and profitability in light of the challenging conditions. “A focused and disciplined approach to managing OPEX has led to a cost income ratio of 27.5 percent, the lowest in the market,” he said.
“Liquidity remains a strong suit with robust growth in customer deposits of seven percent year on year and four percent year to date, to reach 214 billion dirhams,” he added.
Also, with a liquidity coverage ratio (LCR) of 127 percent, which is well above the minimum regulatory requirements, Chilwan said the lender is “ideally positioned to capture growth opportunities” as conditions improve.
The International Monetary Fund (IMF) has recently forecast that the UAE’s economy will grow 3.1 percent this year, up from the previous estimate of 1.2 percent.
“IMF has revised positively the economic outlook on the UAE, on account of the country’s robust and quick response to the challenges faced in times of the pandemic. Being a global leader in the vaccination race, the economic recovery is expected to accelerate consumer spending and business activities in the coming periods,” said Mohammed Ibrahim Al Shaibani, chairman of DIB.
“The UAE banking sector continues to remain robust with healthy and well capitalised balance sheets. The further extension of the UAE [central bank’s} TESS programme will benefit and support the sector,” he added.
MIDEAST STOCKS #Saudi shares gain as major Gulf markets ease | Reuters
MIDEAST STOCKS Saudi shares gain as major Gulf markets ease | Reuters
Saudi Arabia's stock market traded higher on Wednesday, on track to extend gains for a fifth session, while other major Gulf markets were subdued in early trade.
The kingdom's benchmark index (.TASI) gained 0.7%, buoyed by a 0.9% gain in Al Rajhi Bank (1120.SE) and a 1.5% rise in petrochemical maker Saudi Basic Industries. (2010.SE)
Among others, Rabigh Refining and Petrochemical Company (2380.SE) surged 10%, after the firm posted quarterly net profit.
Saudi Arabia's Crown Prince Mohammed bin Salman said in televised remarks on Tuesday that the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax to 15% was temporary. read more
The country had tripled VAT to offset the impact of lower oil revenue on state finances in a move that had shocked citizens and businesses expecting more support from the government during the coronavirus pandemic.
Oil behemoth Saudi Aramco (2222.SE) increased 0.4%. In the televised remarks, the crown prince said the kingdom was in discussions to sell 1% of Aramco to a leading global energy company. read more
In Dubai, the main share index (.DFMGI) fell 0.6%, with its largest lender Emirates NBD (ENBD.DU) losing 1.2%, while sharia-compliant lender Dubai Islamic Bank (DISB.DU) was down 0.7%.
The Abu Dhabi index (.ADI) lost 0.4%, hit by a 0.5% decrease in First Abu Dhabi Bank (FAB.AD), the country's largest lender.
In Qatar, the benchmark (.QSI) eased 0.2%, with market heavyweight Industries Qatar (IQCD.QA) retreating 1%.
Saudi Arabia's stock market traded higher on Wednesday, on track to extend gains for a fifth session, while other major Gulf markets were subdued in early trade.
The kingdom's benchmark index (.TASI) gained 0.7%, buoyed by a 0.9% gain in Al Rajhi Bank (1120.SE) and a 1.5% rise in petrochemical maker Saudi Basic Industries. (2010.SE)
Among others, Rabigh Refining and Petrochemical Company (2380.SE) surged 10%, after the firm posted quarterly net profit.
Saudi Arabia's Crown Prince Mohammed bin Salman said in televised remarks on Tuesday that the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax to 15% was temporary. read more
The country had tripled VAT to offset the impact of lower oil revenue on state finances in a move that had shocked citizens and businesses expecting more support from the government during the coronavirus pandemic.
Oil behemoth Saudi Aramco (2222.SE) increased 0.4%. In the televised remarks, the crown prince said the kingdom was in discussions to sell 1% of Aramco to a leading global energy company. read more
In Dubai, the main share index (.DFMGI) fell 0.6%, with its largest lender Emirates NBD (ENBD.DU) losing 1.2%, while sharia-compliant lender Dubai Islamic Bank (DISB.DU) was down 0.7%.
The Abu Dhabi index (.ADI) lost 0.4%, hit by a 0.5% decrease in First Abu Dhabi Bank (FAB.AD), the country's largest lender.
In Qatar, the benchmark (.QSI) eased 0.2%, with market heavyweight Industries Qatar (IQCD.QA) retreating 1%.
Saudis in Talks to Sell Aramco Stake to Global Energy Firm - Bloomberg
Saudis in Talks to Sell Aramco Stake to Global Energy Firm - Bloomberg
Saudi Arabia’s crown prince said the kingdom is in talks to sell a 1% stake in state oil giant Saudi Aramco to a “leading global energy company” as he forecast an economic rebound after the coronavirus pandemic.
The kingdom is looking at the potential sale -- which could be worth about $19 billion, based on the company’s market value -- as a way to lock in customer demand for the country’s crude, Crown Prince Mohammed Bin Salman said in a rare interview on a Saudi television channel late Tuesday. While providing few details on which company is involved in the talks, he said the sale could take place in the next two years.
“I don’t want to give any promises about deals finalizing, but there are discussions happening right now about a 1% acquisition by one of the leading energy companies in the world,” Prince Mohammed, the country’s de facto ruler, said. “I cannot mention the name but it’s a huge company. This deal could be very important in strengthening Aramco’s sales in the country where this company resides.”
China is the largest buyer of Saudi Arabian oil. Almost 30% of the kingdom’s crude exports went to the Asian country last month, according to data compiled by Bloomberg. Japan, South Korea and India were the next biggest importers.
As well as China, Aramco is keen to make further inroads into India, the fastest growing market for oil consumption before the pandemic hit. But the company faces strong competition from other suppliers and Indian refiners are among the most price-sensitive in the world.
Saudi Arabia’s crown prince said the kingdom is in talks to sell a 1% stake in state oil giant Saudi Aramco to a “leading global energy company” as he forecast an economic rebound after the coronavirus pandemic.
The kingdom is looking at the potential sale -- which could be worth about $19 billion, based on the company’s market value -- as a way to lock in customer demand for the country’s crude, Crown Prince Mohammed Bin Salman said in a rare interview on a Saudi television channel late Tuesday. While providing few details on which company is involved in the talks, he said the sale could take place in the next two years.
“I don’t want to give any promises about deals finalizing, but there are discussions happening right now about a 1% acquisition by one of the leading energy companies in the world,” Prince Mohammed, the country’s de facto ruler, said. “I cannot mention the name but it’s a huge company. This deal could be very important in strengthening Aramco’s sales in the country where this company resides.”
China is the largest buyer of Saudi Arabian oil. Almost 30% of the kingdom’s crude exports went to the Asian country last month, according to data compiled by Bloomberg. Japan, South Korea and India were the next biggest importers.
As well as China, Aramco is keen to make further inroads into India, the fastest growing market for oil consumption before the pandemic hit. But the company faces strong competition from other suppliers and Indian refiners are among the most price-sensitive in the world.
Oil rises on optimistic demand outlook; uncertainties remain | Reuters
Oil rises on optimistic demand outlook; uncertainties remain | Reuters
Oil prices rose on Wednesday amid optimistic forecasts of global fuel demand recovery, while the rapid spread of COVID-19 infections in India and a bigger-than-expected build in U.S. crude stocks capped gains.
Brent crude futures rose 28 cents, or 0.42%, to $66.70 a barrel at 0646 GMT, following a 1.2% gain from Tuesday.
U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.46%, to $62.23 a barrel, after gaining 1.7% on Tuesday.
An OPEC+ decision to stick to plans for a phased easing of oil production restrictions from May to July underscored the producers' confidence in a recovery in global demand.
Oil prices rose on Wednesday amid optimistic forecasts of global fuel demand recovery, while the rapid spread of COVID-19 infections in India and a bigger-than-expected build in U.S. crude stocks capped gains.
Brent crude futures rose 28 cents, or 0.42%, to $66.70 a barrel at 0646 GMT, following a 1.2% gain from Tuesday.
U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.46%, to $62.23 a barrel, after gaining 1.7% on Tuesday.
An OPEC+ decision to stick to plans for a phased easing of oil production restrictions from May to July underscored the producers' confidence in a recovery in global demand.