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Futures in New York gained 1.9% on Tuesday, the biggest daily jump in nearly three weeks, while gasoline futures settled at the highest since July 2018. The U.S. is setting a new target of 70% of U.S. adults receiving at least one Covid-19 vaccine shot by July 4, while British Prime Minister Boris Johnson said his country’s lockdown rules are set to be scrapped in seven weeks. That’s offsetting concerns about weaker oil consumption in parts of Asia, including key importer India, where Covid-19 remains rampant. “Gasoline inventories in the U.S. are well below where they were a year ago and we’ve taken out refinery capacity,” said Peter McNally, global head for industrials, materials and energy at Third Bridge. “We’ve seen the impact on demand as more people get vaccinated, so we’re going to get that tailwind plus seasonality coming later this month.”  |
Tuesday, 4 May 2021
Oil Reaches Seven-Week High With Demand Revival Gaining Traction - Bloomberg
Oil Reaches Seven-Week High With Demand Revival Gaining Traction - Bloomberg
#UAE economy's growth 'exceeds expectations' with more to come: Khalaf Al Habtoor | Markets – Gulf News
UAE economy's growth 'exceeds expectations' with more to come: Khalaf Al Habtoor | Markets – Gulf News
Forecasts for the UAE economy's return to growth in 2021 have "exceeded expectations", according to Khalaf Al Habtoor, founding Chairman of Al Habtoor Group (AHG), one of the largest privately-owned enterprises in the region.
“Global economic growth was already on the decline in all regions of the world in 2019, and COVID added significant pressure," said Al Habtoor, who business empire straddles real estate, hotels, automotive dealerships and more. "However, the economic recovery in the UAE has been on the upward trajectory since Q3 last year.
“We continue to see pockets of positive growth, and as a result, real GDP is forecast to hit, or exceed, 3 per cent this year.”
The IMF expects the UAE economy to grow 3.1 per cent in 2021, with the global growth outlook hinging on "how effectively economic policies deployed under high uncertainty can limit lasting damage from the crisis.” The UAE Central Bank is forecasting further growth of 3.5 per cent in 2022.
“The first quarter of 2021 has seen extensive growth in the real estate division of the Group, achieving a significant surge in the volume of sales compared to the same time before COVID,” said Al Habtoor.
Forecasts for the UAE economy's return to growth in 2021 have "exceeded expectations", according to Khalaf Al Habtoor, founding Chairman of Al Habtoor Group (AHG), one of the largest privately-owned enterprises in the region.
“Global economic growth was already on the decline in all regions of the world in 2019, and COVID added significant pressure," said Al Habtoor, who business empire straddles real estate, hotels, automotive dealerships and more. "However, the economic recovery in the UAE has been on the upward trajectory since Q3 last year.
“We continue to see pockets of positive growth, and as a result, real GDP is forecast to hit, or exceed, 3 per cent this year.”
The IMF expects the UAE economy to grow 3.1 per cent in 2021, with the global growth outlook hinging on "how effectively economic policies deployed under high uncertainty can limit lasting damage from the crisis.” The UAE Central Bank is forecasting further growth of 3.5 per cent in 2022.
“The first quarter of 2021 has seen extensive growth in the real estate division of the Group, achieving a significant surge in the volume of sales compared to the same time before COVID,” said Al Habtoor.
#Dubai theme park firm DXB Entertainments' accumulated losses at Dh8.16b | Property – Gulf News
Dubai theme park firm DXB Entertainments' accumulated losses at Dh8.16b | Property – Gulf News
The theme park operator DXB Entertainments now has accumulated losses of a staggering Dh8.16 billion.
But in terms of accumulated losses to capital ratio, the owner of Dubai Parks & Resorts has got some relief. As against 98 per cent, it is now at 13 per cent after the conversion of the company’s convertible bonds into new shares. The current issued share capital is Dh62.82 billion.
Plus, the senior debt that DXB Entertainments was carrying has been acquired by Meraas, the Dubai master-developer that is buying up the company in full. It was last year that Meraas announced it was making the move, as there were few options left for DXB Entertainments to take care of its debt load.
Meraas already has raised its stake to more than 90 per cent and it’s only a matter of time before it buys up the rest. Following this, DXB Entertainments’ stock will be delisted from DFM.
The theme park operator DXB Entertainments now has accumulated losses of a staggering Dh8.16 billion.
But in terms of accumulated losses to capital ratio, the owner of Dubai Parks & Resorts has got some relief. As against 98 per cent, it is now at 13 per cent after the conversion of the company’s convertible bonds into new shares. The current issued share capital is Dh62.82 billion.
Plus, the senior debt that DXB Entertainments was carrying has been acquired by Meraas, the Dubai master-developer that is buying up the company in full. It was last year that Meraas announced it was making the move, as there were few options left for DXB Entertainments to take care of its debt load.
Meraas already has raised its stake to more than 90 per cent and it’s only a matter of time before it buys up the rest. Following this, DXB Entertainments’ stock will be delisted from DFM.
#Saudi Aramco 1% Stake Is a Tough Sell - Bloomberg
Saudi Aramco 1% Stake Is a Tough Sell - Bloomberg
Five years after Crown Prince Mohammed Bin Salman ventured that “in 2020 we can live without oil,” he is, once again, hawking Saudi Arabia’s oil champion to raise funds. In a recent, sweeping interview with Arab News, he teased the potential sale of 1% of Saudi Arabian Oil Co., or Saudi Aramco, to a “huge company” in an oil-importing country.
Who would pay $19 billion for that sliver of the Saudi dream? The obvious candidates are in Asia, where the bulk of Saudi Arabia’s oil exports flow.
Chinese sovereign wealth money, as well as the country’s own national oil companies, are said to be in discussions to take the stake, according to a Reuters report. An alternative scenario involves reviving a deal whereby Aramco takes a stake in the energy division of India’s Reliance Industries Ltd. in return for stock instead of cash — although, as my colleague David Fickling writes, that would seem at odds with where Reliance is going.
There is no clear commercial reason for an oil company to actually buy 1% of Aramco. At the best of times, minority stakes in national oil companies come with questionable benefits (unless that stake is deeply discounted). One prominent example, BP Plc’s roughly 20% stake in Rosneft Oil Co. PJSC, is itself the product of the U.K. major’s long and drama-filled dalliance in Russia’s most strategic sector. Beyond a dividend and notional share of production, it’s hard to see what that stake really brings; harder still to see the ultimate exit.
Five years after Crown Prince Mohammed Bin Salman ventured that “in 2020 we can live without oil,” he is, once again, hawking Saudi Arabia’s oil champion to raise funds. In a recent, sweeping interview with Arab News, he teased the potential sale of 1% of Saudi Arabian Oil Co., or Saudi Aramco, to a “huge company” in an oil-importing country.
Who would pay $19 billion for that sliver of the Saudi dream? The obvious candidates are in Asia, where the bulk of Saudi Arabia’s oil exports flow.
There is no clear commercial reason for an oil company to actually buy 1% of Aramco. At the best of times, minority stakes in national oil companies come with questionable benefits (unless that stake is deeply discounted). One prominent example, BP Plc’s roughly 20% stake in Rosneft Oil Co. PJSC, is itself the product of the U.K. major’s long and drama-filled dalliance in Russia’s most strategic sector. Beyond a dividend and notional share of production, it’s hard to see what that stake really brings; harder still to see the ultimate exit.
JPMorgan, FAB Poised to Win Roles on Adnoc Drilling Unit IPO - Bloomberg
JPMorgan, FAB Poised to Win Roles on Adnoc Drilling Unit IPO - Bloomberg
Abu Dhabi National Oil Co. is close to hiring JPMorgan Chase & Co. and First Abu Dhabi Bank PJSC to help arrange the potential listing of its drilling business, according to people familiar with the matter.
Adnoc, as the company is known, is looking to sell a minority stake in its drilling unit in a deal that could value the business at up to $10 billion, the people said, declining to be named because the matter is private. In 2018, when Baker Hughes bought a 5% stake in Adnoc Drilling, that deal valued the company at about $11 billion, including $1 billion of debt.
Although the state energy firm has yet to award formal mandates, the two banks are in pole position for a role on the IPO at the Abu Dhabi Securities Exchange, the people said. Adnoc may also appoint additional advisers, they said.
Adnoc and JPMorgan declined to comment. FAB didn’t immediately respond to emails seeking comment.
Abu Dhabi National Oil Co. is close to hiring JPMorgan Chase & Co. and First Abu Dhabi Bank PJSC to help arrange the potential listing of its drilling business, according to people familiar with the matter.
Adnoc, as the company is known, is looking to sell a minority stake in its drilling unit in a deal that could value the business at up to $10 billion, the people said, declining to be named because the matter is private. In 2018, when Baker Hughes bought a 5% stake in Adnoc Drilling, that deal valued the company at about $11 billion, including $1 billion of debt.
Although the state energy firm has yet to award formal mandates, the two banks are in pole position for a role on the IPO at the Abu Dhabi Securities Exchange, the people said. Adnoc may also appoint additional advisers, they said.
Adnoc and JPMorgan declined to comment. FAB didn’t immediately respond to emails seeking comment.
Oil Rises to Seven-Week High With Eyes on Budding Demand Revival - Bloomberg
Oil Rises to Seven-Week High With Eyes on Budding Demand Revival - Bloomberg
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Futures in New York gained as much as 2.1% on Tuesday, reaching the highest intraday level since mid-March, while gasoline futures jumped as much as 2.8%. The European Union plans to ease curbs for vaccinated travelers this summer, while in the U.S., New York plans to lift most of it virus restrictions this month. That’s offsetting concerns about weaker oil consumption in parts of Asia, including key importer India, where Covid-19 remains rampant. “The loss from India, Brazil and other countries that are suffering aren’t going to be as big compared to the gains we get from tourism in the U.S. and Europe in particular,” said Michael Lynch, president of Strategic Energy & Economic Research. “As long as OPEC+ continues the restraint that they’ve shown, that’s going to keep the market relatively tight.”  |
#Israel’s Bank Leumi Weighs Sale of U.S. Bank Arm: Sources - Bloomberg
Israel’s Bank Leumi Weighs Sale of U.S. Bank Arm: Sources - Bloomberg
Bank Leumi Le-Israel BM, one of Israel’s largest lenders, is considering a sale of its U.S. bank arm, which could fetch about $1 billion, according to people familiar with the matter.
The Tel Aviv-based bank is working with a financial adviser to find buyers for Bank Leumi USA, said the people, who declined to be identified because the matter isn’t public. It also may consider an initial public offering for the unit, one of the people said.
The plans are at an early stage and Bank Leumi may opt to hold onto the business, they said.
The company regularly reviews options for Bank Leumi USA as part of an investment agreement with two minority shareholders in the unit, one of the people said. Those shareholders are Endicott Management Co. and MSD Capital LP, which Bank Leumi USA’s holding company sold a 15% stake to in 2018. MSD Capital manages Michael Dell’s personal fortune.
A representative for Bank Leumi declined to comment.
The potential sale comes as U.S. bank consolidation accelerates, spurring some foreign-owned banks to consider parting with their stateside operations. HSBC Holdings Plc is in the midst of considering strategic options for its U.S. retail business while Banco Bilbao Vizcaya Argentaria SA agreed last year to sell its U.S. arm to PNC Financial Services Group Inc.
Bank Leumi USA had five branches, $7.2 billion in assets and about $6 billion of deposits as of Dec. 31, according to the Federal Deposit Insurance Corp.
Bank Leumi shares fell 0.3% to 23.56 shekels in Tel Aviv on Tuesday.
Bank Leumi Le-Israel BM, one of Israel’s largest lenders, is considering a sale of its U.S. bank arm, which could fetch about $1 billion, according to people familiar with the matter.
The Tel Aviv-based bank is working with a financial adviser to find buyers for Bank Leumi USA, said the people, who declined to be identified because the matter isn’t public. It also may consider an initial public offering for the unit, one of the people said.
The plans are at an early stage and Bank Leumi may opt to hold onto the business, they said.
The company regularly reviews options for Bank Leumi USA as part of an investment agreement with two minority shareholders in the unit, one of the people said. Those shareholders are Endicott Management Co. and MSD Capital LP, which Bank Leumi USA’s holding company sold a 15% stake to in 2018. MSD Capital manages Michael Dell’s personal fortune.
A representative for Bank Leumi declined to comment.
The potential sale comes as U.S. bank consolidation accelerates, spurring some foreign-owned banks to consider parting with their stateside operations. HSBC Holdings Plc is in the midst of considering strategic options for its U.S. retail business while Banco Bilbao Vizcaya Argentaria SA agreed last year to sell its U.S. arm to PNC Financial Services Group Inc.
Bank Leumi USA had five branches, $7.2 billion in assets and about $6 billion of deposits as of Dec. 31, according to the Federal Deposit Insurance Corp.
Bank Leumi shares fell 0.3% to 23.56 shekels in Tel Aviv on Tuesday.
Mideast Stocks: #Saudi index edges up as Aramco beats quarterly profit estimates | ZAWYA MENA Edition
Mideast Stocks: Saudi index edges up as Aramco beats quarterly profit estimates | ZAWYA MENA Edition
Saudi Arabian stocks edged higher on Tuesday, after first-quarter profit from state oil producer Saudi Aramco beat forecasts, while other major Gulf markets closed mixed.
Saudi Arabia's benchmark index ended up 0.1% as Al Rajhi Bank gained 0.4% and Aramco rose 0.7%.
Aramco reported a 30% rise in first-quarter net profit to $21.7 billion, compared with analysts' expectations for $19.48 billion.
Aramco said its profit was primarily driven by stronger oil prices and higher refining and chemicals margins, helping offset lower crude output.
Saudi market gains were capped by a 2.2% loss in Riyad Bank.
Abu Dhabi's indexwas up 0.4% as the market heavyweight First Abu Dhabi Bank climbed 1.4%.
The Dubai index closed 0.4% down as Dubai Islamic Bank shed 1.1% and Emirates NBD Bank, which traded ex-dividend, fell 0.8%.
Abu Dhabi and Dubai stocks have gained more than 21% and 6%, respectively, this year amid signs of economic recovery.
Business conditions in the non-oil sector of the United Arab Emirates improved in April, with new business growth reaching a 20-month high, a survey showed on Tuesday, as the Gulf state's economy recovers from the COVID-19 pandemic.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, rose to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50 line that separates growth from contraction.
Qatar's index was down 0.4% with most of its constituents declining. Industries Qatar led losers by retreating 0.9%.
Saudi Arabian stocks edged higher on Tuesday, after first-quarter profit from state oil producer Saudi Aramco beat forecasts, while other major Gulf markets closed mixed.
Saudi Arabia's benchmark index ended up 0.1% as Al Rajhi Bank gained 0.4% and Aramco rose 0.7%.
Aramco reported a 30% rise in first-quarter net profit to $21.7 billion, compared with analysts' expectations for $19.48 billion.
Aramco said its profit was primarily driven by stronger oil prices and higher refining and chemicals margins, helping offset lower crude output.
Saudi market gains were capped by a 2.2% loss in Riyad Bank.
Abu Dhabi's indexwas up 0.4% as the market heavyweight First Abu Dhabi Bank climbed 1.4%.
The Dubai index closed 0.4% down as Dubai Islamic Bank shed 1.1% and Emirates NBD Bank, which traded ex-dividend, fell 0.8%.
Abu Dhabi and Dubai stocks have gained more than 21% and 6%, respectively, this year amid signs of economic recovery.
Business conditions in the non-oil sector of the United Arab Emirates improved in April, with new business growth reaching a 20-month high, a survey showed on Tuesday, as the Gulf state's economy recovers from the COVID-19 pandemic.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, rose to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50 line that separates growth from contraction.
Qatar's index was down 0.4% with most of its constituents declining. Industries Qatar led losers by retreating 0.9%.
#Saudi Aramco Follows Big Oil Rivals With Bumper Earnings - Bloomberg
Saudi Aramco Follows Big Oil Rivals With Bumper Earnings - Bloomberg
Saudi Aramco’s profit soared in the first quarter following a recovery in global oil and gas markets, though free cash flow remained too low to fully cover dividend payments.
The world’s biggest energy company kept its quarterly payout, almost all of which goes to the Saudi government, at $18.75 billion. The money is vital for the kingdom as it tries to narrow a budget deficit that ballooned last year, with the coronavirus pandemic sinking oil prices and shutting down local businesses.
The bumper results follow those last week of Big Oil rivals such as Royal Dutch Shell Plc and BP Plc, whose earnings are back to pre-pandemic levels as major economies reopen and more people are vaccinated. Brent crude has gained more than 30% this year to top $68 a barrel.
“There are more reasons to be optimistic that better days are coming,” Chief Executive Officer Amin Nasser said in a statement Tuesday. “The momentum provided by the global economic recovery has strengthened energy markets.”
Saudi Aramco’s profit soared in the first quarter following a recovery in global oil and gas markets, though free cash flow remained too low to fully cover dividend payments.
The world’s biggest energy company kept its quarterly payout, almost all of which goes to the Saudi government, at $18.75 billion. The money is vital for the kingdom as it tries to narrow a budget deficit that ballooned last year, with the coronavirus pandemic sinking oil prices and shutting down local businesses.
The bumper results follow those last week of Big Oil rivals such as Royal Dutch Shell Plc and BP Plc, whose earnings are back to pre-pandemic levels as major economies reopen and more people are vaccinated. Brent crude has gained more than 30% this year to top $68 a barrel.
“There are more reasons to be optimistic that better days are coming,” Chief Executive Officer Amin Nasser said in a statement Tuesday. “The momentum provided by the global economic recovery has strengthened energy markets.”
Du secures $1bln financing deal with a group of banks | ZAWYA MENA Edition
Du secures $1bln financing deal with a group of banks | ZAWYA MENA Edition
Emirates Integrated Telecommunications Company PJSC (Du) has confirmed long-term financing of more than $1 billion to use for general corporate purposes and infrastructure deployment.
The company said in a statement to Dubai Financial Market (DFM) that the board has approved long-term financing of AED 3.769 billion ($1.026 billion) in two parts with a group of banks.
The financing is formed of two parts - a AED 1.981 billion equivalent five-year revolving credit facility and AED 1.788 seven-year term loan facility, Du said in its statement.
Du reported a 27 percent fall in its Q1 net profit this year. The company declared a net profit of AED 257 million ($69.9 million) during Q1, compared with AED 355 million in the same period last year.
Net profit for the January-March period more than quadrupled against Q4 2020, on the back of an improving economy, the telecom operator said.
Emirates Integrated Telecommunications Company PJSC (Du) has confirmed long-term financing of more than $1 billion to use for general corporate purposes and infrastructure deployment.
The company said in a statement to Dubai Financial Market (DFM) that the board has approved long-term financing of AED 3.769 billion ($1.026 billion) in two parts with a group of banks.
The financing is formed of two parts - a AED 1.981 billion equivalent five-year revolving credit facility and AED 1.788 seven-year term loan facility, Du said in its statement.
Du reported a 27 percent fall in its Q1 net profit this year. The company declared a net profit of AED 257 million ($69.9 million) during Q1, compared with AED 355 million in the same period last year.
Net profit for the January-March period more than quadrupled against Q4 2020, on the back of an improving economy, the telecom operator said.
#AbuDhabi's food giant Agthia delivers on healthy Q1-2021 revenues of Dh665.5m | Retail – Gulf News
Abu Dhabi's food giant Agthia delivers on healthy Q1-2021 revenues of Dh665.5m | Retail – Gulf News
Boosted by recent acquisitions in the region, Abu Dhabi’s F&B giant Agthia - which owns 'Al Ain' bottled water - recorded a 17 per cent increase in first quarter revenues to Dh665.5 million, with the consumer division cooking up solid gains. The net profit came to just over Dh49 million from an 85 per cent increase.
And more deals are on the way. “We take to the future with great confidence and strengthening our protein and Egypt business with a new strategic acquisition in Ismailia Investments (Atyab),” said Khalifa Sultan Al Suwaidi, Chairman. “This is in continuation of the group’s pursuit to becoming an F&B leader in our region and beyond as part of our recently announced 2025 strategic plan.”
With revenues of Dh430.5 million, the consumer division was boosted by the addition of Al Faysal Bakey & Sweets in Kuwait. Another consolidation move, of Al Foah dates in Abu Dhabi, alone contributed Dh137 million to the revenues during this period.
Boosted by recent acquisitions in the region, Abu Dhabi’s F&B giant Agthia - which owns 'Al Ain' bottled water - recorded a 17 per cent increase in first quarter revenues to Dh665.5 million, with the consumer division cooking up solid gains. The net profit came to just over Dh49 million from an 85 per cent increase.
And more deals are on the way. “We take to the future with great confidence and strengthening our protein and Egypt business with a new strategic acquisition in Ismailia Investments (Atyab),” said Khalifa Sultan Al Suwaidi, Chairman. “This is in continuation of the group’s pursuit to becoming an F&B leader in our region and beyond as part of our recently announced 2025 strategic plan.”
With revenues of Dh430.5 million, the consumer division was boosted by the addition of Al Faysal Bakey & Sweets in Kuwait. Another consolidation move, of Al Foah dates in Abu Dhabi, alone contributed Dh137 million to the revenues during this period.
#Saudi Private-Sector Employment Rises for First Time This Year - Bloomberg
Saudi Private-Sector Employment Rises for First Time This Year - Bloomberg
Business conditions in Saudi Arabia improved at the fastest pace in three months as firms increased their headcount for the first time this year.
“The Saudi Arabia PMI rebounded in April to indicate a strengthening of growth across the non-oil economy,” said David Owen, economist at IHS Markit. Non-oil private sector activity grew for an eighth consecutive month and the kingdom’s Purchasing Managers’ Index rose to 55.2 last month from 53.3 in March, remaining above the 50-mark separating growth from contraction.
“Despite a boost to demand, the business outlook weakened from March as fewer respondents projected that output would grow in the coming 12 months,” Owen said. “Current concerns among businesses included a possible further wave of Covid-19 that could exacerbate issues with foreign travel.”
PMI in neighboring United Arab Emirates rose fractionally to 52.7 from 52.6 in March, the highest since July 2019. Job losses continued for a third month, though business confidence gained momentum, with some firms reporting better conditions due to a fast rollout of vaccines for Covid-19.
Business conditions in Saudi Arabia improved at the fastest pace in three months as firms increased their headcount for the first time this year.
“The Saudi Arabia PMI rebounded in April to indicate a strengthening of growth across the non-oil economy,” said David Owen, economist at IHS Markit. Non-oil private sector activity grew for an eighth consecutive month and the kingdom’s Purchasing Managers’ Index rose to 55.2 last month from 53.3 in March, remaining above the 50-mark separating growth from contraction.
“Despite a boost to demand, the business outlook weakened from March as fewer respondents projected that output would grow in the coming 12 months,” Owen said. “Current concerns among businesses included a possible further wave of Covid-19 that could exacerbate issues with foreign travel.”
PMI in neighboring United Arab Emirates rose fractionally to 52.7 from 52.6 in March, the highest since July 2019. Job losses continued for a third month, though business confidence gained momentum, with some firms reporting better conditions due to a fast rollout of vaccines for Covid-19.
Aventicum Capital MGMT's Samhouri on Non-Oil Sector Growth in KSA - Bloomberg
Aventicum Capital MGMT's Samhouri on Non-Oil Sector Growth in KSA - Bloomberg
Talal Samhouri, senior portfolio manager at Aventicum Captial Management joins the show. As the IMF sees Saudi non-oil growth rebounding as the economy recovers, Samhouri says he "likes the Saudi market" and sees good growth opportunities there. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
MIDEAST STOCKS #Saudi stocks gain as Aramco Q1 profit tops estimates | Reuters
MIDEAST STOCKS Saudi stocks gain as Aramco Q1 profit tops estimates | Reuters
Major Gulf stock markets were little changed in early trade on Tuesday, with Saudi Arabia shares rising as state oil producer Saudi Aramco's (2222.SE) first-quarter profit topped analysts' estimates.
Saudi Arabia's benchmark index (.TASI) was up 0.3% after falling for three straight days. Saudi Aramco rose 0.6% after it reported a 30% rise in first-quarter net profit to $21.7 billion, compared with analysts' expectation of $19.48 billion. read more
Aramco said its profit was primarily driven by a stronger oil market and higher refining and chemicals margins, partly offset by lower production.
Among other gainers, Al Rajhi (1120.SE) Bank edged up 0.2%.
Separately, business activity in Saudi Arabia's non-oil private sector hit a three-month high in April as the seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 55.2 for the month remaining above the 50 mark, which separates expansion from contraction, for the eighth straight month. read more
Abu Dhabi's index (.ADI) edged up 0.1% with First Abu Dhabi Bank (FAB.AD) and Emirates Telecommunications Group (ETISALAT.AD) both gaining 0.1%.
The Dubai index (.DFMGI) was flat as courier firm Aramex (ARMX.DU) rose 1.8% and Emirates Integrated Telecommunications (du) (DU.DU) dropped 1.2% after saying it signed loan agreements for 3.77 billion dirhams ($1.03 billion).
Abu Dhabi and Dubai stocks gained nearly 21% and 7%, respectively, this year amid signs of economic recovery in the country.
Business conditions in the United Arab Emirates non-oil private sector continued to improve in April, with new business growth reaching a 20-month high, a survey showed on Tuesday, as the Gulf state's economy recovers from the COVID-19 pandemic. read more
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, rose to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50.
Qatar's index (.QSI) was down 0.4% with 17 of its 20 constituents declining. Industries Qatar (IQCD.QA) led losers falling 2.1%.
Major Gulf stock markets were little changed in early trade on Tuesday, with Saudi Arabia shares rising as state oil producer Saudi Aramco's (2222.SE) first-quarter profit topped analysts' estimates.
Saudi Arabia's benchmark index (.TASI) was up 0.3% after falling for three straight days. Saudi Aramco rose 0.6% after it reported a 30% rise in first-quarter net profit to $21.7 billion, compared with analysts' expectation of $19.48 billion. read more
Aramco said its profit was primarily driven by a stronger oil market and higher refining and chemicals margins, partly offset by lower production.
Among other gainers, Al Rajhi (1120.SE) Bank edged up 0.2%.
Separately, business activity in Saudi Arabia's non-oil private sector hit a three-month high in April as the seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 55.2 for the month remaining above the 50 mark, which separates expansion from contraction, for the eighth straight month. read more
Abu Dhabi's index (.ADI) edged up 0.1% with First Abu Dhabi Bank (FAB.AD) and Emirates Telecommunications Group (ETISALAT.AD) both gaining 0.1%.
The Dubai index (.DFMGI) was flat as courier firm Aramex (ARMX.DU) rose 1.8% and Emirates Integrated Telecommunications (du) (DU.DU) dropped 1.2% after saying it signed loan agreements for 3.77 billion dirhams ($1.03 billion).
Abu Dhabi and Dubai stocks gained nearly 21% and 7%, respectively, this year amid signs of economic recovery in the country.
Business conditions in the United Arab Emirates non-oil private sector continued to improve in April, with new business growth reaching a 20-month high, a survey showed on Tuesday, as the Gulf state's economy recovers from the COVID-19 pandemic. read more
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, rose to 52.7, its highest level since July 2019 and the fifth consecutive month it has held above the 50.
Qatar's index (.QSI) was down 0.4% with 17 of its 20 constituents declining. Industries Qatar (IQCD.QA) led losers falling 2.1%.
#UAE non-oil private sector keeps growing in April - PMI | Reuters
UAE non-oil private sector keeps growing in April - PMI | Reuters
Business conditions in the United Arab Emirates non-oil private sector continued to improve in April, with new business growth reaching a 20-month high, a survey showed on Tuesday, as the Gulf state's economy recovers from the COVID-19 pandemic.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, edged up to 52.7 in April from 52.6 in March.
This was its highest level since July 2019 and the fifth consecutive month it has held above the 50.0 line that separates growth from contraction.
"The UAE non-oil economy remains on the right track to a recovery from COVID-19," said David Owen, economist at IHS Markit.
Business conditions in the United Arab Emirates non-oil private sector continued to improve in April, with new business growth reaching a 20-month high, a survey showed on Tuesday, as the Gulf state's economy recovers from the COVID-19 pandemic.
The seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, edged up to 52.7 in April from 52.6 in March.
This was its highest level since July 2019 and the fifth consecutive month it has held above the 50.0 line that separates growth from contraction.
"The UAE non-oil economy remains on the right track to a recovery from COVID-19," said David Owen, economist at IHS Markit.
#Saudi non-oil business activity hits three-month high in April - PMI | Reuters
Saudi non-oil business activity hits three-month high in April - PMI | Reuters
Business activity in Saudi Arabia's non-oil private sector hit a three-month high in April and employment grew for the first time in five months, a survey showed on Tuesday, as the kingdom shows signs of recovering from the coronavirus pandemic.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 55.2 in April from 53.3 in March, remaining above the 50 mark that separates expansion from contraction for the eighth straight month.
"The Saudi Arabia PMI rebounded in April to indicate a strengthening of growth across the non-oil economy. New orders picked up at the quickest rate for three months as business conditions continued to recover from COVID-19," said David Owen, Economist at IHS Markit.
The output subindex rose to 58.7 in April from 56.2 in March, with growth widely linked to improving new orders.
Business activity in Saudi Arabia's non-oil private sector hit a three-month high in April and employment grew for the first time in five months, a survey showed on Tuesday, as the kingdom shows signs of recovering from the coronavirus pandemic.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 55.2 in April from 53.3 in March, remaining above the 50 mark that separates expansion from contraction for the eighth straight month.
"The Saudi Arabia PMI rebounded in April to indicate a strengthening of growth across the non-oil economy. New orders picked up at the quickest rate for three months as business conditions continued to recover from COVID-19," said David Owen, Economist at IHS Markit.
The output subindex rose to 58.7 in April from 56.2 in March, with growth widely linked to improving new orders.
#Saudi Aramco beats quarterly profit forecast, maintains dividend | Reuters
Saudi Aramco beats quarterly profit forecast, maintains dividend | Reuters
State-run oil producer Saudi Aramco (2222.SE) beat analysts' forecasts on Tuesday with a 30% rise in first-quarter net profit and maintained its dividend payout, helped by strong oil prices.
Earnings by global energy companies such as Exxon Mobil (XOM.N) have climbed on the back of rising crude prices, which are up by about a third this year, as fuel demand recovers from the pandemic and as a global surplus of crude shrinks.
"Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming," Amin Nasser, chief executive of the world's top oil exporter, said in a statement.
"And while some headwinds still remain, we are well-positioned to meet the world's growing energy needs as economies start to recover," he said.
Net income rose to $21.7 billion for the quarter to March 31 from $16.7 billion a year earlier. Aramco had been forecast to deliver net profit of $19.48 billion, according to an average based on estimates by five analysts.
State-run oil producer Saudi Aramco (2222.SE) beat analysts' forecasts on Tuesday with a 30% rise in first-quarter net profit and maintained its dividend payout, helped by strong oil prices.
Earnings by global energy companies such as Exxon Mobil (XOM.N) have climbed on the back of rising crude prices, which are up by about a third this year, as fuel demand recovers from the pandemic and as a global surplus of crude shrinks.
"Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming," Amin Nasser, chief executive of the world's top oil exporter, said in a statement.
"And while some headwinds still remain, we are well-positioned to meet the world's growing energy needs as economies start to recover," he said.
Net income rose to $21.7 billion for the quarter to March 31 from $16.7 billion a year earlier. Aramco had been forecast to deliver net profit of $19.48 billion, according to an average based on estimates by five analysts.
Oil dips but U.S., Europe demand growth optimism keep prices supported | Reuters
Oil dips but U.S., Europe demand growth optimism keep prices supported | Reuters
Oil prices dipped on Tuesday, reversing gains earlier in the session after more U.S. states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as COVID-19 cases soar.
Brent crude futures fell 7 cents, or 0.1%, to $67.49 a barrel at 0619 GMT, after climbing 1.2% on Monday.
U.S. West Texas Intermediate (WTI) crude futures also ticked 6 cents, or 0.1%, lower to $64.43 a barrel, after gaining 1.4% on Monday.
"Despite shorter-term profit-taking pushing oil slightly lower in Asia, both Brent and WTI have now moved to near the top end of their one-month ranges once again," said Jeffrey Halley, market analyst at OANDA.
Oil prices dipped on Tuesday, reversing gains earlier in the session after more U.S. states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as COVID-19 cases soar.
Brent crude futures fell 7 cents, or 0.1%, to $67.49 a barrel at 0619 GMT, after climbing 1.2% on Monday.
U.S. West Texas Intermediate (WTI) crude futures also ticked 6 cents, or 0.1%, lower to $64.43 a barrel, after gaining 1.4% on Monday.
"Despite shorter-term profit-taking pushing oil slightly lower in Asia, both Brent and WTI have now moved to near the top end of their one-month ranges once again," said Jeffrey Halley, market analyst at OANDA.