Oil notches second weekly gain despite India virus surge | Reuters
Oil edged up slightly on Friday even as the COVID-19 crisis in India worsened, and prices notched a second weekly gain against the backdrop of optimism over a global economic recovery.
Brent crude futures ended the session at $68.28 a barrel while U.S. West Texas Intermediate (WTI) crude settled at $64.90 a barrel, both up 19 cents, or 0.3%.
The two benchmarks rose by more than 1% on the week, their second consecutive weekly gain, as easing COVID-19 restrictions on movement in the United States and Europe, recovering factory operations and coronavirus vaccinations pave the way for a revival in fuel demand.
“Oil prices might still have a positive second consecutive week, but it is nothing to get energy traders excited that oil will break away from its tightening trading range. Oil’s short-term outlook remains very mixed,” Edward Moya, senior market analyst at OANDA said.
Friday, 7 May 2021
Adnoc and OCI prepare to list fertiliser joint venture | The National
Adnoc and OCI prepare to list fertiliser joint venture | The National
Abu Dhabi National Oil Company and its business partner OCI are preparing for a potential listing of Fertiglobe, their fertiliser manufacturing joint venture.
Adnoc holds a 42 per cent stake in the company, known as Fertiglobe, with OCI retaining the majority 58 per cent interest. OCI is listed on the Euronext Amsterdam exchange and has Egyptian billionaire Nassef Sawiris as its biggest shareholder. Microsoft founder Bill Gates also owns a 6 per cent stake in the company.
“Adnoc regularly assesses investment and partnership opportunities across its entire value chain and is currently exploring a number of potential opportunities, including a potential listing of Fertiglobe, our fertiliser JV business with OCI," a spokesman for the company said in a statement.
The export-focused nitrogen fertiliser business was formed in 2019 following the merger of Adnoc's fertiliser arm and OCI's Middle East nitrogen fertiliser business. Fertiglobe is headquartered at the Abu Dhabi Global Market. Dr Sultan Al Jaber, Adnoc group chief executive and managing director is chairman of the company.
“In less than two years, a global fertiliser player was created, based in Abu Dhabi," the Adnoc spokesman said.
Abu Dhabi National Oil Company and its business partner OCI are preparing for a potential listing of Fertiglobe, their fertiliser manufacturing joint venture.
Adnoc holds a 42 per cent stake in the company, known as Fertiglobe, with OCI retaining the majority 58 per cent interest. OCI is listed on the Euronext Amsterdam exchange and has Egyptian billionaire Nassef Sawiris as its biggest shareholder. Microsoft founder Bill Gates also owns a 6 per cent stake in the company.
“Adnoc regularly assesses investment and partnership opportunities across its entire value chain and is currently exploring a number of potential opportunities, including a potential listing of Fertiglobe, our fertiliser JV business with OCI," a spokesman for the company said in a statement.
The export-focused nitrogen fertiliser business was formed in 2019 following the merger of Adnoc's fertiliser arm and OCI's Middle East nitrogen fertiliser business. Fertiglobe is headquartered at the Abu Dhabi Global Market. Dr Sultan Al Jaber, Adnoc group chief executive and managing director is chairman of the company.
“In less than two years, a global fertiliser player was created, based in Abu Dhabi," the Adnoc spokesman said.
#Qatar Central Bankers Must Reveal Emails Over Blockade Response, UK Court Rules - Bloomberg
Qatar Central Bankers Must Reveal Emails Over Blockade Response, UK Court Rules - Bloomberg
Financier David Rowland’s Banque Havilland SA got a boost in its fight against claims it helped orchestrate an economic blockade of Qatar, after a U.K. court ordered top officials at the nation’s central bank to hand over private emails.
A London lawyer for the Qataris had said that the governor Sheikh Abdulla bin Saoud Al-Thani didn’t have “operational responsibility” for the economic response to Qatar’s 2017 crisis, an argument that was dismissed by the Judge David Waksman.
“Given the amount of money that had to be pumped out by the QCB, I don’t find that particularly plausible,” the judge said. The central bank’s deputy governor as well as an official at the nation’s sovereign wealth fund must also turn over emails, he said.
Qatar sued Banque Havilland in London in 2019, accusing the lender of leading a financial attack with the aim of destabilizing the Qatari riyal. It’s relying on a presentation prepared by a Banque Havilland analyst that Qatar says detailed an attempt to deplete the country’s reserves and damage its ability to host soccer’s 2022 World Cup.
Qatar says it needed to make a “massive fiscal intervention,” pouring money into the economy at the same time as its neighbors blockaded the gas-rich nation. The central bank liquidated assets and injected $1.6 billion while the Kuwait Investment Authority deposited some $20 billion with domestic banks.
In the short hearing, Banque Havilland lawyers didn’t explain why they wanted the documents, but the company is looking at details of the decision-making at the time of the Qatari response.
Lawyers from both sides of the dispute didn’t immediately respond to emails seeking further comment.
Financier David Rowland’s Banque Havilland SA got a boost in its fight against claims it helped orchestrate an economic blockade of Qatar, after a U.K. court ordered top officials at the nation’s central bank to hand over private emails.
A London lawyer for the Qataris had said that the governor Sheikh Abdulla bin Saoud Al-Thani didn’t have “operational responsibility” for the economic response to Qatar’s 2017 crisis, an argument that was dismissed by the Judge David Waksman.
“Given the amount of money that had to be pumped out by the QCB, I don’t find that particularly plausible,” the judge said. The central bank’s deputy governor as well as an official at the nation’s sovereign wealth fund must also turn over emails, he said.
Qatar sued Banque Havilland in London in 2019, accusing the lender of leading a financial attack with the aim of destabilizing the Qatari riyal. It’s relying on a presentation prepared by a Banque Havilland analyst that Qatar says detailed an attempt to deplete the country’s reserves and damage its ability to host soccer’s 2022 World Cup.
Qatar says it needed to make a “massive fiscal intervention,” pouring money into the economy at the same time as its neighbors blockaded the gas-rich nation. The central bank liquidated assets and injected $1.6 billion while the Kuwait Investment Authority deposited some $20 billion with domestic banks.
In the short hearing, Banque Havilland lawyers didn’t explain why they wanted the documents, but the company is looking at details of the decision-making at the time of the Qatari response.
Lawyers from both sides of the dispute didn’t immediately respond to emails seeking further comment.
#Saudi Official Confirms Talks With #Iran to Reduce Tensions - Bloomberg
Saudi Official Confirms Talks With Iran to Reduce Tensions - Bloomberg
A Saudi foreign ministry official confirmed his country is in talks with Iran to reduce tensions in the Middle East, bringing weeks of private diplomacy between the two regional powerhouses into the open.
Ambassador Rayed Krimly, head of policy planning at the ministry, told Reuters that Riyadh wanted to see “verifiable deeds” before evaluating the talks.
“We hope they prove successful, but it is too early, and premature, to reach any definitive conclusions,” Krimly told Reuters.
Iraq has been mediating between Iran and Saudi Arabia with a focus on the Yemeni civil war, where the two rivals back opposing sides.
The regional outreach could help ease international concern around Iran’s nuclear program, currently the subject of negotiations in Vienna seeking to revive the 2015 nuclear deal. Former U.S. President Donald Trump’s exit from the deal was followed by attacks on global shipping lanes and Saudi oil installations, many of them blamed on Iran or its regional proxies.
A Saudi foreign ministry official confirmed his country is in talks with Iran to reduce tensions in the Middle East, bringing weeks of private diplomacy between the two regional powerhouses into the open.
Ambassador Rayed Krimly, head of policy planning at the ministry, told Reuters that Riyadh wanted to see “verifiable deeds” before evaluating the talks.
“We hope they prove successful, but it is too early, and premature, to reach any definitive conclusions,” Krimly told Reuters.
Iraq has been mediating between Iran and Saudi Arabia with a focus on the Yemeni civil war, where the two rivals back opposing sides.
The regional outreach could help ease international concern around Iran’s nuclear program, currently the subject of negotiations in Vienna seeking to revive the 2015 nuclear deal. Former U.S. President Donald Trump’s exit from the deal was followed by attacks on global shipping lanes and Saudi oil installations, many of them blamed on Iran or its regional proxies.
#Dubai luxury home market soars as world's rich flee pandemic
Dubai luxury home market soars as world's rich flee pandemic
After nearly three decades in London, Christophe Reech was fed up with the city’s pandemic lockdowns. This spring, he sold his luxury townhouse and jetted off to the desert sheikhdom of Dubai to start a new life with his family.
There was no turning back, he said. The French business magnate’s super wealthy foreign friends were doing the same, driving an unprecedented surge in sales of Dubai’s most-exclusive properties.
“Here in Dubai, there’s only one strategy: Business as usual,” said Reech, the chairman of an eponymous group that owns real estate and financial technology companies. The philosophy is simple: “Let’s make sure everyone’s vaccinated and keep everything open.”
“Of course that attracts people like me,” he said.
As vaccines roll out unevenly worldwide and waves of infections force countries to extend restrictions, foreign buyers flush with cash have flooded Dubai’s high-end property market, one of the few places in the world where they can dine, shop and do business in person. They’re snapping up record numbers of luxury villas and penthouses, sending prices rocketing in this boom-and-bust market.
After nearly three decades in London, Christophe Reech was fed up with the city’s pandemic lockdowns. This spring, he sold his luxury townhouse and jetted off to the desert sheikhdom of Dubai to start a new life with his family.
There was no turning back, he said. The French business magnate’s super wealthy foreign friends were doing the same, driving an unprecedented surge in sales of Dubai’s most-exclusive properties.
“Here in Dubai, there’s only one strategy: Business as usual,” said Reech, the chairman of an eponymous group that owns real estate and financial technology companies. The philosophy is simple: “Let’s make sure everyone’s vaccinated and keep everything open.”
“Of course that attracts people like me,” he said.
As vaccines roll out unevenly worldwide and waves of infections force countries to extend restrictions, foreign buyers flush with cash have flooded Dubai’s high-end property market, one of the few places in the world where they can dine, shop and do business in person. They’re snapping up record numbers of luxury villas and penthouses, sending prices rocketing in this boom-and-bust market.
#Turkey Seeks #SaudiArabia Talks as Part of Regional Reset - Bloomberg
Turkey Seeks Saudi Arabia Talks as Part of Regional Reset - Bloomberg
Turkey is taking its outreach to the Arab world one step further with a planned visit to Saudi Arabia next week, after diplomats held two days of talks in Egypt to heal strained ties.
Turkish Foreign Minister Mevlut Cavusoglu’s visit to Saudi Arabia would be the first since the 2018 murder of columnist Jamal Khashoggi at the kingdom’s consulate in Istanbul, according to people familiar with the matter. The visit, which is likely to take place on May 11, comes after Turkey’s President Recep Tayyip Erdogan and Saudi King Salman bin Abdulaziz discussed ways to improve relations in a phone call on Tuesday.
Turkey is seeking to reset relations with Egypt, Saudi Arabia and the United Arab Emirates to ease conflicts in Libya and Syria and eliminate tensions hampering regional trade and energy exploration. The move is in line with a broader recalibration of ties in the Middle East following Joe Biden’s win in the U.S. presidential election in November.
Under Erdogan, Turkey has been a supporter of the Muslim Brotherhood, the pan-Islamist political movement seen by many Arab governments as a threat to the ruling order. It was unclear whether Turkey was considering curtailing its backing of the Brotherhood to appease Riyadh and Abu Dhabi.
Turkey is taking its outreach to the Arab world one step further with a planned visit to Saudi Arabia next week, after diplomats held two days of talks in Egypt to heal strained ties.
Turkish Foreign Minister Mevlut Cavusoglu’s visit to Saudi Arabia would be the first since the 2018 murder of columnist Jamal Khashoggi at the kingdom’s consulate in Istanbul, according to people familiar with the matter. The visit, which is likely to take place on May 11, comes after Turkey’s President Recep Tayyip Erdogan and Saudi King Salman bin Abdulaziz discussed ways to improve relations in a phone call on Tuesday.
Turkey is seeking to reset relations with Egypt, Saudi Arabia and the United Arab Emirates to ease conflicts in Libya and Syria and eliminate tensions hampering regional trade and energy exploration. The move is in line with a broader recalibration of ties in the Middle East following Joe Biden’s win in the U.S. presidential election in November.
Under Erdogan, Turkey has been a supporter of the Muslim Brotherhood, the pan-Islamist political movement seen by many Arab governments as a threat to the ruling order. It was unclear whether Turkey was considering curtailing its backing of the Brotherhood to appease Riyadh and Abu Dhabi.
IHC to list three subsidiaries on #AbuDhabi's ADX Second Market in Q2 2021 | ZAWYA MENA Edition
IHC to list three subsidiaries on Abu Dhabi's ADX Second Market in Q2 2021 | ZAWYA MENA Edition
Three subsidiaries of Abu Dhabi Securities Exchange (ADX)-listed International Holding Company (IHC) will be listed on the exchange’s Second Market commencing in Q2 2021. The listing will create an attractive opportunity for current and new investors to take part in the growth of the companies, as well as benefitting IHC as a result of increased profile raising and higher visibility from these companies.
Emirates Stallion Group is one of IHC’s subsidiaries and has a diversified portfolio of businesses across engineering and construction, development and management of real estate and public realms and associated services. Ever since its inception in 2006, ESG has grown rapidly becoming the region’s only all-encompassing real estate partner. ESG is home to 5 fully owned subsidiaries, 90+ operational sites, 12 marketplace presence and 4 associates and joint ventures. The subsidiaries include Century Real Estate, Royal Development Company, Abu Dhabi Land General Contracting, Gulf Dunes Landscaping and Agricultural services and RAPM Architect Project Management. The company has assets of AED 394 million as of the end of 2020 and over 1000 employees.
One of the three companies to list is Al Seer Marine, a leading marine organisation in the Arabian maritime region, with an all-encompassing portfolio of products and services. The company engages in multiple marine sectors such as high-tech boatbuilding, unmanned systems development and manufacturing, Al Seer Marine Training Institute (ASMTI) for product training, maintenance and support services, supply logistics, 24x7 yacht management and project management. Founded in 2002, Al Seer Marine has assets of AED717.8 million as at the end of 2020.
Syed Basar Shueb, CEO and Managing Director of IHC, said: "IHC has continued to grow becoming the second-biggest company by value on the Abu Dhabi Securities exchange. We will continue to enrich our diversified portfolio with strong companies that are in line with our growth strategy and goals. We believe in local product and many of our fastest growing companies are homegrown in the UAE. Emirates Stallion Group and Al Seer Marine are ambitious companies that have continued to expand in recent years. Listing on ADX’ Second Market, will offer investors an outstanding opportunity to participate in these well-established companies’ success journey." These listings will follow the three successful listings that IHC completed in 2020 of Palm Sports, Easylease and Zee Stores on ADX’s second market.
Over the last six months, IHC and its subsidiaries announced the pre-launch of the UAE’s first virtual wellness and prevention platform HealthyU, investments in UK-based DNA sequencing firm Oxford Nanopore Technologies, Quantlase Lab and Tamouh Healthcare, which recently developed the concept of Containerized Aid for Respiratory Emergencies (CARE), turning modular containers into fully equipped medical field hospitals such as – Sheikh Mohammed Bin Zayed Field Hospital – which was completed in early March near Darfur, Sudan. IHC and its subsidiaries have also previously announced several new investments. These include a stake in SpaceX, Elon Musk’s aerospace company, a partnership with DAL Group for a significant agricultural development in Sudan; and Multiply’s acquisition of a stake in New York data-driven marketing firm YieldMo.
Three subsidiaries of Abu Dhabi Securities Exchange (ADX)-listed International Holding Company (IHC) will be listed on the exchange’s Second Market commencing in Q2 2021. The listing will create an attractive opportunity for current and new investors to take part in the growth of the companies, as well as benefitting IHC as a result of increased profile raising and higher visibility from these companies.
Emirates Stallion Group is one of IHC’s subsidiaries and has a diversified portfolio of businesses across engineering and construction, development and management of real estate and public realms and associated services. Ever since its inception in 2006, ESG has grown rapidly becoming the region’s only all-encompassing real estate partner. ESG is home to 5 fully owned subsidiaries, 90+ operational sites, 12 marketplace presence and 4 associates and joint ventures. The subsidiaries include Century Real Estate, Royal Development Company, Abu Dhabi Land General Contracting, Gulf Dunes Landscaping and Agricultural services and RAPM Architect Project Management. The company has assets of AED 394 million as of the end of 2020 and over 1000 employees.
One of the three companies to list is Al Seer Marine, a leading marine organisation in the Arabian maritime region, with an all-encompassing portfolio of products and services. The company engages in multiple marine sectors such as high-tech boatbuilding, unmanned systems development and manufacturing, Al Seer Marine Training Institute (ASMTI) for product training, maintenance and support services, supply logistics, 24x7 yacht management and project management. Founded in 2002, Al Seer Marine has assets of AED717.8 million as at the end of 2020.
Syed Basar Shueb, CEO and Managing Director of IHC, said: "IHC has continued to grow becoming the second-biggest company by value on the Abu Dhabi Securities exchange. We will continue to enrich our diversified portfolio with strong companies that are in line with our growth strategy and goals. We believe in local product and many of our fastest growing companies are homegrown in the UAE. Emirates Stallion Group and Al Seer Marine are ambitious companies that have continued to expand in recent years. Listing on ADX’ Second Market, will offer investors an outstanding opportunity to participate in these well-established companies’ success journey." These listings will follow the three successful listings that IHC completed in 2020 of Palm Sports, Easylease and Zee Stores on ADX’s second market.
Over the last six months, IHC and its subsidiaries announced the pre-launch of the UAE’s first virtual wellness and prevention platform HealthyU, investments in UK-based DNA sequencing firm Oxford Nanopore Technologies, Quantlase Lab and Tamouh Healthcare, which recently developed the concept of Containerized Aid for Respiratory Emergencies (CARE), turning modular containers into fully equipped medical field hospitals such as – Sheikh Mohammed Bin Zayed Field Hospital – which was completed in early March near Darfur, Sudan. IHC and its subsidiaries have also previously announced several new investments. These include a stake in SpaceX, Elon Musk’s aerospace company, a partnership with DAL Group for a significant agricultural development in Sudan; and Multiply’s acquisition of a stake in New York data-driven marketing firm YieldMo.
Oil prices set for weekly gain despite India virus surge | Reuters
Oil prices set for weekly gain despite India virus surge | Reuters
Oil prices steadied on Friday and were set for a weekly gain against the backdrop of optimism over a global economic recovery, though the COVID-19 crisis in India capped prices.
Brent crude futures were up 1 cent at $68.12 a barrel by 0813 GMT and U.S. West Texas Intermediate (WTI) crude eased by 2 cents to $64.69.
Both Brent and WTI are on track for second consecutive weekly gains as easing restrictions on movement in the United States and Europe, recovering factory operations and coronavirus vaccinations pave the way for a revival in fuel demand.
In China, data showed export growth accelerated unexpectedly in April while a private survey pointed to strong expansion in service sector activity.
Oil prices steadied on Friday and were set for a weekly gain against the backdrop of optimism over a global economic recovery, though the COVID-19 crisis in India capped prices.
Brent crude futures were up 1 cent at $68.12 a barrel by 0813 GMT and U.S. West Texas Intermediate (WTI) crude eased by 2 cents to $64.69.
Both Brent and WTI are on track for second consecutive weekly gains as easing restrictions on movement in the United States and Europe, recovering factory operations and coronavirus vaccinations pave the way for a revival in fuel demand.
In China, data showed export growth accelerated unexpectedly in April while a private survey pointed to strong expansion in service sector activity.
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