Oil settles slightly lower as OPEC+ discusses raising production | Reuters
Crude oil prices settled slightly lower on Tuesday after Brent rose above $75 a barrel for the first time in over two years, as OPEC+ discussed raising oil production.
Brent crude futures settled down 9 cents to $74.81 a barrel after hitting a session high of $75.30 a barrel, the strongest since April 25, 2019.
U.S. West Texas Intermediate (WTI) crude fell 60 cents, or 0.8%, to $73.06 a barrel.
OPEC+ is discussing a gradual increase to oil output from August, but no decision has been taken on the exact volumes, an OPEC+ source said on Tuesday.
Tuesday 22 June 2021
Deutsche Bank’s Top Qatari Holder Says Time Is Ripe for Mergers - Bloomberg
Deutsche Bank’s Top Qatari Holder Says Time Is Ripe for Mergers - Bloomberg
Deutsche Bank AG’s top Qatari shareholder signaled his backing for consolidation in Europe’s financial services industry, arguing that the continent’s lenders need scale to compete globally.
In a rare interview, former Qatari prime minister and influential investor Sheikh Hamad bin Jassim bin Jabor Al Thani said European lenders should start merging now to confront the growing strength of U.S. and Chinese lenders. Asked specifically about Deutsche Bank, he said “they have to decide, but I’m saying what I think and I believe that mergers are inevitable.”
“Everybody’s waiting to have a better valuation to think about merging, but I believe to merge now is better because the market is being taken by the big banks,” he said in an interview at the Qatar Economic Forum, Powered by Bloomberg. “If we compare the European banks with the American banks or with the Chinese banks, we would find that they are too small to survive by themselves.”
Sheikh Hamad is one of the German lender’s largest shareholders through an entity called Paramount Services Holdings. In 2015, he transferred about half his shareholding to Supreme Universal Holdings, controlled by former emir Sheikh Hamad Bin Khalifa Al Thani. Each entity owns a stake of just over 3% in the Deutsche Bank.
Deutsche Bank AG’s top Qatari shareholder signaled his backing for consolidation in Europe’s financial services industry, arguing that the continent’s lenders need scale to compete globally.
In a rare interview, former Qatari prime minister and influential investor Sheikh Hamad bin Jassim bin Jabor Al Thani said European lenders should start merging now to confront the growing strength of U.S. and Chinese lenders. Asked specifically about Deutsche Bank, he said “they have to decide, but I’m saying what I think and I believe that mergers are inevitable.”
“Everybody’s waiting to have a better valuation to think about merging, but I believe to merge now is better because the market is being taken by the big banks,” he said in an interview at the Qatar Economic Forum, Powered by Bloomberg. “If we compare the European banks with the American banks or with the Chinese banks, we would find that they are too small to survive by themselves.”
Sheikh Hamad is one of the German lender’s largest shareholders through an entity called Paramount Services Holdings. In 2015, he transferred about half his shareholding to Supreme Universal Holdings, controlled by former emir Sheikh Hamad Bin Khalifa Al Thani. Each entity owns a stake of just over 3% in the Deutsche Bank.
#SaudiArabia Covid Loan Deferral Support for Small Businesses Extended - Bloomberg
Saudi Arabia Covid Loan Deferral Support for Small Businesses Extended - Bloomberg
Saudi Arabia extended a loan deferral program to help small businesses cope with the fallout of the coronavirus pandemic by three months to the end of September.
The so-called Deferred Payment Program has already impacted 167 billion riyals ($45 billion) of payments since it began in March 2020, the Saudi central bank said in a statement Tuesday.
The program been extended several times to help support economic growth and employment in the private sector, and “to maintain financial sector stability,” the central bank said.
Micro, small and medium-sized businesses benefiting from the program will be assessed to determine to what extent they’re still affected, it added.
Saudi Arabia extended a loan deferral program to help small businesses cope with the fallout of the coronavirus pandemic by three months to the end of September.
The so-called Deferred Payment Program has already impacted 167 billion riyals ($45 billion) of payments since it began in March 2020, the Saudi central bank said in a statement Tuesday.
The program been extended several times to help support economic growth and employment in the private sector, and “to maintain financial sector stability,” the central bank said.
Micro, small and medium-sized businesses benefiting from the program will be assessed to determine to what extent they’re still affected, it added.
Oil to Near $100, Commodities Boom Likely to Resume: #Qatar Forum - Bloomberg
Oil to Near $100, Commodities Boom Likely to Resume: Qatar Forum - Bloomberg
Oil prices are likely to keep rising toward $100 a barrel while a cool-off in commodity prices won’t last, leaders of key firms said at the Qatar Economic Forum on Tuesday. The head of Royal Dutch Shell Plc said governments will need to help companies cut customer emissions.
Earlier, one of Deutsche Bank AG’s top shareholders signaled his backing for consolidation in Europe’s financial services industry, arguing that the continent’s lenders need scale to compete globally. Billionaire investor Michael Novogratz said he prefers Bitcoin to buying gold.
The three-day event kicked off on Monday, with billionaire investor Ray Dalio and former Treasury Secretary Lawrence Summers telling the Forum the U.S. is headed for a period of overheating and inflation that could threaten the recovery.
The Qatar Ministry of Commerce and Industry, Investment Promotion Agency Qatar and Media City Qatar are underwriters of the Qatar Economic Forum, Powered by Bloomberg.
Oil prices are likely to keep rising toward $100 a barrel while a cool-off in commodity prices won’t last, leaders of key firms said at the Qatar Economic Forum on Tuesday. The head of Royal Dutch Shell Plc said governments will need to help companies cut customer emissions.
Earlier, one of Deutsche Bank AG’s top shareholders signaled his backing for consolidation in Europe’s financial services industry, arguing that the continent’s lenders need scale to compete globally. Billionaire investor Michael Novogratz said he prefers Bitcoin to buying gold.
The three-day event kicked off on Monday, with billionaire investor Ray Dalio and former Treasury Secretary Lawrence Summers telling the Forum the U.S. is headed for a period of overheating and inflation that could threaten the recovery.
The Qatar Ministry of Commerce and Industry, Investment Promotion Agency Qatar and Media City Qatar are underwriters of the Qatar Economic Forum, Powered by Bloomberg.
MIDEAST STOCKS Major Gulf markets gain as financial shares rise | Reuters
MIDEAST STOCKS Major Gulf markets gain as financial shares rise | Reuters
Major stock markets in the Gulf ended higher on Tuesday, supported by their financial stocks, with the Abu Dhabi index leading the gains.
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Saudi National Bank (1180.SE) rising 2.5% and petrochemical maker Saudi Basic Industries (2010.SE) strengthening 0.7%.
Yemen's warring parties are thrashing out terms for a peace deal that would extricate the kingdom from a costly war and help alleviate a devastating humanitarian crisis, Reuters reported, citing two sources close to the talks and a Houthi official.
One of the sources said Riyadh was open to a deal but "would need some additional guarantees from Oman and Iran", both with close ties with the Houthis.
Dubai's main share index (.TASI) closed 0.3% higher, supported by a 1.2% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 1.5% increase in its unit Emaar Malls (EMAA.DU).
Dubai's state airport operator is hoping for a "flood" of travellers as the pandemic eases, targeting passenger traffic through Dubai International Airport to grow 8% to 28 million this year.
"As infection rates in the region remain stable, Dubai announced the opening of its airport terminals this week in a sign of easing of covid-related restrictions," said Michael Stark, research analyst at Exness.
"The move should help the aviation sector get back on track and boost the economy."
In Abu Dhabi, the index (.ADI) gained 0.5%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 1% and aquaculture firm International Holding (IHC.AD) concluding 0.8% higher.
Abu Dhabi, the capital of the United Arab Emirates, is offering tourists free COVID-19 vaccinations that were previously restricted to UAE citizens and residency visa holders.
The Qatari index (.QSI) was up 0.3%, bolstered by a 6.9% jump in telecom firm Ooredoo (ORDS.QA).
Qatar will tap the debt market only on an "opportunistic" basis this year after a surge in energy prices reduced the budget financing needs of the gas-rich Gulf state, the acting minister of finance said.
Outside the Gulf, Egypt's blue-chip (.EGX30) advanced 1.4%, as most of the stocks on the index were in positive territory including its top lender Commercial International Bank (COMI.CA), which was up 1.6%.
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Saudi National Bank (1180.SE) rising 2.5% and petrochemical maker Saudi Basic Industries (2010.SE) strengthening 0.7%.
Yemen's warring parties are thrashing out terms for a peace deal that would extricate the kingdom from a costly war and help alleviate a devastating humanitarian crisis, Reuters reported, citing two sources close to the talks and a Houthi official.
One of the sources said Riyadh was open to a deal but "would need some additional guarantees from Oman and Iran", both with close ties with the Houthis.
Dubai's main share index (.TASI) closed 0.3% higher, supported by a 1.2% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 1.5% increase in its unit Emaar Malls (EMAA.DU).
Dubai's state airport operator is hoping for a "flood" of travellers as the pandemic eases, targeting passenger traffic through Dubai International Airport to grow 8% to 28 million this year.
"As infection rates in the region remain stable, Dubai announced the opening of its airport terminals this week in a sign of easing of covid-related restrictions," said Michael Stark, research analyst at Exness.
"The move should help the aviation sector get back on track and boost the economy."
In Abu Dhabi, the index (.ADI) gained 0.5%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 1% and aquaculture firm International Holding (IHC.AD) concluding 0.8% higher.
Abu Dhabi, the capital of the United Arab Emirates, is offering tourists free COVID-19 vaccinations that were previously restricted to UAE citizens and residency visa holders.
The Qatari index (.QSI) was up 0.3%, bolstered by a 6.9% jump in telecom firm Ooredoo (ORDS.QA).
Qatar will tap the debt market only on an "opportunistic" basis this year after a surge in energy prices reduced the budget financing needs of the gas-rich Gulf state, the acting minister of finance said.
Outside the Gulf, Egypt's blue-chip (.EGX30) advanced 1.4%, as most of the stocks on the index were in positive territory including its top lender Commercial International Bank (COMI.CA), which was up 1.6%.
Sovereign fund PIF considers #Saudi Telecom stake sale, sources say | Reuters
Sovereign fund PIF considers Saudi Telecom stake sale, sources say | Reuters
Saudi Arabia’s Public Investment Fund (PIF) is considering divesting part of its stake in Saudi Telecom, sources close to the matter told Reuters, as the sovereign wealth fund seeks to monetise some of its assets.
The fund, which holds $430 billion of assets, has hired Goldman Sachs and Saudi National Bank’s (SNB) investment banking arm to arrange a transaction, three sources said, declining to be named because the matter was not public.
PIF plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Saudi Arabia’s Crown Prince Mohammed Bin Salman said in January, crystalising gains on mature assets to make new investments.
One of the sources said the amount being considered for the Saudi Telecom deal is significant but was unable to disclose the value or size of the potential stake sale.
The PIF and Goldman Sachs declined to comment while Saudi Telecom and SNB did not immediately respond to requests for comment.
Saudi Arabia’s Public Investment Fund (PIF) is considering divesting part of its stake in Saudi Telecom, sources close to the matter told Reuters, as the sovereign wealth fund seeks to monetise some of its assets.
The fund, which holds $430 billion of assets, has hired Goldman Sachs and Saudi National Bank’s (SNB) investment banking arm to arrange a transaction, three sources said, declining to be named because the matter was not public.
PIF plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Saudi Arabia’s Crown Prince Mohammed Bin Salman said in January, crystalising gains on mature assets to make new investments.
One of the sources said the amount being considered for the Saudi Telecom deal is significant but was unable to disclose the value or size of the potential stake sale.
The PIF and Goldman Sachs declined to comment while Saudi Telecom and SNB did not immediately respond to requests for comment.
#Dubai government repays $500mln bond certificates | ZAWYA MENA Edition
Dubai government repays $500mln bond certificates | ZAWYA MENA Edition
The government of Dubai has repaid its $500 million Euro bond maturing on 22 June 2021.
Upon maturity, all the notes have been redeemed in full by making the required payment through the paying agent to the holders of the notes, along with accrued interest, the government media office said on Twitter.
"The Government of Dubai’s ability to fulfill its financial obligations reflects its deep fiscal stability amidst the circumstances imposed by the current global crisis. The government's solvency has allowed it to fulfill its past and current obligations and will continue to enable it to meet all future obligations on time," Abdulrahman Saleh Al Saleh, Director General of Department of Finance was quoted as saying.
"We have been successful in overcoming the most challenging repercussions of the global pandemic, and have now entered a solid phase of recovery, thanks to the measures taken by the government to ensure rational prioritised spending, under the directives of our leadership," he said.
The UAE’s financial system is stable and economic data points to a post-pandemic recovery. However, banks should support the recovery by ensuring flow of credit to the economy, UAE Central Bank Governor Khaled Mohamed Balama said on Tuesday during a meeting with bankers.
The government of Dubai has repaid its $500 million Euro bond maturing on 22 June 2021.
Upon maturity, all the notes have been redeemed in full by making the required payment through the paying agent to the holders of the notes, along with accrued interest, the government media office said on Twitter.
"The Government of Dubai’s ability to fulfill its financial obligations reflects its deep fiscal stability amidst the circumstances imposed by the current global crisis. The government's solvency has allowed it to fulfill its past and current obligations and will continue to enable it to meet all future obligations on time," Abdulrahman Saleh Al Saleh, Director General of Department of Finance was quoted as saying.
"We have been successful in overcoming the most challenging repercussions of the global pandemic, and have now entered a solid phase of recovery, thanks to the measures taken by the government to ensure rational prioritised spending, under the directives of our leadership," he said.
The UAE’s financial system is stable and economic data points to a post-pandemic recovery. However, banks should support the recovery by ensuring flow of credit to the economy, UAE Central Bank Governor Khaled Mohamed Balama said on Tuesday during a meeting with bankers.
MIDEAST STOCKS #Qatar gains as major Gulf markets rise | Reuters
MIDEAST STOCKS Qatar gains as major Gulf markets rise | Reuters
Major Gulf markets rose in early trade on Tuesday, mostly lifted by financial stocks, while Qatar was boosted by its blue-chip shares.
The Qatari benchmark (.QSI), up 0.6%, saw broad-based gains, with telecom firm Ooredoo (ORDS.QA) jumping about 6%.
Qatar's foreign minister on Monday received the new Saudi ambassador to Doha, the first to be reinstated by Arab states after they agreed to end a dispute with Qatar earlier this year.
Riyadh stands to benefit economically from the thaw with wealthy, gas-producing Qatar.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 0.7%, while Saudi National Bank (1180.SE), the kingdom's biggest lender, firmed 0.6%.
Yemen's warring parties are thrashing out terms for a peace deal that would extricate the kingdom from a costly war and help alleviate a devastating humanitarian crisis, Reuters reported, citing two sources close to the talks and a Houthi official. read more
One of the sources said Riyadh was open to a deal but "would need some additional guarantees from Oman and Iran", both with close ties with the Houthis.
Dubai's main share index (.TASI) added 0.2%, helped by a 0.8% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1.5% increase in budget airliner Air Arabia (AIRA.DU).
Dubai's state airport operator is hoping for a "flood" of travellers as the pandemic eases, targeting passenger traffic through Dubai International Airport to grow 8% to 28 million this year.
Major Gulf markets rose in early trade on Tuesday, mostly lifted by financial stocks, while Qatar was boosted by its blue-chip shares.
The Qatari benchmark (.QSI), up 0.6%, saw broad-based gains, with telecom firm Ooredoo (ORDS.QA) jumping about 6%.
Qatar's foreign minister on Monday received the new Saudi ambassador to Doha, the first to be reinstated by Arab states after they agreed to end a dispute with Qatar earlier this year.
Riyadh stands to benefit economically from the thaw with wealthy, gas-producing Qatar.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 0.7%, while Saudi National Bank (1180.SE), the kingdom's biggest lender, firmed 0.6%.
Yemen's warring parties are thrashing out terms for a peace deal that would extricate the kingdom from a costly war and help alleviate a devastating humanitarian crisis, Reuters reported, citing two sources close to the talks and a Houthi official. read more
One of the sources said Riyadh was open to a deal but "would need some additional guarantees from Oman and Iran", both with close ties with the Houthis.
Dubai's main share index (.TASI) added 0.2%, helped by a 0.8% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1.5% increase in budget airliner Air Arabia (AIRA.DU).
Dubai's state airport operator is hoping for a "flood" of travellers as the pandemic eases, targeting passenger traffic through Dubai International Airport to grow 8% to 28 million this year.
GlobalFoundries Invests $4 Billion in Singapore Chipmaking Plant - Bloomberg
GlobalFoundries Invests $4 Billion in Singapore Chipmaking Plant - Bloomberg
GlobalFoundries Inc. will build a $4 billion chipmaking plant in Singapore slated to start in 2023, choosing Asia for the site of its latest expansion despite Biden administration calls to bring home semiconductor manufacturing.
The U.S.-based company joins rivals from Taiwan Semiconductor Manufacturing Co. to Samsung Electronics Co. that are expanding capacity to help address a persistent shortfall of chips for everything from cars to smartphones. GlobalFoundries -- which is prepping a U.S. initial public offering that could value the chipmaker at $30 billion -- said it’s focusing on Singapore but will also devote $1 billion apiece to building out its Dresden, Germany and U.S. sites.
GlobalFoundries will fund the lion’s share of that $6 billion global expansion with contributions from pre-payments for its capacity as well as government partnerships, Chief Executive Officer Tom Caulfield told reporters during an online briefing Tuesday.
GlobalFoundries Inc. will build a $4 billion chipmaking plant in Singapore slated to start in 2023, choosing Asia for the site of its latest expansion despite Biden administration calls to bring home semiconductor manufacturing.
The U.S.-based company joins rivals from Taiwan Semiconductor Manufacturing Co. to Samsung Electronics Co. that are expanding capacity to help address a persistent shortfall of chips for everything from cars to smartphones. GlobalFoundries -- which is prepping a U.S. initial public offering that could value the chipmaker at $30 billion -- said it’s focusing on Singapore but will also devote $1 billion apiece to building out its Dresden, Germany and U.S. sites.
GlobalFoundries will fund the lion’s share of that $6 billion global expansion with contributions from pre-payments for its capacity as well as government partnerships, Chief Executive Officer Tom Caulfield told reporters during an online briefing Tuesday.
Crude Oil Price: Russia Weighs Proposing OPEC+ Output Hike at Next Week’s Meet - Bloomberg
Crude Oil Price: Russia Weighs Proposing OPEC+ Output Hike at Next Week’s Meet - Bloomberg
Russia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter.
Moscow expects the current global oil-output deficit to persist in the medium term, two officials said, asking not to be named because the discussions are not public. The country’s final position going into the July 1 meeting with its OPEC+ partners is still being shaped, another official said.
The International Energy Agency earlier this month urged the Organization of Petroleum Exporting Countries and its allies to start tapping their spare production capacity to keep the market well supplied amid a fast demand recovery. Goldman Sachs estimates the market is running a deficit of 3 million barrels a day due to the lack of meaningful production growth from Iran, OPEC and shale suppliers.
Saudi Arabia, the de-facto OPEC+ leader alongside Russia, has been cautious to open the taps, with its Energy Minister Prince Abdulaziz bin Salman saying he wants to see clear evidence of a strong demand recovery before restoring more of idle capacity. The group is still withholding as much as 5.8 million barrels a day of production from the market.
Russia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter.
Moscow expects the current global oil-output deficit to persist in the medium term, two officials said, asking not to be named because the discussions are not public. The country’s final position going into the July 1 meeting with its OPEC+ partners is still being shaped, another official said.
The International Energy Agency earlier this month urged the Organization of Petroleum Exporting Countries and its allies to start tapping their spare production capacity to keep the market well supplied amid a fast demand recovery. Goldman Sachs estimates the market is running a deficit of 3 million barrels a day due to the lack of meaningful production growth from Iran, OPEC and shale suppliers.
Saudi Arabia, the de-facto OPEC+ leader alongside Russia, has been cautious to open the taps, with its Energy Minister Prince Abdulaziz bin Salman saying he wants to see clear evidence of a strong demand recovery before restoring more of idle capacity. The group is still withholding as much as 5.8 million barrels a day of production from the market.
#Qatar May Sit Out Gulf Debt Binge, Acting Finance Minister Explains - Bloomberg video
Qatar May Sit Out Gulf Debt Binge, Acting Finance Minister Explains - Bloomberg
One of the Gulf’s largest and highest-rated borrowers won’t need to return to the debt market any time soon, though it may choose to take advantage of low interest rates. Ali Al Kuwari, Qatar’s acting finance minister and the Minister of Commerce and Industry says "the only time we might need financing is just to improve our financial position." He speaks with Bloomberg's Simone Foxman. (Source: Bloomberg)
#AbuDhabi's ADQ gets Aa2 rating with stable outlook | ZAWYA MENA Edition
Abu Dhabi's ADQ gets Aa2 rating with stable outlook | ZAWYA MENA Edition
Moody's Investors Service assigned a long-term issuer rating of Aa2 for Abu Dhabi Developmental Holding Company (ADQ), with a stable outlook, on par with the Government of Abu Dhabi.
ADQ, formerly known as Abu Dhabi Development Holding, was set up in 2018 and owns some of Abu Dhabi's national champions such as TAQA and SENAAT.
In addition, it owns Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX.
In all, it has direct and indirect investments in over 90 operating entities across sectors, including energy & utilities, food & agriculture, healthcare & pharma, and mobility & logistics.
"The Aa2 issuer rating and stable outlook are aligned with those of the Government of Abu Dhabi because we believe ADQ is intrinsically linked to the Government of Abu Dhabi by virtue of being a wholly owned entity and a vehicle of public policy" says Julien Haddad, a senior analyst at Moody’s said in a report.
Moody's classifies ADQ as a Government Related Issuer (GRI) and bases the rating on the ability and willingness of the Government of Abu Dhabi to provide timely financial support to ADQ.
“ADQ's standalone credit quality benefits from (1) large scale with a portfolio of over 90 operating entities; (2) investments in assets with a market leading position in Abu Dhabi such as TAQA and Abu Dhabi Ports; and (3) good liquidity at the holding level,” the report said.
It said ADQ’s liquidity is bolstered by dividends received from its operating subsidiaries and investments, with TAQA being the main dividend contributor to the group in 2020.
Moody's Investors Service assigned a long-term issuer rating of Aa2 for Abu Dhabi Developmental Holding Company (ADQ), with a stable outlook, on par with the Government of Abu Dhabi.
ADQ, formerly known as Abu Dhabi Development Holding, was set up in 2018 and owns some of Abu Dhabi's national champions such as TAQA and SENAAT.
In addition, it owns Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX.
In all, it has direct and indirect investments in over 90 operating entities across sectors, including energy & utilities, food & agriculture, healthcare & pharma, and mobility & logistics.
"The Aa2 issuer rating and stable outlook are aligned with those of the Government of Abu Dhabi because we believe ADQ is intrinsically linked to the Government of Abu Dhabi by virtue of being a wholly owned entity and a vehicle of public policy" says Julien Haddad, a senior analyst at Moody’s said in a report.
Moody's classifies ADQ as a Government Related Issuer (GRI) and bases the rating on the ability and willingness of the Government of Abu Dhabi to provide timely financial support to ADQ.
“ADQ's standalone credit quality benefits from (1) large scale with a portfolio of over 90 operating entities; (2) investments in assets with a market leading position in Abu Dhabi such as TAQA and Abu Dhabi Ports; and (3) good liquidity at the holding level,” the report said.
It said ADQ’s liquidity is bolstered by dividends received from its operating subsidiaries and investments, with TAQA being the main dividend contributor to the group in 2020.
#Dubai's investment arm ICD records full year loss of 15.50 billion dirhams | Reuters
Dubai's investment arm ICD records full year loss of 15.50 billion dirhams | Reuters
Investment Corp. of Dubai, the Dubai government’s main investment arm, on Tuesday reported a loss for last year as the coronavirus pandemic impacted its portfolio companies.
The firm reported a loss of 15.50 billion dirhams ($4.22 billion) for 2020 after a profit of 25 billion dirhams a year earlier, according to a regulatory filing.
ICD said the pandemic crisis significantly affected its operations and said its losses came from transportation and hospitality. It said it recorded some profits from banking and financial services.
“Despite the severe effect of the pandemic on the Group’s revenue and profitability, ICD was able to secure a solid balance-Sheet, sustainable operations and financial stability in 2020 owing to proactive steps taken by the Group,” Mohammed Ibrahim Al Shaibani, Managing Director, at ICD said in the statement.
ICD owns Emirates airline, which last week reported an annnual loss of 20.3 billion dirhams. Its also owns holdings in companies including Dubai lender Emirates NBD and property firms Emaar Properties and Emirates National Oil Company.
Investment Corp. of Dubai, the Dubai government’s main investment arm, on Tuesday reported a loss for last year as the coronavirus pandemic impacted its portfolio companies.
The firm reported a loss of 15.50 billion dirhams ($4.22 billion) for 2020 after a profit of 25 billion dirhams a year earlier, according to a regulatory filing.
ICD said the pandemic crisis significantly affected its operations and said its losses came from transportation and hospitality. It said it recorded some profits from banking and financial services.
“Despite the severe effect of the pandemic on the Group’s revenue and profitability, ICD was able to secure a solid balance-Sheet, sustainable operations and financial stability in 2020 owing to proactive steps taken by the Group,” Mohammed Ibrahim Al Shaibani, Managing Director, at ICD said in the statement.
ICD owns Emirates airline, which last week reported an annnual loss of 20.3 billion dirhams. Its also owns holdings in companies including Dubai lender Emirates NBD and property firms Emaar Properties and Emirates National Oil Company.
Damac founder delays share acquisition for SCA review | ZAWYA MENA Edition
Damac founder delays share acquisition for SCA review | ZAWYA MENA Edition
Damac Properties founder Hussain Sajwani’s offer to acquire shares and take the firm private has been delayed after UAE’s securities regulator, Securities & Commodities Authority (SCA), has started a review of the transaction.
The UAE’s stock market regulator is to review the prospective acquisition, which would see Maple Invest Co, owned by Sajwani, owning no less than 90 percent and up to 100 percent of Damac’s shares, the company notified Dubai Financial Markets.
Sajwani’s offer to buy Damac Properties, which he founded in 2002,was disclosed to DFM earlier this month.
Damac Properties reported a net loss of $52 million for the first quarter of 2021.
Damac Properties founder Hussain Sajwani’s offer to acquire shares and take the firm private has been delayed after UAE’s securities regulator, Securities & Commodities Authority (SCA), has started a review of the transaction.
The UAE’s stock market regulator is to review the prospective acquisition, which would see Maple Invest Co, owned by Sajwani, owning no less than 90 percent and up to 100 percent of Damac’s shares, the company notified Dubai Financial Markets.
Sajwani’s offer to buy Damac Properties, which he founded in 2002,was disclosed to DFM earlier this month.
Damac Properties reported a net loss of $52 million for the first quarter of 2021.
Oil rises on optimism of quick recovery in global demand | Reuters
Oil rises on optimism of quick recovery in global demand | Reuters
Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained bullish about a quick recovery in global oil demand and as concerns eased over an early return of Iranian crude.
Brent crude futures for August climbed 29 cents, or 0.4%, to $75.19 a barrel by 0658 GMT, paring earlier losses. It rose as high as $75.27 a barrel, the strongest since April 25, 2019, earlier in the session.
U.S. West Texas Intermediate (WTI) crude for July was at $73.66 a barrel, unchanged from the previous session. WTI for August climbed 13 cents, or 0.2%, to $73.25 a barrel.
Brent gained 1.9% and WTI jumped 2.8% on Monday.
Both benchmarks have risen for the past four weeks on optimism over the pace of global COVID-19 vaccinations and expected pick-up in summer travel.
Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained bullish about a quick recovery in global oil demand and as concerns eased over an early return of Iranian crude.
Brent crude futures for August climbed 29 cents, or 0.4%, to $75.19 a barrel by 0658 GMT, paring earlier losses. It rose as high as $75.27 a barrel, the strongest since April 25, 2019, earlier in the session.
U.S. West Texas Intermediate (WTI) crude for July was at $73.66 a barrel, unchanged from the previous session. WTI for August climbed 13 cents, or 0.2%, to $73.25 a barrel.
Brent gained 1.9% and WTI jumped 2.8% on Monday.
Both benchmarks have risen for the past four weeks on optimism over the pace of global COVID-19 vaccinations and expected pick-up in summer travel.