Dubai's Emaar Properties set for $500m debt offer with 3.7% annual return | Property – Gulf News
Emaar Properties has finalized a 10-year $500 million debt offer, offering investors an annual return of 3.7 per cent. This forms part of the Dubai developer’s planned $2 billion Trust Certificate Issuance Programme, which it plans to use for project build up, including new ones being planned.
It was this week that Emaar held a series of one-on-one meetings and made investor calls to test investor interest in the debt issue. The $500 million offer will be structured as ‘Trust Certificates’ with a 10-year tenor. These certificates will be listed on Nasdaq Dubai.
On the property sales side, Emaar has been testing buyer activity with a set of releases at some of its latest offplan developments, including budget-friendly villas at Dubai South. If all goes according to plan, the developer is aiming for a Dh8 billion EBITDA (earninges before interest, tax, depreciation and amortisation) this year, which would be significant pick up from 2020 doldrums.
In the first five months of 2021, Emaar notched up sales of Dh10.5 billion in Dubai. The wider Dubai property market itself is seeing more frequent daily deals of Dh1 billion plus.
Thursday, 1 July 2021
Oil prices up about 2% on OPEC+ output, demand prospects | Reuters
Oil prices up about 2% on OPEC+ output, demand prospects | Reuters
Oil prices rose roughly 2% on Thursday on indications that OPEC+ producers could increase output more slowly than expected in coming months, while rising global fuel demand causes supply to tighten.
Brent crude settled at $75.84 a barrel, up $1.22, or 1.6%. U.S. West Texas Intermediate crude settled at $75.23 a barrel, gaining $1.76, or 2.4%.
During the session, both benchmarks climbed by more than $2 a barrel, reaching their highest since October 2018.
Futures pared gains after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, delayed its ministerial meeting until Friday to hold more talks on oil output policy, sources said, after the United Arab Emirates blocked a plan for an immediate reduction in supply cuts. read more
"Such a delay in talks is unusual and would appear to indicate some significant discord within the organization between participants," said Jim Ritterbusch of Ritterbusch and Associates.
Oil prices rose roughly 2% on Thursday on indications that OPEC+ producers could increase output more slowly than expected in coming months, while rising global fuel demand causes supply to tighten.
Brent crude settled at $75.84 a barrel, up $1.22, or 1.6%. U.S. West Texas Intermediate crude settled at $75.23 a barrel, gaining $1.76, or 2.4%.
During the session, both benchmarks climbed by more than $2 a barrel, reaching their highest since October 2018.
Futures pared gains after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, delayed its ministerial meeting until Friday to hold more talks on oil output policy, sources said, after the United Arab Emirates blocked a plan for an immediate reduction in supply cuts. read more
"Such a delay in talks is unusual and would appear to indicate some significant discord within the organization between participants," said Jim Ritterbusch of Ritterbusch and Associates.
#AbuDhabi sovereign fund Mubadala prepares to launch two Spacs | Financial Times
Abu Dhabi sovereign fund Mubadala prepares to launch two Spacs | Financial Times
Investor mania for special purpose acquisition companies is accelerating in the oil-rich Gulf, where Abu Dhabi sovereign fund Mubadala is poised to launch two Spacs and a Dubai-based asset manager is raising $200m to target mergers with companies in the Middle East.
Regional financiers have for months been planning an expansion into the booming market for Spacs, or blank-cheque companies, which first list on a stock market before searching for a company with which to merge.
Mubadala Investment Company had been approaching potential investors for two Spacs focusing on technology and healthcare, said people briefed on the meetings.
The roadshow comes as Mubadala, which had record profits and growth through 2020, reorients its core areas of investment away from petrochemicals and manufacturing towards new industries, such as technology, healthcare and infrastructure. Mubadala declined to comment.
Interest in Spacs has slowed in recent months after some disappointing share price performances and increasing regulatory scrutiny in the US.
In the Gulf, however, investors have worried about missing out on gains. Sovereign funds and family offices are also keen to use the sector to boost their investment in technology and other “new economy” businesses that have thrived through the pandemic.
“Spacs are, all of a sudden, the flavour of the month here,” said one Dubai-based financier. “There is a niche in the Middle East, as well as Africa and south Asia — no one is looking at these markets.”
FIM Partners, a Dubai-based frontier asset management firm backed by Egyptian investment bank EFG-Hermes, has been pitching to investors this week as it seeks to raise $200m in an initial public offering of Frontier Investment Corp on Nasdaq, which could be announced as early as Thursday, people with knowledge of the transaction said.
The company, advised by JPMorgan, intends to merge with a target working in technology, digital media, ecommerce or fintech in the Middle East, Africa, south Asia or south-east Asia, they added. FIM was not available for comment and JPMorgan declined to comment.
Anghami, a regional music streaming service, said in March that it aimed to list on Nasdaq at a value of $220m through a merger with a Singapore-based Spac.
Global Spac Partners in April raised $160m on the Nasdaq to seek acquisitions in the Middle East, south Asia and south-east Asia. The vehicle’s chief executive, Bryant Edwards, had previously worked on another Spac that in 2019 merged with a UAE-based oil services firm, Brooge Energy.
Saudi Arabia’s sovereign Public Investment Fund has also made investments in global Spacs and remains the largest shareholder in electric vehicle start-up Lucid Motors, which is targeting a valuation of $24bn via a merger with a blank cheque company controlled by veteran dealmaker Michael Klein.
Spacs targeting the Middle East faced challenges in identifying potential merger candidates, said the Dubai-based financier, but bankers are nonetheless eyeing five to 10 potential targets.
Others are sceptical of the region’s ability to sustain the Spac model, saying there is a likelihood that most deals will fail.
“Anyone can form a Spac . . . but it’s all in the implementation” said one investor. “The target needs to be in a sexy sector, with good growth plans and done at the right valuation — it’s complicated.”
SoftBank Leads Funding to Vault Kitopi Past $1 Billion Value - Bloomberg
SoftBank Leads Funding to Vault Kitopi Past $1 Billion Value - Bloomberg
Dubai-based cloud kitchen startup Kitopi has raised $415 million from a group of investors including SoftBank Group Corp.’s Vision Fund 2, vaulting it to unicorn status.
Kitopi “has crossed the billion dollar valuation mark now,” Chief Executive Officer Mohamad Ballout said in an interview, declining to give more specifics. “We now have enough capital to really fuel the growth of our business in the Middle East and to expand globally.”
The deal marks one of the largest funding rounds for a Middle East technology company. Other investors that joined SoftBank include Chimera, Turkey’s Dogus Group, California-based Next Play Capital and B Riley, Ballout said.
The funding package will be used to accelerate the firm’s expansion in Saudi Arabia and also to start operations in new countries, he said. Kitopi will make Saudi Arabia its Middle East headquarters while Dubai will remain a global head office as it looks to expand into Southeast Asia, Ballout said.
Dubai-based cloud kitchen startup Kitopi has raised $415 million from a group of investors including SoftBank Group Corp.’s Vision Fund 2, vaulting it to unicorn status.
Kitopi “has crossed the billion dollar valuation mark now,” Chief Executive Officer Mohamad Ballout said in an interview, declining to give more specifics. “We now have enough capital to really fuel the growth of our business in the Middle East and to expand globally.”
The deal marks one of the largest funding rounds for a Middle East technology company. Other investors that joined SoftBank include Chimera, Turkey’s Dogus Group, California-based Next Play Capital and B Riley, Ballout said.
The funding package will be used to accelerate the firm’s expansion in Saudi Arabia and also to start operations in new countries, he said. Kitopi will make Saudi Arabia its Middle East headquarters while Dubai will remain a global head office as it looks to expand into Southeast Asia, Ballout said.
Saudis, Russia Have Tentative Deal for Gradual OPEC+ Output Hike - Bloomberg
Saudis, Russia Have Tentative Deal for Gradual OPEC+ Output Hike - Bloomberg
Saudi Arabia and Russia reached a tentative agreement to gradually increase OPEC+ oil output, but prices kept rising as the cartel looked set to keep a firm grip on supply.
Negotiations over the details of the supply hike are still underway, delegates said, asking not to be named because the information is private. The proposal under discussion would add about 2 million barrels a day to the cartel’s output from August to December, they said.
Oil prices rose, jumping above $75 a barrel in New York for the first time since 2018, as the outlines of the deal suggested OPEC+ was sticking to its policy of keeping the market tight even as concern grows about rising inflation.
“The price reaction says everything,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. “The supply increase would be less than market participants expected and demand is still expected to rise into August.”
Saudi Arabia and Russia reached a tentative agreement to gradually increase OPEC+ oil output, but prices kept rising as the cartel looked set to keep a firm grip on supply.
Negotiations over the details of the supply hike are still underway, delegates said, asking not to be named because the information is private. The proposal under discussion would add about 2 million barrels a day to the cartel’s output from August to December, they said.
Oil prices rose, jumping above $75 a barrel in New York for the first time since 2018, as the outlines of the deal suggested OPEC+ was sticking to its policy of keeping the market tight even as concern grows about rising inflation.
“The price reaction says everything,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. “The supply increase would be less than market participants expected and demand is still expected to rise into August.”
#AbuDhabi's ADNOC adds Goldman Sachs to lead banks on drilling IPO | Reuters
Abu Dhabi's ADNOC adds Goldman Sachs to lead banks on drilling IPO | Reuters
Abu Dhabi National Oil Company (ADNOC) has added Goldman Sachs (GS.N) to a lead role on the initial public offering of its drilling unit, sources said, in the bank's first such high-profile deal in the emirate since 2019.
Goldman Sachs' investment banking unit was sidelined from any new business from Abu Dhabi two years ago after state fund Mubadala's subsidiary filed a lawsuit against it to recover losses suffered through its dealings with Malaysia's fund 1MDB.
Goldman Sachs will work on ADNOC Drilling's public share-sale as global coordinator, joining a large syndicate of advisors on the deal, said two sources familiar with the matter.
ADNOC, which supplies nearly 3% of global oil demand, and Goldman Sachs declined to comment.
Abu Dhabi National Oil Company (ADNOC) has added Goldman Sachs (GS.N) to a lead role on the initial public offering of its drilling unit, sources said, in the bank's first such high-profile deal in the emirate since 2019.
Goldman Sachs' investment banking unit was sidelined from any new business from Abu Dhabi two years ago after state fund Mubadala's subsidiary filed a lawsuit against it to recover losses suffered through its dealings with Malaysia's fund 1MDB.
Goldman Sachs will work on ADNOC Drilling's public share-sale as global coordinator, joining a large syndicate of advisors on the deal, said two sources familiar with the matter.
ADNOC, which supplies nearly 3% of global oil demand, and Goldman Sachs declined to comment.
Emerging market portfolio net foreign inflows nearly triple in June -IIF | Reuters
Emerging market portfolio net foreign inflows nearly triple in June -IIF | Reuters
Foreign net flows to emerging market equity and debt portfolios accelerated in June to nearly three times the May figure despite a hawkish tilt from the U.S. Federal Reserve mid-month, data from the Institute of International Finance (IIF) showed Thursday.
The net estimated $28.1 billion inflows in June compared with $10.9 billion inflows in May, the data showed.
Debt flows accounted for $18.9 billion of total flows to emerging markets last month, $6.4 billion of which were directed to China. China also took in $5.2 billion of the net total $9.2 billion of foreign flows to emerging-market equities.
“While the hawkish shift of the Fed in recent weeks affected flows, the overall picture is still positive mainly due to the important contribution of fresh debt issuance across emerging markets and the important contribution of China flows,” IIF economist Jonathan Fortun said in a statement.
Asia and Latin America saw portfolio inflows of $14.4 billion and $10.8 billion, respectively, while emerging Europe, Africa and the Middle East accounted for $3.0 billion, the report showed.
Fed officials projected an accelerated timetable for interest rate increases after their meeting in mid June, moving their first projected rate increases to 2023 from 2024.
Foreign net flows to emerging market equity and debt portfolios accelerated in June to nearly three times the May figure despite a hawkish tilt from the U.S. Federal Reserve mid-month, data from the Institute of International Finance (IIF) showed Thursday.
The net estimated $28.1 billion inflows in June compared with $10.9 billion inflows in May, the data showed.
Debt flows accounted for $18.9 billion of total flows to emerging markets last month, $6.4 billion of which were directed to China. China also took in $5.2 billion of the net total $9.2 billion of foreign flows to emerging-market equities.
“While the hawkish shift of the Fed in recent weeks affected flows, the overall picture is still positive mainly due to the important contribution of fresh debt issuance across emerging markets and the important contribution of China flows,” IIF economist Jonathan Fortun said in a statement.
Asia and Latin America saw portfolio inflows of $14.4 billion and $10.8 billion, respectively, while emerging Europe, Africa and the Middle East accounted for $3.0 billion, the report showed.
Fed officials projected an accelerated timetable for interest rate increases after their meeting in mid June, moving their first projected rate increases to 2023 from 2024.
MIDEAST STOCKS #AbuDhabi hits record high as most Gulf bourses gain | Reuters
MIDEAST STOCKS Abu Dhabi hits record high as most Gulf bourses gain | Reuters
Abu Dhabi's stocks hit a new record high on Thursday, as conglomerate International Holding (IHC) continued a winning streak following the listing of its Alpha Dhabi subsidiary.
IHC has risen about 28% this week after Alpha Dhabi Holding (ALPHADHABI.AD), in which IHC holds a 45% stake, made its market debut. read more
The Abu Dhabi index (.ADI) gained 0.9%, buoyed by a 3.4% rise in International Holding (IHC.AD).
IHC, whose businesses range from healthcare to agriculture, has boosted growth in its financials by rapidly expanding across different business sectors.
Its healthcare units have been involved in the treatment of COVID-19 patients in the UAE, as well as in testing and the vaccine campaign, IHC's annual report showed.
Dubai's main share index (.DFMGI) rose 0.8% during the session before settling 0.2% higher. Emirates NBD Bank (ENBD.DU) added 1.1%, while logistics company Aramex (ARMX.DU) was down 1.3%.
The Dubai market opened slightly higher, but trading was volatile. Volumes were high as traders rushed to get the best entry points as the market seemed to be on the verge of reversing, said Mohamad Ibrahim, regional director at Exness.
Saudi Arabia's benchmark index (.TASI) gave up early gains to ease 0.1%, pressured by a 1.7% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE).
However, the index logged its eighth weekly gain following a rebound in crude oil prices.
Brent crude gained $1.86, or 2.5%, to $76.48 a barrel by 1212 GMT, supported by the prospect of strengthening demand, lower U.S. stocks and a Reuters report that OPEC+ producers could increase output in coming months, but the increase would be less than expected. read more
In Qatar, the benchmark (.QSI) increased 0.7%, as all the constituents in the index were in positive territory, including petrochemical firm Industries Qatar (IQCD.QA).
Abu Dhabi's stocks hit a new record high on Thursday, as conglomerate International Holding (IHC) continued a winning streak following the listing of its Alpha Dhabi subsidiary.
IHC has risen about 28% this week after Alpha Dhabi Holding (ALPHADHABI.AD), in which IHC holds a 45% stake, made its market debut. read more
The Abu Dhabi index (.ADI) gained 0.9%, buoyed by a 3.4% rise in International Holding (IHC.AD).
IHC, whose businesses range from healthcare to agriculture, has boosted growth in its financials by rapidly expanding across different business sectors.
Its healthcare units have been involved in the treatment of COVID-19 patients in the UAE, as well as in testing and the vaccine campaign, IHC's annual report showed.
Dubai's main share index (.DFMGI) rose 0.8% during the session before settling 0.2% higher. Emirates NBD Bank (ENBD.DU) added 1.1%, while logistics company Aramex (ARMX.DU) was down 1.3%.
The Dubai market opened slightly higher, but trading was volatile. Volumes were high as traders rushed to get the best entry points as the market seemed to be on the verge of reversing, said Mohamad Ibrahim, regional director at Exness.
Saudi Arabia's benchmark index (.TASI) gave up early gains to ease 0.1%, pressured by a 1.7% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE).
However, the index logged its eighth weekly gain following a rebound in crude oil prices.
Brent crude gained $1.86, or 2.5%, to $76.48 a barrel by 1212 GMT, supported by the prospect of strengthening demand, lower U.S. stocks and a Reuters report that OPEC+ producers could increase output in coming months, but the increase would be less than expected. read more
In Qatar, the benchmark (.QSI) increased 0.7%, as all the constituents in the index were in positive territory, including petrochemical firm Industries Qatar (IQCD.QA).
MIDEAST STOCKS #AbuDhabi index hits record high, #Saudi eases | Reuters
MIDEAST STOCKS Abu Dhabi index hits record high, Saudi eases | Reuters
Abu Dhabi stocks rose for a fourth straight session on Thursday to a record peak as conglomerate International Holding (IHC) firmed, while the Saudi index eased ahead of an OPEC+ meeting later in the day.
The Abu Dhabi market (.ADI) jumped 1.5% on the back of a 5.9% surge in IHC, which on Sunday became the emirate's most valuable listed firm after the listing of its unit Alpha Dhabi (ALPHADHABI.AD).
Operating in fields ranging from healthcare to agriculture, IHC has driven sharp growth in its financials by rapidly expanding across different major business sectors.
Its healthcare units have been involved in the treatment of COVID-19 patients in the UAE, as well as in testing and the vaccine campaign, according to IHC's annual report.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, with oil giant Saudi Aramco (2222.SE) losing 0.3%.
OPEC+ is expected to discuss a potential extension of its current oil supply deal beyond April 2022 when it meets on Thursday, Reuters reported, citing two sources from the producer group.
Dubai's main share index (.DFMGI) gained 0.5%, on track to snap a three-day losing streak, with its top lender Emirates NBD (ENBD.DU) gaining 1.5%.
The Qatari benchmark (.QSI) added 0.5%. Petrochemical maker Industries Qatar (IQCD.QA) gained 1.3%, while Qatar National Bank (QNBK.QA), the Gulf's largest lender, was up 0.2%.
Meanwhile, the MSCI GCC stock index hit its since 2014, helped in part by a recovery in oil prices.
Abu Dhabi stocks rose for a fourth straight session on Thursday to a record peak as conglomerate International Holding (IHC) firmed, while the Saudi index eased ahead of an OPEC+ meeting later in the day.
The Abu Dhabi market (.ADI) jumped 1.5% on the back of a 5.9% surge in IHC, which on Sunday became the emirate's most valuable listed firm after the listing of its unit Alpha Dhabi (ALPHADHABI.AD).
Operating in fields ranging from healthcare to agriculture, IHC has driven sharp growth in its financials by rapidly expanding across different major business sectors.
Its healthcare units have been involved in the treatment of COVID-19 patients in the UAE, as well as in testing and the vaccine campaign, according to IHC's annual report.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, with oil giant Saudi Aramco (2222.SE) losing 0.3%.
OPEC+ is expected to discuss a potential extension of its current oil supply deal beyond April 2022 when it meets on Thursday, Reuters reported, citing two sources from the producer group.
Dubai's main share index (.DFMGI) gained 0.5%, on track to snap a three-day losing streak, with its top lender Emirates NBD (ENBD.DU) gaining 1.5%.
The Qatari benchmark (.QSI) added 0.5%. Petrochemical maker Industries Qatar (IQCD.QA) gained 1.3%, while Qatar National Bank (QNBK.QA), the Gulf's largest lender, was up 0.2%.
Meanwhile, the MSCI GCC stock index hit its since 2014, helped in part by a recovery in oil prices.
StanChart starts offering banking services from #Saudi branch | Reuters
StanChart starts offering banking services from Saudi branch | Reuters
Standard Chartered (STAN.L) has begun offering banking services through its branch in Saudi Arabia with a team of 25 people, the bank said on Thursday, as it boosts its presence in the Arab world's biggest economy.
Saudi Arabia granted Standard Chartered a banking licence in 2019, which helps it to expand beyond the capital markets business it has conducted in the kingdom since 2011.
Standard Chartered was among other banks recently hired to lead energy giant Saudi Aramco's inaugural dollar sukuk issue that raised $6 billion.
"We are delighted to announce the commencement of business operations of (a) Standard Chartered Bank branch in the kingdom of Saudi Arabia," said Sarmad Lone, regional head of client coverage for corporate, commercial and institutional banking.
Standard Chartered (STAN.L) has begun offering banking services through its branch in Saudi Arabia with a team of 25 people, the bank said on Thursday, as it boosts its presence in the Arab world's biggest economy.
Saudi Arabia granted Standard Chartered a banking licence in 2019, which helps it to expand beyond the capital markets business it has conducted in the kingdom since 2011.
Standard Chartered was among other banks recently hired to lead energy giant Saudi Aramco's inaugural dollar sukuk issue that raised $6 billion.
"We are delighted to announce the commencement of business operations of (a) Standard Chartered Bank branch in the kingdom of Saudi Arabia," said Sarmad Lone, regional head of client coverage for corporate, commercial and institutional banking.
Citi's corporate and investment banking revenue from #Saudi nearly tripled-exec | Reuters
Citi's corporate and investment banking revenue from Saudi nearly tripled-exec | Reuters
Citigroup's (C.N) corporate and investment banking revenue for its Saudi Arabia business has "nearly tripled" since returning to the kingdom in 2018, a senior executive said on Thursday.
Citi obtained a capital markets licence in 2017, allowing it to return to the kingdom in 2018 after a 13-year absence. It has advised Saudi Aramco on its $29.4 billion listing in 2019, in what was the world's biggest initial public offering, as well as on several sovereign and corporate bond deals.
"We have seen record growth in our year-on-year revenue from corporate and investment banking over the last two years," Rizwan Shaikh, head of Citi's EMEA emerging markets corporate banking told Reuters on the sidelines of a conference.
"Citigroup’s corporate and investment banking revenues from Saudi Arabia have nearly tripled" since the bank obtained its CMA License, Shaikh said.
He did not provide more exact revenue figures, which include both onshore and offshore elements of the business, but said Saudi Arabia is one of the largest opportunities for Citigroup to acquire new clients.
"Across emerging markets and as a G20 economy, Saudi Arabia is one of the largest opportunities for us to provide product solutions and focus on new client acquisitions," Shaikh said.
Citi's investment banking business in Saudi operates with four bankers, but the number will be increased, he said.
Shaikh said the newly formed emerging markets corporate banking unit is also covering development financial institutions (DFIs) in these markets, facilitating them to originate deals in less developed markets.
Standard Chartered (STAN.L) said on Thursday it has begun offering banking services through its branch in Saudi Arabia with a team of 25 people, as it boosts its presence in the Arab world's biggest economy. read more
Citigroup's (C.N) corporate and investment banking revenue for its Saudi Arabia business has "nearly tripled" since returning to the kingdom in 2018, a senior executive said on Thursday.
Citi obtained a capital markets licence in 2017, allowing it to return to the kingdom in 2018 after a 13-year absence. It has advised Saudi Aramco on its $29.4 billion listing in 2019, in what was the world's biggest initial public offering, as well as on several sovereign and corporate bond deals.
"We have seen record growth in our year-on-year revenue from corporate and investment banking over the last two years," Rizwan Shaikh, head of Citi's EMEA emerging markets corporate banking told Reuters on the sidelines of a conference.
"Citigroup’s corporate and investment banking revenues from Saudi Arabia have nearly tripled" since the bank obtained its CMA License, Shaikh said.
He did not provide more exact revenue figures, which include both onshore and offshore elements of the business, but said Saudi Arabia is one of the largest opportunities for Citigroup to acquire new clients.
"Across emerging markets and as a G20 economy, Saudi Arabia is one of the largest opportunities for us to provide product solutions and focus on new client acquisitions," Shaikh said.
Citi's investment banking business in Saudi operates with four bankers, but the number will be increased, he said.
Shaikh said the newly formed emerging markets corporate banking unit is also covering development financial institutions (DFIs) in these markets, facilitating them to originate deals in less developed markets.
Standard Chartered (STAN.L) said on Thursday it has begun offering banking services through its branch in Saudi Arabia with a team of 25 people, as it boosts its presence in the Arab world's biggest economy. read more
Oil prices rise ahead of OPEC+ decision on supply cuts | Reuters
Oil prices rise ahead of OPEC+ decision on supply cuts | Reuters
Oil prices rose on Thursday, supported by lower U.S. inventories and the prospect of strengthening demand, while investors awaited a decision from OPEC+ producers on whether they would maintain or reduce supply cuts in the second half of the year.
Brent crude gained 94 cents, or 1.3%, to $75.56 a barrel by 0910 GMT. U.S. West Texas Intermediate crude was up 93 cents, or 1.3%, at $74.40.
WTI rose more than 10% in June while Brent added more than 8%, touching their highest levels since October 2018.
Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.
Oil prices rose on Thursday, supported by lower U.S. inventories and the prospect of strengthening demand, while investors awaited a decision from OPEC+ producers on whether they would maintain or reduce supply cuts in the second half of the year.
Brent crude gained 94 cents, or 1.3%, to $75.56 a barrel by 0910 GMT. U.S. West Texas Intermediate crude was up 93 cents, or 1.3%, at $74.40.
WTI rose more than 10% in June while Brent added more than 8%, touching their highest levels since October 2018.
Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.
The Middle East Looks From the Desert to the Stars - Bloomberg #UAE
The Middle East Looks From the Desert to the Stars - Bloomberg
After leading the UAE’s Mars Mission early this year, H.E. Sarah Al Amiri is turning her attention to building a collaborative ecosystem for space research and development, and looking into how space-enabled technologies can be applied to real-world challenges. She discusses the mission with Bloomberg Television Anchor Manus Cranny. (Source: Bloomberg)
Adnoc Said to Eye Masdar Stake in Mega #AbuDhabi Renewables Deal - Bloomberg
Adnoc Said to Eye Masdar Stake in Mega Abu Dhabi Renewables Deal - Bloomberg
Abu Dhabi’s state oil company is considering an investment in renewable energy developer Masdar, in what could be one of the green power industry’s largest deals this year, people familiar with the matter said.
Abu Dhabi National Oil Co. is in preliminary talks to acquire a significant minority stake in Masdar, according to the people, who asked not to be identified because the information is private. It’s interested in the company’s solar parks, wind farms, waste-to-energy projects and electric vehicle charging networks, the people said.
A transaction would help Adnoc, one of the world’s biggest energy producers, diversify its portfolio into more carbon-neutral assets. Any deal would add to a consolidation drive in oil-rich Abu Dhabi, which has already seen mergers among some of its largest sovereign wealth funds and financial institutions.
State-owned utility Abu Dhabi National Energy Co., known as Taqa, had also previously studied a potential investment in Masdar, the people said.
Abu Dhabi’s state oil company is considering an investment in renewable energy developer Masdar, in what could be one of the green power industry’s largest deals this year, people familiar with the matter said.
Abu Dhabi National Oil Co. is in preliminary talks to acquire a significant minority stake in Masdar, according to the people, who asked not to be identified because the information is private. It’s interested in the company’s solar parks, wind farms, waste-to-energy projects and electric vehicle charging networks, the people said.
A transaction would help Adnoc, one of the world’s biggest energy producers, diversify its portfolio into more carbon-neutral assets. Any deal would add to a consolidation drive in oil-rich Abu Dhabi, which has already seen mergers among some of its largest sovereign wealth funds and financial institutions.
State-owned utility Abu Dhabi National Energy Co., known as Taqa, had also previously studied a potential investment in Masdar, the people said.
#Qatar Petroleum Tops 2021 EM Issuance With Biggest Bond: Chart - Bloomberg
Qatar Petroleum Tops 2021 EM Issuance With Biggest Bond: Chart - Bloomberg
Qatar Petroleum has become the biggest emerging-market debt issuer this year after pricing a four-part deal on Wednesday. The state energy firm’s $12.5 billion offering, which will help it boost production to pump more gas, lifts issuance in dollars and euros from developing nations to a record of $428 billion in the first half, according to data compiled by Bloomberg.
Qatar Petroleum has become the biggest emerging-market debt issuer this year after pricing a four-part deal on Wednesday. The state energy firm’s $12.5 billion offering, which will help it boost production to pump more gas, lifts issuance in dollars and euros from developing nations to a record of $428 billion in the first half, according to data compiled by Bloomberg.
#Saudi Stocks Had Their Best First Half in 16 Years: Chart - Bloomberg
Saudi Stocks Had Their Best First Half in 16 Years: Chart - Bloomberg
Saudi stocks wrapped up the best first half in 16 years, after rallying 26% in 2021 so far. Higher oil prices and government projects, including a program which aims to release 5 trillion riyals ($1.3 trillion) of private sector investment, have supported shares listed in the kingdom. The benchmark Tadawul All Share index is near a key level of 11,000 points and Junaid Farooq, a fund manager at Fim Partners in Dubai, suggests the positive sentiment has some momentum.
Oil prices inch up ahead of OPEC+ decision on supply cuts | Reuters
Oil prices inch up ahead of OPEC+ decision on supply cuts | Reuters
Oil prices edged higher on Thursday, supported by lower U.S. inventories, as investors waited for a decision from key producers on whether they would maintain or reduce supply cuts in the second half of the year.
Brent crude for September gained 15 cents, or 0.2%, to $74.77 a barrel by 0629 GMT while the U.S. West Texas Intermediate crude for August was at $73.69 a barrel, up 22 cents, or 0.3%.
WTI rose more than 10% in June while Brent added over 8%, touching their highest levels since October 2018, as more people were vaccinated against COVID-19 and summer travel picked up.
Analysts had forecast a larger supply deficit globally in the second half of the year as the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, maintained production cuts while demand rises.
Oil prices edged higher on Thursday, supported by lower U.S. inventories, as investors waited for a decision from key producers on whether they would maintain or reduce supply cuts in the second half of the year.
Brent crude for September gained 15 cents, or 0.2%, to $74.77 a barrel by 0629 GMT while the U.S. West Texas Intermediate crude for August was at $73.69 a barrel, up 22 cents, or 0.3%.
WTI rose more than 10% in June while Brent added over 8%, touching their highest levels since October 2018, as more people were vaccinated against COVID-19 and summer travel picked up.
Analysts had forecast a larger supply deficit globally in the second half of the year as the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, maintained production cuts while demand rises.