Abu Dhabi slashes business set-up fees by more than 90%
Abu Dhabi Department of Economic Development, in partnership with other government entities, cut business set-up fees by 94 per cent to Dh1,000 as the emirate seeks to increase its competitiveness and attract more investors.
The new fees are applicable to six activities within the business licence and will cover all fees from Abu Dhabi government entities such as Added, the Department of Municipalities and Transport, membership fees for Abu Dhabi Chamber, CoC (Certificate of Conformity) issuance fee and charges required by Abu Dhabi regulating entities dependent on the type of business.
Licence renewal fees have also been reduced to Dh1,000, the agency said.
“We hope this significant change in fee structure helps to further ease the set-up process for new and existing investors," said Mohammed Al Shorafa, chairman of Added.
Sunday 25 July 2021
MIDEAST STOCKS #AbuDhabi hits record high as most Gulf markets gain | Reuters
MIDEAST STOCKS Abu Dhabi hits record high as most Gulf markets gain | Reuters
Most Gulf bourses ended higher on Sunday, as they reopened after a long Eid break, with the Abu Dhabi index hitting a record high.
During holidays in the Gulf, traders typically cash in shares and are generally cautious of any developments in global markets while their bourses are closed.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Al Rajhi Bank (1120.SE) rising 1.1% and Saudi Arabian Mining Company (1211.SE) up more than 5%.
Yanbu National Petrochemicals Company (2290.SE) advanced 2.2% after it announced completion of all required maintenance work and resumption of operations at the company's plants.
After trading hours, the petrochemical firm also reported a sharp rise in quarterly net profit.
Dubai's main share index (.DFMGI) finished 1.1% higher, buoyed by a 3.1% gain in Emirates NBD Bank (ENBD.DU), ahead of its board meeting on Tuesday to discuss first-half financial statements.
In Abu Dhabi the index (.ADI) added 0.6%, hitting a record high, buoyed by a 0.7% rise in telecoms firm Etisalat (ETISALAT.AD), while Abu Dhabi Islamic Bank (ADIB.AD) was up 2.1%.
The sharia-compliant lender has called a board meeting on Wednesday to discuss and approve second-quarter earnings.
Elsewhere, Dana Gas (DANA.AD) jumped 2.5% after the energy firm won an arbitration on the sale of assets in Egypt.
In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, had requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt. read more
The Qatari benchmark (.QSI) closed 0.8% higher, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, and Qatar Islamic Bank (QISB.QA) rising 1.1% each.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.9%, as most of the stocks on the index were in positive territory including top lender Commercial International Bank (COMI.CA), which was up 0.8%.
Most Gulf bourses ended higher on Sunday, as they reopened after a long Eid break, with the Abu Dhabi index hitting a record high.
During holidays in the Gulf, traders typically cash in shares and are generally cautious of any developments in global markets while their bourses are closed.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Al Rajhi Bank (1120.SE) rising 1.1% and Saudi Arabian Mining Company (1211.SE) up more than 5%.
Yanbu National Petrochemicals Company (2290.SE) advanced 2.2% after it announced completion of all required maintenance work and resumption of operations at the company's plants.
After trading hours, the petrochemical firm also reported a sharp rise in quarterly net profit.
Dubai's main share index (.DFMGI) finished 1.1% higher, buoyed by a 3.1% gain in Emirates NBD Bank (ENBD.DU), ahead of its board meeting on Tuesday to discuss first-half financial statements.
In Abu Dhabi the index (.ADI) added 0.6%, hitting a record high, buoyed by a 0.7% rise in telecoms firm Etisalat (ETISALAT.AD), while Abu Dhabi Islamic Bank (ADIB.AD) was up 2.1%.
The sharia-compliant lender has called a board meeting on Wednesday to discuss and approve second-quarter earnings.
Elsewhere, Dana Gas (DANA.AD) jumped 2.5% after the energy firm won an arbitration on the sale of assets in Egypt.
In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, had requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt. read more
The Qatari benchmark (.QSI) closed 0.8% higher, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, and Qatar Islamic Bank (QISB.QA) rising 1.1% each.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.9%, as most of the stocks on the index were in positive territory including top lender Commercial International Bank (COMI.CA), which was up 0.8%.
OPEC+ Decision, Earnings Drive Mideast Market Gains: Inside EM - Bloomberg
OPEC+ Decision, Earnings Drive Mideast Market Gains: Inside EM - Bloomberg
Most stock markets in the Middle East advanced after a week-long break on Sunday, the first day of trading since OPEC and its allies agreed a deal to boost production. A recovery in earnings also boosted regional equities.
Most stock markets in the Middle East advanced after a week-long break on Sunday, the first day of trading since OPEC and its allies agreed a deal to boost production. A recovery in earnings also boosted regional equities.
- Saudi Arabia’s benchmark Tadawul All Share Index rises 0.8%, the most since June 13
- Al Rajhi Bank +1.1%; Saudi Electricity +5.2%; Maaden +5.1%; Saudi Research +10%
- The Tadawul Materials sub-index rises 1.7% to the highest level on record as petrochemical stocks gain
- Methanol Chemicals rises 4% to highest since October 2014 after reporting 2Q profit of 60.2 million riyals vs loss of 31.3 million riyals year ago
- Abu Dhabi’s ADX General Index closes at a record high
- “Earnings recovery is definitely helping the markets in Abu Dhabi,” said Harshjit Oza, head of research at Abu Dhabi-based International Securities
- “We are expecting sequential improvement in earnings for the banking sector names in Abu Dhabi,” he said
- ADCB jumps as much as 1.3% after reporting net income for the second quarter that beat the average analyst estimate
- Dana Gas rises as much as 3.4%, hitting the highest level since March 2020, following a favorable court ruling
- Dubai Financial Market General Index climbs as much as 1.2%, the most since June 1
- Emirates NBD +3.1%; Emaar Properties +1.3%; Du +1.5%
- Qatari stocks rise 0.8%, trimming losses from last week
- QNB +1.1%; Qatar Islamic Bank +1.1%; Qatar Electricity & Water +3.1%
OPEC+ #Saudi-#UAE Split Won’t End Until the World Goes to Green Energy - Bloomberg
OPEC+ Saudi-UAE Split Won’t End Until the World Goes to Green Energy - Bloomberg
The friction between Saudi Arabia and the United Arab Emirates that had held oil markets hostage finally ended last week, with an announcement that the Emirati quota from which production cuts are calculated will be increased.
Thus ends the latest drama within the ranks of OPEC+, but the curtain did not fall before giving us a preview of how that consortium is likely to ultimately unravel. The trigger won’t be the historical and political tension between the two Gulf powers, but their opposing views of the coming global shift away from fossil fuels and the way in which they can best protect their interests during the energy transition.
The Saudi-UAE spat is part of a longstanding pattern of disagreements. Although the two countries are aligned in many ways, the relationship has been peppered with friction from the outset. Territorial disputes marred the early years of Emirati independence after 1971, and a treaty allegedly resolving the issues remained contentious for decades.
In the mid-2000s, Saudi Arabia thwarted efforts of the UAE to build a causeway from its territory to Qatar. Even more acrimonious was Emirati action in 2009 to scupper the Saudi project of a pan-Gulf currency, after the UAE lost the battle to host the monetary agency in its country.
The friction between Saudi Arabia and the United Arab Emirates that had held oil markets hostage finally ended last week, with an announcement that the Emirati quota from which production cuts are calculated will be increased.
Thus ends the latest drama within the ranks of OPEC+, but the curtain did not fall before giving us a preview of how that consortium is likely to ultimately unravel. The trigger won’t be the historical and political tension between the two Gulf powers, but their opposing views of the coming global shift away from fossil fuels and the way in which they can best protect their interests during the energy transition.
The Saudi-UAE spat is part of a longstanding pattern of disagreements. Although the two countries are aligned in many ways, the relationship has been peppered with friction from the outset. Territorial disputes marred the early years of Emirati independence after 1971, and a treaty allegedly resolving the issues remained contentious for decades.
In the mid-2000s, Saudi Arabia thwarted efforts of the UAE to build a causeway from its territory to Qatar. Even more acrimonious was Emirati action in 2009 to scupper the Saudi project of a pan-Gulf currency, after the UAE lost the battle to host the monetary agency in its country.
Mena equity fund raising more than doubles in first half
Mena equity fund raising more than doubles in first half
Adnoc Distribution's issue of new shares and convertible bonds were the main driver behind a doubling of equity capital market issuance in the Middle East and North Africa in the first half of 2021, according to Refinitiv data.
The amount raised on the region’s capital markets increased 138 per cent to $2.1 billion, which was a three-year high, the financial data company's Mena Investment Banking Review showed. Issuance related to Abu Dhabi National Oil Company's distribution arm made up $1.64bn of this.
The amount of debt raised by Mena entities on capital markets in the first half fell 6 per cent on last year to $70.6bn, but was still the second-highest on record, the report showed.
“Sixty four per cent of the total came from investment grade corporate debt, with a total of $45.6bn, the highest total year-to-date since our records began,” the report said. “The UAE was the top nation for [debt market] proceeds, with $20.5bn” issued, it added.
Equity markets in the region have posted strong gains this year, with Abu Dhabi and Saudi Arabia's indexes outperforming global benchmarks. The Abu Dhabi Securities Exchange's index has climbed 40 per cent, taking its market capitalisation above Dh1.26 trillion ($343bn). The Tadawul index has risen 24.2 per cent, while the MSCI World Index that tracks global markets is up 14.2 per cent.
Adnoc Distribution's issue of new shares and convertible bonds were the main driver behind a doubling of equity capital market issuance in the Middle East and North Africa in the first half of 2021, according to Refinitiv data.
The amount raised on the region’s capital markets increased 138 per cent to $2.1 billion, which was a three-year high, the financial data company's Mena Investment Banking Review showed. Issuance related to Abu Dhabi National Oil Company's distribution arm made up $1.64bn of this.
The amount of debt raised by Mena entities on capital markets in the first half fell 6 per cent on last year to $70.6bn, but was still the second-highest on record, the report showed.
“Sixty four per cent of the total came from investment grade corporate debt, with a total of $45.6bn, the highest total year-to-date since our records began,” the report said. “The UAE was the top nation for [debt market] proceeds, with $20.5bn” issued, it added.
Equity markets in the region have posted strong gains this year, with Abu Dhabi and Saudi Arabia's indexes outperforming global benchmarks. The Abu Dhabi Securities Exchange's index has climbed 40 per cent, taking its market capitalisation above Dh1.26 trillion ($343bn). The Tadawul index has risen 24.2 per cent, while the MSCI World Index that tracks global markets is up 14.2 per cent.
Mideast Stocks: #Saudi leads major Gulf bourses higher in early trade | ZAWYA MENA Edition
Mideast Stocks: Saudi leads major Gulf bourses higher in early trade | ZAWYA MENA Edition
Major stock markets in the Gulf rose in early trade on Sunday, as the bourses reopened after a long Eid break, with financials and petrochemical shares boosting the Saudi index.
During holidays in the Gulf, traders typically cash in shares and are generally cautious of any developments in global markets while their bourses are closed.
Saudi Arabia's benchmark index advanced 1.1%, with Al Rajhi Bank rising 2%, and petrochemical maker Saudi Basic Industries putting on 1.3%.
Elsewhere, Yanbu National Petrochemicals Company climbed 1.8%, after it announced completion of all required maintenance work, and resumption of operations of the company's plants.
Dubai's main share index gained 0.8%, led by a 1.9% rise in Emirates NBD Bank and a 1% increase in blue-chip developer Emaar Properties.
In Abu Dhabi, the index added 0.7%, bolstered by a 0.6% gain in the country's largest lender First Abu Dhabi Bank.
Among others, Dana Gas leapt 2.7%, after the energy firm won an arbitration on the sale of Egypt assets.
In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, has requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt.
The Qatari benchmark was up 1%, with almost all the stocks on the index were in positive territory including Qatar National Bank, the Gulf's largest lender, which rose 1.4%. ($1 = 3.7507 riyals)
Major stock markets in the Gulf rose in early trade on Sunday, as the bourses reopened after a long Eid break, with financials and petrochemical shares boosting the Saudi index.
During holidays in the Gulf, traders typically cash in shares and are generally cautious of any developments in global markets while their bourses are closed.
Saudi Arabia's benchmark index advanced 1.1%, with Al Rajhi Bank rising 2%, and petrochemical maker Saudi Basic Industries putting on 1.3%.
Elsewhere, Yanbu National Petrochemicals Company climbed 1.8%, after it announced completion of all required maintenance work, and resumption of operations of the company's plants.
Dubai's main share index gained 0.8%, led by a 1.9% rise in Emirates NBD Bank and a 1% increase in blue-chip developer Emaar Properties.
In Abu Dhabi, the index added 0.7%, bolstered by a 0.6% gain in the country's largest lender First Abu Dhabi Bank.
Among others, Dana Gas leapt 2.7%, after the energy firm won an arbitration on the sale of Egypt assets.
In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, has requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt.
The Qatari benchmark was up 1%, with almost all the stocks on the index were in positive territory including Qatar National Bank, the Gulf's largest lender, which rose 1.4%. ($1 = 3.7507 riyals)
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