Crude futures settle higher and add gains on U.S. policy | Reuters
Oil futures settled higher on Wednesday, changing course after the Biden administration said it would not call on U.S. producers to increase crude output, and that efforts to increase OPEC production were a longer-range plan.
The market was also bolstered by a government report showing U.S. crude supplies fell last week, shifting the spotlight away from production by the Organization of the Petroleum Exporting Countries.
Brent crude is up about 35% this year, supported by OPEC-led supply curbs, even after the global benchmark oil contract last week suffered the steepest weekly loss in four months on worries that travel restrictions to curb coronavirus infections would hit demand.
Brent settled up 81 cents, or 1.15%, at $71.44 a barrel, and continued to tick upward in thin volumes during post-settlement trade. The increase followed a 2.3% rally on Tuesday. Earlier in the session it dipped to a low of $69.07 a barrel.
U.S. West Texas Intermediate (WTI) settled up 96 cents, or 1.41%, at $69.25 a barrel, after a 2.7% jump on Tuesday.
Prices fell early in the session after the White House said in a statement that the Biden administration had urged OPEC and its partners to boost production.
Wednesday, 11 August 2021
Gas pipeline from neutral zone to #Kuwait enters operation - KUNA | Nasdaq
Gas pipeline from neutral zone to Kuwait enters operation - KUNA | Nasdaq
A gas pipeline linking the Khafji export terminal, in the Kuwaiti-Saudi neutral zone, to Kuwait has entered operations, the state-run Kuwait News Agency reported on Wednesday.
The agency cited a statement from the Kuwait Gulf Oil Company which represents the interests of Kuwait in the neutral zone.
The 100-km (62 miles) gas pipeline, the first to link the neutral zone and Kuwait, will supply the al-Zour power plant, it said.
A gas pipeline linking the Khafji export terminal, in the Kuwaiti-Saudi neutral zone, to Kuwait has entered operations, the state-run Kuwait News Agency reported on Wednesday.
The agency cited a statement from the Kuwait Gulf Oil Company which represents the interests of Kuwait in the neutral zone.
The 100-km (62 miles) gas pipeline, the first to link the neutral zone and Kuwait, will supply the al-Zour power plant, it said.
MIDEAST STOCKS #AbuDhabi hits record high as IHC extends gains | Reuters
MIDEAST STOCKS Abu Dhabi hits record high as IHC extends gains | Reuters
Abu Dhabi stocks closed at a record high on Wednesday, lifted by extended gains in International Holding (IHC) after the conglomerate delivered strong first-half numbers earlier this week.
In Abu Dhabi, the benchmark index (.ADI) gained 0.5%.
IHC (IHC.AD) gained about 10% so far this week after the company reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dirhams year ago.
The company's market capitalisation hit 201.7 billion dirhams in late June, making it Abu Dhabi's most valuable listed firm, after the market debut of Alpha Dhabi (ALPHADHABI.AD), in which IHC holds a 45% stake. read more
Elsewhere, Aldar Properties (ALDAR.AD) finished 0.7% higher.
After the closing bell, the property developer reported an increase in its second-quarter net profit.
Saudi Arabia's benchmark index (.DFMGI) gained 0.2%, led by a 3.5% rise in Saudi Arabian Mining Company (1211.SE) and a 0.3% increase in Al Rajhi Bank (1120.SE).
Banque Saudi Fransi (1050.SE) leapt more than 3% after its Syrian subsidiary reported a rise in second-quarter net profit.
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU).
However, further losses in the index were capped by a strong performance in Emaar Properties (EMAR.DU) that climbed 0.8%.
Post trading hours, the blue-chip developer reported a quarterly net profit of 903 million dirhams ($245.85 million), down from 1.09 billion dirhams a year earlier.
On the other hand, its unit Emaar Development (EMAARDEV.DU) saw an increase in its quarterly net profit. Shares of Emaar closed 0.5% higher.
The Qatari benchmark (.QSI) closed flat, as gains in financial shares were offset by declines in industrial stocks.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.3%, with top lender Commercial International Bank (COMI.CA) gaining 2.1%.
Abu Dhabi stocks closed at a record high on Wednesday, lifted by extended gains in International Holding (IHC) after the conglomerate delivered strong first-half numbers earlier this week.
In Abu Dhabi, the benchmark index (.ADI) gained 0.5%.
IHC (IHC.AD) gained about 10% so far this week after the company reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dirhams year ago.
The company's market capitalisation hit 201.7 billion dirhams in late June, making it Abu Dhabi's most valuable listed firm, after the market debut of Alpha Dhabi (ALPHADHABI.AD), in which IHC holds a 45% stake. read more
Elsewhere, Aldar Properties (ALDAR.AD) finished 0.7% higher.
After the closing bell, the property developer reported an increase in its second-quarter net profit.
Saudi Arabia's benchmark index (.DFMGI) gained 0.2%, led by a 3.5% rise in Saudi Arabian Mining Company (1211.SE) and a 0.3% increase in Al Rajhi Bank (1120.SE).
Banque Saudi Fransi (1050.SE) leapt more than 3% after its Syrian subsidiary reported a rise in second-quarter net profit.
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU).
However, further losses in the index were capped by a strong performance in Emaar Properties (EMAR.DU) that climbed 0.8%.
Post trading hours, the blue-chip developer reported a quarterly net profit of 903 million dirhams ($245.85 million), down from 1.09 billion dirhams a year earlier.
On the other hand, its unit Emaar Development (EMAARDEV.DU) saw an increase in its quarterly net profit. Shares of Emaar closed 0.5% higher.
The Qatari benchmark (.QSI) closed flat, as gains in financial shares were offset by declines in industrial stocks.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.3%, with top lender Commercial International Bank (COMI.CA) gaining 2.1%.
Emirates Ramps Up Network to Adapt to Looser Travel Restrictions - Bloomberg
Emirates Ramps Up Network to Adapt to Looser Travel Restrictions - Bloomberg
Emirates, the world’s largest long-haul airline before the pandemic, will restore capacity on 29 routes as the easing of travel restrictions boosts demand.
The airline will increase its U.K. services to 73 a week, the Dubai-based carrier said in a statement Wednesday. Emirates will serve London Heathrow with three daily flights operated by Airbus SE A380 planes with immediate effect, before increasing the frequency to six over time.
The airline will also boost capacity to the U.S., South Africa and other countries on the African continent.
The U.K. last week downgraded the UAE to medium-risk status from high, meaning travelers can isolate at a home rather than face pricey hotel quarantine. The UAE has also started to allow transit passengers from some countries in the Indian subcontinent, opening key destinations for Emirates.
Emirates, the world’s largest long-haul airline before the pandemic, will restore capacity on 29 routes as the easing of travel restrictions boosts demand.
The airline will increase its U.K. services to 73 a week, the Dubai-based carrier said in a statement Wednesday. Emirates will serve London Heathrow with three daily flights operated by Airbus SE A380 planes with immediate effect, before increasing the frequency to six over time.
The airline will also boost capacity to the U.S., South Africa and other countries on the African continent.
The U.K. last week downgraded the UAE to medium-risk status from high, meaning travelers can isolate at a home rather than face pricey hotel quarantine. The UAE has also started to allow transit passengers from some countries in the Indian subcontinent, opening key destinations for Emirates.
#Iran’s New President Picks Former Gas Chief Owji as Oil Minister - Bloomberg
Iran’s New President Picks Former Gas Chief Owji as Oil Minister - Bloomberg
Iran’s new president picked the former head of the country’s natural-gas company as oil minister, at a time when the Islamic Republic is engaged in fraught negotiations with world powers to revive petroleum exports.
Javad Owji, who hasn’t previously held a full ministerial post but was once managing director of National Iranian Gas Co., was proposed for the role in a list of cabinet ministers presented to lawmakers by President Ebrahim Raisi. He would replace retiring veteran Bijan Namdar Zanganeh.
Owji was more recently the head of Sina Energy Development Co., owned by the state-run charity Bonyad-e Mostazafan that’s controlled by Supreme Leader Ayatollah Ali Khamenei. His career has included senior positions at other energy and petrochemicals companies such as Petro Mofid Development Holding, which is also ultimately controlled by Khamenei’s office.
Owji was sanctioned by the U.S. in November 2020 for his involvement at Sina Energy, part of Washington’s crackdown on Khamenei’s Bonyad-e Mostazafan Foundation, a religious endowment for war veterans and the poor that controls a large number of factories, mines and construction firms. The U.S. Treasury also targeted his predecessor, Zanganeh, around the same time amid a raft of sanctions on major officials in Iran’s oil sector.
Iran’s new president picked the former head of the country’s natural-gas company as oil minister, at a time when the Islamic Republic is engaged in fraught negotiations with world powers to revive petroleum exports.
Javad Owji, who hasn’t previously held a full ministerial post but was once managing director of National Iranian Gas Co., was proposed for the role in a list of cabinet ministers presented to lawmakers by President Ebrahim Raisi. He would replace retiring veteran Bijan Namdar Zanganeh.
Owji was more recently the head of Sina Energy Development Co., owned by the state-run charity Bonyad-e Mostazafan that’s controlled by Supreme Leader Ayatollah Ali Khamenei. His career has included senior positions at other energy and petrochemicals companies such as Petro Mofid Development Holding, which is also ultimately controlled by Khamenei’s office.
Owji was sanctioned by the U.S. in November 2020 for his involvement at Sina Energy, part of Washington’s crackdown on Khamenei’s Bonyad-e Mostazafan Foundation, a religious endowment for war veterans and the poor that controls a large number of factories, mines and construction firms. The U.S. Treasury also targeted his predecessor, Zanganeh, around the same time amid a raft of sanctions on major officials in Iran’s oil sector.
#Dubai Property Developer Emaar’s Sales Surge as Market Recovers - Bloomberg
Dubai Property Developer Emaar’s Sales Surge as Market Recovers - Bloomberg
Emaar Properties PJSC said sales surged to a record in the second quarter, helped by a recovery in Dubai’s real estate market and strength in its malls and hospitality businesses.
Property sales surged to 9.73 billion dirhams ($2.65 billion) in the quarter, growing seven times over the year-ago period, the developer said.
Revenue rose to 6.51 billion dirhams from 2.89 billion dirhams, while profit fell 17% to 903 million dirhams as a one-off gain wasn’t repeated.
“There is a broader recovery that’s taking place and we see improvement across the board,” said Yawar Saeed, an analyst at International Securities. However, he cautioned the rising cost of construction “could eat into some of the margins.”
Housing is riding an extended boom in markets around the world, with valuations soaring at the fastest pace since 2006, according to Knight Frank, and annual price increased in double digits. Earlier this year, HSBC Holdings Plc said a growing demand for larger homes during the pandemic would further boost Dubai’s property market, echoing analysts at Morgan Stanley who expect the rally to last for “several years.”
Emaar was also helped by strong growth at its malls business, where revenue surged 74%. Emaar Malls said it had continued to see a steady recovery from the impact of pandemic and that retail sales for tenants had “significantly” recovered in the second quarter.
Factors including the return of tourists, the ongoing vaccination roll-out, the forthcoming Expo 2020 event will help drive further recovery, CI Capital analysts Sara Boutros and Marlene Milad said.
Emaar Properties PJSC said sales surged to a record in the second quarter, helped by a recovery in Dubai’s real estate market and strength in its malls and hospitality businesses.
Property sales surged to 9.73 billion dirhams ($2.65 billion) in the quarter, growing seven times over the year-ago period, the developer said.
Revenue rose to 6.51 billion dirhams from 2.89 billion dirhams, while profit fell 17% to 903 million dirhams as a one-off gain wasn’t repeated.
“There is a broader recovery that’s taking place and we see improvement across the board,” said Yawar Saeed, an analyst at International Securities. However, he cautioned the rising cost of construction “could eat into some of the margins.”
Housing is riding an extended boom in markets around the world, with valuations soaring at the fastest pace since 2006, according to Knight Frank, and annual price increased in double digits. Earlier this year, HSBC Holdings Plc said a growing demand for larger homes during the pandemic would further boost Dubai’s property market, echoing analysts at Morgan Stanley who expect the rally to last for “several years.”
Emaar was also helped by strong growth at its malls business, where revenue surged 74%. Emaar Malls said it had continued to see a steady recovery from the impact of pandemic and that retail sales for tenants had “significantly” recovered in the second quarter.
Factors including the return of tourists, the ongoing vaccination roll-out, the forthcoming Expo 2020 event will help drive further recovery, CI Capital analysts Sara Boutros and Marlene Milad said.
Mubadala Backs Software Startup People.ai in New Funding Round - Bloomberg
Mubadala Backs Software Startup People.ai in New Funding Round - Bloomberg
Sales software startup People.ai has reached a $1.1 billion valuation with a $100 million funding round backed by new investors Mubadala Investment Co. and Akkadian Ventures.
People.ai founder and Chief Executive Officer Oleg Rogynskyy said in an interview that the company’s software is used by companies including Zoom Technologies Inc. to track best practices for sales people.
“We give customers the ability to have data on what their team is doing right now and what makes the best employees so good,” Rogynskyy said.
People.ai’s software can record and analyze employees’ calendars and phone calls, helping companies determine, for example, the best number of clients for one salesperson to cover. The software also helps companies boost their bottom line, he added.
People.ai was last valued at $400 million in 2019, according to data provider PitchBook.
Sales software startup People.ai has reached a $1.1 billion valuation with a $100 million funding round backed by new investors Mubadala Investment Co. and Akkadian Ventures.
People.ai founder and Chief Executive Officer Oleg Rogynskyy said in an interview that the company’s software is used by companies including Zoom Technologies Inc. to track best practices for sales people.
“We give customers the ability to have data on what their team is doing right now and what makes the best employees so good,” Rogynskyy said.
People.ai’s software can record and analyze employees’ calendars and phone calls, helping companies determine, for example, the best number of clients for one salesperson to cover. The software also helps companies boost their bottom line, he added.
People.ai was last valued at $400 million in 2019, according to data provider PitchBook.
#UAE News: #AbuDhabi's Scandal-Hit NMC Health Seeks to Exit Administration - Bloomberg
UAE News: Abu Dhabi's Scandal-Hit NMC Health Seeks to Exit Administration - Bloomberg
NMC Health Plc’s joint administrators have kicked off a plan that could help 34 companies of the scandal-hit hospital operator find their way to exit its protective administration.
Under the deeds of company arrangement proposals, which Abu Dhabi-based NMC said has the support of its creditors, the unsecured debt of some of the firms will be exchanged for equity-like interests in a new group, according to a statement on Wednesday.
While shares of the companies and “substantially all” the assets will be transferred to the new group, NMC Healthcare LTD will remain in administration “to pursue potential litigation claims” against itself and other firms.
Creditors are scheduled to vote on the proposed plan on Sept. 1. Once cleared by the courts in the Abu Dhabi Global Market, the financial center of the United Arab Emirates capital, the transfer of assets and shares is expected to take between three and five months.
NMC, which was once listed on the London Stock Exchange, collapsed in 2019, revealing that it had more than $4 billion of undisclosed borrowings. In April, NMC completed the sale of Eugin Group, its lucrative fertility business, to German health-care company Fresenius SE for $525 million.
The hospital operator had earnings before interest expense, taxes and amortization of $103.9 million in the first half, 50% more than budgeted in its business plan. Gross revenue for NMC’s UAE and Oman business reached $611 million, or 10% higher than anticipated.
“Over the past 18 months we worked with our stakeholders and partners to stabilize the group’s financial position and improved operations, saving over $2 billion of value in the process,” NMC Healthcare Chief Executive Officer Michael Davis said in a statement.
NMC Health Plc’s joint administrators have kicked off a plan that could help 34 companies of the scandal-hit hospital operator find their way to exit its protective administration.
Under the deeds of company arrangement proposals, which Abu Dhabi-based NMC said has the support of its creditors, the unsecured debt of some of the firms will be exchanged for equity-like interests in a new group, according to a statement on Wednesday.
While shares of the companies and “substantially all” the assets will be transferred to the new group, NMC Healthcare LTD will remain in administration “to pursue potential litigation claims” against itself and other firms.
Creditors are scheduled to vote on the proposed plan on Sept. 1. Once cleared by the courts in the Abu Dhabi Global Market, the financial center of the United Arab Emirates capital, the transfer of assets and shares is expected to take between three and five months.
NMC, which was once listed on the London Stock Exchange, collapsed in 2019, revealing that it had more than $4 billion of undisclosed borrowings. In April, NMC completed the sale of Eugin Group, its lucrative fertility business, to German health-care company Fresenius SE for $525 million.
The hospital operator had earnings before interest expense, taxes and amortization of $103.9 million in the first half, 50% more than budgeted in its business plan. Gross revenue for NMC’s UAE and Oman business reached $611 million, or 10% higher than anticipated.
“Over the past 18 months we worked with our stakeholders and partners to stabilize the group’s financial position and improved operations, saving over $2 billion of value in the process,” NMC Healthcare Chief Executive Officer Michael Davis said in a statement.
Analysis: Peak OPEC? Climate-focused production shift to pile pressure on pact | Reuters
Analysis: Peak OPEC? Climate-focused production shift to pile pressure on pact | Reuters
Moves to mitigate climate change are drawing peak oil demand closer, current and former OPEC officials told Reuters, potentially giving OPEC's biggest players and their allies more power and leaving some smaller producers struggling.
Members of the Organization of the Petroleum Exporting Countries and the so-called OPEC+ group together face the threat of a focus by the United States and China on tackling carbon emissions and plans for greater use of renewables.
The impact on demand could trigger market share competition and spell the end to them working together on supply policy, with current and former OPEC officials and others close to the group saying they expect growing rivalry over time.
"OPEC+ will face a major challenge in how to deal with shrinking demand but also increasing pressures to lower prices due to oversupply," Chakib Khelil, a former Algerian oil minister and two-time OPEC president, told Reuters.
Moves to mitigate climate change are drawing peak oil demand closer, current and former OPEC officials told Reuters, potentially giving OPEC's biggest players and their allies more power and leaving some smaller producers struggling.
Members of the Organization of the Petroleum Exporting Countries and the so-called OPEC+ group together face the threat of a focus by the United States and China on tackling carbon emissions and plans for greater use of renewables.
The impact on demand could trigger market share competition and spell the end to them working together on supply policy, with current and former OPEC officials and others close to the group saying they expect growing rivalry over time.
"OPEC+ will face a major challenge in how to deal with shrinking demand but also increasing pressures to lower prices due to oversupply," Chakib Khelil, a former Algerian oil minister and two-time OPEC president, told Reuters.
Oil drops below $70 as U.S. urges OPEC+ to pump more | Reuters
Oil drops below $70 as U.S. urges OPEC+ to pump more | Reuters
Oil fell below $70 a barrel on Wednesday as the United States urged OPEC and its oil-producing partners to boost output, saying current production was not enough and could threaten the global economic recovery.
The price of Brent crude is up 35% this year supported by OPEC-led supply curbs, even after oil last week suffered the steepest weekly loss in months on worries that travel restrictions to curb coronavirus infections would hit demand.
Brent crude was down 75 cents, or 1.1%, to $69.88 a barrel at 1126 GMT, following a 2.3% rally on Tuesday. U.S. West Texas Intermediate (WTI) was down 81 cents, or 1.2%, to $67.48, after a 2.7% jump on Tuesday.
The White House said in a statement on Wednesday that the Biden administration had urged OPEC and its partners to boost production. [nW1N2OE031] CNBC earlier reported the development.
Oil fell below $70 a barrel on Wednesday as the United States urged OPEC and its oil-producing partners to boost output, saying current production was not enough and could threaten the global economic recovery.
The price of Brent crude is up 35% this year supported by OPEC-led supply curbs, even after oil last week suffered the steepest weekly loss in months on worries that travel restrictions to curb coronavirus infections would hit demand.
Brent crude was down 75 cents, or 1.1%, to $69.88 a barrel at 1126 GMT, following a 2.3% rally on Tuesday. U.S. West Texas Intermediate (WTI) was down 81 cents, or 1.2%, to $67.48, after a 2.7% jump on Tuesday.
The White House said in a statement on Wednesday that the Biden administration had urged OPEC and its partners to boost production. [nW1N2OE031] CNBC earlier reported the development.
#AbuDhabi’s energy giant TAQA Group reports Dh2.9b net profit | Energy – Gulf News
Abu Dhabi’s energy giant TAQA Group reports Dh2.9b net profit | Energy – Gulf News
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in the region reported a net income (net profit) of Dh2.9 billion for the first half of 2021.
TAQA delivered a strong performance underpinned by its stable contracted and regulated utilities businesses. Results were boosted by improved commodity prices in the oil and gas segment, reflecting a recovery from softer economic conditions in 2020.
The Group posted revenues of Dh22.2 billion, 11 per cent higher than same period last year, primarily due to higher commodity prices within the oil & gas segment.
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in the region reported a net income (net profit) of Dh2.9 billion for the first half of 2021.
TAQA delivered a strong performance underpinned by its stable contracted and regulated utilities businesses. Results were boosted by improved commodity prices in the oil and gas segment, reflecting a recovery from softer economic conditions in 2020.
The Group posted revenues of Dh22.2 billion, 11 per cent higher than same period last year, primarily due to higher commodity prices within the oil & gas segment.
NMC Healthcare reports $611 million H1 revenue | Banking – Gulf News
NMC Healthcare reports $611 million H1 revenue | Banking – Gulf News
NMC Healthcare Ltd (NMC), the largest private healthcare company in the UAE, reported total revenues of $611 million for the first half of 2021, 10 per cent ahead of the business plan.
The Group ran into trouble last year after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.
“The first half of 2021 is like daylight compared to the dark nights of the first half of 2020. We have brought the company back from the brink of near total collapse to secure NMC’s future and to ensure that our ability to provide world-class patient care is preserved – through thick and thin,” said Michael Davis, Chief Executive Officer.
The number of patient encounters across the group has grown significantly to 4.4 million year-to-date as full operating capacity has returned in the wake of COVID-19.
In its ongoing efforts to support the UAE’s COVID-19 response, group administered 98,919 vaccinations and 1.7 million PCR tests in H1.
The ongoing programme of performance improvement initiatives – including workforce and operational efficiency improvements centrally as well as procurement savings across a variety of areas - has supported the delivery of EBITDA of $103.9 million during the half year, 50 per cent ahead of the business plan.
NMC Healthcare Ltd (NMC), the largest private healthcare company in the UAE, reported total revenues of $611 million for the first half of 2021, 10 per cent ahead of the business plan.
The Group ran into trouble last year after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.
“The first half of 2021 is like daylight compared to the dark nights of the first half of 2020. We have brought the company back from the brink of near total collapse to secure NMC’s future and to ensure that our ability to provide world-class patient care is preserved – through thick and thin,” said Michael Davis, Chief Executive Officer.
The number of patient encounters across the group has grown significantly to 4.4 million year-to-date as full operating capacity has returned in the wake of COVID-19.
In its ongoing efforts to support the UAE’s COVID-19 response, group administered 98,919 vaccinations and 1.7 million PCR tests in H1.
The ongoing programme of performance improvement initiatives – including workforce and operational efficiency improvements centrally as well as procurement savings across a variety of areas - has supported the delivery of EBITDA of $103.9 million during the half year, 50 per cent ahead of the business plan.
Nomura's Fadlallah: #Dubai Economy Appears To Be Approaching Normalization - Bloomberg video
Nomura's Fadlallah: Dubai Economy Appears To Be Approaching Normalization - Bloomberg
Tarek Fadlallah, CEO at Nomura Asset Management, Middle East discusses the sectors benefitting from travel restrictions easing. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Scaling up Digital Payments in #UAE - Bloomberg video
Scaling up Digital Payments in UAE - Bloomberg
Ramana Kumar, CEO of Magnati discusses the cashless payments sector for the region. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Ramana Kumar, CEO of Magnati discusses the cashless payments sector for the region. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Oil Steadies With Report Pointing to Shrinking U.S. Inventories - Bloomberg
Oil Steadies With Report Pointing to Shrinking U.S. Inventories - Bloomberg
| PRICES |
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Oil was steady after jumping the most in almost three weeks as an industry report pointed to shrinking U.S. gasoline and crude inventories. Futures in New York traded near $68 a barrel after closing 2.7% higher on Tuesday. The American Petroleum Institute reported motor fuel stockpiles fell by 1.11 million barrels last week, according to people familiar with the data. That would be the fourth weekly draw, the longest run of declines since September, if confirmed by official figures due later Wednesday. The fast-spreading delta variant of the coronavirus is taking its toll on Asia’s economies and impacting the crude appetite of some oil refiners in the region, although Goldman Sachs Group Inc. predicts the latest Covid-19 wave will affect demand for only two months, consistent with prior cycles. |
#Dubai airport targets 56 million passengers next year, CEO says | Reuters
Dubai airport targets 56 million passengers next year, CEO says | Reuters
Dubai's state airport operator is forecasting 56 million passengers to pass through Dubai International next year, double its target for this year though still below pre-pandemic levels.
The airport, a major travel hub, has seen a rise in passenger traffic in recent weeks following the start of the peak summer travel season and an easing in travel restrictions for some core markets.
"This gives rise to a more optimistic forecast and we are looking at something like 56 million for the year to come," Dubai Airports Chief Executive Paul Griffiths told Reuters.
The airport handled 25.9 million passengers last year and 86.4 million in 2019, the year before the pandemic struck.
The operator on Wednesday reported 10.6 million passengers passed through Dubai International in the first half of this year, down 40.9% on the same period last year.
Dubai's state airport operator is forecasting 56 million passengers to pass through Dubai International next year, double its target for this year though still below pre-pandemic levels.
The airport, a major travel hub, has seen a rise in passenger traffic in recent weeks following the start of the peak summer travel season and an easing in travel restrictions for some core markets.
"This gives rise to a more optimistic forecast and we are looking at something like 56 million for the year to come," Dubai Airports Chief Executive Paul Griffiths told Reuters.
The airport handled 25.9 million passengers last year and 86.4 million in 2019, the year before the pandemic struck.
The operator on Wednesday reported 10.6 million passengers passed through Dubai International in the first half of this year, down 40.9% on the same period last year.
#Kuwait wealth fund appoints interim managing director - source | Reuters
Kuwait wealth fund appoints interim managing director - source | Reuters
The Kuwait Investment Authority (KIA), the Gulf country's sovereign wealth fund, has appointed Badr al-Ajeel as interim managing director pending a permanent appointment, a source familiar with the matter said on Wednesday.
The KIA last week appointed a new board of directors but hadn't named a new managing director. The term of the previous board expired in April but sources said previously that a delay in appointing a new board was the result of political deadlock.
Ajeel is executive director of the General Reserve at the KIA.
The KIA's newly appointed board will select a permanent managing director in coordination with the country's finance minister, the source said.
The KIA was not available for comment.
The KIA is the largest sovereign wealth fund in the region with around $700 billion of assets under management, according to the Sovereign Wealth Fund Institute. It manages two funds - one a "nest egg" for when oil run out, the other to cover Kuwait's budget deficit.
Its role in providing liquidity to the government became increasingly important last year as a standoff between cabinet and parliament blocked a law that would allow the government to finance its deficit by borrowing on international markets.
The Kuwait Investment Authority (KIA), the Gulf country's sovereign wealth fund, has appointed Badr al-Ajeel as interim managing director pending a permanent appointment, a source familiar with the matter said on Wednesday.
The KIA last week appointed a new board of directors but hadn't named a new managing director. The term of the previous board expired in April but sources said previously that a delay in appointing a new board was the result of political deadlock.
Ajeel is executive director of the General Reserve at the KIA.
The KIA's newly appointed board will select a permanent managing director in coordination with the country's finance minister, the source said.
The KIA was not available for comment.
The KIA is the largest sovereign wealth fund in the region with around $700 billion of assets under management, according to the Sovereign Wealth Fund Institute. It manages two funds - one a "nest egg" for when oil run out, the other to cover Kuwait's budget deficit.
Its role in providing liquidity to the government became increasingly important last year as a standoff between cabinet and parliament blocked a law that would allow the government to finance its deficit by borrowing on international markets.
MIDEAST STOCKS #AbuDhabi hits record high as IHC leaps | Reuters
MIDEAST STOCKS Abu Dhabi hits record high as IHC leaps | Reuters
Abu Dhabi stocks rose to an all-time high on Wednesday boosted by shares of conglomerate International Holding (IHC), which extended a four-day winning streak.
IHC (IHC.AD) has risen 11% this week after the Abu Dhabi's most valuable listed firm on Sunday reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dirhams year ago.
In Abu Dhabi, the index (.ADI) advanced 1.1%, with IHC jumping 4.2%.
Among other gainers, Abu Dhabi National Energy Company (TAQA.AD) advanced 3.2% after it posted a surge in first-half net profit.
Saudi Arabia's benchmark index (.DFMGI) gained 0.4%, led by a 0.5% rise in Al Rajhi Bank (1120.SE) and a 1.3% increase in Saudi National Bank (1180.SE).
Abu Dhabi stocks rose to an all-time high on Wednesday boosted by shares of conglomerate International Holding (IHC), which extended a four-day winning streak.
IHC (IHC.AD) has risen 11% this week after the Abu Dhabi's most valuable listed firm on Sunday reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dirhams year ago.
In Abu Dhabi, the index (.ADI) advanced 1.1%, with IHC jumping 4.2%.
Among other gainers, Abu Dhabi National Energy Company (TAQA.AD) advanced 3.2% after it posted a surge in first-half net profit.
Saudi Arabia's benchmark index (.DFMGI) gained 0.4%, led by a 0.5% rise in Al Rajhi Bank (1120.SE) and a 1.3% increase in Saudi National Bank (1180.SE).
#Dubai Airports Sees Rise in Traffic After First-Half Drop - Bloomberg video
Dubai Airports Sees Rise in Traffic After First-Half Drop - Bloomberg
Dubai Airports reported a 41% drop in first-half passenger traffic, while expressing confidence that fewer travel restrictions and coming events will stoke rising activity through year-end.
The number of people passing through the world’s largest airport by international traffic fell to 10.6 million, as the airport served 68% of its pre-pandemic destinations, the state-owned company said in a statement on Wednesday.
With Expo 2020 Dubai starting in October after a one-year delay and the Dubai Airshow set for November, “we are gearing up for a massive in-rush of visitors to the United Arab Emirates in the next couple of months,” Chief Executive Officer Paul Griffiths said in an interview with Bloomberg TV.
“I think the rebound in traffic for the second half will be much greater than we’ve seen in the first half,” he said, adding that the biggest demand will come from point-to-point traffic “particularly the U.K.”
Britain last week moved the UAE to medium-risk status from high, removing a requirement for hotel quarantine on entry. The UAE separately lifted a ban on transit passengers from some countries in the Indian subcontinent, unlocking key destinations for the Middle East’s trade and travel hub that relies heavily on connecting passengers around the globe.
Griffiths said the UAE is also “pushing” for the U.K. and other countries to accept overseas vaccines. Britain currently only recognizes jabs administered in Europe and the United States.
Dubai Airports -- home to Emirates, the world’s biggest long-haul airline before the pandemic -- saw some of its busiest weekends in July at the peak of the summer season and is expecting to handle more than 1 million passengers between Aug. 12-22 as summer holidays end.
The number of people passing through the world’s largest airport by international traffic fell to 10.6 million, as the airport served 68% of its pre-pandemic destinations, the state-owned company said in a statement on Wednesday.
With Expo 2020 Dubai starting in October after a one-year delay and the Dubai Airshow set for November, “we are gearing up for a massive in-rush of visitors to the United Arab Emirates in the next couple of months,” Chief Executive Officer Paul Griffiths said in an interview with Bloomberg TV.
“I think the rebound in traffic for the second half will be much greater than we’ve seen in the first half,” he said, adding that the biggest demand will come from point-to-point traffic “particularly the U.K.”
Britain last week moved the UAE to medium-risk status from high, removing a requirement for hotel quarantine on entry. The UAE separately lifted a ban on transit passengers from some countries in the Indian subcontinent, unlocking key destinations for the Middle East’s trade and travel hub that relies heavily on connecting passengers around the globe.
Griffiths said the UAE is also “pushing” for the U.K. and other countries to accept overseas vaccines. Britain currently only recognizes jabs administered in Europe and the United States.
Dubai Airports -- home to Emirates, the world’s biggest long-haul airline before the pandemic -- saw some of its busiest weekends in July at the peak of the summer season and is expecting to handle more than 1 million passengers between Aug. 12-22 as summer holidays end.
#UAE's Dana Gas H1 net profit swings to $139mln on higher oil prices | ZAWYA MENA Edition
UAE's Dana Gas H1 net profit swings to $139mln on higher oil prices | ZAWYA MENA Edition
UAE-based energy producer Dana Gas swung to a profit in the first six months of the year after suffering a loss in the same period last year, as the rebound in oil prices continued and operations improved.
In a statement on Wednesday, the firm reported a net profit of $139 million for the January to June period, compared to a loss of $19 million a year earlier, making the first half of 2021 one of its strongest.
As a result of higher net profit, Dana’s retained earnings also turned from accumulated losses of $20 million to positive $142 million, which is expected to underpin the energy producer’s ability to pay dividends to its shareholders in the future.
“The company has delivered a very strong set of results for the first half of 2021 as a result of our robust financial and operational performance supported by the rebound in oil prices,” said Patrick Allman-Ward, CEO of Dana Gas.
“Our revenues grew by 19 percent in the first six months which, coupled with our low-cost structure, has helped the company increase gross profits by 133 percent and generate a net profit of $139 million,” Ward said.
UAE-based energy producer Dana Gas swung to a profit in the first six months of the year after suffering a loss in the same period last year, as the rebound in oil prices continued and operations improved.
In a statement on Wednesday, the firm reported a net profit of $139 million for the January to June period, compared to a loss of $19 million a year earlier, making the first half of 2021 one of its strongest.
As a result of higher net profit, Dana’s retained earnings also turned from accumulated losses of $20 million to positive $142 million, which is expected to underpin the energy producer’s ability to pay dividends to its shareholders in the future.
“The company has delivered a very strong set of results for the first half of 2021 as a result of our robust financial and operational performance supported by the rebound in oil prices,” said Patrick Allman-Ward, CEO of Dana Gas.
“Our revenues grew by 19 percent in the first six months which, coupled with our low-cost structure, has helped the company increase gross profits by 133 percent and generate a net profit of $139 million,” Ward said.
#AbuDhabi TAQA's H1 net income jumps by 42% to $790mln | ZAWYA MENA Edition
Abu Dhabi TAQA's H1 net income jumps by 42% to $790mln | ZAWYA MENA Edition
Abu Dhabi’s government-controlled energy holding company TAQA’s net income for H1 2021 soared by 42 percent compared to same time last year, after a significantly higher contribution from the oil and gas segment.
Its net income at AED 2.9 billion ($790 million) was up by AED 2.4 billion from AED 504 million in H1 2020. It was adjusted by AED 1.5 billion for a one-off post tax impairment charge, to make an increase of 42 percent.
The company recorded revenues of AED 22 billion, 11 percent up on the previous year, due to higher commodity prices in the oil and gas segment.
A dividend of AED 618 million or 0.55 fils per share was also announced, the second in the financial year.
Jasim Husain Thabet, CEO and managing director, said: “TAQA has made strong progress on our commitment to stakeholders for 2021. We have delivered two interim dividend payments, refinanced maturing debt at record-low rates, broken ground on what will be the world’s largest single-site solar project, unveiled a 10-year growth strategy and recently signed two MoUs for the development of green hydrogen.”
Abu Dhabi’s government-controlled energy holding company TAQA’s net income for H1 2021 soared by 42 percent compared to same time last year, after a significantly higher contribution from the oil and gas segment.
Its net income at AED 2.9 billion ($790 million) was up by AED 2.4 billion from AED 504 million in H1 2020. It was adjusted by AED 1.5 billion for a one-off post tax impairment charge, to make an increase of 42 percent.
The company recorded revenues of AED 22 billion, 11 percent up on the previous year, due to higher commodity prices in the oil and gas segment.
A dividend of AED 618 million or 0.55 fils per share was also announced, the second in the financial year.
Jasim Husain Thabet, CEO and managing director, said: “TAQA has made strong progress on our commitment to stakeholders for 2021. We have delivered two interim dividend payments, refinanced maturing debt at record-low rates, broken ground on what will be the world’s largest single-site solar project, unveiled a 10-year growth strategy and recently signed two MoUs for the development of green hydrogen.”
Oil drops on China fuel demand concerns as Delta coronavirus surges | Reuters
Oil drops on China fuel demand concerns as Delta coronavirus surges | Reuters
Oil prices dipped on Wednesday as analysts cut their forecasts for fuel demand in China following mobility curbs from the spread of the highly infectious Delta variant of the coronavirus, offsetting a bullish outlook for U.S. fuel demand.
U.S. West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $68.11 a barrel at 0500 GMT, after a 2.7% jump on Tuesday.
Brent crude futures dropped 16 cents to $70.47 a barrel, following a 2.3% gain on Tuesday.
While both contracts have reclaimed their 100-day daily moving average, a technical chart indicator, they appeared to lack the momentum to stage meaningful revivals as Delta variant fears continued to weigh on markets, said Jeffrey Halley, OANDA's senior market analyst for Asia Pacific.
Oil prices dipped on Wednesday as analysts cut their forecasts for fuel demand in China following mobility curbs from the spread of the highly infectious Delta variant of the coronavirus, offsetting a bullish outlook for U.S. fuel demand.
U.S. West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $68.11 a barrel at 0500 GMT, after a 2.7% jump on Tuesday.
Brent crude futures dropped 16 cents to $70.47 a barrel, following a 2.3% gain on Tuesday.
While both contracts have reclaimed their 100-day daily moving average, a technical chart indicator, they appeared to lack the momentum to stage meaningful revivals as Delta variant fears continued to weigh on markets, said Jeffrey Halley, OANDA's senior market analyst for Asia Pacific.