Oil settles lower, pares losses despite weak economic data | Reuters
Oil prices settled lower on Monday, paring steep losses on weak Chinese economic data after sources told Reuters that OPEC and its allies believe the markets do not need more oil than they plan to release in the coming months.
Brent crude settled down $1.08, or 1.5%, at $69.51 a barrel after earlier falling to $68.14. U.S. oil fell by $1.15, or 1.7%, to $67.29 after reaching lows of $65.73.
The market had dropped more than 3% earlier in the session after data showed Chinese factory output and retail sales growth slowed sharply in July, missing expectations, as flooding and fresh outbreaks of COVID-19 disrupted business activity. read more
Crude oil processing in China, the world's biggest oil importer, last month also fell to its lowest level on a daily basis since May 2020 as independent refiners cut production in the face of tighter quotas, elevated inventories and falling profits. read more
Monday, 16 August 2021
OPEC+ sees no need to meet U.S. call for more supply, sources say | Reuters
OPEC+ sees no need to meet U.S. call for more supply, sources say | Reuters
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.
The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+.
Last week, U.S. President Joe Biden's administration urged the producer group to boost output to tackle rising gasoline prices it sees as a threat to the global economic recovery. read more
OPEC+ agreed in July to boost output by 400,000 barrels per day a month starting in August until its current oil output reductions of 5.8 million bpd are fully phased out.
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.
The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+.
Last week, U.S. President Joe Biden's administration urged the producer group to boost output to tackle rising gasoline prices it sees as a threat to the global economic recovery. read more
OPEC+ agreed in July to boost output by 400,000 barrels per day a month starting in August until its current oil output reductions of 5.8 million bpd are fully phased out.
#Saudi Aramco Close to Taking Stake in Reliance Industries - Bloomberg video
Saudi Aramco Close to Taking Stake in Reliance Industries - Bloomberg
Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd.’s oil refining and chemicals business, people with knowledge of the matter said. Anthony Di Paola reports on "Bloomberg Surveillance: Early Edition." (Source: Bloomberg)
Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd.’s oil refining and chemicals business, people with knowledge of the matter said. Anthony Di Paola reports on "Bloomberg Surveillance: Early Edition." (Source: Bloomberg)
#Israel's Economy Bounces Back With 15% GDP Growth as Lockdowns Lift - Bloomberg
Israel's Economy Bounces Back With 15% GDP Growth as Lockdowns Lift - Bloomberg
The Israeli economy grew by an annualized 15.4% in the second quarter, due largely to the lifting of a coronavirus lockdown, as officials labor to avert another one.
The figure published Monday by the Central Bureau of Statistics marked a significant turnaround from the first quarter, when the economy contracted by a revised 1.4%. Growth was also buoyed by a significant increase in the import of passenger cars compared to the first quarter of 2021, according to the statistics bureau.
The Israeli economy has bounced back swiftly after shrinking 2.5% in 2020 due to the pandemic. A thriving high tech scene, relatively low borrowing costs and strong private consumption are all helping to push the economy forward, with the Bank of Israel predicting gross domestic product will grow 5.5% this year.
Private consumption expenditure grew at an annualized rate of 36.3% in the second quarter, while gross fixed capital formation rose by 9.7%, according to the Central Bureau of Statistics. The consumption figure after the economy reopened was “much greater than what we expected,” said Victor Bahar, chief economist at Bank Hapoalim in Tel Aviv.
The Israeli economy grew by an annualized 15.4% in the second quarter, due largely to the lifting of a coronavirus lockdown, as officials labor to avert another one.
The figure published Monday by the Central Bureau of Statistics marked a significant turnaround from the first quarter, when the economy contracted by a revised 1.4%. Growth was also buoyed by a significant increase in the import of passenger cars compared to the first quarter of 2021, according to the statistics bureau.
The Israeli economy has bounced back swiftly after shrinking 2.5% in 2020 due to the pandemic. A thriving high tech scene, relatively low borrowing costs and strong private consumption are all helping to push the economy forward, with the Bank of Israel predicting gross domestic product will grow 5.5% this year.
Private consumption expenditure grew at an annualized rate of 36.3% in the second quarter, while gross fixed capital formation rose by 9.7%, according to the Central Bureau of Statistics. The consumption figure after the economy reopened was “much greater than what we expected,” said Victor Bahar, chief economist at Bank Hapoalim in Tel Aviv.
#Saudi Aramco aims to raise at least $17 billion from gas pipeline -sources | Reuters
Saudi Aramco aims to raise at least $17 billion from gas pipeline -sources | Reuters
Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, sources familiar with the matter said on Monday.
Potential bidders including North American private equity and infrastructure funds, as well as state-backed funds in China and South Korea have been approached by Aramco through its advisors before a formal sale process kicks off in the next few weeks, they said.
The deal size may include $3.5 billion of equity and the remainder will be funded by bank debt, one source said, while another source said the transaction size could top $20 billion.
Saudi Arabia is the world’s sixth largest gas market,according to Aramco, whose Master Gas System (MGS) derives valuefrom a range of gas deposits and helps deliver it to consumers.
“The gas deal is about the long-term view of gas utilisation and consumption in Saudi Arabia,” said one source familiar with deal, explaining why the gas deal may generate higher proceeds.
Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, sources familiar with the matter said on Monday.
Potential bidders including North American private equity and infrastructure funds, as well as state-backed funds in China and South Korea have been approached by Aramco through its advisors before a formal sale process kicks off in the next few weeks, they said.
The deal size may include $3.5 billion of equity and the remainder will be funded by bank debt, one source said, while another source said the transaction size could top $20 billion.
Saudi Arabia is the world’s sixth largest gas market,according to Aramco, whose Master Gas System (MGS) derives valuefrom a range of gas deposits and helps deliver it to consumers.
“The gas deal is about the long-term view of gas utilisation and consumption in Saudi Arabia,” said one source familiar with deal, explaining why the gas deal may generate higher proceeds.
MIDEAST STOCKS IHC boosts #AbuDhabi index; other markets little changed | Reuters
MIDEAST STOCKS IHC boosts Abu Dhabi index; other markets little changed | Reuters
Major stock markets in the Gulf ended mixed on Monday, with the Abu Dhabi index outperforming the region as International Holding (IHC) continued its winning streak.
Saudi Arabia's benchmark index (.TASI) added 0.1%, with Al Rajhi Bank (1120.SE) rising 0.5% and Riyad Bank (1010.SE) advancing 1.3%.
On the other hand, oil giant Saudi Aramco (2222.SE) retreated 1%.
Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries Ltd's (RELI.NS) oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Reuters reported on Monday, citing Bloomberg News. read more
In Abu Dhabi, the index (.ADI) gained 0.6%, with International Holding (IHC.AD) jumping over 3%, extending gains for a sixth session.
Last week, IHC reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dirhams a year ago. read more
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
Dubai's main share index (.DFMGI) eased 0.1%, pressured by a 1.5% fall in blue-chip developer Emaar Properties (EMAR.DU).
"Stock markets in the GCC might encounter some headwinds this week as concerns about the global economy emerge again. The region's markets should price in the U.S. consumption retreat and the lower U.S. consumer sentiment," said Wael Makarem, senior market strategist for the MENA region at Exness.
"The effects of the U.S. slowdown should however be mitigated by the strong GCC economic fundamentals and the dynamic trade developments in the region."
The Qatari benchmark (.QSI) edged up 0.1%, helped by a 1.1% gain in Qatar Fuel Company (QFLS.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX) was up 0.2%, with Cleopatra Hospital (CLHO.CA) rising 3.1%.
Major stock markets in the Gulf ended mixed on Monday, with the Abu Dhabi index outperforming the region as International Holding (IHC) continued its winning streak.
Saudi Arabia's benchmark index (.TASI) added 0.1%, with Al Rajhi Bank (1120.SE) rising 0.5% and Riyad Bank (1010.SE) advancing 1.3%.
On the other hand, oil giant Saudi Aramco (2222.SE) retreated 1%.
Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries Ltd's (RELI.NS) oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Reuters reported on Monday, citing Bloomberg News. read more
In Abu Dhabi, the index (.ADI) gained 0.6%, with International Holding (IHC.AD) jumping over 3%, extending gains for a sixth session.
Last week, IHC reported a net profit of 4.36 billion dirhams ($1.19 billion) for the period ended June 30, up from 814 million dirhams a year ago. read more
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
Dubai's main share index (.DFMGI) eased 0.1%, pressured by a 1.5% fall in blue-chip developer Emaar Properties (EMAR.DU).
"Stock markets in the GCC might encounter some headwinds this week as concerns about the global economy emerge again. The region's markets should price in the U.S. consumption retreat and the lower U.S. consumer sentiment," said Wael Makarem, senior market strategist for the MENA region at Exness.
"The effects of the U.S. slowdown should however be mitigated by the strong GCC economic fundamentals and the dynamic trade developments in the region."
The Qatari benchmark (.QSI) edged up 0.1%, helped by a 1.1% gain in Qatar Fuel Company (QFLS.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX) was up 0.2%, with Cleopatra Hospital (CLHO.CA) rising 3.1%.
Oil prices drop on faltering demand outlook in China | Reuters
Oil prices drop on faltering demand outlook in China | Reuters
Oil fell by over 3% on Monday to a one-week low, dropping for a third session after official data showed refining throughput and economic activity slowed in China, an indication that COVID-19 outbreaks are crimping the world's second-largest economy.
Brent crude was down $2.21, or 3.1%, at $68.38 a barrel by 1347 GMT. U.S. oil fell by $2.42, or 3.5%, to $66.02.
Chinese factory output and retail sales growth slowed sharply in July, data showed, missing expectations as flooding and fresh outbreaks of COVID-19 disrupted business activity. read more
China's crude oil processing last month also fell to the lowest level on a daily basis since May 2020 as independent refiners cut production in the face of tighter quotas, elevated inventories and falling profits. China is the world's biggest oil importer. read more
Oil fell by over 3% on Monday to a one-week low, dropping for a third session after official data showed refining throughput and economic activity slowed in China, an indication that COVID-19 outbreaks are crimping the world's second-largest economy.
Brent crude was down $2.21, or 3.1%, at $68.38 a barrel by 1347 GMT. U.S. oil fell by $2.42, or 3.5%, to $66.02.
Chinese factory output and retail sales growth slowed sharply in July, data showed, missing expectations as flooding and fresh outbreaks of COVID-19 disrupted business activity. read more
China's crude oil processing last month also fell to the lowest level on a daily basis since May 2020 as independent refiners cut production in the face of tighter quotas, elevated inventories and falling profits. China is the world's biggest oil importer. read more
#Israel Discount Bank Q2 profit rises, ready to resume dividends | Reuters
Israel Discount Bank Q2 profit rises, ready to resume dividends | Reuters
Israel Discount Bank (DSCT.TA) reported a higher-than-expected gain in quarterly profit as the country's economy continued to recover from the coronavirus crisis, allowing it to gradually unwind large loan default provisions made last year.
Israel's fourth-largest bank by assets said on Monday it earned 860 million shekels ($267.5 million) in the second quarter, compared with 174 million a year earlier and above a forecast of 651 million shekels in a Reuters poll of analysts.
Discount posted income for credit losses of 410 million shekels, up from 147 million shekels in the first quarter, when a successful vaccination campaign allowed Israel to begin to emerge from lockdowns, and versus second quarter 2020 credit loss expenses of 532 million shekels.
Net interest income grew 15.2% to 1.69 billion shekels from a year earlier.
Israel Discount Bank (DSCT.TA) reported a higher-than-expected gain in quarterly profit as the country's economy continued to recover from the coronavirus crisis, allowing it to gradually unwind large loan default provisions made last year.
Israel's fourth-largest bank by assets said on Monday it earned 860 million shekels ($267.5 million) in the second quarter, compared with 174 million a year earlier and above a forecast of 651 million shekels in a Reuters poll of analysts.
Discount posted income for credit losses of 410 million shekels, up from 147 million shekels in the first quarter, when a successful vaccination campaign allowed Israel to begin to emerge from lockdowns, and versus second quarter 2020 credit loss expenses of 532 million shekels.
Net interest income grew 15.2% to 1.69 billion shekels from a year earlier.
Bank Hapoalim profit jumps as it unwinds loss provisions | Reuters
Bank Hapoalim profit jumps as it unwinds loss provisions | Reuters
Bank Hapoalim (POLI.TA) reported a higher-than-expected jump in quarterly net profit, helped by a continued reversal of provisions to protect against loan defaults during the pandemic.
Hapoalim, one of Israel's two largest lenders, said on Monday it earned 1.42 billion shekels ($442 million) in the April-June period, compared with a 133 million a year before and with an average forecast of 1.03 billion in a Reuters poll of analysts.
Profit was boosted by reporting income for credit losses of 647 million shekels, up from 508 million in the first quarter when a successful vaccination campaign allowed Israel to begin to emerge from lockdowns, and versus second-quarter 2020 credit loss expenses of 1.13 billion.
"The income from credit losses in both quarters was supported by an improvement in economic indicators, which led to a reduction of the collective provision for credit losses, along with an individual allowance recovery," Hapoalim said.
Bank Hapoalim (POLI.TA) reported a higher-than-expected jump in quarterly net profit, helped by a continued reversal of provisions to protect against loan defaults during the pandemic.
Hapoalim, one of Israel's two largest lenders, said on Monday it earned 1.42 billion shekels ($442 million) in the April-June period, compared with a 133 million a year before and with an average forecast of 1.03 billion in a Reuters poll of analysts.
Profit was boosted by reporting income for credit losses of 647 million shekels, up from 508 million in the first quarter when a successful vaccination campaign allowed Israel to begin to emerge from lockdowns, and versus second-quarter 2020 credit loss expenses of 1.13 billion.
"The income from credit losses in both quarters was supported by an improvement in economic indicators, which led to a reduction of the collective provision for credit losses, along with an individual allowance recovery," Hapoalim said.
UPDATE 1-DSV shares reach all-time high after completing Agility deal | Reuters
UPDATE 1-DSV shares reach all-time high after completing Agility deal | Reuters
DSV on Monday raised its outlook for the year after having completed its $4.8 billion acquisition of Kuwait’s Agility Public Warehousing Co, sending its shares to a record high.
The acquisition, announced in April here, of the logistics division of Kuwait's Agility Public Warehousing Co will create the world's third-largest freight forwarding firm with a combined workforce of more than 75,000 employees.
Chief Executive Jens Bjorn Andersen told Reuters in an interview that he expects the integration of Agility to be completed by mid-2022, by when he would be ready for new acquisitions.
It will see DSV overtake Germany’s DB Schenker, putting it behind only DHL Logistics and Swiss-based Kuehne & Nagel as measured by revenue and freight volumes.
DSV on Monday raised its outlook for the year after having completed its $4.8 billion acquisition of Kuwait’s Agility Public Warehousing Co, sending its shares to a record high.
The acquisition, announced in April here, of the logistics division of Kuwait's Agility Public Warehousing Co will create the world's third-largest freight forwarding firm with a combined workforce of more than 75,000 employees.
Chief Executive Jens Bjorn Andersen told Reuters in an interview that he expects the integration of Agility to be completed by mid-2022, by when he would be ready for new acquisitions.
It will see DSV overtake Germany’s DB Schenker, putting it behind only DHL Logistics and Swiss-based Kuehne & Nagel as measured by revenue and freight volumes.
MIDEAST STOCKS #AbuDhabi outperforms Gulf peers as IHC extends gains | Reuters
MIDEAST STOCKS Abu Dhabi outperforms Gulf peers as IHC extends gains | Reuters
Abu Dhabi stocks rose in early trade on Monday, outperforming other Gulf peers, boosted by extended gains in International Holding (IHC) after the conglomerate delivered strong first-half numbers last week.
Other major Gulf markets were little changed in absence of fresh factors.
In Abu Dhabi, the index (.ADI) gained 0.6%, with International Holding (IHC.AD) leaping about 3%.
Last week, IHC 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
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 0.5% rise in Al Rajhi Bank (1120.SE) and a 0.9% increase in Riyad Bank (1010.SE).
However, the index's gains were limited by declines in oil giant Saudi Aramco (2222.SE), which fell 0.9%.
Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries Ltd's (RELI.NS) oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Reuters reported on Monday, citing Bloomberg News. read more
Dubai's main share index (.DFMGI) fell 0.1%, hit by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari benchmark (.QSI) added 0.1%, with Qatar Fuel Co (QFLS.QA) gaining 0.8%.
Abu Dhabi stocks rose in early trade on Monday, outperforming other Gulf peers, boosted by extended gains in International Holding (IHC) after the conglomerate delivered strong first-half numbers last week.
Other major Gulf markets were little changed in absence of fresh factors.
In Abu Dhabi, the index (.ADI) gained 0.6%, with International Holding (IHC.AD) leaping about 3%.
Last week, IHC 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
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 0.5% rise in Al Rajhi Bank (1120.SE) and a 0.9% increase in Riyad Bank (1010.SE).
However, the index's gains were limited by declines in oil giant Saudi Aramco (2222.SE), which fell 0.9%.
Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries Ltd's (RELI.NS) oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Reuters reported on Monday, citing Bloomberg News. read more
Dubai's main share index (.DFMGI) fell 0.1%, hit by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari benchmark (.QSI) added 0.1%, with Qatar Fuel Co (QFLS.QA) gaining 0.8%.
#Kuwait's Agility completes sale of Global Integrated Logistics to DSV Panalpina | ZAWYA MENA Edition
Kuwait's Agility completes sale of Global Integrated Logistics to DSV Panalpina | ZAWYA MENA Edition
Kuwaiti logistics company Agility said it expects to complete the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina today.
The all-shares transaction gives Agility 19,304,348 DSV shares upon full completion of the deal in all jurisdictions, representing approximately 8 percent of all post-transaction shares of DSV. This makes Agility the second largest DSV shareholder based on the latest shareholder register, the Kuwait-based company said in a statement on Monday.
Agility, one of the largest Gulf logistics companies, said the enterprise value of the transaction is $4.775 billion and the equity value is $4.675 billion.
Tarek Sultan, vice chairman and CEO, said: “We’re moving forward with a strategic investment in DSV, one of the world’s best-performing logistics providers. We will accelerate growth in the businesses we continue to operate, which historically account for around 80 percent of our EBIT.”
In addition to its stake in DSV, Agility receives a seat on the DSV board of directors.
“This is a chance for us to share ideas and find areas where we can collaborate with a visionary DSV leadership team that, like us, is determined to shape the supply chains of the future,” Sultan said.
Earlier this week, Agility, which is listed both on the Dubai and Kuwait stock exchanges, saw its second quarter net profit soar manyfold to 38.6 million dinars ($128 million).
Kuwaiti logistics company Agility said it expects to complete the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina today.
The all-shares transaction gives Agility 19,304,348 DSV shares upon full completion of the deal in all jurisdictions, representing approximately 8 percent of all post-transaction shares of DSV. This makes Agility the second largest DSV shareholder based on the latest shareholder register, the Kuwait-based company said in a statement on Monday.
Agility, one of the largest Gulf logistics companies, said the enterprise value of the transaction is $4.775 billion and the equity value is $4.675 billion.
Tarek Sultan, vice chairman and CEO, said: “We’re moving forward with a strategic investment in DSV, one of the world’s best-performing logistics providers. We will accelerate growth in the businesses we continue to operate, which historically account for around 80 percent of our EBIT.”
In addition to its stake in DSV, Agility receives a seat on the DSV board of directors.
“This is a chance for us to share ideas and find areas where we can collaborate with a visionary DSV leadership team that, like us, is determined to shape the supply chains of the future,” Sultan said.
Earlier this week, Agility, which is listed both on the Dubai and Kuwait stock exchanges, saw its second quarter net profit soar manyfold to 38.6 million dinars ($128 million).
#AbuDhabi's Waha Capital secures $500mln revolving credit facility | ZAWYA MENA Edition
Abu Dhabi's Waha Capital secures $500mln revolving credit facility | ZAWYA MENA Edition
Abu Dhabi-based investment management company Waha Capital has completed the refinancing of its revolving credit facility.
The three-year $500 million revolving credit facility replaces and upsizes the current facility of $400 million, Waha Capital said in a statement on Sunday.
Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Commercial Bank of Dubai and Gulf International Bank acted as mandated lead arrangers and bookrunners.
Ahmed Khalifa Al Mehairi, CEO of Waha Capital, said the new three-year facility will allow the company to manage its short-term working capital effectively, enabling the company to further capitalise on future growth opportunities.
Waha Capital recorded a net profit of 154 million dirhams in Q2 2021, representing a 42 percent drop over the year-earlier quarter.
Abu Dhabi-based investment management company Waha Capital has completed the refinancing of its revolving credit facility.
The three-year $500 million revolving credit facility replaces and upsizes the current facility of $400 million, Waha Capital said in a statement on Sunday.
Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Commercial Bank of Dubai and Gulf International Bank acted as mandated lead arrangers and bookrunners.
Ahmed Khalifa Al Mehairi, CEO of Waha Capital, said the new three-year facility will allow the company to manage its short-term working capital effectively, enabling the company to further capitalise on future growth opportunities.
Waha Capital recorded a net profit of 154 million dirhams in Q2 2021, representing a 42 percent drop over the year-earlier quarter.
#Dubai's Union Properties profits up 483% in Q2 | ZAWYA MENA Edition
Dubai's Union Properties profits up 483% in Q2 | ZAWYA MENA Edition
Dubai's Union Properties PJSC, Dubai's iconic real estate developer listed on Dubai Financial Market and its diversified subsidiaries, announced its consolidated financial results for the six months ended June 30, 2021, with a total profit of AED32.4 million compared to a loss of AED160.4 million for the same period last year 2020.
The company's profits increased by 483% in the 2nd quarter of 2021 - with profits reaching AED26.83 million - compared to the 1st Quarter of the year.
The most notable positive results came from revenues from customer contracts which increased to approximately AED197.5 million while the company's assets increased to AED6 billion, and in terms of financing costs, it witnessed a significant decrease of 32% compared to the same period last year 2020.
Khalifa Hassan Al Hammadi, Chairman of the Board of Directors, said, "The positive performance of Union Properties PJSC and its subsidiaries for the Second consecutive Quarter is noteworthy and reaffirms the Management's endeavors and implementation of its strategy and vision to preserve shareholders' rights and achieve the best results.
Dubai's Union Properties PJSC, Dubai's iconic real estate developer listed on Dubai Financial Market and its diversified subsidiaries, announced its consolidated financial results for the six months ended June 30, 2021, with a total profit of AED32.4 million compared to a loss of AED160.4 million for the same period last year 2020.
The company's profits increased by 483% in the 2nd quarter of 2021 - with profits reaching AED26.83 million - compared to the 1st Quarter of the year.
The most notable positive results came from revenues from customer contracts which increased to approximately AED197.5 million while the company's assets increased to AED6 billion, and in terms of financing costs, it witnessed a significant decrease of 32% compared to the same period last year 2020.
Khalifa Hassan Al Hammadi, Chairman of the Board of Directors, said, "The positive performance of Union Properties PJSC and its subsidiaries for the Second consecutive Quarter is noteworthy and reaffirms the Management's endeavors and implementation of its strategy and vision to preserve shareholders' rights and achieve the best results.
#Saudi Aramco Said to Be Nearer $25 Billion Reliance Refining Deal - Bloomberg
Aramco Said to Be Nearer $25 Billion Reliance Refining Deal - Bloomberg
Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd.’s oil refining and chemicals business, people with knowledge of the matter said.
The Saudi Arabian firm is discussing the purchase of a roughly 20% stake in the Reliance unit for about $20 billion to $25 billion-worth of Aramco shares, the people said, asking not to be identified because the information is private. Reliance, which is backed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks, the people said.
Shares in Reliance extended gains to as much as 2.6% in Mumbai after the Bloomberg News report.
A deal would forge closer ties between the world’s biggest oil exporter and one of the fastest-growing energy consumers.
It would seal more than two years of negotiations and mark Aramco’s first all-stock deal since its initial public offering in 2019. Ambani confirmed talks about a deal with an implied stake valuation of $15 billion that same year. Discussions were delayed by the onset of the coronavirus pandemic and slump in oil prices.
Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd.’s oil refining and chemicals business, people with knowledge of the matter said.
The Saudi Arabian firm is discussing the purchase of a roughly 20% stake in the Reliance unit for about $20 billion to $25 billion-worth of Aramco shares, the people said, asking not to be identified because the information is private. Reliance, which is backed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks, the people said.
Shares in Reliance extended gains to as much as 2.6% in Mumbai after the Bloomberg News report.
A deal would forge closer ties between the world’s biggest oil exporter and one of the fastest-growing energy consumers.
It would seal more than two years of negotiations and mark Aramco’s first all-stock deal since its initial public offering in 2019. Ambani confirmed talks about a deal with an implied stake valuation of $15 billion that same year. Discussions were delayed by the onset of the coronavirus pandemic and slump in oil prices.
Oil prices drop amid faltering demand outlook in China | Reuters
Oil prices drop amid faltering demand outlook in China | Reuters
Oil prices fell more than 1% on Monday, dropping for a third session, after official data showed that refining throughput and economic activity slowed in China in an indicator that fresh COVID-19 outbreaks are crimping the world's no.2 economy.
Brent crude was down 90 cents, or 1.3%, at $69.69 a barrel by 0649 GMT. U.S. oil fell by 97 cents, or 1.4%, to $67.47 a barrel.
Factory output and retail sales growth slowed sharply in July in China, data showed, missing expectations as fresh outbreaks of COVID-19 and flooding disrupted business activity. read more
"Oil futures weakness ... is likely triggered by weaker-than-expected growth data from China, which is a major consumer of oil," said Kelvin Wong, market analyst at CMC Markets in Singapore. "All in all, the global peak growth narrative has been intensified."
Oil prices fell more than 1% on Monday, dropping for a third session, after official data showed that refining throughput and economic activity slowed in China in an indicator that fresh COVID-19 outbreaks are crimping the world's no.2 economy.
Brent crude was down 90 cents, or 1.3%, at $69.69 a barrel by 0649 GMT. U.S. oil fell by 97 cents, or 1.4%, to $67.47 a barrel.
Factory output and retail sales growth slowed sharply in July in China, data showed, missing expectations as fresh outbreaks of COVID-19 and flooding disrupted business activity. read more
"Oil futures weakness ... is likely triggered by weaker-than-expected growth data from China, which is a major consumer of oil," said Kelvin Wong, market analyst at CMC Markets in Singapore. "All in all, the global peak growth narrative has been intensified."
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