MSCI upgrades Abu Dhabi Commercial Bank's ESG rating
Global index provider MSCI has upgraded Abu Dhabi Commercial Bank's environmental, social and governance rating by a notch, pushing the UAE’s third-largest lender among the global ESG corporate leaders.
ADCB’s MSCI ESG rating is upgraded to “AA” from “A”, which moves it among the top 29 per cent corporations included in the MSCI ACWI Global Equity Index for companies that are managing their ESG risks and opportunities, ADCB said in a statement on Sunday.
The rating upgrade was driven by the bank’s “digital transformation initiatives” to support small businesses, as well as its customer data protection and information security programmes.
Constant evolution of ESG standards is part of the company’s journey and it will be “embedded into our five-year business strategy”, Alaa Eraiqat, chief executive of ADCB, said.
Sunday 22 August 2021
Kingdom Holding turns to profitability in H1-21 | ZAWYA MENA Edition
Kingdom Holding turns to profitability in H1-21 | ZAWYA MENA Edition
Kingdom Holding Company has achieved net profits after zakat and tax of SAR 503.307 million during the first half (H1) of 2021, against net losses of SAR 1.176 billion in the same period of 2020.
Turning to profitability is driven by a higher share of results from equity-accounted investees and dividend income and lower impairment of equity-accounted investees, hotels and other operating costs, financial charges, and general, administrative, and marketing expenses, according to a bourse filing on Sunday.
The company generated revenues of SAR 596.34 million in H1-21, down 2.626% from SAR 612.423 million in the corresponding half of the earlier year.
The earnings per share (EPS) settled at SAR 0.13 in the January-June period of 2021, versus losses per share of SAR 0.32 in the same period of 2020.
During the second quarter (Q2) of 2021, the company recorded net profits of SAR 412.246 million in the first six months of 2021, versus net losses of SAR 1.126 billion in the year-ago period.
It is noteworthy to mention that during the first quarter (Q1) of 2021, the company saw a net profit after Zakat and tax worth SAR 91.06 million, against a net loss of SAR 50.11 million in the same period a year ago.
Turning to profitability is driven by a higher share of results from equity-accounted investees and dividend income and lower impairment of equity-accounted investees, hotels and other operating costs, financial charges, and general, administrative, and marketing expenses, according to a bourse filing on Sunday.
The company generated revenues of SAR 596.34 million in H1-21, down 2.626% from SAR 612.423 million in the corresponding half of the earlier year.
The earnings per share (EPS) settled at SAR 0.13 in the January-June period of 2021, versus losses per share of SAR 0.32 in the same period of 2020.
During the second quarter (Q2) of 2021, the company recorded net profits of SAR 412.246 million in the first six months of 2021, versus net losses of SAR 1.126 billion in the year-ago period.
It is noteworthy to mention that during the first quarter (Q1) of 2021, the company saw a net profit after Zakat and tax worth SAR 91.06 million, against a net loss of SAR 50.11 million in the same period a year ago.
MIDEAST STOCKS #Saudi extends losses on weak oil, other major Gulf bourses up | Reuters
MIDEAST STOCKS Saudi extends losses on weak oil, other major Gulf bourses up | Reuters
Most major stock markets in the Gulf ended higher on Sunday, while falling oil prices continued to pressure the Saudi index, which extended losses for a second session.
In Abu Dhabi, the index (.ADI) rose 0.8%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 1.1% and Emirates Telecommunications Group (ETISALAT.AD) climbing 1.3%.
Among other gainers, Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) finished 1.8% higher following its inclusion in the FTSE Emerging Markets Index.
The changes will be effective from the close of business on Sept. 17.
Abu Dhabi, the second most populous of the United Arab Emirates, on Thursday ended a partial lockdown imposed last month as part of efforts to prevent the spread of COVID-19 variants. read more
The benchmark index (.TASI) in Saudi Arabia, the world's largest oil exporter, slid a further 1.1%, weighed by a 1.8% fall in Al Rajhi Bank (1120.SE) and a 3.1% drop in Riyad Bank (1010.SE), as weakening crude prices curbed interest in Saudi stocks.
Elsewhere, Saudi mall operator Arabian Centres (4321.SE) declined 0.7% after posting a drop in quarterly net profit.
Oil prices closed out their biggest week of losses in more than nine months with another down-day on Friday, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in COVID-19 cases.
Dubai's main share index (.DFMGI) advanced 1.1%, buoyed by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari index (.QSI) added 0.4%, with Commercial Bank (COMB.QA) rising 2.6% and Qatar Islamic Bank (QISB.QA) up 1.1%.
The Gulf state's cabinet approved lifting the percentage of non-Qatari ownership in the capital of Qatar National Bank (QNBK.QA), Qatar Islamic Bank, Commercial Bank and Al Rayan Bank (MARK.QA) to 100%, which could attract more liquidity to the bourse.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 1.1%, with most of the stocks on the index in negative territory including Fawry for Banking Technology and Electronic (FWRY.CA), which was down 4.8%.
Most major stock markets in the Gulf ended higher on Sunday, while falling oil prices continued to pressure the Saudi index, which extended losses for a second session.
In Abu Dhabi, the index (.ADI) rose 0.8%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 1.1% and Emirates Telecommunications Group (ETISALAT.AD) climbing 1.3%.
Among other gainers, Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) finished 1.8% higher following its inclusion in the FTSE Emerging Markets Index.
The changes will be effective from the close of business on Sept. 17.
Abu Dhabi, the second most populous of the United Arab Emirates, on Thursday ended a partial lockdown imposed last month as part of efforts to prevent the spread of COVID-19 variants. read more
The benchmark index (.TASI) in Saudi Arabia, the world's largest oil exporter, slid a further 1.1%, weighed by a 1.8% fall in Al Rajhi Bank (1120.SE) and a 3.1% drop in Riyad Bank (1010.SE), as weakening crude prices curbed interest in Saudi stocks.
Elsewhere, Saudi mall operator Arabian Centres (4321.SE) declined 0.7% after posting a drop in quarterly net profit.
Oil prices closed out their biggest week of losses in more than nine months with another down-day on Friday, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in COVID-19 cases.
Dubai's main share index (.DFMGI) advanced 1.1%, buoyed by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari index (.QSI) added 0.4%, with Commercial Bank (COMB.QA) rising 2.6% and Qatar Islamic Bank (QISB.QA) up 1.1%.
The Gulf state's cabinet approved lifting the percentage of non-Qatari ownership in the capital of Qatar National Bank (QNBK.QA), Qatar Islamic Bank, Commercial Bank and Al Rayan Bank (MARK.QA) to 100%, which could attract more liquidity to the bourse.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 1.1%, with most of the stocks on the index in negative territory including Fawry for Banking Technology and Electronic (FWRY.CA), which was down 4.8%.
Libyan Central Banker Pins Revival Hopes on Higher Oil Output - Bloomberg
Libyan Central Banker Pins Revival Hopes on Higher Oil Output - Bloomberg
Libya needs to boost oil output by almost 40% of its current level in order to cover its spending needs and begin revamping an economy battered by a decade of war, the OPEC nation’s central bank governor said.
With oil as Libya’s nearly sole source of income, “it is of course imperative that production rates in 2022 have to go higher,” Sadiq Al-Kabir said in an interview in the capital, Tripoli. The nation, which sits atop Africa’s largest proven crude reserves, is currently pumping 1.3 million barrels per day. Al-Kabir says daily output needs to climb to a daily 1.8 million barrels next year.
Such an increase would lift Libyan production to its highest since the reign of longtime leader Moammar Qaddafi, whose overthrow in a 2011 uprising triggered years of conflict. But the North African nation’s ability to do so is in question. The country is struggling with an aging infrastructure and cash problems further compounded by political tensions.
Those issues, along with a long-delayed budget, could imperil a target set by oil officials to reach 1.6 million barrels per day by the end of 2021.
Upping production to 1.8 million barrels a day from its current level would ensure revenue of $35 billion next year if oil averages $60 per barrel, keeping Libya “on the safe side” and able to cover spending and reconstruction plans, he said.
Libya needs to boost oil output by almost 40% of its current level in order to cover its spending needs and begin revamping an economy battered by a decade of war, the OPEC nation’s central bank governor said.
With oil as Libya’s nearly sole source of income, “it is of course imperative that production rates in 2022 have to go higher,” Sadiq Al-Kabir said in an interview in the capital, Tripoli. The nation, which sits atop Africa’s largest proven crude reserves, is currently pumping 1.3 million barrels per day. Al-Kabir says daily output needs to climb to a daily 1.8 million barrels next year.
Such an increase would lift Libyan production to its highest since the reign of longtime leader Moammar Qaddafi, whose overthrow in a 2011 uprising triggered years of conflict. But the North African nation’s ability to do so is in question. The country is struggling with an aging infrastructure and cash problems further compounded by political tensions.
Those issues, along with a long-delayed budget, could imperil a target set by oil officials to reach 1.6 million barrels per day by the end of 2021.
Upping production to 1.8 million barrels a day from its current level would ensure revenue of $35 billion next year if oil averages $60 per barrel, keeping Libya “on the safe side” and able to cover spending and reconstruction plans, he said.
MIDEAST STOCKS Most Gulf markets rebound; #Saudi falls again | Reuters
MIDEAST STOCKS Most Gulf markets rebound; Saudi falls again | Reuters
Major stock markets in the Gulf mostly rebounded on Sunday, after declining in the previous session, but falling oil prices continued to weigh on Saudi Arabia where the benchmark index extended losses.
In Abu Dhabi, the index (.ADI) gained 0.6%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 0.8% and telecoms firm Etisalat (ETISALAT.AD) advancing 0.9%.
Among other gainers, Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) climbed 2% following its inclusion in the FTSE Emerging Markets Index.
The changes will be effective from after the close of business on Sept. 17.
Abu Dhabi, the second-most populous emirate in the United Arab Emirates, on Thursday ended a partial lockdown imposed last month as part of efforts to prevent the spread of COVID-19 variants. read more
The benchmark index (.TASI) in Saudi Arabia, the world's largest oil exporter, fell 0.6%, weighed down by a 0.8% fall in Al Rajhi Bank (1120.SE) and a 1.8% drop in Riyad Bank (1010.SE).
Elsewhere, Saudi Arabian mall operator Arabian Centres (4321.SE) retreated 0.7% after posting a decline in quarterly net profit.
Oil prices closed out their biggest week of losses in more than nine months with another down day on Friday, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in COVID-19 cases.
Dubai's main share index (.DFMGI) was up 0.9% on Sunday, led by a 1.2% gain in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1% increase in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari index (.QSI) rose 0.2%, with Qatar Islamic Bank (QISB.QA) and Commercial Bank (COMB.QA) rising 1.6% and 1.7% respectively.
The Gulf state's cabinet approved increasing the percentage of non-Qatari ownership in the capital of Qatar National Bank (QNBK.QA), Qatar Islamic Bank, Commercial Bank and Al Rayan Bank (MARK.QA) to 100% — a move that could attract more liquidity to the bourse.
Major stock markets in the Gulf mostly rebounded on Sunday, after declining in the previous session, but falling oil prices continued to weigh on Saudi Arabia where the benchmark index extended losses.
In Abu Dhabi, the index (.ADI) gained 0.6%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 0.8% and telecoms firm Etisalat (ETISALAT.AD) advancing 0.9%.
Among other gainers, Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) climbed 2% following its inclusion in the FTSE Emerging Markets Index.
The changes will be effective from after the close of business on Sept. 17.
Abu Dhabi, the second-most populous emirate in the United Arab Emirates, on Thursday ended a partial lockdown imposed last month as part of efforts to prevent the spread of COVID-19 variants. read more
The benchmark index (.TASI) in Saudi Arabia, the world's largest oil exporter, fell 0.6%, weighed down by a 0.8% fall in Al Rajhi Bank (1120.SE) and a 1.8% drop in Riyad Bank (1010.SE).
Elsewhere, Saudi Arabian mall operator Arabian Centres (4321.SE) retreated 0.7% after posting a decline in quarterly net profit.
Oil prices closed out their biggest week of losses in more than nine months with another down day on Friday, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in COVID-19 cases.
Dubai's main share index (.DFMGI) was up 0.9% on Sunday, led by a 1.2% gain in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1% increase in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari index (.QSI) rose 0.2%, with Qatar Islamic Bank (QISB.QA) and Commercial Bank (COMB.QA) rising 1.6% and 1.7% respectively.
The Gulf state's cabinet approved increasing the percentage of non-Qatari ownership in the capital of Qatar National Bank (QNBK.QA), Qatar Islamic Bank, Commercial Bank and Al Rayan Bank (MARK.QA) to 100% — a move that could attract more liquidity to the bourse.
#UAE's ADNOC Distribution will be included in FTSE Emerging Markets Index | ZAWYA MENA Edition
UAE's ADNOC Distribution will be included in FTSE Emerging Markets Index | ZAWYA MENA Edition
Abu Dhabi’s ADNOC Distribution will be included in the FTSE Emerging Markets (EM) Index, from 16 Sept. 2021, after final confirmation by FTSE on 6 Sept.
The inclusion is expected to increase the attractiveness of ADNOC Distribution’s shares to potential international investors and further diversify its overall investor base and attract foreign inflows, Abu Dhabi Securities Exchange (ADX) listed company said in a bourse filing.
The FTSE Emerging index tracks stocks from emerging markets globally and includes large and mid-cap securities.
In May this year Morgan Stanley Capital International (MSCI) included ADNOC Distribution in its MSCI Emerging Markets Index.
Last year ADNOC completed a private placement of 1.25 billion of ADNOC Distribution shares (valued at $1 billion) to institutional investors, increasing its free-floating equity to 20 percent.
In May 2021, ADNOC placed an additional 3 percent of ADNOC Distribution’s share capital (valued at $445 million), increasing free float further to 23 percent.
It also issued approximately $1.195 billion of senior unsecured bonds due 2024, exchangeable into existing shares of ADNOC Distribution, constituting approximately 7 percent of the registered share capital of ADNOC Distribution under certain conditions. Following the transactions, ADNOC will retain at least a 70 percent strategic stake in the company.
The fuel distributor reported second quarter net profit of first half AED 521 million ($141.8 million)
Abu Dhabi’s ADNOC Distribution will be included in the FTSE Emerging Markets (EM) Index, from 16 Sept. 2021, after final confirmation by FTSE on 6 Sept.
The inclusion is expected to increase the attractiveness of ADNOC Distribution’s shares to potential international investors and further diversify its overall investor base and attract foreign inflows, Abu Dhabi Securities Exchange (ADX) listed company said in a bourse filing.
The FTSE Emerging index tracks stocks from emerging markets globally and includes large and mid-cap securities.
In May this year Morgan Stanley Capital International (MSCI) included ADNOC Distribution in its MSCI Emerging Markets Index.
Last year ADNOC completed a private placement of 1.25 billion of ADNOC Distribution shares (valued at $1 billion) to institutional investors, increasing its free-floating equity to 20 percent.
In May 2021, ADNOC placed an additional 3 percent of ADNOC Distribution’s share capital (valued at $445 million), increasing free float further to 23 percent.
It also issued approximately $1.195 billion of senior unsecured bonds due 2024, exchangeable into existing shares of ADNOC Distribution, constituting approximately 7 percent of the registered share capital of ADNOC Distribution under certain conditions. Following the transactions, ADNOC will retain at least a 70 percent strategic stake in the company.
The fuel distributor reported second quarter net profit of first half AED 521 million ($141.8 million)
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