Oil steadies; OPEC+ sticks to gradual output hikes | Reuters
Oil prices steadied on Wednesday after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases.
Brent crude fell 4 cents to settle at $71.59 a barrel. U.S. West Texas Intermediate (WTI) crude rose 9 cents to settle at $68.59 a barrel.
Brent had plumbed a session low of $70.42 a barrel, while WTI fell as low as $67.12 a barrel.
The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, agreed to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market.
Wednesday, 1 September 2021
Oil dips; OPEC+ sticks to gradual output hikes | Reuters
Oil dips; OPEC+ sticks to gradual output hikes | Reuters
Oil prices edged lower on Wednesday after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases.
Brent crude fell 18 cents to $71.45 a barrel by 1:09 p.m. EDT (1709 GMT). U.S. West Texas Intermediate (WTI) crude fell 6 cents to $68.44 a barrel.
The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, agreed on Wednesday to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market. [nL1N2Q30F8]
Still, the group revised up its 2022 demand outlook and faces U.S. pressure to raise production more quickly. read more
Oil prices edged lower on Wednesday after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases.
Brent crude fell 18 cents to $71.45 a barrel by 1:09 p.m. EDT (1709 GMT). U.S. West Texas Intermediate (WTI) crude fell 6 cents to $68.44 a barrel.
The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, agreed on Wednesday to stick to a policy from July of phasing out record output cuts by adding 400,000 barrels per day (bpd) a month to the market. [nL1N2Q30F8]
Still, the group revised up its 2022 demand outlook and faces U.S. pressure to raise production more quickly. read more
OPEC+ Ministers Recommend Sticking With Planned Output Increases - Bloomberg
OPEC+ Ministers Recommend Sticking With Planned Output Increases - Bloomberg
OPEC and its allies agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference.
Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent memory and a stark contrast to the drawn-out negotiations seen in July.
“OPEC have proven once again that they can meet and do things seamlessly,” Christyan Malek, head of oil and gas and JPMorgan Chase & Co., said on Bloomberg TV. “It’s likely that harmony is going to be utilized” to respond flexibly to any further shifts in the market over the coming year, he said.
While conditions may appear favorable for cartel right now, there are uncertainties on the horizon. Even as demand recovers, it has been buffeted by the emergence of new coronavirus variants. The question of whether Iran and the U.S. will do a deal to lift sanctions on the Islamic Republic’s oil exports -- currently looking less likely -- also hangs over the market.
OPEC and its allies agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference.
Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent memory and a stark contrast to the drawn-out negotiations seen in July.
“OPEC have proven once again that they can meet and do things seamlessly,” Christyan Malek, head of oil and gas and JPMorgan Chase & Co., said on Bloomberg TV. “It’s likely that harmony is going to be utilized” to respond flexibly to any further shifts in the market over the coming year, he said.
While conditions may appear favorable for cartel right now, there are uncertainties on the horizon. Even as demand recovers, it has been buffeted by the emergence of new coronavirus variants. The question of whether Iran and the U.S. will do a deal to lift sanctions on the Islamic Republic’s oil exports -- currently looking less likely -- also hangs over the market.
#AbuDhabi equities market to launch derivatives offerings in Q4 -statement | Reuters
Abu Dhabi equities market to launch derivatives offerings in Q4 -statement | Reuters
Abu Dhabi Securities Exchange (ADX) said on Wednesday it plans to launch a derivatives market in the fourth quarter of this year.
The stock exchange will introduce single stock futures and index futures, it said in a statement, before expanding to a wider range of derivatives products.
ADX said it signed an agreement with Nasdaq (NDAQ.O) to deliver marketplace technology solutions, including matching, real-time clearing and settlement technology.
The market is expecting a slew of initial public offerings (IPOs) this year as state entities look to monetise assets. Abu Dhabi National Oil Co is planning an IPO of its drilling business and a flotation of Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI (OCI.AS), later this year.
Abu Dhabi Securities Exchange (ADX) said on Wednesday it plans to launch a derivatives market in the fourth quarter of this year.
The stock exchange will introduce single stock futures and index futures, it said in a statement, before expanding to a wider range of derivatives products.
ADX said it signed an agreement with Nasdaq (NDAQ.O) to deliver marketplace technology solutions, including matching, real-time clearing and settlement technology.
The market is expecting a slew of initial public offerings (IPOs) this year as state entities look to monetise assets. Abu Dhabi National Oil Co is planning an IPO of its drilling business and a flotation of Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI (OCI.AS), later this year.
Opec member urges oil producers to focus more on renewable energy | Fossil fuels | The Guardian
Opec member urges oil producers to focus more on renewable energy | Fossil fuels | The Guardian
The finance minister of Iraq, one of the founding members of the global oil cartel Opec, has made an unprecedented call to fellow oil producers to move away from fossil fuel dependency and into renewable energy, ahead of a key Opec meeting.
Ali Allawi, who is also the deputy prime minister of Iraq, has written in the Guardian to urge oil producers to pursue “an economic renewal focused on environmentally sound policies and technologies” that would include solar power and potentially nuclear reactors, and reduce their dependency on fossil fuel exports.
Along with the executive director of the International Energy Agency, Fatih Birol, he wrote: “To stand a chance of limiting the worst effects of climate change, the world needs to fundamentally change the way it produces and consumes energy, burning less coal, oil and natural gas … If oil revenues start to decline before producer countries have successfully diversified their economies, livelihoods will be lost and poverty rates will increase.”
Ministers of the 13 Opec member states are scheduled to meet virtually on Wednesday to negotiate potential curbs to production, as oil prices waver. Opec had earlier agreed to boost production as economies recovered from the Covid-19 pandemic, but slowing markets have led some to suggest a halt to the increase.
The finance minister of Iraq, one of the founding members of the global oil cartel Opec, has made an unprecedented call to fellow oil producers to move away from fossil fuel dependency and into renewable energy, ahead of a key Opec meeting.
Ali Allawi, who is also the deputy prime minister of Iraq, has written in the Guardian to urge oil producers to pursue “an economic renewal focused on environmentally sound policies and technologies” that would include solar power and potentially nuclear reactors, and reduce their dependency on fossil fuel exports.
Along with the executive director of the International Energy Agency, Fatih Birol, he wrote: “To stand a chance of limiting the worst effects of climate change, the world needs to fundamentally change the way it produces and consumes energy, burning less coal, oil and natural gas … If oil revenues start to decline before producer countries have successfully diversified their economies, livelihoods will be lost and poverty rates will increase.”
Ministers of the 13 Opec member states are scheduled to meet virtually on Wednesday to negotiate potential curbs to production, as oil prices waver. Opec had earlier agreed to boost production as economies recovered from the Covid-19 pandemic, but slowing markets have led some to suggest a halt to the increase.
#AbuDhabi's TAQA looks at possible sale of oil, gas assets | Reuters
Abu Dhabi's TAQA looks at possible sale of oil, gas assets | Reuters
Abu Dhabi National Energy Company (TAQA) (TAQA.AD) said on Wednesday it could sell some or all of its oil and gas assets as part of a broader strategic review.
The review will take "into consideration the evolution of the global energy industry as it transitions towards a cleaner and more sustainable future," TAQA said in a statement.
Major energy firms have set targets to reduce greenhouse gas emissions or are exploring investments in renewable energy and green technology amid rising pressure from investors and activists.
TAQA, owned by Abu Dhabi state-owned holding company ADQ, has a portfolio of energy assets in the United Kingdom's North Sea, the Netherlands, Canada and Iraqi Kurdistan.
The company will assess all options, including the sale of some or all of its assets, or it may decide to retain and develop the assets within the larger group, it said.
TAQA's portfolio includes onshore and offshore exploration, development and production of crude oil, natural gas and natural gas liquids. It is also involved in gas storage and oil and gas processing and transportation.
Abu Dhabi National Energy Company (TAQA) (TAQA.AD) said on Wednesday it could sell some or all of its oil and gas assets as part of a broader strategic review.
The review will take "into consideration the evolution of the global energy industry as it transitions towards a cleaner and more sustainable future," TAQA said in a statement.
Major energy firms have set targets to reduce greenhouse gas emissions or are exploring investments in renewable energy and green technology amid rising pressure from investors and activists.
TAQA, owned by Abu Dhabi state-owned holding company ADQ, has a portfolio of energy assets in the United Kingdom's North Sea, the Netherlands, Canada and Iraqi Kurdistan.
The company will assess all options, including the sale of some or all of its assets, or it may decide to retain and develop the assets within the larger group, it said.
TAQA's portfolio includes onshore and offshore exploration, development and production of crude oil, natural gas and natural gas liquids. It is also involved in gas storage and oil and gas processing and transportation.
MIDEAST STOCKS #Dubai index at highest in over 2 years; #Saudi dips | Reuters
MIDEAST STOCKS Dubai index at highest in over 2 years; Saudi dips | Reuters
Dubai's stocks closed at their highest level in over two years on Wednesday, bolstered by gains in real estate shares, while the Saudi index ended three sessions of gains ahead of the OPEC+ meet.
Dubai's main share index (.DFMGI) gained 0.5%, with its biggest listed property firm Emaar properties (EMAR.DU) rising 1.4%, while its unit Emaar Malls (EMAA.DU), operator of glitzy Middle East shopping centers, advanced 1.9%.
Emaar Properties is weighing options to sell fashion e-commerce business Namshi that may include a listing abroad via a SPAC, Reuters reported on Tuesday, citing three sources familiar with the matter. read more
An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a special purpose acquisition company (SPAC) could be more lucrative, said one of the sources.
SPACs are not permitted on UAE bourses, encouraging companies to seek out alternative venues. read more
Saudi Arabia's benchmark index (.TASI) eased 0.1% in a choppy trade, with Al Rajhi Bank (1120.SE) losing 0.5% and Saudi Telecom Company (7010.SE) down 0.9%.
"The Saudi stock market has seen volatile trading today ahead of OPEC's meeting. The Tadawul remained divided regarding the development of the oil market," said Wael Makarem, senior market strategist from Exness.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, are set to meet at 1500 GMT. OPEC+ has raised its forecast for oil-demand next year, sources within the group told Reuters, in a move that might help to build a case for raising output. read more
In Abu Dhabi, the index (.ADI) dropped 0.5%, dragged down by a 0.6% fall in First Abu Dhabi Bank (FAB.AD), while Abu Dhabi National Hotels (ADNH.AD) declined over 6%.
Abu Dhabi state-owned holding company ADQ has withdrawn an offer to combine Abu Dhabi National Hotels Company (ADNH) with Abu Dhabi National Exhibitions Company (ADNEC). read more
Elsewhere, shares of food and beverages company Agthia Group (AGTHIA.AD) were down 6%, a day after they surged 8.9%.
Agthia has approved a deal to take a 100% indirect stake in confectionery and healthy foods maker BMB Group, the latest in a string of acquisitions. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 1.2% higher, as most of the stocks on the index were in positive territory including Commercial International Bank (COMI.CA).
Dubai's main share index (.DFMGI) gained 0.5%, with its biggest listed property firm Emaar properties (EMAR.DU) rising 1.4%, while its unit Emaar Malls (EMAA.DU), operator of glitzy Middle East shopping centers, advanced 1.9%.
Emaar Properties is weighing options to sell fashion e-commerce business Namshi that may include a listing abroad via a SPAC, Reuters reported on Tuesday, citing three sources familiar with the matter. read more
An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a special purpose acquisition company (SPAC) could be more lucrative, said one of the sources.
SPACs are not permitted on UAE bourses, encouraging companies to seek out alternative venues. read more
Saudi Arabia's benchmark index (.TASI) eased 0.1% in a choppy trade, with Al Rajhi Bank (1120.SE) losing 0.5% and Saudi Telecom Company (7010.SE) down 0.9%.
"The Saudi stock market has seen volatile trading today ahead of OPEC's meeting. The Tadawul remained divided regarding the development of the oil market," said Wael Makarem, senior market strategist from Exness.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, are set to meet at 1500 GMT. OPEC+ has raised its forecast for oil-demand next year, sources within the group told Reuters, in a move that might help to build a case for raising output. read more
In Abu Dhabi, the index (.ADI) dropped 0.5%, dragged down by a 0.6% fall in First Abu Dhabi Bank (FAB.AD), while Abu Dhabi National Hotels (ADNH.AD) declined over 6%.
Abu Dhabi state-owned holding company ADQ has withdrawn an offer to combine Abu Dhabi National Hotels Company (ADNH) with Abu Dhabi National Exhibitions Company (ADNEC). read more
Elsewhere, shares of food and beverages company Agthia Group (AGTHIA.AD) were down 6%, a day after they surged 8.9%.
Agthia has approved a deal to take a 100% indirect stake in confectionery and healthy foods maker BMB Group, the latest in a string of acquisitions. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 1.2% higher, as most of the stocks on the index were in positive territory including Commercial International Bank (COMI.CA).
ADCB welcomes creditors approval for restructuring of NMC | Banking – Gulf News
ADCB welcomes creditors approval for restructuring of NMC | Banking – Gulf News
Abu Dhabi Commercial Bank (ADCB) welcomed the approval by creditors of NMC of the restructuring of the Company’s debt and issuance of exit instruments to its creditors.
As a significant creditor to NMC, ADCB took proactive actions from February 2020 onwards initially taking NMC’s parent company in the UK into administration, which ultimately led to the company filing for voluntary administration in ADGM, a course of action that was identified by the company and its advisors as the most suitable route to ensure rescue and timely turnaround of the Company. Such actions also ensured operational continuity for patients, healthcare workers and other stakeholders throughout the global pandemic period. These proactive approaches were taken in response to several developments at NMC, including the revelation of previously undisclosed liabilities of over $ 4 billion. ADCB has worked closely with other creditors to support the joint administrators of the company, who prepared a three-year business plan to create and maximise value at the Company’s core operations, divest non-core assets, reduce debt and ensure an orderly restructuring process.
In line with this supportive approach, the Bank participated in the Company’s Administration Funding Facility (AFF) to underpin the implementation of the business plan and its restructuring process. In consideration of the participation in the AFF, the participants were granted elevation and conversion rights for an amount equivalent to their respective AFF participation. Following the exercise of these rights ADCB is expected to receive approximately 39 per cent of transferable exit instruments in a new $ 2.25 billion facility, a debt claim sized to the expected future value of NMC.
Abu Dhabi Commercial Bank (ADCB) welcomed the approval by creditors of NMC of the restructuring of the Company’s debt and issuance of exit instruments to its creditors.
As a significant creditor to NMC, ADCB took proactive actions from February 2020 onwards initially taking NMC’s parent company in the UK into administration, which ultimately led to the company filing for voluntary administration in ADGM, a course of action that was identified by the company and its advisors as the most suitable route to ensure rescue and timely turnaround of the Company. Such actions also ensured operational continuity for patients, healthcare workers and other stakeholders throughout the global pandemic period. These proactive approaches were taken in response to several developments at NMC, including the revelation of previously undisclosed liabilities of over $ 4 billion. ADCB has worked closely with other creditors to support the joint administrators of the company, who prepared a three-year business plan to create and maximise value at the Company’s core operations, divest non-core assets, reduce debt and ensure an orderly restructuring process.
In line with this supportive approach, the Bank participated in the Company’s Administration Funding Facility (AFF) to underpin the implementation of the business plan and its restructuring process. In consideration of the participation in the AFF, the participants were granted elevation and conversion rights for an amount equivalent to their respective AFF participation. Following the exercise of these rights ADCB is expected to receive approximately 39 per cent of transferable exit instruments in a new $ 2.25 billion facility, a debt claim sized to the expected future value of NMC.
#UAE's top four banks reaped $4bn in combined first-half profit amid economic recovery
UAE's top four banks reaped $4bn in combined first-half profit amid economic recovery
Profits at the four largest banks in the UAE grew during the first half of this year as operating conditions improved and impairment charges for bad loans fell further amid continued economic recovery, according to Moody’s Investors Service.
The top four lenders by assets reported a combined net profit of $4 billion in the first half of 2021, a 17 per cent annual increase, Moody’s said in its latest report released on Tuesday.
First Abu Dhabi Bank, the biggest lender by assets in the country, Abu Dhabi Commercial Bank, Dubai’s largest bank Emirates NBD and the UAE’s largest Sharia-complaint lender Dubai Islamic Bank account for more than 77 per cent of banking assets in the country.
“They [the banks] booked lower loan-loss provisions, reflecting the pick-up in economic activity and consumer confidence,” Nitish Bhojnagarwala, a vice president and senior credit analyst at Moody’s, said.
Profits at the four largest banks in the UAE grew during the first half of this year as operating conditions improved and impairment charges for bad loans fell further amid continued economic recovery, according to Moody’s Investors Service.
The top four lenders by assets reported a combined net profit of $4 billion in the first half of 2021, a 17 per cent annual increase, Moody’s said in its latest report released on Tuesday.
First Abu Dhabi Bank, the biggest lender by assets in the country, Abu Dhabi Commercial Bank, Dubai’s largest bank Emirates NBD and the UAE’s largest Sharia-complaint lender Dubai Islamic Bank account for more than 77 per cent of banking assets in the country.
“They [the banks] booked lower loan-loss provisions, reflecting the pick-up in economic activity and consumer confidence,” Nitish Bhojnagarwala, a vice president and senior credit analyst at Moody’s, said.
Board of #UAE's Agthia approves acquisition of snacks group BMB | Reuters
Board of UAE's Agthia approves acquisition of snacks group BMB | Reuters
The board of Abu Dhabi-listed food and beverages company Agthia Group (AGTHIA.AD) has approved a deal to take a 100% indirect stake in confectionery and healthy foods maker BMB Group, the latest in a string of acquisitions, Agthia said in a statement.
BMB Group, which is also based in the United Arab Emirates (UAE), manufactures and distributes snacks including Mediterranean sweets and chocolate to countries including the United States and Saudi Arabia.
Agthia, which is partly owned by Abu Dhabi's state holding company ADQ, said BMB was an "incubator and accelerator of healthy food brands" and that it expected to pay for the acquisition in cash.
Under the deal, a wholly-owned subsidiary of Agthia will buy BMB units Ripplette Corp and Mediterranean Confectionery Company Limited (MCCL) for 646.26 million dirhams ($176 million) from various sellers including the co-chief executive officers of BMB, Agthia said in a bourse filing.
The board of Abu Dhabi-listed food and beverages company Agthia Group (AGTHIA.AD) has approved a deal to take a 100% indirect stake in confectionery and healthy foods maker BMB Group, the latest in a string of acquisitions, Agthia said in a statement.
BMB Group, which is also based in the United Arab Emirates (UAE), manufactures and distributes snacks including Mediterranean sweets and chocolate to countries including the United States and Saudi Arabia.
Agthia, which is partly owned by Abu Dhabi's state holding company ADQ, said BMB was an "incubator and accelerator of healthy food brands" and that it expected to pay for the acquisition in cash.
Under the deal, a wholly-owned subsidiary of Agthia will buy BMB units Ripplette Corp and Mediterranean Confectionery Company Limited (MCCL) for 646.26 million dirhams ($176 million) from various sellers including the co-chief executive officers of BMB, Agthia said in a bourse filing.
Emirates Speeds Last A380 Deliveries, Hastening Superjumbo’s End - Bloomberg
Emirates Speeds Last A380 Deliveries, Hastening Superjumbo’s End - Bloomberg
Emirates will receive its final A380 jetliner six months early, ending an Airbus SE superjumbo program that proved too big to compete in a changing air-travel market.
Three more aircraft will be delivered by November, the Gulf carrier said Wednesday in a statement, speeding a timetable that had targeted June 2022.
“We’ve come to an agreement with Airbus to bring forward the delivery of our remaining A380 orders and have secured financing for these units,” Emirates President Tim Clark said in the statement.
Its A380 fleet will reach 118, including six with premium-economy seats that are proving popular with leisure travelers as the Covid-19 pandemic sinks demand for first-class and business-class seats.
Emirates will receive its final A380 jetliner six months early, ending an Airbus SE superjumbo program that proved too big to compete in a changing air-travel market.
Three more aircraft will be delivered by November, the Gulf carrier said Wednesday in a statement, speeding a timetable that had targeted June 2022.
“We’ve come to an agreement with Airbus to bring forward the delivery of our remaining A380 orders and have secured financing for these units,” Emirates President Tim Clark said in the statement.
Its A380 fleet will reach 118, including six with premium-economy seats that are proving popular with leisure travelers as the Covid-19 pandemic sinks demand for first-class and business-class seats.
NMC creditors approve plan to take control of firm's units, end administration | Reuters
NMC creditors approve plan to take control of firm's units, end administration | Reuters
The creditors of UAE hospital operator NMC have approved a restructuring process that will give them ownership of 34 NMC group companies and allow those entities to exit administration in Abu Dhabi, NMC said on Wednesday.
NMC, the largest private healthcare provider in the UAE, 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.
Its UAE operating businesses were placed into administration in the courts of Abu Dhabi's international financial centre ADGM last year. Claims from creditors rose to $7.1 billion, the majority of which related to financial creditor claims.
The creditors' approval will create a new entity controlled by them that will allow the continued operations of NMC's core business. Abu Dhabi Commercial Bank, one of NMC's largest creditors, said it is expected to receive 39% of transferable exit instruments in a new $2.25 billion facility, linked to the expected future value of the new entity.
The creditors of UAE hospital operator NMC have approved a restructuring process that will give them ownership of 34 NMC group companies and allow those entities to exit administration in Abu Dhabi, NMC said on Wednesday.
NMC, the largest private healthcare provider in the UAE, 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.
Its UAE operating businesses were placed into administration in the courts of Abu Dhabi's international financial centre ADGM last year. Claims from creditors rose to $7.1 billion, the majority of which related to financial creditor claims.
The creditors' approval will create a new entity controlled by them that will allow the continued operations of NMC's core business. Abu Dhabi Commercial Bank, one of NMC's largest creditors, said it is expected to receive 39% of transferable exit instruments in a new $2.25 billion facility, linked to the expected future value of the new entity.
MIDEAST STOCKS Real estate stocks lift #Dubai shares higher; other markets mixed | Reuters
MIDEAST STOCKS Real estate stocks lift Dubai shares higher; other markets mixed | Reuters
Dubai shares rose in early trade on Wednesday, supported by gains in property stocks, while other major Gulf markets traded mixed.
Dubai's main share index (.DFMGI) added 0.1%, with blue-chip developer Emaar properties (EMAR.DU) rising 1%, while its unit Emaar Malls (EMAA.DU), operator of glitzy Middle East shopping centers, advanced 1.5%.
Emaar Properties is weighing options to sell fashion e-commerce business Namshi that may include a listing abroad via a SPAC, Reuters reported on Tuesday, citing three sources familiar with the matter. read more
An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a special purpose acquisition company (SPAC) could be more lucrative, said one of the sources.
SPACs are not permitted on UAE bourses, encouraging companies to seek out alternative venues. read more
Saudi Arabia's benchmark index (.TASI) eased 0.1%, with Saudi Telecom Company (7010.SE) falling 0.9%, and oil behemoth Saudi Aramco (2222.SE) losing 0.3%.
However, oil prices, a key catalyst for the Gulf's financial stocks, rose ahead of OPEC+ meeting and Energy Information Administration report.
In Abu Dhabi, the index (.ADI) fell 0.4%, weighed down by a 0.5% fall in First Abu Dhabi Bank (FAB.AD), a day after the country's largest lender launched 250 million pounds ($343.93 million) in 5-year bonds.
Among other losers, Abu Dhabi National Hotels (ADNH.AD) retreated a further 5%.
Abu Dhabi state-owned holding company ADQ has withdrawn an offer to combine Abu Dhabi National Hotels Company (ADNH) with Abu Dhabi National Exhibitions Company (ADNEC). read more
The Qatari index (.QSI) edged up 0.1%, helped by a 1.2% rise in petrochemical maker Industries Qatar (IQCD.QA).
Dubai shares rose in early trade on Wednesday, supported by gains in property stocks, while other major Gulf markets traded mixed.
Dubai's main share index (.DFMGI) added 0.1%, with blue-chip developer Emaar properties (EMAR.DU) rising 1%, while its unit Emaar Malls (EMAA.DU), operator of glitzy Middle East shopping centers, advanced 1.5%.
Emaar Properties is weighing options to sell fashion e-commerce business Namshi that may include a listing abroad via a SPAC, Reuters reported on Tuesday, citing three sources familiar with the matter. read more
An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a special purpose acquisition company (SPAC) could be more lucrative, said one of the sources.
SPACs are not permitted on UAE bourses, encouraging companies to seek out alternative venues. read more
Saudi Arabia's benchmark index (.TASI) eased 0.1%, with Saudi Telecom Company (7010.SE) falling 0.9%, and oil behemoth Saudi Aramco (2222.SE) losing 0.3%.
However, oil prices, a key catalyst for the Gulf's financial stocks, rose ahead of OPEC+ meeting and Energy Information Administration report.
In Abu Dhabi, the index (.ADI) fell 0.4%, weighed down by a 0.5% fall in First Abu Dhabi Bank (FAB.AD), a day after the country's largest lender launched 250 million pounds ($343.93 million) in 5-year bonds.
Among other losers, Abu Dhabi National Hotels (ADNH.AD) retreated a further 5%.
Abu Dhabi state-owned holding company ADQ has withdrawn an offer to combine Abu Dhabi National Hotels Company (ADNH) with Abu Dhabi National Exhibitions Company (ADNEC). read more
The Qatari index (.QSI) edged up 0.1%, helped by a 1.2% rise in petrochemical maker Industries Qatar (IQCD.QA).
Oil price firms before OPEC+ policy meeting | Reuters
Oil price firms before OPEC+ policy meeting | Reuters
Oil prices rose on Wednesday before an OPEC+ meeting at which the producer club is expected to stick to a plan to add 400,000 barrels per day (bpd) each month to the end of December.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, are set to meet at 1500 GMT. OPEC+ has raised its forecast for oil demand next year, sources within the group told Reuters, in a move that might help to build a case for raising output. read more
Brent crude for November delivery gained 18 cents, or 0.3%, to touch $71.81 a barrel by 1100 GMT. U.S. West Texas Intermediate (WTI) crude for October was up 17 cents, or 0.3%, at $68.67.
U.S. President Joe Biden's administration has urged OPEC+ to boost output to tackle rising gasoline prices that it views as a threat to the global economic recovery.
Oil prices rose on Wednesday before an OPEC+ meeting at which the producer club is expected to stick to a plan to add 400,000 barrels per day (bpd) each month to the end of December.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, are set to meet at 1500 GMT. OPEC+ has raised its forecast for oil demand next year, sources within the group told Reuters, in a move that might help to build a case for raising output. read more
Brent crude for November delivery gained 18 cents, or 0.3%, to touch $71.81 a barrel by 1100 GMT. U.S. West Texas Intermediate (WTI) crude for October was up 17 cents, or 0.3%, at $68.67.
U.S. President Joe Biden's administration has urged OPEC+ to boost output to tackle rising gasoline prices that it views as a threat to the global economic recovery.
Subscribe to:
Posts (Atom)