Oil falls after Saudi price cuts | Reuters
Oil prices fell on Monday after Saudi Arabia's sharp cuts to crude contract prices for Asia revived concerns over the demand outlook.
Brent crude futures fell 39 cents to settle at $72.22 a barrel. U.S. West Texas Intermediate crude were last down 40 cents at $68.89 a barrel.
State oil group Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel.
The price cuts were larger than expected, based on a Reuters poll of Asian refiners. read more
Monday, 6 September 2021
Analysis: #Turkey and #UAE rein in dispute that fuelled conflict and hurt economy | Reuters
Analysis: Turkey and UAE rein in dispute that fuelled conflict and hurt economy | Reuters
A truce between bitter regional rivals Turkey and the United Arab Emirates has calmed tensions that fuelled conflicts including Libya's war, officials and diplomats say, after years of animosity and insults.
But with political differences still running deep, the two countries are expected to focus on building economic ties and de-escalating, rather than resolving, an ideological rift that has drawn a faultline through the Middle East.
Turkish President Tayyip Erdogan and the UAE's de facto leader, Crown Prince Mohammed bin Zayed al-Nahyan, spoke by phone last week following contacts between intelligence and government officials.
Erdogan, who a year ago said Turkey could cut diplomatic relations with Abu Dhabi after it set up ties with Israel, also discussed UAE investment in Turkey with Abu Dhabi's national security adviser.
A truce between bitter regional rivals Turkey and the United Arab Emirates has calmed tensions that fuelled conflicts including Libya's war, officials and diplomats say, after years of animosity and insults.
But with political differences still running deep, the two countries are expected to focus on building economic ties and de-escalating, rather than resolving, an ideological rift that has drawn a faultline through the Middle East.
Turkish President Tayyip Erdogan and the UAE's de facto leader, Crown Prince Mohammed bin Zayed al-Nahyan, spoke by phone last week following contacts between intelligence and government officials.
Erdogan, who a year ago said Turkey could cut diplomatic relations with Abu Dhabi after it set up ties with Israel, also discussed UAE investment in Turkey with Abu Dhabi's national security adviser.
#Dubai's Emaar Properties, Emaar Malls merger gets regulatory approval | ZAWYA MENA Edition
Dubai's Emaar Properties, Emaar Malls merger gets regulatory approval | ZAWYA MENA Edition
Emaar Properties and Emaar Malls on Monday said the capital market regulator, Securities & Commodities Authority, has given the go-ahead for the proposed merger of the two companies.
As per the proposal, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties and will continue to develop and hold a portfolio of premium shopping malls and retail assets.
Under the share swap deal, Emaar Malls shareholders, excluding Emaar Properties, would receive 0.51 Emaar Properties share for every Emaar Malls share.
This represents a premium of 7.1 percent to the closing price of Emaar Malls on 1 March 2021, the last trading day prior to the merger announcement, and a premium of 11.2 percent to the market implied exchange ratio based on volume weighted average prices over the last one month to 1 March 2021, the statement said.
This also represents a premium of 3.5 percent to the closing price of Emaar Malls on 1 September 2021 and a premium of 4.4 percent to the market implied exchange ratio based on volume weighted average prices over the last one month to 1 September 2021, it added.
Emaar Properties currently owns 84.6 per cent of Emaar Malls. Following the merger, Emaar Malls would no longer be listed.
The proposed merger still requires shareholder approval.
Emaar Properties and Emaar Malls on Monday said the capital market regulator, Securities & Commodities Authority, has given the go-ahead for the proposed merger of the two companies.
As per the proposal, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties and will continue to develop and hold a portfolio of premium shopping malls and retail assets.
Under the share swap deal, Emaar Malls shareholders, excluding Emaar Properties, would receive 0.51 Emaar Properties share for every Emaar Malls share.
This represents a premium of 7.1 percent to the closing price of Emaar Malls on 1 March 2021, the last trading day prior to the merger announcement, and a premium of 11.2 percent to the market implied exchange ratio based on volume weighted average prices over the last one month to 1 March 2021, the statement said.
This also represents a premium of 3.5 percent to the closing price of Emaar Malls on 1 September 2021 and a premium of 4.4 percent to the market implied exchange ratio based on volume weighted average prices over the last one month to 1 September 2021, it added.
Emaar Properties currently owns 84.6 per cent of Emaar Malls. Following the merger, Emaar Malls would no longer be listed.
The proposed merger still requires shareholder approval.
Oil steady as Ida outages offset Saudi price cuts | Reuters
Oil steady as Ida outages offset Saudi price cuts | Reuters
Oil prices steadied on Monday as gains on production outages after Hurricane Ida were tempered by Saudi Arabia's sharp cuts to crude contract prices for Asia, reviving concerns over the demand outlook.
Brent crude futures fell 16 cents to $72.45 a barrel by 10:52 a.m. EDT (1452 GMT). U.S. West Texas Intermediate crude fell 12 cents to $69.17 a barrel.
Both contracts had been down by $1 in earlier trade.
State oil group Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel.
Oil prices steadied on Monday as gains on production outages after Hurricane Ida were tempered by Saudi Arabia's sharp cuts to crude contract prices for Asia, reviving concerns over the demand outlook.
Brent crude futures fell 16 cents to $72.45 a barrel by 10:52 a.m. EDT (1452 GMT). U.S. West Texas Intermediate crude fell 12 cents to $69.17 a barrel.
Both contracts had been down by $1 in earlier trade.
State oil group Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel.
Oil down after deep #Saudi price cuts spur demand concerns | Reuters
Oil down after deep Saudi price cuts spur demand concerns | Reuters
Oil prices fell on Monday, extending losses after the world's top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.
Brent crude futures for November fell 49 cents, or 0.67%, to $72.12 per barrel by 1042 GMT.
U.S. West Texas Intermediate crude for October was at $68.82 a barrel, down 47 cents, or 0.68%. Both contracts were down over $1 in earlier trade.
State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel.
Oil prices fell on Monday, extending losses after the world's top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.
Brent crude futures for November fell 49 cents, or 0.67%, to $72.12 per barrel by 1042 GMT.
U.S. West Texas Intermediate crude for October was at $68.82 a barrel, down 47 cents, or 0.68%. Both contracts were down over $1 in earlier trade.
State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel.
ACWA Says Investor Pitch Well Received as It Gears Up for IPO - Bloomberg
ACWA Says Investor Pitch Well Received as It Gears Up for IPO - Bloomberg
ACWA Power, one of Saudi Arabia’s main vehicles for building renewable energy projects, said meetings with potential investors ahead of an initial public offering have gone “very well.”
The company, half-owned by the kingdom’s sovereign wealth fund, is pushing ahead with an IPO it’s been discussing for years, Chief Executive Officer Paddy Padmanathan said in an interview with Bloomberg TV. Over the next five years, the company will double the amount of power it generates, mostly from renewable sources amid a global shift away from burning fossil fuels, he said.
“Investors that we have engaged with in pre-IPO presentations have received us very well,” Padmanathan said. “With our own established capability, capacity and track record, to drive the energy transition and reduce the cost of desalinated water,” we are in “the right place, at the right time,” he said.
ACWA is closely tied to the Saudi government’s ambitions to build more renewable power plants, reducing its emissions and freeing up more fossil fuels for the lucrative export market. The Public Investment Fund, the kingdom’s powerful sovereign wealth fund, boosted its stake in ACWA earlier this year as it looked to accelerate plans to build more solar power projects.
Padmanathan said ACWA, which has announced plans to stop investing in new coal- or oil-fired power plants, could reach its net-zero emissions goal before an existing target of 2050.
ACWA’s IPO on the Saudi stock exchange could raise about $1 billion, valuing the company at $10 billion, people familiar told Bloomberg last week. Padamanathan declined to comment.
ACWA Power, one of Saudi Arabia’s main vehicles for building renewable energy projects, said meetings with potential investors ahead of an initial public offering have gone “very well.”
The company, half-owned by the kingdom’s sovereign wealth fund, is pushing ahead with an IPO it’s been discussing for years, Chief Executive Officer Paddy Padmanathan said in an interview with Bloomberg TV. Over the next five years, the company will double the amount of power it generates, mostly from renewable sources amid a global shift away from burning fossil fuels, he said.
“Investors that we have engaged with in pre-IPO presentations have received us very well,” Padmanathan said. “With our own established capability, capacity and track record, to drive the energy transition and reduce the cost of desalinated water,” we are in “the right place, at the right time,” he said.
ACWA is closely tied to the Saudi government’s ambitions to build more renewable power plants, reducing its emissions and freeing up more fossil fuels for the lucrative export market. The Public Investment Fund, the kingdom’s powerful sovereign wealth fund, boosted its stake in ACWA earlier this year as it looked to accelerate plans to build more solar power projects.
Padmanathan said ACWA, which has announced plans to stop investing in new coal- or oil-fired power plants, could reach its net-zero emissions goal before an existing target of 2050.
ACWA’s IPO on the Saudi stock exchange could raise about $1 billion, valuing the company at $10 billion, people familiar told Bloomberg last week. Padamanathan declined to comment.
PIF-Backed Acwa Power Tees up IPO - Bloomberg video
PIF-Backed Acwa Power Tees up IPO - Bloomberg
Paddy Padmanathan, ACWA Power, President & CEO discusses the company's IPO, which aims to raise financing for its transformation into a low-carbon energy producer. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
BofA's Yazhari: #UAE Diversification More Urgent - Bloomberg video
BofA's Yazhari: UAE Diversification More Urgent - Bloomberg
Hootan Yazhari, Bank of America Securities, Head of MENA & Global Frontier Markets Equity Research discusses the UAE government's new announcements on job-creation as Abdulla bin Touq, the United Arab Emirates economy minister, hopes the nation will exceed 4% growth in 2021, a higher rate than previously forecast. Hootan Yazhari speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Column: #SaudiArabia crude oil price cut for Asia shows demand concerns | Reuters
Column: Saudi Arabia crude oil price cut for Asia shows demand concerns | Reuters
Saudi Arabia cut the price of crude oil for October delivery to its customers in Asia by more than the market expected, a sign that demand in the world’s top-importing region remains tepid.
Saudi Aramco, the state-controlled oil giant, said in a statement on Sept. 5 that the official selling price (OSP) for its benchmark Arab Light crude for delivery to Asia would be lowered by $1.30 a barrel to a premium of $1.70 a barrel over the average of Oman and Dubai crude prices.
This was a much deeper price cut than the market expected, with a Reuters survey of refiners in Asia prior to the announcement forecasting a reduction of just 20-40 U.S. cents a barrel in the OSP for Arab Light.
The larger-than-expected cut for Asia wasn’t extended to other regions, with the world’s largest crude exporter keeping OSPs for northwest Europe and the United States unchanged from September.
Saudi Arabia cut the price of crude oil for October delivery to its customers in Asia by more than the market expected, a sign that demand in the world’s top-importing region remains tepid.
Saudi Aramco, the state-controlled oil giant, said in a statement on Sept. 5 that the official selling price (OSP) for its benchmark Arab Light crude for delivery to Asia would be lowered by $1.30 a barrel to a premium of $1.70 a barrel over the average of Oman and Dubai crude prices.
This was a much deeper price cut than the market expected, with a Reuters survey of refiners in Asia prior to the announcement forecasting a reduction of just 20-40 U.S. cents a barrel in the OSP for Arab Light.
The larger-than-expected cut for Asia wasn’t extended to other regions, with the world’s largest crude exporter keeping OSPs for northwest Europe and the United States unchanged from September.
Oil giant ADNOC to sell minimum 7.5% stake in drilling unit's IPO | Reuters
Oil giant ADNOC to sell minimum 7.5% stake in drilling unit's IPO | Reuters
ADNOC Drilling said on Monday it intended to list on the Abu Dhabi bourse, with its parent company Abu Dhabi National Oil Co (ADNOC) selling a minimum 7.5% stake in an initial public offering (IPO).
This is the second public flotation of a company owned by the Abu Dhabi oil giant after it listed ADNOC Distribution , the largest operator of petrol stations and convenience stores in the United Arab Emirates, in 2017.
"The successful listing of ADNOC Distribution and the way the share price increased gradually ... till the inclusion in the MSCI EMI is a proven road-map of success that all investors will believe ADNOC Drilling will also follow," said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital.
Gulf oil majors ADNOC and Saudi Aramco have raised cash from outside investors in recent years to diversify sources of income in their oil-dependent economies.
ADNOC Drilling said on Monday it intended to list on the Abu Dhabi bourse, with its parent company Abu Dhabi National Oil Co (ADNOC) selling a minimum 7.5% stake in an initial public offering (IPO).
This is the second public flotation of a company owned by the Abu Dhabi oil giant after it listed ADNOC Distribution , the largest operator of petrol stations and convenience stores in the United Arab Emirates, in 2017.
"The successful listing of ADNOC Distribution and the way the share price increased gradually ... till the inclusion in the MSCI EMI is a proven road-map of success that all investors will believe ADNOC Drilling will also follow," said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital.
Gulf oil majors ADNOC and Saudi Aramco have raised cash from outside investors in recent years to diversify sources of income in their oil-dependent economies.
MIDEAST STOCKS Most Gulf bourses ease on oil price dip, #Saudi gains | Reuters
MIDEAST STOCKS Most Gulf bourses ease on oil price dip, Saudi gains | Reuters
Major stock markets in the Gulf were subdued in early trade on Monday, amid falling oil prices, although the Saudi index bucked the trend to trade higher.
Oil prices fell about $1, after the world's top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.
Dubai's main share index (.DFMGI) dropped 0.5%, weighed down by a 0.7% fall in Emaar Properties (EMAR.DU) and a 1.4% decline in its unit Emaar Malls (EMAA.DU).
In Abu Dhabi, the index (.ADI) fell 0.1%, with telecoms firm Etisalat (ETISALAT.AD) losing 1%.
But Gulf Pharmaceutical Industries (JULPHAR.AD) added 0.5% after divesting a 100% shareholding in Gulf Inject.
The deal comes as part of the company's strategy to strengthen its core product portfolio and divest from non-core activities.
Meanwhile, the United Arab Emirates plans to launch 50 new economic initiatives to boost the country's competitiveness and attract 550 billion dirhams ($150 billion) in foreign direct investment in the next nine years, government officials said on Sunday. read more
The projects, a few of which were unveiled on Sunday, include investing in technology and creating new visas to attract residents and skilled workers.
The Qatari benchmark (.QSI) edged down 0.1%, with Qatar Fuel (QFLS.QA) shares losing 0.8% and Commercial Bank (COMB.QA) was down 0.5%.
Saudi Arabia's benchmark index (.TASI) gained 0.3%, driven by a 0.7% rise in Al Rajhi Bank (1120.SE) and a 0.6% increase in Saudi Telecom Company (STC) (7010.SE).
Arabian Internet and Communications Services Co, a unit of STC, set an indicative price range for its initial public offering, aiming to raise as much as 3.6 billion riyals ($959.92 million). read more
STC unit's IPO is among a spate of deals hitting the Saudi Arabian exchange this year including Acwa Power's more than $1 billion IPO and another offering from Saudi Tadawul Group.
But, oil giant Saudi Aramco (2222.SE) was down 0.3% while the energy index (.TENI) eased 0.2%.
Major stock markets in the Gulf were subdued in early trade on Monday, amid falling oil prices, although the Saudi index bucked the trend to trade higher.
Oil prices fell about $1, after the world's top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.
Dubai's main share index (.DFMGI) dropped 0.5%, weighed down by a 0.7% fall in Emaar Properties (EMAR.DU) and a 1.4% decline in its unit Emaar Malls (EMAA.DU).
In Abu Dhabi, the index (.ADI) fell 0.1%, with telecoms firm Etisalat (ETISALAT.AD) losing 1%.
But Gulf Pharmaceutical Industries (JULPHAR.AD) added 0.5% after divesting a 100% shareholding in Gulf Inject.
The deal comes as part of the company's strategy to strengthen its core product portfolio and divest from non-core activities.
Meanwhile, the United Arab Emirates plans to launch 50 new economic initiatives to boost the country's competitiveness and attract 550 billion dirhams ($150 billion) in foreign direct investment in the next nine years, government officials said on Sunday. read more
The projects, a few of which were unveiled on Sunday, include investing in technology and creating new visas to attract residents and skilled workers.
The Qatari benchmark (.QSI) edged down 0.1%, with Qatar Fuel (QFLS.QA) shares losing 0.8% and Commercial Bank (COMB.QA) was down 0.5%.
Saudi Arabia's benchmark index (.TASI) gained 0.3%, driven by a 0.7% rise in Al Rajhi Bank (1120.SE) and a 0.6% increase in Saudi Telecom Company (STC) (7010.SE).
Arabian Internet and Communications Services Co, a unit of STC, set an indicative price range for its initial public offering, aiming to raise as much as 3.6 billion riyals ($959.92 million). read more
STC unit's IPO is among a spate of deals hitting the Saudi Arabian exchange this year including Acwa Power's more than $1 billion IPO and another offering from Saudi Tadawul Group.
But, oil giant Saudi Aramco (2222.SE) was down 0.3% while the energy index (.TENI) eased 0.2%.
Oil falls $1 after deep Saudi price cuts spur demand concerns | Reuters
Oil falls $1 after deep Saudi price cuts spur demand concerns | Reuters
Oil prices fell about $1 on Monday, extending losses after the world's top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.
Brent crude futures for November fell 98 cents, or 1.4%, to $71.63 a barrel by 0613 GMT while U.S. West Texas Intermediate crude for October was at $68.34 a barrel, down 95 cents, or 1.4%.
State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel. The price cuts were larger than expected, according to a Reuters poll among Asian refiners. read more
"The OSPs to Asia are bearish, signalling softer demand and potentially higher supply," Energy Aspects analyst Virendra Chauhan said.
Oil prices fell about $1 on Monday, extending losses after the world's top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand.
Brent crude futures for November fell 98 cents, or 1.4%, to $71.63 a barrel by 0613 GMT while U.S. West Texas Intermediate crude for October was at $68.34 a barrel, down 95 cents, or 1.4%.
State oil giant Saudi Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least $1 a barrel. The price cuts were larger than expected, according to a Reuters poll among Asian refiners. read more
"The OSPs to Asia are bearish, signalling softer demand and potentially higher supply," Energy Aspects analyst Virendra Chauhan said.
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