Oil slides on demand concerns, strong dollar | Reuters
Oil prices fell on Tuesday, pressured by a strong U.S. dollar and concerns about weak demand in the United States and Asia, although ongoing production outages on the U.S. Gulf Coast capped losses.
U.S. West Texas Intermediate crude settled down 94 cents or 1.4% from Friday's close at $67.35 a barrel, and touched a session low of $67.64. There was no settlement price for Monday due to the Labor Day holiday in the United States.
Brent crude futures settled down 53 cents, or 0.7%, a $71.69 a barrel, after falling 39 cents on Monday.
John Saucer, vice president of crude oil markets at Mobius Risk Group in Houston, said a stronger dollar and Saudi Arabia's move on Sunday to cut October official selling prices (OSPs) were pressuring crude. A strong dollar makes oil more expensive for holders of other currencies.
Tuesday 7 September 2021
First #AbuDhabi Is Said to Start Sale of $1 Billion Payments Arm - Bloomberg
First Abu Dhabi Is Said to Start Sale of $1 Billion Payments Arm - Bloomberg
First Abu Dhabi Bank PJSC has kicked off the sale of a stake in its payments business Magnati, in a potential deal that could value the unit at about $1 billion, people familiar with the matter said.
The banking group is working with Morgan Stanley to reach out to potential investors, according to the people, who asked not to be identified because the information is private. The sale could attract interest from companies in the financial industry as well as private equity firms, the people said.
FAB is considering keeping a stake in Magnati after any deal, the people said. Deliberations are ongoing, and no final decisions on the scope of the potential disposal have been taken, according to the people.
A representative for FAB declined to comment, while a spokesperson for Morgan Stanley didn’t immediately provide comment.
FAB, the largest bank in the United Arab Emirates, completed the carveout of its payments business into a fully-owned subsidiary in April. Any sale would add to a flurry of dealmaking in the global payments industry, spurred in part by banks seeking to offload operations as they struggle to compete with specialist providers.
In 2015, private equity firms Warburg Pincus and General Atlantic bought a stake in Network International Holdings Plc, a payments provider backed by Emirates NBD Bank PJSC, before listing the business in London less than four years later.
First Abu Dhabi Bank PJSC has kicked off the sale of a stake in its payments business Magnati, in a potential deal that could value the unit at about $1 billion, people familiar with the matter said.
The banking group is working with Morgan Stanley to reach out to potential investors, according to the people, who asked not to be identified because the information is private. The sale could attract interest from companies in the financial industry as well as private equity firms, the people said.
FAB is considering keeping a stake in Magnati after any deal, the people said. Deliberations are ongoing, and no final decisions on the scope of the potential disposal have been taken, according to the people.
A representative for FAB declined to comment, while a spokesperson for Morgan Stanley didn’t immediately provide comment.
FAB, the largest bank in the United Arab Emirates, completed the carveout of its payments business into a fully-owned subsidiary in April. Any sale would add to a flurry of dealmaking in the global payments industry, spurred in part by banks seeking to offload operations as they struggle to compete with specialist providers.
In 2015, private equity firms Warburg Pincus and General Atlantic bought a stake in Network International Holdings Plc, a payments provider backed by Emirates NBD Bank PJSC, before listing the business in London less than four years later.
Oil falls on worries about weak demand | Reuters
Oil falls on worries about weak demand | Reuters
Oil prices fell on Tuesday on concerns over weak demand in the United States and Asia, although ongoing production outages on the U.S. Gulf Coast helped to limit losses.
Industry analysts said a strengthening U.S. dollar also weighed on crude prices. A strong dollar makes oil more expensive for holders of other currencies.
U.S. West Texas Intermediate crude was down $1.08 or 1.6% from Friday's close at $68.21 a barrel at 1522 GMT. There was no settlement price for Monday due to the Labor Day holiday in the United States.
Brent crude futures were down 49 cents, or 0.7%, to $71.73 a barrel by, after falling 39 cents on Monday.
The U.S. economy created the fewest jobs in seven months in August as hiring in the leisure and hospitality sector stalled amid a resurgence in COVID-19 infections. read more
Oil prices fell on Tuesday on concerns over weak demand in the United States and Asia, although ongoing production outages on the U.S. Gulf Coast helped to limit losses.
Industry analysts said a strengthening U.S. dollar also weighed on crude prices. A strong dollar makes oil more expensive for holders of other currencies.
U.S. West Texas Intermediate crude was down $1.08 or 1.6% from Friday's close at $68.21 a barrel at 1522 GMT. There was no settlement price for Monday due to the Labor Day holiday in the United States.
Brent crude futures were down 49 cents, or 0.7%, to $71.73 a barrel by, after falling 39 cents on Monday.
The U.S. economy created the fewest jobs in seven months in August as hiring in the leisure and hospitality sector stalled amid a resurgence in COVID-19 infections. read more
MIDEAST STOCKS #AbuDhabi outperforms Gulf peers, #Saudi index near 14-year high | Reuters
MIDEAST STOCKS Abu Dhabi outperforms Gulf peers, Saudi index near 14-year high | Reuters
Abu Dhabi's stock market outperformed its Gulf peers on Tuesday, driven by a bounce in telecoms giant Etisalat, while the Saudi index closed at its highest in nearly 14 years.
The Abu Dhabi index (.ADI) advanced 1.2%, buoyed by a 6.7% jump in Emirates Telecommunications Group (ETISALAT.AD), the company's biggest intraday rise in about eight months.
Etisalat said earlier in the day it had secured required approvals to increase the foreign ownership limit to 49%.
Meanwhile, state-backed holding company ADQ said it plans to list Abu Dhabi Ports Co on the Abu Dhabi Securities Exchange before the end of the year. read more
On Monday, ADNOC Drilling announced it intended to list on the Abu Dhabi bourse, with its parent company Abu Dhabi National Oil Co selling a minimum 7.5% stake in an initial public offering. read more
Saudi Arabia's benchmark index (.TASI) gave up much of its early gains to close 0.1% higher. Al Rajhi Bank (1120.SE) added 0.5%, while Mobile Telecommunications Co Saudi Arabia, also known as Zain KSA (7030.SE), rose 1.3%.
The Public Investment Fund, Saudi Arabia's sovereign fund, has made a non-binding offer to buy a 60% stake in the towers of Kuwaiti-backed Zain KSA, while two other investors offered to buy another 20% stake, valuing the towers at $807 million. read more
The market was weighed down by weakness in oil prices, said Wael Makarem, senior market strategist at Exness.
Brent crude futures were down 54 cents, or 0.8%, at $71.70 a barrel by 0126 GMT, as Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand.
Dubai's main share index (.DFMGI) added 0.1%, helped by a 1.5% gain in Emaar Malls (EMAA.DU) after the company got regulatory approval to merge with parent company Emaar Properties (EMAR.DU). Emaar Properties retreated 0.5%.
Logistic firm Aramex (ARMX.DU) finished 0.8% higher after saying it has split its core businesses as part of a reshuffle aimed at capturing growth in the post-COVID-19 transportation and logistics industry. read more
The Qatari benchmark (.QSI) was flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.2% to snap two sessions of losses, as most of the stocks ended in positive territory. Egypt Kuwait Holding (EKHO.CA) gained 1.3%.
Egypt's net foreign reserves rose to $40.672 billion in August from $40.609 bln in July, the central bank said on Monday.
Abu Dhabi's stock market outperformed its Gulf peers on Tuesday, driven by a bounce in telecoms giant Etisalat, while the Saudi index closed at its highest in nearly 14 years.
The Abu Dhabi index (.ADI) advanced 1.2%, buoyed by a 6.7% jump in Emirates Telecommunications Group (ETISALAT.AD), the company's biggest intraday rise in about eight months.
Etisalat said earlier in the day it had secured required approvals to increase the foreign ownership limit to 49%.
Meanwhile, state-backed holding company ADQ said it plans to list Abu Dhabi Ports Co on the Abu Dhabi Securities Exchange before the end of the year. read more
On Monday, ADNOC Drilling announced it intended to list on the Abu Dhabi bourse, with its parent company Abu Dhabi National Oil Co selling a minimum 7.5% stake in an initial public offering. read more
Saudi Arabia's benchmark index (.TASI) gave up much of its early gains to close 0.1% higher. Al Rajhi Bank (1120.SE) added 0.5%, while Mobile Telecommunications Co Saudi Arabia, also known as Zain KSA (7030.SE), rose 1.3%.
The Public Investment Fund, Saudi Arabia's sovereign fund, has made a non-binding offer to buy a 60% stake in the towers of Kuwaiti-backed Zain KSA, while two other investors offered to buy another 20% stake, valuing the towers at $807 million. read more
The market was weighed down by weakness in oil prices, said Wael Makarem, senior market strategist at Exness.
Brent crude futures were down 54 cents, or 0.8%, at $71.70 a barrel by 0126 GMT, as Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand.
Dubai's main share index (.DFMGI) added 0.1%, helped by a 1.5% gain in Emaar Malls (EMAA.DU) after the company got regulatory approval to merge with parent company Emaar Properties (EMAR.DU). Emaar Properties retreated 0.5%.
Logistic firm Aramex (ARMX.DU) finished 0.8% higher after saying it has split its core businesses as part of a reshuffle aimed at capturing growth in the post-COVID-19 transportation and logistics industry. read more
The Qatari benchmark (.QSI) was flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.2% to snap two sessions of losses, as most of the stocks ended in positive territory. Egypt Kuwait Holding (EKHO.CA) gained 1.3%.
Egypt's net foreign reserves rose to $40.672 billion in August from $40.609 bln in July, the central bank said on Monday.
Billion-Dollar Listings Help #AbuDhabi Catch Up With Riyadh - Bloomberg
Billion-Dollar Listings Help Abu Dhabi Catch Up With Riyadh - Bloomberg
The Middle East IPO market has suddenly come alive with a clutch of listings that are set to raise billions of dollars, with Abu Dhabi starting to catch up with regional leader Riyadh.
The listings in Abu Dhabi come amid a push from the oil-rich emirate to revive the local bourse. Satellite operator Yahsat kicked off the IPO frenzy in July, becoming the first listing on the exchange in nearly four years.
Since then, deals worth billions have been announced. On Monday, Abu Dhabi National Oil Co. said it’s planning to sell shares in its drilling unit in what would rank among the largest initial public offerings in the United Arab Emirates. A day later, sovereign wealth fund ADQ announced plans to list Abu Dhabi Ports before the end of the year.
Others including Emirates Global Aluminium and Adnoc’s fertilizer joint venture Fertiglobe are also weighing listings in Abu Dhabi. Saudi Arabia, meanwhile, has been the hottest market for IPOs in the Middle East over the past two years, with three listings on the main market this year and more to come.
The Middle East IPO market has suddenly come alive with a clutch of listings that are set to raise billions of dollars, with Abu Dhabi starting to catch up with regional leader Riyadh.
The listings in Abu Dhabi come amid a push from the oil-rich emirate to revive the local bourse. Satellite operator Yahsat kicked off the IPO frenzy in July, becoming the first listing on the exchange in nearly four years.
Since then, deals worth billions have been announced. On Monday, Abu Dhabi National Oil Co. said it’s planning to sell shares in its drilling unit in what would rank among the largest initial public offerings in the United Arab Emirates. A day later, sovereign wealth fund ADQ announced plans to list Abu Dhabi Ports before the end of the year.
Others including Emirates Global Aluminium and Adnoc’s fertilizer joint venture Fertiglobe are also weighing listings in Abu Dhabi. Saudi Arabia, meanwhile, has been the hottest market for IPOs in the Middle East over the past two years, with three listings on the main market this year and more to come.
Oil mixed, fears of slower demand weigh on sentiment | Reuters
Oil mixed, fears of slower demand weigh on sentiment | Reuters
Oil prices were mixed on Tuesday as Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand, but strong Chinese economic data capped losses.
Brent crude futures were up 12 cents, or 0.2%, to $72.34 a barrel by 0947 GMT, after falling 39 cents on Monday. U.S. West Texas Intermediate crude was at $68.83 a barrel, down 46 cents, or 0.7%, from Friday's close, with no settlement price for Monday due to the Labor Day holiday in the United States.
"The deep cut in Saudi OSP and the aftershock of Friday's disappointing U.S. jobs data that strengthened the dollar yesterday were enough to put bulls on the backfoot," Tamas Varga of oil brokerage PVM said.
Saudi Aramco on Sunday cut October official selling prices (OSPs) for all its crude grades sold to Asia by at least $1 a barrel.
Oil prices were mixed on Tuesday as Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand, but strong Chinese economic data capped losses.
Brent crude futures were up 12 cents, or 0.2%, to $72.34 a barrel by 0947 GMT, after falling 39 cents on Monday. U.S. West Texas Intermediate crude was at $68.83 a barrel, down 46 cents, or 0.7%, from Friday's close, with no settlement price for Monday due to the Labor Day holiday in the United States.
"The deep cut in Saudi OSP and the aftershock of Friday's disappointing U.S. jobs data that strengthened the dollar yesterday were enough to put bulls on the backfoot," Tamas Varga of oil brokerage PVM said.
Saudi Aramco on Sunday cut October official selling prices (OSPs) for all its crude grades sold to Asia by at least $1 a barrel.
Mubadala Petroleum, Eni team up on energy transition | Reuters
Mubadala Petroleum, Eni team up on energy transition | Reuters
Italy's Eni (ENI.MI) has teamed up with Mubadala Petroleum to look at joint investments in the energy transition field as part of plans to cut carbon footprints.
In statements on Tuesday, the two groups said they had signed a memorandum of understanding (MoU) to cooperate in areas like hydrogen and carbon capture in the Middle East, North Africa, South East Asia, Europe and other regions of mutual interest.
Mubadala Petroleum, owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company, said the agreement was part of its "proactive approach to Environmental, Social & Governance (ESG) considerations and its energy transition goals".
"This includes pursuing a gas-weighted portfolio as a key bridge to renewables," Mubadala Petroleum CEO Mansoor Mohamed Al Hamed said.
Italy's Eni (ENI.MI) has teamed up with Mubadala Petroleum to look at joint investments in the energy transition field as part of plans to cut carbon footprints.
In statements on Tuesday, the two groups said they had signed a memorandum of understanding (MoU) to cooperate in areas like hydrogen and carbon capture in the Middle East, North Africa, South East Asia, Europe and other regions of mutual interest.
Mubadala Petroleum, owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company, said the agreement was part of its "proactive approach to Environmental, Social & Governance (ESG) considerations and its energy transition goals".
"This includes pursuing a gas-weighted portfolio as a key bridge to renewables," Mubadala Petroleum CEO Mansoor Mohamed Al Hamed said.
#UAE's Etisalat secures approvals to raise foreign ownership limit to 49% | ZAWYA MENA Edition
UAE's Etisalat secures approvals to raise foreign ownership limit to 49% | ZAWYA MENA Edition
Emirates Telecommunications Group (Etisalat) has obtained the necessary approvals to allow foreigners to own 49 percent of the telecom giant’s share capital, the company confirmed on Tuesday.
With the approvals secured, the plan to increase the foreign ownership limit in their stocks to 49 percent “has come into effect”, the telecoms firm said in a bourse filing to the Abu Dhabi Securities Exchange (ADX).
Etisalat, as well as Emirates Integrated Telecommunications Company (Du), announced early this year their plans to increase the foreign shareholding limits. Etisalat had said that the move would require approvals, including changes to the company’s Articles of Association.
In its latest statement, the telecoms firm said that a provision in “Federal Decree by Law No. 1 of 2021” concerning Etisalat Group has already been amended to increase the foreign shareholding limit in the company’s capital to 49 percent.
“Moreover, all the necessary approvals for amending the company’s Articles of Association have been secured,” Etisalat said.
“Based on the above, increasing the foreign ownership limit in the company’s share capital has come into effect.”
The UAE has recently rolled out a series of initiatives to boost investment flows and help secure the country’s position as a global destination for entrepreneurs and talent. On Monday, the UAE launched a global economic campaign, “United Global Emirates” that will showcase the benefits of doing business and living in the emirates.
Emirates Telecommunications Group (Etisalat) has obtained the necessary approvals to allow foreigners to own 49 percent of the telecom giant’s share capital, the company confirmed on Tuesday.
With the approvals secured, the plan to increase the foreign ownership limit in their stocks to 49 percent “has come into effect”, the telecoms firm said in a bourse filing to the Abu Dhabi Securities Exchange (ADX).
Etisalat, as well as Emirates Integrated Telecommunications Company (Du), announced early this year their plans to increase the foreign shareholding limits. Etisalat had said that the move would require approvals, including changes to the company’s Articles of Association.
In its latest statement, the telecoms firm said that a provision in “Federal Decree by Law No. 1 of 2021” concerning Etisalat Group has already been amended to increase the foreign shareholding limit in the company’s capital to 49 percent.
“Moreover, all the necessary approvals for amending the company’s Articles of Association have been secured,” Etisalat said.
“Based on the above, increasing the foreign ownership limit in the company’s share capital has come into effect.”
The UAE has recently rolled out a series of initiatives to boost investment flows and help secure the country’s position as a global destination for entrepreneurs and talent. On Monday, the UAE launched a global economic campaign, “United Global Emirates” that will showcase the benefits of doing business and living in the emirates.
#Saudi, #UAE Leaders Hold Talks as Regional Competition Heats Up - Bloomberg
Saudi, UAE Leaders Hold Talks as Regional Competition Heats Up - Bloomberg
The defacto rulers of Saudi Arabia and the United Arab Emirates held talks late Monday, days after the UAE unveiled plans to deepen trade ties with fast-growing economies mainly outside the Middle East.
Saudi Crown Prince Mohammed bin Salman called his Abu Dhabi counterpart Sheikh Mohammed bin Zayed Al Nahyan and discussed “the prospects of further consolidating the strategic cooperation” between the countries, the UAE’s state-run WAM news agency said. It didn’t provide further details.
Sheikh Mohammed had traveled to Riyadh in July meet his Saudi counterpart after the neighbors had clashed over oil policy, roiling global energy markets. A compromise was eventually reached -- and the countries’ energy ministers made a public show of how they had patched up differences.
The UAE, which has been the Middle East’s commercial capital for more than a decade, is facing growing regional competition from Saudi Arabia, the Arab world’s largest economy. On Sunday, the UAE said it was working on comprehensive economic agreements with countries in Asia and Africa, seeking $150 billion of inward foreign investment over the next nine years, and further eased visa restrictions to try to attract more foreign talent.
Saudi Arabia has been also working on plans to boost economic growth. The world’s largest oil exporter is pushing international companies to put their Middle East hubs in the kingdom by the start of 2024 or risk losing out on business. Some news channels are already starting to transfer operations out of Dubai.
The defacto rulers of Saudi Arabia and the United Arab Emirates held talks late Monday, days after the UAE unveiled plans to deepen trade ties with fast-growing economies mainly outside the Middle East.
Saudi Crown Prince Mohammed bin Salman called his Abu Dhabi counterpart Sheikh Mohammed bin Zayed Al Nahyan and discussed “the prospects of further consolidating the strategic cooperation” between the countries, the UAE’s state-run WAM news agency said. It didn’t provide further details.
Sheikh Mohammed had traveled to Riyadh in July meet his Saudi counterpart after the neighbors had clashed over oil policy, roiling global energy markets. A compromise was eventually reached -- and the countries’ energy ministers made a public show of how they had patched up differences.
The UAE, which has been the Middle East’s commercial capital for more than a decade, is facing growing regional competition from Saudi Arabia, the Arab world’s largest economy. On Sunday, the UAE said it was working on comprehensive economic agreements with countries in Asia and Africa, seeking $150 billion of inward foreign investment over the next nine years, and further eased visa restrictions to try to attract more foreign talent.
Saudi Arabia has been also working on plans to boost economic growth. The world’s largest oil exporter is pushing international companies to put their Middle East hubs in the kingdom by the start of 2024 or risk losing out on business. Some news channels are already starting to transfer operations out of Dubai.
ADQ Plans to List #AbuDhabi Ports on Local Bourse This Year - Bloomberg
ADQ Plans to List Abu Dhabi Ports on Local Bourse This Year - Bloomberg
Sovereign wealth fund ADQ plans to list Abu Dhabi Ports on the emirate’s exchange before the end of the year, the latest in a series of planned share sales on the bourse.
The listing on Abu Dhabi Securities Exchange is expected to comprise a sale of a portion of existing shares to investors in the United Arab Emirates, according to a statement on Tuesday.
Abu Dhabi is set to list its ports operator a year after neighboring Dubai took DP World private, one of several delistings from the local bourse.
By contrast, authorities in Abu Dhabi, the wealthiest of the seven emirates that make up the UAE, have been pushing to revive IPOs on its bourse. The exchange -- also owned by ADQ -- is offering sweeteners that include flexibility on the minimum stake size required for share sales and promising to reduce or forgo listing fees. The bourse may see at least 10 new listings this year, which would be the most on record, its chairman said in May.
Sovereign wealth fund ADQ plans to list Abu Dhabi Ports on the emirate’s exchange before the end of the year, the latest in a series of planned share sales on the bourse.
The listing on Abu Dhabi Securities Exchange is expected to comprise a sale of a portion of existing shares to investors in the United Arab Emirates, according to a statement on Tuesday.
Abu Dhabi is set to list its ports operator a year after neighboring Dubai took DP World private, one of several delistings from the local bourse.
By contrast, authorities in Abu Dhabi, the wealthiest of the seven emirates that make up the UAE, have been pushing to revive IPOs on its bourse. The exchange -- also owned by ADQ -- is offering sweeteners that include flexibility on the minimum stake size required for share sales and promising to reduce or forgo listing fees. The bourse may see at least 10 new listings this year, which would be the most on record, its chairman said in May.
#Saudi Wealth Fund Makes $484 Million Bid for Mobile Towers - Bloomberg
Saudi Wealth Fund Makes $484 Million Bid for Mobile Towers - Bloomberg
Saudi Arabia’s sovereign wealth fund has made a $484 million bid for a controlling stake in the mobile phone towers unit of the kingdom’s second-largest telecom company.
The Public Investment Fund offered to buy a 60% stake in Zain Saudi’s towers infrastructure in a deal that would value the unit at 3 billion riyals ($807 million).
It also received bids from Prince Saud Bin Fahad and Sultan Holding Co. to acquire an additional 10% stake each. Mobile Telecommunications Co. Saudi Arabia, as Zain Saudi is formally known, would own the remaining 20%.
“The agreement would result in unlocking cash invested in the fixed assets of the company, and this liquidity may be used to pay down debt which would reduce financial charges,” said Muhammad Faisal Potrik, head of research at Riyad Capital. There would be a corresponding rise in annual lease payments for these towers, but the net impact is expected to be “positive” for Zain Saudi, he said.
Saudi Arabia’s sovereign wealth fund has made a $484 million bid for a controlling stake in the mobile phone towers unit of the kingdom’s second-largest telecom company.
The Public Investment Fund offered to buy a 60% stake in Zain Saudi’s towers infrastructure in a deal that would value the unit at 3 billion riyals ($807 million).
It also received bids from Prince Saud Bin Fahad and Sultan Holding Co. to acquire an additional 10% stake each. Mobile Telecommunications Co. Saudi Arabia, as Zain Saudi is formally known, would own the remaining 20%.
“The agreement would result in unlocking cash invested in the fixed assets of the company, and this liquidity may be used to pay down debt which would reduce financial charges,” said Muhammad Faisal Potrik, head of research at Riyad Capital. There would be a corresponding rise in annual lease payments for these towers, but the net impact is expected to be “positive” for Zain Saudi, he said.
MIDEAST STOCKS Etisalat buoys #AbuDhabi bourse as #Saudi extends gains | Reuters
MIDEAST STOCKS Etisalat buoys Abu Dhabi bourse as Saudi extends gains | Reuters
Abu Dhabi stocks rose in early trade on Tuesday, buoyed by gains in telecoms firm Etisalat, while the Saudi index was on track to extend gains for a third session.
In Abu Dhabi, the index (.ADI) gained 1%, boosted by a 6.5% jump in Emirates Telecommunications Group (ETISALAT.AD), its biggest intraday rise in over eight months, after it secured required approvals to increase foreign ownership limit to 49%.
Separately, ADNOC Drilling said on Monday it intended to list on the Abu Dhabi bourse, with its parent company Abu Dhabi National Oil Co selling a minimum 7.5% stake in an initial public offering (IPO). read more
Besides, state-backed holding company ADQ said on Tuesday it plans to list Abu Dhabi Ports Co on the Abu Dhabi Securities Exchange before the end of the year. read more
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Al Rajhi Bank (1120.SE) rising 1.2% and petrochemical maker Saudi Basic Industries (2010.SE) increasing 0.7%.
Among other gainers, Mobile Telecommunications Co Saudi Arabia, also known as Zain KSA (7030.SE), advanced 1%.
The Public Investment Fund, Saudi Arabia's sovereign fund, has made a non-binding offer to buy a 60% stake in the towers of Kuwaiti-backed Zain KSA, while two other investors offered to buy another 20% stake, valuing the towers at $807 million. read more
Dubai's main share index (.DFMGI) edged down 0.1%, hit by a 0.5% fall in blue-chip develop Emaar Properties (EMAR.DU) after its unit Emaar Malls (EMAA.DU) received regulator approval to merge with Emaar Properties.
Earlier in March, Emaar Properties said it was buying out minority shareholders of its shopping centre unit.
However, Emaar Malls added 1.5%.
The index's losses were also limited by gains at logistic company Aramex (ARMX.DU), which rose about 2% after saying it has split its core businesses as part of a reshuffle aimed at capturing growth in the post-COVID-19 transportation and logistics industry. read more
Elsewhere, the Qatari benchmark (.QSI) was flat, as gains in financial shares were offset by declines in energy stocks.
Abu Dhabi stocks rose in early trade on Tuesday, buoyed by gains in telecoms firm Etisalat, while the Saudi index was on track to extend gains for a third session.
In Abu Dhabi, the index (.ADI) gained 1%, boosted by a 6.5% jump in Emirates Telecommunications Group (ETISALAT.AD), its biggest intraday rise in over eight months, after it secured required approvals to increase foreign ownership limit to 49%.
Separately, ADNOC Drilling said on Monday it intended to list on the Abu Dhabi bourse, with its parent company Abu Dhabi National Oil Co selling a minimum 7.5% stake in an initial public offering (IPO). read more
Besides, state-backed holding company ADQ said on Tuesday it plans to list Abu Dhabi Ports Co on the Abu Dhabi Securities Exchange before the end of the year. read more
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Al Rajhi Bank (1120.SE) rising 1.2% and petrochemical maker Saudi Basic Industries (2010.SE) increasing 0.7%.
Among other gainers, Mobile Telecommunications Co Saudi Arabia, also known as Zain KSA (7030.SE), advanced 1%.
The Public Investment Fund, Saudi Arabia's sovereign fund, has made a non-binding offer to buy a 60% stake in the towers of Kuwaiti-backed Zain KSA, while two other investors offered to buy another 20% stake, valuing the towers at $807 million. read more
Dubai's main share index (.DFMGI) edged down 0.1%, hit by a 0.5% fall in blue-chip develop Emaar Properties (EMAR.DU) after its unit Emaar Malls (EMAA.DU) received regulator approval to merge with Emaar Properties.
Earlier in March, Emaar Properties said it was buying out minority shareholders of its shopping centre unit.
However, Emaar Malls added 1.5%.
The index's losses were also limited by gains at logistic company Aramex (ARMX.DU), which rose about 2% after saying it has split its core businesses as part of a reshuffle aimed at capturing growth in the post-COVID-19 transportation and logistics industry. read more
Elsewhere, the Qatari benchmark (.QSI) was flat, as gains in financial shares were offset by declines in energy stocks.
OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says | Reuters
OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says | Reuters
The head of Russia's No. 2 oil producer Lukoil (LKOH.MM) said that oil prices of $65-$75 were "comfortable" for consumers and that the OPEC+ group of leading oil-producing nations was striving to maintain that price range by regulating output.
In an interview with the Kommersant newspaper published on Tuesday, Vagit Alekperov said curbs on oil output would depend on market conditions.
"Regulation (of output) can be different depending on the situation," Alekperov said.
"For now September 2022 will mark a milestone when the restrictions should phase out. The company has up to 90,000 barrels a day of idle production, which we hope will be needed by the market."
Lukoil has said previously that it could reduce its stake in Iraq's West Qurna-2 oil project. Alekperov said Lukoil remained in talks with the Iraqi government to stay involved in the project.
Alekperov said the Yamama formation at the West Qurna 2 oilfield has proved difficult to tap because it contains high levels of hydrogen sulphide.
The head of Russia's No. 2 oil producer Lukoil (LKOH.MM) said that oil prices of $65-$75 were "comfortable" for consumers and that the OPEC+ group of leading oil-producing nations was striving to maintain that price range by regulating output.
In an interview with the Kommersant newspaper published on Tuesday, Vagit Alekperov said curbs on oil output would depend on market conditions.
"Regulation (of output) can be different depending on the situation," Alekperov said.
"For now September 2022 will mark a milestone when the restrictions should phase out. The company has up to 90,000 barrels a day of idle production, which we hope will be needed by the market."
Lukoil has said previously that it could reduce its stake in Iraq's West Qurna-2 oil project. Alekperov said Lukoil remained in talks with the Iraqi government to stay involved in the project.
Alekperov said the Yamama formation at the West Qurna 2 oilfield has proved difficult to tap because it contains high levels of hydrogen sulphide.
Oil mixed, fears of slower demand weigh on sentiment | Reuters
Oil mixed, fears of slower demand weigh on sentiment | Reuters
Oil prices were mixed on Tuesday as some investors scooped up bargains following recent losses, while Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand and weighed on sentiment.
Brent crude futures for November rose 35 cents, or 0.5%, to $72.57 a barrel by 0654 GMT, after falling 39 cents on Monday.
U.S. West Texas Intermediate crude for October was at $69.16 a barrel, down 13 cents, or 0.2%, from Friday's close, with no settlement price for Monday due to Labor Day holiday in the United States.
State oil group Saudi Aramco notified customers on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia by at least $1 a barrel.
Oil prices were mixed on Tuesday as some investors scooped up bargains following recent losses, while Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand and weighed on sentiment.
Brent crude futures for November rose 35 cents, or 0.5%, to $72.57 a barrel by 0654 GMT, after falling 39 cents on Monday.
U.S. West Texas Intermediate crude for October was at $69.16 a barrel, down 13 cents, or 0.2%, from Friday's close, with no settlement price for Monday due to Labor Day holiday in the United States.
State oil group Saudi Aramco notified customers on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia by at least $1 a barrel.
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