UAE’s Brooge Petroleum Takes First Oil at Expanded Storage Site - Bloomberg
Brooge Energy Ltd. received its first oil cargo at a newly completed section of the company’s Middle East storage terminal as it expands to meet demand for ship fuel and other products amid growing regional trade.
The New York-listed company has fully contracted out the additional storage capacity, which includes tanks for storing clean petroleum products and crude oil, Brooge said in a statement. Brooge didn’t say who had leased the tanks and stated that the capacity would be used under multi year contracts.
Brooge Petroleum and Gas Investment Co. is the unit that operates the storage terminal at the port of Fujairah in the United Arab Emirates. Fujairah sits on the UAE’s Gulf of Oman coast just outside the Strait of Hormuz, a vital shipping chokepoint through which about 20% of global oil supply transits.
Fujairah is the region’s main oil trading hub and a stopping point for vessels refueling and changing crews during trips to the Persian Gulf and Red Sea.
The company has capacity to store about 6.3 million barrels of oil after the latest expansion. Brooge plans to build additional tanks and a modular refinery at the site. In July it said it had reached an agreement with Abu Dhabi-based trader Blue Ocean Energy FZC to build a 25,000 barrel-a-day refinery which Brooge will operate for five years, with the potential for three extensions of that duration.
Sunday, 12 September 2021
UPDATE 1- #Dubai's Emaar hires Emirates NBD for sale of e-commerce business Namshi - sources | Reuters
UPDATE 1-Dubai's Emaar hires Emirates NBD for sale of e-commerce business Namshi - sources | Reuters
Dubai’s Emaar has picked Emirates NBD to advise it on the sale of fashion e-commerce business Namshi, sources said.
Emaar Malls, the retail arm of Dubai’s biggest developer, Emaar Properties, bought a 51% stake in Namshi from Global Fashion Group for $151 million in 2017 and the remaining 49% in 2019 for about $130 million.
Emaar is now weighing options to sell the business either through an outright sale or through a listing abroad via a special purpose acquisition vehicle (SPAC), sources told Reuters last month.
Dubai’s biggest lender Emirates NBD has been picked to advise Emaar on the transaction, two sources familiar with the matter said.
Emirates NBD and Emaar declined to comment.
An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a SPAC could be more lucrative, a source told Reuters last month.
A SPAC raises money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly than via a traditional initial public offering.
Dubai’s Emaar has picked Emirates NBD to advise it on the sale of fashion e-commerce business Namshi, sources said.
Emaar Malls, the retail arm of Dubai’s biggest developer, Emaar Properties, bought a 51% stake in Namshi from Global Fashion Group for $151 million in 2017 and the remaining 49% in 2019 for about $130 million.
Emaar is now weighing options to sell the business either through an outright sale or through a listing abroad via a special purpose acquisition vehicle (SPAC), sources told Reuters last month.
Dubai’s biggest lender Emirates NBD has been picked to advise Emaar on the transaction, two sources familiar with the matter said.
Emirates NBD and Emaar declined to comment.
An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a SPAC could be more lucrative, a source told Reuters last month.
A SPAC raises money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly than via a traditional initial public offering.
Stocks in Mideast Decline on Growth Concerns: Inside EM - Bloomberg
Stocks in Mideast Decline on Growth Concerns: Inside EM - Bloomberg
Saudi Arabian stocks led a decline in the Middle Eastern equities markets on Sunday triggered by concern over the strength of U.S. stock markets after the S&P 500 fell for five straight days. The extent of the drop was mitigated by gains in oil prices.
MIDDLE EASTERN MARKETS:
Saudi Arabian stocks led a decline in the Middle Eastern equities markets on Sunday triggered by concern over the strength of U.S. stock markets after the S&P 500 fell for five straight days. The extent of the drop was mitigated by gains in oil prices.
MIDDLE EASTERN MARKETS:
- Tadawul All Share Index ended down 0.66%
- Traders focused on the IPO of Saudi Telecom Co.’s internet-services unit which closes for institutional investors on Monday. The firm is seeking to raise as much as 3.62 billion riyals ($966 million) from the Riyadh listing
- “Investors booked profit in Saudi index heavy weights while renewed interest was seen in reopening theme stocks. Oil was supportive cushioning the fall prompted by global cues”: Joice Mathew, head of equity research at United Securities in Muscat
- Dubai Financial Market General Index finished 0.36% down
- Emaar Development was -2.2%, Dar Al Takaful had the largest drop -3.7%, Gulf Navigation -3.3%
- Shuaa gained 0.43% after the company said CEO Alseddiqi directly owns 29.9% of shares
- Read: Aramex recently entered into discussions with the shareholders of MNG Kargo for a potential acquisition
- Dubai Financial Market plans to start new equity futures contracts in stocks of Dubai Investments, DFM Co. and Shuaa Capital on Sept. 19
- Read: The United Arab Emirates will spend 24 billion dirhams ($6.5 billion) on a package of benefits and subsidies designed to reduce citizen unemployment by making private sector-jobs more attractive.
- Bahrain Bourse All Share Index fell 0.2%, led by Ahli United Bank BSC
- Kuwait Premier Market Index was down 0.1%
- Boubyan Petroleum -1.03%; Ahli United Bank -0.7%
- TelAviv’s TA-35 was down -0.3% with Perrigo Co. contributing the most to the index decline -4.2%
- Read: Israel-based Tnuva has signed an agreement with the Emirates Food Industries for the sale of knowledge and assistance in establishing dairy production lines.
- Israel is making preparations to ensure it has sufficient vaccine supply in case a fourth round of Covid-19 shots is needed, the country’s top health official said on Sunday.
- Egyptian stock index closed down -0.2%
- Eastern Co fell -2.5% and MM Group for Industry & International Trade had the largest drop of -3%
- Oman’s main equities index was the sole regional index that ended higher, rising 0.1%
- The index was propelled by Galfar Engineering up 5.1% after winning a 40 million Omani Riyal contract
- Some accumulation bids in National Bank of Oman +2.6% also supported the index
DFM to introduce 3 new equity futures contracts | Markets – Gulf News
DFM to introduce 3 new equity futures contracts | Markets – Gulf News
The Dubai Financial Market (DFM) announced that it is planning to launch new equity futures contracts on individual stocks of three leading listed companies including; Dubai Investments, DFM Company and Shuaa Capital, on 19th September 2021, as part of its strategy to diversify investment opportunities.
The new equity futures contracts shall bring total number of contracts to 33 on individual stocks of 11 listed companies with tenures of 1, 2 and 3 months.
Since its launch on October 18, 2020, the DFM equity futures market has been witnessing active participation from investors and brokers alike. Total value of trading on contracts reached to Dh119 million through 336 thousand traded contracts.
“The rapid expansion of the DFM equity futures market underlines our commitment to diversify opportunities. It also caters to investors’ growing demand on this product, as they are seeking to diversify and hedge their portfolios as well as to access leverage in order to maximize their transactions and returns,” said Hassan Al Serkal, CEO of DFM.
Investors can trade DFM equity futures through 8 brokerage firms including; BHM Capital Financial Services, Al Ramz Capital, International Securities, EFG Hermes (UAE), Mena Corp Financial Services, SICO Financial Brokerage, Al Dar Shares and Bonds and Arqaam Securities.
The Dubai Financial Market (DFM) announced that it is planning to launch new equity futures contracts on individual stocks of three leading listed companies including; Dubai Investments, DFM Company and Shuaa Capital, on 19th September 2021, as part of its strategy to diversify investment opportunities.
The new equity futures contracts shall bring total number of contracts to 33 on individual stocks of 11 listed companies with tenures of 1, 2 and 3 months.
Since its launch on October 18, 2020, the DFM equity futures market has been witnessing active participation from investors and brokers alike. Total value of trading on contracts reached to Dh119 million through 336 thousand traded contracts.
“The rapid expansion of the DFM equity futures market underlines our commitment to diversify opportunities. It also caters to investors’ growing demand on this product, as they are seeking to diversify and hedge their portfolios as well as to access leverage in order to maximize their transactions and returns,” said Hassan Al Serkal, CEO of DFM.
Investors can trade DFM equity futures through 8 brokerage firms including; BHM Capital Financial Services, Al Ramz Capital, International Securities, EFG Hermes (UAE), Mena Corp Financial Services, SICO Financial Brokerage, Al Dar Shares and Bonds and Arqaam Securities.
#UAE to Spend $6.5 Billion to Boost Private-Sector Jobs - Bloomberg
UAE to Spend $6.5 Billion to Boost Private-Sector Jobs - Bloomberg
The United Arab Emirates will spend 24 billion dirhams ($6.5 billion) on a package of benefits and subsidies designed to reduce citizen unemployment by making private sector-jobs more attractive.
As in much of the Gulf, the UAE government is the employer of choice, with many college graduates rebuffing offers from private companies while they wait for state jobs with better pay, benefits and working hours. Millions of foreigners from all over the world currently fill most private-sector jobs.
The measures the UAE government announced Sunday on Twitter include a monthly stipend of at least 800 dirhams per child and up to four times that for people earning less than 20,000 dirhams a month. That will help to close the gap between the public and private sectors as the government aims to absorb 75,000 citizens into private-sector jobs over the next five years.
Other incentives include paid training programs, supplemental income for five years, and bonuses for people employed in professions deemed important such as nursing and computer programming. The measures follow last week’s easing of work visa requirements, designed to attract talent and boost growth as the UAE economy tries to claw back from the clobbering it took last year from the oil price slump and coronavirus pandemic.
Unemployment in the UAE rose to 5% in 2020 from 2.2% a year earlier, according to the latest estimates from the World Bank, which didn’t break out citizen joblessness.
The United Arab Emirates will spend 24 billion dirhams ($6.5 billion) on a package of benefits and subsidies designed to reduce citizen unemployment by making private sector-jobs more attractive.
As in much of the Gulf, the UAE government is the employer of choice, with many college graduates rebuffing offers from private companies while they wait for state jobs with better pay, benefits and working hours. Millions of foreigners from all over the world currently fill most private-sector jobs.
The measures the UAE government announced Sunday on Twitter include a monthly stipend of at least 800 dirhams per child and up to four times that for people earning less than 20,000 dirhams a month. That will help to close the gap between the public and private sectors as the government aims to absorb 75,000 citizens into private-sector jobs over the next five years.
Other incentives include paid training programs, supplemental income for five years, and bonuses for people employed in professions deemed important such as nursing and computer programming. The measures follow last week’s easing of work visa requirements, designed to attract talent and boost growth as the UAE economy tries to claw back from the clobbering it took last year from the oil price slump and coronavirus pandemic.
Unemployment in the UAE rose to 5% in 2020 from 2.2% a year earlier, according to the latest estimates from the World Bank, which didn’t break out citizen joblessness.
Projects of the 50: new plan to get 75,000 Emiratis into private sector #UAE
Projects of the 50: new plan to get 75,000 Emiratis into private sector
A series of major new projects were unveiled on Sunday to boost the UAE's economy and development in the years to come.
At Qasr Al Watan, the Presidential Palace in Abu Dhabi, ministers set out the latest 13 items in the 'Projects of the 50' plan.
The 13 relate to boosting the country's human capital and significantly boosting the number of Emiratis employed in the private sector.
Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs and Mohammed Al Gergawi, Minister of Cabinet Affairs, were present as the new projects were unveiled.
Among the first to be announced is a plan to spend up to Dh24 billion on getting 75,000 Emiratis into private sector jobs, Mr Al Gergawi said.
UAE nationals will be given a series of incentives to choose private sector work, including for each child they have.
Separately, university graduates will be encouraged to take up jobs in the private sector, with the government offering to boost their salary to make the decision more attractive.
For example, the government would top up the Emirati private sector employee's salary by Dh5000 per month, plus make payments to support his or her children.
A separate plan will allow federal government employees to take a sabbatical on 50 per cent of their salary to start their own business. Another will provide financial grants to encourage Emiratis over 50 who take early retirement to start their own businesses.
A series of major new projects were unveiled on Sunday to boost the UAE's economy and development in the years to come.
At Qasr Al Watan, the Presidential Palace in Abu Dhabi, ministers set out the latest 13 items in the 'Projects of the 50' plan.
The 13 relate to boosting the country's human capital and significantly boosting the number of Emiratis employed in the private sector.
Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs and Mohammed Al Gergawi, Minister of Cabinet Affairs, were present as the new projects were unveiled.
Among the first to be announced is a plan to spend up to Dh24 billion on getting 75,000 Emiratis into private sector jobs, Mr Al Gergawi said.
UAE nationals will be given a series of incentives to choose private sector work, including for each child they have.
Separately, university graduates will be encouraged to take up jobs in the private sector, with the government offering to boost their salary to make the decision more attractive.
For example, the government would top up the Emirati private sector employee's salary by Dh5000 per month, plus make payments to support his or her children.
A separate plan will allow federal government employees to take a sabbatical on 50 per cent of their salary to start their own business. Another will provide financial grants to encourage Emiratis over 50 who take early retirement to start their own businesses.
Covid Oil Recovery: Russia Is the Canary in the OPEC+ Oil Mine - Bloomberg
Covid Oil Recovery: Russia Is the Canary in the OPEC+ Oil Mine - Bloomberg
Russia is struggling to boost its oil production, even as its allowance under the latest OPEC+ agreement is rising. At least that’s what the current data show. If it’s true, we ought to be worried.
The country is the largest of the allies that joined with the Organization of Petroleum Exporting Countries last year to agree to a record cut in oil production as Covid-19 slashed fuel demand. Now, as consumption recovers and the producer group is steadily restoring its curtailed supply, Russia is lagging behind.
Its production has flat-lined since April, while the amount it is allowed to pump under the deal has increased by 200,000 barrels a day. And that target is set to continue increasing at a rate of 105,000 barrels a day each month for the next year.
Russia is struggling to boost its oil production, even as its allowance under the latest OPEC+ agreement is rising. At least that’s what the current data show. If it’s true, we ought to be worried.
The country is the largest of the allies that joined with the Organization of Petroleum Exporting Countries last year to agree to a record cut in oil production as Covid-19 slashed fuel demand. Now, as consumption recovers and the producer group is steadily restoring its curtailed supply, Russia is lagging behind.
Its production has flat-lined since April, while the amount it is allowed to pump under the deal has increased by 200,000 barrels a day. And that target is set to continue increasing at a rate of 105,000 barrels a day each month for the next year.
MIDEAST STOCKS Major Gulf bourses in the red, #AbuDhabi index below record peak | Reuters
MIDEAST STOCKS Major Gulf bourses in the red, Abu Dhabi index below record peak | Reuters
Major stock markets in the Gulf fell in early trade on Sunday in response to Friday's slide on Wall Street, with the Abu Dhabi index easing from the previous session's record highs.
U.S. main stock indexes finished lower on Friday after data showing persistent U.S. inflation dampened optimism about an easing in U.S.-China tensions after a call between President Joe Biden and China's Xi Jinping. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on track to extend losses from the previous session, pressured by a 0.3% fall in Al Rajhi Bank (1120.SE).
Aljazira Takaful (8012.SE) advanced 2.4%, after Capital Market Authority approved a capital increase request of the insurer through the issuance of bonus shares.
In Abu Dhabi, the index (.ADI) lost 0.2%, falling from the previous session's record highs. Emirates Telecommunications Group (ETISALAT.AD) declined 1.1%, while the country's largest lender First Abu Dhabi Bank (FAB.AD) was down 0.2%.
The United Arab Emirates said on Friday residents who had been fully vaccinated with a shot approved by the World Health Organization could return as of Sept. 12 from a list of previously suspended countries. read more
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 0.5% fall in blue-chip developer Emaar Properties (EMAR.DU) and 0.4% decrease in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Logistic firm Aramex (ARMX.DU), partly owned by Abu Dhabi state investor ADQ, is in advanced talks to buy Turkish delivery company MNG Kargo, Reuters reported on Saturday, citing three sources. read more
Aramex was down 0.5%.
The Qatari index (.QSI) eased 0.2%, as most of the stocks on the index were in negative territory including Qatar National Bank (QNBK.QA), which retreated 0.9%.
Major stock markets in the Gulf fell in early trade on Sunday in response to Friday's slide on Wall Street, with the Abu Dhabi index easing from the previous session's record highs.
U.S. main stock indexes finished lower on Friday after data showing persistent U.S. inflation dampened optimism about an easing in U.S.-China tensions after a call between President Joe Biden and China's Xi Jinping. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on track to extend losses from the previous session, pressured by a 0.3% fall in Al Rajhi Bank (1120.SE).
Aljazira Takaful (8012.SE) advanced 2.4%, after Capital Market Authority approved a capital increase request of the insurer through the issuance of bonus shares.
In Abu Dhabi, the index (.ADI) lost 0.2%, falling from the previous session's record highs. Emirates Telecommunications Group (ETISALAT.AD) declined 1.1%, while the country's largest lender First Abu Dhabi Bank (FAB.AD) was down 0.2%.
The United Arab Emirates said on Friday residents who had been fully vaccinated with a shot approved by the World Health Organization could return as of Sept. 12 from a list of previously suspended countries. read more
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 0.5% fall in blue-chip developer Emaar Properties (EMAR.DU) and 0.4% decrease in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Logistic firm Aramex (ARMX.DU), partly owned by Abu Dhabi state investor ADQ, is in advanced talks to buy Turkish delivery company MNG Kargo, Reuters reported on Saturday, citing three sources. read more
Aramex was down 0.5%.
The Qatari index (.QSI) eased 0.2%, as most of the stocks on the index were in negative territory including Qatar National Bank (QNBK.QA), which retreated 0.9%.
UAE to allocate $6.5 bln to create 75,000 private sector jobs for citizens - Twitter | Reuters
UAE to allocate $6.5 bln to create 75,000 private sector jobs for citizens - Twitter | Reuters
The United Arab Emirates government will allocate 24 billion dirhams ($6.53 billion) to create 75,000 private sector jobs for citizens over the next five years, it said on Sunday on Twitter.
#SaudiArabia Bans Ministers From Sitting on Company Boards - Bloomberg
Saudi Arabia Bans Ministers From Sitting on Company Boards - Bloomberg
Government ministers can’t join or chair the boards of companies, according to an amendment to a Saudi Arabian ministerial decree published Friday in the official gazette Umm al-Qura.
“Any minister is not allowed to chair the board of any company or serve as a member,” the government said. “This does not include those whose chairmanship or membership is by order from the prime minister.”
Finance minister Mohammed al-Jadaan and Minister of State Ibrahim A. Al-Assaf are currently board members of the state-run energy firm Saudi Arabian Oil Co.
The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, also has Al-Jadaan and Al-Assaf as board members, along with the ministers of state, commerce, investment and tourism. State-owned Saudi Arabian Military Industries also has ministers of tourism and industry and mineral resources as board members.
Government ministers can’t join or chair the boards of companies, according to an amendment to a Saudi Arabian ministerial decree published Friday in the official gazette Umm al-Qura.
“Any minister is not allowed to chair the board of any company or serve as a member,” the government said. “This does not include those whose chairmanship or membership is by order from the prime minister.”
Finance minister Mohammed al-Jadaan and Minister of State Ibrahim A. Al-Assaf are currently board members of the state-run energy firm Saudi Arabian Oil Co.
The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, also has Al-Jadaan and Al-Assaf as board members, along with the ministers of state, commerce, investment and tourism. State-owned Saudi Arabian Military Industries also has ministers of tourism and industry and mineral resources as board members.
Aramex confirms in talks to buy Turkish delivery company MNG Kargo | Reuters
Aramex confirms in talks to buy Turkish delivery company MNG Kargo | Reuters
Dubai-listed Aramex (ARMX.DU), partly owned by Abu Dhabi state investor ADQ, said on Sunday it is in talks to buy Turkish delivery company MNG Kargo.
"We would like to confirm to the market and shareholders that the company has recently entered into discussions with the shareholders of MNG Kargo for a potential acquisition," it said in a bourse filing, confirming a Reuters story last week. read more
In the Reuters story, one of the sources familiar with the matter had said the potential deal could be worth as much as $500 million. It comes as relations between regional rivals the United Arab Emirates and Turkey show signs of improvement.
Aramex said in the bourse filing the discussions were still in their early stages.
Dubai-listed Aramex (ARMX.DU), partly owned by Abu Dhabi state investor ADQ, said on Sunday it is in talks to buy Turkish delivery company MNG Kargo.
"We would like to confirm to the market and shareholders that the company has recently entered into discussions with the shareholders of MNG Kargo for a potential acquisition," it said in a bourse filing, confirming a Reuters story last week. read more
In the Reuters story, one of the sources familiar with the matter had said the potential deal could be worth as much as $500 million. It comes as relations between regional rivals the United Arab Emirates and Turkey show signs of improvement.
Aramex said in the bourse filing the discussions were still in their early stages.