Buyers Are So Hungry for LNG, Tankers Are Lining Up Off #Qatar - Bloomberg

Buyers Are So Hungry for LNG, Tankers Are Lining Up Off Qatar - Bloomberg

More than a dozen liquefied natural gas tankers are waiting their turn to fill up at Qatar’s port of Ras Laffan in a clear sign of how tight the global gas market has become.

South Korean and Pakistani buyers are among those seeking to maximize shipments under long-term supply contracts with the Middle Eastern emirate, one of the world’s biggest natural gas exporters, according to traders with knowledge of the matter. The cargoes are linked to oil prices and cost about half of the current rate in spot gas markets, where a global supply crunch has seen prices rise to seasonal highs.

Qatar Petroleum, which markets the nation’s fuel, and Qatargas, which operates the facilities, didn’t immediately respond to a request for comment.

Utilities and city gas suppliers around the world are vying to lock in a finite amount of natural gas before the winter, when demand for the fuel peaks in the northern hemisphere. Qatar is seeking to sign more contracts to underpin a massive expansion and has been more willing than its rivals to adjust contracted volumes, whether up as currently or down as during the peak of demand destruction because of the coronavirus epidemic.

Over a dozen ballast liquefied natural gas carriers are offshore Qatar’s coast, while another five are currently loading, according to ship-tracking data compiled by Bloomberg. Seasonally low output has also resulted in the lines, BloombergNEF analysts said last month.

Oil rises to six-week high as U.S. supply concerns dominate | Reuters

Oil rises to six-week high as U.S. supply concerns dominate | Reuters

Oil prices rose to a six-week high on Monday as U.S. output remains slow to return two weeks after Hurricane Ida slammed into the Gulf Coast and worries another storm could affect output in Texas this week.

Those price gains came even though the Organization of the Petroleum Exporting Countries (OPEC) trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant. read more

Brent futures rose 59 cents, or 0.8%, to settle at $73.51 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 73 cents, or 1.1%, to settle at $70.45.

That was Brent's highest close since July 30 and WTI's highest close since Aug. 3.

"Hurricane Ida’s impact is lasting more than the market expected and as some oil production capacity remains shut this week, prices are rising on supply not being restored and therefore not reaching refineries that have restarted operations quicker than producers," said Nishant Bhushan, oil markets analyst at Rystad Energy.

OPEC expects Delta variant to delay oil demand growth | Reuters

OPEC expects Delta variant to delay oil demand growth | Reuters

OPEC on Monday trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant, saying a further recovery would be delayed until next year when consumption will exceed pre-pandemic rates.

The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report it expects oil demand to average 99.70 million barrels per day (bpd) in the fourth quarter of 2021, down 110,000 bpd from last month's forecast.

"The increased risk of COVID-19 cases primarily fueled by the Delta variant is clouding oil demand prospects going into the final quarter of the year," OPEC said in the report.

"As a result, second-half 2021 oil demand has been adjusted slightly lower, partially delaying the oil demand recovery into first-half 2022."

#UAE central bank issues new anti-money laundering guidance for banks | Reuters

UAE central bank issues new anti-money laundering guidance for banks | Reuters

The United Arab Emirates central bank has issued new guidelines to financial institutions on anti-money laundering practices, it said on Monday, the latest of a number of measures launched by the Gulf state to combat illicit financial flows.

Banks will be required to develop internal procedures and put in place indicators to identify suspicious transactions and report them to the central bank's Financial Intelligence Unit, the bank said in a statement.

They will also need to regularly screen their databases and transactions against names on lists issued by the United Nations Security Council or by the UAE government before conducting deals or entering into a business relationship with individual and corporate clients.

They have one month from Tuesday to demonstrate compliance with the central bank's requirements, the central bank said.

"The guidance aims to promote the understanding and effective implementation by licensed financial institutions of their statutory anti-money laundering and combatting the financing of terrorism obligations", it said.

In February the UAE government created an Executive Office for Anti-Money Laundering and Counter Terrorism Financing and last month Dubai set up a money laundering court.

The Financial Action Task Force, an intergovernmental anti-money laundering monitor, said last year that "fundamental and major improvements" were needed to avoid it placing the UAE on its "grey list" of countries under increased monitoring.

The country has emerged as one of the fastest-growing corporate tax havens, according to a study earlier this year by the Tax Justice Network, documenting countries that attract companies seeking to shrink their tax bills.

MIDEAST STOCKS Major Gulf bourses end mixed, #AbuDhabi falls most | Reuters

MIDEAST STOCKS Major Gulf bourses end mixed, Abu Dhabi falls most | Reuters

Major stock markets in the Gulf ended mixed on Monday, with the Abu Dhabi index falling the most, as investors remained cautious about global economic recovery and the oil market.

U.S. House Democrats are expected to propose raising the corporate tax rate to 26.5% from 21% as part of a sweeping plan that includes tax increases on the wealthy, corporations, and investors, according to two people familiar with the matter. read more

World stocks have been pressured by inflation which may prove less transitory than flagged by central bankers, and signs that governments are keen to get more tax from companies and to make them toe a stricter regulatory line.

In Abu Dhabi, the index (.ADI) dropped 0.7%, retreating further from record highs, weighed down by a 1.3% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).

Separately, state oil giant Abu Dhabi National Oil Co (ADNOC) has set a price for the initial public offering of its drilling unit, giving ADNOC Drilling an equity valuation of $10 billion. read more

ADNOC Drilling is expected to list on the Abu Dhabi Securities Exchange (ADX) on or around Oct. 3.

Dubai's main share index (.DFMGI) fell 0.3%, with blue-chip developer Emaar Properties (EMAR.DU) losing 0.7% and logistics firm Aramex (ARMX.DU) declining 1.3%.

Saudi Arabia's benchmark index (.TASI) reversed early losses to close 0.4% higher, led by a 1.2% gain in Saudi Telecom Company (7010.SE).

The kingdom's economy posted annual growth of 1.8% in the second quarter, according to official gross domestic product (GDP) estimates, but the non-oil sector of the world's largest oil exporter lost steam. read more

In Qatar, the index (.QSI) edged up 0.1%, helped by a 0.5% increase in petrochemical maker Industries Qatar (IQCD.QA).

Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 0.9% following a week-long correction. The market is supported by stronger fundamentals in Europe, an important trading partner, said Daniel Takieddine, Senior Market Analyst at FXPrimus.

"The bullish sentiment in European markets should stimulate investments in the Egyptian market."

#UAE sovereign fund ADIA seeks to sell two Sydney hotels, sources say | Reuters

UAE sovereign fund ADIA seeks to sell two Sydney hotels, sources say | Reuters

Abu Dhabi Investment Authority (ADIA) is selling two of its Sydney hotel properties which could fetch the sovereign wealth fund (SWF) about $500 million, two sources familiar with the matter said.

The two hotels, Novotel Sydney on Darling Harbour and IBIS Sydney Darling Harbour, together have about 780 rooms and are the last hotels to be divested from a 31-asset portfolio that ADIA acquired in 2013, they said.

In 2016, ADIA sold 15 hotels in Australia to French hotel owner and operator AccorHotels for A$200 million ($147 million).

These assets were among the 31 properties ADIA acquired from Sydney-based Tourism Asset Holdings in 2013. The portfolio had made ADIA the largest hotel owner in Australia.

Oil at one-week high as U.S. supply concerns dominate | Reuters

Oil at one-week high as U.S. supply concerns dominate | Reuters

Oil rose more than 1% on Monday, supported by concerns over shut output in the United States because of damage from Hurricane Ida, with analysts expecting prices to remain rangebound in a stable market over the coming months.

Brent crude rose 90 cents, or 1.2%, to $73.82 a barrel by 1049 GMT and U.S. West Texas Intermediate (WTI) crude was up 99 cents, or 1.4%, at $70.71.

Brent has held between $70 and $74 a barrel over the past three weeks.

"Oil prices may not have much room to rise in the near term, but at the same time are not expected to crash soon," said Stephen Brennock of broker PVM.

#AbuDhabi plans Mid East expansion for UK special schools provider | Financial Times

Abu Dhabi plans Mid East expansion for UK special schools provider | Financial Times

Witherslack, one of the UK’s biggest providers of special needs education schools and children’s care homes, is set to expand in the Middle East after an Abu Dhabi sovereign wealth fund took a majority stake in the business. 

Mubadala Capital, a subsidiary of Abu Dhabi’s second-largest sovereign wealth fund, late last month agreed to buy a controlling interest in Witherslack, which runs 18 specialist schools, 18 children’s care homes and seven integrated learning centres. 

The deal for Witherslack, which is based in Lupton, Cumbria, valued the business at £590m, according to a person familiar with the matter. 

Mubadala said it acquired Witherslack from private equity firm Charme Capital Partners with the aim of opening facilities in Kuwait, Saudi Arabia and the United Arab Emirates, all of which have large international populations.

MIDEAST STOCKS #AbuDhabi leads most Gulf markets lower in line with Asian shares | Reuters

MIDEAST STOCKS Abu Dhabi leads most Gulf markets lower in line with Asian shares | Reuters

Most stock markets in the Gulf region fell in early trade on Monday, with Abu Dhabi leading declines, following losses in Asian shares ahead of major U.S. and Chinese economic data.

U.S. House Democrats are expected to propose raising the corporate tax rate to 26.5% from 21% as part of a sweeping plan that includes tax increases on the wealthy, corporations, and investors, according to two people familiar with the matter. read more

A Financial Times report about Beijing's plans to break up Alipay, the hugely popular payments app owned by Jack Ma's Ant Group also added to concerns. read more

In Abu Dhabi, the benchmark index (.ADI) fell 1.2%. First Abu Dhabi Bank (FAB.AD), the country's largest lender, dropped 1.1%, while Alpha Dhabi Holdings (ALPHADHABI.AD) slid 2.7%.

Private sector companies in the UAE will have to fill 10% of their positions with Emirati nationals within five years, the UAE said on Sunday, announcing its latest tranche of economic reforms. read more

The initiatives are part of 50 new economic projects the UAE is announcing this month to boost its competitiveness. read more

Dubai's main share index (.DFMGI) declined 0.6%, with its top lender Emirates NBD Bank (ENBD.DU) and blue-chip developer Emaar Properties (EMAR.DU) losing 0.7% each.

Emaar has picked Emirates NBD to advise it on the sale of fashion e-commerce business Namshi, Reuters reported on Sunday, citing sources. read more

Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 0.5% fall in Al Rajhi Bank (1120.SE).

Saudi Aramco (2222.SE) has notified at least seven buyers across Asia that it would supply full contractual volumes of crude oil in October, though none of them asked for additional supplies despite deep price cuts, sources with knowledge of the matter said. Shares of Aramco were up 0.1%. read more

Elsewhere, the Qatari benchmark (.QSI) was down 0.1%.

#Oman’s economy set to recover in 2021: IMF | ZAWYA MENA Edition

Oman’s economy set to recover in 2021: IMF | ZAWYA MENA Edition

Oman’s economy is set to recover in 2021, with non-hydrocarbon GDP growth of 1.5 percent as vaccine rollout gradually restores domestic activity along with the recovery of external demand, said the International Monetary Fund (IMF).

Oil production is projected to increase after the current Opec+ agreement expires in April 2022 said the Executive Board of the IMF as it concluded the Article IV consultation with Oman. Inflation has been subdued, it added.

The Omani economy was hit by a dual shock of the pandemic and a collapse in oil prices in 2020. Overall and non-hydrocarbon GDP are estimated to have contracted by 2.8 percent, and 3.9 percent, respectively. Labour market adjustment was facilitated by temporary wage cuts and a reduction in expatriate employment. The

The fiscal deficit and government debt rose sharply in 2020 but are projected to improve considerably over the medium term with the implementation of the authorities’ Medium-Term Fiscal Balance Plan.

#Qatar, #Turkey Energy Officials to Visit #UAE as Relations Improve - Bloomberg

Qatar, Turkey Energy Officials to Visit UAE as Relations Improve - Bloomberg

Energy officials from Qatar and Turkey are scheduled to attend an event in Dubai amid signs of improving relations with the United Arab Emirates.

Qatar’s Energy Minister, Saad Al-Kaabi, will attend the Gastech conference at the Dubai World Trade Centre later this month, according to the company organizing the event. His visit will be the first by a high-level Qatari official to the UAE since relations were repaired, said a person familiar with the plans who asked not to be identified.

The UAE and three other Arab states agreed to fully restore ties with neighboring Qatar in January, officially ending a bitter three-year dispute. A senior UAE royal visited Doha to meet Qatar’s emir in August.

Turkey’s Deputy Minister of Energy and Natural Resources, Alparslan Bayraktar, will also speak at the event. Relations between the UAE and Turkey appear to have improved after years of hostile rhetoric and proxy conflicts being waged from Libya to Syria.

The countries’ leaders spoke on a rare call in August after the UAE’s national security adviser Sheikh Tahnoun bin Zayed Al Nahyan visited Ankara earlier that month.

The Gastech conference runs from Sept. 21- 23.

Senior Bankers Depart Biggest #AbuDhabi Lender During Deals Boom - Bloomberg

Senior Bankers Depart Biggest Abu Dhabi Lender During Deals Boom - Bloomberg

The largest lender in the United Arab Emirates has lost at least eight senior bankers in recent months, despite winning mandates on several high-profile transactions across the Gulf.

First Abu Dhabi Bank PJSC, half owned by sovereign wealth fund Mubadala Investment Co. and members of the emirate’s ruling family, has in recent years built up a profitable investment banking business and amassed total assets approaching 1 trillion dirhams ($272 billion).

But the bank now faces a series of departures even as it’s increasingly involved in some of the region’s biggest initial public offerings of companies such as satellite operator Yahsat and ACWA Power in Saudi Arabia.

Andy Cairns, head of corporate finance, is set to leave the bank, while FAB Capital’s chief executive officer in Saudi Arabia, Mona Al-Tawil, is departing later this month, according to people familiar with the matter.

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar mid-session

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar mid-session

#Saudi economy grows 1.8% in Q2 but non-oil sector loses steam | Reuters

Saudi economy grows 1.8% in Q2 but non-oil sector loses steam | Reuters

Saudi Arabia's economy posted a 1.8% annual growth in the second quarter, according to official gross domestic product (GDP) estimates, but the non-oil sector of the world's largest oil exporter lost steam.

The figures, published on Monday by the General Authority for Statistics, revised upwards earlier estimates of a 1.5% overall growth in the second quarter, but they also revised non-oil growth to 8.4% from an earlier 10.1%.

On a quarter-on-quarter basis, the Saudi economy grew 0.6% compared to the first three months of the year, with the oil sector fuelling the growth.

Saudi Arabia was hit hard last year by the twin shock of the COVID-19 pandemic and record-low oil prices. The economy has rebounded this year, however, amid easing coronavirus-related restrictions, a vaccine roll-out and higher crude prices.

ADNOC Drilling IPO price implies equity valuation of $10 billion | Reuters

ADNOC Drilling IPO price implies equity valuation of $10 billion | Reuters

State oil giant Abu Dhabi National Oil Co (ADNOC) has set a price for the initial public offering of its drilling unit, giving ADNOC Drilling an equity valuation of $10 billion, it said on Monday.

ADNOC will sell a minimum 7.5% stake in the IPO of ADNOC Drilling at 2.3 dirhams ($0.6262) per share, raising at least $750 million in the deal.

The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution , the largest operator of petrol stations and convenience stores in the United Arab Emirates.

ADNOC will sell a minimum 1.2 billion shares in the IPO, according to the prospectus, but it reserved the right to increase the size of the offering at any time before the end of the subscription period.

Oil rises to one-week high as U.S. supply concerns dominate | Reuters

Oil rises to one-week high as U.S. supply concerns dominate | Reuters

Oil prices rose for a second session on Monday as concerns over shut output in the United States, the world's biggest producer, following damage from Hurricane Ida supported the market, along with expectations for higher demand.

Brent crude rose 67 cents, or 0.9% to $73.59 a barrel, and U.S. West Texas Intermediate (WTI) crude also added 66 cents, or 1%, to $70.38 at 0633 GMT. Both markets were at their highest since Sept. 3 earlier in the session.

About three-quarters of the offshore oil production in the U.S. Gulf of Mexico, or about 1.4 million barrels per day, has remained halted since late August, roughly equal to what OPEC member Nigeria produces.

U.S. refiners are coming back faster than oil production from the impact of Hurricane Ida, a reverse of past storm recoveries. Most of the nine Louisiana refineries impacted by the storm have restarted or were restarting on Friday. read more