UAE-backed Strategic Investment Partnership to invest £10bn in UK
Abu Dhabi fund Mubadala signed an agreement at Downing Street on Thursday to significantly expand the UAE-UK Sovereign Investment Partnership, building on a framework for investment announced in March 2021.
Over the next five years, the UAE-UK SIP plans to drive a significant increase in investment across a further three sectors: technology, infrastructure and energy transition, as well as build on the existing programme of life sciences investment.
The announcement committed £10 billion ($13.7bn) to build on Mubadala’s £800 million commitment and the British government’s £200m to UK life sciences when the partnership was established in March.
The UAE-UK SIP will become the central investment platform under the new Partnership for the Future bilateral framework, which was also agreed on today at a meeting between UK Prime Minister Boris Johnson and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
Thursday 16 September 2021
Oil prices steady as U.S. storm threat wanes | Reuters
Oil prices steady as U.S. storm threat wanes | Reuters
Oil prices steadied on Thursday after hitting a multi-week high a day earlier as the threat to U.S. Gulf crude production from Hurricane Nicholas receded.
Brent crude ended the session up 21 cents, or 0.3%, at $75.67 a barrel. On Wednesday Brent touched $76.13, its highest since July 30.
U.S. West Texas Intermediate (WTI) ended the session unchanged at $72.61 a barrel after climbing to the highest since Aug. 2 on Wednesday.
"With prices now back around summer highs, we are seeing some profit taking kicking in, but the rally continues to look well supported," said Craig Erlam, senior market analyst at OANDA.
U.S. Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas early this week, allowing them to focus on efforts to repair the damage caused weeks earlier by Hurricane Ida. read more
Oil prices steadied on Thursday after hitting a multi-week high a day earlier as the threat to U.S. Gulf crude production from Hurricane Nicholas receded.
Brent crude ended the session up 21 cents, or 0.3%, at $75.67 a barrel. On Wednesday Brent touched $76.13, its highest since July 30.
U.S. West Texas Intermediate (WTI) ended the session unchanged at $72.61 a barrel after climbing to the highest since Aug. 2 on Wednesday.
"With prices now back around summer highs, we are seeing some profit taking kicking in, but the rally continues to look well supported," said Craig Erlam, senior market analyst at OANDA.
U.S. Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas early this week, allowing them to focus on efforts to repair the damage caused weeks earlier by Hurricane Ida. read more
EXCLUSIVE #UAE central bank working to replace interbank rates - sources | Reuters
EXCLUSIVE UAE central bank working to replace interbank rates - sources | Reuters
The United Arab Emirates central bank is studying ways to replace the local interbank rate, three sources said, as it tries to catch up with global regulators who have called time on such benchmarks after banks' attempts to rig them.
The UAE is looking at potential replacements for EIBOR - the Emirates Interbank Offered Rate which is used to price financial instruments in the Gulf’s top financial centre - and has started consultations with commercial banks in recent weeks, said three sources familiar with the matter.
The London Interbank Offered Rate (Libor) and other similar "IBOR" benchmark rates are based on quotes from banks on how much it would cost to borrow money from each other. These rates are used to calculate interest on several types of financial transactions such as bonds and loans.
Widespread use of such rates is meant to end by the end of this year and global regulators plan to replace them with alternative benchmarks after a global rate-rigging scandal that began to unfold about 10 years go.
The United Arab Emirates central bank is studying ways to replace the local interbank rate, three sources said, as it tries to catch up with global regulators who have called time on such benchmarks after banks' attempts to rig them.
The UAE is looking at potential replacements for EIBOR - the Emirates Interbank Offered Rate which is used to price financial instruments in the Gulf’s top financial centre - and has started consultations with commercial banks in recent weeks, said three sources familiar with the matter.
The London Interbank Offered Rate (Libor) and other similar "IBOR" benchmark rates are based on quotes from banks on how much it would cost to borrow money from each other. These rates are used to calculate interest on several types of financial transactions such as bonds and loans.
Widespread use of such rates is meant to end by the end of this year and global regulators plan to replace them with alternative benchmarks after a global rate-rigging scandal that began to unfold about 10 years go.
MIDEAST STOCKS #AbuDhabi leads major Gulf bourses higher; Egypt falls | Reuters
MIDEAST STOCKS Abu Dhabi leads major Gulf bourses higher; Egypt falls | Reuters
Major stock markets in the Gulf reversed early losses to close higher on Thursday, with the Abu Dhabi index registering its eighth straight weekly gain.
In Abu Dhabi, the index (.ADI) gained 0.8%, buoyed by a 2.5% rise in the country's largest lender First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates central bank is studying ways to replace the local interbank rate, Reuters reported citing three sources, as it tries to catch up with global regulators who have called time on such benchmarks after banks' attempts to rig them. read more
The UAE consultations are taking place as the country tries to align its financial system with international standards on aspects such as anti-money laundering and sanctions and seeks to bolster its status as the Middle East's commercial hub. read more
Dubai's main share index (.DFMGI) advanced 0.6%, with Emirates NBD Bank (ENBD.DU) climbing 2.5%.
Expo 2020 Dubai said on Wednesday that entry to the world fair for visitors over 18 years old would be restricted to those who had been vaccinated against COVID-19 or had tested negative in the previous 72 hours. read more
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 1% increase in Al Rajhi Bank (1120.SE).
The kingdom's crude oil exports in July rose to their highest since January, the Joint Organisation Data Initiative (JODI) said on Thursday. read more
The world's largest oil exporter's crude output rose by 547,000 barrels per day month-on-month to 9.474 million bpd in July.
The Qatari benchmark (.QSI) added 0.6%, with petrochemical maker Industries Qatar (IQCD.QA) rising 2.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.4%, extending losses from the previous session, weighed down by a 2.1% slide in Commercial Internationa Bank Egypt (COMI.CA).
Egypt is obliging its large taxpayers to sign up for a programme to submit their invoices electronically, a system designed to bring small shops and other businesses that had long slipped under the radar into the formal economy. read more
Major stock markets in the Gulf reversed early losses to close higher on Thursday, with the Abu Dhabi index registering its eighth straight weekly gain.
In Abu Dhabi, the index (.ADI) gained 0.8%, buoyed by a 2.5% rise in the country's largest lender First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates central bank is studying ways to replace the local interbank rate, Reuters reported citing three sources, as it tries to catch up with global regulators who have called time on such benchmarks after banks' attempts to rig them. read more
The UAE consultations are taking place as the country tries to align its financial system with international standards on aspects such as anti-money laundering and sanctions and seeks to bolster its status as the Middle East's commercial hub. read more
Dubai's main share index (.DFMGI) advanced 0.6%, with Emirates NBD Bank (ENBD.DU) climbing 2.5%.
Expo 2020 Dubai said on Wednesday that entry to the world fair for visitors over 18 years old would be restricted to those who had been vaccinated against COVID-19 or had tested negative in the previous 72 hours. read more
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 1% increase in Al Rajhi Bank (1120.SE).
The kingdom's crude oil exports in July rose to their highest since January, the Joint Organisation Data Initiative (JODI) said on Thursday. read more
The world's largest oil exporter's crude output rose by 547,000 barrels per day month-on-month to 9.474 million bpd in July.
The Qatari benchmark (.QSI) added 0.6%, with petrochemical maker Industries Qatar (IQCD.QA) rising 2.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.4%, extending losses from the previous session, weighed down by a 2.1% slide in Commercial Internationa Bank Egypt (COMI.CA).
Egypt is obliging its large taxpayers to sign up for a programme to submit their invoices electronically, a system designed to bring small shops and other businesses that had long slipped under the radar into the formal economy. read more
Biggest #Saudi IPO Since Aramco Has Investors Jostling for More - Bloomberg
Biggest Saudi IPO Since Aramco Has Investors Jostling for More - Bloomberg
Investment bankers set aside a couple weeks to drum up interest in Saudi Arabia’s first $1 billion initial public offering since Aramco. They only needed hours before they had excess orders.
The $1.2 billion IPO by ACWA Power International, set to price later this month, is drawing high interest from investors looking for exposure to businesses seen as key to the kingdom’s plans to diversify its economy away from oil. The listing had initial demand amounting to several billion dollars and advisers are having to limit allocations to institutional investors, according to people with direct knowledge of the deal.
While Aramco’s record IPO in 2019 offered investors a slice of Saudi Arabia’s oil riches, ACWA dangles access to the renewable energy and hydrogen projects the nation sees as its future. ACWA, half-owned by Saudi wealth fund PIF, is expected to deliver at least 70% of the kingdom’s renewable projects by 2030 and expects to meet its own net-zero emissions goal before an existing target of 2050.
The IPO is expected to be “significantly oversubscribed,” said Naveed Naz, financial controller of AlJammaz Group, a Riyadh-based family-owned agriculture and technology company that participated in the bidding process. “We expect the company to be able to deliver its growth plans and triple in size within the next 7 to 10 years.”
Investment bankers set aside a couple weeks to drum up interest in Saudi Arabia’s first $1 billion initial public offering since Aramco. They only needed hours before they had excess orders.
The $1.2 billion IPO by ACWA Power International, set to price later this month, is drawing high interest from investors looking for exposure to businesses seen as key to the kingdom’s plans to diversify its economy away from oil. The listing had initial demand amounting to several billion dollars and advisers are having to limit allocations to institutional investors, according to people with direct knowledge of the deal.
While Aramco’s record IPO in 2019 offered investors a slice of Saudi Arabia’s oil riches, ACWA dangles access to the renewable energy and hydrogen projects the nation sees as its future. ACWA, half-owned by Saudi wealth fund PIF, is expected to deliver at least 70% of the kingdom’s renewable projects by 2030 and expects to meet its own net-zero emissions goal before an existing target of 2050.
The IPO is expected to be “significantly oversubscribed,” said Naveed Naz, financial controller of AlJammaz Group, a Riyadh-based family-owned agriculture and technology company that participated in the bidding process. “We expect the company to be able to deliver its growth plans and triple in size within the next 7 to 10 years.”
#UAE to invest $14 bln in UK industries, sovereign wealth fund says | Reuters
UAE to invest $14 bln in UK industries, sovereign wealth fund says | Reuters
The United Arab Emirates plans to invest 10 billion pounds ($13.8 billion) in Britain over the next five years, building on the two country's long-running business ties, an Abu Dhabi sovereign wealth fund said on Thursday.
The fund, called Mubadala, said the investment in Britain's energy transition, infrastructure, technology and life sciences industries marked an expansion of its Sovereign Investment Partnership with Britain's Office for Investment.
The announcement was made as the UAE's de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, was in London visiting British Prime Minister Boris Johnson.
"Today's expansion of our Sovereign Investment Partnership will help accelerate funding and innovation in key sectors that are foundational to economic growth of both nations," Mubadala's Managing Director Khaldoon Mubarak said in a statement.
Mubadala in March agreed to invest 800 million pounds in life sciences with Britain's investment office, which said it was contributing an additional 200 million pounds.
Since then, over 1.1 billion pounds have been deployed, Mubadala said.
 |
| Britain's Prime Minister Boris Johnson welcomes Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahyan as he arrives in Downing Street, London, Britain, September 16, 2021. REUTERS/Hannah McKay |
The United Arab Emirates plans to invest 10 billion pounds ($13.8 billion) in Britain over the next five years, building on the two country's long-running business ties, an Abu Dhabi sovereign wealth fund said on Thursday.
The fund, called Mubadala, said the investment in Britain's energy transition, infrastructure, technology and life sciences industries marked an expansion of its Sovereign Investment Partnership with Britain's Office for Investment.
The announcement was made as the UAE's de facto ruler, Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, was in London visiting British Prime Minister Boris Johnson.
"Today's expansion of our Sovereign Investment Partnership will help accelerate funding and innovation in key sectors that are foundational to economic growth of both nations," Mubadala's Managing Director Khaldoon Mubarak said in a statement.
Mubadala in March agreed to invest 800 million pounds in life sciences with Britain's investment office, which said it was contributing an additional 200 million pounds.
Since then, over 1.1 billion pounds have been deployed, Mubadala said.
Oil slips to $75 as U.S. storm threat wanes | Reuters
Oil slips to $75 as U.S. storm threat wanes | Reuters
Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to U.S. Gulf production from Hurricane Nicholas receded.
U.S. Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas, allowing them to focus on efforts to repair the damage caused weeks earlier by Hurricane Ida. read more
Brent crude was down 32 cents, or 0.4%, at $75.14 a barrel by 1235 GMT. On Wednesday Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) slipped by 46 cents, or 0.6%, to $72.15.
"As Nicholas spared U.S. production from further disruptions, it is difficult to see how oil prices can increase further in the near term," said Rystad Energy analyst Nishant Bhushan.
Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to U.S. Gulf production from Hurricane Nicholas receded.
U.S. Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas, allowing them to focus on efforts to repair the damage caused weeks earlier by Hurricane Ida. read more
Brent crude was down 32 cents, or 0.4%, at $75.14 a barrel by 1235 GMT. On Wednesday Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) slipped by 46 cents, or 0.6%, to $72.15.
"As Nicholas spared U.S. production from further disruptions, it is difficult to see how oil prices can increase further in the near term," said Rystad Energy analyst Nishant Bhushan.
#AbuDhabi’s ADQ acquires all of Swiss pharmaceutical company Acino | Markets – Gulf News
Abu Dhabi’s ADQ acquires all of Swiss pharmaceutical company Acino | Markets – Gulf News
Abu Dhabi fund ADQ has entered a definitive agreement to acquire Swiss pharmaceutical company Acino. This marks ADQ’s largest deal yet in the healthcare and pharmaceuticals portfolio.
ADQ will acquire 100 per cent of Acino from its current stakeholders, which include Nordic Capital and Avista Capital Partners. With this acquisition, the Abu Dhabi fund intends to create an integrated pharma platform with formulation development, in-licensing, manufacturing capabilities in key markets.
“Our aim for ADQ’s healthcare and pharma cluster is to ensure access to affordable, essential medicines and advance new, innovative treatments that help improve people’s lives,” said Fahad Al Qassim, Executive Director, Healthcare & Pharma at ADQ. “Acino will enable ADQ to deliver an even greater level of growth, innovation and ambition across the pharma value chain.”
“Acino is committed to advancing the development of healthcare by enhancing access to high-quality medicines and ADQ’s support will accelerate this ambition,” said Steffen Saltofte, CEO of Acino “
The agreement builds on a deal between Acino and Pharmax to license, manufacture, and supply select Acino products across the Middle East and Africa, based on the local needs of patients. Earlier this year, ADQ acquired Amoun Pharmaceutical Company, one of Egypt’s leading manufacturers and exporters of branded pharmaceutical and animal health products, and Pharmax Pharmaceuticals, a UAE company that manufactures and markets affordable medications.
ADQ also purchased a minority stake in India-based Biocon Biologics Limited, which specialises in developing, manufacturing and marketing high-quality, affordable biosimilars across global markets.
Abu Dhabi fund ADQ has entered a definitive agreement to acquire Swiss pharmaceutical company Acino. This marks ADQ’s largest deal yet in the healthcare and pharmaceuticals portfolio.
ADQ will acquire 100 per cent of Acino from its current stakeholders, which include Nordic Capital and Avista Capital Partners. With this acquisition, the Abu Dhabi fund intends to create an integrated pharma platform with formulation development, in-licensing, manufacturing capabilities in key markets.
“Our aim for ADQ’s healthcare and pharma cluster is to ensure access to affordable, essential medicines and advance new, innovative treatments that help improve people’s lives,” said Fahad Al Qassim, Executive Director, Healthcare & Pharma at ADQ. “Acino will enable ADQ to deliver an even greater level of growth, innovation and ambition across the pharma value chain.”
“Acino is committed to advancing the development of healthcare by enhancing access to high-quality medicines and ADQ’s support will accelerate this ambition,” said Steffen Saltofte, CEO of Acino “
The agreement builds on a deal between Acino and Pharmax to license, manufacture, and supply select Acino products across the Middle East and Africa, based on the local needs of patients. Earlier this year, ADQ acquired Amoun Pharmaceutical Company, one of Egypt’s leading manufacturers and exporters of branded pharmaceutical and animal health products, and Pharmax Pharmaceuticals, a UAE company that manufactures and markets affordable medications.
ADQ also purchased a minority stake in India-based Biocon Biologics Limited, which specialises in developing, manufacturing and marketing high-quality, affordable biosimilars across global markets.
Mubadala invests in metal concentrate trading platform | Reuters
Mubadala invests in metal concentrate trading platform | Reuters
Abu Dhabi's sovereign wealth fund Mubadala has invested in Swiss-based Open Mineral to help scale up its online metal concentrate exchange that allows mining companies and smelters to trade directly and cut out middlemen.
Open Mineral has raised $33 million, the company said in a release on Thursday.
Mubadala Investment Company is the lead investor.
Statkraft and Lingfeng Capital are the other new investors joining existing investors Xploration Capital and Emerald Technology Ventures.
Miners and smelters post bids and offer and agree deals on the platform and Open Mineral facilitates trade execution for which it earns fees.
Abu Dhabi's sovereign wealth fund Mubadala has invested in Swiss-based Open Mineral to help scale up its online metal concentrate exchange that allows mining companies and smelters to trade directly and cut out middlemen.
Open Mineral has raised $33 million, the company said in a release on Thursday.
Mubadala Investment Company is the lead investor.
Statkraft and Lingfeng Capital are the other new investors joining existing investors Xploration Capital and Emerald Technology Ventures.
Miners and smelters post bids and offer and agree deals on the platform and Open Mineral facilitates trade execution for which it earns fees.
#Saudi Telecom's tech business prices IPO at top of range | Reuters
Saudi Telecom's tech business prices IPO at top of range | Reuters
Saudi Telecom's (7010.SE) Arabian Internet and Communications Services Co is set to raise 3.6 billion riyals ($960 million) in its initial public offering (IPO) after pricing the deal at the top of an indicative range, the company said on Thursday.
Pricing shares in the company, known as Solutions by STC, at 151 riyals each, implies a market capitalisation of $4.8 billion for the entire business, it said. STC is selling a 20% stake in the IPO.
The IPO order book was 130 times oversubscribed during the book-building process, the statement said.
Solutions by STC had earlier announced plans to sell 24 million shares at an indicative price of 136 to 151 riyals per share.
HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company, acted as joint financial advisers.
The IPO is among a spate of deals hitting the Saudi Arabian exchange this year, including Acwa Power's more than $1 billion deal and Saudi Tadawul Group's IPO likely in the fourth quarter.
The deals follow Saudi Aramco's $29.4 billion IPO in 2019, which was the world's biggest share flotation.
Saudi Telecom's (7010.SE) Arabian Internet and Communications Services Co is set to raise 3.6 billion riyals ($960 million) in its initial public offering (IPO) after pricing the deal at the top of an indicative range, the company said on Thursday.
Pricing shares in the company, known as Solutions by STC, at 151 riyals each, implies a market capitalisation of $4.8 billion for the entire business, it said. STC is selling a 20% stake in the IPO.
The IPO order book was 130 times oversubscribed during the book-building process, the statement said.
Solutions by STC had earlier announced plans to sell 24 million shares at an indicative price of 136 to 151 riyals per share.
HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company, acted as joint financial advisers.
The IPO is among a spate of deals hitting the Saudi Arabian exchange this year, including Acwa Power's more than $1 billion deal and Saudi Tadawul Group's IPO likely in the fourth quarter.
The deals follow Saudi Aramco's $29.4 billion IPO in 2019, which was the world's biggest share flotation.
#UAE to announce investment expansion across Britain | Reuters
UAE to announce investment expansion across Britain | Reuters
The UK Office for Investment and the United Arab Emirate's (UAE) Mubadala Investment Company are expected to sign an expansion of the Sovereign Investment Partnership (SIP) on Thursday, British PM Boris Johnson's press office said in a statement.
The deal will promote investments across Britain in life sciences, technology, energy transition and infrastructure, according to the statement.
The overall investment commitment of the Gulf state over five years would be about 10 billion pounds ($13.85 billion), the Financial Times reported, citing a government official briefed on the talks.
Additional investments likely to be announced include a 500 million pound investment in British fibre broadband operator CityFibre for the rollout of high-speed broadband in the country, the statement added, with the investment being a part a larger CityFibre capital raise.
In March, Abu Dhabi state investor Mubadala Investment Co had signed a deal with UK to invest 800 million pounds in life sciences and healthcare development projects. read more
The deals come as Johnson hosts Sheikh Mohammed Bin Zayed Al Nahyan, Abu Dhabi’s crown prince, for a bilateral meeting at Downing Street on Thursday.
The UK Office for Investment and the United Arab Emirate's (UAE) Mubadala Investment Company are expected to sign an expansion of the Sovereign Investment Partnership (SIP) on Thursday, British PM Boris Johnson's press office said in a statement.
The deal will promote investments across Britain in life sciences, technology, energy transition and infrastructure, according to the statement.
The overall investment commitment of the Gulf state over five years would be about 10 billion pounds ($13.85 billion), the Financial Times reported, citing a government official briefed on the talks.
Additional investments likely to be announced include a 500 million pound investment in British fibre broadband operator CityFibre for the rollout of high-speed broadband in the country, the statement added, with the investment being a part a larger CityFibre capital raise.
In March, Abu Dhabi state investor Mubadala Investment Co had signed a deal with UK to invest 800 million pounds in life sciences and healthcare development projects. read more
The deals come as Johnson hosts Sheikh Mohammed Bin Zayed Al Nahyan, Abu Dhabi’s crown prince, for a bilateral meeting at Downing Street on Thursday.
MIDEAST STOCKS Most Gulf bourses fall in early trade | Reuters
MIDEAST STOCKS Most Gulf bourses fall in early trade | Reuters
Most stock markets in the Gulf region fell in early trade on Thursday, with Abu Dhabi set for its first weekly loss in eight, in line with subdued Asian shares.
Hong Kong's Hang Seng index led the declines in Asia, dropping to its lowest so far this year, while Chinese shares sank over fears that the liquidity crisis at China's Evergrande Group could affect the broader economy. read more
Saudi Arabia's benchmark index (.TASI) eased 0.2%, with Saudi Telecom Company (7010.SE) dropping 0.9% and Saudi National Bank (1180.SE), the country's largest lender, was dwon 0.7%.
The kingdom's consumer price index rose 0.3% in August from a year earlier and was 0.1% higher month on month, government data showed on Wednesday. read more
Saudi Telecom's Arabian Internet and Communications Services Co is set to raise 3.6 billion riyals ($959.90 million) in its initial public offering (IPO) after pricing the deal at the top of an indicative range, the company said. read more
The IPO is among a spate of deals hitting the Saudi Arabian exchange this year, including Acwa Power's more than $1 billion deal and Saudi Tadawul Group's IPO likely in the fourth quarter.
In Abu Dhabi, the index (.ADI) lost 0.3% to post its first weekly loss in eight, with telecoms firm Etisalat (ETISALAT.AD) declining 1.2%.
The UK Office for Investment and the United Arab Emirate's (UAE) Mubadala Investment Company are expected to sign an expansion of the Sovereign Investment Partnership (SIP) on Thursday, British PM Boris Johnson's press office said. read more
Dubai's main share index (.DFMGI) fell 0.2%, hit by a 0.4% fall in Emirates NBD Bank (ENBD.DU) and a 1.1% decrease in Dubai Invesments (DINV.DU).
Expo 2020 Dubai said on Wednesday that entry to the world fair for visitors over 18 years old would be restricted to those who had been vaccinated against COVID-19 or had tested negative in the previous 72 hours. read more
The Qatari benchmark (.QSI) traded flat.
Most stock markets in the Gulf region fell in early trade on Thursday, with Abu Dhabi set for its first weekly loss in eight, in line with subdued Asian shares.
Hong Kong's Hang Seng index led the declines in Asia, dropping to its lowest so far this year, while Chinese shares sank over fears that the liquidity crisis at China's Evergrande Group could affect the broader economy. read more
Saudi Arabia's benchmark index (.TASI) eased 0.2%, with Saudi Telecom Company (7010.SE) dropping 0.9% and Saudi National Bank (1180.SE), the country's largest lender, was dwon 0.7%.
The kingdom's consumer price index rose 0.3% in August from a year earlier and was 0.1% higher month on month, government data showed on Wednesday. read more
Saudi Telecom's Arabian Internet and Communications Services Co is set to raise 3.6 billion riyals ($959.90 million) in its initial public offering (IPO) after pricing the deal at the top of an indicative range, the company said. read more
The IPO is among a spate of deals hitting the Saudi Arabian exchange this year, including Acwa Power's more than $1 billion deal and Saudi Tadawul Group's IPO likely in the fourth quarter.
In Abu Dhabi, the index (.ADI) lost 0.3% to post its first weekly loss in eight, with telecoms firm Etisalat (ETISALAT.AD) declining 1.2%.
The UK Office for Investment and the United Arab Emirate's (UAE) Mubadala Investment Company are expected to sign an expansion of the Sovereign Investment Partnership (SIP) on Thursday, British PM Boris Johnson's press office said. read more
Dubai's main share index (.DFMGI) fell 0.2%, hit by a 0.4% fall in Emirates NBD Bank (ENBD.DU) and a 1.1% decrease in Dubai Invesments (DINV.DU).
Expo 2020 Dubai said on Wednesday that entry to the world fair for visitors over 18 years old would be restricted to those who had been vaccinated against COVID-19 or had tested negative in the previous 72 hours. read more
The Qatari benchmark (.QSI) traded flat.
Oil holds above $75 on U.S. inventories and gas prices | Reuters
Oil holds above $75 on U.S. inventories and gas prices | Reuters
Oil held above $75 a barrel on Thursday, within sight of a multi-week high hit a day earlier, supported by a big drop in U.S. crude inventories and surging European natural gas prices.
U.S. crude inventories fell by 6.4 million barrels last week, more than the 3.5 million-barrel drop analysts expected, with offshore oil facilities still recovering from the impact of Hurricane Ida last month.
Brent crude was up 11 cents, or 0.2%, to $75.57 a barrel by 0913 GMT. On Wednesday, Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) rose 2 cents to $72.63.
Brent has rallied 46% this year, supported by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, plus some recovery from last year's pandemic-related collapse in demand.
Oil held above $75 a barrel on Thursday, within sight of a multi-week high hit a day earlier, supported by a big drop in U.S. crude inventories and surging European natural gas prices.
U.S. crude inventories fell by 6.4 million barrels last week, more than the 3.5 million-barrel drop analysts expected, with offshore oil facilities still recovering from the impact of Hurricane Ida last month.
Brent crude was up 11 cents, or 0.2%, to $75.57 a barrel by 0913 GMT. On Wednesday, Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) rose 2 cents to $72.63.
Brent has rallied 46% this year, supported by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, plus some recovery from last year's pandemic-related collapse in demand.
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