UAE economy minister to visit Britain seeking trade deal | Reuters
The United Arab Emirates' economy minister will lead a high-level delegation to Britain this week, the ministry said on Sunday, as the Gulf state seeks to deepen trade ties.
Abdulla Bin Touq Al Marri and the delegation will meet British ministers, officials and representatives from the private sector to discuss recently announced UAE economic policies.
One of those policies includes the UAE seeking to seal what it calls a comprehensive economic agreement covering trade and foreign investment with Britain and seven other countries.
The delegation would also discuss ways to develop economic ties and strengthen cooperation in trade, investment, healthcare and energy, among other sectors, the ministry said.
The UAE last week announced it had expanded an investment partnership with the British government, committing 10 billion pounds ($13.7 billion) to invest in the UK over five years.
The UAE delegation will also include local government, investment company and private sector representatives, the ministry said.
Britain is the UAE's third largest non-oil trade partner in Europe, with trade between the two countries worth almost $8.1 billion in 2020, it said.
Sunday 19 September 2021
MIDEAST STOCKS Major Gulf bourses end mixed; #AbuDhabi off record high | Reuters
MIDEAST STOCKS Major Gulf bourses end mixed; Abu Dhabi off record high | Reuters
Major stock markets in the Gulf ended mixed on Sunday, with the Abu Dhabi index retreating from the previous session's record highs.
GCC markets evolved in different directions as doubts around oil market developments and international economic growth contrasted with strong local fundamentals, said Wael Makarem, senior market strategist at Exness.
On Friday, world shares fell after a week of mixed economic data and fears over the stability of growth and Asian markets put the focus on the U.S. Federal Reserve's timeline for tapering asset purchases. read more
In Abu Dhabi, the index (.ADI) declined 1%, dragged down by a 2.5% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.5% decrease in Emirates Telecommunications Group (ETISALAT.AD).
However, Alpha Dhabi Holding (ALPHADHABI.AD) finished 0.4% higher, following acquisition of an additional 31.5% of Pure Health Medical Supplies.
The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, it said in a report published on Sunday. read more
The bank identified fraud risks linked to the pandemic such as companies or individuals submitting false claims to qualify for government stimulus support measures.
The report comes as the central bank steps up efforts to combat illicit financial flows. read more
Saudi Arabia's benchmark index (.TASI) eased 0.2%, with Al Rajhi Bank (1120.SE) and Saudi National Bank (1180.SE), the kingdom's largest lender, both dropping 1% each.
Oil prices, a key catalyst for the Gulf region's financial markets, fell on Friday as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.
Dubai's main share index (.DFMGI) added 0.2%, helped by a 0.7% increase in Emirates NBD Bank (ENBD.DU) and a 0.2% gain in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Elsewhere, the Qatari benchmark (.QSI) gained 0.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 1%, extending losses from the previous session.
Meanwhile, Egypt's central bank kept its key interest rates on hold for a seventh consecutive time during its monetary policy committee (MPC) meeting on Thursday, the bank said in a statement.
Major stock markets in the Gulf ended mixed on Sunday, with the Abu Dhabi index retreating from the previous session's record highs.
GCC markets evolved in different directions as doubts around oil market developments and international economic growth contrasted with strong local fundamentals, said Wael Makarem, senior market strategist at Exness.
On Friday, world shares fell after a week of mixed economic data and fears over the stability of growth and Asian markets put the focus on the U.S. Federal Reserve's timeline for tapering asset purchases. read more
In Abu Dhabi, the index (.ADI) declined 1%, dragged down by a 2.5% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.5% decrease in Emirates Telecommunications Group (ETISALAT.AD).
However, Alpha Dhabi Holding (ALPHADHABI.AD) finished 0.4% higher, following acquisition of an additional 31.5% of Pure Health Medical Supplies.
The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, it said in a report published on Sunday. read more
The bank identified fraud risks linked to the pandemic such as companies or individuals submitting false claims to qualify for government stimulus support measures.
The report comes as the central bank steps up efforts to combat illicit financial flows. read more
Saudi Arabia's benchmark index (.TASI) eased 0.2%, with Al Rajhi Bank (1120.SE) and Saudi National Bank (1180.SE), the kingdom's largest lender, both dropping 1% each.
Oil prices, a key catalyst for the Gulf region's financial markets, fell on Friday as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.
Dubai's main share index (.DFMGI) added 0.2%, helped by a 0.7% increase in Emirates NBD Bank (ENBD.DU) and a 0.2% gain in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
Elsewhere, the Qatari benchmark (.QSI) gained 0.4%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 1%, extending losses from the previous session.
Meanwhile, Egypt's central bank kept its key interest rates on hold for a seventh consecutive time during its monetary policy committee (MPC) meeting on Thursday, the bank said in a statement.
Algosaibi Family Looks to Rebuild After $7.5 Billion Debt Deal - Bloomberg
Algosaibi Family Looks to Rebuild After $7.5 Billion Debt Deal - Bloomberg
The Algosaibi family is keeping most of their company’s operating businesses as part of a deal with creditors and will eventually look to restore them by going back to the credit market, according to Simon Charlton, the Saudi conglomerate’s chief restructuring officer.
“Clearly we need to go through the restructuring, there are various steps we need to undertake to meet our obligations under the agreement,” Charlton said in an interview Sunday with Bloomberg Television.
“But we are looking where it would make the most sense and at what sort of level to return to the market in the hope that that will bolster the businesses and allow them to become more involved and return to their former glory,” he said.
Ahmad Hamad Algosaibi & Brothers Co., which has been locked in legal battles and negotiations with creditors over $7.5 billion of debt since 2009, had its proposal to restructure the obligations ratified by a Saudi court -- in the first major test for the kingdom’s new bankruptcy law.
The Algosaibi family is keeping most of their company’s operating businesses as part of a deal with creditors and will eventually look to restore them by going back to the credit market, according to Simon Charlton, the Saudi conglomerate’s chief restructuring officer.
“Clearly we need to go through the restructuring, there are various steps we need to undertake to meet our obligations under the agreement,” Charlton said in an interview Sunday with Bloomberg Television.
“But we are looking where it would make the most sense and at what sort of level to return to the market in the hope that that will bolster the businesses and allow them to become more involved and return to their former glory,” he said.
Ahmad Hamad Algosaibi & Brothers Co., which has been locked in legal battles and negotiations with creditors over $7.5 billion of debt since 2009, had its proposal to restructure the obligations ratified by a Saudi court -- in the first major test for the kingdom’s new bankruptcy law.
#AbuDhabi's state holding firm ADQ hires more bankers as it steps up dealmaking | Reuters
Abu Dhabi's state holding firm ADQ hires more bankers as it steps up dealmaking | Reuters
Abu Dhabi's $110 billion state holding company ADQ has hired scores of investment bankers from Western banks in the past year as it accelerates dealmaking in the United Arab Emirates and overseas, three sources familiar with the matter said.
ADQ, the emirate's third-largest sovereign wealth fund, has hired bankers from mostly foreign banks and investment management firms in recent months, the sources said, boosting its cadre which already had over 20 former executives from Mubadala, another large state investment firm.
"ADQ is very active. They were 20 last year they are now 120," according to a senior investment banker who spoke on condition of anonymity due to commercial sensitivities.
Recent new hires include former Perella Weinberg Partners's banker Ayman Anwar, former HSBC banker Abhay Kumar, who also worked at ADNOC Distribution overseeing M&A, and ex-HSBC investment banker Hassan Abdelhamid, the sources said. The bankers' LinkedIn profiles also showed they had moved to ADQ.
Abu Dhabi's $110 billion state holding company ADQ has hired scores of investment bankers from Western banks in the past year as it accelerates dealmaking in the United Arab Emirates and overseas, three sources familiar with the matter said.
ADQ, the emirate's third-largest sovereign wealth fund, has hired bankers from mostly foreign banks and investment management firms in recent months, the sources said, boosting its cadre which already had over 20 former executives from Mubadala, another large state investment firm.
"ADQ is very active. They were 20 last year they are now 120," according to a senior investment banker who spoke on condition of anonymity due to commercial sensitivities.
Recent new hires include former Perella Weinberg Partners's banker Ayman Anwar, former HSBC banker Abhay Kumar, who also worked at ADNOC Distribution overseeing M&A, and ex-HSBC investment banker Hassan Abdelhamid, the sources said. The bankers' LinkedIn profiles also showed they had moved to ADQ.
#UAE central bank sees COVID-19 increasing money-laundering risks | Reuters
UAE central bank sees COVID-19 increasing money-laundering risks | Reuters
The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, it said in a report published on Sunday.
The use of unlicensed money service providers for money laundering has increased during the coronavirus crisis last year, the report said, as well as the use of e-commerce to launder money.
"Widespread lockdowns have resulted in a significant surge in e-commerce. Due to limited ability to move funds and goods during the pandemic, illicit actors are turning to e-commerce as a money laundering tool", it said.
The number of so-called "money mules" - people who receive illicit funds into their bank accounts to hold or withdraw and wire elsewhere, taking a commission for their services - increased, the bank said, with accounts in the majority of cases belonging to low income individuals from Africa and Asia.
The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering and terrorism financing, it said in a report published on Sunday.
The use of unlicensed money service providers for money laundering has increased during the coronavirus crisis last year, the report said, as well as the use of e-commerce to launder money.
"Widespread lockdowns have resulted in a significant surge in e-commerce. Due to limited ability to move funds and goods during the pandemic, illicit actors are turning to e-commerce as a money laundering tool", it said.
The number of so-called "money mules" - people who receive illicit funds into their bank accounts to hold or withdraw and wire elsewhere, taking a commission for their services - increased, the bank said, with accounts in the majority of cases belonging to low income individuals from Africa and Asia.
OPEC to stick to oil production deal in October, Iraq oil minister says | Reuters
OPEC to stick to oil production deal in October, Iraq oil minister says | Reuters
OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq's oil minister said, adding the group is expected to stick to its current production accord when it meet in October "if prices remain stable".
Iraq total oil exports, including those of the Kurdistan region in the north of the country, should stand at an average of 3.4 million barrels per day in September, the minister, Ihsan Abdul Jabbar, told a news conference in Baghdad on Sunday.
OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq's oil minister said, adding the group is expected to stick to its current production accord when it meet in October "if prices remain stable".
Iraq total oil exports, including those of the Kurdistan region in the north of the country, should stand at an average of 3.4 million barrels per day in September, the minister, Ihsan Abdul Jabbar, told a news conference in Baghdad on Sunday.
OCI, #AbuDhabi Said to Push Ahead With Fertilizer Unit IPO - Bloomberg
OCI, Abu Dhabi Said to Push Ahead With Fertilizer Unit IPO - Bloomberg
Chemical producer OCI NV and Abu Dhabi National Oil Co. are planning to list their Middle Eastern fertilizer venture as soon as October, people with knowledge of the matter said.
Advisers to the company, known as Fertiglobe, have been holding early meetings with potential investors and aim to announce plans for the initial public offering in the coming weeks, according to the people. Investors could be offered around a 10% to 15% stake in Fertiglobe through the IPO, the people said, asking not to be identified because the information is private.
Fertiglobe’s owners picked Morgan Stanley, Citigroup Inc., HSBC Holdings Plc and First Abu Dhabi Bank PJSC to work on the IPO, Bloomberg News reported in April. The potential share sale could value Fertiglobe at about $7 billion including debt, people with knowledge of the matter have said.
The IPO could benefit from the rebound in fertilizer prices, which have jumped in the past year as a crop rally helped farmers boost purchases of the nutrient. They’ve been further supported after Hurricane Ida struck the heart of the U.S. fertilizer industry and Storm Nicholas threatened more damage in the Gulf of Mexico.
Chemical producer OCI NV and Abu Dhabi National Oil Co. are planning to list their Middle Eastern fertilizer venture as soon as October, people with knowledge of the matter said.
Advisers to the company, known as Fertiglobe, have been holding early meetings with potential investors and aim to announce plans for the initial public offering in the coming weeks, according to the people. Investors could be offered around a 10% to 15% stake in Fertiglobe through the IPO, the people said, asking not to be identified because the information is private.
Fertiglobe’s owners picked Morgan Stanley, Citigroup Inc., HSBC Holdings Plc and First Abu Dhabi Bank PJSC to work on the IPO, Bloomberg News reported in April. The potential share sale could value Fertiglobe at about $7 billion including debt, people with knowledge of the matter have said.
The IPO could benefit from the rebound in fertilizer prices, which have jumped in the past year as a crop rally helped farmers boost purchases of the nutrient. They’ve been further supported after Hurricane Ida struck the heart of the U.S. fertilizer industry and Storm Nicholas threatened more damage in the Gulf of Mexico.
Algosaibi Family Looks to Rebuild After $7.5 Billion Debt Deal - Bloomberg video
Algosaibi Family Looks to Rebuild After $7.5 Billion Debt Deal - Bloomberg
Simon Charlton, Chief Restructuring Officer at Ahmad Hamad Al Gosaibi & Brothers discusses the long-running debt saga surrounding the company. He speaks with Yousef Gamal El-Din and Manus Cranny on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
SABIC, ExxonMobil JV in U.S. preparing for initial startup | Reuters
SABIC, ExxonMobil JV in U.S. preparing for initial startup | Reuters
Saudi Basic Industries, the world's fourth-biggest petrochemicals firm, said on Sunday its joint venture project with ExxonMobil in the U.S. Gulf Coast has started commissioning activities and preparing for an initial startup.
The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tonnes, which will feed two polyethylene units and a monoethylene glycol unit, it said in a statement.
SABIC expects that this project will have a positive impact on its consolidated financial statements after the commercial operation begins.
It supports SABIC's strategy to diversify its feedstock sources and strength its petrochemical manufacturing presence in North America for a wide range of products, it said.
Saudi Basic Industries, the world's fourth-biggest petrochemicals firm, said on Sunday its joint venture project with ExxonMobil in the U.S. Gulf Coast has started commissioning activities and preparing for an initial startup.
The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tonnes, which will feed two polyethylene units and a monoethylene glycol unit, it said in a statement.
SABIC expects that this project will have a positive impact on its consolidated financial statements after the commercial operation begins.
It supports SABIC's strategy to diversify its feedstock sources and strength its petrochemical manufacturing presence in North America for a wide range of products, it said.
MIDEAST STOCKS Most Gulf bourses ease in line with global stocks | Reuters
MIDEAST STOCKS Most Gulf bourses ease in line with global stocks | Reuters
Most stock markets in the Gulf were subdued on Sunday in response to Friday's decline in global equities, although the Dubai index bucked the trend to trade higher.
On Friday, World shares fell after a week of mixed economic data and fears over the stability of growth and Asian markets put the focus on the U.S. Federal Reserve's timeline for tapering asset purchases. read more
Also, concerns grew that a potential U.S. corporate tax hike could erode earnings as leading Democrats and President Joe Biden sought to raise the top tax rate on corporations to 26.5% from the current 21%.
Saudi Arabia's benchmark index (.TASI) lost 0.1%, with Al Rajhi Bank (1120.SE) dropping 0.7% and Saudi National Bank (1180.SE), the kingdom's largest lender, was down 0.8%.
In Abu Dhabi, the index (.ADI) eased 0.1%, hit by a 1% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).
However, the index's losses were limited by gains at Alpha Dhabi Holding (ALPHADHABI.AD), which gained more than 3% following acquisition of an additional 31.5% of Pure Health Medical Supplies.
Abu Dhabi cancelled COVID-19 testing requirements to enter the emirate for travellers from the UAE starting on Sunday. read more
Dubai's main share index (.DFMGI) added 0.2%, with blue-chip developer Emaar Properties (EMAR.DU) rising 0.5% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) increasing 0.4%.
The United Arab Emirates could invest at least a further 1 billion pounds ($1.37 billion) in the United Kingdom this year after pledging 10 billion pounds this week to its investment partnership with the British government. read more
The oil-rich Gulf state on Thursday pledged to invest 10 billion pounds in British clean energy, infrastructure, technology and life sciences, expanding its "sovereign investment partnership" with the UK government announced in March.
The Qatari benchmark (.QSI) fell 0.2%, weighed down by a 1% decline in Qatar National Bank (QNBK.QA).
Most stock markets in the Gulf were subdued on Sunday in response to Friday's decline in global equities, although the Dubai index bucked the trend to trade higher.
On Friday, World shares fell after a week of mixed economic data and fears over the stability of growth and Asian markets put the focus on the U.S. Federal Reserve's timeline for tapering asset purchases. read more
Also, concerns grew that a potential U.S. corporate tax hike could erode earnings as leading Democrats and President Joe Biden sought to raise the top tax rate on corporations to 26.5% from the current 21%.
Saudi Arabia's benchmark index (.TASI) lost 0.1%, with Al Rajhi Bank (1120.SE) dropping 0.7% and Saudi National Bank (1180.SE), the kingdom's largest lender, was down 0.8%.
In Abu Dhabi, the index (.ADI) eased 0.1%, hit by a 1% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).
However, the index's losses were limited by gains at Alpha Dhabi Holding (ALPHADHABI.AD), which gained more than 3% following acquisition of an additional 31.5% of Pure Health Medical Supplies.
Abu Dhabi cancelled COVID-19 testing requirements to enter the emirate for travellers from the UAE starting on Sunday. read more
Dubai's main share index (.DFMGI) added 0.2%, with blue-chip developer Emaar Properties (EMAR.DU) rising 0.5% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) increasing 0.4%.
The United Arab Emirates could invest at least a further 1 billion pounds ($1.37 billion) in the United Kingdom this year after pledging 10 billion pounds this week to its investment partnership with the British government. read more
The oil-rich Gulf state on Thursday pledged to invest 10 billion pounds in British clean energy, infrastructure, technology and life sciences, expanding its "sovereign investment partnership" with the UK government announced in March.
The Qatari benchmark (.QSI) fell 0.2%, weighed down by a 1% decline in Qatar National Bank (QNBK.QA).