Oil prices rise, hit 2-month highs on supply worries | Reuters
Oil prices rose on Thursday, with Brent crude touching its highest level in more than two months, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.
Supply concerns had funds taking longer positions, analysts said.
Brent crude settled up $1.06, or 1.4%, at $77.25 a barrel, its highest price since mid-July. U.S. West Texas Intermediate (WTI) crude rose $1.07, or 1.5%, to $73.30 a barrel.
"The reality is setting in - there's more talk about global inventories tightening and there are concerns about supply issues going into winter," said Phil Flynn, senior analyst at Price Futures Group in Chicago. Additional support may come as the White House takes a tougher line on Iran, he said.
Thursday 23 September 2021
Mideast Stocks: Most Gulf markets close higher; #Dubai falls | ZAWYA MENA Edition
Mideast Stocks: Most Gulf markets close higher; Dubai falls | ZAWYA MENA Edition
Most stock markets in the Gulf ended higher on Thursday, extending gains from the previous session, although the Dubai index bucked the trend to closer lower.
Positive sentiment takes hold of the markets after the much-anticipated Federal Reserve meeting this week, said Wael Makarem, senior market strategist Exness.
The Fed kept its monetary policy unchanged on Wednesday and hinted that the asset purchase program tapering could start soon without giving a clear date, said Makarem.
Oil prices eased but remained well above $75 a barrel, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.
On Wednesday, Iraq's oil minister said OPEC+ were working to keep crude prices close to $70 per barrel as the global economy recovers. The group will meet on Oct. 4.
In Abu Dhabi, the index gained 0.6%, with the country's largest lender First Abu Dhabi Bank rising 0.7% and Emirates Telecommunications Group adding 1%.
The United Arab Emirates central bank (CBUAE) said on Thursday it was starting to gradually withdraw stimulus measures introduced last year to mitigate the economic impact of the COVID-19 pandemic.
It said 15% of UAE banks' loan portfolios had benefited from a loan deferral programme that is part of the scheme.
Dubai's main share index eased 0.2%, hit by a 0.8% drop in sharia-compliant lender Dubai Islamic Bank.
However, DAMAC Properties advanced 2.4%, after its founder relaunched a partial offer to take the firm private after the securities regulator of the United Arab Emirates granted approval.
The offer came amid years of downturn in Dubai's property market, exacerbated by the economic fallout from the pandemic.
The Qatari benchmark gained 0.6%, with petrochemical maker Industries Qatar climbing 2%.
Outside the Gulf, Egypt's blue-chip index ended 0.4% higher.
Egypt started marketing multi-tranche U.S. dollar-denominated bonds on Thursday, a document showed.
** Saudi was closed for a public holiday.
Most stock markets in the Gulf ended higher on Thursday, extending gains from the previous session, although the Dubai index bucked the trend to closer lower.
Positive sentiment takes hold of the markets after the much-anticipated Federal Reserve meeting this week, said Wael Makarem, senior market strategist Exness.
The Fed kept its monetary policy unchanged on Wednesday and hinted that the asset purchase program tapering could start soon without giving a clear date, said Makarem.
Oil prices eased but remained well above $75 a barrel, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.
On Wednesday, Iraq's oil minister said OPEC+ were working to keep crude prices close to $70 per barrel as the global economy recovers. The group will meet on Oct. 4.
In Abu Dhabi, the index gained 0.6%, with the country's largest lender First Abu Dhabi Bank rising 0.7% and Emirates Telecommunications Group adding 1%.
The United Arab Emirates central bank (CBUAE) said on Thursday it was starting to gradually withdraw stimulus measures introduced last year to mitigate the economic impact of the COVID-19 pandemic.
It said 15% of UAE banks' loan portfolios had benefited from a loan deferral programme that is part of the scheme.
Dubai's main share index eased 0.2%, hit by a 0.8% drop in sharia-compliant lender Dubai Islamic Bank.
However, DAMAC Properties advanced 2.4%, after its founder relaunched a partial offer to take the firm private after the securities regulator of the United Arab Emirates granted approval.
The offer came amid years of downturn in Dubai's property market, exacerbated by the economic fallout from the pandemic.
The Qatari benchmark gained 0.6%, with petrochemical maker Industries Qatar climbing 2%.
Outside the Gulf, Egypt's blue-chip index ended 0.4% higher.
Egypt started marketing multi-tranche U.S. dollar-denominated bonds on Thursday, a document showed.
** Saudi was closed for a public holiday.
Behind the smiles, competition heats up in the Gulf | Financial Times #SaudiArabia #Qatar #UAE
Behind the smiles, competition heats up in the Gulf | Financial Times
On Thursday evening, the Burj Khalifa, the signature tower of Dubai, the brash commercial hub of the United Arab Emirates, will light up in the colours of the Saudi Arabian flag to celebrate the kingdom’s national day.
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| Sheikh Tamim bin Hamad al-Thani, the emir of Qatar, Mohammed bin Salman bin Abdulaziz al-Saud, crown prince of Saudi Arabia, and Sheikh Tahnoun bin Zayed al-Nahyan, national security adviser for the UAE © Twitter/Bader Al Asaker |
On Thursday evening, the Burj Khalifa, the signature tower of Dubai, the brash commercial hub of the United Arab Emirates, will light up in the colours of the Saudi Arabian flag to celebrate the kingdom’s national day.
This follows last Friday’s “brotherly gathering” at the Red Sea of Mohammed bin Salman bin Abdulaziz al-Saud, crown prince and day-to-day ruler of Saudi Arabia, Sheikh Tamim bin Hamad al-Thani, the emir of Qatar, and Sheikh Tahnoun bin Zayed al-Nahyan, national security adviser and troubleshooter for the UAE. A tweeted photo of the trio in shorts is a study in self-consciousness — unsurprising, given that relations between the three Gulf powers look less than brotherly.
True, in January the Saudis and Emiratis (along with Egypt and Bahrain) lifted a blockade of Qatar imposed in 2017, when they accused the gas-rich emirate of conspiring against them. The failed attempt to crush Qatar belonged to a period of muscular regional behaviour indulged by Donald Trump, before the Gulf realised it could not rely on America for its security. The UAE and the Saudis have started to eschew geopolitical rivalries for economic competition — a contest growing more aggressive by the day.
Saudi Arabia, although a giant in comparison to the Gulf emirates, has been constrained by its Wahhabi Muslim puritanism and slow to match the commercial agility and acumen of the UAE. So much so that the crown prince’s entourage has convinced their patron that the UAE is eating the kingdom’s lunch.
#UAE central bank starts gradual curb of COVID-19 stimulus measures | Reuters
UAE central bank starts gradual curb of COVID-19 stimulus measures | Reuters
The United Arab Emirates central bank (CBUAE) said on Thursday it was starting to gradually withdraw stimulus measures introduced last year to mitigate the economic impact of the COVID-19 pandemic.
The bank launched a Targeted Economic Support Scheme (TESS) to help banks provide temporary relief to companies and individuals affected by the crisis and boost lending capacity through the relief of existing capital and liquidity buffers.
"In view of the gradual increase in economic activity, the CBUAE is starting a gradual and well-calibrated withdrawal of its Targeted Economic Support Scheme to avoid restricting credit supply and economic growth", it said in a statement.
It said 15% of UAE banks' loan portfolios had benefited from a loan deferral programme that is part of the scheme.
The United Arab Emirates central bank (CBUAE) said on Thursday it was starting to gradually withdraw stimulus measures introduced last year to mitigate the economic impact of the COVID-19 pandemic.
The bank launched a Targeted Economic Support Scheme (TESS) to help banks provide temporary relief to companies and individuals affected by the crisis and boost lending capacity through the relief of existing capital and liquidity buffers.
"In view of the gradual increase in economic activity, the CBUAE is starting a gradual and well-calibrated withdrawal of its Targeted Economic Support Scheme to avoid restricting credit supply and economic growth", it said in a statement.
It said 15% of UAE banks' loan portfolios had benefited from a loan deferral programme that is part of the scheme.
Oil prices ease but remain near two-month highs on tight supplies | Reuters
Oil prices ease but remain near two-month highs on tight supplies | Reuters
Oil prices eased but remained well above $75 a barrel on Thursday, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.
Brent crude was down 24 cents, or 0.3%, to $75.95 a barrel at 1035 GMT. U.S. West Texas Intermediate (WTI) crude fell 28 cents, or 0.4%, to $71.95 a barrel.
Earlier in the session, Brent rose to $76.53 a barrel, the highest level since mid-July.
Both contracts jumped 2.5% on Wednesday after data from the U.S. Energy Information Administration showed U.S. crude stocks in the week to Sept. 17 fell by 3.5 million barrels to 414 million - the lowest total since October 2018.
Oil prices eased but remained well above $75 a barrel on Thursday, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.
Brent crude was down 24 cents, or 0.3%, to $75.95 a barrel at 1035 GMT. U.S. West Texas Intermediate (WTI) crude fell 28 cents, or 0.4%, to $71.95 a barrel.
Earlier in the session, Brent rose to $76.53 a barrel, the highest level since mid-July.
Both contracts jumped 2.5% on Wednesday after data from the U.S. Energy Information Administration showed U.S. crude stocks in the week to Sept. 17 fell by 3.5 million barrels to 414 million - the lowest total since October 2018.
#UAE's Mubadala to sell stake in Spanish miner MATSA | ZAWYA MENA Edition
UAE's Mubadala to sell stake in Spanish miner MATSA | ZAWYA MENA Edition
Sandfire Resources Ltd, an Australian copper mining company, said on Thursday it is set to buy the Minas De Aguas Teñidas (MATSA) mining complex in Spain from Abu Dhabi's sovereign investor Mubadala Investment Company and global commodities trader Trafigura Group for $1.87 billion.
The acquisition is fully funded through a combination of cash, debt and equity, Sandfire which is listed on the Australian Securities Exchange, said in a disclosure.
Mubadala, which has over $243 billion of assets under management, acquired its stake in Trafigura’s flagship MATSA as part of a joint venture to invest in the base metals mining sector. MATSA owns the Aguas Teñidas, Sotiel and Magdalena mines in southern Spain which produce copper, zinc and lead concentrates, with silver by-products.
The transaction is expected to be completed by March 2022, Sandfire said.
Besides MATSA, Mubadala has investments in Canadian miner Equinox Gold and Sociedad Minera de Santander in Colombia.
Sandfire Resources Ltd, an Australian copper mining company, said on Thursday it is set to buy the Minas De Aguas Teñidas (MATSA) mining complex in Spain from Abu Dhabi's sovereign investor Mubadala Investment Company and global commodities trader Trafigura Group for $1.87 billion.
The acquisition is fully funded through a combination of cash, debt and equity, Sandfire which is listed on the Australian Securities Exchange, said in a disclosure.
Mubadala, which has over $243 billion of assets under management, acquired its stake in Trafigura’s flagship MATSA as part of a joint venture to invest in the base metals mining sector. MATSA owns the Aguas Teñidas, Sotiel and Magdalena mines in southern Spain which produce copper, zinc and lead concentrates, with silver by-products.
The transaction is expected to be completed by March 2022, Sandfire said.
Besides MATSA, Mubadala has investments in Canadian miner Equinox Gold and Sociedad Minera de Santander in Colombia.
Moody's upgrades #Saudi Telecom's baseline credit assessment | ZAWYA MENA Edition
Moody's upgrades Saudi Telecom's baseline credit assessment | ZAWYA MENA Edition
Moody’s Investor Service has upgraded Saudi Telecom Company’s (STC) baseline credit assessment from a2 to a1, citing that the firm has maintained its strong financial metrics despite the headwinds.
The ratings agency also affirmed the long-term issuer rating of the state-controlled company, which is the biggest telecom provider in Saudi Arabia.
“The upgrade… reflects STC’s conservative financial profile and the ability of the company to maintain strong metrics despite some challenging times, including the oil price crash in 2015-2016 and more recently, the coronavirus pandemic,” Moody’s said.
The ratings agency also noted that STC has built a strong balance sheet over the years and is “well positioned” to take on growth opportunities in the kingdom’s telecom and information and communications technology (ICT) market.
Moody’s Investor Service has upgraded Saudi Telecom Company’s (STC) baseline credit assessment from a2 to a1, citing that the firm has maintained its strong financial metrics despite the headwinds.
The ratings agency also affirmed the long-term issuer rating of the state-controlled company, which is the biggest telecom provider in Saudi Arabia.
“The upgrade… reflects STC’s conservative financial profile and the ability of the company to maintain strong metrics despite some challenging times, including the oil price crash in 2015-2016 and more recently, the coronavirus pandemic,” Moody’s said.
The ratings agency also noted that STC has built a strong balance sheet over the years and is “well positioned” to take on growth opportunities in the kingdom’s telecom and information and communications technology (ICT) market.
#Dubai Turns Page on Covid With Hottest Jobs Market in Two Years - Bloomberg
Dubai Turns Page on Covid With Hottest Jobs Market in Two Years - Bloomberg
What may have been the steepest population decline in the Gulf region is giving way to the hottest jobs market Dubai has seen since China detected its first coronavirus case in December 2019.
A turnaround in employment took hold this summer and spread as looser travel restrictions revived business. But while headcounts are swelling with freshly recruited cooks and cabin crew, the economy of the Middle East’s commercial center is facing a fraught path to normalcy.
“We’re bringing people back but managing that carefully along with how we see occupancy moving,” Mark Kirby, chief operating officer of Emaar Hospitality Group, said in an interview. “Now we’re ramping up because the fourth quarter for us is an important time of year.”
Owned by the builder of the world’s tallest tower, the hotel company is looking to employ 200 to 300 people for a range of posts and is hiring both within the United Arab Emirates and from Asian countries that have been slow to reopen amid longer shutdowns.
What may have been the steepest population decline in the Gulf region is giving way to the hottest jobs market Dubai has seen since China detected its first coronavirus case in December 2019.
A turnaround in employment took hold this summer and spread as looser travel restrictions revived business. But while headcounts are swelling with freshly recruited cooks and cabin crew, the economy of the Middle East’s commercial center is facing a fraught path to normalcy.
“We’re bringing people back but managing that carefully along with how we see occupancy moving,” Mark Kirby, chief operating officer of Emaar Hospitality Group, said in an interview. “Now we’re ramping up because the fourth quarter for us is an important time of year.”
Owned by the builder of the world’s tallest tower, the hotel company is looking to employ 200 to 300 people for a range of posts and is hiring both within the United Arab Emirates and from Asian countries that have been slow to reopen amid longer shutdowns.
DAMAC founder gets regulatory approval to go private | Reuters
DAMAC founder gets regulatory approval to go private | Reuters
The founder of DAMAC Properties (DAMAC.DU) is relaunching a partial offer to take the firm private after the securities regulator of the United Arab Emirates granted approval, according to a statement on Thursday.
Maple Invest Co Limited, the vehicle backed by DAMAC founder Hussain Sajwani, said in a statement disclosed in a DAMAC exchange filing that an update to the original $595 million offer made in June is expected within two weeks.
The updated offer "will only address process points and not affect the material parameters of the offer, including the offer price which remains at AED 1.30 ($0.354) per share," Maple Invest said.
In June, Sajwani said efforts to take the real estate development firm private were being postponed after the Securities and Commodities Authority (SCA) launched a review of the transaction. read more
The founder of DAMAC Properties (DAMAC.DU) is relaunching a partial offer to take the firm private after the securities regulator of the United Arab Emirates granted approval, according to a statement on Thursday.
Maple Invest Co Limited, the vehicle backed by DAMAC founder Hussain Sajwani, said in a statement disclosed in a DAMAC exchange filing that an update to the original $595 million offer made in June is expected within two weeks.
The updated offer "will only address process points and not affect the material parameters of the offer, including the offer price which remains at AED 1.30 ($0.354) per share," Maple Invest said.
In June, Sajwani said efforts to take the real estate development firm private were being postponed after the Securities and Commodities Authority (SCA) launched a review of the transaction. read more
Oil prices rise on tight supply, renewed risk appetite | Reuters
Oil prices rise on tight supply, renewed risk appetite | Reuters
Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after two hurricanes.
Brent crude rose 9 cents, or 0.1%, to $76.28 a barrel at 0856 GMT. U.S. West Texas Intermediate (WTI) crude was up 4 cents, or 0.1%, to $72.27 a barrel.
Both contracts jumped 2.5% on Wednesday after data from the U.S. Energy Information Administration showed U.S. crude stocks in the week to Sept. 17 fell by 3.5 million barrels to 414 million - the lowest total since October 2018.
"With Gulf of Mexico production returning slowly, and natural gas prices remaining sky high, the structural outlook for oil remains promising as OPEC+ struggles to meet even its current production quotas," said Jeffrey Halley, analyst at brokerage OANDA.
Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after two hurricanes.
Brent crude rose 9 cents, or 0.1%, to $76.28 a barrel at 0856 GMT. U.S. West Texas Intermediate (WTI) crude was up 4 cents, or 0.1%, to $72.27 a barrel.
Both contracts jumped 2.5% on Wednesday after data from the U.S. Energy Information Administration showed U.S. crude stocks in the week to Sept. 17 fell by 3.5 million barrels to 414 million - the lowest total since October 2018.
"With Gulf of Mexico production returning slowly, and natural gas prices remaining sky high, the structural outlook for oil remains promising as OPEC+ struggles to meet even its current production quotas," said Jeffrey Halley, analyst at brokerage OANDA.
MIDEAST STOCKS Most Gulf bourses rise as oil prices gain on tight supply | Reuters
MIDEAST STOCKS Most Gulf bourses rise as oil prices gain on tight supply | Reuters
Most stock markets in the Gulf rose on Thursday as oil prices gained on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories, although the Abu Dhabi index bucked the trend to trade lower.
The oil market was also supported by a return of appetite for risk assets as concerns eased over a potential default by property developer China Evergrande (3333.HK) and its possible fallout on the world's second-largest economy.
Dubai's main share index (.DFMGI) added 0.2%, extending gains from the previous session, with blue-chip developer Emaar Properties (EMAR.DU) rising 0.7% while DAMAC Properties (DAMAC.DU) advanced 2.4%.
The founder of DAMAC Properties is relaunching a partial offer to take the firm private after the securities regulator of the United Arab Emirates granted approval, according to a statement on Thursday. read more
The offer came amid years of downturn in Dubai's property market, exacerbated by the economic fallout from the pandemic.
The United Arab Emirates' Securities and Commodities Authority has signed an agreement with the Dubai World Trade Centre Authority (DWTCA) aimed at supporting the trading of crypto assets in DWTCA's free zone, state news agency (WAM) reported on Wednesday. read more
In Abu Dhabi, the index (.ADI) eased 0.1% following a 0.7% drop in the country's largest lender First Abu Dhabi Bank (FAB.AD).
Global investors have been on tenterhooks in recent weeks as debt payment obligations of China Evergrande, labouring under a $305 billion mountain of debt, triggered fears its malaise could pose systemic risks to the world's second-largest economy. read more
Elsewhere, the Qatari index (.QSI) gained 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) rising over 1%.
** Saudi markets are closed for a public holiday
Most stock markets in the Gulf rose on Thursday as oil prices gained on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories, although the Abu Dhabi index bucked the trend to trade lower.
The oil market was also supported by a return of appetite for risk assets as concerns eased over a potential default by property developer China Evergrande (3333.HK) and its possible fallout on the world's second-largest economy.
Dubai's main share index (.DFMGI) added 0.2%, extending gains from the previous session, with blue-chip developer Emaar Properties (EMAR.DU) rising 0.7% while DAMAC Properties (DAMAC.DU) advanced 2.4%.
The founder of DAMAC Properties is relaunching a partial offer to take the firm private after the securities regulator of the United Arab Emirates granted approval, according to a statement on Thursday. read more
The offer came amid years of downturn in Dubai's property market, exacerbated by the economic fallout from the pandemic.
The United Arab Emirates' Securities and Commodities Authority has signed an agreement with the Dubai World Trade Centre Authority (DWTCA) aimed at supporting the trading of crypto assets in DWTCA's free zone, state news agency (WAM) reported on Wednesday. read more
In Abu Dhabi, the index (.ADI) eased 0.1% following a 0.7% drop in the country's largest lender First Abu Dhabi Bank (FAB.AD).
Global investors have been on tenterhooks in recent weeks as debt payment obligations of China Evergrande, labouring under a $305 billion mountain of debt, triggered fears its malaise could pose systemic risks to the world's second-largest economy. read more
Elsewhere, the Qatari index (.QSI) gained 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) rising over 1%.
** Saudi markets are closed for a public holiday