OFFICIAL CORRECTION UAE central bank approves Wizz Financial's acquisition of UAE Exchange | Reuters
Financial technology firm Wizz Financial said on Thursday the United Arab Emirates central bank had approved its acquisition of currency firm UAE Exchange, a unit of troubled London-listed payment firm Finablr which Wizz agreed to buy last year.
UAE Exchange, which engages in money transfers, foreign exchange and payments services, was seized by the central bank in March last year after it ran into financial troubles. The firm suspended all new transactions at its more than 150 branches in the Gulf country.
Wizz Financial is the new name of the consortium of Switzerland-headquartered Prism Group AG and Abu Dhabi's Royal Strategic Partners that bought Finablr for a nominal $1 in December, and also said in August that subject to regulatory approval it would be acquiring Bahrain Financing Company (BFC). read more
The acquisition is still in the process of being finalised, and the UAE central bank's approval was necessary for the takeover of UAE Exchange to go ahead.
Sunday, 26 September 2021
Europe Energy Crisis: Oil’s Going to Have a Good Winter, Even If You and I Don’t - Bloomberg
Europe Energy Crisis: Oil’s Going to Have a Good Winter, Even If You and I Don’t - Bloomberg
Fears of an oil glut are receding, as stronger demand and curtailed supply are set to tighten the market and lift prices. It’s going to be a good winter for oil producers, but a further hit to consumers who are already reeling from soaring gas and electricity costs.
The surge in natural gas prices, which has seen the costs of both liquefied supplies and pipeline deliveries to European markets jump to records, is starting to have knock-on effects on the oil market. Consumers are seeking to switch away from pricey natural gas and to marginally less expensive oil.
Vitol Group, the world’s biggest independent oil trader, expects fuel switching to boost oil demand by half a million barrels a day this winter. Consultants Facts Global Energy see a similar increase, with Chinese trucks, Asian power generators and oil refineries around the world all seeking cheaper alternatives to the gas they now use. The Organization of the Petroleum Exporting Countries sees a slightly smaller impact, estimating the additional demand over the next two quarters to be 370,000 barrels a day.
Deutsche Bank AG sees soaring prices for gas, electricity and coal creating the potential for fuel switching in power plants during the coming winter, although it notes that capacity to do that in Europe is limited.
These numbers may not seem huge, but oil demand will get yet another kick in the coming months.
Fears of an oil glut are receding, as stronger demand and curtailed supply are set to tighten the market and lift prices. It’s going to be a good winter for oil producers, but a further hit to consumers who are already reeling from soaring gas and electricity costs.
The surge in natural gas prices, which has seen the costs of both liquefied supplies and pipeline deliveries to European markets jump to records, is starting to have knock-on effects on the oil market. Consumers are seeking to switch away from pricey natural gas and to marginally less expensive oil.
Vitol Group, the world’s biggest independent oil trader, expects fuel switching to boost oil demand by half a million barrels a day this winter. Consultants Facts Global Energy see a similar increase, with Chinese trucks, Asian power generators and oil refineries around the world all seeking cheaper alternatives to the gas they now use. The Organization of the Petroleum Exporting Countries sees a slightly smaller impact, estimating the additional demand over the next two quarters to be 370,000 barrels a day.
Deutsche Bank AG sees soaring prices for gas, electricity and coal creating the potential for fuel switching in power plants during the coming winter, although it notes that capacity to do that in Europe is limited.
These numbers may not seem huge, but oil demand will get yet another kick in the coming months.
Bahrain could double value added tax - sources | Reuters
Bahrain could double value added tax - sources | Reuters
Bahrain is considering doubling value added tax to 10% to boost state revenues and reduce its budget deficit, a Bahraini parliamentary source and a source close to the government told Reuters, confirming local media reports.
The government's communications office did not immediately respond to a request for comment.
Bahrain's economy contracted by 5.4% last year, the International Monetary Fund has said, as the pandemic hurt vital sectors such as energy and tourism.
The small Gulf state has accumulated a large pile of debt since the 2014-2015 oil price shock. In 2018 it received a $10 billion financial aid programme from Gulf allies that helped it avoid a credit crunch.
Bahrain is considering doubling value added tax to 10% to boost state revenues and reduce its budget deficit, a Bahraini parliamentary source and a source close to the government told Reuters, confirming local media reports.
The government's communications office did not immediately respond to a request for comment.
Bahrain's economy contracted by 5.4% last year, the International Monetary Fund has said, as the pandemic hurt vital sectors such as energy and tourism.
The small Gulf state has accumulated a large pile of debt since the 2014-2015 oil price shock. In 2018 it received a $10 billion financial aid programme from Gulf allies that helped it avoid a credit crunch.
MIDEAST STOCKS #Saudi and #Qatar rise, other Gulf indexes muted | Reuters
MIDEAST STOCKS Saudi and Qatar rise, other Gulf indexes muted | Reuters
The Saudi and Qatari indexes finished higher on Sunday, buoyed by petrochemical and financial stocks, while other major Gulf indexes declined.
Saudi Arabia's benchmark index (.TASI) closed up 0.7%, ending four consecutive sessions of losses, with Saudi Basic Industries Corporation (2010.SE) rising 2.5% and Market Heavyweight Al Rajhi Bank (1120.SE) advancing 0.7%.
The Qatari index (.QSI) added 0.7%, extending gains for a third consecutive day, helped by a 2.1% rise in petrochemical firm Industries Qatar (IQCD.QA) and a 2.3% leap in Mesaieed Petrochemical (MPHC.QA).
The Abu Dhabi index (.ADI) retreated 0.3%, after three sessions of gains, as market heavyweight First Abu Dhabi Bank (FAB.AD) lost 0.8% and Emirates Telecommunications Group (ETISALAT.AD) dropped 1.2%.
Dubai's index (.DFMGI) was also down 0.3%, with developer Emaar Properties (EMAR.DU) and its shopping centre unit Emaar Malls (EMAA.DU) shedding 1.2% and 1.6% respectively. After the market close, Emaar Malls said its chairman and board member Mohamed Al Hussaini has resigned from the company.
In March, Emaar Properties announced a plan to buy out minority shareholders of Emaar Malls and delist the business by year-end. ,
Separately, United Arab Emirates Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum announced ministerial changes on Saturday, including new finance and environment ministers. read more
Sheikh Mohammed announced the reshuffle as part of a new government strategy aimed at expediting change through "transformational projects" in the Emirates.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 0.1% higher, with cigarette maker Eastern Company (EAST.CA) climbing 3.1%.
The Saudi and Qatari indexes finished higher on Sunday, buoyed by petrochemical and financial stocks, while other major Gulf indexes declined.
Saudi Arabia's benchmark index (.TASI) closed up 0.7%, ending four consecutive sessions of losses, with Saudi Basic Industries Corporation (2010.SE) rising 2.5% and Market Heavyweight Al Rajhi Bank (1120.SE) advancing 0.7%.
The Qatari index (.QSI) added 0.7%, extending gains for a third consecutive day, helped by a 2.1% rise in petrochemical firm Industries Qatar (IQCD.QA) and a 2.3% leap in Mesaieed Petrochemical (MPHC.QA).
The Abu Dhabi index (.ADI) retreated 0.3%, after three sessions of gains, as market heavyweight First Abu Dhabi Bank (FAB.AD) lost 0.8% and Emirates Telecommunications Group (ETISALAT.AD) dropped 1.2%.
Dubai's index (.DFMGI) was also down 0.3%, with developer Emaar Properties (EMAR.DU) and its shopping centre unit Emaar Malls (EMAA.DU) shedding 1.2% and 1.6% respectively. After the market close, Emaar Malls said its chairman and board member Mohamed Al Hussaini has resigned from the company.
In March, Emaar Properties announced a plan to buy out minority shareholders of Emaar Malls and delist the business by year-end. ,
Separately, United Arab Emirates Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum announced ministerial changes on Saturday, including new finance and environment ministers. read more
Sheikh Mohammed announced the reshuffle as part of a new government strategy aimed at expediting change through "transformational projects" in the Emirates.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 0.1% higher, with cigarette maker Eastern Company (EAST.CA) climbing 3.1%.
#UAE's ADNOC Drilling to list on ADX on October 3 | ZAWYA MENA Edition
UAE's ADNOC Drilling to list on ADX on October 3 | ZAWYA MENA Edition
Abu Dhabi Securities Exchange said on Sunday that shares of ADNOC Drilling co. will list on its main market from 3 October, 2021 under the trading symbol ADNOCDRILL.
In the first week of September, the ADNOC subsidiary floated 11 percent of its share capital in an initial public offering (IPO) at 2.3 dirhams ($0.6262) per share. While the company had planned a sale of 7.5 percent of stake, the issue size was increased due to oversubscription.
Abu Dhabi Securities Exchange said on Sunday that shares of ADNOC Drilling co. will list on its main market from 3 October, 2021 under the trading symbol ADNOCDRILL.
In the first week of September, the ADNOC subsidiary floated 11 percent of its share capital in an initial public offering (IPO) at 2.3 dirhams ($0.6262) per share. While the company had planned a sale of 7.5 percent of stake, the issue size was increased due to oversubscription.
Evergrande Not Enough to Deter Investcorp From China Expansion - Bloomberg video
Evergrande Not Enough to Deter Investcorp From China Expansion - Bloomberg
Investcorp Holdings BSC, one of the largest foreign buyers of U.S. real estate, remains bullish on the world’s biggest economy and expects the crisis enveloping China Evergrande Group to offer fresh opportunities for the biggest private equity and alternative asset manager as it seeks to expand in Asia.
The top executive at the Bahrain-based firm described the problems at the Chinese developer as temporary and likely to be contained within Asia, and said the situation could even have “a calming effect on the prices of real estate that are really ballooning in parts of China.”
Investcorp, which already has an office in Beijing and launched a health-care investment platform last year, plans to keep its focus in China on the technology, health-care and food sectors, according to Executive Chairman Mohammed Alardhi.
“We’re there for the opportunities, we’re there for the long term,” he said in an interview with Bloomberg Television on Sunday.
The top executive at the Bahrain-based firm described the problems at the Chinese developer as temporary and likely to be contained within Asia, and said the situation could even have “a calming effect on the prices of real estate that are really ballooning in parts of China.”
Investcorp, which already has an office in Beijing and launched a health-care investment platform last year, plans to keep its focus in China on the technology, health-care and food sectors, according to Executive Chairman Mohammed Alardhi.
“We’re there for the opportunities, we’re there for the long term,” he said in an interview with Bloomberg Television on Sunday.
MIDEAST STOCKS Chemical and banking stocks boost #Saudi index amid rising oil prices | Reuters
MIDEAST STOCKS Chemical and banking stocks boost Saudi index amid rising oil prices | Reuters
Most major Gulf markets rose in early trade on Sunday, with Saudi shares leading gains as material and financial stocks offered a boost against a background of rising oil prices.
Oil prices rose for a third week in a row to a near three-year high on Friday as global output disruptions force energy companies to pull large amounts of crude out of inventories. read more
Brent (.LCOc1) futures settled at $78.09 a barrel on Friday.
Saudi Arabia's benchmark index (.TASI) was trading 0.7% higher after four consecutive days of declines.
Market Heavyweight Al Rajhi Bank (1120.SE) was up 0.7% while chemical makers Sahara International Petrochemical (2310.SE) and Saudi Basic Industries (2010.SE) advanced 3.6% and 0.8% respectively.
The Dubai index (.DFMGI) was up 0.3% with financial stocks giving the most support as Dubai Islamic Bank (DISB.DU) gained 0.6%.
Amanat Holdings (AMANT.DU) jumped as much as 4.6% before steadying around 2.8% higher. The integrated healthcare and education investment company said it's Saudi fund sold a minority stake in International Medical Centre, resulting in a net gain of about 40 million dirhams.
Abu Dhabi's index (.ADI) edged down 0.1%. First Abu Dhabi Bank (FAB.AD) eased 0.5% and Emirates Telecommunications Group (ETISALAT.AD) lost 0.2%.
Losses were offset by Alphadhabi Holding (ALPHADHABI.AD) and Dana Gas (DANA.AD), which gained 0.6% and 2.8% respectively.
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 central bank, however, said it will leave unchanged temporarily lowered reserve requirements for banks. read more
The Qatari index (.QSI) was up 0.4%. Industrial and financial shares supported the index the most with Industries Qatar (IQCD.QA) up 2.3% and Commercial Bank (COMB.QA) adding 0.5%.
Most major Gulf markets rose in early trade on Sunday, with Saudi shares leading gains as material and financial stocks offered a boost against a background of rising oil prices.
Oil prices rose for a third week in a row to a near three-year high on Friday as global output disruptions force energy companies to pull large amounts of crude out of inventories. read more
Brent (.LCOc1) futures settled at $78.09 a barrel on Friday.
Saudi Arabia's benchmark index (.TASI) was trading 0.7% higher after four consecutive days of declines.
Market Heavyweight Al Rajhi Bank (1120.SE) was up 0.7% while chemical makers Sahara International Petrochemical (2310.SE) and Saudi Basic Industries (2010.SE) advanced 3.6% and 0.8% respectively.
The Dubai index (.DFMGI) was up 0.3% with financial stocks giving the most support as Dubai Islamic Bank (DISB.DU) gained 0.6%.
Amanat Holdings (AMANT.DU) jumped as much as 4.6% before steadying around 2.8% higher. The integrated healthcare and education investment company said it's Saudi fund sold a minority stake in International Medical Centre, resulting in a net gain of about 40 million dirhams.
Abu Dhabi's index (.ADI) edged down 0.1%. First Abu Dhabi Bank (FAB.AD) eased 0.5% and Emirates Telecommunications Group (ETISALAT.AD) lost 0.2%.
Losses were offset by Alphadhabi Holding (ALPHADHABI.AD) and Dana Gas (DANA.AD), which gained 0.6% and 2.8% respectively.
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 central bank, however, said it will leave unchanged temporarily lowered reserve requirements for banks. read more
The Qatari index (.QSI) was up 0.4%. Industrial and financial shares supported the index the most with Industries Qatar (IQCD.QA) up 2.3% and Commercial Bank (COMB.QA) adding 0.5%.