UAE, Syria agree on plans to enhance economic cooperation - ministry | Reuters
The United Arab Emirates' economy ministry said on Sunday that the Gulf state and Syria had agreed on future plans to enhance economic cooperation and explore new sectors.
The ministry wrote on Twitter that the value of non-oil trade between the two countries in the first half of 2021 was one billion dirhams ($272 million).
The UAE re-opened its mission to Damascus in late 2018 in a bid to counter the influence of non-Arab actors like Iran, which along with Russia backs Syrian President Bashar al-Assad, and Turkey, which backs rebel forces.
Sunday 10 October 2021
#Iran Plans to Sell Oil in Exchange for Investment and Goods - Bloomberg
Iran Plans to Sell Oil in Exchange for Investment and Goods - Bloomberg
Iran plans to offer oil and gas condensate to “any investor” in exchange for either goods or capital investment in the Islamic Republic’s sanctions-hit energy sector, the country’s oil minister said.
The ministry would welcome investment in both Iran’s upstream and downstream industries in exchange for oil or condensate, Javad Owji said in comments shown on state TV, without specifying whether the initiative is aimed at domestic or foreign buyers. The plans were presented to lawmakers on Sunday and are pending their approval, he said.
It’s unclear whether the plans rely on the ailing 2015 nuclear deal being restored and U.S. sanctions on Iran being lifted. Tehran’s oil exports are effectively embargoed by Washington and sales have plummeted since 2018, when then-President Donald Trump withdrew from the accord.
Negotiations to restart the nuclear deal have been stalled since June when Iran elected hardline cleric Ebrahim Raisi as its new president.
Owji said a global rise in oil demand bodes well for Iran and his ministry predicts energy demand will “increase day by day” as economies ease lockdown restrictions and recover from the pandemic.
Iran plans to offer oil and gas condensate to “any investor” in exchange for either goods or capital investment in the Islamic Republic’s sanctions-hit energy sector, the country’s oil minister said.
The ministry would welcome investment in both Iran’s upstream and downstream industries in exchange for oil or condensate, Javad Owji said in comments shown on state TV, without specifying whether the initiative is aimed at domestic or foreign buyers. The plans were presented to lawmakers on Sunday and are pending their approval, he said.
It’s unclear whether the plans rely on the ailing 2015 nuclear deal being restored and U.S. sanctions on Iran being lifted. Tehran’s oil exports are effectively embargoed by Washington and sales have plummeted since 2018, when then-President Donald Trump withdrew from the accord.
Negotiations to restart the nuclear deal have been stalled since June when Iran elected hardline cleric Ebrahim Raisi as its new president.
Owji said a global rise in oil demand bodes well for Iran and his ministry predicts energy demand will “increase day by day” as economies ease lockdown restrictions and recover from the pandemic.
MIDEAST STOCKS #Saudi snaps 4-day winning streak as Gulf bourses end mixed | Reuters
MIDEAST STOCKS Saudi snaps 4-day winning streak as Gulf bourses end mixed | Reuters
Major stock markets in the Gulf ended mixed on Sunday, with the Saudi index giving up early gains to close 0.2% lower, snapping a four-session winning streak.
On Saudi Arabia's benchmark index (.TASI), Saudi Telecom Company (7010.SE) fell 1.3%, while SABIC Agri-Nutrients Co (2020.SE) retreated 2.2%.
Among other losers, Almarai (2280.SE) declined 2.2% after the Gulf's largest dairy company reported a quarterly net profit of 409.1 million riyals ($109.1 million), down from 621.5 million riyals a year earlier.
However Methanol Chemicals (2001.SE) jumped more than 3% after it swung to a quarterly profit.
In Abu Dhabi, the index (.ADI) added 0.3%, helped by a 0.5% increase in conglomerate International Holding Co (IHC) (IHC.AD) and a 2.9% jump in its unit Alpha Dhabi Holding (ALPHADHABI.AD).
IHC has agreed to buy a 41% stake in Nassar Al Refaee Trading Company, a fruit and vegetable import-export business, in a 166 million dirham ($45.2 million) deal, Reuters reported on Thursday, citing a company source. read more
Dubai's main share index (.DFMGI) concluded flat, as gains in financial shares were offset by declines in property stocks.
Average residential property prices in Dubai rose 4.4% in the 12 months to August, the strongest annual growth since February 2015, real estate investment firm CBRE Group said on Thursday. read more
However, an ongoing fall in rents signalled continued weakness in the long-troubled sector. Dubai rents continued to trend lower, falling by 2.7% on average in the year ending in August, CBRE said in a report.
The Qatari benchmark (.QSI) gained 0.2%, with Mesaieed Petrochemical (MPHC.QA) climbing 1.7%.
Qatar National Bank (QNBK.QA), the Gulf's biggest lender, posted an 8% increase in nine-month net profit to 10.3 billion Qatari riyals ($2.83 billion), citing loan growth. read more
However, the lender traded flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.2%, buoyed by a 1.9% gain in top lender Commercial International Bank (COMI.CA).
Egypt's annual urban consumer price inflation increased to 6.6% in September from 5.7% in August. read more
The rate remains well within the target range of between 5% and 9% set by the central bank, which meets on Oct. 28 to decide interest rates.
Major stock markets in the Gulf ended mixed on Sunday, with the Saudi index giving up early gains to close 0.2% lower, snapping a four-session winning streak.
On Saudi Arabia's benchmark index (.TASI), Saudi Telecom Company (7010.SE) fell 1.3%, while SABIC Agri-Nutrients Co (2020.SE) retreated 2.2%.
Among other losers, Almarai (2280.SE) declined 2.2% after the Gulf's largest dairy company reported a quarterly net profit of 409.1 million riyals ($109.1 million), down from 621.5 million riyals a year earlier.
However Methanol Chemicals (2001.SE) jumped more than 3% after it swung to a quarterly profit.
In Abu Dhabi, the index (.ADI) added 0.3%, helped by a 0.5% increase in conglomerate International Holding Co (IHC) (IHC.AD) and a 2.9% jump in its unit Alpha Dhabi Holding (ALPHADHABI.AD).
IHC has agreed to buy a 41% stake in Nassar Al Refaee Trading Company, a fruit and vegetable import-export business, in a 166 million dirham ($45.2 million) deal, Reuters reported on Thursday, citing a company source. read more
Dubai's main share index (.DFMGI) concluded flat, as gains in financial shares were offset by declines in property stocks.
Average residential property prices in Dubai rose 4.4% in the 12 months to August, the strongest annual growth since February 2015, real estate investment firm CBRE Group said on Thursday. read more
However, an ongoing fall in rents signalled continued weakness in the long-troubled sector. Dubai rents continued to trend lower, falling by 2.7% on average in the year ending in August, CBRE said in a report.
The Qatari benchmark (.QSI) gained 0.2%, with Mesaieed Petrochemical (MPHC.QA) climbing 1.7%.
Qatar National Bank (QNBK.QA), the Gulf's biggest lender, posted an 8% increase in nine-month net profit to 10.3 billion Qatari riyals ($2.83 billion), citing loan growth. read more
However, the lender traded flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.2%, buoyed by a 1.9% gain in top lender Commercial International Bank (COMI.CA).
Egypt's annual urban consumer price inflation increased to 6.6% in September from 5.7% in August. read more
The rate remains well within the target range of between 5% and 9% set by the central bank, which meets on Oct. 28 to decide interest rates.
Loan growth drives #Qatar National Bank profit jump | Reuters
Loan growth drives Qatar National Bank profit jump | Reuters
Qatar National Bank (QNB) (QNBK.QA), the Gulf's biggest lender, posted an 8% increase in nine-month net profit to 10.3 billion Qatari riyals ($2.83 billion), citing loan growth.
Loans and advances grew 7% in the period while total assets rose 10% to 1,084 billion riyals, it said in a statement.
The bank also said its drive for "operational efficiency" resulted in cost savings and combined with the improved revenue, helped improve the cost to income ratio to 22.5% from 24.2%.
Operating income in the first nine months of 2021 grew by 8% to 20.7 billion riyals, it said.
QNB said its non-performing loans ratio amounted to 2.3% as of Sept. 30, adding that was one of the lowest ratios among financial institutions in the Middle East and Africa.
The bank set aside 4.5 billion riyals for loan loss provisions, increasing its coverage ratio to 112%.
QNB, which serves more than 20 million customers, is 50% owned by Qatar’s sovereign wealth fund, the Qatar Investment Authority.
Qatar National Bank (QNB) (QNBK.QA), the Gulf's biggest lender, posted an 8% increase in nine-month net profit to 10.3 billion Qatari riyals ($2.83 billion), citing loan growth.
Loans and advances grew 7% in the period while total assets rose 10% to 1,084 billion riyals, it said in a statement.
The bank also said its drive for "operational efficiency" resulted in cost savings and combined with the improved revenue, helped improve the cost to income ratio to 22.5% from 24.2%.
Operating income in the first nine months of 2021 grew by 8% to 20.7 billion riyals, it said.
QNB said its non-performing loans ratio amounted to 2.3% as of Sept. 30, adding that was one of the lowest ratios among financial institutions in the Middle East and Africa.
The bank set aside 4.5 billion riyals for loan loss provisions, increasing its coverage ratio to 112%.
QNB, which serves more than 20 million customers, is 50% owned by Qatar’s sovereign wealth fund, the Qatar Investment Authority.
#UAE Markets Regulator Gets Female CEO as Al Suwaidi Takes Charge - Bloomberg
UAE Markets Regulator Gets Female CEO as Al Suwaidi Takes Charge - Bloomberg
The United Arab Emirates named Maryam Butti Al Suwaidi as chief executive of the nation’s markets regulator, in another senior appointment for a woman in the region.
The appointment to lead the Securities and Commodities Authority was made in a presidential decree on Sunday. Al Suwaidi was previously the regulator’s acting CEO.The markets regulator announced earlier this year that the UAE, home to Dubai and Abu Dhabi stock markets, will require at least one female director on the boards of all listed companies, as firms in the region face pressure to boost gender diversity.
Companies are making progress, with First Abu Dhabi Bank PJSC, the UAE’s largest bank, naming Hana Al Rostamani as group chief executive officer this year.
In neighboring Saudi Arabia, Sarah Al-Suhaimi became the first woman to chair the Saudi Arabian stock exchange, known as Tadawul, in 2017. The kingdom’s sovereign wealth fund has also appointed Rania Nashar as head of compliance and governance, making her one of the most senior women at the kingdom’s $430 billion Public Investment Fund.
The United Arab Emirates named Maryam Butti Al Suwaidi as chief executive of the nation’s markets regulator, in another senior appointment for a woman in the region.
The appointment to lead the Securities and Commodities Authority was made in a presidential decree on Sunday. Al Suwaidi was previously the regulator’s acting CEO.The markets regulator announced earlier this year that the UAE, home to Dubai and Abu Dhabi stock markets, will require at least one female director on the boards of all listed companies, as firms in the region face pressure to boost gender diversity.
Companies are making progress, with First Abu Dhabi Bank PJSC, the UAE’s largest bank, naming Hana Al Rostamani as group chief executive officer this year.
In neighboring Saudi Arabia, Sarah Al-Suhaimi became the first woman to chair the Saudi Arabian stock exchange, known as Tadawul, in 2017. The kingdom’s sovereign wealth fund has also appointed Rania Nashar as head of compliance and governance, making her one of the most senior women at the kingdom’s $430 billion Public Investment Fund.
Biggest #Saudi IPO Since Aramco Set for Riyadh Trading Debut - Bloomberg
Biggest Saudi IPO Since Aramco Set for Riyadh Trading Debut - Bloomberg
ACWA Power International, Saudi Arabia’s first $1 billion initial public offering since Aramco, is set to start trading in Riyadh on Monday.
The $1.2 billion IPO drew interest from investors looking for exposure to a business seen as key to the kingdom’s plans to diversify its economy away from oil. Initial demand amounted to several billion dollars and advisers had to limit institutional investors’ allocations.
Riyadh-based ACWA, half-owned by the kingdom’s sovereign wealth fund PIF, is selling an 11.1% stake at 56 riyals ($14.93) apiece, the top end of the offer range. The company will be valued at $10.9 billion and the PIF will continue to own a 44% stake after the IPO.
ACWA Power International, Saudi Arabia’s first $1 billion initial public offering since Aramco, is set to start trading in Riyadh on Monday.
The $1.2 billion IPO drew interest from investors looking for exposure to a business seen as key to the kingdom’s plans to diversify its economy away from oil. Initial demand amounted to several billion dollars and advisers had to limit institutional investors’ allocations.
Riyadh-based ACWA, half-owned by the kingdom’s sovereign wealth fund PIF, is selling an 11.1% stake at 56 riyals ($14.93) apiece, the top end of the offer range. The company will be valued at $10.9 billion and the PIF will continue to own a 44% stake after the IPO.
#UAE, #Saudi Banks Well Positioned for Higher Rates - Bloomberg video
UAE, Saudi Banks Well Positioned for Higher Rates - Bloomberg
Jaap Meijer, MD & Head of Equities Research, Arqaam Capital discusses his MENA-equities investment strategy, oil price fluctuations, and the UAE's net zero goal. (Source: Bloomberg)
Jaap Meijer, MD & Head of Equities Research, Arqaam Capital discusses his MENA-equities investment strategy, oil price fluctuations, and the UAE's net zero goal. (Source: Bloomberg)
MIDEAST STOCKS Major Gulf bourses mixed in early trade | Reuters
MIDEAST STOCKS Major Gulf bourses mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi Index outperforming the region amid rising oil prices.
Oil rose on Friday, gaining about 4% on the week as a global energy crunch boosted U.S. prices to their highest in almost seven years, with big power users struggling to meet demand. read more
Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 3.4% rise in Al Rajhi Bank (1120.SE) and 1.3% gain in petrochemical maker Saudi Basic Indutries (2010.SE).
In Abu Dhabi, the index (.ADI) edged up 0.1%, with conglomerate International Holding Co (IHC) (IHC.AD) rising 1%, while its unit Alpha Dhabi Holding (ALPHADHABI.AD) advanced 1.4%.
IHC has agreed to buy a 41% stake in Nassar Al Refaee Trading Company, a fruit and vegetable import-export business, in a 166 million dirhams ($45.20 million) deal, Reuters reported a company source as saying. read more
Dubai's main share index (.DFMGI) fell 0.1%, hit by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).
Average residential property prices in Dubai rose 4.4% in the 12 months to August, the highest annual growth since February 2015, real estate investment firm CBRE Group said on Thursday. read more
Even before the pandemic, the long-term economic trend in the United Arab Emirates had been sluggish since the 2014-2015 oil price crash. Supply has outpaced demand for new houses and apartments for years in a market where most of the population are foreigners, many of whom left during the pandemic.
The Qatari benchmark (.QSI) added 0.2%, supported by a 1% increase in Commercial Bank (COMB.QA) and a 1.8% rise in Mesaieed Petrochemical (MPHC.QA).
Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi Index outperforming the region amid rising oil prices.
Oil rose on Friday, gaining about 4% on the week as a global energy crunch boosted U.S. prices to their highest in almost seven years, with big power users struggling to meet demand. read more
Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 3.4% rise in Al Rajhi Bank (1120.SE) and 1.3% gain in petrochemical maker Saudi Basic Indutries (2010.SE).
In Abu Dhabi, the index (.ADI) edged up 0.1%, with conglomerate International Holding Co (IHC) (IHC.AD) rising 1%, while its unit Alpha Dhabi Holding (ALPHADHABI.AD) advanced 1.4%.
IHC has agreed to buy a 41% stake in Nassar Al Refaee Trading Company, a fruit and vegetable import-export business, in a 166 million dirhams ($45.20 million) deal, Reuters reported a company source as saying. read more
Dubai's main share index (.DFMGI) fell 0.1%, hit by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).
Average residential property prices in Dubai rose 4.4% in the 12 months to August, the highest annual growth since February 2015, real estate investment firm CBRE Group said on Thursday. read more
Even before the pandemic, the long-term economic trend in the United Arab Emirates had been sluggish since the 2014-2015 oil price crash. Supply has outpaced demand for new houses and apartments for years in a market where most of the population are foreigners, many of whom left during the pandemic.
The Qatari benchmark (.QSI) added 0.2%, supported by a 1% increase in Commercial Bank (COMB.QA) and a 1.8% rise in Mesaieed Petrochemical (MPHC.QA).
Bahrain's GIB gets $625 million sustainability-linked loan | Reuters
Bahrain's GIB gets $625 million sustainability-linked loan | Reuters
Bahrain's Gulf International Bank (GIB) said on Sunday it has secured a $625 million sustainability-linked syndicated loan, which increased from an original $500 million due to strong demand.
The bond attracted orders worth $1.1 billion.
It was the first Bahrain-headquartered bank and the first majority Saudi-owned lender to close financing linked to sustainability.
"A diversified group of more than 20 global investors from the U.S., Europe, the Middle East and Asia participated in the landmark transaction that incorporates Environmental, Social and Governance (ESG) metrics related to reductions in carbon emissions, gender diversity and sustainability reporting," GIB said in a statement.
Citi (C.N), First Abu Dhabi Bank (FAB.AD), HSBC (HSBA.L), SMBC (8316.T) and Societe Generale (SOGN.PA) were initial mandated lead arrangers and bookrunners on the deal, with HSBC as the sole sustainability coordinator.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund, owns 97.2% of GIB, according to the bank's website. The remaining shares are held by the other Gulf Cooperation Council countries - Kuwait, Qatar, Bahrain, Oman and the United Arab Emirates.
Bahrain's Gulf International Bank (GIB) said on Sunday it has secured a $625 million sustainability-linked syndicated loan, which increased from an original $500 million due to strong demand.
The bond attracted orders worth $1.1 billion.
It was the first Bahrain-headquartered bank and the first majority Saudi-owned lender to close financing linked to sustainability.
"A diversified group of more than 20 global investors from the U.S., Europe, the Middle East and Asia participated in the landmark transaction that incorporates Environmental, Social and Governance (ESG) metrics related to reductions in carbon emissions, gender diversity and sustainability reporting," GIB said in a statement.
Citi (C.N), First Abu Dhabi Bank (FAB.AD), HSBC (HSBA.L), SMBC (8316.T) and Societe Generale (SOGN.PA) were initial mandated lead arrangers and bookrunners on the deal, with HSBC as the sole sustainability coordinator.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund, owns 97.2% of GIB, according to the bank's website. The remaining shares are held by the other Gulf Cooperation Council countries - Kuwait, Qatar, Bahrain, Oman and the United Arab Emirates.
#Dubai announces PPP projects worth nearly $7 bln | Reuters
Dubai announces PPP projects worth nearly $7 bln | Reuters
The government of Dubai on Sunday announced a diversified portfolio of public-private partnership (PPP) projects worth more than 25 billion dirhams ($6.81 billion).
The investments, announced at a PPP conference held in the regional tourism and business hub, include seven urban development projects worth 22.58 billion dirhams, 14 road and transport projects worth 2.39 billion dirhams and eight projects in health and safety at 526 million dirhams.
The government of Dubai on Sunday announced a diversified portfolio of public-private partnership (PPP) projects worth more than 25 billion dirhams ($6.81 billion).
The investments, announced at a PPP conference held in the regional tourism and business hub, include seven urban development projects worth 22.58 billion dirhams, 14 road and transport projects worth 2.39 billion dirhams and eight projects in health and safety at 526 million dirhams.
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