#Saudi index hits multi-year peak as Gulf bourses end higher | Reuters

Saudi index hits multi-year peak as Gulf bourses end higher | Reuters

Major stock markets in the Gulf ended higher on Sunday amid strong oil prices, with the Saudi index hitting a multi-year peak as the country eased coronavirus curbs.

The kingdom is rolling back COVID-19 restrictions from Oct. 17 in response to a sharp drop in daily infections and a considerable development in vaccinations. read more

Saudi Arabia has also lifted social distancing measures and will allow full-capacity attendance at the country's two Holy Mosques in Mecca and Medina for those who have taken the full dose of vaccine.

The Saudi benchmark index (.TASI) gained 0.6%, buoyed by a 5.8% jump in Jabal Omar Development Co (4250.SE), one of Saudi Arabia's largest listed property developers.

The developer operates a flagship complex of hotels and residential and commercial property within walking distance of the Grand Mosque in the Muslim holy city of Mecca.

Among other gainers, oil giant Saudi Aramco (2222.SE) added 0.3%, zooming in on a $2 trillion valuation.

In Abu Dhabi, the index (.ADI) rose 0.3%, with telecoms firm Etisalat (ETISALAT.AD) gaining 0.6%, while Abu Dhabi Commercial Bank (ADCB.AD) climbed 2%.

Conglomerate International Holding Co (IHC) (IHC.AD) plans to list subsidiary Multiply, a holding company that invests in tech-focused businesses, on Abu Dhabi's main stock market this year, IHC's chief executive said. read more

Shares of IHC inched 0.2% higher.

Dubai's main share index (.DFMGI) increased 0.5%, with Dubai Islamic Bank (DISB.DU) rising 1.2% and Dubai Investments (DINV.DU) up 1.8%.

UAE Energy Minister Suhail al-Mazrouei said the oil-rich Gulf is continuing to invest in the energy sector to meet growing demand and ensure stability in global markets. read more

The Qatari benchmark (.QSI) finished 0.8% higher, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, advancing 1.8%, while Qatar Islamic Bank (QISB.QA) added 1.2%.

Post trading hours, the sharia-compliant lender reported a net profit of 2.53 billion riyals ($694.8 million) for the nine months ended Sept. 30, a 13.9% increase compared to same period year before.

Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 1.5% higher, with most of the stocks on the index in positive territory including Commercial International Bank (COMI.CA).

Uber and its #Dubai Subsidiary Hit With Massive Tax Bills in #SaudiArabia - Bloomberg

Uber and its Dubai Subsidiary Hit With Massive Tax Bills in Saudi Arabia - Bloomberg

Saudi Arabia has slapped several technology firms, including Uber Technologies Inc. and its Dubai-based subsidiary Careem, with tax bills worth tens of millions of dollars, according to people with knowledge the matter.

Uber and Careem face a combined bill worth around $100 million, two of the people said. The claims are related to a dispute over how to calculate the value-added tax owed over the past few years by gig economy firms versus their individual contractors -- and include hefty penalties for late payment, the people said.

Several of the companies are trying to negotiate with the kingdom’s Zakat, Tax and Customs Authority, they said. The tax authority didn’t respond to a request for comment. Uber and Careem both declined to comment.

The disputes draw Saudi Arabia into a global debate over how to tax the activities of gig or “sharing economy” platforms like Uber, Airbnb and TaskRabbit, which rely on individual drivers, couriers or hosts that often fall below taxation thresholds. The U.K. has also looked at toughening up tax rules on activities in the sharing economy. But the unexpected costs could spook investors at a time when Crown Prince Mohammed bin Salman and Saudi officials are trying to attract multinational firms to the kingdom and boost foreign investment.

How Tata Motors' $1bn fundraising could supercharge India's EV sector

How Tata Motors' $1bn fundraising could supercharge India's EV sector

India's electric vehicle industry has been slow to take off, despite a push by the government to transition away from internal combustion engine cars to reduce pollution levels and dependence on costly fuel imports.

But the sector received a huge boost when US private equity firm TPG's Rise Climate Fund and Abu Dhabi holding company ADQ said on October 12 that they would inject $1 billion into Tata Motors' passenger electric vehicle business. TPG and ADQ will hold between an 11 per cent and 15 per cent stake in Tata's EV business, which will be spun out into a new unit that is valued at $9.1bn, Tata said.

The investment in Tata Motors, which represents the first major fundraising by an Indian car maker in the electric vehicle segment, is set to be a game changer for the company and the broader industry, analysts say.

“The TPG and Tata Motors deal may redefine India's auto landscape as investments of such magnitude indicate confidence about India's future EV potential,” Raghunandhan NL, a cars analyst at Mumbai-based Emkay Global Financial Services, says. “We believe that large investments and more product options will accelerate the pace of EV adoption.”

Qatargas says it starts construction of four new LNG mega-trains | Reuters

Qatargas says it starts construction of four new LNG mega-trains | Reuters

Qatargas started building four new liquefied natural gas mega-trains that will lift its production capacity to 110 million tons/year from 77 mt/year, the company said on Twitter on Sunday.

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

#UAE's Property Market Recovery - Bloomberg video

UAE's Property Market Recovery - Bloomberg

Taimur Khan, CBRE Head of MENA Research, discusses his outlook for the property market recovery and price growths in UAE. He speaks with Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)

FTSE adds Adnoc Drilling to three indices as board approves growth plans after IPO

FTSE adds Adnoc Drilling to three indices as board approves growth plans after IPO

Index publisher FTSE Russell added Adnoc Drilling to three of its global equity indices as the company's board approved its growth plans following its 11 per cent share sale in a public offering.

Its shares made their debut earlier this month on the Abu Dhabi Securities Exchange, surging 33 per cent during the first day of trading on October 3. The market value of the company, a subsidiary of the Adnoc Group, was about $13 billion as of Sunday morning trading.

The board approved Adnoc Drilling's five-year business plan for 2022 to 2026, as well as its budget for the next financial year.

"Adnoc Drilling will continue to play a pivotal and leading role in enabling Adnoc's ambitious production capacity growth plans, underpinned by the core resolutions adopted at the inaugural board meeting post listing, including the company’s robust business plan, focused on sustained and enhanced growth," said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc.

#AbuDhabi Ports Group's first-half revenue surges 21% in 2021

Abu Dhabi Ports Group's first-half revenue surges 21% in 2021

Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate, reported a 21 per cent increase in revenue during the first six months of the year on the back of organic growth, diversification into new businesses, new leases and partnerships.

The company earned revenue of Dh1.8 billion ($490.1 million), compared with Dh1.52bn for the period ending June 30, 2020.

The port operator's earnings before interest, tax, depreciation and amortisation (Ebitda) rose 8 per cent to Dh770m, compared with Dh714m last year on the back of growth across various business clusters.

"Our financial performance is underpinned by continued expansions and increased activity, with key partnerships and joint ventures being established that are expected to deliver reliable returns in the future," said Abu Dhabi Ports chief executive Captain Mohamed Juma Al Shamsi.

#Oman's economy to recover with overall growth of 2.2% in 2021: IIF | ZAWYA MENA Edition

Oman's economy to recover with overall growth of 2.2% in 2021: IIF | ZAWYA MENA Edition

Oman's economy is set to recover with overall growth of 2.2 percent in 2021 and 3.3 percent in 2022, as higher natural gas production and progress in vaccination, which will gradually restore domestic activity, International Institute of Finance (IIF) said in a new report.

This is lower than the 2.5 percent growth projected by the International Monetary in September. The economy contracted by 2.8 percent last year, according to IMF.

Oman’s recovery will be supported by progress made in fiscal adjustment and in structural reform implementation, the IIF report added.

“We expect the fiscal deficit to narrow to 2.3 percent of GDP in 2021 and 1.3 percent in 2022, supported by cuts in spending, tax reforms, and higher revenues from oil and natural gas,” said Garbis Iradian, Chief Economist, IIF.

S&P Ratings also recently upgraded Oman’s sovereign debt as the fiscal and current account balances are projected to improve substantially and as progress is being made in reforms.

As Oman’s government spending as a share of GDP was 42 percent in 2021—much higher than most developing and emerging economies—the authorities have scope to scale back spending and raise the efficiency of public investment, IIF said.

#SaudiArabia's PIF launches offshore platform tourism project | Reuters

Saudi Arabia's PIF launches offshore platform tourism project | Reuters

Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced on Saturday the launch of "THE RIG", which it said would be the world's first tourism destination on offshore platforms.

The fund, the engine of Crown Prince Mohammed bin Salman's economic transformation plans for Saudi Arabia, manages a portfolio worth $400 billion.

It added in a statement that the project was located in the gulf and spanned an area of more than 150,000 square metres.

It said the project would feature a number of attractions, including three hotels, restaurants, helipads, and a range of adventurous activities including extreme sports.

The funds did not disclose the value of the project.

Energy Crisis: Don’t Expect OPEC to Keep You Warm This Winter - Bloomberg

Energy Crisis: Don’t Expect OPEC to Keep You Warm This Winter - Bloomberg

Skyrocketing prices for natural gas, coal and electricity are putting extra pressure on oil markets, boosting demand as industries and power generators seek to switch to liquid fuels to keep a lid on costs. But don’t expect the oil producers to boost supplies more rapidly over the coming winter — they’re more worried about what might happen next year.

Fuel switching from gas and coal will boost global oil demand by 500,000 barrels a day during the northern hemisphere winter. That’s the consensus view emerging from analysts at the International Energy Agency, Citigroup, UBS, and elsewhere. But producers are sticking to production plans they made back in July.

The additional demand is causing many of those same analysts to raise their oil price forecasts (the IEA doesn’t forecast prices). That’s great news for the oil producers, led by Saudi Arabia and Russia, who are refilling their coffers after the huge drops in revenues they suffered last year. But it’s still not yet enough for them to consider opening the taps faster than they have already planned.

#Saudi leads major Gulf markets higher | Reuters

Saudi leads major Gulf markets higher | Reuters

Major stock markets in the Gulf rose in early trade on Sunday amid strong oil prices, with the Saudi index outperforming the region as the country eased coronavirus curbs.

The kingdom is rolling back COVID-19 restrictions from Oct. 17 in response to a sharp drop in daily infections and a considerable development in vaccinations. read more

The authorities also cancelled curbs on fully vaccinated people at closed venues, restaurants and cinemas, and on transportation.

Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 0.5%, while Jabal Omar Development (4250.SE), one of Saudi Arabia's largest-listed property developers, advanced 2.7%.

Saudi non-oil exports were up 37% to 125.3 billion riyals ($33.4 million) in the first half of 2021, state news agency SPA reported on Friday.

Oil prices settled at a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand. read more

In Abu Dhabi, the index (.ADI) added 0.3%, supported by a 2.3% rise in Abu Dhabi Commercial Bank (ADCB.AD) and a 0.2% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD).

Conglomerate International Holding Co (IHC) (IHC.AD) plans to list subsidiary Multiply, a holding company that invests in tech-focused businesses, on Abu Dhabi's main stock market this year, IHC's chief executive said. read more

Shares of IHC were flat.

Dubai's main share index (.DFMGI) rose 0.3%, with blue-chip developer Emaar Properties (EMAR.DU) up 0.5% and its unit Emaar Malls (EMAA.DU) climbing 2.1%.

UAE Energy Minister Suhail al-Mazrouei said the oil-rich Gulf is continuing to invest in the energy sector to meet growing demand and ensure stability in global markets. read more

The Qatari benchmark (.QSI) was up 0.3%, led by a 0.7% rise in Qatar National Bank (QNBK.QA) and a 0.4% gain in Vodafone Qatar (VFQS.QA) as the telecom firm reported a strong nine-month profit.