Qatar, Rolls-Royce to plough billions of pounds into green tech startups | Reuters
Qatar and Rolls-Royce (RR.L) will team up in a multi-billion pound project to develop and invest in green technology start-ups in the UK and the Gulf Arab state which they hope will reach "unicorn" status as worth more than $1 billion.
In a joint statement on Monday they said they aim to create five such fast-growing companies by 2030 and up to 20 by 2040, adding the venture would be based at a pair of science and engineering campuses that Doha will fund in the north of England and in Qatar.
The partners said the campuses would be testing grounds for start-ups to "prove and scale" technologies to combat climate change. They said they hadn't yet decided on the exact location or design of either campus but would announce more in “mid-2022”.
The announcement by the world's largest liquefied natural gas supplier and the aerospace group - first reported by the Times of London on Saturday - came as world leaders began the COP26 climate change summit in Glasgow.
Monday 1 November 2021
Oil rises on demand outlook despite China fuel reserves release | Reuters
Oil rises on demand outlook despite China fuel reserves release | Reuters
Oil prices settled higher on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China.
Brent crude futures settled up 99 cents, or 1.1 %, to $84.71 a barrel after hitting a session low of $83.03.
U.S. West Texas Intermediate (WTI) crude futures gained 84 cents, or 0.6%, to $84.05, having fallen to $82.74 earlier.
A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
Oil prices settled higher on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China.
Brent crude futures settled up 99 cents, or 1.1 %, to $84.71 a barrel after hitting a session low of $83.03.
U.S. West Texas Intermediate (WTI) crude futures gained 84 cents, or 0.6%, to $84.05, having fallen to $82.74 earlier.
A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
#Dubai to launch 2 bln dirham market-maker fund | Reuters
Dubai to launch 2 bln dirham market-maker fund | Reuters
Dubai plans to launch a 2 billion dirham ($545 million) market-maker fund to boost trading on its stock market, state news agency WAM reported, citing the emirate's deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
Sheikh Maktoum, who oversees stock markets in the emirate, was also quoted as saying that Dubai, one of the seven emirates of the United Arab Emirates, had also approved a 1 billion dirham fund to encourage technology companies to list on the local bourse.
He said a committee overseeing the stock market's development approved a goal to double the financial market's size to 3 trillion dirhams, adding that 10 state and state-related firms would be listed on Dubai Financial Market.
Sheikh Maktoum also announced the formation of a market supervisory committee and specialised courts for capital markets in the emirate, the trade and tourism hub of the Gulf.
Dubai plans to launch a 2 billion dirham ($545 million) market-maker fund to boost trading on its stock market, state news agency WAM reported, citing the emirate's deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
Sheikh Maktoum, who oversees stock markets in the emirate, was also quoted as saying that Dubai, one of the seven emirates of the United Arab Emirates, had also approved a 1 billion dirham fund to encourage technology companies to list on the local bourse.
He said a committee overseeing the stock market's development approved a goal to double the financial market's size to 3 trillion dirhams, adding that 10 state and state-related firms would be listed on Dubai Financial Market.
Sheikh Maktoum also announced the formation of a market supervisory committee and specialised courts for capital markets in the emirate, the trade and tourism hub of the Gulf.
Oil rises on demand outlook despite China fuel reserves release | Reuters
Oil rises on demand outlook despite China fuel reserves release | Reuters
Oil prices rose sharply on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China.
Brent crude futures were up 84 cents, or 1%, to $84.56 a barrel at 12:49 p.m. EDT (1649 GMT) , after hitting a session low of $83.03.
U.S. West Texas Intermediate (WTI) crude futures gained 61 cents, or 0.7%, to $84.18, having fallen to $82.74 earlier.
A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
Oil prices rose sharply on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China.
Brent crude futures were up 84 cents, or 1%, to $84.56 a barrel at 12:49 p.m. EDT (1649 GMT) , after hitting a session low of $83.03.
U.S. West Texas Intermediate (WTI) crude futures gained 61 cents, or 0.7%, to $84.18, having fallen to $82.74 earlier.
A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
Aramco Surges on Higher Oil Output & Prices - Bloomberg video
Aramco Surges on Higher Oil Output & Prices - Bloomberg
One company benefitting from the surge in global oil prices is Saudi Aramco. Third-quarter net profit jumped by 158%, making it the world’s most profitable firm. Bloomberg’s Paul Wallace reports on “Bloomberg Daybreak: Europe.”
Higher Oil Prices Hit Aramco’s Refining and Chemicals Business - Bloomberg
Higher Oil Prices Hit Aramco’s Refining and Chemicals Business - Bloomberg
The surge in oil prices has been good for Saudi Aramco’s upstream business, but it’s hurting the refining and chemicals unit.
Aramco’s downstream arm -- which includes refineries, retail operations, trading and the energy giant’s chemicals subsidiary, Sabic -- made a $4 billion profit before interest and tax in the third quarter. That was up from a loss of almost $800 million a year earlier, but down 13% from the previous three months.
That suggests margins for the business have peaked and are now getting squeezed as prices for feedstock such as oil and gas continue to climb.
Supply-chain disruptions and higher energy costs will probably weigh on margins over the rest of the year, Sabic said last week, when it also reported a quarter-on-quarter drop in income. In addition, the approaching northern hemisphere winter months usually see fuel demand slacken.
Aramco’s upstream operations, mainly consisting of oil and gas production, continue to boom. Profit before interest and tax increased by 21% from the second quarter to $55 billion, the most since 2018.
The company’s crude output is set to rise in final three months of the year -- to around 10 million barrels a day -- as Saudi Arabia and the OPEC+ cartel ease supply cuts begun in 2020. If oil prices hold on to their gains for this quarter, upstream profits could jump even more.
The surge in oil prices has been good for Saudi Aramco’s upstream business, but it’s hurting the refining and chemicals unit.
Aramco’s downstream arm -- which includes refineries, retail operations, trading and the energy giant’s chemicals subsidiary, Sabic -- made a $4 billion profit before interest and tax in the third quarter. That was up from a loss of almost $800 million a year earlier, but down 13% from the previous three months.
That suggests margins for the business have peaked and are now getting squeezed as prices for feedstock such as oil and gas continue to climb.
Supply-chain disruptions and higher energy costs will probably weigh on margins over the rest of the year, Sabic said last week, when it also reported a quarter-on-quarter drop in income. In addition, the approaching northern hemisphere winter months usually see fuel demand slacken.
Aramco’s upstream operations, mainly consisting of oil and gas production, continue to boom. Profit before interest and tax increased by 21% from the second quarter to $55 billion, the most since 2018.
The company’s crude output is set to rise in final three months of the year -- to around 10 million barrels a day -- as Saudi Arabia and the OPEC+ cartel ease supply cuts begun in 2020. If oil prices hold on to their gains for this quarter, upstream profits could jump even more.
#Kuwait's Jazeera Airways in talks with Airbus, Boeing for 30-jet order | Reuters
Kuwait's Jazeera Airways in talks with Airbus, Boeing for 30-jet order | Reuters
Kuwait's Jazeera Airways (JAZK.KW) is in talks to buy 30 Airbus (AIR.PA) A320neo or Boeing (BA.N) 737 MAX jets in a deal worth up to $2 billion, the airline's chairman said on Monday.
Marwan Boodai told Reuters the budget carrier expected to place the long-considered aircraft order by the end of March.
The airline would seek to raise debt to finance part of the purchases, with the remaining to be funded from the company's own cash reserves, which currently stand at 41 million Kuwaiti dinars ($136 million), he said.
The disclosure of jet order talks comes just two weeks before the start of the five day Dubai Airshow, which will be this year's biggest aerospace trade show and a spectacle for commercial and military contracts worth billions of dollars.
Jazeera, majority-owned by Boodai, has for many years mulled an aircraft order to expand and replace its fleet of leased narrow-body Airbus jets, though never placed an order.
It currently operates a fleet of 17 Airbus A320 jets.
The airline on Monday reported a third-quarter net profit of 11.8 million dinar ($39.15 million), its first quarterly profit in two years, according to Refinitiv data.
"We are positive that travel will return stronger to reach 2019 operational performance very soon ... We now believe the worst is behind us," Boodai said in a statement.
Kuwait's Jazeera Airways (JAZK.KW) is in talks to buy 30 Airbus (AIR.PA) A320neo or Boeing (BA.N) 737 MAX jets in a deal worth up to $2 billion, the airline's chairman said on Monday.
Marwan Boodai told Reuters the budget carrier expected to place the long-considered aircraft order by the end of March.
The airline would seek to raise debt to finance part of the purchases, with the remaining to be funded from the company's own cash reserves, which currently stand at 41 million Kuwaiti dinars ($136 million), he said.
The disclosure of jet order talks comes just two weeks before the start of the five day Dubai Airshow, which will be this year's biggest aerospace trade show and a spectacle for commercial and military contracts worth billions of dollars.
Jazeera, majority-owned by Boodai, has for many years mulled an aircraft order to expand and replace its fleet of leased narrow-body Airbus jets, though never placed an order.
It currently operates a fleet of 17 Airbus A320 jets.
The airline on Monday reported a third-quarter net profit of 11.8 million dinar ($39.15 million), its first quarterly profit in two years, according to Refinitiv data.
"We are positive that travel will return stronger to reach 2019 operational performance very soon ... We now believe the worst is behind us," Boodai said in a statement.
Founder sees DAMAC takeover complete by March | Reuters
Founder sees DAMAC takeover complete by March | Reuters
Dubai property tycoon Hussain Sajwani's investment vehicle said on Monday he and "associated group members" now own 91.65% of DAMAC Properties (DAMAC.DU) in a buyout of minority shareholders expected to be completed by the end of March.
Sajwani stepped down in June as chairman of the property developer he had run for nearly two decades to launch the takeover, which has since gained regulatory approval and support from the board. He wants to take the company private.
His Maple Invest Co said in a regulatory filing he and "associated group members" now owned 91.65% of DAMAC's share capital following the acquisition of 800 million shares. Sajwani and the associate members owned 78.43% of the shares as of Oct. 28.
If accepted, BlackRock, State Street and other minority shareholders will receive 1.4 dirhams ($0.38) for each share that they hold, according to the offer.
Dubai property tycoon Hussain Sajwani's investment vehicle said on Monday he and "associated group members" now own 91.65% of DAMAC Properties (DAMAC.DU) in a buyout of minority shareholders expected to be completed by the end of March.
Sajwani stepped down in June as chairman of the property developer he had run for nearly two decades to launch the takeover, which has since gained regulatory approval and support from the board. He wants to take the company private.
His Maple Invest Co said in a regulatory filing he and "associated group members" now owned 91.65% of DAMAC's share capital following the acquisition of 800 million shares. Sajwani and the associate members owned 78.43% of the shares as of Oct. 28.
If accepted, BlackRock, State Street and other minority shareholders will receive 1.4 dirhams ($0.38) for each share that they hold, according to the offer.
#Saudi index snaps 4 days of losses, Egypt outperforms | Reuters
Saudi index snaps 4 days of losses, Egypt outperforms | Reuters
Most stock markets in the Gulf ended higher on Monday, with the Saudi index snapping a four-day winning streak, while the Egyptian bourse rose for a fourth session in five.
GCC stock markets mostly were in the green as slight price corrections in the last few days to weeks triggered interest. Investors remain optimistic even though inflation is becoming a growing concern, said Wael Makarem, senior market strategist at Exness.
"The U.S. federal reserve is expected to intervene on this matter on Wednesday," Makarem said.
Saudi Arabia's benchmark index (.TASI) edged 0.2% higher, helped by a 2.4% rise in Saudi Arabian Mining Company (1211.SE).
But oil giant Saudi Aramco (2222.SE) retreated 0.4%, giving up previous session's gain when it reported a sharp rise in quarterly earnings, boosted by higher crude prices and volumes sold.
The kingdom recorded a budget surplus of 6.7 billion riyals ($1.79 billion) in the third quarter, as higher oil prices fuelled its first quarterly surplus in over two years. read more
Egypt's blue-chip index (.EGX30) rebounded 1.3%, buoyed by a 2.2% rise in top lender Commercial International Bank (COMI.CA).
Investors keeping up positive expectations regarding the market is looking to be benefited from the country's stable macroeconomic indicators and accelerating growth, said Makarem.
In Abu Dhabi, the index (.ADI) finished 0.8%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, advancing 2.2%, while Emirates Telecommunications Group (ETISALAT.AD) added 1% after it reported a rise in quarterly profit.
However, Abu Dhabi Commercial Bank (ADCB.AD) fell 1% following a decline in third-quarter earnings.
Dubai's main share index (.DFMGI) rose 0.6%, driven by a 0.7% gain in blue-chip developer Emaar Properties (EMAR.DU) and a 1.5% rise in DAMAC Properties (DAMAC.DU), extending gains from the previous session.
On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani's offer to buy them out and delist the company.
The Qatari index (.QSI) eased 0.1%, hit by a 2.2% fall in petrochemical maker Industries Qatar (IQCD.QA).
Most stock markets in the Gulf ended higher on Monday, with the Saudi index snapping a four-day winning streak, while the Egyptian bourse rose for a fourth session in five.
GCC stock markets mostly were in the green as slight price corrections in the last few days to weeks triggered interest. Investors remain optimistic even though inflation is becoming a growing concern, said Wael Makarem, senior market strategist at Exness.
"The U.S. federal reserve is expected to intervene on this matter on Wednesday," Makarem said.
Saudi Arabia's benchmark index (.TASI) edged 0.2% higher, helped by a 2.4% rise in Saudi Arabian Mining Company (1211.SE).
But oil giant Saudi Aramco (2222.SE) retreated 0.4%, giving up previous session's gain when it reported a sharp rise in quarterly earnings, boosted by higher crude prices and volumes sold.
The kingdom recorded a budget surplus of 6.7 billion riyals ($1.79 billion) in the third quarter, as higher oil prices fuelled its first quarterly surplus in over two years. read more
Egypt's blue-chip index (.EGX30) rebounded 1.3%, buoyed by a 2.2% rise in top lender Commercial International Bank (COMI.CA).
Investors keeping up positive expectations regarding the market is looking to be benefited from the country's stable macroeconomic indicators and accelerating growth, said Makarem.
In Abu Dhabi, the index (.ADI) finished 0.8%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, advancing 2.2%, while Emirates Telecommunications Group (ETISALAT.AD) added 1% after it reported a rise in quarterly profit.
However, Abu Dhabi Commercial Bank (ADCB.AD) fell 1% following a decline in third-quarter earnings.
Dubai's main share index (.DFMGI) rose 0.6%, driven by a 0.7% gain in blue-chip developer Emaar Properties (EMAR.DU) and a 1.5% rise in DAMAC Properties (DAMAC.DU), extending gains from the previous session.
On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani's offer to buy them out and delist the company.
The Qatari index (.QSI) eased 0.1%, hit by a 2.2% fall in petrochemical maker Industries Qatar (IQCD.QA).
Oil rises on demand outlook, despite China fuel reserves release | Reuters
Oil rises on demand outlook, despite China fuel reserves release | Reuters
Oil prices rose sharply on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by China, the world's biggest energy consumer.
Brent crude futures were up $1.22, or 1.5%, to $84.94 a barrel at 1339 GMT, after hitting a session low of $83.03.
U.S. West Texas Intermediate (WTI) crude futures gained $1.09, or 1.3%, to $84.66, having fallen to $82.74 earlier.
"Fundamentals have not changed, and the oil market will remain tight in the near-term," said Stephen Brennock of oil brokerage PVM Oil.
A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
Oil prices rose sharply on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by China, the world's biggest energy consumer.
Brent crude futures were up $1.22, or 1.5%, to $84.94 a barrel at 1339 GMT, after hitting a session low of $83.03.
U.S. West Texas Intermediate (WTI) crude futures gained $1.09, or 1.3%, to $84.66, having fallen to $82.74 earlier.
"Fundamentals have not changed, and the oil market will remain tight in the near-term," said Stephen Brennock of oil brokerage PVM Oil.
A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
#SaudiArabia's SRC signs refinancing agreement for $2.7 bln property portfolio | Reuters
Saudi Arabia's SRC signs refinancing agreement for $2.7 bln property portfolio | Reuters
Saudi Real Estate Refinance Company (SRC) has signed a partnership agreement with Real Estate Development Fund (REDF) to refinance a real estate portfolio worth 10 billion riyals ($2.7 billion), SRC said in a statement.
REDF provides subsidised loans to Saudi home buyers and SRC, wholly owned by sovereign wealth fund the Public Investment Fund (PIF), is the Saudi equivalent of U.S. mortgage finance business Fannie Mae.
Founded in 2017, SRC buys home financing portfolios from local banks and real estate finance companies and packages them into shariah-compliant mortgage-backed securities for sale to domestic and international investors.
The agreement supports REDF by "enhancing its financial stability" and aims to boost liquidity in Saudi Arabia's home financing market, cut the cost of home financing for Saudis and support the country's housing objectives, the statement said.
Saudi Real Estate Refinance Company (SRC) has signed a partnership agreement with Real Estate Development Fund (REDF) to refinance a real estate portfolio worth 10 billion riyals ($2.7 billion), SRC said in a statement.
REDF provides subsidised loans to Saudi home buyers and SRC, wholly owned by sovereign wealth fund the Public Investment Fund (PIF), is the Saudi equivalent of U.S. mortgage finance business Fannie Mae.
Founded in 2017, SRC buys home financing portfolios from local banks and real estate finance companies and packages them into shariah-compliant mortgage-backed securities for sale to domestic and international investors.
The agreement supports REDF by "enhancing its financial stability" and aims to boost liquidity in Saudi Arabia's home financing market, cut the cost of home financing for Saudis and support the country's housing objectives, the statement said.
#AbuDhabi healthcare company NMC’s ownership change takes effect December 16 | Business – Gulf News
Abu Dhabi healthcare company NMC’s ownership change takes effect December 16 | Business – Gulf News
From December 16, Abu Dhabi headquartered NMC Healthcare will come under the direct control of its creditors as the hospital operator exits from administration. This will pave the way for the eventual sale of NMC – which was set up by B.R. Shetty in the mid-1970s – to a new owner.
The day will mark the end of a turbulent phase for the UAE’s biggest private healthcare company, starting with the disclosure of financial misdoings in late 2019, and which then led to the exit of the then CEO, its board members and of Shetty himself.
On another track, NMC’s new management rolled out strategies that helped stabilise operations with help from administrators assigned by the turnaround consultancy Alvarez & Marsal. NMC emerged with enhanced reputation operationally during the COVID-19 months.
Even as NMC reverts to ownership by its creditors, there will be parallel investigations that will continue into the whereabouts of $4 billion of bank funds that went missing from the books.
From December 16, Abu Dhabi headquartered NMC Healthcare will come under the direct control of its creditors as the hospital operator exits from administration. This will pave the way for the eventual sale of NMC – which was set up by B.R. Shetty in the mid-1970s – to a new owner.
The day will mark the end of a turbulent phase for the UAE’s biggest private healthcare company, starting with the disclosure of financial misdoings in late 2019, and which then led to the exit of the then CEO, its board members and of Shetty himself.
On another track, NMC’s new management rolled out strategies that helped stabilise operations with help from administrators assigned by the turnaround consultancy Alvarez & Marsal. NMC emerged with enhanced reputation operationally during the COVID-19 months.
Even as NMC reverts to ownership by its creditors, there will be parallel investigations that will continue into the whereabouts of $4 billion of bank funds that went missing from the books.
ADIB's Abdel Bary: Goal is 20% Return Equity by 2025 - Bloomberg video
ADIB's Abdel Bary: Goal is 20% Return Equity by 2025 - Bloomberg
Mohamed Abdel Bary, Abu Dhabi Islamic Bank Group CFO, discusses the bank's outlook for 2021 and beyond. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East."
Aramco Surges on Higher Oil Output & Prices - Bloomberg video
Aramco Surges on Higher Oil Output & Prices - Bloomberg
One company benefitting from the surge in global oil prices is Saudi Aramco. Third-quarter net profit jumped by 158%, making it the world’s most profitable firm. Bloomberg’s Paul Wallace reports on “Bloomberg Daybreak: Europe.”
Austria's OMV mulls split into energy and chemicals businesses - report | Reuters
Austria's OMV mulls split into energy and chemicals businesses - report | Reuters
Austria's OMV (OMVV.VI) is drawing up plans to split into separate energy and chemicals businesses, Kurier newspaper reported on Saturday, adding that the company's board had not yet reached a decision on the proposal.
A company spokesperson declined to comment on the report, which cited no sources for the information, and said OMV was working on a new corporate strategy that would be presented in the first quarter of 2022.
Kurier said a task force had been working for four weeks on the project, which still needed to be coordinated with shareholders Mubadala (MUDEV.UL) of Abu Dhabi and Austria's state holding company OeBAG.
OMV on Friday reported better-than-expected third-quarter results thanks in part to its chemicals and materials division, centred on its 75% stake in Borealis, whose former boss Alfred Stern is now group chief executive.
Austria's OMV (OMVV.VI) is drawing up plans to split into separate energy and chemicals businesses, Kurier newspaper reported on Saturday, adding that the company's board had not yet reached a decision on the proposal.
A company spokesperson declined to comment on the report, which cited no sources for the information, and said OMV was working on a new corporate strategy that would be presented in the first quarter of 2022.
Kurier said a task force had been working for four weeks on the project, which still needed to be coordinated with shareholders Mubadala (MUDEV.UL) of Abu Dhabi and Austria's state holding company OeBAG.
OMV on Friday reported better-than-expected third-quarter results thanks in part to its chemicals and materials division, centred on its 75% stake in Borealis, whose former boss Alfred Stern is now group chief executive.
Oil rises on demand outlook, despite China fuel reserves release | Reuters
Oil rises on demand outlook, despite China fuel reserves release | Reuters
Oil prices rose on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by China, the world's biggest energy consumer.
Brent crude futures rose 70 cents, or 0.8%, to $84.42 a barrel by 1012 GMT, after hitting a session low of $83.03.
U.S. West Texas Intermediate (WTI) crude futures gained 40 cents, or 0.5%, to $83.97, having fallen to $82.74 earlier.
"Fundamentals have not changed, and the oil market will remain tight in the near-term," said Stephen Brennock of oil brokerage PVM Oil.
A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
Oil prices rose on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by China, the world's biggest energy consumer.
Brent crude futures rose 70 cents, or 0.8%, to $84.42 a barrel by 1012 GMT, after hitting a session low of $83.03.
U.S. West Texas Intermediate (WTI) crude futures gained 40 cents, or 0.5%, to $83.97, having fallen to $82.74 earlier.
"Fundamentals have not changed, and the oil market will remain tight in the near-term," said Stephen Brennock of oil brokerage PVM Oil.
A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
Alba reports $334mln profit for Q3 | ZAWYA MENA Edition
Alba reports $334mln profit for Q3 | ZAWYA MENA Edition
Alba, the world’s largest aluminium smelter outside China, has reported a profit of BD125.9 million for the third quarter of 2021, up by 1,184 per cent year-on-year (YoY), versus a loss of BD11.6m for the same period in 2020.
The company reported basic and diluted earnings per share of 89 fils for Q3 2021 versus basic and diluted loss per share of 8 fils for the same period in 2020.
Total comprehensive income for Q3-2021 stood at BD126.4m versus total comprehensive loss for the third quarter of 2020 of BD11.7m – up by 1,181pc YoY.
Gross profit for Q3-2021 was BD157.4m versus BD25.7m for the same period in 2020 – up by 513pc YoY.
In Q3-2021, Alba generated BD388.9m in revenue versus BD262.7m in Q3 2020 - up by 48pc YoY.
For the first nine months of 2021, Alba has reported a profit of BD270.7m, up by 1,320pc YoY, versus a loss of BD22.2m for the same period in 2020.
Alba, the world’s largest aluminium smelter outside China, has reported a profit of BD125.9 million for the third quarter of 2021, up by 1,184 per cent year-on-year (YoY), versus a loss of BD11.6m for the same period in 2020.
The company reported basic and diluted earnings per share of 89 fils for Q3 2021 versus basic and diluted loss per share of 8 fils for the same period in 2020.
Total comprehensive income for Q3-2021 stood at BD126.4m versus total comprehensive loss for the third quarter of 2020 of BD11.7m – up by 1,181pc YoY.
Gross profit for Q3-2021 was BD157.4m versus BD25.7m for the same period in 2020 – up by 513pc YoY.
In Q3-2021, Alba generated BD388.9m in revenue versus BD262.7m in Q3 2020 - up by 48pc YoY.
For the first nine months of 2021, Alba has reported a profit of BD270.7m, up by 1,320pc YoY, versus a loss of BD22.2m for the same period in 2020.
Israeli Regulator Wants More Women in Bank Boardrooms - Bloomberg
Israeli Regulator Wants More Women in Bank Boardrooms - Bloomberg
Israel’s Supervisor of Banks is working to increase the number of women on the boards of the country’s lenders, the Bank of Israel said on Monday.
The regulator has submitted to the banks a draft amendment aimed at ensuring adequate representation for both genders according to their share of the population.
The proposed amendment would require the banks to set a policy for the rate of gender diversity in its board and a time frame for achieving the target, as well as milestones in the implementation process.
Israel’s Supervisor of Banks is working to increase the number of women on the boards of the country’s lenders, the Bank of Israel said on Monday.
The regulator has submitted to the banks a draft amendment aimed at ensuring adequate representation for both genders according to their share of the population.
The proposed amendment would require the banks to set a policy for the rate of gender diversity in its board and a time frame for achieving the target, as well as milestones in the implementation process.
#AbuDhabi’s Biggest Islamic Bank Weighs Merger Deals Outside #UAE - Bloomberg
Abu Dhabi’s Biggest Islamic Bank Weighs Merger Deals Outside UAE - Bloomberg
Abu Dhabi’s biggest Islamic bank has the “liquidity and firepower” to pursue acquisitions outside the United Arab Emirates, according to its group chief financial officer.
“We are continuously looking for opportunities outside the UAE,” Abu Dhabi Islamic Bank PJSC’s Mohamed Abdel Bary said in an interview with Bloomberg Television on Monday. “Once we identify an opportunity which would make sense to us and becomes capital-accretive, we would definitely pursue it.”
A saturated banking market and sluggish economic growth at home have pushed UAE banks to look for expansion abroad. The country’s biggest lender, First Abu Dhabi Bank PJSC, bought Bank Audi’s Egypt unit earlier this year. Emirates NBD PJSC, Dubai’s biggest bank, purchased Turkey’s Denizbank AS in 2019.
“Nothing is off the table and we are at the forefront when it comes to opportunities outside the UAE -- and inorganic as well,” Abdel Bary said.
Known as ADIB, the Shariah-compliant lender reported third-quarter net income fell 7.7% from a year ago to 492.9 million dirhams ($134.2 million) while impairments rose.
“Our focus for the remaining few quarters is to ensure we have a strong close to the year,” Abdel Bary said. “We refreshed our strategy. And our aim is by 2025 to deliver a return on equity of 20%.”
Asked whether credit growth could reach mid-single digits in 2022, he said “we are cautiously optimistic that this could be the case.”
Abu Dhabi’s biggest Islamic bank has the “liquidity and firepower” to pursue acquisitions outside the United Arab Emirates, according to its group chief financial officer.
“We are continuously looking for opportunities outside the UAE,” Abu Dhabi Islamic Bank PJSC’s Mohamed Abdel Bary said in an interview with Bloomberg Television on Monday. “Once we identify an opportunity which would make sense to us and becomes capital-accretive, we would definitely pursue it.”
A saturated banking market and sluggish economic growth at home have pushed UAE banks to look for expansion abroad. The country’s biggest lender, First Abu Dhabi Bank PJSC, bought Bank Audi’s Egypt unit earlier this year. Emirates NBD PJSC, Dubai’s biggest bank, purchased Turkey’s Denizbank AS in 2019.
“Nothing is off the table and we are at the forefront when it comes to opportunities outside the UAE -- and inorganic as well,” Abdel Bary said.
Known as ADIB, the Shariah-compliant lender reported third-quarter net income fell 7.7% from a year ago to 492.9 million dirhams ($134.2 million) while impairments rose.
“Our focus for the remaining few quarters is to ensure we have a strong close to the year,” Abdel Bary said. “We refreshed our strategy. And our aim is by 2025 to deliver a return on equity of 20%.”
Asked whether credit growth could reach mid-single digits in 2022, he said “we are cautiously optimistic that this could be the case.”
Iraq plans billions of dollars of energy contracts with #SaudiArabia -media | Reuters
Iraq plans billions of dollars of energy contracts with Saudi Arabia -media | Reuters
The Iraqi government plans to sign energy contracts worth tens of billions of dollars with Saudi Arabia, the state newspaper Al-Sabaah reported on Monday, citing Iraqi Oil Minister Ihsan Abdul Jabbar.
Baghdad is discussing a partnership with Saudi Aramco to explore and develop natural gas fields in Iraq's western desert, it said.
The Iraqi government is also in talks with Saudi Arabia's Acwa Power to build water desalination plants and solar energy stations in Iraq, it added.
The two countries are also discussing joint petrochemical projects.
The Iraqi government plans to sign energy contracts worth tens of billions of dollars with Saudi Arabia, the state newspaper Al-Sabaah reported on Monday, citing Iraqi Oil Minister Ihsan Abdul Jabbar.
Baghdad is discussing a partnership with Saudi Aramco to explore and develop natural gas fields in Iraq's western desert, it said.
The Iraqi government is also in talks with Saudi Arabia's Acwa Power to build water desalination plants and solar energy stations in Iraq, it added.
The two countries are also discussing joint petrochemical projects.
#SaudiArabia appoints advisers on green debt issuance | Reuters
Saudi Arabia appoints advisers on green debt issuance | Reuters
Saudi Arabia has appointed financial advisers for a planned green debt issuance but has yet to decide on the format, Finance Minister Mohammed al-Jadaan said on Sunday.
He told Reuters that Saudi Arabia's economy was recovering well from the COVID-19 pandemic and expected the non-oil economy to grow between 4.7%-5% this year, with overall GDP growth seen at 2.8%. He forecast non-oil GDP growth of around 5% in 2022.
Authorities have no plans for now to adjust value-added tax, he said, after tripling it last year to 15% to offset the impact of lower oil revenue on state finances. read more
Speaking from Rome, where he attended a summit of the Group of 20 major economies, Jadaan said the kingdom, the world's top oil exporter, was working towards a sustainable economy, revenues and energy sources.
Saudi Arabia has appointed financial advisers for a planned green debt issuance but has yet to decide on the format, Finance Minister Mohammed al-Jadaan said on Sunday.
He told Reuters that Saudi Arabia's economy was recovering well from the COVID-19 pandemic and expected the non-oil economy to grow between 4.7%-5% this year, with overall GDP growth seen at 2.8%. He forecast non-oil GDP growth of around 5% in 2022.
Authorities have no plans for now to adjust value-added tax, he said, after tripling it last year to 15% to offset the impact of lower oil revenue on state finances. read more
Speaking from Rome, where he attended a summit of the Group of 20 major economies, Jadaan said the kingdom, the world's top oil exporter, was working towards a sustainable economy, revenues and energy sources.
Major Gulf bourses rise in early trade | Reuters
Major Gulf bourses rise in early trade | Reuters
Most stock markets in the Gulf rose in early trade on Monday, with the Saudi index on course to end a four-day losing streak.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.7% gain in Al Rajhi Bank (1120.SE) and a 1.4% rise in Dr Sulaiman Al-Habib Medical Services Group (4013.SE).
Oil giant Saudi Aramco (2222.SE) was flat, a day after it closed 0.4% higher, following a sharp rise in quarterly earnings, boosted by higher crude prices and volumes sold, beating analysts' forecasts.
The oil giant has gained 8.3% this year to a market valuation of just over $2 trillion, a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before the company's initial public offering.
The kingdom recorded a budget surplus of 6.7 billion riyals ($1.79 billion) in the third quarter this year, as higher oil prices fuelled its first quarterly surplus in over two years. read more
The world's largest oil exporter saw revenues of 243.4 billion riyals in the quarter, with income from oil sales increased 60% to 147.9 billion riyals.
In Abu Dhabi, the index (.ADI) gained 0.5%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, advancing 1.9%, while Emirates Telecommunications Group (ETISALAT.AD) added 0.8%, after it reported a rise in quarterly profit.
But Abu Dhabi Commercial Bank (ADCB.AD) retreated 0.8%, following a decline in third-quarter earnings.
Dubai's main share index (.DFMGI) rose 0.5%, led by a 2.8% gain in Emirates Integrated Telecommunications (DU.DU) and a 0.5% increase in blue-chip developer Emaar Properties (EMAR.DU).
Among other gainers, DAMAC Properties (DAMAC.DU) traded 1.5% higher, extending gains from the previous session.
On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani's offer to buy them out and delist the company.
The Qatari index (.QSI) traded flat, as gains in financial shares were offset by declines in industrial stocks.
Most stock markets in the Gulf rose in early trade on Monday, with the Saudi index on course to end a four-day losing streak.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.7% gain in Al Rajhi Bank (1120.SE) and a 1.4% rise in Dr Sulaiman Al-Habib Medical Services Group (4013.SE).
Oil giant Saudi Aramco (2222.SE) was flat, a day after it closed 0.4% higher, following a sharp rise in quarterly earnings, boosted by higher crude prices and volumes sold, beating analysts' forecasts.
The oil giant has gained 8.3% this year to a market valuation of just over $2 trillion, a goal sought by de-facto Saudi leader Crown Prince Mohammed bin Salman before the company's initial public offering.
The kingdom recorded a budget surplus of 6.7 billion riyals ($1.79 billion) in the third quarter this year, as higher oil prices fuelled its first quarterly surplus in over two years. read more
The world's largest oil exporter saw revenues of 243.4 billion riyals in the quarter, with income from oil sales increased 60% to 147.9 billion riyals.
In Abu Dhabi, the index (.ADI) gained 0.5%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, advancing 1.9%, while Emirates Telecommunications Group (ETISALAT.AD) added 0.8%, after it reported a rise in quarterly profit.
But Abu Dhabi Commercial Bank (ADCB.AD) retreated 0.8%, following a decline in third-quarter earnings.
Dubai's main share index (.DFMGI) rose 0.5%, led by a 2.8% gain in Emirates Integrated Telecommunications (DU.DU) and a 0.5% increase in blue-chip developer Emaar Properties (EMAR.DU).
Among other gainers, DAMAC Properties (DAMAC.DU) traded 1.5% higher, extending gains from the previous session.
On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani's offer to buy them out and delist the company.
The Qatari index (.QSI) traded flat, as gains in financial shares were offset by declines in industrial stocks.
Oil drops on China fuel reserves release; OPEC+ meeting in view | Reuters
Oil drops on China fuel reserves release; OPEC+ meeting in view | Reuters
Oil prices dropped on Monday as China's release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a Nov. 4 meeting of major crude producers that could increase future production targets.
Brent crude futures dropped 46 cents, or 0.6%, to $83.26 a barrel by 0746 GMT, after gaining 6 cents on Friday.
U.S. West Texas Intermediate (WTI) crude futures slid 64 cents, or 0.8%, to $82.93, having risen 76 cents on Friday.
The drops came after China said in a rare official statement that it had released reserves of the two fuels to increase market supply and support price stability in some regions.
Oil prices dropped on Monday as China's release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a Nov. 4 meeting of major crude producers that could increase future production targets.
Brent crude futures dropped 46 cents, or 0.6%, to $83.26 a barrel by 0746 GMT, after gaining 6 cents on Friday.
U.S. West Texas Intermediate (WTI) crude futures slid 64 cents, or 0.8%, to $82.93, having risen 76 cents on Friday.
The drops came after China said in a rare official statement that it had released reserves of the two fuels to increase market supply and support price stability in some regions.
Oil falls after China releases reserves of gasoline, diesel | Reuters
Oil falls after China releases reserves of gasoline, diesel | Reuters
Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on Nov. 4.
China released reserves of the two fuels to increase market supply and support price stability in some regions, the National Food and Strategic Reserves Administration said on Sunday. read more
Brent crude futures dropped 20 cents, or 0.2%, to $83.52 a barrel by 0039 GMT, after gaining 6 cents on Friday.
U.S. West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.4%, to $83.20 a barrel, having risen 76 cents on Friday.
Oil prices fell on Monday after China said it released reserves of gasoline and diesel to boost supply, while investors unwound long positions ahead of an OPEC+ meeting on Nov. 4.
China released reserves of the two fuels to increase market supply and support price stability in some regions, the National Food and Strategic Reserves Administration said on Sunday. read more
Brent crude futures dropped 20 cents, or 0.2%, to $83.52 a barrel by 0039 GMT, after gaining 6 cents on Friday.
U.S. West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.4%, to $83.20 a barrel, having risen 76 cents on Friday.
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