Malaysia’s 1MBD Gets Go-Ahead to Pursue Abu Dhabi in U.K. Court - Bloomberg
Malaysia was given the go-ahead by a London judge to continue its pursuit against Abu Dhabi’s sovereign wealth fund for its role in the multi billion-dollar 1MDB scandal.
Malaysia’s government challenged a 2017 arbitration settlement between the two sides in the U.K., arguing that Abu Dhabi state-owned International Petroleum Investment Co. and Aabar Investments were aware of fraud allegations against former Prime Minister Najib Razak at the time the deal was struck.
Judge Andrew Baker on Thursday granted an extension of time for the claim to be properly served to bring this “unusual” case to a full trial.
“That is no doubt an exceptional length of extension to grant, but this is an exceptional case,” he said.
Thursday, 4 November 2021
#Dubai’s Bourse Reform Gives Edge to Bellwether Developer Emaar - Bloomberg
Dubai’s Bourse Reform Gives Edge to Bellwether Developer Emaar - Bloomberg
Dubai’s bellwether property developer is shaping up to be a beneficiary of a series of reforms of the city’s bourse.
Emaar Properties PJSC shares have soared nearly 20% over the past week, with the highest volume traded in more than a decade, after Dubai unveiled a series of moves to boost liquidity on its stock exchange.
The real estate firm’s market capitalization has now caught up with rival Aldar Properties PJSC in Abu Dhabi, with the two companies vying for the position of the United Arab Emirates’ most valuable developer. Both firms are now valued at about 34 billion dirhams ($9.2 billion).
But while Emaar’s comeback indicates that Dubai’s efforts to bolster its flagging bourse are paying off, the stock is still down about 50% from a 2017 high. Slumping real-estate prices and dwindling liquidity on the exchange had weighed on Emaar’s shares for years.
Things have started to look up recently: average home prices have risen at the fastest pace since 2015 and transaction volumes surged 77% in August on an annual basis. Emaar had said in June that it expects Ebitda for 2021 to be higher than 2020, but lower than that achieved in 2019 and 2018.
Dubai’s bellwether property developer is shaping up to be a beneficiary of a series of reforms of the city’s bourse.
Emaar Properties PJSC shares have soared nearly 20% over the past week, with the highest volume traded in more than a decade, after Dubai unveiled a series of moves to boost liquidity on its stock exchange.
The real estate firm’s market capitalization has now caught up with rival Aldar Properties PJSC in Abu Dhabi, with the two companies vying for the position of the United Arab Emirates’ most valuable developer. Both firms are now valued at about 34 billion dirhams ($9.2 billion).
But while Emaar’s comeback indicates that Dubai’s efforts to bolster its flagging bourse are paying off, the stock is still down about 50% from a 2017 high. Slumping real-estate prices and dwindling liquidity on the exchange had weighed on Emaar’s shares for years.
Things have started to look up recently: average home prices have risen at the fastest pace since 2015 and transaction volumes surged 77% in August on an annual basis. Emaar had said in June that it expects Ebitda for 2021 to be higher than 2020, but lower than that achieved in 2019 and 2018.
Oil prices sink, reversing gains as #Saudi TV reports looming output rise | Reuters
Oil prices sink, reversing gains as Saudi TV reports looming output rise | Reuters
Oil prices sank on Thursday, reversing earlier gains in a volatile session after a report that Saudi Arabia's oil output will soon surpass 10 million barrels per day for the first time since the outset of the COVID-19 pandemic.
The report, from Saudi-owned Al Arabiya TV, came after the nation, along with other Organization of the Petroleum Exporting Countries and its allies, agreed to stick to previously agreed upon production increases.
Brent crude fell $1.45, or 1.8%, to settle at $80.54 a barrel. Earlier, Brent rose to $84.49 a barrel. U.S. West Texas Intermediate crude fell $2.05, or 2.5%, to settle at $78.81 a barrel, well off the session high of $83.42.
Since Tuesday's close, Brent and WTI have fallen by about 5% and 6%, respectively.
Oil prices sank on Thursday, reversing earlier gains in a volatile session after a report that Saudi Arabia's oil output will soon surpass 10 million barrels per day for the first time since the outset of the COVID-19 pandemic.
The report, from Saudi-owned Al Arabiya TV, came after the nation, along with other Organization of the Petroleum Exporting Countries and its allies, agreed to stick to previously agreed upon production increases.
Brent crude fell $1.45, or 1.8%, to settle at $80.54 a barrel. Earlier, Brent rose to $84.49 a barrel. U.S. West Texas Intermediate crude fell $2.05, or 2.5%, to settle at $78.81 a barrel, well off the session high of $83.42.
Since Tuesday's close, Brent and WTI have fallen by about 5% and 6%, respectively.
#Saudi Wealth Fund Moves Step Closer to Direct China Stock Deals - Bloomberg
Saudi Wealth Fund Moves Step Closer to Direct China Stock Deals - Bloomberg
Saudi Arabia’s sovereign wealth fund may be poised to start making major investments in Chinese companies, after so far mostly limiting its overseas holdings to the U.S. and Europe.
The $450 billion Public Investment Fund has applied for a Qualified Foreign Institutional Investor license in China, according to information published on the website of the country’s top securities regulator. That will give it the ability to directly trade renminbi-denominated stocks, rather than having to go through third parties.
A tilt toward China would make sense for the kingdom as it looks to develop economic ties through investment by its sovereign fund. China is the kingdom’s biggest trading partner and a top customer for Saudi Aramco, which is chaired by PIF Governor Yasir Al Rumayyan.
Many global investors are warming up to China’s battered stocks amid bets that Beijing’s regulatory overhaul has potentially peaked. The world’s second-biggest economy has also been an appealing destination for sovereign investors, with Russia’s wealth fund converting billions of its dollar holdings into yuan as part of an effort to make the country less vulnerable to sanctions.
Saudi Arabia’s sovereign wealth fund may be poised to start making major investments in Chinese companies, after so far mostly limiting its overseas holdings to the U.S. and Europe.
The $450 billion Public Investment Fund has applied for a Qualified Foreign Institutional Investor license in China, according to information published on the website of the country’s top securities regulator. That will give it the ability to directly trade renminbi-denominated stocks, rather than having to go through third parties.
A tilt toward China would make sense for the kingdom as it looks to develop economic ties through investment by its sovereign fund. China is the kingdom’s biggest trading partner and a top customer for Saudi Aramco, which is chaired by PIF Governor Yasir Al Rumayyan.
Many global investors are warming up to China’s battered stocks amid bets that Beijing’s regulatory overhaul has potentially peaked. The world’s second-biggest economy has also been an appealing destination for sovereign investors, with Russia’s wealth fund converting billions of its dollar holdings into yuan as part of an effort to make the country less vulnerable to sanctions.
OPEC+ rebuffs U.S. calls for speedier oil output increases | Reuters
OPEC+ rebuffs U.S. calls for speedier oil output increases | Reuters
OPEC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd) from December, despite calls from the United States for extra supply to cool rising prices.
The White House said Washington would consider a full range of tools at its disposal to guarantee access to affordable energy.
All oil producers suffered a drop in income during the COVID-19 pandemic and as demand recovers with the global economy it has allowed them to rebuild their balance sheets. OPEC+ supply restraint has underpinned a rally that has pushed global benchmark Brent crude to a three-year high of $86.70.
Top OPEC producer Saudi Arabia has dismissed calls for speedier oil supply increases from the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, citing economic headwinds.
OPEC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd) from December, despite calls from the United States for extra supply to cool rising prices.
The White House said Washington would consider a full range of tools at its disposal to guarantee access to affordable energy.
All oil producers suffered a drop in income during the COVID-19 pandemic and as demand recovers with the global economy it has allowed them to rebuild their balance sheets. OPEC+ supply restraint has underpinned a rally that has pushed global benchmark Brent crude to a three-year high of $86.70.
Top OPEC producer Saudi Arabia has dismissed calls for speedier oil supply increases from the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, citing economic headwinds.
GlobalFoundries (GFS) Hopes to Turn Profit Amid Chip Shortage - Bloomberg
GlobalFoundries (GFS) Hopes to Turn Profit Amid Chip Shortage - Bloomberg
When Apple Inc. reported its most recent quarterly earnings, it said that revenue was $6 billion less than it could have been because it couldn’t get all the chips it needed and that the current quarter would be even worse. In doing so, it was revealing not only that the global semiconductor shortage was affecting one of the world’s most valuable companies, but also how it did so.
Apple’s devices famously use cutting-edge chips that the company designs for its own needs. Those weren’t the problem, according to Chief Executive Officer Tim Cook—it was the simpler chips that carry out mundane functions such as managing power and data. “On legacy nodes, we compete with many different companies for supply, and it’s difficult to forecast when those things will balance,” he told investors on Oct. 28.
The semiconductor industry is forever focused on making even more impossibly advanced chips, but the global chip shortage is most acute when it comes to chips made through processes that haven’t been cutting-edge for years. As a result, chipmakers who can’t compete with the most sophisticated players in the industry have been sharing in the boom in orders over the last 18 months.
This is good news for GlobalFoundries, the New York-based chipmaker owned almost entirely by the investment arm of the government of Abu Dhabi. GlobalFoundries, or GloFo as it’s sometimes called, raised $2.6 billion when it went public the day before Cook’s comments, quietly completing the third-largest initial public offering on a U.S. exchange this year, according to data compiled by Bloomberg. By Nov. 2 its share price had jumped more than 20%.
When Apple Inc. reported its most recent quarterly earnings, it said that revenue was $6 billion less than it could have been because it couldn’t get all the chips it needed and that the current quarter would be even worse. In doing so, it was revealing not only that the global semiconductor shortage was affecting one of the world’s most valuable companies, but also how it did so.
Apple’s devices famously use cutting-edge chips that the company designs for its own needs. Those weren’t the problem, according to Chief Executive Officer Tim Cook—it was the simpler chips that carry out mundane functions such as managing power and data. “On legacy nodes, we compete with many different companies for supply, and it’s difficult to forecast when those things will balance,” he told investors on Oct. 28.
The semiconductor industry is forever focused on making even more impossibly advanced chips, but the global chip shortage is most acute when it comes to chips made through processes that haven’t been cutting-edge for years. As a result, chipmakers who can’t compete with the most sophisticated players in the industry have been sharing in the boom in orders over the last 18 months.
This is good news for GlobalFoundries, the New York-based chipmaker owned almost entirely by the investment arm of the government of Abu Dhabi. GlobalFoundries, or GloFo as it’s sometimes called, raised $2.6 billion when it went public the day before Cook’s comments, quietly completing the third-largest initial public offering on a U.S. exchange this year, according to data compiled by Bloomberg. By Nov. 2 its share price had jumped more than 20%.
Mideast Stocks: #AbuDhabi leads most Gulf bourses higher; Egypt retreats | ZAWYA MENA Edition
Mideast Stocks: Abu Dhabi leads most Gulf bourses higher; Egypt retreats | ZAWYA MENA Edition
Most major stock markets in the Gulf ended higher on Thursday, with the Abu Dhabi index leading the gains, while the Egyptian bourse retreated on profit-taking.
In Abu Dhabi, the index gained 0.6%, within sight of record high, with telecoms firm Etisalat advancing 1.1% and First Abu Dhabi Bank, the country's largest lender, closing 0.6% higher.
Abu Dhabi's stock exchange, the Gulf's best performer this year, launched a derivatives market on Thursday which allows trading in single equity futures of some of the bourse's companies.
Single equity futures trading began on Thursday for Etisalat and First Abu Dhabi Bank including a few others.
Saudi Arabia's benchmark index reversed early losses to close 0.6% higher, with Al Rajhi Bank rising 0.4%.
Oil prices, a key catalyst for the Gulf's financial market, rose more than 2% lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to cool the market.
Dubai's main share index eased 0.1%, ending four sessions of gains, with sharia-compliant lender Dubai Islamic Bank losing 1.7%.
However, the index registered its fourth weekly gain, concluding 8.6% higher, its biggest weekly rise in about six years.
In the previous two sessions, the index gained 7.8% fuelled by the emirate's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse.
On the other hand, the Dubai Financial Market surged 14.4%, reaching its highest since Feb. 2017.
The Qatari index added 0.5%, as most of the stocks were in black including Qatar National Bank , which was up 1.2%.
On Wednesday, Qatar Stock Exchange announced partnership with Investment Promotion Agency Qatar to bolster market attractiveness for foreign investment.
Outside the Gulf, Egypt's blue-chip index ended 0.6% lower, a session after reaching its highest since March 2020.
Most major stock markets in the Gulf ended higher on Thursday, with the Abu Dhabi index leading the gains, while the Egyptian bourse retreated on profit-taking.
In Abu Dhabi, the index gained 0.6%, within sight of record high, with telecoms firm Etisalat advancing 1.1% and First Abu Dhabi Bank, the country's largest lender, closing 0.6% higher.
Abu Dhabi's stock exchange, the Gulf's best performer this year, launched a derivatives market on Thursday which allows trading in single equity futures of some of the bourse's companies.
Single equity futures trading began on Thursday for Etisalat and First Abu Dhabi Bank including a few others.
Saudi Arabia's benchmark index reversed early losses to close 0.6% higher, with Al Rajhi Bank rising 0.4%.
Oil prices, a key catalyst for the Gulf's financial market, rose more than 2% lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to cool the market.
Dubai's main share index eased 0.1%, ending four sessions of gains, with sharia-compliant lender Dubai Islamic Bank losing 1.7%.
However, the index registered its fourth weekly gain, concluding 8.6% higher, its biggest weekly rise in about six years.
In the previous two sessions, the index gained 7.8% fuelled by the emirate's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse.
On the other hand, the Dubai Financial Market surged 14.4%, reaching its highest since Feb. 2017.
The Qatari index added 0.5%, as most of the stocks were in black including Qatar National Bank , which was up 1.2%.
On Wednesday, Qatar Stock Exchange announced partnership with Investment Promotion Agency Qatar to bolster market attractiveness for foreign investment.
Outside the Gulf, Egypt's blue-chip index ended 0.6% lower, a session after reaching its highest since March 2020.
For All the Climate Politics Talk, Oil Is Back - Bloomberg
For All the Climate Politics Talk, Oil Is Back - Bloomberg
The old geopolitics of energy (fossil fuels, that is) is back with a vengeance.
In recent days, U.S. President Joe Biden has been pushing Saudi Arabia, Russia and the United Arab Emirates to boost oil production in an effort to lower American gasoline prices and with them inflation. It’s a reminder that despite all the talk of combating climate change, the global economy still runs, largely, on oil, natural gas and coal.
The “refusal of Russia or the OPEC nations to pump more oil” is the reason why Americans pay more at the pump, Biden told reporters at the United Nations COP26 summit in Glasgow, where, ironically, he asked fossil-fuel producers to boost output.
The U.S. isn’t alone: India, the world’s third-largest oil consumer, has been vocal in asking for more production. So has Japan, which is ranked fourth, gulping down nearly as much crude as France, Italy and the U.K. combined.
The old geopolitics of energy (fossil fuels, that is) is back with a vengeance.
In recent days, U.S. President Joe Biden has been pushing Saudi Arabia, Russia and the United Arab Emirates to boost oil production in an effort to lower American gasoline prices and with them inflation. It’s a reminder that despite all the talk of combating climate change, the global economy still runs, largely, on oil, natural gas and coal.
The “refusal of Russia or the OPEC nations to pump more oil” is the reason why Americans pay more at the pump, Biden told reporters at the United Nations COP26 summit in Glasgow, where, ironically, he asked fossil-fuel producers to boost output.
The U.S. isn’t alone: India, the world’s third-largest oil consumer, has been vocal in asking for more production. So has Japan, which is ranked fourth, gulping down nearly as much crude as France, Italy and the U.K. combined.
Emirates to Start Daily Tel Aviv Flights, Joining Etihad - Bloomberg
Emirates to Start Daily Tel Aviv Flights, Joining Etihad - Bloomberg
Gulf carrier Emirates will begin daily flights to Israel, adding the heft of its global network to a growing air-travel market made possible by diplomatic achievements over the past year.
The state-owned carrier will begin daily flights to Tel Aviv from its hub in Dubai starting Dec. 6, according to a statement Thursday. Israeli travelers will be able to connect with global route network of more than 120 destinations, Emirates said.
The long-haul specialist joins other carriers, including Israel’s El Al, Abu Dhabi-based Etihad Airways and regional operator FlyDubai, which previously started up services in the wake of the United Arab Emirates’ decision to recognize Israel in August 2020. Two months ago, Economy Minister Abdulla Bin Touq said the UAE is aiming to grow its economic ties with Israel to $1 trillion in the next 10 years.
Emirates and the others are likely to take business from Turkish Airlines, which for decades was one of the few Middle East carriers to fly to Israel.
The ramp-up of flying will also extend to air cargo. Emirates SkyCargo will offer 20 metric tons of capacity each way between Dubai and Tel Aviv to support Israeli exports of pharmaceuticals, high-tech goods, vegetables and other perishables.
The trade is also expected to include raw materials and components, semiconductors and e-commerce parcels going in the other direction.
Gulf carrier Emirates will begin daily flights to Israel, adding the heft of its global network to a growing air-travel market made possible by diplomatic achievements over the past year.
The state-owned carrier will begin daily flights to Tel Aviv from its hub in Dubai starting Dec. 6, according to a statement Thursday. Israeli travelers will be able to connect with global route network of more than 120 destinations, Emirates said.
The long-haul specialist joins other carriers, including Israel’s El Al, Abu Dhabi-based Etihad Airways and regional operator FlyDubai, which previously started up services in the wake of the United Arab Emirates’ decision to recognize Israel in August 2020. Two months ago, Economy Minister Abdulla Bin Touq said the UAE is aiming to grow its economic ties with Israel to $1 trillion in the next 10 years.
Emirates and the others are likely to take business from Turkish Airlines, which for decades was one of the few Middle East carriers to fly to Israel.
The ramp-up of flying will also extend to air cargo. Emirates SkyCargo will offer 20 metric tons of capacity each way between Dubai and Tel Aviv to support Israeli exports of pharmaceuticals, high-tech goods, vegetables and other perishables.
The trade is also expected to include raw materials and components, semiconductors and e-commerce parcels going in the other direction.
U.S. bank Moelis, Emirates NBD hired to advise on IPO of #Dubai's DEWA - sources | Reuters
U.S. bank Moelis, Emirates NBD hired to advise on IPO of Dubai's DEWA - sources | Reuters
U.S. investment bank Moelis (MC.N) and Dubai lender Emirates NBD (ENBD.DU) have been hired to advise on the initial public offering (IPO) of Dubai Electricity & Water Authority (DEWA), sources familiar with the matter said.
The Dubai government said on Tuesday it was planning a stock market flotation of the utility, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse. read more
DEWA and the Dubai Media Office did not immediately respond to a Reuters request for comment.
Moelis and Emirates NBD declined to comment.
The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi, that are seeing larger listings and strong liquidity.
U.S. investment bank Moelis (MC.N) and Dubai lender Emirates NBD (ENBD.DU) have been hired to advise on the initial public offering (IPO) of Dubai Electricity & Water Authority (DEWA), sources familiar with the matter said.
The Dubai government said on Tuesday it was planning a stock market flotation of the utility, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse. read more
DEWA and the Dubai Media Office did not immediately respond to a Reuters request for comment.
Moelis and Emirates NBD declined to comment.
The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi, that are seeing larger listings and strong liquidity.
Oil prices rise ahead of OPEC+ meeting | Reuters
Oil prices rise ahead of OPEC+ meeting | Reuters
Oil prices rose on Thursday, lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to cool prices.
Brent crude was up 94 cents, or 1.2%, at $82.93 a barrel by 0940 GMT and U.S. West Texas Intermediate crude rose 62 cents, or 0.8%, to $81.48.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, meets later on Thursday and is expected to reconfirm plans to keep monthly supply increases at 400,000 barrels per day (bpd). read more
"Oil prices have traded in a narrow range thus far this week, with investors assessing the likelihood of OPEC+ succumbing to pressure to add more crude to global oil markets as well as deliberations from the Federal Reserve policy meeting," said Ehsan Khoman, head of emerging markets research at MUFG.
Oil prices rose on Thursday, lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to cool prices.
Brent crude was up 94 cents, or 1.2%, at $82.93 a barrel by 0940 GMT and U.S. West Texas Intermediate crude rose 62 cents, or 0.8%, to $81.48.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, meets later on Thursday and is expected to reconfirm plans to keep monthly supply increases at 400,000 barrels per day (bpd). read more
"Oil prices have traded in a narrow range thus far this week, with investors assessing the likelihood of OPEC+ succumbing to pressure to add more crude to global oil markets as well as deliberations from the Federal Reserve policy meeting," said Ehsan Khoman, head of emerging markets research at MUFG.
#Qatar's non-oil private sector posts record improvement in economic output | ZAWYA MENA Edition
Qatar's non-oil private sector posts record improvement in economic output | ZAWYA MENA Edition
Qatar has broken new records as its economic output continues to soar, increased at its fastest rate in more than four years, with companies in the non-oil private sector confident that workloads will continue to grow as the FIFA World Cup approaches.
Companies surveyed the Qatar Financial Centre (QFC) and IHS Markit monthly Purchasing Manager’s Index said they were strongly confident of rising workloads over the next 12 months as the index score broke a new record, reaching 62.2.
“Companies expected market conditions to improve further in 2022, with the forthcoming FIFA World Cup mentioned as an expected source of demand. By sub-sector, confidence was strongest among service providers,” the report said.
The report index score of 62.2 broke the previous record of 60.6 in September, with employment also increasing for the 13th successive month.
Output and new work both increased in October at the fastest rates since the survey began in April 2017, with activity growth especially marked in financial services and construction.
Qatar has broken new records as its economic output continues to soar, increased at its fastest rate in more than four years, with companies in the non-oil private sector confident that workloads will continue to grow as the FIFA World Cup approaches.
Companies surveyed the Qatar Financial Centre (QFC) and IHS Markit monthly Purchasing Manager’s Index said they were strongly confident of rising workloads over the next 12 months as the index score broke a new record, reaching 62.2.
“Companies expected market conditions to improve further in 2022, with the forthcoming FIFA World Cup mentioned as an expected source of demand. By sub-sector, confidence was strongest among service providers,” the report said.
The report index score of 62.2 broke the previous record of 60.6 in September, with employment also increasing for the 13th successive month.
Output and new work both increased in October at the fastest rates since the survey began in April 2017, with activity growth especially marked in financial services and construction.
#AbuDhabi Securities Exchange launches derivatives market, to introduce index futures in 2022 | ZAWYA MENA Edition
Abu Dhabi Securities Exchange launches derivatives market, to introduce index futures in 2022 | ZAWYA MENA Edition
The Abu Dhabi Securities Exchange (ADX) launched on Thursday a derivatives market and announced plans to introduce index futures next year as part of a strategy to boost liquidity and enhance product offerings to regional and international investors.
ADQ’s Q Market Makers, BHM Capital and Al Ramz Capital, have joined the ADX Derivatives market to provide liquidity on the new platform, which uses marketplace technology delivered by Nasdaq, a statement said.
ADX said it has commenced trading in the single equity futures of some of the UAE’s biggest companies, including Etisalat, First Abu Dhabi Bank (FAB), International Holding Company (IHC), ADNOC Distribution and Aldar Properties.
“With the launch of single equity futures, the new market will give investors and traders the opportunity to benefit from increased leverage, two-way market exposure and hedging capabilities,” a statement said.
The Abu Dhabi Securities Exchange (ADX) launched on Thursday a derivatives market and announced plans to introduce index futures next year as part of a strategy to boost liquidity and enhance product offerings to regional and international investors.
ADQ’s Q Market Makers, BHM Capital and Al Ramz Capital, have joined the ADX Derivatives market to provide liquidity on the new platform, which uses marketplace technology delivered by Nasdaq, a statement said.
ADX said it has commenced trading in the single equity futures of some of the UAE’s biggest companies, including Etisalat, First Abu Dhabi Bank (FAB), International Holding Company (IHC), ADNOC Distribution and Aldar Properties.
“With the launch of single equity futures, the new market will give investors and traders the opportunity to benefit from increased leverage, two-way market exposure and hedging capabilities,” a statement said.
#Dubai Investments posts $124mln net profit for nine months | ZAWYA MENA Edition
Dubai Investments posts $124mln net profit for nine months | ZAWYA MENA Edition
Dubai Investments has reported a net profit of AED 455.6 million ($124 million) for the period ending September 30, 2021, an increase of 9 percent, compared to AED 418.1 million for the same period last year.
The Dubai Financial Market (DFM)-listed firm will increasingly focus on the real estate market due to demand in the sector, its CEO Khalid Bin Kalban said.
Total Income of Dubai Investments, which owns Dubai Investments Park, district cooling company Emicool and Al Mal Capital, increased to AED 2.6 billion from AED 1.9 billion for the first nine months of the year.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments said: "After careful evaluation and in line with the market trends, the Group is channelising resources towards strengthening its foothold in the real estate market, especially with the improved sentiment and demand within the sector from both local and international markets."
Last month, Dubai Investments signed a deal with Ras Al Khaimah's master developer Marjan to acquire land to develop a mixed-use beachfront and residential development worth AED 1 billion.
Investment Corporation of Dubai, the emirate's sovereign wealth fund, holds 11.5 percent stake in Dubai Investments.
Dubai Investments has reported a net profit of AED 455.6 million ($124 million) for the period ending September 30, 2021, an increase of 9 percent, compared to AED 418.1 million for the same period last year.
The Dubai Financial Market (DFM)-listed firm will increasingly focus on the real estate market due to demand in the sector, its CEO Khalid Bin Kalban said.
Total Income of Dubai Investments, which owns Dubai Investments Park, district cooling company Emicool and Al Mal Capital, increased to AED 2.6 billion from AED 1.9 billion for the first nine months of the year.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments said: "After careful evaluation and in line with the market trends, the Group is channelising resources towards strengthening its foothold in the real estate market, especially with the improved sentiment and demand within the sector from both local and international markets."
Last month, Dubai Investments signed a deal with Ras Al Khaimah's master developer Marjan to acquire land to develop a mixed-use beachfront and residential development worth AED 1 billion.
Investment Corporation of Dubai, the emirate's sovereign wealth fund, holds 11.5 percent stake in Dubai Investments.
#Saudi women barrel into workforce in changing kingdom | Reuters
Saudi women barrel into workforce in changing kingdom | Reuters
Stepping out of a shared taxi in central Riyadh, Reham Al-Ahmed walked into the shopping mall where she works four days a week selling cosmetics.
Al-Ahmed, a high school graduate, is the first woman in her family to have a job. Her parents had never wanted her to work but they eventually relented as life in the capital became too expensive.
With steep new taxes and cuts to government subsidies, many families are increasingly relying on women to work. In so doing, women are negotiating a new place for themselves in their country's delicate social fabric – a trend celebrated by some and watched suspiciously by others in a country still tethered to its conservative traditions.
Al-Ahmed, who lives at home with her parents and five younger siblings, chose a shop with mostly female clients to allay her parents' concerns about mixing with men.
Stepping out of a shared taxi in central Riyadh, Reham Al-Ahmed walked into the shopping mall where she works four days a week selling cosmetics.
Al-Ahmed, a high school graduate, is the first woman in her family to have a job. Her parents had never wanted her to work but they eventually relented as life in the capital became too expensive.
With steep new taxes and cuts to government subsidies, many families are increasingly relying on women to work. In so doing, women are negotiating a new place for themselves in their country's delicate social fabric – a trend celebrated by some and watched suspiciously by others in a country still tethered to its conservative traditions.
Al-Ahmed, who lives at home with her parents and five younger siblings, chose a shop with mostly female clients to allay her parents' concerns about mixing with men.
OPEC+ Heads for Geopolitical Showdown as Biden Demands More Oil - Bloomberg
OPEC+ Heads for Geopolitical Showdown as Biden Demands More Oil - Bloomberg
OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies must choose whether to heed American demands for more oil.
The cartel looked set to rebuff the request, triggering a bare-knuckle fight with the White House, which is worried that inflation caused by high energy prices could derail its economic agenda.
“You take a look at oil prices,” Biden told reporters at a news conference at the United Nations climate summit in Glasgow on Tuesday. Fuel costs are high because of “the refusal of Russia or the OPEC nations to pump more oil.”
It’s a fight that transcends the oil market and goes deep into America’s alliance with the Middle Eastern kingdom, which has been tense since a U.S. report released in February concluded that Crown Prince Mohammed bin Salman approved the killing of Washington Post columnist Jamal Khashoggi. Biden has so far refused to speak with the crown prince, infuriating the royal palace in Riyadh, which had nearly unfettered access to the White House during the Trump administration.
OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies must choose whether to heed American demands for more oil.
The cartel looked set to rebuff the request, triggering a bare-knuckle fight with the White House, which is worried that inflation caused by high energy prices could derail its economic agenda.
“You take a look at oil prices,” Biden told reporters at a news conference at the United Nations climate summit in Glasgow on Tuesday. Fuel costs are high because of “the refusal of Russia or the OPEC nations to pump more oil.”
It’s a fight that transcends the oil market and goes deep into America’s alliance with the Middle Eastern kingdom, which has been tense since a U.S. report released in February concluded that Crown Prince Mohammed bin Salman approved the killing of Washington Post columnist Jamal Khashoggi. Biden has so far refused to speak with the crown prince, infuriating the royal palace in Riyadh, which had nearly unfettered access to the White House during the Trump administration.
Paytm Attracts #AbuDhabi Wealth Fund, Texas Teachers to Mega IPO - Bloomberg
Paytm Attracts Abu Dhabi Wealth Fund, Texas Teachers to Mega IPO - Bloomberg
The Abu Dhabi Investment Authority and University of Cambridge are among dozens of successful bidders for the 82.5 billion rupees ($1.1 billion) of stock that digital payments company Paytm is selling to anchor investors in its initial public offering.
BlackRock Inc., Canada Pension Plan Investment Board and Singapore’s sovereign wealth fund got some of the largest allocations, Paytm said in an exchange filing Wednesday. The Teacher Retirement System of Texas, City of New York Group Trust and University of Texas System are buying shares in Paytm’s anchor tranche as well.
Paytm received orders for more than ten times the amount of stock on offer, people with knowledge of the matter said earlier. It is also selling shares to funds managed by Abrdn Plc, Citadel, Fidelity, Janus Henderson Group Plc, Marshall Wace, Mirae Asset, Nomura Holdings Inc., Schroders Plc and UBS Group AG, according to Wednesday’s filing.
The company, formally known as One97 Communications Ltd., is selling nearly half of its 183 billion-rupee IPO to the anchor investors. The anchor book is India’s largest ever so far -- in keeping with Paytm’s status as the country’s biggest public market debut so far.
The Abu Dhabi Investment Authority and University of Cambridge are among dozens of successful bidders for the 82.5 billion rupees ($1.1 billion) of stock that digital payments company Paytm is selling to anchor investors in its initial public offering.
BlackRock Inc., Canada Pension Plan Investment Board and Singapore’s sovereign wealth fund got some of the largest allocations, Paytm said in an exchange filing Wednesday. The Teacher Retirement System of Texas, City of New York Group Trust and University of Texas System are buying shares in Paytm’s anchor tranche as well.
Paytm received orders for more than ten times the amount of stock on offer, people with knowledge of the matter said earlier. It is also selling shares to funds managed by Abrdn Plc, Citadel, Fidelity, Janus Henderson Group Plc, Marshall Wace, Mirae Asset, Nomura Holdings Inc., Schroders Plc and UBS Group AG, according to Wednesday’s filing.
The company, formally known as One97 Communications Ltd., is selling nearly half of its 183 billion-rupee IPO to the anchor investors. The anchor book is India’s largest ever so far -- in keeping with Paytm’s status as the country’s biggest public market debut so far.
#Dubai Overhauls Bourse to Catch Up With Regional Rivals - Bloomberg
Dubai Overhauls Bourse to Catch Up With Regional Rivals - Bloomberg
The new head of Dubai’s financial market has overhauled the board of the local stock exchange, as part of a series of moves designed to attract listings to the city and catch up with regional rivals that have drawn billions of dollars over the past year.
Sheikh Maktoum bin Mohammed bin Rashid, also deputy ruler of the emirate, replaced five of seven members on the board of the Dubai stock exchange late on Wednesday. That came a day after he unveiled plans to list utility DEWA in what is likely to be the city’s biggest share sale and one of 10 planned over the coming months.
The moves helped shore up the local bourse. Dubai’s benchmark index rose as much as 1% on Thursday, taking weekly gains to 9% -- its best performance since 2014. Exchange operator DFM has surged 56% since the start of the week.
The changes will be enough to inject momentum into the stock market, Ajit Joshi, a fund manager at Shuaa Capital, said in an interview with Bloomberg Television on Thursday. “These are all great steps. We have seen how market-making has done wonders in the Abu Dhabi market and we are confident that that will reflect in the Dubai market as well.”
The new head of Dubai’s financial market has overhauled the board of the local stock exchange, as part of a series of moves designed to attract listings to the city and catch up with regional rivals that have drawn billions of dollars over the past year.
Sheikh Maktoum bin Mohammed bin Rashid, also deputy ruler of the emirate, replaced five of seven members on the board of the Dubai stock exchange late on Wednesday. That came a day after he unveiled plans to list utility DEWA in what is likely to be the city’s biggest share sale and one of 10 planned over the coming months.
The moves helped shore up the local bourse. Dubai’s benchmark index rose as much as 1% on Thursday, taking weekly gains to 9% -- its best performance since 2014. Exchange operator DFM has surged 56% since the start of the week.
The changes will be enough to inject momentum into the stock market, Ajit Joshi, a fund manager at Shuaa Capital, said in an interview with Bloomberg Television on Thursday. “These are all great steps. We have seen how market-making has done wonders in the Abu Dhabi market and we are confident that that will reflect in the Dubai market as well.”
Oil flips to gains ahead of OPEC+ meeting | Reuters
Oil flips to gains ahead of OPEC+ meeting | Reuters
Oil prices flipped to gains on Thursday as investors expect top producers to stand pat on output policy, shrugging off earlier concerns about the resumption of Iran nuclear talks that could result in more oil exports from Tehran.
Brent futures and U.S. West Texas Intermediate crude pared losses of more than 1% as traders shifted focus to a meeting of the Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+, later on Thursday.
The group is expected to reconfirm plans to keep monthly supply increases steady, despite calls for an acceleration. read more
Brent was up 47 cents, or 0.6%, at $82.46 a barrel by 0751 GMT, while WTI nudged up 2 cents to $80.88 a barrel after having slipped as low as $79.74.
Prices were down earlier, after Iran and six powers agreed to resume talks on Nov. 29 to revive the 2015 nuclear deal in Vienna. Iran has demanded that the United States drop sanctions that have limited its oil exports.
Oil prices flipped to gains on Thursday as investors expect top producers to stand pat on output policy, shrugging off earlier concerns about the resumption of Iran nuclear talks that could result in more oil exports from Tehran.
Brent futures and U.S. West Texas Intermediate crude pared losses of more than 1% as traders shifted focus to a meeting of the Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+, later on Thursday.
The group is expected to reconfirm plans to keep monthly supply increases steady, despite calls for an acceleration. read more
Brent was up 47 cents, or 0.6%, at $82.46 a barrel by 0751 GMT, while WTI nudged up 2 cents to $80.88 a barrel after having slipped as low as $79.74.
Prices were down earlier, after Iran and six powers agreed to resume talks on Nov. 29 to revive the 2015 nuclear deal in Vienna. Iran has demanded that the United States drop sanctions that have limited its oil exports.
Most Gulf bourses gain in early trade; #Saudi falls | Reuters
Most Gulf bourses gain in early trade; Saudi falls | Reuters
Most major stock markets in the Gulf rose in early trade on Thursday, with Dubai leading the way on the back of gains in blue-chip developer Emaar Properties, while Saudi Arabia fell.
Dubai's main share index (.DFMGI) gained 0.6%, hitting its highest since mid-April 2018, led by a 2.3% rise in Emaar (EMAR.DU).
The Dubai Financial Market (DFM.DU) surged more than 14%, extending gains fuelled by the emirate's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse. read more
Saudi Arabia's benchmark index (.TASI) fell 0.2%, hit by a 0.7% dip in Al Rajhi Bank (1120.SE) and a 0.8% drop in Dr Sulaiman Al-Habib Medical Services (4013.SE).
Meanwhile, Saudi Arabia's Capital Markets Authority said on Wednesday it had approved an initial public offering of Saudi Tadawul Group, the kingdom's stock exchange.
The market regulator said it approved the application for an offering of 36 million shares, which represents 30% of Tadawul's share capital.
In Abu Dhabi, the index (.ADI) added 0.4%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, and telecom giant Etisalat (ETISALAT.AD) both rising 0.8%.
Abu Dhabi Media Office announced the commencement of trading in single equity futures of Etisalat and First Abu Dhabi Bank including others.
The Qatari index (.QSI) rose 0.3%, with sharia-compliant lender Masraf Al Rayan (MARK.QA) up 1.2%, on course to extend gains to a third session.
Al Khaliji Commercial Bank (KCBK.QA) said in a bourse filing on Tuesday that it had received final approval from Qatar Central Bank on its merger with Masraf Al Rayan.
Al Khaliji, which is not part of the index, was flat.
Most major stock markets in the Gulf rose in early trade on Thursday, with Dubai leading the way on the back of gains in blue-chip developer Emaar Properties, while Saudi Arabia fell.
Dubai's main share index (.DFMGI) gained 0.6%, hitting its highest since mid-April 2018, led by a 2.3% rise in Emaar (EMAR.DU).
The Dubai Financial Market (DFM.DU) surged more than 14%, extending gains fuelled by the emirate's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse. read more
Saudi Arabia's benchmark index (.TASI) fell 0.2%, hit by a 0.7% dip in Al Rajhi Bank (1120.SE) and a 0.8% drop in Dr Sulaiman Al-Habib Medical Services (4013.SE).
Meanwhile, Saudi Arabia's Capital Markets Authority said on Wednesday it had approved an initial public offering of Saudi Tadawul Group, the kingdom's stock exchange.
The market regulator said it approved the application for an offering of 36 million shares, which represents 30% of Tadawul's share capital.
In Abu Dhabi, the index (.ADI) added 0.4%, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, and telecom giant Etisalat (ETISALAT.AD) both rising 0.8%.
Abu Dhabi Media Office announced the commencement of trading in single equity futures of Etisalat and First Abu Dhabi Bank including others.
The Qatari index (.QSI) rose 0.3%, with sharia-compliant lender Masraf Al Rayan (MARK.QA) up 1.2%, on course to extend gains to a third session.
Al Khaliji Commercial Bank (KCBK.QA) said in a bourse filing on Tuesday that it had received final approval from Qatar Central Bank on its merger with Masraf Al Rayan.
Al Khaliji, which is not part of the index, was flat.
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