Banks led gains across most Middle East stock markets with credit growth eyed across several markets. Equities in Saudi Arabia, Abu Dhabi, Kuwait, Qatar and Bahrain climbed, while shares in Dubai and Egypt slipped.
MIDDLE EASTERN MARKETS:
Sunday, 7 November 2021
Middle Eastern Equities Rise With Banks Strengthening: Inside EM - Bloomberg
Middle Eastern Equities Rise With Banks Strengthening: Inside EM - Bloomberg
Mideast Stocks: #AbuDhabi index hits record peak; #Dubai falls | ZAWYA MENA Edition
Mideast Stocks: Abu Dhabi index hits record peak; Dubai falls | ZAWYA MENA Edition
Most Gulf bourses ended higher on Sunday, with the Abu Dhabi index reaching record high, while Dubai stocks extended losses on profit taking.
In Abu Dhabi, the index finished 1% higher, reaching a record high, buoyed by a 3.5% leap in conglomerate International Holding Cofollowing a sharp rise in its quarterly profit.
Elsewhere, Dana Gas jumped 9.2%, rising for a fourth session in five. Earlier this month, the energy firm said its collection has risen to $283 million in 2021, a 86% increase on the back of higher oil prices.
Saudi Arabia's benchmark index advanced 0.8%, with Al Rajhi Bank climbing 2.3% and petrochemical maker Saudi Basic Industries Corp increasing 1.7%.
But oil behemoth Saudi Aramco dropped 0.7%, as the stock traded ex-dividend.
On Wednesday Capital Market Authority approved initial public offering of Saudi Tadawul Group, the owner and operator of the country's stock market.
Ratings agency Moody's changed Saudi Arabia's outlook on Friday to "stable" from "negative", saying it was likely the government would reverse most of its 2020 debt increase while preserving fiscal buffers.
Dubai's main share index fell 0.3%, hit by a 1.5% fall in blue-chip developer Emaar Properties.
Last week, the index rose more than 8% mainly after 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.
However, the Dubai Financial Market extended gains for a fourth session to close 14.5% higher, hitting its highest in over 6 years.
The Qatari index gained 0.3%, led by a 0.7% increase in Qatar National Bank, the Gulf's largest lender.
Qatar's General Tax Authority does not intend to introduce an income tax, the state news agency reported on Sunday, citing the authority's head.
A value-added tax is still in the legislative process, the agency said.
Outside the Gulf, Egypt's blue-chip index fell 0.5%, with top lender Commercial International Bank losing 1.3%.
Most Gulf bourses ended higher on Sunday, with the Abu Dhabi index reaching record high, while Dubai stocks extended losses on profit taking.
In Abu Dhabi, the index finished 1% higher, reaching a record high, buoyed by a 3.5% leap in conglomerate International Holding Cofollowing a sharp rise in its quarterly profit.
Elsewhere, Dana Gas jumped 9.2%, rising for a fourth session in five. Earlier this month, the energy firm said its collection has risen to $283 million in 2021, a 86% increase on the back of higher oil prices.
Saudi Arabia's benchmark index advanced 0.8%, with Al Rajhi Bank climbing 2.3% and petrochemical maker Saudi Basic Industries Corp increasing 1.7%.
But oil behemoth Saudi Aramco dropped 0.7%, as the stock traded ex-dividend.
On Wednesday Capital Market Authority approved initial public offering of Saudi Tadawul Group, the owner and operator of the country's stock market.
Ratings agency Moody's changed Saudi Arabia's outlook on Friday to "stable" from "negative", saying it was likely the government would reverse most of its 2020 debt increase while preserving fiscal buffers.
Dubai's main share index fell 0.3%, hit by a 1.5% fall in blue-chip developer Emaar Properties.
Last week, the index rose more than 8% mainly after 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.
However, the Dubai Financial Market extended gains for a fourth session to close 14.5% higher, hitting its highest in over 6 years.
The Qatari index gained 0.3%, led by a 0.7% increase in Qatar National Bank, the Gulf's largest lender.
Qatar's General Tax Authority does not intend to introduce an income tax, the state news agency reported on Sunday, citing the authority's head.
A value-added tax is still in the legislative process, the agency said.
Outside the Gulf, Egypt's blue-chip index fell 0.5%, with top lender Commercial International Bank losing 1.3%.
#AbuDhabi's New Fund Gets Active Quickly With Deals with Lime, Indonesia - Bloomberg
Abu Dhabi's New Fund Gets Active Quickly With Deals with Lime, Indonesia - Bloomberg
Rapid-fire deals spanning the globe are putting a months-old Abu Dhabi sovereign fund on the map.
A convertible debt deal on Friday by U.S. electric scooter and bike startup Lime marked the first known investment by Abu Dhabi Growth Fund, and an agreement with Indonesia followed the day after.
Based in a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital, the emirate’s new fund was set up in July with a “unique risk profile that complements the existing Abu Dhabi sovereign wealth funds,” according to its website.
Besides ADG, Abu Dhabi is also the home of the Abu Dhabi Investment Authority, with an estimated $829 billion in assets, and $243 billion Mubadala Investment Co. In addition to the two biggest funds, the government in 2018 set up ADQ, which took custody of some of the emirate’s biggest assets.
Rapid-fire deals spanning the globe are putting a months-old Abu Dhabi sovereign fund on the map.
A convertible debt deal on Friday by U.S. electric scooter and bike startup Lime marked the first known investment by Abu Dhabi Growth Fund, and an agreement with Indonesia followed the day after.
Based in a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital, the emirate’s new fund was set up in July with a “unique risk profile that complements the existing Abu Dhabi sovereign wealth funds,” according to its website.
Besides ADG, Abu Dhabi is also the home of the Abu Dhabi Investment Authority, with an estimated $829 billion in assets, and $243 billion Mubadala Investment Co. In addition to the two biggest funds, the government in 2018 set up ADQ, which took custody of some of the emirate’s biggest assets.
Adnoc, Borealis Plans IPO of Plastics Joint Venture Borouge - Bloomberg
Adnoc, Borealis Plans IPO of Plastics Joint Venture Borouge - Bloomberg
Abu Dhabi National Oil Co. and Borealis AG are weighing an initial public offering of their plastics joint venture Borouge, according to people familiar with the matter.
The state-owned energy company and Austrian chemicals group are exploring options for the business, including a possible IPO next year, the people said, asking not to be identified discussing confidential information.
Deliberations are ongoing and no final decisions on the timeframe for any listing have been taken, according to the people. Adnoc and Borealis could also explore alternatives to an IPO, they said. Representatives for Adnoc and Borealis declined to comment.
Founded in the late 1990s, Borouge manufactures plastics used in everything from automobiles and food packaging to medicine vials and piping systems. Its main plant is in Abu Dhabi. The company employs more than 3,000 people and serves customers across the Middle East, Africa and Asia.
Abu Dhabi National Oil Co. and Borealis AG are weighing an initial public offering of their plastics joint venture Borouge, according to people familiar with the matter.
The state-owned energy company and Austrian chemicals group are exploring options for the business, including a possible IPO next year, the people said, asking not to be identified discussing confidential information.
Deliberations are ongoing and no final decisions on the timeframe for any listing have been taken, according to the people. Adnoc and Borealis could also explore alternatives to an IPO, they said. Representatives for Adnoc and Borealis declined to comment.
Founded in the late 1990s, Borouge manufactures plastics used in everything from automobiles and food packaging to medicine vials and piping systems. Its main plant is in Abu Dhabi. The company employs more than 3,000 people and serves customers across the Middle East, Africa and Asia.
OPEC Oil Producers Deliver a Masterclass in Gaslighting the Energy Crisis - Bloomberg
OPEC Oil Producers Deliver a Masterclass in Gaslighting the Energy Crisis - Bloomberg
Saudi Energy Minister Prince Abdulaziz Bin Salman delivered an hour-long masterclass in gaslighting after Thursday’s virtual meeting of ministers representing the OPEC+ group of oil producers. Arguing that the current energy crisis had been caused by decades of anti-oil policies, he tried to convince the world that it wasn’t producers’ job to help fix it.
The prince was defending the group’s decision to ignore requests from some of the world’s biggest oil consumers, including the U.S., Japan and India, for producers to open the taps wider in December to meet elevated demand. The fear is without more supply, rising energy prices will continue to feed inflation and choke off the global recovery.
The producers’ lack of interest in their customers’ concerns — they seemed more intent on breaking last month’s record for the shortest meeting ever than on having any serious discussion — should come as a wake-up call that, despite what Prince Abdulaziz would have you believe, OPEC+ exists to look after the interests of its members, nobody else. Countries can’t rely on the group to step up when needed.
This becomes all too clear if you consider how the energy minister approached his press conference. It was a remarkable exercise in how to avoid taking responsibility, with the key lessons being six-fold:
Saudi Energy Minister Prince Abdulaziz Bin Salman delivered an hour-long masterclass in gaslighting after Thursday’s virtual meeting of ministers representing the OPEC+ group of oil producers. Arguing that the current energy crisis had been caused by decades of anti-oil policies, he tried to convince the world that it wasn’t producers’ job to help fix it.
The prince was defending the group’s decision to ignore requests from some of the world’s biggest oil consumers, including the U.S., Japan and India, for producers to open the taps wider in December to meet elevated demand. The fear is without more supply, rising energy prices will continue to feed inflation and choke off the global recovery.
The producers’ lack of interest in their customers’ concerns — they seemed more intent on breaking last month’s record for the shortest meeting ever than on having any serious discussion — should come as a wake-up call that, despite what Prince Abdulaziz would have you believe, OPEC+ exists to look after the interests of its members, nobody else. Countries can’t rely on the group to step up when needed.
This becomes all too clear if you consider how the energy minister approached his press conference. It was a remarkable exercise in how to avoid taking responsibility, with the key lessons being six-fold:
LNG News for November 7, 2021: #Qatar Orders 6 Gas Ships - Bloomberg
LNG News for November 7, 2021: Qatar Orders 6 Gas Ships - Bloomberg
Qatar has ordered six liquefied natural gas ships from South Korea as it pushes ahead with a multi-billion dollar project to boost production of the fuel.
The world’s biggest LNG exporter is buying four vessels from Daewoo Shipbuilding & Marine Engineering and two from Samsung Heavy Industries, state producer Qatar Energy said Sunday. They’re the first batch of orders under a $19 billion deal signed between Qatar and Korean shipbuilders last year.
Daewoo, Hyundai Heavy Industries Co. and Samsung were selected to build more than 100 LNG vessels for Qatar by 2027. The Persian Gulf state is spending around $30 billion to increase LNG output by 50% by then.
Qatar also ordered four LNG tankers worth more than $760 million from China in October as it looks to expand its fleet. LNG is seen as an important substitute for dirtier fuels such as oil and coal and prices have soared in Europe and Japan in recent months.
Qatar Energy’s forecasts for global LNG demand are more bullish than those of some analysts. It expects demand to continue to grow until 2050, underscoring its investment. The International Energy Agency expects global gas demand to peak in the mid-2020s as consumers shift away from fossil fuels.
Qatar has ordered six liquefied natural gas ships from South Korea as it pushes ahead with a multi-billion dollar project to boost production of the fuel.
The world’s biggest LNG exporter is buying four vessels from Daewoo Shipbuilding & Marine Engineering and two from Samsung Heavy Industries, state producer Qatar Energy said Sunday. They’re the first batch of orders under a $19 billion deal signed between Qatar and Korean shipbuilders last year.
Daewoo, Hyundai Heavy Industries Co. and Samsung were selected to build more than 100 LNG vessels for Qatar by 2027. The Persian Gulf state is spending around $30 billion to increase LNG output by 50% by then.
Qatar also ordered four LNG tankers worth more than $760 million from China in October as it looks to expand its fleet. LNG is seen as an important substitute for dirtier fuels such as oil and coal and prices have soared in Europe and Japan in recent months.
Qatar Energy’s forecasts for global LNG demand are more bullish than those of some analysts. It expects demand to continue to grow until 2050, underscoring its investment. The International Energy Agency expects global gas demand to peak in the mid-2020s as consumers shift away from fossil fuels.
#Saudi Stock Exchange Trading Debut in December After 30% IPO - Bloomberg
Saudi Stock Exchange Trading Debut in December After 30% IPO - Bloomberg
Saudi Arabia’s stock exchange is due to make its trading debut in December after starting the process to sell a 30% stake in an initial public offering, according to its chief executive officer.
“We target to list the company in the first week of December,” Khalid Al Hussan said in an interview with Al Arabiya TV. “We have set a clear policy of distributing 70% of dividend in case we are not working on exceptional projects for the company’s growth.”
The kingdom’s markets regulator last week signed off on Saudi Tadawul Group Holding’s offering of 36 million shares. SNB Capital, JPMorgan Chase & Co. and Citigroup Inc. are the IPO’s global coordinators and underwriters.
The offering, which may be one of the biggest in the exchange sector since Euronext NV’s $1.2 billion listing in 2014, could value the bourse at between $3 billion and $4 billion, people familiar with the matter said last month.
The exchange will offer all shares to institutional investors, with a clawback to retail investors of up to 10% of shares. Hussan said IPO subscription for institutions will start on Nov. 21 and for individuals on Nov. 30.
The CEO also said:
Saudi Arabia’s stock exchange is due to make its trading debut in December after starting the process to sell a 30% stake in an initial public offering, according to its chief executive officer.
“We target to list the company in the first week of December,” Khalid Al Hussan said in an interview with Al Arabiya TV. “We have set a clear policy of distributing 70% of dividend in case we are not working on exceptional projects for the company’s growth.”
The kingdom’s markets regulator last week signed off on Saudi Tadawul Group Holding’s offering of 36 million shares. SNB Capital, JPMorgan Chase & Co. and Citigroup Inc. are the IPO’s global coordinators and underwriters.
The offering, which may be one of the biggest in the exchange sector since Euronext NV’s $1.2 billion listing in 2014, could value the bourse at between $3 billion and $4 billion, people familiar with the matter said last month.
The exchange will offer all shares to institutional investors, with a clawback to retail investors of up to 10% of shares. Hussan said IPO subscription for institutions will start on Nov. 21 and for individuals on Nov. 30.
The CEO also said:
- Sees “exceptional number” of listings in the next 12 to 18 months
- Working with Gulf companies for cross listing; sees first cross listing next year
- 9-month revenue at 900 million riyals ($240 million)
- 9-month profit at 477 million riyals vs 346 million year ago
#SaudiArabia Chases Star-Studded $64 Billion Hollywood Dream - Bloomberg
Saudi Arabia Chases Star-Studded $64 Billion Hollywood Dream - Bloomberg
Saudi Arabia’s decades-long ban on cinemas only ended in 2018, but the desert kingdom already has Hollywood ambitions.
It’s investing $64 billion in its nascent entertainment industry as part of a broader effort to wean the economy off oil and transform itself into the Middle East’s premier movie hub.
The action flick ‘Desert Warrior’, starring Anthony Mackie (Marvel’s new Captain America), is being filmed entirely in Saudi Arabia, and Gerard Butler’s latest thriller ‘Kandahar’ is starting principal photography in the Al-Ula region this month -- a first for the UNESCO World Heritage Site opened last year as part of Saudi Arabia’s related push to introduce tourism.
“We’ve started from the beginning, no one was here before, and we have high ambitions to build up Al-Ula as an international film destination,“ said Stephen Strachan, film commissioner for the unspoilt region that boasts majestic pre-Islamic ruins neglected under decades of religious rule.
Saudi Arabia’s decades-long ban on cinemas only ended in 2018, but the desert kingdom already has Hollywood ambitions.
It’s investing $64 billion in its nascent entertainment industry as part of a broader effort to wean the economy off oil and transform itself into the Middle East’s premier movie hub.
The action flick ‘Desert Warrior’, starring Anthony Mackie (Marvel’s new Captain America), is being filmed entirely in Saudi Arabia, and Gerard Butler’s latest thriller ‘Kandahar’ is starting principal photography in the Al-Ula region this month -- a first for the UNESCO World Heritage Site opened last year as part of Saudi Arabia’s related push to introduce tourism.
“We’ve started from the beginning, no one was here before, and we have high ambitions to build up Al-Ula as an international film destination,“ said Stephen Strachan, film commissioner for the unspoilt region that boasts majestic pre-Islamic ruins neglected under decades of religious rule.
#Dubai to Encourage IPOs From Private Firms to Revive Market - Bloomberg
Dubai to Encourage IPOs From Private Firms to Revive Market - Bloomberg
Dubai plans to encourage private and family-owned businesses to list on its stock market as the business hub seeks to catch up with Abu Dhabi and Riyadh in the Middle East IPO rush.
The city merged its economic and tourism departments on Saturday, and one of the new entity’s main tasks is to prod private and family-owned businesses to sell shares on the Dubai bourse, according to a statement.
In the past week, Dubai has made 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. That included overhauling the board of the local stock exchange and plan to list state-owned utility DEWA -- one of 10 planned over the coming months.
Some of the well-known private firms and family-owned businesses in Dubai include Majid Al Futtaim Holding, the operator of Carrefour SA stores in the Middle East, and Al Khaleej Sugar Co., owner of the world’s largest port-based sugar refiner.
Dubai plans to encourage private and family-owned businesses to list on its stock market as the business hub seeks to catch up with Abu Dhabi and Riyadh in the Middle East IPO rush.
The city merged its economic and tourism departments on Saturday, and one of the new entity’s main tasks is to prod private and family-owned businesses to sell shares on the Dubai bourse, according to a statement.
In the past week, Dubai has made 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. That included overhauling the board of the local stock exchange and plan to list state-owned utility DEWA -- one of 10 planned over the coming months.
Some of the well-known private firms and family-owned businesses in Dubai include Majid Al Futtaim Holding, the operator of Carrefour SA stores in the Middle East, and Al Khaleej Sugar Co., owner of the world’s largest port-based sugar refiner.
New #AbuDhabi personal status law for non-Muslims includes civil marriage -WAM | Reuters
New Abu Dhabi personal status law for non-Muslims includes civil marriage -WAM | Reuters
The ruler of Abu Dhabi issued a new law on Sunday governing personal status matters for non-Muslims in the emirate, which includes an article on civil marriage, state news agency WAM said.
The decree from Khalifa bin Zayed al-Nahayan, who is also president of the United Arab Emirates, aims to "enhance the position and global competitiveness of the emirate as one of the most attractive destinations for talent and skills," WAM said.
The ruler of Abu Dhabi issued a new law on Sunday governing personal status matters for non-Muslims in the emirate, which includes an article on civil marriage, state news agency WAM said.
The decree from Khalifa bin Zayed al-Nahayan, who is also president of the United Arab Emirates, aims to "enhance the position and global competitiveness of the emirate as one of the most attractive destinations for talent and skills," WAM said.
Major Gulf bourses mixed in early trade | Reuters
Major Gulf bourses mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi index extending gains from the previous session, while Dubai dipped into the red on profit-taking.
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Al Rajhi Bank (1120.SE) gaining 0.9% and petrochemical maker Saudi Basic Industries Corp (2010.SE) advancing 1.1%.
On Wednesday Capital Market Authority approved intial public offering of Saudi Tadawul Group, the owner and operator of the country's stock market.
Ratings agency Moody's changed Saudi Arabia's outlook on Friday to "stable" from "negative", saying it was likely the government would reverse most of its 2020 debt increase while preserving fiscal buffers. read more
But oil giant Saudi Aramco (2222.SE) fell 0.7%, as the stock traded ex-dividend.
Dubai's main share index (.DFMGI) dropped 0.6%, weighed down by a 1.3% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 3.1% retreat in Dubai Investments (DINV.DU).
On the other hand, the Dubai Financial Market (DFM.DU) leapt 8.8%, extending gains for a fourth session, following 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
In Abu Dhabi, the index (.ADI) eased 0.1%, with telecoms giant Etisalat (ETISALAT.AD) losing 0.7%.
Meanwhile, Abu Dhabi's Department of Energy announced nine new projects that will contribute to the United Arab Emirates' Net Zero by 2050 strategic initiative, the Emirate's media office said in a statement on Friday. read more
The Gulf state last month announced a plan for net-zero emissions by 2050 and would oversee 600 billion dirhams in investment in renewable energy.
The Qatari index (.QSI) added 0.1%, led by a 0.9% increase in Qatar Islamic Bank (QISB.QA).
Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi index extending gains from the previous session, while Dubai dipped into the red on profit-taking.
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Al Rajhi Bank (1120.SE) gaining 0.9% and petrochemical maker Saudi Basic Industries Corp (2010.SE) advancing 1.1%.
On Wednesday Capital Market Authority approved intial public offering of Saudi Tadawul Group, the owner and operator of the country's stock market.
Ratings agency Moody's changed Saudi Arabia's outlook on Friday to "stable" from "negative", saying it was likely the government would reverse most of its 2020 debt increase while preserving fiscal buffers. read more
But oil giant Saudi Aramco (2222.SE) fell 0.7%, as the stock traded ex-dividend.
Dubai's main share index (.DFMGI) dropped 0.6%, weighed down by a 1.3% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 3.1% retreat in Dubai Investments (DINV.DU).
On the other hand, the Dubai Financial Market (DFM.DU) leapt 8.8%, extending gains for a fourth session, following 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
In Abu Dhabi, the index (.ADI) eased 0.1%, with telecoms giant Etisalat (ETISALAT.AD) losing 0.7%.
Meanwhile, Abu Dhabi's Department of Energy announced nine new projects that will contribute to the United Arab Emirates' Net Zero by 2050 strategic initiative, the Emirate's media office said in a statement on Friday. read more
The Gulf state last month announced a plan for net-zero emissions by 2050 and would oversee 600 billion dirhams in investment in renewable energy.
The Qatari index (.QSI) added 0.1%, led by a 0.9% increase in Qatar Islamic Bank (QISB.QA).
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