Saudi Arabia gets $3.25 billion with year's third international bond sale | Reuters
Saudi Arabia sold $3.25 billion in dual-tranche bonds on Tuesday comprising a sukuk tranche and a conventional portion in its third international bond sale of the year, a term sheet viewed by Reuters showed.
The world's top oil exporter sold $1.25 billion in 30-year bonds at 3.36% and $2 billion in sukuk due in May 2031 at 90 basis points over U.S. Treasuries (UST), the term sheet showed.
Guidance was tightened after orders peaked over $11.5 billion earlier on Tuesday. Initial guidance was around 3.6% for the conventional and around 110 bps over UST for the sukuk.
Orders at final guidance were over $4.1 billion for the conventional tranche and $6.9 billion for the sukuk.
The deal was expected between $2.5 billion and $3 billion but strong demand allowed it to launch on the low end of final guidance while still increasing the size.
Tuesday, 9 November 2021
Oil rises on higher demand forecasts, tight supplies | Reuters
Oil rises on higher demand forecasts, tight supplies | Reuters
Oil prices rose to a two-week high on Tuesday after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.
Prices rallied after the U.S. Energy Information Administration (EIA) in its Short Term Energy Outlook (STEO) on Tuesday projected retail gasoline prices would decline over the next several months.
U.S. President Joe Biden's administration said it would use price forecasts in the STEO report to determine whether to release oil from the nation's Strategic Petroleum Reserve (SPR). read more
Analysts said if the STEO had shown a huge rise in projected gasoline prices, the Biden administration was likely to release lots of oil from the SPR quickly, which would have depressed prices.
Brent futures rose $1.35, or 1.6%, to settle at $84.78 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.22, or 2.7%, to settle at $84.15.
They were the highest closes for both benchmarks since Oct. 26.
Oil prices rose to a two-week high on Tuesday after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.
Prices rallied after the U.S. Energy Information Administration (EIA) in its Short Term Energy Outlook (STEO) on Tuesday projected retail gasoline prices would decline over the next several months.
U.S. President Joe Biden's administration said it would use price forecasts in the STEO report to determine whether to release oil from the nation's Strategic Petroleum Reserve (SPR). read more
Analysts said if the STEO had shown a huge rise in projected gasoline prices, the Biden administration was likely to release lots of oil from the SPR quickly, which would have depressed prices.
Brent futures rose $1.35, or 1.6%, to settle at $84.78 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.22, or 2.7%, to settle at $84.15.
They were the highest closes for both benchmarks since Oct. 26.
HSBC Chosen to Advise on #Saudi Food Giant’s IPO as Boom Rolls On - Bloomberg
HSBC Chosen to Advise on Saudi Food Giant’s IPO as Boom Rolls On - Bloomberg
Almunajem Foods Co., one of the largest Saudi food companies, has appointed HSBC Holdings Plc as adviser to manage its initial public offering, according to people familiar with the matter.
Riyadh-based Almunajem, which specializes in the import and distribution of food in the kingdom, could announce the deal as soon as in the next few weeks, the people said, asking not to be identified because the information is private.
Almunajem and HSBC didn’t immediately respond to requests for comments.
The planned listing adds to a busy year for share sales in Saudi Arabia.
The listings coming to Riyadh’s bourse soon will include the stock exchange itself, in a deal that could value it at between $3 billion and $4 billion, people familiar with the matter said last month. The specialty chemicals business of Saudi Basic Industries Corp. is also expected to go public in the next 12 months.
In September, Almunajem received the market’s regulator nod to float a 30% stake, representing 18 million shares. Almunajem supplies foodstuffs to more than 22,000 outlets, including retail, food services, and wholesale channels, according to its website.
Almunajem Foods Co., one of the largest Saudi food companies, has appointed HSBC Holdings Plc as adviser to manage its initial public offering, according to people familiar with the matter.
Riyadh-based Almunajem, which specializes in the import and distribution of food in the kingdom, could announce the deal as soon as in the next few weeks, the people said, asking not to be identified because the information is private.
Almunajem and HSBC didn’t immediately respond to requests for comments.
The planned listing adds to a busy year for share sales in Saudi Arabia.
The listings coming to Riyadh’s bourse soon will include the stock exchange itself, in a deal that could value it at between $3 billion and $4 billion, people familiar with the matter said last month. The specialty chemicals business of Saudi Basic Industries Corp. is also expected to go public in the next 12 months.
In September, Almunajem received the market’s regulator nod to float a 30% stake, representing 18 million shares. Almunajem supplies foodstuffs to more than 22,000 outlets, including retail, food services, and wholesale channels, according to its website.
Oil edges up on rising demand forecasts, ahead of U.S. price outlook | Reuters
Oil edges up on rising demand forecasts, ahead of U.S. price outlook | Reuters
Oil prices edged up on Tuesday as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.
The rally came ahead of the U.S. Energy Information Administration's (EIA) release of oil and gasoline price predictions in its Short Term Energy Outlook (STEO), which U.S. President Joe Biden's administration has said it would use to determine whether to release oil from the nation's Strategic Petroleum Reserve (SPR). read more
Brent futures rose 61 cents, or 0.7%, to $84.04 a barrel by 11:16 a.m. EST (1616 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.04, or 1.3%, to $82.97.
That puts both Brent and WTI on track for their highest closes since Nov. 2.
Oil prices edged up on Tuesday as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.
The rally came ahead of the U.S. Energy Information Administration's (EIA) release of oil and gasoline price predictions in its Short Term Energy Outlook (STEO), which U.S. President Joe Biden's administration has said it would use to determine whether to release oil from the nation's Strategic Petroleum Reserve (SPR). read more
Brent futures rose 61 cents, or 0.7%, to $84.04 a barrel by 11:16 a.m. EST (1616 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.04, or 1.3%, to $82.97.
That puts both Brent and WTI on track for their highest closes since Nov. 2.
Mashreq’s Q3 profit rises on strong capital and liquidity
Mashreq’s Q3 profit rises on strong capital and liquidity
Mashreq, the Dubai lender controlled by the Al Ghurair family, posted a higher profit during the third quarter of this year, underpinned by a strong capital and liquidity position.
The company declared a net profit of Dh180m ($50m) in three months to the end of September, compared to a net loss of Dh183m during the same period last year, the lender said in a statement to the Dubai Financial Market, where its shares are traded. It was more than three-fold up on a quarterly basis.
The UAE national economy has returned to growth, providing new opportunities for Mashreq across all lines of business, Abdul Aziz Al Ghurair, chairman of Mashreq, said in a statement on Tuesday.
Despite a conservative risk strategy, the bank has been able to deliver “robust growth and maintain a comfortable liquidity position, providing fiscal headroom to continue to invest in our most vital asset, our people”.
Mashreq, the Dubai lender controlled by the Al Ghurair family, posted a higher profit during the third quarter of this year, underpinned by a strong capital and liquidity position.
The company declared a net profit of Dh180m ($50m) in three months to the end of September, compared to a net loss of Dh183m during the same period last year, the lender said in a statement to the Dubai Financial Market, where its shares are traded. It was more than three-fold up on a quarterly basis.
The UAE national economy has returned to growth, providing new opportunities for Mashreq across all lines of business, Abdul Aziz Al Ghurair, chairman of Mashreq, said in a statement on Tuesday.
Despite a conservative risk strategy, the bank has been able to deliver “robust growth and maintain a comfortable liquidity position, providing fiscal headroom to continue to invest in our most vital asset, our people”.
#SaudiArabia's Tadawul increases size of its shares offered to retail investors in IPO
Saudi Arabia's Tadawul increases size of its shares offered to retail investors in IPO
Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, said it has increased the size of the offering for retail investors to 30 per cent, up from 10 per cent that were offered initially, as it seeks to increase the participation of individual investors.
The holding company plans to sell 36 million shares or 30 per cent of its 120 million issued share capital to the public, it said in a statement earlier this week.
“Our aim is to provide an adequate opportunity to all type of investors in the Saudi equity market to participate in the offering," Khalid Al Hussan, chief executive of Saudi Tadawul Group, said.
"Individual investors’ demand has been high, as seen during recent IPOs in Saudi Arabia, and we wanted to seize this momentum to encourage diversity in our shareholding structure post listing."
Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, said it has increased the size of the offering for retail investors to 30 per cent, up from 10 per cent that were offered initially, as it seeks to increase the participation of individual investors.
The holding company plans to sell 36 million shares or 30 per cent of its 120 million issued share capital to the public, it said in a statement earlier this week.
“Our aim is to provide an adequate opportunity to all type of investors in the Saudi equity market to participate in the offering," Khalid Al Hussan, chief executive of Saudi Tadawul Group, said.
"Individual investors’ demand has been high, as seen during recent IPOs in Saudi Arabia, and we wanted to seize this momentum to encourage diversity in our shareholding structure post listing."
Mashreq Bank Draws $100 Million N.Y. Fine Over Sudan Violations - Bloomberg
Mashreq Bank Draws $100 Million N.Y. Fine Over Sudan Violations - Bloomberg
Mashreqbank PSC, Dubai’s third-biggest bank, will pay $100 million to settle allegations that it violated U.S. sanctions by illegally processing more $4 billion of payments tied to Sudan, a New York financial regulator said Tuesday.
The oldest privately owned lender in the United Arab Emirates processed the transactions from 2005 to 2014 and instructed employees to leave out key details in messages sent between banks that would have linked the transactions to Sudan, according to a consent order with the New York Department of Financial Services. By concealing those details, the transactions avoided detection from other banks’ compliance departments, which otherwise could have triggered alerts or asset freezes, DFS said.
“The sanctions regulations exist to protect the national security of the United States, and Mashreq’s actions to circumvent those regulations were illegal and dangerous and will not be tolerated in an institution that has enjoyed the benefits of doing business in New York,” said Adrienne Harris, the regulator’s acting superintendent.
After news broke in 2009 that a Swiss bank used by Mashreq was under investigation, the Dubai lender closed all U.S. dollar accounts held by Sudanese banks. But Mashreq didn’t disclose the prohibited transactions to New York’s regulator, as required by regulations, until 2015, DFS said. From 2010 to 2014, Mashreq’s New York Branch processed another $2.5 million in Sudan-related payments.
As part of the accord, the bank will provide a report on its anti-money laundering policies and procedures to DFS, which acknowledged the bank’s “substantial cooperation.” The Treasury Department’s Office of Foreign Assets Control and the Federal Reserve Board also reached settlements with the bank, the New York regulator said.
The U.S. imposed sanctions on Sudan in 1997 for supporting international terrorism and human rights abuses.
Mashreqbank PSC, Dubai’s third-biggest bank, will pay $100 million to settle allegations that it violated U.S. sanctions by illegally processing more $4 billion of payments tied to Sudan, a New York financial regulator said Tuesday.
The oldest privately owned lender in the United Arab Emirates processed the transactions from 2005 to 2014 and instructed employees to leave out key details in messages sent between banks that would have linked the transactions to Sudan, according to a consent order with the New York Department of Financial Services. By concealing those details, the transactions avoided detection from other banks’ compliance departments, which otherwise could have triggered alerts or asset freezes, DFS said.
“The sanctions regulations exist to protect the national security of the United States, and Mashreq’s actions to circumvent those regulations were illegal and dangerous and will not be tolerated in an institution that has enjoyed the benefits of doing business in New York,” said Adrienne Harris, the regulator’s acting superintendent.
After news broke in 2009 that a Swiss bank used by Mashreq was under investigation, the Dubai lender closed all U.S. dollar accounts held by Sudanese banks. But Mashreq didn’t disclose the prohibited transactions to New York’s regulator, as required by regulations, until 2015, DFS said. From 2010 to 2014, Mashreq’s New York Branch processed another $2.5 million in Sudan-related payments.
As part of the accord, the bank will provide a report on its anti-money laundering policies and procedures to DFS, which acknowledged the bank’s “substantial cooperation.” The Treasury Department’s Office of Foreign Assets Control and the Federal Reserve Board also reached settlements with the bank, the New York regulator said.
The U.S. imposed sanctions on Sudan in 1997 for supporting international terrorism and human rights abuses.
#Dubai's Expo Spurs Tourism - Bloomberg video
Dubai's Expo Spurs Tourism - Bloomberg
Monica Malik, Abu Dhabi Commercial Bank Chief Economist discusses Dubai's successful management of pandemic. She speaks with Manus Cranny on "Bloomberg Daybreak: Middle East."
#SaudiArabia Readies Third Foreign Bond Sale of Year - Bloomberg
Saudi Arabia Readies Third Foreign Bond Sale of Year - Bloomberg
Saudi Arabia is tapping the international bond market for the third time this year to lock in low borrowing costs.
The kingdom is selling dollar-denominated Islamic debt maturing in 9 1/2 years and a 30-year conventional bond, according to a person familiar with the matter. The deal may price on Tuesday, the person said.
The Saudi economy has rebounded this year as the coronavirus pandemic eases and oil prices soar. Moody’s Investors Service raised the country’s credit-rating outlook to stable from negative on Friday, citing the government’s improving fiscal position.
Saudi Arabia is tapping the international bond market for the third time this year to lock in low borrowing costs.
The kingdom is selling dollar-denominated Islamic debt maturing in 9 1/2 years and a 30-year conventional bond, according to a person familiar with the matter. The deal may price on Tuesday, the person said.
The Saudi economy has rebounded this year as the coronavirus pandemic eases and oil prices soar. Moody’s Investors Service raised the country’s credit-rating outlook to stable from negative on Friday, citing the government’s improving fiscal position.
India's Paytm's IPO subscribed 48% as fintech firm heads into last issue day | Reuters
India's Paytm's IPO subscribed 48% as fintech firm heads into last issue day | Reuters
Indian fintech firm Paytm's initial public offering (IPO) of up to 183 billion rupees ($2.47 billion) was subscribed 48% on the second day of the issue period, receiving bids for 23.5 million shares, stock exchange data showed on Tuesday.
Earlier in the day, Canada Pension Plan Investment Board put in an order for about 6 million shares in the main book, a source told Reuters. At the higher end of the price band, this translates to about 12.8 billion rupees.
Paytm has put 48.3 million shares for sale in what is expected to be India's largest stock market listing, surging past miner Coal India's 150 billion rupees IPO more than a decade ago.
Ant Group-backed Paytm said last week it allocated shares worth 82.35 billion rupees to more than 100 institutional investors, including the government of Singapore, BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority.
Indian fintech firm Paytm's initial public offering (IPO) of up to 183 billion rupees ($2.47 billion) was subscribed 48% on the second day of the issue period, receiving bids for 23.5 million shares, stock exchange data showed on Tuesday.
Earlier in the day, Canada Pension Plan Investment Board put in an order for about 6 million shares in the main book, a source told Reuters. At the higher end of the price band, this translates to about 12.8 billion rupees.
Paytm has put 48.3 million shares for sale in what is expected to be India's largest stock market listing, surging past miner Coal India's 150 billion rupees IPO more than a decade ago.
Ant Group-backed Paytm said last week it allocated shares worth 82.35 billion rupees to more than 100 institutional investors, including the government of Singapore, BlackRock Global Funds, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority.
Mobius Bets on ‘50-Year Rally’ in Indian Stocks as China Slows - Bloomberg
Mobius Bets on ‘50-Year Rally’ in Indian Stocks as China Slows - Bloomberg
Veteran investor Mark Mobius has allocated almost half of his emerging-markets fund to India and Taiwan to help offset a slide in China shares that has dragged down returns from developing nations as a whole.
“India is on a 50-year rally,” even if there are short bouts of bear markets, Mobius said in an interview on Bloomberg Television. “India is maybe where China used to be 10 years ago,” he said, adding the government policies of unifying rules across states will help the country in the long run.
Mobius’ bullish view on India clashes with those of analysts at Morgan Stanley and Nomura Holdings Inc., who have downgraded the stock market after the benchmark S&P BSE Sensex Index more than doubled from a March 2020 low.
Veteran investor Mark Mobius has allocated almost half of his emerging-markets fund to India and Taiwan to help offset a slide in China shares that has dragged down returns from developing nations as a whole.
“India is on a 50-year rally,” even if there are short bouts of bear markets, Mobius said in an interview on Bloomberg Television. “India is maybe where China used to be 10 years ago,” he said, adding the government policies of unifying rules across states will help the country in the long run.
Mobius’ bullish view on India clashes with those of analysts at Morgan Stanley and Nomura Holdings Inc., who have downgraded the stock market after the benchmark S&P BSE Sensex Index more than doubled from a March 2020 low.
BlackRock (BLK), Brookfield (BAM) Are Among Bidders for Aramco Gas Pipelines - Bloomberg
BlackRock (BLK), Brookfield (BAM) Are Among Bidders for Aramco Gas Pipelines - Bloomberg
BlackRock Inc., Brookfield Asset Management Inc. and EIG are among investment firms that made final bids for a stake in Saudi Aramco’s natural-gas pipeline network that could fetch more than $15 billion, people familiar with the matter said.
Italian energy infrastructure operator Snam SpA, China’s state-backed Silk Road Fund Co. and Saudi government-controlled Hassana Investment Co. also made offers for the asset, the people said. Bidders are now discussing teaming up to form a consortium, the people said, asking not to be identified discussing confidential information.
Saudi state oil giant Aramco could inform suitors on the outcome of their bids as soon as this month, according to the people.
Representatives for Aramco and Snam declined to comment. Spokespeople for BlackRock, Brookfield, EIG, Hassana and Silk Road didn’t immediately respond to requests for comment.
BlackRock Inc., Brookfield Asset Management Inc. and EIG are among investment firms that made final bids for a stake in Saudi Aramco’s natural-gas pipeline network that could fetch more than $15 billion, people familiar with the matter said.
Italian energy infrastructure operator Snam SpA, China’s state-backed Silk Road Fund Co. and Saudi government-controlled Hassana Investment Co. also made offers for the asset, the people said. Bidders are now discussing teaming up to form a consortium, the people said, asking not to be identified discussing confidential information.
Saudi state oil giant Aramco could inform suitors on the outcome of their bids as soon as this month, according to the people.
Representatives for Aramco and Snam declined to comment. Spokespeople for BlackRock, Brookfield, EIG, Hassana and Silk Road didn’t immediately respond to requests for comment.
#Dubai bourse gains on property shares; #Saudi retreats | Reuters
Dubai bourse gains on property shares; Saudi retreats | Reuters
Most stock markets in the Gulf ended higher on Tuesday, with Dubai index rising on the back of property shares, while Saudi stocks fell, ending three sessions of gains.
Dubai's main share index (.DFMGI) rose 0.5%, boosted by a 3.4% rise in blue-chip developer Emaar Properties (EMAR.DU), while its unit Emaar Malls (EMAA.DU) jumped 3.9%, following a sharp rise in quarterly earnings.
Emaar Properties, which owns close to 85% of Emaar Malls, will buy out minority shareholders of the unit and delist the business by year-end.
The index's gains, however, were capped by declines at Dubai Financial Market (DFM) (DFM.DU), which plunged 10%. That ended a six-day winning streak, during which the stock soared about 70% on Dubai's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
Saudi Arabia's benchmark index (.TASI) dropped 0.8%, weighed down by a 1.6% fall in Al Rajhi Bank (1120.SE) and a 4% slide in Saudi Electricity Co (5110.SE).
Investors remain cautious ahead of the U.S. inflation and job market releases. The market could however recover as economic growth remains strong and oil prices resilient, said Farah Mourad, senior market analyst of XTB MENA.
Meanwhile, the Saudi economy grew 6.8% in the third quarter from a year ago, its fastest expansion since 2012, as the world's top oil exporter benefits from rebounding global energy demand. read more
In Abu Dhabi, the index (.ADI) added 0.2%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 0.3%.
The Qatari index (.QSI) edged 0.2% higher, supported by a 1.2% rise in Commercial Bank (COMB.QA) and a 1% increase in Qatar Fuel Co (QFLS.QA).
Qatar's government budget recorded a surplus of 0.9 billion riyals ($246.87 million) in the third quarter, boosting the nine-month surplus in 2021 to 4.9 billion riyals, as higher energy prices increased the Gulf nation's revenue. read more
Qatar is one of the world's top liquefied natural gas exporters.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 0.8%, following price corrections in the previous few sessions, with Commercial International Bank (COMI.CA) rising 2.7%.
Dubai's main share index (.DFMGI) rose 0.5%, boosted by a 3.4% rise in blue-chip developer Emaar Properties (EMAR.DU), while its unit Emaar Malls (EMAA.DU) jumped 3.9%, following a sharp rise in quarterly earnings.
Emaar Properties, which owns close to 85% of Emaar Malls, will buy out minority shareholders of the unit and delist the business by year-end.
The index's gains, however, were capped by declines at Dubai Financial Market (DFM) (DFM.DU), which plunged 10%. That ended a six-day winning streak, during which the stock soared about 70% on Dubai's plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
Saudi Arabia's benchmark index (.TASI) dropped 0.8%, weighed down by a 1.6% fall in Al Rajhi Bank (1120.SE) and a 4% slide in Saudi Electricity Co (5110.SE).
Investors remain cautious ahead of the U.S. inflation and job market releases. The market could however recover as economic growth remains strong and oil prices resilient, said Farah Mourad, senior market analyst of XTB MENA.
Meanwhile, the Saudi economy grew 6.8% in the third quarter from a year ago, its fastest expansion since 2012, as the world's top oil exporter benefits from rebounding global energy demand. read more
In Abu Dhabi, the index (.ADI) added 0.2%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 0.3%.
The Qatari index (.QSI) edged 0.2% higher, supported by a 1.2% rise in Commercial Bank (COMB.QA) and a 1% increase in Qatar Fuel Co (QFLS.QA).
Qatar's government budget recorded a surplus of 0.9 billion riyals ($246.87 million) in the third quarter, boosting the nine-month surplus in 2021 to 4.9 billion riyals, as higher energy prices increased the Gulf nation's revenue. read more
Qatar is one of the world's top liquefied natural gas exporters.
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 0.8%, following price corrections in the previous few sessions, with Commercial International Bank (COMI.CA) rising 2.7%.
#AbuDhabi's stock exchange submits SPAC framework proposal -statement | Reuters
Abu Dhabi's stock exchange submits SPAC framework proposal -statement | Reuters
Abu Dhabi has proposed a regulatory framework to allow the listing of blank-cheque companies, potentially opening the door to a slew of Gulf-focused deals involving special-purpose acquisition companies (SPACs).
The proposal led by the Abu Dhabi Securities Exchange (ADX) and the Department of Economic Development has been submitted to the Securities and Commodities Authority, the ADX said in a statement on Tuesday.
The move would allow SPACs to publicly list, it said, while the framework would also open up sponsors outside of the United Arab Emirates to apply for approval to list their SPACs on the local exchange.
A burgeoning dealmaking instrument, SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.
Abu Dhabi-headquartered Anghami, the Middle East's rival to Spotify, earlier this year announced it was merging with a SPAC, with a planned listing on the Nasdaq exchange, after achieving the valuation it was looking for.
Abu Dhabi's Brooge Petroleum and Gas Investment Co (BPGIC), which operates an oil storage and service business, also used the technique to list on the Nasdaq in 2019.
Abu Dhabi has proposed a regulatory framework to allow the listing of blank-cheque companies, potentially opening the door to a slew of Gulf-focused deals involving special-purpose acquisition companies (SPACs).
The proposal led by the Abu Dhabi Securities Exchange (ADX) and the Department of Economic Development has been submitted to the Securities and Commodities Authority, the ADX said in a statement on Tuesday.
The move would allow SPACs to publicly list, it said, while the framework would also open up sponsors outside of the United Arab Emirates to apply for approval to list their SPACs on the local exchange.
A burgeoning dealmaking instrument, SPACs raise money to acquire a private firm with the purpose of taking it public, allowing the target to list more quickly on share markets than via traditional initial public offerings.
Abu Dhabi-headquartered Anghami, the Middle East's rival to Spotify, earlier this year announced it was merging with a SPAC, with a planned listing on the Nasdaq exchange, after achieving the valuation it was looking for.
Abu Dhabi's Brooge Petroleum and Gas Investment Co (BPGIC), which operates an oil storage and service business, also used the technique to list on the Nasdaq in 2019.
Oil approaches $84 as lifting of U.S. travel ban boosts demand | Reuters
Oil approaches $84 as lifting of U.S. travel ban boosts demand | Reuters
Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery lifted the demand outlook, while supply remained tight.
On Monday, travellers took off for the United States again, while the passing of U.S. President Joe Biden's infrastructure bill and better-than-expected Chinese exports helped paint a picture of a recovering global economy. read more
Brent crude rose 31 cents, or 0.4%, to $83.74 a barrel by 1150 GMT, after gaining 0.8% on Monday. U.S. oil advanced 36 cents, or 0.4%, to $82.29, also after a 0.8% rise the previous day.
"With the re-opening of U.S. borders for vaccinated travellers, jet fuel demand ought to receive a healthy ... boost," said Tamas Varga of oil broker PVM.
Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery lifted the demand outlook, while supply remained tight.
On Monday, travellers took off for the United States again, while the passing of U.S. President Joe Biden's infrastructure bill and better-than-expected Chinese exports helped paint a picture of a recovering global economy. read more
Brent crude rose 31 cents, or 0.4%, to $83.74 a barrel by 1150 GMT, after gaining 0.8% on Monday. U.S. oil advanced 36 cents, or 0.4%, to $82.29, also after a 0.8% rise the previous day.
"With the re-opening of U.S. borders for vaccinated travellers, jet fuel demand ought to receive a healthy ... boost," said Tamas Varga of oil broker PVM.
Aramco Warns Oil Spare Capacity to Shrink as People Fly More - Bloomberg
Aramco Warns Oil Spare Capacity to Shrink as People Fly More - Bloomberg
Spare capacity in the oil market will shrink significantly next year as travel rebounds and due to a lack of investment among producers, according to Saudi Aramco.
Surplus capacity is the equivalent of 3 million to 4 million barrels a day and will drop as demand for jet fuel increases, Chief Executive Officer Amin Nasser said.
“The buffer might diminish, especially next year,” he said Tuesday via video during the Nikkei Global Management Forum.
Spare capacity in the oil market will shrink significantly next year as travel rebounds and due to a lack of investment among producers, according to Saudi Aramco.
Surplus capacity is the equivalent of 3 million to 4 million barrels a day and will drop as demand for jet fuel increases, Chief Executive Officer Amin Nasser said.
“The buffer might diminish, especially next year,” he said Tuesday via video during the Nikkei Global Management Forum.
#Dubai Developer Union Properties’ Chairman Detained Amid Probe - Bloomberg
Dubai Developer Union Properties’ Chairman Detained Amid Probe - Bloomberg
A United Arab Emirates prosecutor has ordered the detention of the chairman of Dubai-based Union Properties PJSC pending an investigation into alleged financial violations at one of the country’s biggest developers.
Khalifa Al Hammadi’s detention was requested by the Federal Public Funds Prosecution and “the case is still under investigation,” the company said in a stock market disclosure, citing a letter from the authorities. A spokesman for Union Properties declined to comment when contacted by Bloomberg on Tuesday.
Last month, the UAE attorney general announced a “major” investigation into alleged financial violations at the company, sending its shares into a tailspin. The probe followed complaints by the market regulator, the Securities and Commodities Authority, alleging violations by the company’s board chairman and other officials.
The allegations include the firm selling property at less than its real value and suspected violations of accounting standards systems to hide losses.
A United Arab Emirates prosecutor has ordered the detention of the chairman of Dubai-based Union Properties PJSC pending an investigation into alleged financial violations at one of the country’s biggest developers.
Khalifa Al Hammadi’s detention was requested by the Federal Public Funds Prosecution and “the case is still under investigation,” the company said in a stock market disclosure, citing a letter from the authorities. A spokesman for Union Properties declined to comment when contacted by Bloomberg on Tuesday.
Last month, the UAE attorney general announced a “major” investigation into alleged financial violations at the company, sending its shares into a tailspin. The probe followed complaints by the market regulator, the Securities and Commodities Authority, alleging violations by the company’s board chairman and other officials.
The allegations include the firm selling property at less than its real value and suspected violations of accounting standards systems to hide losses.
Oil approaches $84 as lifting of U.S. travel ban boosts demand | Reuters
Oil approaches $84 as lifting of U.S. travel ban boosts demand | Reuters
Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery lifted the demand outlook, while supply remained tight.
On Monday, travellers took off for the United States again, while the passing of U.S. President Joe Biden's infrastructure bill and better-than-expected Chinese exports helped paint a picture of a recovering global economy. read more
Brent crude rose 50 cents, or 0.6%, to $83.93 a barrel by 0920 GMT, after gaining 0.8% on Monday. U.S. oil advanced 41 cents, or 0.5%, to $82.34, also after a 0.8% rise the previous day.
"With the re-opening of U.S. borders for vaccinated travellers, jet fuel demand ought to receive a healthy ... boost," said Tamas Varga of oil broker PVM.
Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery lifted the demand outlook, while supply remained tight.
On Monday, travellers took off for the United States again, while the passing of U.S. President Joe Biden's infrastructure bill and better-than-expected Chinese exports helped paint a picture of a recovering global economy. read more
Brent crude rose 50 cents, or 0.6%, to $83.93 a barrel by 0920 GMT, after gaining 0.8% on Monday. U.S. oil advanced 41 cents, or 0.5%, to $82.34, also after a 0.8% rise the previous day.
"With the re-opening of U.S. borders for vaccinated travellers, jet fuel demand ought to receive a healthy ... boost," said Tamas Varga of oil broker PVM.
IMF expects GCC reserves to grow by $300-$350 bln in three years on higher oil prices | Reuters
IMF expects GCC reserves to grow by $300-$350 bln in three years on higher oil prices | Reuters
The International Monetary Fund expects the foreign reserves of the six oil-rich Arab countries of the Gulf Cooperation Council (GCC) to increase by $300-$350 billion in the next three years, a senior official said on Tuesday.
The GCC - which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman - "will benefit from the increase in oil prices", Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, told Asharq TV.
Oil prices have risen about 60% from the start of the year as global demand recovers from the coronavirus pandemic.
The International Monetary Fund expects the foreign reserves of the six oil-rich Arab countries of the Gulf Cooperation Council (GCC) to increase by $300-$350 billion in the next three years, a senior official said on Tuesday.
The GCC - which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman - "will benefit from the increase in oil prices", Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, told Asharq TV.
Oil prices have risen about 60% from the start of the year as global demand recovers from the coronavirus pandemic.
#Dubai Business Activity Jumps to Two-Year High on Expo Boost - Bloomberg
Dubai Business Activity Jumps to Two-Year High on Expo Boost - Bloomberg
Dubai’s business conditions saw the sharpest improvement in two years last month, spurred by a rebound in new orders and increased tourism as Expo 2020 got under way.
Growth across much of the non-oil private sector accelerated, according to IHS Markit. Its Purchasing Managers’ Index for the Middle East’s main business hub jumped to 54.5 in October from 51.5 in September, above the 50 mark that separates growth from contraction and the highest level since October 2019.
“The initial surge in sales contributed to a sharp expansion in activity, suggesting that the economy is well on the way to recovering from the pandemic,” said David Owen, an economist at IHS Markit. “Job creation was again signaled across only a small proportion of the survey panel in October. However, with tourism reviving and capacity pressures growing, this will likely improve in the coming months.”
Dubai’s business conditions saw the sharpest improvement in two years last month, spurred by a rebound in new orders and increased tourism as Expo 2020 got under way.
Growth across much of the non-oil private sector accelerated, according to IHS Markit. Its Purchasing Managers’ Index for the Middle East’s main business hub jumped to 54.5 in October from 51.5 in September, above the 50 mark that separates growth from contraction and the highest level since October 2019.
“The initial surge in sales contributed to a sharp expansion in activity, suggesting that the economy is well on the way to recovering from the pandemic,” said David Owen, an economist at IHS Markit. “Job creation was again signaled across only a small proportion of the survey panel in October. However, with tourism reviving and capacity pressures growing, this will likely improve in the coming months.”
- The recovery in tourism was one of the main contributors behind the upturn.
- Companies cited an increase in orders both locally and overseas.
- The rise in output was the sharpest since July 2019, with growth gathering pace in sectors including construction, tourism and wholesale and retail.
- The city’s employment rate was marginal as job creation was in part linked to an increase in work backlogs.
- Supply chains improved with the easing of travel restrictions.
- Price pressures were muted, with a little advance in input costs that was the joint-weakest in eight months.
- Future business confidence improved notably and overall expectations were the highest since March 2020, still weaker than pre-Covid trends.
#SaudiArabia Economy Grows at Fastest Rate in Nearly a Decade - Bloomberg
Saudi Arabia Economy Grows at Fastest Rate in Nearly a Decade - Bloomberg
Saudi Arabia’s economy grew at its fastest pace in nearly a decade in the third quarter, boosted by higher oil prices, according to preliminary estimates from the government.
Gross domestic product in the kingdom expanded by 6.8% compared to the same quarter of 2020, the General Authority for Statistics said Tuesday, its fastest pace since 2012, when oil prices averaged $122 a barrel. It grew 5.8% compared to the previous three months.
The oil sector grew 9% year-on-year, while the non-oil economy -- the engine of job creation -- expanded by 6.2%. It grew 1.6% from the previous quarter, when non-oil activity performed worse than expected.
Saudi Arabia’s economy grew at its fastest pace in nearly a decade in the third quarter, boosted by higher oil prices, according to preliminary estimates from the government.
Gross domestic product in the kingdom expanded by 6.8% compared to the same quarter of 2020, the General Authority for Statistics said Tuesday, its fastest pace since 2012, when oil prices averaged $122 a barrel. It grew 5.8% compared to the previous three months.
The oil sector grew 9% year-on-year, while the non-oil economy -- the engine of job creation -- expanded by 6.2%. It grew 1.6% from the previous quarter, when non-oil activity performed worse than expected.
Oil approaches $84 as lifting of U.S. travel ban boosts demand | Reuters
Oil approaches $84 as lifting of U.S. travel ban boosts demand | Reuters
Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery lifted the demand outlook, while supply remained tight.
On Monday, travellers took off for the United States again, while the passing of U.S. President Joe Biden's infrastructure bill and better-than-expected Chinese exports helped paint a picture of a recovering global economy. read more
Brent crude rose 50 cents, or 0.6%, to $83.93 a barrel by 0920 GMT, after gaining 0.8% on Monday. U.S. oil advanced 41 cents, or 0.5%, to $82.34, also after a 0.8% rise the previous day.
"With the re-opening of U.S. borders for vaccinated travellers, jet fuel demand ought to receive a healthy ... boost," said Tamas Varga of oil broker PVM.
Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery lifted the demand outlook, while supply remained tight.
On Monday, travellers took off for the United States again, while the passing of U.S. President Joe Biden's infrastructure bill and better-than-expected Chinese exports helped paint a picture of a recovering global economy. read more
Brent crude rose 50 cents, or 0.6%, to $83.93 a barrel by 0920 GMT, after gaining 0.8% on Monday. U.S. oil advanced 41 cents, or 0.5%, to $82.34, also after a 0.8% rise the previous day.
"With the re-opening of U.S. borders for vaccinated travellers, jet fuel demand ought to receive a healthy ... boost," said Tamas Varga of oil broker PVM.
Property shares buoy #Dubai index; #AbuDhabi eases | Reuters
Property shares buoy Dubai index; Abu Dhabi eases | Reuters
Dubai shares rose in early trade on Tuesday, boosted by real estate stocks, while the Abu Dhabi index retreated from a record high hit in the previous session.
Dubai's main share index (.DFMGI) advanced 1.1%, buoyed by a 3.2% rise in blue-chip developer Emaar Properties (EMAR.DU), while its unit Emaar Malls (EMAA.DU) jumped 4.7%, following a sharp rise in quarterly earnings.
Emaar Properties, which owns close to 85% of Emaar Malls, will buy out minority shareholders of the unit and delist the business by this year-end.
Dubai Financial Market (DFM.DU) declined 2.5% and was set to end a six-day winning streak triggered after the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
In Abu Dhabi, the index (.ADI) eased 0.1% from a record high hit a day earlier, with conglomerate International Holding Co (IHC.AD) falling 0.3%.
Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD) reported a decline in quarterly earnings. However, the stock traded flat.
Saudi Arabia's benchmark index (.TASI) fell 0.1%, hit by a 0.7% drop in Saudi Telecom Company (7010.SE) and a 0.3% decrease in oil giant Saudi Aramco (2222.SE).
The kingdom is in talks with banks to amend the terms of a $16 billion loan due in 2023 and possibly reduce the size of the facility, sources said, as the world's top oil exporter looks to cut outstanding government debt and improve its balance sheet. read more
The Qatari index (.QSI) added 0.2%, with Islamic lender Masraf Al Rayan (MARK.QA) rising 0.5% and Commercial Bank (COMB.QA) gaining 0.6%.
Qatar's government budget recorded a surplus of 0.9 billion riyals ($247 million) in the third quarter, boosting the nine-month surplus in 2021 to 4.9 billion riyals, as higher energy prices increased the Gulf nation's revenue. read more
Qatar is one of the world's top liquefied natural gas exporters.
Dubai shares rose in early trade on Tuesday, boosted by real estate stocks, while the Abu Dhabi index retreated from a record high hit in the previous session.
Dubai's main share index (.DFMGI) advanced 1.1%, buoyed by a 3.2% rise in blue-chip developer Emaar Properties (EMAR.DU), while its unit Emaar Malls (EMAA.DU) jumped 4.7%, following a sharp rise in quarterly earnings.
Emaar Properties, which owns close to 85% of Emaar Malls, will buy out minority shareholders of the unit and delist the business by this year-end.
Dubai Financial Market (DFM.DU) declined 2.5% and was set to end a six-day winning streak triggered after the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.
In Abu Dhabi, the index (.ADI) eased 0.1% from a record high hit a day earlier, with conglomerate International Holding Co (IHC.AD) falling 0.3%.
Abu Dhabi National Oil Co for Distribution (ADNOCDIST.AD) reported a decline in quarterly earnings. However, the stock traded flat.
Saudi Arabia's benchmark index (.TASI) fell 0.1%, hit by a 0.7% drop in Saudi Telecom Company (7010.SE) and a 0.3% decrease in oil giant Saudi Aramco (2222.SE).
The kingdom is in talks with banks to amend the terms of a $16 billion loan due in 2023 and possibly reduce the size of the facility, sources said, as the world's top oil exporter looks to cut outstanding government debt and improve its balance sheet. read more
The Qatari index (.QSI) added 0.2%, with Islamic lender Masraf Al Rayan (MARK.QA) rising 0.5% and Commercial Bank (COMB.QA) gaining 0.6%.
Qatar's government budget recorded a surplus of 0.9 billion riyals ($247 million) in the third quarter, boosting the nine-month surplus in 2021 to 4.9 billion riyals, as higher energy prices increased the Gulf nation's revenue. read more
Qatar is one of the world's top liquefied natural gas exporters.
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