Oil bounces around, settles up despite strong dollar, near $83/barrel | Reuters
Oil prices settled slightly higher on Thursday, as the market grappled with a stronger U.S. dollar along with concern over increasing U.S. inflation, and after OPEC cut its 2021 oil demand forecast due to high prices.
Brent crude futures settled up 25 cents to $81.59 a barrel after falling during the session to $81.66. U.S. West Texas Intermediate (WTI) futures were up 23 cents to $82.87, bouncing off the session low of $80.20.
The energy complex traded higher toward the end of the session on confidence that post-pandemic demand would strengthen further in the coming months.
"Fresh highs lay ahead as the ingredients needed to place a top in this market remain elusive, namely global oil demand exceeding new production," said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.
Thursday, 11 November 2021
#AbuDhabi's ADGM set to double number of cryptocurrency exchanges
Abu Dhabi's ADGM set to double number of cryptocurrency exchanges
Abu Dhabi Global Market has three operational virtual assets, or what are commonly called cryptocurrency exchanges, and three more are at various stages of preparation for a soft launch as it looks to expand online asset trading options for investors, the financial hub's Financial Services Regulatory Authority chief executive said.
The soft launch phase refers to a stage where a company signs up clients and accepts their digital assets and fiat funds before commencing trading operations.
The regulator expects the “next few launches” to take place in the first half of next year, subject to final approvals, its chief executive Emmanuel Givanakis told The National in an interview.
Another six entities, including trading platforms and companies that offer custody services to investors, are looking at establishing operations.
Abu Dhabi Global Market has three operational virtual assets, or what are commonly called cryptocurrency exchanges, and three more are at various stages of preparation for a soft launch as it looks to expand online asset trading options for investors, the financial hub's Financial Services Regulatory Authority chief executive said.
The soft launch phase refers to a stage where a company signs up clients and accepts their digital assets and fiat funds before commencing trading operations.
The regulator expects the “next few launches” to take place in the first half of next year, subject to final approvals, its chief executive Emmanuel Givanakis told The National in an interview.
Another six entities, including trading platforms and companies that offer custody services to investors, are looking at establishing operations.
Billionaire Sawiris Says Now Is Not Time To Buy #Dubai Property - Bloomberg video
Billionaire Sawiris Says Now Is Not Time To Buy Dubai Property - Bloomberg
Naguib Sawiris, executive chairman of Orascom Investment Holdings and chairman of Ora Developers, says he wouldn't invest in Dubai's real estate market now as it is oversupplied. He speaks on ``Bloomberg Daybreak: Middle East''
#SaudiArabia Gives Citizenship to ‘Outstanding’ Expats in Shift - Bloomberg
Saudi Arabia Gives Citizenship to ‘Outstanding’ Expats in Shift - Bloomberg
Saudi Arabia granted citizenship to an unspecified number of foreigners whose expertise could help the country as it diversifies away from oil, a major shift that follows a similar decision by the neighboring UAE earlier this year.
The program targets people with “outstanding capabilities” and backgrounds in “rare specialties,” the official Saudi Press Agency reported. The kingdom will focus on naturalizing foreigners in fields including Shariah, medicine, science, culture, sports and technology, “in order to strengthen the pace of development” and boost its attractiveness for investment and human capital, the agency said.
Saudi Arabia becomes the second Gulf country to formalize a process aimed at giving expatriates a bigger stake in the economy after the UAE announced its own naturalization program for exceptional foreigners in January.
It also underlines the kingdom’s growing competition with its neighbors for business and talent as Crown Prince Mohammed bin Salman tries to expand non-oil sectors such as tourism and manufacturing.
Immigrants make up a third of the population in Saudi Arabia, but with extremely limited mechanisms for granting permanent residency or nationality, they have little long-term stability.
Even as officials work to attract more highly-educated foreigners, the government has been reserving for Saudis many jobs once occupied by lower-income immigrants from other Arab, Asian and African countries -- part of an effort to tackle citizen unemployment of over 11%.
Saudi Arabia granted citizenship to an unspecified number of foreigners whose expertise could help the country as it diversifies away from oil, a major shift that follows a similar decision by the neighboring UAE earlier this year.
The program targets people with “outstanding capabilities” and backgrounds in “rare specialties,” the official Saudi Press Agency reported. The kingdom will focus on naturalizing foreigners in fields including Shariah, medicine, science, culture, sports and technology, “in order to strengthen the pace of development” and boost its attractiveness for investment and human capital, the agency said.
Saudi Arabia becomes the second Gulf country to formalize a process aimed at giving expatriates a bigger stake in the economy after the UAE announced its own naturalization program for exceptional foreigners in January.
It also underlines the kingdom’s growing competition with its neighbors for business and talent as Crown Prince Mohammed bin Salman tries to expand non-oil sectors such as tourism and manufacturing.
Immigrants make up a third of the population in Saudi Arabia, but with extremely limited mechanisms for granting permanent residency or nationality, they have little long-term stability.
Even as officials work to attract more highly-educated foreigners, the government has been reserving for Saudis many jobs once occupied by lower-income immigrants from other Arab, Asian and African countries -- part of an effort to tackle citizen unemployment of over 11%.
Another #Saudi Family Empire Steps Into Glare of Public Markets - Bloomberg
Another Saudi Family Empire Steps Into Glare of Public Markets - Bloomberg
Amid a rush of initial public offerings, another Saudi family business is set to capitalize on soaring demand for stocks in the kingdom.
Riyadh-based Almunajem Foods Co. on Thursday became the latest family-owned firm to say it will test the equity markets. It appointed HSBC Holdings Plc as adviser to manage its IPO of a 30% stake, representing 18 million shares.
Now one of Saudi Arabia’s largest private food companies, Almunajem traces its roots to the early 1950s, when the group’s founder, Abdullah Ali Almunajem, set off for Riyadh from the Al-Qassim region. He built up his fruit and vegetable business by buying from Syria and Lebanon, putting the company on the path to relying on imports that it’s now expanding away from.
Almunajem is working to grow its domestic production, Chief Executive Officer Thamer Abanumay said in an interview.
Amid a rush of initial public offerings, another Saudi family business is set to capitalize on soaring demand for stocks in the kingdom.
Riyadh-based Almunajem Foods Co. on Thursday became the latest family-owned firm to say it will test the equity markets. It appointed HSBC Holdings Plc as adviser to manage its IPO of a 30% stake, representing 18 million shares.
Now one of Saudi Arabia’s largest private food companies, Almunajem traces its roots to the early 1950s, when the group’s founder, Abdullah Ali Almunajem, set off for Riyadh from the Al-Qassim region. He built up his fruit and vegetable business by buying from Syria and Lebanon, putting the company on the path to relying on imports that it’s now expanding away from.
Almunajem is working to grow its domestic production, Chief Executive Officer Thamer Abanumay said in an interview.
U.S. Warns #SaudiArabia That Its Tax Regime May Drive Firms Away - Bloomberg
U.S. Warns Saudi Arabia That Its Tax Regime May Drive Firms Away - Bloomberg
The U.S. has criticized Saudi Arabia’s tax authorities and warned that disputes with foreign companies risk discouraging investment in the country.
“Numerous multinational enterprises” operating in Saudi Arabia “have experienced tax issues exhibiting a lack of transparency, consistency and due process compared to what they have come to expect from other nations,” the U.S. embassy in Riyadh said in a letter to the Saudi Ministry of Investment.
It wasn’t clear when the letter was sent but some ministry officials received it in recent days, according to people familiar with the matter. The U.S. embassy declined to comment. The tax authority and the ministry didn’t immediately respond to requests for comment.
The U.S. comments come as Crown Prince Mohammed bin Salman tries to transform the oil-dependent economy and draw in more international firms. He’s hoping to attract around $100 billion of foreign direct investment each year by 2030.
The U.S. has criticized Saudi Arabia’s tax authorities and warned that disputes with foreign companies risk discouraging investment in the country.
“Numerous multinational enterprises” operating in Saudi Arabia “have experienced tax issues exhibiting a lack of transparency, consistency and due process compared to what they have come to expect from other nations,” the U.S. embassy in Riyadh said in a letter to the Saudi Ministry of Investment.
It wasn’t clear when the letter was sent but some ministry officials received it in recent days, according to people familiar with the matter. The U.S. embassy declined to comment. The tax authority and the ministry didn’t immediately respond to requests for comment.
The U.S. comments come as Crown Prince Mohammed bin Salman tries to transform the oil-dependent economy and draw in more international firms. He’s hoping to attract around $100 billion of foreign direct investment each year by 2030.
Oil recovers from U.S. inflation-driven plunge | Reuters
Oil recovers from U.S. inflation-driven plunge | Reuters
Oil prices rose above $83 a barrel in volatile trading on Thursday, recovering from sharp falls triggered by concerns over increasing U.S. inflation as OPEC cut its 2021 oil demand forecast due to high energy prices.
Brent crude futures rose 63 cents, or 0.76%, to $83.27 a barrel by 1443 GMT after falling earlier to $81.66. U.S. West Texas Intermediate (WTI) futures were up 63 cents, or 0.77%, at $81.97 after hitting a session low of $80.20.
The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report it expects oil demand to average 99.49 million barrels per day (bpd) in the fourth quarter of 2021, down 330,000 bpd from last month's forecast. read more
"A slowdown in the pace of recovery in the fourth quarter of 2021 is now assumed due to elevated energy prices," OPEC said in the report, also citing slower-than-expected demand in China and India for the downward revision.
Oil prices rose above $83 a barrel in volatile trading on Thursday, recovering from sharp falls triggered by concerns over increasing U.S. inflation as OPEC cut its 2021 oil demand forecast due to high energy prices.
Brent crude futures rose 63 cents, or 0.76%, to $83.27 a barrel by 1443 GMT after falling earlier to $81.66. U.S. West Texas Intermediate (WTI) futures were up 63 cents, or 0.77%, at $81.97 after hitting a session low of $80.20.
The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report it expects oil demand to average 99.49 million barrels per day (bpd) in the fourth quarter of 2021, down 330,000 bpd from last month's forecast. read more
"A slowdown in the pace of recovery in the fourth quarter of 2021 is now assumed due to elevated energy prices," OPEC said in the report, also citing slower-than-expected demand in China and India for the downward revision.
#AbuDhabi's new secular family law steps up Gulf talent competition | Reuters
Abu Dhabi's new secular family law steps up Gulf talent competition | Reuters
Legal reforms in Abu Dhabi designed to enhance the emirate's appeal to foreigners will allow for non-Muslim judges, birth certificates for children of unmarried parents, equality of men and women as witnesses, and new alimony and inheritance laws.
The new secular law, a copy of which was seen by Reuters, intends to make the political capital of the United Arab Emirates more attractive for outsiders to live and work.
It has been welcomed as a step forward for gender equality.
"It gives a lot of rights to women which did not exist before," said Hassan Elhais, a legal consultant from UAE-based Al Rowaad Advocates. "It is revolutionary,"
Legal reforms in Abu Dhabi designed to enhance the emirate's appeal to foreigners will allow for non-Muslim judges, birth certificates for children of unmarried parents, equality of men and women as witnesses, and new alimony and inheritance laws.
The new secular law, a copy of which was seen by Reuters, intends to make the political capital of the United Arab Emirates more attractive for outsiders to live and work.
It has been welcomed as a step forward for gender equality.
"It gives a lot of rights to women which did not exist before," said Hassan Elhais, a legal consultant from UAE-based Al Rowaad Advocates. "It is revolutionary,"
OPEC says high prices to dampen pace of oil demand recovery | Reuters
OPEC says high prices to dampen pace of oil demand recovery | Reuters
OPEC on Thursday cut its world oil demand forecast for the last quarter of 2021 as high energy prices curb the economic recovery from COVID-19, although the group stuck to its prediction of robust growth to above pre-pandemic rates in 2022.
The Organization of the Petroleum Exporting Countries in a monthly report also raised its forecast for supply from U.S. shale producers next year, a potential headwind to the efforts of the group and its allies to balance the market.
OPEC said it expects oil demand to average 99.49 million barrels per day (bpd) in the fourth quarter of 2021, down 330,000 bpd from last month's forecast. The year's demand growth forecast was trimmed by 160,000 bpd to 5.65 million bpd.
"A slowdown in the pace of recovery in the fourth quarter of 2021 is now assumed due to elevated energy prices," OPEC said in the report. OPEC also cited slower-than-expected demand in China and India for the downward revision.
OPEC on Thursday cut its world oil demand forecast for the last quarter of 2021 as high energy prices curb the economic recovery from COVID-19, although the group stuck to its prediction of robust growth to above pre-pandemic rates in 2022.
The Organization of the Petroleum Exporting Countries in a monthly report also raised its forecast for supply from U.S. shale producers next year, a potential headwind to the efforts of the group and its allies to balance the market.
OPEC said it expects oil demand to average 99.49 million barrels per day (bpd) in the fourth quarter of 2021, down 330,000 bpd from last month's forecast. The year's demand growth forecast was trimmed by 160,000 bpd to 5.65 million bpd.
"A slowdown in the pace of recovery in the fourth quarter of 2021 is now assumed due to elevated energy prices," OPEC said in the report. OPEC also cited slower-than-expected demand in China and India for the downward revision.
KPMG Sued for $600 Million Over Alleged Sloppy Auditing in #Dubai Abraaj Scandal - Bloomberg
KPMG Sued for $600 Million Over Alleged Sloppy Auditing in Dubai Abraaj Scandal - Bloomberg
KPMG LLP was sued for at least $600 million over its role in the insolvency of Dubai private-equity firm Abraaj Group, the latest in a string of complaints of sloppy auditing made against the Big Four firm.
The claimants, two units of Abraaj now in liquidation, allege that KPMG accountants “failed to maintain independence and an appropriate attitude of professional skepticism,” and breached their duty of care when auditing the private-equity firm, according to court documents filed in Dubai on Nov. 3.
If KPMG and its local Lower Gulf subsidiary had complied with their duties then “irregularities” relating to the firm’s financial statements would’ve been identified sooner, the claimants said.
Abraaj, which managed some $14 billion at its peak, collapsed into insolvency in 2018 after being accused of misusing investor funds. The firm’s founder and chief executive officer Arif Naqvi is alleged to have stolen more than $250 million by U.S. prosecutors. He denies any wrongdoing.
KPMG LLP was sued for at least $600 million over its role in the insolvency of Dubai private-equity firm Abraaj Group, the latest in a string of complaints of sloppy auditing made against the Big Four firm.
The claimants, two units of Abraaj now in liquidation, allege that KPMG accountants “failed to maintain independence and an appropriate attitude of professional skepticism,” and breached their duty of care when auditing the private-equity firm, according to court documents filed in Dubai on Nov. 3.
If KPMG and its local Lower Gulf subsidiary had complied with their duties then “irregularities” relating to the firm’s financial statements would’ve been identified sooner, the claimants said.
Abraaj, which managed some $14 billion at its peak, collapsed into insolvency in 2018 after being accused of misusing investor funds. The firm’s founder and chief executive officer Arif Naqvi is alleged to have stolen more than $250 million by U.S. prosecutors. He denies any wrongdoing.
Mideast Stocks: #Dubai leads most Gulf bourses higher, #AbuDhabi at peak | ZAWYA MENA Edition
Mideast Stocks: Dubai leads most Gulf bourses higher, Abu Dhabi at peak | ZAWYA MENA Edition
Dubai's stock market outperformed its Gulf peers on Thursday, closing out a fifth straight week of gains, while the Abu Dhabi index reached a record high.
Dubai's main share index rose 1.1%, buoyed by a 2.5% rise in Emirates NBD Bank and a 4.8% jump in budget airliner Air Arabia, after it swung to a profit for the third quarter.
Blue-chip developer Emaar Properties added 0.4%, after it said all conditions for the merger with its unit Emaar Malls have been met.
Shares of Emaar Malls gained 0.8%; they will be suspended from trading starting Nov.16.
The all-share deal to make Emaar Malls a wholly-owned subsidiary of Emaar Properties was announced in March.
Union Properties leapt 5.1%, to become the top gainer on the index, recouping some of the previous session's around 10% drop.
On Tuesday, the company said its chairman, Khalifa Hassan al-Hammadi, was dismissed from the board following disclosure that the public prosecution office in the United Arab Emirates ordered his arrest.
The UAE attorney general announced the investigation in October into allegations of financial violations by the chairman and other officials of Union Properties, state news agency WAM had reported.
Saudi Arabia's benchmark index rose 0.4%, with SABIC Agri-Nutrients Co climbing 4.9% and Saudi National Bank closing 1.5% higher.
The Saudi stock market is supported by strong local fundamentals while the market recovers from the latest price corrections. However, the Tadawul remains exposed to further falls in oil prices as oil-consuming countries try to talk prices down, said Wael Makarem, senior market strategist at Exness.
Jabal Omar Development Company fell 0.8%, after third-quarter losses widened.
The developer attributed the result to tax provisions and an increase in expenses after the expiry of pandemic-related waivers on some financial charges.
In Abu Dhabi, the index gained 0.7%, hitting a record high, with telecoms firm Etisalat rising 1.5%.
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 Qatari index added 0.2%, with Commercial Bank rising 0.7%.
Outside the Gulf, Egypt's blue-chip index ended 0.8% higher, with most of the stocks on the index in positive territory.
Investors remain optimistic regarding the market's potential and the main index could recover from its latest price corrections, said Makarem.
Dubai's stock market outperformed its Gulf peers on Thursday, closing out a fifth straight week of gains, while the Abu Dhabi index reached a record high.
Dubai's main share index rose 1.1%, buoyed by a 2.5% rise in Emirates NBD Bank and a 4.8% jump in budget airliner Air Arabia, after it swung to a profit for the third quarter.
Blue-chip developer Emaar Properties added 0.4%, after it said all conditions for the merger with its unit Emaar Malls have been met.
Shares of Emaar Malls gained 0.8%; they will be suspended from trading starting Nov.16.
The all-share deal to make Emaar Malls a wholly-owned subsidiary of Emaar Properties was announced in March.
Union Properties leapt 5.1%, to become the top gainer on the index, recouping some of the previous session's around 10% drop.
On Tuesday, the company said its chairman, Khalifa Hassan al-Hammadi, was dismissed from the board following disclosure that the public prosecution office in the United Arab Emirates ordered his arrest.
The UAE attorney general announced the investigation in October into allegations of financial violations by the chairman and other officials of Union Properties, state news agency WAM had reported.
Saudi Arabia's benchmark index rose 0.4%, with SABIC Agri-Nutrients Co climbing 4.9% and Saudi National Bank closing 1.5% higher.
The Saudi stock market is supported by strong local fundamentals while the market recovers from the latest price corrections. However, the Tadawul remains exposed to further falls in oil prices as oil-consuming countries try to talk prices down, said Wael Makarem, senior market strategist at Exness.
Jabal Omar Development Company fell 0.8%, after third-quarter losses widened.
The developer attributed the result to tax provisions and an increase in expenses after the expiry of pandemic-related waivers on some financial charges.
In Abu Dhabi, the index gained 0.7%, hitting a record high, with telecoms firm Etisalat rising 1.5%.
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 Qatari index added 0.2%, with Commercial Bank rising 0.7%.
Outside the Gulf, Egypt's blue-chip index ended 0.8% higher, with most of the stocks on the index in positive territory.
Investors remain optimistic regarding the market's potential and the main index could recover from its latest price corrections, said Makarem.
#Qatar Airways says profitable, to keep expanding | Reuters
Qatar Airways says profitable, to keep expanding | Reuters
Qatar Airways is profitable and plans to keep expanding, Chief Executive Akbar Al Baker said on Thursday.
It plans to return to a pre-crisis network of 180 destinations and then resume prior expansion, he told a news conference. The airline says it has over 140 destinations now.
However, Qatar Airways has been "damaged" by the grounding of some A350 jets in a dispute with Airbus (AIR.PA), he said after a meeting of the Arab Air Carriers Organization in Doha. The airline said in August it had taken 13 A350s out of service because of problems with the surface of the fuselage.
Qatar Airways is profitable and plans to keep expanding, Chief Executive Akbar Al Baker said on Thursday.
It plans to return to a pre-crisis network of 180 destinations and then resume prior expansion, he told a news conference. The airline says it has over 140 destinations now.
However, Qatar Airways has been "damaged" by the grounding of some A350 jets in a dispute with Airbus (AIR.PA), he said after a meeting of the Arab Air Carriers Organization in Doha. The airline said in August it had taken 13 A350s out of service because of problems with the surface of the fuselage.
Oil recovers from inflation-driven plunge | Reuters
Oil recovers from inflation-driven plunge | Reuters
Oil prices rose above $83 a barrel on Thursday, recovering from sharp falls triggered by concerns that rising U.S. inflation could prompt Washington to release more strategic crude stockpiles to drive down prices.
Brent crude futures gained 70 cents, or 0.85%, to $83.34 a barrel at 0956 GMT. U.S. West Texas Intermediate (WTI) futures rose 79 cents, or 1%, to $82.13.
Wednesday's data showing U.S. inflation increased at the fastest rate in 30 years had pushed the dollar higher and sent Brent and WTI crude down by 2.5% and 3.3% respectively, with further pressure applied by a rise in U.S. oil stocks after a government release of some strategic reserves.
"Crude prices are trying to find their footing after yesterday's slide as runaway inflation in America is adding pressure on the Biden administration to tap the Strategic Petroleum Reserve (SPR)," said Edward Moya, senior analyst at OANDA.
Oil prices rose above $83 a barrel on Thursday, recovering from sharp falls triggered by concerns that rising U.S. inflation could prompt Washington to release more strategic crude stockpiles to drive down prices.
Brent crude futures gained 70 cents, or 0.85%, to $83.34 a barrel at 0956 GMT. U.S. West Texas Intermediate (WTI) futures rose 79 cents, or 1%, to $82.13.
Wednesday's data showing U.S. inflation increased at the fastest rate in 30 years had pushed the dollar higher and sent Brent and WTI crude down by 2.5% and 3.3% respectively, with further pressure applied by a rise in U.S. oil stocks after a government release of some strategic reserves.
"Crude prices are trying to find their footing after yesterday's slide as runaway inflation in America is adding pressure on the Biden administration to tap the Strategic Petroleum Reserve (SPR)," said Edward Moya, senior analyst at OANDA.
Decks cleared for #Dubai’s Emaar Properties and Emaar Malls merger | Property – Gulf News
Decks cleared for Dubai’s Emaar Properties and Emaar Malls merger | Property – Gulf News
All of the conditions for the merger between Emaar Properties and its retail arm Emaar Malls have been met, with November 21 being the date set for the shares swap to be done. Following this, the de-listing of Emaar Malls – which lists The Dubai Mall and the upcoming Dubai Hills Mall – will happen.
“There are no objections on the merger,” Emaar Malls said in a statement. (Investors have cheered the bit of news, with Emaar Properties' share going past 1 per cent in early Thursday trades.)
This will be the second biggest such merger happening on DFM in the last 12 months – earlier, there was the one between the Dubai master-developer Meraas and DXB Entertainments, the owner of Dubai Parks and Resorts.
This will be the timeline for the change at Emaar Malls:
November 15: Last trading date to be entitled for share swap.
November 16: Date of suspension of trading of Emaar Malls shares.
November 21: Activation date of merger for Emaar Malls' shares swap and delisting from Dubai Financial Market.
Asset heavy
Earlier, the UAE regulator SCA (Securities & Commodities Authority) had cleared the transaction. This move allows Emaar Properties to bring back an asset-heavy subsidiary back into its fold in full, and this way better leverage its future funding requirements.
Dubai Hills Mall is the next big retail and entertainment destination for Dubai, adding another 2 million square feet of space in the sector. There will be more than 700 stores, with the mall serving a growing resident base in the surrounding neighbourhood of Dubai Hills.
All of the conditions for the merger between Emaar Properties and its retail arm Emaar Malls have been met, with November 21 being the date set for the shares swap to be done. Following this, the de-listing of Emaar Malls – which lists The Dubai Mall and the upcoming Dubai Hills Mall – will happen.
“There are no objections on the merger,” Emaar Malls said in a statement. (Investors have cheered the bit of news, with Emaar Properties' share going past 1 per cent in early Thursday trades.)
This will be the second biggest such merger happening on DFM in the last 12 months – earlier, there was the one between the Dubai master-developer Meraas and DXB Entertainments, the owner of Dubai Parks and Resorts.
This will be the timeline for the change at Emaar Malls:
November 15: Last trading date to be entitled for share swap.
November 16: Date of suspension of trading of Emaar Malls shares.
November 21: Activation date of merger for Emaar Malls' shares swap and delisting from Dubai Financial Market.
Asset heavy
Earlier, the UAE regulator SCA (Securities & Commodities Authority) had cleared the transaction. This move allows Emaar Properties to bring back an asset-heavy subsidiary back into its fold in full, and this way better leverage its future funding requirements.
Dubai Hills Mall is the next big retail and entertainment destination for Dubai, adding another 2 million square feet of space in the sector. There will be more than 700 stores, with the mall serving a growing resident base in the surrounding neighbourhood of Dubai Hills.
Billionaire Sawiris Wouldn’t Buy Oversupplied #Dubai Property - Bloomberg
Billionaire Sawiris Wouldn’t Buy Oversupplied Dubai Property - Bloomberg
Egyptian billionaire Naguib Sawiris wouldn’t buy real estate in Dubai as the city’s supply glut continues to hold back prices.
“There is a problem in Dubai,” Sawiris said in a Bloomberg TV interview. “People don’t stop building at all, I mean they keep on building so you don’t take a breath to allow the market to appreciate.”
An imbalance between supply and demand in the Middle East’s business hub has led prices to drop more than a third since 2014, leading the government to set up a committee in 2019 to tackle the oversupply. The pandemic exacerbated the issue last year as many expatriates left Dubai, depressing demand further.
This year has brought signs of a rebound, however. Average home prices rose at their fastest pace since 2015, with transaction volumes surging nearly 77% in August from a year earlier, according to real estate adviser CBRE Group Inc. Dubai is also hosting the World Expo 2020, which it expects will attract foreign capital and revive the economy.
Egyptian billionaire Naguib Sawiris wouldn’t buy real estate in Dubai as the city’s supply glut continues to hold back prices.
“There is a problem in Dubai,” Sawiris said in a Bloomberg TV interview. “People don’t stop building at all, I mean they keep on building so you don’t take a breath to allow the market to appreciate.”
An imbalance between supply and demand in the Middle East’s business hub has led prices to drop more than a third since 2014, leading the government to set up a committee in 2019 to tackle the oversupply. The pandemic exacerbated the issue last year as many expatriates left Dubai, depressing demand further.
This year has brought signs of a rebound, however. Average home prices rose at their fastest pace since 2015, with transaction volumes surging nearly 77% in August from a year earlier, according to real estate adviser CBRE Group Inc. Dubai is also hosting the World Expo 2020, which it expects will attract foreign capital and revive the economy.
Fitch affirms #AbuDhabi Commercial Bank at A+ with stable outlook | ZAWYA MENA Edition
Fitch affirms Abu Dhabi Commercial Bank at A+ with stable outlook | ZAWYA MENA Edition
Global rating agency Fitch has affirmed Abu Dhabi Commercial Bank's (ADCB) long-term Issuer Default Rating (IDR) at 'A+' with stable outlook. The IDR reflects the extremely high probability of support available to the bank - 60 percent owned by Mubadala Investment Company - from the government.
"Fitch's assessment of potential state support, in case of need, factors in the sovereign's strong ability to support the banking system, underpinned by its solid net external asset position, still-strong fiscal metrics and recurring hydrocarbon revenue," the global rating agency said in a report.
"It also reflects the authorities' very strong, timely and predictable record of supporting its domestic banks and strategic ownership of a number of banks, including ADCB," the report said.
The ratings of the bank's unsecured debt (programmes and notes), including that issued by ADCB's special purpose vehicles (SPVs) ADCB Finance (Cayman) Limited and AHB Sukuk Company Ltd, are in line with the bank's Long- and Short-Term IDRs, reflecting Fitch's view that the likelihood of default of these obligations is the same as the likelihood of default of the bank.
Global rating agency Fitch has affirmed Abu Dhabi Commercial Bank's (ADCB) long-term Issuer Default Rating (IDR) at 'A+' with stable outlook. The IDR reflects the extremely high probability of support available to the bank - 60 percent owned by Mubadala Investment Company - from the government.
"Fitch's assessment of potential state support, in case of need, factors in the sovereign's strong ability to support the banking system, underpinned by its solid net external asset position, still-strong fiscal metrics and recurring hydrocarbon revenue," the global rating agency said in a report.
"It also reflects the authorities' very strong, timely and predictable record of supporting its domestic banks and strategic ownership of a number of banks, including ADCB," the report said.
The ratings of the bank's unsecured debt (programmes and notes), including that issued by ADCB's special purpose vehicles (SPVs) ADCB Finance (Cayman) Limited and AHB Sukuk Company Ltd, are in line with the bank's Long- and Short-Term IDRs, reflecting Fitch's view that the likelihood of default of these obligations is the same as the likelihood of default of the bank.
Losses deepen in Q3 for #Saudi pilgrimage sites developer | Reuters
Losses deepen in Q3 for Saudi pilgrimage sites developer | Reuters
Third-quarter losses widened on the year for Jabal Omar Development Company (4250.SE), one of Saudi Arabia's largest listed property developers, as the pandemic impact lingered while it looks to restructure over $4 billion in liabilities.
The firm, which runs the Jabal Omar complex of hotels and property within walking distance of the Grand Mosque in the Muslim holy city of Mecca, was hit hard when the coronavirus outbreak reduced pilgrimages.
The firm reported a third-quarter net loss of 270 million riyals ($71.99 million), versus a loss of a 237 million a year earlier, it said in a statement on Thursday.
It attributed the result to taxation and an increase in expenses after the expiry of pandemic-related waivers on some financial charges.
Third-quarter losses widened on the year for Jabal Omar Development Company (4250.SE), one of Saudi Arabia's largest listed property developers, as the pandemic impact lingered while it looks to restructure over $4 billion in liabilities.
The firm, which runs the Jabal Omar complex of hotels and property within walking distance of the Grand Mosque in the Muslim holy city of Mecca, was hit hard when the coronavirus outbreak reduced pilgrimages.
The firm reported a third-quarter net loss of 270 million riyals ($71.99 million), versus a loss of a 237 million a year earlier, it said in a statement on Thursday.
It attributed the result to taxation and an increase in expenses after the expiry of pandemic-related waivers on some financial charges.
Most Gulf bourses rise in early trade; #Qatar falls | Reuters
Most Gulf bourses rise in early trade; Qatar falls | Reuters
Most stock markets in the Gulf rose in early trade on Thursday, with the Dubai index set to register its fifth weekly gain.
Dubai's main share index (.DFMGI) gained 0.7%, boosted by a 5.5% jump in budget airliner Air Arabia (AIRA.DU), after it swung to a profit for the third quarter.
Blue-chip developer Emaar Properties (EMAR.DU) gained 0.8%, after it said all conditions for merger with its unit Emaar Malls (EMAA.DU) have been met.
Shares of Emaar Malls advanced 1.3%; they will be suspended from trading starting Nov.16.
The all-share deal to make Emaar Malls a wholly-owned subsidiary of Emaar Properties was announced in March.
Union Properties (UPRO.DU) dropped 2.1%, on course to extend losses for a third session.
On Tuesday, the company said its chairman, Khalifa Hassan al-Hammadi, was dismissed from the board alongside three other members after a shareholders meeting.
The announcement came a day after the company in a bourse filing shared a letter from the United Arab Emirates' Public Prosecution, which ordered the arrest of al-Hammadi pending investigations.
The UAE attorney general announced the investigation in October into allegations of financial violations by the chairman and other officials of Union Properties, state news agency WAM had reported. read more
Saudi Arabia's benchmark index (.TASI) added 0.1%, helped by a 0.4% rise in Al Rajhi Bank (1120.SE).
Separately, the kingdom's Almunajem Foods announced its intention to go public followed by a stock market listing. read more
In Abu Dhabi, the index (.ADI) gained 0.3%, hitting a record high, with telecoms firm Etisalat (ETISALAT.AD) rising 2%.
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 Qatari index (.QSI) eased 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) falling 0.8%.
Most stock markets in the Gulf rose in early trade on Thursday, with the Dubai index set to register its fifth weekly gain.
Dubai's main share index (.DFMGI) gained 0.7%, boosted by a 5.5% jump in budget airliner Air Arabia (AIRA.DU), after it swung to a profit for the third quarter.
Blue-chip developer Emaar Properties (EMAR.DU) gained 0.8%, after it said all conditions for merger with its unit Emaar Malls (EMAA.DU) have been met.
Shares of Emaar Malls advanced 1.3%; they will be suspended from trading starting Nov.16.
The all-share deal to make Emaar Malls a wholly-owned subsidiary of Emaar Properties was announced in March.
Union Properties (UPRO.DU) dropped 2.1%, on course to extend losses for a third session.
On Tuesday, the company said its chairman, Khalifa Hassan al-Hammadi, was dismissed from the board alongside three other members after a shareholders meeting.
The announcement came a day after the company in a bourse filing shared a letter from the United Arab Emirates' Public Prosecution, which ordered the arrest of al-Hammadi pending investigations.
The UAE attorney general announced the investigation in October into allegations of financial violations by the chairman and other officials of Union Properties, state news agency WAM had reported. read more
Saudi Arabia's benchmark index (.TASI) added 0.1%, helped by a 0.4% rise in Al Rajhi Bank (1120.SE).
Separately, the kingdom's Almunajem Foods announced its intention to go public followed by a stock market listing. read more
In Abu Dhabi, the index (.ADI) gained 0.3%, hitting a record high, with telecoms firm Etisalat (ETISALAT.AD) rising 2%.
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 Qatari index (.QSI) eased 0.1%, with petrochemical maker Industries Qatar (IQCD.QA) falling 0.8%.
Oil prices steady after falling on signs U.S. may release more reserves | Reuters
Oil prices steady after falling on signs U.S. may release more reserves | Reuters
Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices.
On Wednesday, Brent crude futures fell by 2.5% and West Texas Intermediate (WTI) futures dropped by 3.3% after reports that U.S. inflation increased at the fastest rate in 30 years pushed the dollar higher and crude inventories in the U.S., the world's biggest oil consumer, rose after the government released some strategic reserves.
Brent crude futures gained 14 cents, or 0.2%, to $82.78 a barrel at 0755 GMT, while WTI futures rose 18 cents, or 0.2%, to $81.52.
"Crude prices are trying to find their footing after yesterday's slide as runaway inflation in America is adding pressure on the Biden administration to tap the Strategic Petroleum Reserve (SPR)," said Edward Moya, senior analyst at OANDA.
Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices.
On Wednesday, Brent crude futures fell by 2.5% and West Texas Intermediate (WTI) futures dropped by 3.3% after reports that U.S. inflation increased at the fastest rate in 30 years pushed the dollar higher and crude inventories in the U.S., the world's biggest oil consumer, rose after the government released some strategic reserves.
Brent crude futures gained 14 cents, or 0.2%, to $82.78 a barrel at 0755 GMT, while WTI futures rose 18 cents, or 0.2%, to $81.52.
"Crude prices are trying to find their footing after yesterday's slide as runaway inflation in America is adding pressure on the Biden administration to tap the Strategic Petroleum Reserve (SPR)," said Edward Moya, senior analyst at OANDA.
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