U.S. Treasury official says UAE bank communication needed to curb security risks | Reuters
Deputy U.S. Treasury Secretary Wally Adeyemo told banking executives in the United Arab Emirates that it was critically important for them to maintain "open communication" on security risks such as money laundering and illicit finance, the Treasury said on Tuesday.
Adeyemo, who is on a trip to the Middle East to discuss economic and national security priorities, discussed the financial sector's role in countering terrorist financing and weapons proliferation, the Treasury said in a statement.
"Deputy Secretary Adeyemo underscored the need for open communication with the financial sector, as it is critically important to joint efforts to protect the US and international financial systems from abuse," the Treasury said.
Tuesday 16 November 2021
Oil prices mixed on tight inventories, demand worries | Reuters
Oil prices mixed on tight inventories, demand worries | Reuters
Oil prices were little changed on Tuesday, as prospects of tight inventories worldwide were offset by forecasts of a production increase in coming months and concerns over rising coronavirus cases in Europe.
Brent crude rose 51 cents, or 0.6%, to $82.57 a barrel, as of 18:30 GMT, while U.S. West Texas Intermediate (WTI) crude added 6 cents, or 0.1%, at $80.93 a barrel.
"The oil market will remain tight in the short term, which should lend support to prices," said Commerzbank analyst Carsten Fritsch.
Trafigura Group's Chief Executive Officer Jeremy Weir said the tightness in global oil markets was due to demand returning to pre-pandemic levels.
Oil prices were little changed on Tuesday, as prospects of tight inventories worldwide were offset by forecasts of a production increase in coming months and concerns over rising coronavirus cases in Europe.
Brent crude rose 51 cents, or 0.6%, to $82.57 a barrel, as of 18:30 GMT, while U.S. West Texas Intermediate (WTI) crude added 6 cents, or 0.1%, at $80.93 a barrel.
"The oil market will remain tight in the short term, which should lend support to prices," said Commerzbank analyst Carsten Fritsch.
Trafigura Group's Chief Executive Officer Jeremy Weir said the tightness in global oil markets was due to demand returning to pre-pandemic levels.
#Dubai offers incentives to encourage new stock market listings
Dubai offers incentives to encourage new stock market listings
The Dubai Financial Market unveiled an incentives programme to encourage new initial public offerings (IPOs) and listings from private sector companies in key economic sectors that contribute to the country's gross domestic product.
The incentives include financial support to the cost of private companies’ IPOs on the DFM’s Main Market and listing on the Second Market, post listing support through participation on its international roadshows regionally and globally and a three-year waiver on listing fees, AGM fees and dividend distribution fees, the DFM said in a statement on Tuesday.
The new incentive programme stems from our commitment at DFM to become a platform that accelerates the growth of the private sector and to mirror Dubai’s success as a world-class base
Hamed Ali, chief executive of DFM and Nasdaq Dubai
“Dubai is home to unparalleled portfolio of regional and international private companies. Attracting new IPOs will provide DFM’s global network of investors from over 208 nationalities with new investment opportunities,” said Hamed Ali, chief executive of DFM and Nasdaq Dubai.
The emirate is looking to boost its stock market and attract more listings as it seeks to tap into a growing appetite for IPOs in the region.
The Dubai Financial Market unveiled an incentives programme to encourage new initial public offerings (IPOs) and listings from private sector companies in key economic sectors that contribute to the country's gross domestic product.
The incentives include financial support to the cost of private companies’ IPOs on the DFM’s Main Market and listing on the Second Market, post listing support through participation on its international roadshows regionally and globally and a three-year waiver on listing fees, AGM fees and dividend distribution fees, the DFM said in a statement on Tuesday.
The new incentive programme stems from our commitment at DFM to become a platform that accelerates the growth of the private sector and to mirror Dubai’s success as a world-class base
Hamed Ali, chief executive of DFM and Nasdaq Dubai
“Dubai is home to unparalleled portfolio of regional and international private companies. Attracting new IPOs will provide DFM’s global network of investors from over 208 nationalities with new investment opportunities,” said Hamed Ali, chief executive of DFM and Nasdaq Dubai.
The emirate is looking to boost its stock market and attract more listings as it seeks to tap into a growing appetite for IPOs in the region.
Oil prices mixed on tight inventories, demand worries | Reuters
Oil prices mixed on tight inventories, demand worries | Reuters
Oil prices were mixed on Tuesday, supported by the prospect of tight inventories across the globe, but forecasts of an increase in global production in coming months and concerns over rising coronavirus cases in Europe put pressure on prices.
Brent crude was up 9 cents, or 0.1%, at $82.14 a barrel, by 1449 GMT, while U.S. West Texas Intermediate (WTI) crude fell 25 cents, or 0.3%, to $80.63 a barrel.
“The oil market will remain tight in the short term, which should lend support to prices,” said Commerzbank analyst Carsten Fritsch.
Trafigura's Chief Executive Officer Jeremy Weir said the tightness in global oil markets was due to return of demand to pre-pandemic levels.
Oil prices were mixed on Tuesday, supported by the prospect of tight inventories across the globe, but forecasts of an increase in global production in coming months and concerns over rising coronavirus cases in Europe put pressure on prices.
Brent crude was up 9 cents, or 0.1%, at $82.14 a barrel, by 1449 GMT, while U.S. West Texas Intermediate (WTI) crude fell 25 cents, or 0.3%, to $80.63 a barrel.
“The oil market will remain tight in the short term, which should lend support to prices,” said Commerzbank analyst Carsten Fritsch.
Trafigura's Chief Executive Officer Jeremy Weir said the tightness in global oil markets was due to return of demand to pre-pandemic levels.
Mideast Stocks: #Dubai bourse hits near 4-year high; #Saudi eases | ZAWYA MENA Edition
Mideast Stocks: Dubai bourse hits near 4-year high; Saudi eases | ZAWYA MENA Edition
Dubai stocks ended higher on Tuesday, reaching their highest in nearly four years as a slew of upbeat corporate earnings boosted the index.
Dubai's main share index gained 1%, buoyed by a 14.8% surge in Dubai Financial Market- gaining for a 10th session in 12.
Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse.
Dubai plans to list its Salik road toll system on the Dubai Financial Market, the emirate's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Saturday.
Emaar Properties climbed 1.6%, a day after the developer's founder said plans to sell 50% of Namshi app to foreign and local investors.
On Sunday, Emaar reported quarterly net profit of 1.02 billion dirhams, up from 359 million dirhams year ago.
Among other gainers, Deyaar Development jumped 15% and Amlak Finance soared 14.8%.
In Abu Dhabi, the index gained 1%, to an-all-time high of 8,352 points, with the country's largest lender First Abu Dhabi Bank rising 2.4%.
Sanad, the global aerospace engineering and leasing solutions company wholly-owned by Mubadala, has secured a new US$100 million evergreen revolving credit facility with First Abu Dhabi Bank.
Saudi Arabia's benchmark index eased 0.1%, hit by a 3.3% fall in National Industrialization Company and a 0.1% decrease in Al Rajhi Bank.
The Saudi stock market was in negative territory as it failed to surpass its latest peak. Investors moved securing their gains while the stagnating oil prices remove important support, said Farah Mourad, senior market analyst of XTB MENA.
"However, the market could see limited price corrections thanks to strong fundamentals."
Egypt's blue-chip index declined 0.7%, extending losses from the previous session.
Investors move to secure their gains while oil stagnates, and inflation worries return, said Mourad.
Dubai stocks ended higher on Tuesday, reaching their highest in nearly four years as a slew of upbeat corporate earnings boosted the index.
Dubai's main share index gained 1%, buoyed by a 14.8% surge in Dubai Financial Market- gaining for a 10th session in 12.
Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse.
Dubai plans to list its Salik road toll system on the Dubai Financial Market, the emirate's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Saturday.
Emaar Properties climbed 1.6%, a day after the developer's founder said plans to sell 50% of Namshi app to foreign and local investors.
On Sunday, Emaar reported quarterly net profit of 1.02 billion dirhams, up from 359 million dirhams year ago.
Among other gainers, Deyaar Development jumped 15% and Amlak Finance soared 14.8%.
In Abu Dhabi, the index gained 1%, to an-all-time high of 8,352 points, with the country's largest lender First Abu Dhabi Bank rising 2.4%.
Sanad, the global aerospace engineering and leasing solutions company wholly-owned by Mubadala, has secured a new US$100 million evergreen revolving credit facility with First Abu Dhabi Bank.
Saudi Arabia's benchmark index eased 0.1%, hit by a 3.3% fall in National Industrialization Company and a 0.1% decrease in Al Rajhi Bank.
The Saudi stock market was in negative territory as it failed to surpass its latest peak. Investors moved securing their gains while the stagnating oil prices remove important support, said Farah Mourad, senior market analyst of XTB MENA.
"However, the market could see limited price corrections thanks to strong fundamentals."
Egypt's blue-chip index declined 0.7%, extending losses from the previous session.
Investors move to secure their gains while oil stagnates, and inflation worries return, said Mourad.
#Dubai eases visa rules, #UAE makes labour laws more competitive | Reuters
Dubai eases visa rules, UAE makes labour laws more competitive | Reuters
In the latest move to boost the United Arab Emirates' economic competitiveness, Dubai on Tuesday announced a five-year multiple entry visa to facilitate business trips for foreign employees of firms based in the emirate.
The UAE, a federation of seven emirates, also this week unveiled new private sector labour laws which will come into force in February.
The Gulf state has recently launched a raft of economic and legal reforms, including longer-term residency visas, to attract investment and foreigners to help the economy recover from the effects of the COVID-19 pandemic. The changes also come amid a growing economic rivalry with Gulf neighbour Saudi Arabia to be the region's trade and business hub.
The Crown Prince of Dubai, the region's business and tourism hub, said the five-year multiple entry visa would help staff of Dubai-based companies easily move in and out of the emirate for meetings and other business needs.
In the latest move to boost the United Arab Emirates' economic competitiveness, Dubai on Tuesday announced a five-year multiple entry visa to facilitate business trips for foreign employees of firms based in the emirate.
The UAE, a federation of seven emirates, also this week unveiled new private sector labour laws which will come into force in February.
The Gulf state has recently launched a raft of economic and legal reforms, including longer-term residency visas, to attract investment and foreigners to help the economy recover from the effects of the COVID-19 pandemic. The changes also come amid a growing economic rivalry with Gulf neighbour Saudi Arabia to be the region's trade and business hub.
The Crown Prince of Dubai, the region's business and tourism hub, said the five-year multiple entry visa would help staff of Dubai-based companies easily move in and out of the emirate for meetings and other business needs.
#Oman's OQ says it may list some energy assets on local market | Reuters
Oman's OQ says it may list some energy assets on local market | Reuters
Oman's OQ is considering local listings for some of its downstream and upstream assets but has no plan to float the parent company now, a senior executive at the state-owned energy group told Reuters on Tuesday.
Oman is following Saudi Aramco and other Gulf oil producers in looking at sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.
"We are considering listing some of our assets in the local market," Hilal al-Kharusi, OQ's acting chief executive commercial, said on the sidelines of an event in Dubai.
"We are reviewing at the moment... some in the downstream and some in the upstream especially on the service part of it."
Oman's OQ is considering local listings for some of its downstream and upstream assets but has no plan to float the parent company now, a senior executive at the state-owned energy group told Reuters on Tuesday.
Oman is following Saudi Aramco and other Gulf oil producers in looking at sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.
"We are considering listing some of our assets in the local market," Hilal al-Kharusi, OQ's acting chief executive commercial, said on the sidelines of an event in Dubai.
"We are reviewing at the moment... some in the downstream and some in the upstream especially on the service part of it."
#Dubai’s Main Utility DEWA Readies for Share Offering by April - Bloomberg
Dubai’s Main Utility DEWA Readies for Share Offering by April - Bloomberg
Dubai is planning to list its main utility by April, in what will likely be the city’s biggest initial public offering since DP World in 2007.
“I think we’ll be ready before Ramadan,” Dubai Electricity & Water Authority Chief Executive Officer Saeed Mohammed Al Tayer told Bloomberg when asked about the timing of the proposed IPO. The Islamic holy month of Ramadan is expected to start in April.
Dubai’s Deputy ruler Maktoum bin Mohammed bin Rashid said earlier this month that the emirate will sell a stake in DEWA “in coming months.” The IPO may value the utility at more than $25 billion, according to people familiar with the matter.
Dubai this month announced plans to list some 10 state-owned companies on its stock market as it looks to reverse a decline in trade that’s left it in the shadows of Abu Dhabi and Riyadh. That ambition got a fresh lift on Monday when the chairman of Emirates airline said it may also sell shares to the public.
Dubai is planning to list its main utility by April, in what will likely be the city’s biggest initial public offering since DP World in 2007.
“I think we’ll be ready before Ramadan,” Dubai Electricity & Water Authority Chief Executive Officer Saeed Mohammed Al Tayer told Bloomberg when asked about the timing of the proposed IPO. The Islamic holy month of Ramadan is expected to start in April.
Dubai’s Deputy ruler Maktoum bin Mohammed bin Rashid said earlier this month that the emirate will sell a stake in DEWA “in coming months.” The IPO may value the utility at more than $25 billion, according to people familiar with the matter.
Dubai this month announced plans to list some 10 state-owned companies on its stock market as it looks to reverse a decline in trade that’s left it in the shadows of Abu Dhabi and Riyadh. That ambition got a fresh lift on Monday when the chairman of Emirates airline said it may also sell shares to the public.
Russia Deputy Energy Min.: Everyone Predicting Oil Surplus - Bloomberg video
Russia Deputy Energy Min.: Everyone Predicting Oil Surplus - Bloomberg
Russia Deputy Energy Minister Pavel Sorokin discusses oil’s supply/demand balance, the possibility of an SDR release in the U.S. and Russia’s energy transition. He speaks on “Bloomberg Surveillance” on the sidelines of the Adipec Conference in Abu Dhabi.
Russia Deputy Energy Minister Pavel Sorokin discusses oil’s supply/demand balance, the possibility of an SDR release in the U.S. and Russia’s energy transition. He speaks on “Bloomberg Surveillance” on the sidelines of the Adipec Conference in Abu Dhabi.
Almunajem’s IPO Said to Draw Demand for All Shares on Sale - Bloomberg
Almunajem’s IPO Said to Draw Demand for All Shares on Sale - Bloomberg
Almunajem Foods Co., one of Saudi Arabia’s largest private food companies, has demand for all the shares for sale in its initial public offering that’s seeking to raise as much as $288 million, according to people familiar with the matter.
The Riyadh-based firm is selling 18 million shares, equivalent to a 30% stake, at 55 riyals ($14.66) to 60 riyals apiece. Within hours of opening the order book, the IPO had enough investor demand to cover all the shares on offer throughout the price range, the people said, declining to be named as the information is private.
More family-owned companies have been listing in Saudi Arabia as officials try to deepen its capital markets and shake up traditional ways of doing business. Many are looking to raise cash from their established businesses while equity valuations are high and IPOs are being massively oversubscribed.
Riyadh has lately been the hottest market for IPOs in the region, with listings of companies such as ACWA Power International, backed by the kingdom’s wealth fund, and Saudi Telecom Co.’s internet-services unit.
Grocery chain BinDawood Holding Co. sold a 20% stake last year, helping to buttress the clan’s efforts to diversify into other assets. Other family firms to sell shares include Dr. Sulaiman Al Habib Medical Services Group Co. and Theeb Rent-a-Car. The Olayan family, which runs one of Saudi Arabia’s biggest conglomerates, may revive plans to take some of its companies public.
Almunajem Foods Co., one of Saudi Arabia’s largest private food companies, has demand for all the shares for sale in its initial public offering that’s seeking to raise as much as $288 million, according to people familiar with the matter.
The Riyadh-based firm is selling 18 million shares, equivalent to a 30% stake, at 55 riyals ($14.66) to 60 riyals apiece. Within hours of opening the order book, the IPO had enough investor demand to cover all the shares on offer throughout the price range, the people said, declining to be named as the information is private.
More family-owned companies have been listing in Saudi Arabia as officials try to deepen its capital markets and shake up traditional ways of doing business. Many are looking to raise cash from their established businesses while equity valuations are high and IPOs are being massively oversubscribed.
Riyadh has lately been the hottest market for IPOs in the region, with listings of companies such as ACWA Power International, backed by the kingdom’s wealth fund, and Saudi Telecom Co.’s internet-services unit.
Grocery chain BinDawood Holding Co. sold a 20% stake last year, helping to buttress the clan’s efforts to diversify into other assets. Other family firms to sell shares include Dr. Sulaiman Al Habib Medical Services Group Co. and Theeb Rent-a-Car. The Olayan family, which runs one of Saudi Arabia’s biggest conglomerates, may revive plans to take some of its companies public.
#Israel, #UAE launch free trade agreement talks as bilateral trade rises | Reuters
Israel, UAE launch free trade agreement talks as bilateral trade rises | Reuters
Israel and the United Arab Emirates launched talks to establish a free trade agreement between the two countries, Israel's Economy Ministry said on Tuesday.
Economy Minister Orna Barbivai on Monday held a virtual meeting with her Emirati counterpart, Abdulla Bin Touq Al Marri, to kick off the negotiations. Other senior Israeli officials on the negotiating team are now in Dubai until Thursday for more talks, the ministry said.
Israel and the UAE normalised relations last year and bilateral trade in goods alone reached nearly $500 million so far in 2021 - up from $125 million in 2020 - and is expected to continue growing rapidly.
"This agreement will significantly strengthen trade between the two countries, remove barriers and expand economic cooperation," Barbivai told Bin Touq Al Marri, according to her ministry.
Ohad Cohen, director of Israel's Foreign Trade Administration and head of Israel's negotiating team, said he intended to reach a deal with the UAE on issues relating to trade in goods and services, regulation, government procurement, e-commerce and the preservation of intellectual property rights.
Israel and the United Arab Emirates launched talks to establish a free trade agreement between the two countries, Israel's Economy Ministry said on Tuesday.
Economy Minister Orna Barbivai on Monday held a virtual meeting with her Emirati counterpart, Abdulla Bin Touq Al Marri, to kick off the negotiations. Other senior Israeli officials on the negotiating team are now in Dubai until Thursday for more talks, the ministry said.
Israel and the UAE normalised relations last year and bilateral trade in goods alone reached nearly $500 million so far in 2021 - up from $125 million in 2020 - and is expected to continue growing rapidly.
"This agreement will significantly strengthen trade between the two countries, remove barriers and expand economic cooperation," Barbivai told Bin Touq Al Marri, according to her ministry.
Ohad Cohen, director of Israel's Foreign Trade Administration and head of Israel's negotiating team, said he intended to reach a deal with the UAE on issues relating to trade in goods and services, regulation, government procurement, e-commerce and the preservation of intellectual property rights.
OPEC secretary general expects oversupply in oil market next year | Reuters
OPEC secretary general expects oversupply in oil market next year | Reuters
OPEC Secretary General Mohammad Barkindo said on Tuesday that he expects an oil supply surplus as early as December and the market to remain oversupplied next year.
"The surplus is already beginning in December. These are signals that we have to be very, very careful," he said.
The Organization of the Petroleum Exporting Countries (OPEC) last week cut its world oil demand forecast for the fourth quarter by 330,000 barrels per day (bpd) from last month's forecast, as high energy prices hampered economic recovery from the COVID-19 pandemic.
Fears of falling demand come as supplies are expected to rise.
Oil rebounded from a weak start on Tuesday as worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe. read more
OPEC has a vested interest to ensure that the global economic recovery continues, Barkindo added while speaking to reporters on the sidelines of a conference in Abu Dhabi.
OPEC Secretary General Mohammad Barkindo said on Tuesday that he expects an oil supply surplus as early as December and the market to remain oversupplied next year.
"The surplus is already beginning in December. These are signals that we have to be very, very careful," he said.
The Organization of the Petroleum Exporting Countries (OPEC) last week cut its world oil demand forecast for the fourth quarter by 330,000 barrels per day (bpd) from last month's forecast, as high energy prices hampered economic recovery from the COVID-19 pandemic.
Fears of falling demand come as supplies are expected to rise.
Oil rebounded from a weak start on Tuesday as worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe. read more
OPEC has a vested interest to ensure that the global economic recovery continues, Barkindo added while speaking to reporters on the sidelines of a conference in Abu Dhabi.
#Saudi Wealth Fund Bets on 19 U.S. Companies in E-Commerce, Clean Energy - Bloomberg
Saudi Wealth Fund Bets on 19 U.S. Companies in E-Commerce, Clean Energy - Bloomberg
Saudi Arabia’s sovereign wealth fund waded deeper into the U.S. stock market, adding stakes in e-commerce, Chinese, and clean energy and transportation companies.
The Public Investment Fund made 19 new investments in U.S.-traded companies during the third quarter, according to a regulatory filing on Monday with the Securities and Exchange Commission. These positions, combined with the market value of existing stakes, more than doubled the fund’s holdings to $43.4 billion.
The largest new position was a $25.8 billion investment in Lucid Group Inc., an electric vehicle manufacturer based in New York. The Saudi wealth fund, based in Riyadh, first disclosed its Lucid stake in July. In total, the fund reported it held 32 U.S.-traded stocks at the end of September, up from 13 in June.
The PIF is funded through a mixture of borrowing, cash and asset transfers from the government, and retained earnings from its investments. Chaired by Crown Prince Mohammed bin Salman and managed by Governor Yasir Al Rumayyan, the fund has outlined a plan to grow its assets to over $1.1 trillion by 2025.
Saudi Arabia’s sovereign wealth fund waded deeper into the U.S. stock market, adding stakes in e-commerce, Chinese, and clean energy and transportation companies.
The Public Investment Fund made 19 new investments in U.S.-traded companies during the third quarter, according to a regulatory filing on Monday with the Securities and Exchange Commission. These positions, combined with the market value of existing stakes, more than doubled the fund’s holdings to $43.4 billion.
The largest new position was a $25.8 billion investment in Lucid Group Inc., an electric vehicle manufacturer based in New York. The Saudi wealth fund, based in Riyadh, first disclosed its Lucid stake in July. In total, the fund reported it held 32 U.S.-traded stocks at the end of September, up from 13 in June.
The PIF is funded through a mixture of borrowing, cash and asset transfers from the government, and retained earnings from its investments. Chaired by Crown Prince Mohammed bin Salman and managed by Governor Yasir Al Rumayyan, the fund has outlined a plan to grow its assets to over $1.1 trillion by 2025.
#Dubai’s IPO Plans Are Injecting Fresh Life Into Laggard Market - Bloomberg
Dubai’s IPO Plans Are Injecting Fresh Life Into Laggard Market - Bloomberg
Dubai’s plan to embark on a flurry of public share offerings has stirred the benchmark index from its recent slumbers, narrowing the gap with regional peers.
The benchmark DFM Index has rallied more than 14% since the emirate announced at the start of November it was earmarking state-owned companies for IPOs. That’s almost half its entire gain for the year and compares with a 1.1% rise on Saudi Arabia’s Tadawul index and a 4.9% advance for Abu Dhabi’s ADX gauge. The DFM rose a further 0.7% on Tuesday.
Dubai said Nov. 2 it’s planning to list some 10 state-owned companies on its stock market as it looks to reverse a decline in trade that’s left it in the shadows of Abu Dhabi and Riyadh. That ambition got a fresh lift on Monday when the chairman of Emirates, the airline that helped transform the city into a global business and tourism hub, said it may also sell shares to the public.
“If Emirates comes with its IPO after reaching the pre-Covid level operating performance, it should attract a lot of international investors to the DFM,” said Joice Mathew, the head of equity research at United Securities in Muscat. It “could be a real boost to the market.”
Dubai’s plan to embark on a flurry of public share offerings has stirred the benchmark index from its recent slumbers, narrowing the gap with regional peers.
The benchmark DFM Index has rallied more than 14% since the emirate announced at the start of November it was earmarking state-owned companies for IPOs. That’s almost half its entire gain for the year and compares with a 1.1% rise on Saudi Arabia’s Tadawul index and a 4.9% advance for Abu Dhabi’s ADX gauge. The DFM rose a further 0.7% on Tuesday.
Dubai said Nov. 2 it’s planning to list some 10 state-owned companies on its stock market as it looks to reverse a decline in trade that’s left it in the shadows of Abu Dhabi and Riyadh. That ambition got a fresh lift on Monday when the chairman of Emirates, the airline that helped transform the city into a global business and tourism hub, said it may also sell shares to the public.
“If Emirates comes with its IPO after reaching the pre-Covid level operating performance, it should attract a lot of international investors to the DFM,” said Joice Mathew, the head of equity research at United Securities in Muscat. It “could be a real boost to the market.”
#Israel's Bank Leumi Q3 profit doubles, to pay another dividend | Reuters
Israel's Bank Leumi Q3 profit doubles, to pay another dividend | Reuters
Leumi (LUMI.TA), one of Israel's two largest lenders, reported a doubling of quarterly net profit that was boosted by a continued unwinding of provisions made to protect against loan defaults during the COVID-19 pandemic.
Leumi said on Tuesday it earned 1.55 billion shekels ($500 million) in the July-September period, up from 750 million in the third quarter of 2020 and above a profit of 1.2 billion expected in a Reuters poll of analysts.
Amid a steep rise in inflation, net interest income rose to 2.67 billion shekels from 2.22 billion shekels a year earlier.
Leumi recorded income for credit losses of 359 million shekels after posting provisions for loan losses of 547 million a year earlier.
The bank said it would pay a dividend of 1.367 billion shekels, reflecting 30% of net profit from the first nine months of the year. It had distributed a 630 million shekel dividend in September.
Leumi (LUMI.TA), one of Israel's two largest lenders, reported a doubling of quarterly net profit that was boosted by a continued unwinding of provisions made to protect against loan defaults during the COVID-19 pandemic.
Leumi said on Tuesday it earned 1.55 billion shekels ($500 million) in the July-September period, up from 750 million in the third quarter of 2020 and above a profit of 1.2 billion expected in a Reuters poll of analysts.
Amid a steep rise in inflation, net interest income rose to 2.67 billion shekels from 2.22 billion shekels a year earlier.
Leumi recorded income for credit losses of 359 million shekels after posting provisions for loan losses of 547 million a year earlier.
The bank said it would pay a dividend of 1.367 billion shekels, reflecting 30% of net profit from the first nine months of the year. It had distributed a 630 million shekel dividend in September.
#SaudiArabia's race to attract investment dogged by scepticism | Reuters
Saudi Arabia's race to attract investment dogged by scepticism | Reuters
Saudi Arabia could have a credibility problem if it keeps shifting the goal posts for the amount of foreign investment it wants to turn its vision of a future beyond oil into a reality, financial sources and analysts said.
Five years since Crown Prince Mohammed bin Salman launched Vision 2030 to end the kingdom's dependence on fossil fuels, foreign direct investment (FDI) remains well short of targets.
When Riyadh unveiled the plan in 2016, it aimed to boost annual FDI to nearly $19 billion by 2020 from $8 billion in 2015, but last year it was just $5.5 billion. The longer-term goal was for FDI to hit 5.7% of gross domestic product (GDP) by 2030, though Riyadh did not give a dollar target.
Now the kingdom has raised the stakes again, saying it wants $100 billion in annual FDI by 2030, a new goal that many analysts consider overambitious.
Saudi Arabia could have a credibility problem if it keeps shifting the goal posts for the amount of foreign investment it wants to turn its vision of a future beyond oil into a reality, financial sources and analysts said.
Five years since Crown Prince Mohammed bin Salman launched Vision 2030 to end the kingdom's dependence on fossil fuels, foreign direct investment (FDI) remains well short of targets.
When Riyadh unveiled the plan in 2016, it aimed to boost annual FDI to nearly $19 billion by 2020 from $8 billion in 2015, but last year it was just $5.5 billion. The longer-term goal was for FDI to hit 5.7% of gross domestic product (GDP) by 2030, though Riyadh did not give a dollar target.
Now the kingdom has raised the stakes again, saying it wants $100 billion in annual FDI by 2030, a new goal that many analysts consider overambitious.
Oil prices bounce back on tight inventories, demand worries limit gains | Reuters
Oil prices bounce back on tight inventories, demand worries limit gains | Reuters
Oil rebounded from a weak start on Tuesday as worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe.
Brent futures added 96 cents, or 1.2%, to $83.01 a barrel, as of 0712 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 1%, to $81.68 a barrel.
"At these oil prices, supply is going to grow but it might take six months and inventories have come down so low. We don't have a safety margin," said Tony Nunan, a Tokyo-based senior risk manager at Mitsubishi Corp.
"We have very low inventory levels and if we have a very cold winter and OPEC is still sluggish at increasing supplies that could push oil prices up."
Oil rebounded from a weak start on Tuesday as worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe.
Brent futures added 96 cents, or 1.2%, to $83.01 a barrel, as of 0712 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 1%, to $81.68 a barrel.
"At these oil prices, supply is going to grow but it might take six months and inventories have come down so low. We don't have a safety margin," said Tony Nunan, a Tokyo-based senior risk manager at Mitsubishi Corp.
"We have very low inventory levels and if we have a very cold winter and OPEC is still sluggish at increasing supplies that could push oil prices up."
#Dubai outperforms major Gulf bourses, hits near 4-year high | Reuters
Dubai outperforms major Gulf bourses, hits near 4-year high | Reuters
Dubai's stock market outperformed in early trade on Tuesday, reaching its highest in nearly four years, as a slew of upbeat corporate earnings boosted the index.
Dubai's main share index (.DFMGI) gained 0.8%, buoyed by a 12.1% surge in Dubai Financial Market (DFM.DU) — on course to gain for a tenth session in twelve.
Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse. read more
Dubai plans to list its "Salik" road toll system on the Dubai Financial Market, the emirate's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday. read more
Emaar Properties (EMAR.DU) advanced 2.4%, a day after the developer's founder said plans to sell 50% of Namshi app to foreign and local investors.
On Sunday, Emaar reported quarterly net profit of 1.02 billion dirhams ($277.75 million), up from 359 million dirhams year ago.
Among other gainers, Deyaar Development (DEYR.DU) jumped 15% and Amlak Finance (AMLK.DU) surged 14.8%.
Saudi Arabia's benchmark index (.TASI) fell 0.2%, hit by a 1.1% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.1% decrease in Al Rajhi Bank (1120.SE).
The kingdom's consumer price index increased by 0.8% in October from a year earlier and was 0.2% higher on the month, government data showed on Monday.
Oil rebounded from a weak start as worries over tight inventories underpinned prices, although optimism was limited by fears over demand due to a pickup in COVID-19 cases in Europe.
The Abu Dhabi index (.ADI) eased 0.1%, hit by a 0.6% rise in conglomerate International Holding (IHC.AD).
In Qatar, the index (.QSI) added 0.1%, helped by a 0.7% rise in Qatar Fuel Co (QFLS.QA).
Qatar Stock Exchange on Monday announced the launch of the ESG tradable index in collaboration with MSCI.
Dubai's stock market outperformed in early trade on Tuesday, reaching its highest in nearly four years, as a slew of upbeat corporate earnings boosted the index.
Dubai's main share index (.DFMGI) gained 0.8%, buoyed by a 12.1% surge in Dubai Financial Market (DFM.DU) — on course to gain for a tenth session in twelve.
Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse. read more
Dubai plans to list its "Salik" road toll system on the Dubai Financial Market, the emirate's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday. read more
Emaar Properties (EMAR.DU) advanced 2.4%, a day after the developer's founder said plans to sell 50% of Namshi app to foreign and local investors.
On Sunday, Emaar reported quarterly net profit of 1.02 billion dirhams ($277.75 million), up from 359 million dirhams year ago.
Among other gainers, Deyaar Development (DEYR.DU) jumped 15% and Amlak Finance (AMLK.DU) surged 14.8%.
Saudi Arabia's benchmark index (.TASI) fell 0.2%, hit by a 1.1% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE) and a 0.1% decrease in Al Rajhi Bank (1120.SE).
The kingdom's consumer price index increased by 0.8% in October from a year earlier and was 0.2% higher on the month, government data showed on Monday.
Oil rebounded from a weak start as worries over tight inventories underpinned prices, although optimism was limited by fears over demand due to a pickup in COVID-19 cases in Europe.
The Abu Dhabi index (.ADI) eased 0.1%, hit by a 0.6% rise in conglomerate International Holding (IHC.AD).
In Qatar, the index (.QSI) added 0.1%, helped by a 0.7% rise in Qatar Fuel Co (QFLS.QA).
Qatar Stock Exchange on Monday announced the launch of the ESG tradable index in collaboration with MSCI.