UAE to Audit All Gold Refineries After Facing Sourcing Criticism - Bloomberg
Gold refineries across the United Arab Emirates will be required to carry out audits that prove bullion deliveries are responsibly sourced, according to the country’s Economy Ministry.
The auditing process will follow the Organization for Economic Co-operation and Development’s guidelines and will become mandatory for all refiners starting February 2022, the ministry said in an emailed statement Sunday.
The move comes in the wake of accusations made against the UAE that it allows smuggled bullion from conflict zones to be flown into the country. Switzerland told its refineries to tighten up audits on imports from the Emirates in October to make sure illicit African gold isn’t involved.
Though the UAE government and Dubai’s commodities exchange have consistently rejected such claims, some of the criticism may be quelled through the introduction of refinery inspections. The London Bullion Market Association last year threatened to blacklist countries that didn’t meet its standards on responsible sourcing.
The ministry’s anti money-laundering department has carried out some audits in the fourth quarter of 2021 that follow different criteria, according to Sunday’s statement.
The UAE’s nationwide Good Delivery Standard will also start operating in February. The voluntary certification scheme will require its members -- both in and outside of the UAE -- to “adopt OECD guidelines in relation to the responsible sourcing of gold,” according to the statement.
The UAE’s decision to require gold audits was first reported by Reuters.
Sunday 19 December 2021
#SaudiArabia's start-ups record best ever quarter for fund-raising in Q3, Magnitt says
Saudi Arabia's start-ups record best ever quarter for fund-raising in Q3, Magnitt says
Start-ups in Saudi Arabia recorded their best ever quarter for fund-raising in the three months ending September 30, attracting $205 million in 34 deals, according to data platform Magnitt.
Venture capital investments in start-ups in the kingdom more than quadrupled in the third quarter of 2021, compared with the same period last year, according to the Q3 KSA Venture Investment Report compiled in cooperation with the Saudi Venture Capital Company.
Total venture capital investment reached $376m year-to-date in 2021 — more than double the funding invested during the full year of 2020. The Series B funding round worth $125m by customer communications platform Unifonic accounted for one-third of total funding raised in Saudi Arabia by the third quarter of 2021.
The number of deals sealed by start-ups in the kingdom rose five-fold in the quarter, versus the same period in 2020, to 34 transactions, the report showed.
Start-ups in Saudi Arabia recorded their best ever quarter for fund-raising in the three months ending September 30, attracting $205 million in 34 deals, according to data platform Magnitt.
Venture capital investments in start-ups in the kingdom more than quadrupled in the third quarter of 2021, compared with the same period last year, according to the Q3 KSA Venture Investment Report compiled in cooperation with the Saudi Venture Capital Company.
Total venture capital investment reached $376m year-to-date in 2021 — more than double the funding invested during the full year of 2020. The Series B funding round worth $125m by customer communications platform Unifonic accounted for one-third of total funding raised in Saudi Arabia by the third quarter of 2021.
The number of deals sealed by start-ups in the kingdom rose five-fold in the quarter, versus the same period in 2020, to 34 transactions, the report showed.
Most Gulf bourses tumble on Omicron worries | Reuters
Most Gulf bourses tumble on Omicron worries | Reuters
Most stock markets in the Gulf ended lower on Sunday, with the Dubai index leading the downward trend as surging cases of the Omicron coronavirus variant rattled investors.
The risk of reinfection with Omicron is more than five times higher and it has shown no sign of being milder than the Delta strain, a study showed, as cases soar across Europe and threaten year-end festivities. read more
Saudi Arabia's benchmark index (.TASI) retreated 1.3%, hit by a 1.6% fall in Al Rajhi Bank (1120.SE) and a 2.6% decline in petrochemical maker Saudi Basic Industries Corp (2010.SE).
The kingdom's air defences on Sunday destroyed two drones launched by Yemen's Houthis toward Abha international airport in the southwest of the country, the Saudi Press Agency (SPA) reported. read more
Violence in Yemen's conflict has escalated dramatically over the last few months despite efforts by the United States and the United Nations to engineer a ceasefire in the seven-year-old war, which has caused a dire humanitarian crisis. read more
Dubai's main share index (.DFMGI) slid 3.6%, dragged down by a 4.2% drop in top lender Emirates NBD Bank (ENBD.DU) and a 4% decline in blue-chip developer Emaar Properties (EMAR.DU).
Crude prices, a key catalyst for the Gulf's financial markets, settled down $1.50, or 2%, at $73.52 a barrel on Friday.
Global stock benchmarks also fell on Friday as investors wrestled with rising numbers of Omicron cases and a hawkish turn from major central banks in the fight against inflation. MKTS/
In Abu Dhabi, the index (.ADI) lost more than 2%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) dropping 3.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) slipped 0.9%, as most of the stocks on the index finished in the red.
Egypt, the Arab world's most populous country, reported its first three cases of Omicron, Reuters reported on Friday, citing the health ministry. read more
** Markets in Qatar and Bahrain were closed for a public holiday.
Most stock markets in the Gulf ended lower on Sunday, with the Dubai index leading the downward trend as surging cases of the Omicron coronavirus variant rattled investors.
The risk of reinfection with Omicron is more than five times higher and it has shown no sign of being milder than the Delta strain, a study showed, as cases soar across Europe and threaten year-end festivities. read more
Saudi Arabia's benchmark index (.TASI) retreated 1.3%, hit by a 1.6% fall in Al Rajhi Bank (1120.SE) and a 2.6% decline in petrochemical maker Saudi Basic Industries Corp (2010.SE).
The kingdom's air defences on Sunday destroyed two drones launched by Yemen's Houthis toward Abha international airport in the southwest of the country, the Saudi Press Agency (SPA) reported. read more
Violence in Yemen's conflict has escalated dramatically over the last few months despite efforts by the United States and the United Nations to engineer a ceasefire in the seven-year-old war, which has caused a dire humanitarian crisis. read more
Dubai's main share index (.DFMGI) slid 3.6%, dragged down by a 4.2% drop in top lender Emirates NBD Bank (ENBD.DU) and a 4% decline in blue-chip developer Emaar Properties (EMAR.DU).
Crude prices, a key catalyst for the Gulf's financial markets, settled down $1.50, or 2%, at $73.52 a barrel on Friday.
Global stock benchmarks also fell on Friday as investors wrestled with rising numbers of Omicron cases and a hawkish turn from major central banks in the fight against inflation. MKTS/
In Abu Dhabi, the index (.ADI) lost more than 2%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) dropping 3.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) slipped 0.9%, as most of the stocks on the index finished in the red.
Egypt, the Arab world's most populous country, reported its first three cases of Omicron, Reuters reported on Friday, citing the health ministry. read more
** Markets in Qatar and Bahrain were closed for a public holiday.
Global Banks Set to Adopt Monday-Friday Workweek in the #UAE - Bloomberg
Global Banks Set to Adopt Monday-Friday Workweek in the UAE - Bloomberg
International banks operating in the United Arab Emirates are set to adopt a Monday-Friday workweek in the country from January, bringing their regional operations in line with the global standard.
JPMorgan Chase & Co., Deutsche Bank AG, Bank of America Corp. and Societe Generale SA will switch to a Saturday-Sunday weekend in the UAE, according to people familiar with matter, following the Gulf nation’s decision to change its workweek.
The banks will offer employees some flexibility on Fridays and haven’t so far hinted at any imminent relocations, people familiar with matter said. Dubai is the region’s main business and financial hub, though most international banks have staff in Saudi Arabia to cover Sundays.
Schools and the public sector in the UAE will move to a 4 1/2-day week in the new year, with a half day on Friday -- a holy day in Islam. While that will align the UAE with global economies, it will break ranks with other Arab Gulf nations that have a Sunday-Thursday working week.
International banks operating in the United Arab Emirates are set to adopt a Monday-Friday workweek in the country from January, bringing their regional operations in line with the global standard.
JPMorgan Chase & Co., Deutsche Bank AG, Bank of America Corp. and Societe Generale SA will switch to a Saturday-Sunday weekend in the UAE, according to people familiar with matter, following the Gulf nation’s decision to change its workweek.
The banks will offer employees some flexibility on Fridays and haven’t so far hinted at any imminent relocations, people familiar with matter said. Dubai is the region’s main business and financial hub, though most international banks have staff in Saudi Arabia to cover Sundays.
Schools and the public sector in the UAE will move to a 4 1/2-day week in the new year, with a half day on Friday -- a holy day in Islam. While that will align the UAE with global economies, it will break ranks with other Arab Gulf nations that have a Sunday-Thursday working week.
Delivery Hero’s #Saudi Rival Jahez Prices IPO at Top of Range - Bloomberg
Delivery Hero’s Saudi Rival Jahez Prices IPO at Top of Range - Bloomberg
Saudi food delivery firm Jahez, which competes with companies like Delivery Hero’s Hungerstation, is set to be one of the middle east’s most valuable public technology firms after pricing its initial public offering at the top end of a planned range.
The final offer price has been set at 850 riyals ($226.48) per share, implying a market value of 8.9 billion riyals, the company said on Sunday. Jahez International Company for Information Systems Technology, as the firm is formally known, plans to sell just over 2 million shares to raise about 1.8 billion riyals.
The offering was 38.8 times oversubscribed, the latest sign of demand for new firms in the Gulf nation. Riyadh has been the hottest market for IPOs in the region in recent years, though neighboring Abu Dhabi and Dubai are also stepping up efforts. The deep pipeline for IPOs is one of a few factors expected to support Gulf bourses in 2022.
The kingdom’s most recent sale came from its sovereign wealth fund, which offered part of its stake in Saudi Telecom Co., a deal that was “significantly” oversubscribed but priced at the low end of the range.
Saudi food delivery firm Jahez, which competes with companies like Delivery Hero’s Hungerstation, is set to be one of the middle east’s most valuable public technology firms after pricing its initial public offering at the top end of a planned range.
The final offer price has been set at 850 riyals ($226.48) per share, implying a market value of 8.9 billion riyals, the company said on Sunday. Jahez International Company for Information Systems Technology, as the firm is formally known, plans to sell just over 2 million shares to raise about 1.8 billion riyals.
The offering was 38.8 times oversubscribed, the latest sign of demand for new firms in the Gulf nation. Riyadh has been the hottest market for IPOs in the region in recent years, though neighboring Abu Dhabi and Dubai are also stepping up efforts. The deep pipeline for IPOs is one of a few factors expected to support Gulf bourses in 2022.
The kingdom’s most recent sale came from its sovereign wealth fund, which offered part of its stake in Saudi Telecom Co., a deal that was “significantly” oversubscribed but priced at the low end of the range.
Saudis Are Right To Warn of a Worrisome Collapse in Oil Supply - Bloomberg
Saudis Are Right To Warn of a Worrisome Collapse in Oil Supply - Bloomberg
This won’t win me any friends among the green lobby, but Saudi Arabia’s Oil Minister Abdulaziz bin Salman is right to warn of a potential energy crisis resulting from falling investment in fossil fuels. Here’s why.
The prince warned that worldwide oil production could fall by 30 million barrels a day by the end of the decade because there is not enough being spent on the exploration for and development of new resources. That implies production of less than 70 million barrels a day.
Of course, he is talking his own book. The kingdom holds vast reserves of oil beneath its sands and under the shallow waters of the Persian Gulf — and it wants to see a healthy market for that oil for years to come.
But his warning isn’t entirely self-serving. Saudi Arabia’s oil riches aren’t open to foreign investors, so his call for more spending is actually aimed at encouraging competition with the kingdom.
This won’t win me any friends among the green lobby, but Saudi Arabia’s Oil Minister Abdulaziz bin Salman is right to warn of a potential energy crisis resulting from falling investment in fossil fuels. Here’s why.
The prince warned that worldwide oil production could fall by 30 million barrels a day by the end of the decade because there is not enough being spent on the exploration for and development of new resources. That implies production of less than 70 million barrels a day.
Of course, he is talking his own book. The kingdom holds vast reserves of oil beneath its sands and under the shallow waters of the Persian Gulf — and it wants to see a healthy market for that oil for years to come.
But his warning isn’t entirely self-serving. Saudi Arabia’s oil riches aren’t open to foreign investors, so his call for more spending is actually aimed at encouraging competition with the kingdom.
Most Gulf bourses in red on Omicron worries | Reuters
Most Gulf bourses in red on Omicron worries | Reuters
Most Gulf stock markets fell in early trade on Sunday, responding to a slide in crude prices on Friday as surging cases of the Omicron coronavirus variant raised fears that new restrictions may hit fuel demand.
Oil prices, a key catalyst for the Gulf's financial markets, settled down $1.50, or 2%, at $73.52 a barrel on Friday.
Saudi Arabia's benchmark index (.TASI) dropped 0.8% on Sunday, weighed down by a 1% fall in Al Rajhi Bank (1120.SE) and a 2.1% decline in petrochemical maker Saudi Basic Industries Corp (2010.SE).
The risk of reinfection with the Omicron coronavirus variant is more than five times higher and it has shown no sign of being milder than Delta, a study showed, as cases soar across Europe and threaten year-end festivities. read more
COVID-19 vaccines appear to have become slightly less effective in preventing severe disease and death but do provide "significant protection", the World Health Organization (WHO) said on Tuesday. read more
In Abu Dhabi, the index (.ADI) retreated 1.4%, hit by a 2.9% drop in telecoms firm Etisalat (ETISALAT.AD) and a 2.1% decrease in the country's largest lender First Abu Dhabi Bank (FAB.AD).
Global stock benchmarks also fell on Friday as investors wrestled with rising numbers of Omicron cases and a hawkish turn from major central banks in the fight against inflation. MKTS/
Dubai's main share index (.DFMGI) slid 1.9% with most of its stocks in negative territory, including blue-chip developer Emaar Properties (EMAR.DU), which was down 2%.
Meanwhile, The United Arab Emirates' central bank has extended several measures of its Targeted Economic Support Scheme (TESS) until June 30 to support the continued recovery of the country's economy, the bank said on Saturday. read more
** Qatar was closed for a public holiday
Most Gulf stock markets fell in early trade on Sunday, responding to a slide in crude prices on Friday as surging cases of the Omicron coronavirus variant raised fears that new restrictions may hit fuel demand.
Oil prices, a key catalyst for the Gulf's financial markets, settled down $1.50, or 2%, at $73.52 a barrel on Friday.
Saudi Arabia's benchmark index (.TASI) dropped 0.8% on Sunday, weighed down by a 1% fall in Al Rajhi Bank (1120.SE) and a 2.1% decline in petrochemical maker Saudi Basic Industries Corp (2010.SE).
The risk of reinfection with the Omicron coronavirus variant is more than five times higher and it has shown no sign of being milder than Delta, a study showed, as cases soar across Europe and threaten year-end festivities. read more
COVID-19 vaccines appear to have become slightly less effective in preventing severe disease and death but do provide "significant protection", the World Health Organization (WHO) said on Tuesday. read more
In Abu Dhabi, the index (.ADI) retreated 1.4%, hit by a 2.9% drop in telecoms firm Etisalat (ETISALAT.AD) and a 2.1% decrease in the country's largest lender First Abu Dhabi Bank (FAB.AD).
Global stock benchmarks also fell on Friday as investors wrestled with rising numbers of Omicron cases and a hawkish turn from major central banks in the fight against inflation. MKTS/
Dubai's main share index (.DFMGI) slid 1.9% with most of its stocks in negative territory, including blue-chip developer Emaar Properties (EMAR.DU), which was down 2%.
Meanwhile, The United Arab Emirates' central bank has extended several measures of its Targeted Economic Support Scheme (TESS) until June 30 to support the continued recovery of the country's economy, the bank said on Saturday. read more
** Qatar was closed for a public holiday
Alpha Dhabi May Tap Debt Market for $2.2 Billion Investment Plan - Bloomberg
Alpha Dhabi May Tap Debt Market for $2.2 Billion Investment Plan - Bloomberg
Alpha Dhabi Holding PJSC, one of the United Arab Emirates’ biggest public companies by value, may tap debt markets as part of plans to invest as much as 8 billion dirhams ($2.2 billion) in sectors ranging from hospitality to petrochemicals.
The firm is looking for opportunities to deploy capital in private and public assets in the country as part of its new strategy, Chief Executive Officer Hamad Al-Ameri said in response to questions from Bloomberg. It will also explore investments across the Middle East and North Africa, the U.S., India and Pakistan.
“The investments will be financed by a combination of debt and equity, depending on the nature of the particular investment profile,” Al-Ameri said. “This includes tapping into debt markets at the appropriate time to take advantage of favorable interest rates where necessary.”
In particular, Alpha Dhabi is looking at hospitality assets that have been resilient during the pandemic as well as petrochemicals and clean energy businesses, he said.
Alpha Dhabi Holding PJSC, one of the United Arab Emirates’ biggest public companies by value, may tap debt markets as part of plans to invest as much as 8 billion dirhams ($2.2 billion) in sectors ranging from hospitality to petrochemicals.
The firm is looking for opportunities to deploy capital in private and public assets in the country as part of its new strategy, Chief Executive Officer Hamad Al-Ameri said in response to questions from Bloomberg. It will also explore investments across the Middle East and North Africa, the U.S., India and Pakistan.
“The investments will be financed by a combination of debt and equity, depending on the nature of the particular investment profile,” Al-Ameri said. “This includes tapping into debt markets at the appropriate time to take advantage of favorable interest rates where necessary.”
In particular, Alpha Dhabi is looking at hospitality assets that have been resilient during the pandemic as well as petrochemicals and clean energy businesses, he said.
Giant Rave in #Saudi Desert Pushes Kingdom’s Changing Boundaries - Bloomberg
Giant Rave in Saudi Desert Pushes Kingdom’s Changing Boundaries - Bloomberg
The party in the Saudi desert looked like any other rave until the music stopped for the Islamic call to prayer, leaving attendees in ripped skinny jeans and combat boots to stand in silence.
Fifteen minutes later -- religious duties completed -- thousands of party-goers got back to business. Men and women danced with abandon in a country where that would have been unthinkable five years ago.
The electronic music festival in Saudi Arabia this weekend highlighted the changes catapulting through the conservative kingdom under its controversial crown prince, Mohammed bin Salman. In just a few years, the prince has lifted a ban on women driving, loosened gender segregation and defanged the religious police, who used to roam the streets punishing restaurants that played music.
In contrast, the four-day festival called MDL Beast Soundstorm was endorsed by the government and included performances by global DJs like Tiësto and Armin van Buuren. Organizers say more than 180,000 people attended the opening night, pushing boundaries as the kingdom transforms.
The party in the Saudi desert looked like any other rave until the music stopped for the Islamic call to prayer, leaving attendees in ripped skinny jeans and combat boots to stand in silence.
Fifteen minutes later -- religious duties completed -- thousands of party-goers got back to business. Men and women danced with abandon in a country where that would have been unthinkable five years ago.
The electronic music festival in Saudi Arabia this weekend highlighted the changes catapulting through the conservative kingdom under its controversial crown prince, Mohammed bin Salman. In just a few years, the prince has lifted a ban on women driving, loosened gender segregation and defanged the religious police, who used to roam the streets punishing restaurants that played music.
In contrast, the four-day festival called MDL Beast Soundstorm was endorsed by the government and included performances by global DJs like Tiësto and Armin van Buuren. Organizers say more than 180,000 people attended the opening night, pushing boundaries as the kingdom transforms.