Sempra Energy (SRE) to Sell 10% Stake in Infrastructure Unit for $1.8 Billion - Bloomberg
Sempra agreed to sell a 10% non-controlling stake in its gas exports and Mexican pipeline unit to a subsidiary of Abu Dhabi Investment Authority for about $1.8 billion in cash.
The deal implies an enterprise value of $26.5 billion for Sempra Infrastructure Partners, which was created earlier this year through the consolidation of Sempra’s liquefied natural gas business and its Mexican IEnova unit, according to a statement Tuesday. In October, Sempra completed the sale of a 20% non-controlling interest in the infrastructure unit to an affiliate of KKR & Co.
Sempra said the proceeds from the sale will go toward helping fund capital investments at its utilities and repurchase $500 million of the company’s stock. Sempra Chief Executive Jeff Martin has told investors he wanted to use proceeds from the energy company’s infrastructure partnership to strengthen the company’s balance sheet and fund growth projects at its regulated utilities in California and Texas.
Sempra rose 0.4% in after-market trading after closing 0.8% higher at $128.51 in New York. The company’s stock has climbed less than 1% this year, under-performing the S&P 500 Utilities Index, which is up 11%.
Sempra said it expected the sale to be completed by the summer of 2022, subject to closing conditions and approval from regulators. The company reaffirmed its full-year earnings guidance range of $8.10 to $8.70 a share.
Wednesday 22 December 2021
Yasin: #Dubai IPOs Favorably Priced - Bloomberg
Yasin: Dubai IPOs Favorably Priced - Bloomberg
Mohammed Ali Yasin, Chief Strategy Officer from Al Dhabi Capital discusses the appeal of new listings on the Dubai exchange for investors and provides his market strategy for MENA and GCC markets. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Company listings on Tel Aviv bourse jump in 2021 to most in 9 years | Reuters
Company listings on Tel Aviv bourse jump in 2021 to most in 9 years | Reuters
The number of companies traded on the Tel Aviv Stock Exchange (TASE) reached a nine-year high in 2021, while daily turnover was its highest in more than a decade, the bourse said on Wednesday.
Some 540 companies are listed on the TASE, 53 of them dual listed in New York and on other exchanges. During the year, 97 companies listed, 55 of them high-tech, for the most annual listings since 1993, the exchange said in a report.
Listings peaked at 654 companies in 2007.
About 26 billion shekels ($8.2 billion) was raised in public companies on the TASE this year, up from nearly 17 billion in 2020.
The number of companies traded on the Tel Aviv Stock Exchange (TASE) reached a nine-year high in 2021, while daily turnover was its highest in more than a decade, the bourse said on Wednesday.
Some 540 companies are listed on the TASE, 53 of them dual listed in New York and on other exchanges. During the year, 97 companies listed, 55 of them high-tech, for the most annual listings since 1993, the exchange said in a report.
Listings peaked at 654 companies in 2007.
About 26 billion shekels ($8.2 billion) was raised in public companies on the TASE this year, up from nearly 17 billion in 2020.
Oil prices steady as Omicron caution lingers | Reuters
Oil prices steady as Omicron caution lingers | Reuters
Oil prices were steady on Wednesday as fears of tight supply were offset by COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases.
U.S. West Texas Intermediate (WTI) crude futures were unchanged at $71.12 a barrel at 1250 GMT after jumping 3.7% on Tuesday.
Brent crude futures fell 15 cents, or 0.20%, to $73.83 a barrel after gaining 3.4% in the last session.
"The bias is positive over optimistic updates from vaccine maker Moderna ... however the upside looks limited as investors seem to be exercising caution over Omicron-related restrictions," said Ajay Kedia, director at Kedia Commodities in Mumbai.
Oil prices were steady on Wednesday as fears of tight supply were offset by COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases.
U.S. West Texas Intermediate (WTI) crude futures were unchanged at $71.12 a barrel at 1250 GMT after jumping 3.7% on Tuesday.
Brent crude futures fell 15 cents, or 0.20%, to $73.83 a barrel after gaining 3.4% in the last session.
"The bias is positive over optimistic updates from vaccine maker Moderna ... however the upside looks limited as investors seem to be exercising caution over Omicron-related restrictions," said Ajay Kedia, director at Kedia Commodities in Mumbai.
Most major Gulf bourses in red on Omicron worries | Reuters
Most major Gulf bourses in red on Omicron worries | Reuters
Most major stock markets in the Gulf gave up early gains to end lower on Wednesday due to concerns over surging number of Omicron coronavirus variant cases around the world.
Governments globally have tightened social mobility restrictions and made urgent pleas for citizens to get vaccinated as Omicron emerges as the dominant strain of the coronavirus, upending reopening plans that many hoped would herald the start of a post-pandemic era in 2022. read more
Israel is to offer a fourth dose of a COVID-19 vaccine to people older than 60 or with compromised immune systems, and to health workers, as part of a drive to ramp up the shots and outpace the spread of the variant. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, ending two sessions of gains, with Al Rajhi Bank (1120.SE) retreating 1.3%, while Sahara International Petrochemical Co (2310.SE) slipped 3.5%, a day after it traded ex-dividend.
However, Saudi Investment Bank (1030.SE) surged 9.1%, to become the top gainer on the index, following its proposal to increase capital and a dividend of 0.70 riyal per share for 2021.
Dubai's main share index (.DFMGI) fell 0.8%, dragged down by a 2.6% drop in top lender Emirates NBD (ENBD.DU) and a 1.3% decrease in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
"The market is continuing its price correction after failing to break above its recent peak last week. A globally cautious sentiment is pulling the main index down," said Wael Makarem, senior market strategist at Exness.
In Abu Dhabi, the index (.ADI) lost 0.7%, hit by a 4.1% decline in Emirates Telecommunications Group (ETISALAT.AD).
The Qatari index (.QSI) gained 0.3%, supported by a 0.6% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.9%, with Commercial International Bank (COMI.CA) closing 0.7% higher.
Investors return to the market after this week's price corrections. However, the market direction remains clouded by the rising impact of Omicron and stagnating oil prices, said Makarem.
Most major stock markets in the Gulf gave up early gains to end lower on Wednesday due to concerns over surging number of Omicron coronavirus variant cases around the world.
Governments globally have tightened social mobility restrictions and made urgent pleas for citizens to get vaccinated as Omicron emerges as the dominant strain of the coronavirus, upending reopening plans that many hoped would herald the start of a post-pandemic era in 2022. read more
Israel is to offer a fourth dose of a COVID-19 vaccine to people older than 60 or with compromised immune systems, and to health workers, as part of a drive to ramp up the shots and outpace the spread of the variant. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, ending two sessions of gains, with Al Rajhi Bank (1120.SE) retreating 1.3%, while Sahara International Petrochemical Co (2310.SE) slipped 3.5%, a day after it traded ex-dividend.
However, Saudi Investment Bank (1030.SE) surged 9.1%, to become the top gainer on the index, following its proposal to increase capital and a dividend of 0.70 riyal per share for 2021.
Dubai's main share index (.DFMGI) fell 0.8%, dragged down by a 2.6% drop in top lender Emirates NBD (ENBD.DU) and a 1.3% decrease in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
"The market is continuing its price correction after failing to break above its recent peak last week. A globally cautious sentiment is pulling the main index down," said Wael Makarem, senior market strategist at Exness.
In Abu Dhabi, the index (.ADI) lost 0.7%, hit by a 4.1% decline in Emirates Telecommunications Group (ETISALAT.AD).
The Qatari index (.QSI) gained 0.3%, supported by a 0.6% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.9%, with Commercial International Bank (COMI.CA) closing 0.7% higher.
Investors return to the market after this week's price corrections. However, the market direction remains clouded by the rising impact of Omicron and stagnating oil prices, said Makarem.
Oil Steadies on Thin Trading and Conflicting Demand Signals - Bloomberg
Oil Steadies on Thin Trading and Conflicting Demand Signals - Bloomberg
| PRICES |
|---|
 Oil steadied as investors weighed mixed demand signals and trading volumes thinned moving into the holiday period. Futures in New York traded just below $72 a barrel after rallying on Tuesday with other financial assets. An energy crunch in Europe and an industry report that pointed to another decrease in U.S. crude stockpiles added to bullish sentiment for oil. However, the omicron variant of the coronavirus has continued to hang over the market, despite not having a big impact on consumption so far. Trading is starting to wane into the Christmas period. Average Brent crude futures volumes over the last 15 days are the least in two months, while WTI open interest has plunged to its lowest since 2016. “Data remains supportive, with supply outages, elevated flight activity and congestion on roads resulting in still falling inventories,” said Giovanni Staunovo, commodity analyst at UBS Group AG. “Concern on new mobility restrictions impacting oil demand as a result of the Omicron variant is keeping prices in check, however.” |
#UAE's ADNOC, TAQA in $3.6 bln project to slash offshore carbon footprint | Reuters
UAE's ADNOC, TAQA in $3.6 bln project to slash offshore carbon footprint | Reuters
Abu Dhabi National Oil Co (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) on Wednesday announced a $3.6 billion project to reduce the carbon footprint of ADNOC's offshore production operations by more than 30%.
The project will develop and operate a subsea transmission system in the Middle East and North Africa region, replacing existing offshore gas turbine generators with more sustainable power sources available on the Abu Dhabi onshore power grid.
The project will be funded through a special purpose vehicle owned 30% each by ADNOC and TAQA, with the rest held by a consortium comprised of Korea Electric Power Corp (015760.KS), Japan's Kyushu Electric Power Co (9508.T) and Électricité de France (EDF.PA).
Led by KEPCO, the consortium will develop and operate the project for 35 years alongside ADNOQ and TAQA.
Abu Dhabi National Oil Co (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) on Wednesday announced a $3.6 billion project to reduce the carbon footprint of ADNOC's offshore production operations by more than 30%.
The project will develop and operate a subsea transmission system in the Middle East and North Africa region, replacing existing offshore gas turbine generators with more sustainable power sources available on the Abu Dhabi onshore power grid.
The project will be funded through a special purpose vehicle owned 30% each by ADNOC and TAQA, with the rest held by a consortium comprised of Korea Electric Power Corp (015760.KS), Japan's Kyushu Electric Power Co (9508.T) and Électricité de France (EDF.PA).
Led by KEPCO, the consortium will develop and operate the project for 35 years alongside ADNOQ and TAQA.
#Qatar’s World Cup will pay Gulf-wide dividends | Reuters @gfhay
Qatar’s World Cup will pay Gulf-wide dividends | Reuters
Qatar’s World Cup has suffered an awful lead-in. Since the tiny emirate successfully pitched for soccer’s quadrennial showcase event in 2010, it has grappled with accusations of corrupt bidding read more and exploiting migrant workers read more . Shifting the competition to November 2022 to avoid Qatar’s unbearable summer has further lowered expectations. Yet the jamboree could still be a success for the region.
Back in 2010 Qatar argued the World Cup could benefit the whole Gulf. As recently as 12 months ago, that sounded fanciful. Qatar was in the fourth year of a blockade spearheaded by Mohammed bin Salman and Mohamed bin Zayed, de facto heads of fellow Gulf Cooperation Council members Saudi Arabia and the United Arab Emirates. The short hop from Dubai to Doha had become a lengthier round trip via neutral Oman. While the blockade ended in January, Saudi and the UAE have been at odds over trade tariffs and oil policy, and whether multinational companies will locate regional headquarters in Dubai or Riyadh.
Hosting the World Cup won’t banish these tensions. But the tournament may rev up the GCC’s anaemic post-pandemic recovery. Though the GDP of leading Gulf countries suffered the same 4.9% average contraction as the G7 in 2020, they’re set to grow just 2.6% in 2021, half the rate of the largest developed economies, the World Bank reckons. Sales of oil and gas, which bring in over half the state revenue of most GCC members, are still recovering after the 2020 demand slump.
An influx of tourists would therefore be welcome. The World Cup should bring more than 1 million fans to the emirate, equivalent to a third of its population, according to the tournament’s chief executive. But it’s not clear where they will all stay read more . Dubai, Abu Dhabi and Bahrain can all benefit by offering alternative bases.
Things could yet go awry. Though Doha is less uptight than Riyadh, inebriated western fans could face brusque treatment. The national teams of two even fiercer enemies, Saudi Arabia and Iran, may face each other on the pitch. And another virulent strain of Covid-19 could see France’s Kylian Mbappe and England’s Raheem Sterling playing in empty stadiums.
Still, the Gulf’s first World Cup seems like more of an opportunity. To wean the GCC’s young populations off fossil fuel-enabled state subsidies, their economies need foreign direct investment inflows to aid short-term recovery and longer-term diversification. Despite its unsavoury origins, Qatar 2022 is a handily timed shop window.
Qatar’s World Cup has suffered an awful lead-in. Since the tiny emirate successfully pitched for soccer’s quadrennial showcase event in 2010, it has grappled with accusations of corrupt bidding read more and exploiting migrant workers read more . Shifting the competition to November 2022 to avoid Qatar’s unbearable summer has further lowered expectations. Yet the jamboree could still be a success for the region.
Back in 2010 Qatar argued the World Cup could benefit the whole Gulf. As recently as 12 months ago, that sounded fanciful. Qatar was in the fourth year of a blockade spearheaded by Mohammed bin Salman and Mohamed bin Zayed, de facto heads of fellow Gulf Cooperation Council members Saudi Arabia and the United Arab Emirates. The short hop from Dubai to Doha had become a lengthier round trip via neutral Oman. While the blockade ended in January, Saudi and the UAE have been at odds over trade tariffs and oil policy, and whether multinational companies will locate regional headquarters in Dubai or Riyadh.
Hosting the World Cup won’t banish these tensions. But the tournament may rev up the GCC’s anaemic post-pandemic recovery. Though the GDP of leading Gulf countries suffered the same 4.9% average contraction as the G7 in 2020, they’re set to grow just 2.6% in 2021, half the rate of the largest developed economies, the World Bank reckons. Sales of oil and gas, which bring in over half the state revenue of most GCC members, are still recovering after the 2020 demand slump.
An influx of tourists would therefore be welcome. The World Cup should bring more than 1 million fans to the emirate, equivalent to a third of its population, according to the tournament’s chief executive. But it’s not clear where they will all stay read more . Dubai, Abu Dhabi and Bahrain can all benefit by offering alternative bases.
Things could yet go awry. Though Doha is less uptight than Riyadh, inebriated western fans could face brusque treatment. The national teams of two even fiercer enemies, Saudi Arabia and Iran, may face each other on the pitch. And another virulent strain of Covid-19 could see France’s Kylian Mbappe and England’s Raheem Sterling playing in empty stadiums.
Still, the Gulf’s first World Cup seems like more of an opportunity. To wean the GCC’s young populations off fossil fuel-enabled state subsidies, their economies need foreign direct investment inflows to aid short-term recovery and longer-term diversification. Despite its unsavoury origins, Qatar 2022 is a handily timed shop window.
Most Gulf bourses rise despite Omicron concerns | Reuters
Most Gulf bourses rise despite Omicron concerns | Reuters
Most stock markets in the Gulf rose in early trade on Wednesday, in line with oil prices and Asian shares, despite the surging number of Omicron coronavirus variant cases around the world.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Al Rajhi Bank (1120.SE) rising 0.3%, while Saudi Investment Bank (1030.SE) jumped more than 7% after announcing a capital increase by issuing bonus shares.
Saudi Investment Bank's board also proposed a dividend of 0.70 riyal per share for the year 2021.
ACWA Power (2082.SE) added 0.4%, a day after the utility developer said it closed an agreement for $1.33 billion in senior debt for a multi-utilities project at Saudi Arabia's planned multi-billion dollar Red Sea project. read more
Oil prices were steady with market players on the lookout for fuel demand pointers amid COVID-19 concerns, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.24% in afternoon trade.
Dubai's main share index (.DFMGI) rose 0.3%, driven by a 0.5% gain in Dubai Investments (DINV.DU).
The Qatari benchmark (.QSI) edged 0.1% higher, helped by a 0.6% increase in sharia-compliant lender Masraf Al Rayan (MARK.QA).
The Abu Dhabi index (.ADI) dropped 0.7%, on course for a fourth straight session of drop, with telecoms firm Etisalat (ETISALAT.AD) sliding 4.3%.
Meanwhile, shares of Abu Dhabi National Energy Company (TAQA.AD) advanced 1.5%, after the firm and Abu Dhabi National Oil Co (ADNOC) announced a $3.6 billion project to reduce the carbon footprint of ADNOC's offshore production operations by more than 30%. read more
The Omicron variant of the coronavirus is spreading faster than the Delta variant and is causing infections in people already vaccinated or who have recovered from the disease, the head of the World Health Organization said on Monday. read more
Most stock markets in the Gulf rose in early trade on Wednesday, in line with oil prices and Asian shares, despite the surging number of Omicron coronavirus variant cases around the world.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Al Rajhi Bank (1120.SE) rising 0.3%, while Saudi Investment Bank (1030.SE) jumped more than 7% after announcing a capital increase by issuing bonus shares.
Saudi Investment Bank's board also proposed a dividend of 0.70 riyal per share for the year 2021.
ACWA Power (2082.SE) added 0.4%, a day after the utility developer said it closed an agreement for $1.33 billion in senior debt for a multi-utilities project at Saudi Arabia's planned multi-billion dollar Red Sea project. read more
Oil prices were steady with market players on the lookout for fuel demand pointers amid COVID-19 concerns, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.24% in afternoon trade.
Dubai's main share index (.DFMGI) rose 0.3%, driven by a 0.5% gain in Dubai Investments (DINV.DU).
The Qatari benchmark (.QSI) edged 0.1% higher, helped by a 0.6% increase in sharia-compliant lender Masraf Al Rayan (MARK.QA).
The Abu Dhabi index (.ADI) dropped 0.7%, on course for a fourth straight session of drop, with telecoms firm Etisalat (ETISALAT.AD) sliding 4.3%.
Meanwhile, shares of Abu Dhabi National Energy Company (TAQA.AD) advanced 1.5%, after the firm and Abu Dhabi National Oil Co (ADNOC) announced a $3.6 billion project to reduce the carbon footprint of ADNOC's offshore production operations by more than 30%. read more
The Omicron variant of the coronavirus is spreading faster than the Delta variant and is causing infections in people already vaccinated or who have recovered from the disease, the head of the World Health Organization said on Monday. read more
Oil prices steady as Omicron caution lingers amid renewed curbs | Reuters
Oil prices steady as Omicron caution lingers amid renewed curbs | Reuters
Oil prices were steady on Wednesday, with market players on the lookout for fuel demand pointers amid COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases.
U.S. West Texas Intermediate (WTI) crude futures rose 12 cents, or 0.1%, to $71.24 a barrel at 0757 GMT after jumping 3.7% on Tuesday.
Brent crude futures rose 1 cent, or 0.01%, to $73.99 a barrel after gaining 3.4% in the last session.
"The bias is positive over optimistic updates from vaccine maker Moderna ... however the upside looks limited as investors seem to be exercising caution over Omicron-related restrictions," said Ajay Kedia, director at Kedia Commodities in Mumbai.
Oil prices were steady on Wednesday, with market players on the lookout for fuel demand pointers amid COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases.
U.S. West Texas Intermediate (WTI) crude futures rose 12 cents, or 0.1%, to $71.24 a barrel at 0757 GMT after jumping 3.7% on Tuesday.
Brent crude futures rose 1 cent, or 0.01%, to $73.99 a barrel after gaining 3.4% in the last session.
"The bias is positive over optimistic updates from vaccine maker Moderna ... however the upside looks limited as investors seem to be exercising caution over Omicron-related restrictions," said Ajay Kedia, director at Kedia Commodities in Mumbai.
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