Oil slumps 7% as U.S. plans record crude reserve release | Reuters
U.S. oil prices fell 7% to close just above $100 on Thursday as President Joe Biden announced the largest ever release from the U.S. Strategic Petroleum Reserve and called on oil companies to increase drilling to boost supply.
U.S. West Texas Intermediate futures for May delivery settled down $7.54, or 7%, at $100.28 a barrel, after touching a low of $99.66.
Brent crude futures for May, which expired on Thursday, closed down $5.54, or 4.8%, at $107.91 a barrel. The more actively traded June futures were down 5.6% at $105.16, after falling by $7 earlier in the session.
Both benchmarks posted their highest quarterly percentage gains since the second quarter of 2020, with Brent soaring 38% and WTI gaining 34%, boosted mainly after Russia's Feb. 24 invasion of Ukraine which Moscow calls a "special operation."
Thursday 31 March 2022
#Oman to use surplus from higher oil prices to reduce public debt | Reuters
Oman to use surplus from higher oil prices to reduce public debt | Reuters
Oman expects to reduce its public debt to 19.46 billion Omani riyals by using the surplus arising from selling oil at higher prices and repaying some loans by end of April 2022, the finance ministry said on Thursday.
The ministry expects to repay loans worth 2.85 billion Omani riyals by end of April as part of its public debt management strategy.
"The government plans to utilise the financial surplus arising from higher oil prices to repay part of the public debt, reduce the fiscal deficit and minimise the cost and risk of the debt portfolio," the ministry also said.
Oman expects to reduce its public debt to 19.46 billion Omani riyals by using the surplus arising from selling oil at higher prices and repaying some loans by end of April 2022, the finance ministry said on Thursday.
The ministry expects to repay loans worth 2.85 billion Omani riyals by end of April as part of its public debt management strategy.
"The government plans to utilise the financial surplus arising from higher oil prices to repay part of the public debt, reduce the fiscal deficit and minimise the cost and risk of the debt portfolio," the ministry also said.
Oil prices dive as U.S. set to announce record reserves release | Reuters
Oil prices dive as U.S. set to announce record reserves release | Reuters
Oil prices tumbled on Thursday with the United States set to announce the largest ever release from its Strategic Petroleum Reserve, while OPEC+ stuck to its existing deal for May output.
Brent crude futures for May, which expire on Thursday, were down $5.28, or 4.65%, at $108.17 a barrel by 12:31 a.m. ET. The more actively traded June futures were down 3.2% at $107.86, after falling by $7.
U.S. West Texas Intermediate futures for May delivery were down $3.88, or 3.6%, at $103.92 a barrel, off a low of $103.90.
Front-month futures for U.S. crude and Brent were on track for their highest quarterly percentage gains since the second quarter of 2020.
Oil prices tumbled on Thursday with the United States set to announce the largest ever release from its Strategic Petroleum Reserve, while OPEC+ stuck to its existing deal for May output.
Brent crude futures for May, which expire on Thursday, were down $5.28, or 4.65%, at $108.17 a barrel by 12:31 a.m. ET. The more actively traded June futures were down 3.2% at $107.86, after falling by $7.
U.S. West Texas Intermediate futures for May delivery were down $3.88, or 3.6%, at $103.92 a barrel, off a low of $103.90.
Front-month futures for U.S. crude and Brent were on track for their highest quarterly percentage gains since the second quarter of 2020.
#AbuDhabi Wealth Fund ADQ Buys Stake in Unifrutti to Aid Food Supply - Bloomberg
Abu Dhabi Wealth Fund ADQ Buys Stake in Unifrutti to Aid Food Supply - Bloomberg
Abu Dhabi wealth fund ADQ agreed to buy a majority stake in Unifrutti Group as the coronavirus pandemic and the war in Ukraine prompt countries to take more steps to safeguard their food supply.
The proposed investment will help Unifrutti, a producer and distributor of fresh fruits and vegetables, expand its global footprint and bolster the food security of the United Arab Emirates, of which Abu Dhabi is the capital, according to a statement. Terms of the deal weren’t disclosed.
The pandemic has forced a rethink among many nations on how to feed their people. Oil-rich but water-scarce countries like the UAE, which imports most of its food, have been working on boosting domestic output and investing in farming abroad. Russia’s invasion of Ukraine, two of the major producers of grains, is now accelerating those plans.
For ADQ, the investment in Unifrutti will build on its food and agriculture portfolio. In 2020, the fund bought a 45% stake in Louis Dreyfus Co., one of the world’s largest traders of grains, oilseeds and sugar. Its agriculture portfolio also includes investments in Abu Dhabi-based companies such as Silal, Al Dahra Holding and Agthia Group.
“Our investment in Unifrutti would enable ADQ to develop a global platform for fresh produce that complements our other portfolio companies throughout the food value chain,” said Gil Adotevi, executive director of food and agriculture at ADQ.
Unifrutti, founded by Guido de Nadai in the 1940s as a fruit and vegetable import and export firm, operates in more than 50 countries, according to its website. With head office in Cyprus, the company had a pro forma consolidated turnover of $709 million in 2020 and employs about 11,000 people.
Abu Dhabi wealth fund ADQ agreed to buy a majority stake in Unifrutti Group as the coronavirus pandemic and the war in Ukraine prompt countries to take more steps to safeguard their food supply.
The proposed investment will help Unifrutti, a producer and distributor of fresh fruits and vegetables, expand its global footprint and bolster the food security of the United Arab Emirates, of which Abu Dhabi is the capital, according to a statement. Terms of the deal weren’t disclosed.
The pandemic has forced a rethink among many nations on how to feed their people. Oil-rich but water-scarce countries like the UAE, which imports most of its food, have been working on boosting domestic output and investing in farming abroad. Russia’s invasion of Ukraine, two of the major producers of grains, is now accelerating those plans.
For ADQ, the investment in Unifrutti will build on its food and agriculture portfolio. In 2020, the fund bought a 45% stake in Louis Dreyfus Co., one of the world’s largest traders of grains, oilseeds and sugar. Its agriculture portfolio also includes investments in Abu Dhabi-based companies such as Silal, Al Dahra Holding and Agthia Group.
“Our investment in Unifrutti would enable ADQ to develop a global platform for fresh produce that complements our other portfolio companies throughout the food value chain,” said Gil Adotevi, executive director of food and agriculture at ADQ.
Unifrutti, founded by Guido de Nadai in the 1940s as a fruit and vegetable import and export firm, operates in more than 50 countries, according to its website. With head office in Cyprus, the company had a pro forma consolidated turnover of $709 million in 2020 and employs about 11,000 people.
Oil Production: OPEC+ Insists on Steady Hikes as U.S. Plans Stockpile Releases - Bloomberg
Oil Production: OPEC+ Insists on Steady Hikes as U.S. Plans Stockpile Releases - Bloomberg
OPEC and its allies stood back from the crisis engulfing oil markets, refusing to deviate from their schedule of gradual production increases as the U.S. considered an unprecedented release from emergency crude stockpiles.
The cartel ratified the 432,000 barrel-a-day supply increase scheduled for May at an online meeting on Thursday, according to a statement. The decision was in line with expectations and very much peripheral to the main driver of prices on the market -- President Joe Biden’s plan to release about 1 million barrels a day from crude reserves for several months to ease the disruption caused by Russia’s invasion of Ukraine.
Brent crude, the international benchmark, was down 5.6% at $107.05 as of 1:05 p.m. in London.
Consumers are taking matters into their own hands because the Organization of Petroleum Exporting Countries and its allies are resisting being drawn into the political crisis caused by the military aggression of one of their leading members.
OPEC and its allies stood back from the crisis engulfing oil markets, refusing to deviate from their schedule of gradual production increases as the U.S. considered an unprecedented release from emergency crude stockpiles.
The cartel ratified the 432,000 barrel-a-day supply increase scheduled for May at an online meeting on Thursday, according to a statement. The decision was in line with expectations and very much peripheral to the main driver of prices on the market -- President Joe Biden’s plan to release about 1 million barrels a day from crude reserves for several months to ease the disruption caused by Russia’s invasion of Ukraine.
Brent crude, the international benchmark, was down 5.6% at $107.05 as of 1:05 p.m. in London.
Consumers are taking matters into their own hands because the Organization of Petroleum Exporting Countries and its allies are resisting being drawn into the political crisis caused by the military aggression of one of their leading members.
Putin Says Gas Exports to Be Halted If Ruble Payments Not Made - Bloomberg
Putin Says Gas Exports to Be Halted If Ruble Payments Not Made - Bloomberg
Russia will halt gas supplies to buyers from ‘unfriendly’ states unless they switch to payments in rubles from April 1, President Vladimir Putin said, the latest strike in a struggle with Europe over energy sales.
“To buy Russian gas, they need to open ruble accounts in Russian banks,” Putin told officials in a televised speech Thursday. “It is from those accounts that gas will be paid for starting April 1. If such payments aren’t made, we will consider this a failure by the client to comply with its obligations.”
Buyers should open special accounts in state-controlled Gazprombank to allow foreign currency to be swapped to rubles for settlements, according to an order signed by Putin.
Russia will halt gas supplies to buyers from ‘unfriendly’ states unless they switch to payments in rubles from April 1, President Vladimir Putin said, the latest strike in a struggle with Europe over energy sales.
“To buy Russian gas, they need to open ruble accounts in Russian banks,” Putin told officials in a televised speech Thursday. “It is from those accounts that gas will be paid for starting April 1. If such payments aren’t made, we will consider this a failure by the client to comply with its obligations.”
Buyers should open special accounts in state-controlled Gazprombank to allow foreign currency to be swapped to rubles for settlements, according to an order signed by Putin.
#Kuwait's sovereign wealth fund says #Russia investments 'negligible', document shows | Reuters
Kuwait's sovereign wealth fund says Russia investments 'negligible', document shows | Reuters
Kuwait's sovereign wealth fund said the exposure of its main long-term investment fund to Russia and Ukraine was no more than 0.29% of total investments as it had been underweight on the region even before the war, a document reviewed by Reuters showed.
The Kuwait Investment Authority held cash worth 13% of its total assets at the end of 2021, higher than global asset managers' average, that it could deploy, it said in the document dated March 22. It was sent to the finance ministry in response to a parliamentary query about the impact on KIA's investments from Western sanctions on Russia after its invasion of Ukraine.
Kuwait's sovereign wealth fund said the exposure of its main long-term investment fund to Russia and Ukraine was no more than 0.29% of total investments as it had been underweight on the region even before the war, a document reviewed by Reuters showed.
The Kuwait Investment Authority held cash worth 13% of its total assets at the end of 2021, higher than global asset managers' average, that it could deploy, it said in the document dated March 22. It was sent to the finance ministry in response to a parliamentary query about the impact on KIA's investments from Western sanctions on Russia after its invasion of Ukraine.
Most markets recoup losses; #AbuDhabi gets Etisalat boost | Reuters
Most markets recoup losses; Abu Dhabi gets Etisalat boost | Reuters
Most Gulf markets ended flat or slightly higher on Thursday, recovering from earlier losses after oil prices plunged on news the United States was weighing its largest-ever drawdown from its oil reserves to control rising prices.
The United States is considering releasing up to 180 million barrels of oil over several months from strategic reserves, four U.S. sources said. read more
European stocks were set for their biggest quarterly drop since the start of 2020, as eastern Ukraine braced for fresh Russian attacks.
"The Dubai stock market stalled after a series of increases as investors move to secure their gains," said Fadi Reyad, market analyst at CAPEX.com MENA.
Dubai's main share index (.DFMGI) ended flat, as losses in real estate stocks were offset by gains in financial stocks.
The index ended the week 3.4% higher, as investors have been flocking to the region after state utility Dubai Electricity and Water Authority (DEWA) opened for subscription last week.
The index has risen over 10% this quarter, while the Abu Dhabi index (.FTFADGI) has jumped 17.2%.
In Abu Dhabi, the index rose 1% on Thursday, after climbing in seven of the previous eight sessions.
Emirates Telecommunications Group (Etisalat) (ETISALAT.AD) boosted sentiment, having ended 2.7% higher, after Nokia said the companies would launch 5G private wireless networks.
Saudi Arabia's benchmark index (.TASI) ended up 0.4%, with state-run Saudi Aramco (2222.SE) gaining 3.4%.
The index has risen 15.7% for the quarter.
The Qatari index (.QSI) inched marginally lower, but rose 16% for the quarter.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended flat.
Most Gulf markets ended flat or slightly higher on Thursday, recovering from earlier losses after oil prices plunged on news the United States was weighing its largest-ever drawdown from its oil reserves to control rising prices.
The United States is considering releasing up to 180 million barrels of oil over several months from strategic reserves, four U.S. sources said. read more
European stocks were set for their biggest quarterly drop since the start of 2020, as eastern Ukraine braced for fresh Russian attacks.
"The Dubai stock market stalled after a series of increases as investors move to secure their gains," said Fadi Reyad, market analyst at CAPEX.com MENA.
Dubai's main share index (.DFMGI) ended flat, as losses in real estate stocks were offset by gains in financial stocks.
The index ended the week 3.4% higher, as investors have been flocking to the region after state utility Dubai Electricity and Water Authority (DEWA) opened for subscription last week.
The index has risen over 10% this quarter, while the Abu Dhabi index (.FTFADGI) has jumped 17.2%.
In Abu Dhabi, the index rose 1% on Thursday, after climbing in seven of the previous eight sessions.
Emirates Telecommunications Group (Etisalat) (ETISALAT.AD) boosted sentiment, having ended 2.7% higher, after Nokia said the companies would launch 5G private wireless networks.
Saudi Arabia's benchmark index (.TASI) ended up 0.4%, with state-run Saudi Aramco (2222.SE) gaining 3.4%.
The index has risen 15.7% for the quarter.
The Qatari index (.QSI) inched marginally lower, but rose 16% for the quarter.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended flat.
Oil prices dive as U.S. considers record reserves release | Reuters
Oil prices dive as U.S. considers record reserves release | Reuters
Oil prices plunged on Thursday on news that the United States was considering the largest ever release from its Strategic Petroleum Reserve, while OPEC+ stuck to its existing deal for May output.
Brent crude futures for May, which expire on Thursday, were down $5.91, or 5.21%, to $107.54 a barrel by 1253 GMT.
The most actively traded June futures were down $5.53 at $105.91, after falling by $7.
U.S. West Texas Intermediate futures for May delivery was down $6.06, or 5.62%, to $101.76 a barrel, off a low of $100.16.
The record U.S. SPR oil release of 180 million barrels is the equivalent to two days of global demand and would hit the market over several months, four U.S. sources said on Wednesday, as the White House tries to lower fuel prices. read more
Oil prices plunged on Thursday on news that the United States was considering the largest ever release from its Strategic Petroleum Reserve, while OPEC+ stuck to its existing deal for May output.
Brent crude futures for May, which expire on Thursday, were down $5.91, or 5.21%, to $107.54 a barrel by 1253 GMT.
The most actively traded June futures were down $5.53 at $105.91, after falling by $7.
U.S. West Texas Intermediate futures for May delivery was down $6.06, or 5.62%, to $101.76 a barrel, off a low of $100.16.
The record U.S. SPR oil release of 180 million barrels is the equivalent to two days of global demand and would hit the market over several months, four U.S. sources said on Wednesday, as the White House tries to lower fuel prices. read more
First #AbuDhabi Bank gives initial price guidance on green bonds | Reuters
First Abu Dhabi Bank gives initial price guidance on green bonds | Reuters
First Abu Dhabi Bank (FAB.AD) gave initial price guidance of about 85 basis points over mid-swaps for five-year benchmark euro-denominated green bonds, it said in a document on Thursday.
Barclays, Deutsche Bank, First Abu Dhabi Bank and Standard Chartered are arranging the deal, which is expected to launch later on Thursday, the document from one of the banks showed.
First Abu Dhabi Bank (FAB.AD) gave initial price guidance of about 85 basis points over mid-swaps for five-year benchmark euro-denominated green bonds, it said in a document on Thursday.
Barclays, Deutsche Bank, First Abu Dhabi Bank and Standard Chartered are arranging the deal, which is expected to launch later on Thursday, the document from one of the banks showed.
Islamic Finance Deals Have the Best Start Ever With Oil Up 40% - Bloomberg
Islamic Finance Deals Have the Best Start Ever With Oil Up 40% - Bloomberg
Global offerings of sukuk are off to their busiest start on record this year, with bankers at HSBC Holdings Plc and Deutsche Bank AG citing the high price of oil as a driver of the vibrant issuance.
Sales of new sukuk maturing in at least a year have touched nearly $24 billion so far in 2022, the best start to any year, according to Bloomberg-compiled data going back to 1999. Saudi Arabia and Turkey were the two biggest issuers.
Although it slid on Thursday, crude is up roughly 40% this year, leaving investors in oil-producing countries, some of the biggest markets for Islamic finance, flush with cash. With fixed-income markets in upheaval as the U.S. raises interest rates, Shariah-compliant debt has fared better than global bonds with investment-grade ratings, losing only 4% versus their 7% dive so far this year, according to Bloomberg indexes.
“There has been pent-up liquidity and demand for Islamic Sukuk for quite a while and that, coupled with challenging market conditions overall affecting primary and secondary markets, is driving increasing interest in Sukuk issuance relative to conventional bond issuance,” said Khaled Darwish, Middle East and north Africa’s head of debt capital markets at HSBC.
Global offerings of sukuk are off to their busiest start on record this year, with bankers at HSBC Holdings Plc and Deutsche Bank AG citing the high price of oil as a driver of the vibrant issuance.
Sales of new sukuk maturing in at least a year have touched nearly $24 billion so far in 2022, the best start to any year, according to Bloomberg-compiled data going back to 1999. Saudi Arabia and Turkey were the two biggest issuers.
Although it slid on Thursday, crude is up roughly 40% this year, leaving investors in oil-producing countries, some of the biggest markets for Islamic finance, flush with cash. With fixed-income markets in upheaval as the U.S. raises interest rates, Shariah-compliant debt has fared better than global bonds with investment-grade ratings, losing only 4% versus their 7% dive so far this year, according to Bloomberg indexes.
“There has been pent-up liquidity and demand for Islamic Sukuk for quite a while and that, coupled with challenging market conditions overall affecting primary and secondary markets, is driving increasing interest in Sukuk issuance relative to conventional bond issuance,” said Khaled Darwish, Middle East and north Africa’s head of debt capital markets at HSBC.
Mideast Stocks: Oil drags markets lower as U.S. weighs reserves release
Mideast Stocks: Oil drags markets lower as U.S. weighs reserves release
Major Gulf stock markets fell on Thursday, dragged down by a drop in crude prices as the United States weighs its largest-ever drawdown from its oil reserves to control rising prices.
The United States is considering releasing up to 180 million barrels of oil over several months from strategic reserves, four U.S. sources said, as the White House tries to lower fuel prices that have surged since Russia invaded Ukraine late last month.
Meanwhile, OPEC+ sources said on Wednesday the producer alliance which includes Russia was likely to stick to its existing deal to gradually increase oil production, a view echoed by OPEC Secretary General Mohammad Barkindo.
The full ministerial meeting of a joint technical committee that advises OPEC+ on market fundamentals will take place later in the day.
Asian stocks declined as China reported weak manufacturing data and uncertainty over the war in Ukraine dragged on.
Saudi Arabia's benchmark index shed 0.2%, with oil giant Saudi Aramco down 0.4%.
Dubai's main share index edged lower, weighed down by real estate and financial stocks. The index is expected to gain more than 3% for the week.
The region has been an investor favourite over the past week since state utility Dubai Electricity and Water Authority (DEWA) opened for subscription.
Shares of Dubai Financial Market fell 0.4% after the company began trading ex-dividend.
The Abu Dhabi index was trading flat.
The Qatari index dropped 0.3%, dragged lower by Qatar Islamic Bank and Industries Qatar.
Major Gulf stock markets fell on Thursday, dragged down by a drop in crude prices as the United States weighs its largest-ever drawdown from its oil reserves to control rising prices.
The United States is considering releasing up to 180 million barrels of oil over several months from strategic reserves, four U.S. sources said, as the White House tries to lower fuel prices that have surged since Russia invaded Ukraine late last month.
Meanwhile, OPEC+ sources said on Wednesday the producer alliance which includes Russia was likely to stick to its existing deal to gradually increase oil production, a view echoed by OPEC Secretary General Mohammad Barkindo.
The full ministerial meeting of a joint technical committee that advises OPEC+ on market fundamentals will take place later in the day.
Asian stocks declined as China reported weak manufacturing data and uncertainty over the war in Ukraine dragged on.
Saudi Arabia's benchmark index shed 0.2%, with oil giant Saudi Aramco down 0.4%.
Dubai's main share index edged lower, weighed down by real estate and financial stocks. The index is expected to gain more than 3% for the week.
The region has been an investor favourite over the past week since state utility Dubai Electricity and Water Authority (DEWA) opened for subscription.
Shares of Dubai Financial Market fell 0.4% after the company began trading ex-dividend.
The Abu Dhabi index was trading flat.
The Qatari index dropped 0.3%, dragged lower by Qatar Islamic Bank and Industries Qatar.
Oil prices dive as U.S. considers record reserves release | Reuters
Oil prices dive as U.S. considers record reserves release | Reuters
Oil prices plunged on Thursday on news that the United States was considering the release of up to 180 million barrels from its Strategic Petroleum Reserve, the largest in the near 50-year history of the SPR.
Brent crude futures for May fell $4.87, or 4.3%, to $108.58 a barrel by 0855 GMT. The May contract expires on Thursday and the most actively traded June futures were down $5.08 at $106.36, having earlier slid by more than $6.
U.S. West Texas Intermediate futures for May delivery fell $5.90, or 5.5%, to $101.92 a barrel after touching a low of $100.53.
U.S. President Joe Biden will speak later on Thursday regarding his administration's actions aimed at lowering gasoline prices that have risen to record highs since Russia began its invasion of Ukraine. read more
Oil prices plunged on Thursday on news that the United States was considering the release of up to 180 million barrels from its Strategic Petroleum Reserve, the largest in the near 50-year history of the SPR.
Brent crude futures for May fell $4.87, or 4.3%, to $108.58 a barrel by 0855 GMT. The May contract expires on Thursday and the most actively traded June futures were down $5.08 at $106.36, having earlier slid by more than $6.
U.S. West Texas Intermediate futures for May delivery fell $5.90, or 5.5%, to $101.92 a barrel after touching a low of $100.53.
U.S. President Joe Biden will speak later on Thursday regarding his administration's actions aimed at lowering gasoline prices that have risen to record highs since Russia began its invasion of Ukraine. read more
Wednesday 30 March 2022
Oil up 3% on tight supply, prospects of new Russia sanctions | Reuters
Oil up 3% on tight supply, prospects of new Russia sanctions | Reuters
Oil prices gained about 3% on Wednesday as another U.S. crude stock drawdown indicated tight supplies and investors worried about new Western sanctions against Moscow with Russian forces continuing to bomb the outskirts of Ukraine's capital.
On Tuesday, Russia promised to scale down operations around Kyiv in what the West dismissed as a ploy to regroup by invaders suffering heavy losses. read more
"After being fooled once, many traders that sold contracts in response to the peace talks are unlikely to make the same mistake the next time a Russia-Ukraine meeting is followed by optimistic comments," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Brent futures rose $3.22, or 2.9%, to settle at $113.45 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.58, or 3.4%, to settle at $107.82.
Oil prices gained about 3% on Wednesday as another U.S. crude stock drawdown indicated tight supplies and investors worried about new Western sanctions against Moscow with Russian forces continuing to bomb the outskirts of Ukraine's capital.
On Tuesday, Russia promised to scale down operations around Kyiv in what the West dismissed as a ploy to regroup by invaders suffering heavy losses. read more
"After being fooled once, many traders that sold contracts in response to the peace talks are unlikely to make the same mistake the next time a Russia-Ukraine meeting is followed by optimistic comments," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Brent futures rose $3.22, or 2.9%, to settle at $113.45 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.58, or 3.4%, to settle at $107.82.
Binance: Biggest Cryptocurrency Exchange Braces for Competition in Its #Dubai Hub - Bloomberg
Binance: Biggest Cryptocurrency Exchange Braces for Competition in Its Dubai Hub - Bloomberg
Binance Holdings Ltd. expects some of its top competitors to set up headquarters in its unofficial home jurisdiction of Dubai, drawn by the sun-splashed emirate’s crypto-friendly policies.
Changpeng ‘CZ’ Zhao, the firm’s co-founder and chief executive officer, said in an interview that at least five other exchanges are applying for licenses in Dubai, following recent approvals for Binance and the Bahamian exchange FTX.
“Binance has the magnet effect in the industry,” said Zhao, declining to name the other firms. “Wherever we go, the industry players do tend to follow.”
Binance, the world’s largest crypto exchange by trading volume, plans to establish regional headquarters in Europe, Latin America, Africa and Southeast Asia, according to Zhao. He said Dubai, where the company is currently hosting Binance Blockchain Week, is by “any common interpretation” the firm’s HQ.
Binance Holdings Ltd. expects some of its top competitors to set up headquarters in its unofficial home jurisdiction of Dubai, drawn by the sun-splashed emirate’s crypto-friendly policies.
Changpeng ‘CZ’ Zhao, the firm’s co-founder and chief executive officer, said in an interview that at least five other exchanges are applying for licenses in Dubai, following recent approvals for Binance and the Bahamian exchange FTX.
“Binance has the magnet effect in the industry,” said Zhao, declining to name the other firms. “Wherever we go, the industry players do tend to follow.”
Binance, the world’s largest crypto exchange by trading volume, plans to establish regional headquarters in Europe, Latin America, Africa and Southeast Asia, according to Zhao. He said Dubai, where the company is currently hosting Binance Blockchain Week, is by “any common interpretation” the firm’s HQ.
#UAE Official Calls for Boost to ‘Shameful’ Manufacturing Growth - Bloomberg
UAE Official Calls for Boost to ‘Shameful’ Manufacturing Growth - Bloomberg
The global pandemic served as a wake up call for the United Arab Emirates to boost its “shameful” rate of manufacturing growth, a senior government official in the Middle East oil exporter said in rare frank remarks.
Like other Gulf states, the UAE relies on oil for income and has made some of the greatest steps in the region to diversify its economy. But at a panel on Wednesday, Deputy Prime Minister Sheikh Mansour bin Zayed al Nahyan said manufacturing had been overlooked for too long.
“We were a little oblivious when it came to the manufacturing sector,” he told the World Government Summit in Dubai. Manufacturing contributed 8% to the UAE’s domestic product a decade ago and has increased only 1% since, he said.
“This is saddening and shameful,” he said. “We should focus more on our manufacturing.”
“Today, we should know what pillars the country will need to rely on over the next years,” Sheikh Mansour said. “I think the manufacturing sector is one of the main ones.”
Gulf countries have ambitious plans to diversify their revenues away from oil and the UAE and Saudi Arabia have set net zero targets. Saudi Arabia, the largest Arab economy, wants to also boost manufacturing through Crown Prince Mohammed bin Salman’s ‘Vision 2030’ economic diversification plan.
The kingdom is in competition with the UAE to make its economy attractive to foreign investment and this year signed a manufacturing deal with luxury electric vehicle maker Lucid Group Inc.
The global pandemic served as a wake up call for the United Arab Emirates to boost its “shameful” rate of manufacturing growth, a senior government official in the Middle East oil exporter said in rare frank remarks.
Like other Gulf states, the UAE relies on oil for income and has made some of the greatest steps in the region to diversify its economy. But at a panel on Wednesday, Deputy Prime Minister Sheikh Mansour bin Zayed al Nahyan said manufacturing had been overlooked for too long.
“We were a little oblivious when it came to the manufacturing sector,” he told the World Government Summit in Dubai. Manufacturing contributed 8% to the UAE’s domestic product a decade ago and has increased only 1% since, he said.
“This is saddening and shameful,” he said. “We should focus more on our manufacturing.”
“Today, we should know what pillars the country will need to rely on over the next years,” Sheikh Mansour said. “I think the manufacturing sector is one of the main ones.”
Gulf countries have ambitious plans to diversify their revenues away from oil and the UAE and Saudi Arabia have set net zero targets. Saudi Arabia, the largest Arab economy, wants to also boost manufacturing through Crown Prince Mohammed bin Salman’s ‘Vision 2030’ economic diversification plan.
The kingdom is in competition with the UAE to make its economy attractive to foreign investment and this year signed a manufacturing deal with luxury electric vehicle maker Lucid Group Inc.
#SaudiArabia deposits $5 billion in Egypt's central bank - SPA | Reuters
Saudi Arabia deposits $5 billion in Egypt's central bank - SPA | Reuters
Saudi Arabia has deposited $5 billion in Egypt's central bank, the Saudi state news agency reported on Wednesday, as the Egyptian economy faces new economic pressures as a result of the war in Ukraine.
On March 21 Egypt devalued its currency by around 14% after investors had pulled billions of dollars out of Egyptian treasury markets.
Last week the government announced it was in talks with the International Monetary Fund for potential funds and technical support to hedge against the effects of the Russia-Ukraine crisis on its economy. read more
Saudi Arabia has deposited $5 billion in Egypt's central bank, the Saudi state news agency reported on Wednesday, as the Egyptian economy faces new economic pressures as a result of the war in Ukraine.
On March 21 Egypt devalued its currency by around 14% after investors had pulled billions of dollars out of Egyptian treasury markets.
Last week the government announced it was in talks with the International Monetary Fund for potential funds and technical support to hedge against the effects of the Russia-Ukraine crisis on its economy. read more
Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil prices jumped by more than $4 on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks.
Brent crude futures were up $4.09, or 3.7%, at $114.32 by 1341 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $4.17, or 4%, to $108.41 a barrel, erasing a 1.6% drop on Tuesday.
Crude's price recovery "suggests the oil market, at least, has a strong degree of scepticism about any 'progress' (in the peace talks)," Commonwealth Bank analyst Tobin Gorey said in a note.
Oil prices jumped by more than $4 on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks.
Brent crude futures were up $4.09, or 3.7%, at $114.32 by 1341 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $4.17, or 4%, to $108.41 a barrel, erasing a 1.6% drop on Tuesday.
Crude's price recovery "suggests the oil market, at least, has a strong degree of scepticism about any 'progress' (in the peace talks)," Commonwealth Bank analyst Tobin Gorey said in a note.
Markets fall; #Dubai ends up on IPO cheer | Reuters
Markets fall; Dubai ends up on IPO cheer | Reuters
Major Gulf bourses ended lower on Wednesday, tracking muted sentiment across world markets, while investors continued to pump money into Dubai after state utility DEWA increased the size of its initial public offering.
European shares fell on Wednesday while oil price gained, as signs in bond markets of pain ahead for the U.S. economy tempered hopes of a negotiated end to the Ukraine conflict.
"The Abu Dhabi stock market remains exposed to the volatility in oil markets while the United Arab Emirates do not plan to leave OPEC in order to boost oil production. The market has also been missing out on the IPO trend in neighbouring Dubai but has seen support from strong local fundamentals," said Farah Mourad, Senior Market Analyst of XTB MENA.
Dubai's main share index (.DFMGI) rose for the sixth consecutive session, ending 0.4% higher.
Investors cheered Dubai Electricity and Water Authority's (DEWA) decision to increase its IPO size to 17%, raising as much as $5.7 billion, which could make it the biggest public share-sale for the region since Saudi Aramco's (2222.SE) record $29.4 billion IPO in 2019. read more
Shuaa Capital (SHUA.DU) rose 1.3 % after the company said it will buy Allianz Marine And Logistics Services Holding.
Emirates Integrated Telecommunications Company (DU.DU) fell 1% while Tabreed (TABR.DU) ended 5.4% lower after both companies started trading ex-dividend.
Saudi Arabia's benchmark index (.TASI) fell 0.5%.
Shares of Bindawood Holding (4161.SE) fell 4.4% after the company posted a lower fourth-quarter profit.
The Abu Dhabi index (.FTFADGI) fell marginally, pausing its six-day spree of gains.
The Qatari index (.QSI) ended down 0.6% while Egypt's blue-chip index (.EGX30) fell 1.3%.
Major Gulf bourses ended lower on Wednesday, tracking muted sentiment across world markets, while investors continued to pump money into Dubai after state utility DEWA increased the size of its initial public offering.
European shares fell on Wednesday while oil price gained, as signs in bond markets of pain ahead for the U.S. economy tempered hopes of a negotiated end to the Ukraine conflict.
"The Abu Dhabi stock market remains exposed to the volatility in oil markets while the United Arab Emirates do not plan to leave OPEC in order to boost oil production. The market has also been missing out on the IPO trend in neighbouring Dubai but has seen support from strong local fundamentals," said Farah Mourad, Senior Market Analyst of XTB MENA.
Dubai's main share index (.DFMGI) rose for the sixth consecutive session, ending 0.4% higher.
Investors cheered Dubai Electricity and Water Authority's (DEWA) decision to increase its IPO size to 17%, raising as much as $5.7 billion, which could make it the biggest public share-sale for the region since Saudi Aramco's (2222.SE) record $29.4 billion IPO in 2019. read more
Shuaa Capital (SHUA.DU) rose 1.3 % after the company said it will buy Allianz Marine And Logistics Services Holding.
Emirates Integrated Telecommunications Company (DU.DU) fell 1% while Tabreed (TABR.DU) ended 5.4% lower after both companies started trading ex-dividend.
Saudi Arabia's benchmark index (.TASI) fell 0.5%.
Shares of Bindawood Holding (4161.SE) fell 4.4% after the company posted a lower fourth-quarter profit.
The Abu Dhabi index (.FTFADGI) fell marginally, pausing its six-day spree of gains.
The Qatari index (.QSI) ended down 0.6% while Egypt's blue-chip index (.EGX30) fell 1.3%.
World Bank chief says Gulf producers role critical in dampening oil volatility | Reuters
World Bank chief says Gulf producers role critical in dampening oil volatility | Reuters
The World Bank president said on Wednesday Gulf oil producers could play a key role in dampening oil and gas price volatility in coming months.
Several consuming nations have urged OPEC+ to increase output at a faster rate, as crude prices have surged, hitting their highest since 2008 this month at over $139 a barrel.
"We are witnessing a massive restructuring of the global oil and gas market, where the supply flexibility of the GCC will be critical in dampening volatility in coming months," David Malpass said in a speech telecast at the World Government Summit in Dubai.
He was referring to the Gulf Cooperation Council (GCC) that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates.
The World Bank president said on Wednesday Gulf oil producers could play a key role in dampening oil and gas price volatility in coming months.
Several consuming nations have urged OPEC+ to increase output at a faster rate, as crude prices have surged, hitting their highest since 2008 this month at over $139 a barrel.
"We are witnessing a massive restructuring of the global oil and gas market, where the supply flexibility of the GCC will be critical in dampening volatility in coming months," David Malpass said in a speech telecast at the World Government Summit in Dubai.
He was referring to the Gulf Cooperation Council (GCC) that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates.
BlackRock on hunt for Gulf infrastructure deals | Reuters
BlackRock on hunt for Gulf infrastructure deals | Reuters
BlackRock Inc (BLK.N), the world's biggest money manager, is seeking more infrastructure deals in Saudi Arabia and the Gulf region and is also looking to invest in private companies in the region, an executive said.
The U.S. group, which manages more than $10 trillion in assets, recently led a consortium purchase of a $15.5 billion stake in Saudi Aramco's (2222.SE) gas pipelines company, having taken a stake in Abu Dhabi energy company ADNOC's pipeline assets a couple of years earlier.
"We're looking at many of those types of opportunities," Stephen Cohen, head of BlackRock's Europe, Middle East and Africa division, told Reuters.
"We're looking at a number of things on the private market side across the country," he said, citing unlisted growth companies in Saudi Arabia and elsewhere in the region.
Cohen said BlackRock is also looking across the region for infrastructure investments and what he called "transition finance" to fund long-term sustainable energy projects that help to reduce carbon emissions.
BlackRock Inc (BLK.N), the world's biggest money manager, is seeking more infrastructure deals in Saudi Arabia and the Gulf region and is also looking to invest in private companies in the region, an executive said.
The U.S. group, which manages more than $10 trillion in assets, recently led a consortium purchase of a $15.5 billion stake in Saudi Aramco's (2222.SE) gas pipelines company, having taken a stake in Abu Dhabi energy company ADNOC's pipeline assets a couple of years earlier.
"We're looking at many of those types of opportunities," Stephen Cohen, head of BlackRock's Europe, Middle East and Africa division, told Reuters.
"We're looking at a number of things on the private market side across the country," he said, citing unlisted growth companies in Saudi Arabia and elsewhere in the region.
Cohen said BlackRock is also looking across the region for infrastructure investments and what he called "transition finance" to fund long-term sustainable energy projects that help to reduce carbon emissions.
#Qatar not planning new investments in Russia – foreign minister
Qatar not planning new investments in Russia – foreign minister
Qatar is not planning new investments in Russia based on a commercial assessment and will not make new investments until it sees “a better atmosphere and more political stability” according to the country’s foreign minister.
In an interview with CNN, Sheikh Mohammed bin Abdulrahman Al-Thani said Qatar’s investments in Russia were being reviewed in the light of the ongoing conflict between Russia and Ukraine.
He said: “Our investment decisions, as I told you, is based on commercial assessment and what we have currently in Russia, we are not thinking about increasing that these days until we see a better atmosphere and more political stability.”
Al-Thani said the unprecedented deterioration in the humanitarian situation should be the focus, with humanitarian corridors and a ceasefire in Ukraine being prioritised.
Qatar is not planning new investments in Russia based on a commercial assessment and will not make new investments until it sees “a better atmosphere and more political stability” according to the country’s foreign minister.
In an interview with CNN, Sheikh Mohammed bin Abdulrahman Al-Thani said Qatar’s investments in Russia were being reviewed in the light of the ongoing conflict between Russia and Ukraine.
He said: “Our investment decisions, as I told you, is based on commercial assessment and what we have currently in Russia, we are not thinking about increasing that these days until we see a better atmosphere and more political stability.”
Al-Thani said the unprecedented deterioration in the humanitarian situation should be the focus, with humanitarian corridors and a ceasefire in Ukraine being prioritised.
#SaudiArabia’s Expat Exodus Reverses Course as Job Market Booms - Bloomberg
Saudi Arabia Unemployment Rate Meets Crown Prince’s Target With Drop to 11% - Bloomberg
An exodus of foreign workers from Saudi Arabia started to reverse after a year and a half as the economy recovers from the pandemic and oil prices rally.
The private sector added more than 250,000 jobs for non-Saudis, according to fourth-quarter data released on Wednesday by the kingdom’s General Authority for Statistics. Citizens also benefited, with more than 83,000 jobs added for Saudis in the private sector and nearly 24,000 in government.
Unemployment among nationals dropped to 11%, the lowest level since 2009. The jobless rate rose to 22.5% for Saudi women and declined to 5.2% among Saudi men.
An exodus of foreign workers from Saudi Arabia started to reverse after a year and a half as the economy recovers from the pandemic and oil prices rally.
The private sector added more than 250,000 jobs for non-Saudis, according to fourth-quarter data released on Wednesday by the kingdom’s General Authority for Statistics. Citizens also benefited, with more than 83,000 jobs added for Saudis in the private sector and nearly 24,000 in government.
Unemployment among nationals dropped to 11%, the lowest level since 2009. The jobless rate rose to 22.5% for Saudi women and declined to 5.2% among Saudi men.
#Dubai shares rally as DEWA more than doubles IPO size; #Saudi slips | Reuters
Dubai shares rally as DEWA more than doubles IPO size; Saudi slips | Reuters
Dubai's main share index rallied for a seventh consecutive session on Wednesday, after state utility DEWA increased its initial public offering (IPO) size to raise as much as $5.7 billion, while Saudi Arabian stocks edged lower.
Dubai Electricity and Water Authority (DEWA) said it had raised its IPO size to 17% from 6.5%, which could make it the biggest public share-sale for the region since Saudi Aramco's (2222.SE) record $29.4 billion issue in 2019. read more
Dubai's index (.DFMGI) rose 0.8%, boosted by real estate and financial stocks. Emaar Properties (EMAR.DU) climbed 2%.
Financial investment services provider Shuaa Capital (SHUA.DU) advanced 2% after it said it will buy Allianz Marine And Logistics Services Holding.
Global markets gained, amid hopes for a negotiated end to the Ukraine conflict, while bond markets signalled concerns about the U.S. economy overnight after 10-year yields briefly dipped below two-year rates.
Oil prices advanced to $111.09 a barrel, while prospects of new Western sanctions against Russia grew despite signs of progress in peace talks with Ukraine.
Russia promised on Tuesday to scale down military operations around Kyiv and another city but the United States warned the threat was not over as Ukraine proposed adopting a neutral status in a sign of progress at face-to-face negotiations. read more
Saudi Arabia's benchmark index (.TASI) inched lower, dragged down by financials.
Shares of Bindawood Holding (4161.SE) fell 3% after the company posted a lower fourth-quarter profit.
The Abu Dhabi index (.FTFADGI) fell marginally, pausing its six-day spree of gains.
The Qatari index (.QSI) also edged lower, with industrial stocks leading the losses.
Dubai's main share index rallied for a seventh consecutive session on Wednesday, after state utility DEWA increased its initial public offering (IPO) size to raise as much as $5.7 billion, while Saudi Arabian stocks edged lower.
Dubai Electricity and Water Authority (DEWA) said it had raised its IPO size to 17% from 6.5%, which could make it the biggest public share-sale for the region since Saudi Aramco's (2222.SE) record $29.4 billion issue in 2019. read more
Dubai's index (.DFMGI) rose 0.8%, boosted by real estate and financial stocks. Emaar Properties (EMAR.DU) climbed 2%.
Financial investment services provider Shuaa Capital (SHUA.DU) advanced 2% after it said it will buy Allianz Marine And Logistics Services Holding.
Global markets gained, amid hopes for a negotiated end to the Ukraine conflict, while bond markets signalled concerns about the U.S. economy overnight after 10-year yields briefly dipped below two-year rates.
Oil prices advanced to $111.09 a barrel, while prospects of new Western sanctions against Russia grew despite signs of progress in peace talks with Ukraine.
Russia promised on Tuesday to scale down military operations around Kyiv and another city but the United States warned the threat was not over as Ukraine proposed adopting a neutral status in a sign of progress at face-to-face negotiations. read more
Saudi Arabia's benchmark index (.TASI) inched lower, dragged down by financials.
Shares of Bindawood Holding (4161.SE) fell 3% after the company posted a lower fourth-quarter profit.
The Abu Dhabi index (.FTFADGI) fell marginally, pausing its six-day spree of gains.
The Qatari index (.QSI) also edged lower, with industrial stocks leading the losses.
#Dubai's new crypto regulator brings #UAE firm BitOasis under its wing | Reuters
Dubai's new crypto regulator brings UAE firm BitOasis under its wing | Reuters
BitOasis, a Middle East-focused crypto exchange based in the United Arab Emirates, has received provisional approval from Dubai's new crypto regulator, as the UAE pushes to become a centre for the virtual asset sector.
Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. read more
Dubai this month granted virtual asset licences to Binance, the world's largest cryptocurrency exchange, and FTX Europe, which will set up a regional headquarters in the city. Global exchanges Bybit and Crypto.com this week said they are also establishing operations there. read more
BitOasis, which was founded in Dubai in 2015 and serves English and Arabic speaking customers in the Gulf and Middle East, will continue operations in Dubai while it applies for a full VARA license, the company said.
BitOasis, a Middle East-focused crypto exchange based in the United Arab Emirates, has received provisional approval from Dubai's new crypto regulator, as the UAE pushes to become a centre for the virtual asset sector.
Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing digital assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. read more
Dubai this month granted virtual asset licences to Binance, the world's largest cryptocurrency exchange, and FTX Europe, which will set up a regional headquarters in the city. Global exchanges Bybit and Crypto.com this week said they are also establishing operations there. read more
BitOasis, which was founded in Dubai in 2015 and serves English and Arabic speaking customers in the Gulf and Middle East, will continue operations in Dubai while it applies for a full VARA license, the company said.
#Dubai Utility DEWA More Than Doubles IPO Size to $5.7 Billion - Bloomberg
Dubai Utility DEWA More Than Doubles IPO Size to $5.7 Billion - Bloomberg
Dubai’s main power and water company increased the size of its initial public offering to as much as $5.7 billion, making it the emirate’s largest ever listing.
Dubai Electricity & Water Authority will now offer 8.5 billion shares, up from the 3.25 billion it initially planned to sell. The new offer represents a 17% stake and the deal could raise as much as 21 billion dirhams if shares are priced at the top end.
DEWA offered stock at 2.25 dirhams to 2.48 dirhams apiece last week. Books were covered within hours and the utility was considering raising the size of the IPO, Bloomberg reported on Friday. Wednesday’s decision to increase size of the offer is based on strong investor demand and oversubscription, the firm said.
The company could be valued at as much as $34 billion post the IPO, making it the biggest listed firm in Dubai and catapulting it into a list of the top 20 largest listed utilities.
Dubai’s main power and water company increased the size of its initial public offering to as much as $5.7 billion, making it the emirate’s largest ever listing.
Dubai Electricity & Water Authority will now offer 8.5 billion shares, up from the 3.25 billion it initially planned to sell. The new offer represents a 17% stake and the deal could raise as much as 21 billion dirhams if shares are priced at the top end.
DEWA offered stock at 2.25 dirhams to 2.48 dirhams apiece last week. Books were covered within hours and the utility was considering raising the size of the IPO, Bloomberg reported on Friday. Wednesday’s decision to increase size of the offer is based on strong investor demand and oversubscription, the firm said.
The company could be valued at as much as $34 billion post the IPO, making it the biggest listed firm in Dubai and catapulting it into a list of the top 20 largest listed utilities.
Britain's Menzies to be acquired by Kuwaiti firm for nearly $750 mln | Reuters
Britain's Menzies to be acquired by Kuwaiti firm for nearly $750 mln | Reuters
Britain's John Menzies (MNZS.L) agreed to be acquired by Kuwaiti firm Agility for nearly $750 million on Wednesday, in an effort to create an airport services giant as the aviation industry recovers from the COVID-19 pandemic.
Menzies shareholders will receive 608 pence in cash per share, which, according to the Edinburgh-based company, represented a premium of about 81% to the Feb. 8 closing price, the day before it received Agility's initial takeover approach.
Menzies will be combined with National Aviation Services, a unit of Kuwait's Agility Public Warehousing Co (AGLT.KW). Agility currently holds a 19% stake in Menzies.
The combined group is expected to be the world's largest airport services company by the number of countries it operates in and third largest by revenue, Menzies said.
Britain's John Menzies (MNZS.L) agreed to be acquired by Kuwaiti firm Agility for nearly $750 million on Wednesday, in an effort to create an airport services giant as the aviation industry recovers from the COVID-19 pandemic.
Menzies shareholders will receive 608 pence in cash per share, which, according to the Edinburgh-based company, represented a premium of about 81% to the Feb. 8 closing price, the day before it received Agility's initial takeover approach.
Menzies will be combined with National Aviation Services, a unit of Kuwait's Agility Public Warehousing Co (AGLT.KW). Agility currently holds a 19% stake in Menzies.
The combined group is expected to be the world's largest airport services company by the number of countries it operates in and third largest by revenue, Menzies said.
Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil rebounds on tight supply, prospects of new Russia sanctions | Reuters
Oil prices clawed back heavy losses to rise more than 2% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as signs of progress emerged from peace talks between Moscow and Kyiv.
Brent crude futures were up $2.6, or 2.4% at $112.81 by 0703 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $2.7, or 2.5%, to $106.84 a barrel, erasing a 1.6% drop on Tuesday.
"The volatile prices indicate extremely sensitive sentiment among investors," said analysts from Haitong Futures. "People urgently need to see changes to make the market situation clearer."
Oil prices clawed back heavy losses to rise more than 2% on Wednesday on supply tightness and the growing prospect of new Western sanctions against Russia even as signs of progress emerged from peace talks between Moscow and Kyiv.
Brent crude futures were up $2.6, or 2.4% at $112.81 by 0703 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose $2.7, or 2.5%, to $106.84 a barrel, erasing a 1.6% drop on Tuesday.
"The volatile prices indicate extremely sensitive sentiment among investors," said analysts from Haitong Futures. "People urgently need to see changes to make the market situation clearer."
Tuesday 29 March 2022
Oil drops $2 on positive signals from Russia-Ukraine peace talks | Reuters
Oil drops $2 on positive signals from Russia-Ukraine peace talks | Reuters
Oil prices closed down $2 on Tuesday, as talks progressed between Russia and Ukraine to end their weeks-long conflict, though Moscow negotiators said a promise to scale down some military operations did not represent a ceasefire.
Further weighing on oil futures, new lockdowns in China to curb the spread of the coronavirus prompted concerns that fuel demand could take a hit.
Brent crude settled down $2.25, or 2%, at $110.23 a barrel, while U.S. West Texas Intermediate (WTI) crude was down $1.72, or 1.6%, at $104.24.
Each benchmark fell 7% on Monday and was down as much as 7% again early on Tuesday before bouncing off session lows.
Oil prices closed down $2 on Tuesday, as talks progressed between Russia and Ukraine to end their weeks-long conflict, though Moscow negotiators said a promise to scale down some military operations did not represent a ceasefire.
Further weighing on oil futures, new lockdowns in China to curb the spread of the coronavirus prompted concerns that fuel demand could take a hit.
Brent crude settled down $2.25, or 2%, at $110.23 a barrel, while U.S. West Texas Intermediate (WTI) crude was down $1.72, or 1.6%, at $104.24.
Each benchmark fell 7% on Monday and was down as much as 7% again early on Tuesday before bouncing off session lows.
Oil drops $6 on positive signals from Russia-Ukraine peace talks | Reuters
Oil drops $6 on positive signals from Russia-Ukraine peace talks | Reuters
Oil prices dropped on Tuesday, extending losses from the previous day on signs of progress in talks between Russia and Ukraine to end their weeks-long conflict, with prices further pressured by China's new lockdowns to curb the spread of the coronavirus.
Brent crude fell $6.51, or 5.8%, to $105.97 a barrel by 1342 GMT and U.S. West Texas Intermediate (WTI) crude was down $6.41, or 6%, at $99.55. Both benchmarks lost about 7% on Monday.
Ukrainian and Russian negotiators met in Turkey for the first face-to-face talks in nearly three weeks. The top Russian negotiator said the talks were "constructive".
Russia promised at the peace talks to scale down its military operations around Kyiv and northern Ukraine, while Ukraine proposed adoption of neutral status but with international guarantees that it would be protected from attack. read more
Oil prices dropped on Tuesday, extending losses from the previous day on signs of progress in talks between Russia and Ukraine to end their weeks-long conflict, with prices further pressured by China's new lockdowns to curb the spread of the coronavirus.
Brent crude fell $6.51, or 5.8%, to $105.97 a barrel by 1342 GMT and U.S. West Texas Intermediate (WTI) crude was down $6.41, or 6%, at $99.55. Both benchmarks lost about 7% on Monday.
Ukrainian and Russian negotiators met in Turkey for the first face-to-face talks in nearly three weeks. The top Russian negotiator said the talks were "constructive".
Russia promised at the peace talks to scale down its military operations around Kyiv and northern Ukraine, while Ukraine proposed adoption of neutral status but with international guarantees that it would be protected from attack. read more
Crypto.com, Bybit Announce Plans to Set Up Operations in #Dubai - Bloomberg
Crypto.com, Bybit Announce Plans to Set Up Operations in Dubai - Bloomberg
Cryptocurrency exchange Bybit announced plans to move its headquarters to Dubai from Singapore, as the emirate steps up efforts to attract companies in the fast-growing industry.
Bybit will start operations in Dubai as early as next month, after receiving in-principle approval to conduct a “full spectrum” of virtual-assets business in the United Arab Emirates, it said in a blog post Monday. Crypto.com, also based in Singapore, separately said it will set up a regional base in Dubai, and plans to establish a “significant” presence there.
The exchanges join global rivals like Binance Holdings Ltd. and FTX in expanding in the UAE, which is seeking to develop a crypto-friendly reputation even as other financial centers tighten oversight. Singapore earlier this year instructed crypto companies to refrain from consumer-facing marketing in a bid to limit speculation in digital assets.
“Being headquartered in Dubai, it allows us to have a domiciled presence that does not affect our global standing,” Bybit Chief Executive Officer Ben Zhou said in an emailed response to questions. The company didn’t say whether the change of headquarters will involve moving employees from Singapore to Dubai.
Dubai is also a favored destination for crypto companies from India, which is imposing onerous taxes on digital assets and whose central bank has sought to ban cryptocurrencies. Other countries like the U.K. are also taking a tough stance on crypto regulation, potentially paving the way for the emirate to attract more business.
Cryptocurrency exchange Bybit announced plans to move its headquarters to Dubai from Singapore, as the emirate steps up efforts to attract companies in the fast-growing industry.
Bybit will start operations in Dubai as early as next month, after receiving in-principle approval to conduct a “full spectrum” of virtual-assets business in the United Arab Emirates, it said in a blog post Monday. Crypto.com, also based in Singapore, separately said it will set up a regional base in Dubai, and plans to establish a “significant” presence there.
The exchanges join global rivals like Binance Holdings Ltd. and FTX in expanding in the UAE, which is seeking to develop a crypto-friendly reputation even as other financial centers tighten oversight. Singapore earlier this year instructed crypto companies to refrain from consumer-facing marketing in a bid to limit speculation in digital assets.
“Being headquartered in Dubai, it allows us to have a domiciled presence that does not affect our global standing,” Bybit Chief Executive Officer Ben Zhou said in an emailed response to questions. The company didn’t say whether the change of headquarters will involve moving employees from Singapore to Dubai.
Dubai is also a favored destination for crypto companies from India, which is imposing onerous taxes on digital assets and whose central bank has sought to ban cryptocurrencies. Other countries like the U.K. are also taking a tough stance on crypto regulation, potentially paving the way for the emirate to attract more business.
#Saudi index hits highest level in 16 years as oil prices recover | Reuters
Saudi index hits highest level in 16 years as oil prices recover | Reuters
Gulf indexes ended higher on Tuesday, with the Saudi index touching its highest level in 16 years, as tight supplies and stable demand drove oil prices higher ahead of peace talks between Russia and Ukraine.
Oil prices recovered some of the previous session's losses as Kazakhstan's supplies continued to be disrupted and major producers showed no sign of being in a hurry to boost output significantly.
Kazakhstan is set to lose at least a fifth of its oil production for a month after storm damage to mooring points used to export crude from the Caspian Pipeline Consortium (CPC), the energy ministry said.
"Saudi crude could see its price raised while the country keeps a bullish view on the market despite the risks to demand in China," said Wael Makarem, senior market strategist – MENA at Exness.
Saudi Arabia's benchmark index (.TASI) rose as much as 0.3% to 13,114.89, its highest since June 2006, as gains in material stocks were limited by losses in the energy sector.
Shares of Al Masane Al Kobra Mining Co jumped 30% in their debut on the exchange, rising as much as 81.9 riyals from their IPO price of 63 riyals.
Investors continued to flock to Dubai stocks after subscription for state utility Dubai Electricity and Water Authority's (DEWA) IPO to raise as much as 8.06 billion dirhams ($2.19 billion) kicked off last week. read more
The Abu Dhabi index (.FTFADGI) gained for the sixth consecutive session, closing up 0.7%.
Shares of Waha Capital (WAHA.AD) rose 2.4% after the company approved a dividend distribution on Monday.
The Qatari index (.QSI) fell for a second straight session, ending 0.5% lower.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%.
Gulf indexes ended higher on Tuesday, with the Saudi index touching its highest level in 16 years, as tight supplies and stable demand drove oil prices higher ahead of peace talks between Russia and Ukraine.
Oil prices recovered some of the previous session's losses as Kazakhstan's supplies continued to be disrupted and major producers showed no sign of being in a hurry to boost output significantly.
Kazakhstan is set to lose at least a fifth of its oil production for a month after storm damage to mooring points used to export crude from the Caspian Pipeline Consortium (CPC), the energy ministry said.
"Saudi crude could see its price raised while the country keeps a bullish view on the market despite the risks to demand in China," said Wael Makarem, senior market strategist – MENA at Exness.
Saudi Arabia's benchmark index (.TASI) rose as much as 0.3% to 13,114.89, its highest since June 2006, as gains in material stocks were limited by losses in the energy sector.
Shares of Al Masane Al Kobra Mining Co jumped 30% in their debut on the exchange, rising as much as 81.9 riyals from their IPO price of 63 riyals.
Investors continued to flock to Dubai stocks after subscription for state utility Dubai Electricity and Water Authority's (DEWA) IPO to raise as much as 8.06 billion dirhams ($2.19 billion) kicked off last week. read more
The Abu Dhabi index (.FTFADGI) gained for the sixth consecutive session, closing up 0.7%.
Shares of Waha Capital (WAHA.AD) rose 2.4% after the company approved a dividend distribution on Monday.
The Qatari index (.QSI) fell for a second straight session, ending 0.5% lower.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%.
#UAE IPO: #AbuDhabi’s Lulu Group Invites Pitches for 2023 Listing - Bloomberg
UAE IPO: Abu Dhabi’s Lulu Group Invites Pitches for 2023 Listing - Bloomberg
Lulu Group International, which runs one of the Middle East’s largest supermarket chains, is considering an initial public offering early next year in the United Arab Emirates, people familiar with the matter said.
The diversified conglomerate -- valued at more than $5 billion in 2020 -- has asked global banks to pitch for roles for potential listings, the people said, asking not to be identified discussing confidential information. The firm may opt for multiple listings in the Gulf stock exchanges, one of the people said.
Deliberations are ongoing and no final decisions have been made on the venue or details of the offering, the people said. It wasn’t immediately clear if Lulu wants to list parts of the business or the entire firm.
Abu Dhabi-based Lulu Group was founded by Indian entrepreneur Yusuff Ali, who set up the first Lulu store in the early 1990s during a years-long oil boom in the Gulf region. The company also operates shopping malls and other businesses including hospitality, shipping and real estate. The company has an annual revenue of about $8 billion, employs more than 57,000 people and mainly operates in 22 countries located across the Middle East, Asia, U.S., and Europe.
“We don’t want to comment on market rumors,” said V. Nandakumar, Lulu Group’s director of communications.
Saudi Arabia’s sovereign wealth fund is exploring a potential investment in LuLu Group International. This comes after ADQ acquired almost a fifth of LuLu Group International for just over $1 billion in late 2020.
Lulu Group International, which runs one of the Middle East’s largest supermarket chains, is considering an initial public offering early next year in the United Arab Emirates, people familiar with the matter said.
The diversified conglomerate -- valued at more than $5 billion in 2020 -- has asked global banks to pitch for roles for potential listings, the people said, asking not to be identified discussing confidential information. The firm may opt for multiple listings in the Gulf stock exchanges, one of the people said.
Deliberations are ongoing and no final decisions have been made on the venue or details of the offering, the people said. It wasn’t immediately clear if Lulu wants to list parts of the business or the entire firm.
Abu Dhabi-based Lulu Group was founded by Indian entrepreneur Yusuff Ali, who set up the first Lulu store in the early 1990s during a years-long oil boom in the Gulf region. The company also operates shopping malls and other businesses including hospitality, shipping and real estate. The company has an annual revenue of about $8 billion, employs more than 57,000 people and mainly operates in 22 countries located across the Middle East, Asia, U.S., and Europe.
“We don’t want to comment on market rumors,” said V. Nandakumar, Lulu Group’s director of communications.
Saudi Arabia’s sovereign wealth fund is exploring a potential investment in LuLu Group International. This comes after ADQ acquired almost a fifth of LuLu Group International for just over $1 billion in late 2020.
Emirates airline chief sees return to profit next year | Reuters
Emirates airline chief sees return to profit next year | Reuters
Dubai's Emirates expects to significantly reduce losses in the current financial year and return to profit next year, the airline's president indicated on Tuesday.
"We are in for a good set of results, we haven't reversed it completely but we have swung it," Tim Clark told reporters, adding the carrier had been cash-positive since October.
"We've swung the business back to profitability, we are cash-positive again big time, we have a very strong balance sheet again which we have been rebuilding," Clark said.
"We are forecasting profits next year and hopefully to pay a dividend and repay some of the equity that the government has put into the business," he added.
The carrier's financial year runs through March.
Dubai's Emirates expects to significantly reduce losses in the current financial year and return to profit next year, the airline's president indicated on Tuesday.
"We are in for a good set of results, we haven't reversed it completely but we have swung it," Tim Clark told reporters, adding the carrier had been cash-positive since October.
"We've swung the business back to profitability, we are cash-positive again big time, we have a very strong balance sheet again which we have been rebuilding," Clark said.
"We are forecasting profits next year and hopefully to pay a dividend and repay some of the equity that the government has put into the business," he added.
The carrier's financial year runs through March.
Oil drops on positive signals from Russia-Ukraine peace talks | Reuters
Oil drops on positive signals from Russia-Ukraine peace talks | Reuters
Oil prices dropped on Tuesday, extending losses from the previous day after Russia called peace talks with Ukraine constructive and China's new lockdowns to curb the spread of the coronavirus hit fuel demand.
Brent crude fell $4.55, or 4%, to $107.93 a barrel by 1210 GMT, and U.S. West Texas Intermediate (WTI) crude was down $4.64, or 4.4%, at $101.32. Both benchmarks lost about 7% on Monday.
Ukrainian and Russian negotiators met in Turkey for the first face-to-face talks in nearly three weeks. The top Russian negotiator said the talks were "constructive".
Ukraine proposed adopting neutral status in exchange for security guarantees at the talks, meaning it would not join military alliances or host military bases, Ukrainian negotiators said. read more
Oil prices dropped on Tuesday, extending losses from the previous day after Russia called peace talks with Ukraine constructive and China's new lockdowns to curb the spread of the coronavirus hit fuel demand.
Brent crude fell $4.55, or 4%, to $107.93 a barrel by 1210 GMT, and U.S. West Texas Intermediate (WTI) crude was down $4.64, or 4.4%, at $101.32. Both benchmarks lost about 7% on Monday.
Ukrainian and Russian negotiators met in Turkey for the first face-to-face talks in nearly three weeks. The top Russian negotiator said the talks were "constructive".
Ukraine proposed adopting neutral status in exchange for security guarantees at the talks, meaning it would not join military alliances or host military bases, Ukrainian negotiators said. read more
#SaudiArabia’s Foreign Direct Investment Hit Decade-High in 2021 on Aramco Deal - Bloomberg
Saudi Arabia’s Foreign Direct Investment Hit Decade-High in 2021 on Aramco Deal - Bloomberg
Saudi Arabia’s foreign direct investment reached the highest level in more than a decade last year, mainly due to an oil pipeline deal in the second quarter.
Foreign direct investment in 2021 totaled $19.3 billion, the most since 2010, according to data published by the Saudi central bank on Monday. The bulk of that was from state oil company Saudi Aramco selling a $12.4 billion stake in an oil pipelines entity to investors led by EIG Global Energy Partners LLC. However even without that deal, FDI would have been at its highest level since 2016.
Crown Prince Mohammed bin Salman’s plan to diversify the kingdom’s oil-dependent economy seeks to secure more foreign investment. But the push has faced obstacles, with a series of unpredictable policy changes and the murder of Washington Post columnist Jamal Khashoggi by Saudi agents in 2018 alarming investors.
A new national investment strategy last year set an FDI target of more than $100 billion annually by 2030, along with a target of increasing its contribution to gross domestic product to 5.7%. Meeting both of those goals would require more than doubling the size of the economy over the next eight years.
Saudi Arabia’s foreign direct investment reached the highest level in more than a decade last year, mainly due to an oil pipeline deal in the second quarter.
Foreign direct investment in 2021 totaled $19.3 billion, the most since 2010, according to data published by the Saudi central bank on Monday. The bulk of that was from state oil company Saudi Aramco selling a $12.4 billion stake in an oil pipelines entity to investors led by EIG Global Energy Partners LLC. However even without that deal, FDI would have been at its highest level since 2016.
Crown Prince Mohammed bin Salman’s plan to diversify the kingdom’s oil-dependent economy seeks to secure more foreign investment. But the push has faced obstacles, with a series of unpredictable policy changes and the murder of Washington Post columnist Jamal Khashoggi by Saudi agents in 2018 alarming investors.
A new national investment strategy last year set an FDI target of more than $100 billion annually by 2030, along with a target of increasing its contribution to gross domestic product to 5.7%. Meeting both of those goals would require more than doubling the size of the economy over the next eight years.
#Qatar Plans $5 Billion Egypt Investments in Latest Gulf Pledge - Bloomberg
Qatar Plans $5 Billion Egypt Investments in Latest Gulf Pledge - Bloomberg
Qatar plans to invest $5 billion in Egypt in the coming period, Egypt said, in the latest sign of support from the energy-rich Gulf as the North African nation’s economy is buffeted by the war in Ukraine.
The two countries have agreed to form a committee to coordinate investment plans, Egypt’s cabinet said in a statement Tuesday following meetings between Egyptian and Qatari officials. No timetable was given for the investments.
A major food importer, Egypt has been hit hard by record grain prices fueled by the conflict. One of the Middle East’s most indebted nations, it buys most of its wheat from Russia and Ukraine, while Russian visitors have previously made up a significant proportion of its tourism market.
The Qatari agreement comes after Abu Dhabi wealth fund ADQ earlier this month made a roughly $2 billion deal to buy Egyptian state-owned stakes in publicly listed companies. It was one of the first tangible signs of fresh Gulf support for Egypt to help it ride out the crisis.
The most populous Arab nation is seeking support from the International Monetary Fund that could include a loan.
Qatar plans to invest $5 billion in Egypt in the coming period, Egypt said, in the latest sign of support from the energy-rich Gulf as the North African nation’s economy is buffeted by the war in Ukraine.
The two countries have agreed to form a committee to coordinate investment plans, Egypt’s cabinet said in a statement Tuesday following meetings between Egyptian and Qatari officials. No timetable was given for the investments.
A major food importer, Egypt has been hit hard by record grain prices fueled by the conflict. One of the Middle East’s most indebted nations, it buys most of its wheat from Russia and Ukraine, while Russian visitors have previously made up a significant proportion of its tourism market.
The Qatari agreement comes after Abu Dhabi wealth fund ADQ earlier this month made a roughly $2 billion deal to buy Egyptian state-owned stakes in publicly listed companies. It was one of the first tangible signs of fresh Gulf support for Egypt to help it ride out the crisis.
The most populous Arab nation is seeking support from the International Monetary Fund that could include a loan.
Oil prices rise on tight supplies, stable demand | Reuters
Oil prices rise on tight supplies, stable demand | Reuters
Oil prices rose on Tuesday, recovering some of the previous session's losses as Kazakhstan's supplies continued to be disrupted and major producers showed no sign of being in a hurry to boost output significantly.
Brent crude rose $1.41, or 1.3%, to $113.89 a barrel at 0848 GMT, and U.S. West Texas Intermediate (WTI) crude was up 95 cents, or 0.9%, at $106.91. Both benchmarks had lost about 7% on Monday.
"There was an overreaction on Monday and the market is re-considering it," UBS analyst Giovanni Staunovo said.
"Oil production disruption in Russia finally become visible, Kazakh crude production took a hit in recent days, and gasoline and jet demand in Europe and the United States is still solid."
Oil prices rose on Tuesday, recovering some of the previous session's losses as Kazakhstan's supplies continued to be disrupted and major producers showed no sign of being in a hurry to boost output significantly.
Brent crude rose $1.41, or 1.3%, to $113.89 a barrel at 0848 GMT, and U.S. West Texas Intermediate (WTI) crude was up 95 cents, or 0.9%, at $106.91. Both benchmarks had lost about 7% on Monday.
"There was an overreaction on Monday and the market is re-considering it," UBS analyst Giovanni Staunovo said.
"Oil production disruption in Russia finally become visible, Kazakh crude production took a hit in recent days, and gasoline and jet demand in Europe and the United States is still solid."
#AbuDhabi ADX, FTSE Russell to launch benchmark blue chip equities index
Abu Dhabi ADX, FTSE Russell to launch benchmark blue chip equities index
The Abu Dhabi Securities Exchange (ADX) and FTSE Russell is set to launch the FTSE ADX 15 Index, a benchmark blue chip measure, on March 30.
Known as the FADX 15, the benchmark index will include the largest and most liquid 15 companies on the ADX, selected using a combination of free float adjusted market capitalization and median daily trading value, the bourse said in a statement on Tuesday.
The launch of the new index will support ADX’s recently launched derivatives market and the creation of ETFs and other index-tracking investment vehicles, it added.
The FADX 15 is the first in a suite of co-branded indices being developed by ADX and FTSE Russell, according to the statement.
ADX, which is the second biggest regional exchange, is the first in the GCC for which FTSE Russell is the benchmark index administrator.
FTSE Russell, a subsidiary of London Stock Exchange Group, produces, maintains, licenses, and markets stock market indices.
The Abu Dhabi Securities Exchange (ADX) and FTSE Russell is set to launch the FTSE ADX 15 Index, a benchmark blue chip measure, on March 30.
Known as the FADX 15, the benchmark index will include the largest and most liquid 15 companies on the ADX, selected using a combination of free float adjusted market capitalization and median daily trading value, the bourse said in a statement on Tuesday.
The launch of the new index will support ADX’s recently launched derivatives market and the creation of ETFs and other index-tracking investment vehicles, it added.
The FADX 15 is the first in a suite of co-branded indices being developed by ADX and FTSE Russell, according to the statement.
ADX, which is the second biggest regional exchange, is the first in the GCC for which FTSE Russell is the benchmark index administrator.
FTSE Russell, a subsidiary of London Stock Exchange Group, produces, maintains, licenses, and markets stock market indices.
Squeezing any member out of OPEC+ would only stoke oil prices - #UAE energy min | Reuters
Squeezing any member out of OPEC+ would only stoke oil prices -UAE energy min | Reuters
United Arab Emirates energy minister Suhail al-Mazrouei said on Tuesday that the only mission of OPEC+ is to stabilise markets and come up with as much supply as possible, and that squeezing any partner out of the oil alliance would only increase prices.
He said it was difficult to predict the future of market volatility, due to issues such as whether Iranian barrels would return to the market or if there will be more investment in the oil and gas sector.
Mazrouei said he believed that there will be growth in demand.
United Arab Emirates energy minister Suhail al-Mazrouei said on Tuesday that the only mission of OPEC+ is to stabilise markets and come up with as much supply as possible, and that squeezing any partner out of the oil alliance would only increase prices.
He said it was difficult to predict the future of market volatility, due to issues such as whether Iranian barrels would return to the market or if there will be more investment in the oil and gas sector.
Mazrouei said he believed that there will be growth in demand.
#AbuDhabi’s Eshraq Investments to Buy Goldilocks in Stock Deal - Bloomberg
Abu Dhabi’s Eshraq Investments to Buy Goldilocks in Stock Deal - Bloomberg
Eshraq Investments PJSC plans to buy a fund managed by Shuaa Capital in a stock deal, creating an entity with combined assets of $1 billion.
Abu Dhabi-based Eshraq said it will issue new stock to investors in Goldilocks Investment Co. for the transaction. The firm said shares will be issued at about a 38% premium to the stock’s closing price on Monday, without giving further details on the deal value.
“Eshraq is concentrated in real estate and Goldilocks has investments in energy, finance and insurance sectors so the combined entity will make an optimal portfolio to hedge against inflation,” said Jassim Alseddiqi, chairman of Eshraq and CEO of Shuaa Capital. “We are currently witnessing higher inflation which is expected to rise even more in the coming months and years.”
“We are very open to cross listing Eshraq in other exchanges starting with Saudi Arabia’s Tadawul,” he said.
Eshraq Investments PJSC plans to buy a fund managed by Shuaa Capital in a stock deal, creating an entity with combined assets of $1 billion.
Abu Dhabi-based Eshraq said it will issue new stock to investors in Goldilocks Investment Co. for the transaction. The firm said shares will be issued at about a 38% premium to the stock’s closing price on Monday, without giving further details on the deal value.
“Eshraq is concentrated in real estate and Goldilocks has investments in energy, finance and insurance sectors so the combined entity will make an optimal portfolio to hedge against inflation,” said Jassim Alseddiqi, chairman of Eshraq and CEO of Shuaa Capital. “We are currently witnessing higher inflation which is expected to rise even more in the coming months and years.”
“We are very open to cross listing Eshraq in other exchanges starting with Saudi Arabia’s Tadawul,” he said.
#Saudi Aramco: Saudis May Hike Oil Price by Record Amount Despite China Risk - Bloomberg
Saudi Aramco: Saudis May Hike Oil Price by Record Amount Despite China Risk - Bloomberg
The world’s largest oil exporter will likely boost pricing of its main crude variety to a record even as China struggles with a coronavirus outbreak, signaling a bullish outlook despite the risk to demand.
Saudi Aramco may raise the official selling price of its key Arab Light crude by $5 a barrel to Asian customers for May-loading cargoes, according to the median estimate in a Bloomberg survey of five refiners and traders. That would increase the differential to $9.95 above the Oman-Dubai benchmark, which would be the widest since Bloomberg began compiling the data in 2000.
The state-run company didn’t respond to an email seeking comment. Aramco typically releases official prices in the first five days of the month.
Oil soared to the highest since 2008 this quarter as the war in Ukraine helped to lift prices that had already been boosted by expanding global demand and fast-falling stockpiles. The expected hike in pricing for the key Middle Eastern barrels -- which help set the tone for other grades from the region -- is likely to come despite the tightened lockdowns in the world’s top crude importer.
Official selling prices, or OSPs, are the premiums or discounts to regional benchmarks for barrels, and they determine how much users pay for cargoes. The differentials can indicate the strength or weakness of underlying demand.
As Saudi Aramco prepares to announce selling prices, Riyadh is set to join other producers including Russia at an OPEC+ meeting. Ahead of the gathering on Thursday, members have signaled they still see no need to adapt supply plans even as the war in Ukraine delivers the biggest disruption in decades.
The world’s largest oil exporter will likely boost pricing of its main crude variety to a record even as China struggles with a coronavirus outbreak, signaling a bullish outlook despite the risk to demand.
Saudi Aramco may raise the official selling price of its key Arab Light crude by $5 a barrel to Asian customers for May-loading cargoes, according to the median estimate in a Bloomberg survey of five refiners and traders. That would increase the differential to $9.95 above the Oman-Dubai benchmark, which would be the widest since Bloomberg began compiling the data in 2000.
The state-run company didn’t respond to an email seeking comment. Aramco typically releases official prices in the first five days of the month.
Oil soared to the highest since 2008 this quarter as the war in Ukraine helped to lift prices that had already been boosted by expanding global demand and fast-falling stockpiles. The expected hike in pricing for the key Middle Eastern barrels -- which help set the tone for other grades from the region -- is likely to come despite the tightened lockdowns in the world’s top crude importer.
Official selling prices, or OSPs, are the premiums or discounts to regional benchmarks for barrels, and they determine how much users pay for cargoes. The differentials can indicate the strength or weakness of underlying demand.
As Saudi Aramco prepares to announce selling prices, Riyadh is set to join other producers including Russia at an OPEC+ meeting. Ahead of the gathering on Thursday, members have signaled they still see no need to adapt supply plans even as the war in Ukraine delivers the biggest disruption in decades.
#Dubai shares jump on IPO cheer; most other markets subdued | Reuters
Dubai shares jump on IPO cheer; most other markets subdued | Reuters
Most Gulf markets fell on Tuesday, as fears of a drop in demand for crude capped oil prices, while investors continued to steer money toward Dubai cheering bumper response to a recent initial public offering (IPO).
Oil prices extended losses for a second session on fears of a drop in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in COVID-19 cases.
Ukraine and Russia are set to meet in Istanbul later in the day for their first peace talks in over two weeks. However, air raid sirens sounded across Ukraine before dawn, while Kyiv seeks ceasefire without compromising on territory or sovereignty. read more
Dubai's main financial index (.DFMGI) rose for the fifth consecutive session with its gain of 1.4%.
State utility Dubai Electricity and Water Authority's (DEWA) IPO to raise as much as 8.06 billion dirhams ($2.19 billion) has boosted sentiment in the region after subscription kicked off last week.
The IPO is the largest such deal in the emirate since DP World in 2007. read more
Shares of Waha Capiral rose 1.2% after the company approved dividend distribution on Monday.
Saudi Arabia's benchmark index (.TASI) traded flat, with gains in financial stocks offset by losses in the energy sector.
State-run Saudi Aramco (2222.SE) dropped 0.6%.
Shares of Al Masane Al Kobra Mining Co jumped 10% in their debut on the exchange, rising as much as 69.3 riyals from their IPO price of 63 riyals.
The region has also seen a boost in IPOs since it listed Saudi Aramco (2222.SE) in a record $29.4 billion listing in 2019.
The Abu Dhabi index (.FTFADGI) inched up, while the Qatari index (.QSI) fell for a second straight session, slipping 0.3%.
Most Gulf markets fell on Tuesday, as fears of a drop in demand for crude capped oil prices, while investors continued to steer money toward Dubai cheering bumper response to a recent initial public offering (IPO).
Oil prices extended losses for a second session on fears of a drop in fuel demand in China after the financial hub of Shanghai shut down to curb a surge in COVID-19 cases.
Ukraine and Russia are set to meet in Istanbul later in the day for their first peace talks in over two weeks. However, air raid sirens sounded across Ukraine before dawn, while Kyiv seeks ceasefire without compromising on territory or sovereignty. read more
Dubai's main financial index (.DFMGI) rose for the fifth consecutive session with its gain of 1.4%.
State utility Dubai Electricity and Water Authority's (DEWA) IPO to raise as much as 8.06 billion dirhams ($2.19 billion) has boosted sentiment in the region after subscription kicked off last week.
The IPO is the largest such deal in the emirate since DP World in 2007. read more
Shares of Waha Capiral rose 1.2% after the company approved dividend distribution on Monday.
Saudi Arabia's benchmark index (.TASI) traded flat, with gains in financial stocks offset by losses in the energy sector.
State-run Saudi Aramco (2222.SE) dropped 0.6%.
Shares of Al Masane Al Kobra Mining Co jumped 10% in their debut on the exchange, rising as much as 69.3 riyals from their IPO price of 63 riyals.
The region has also seen a boost in IPOs since it listed Saudi Aramco (2222.SE) in a record $29.4 billion listing in 2019.
The Abu Dhabi index (.FTFADGI) inched up, while the Qatari index (.QSI) fell for a second straight session, slipping 0.3%.
Oil falls on Ukraine peace talk hopes, China demand fears | Reuters
Oil falls on Ukraine peace talk hopes, China demand fears | Reuters
Oil prices on Tuesday extended losses from the previous day as Ukraine and Russia headed for peace talks and on concerns about demand as China's financial hub of Shanghai shut down to curb a surge in COVID-19 cases.
Brent crude futures were down 60 cents, or 0.5%, at $111.88 a barrel at 0649 GMT, having fallen as low as $109.97.
U.S. West Texas Intermediate (WTI) crude futures were down 59 cents, or 0.6%, at $105.37after hitting a low of $103.46.
Both benchmark contracts lost around 7% on Monday.
Ukraine and Russia were set to meet in Istanbul on Tuesday for their first peace talks in over two weeks. Sanctions imposed on Russia after it invaded Ukraine have curtailed oil supply and sent prices to 14-year highs earlier this month. read more
Oil prices on Tuesday extended losses from the previous day as Ukraine and Russia headed for peace talks and on concerns about demand as China's financial hub of Shanghai shut down to curb a surge in COVID-19 cases.
Brent crude futures were down 60 cents, or 0.5%, at $111.88 a barrel at 0649 GMT, having fallen as low as $109.97.
U.S. West Texas Intermediate (WTI) crude futures were down 59 cents, or 0.6%, at $105.37after hitting a low of $103.46.
Both benchmark contracts lost around 7% on Monday.
Ukraine and Russia were set to meet in Istanbul on Tuesday for their first peace talks in over two weeks. Sanctions imposed on Russia after it invaded Ukraine have curtailed oil supply and sent prices to 14-year highs earlier this month. read more
Monday 28 March 2022
Oil slides about 7% on concerns of weaker Chinese demand | Reuters
Oil slides about 7% on concerns of weaker Chinese demand | Reuters
Oil prices tumbled about 7% on Monday after China's financial hub of Shanghai launched a lockdown to curb a surge in COVID-19 infections, prompting renewed fears of demand destruction.
Brent crude futures fell $8.17, or 6.8%, to settle at $112.48 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $7.94, or about 7%, to settle at $105.96 a barrel.
Crude futures have been volatile since Russia's invasion of Ukraine in late February. Last week, Brent gained nearly 12%, while WTI rose almost 9%.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. Officials closed bridges and tunnels and restricted highway traffic. read more
Oil prices tumbled about 7% on Monday after China's financial hub of Shanghai launched a lockdown to curb a surge in COVID-19 infections, prompting renewed fears of demand destruction.
Brent crude futures fell $8.17, or 6.8%, to settle at $112.48 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $7.94, or about 7%, to settle at $105.96 a barrel.
Crude futures have been volatile since Russia's invasion of Ukraine in late February. Last week, Brent gained nearly 12%, while WTI rose almost 9%.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. Officials closed bridges and tunnels and restricted highway traffic. read more
#Saudi Net Foreign Assets Drop Again While Awaiting Oil Windfall - Bloomberg
Saudi Net Foreign Assets Drop Again While Awaiting Oil Windfall - Bloomberg
Saudi Arabia’s net foreign assets fell for the third month in a row in February as the government waits for a windfall from higher oil prices to transfer through to its reserves.
Net foreign assets held by the central bank declined by 1.2% to around $424 billion last month, the lowest level since 2010. But rises and falls in the stockpile have settled into a pattern since the shift to a quarterly dividend payment from Saudi Aramco in late 2019, with sharp increases around those payments and drops in the months in between.
The next dividend payment from Aramco is expected on Thursday, and should be reflected in March central bank data reported next month. Aramco paid a total of $149 billion to the Saudi government last year, split between dividends, royalties and taxation, up from $110 billion in 2020.
Saudi Arabia’s net foreign assets fell for the third month in a row in February as the government waits for a windfall from higher oil prices to transfer through to its reserves.
Net foreign assets held by the central bank declined by 1.2% to around $424 billion last month, the lowest level since 2010. But rises and falls in the stockpile have settled into a pattern since the shift to a quarterly dividend payment from Saudi Aramco in late 2019, with sharp increases around those payments and drops in the months in between.
The next dividend payment from Aramco is expected on Thursday, and should be reflected in March central bank data reported next month. Aramco paid a total of $149 billion to the Saudi government last year, split between dividends, royalties and taxation, up from $110 billion in 2020.
#UAE crypto push sees Bybit, Crypto.com announce #Dubai offices | Reuters
UAE crypto push sees Bybit, Crypto.com announce Dubai offices | Reuters
Crypto exchange Bybit on Monday said it will open its global headquarters in Dubai and crypto platform Crypto.com said it would establish a regional hub there, the latest moves in the UAE's drive to become a centre for the virtual asset sector.
Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing virtual assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. read more
"Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai," the company said in a statement, adding that the headquarters is expected to commence operations in April.
Dubai this month granted virtual asset licences to Binance, the world's largest cryptocurrency exchange, and FTX Europe, a subsidiary of one of the largest crypto exchanges FTX. FTX will set up a regional headquarters in the city. read more
Crypto exchange Bybit on Monday said it will open its global headquarters in Dubai and crypto platform Crypto.com said it would establish a regional hub there, the latest moves in the UAE's drive to become a centre for the virtual asset sector.
Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing virtual assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. read more
"Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai," the company said in a statement, adding that the headquarters is expected to commence operations in April.
Dubai this month granted virtual asset licences to Binance, the world's largest cryptocurrency exchange, and FTX Europe, a subsidiary of one of the largest crypto exchanges FTX. FTX will set up a regional headquarters in the city. read more
Oil slides about 6% on concerns of weaker Chinese demand | Reuters
Oil slides about 6% on concerns of weaker Chinese demand | Reuters
Oil prices tumbled nearly 6% on Monday after China's financial hub of Shanghai launched a lockdown to curb a surge in COVID-19 infections, prompting renewed fears of demand destruction.
Brent crude futures fell$7.13, or 5.9%, to $113.52 a barrel by 1:04 p.m. EDT (1704 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $6.77, or 5.9%, to $107.13 a barrel.
Crude futures have been volatile since Russia's invasion of Ukraine in late February. Last week, Brent gained nearly 12%, while WTI rose almost 9%.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. Officials closed bridges and tunnels and restricted highway traffic. read more
Oil prices tumbled nearly 6% on Monday after China's financial hub of Shanghai launched a lockdown to curb a surge in COVID-19 infections, prompting renewed fears of demand destruction.
Brent crude futures fell$7.13, or 5.9%, to $113.52 a barrel by 1:04 p.m. EDT (1704 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $6.77, or 5.9%, to $107.13 a barrel.
Crude futures have been volatile since Russia's invasion of Ukraine in late February. Last week, Brent gained nearly 12%, while WTI rose almost 9%.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. Officials closed bridges and tunnels and restricted highway traffic. read more
Oil slides on concerns of weaker Chinese demand | Reuters
Oil slides on concerns of weaker Chinese demand | Reuters
Oil prices tumbled more than $9 on Monday as fears grew over weaker fuel demand in China after financial hub Shanghai's lockdown to curb a surge in COVID-19 infections.
Brent crude futures slid as low as $111.17 a barrel and were trading down $9.02, or 7.4%, at $111.63 a barrel by 1403 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down $8.88, or 7.8%, at $105.02 after touching a low of $104.75.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. read more
Oil prices tumbled more than $9 on Monday as fears grew over weaker fuel demand in China after financial hub Shanghai's lockdown to curb a surge in COVID-19 infections.
Brent crude futures slid as low as $111.17 a barrel and were trading down $9.02, or 7.4%, at $111.63 a barrel by 1403 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down $8.88, or 7.8%, at $105.02 after touching a low of $104.75.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. read more
Slow Pace of #UAE- #Israel Deals Disappointing, OurCrowd Chairman Says - Bloomberg
Slow Pace of UAE-Israel Deals Disappointing, OurCrowd Chairman Says - Bloomberg
Israeli investors and entrepreneurs have been disappointed by the slow pace of deal-making with the United Arab Emirates since the countries normalized ties nearly two years ago, according to an executive at a venture capital firm.
Part of the frustration is due to a clash between the frenetic pace of Israel’s tech industry with the more methodical and strategic mindset of Emirati investors, Sabah al-Binali, executive chairman of OurCrowd Arabia, said in an interview in Tel Aviv.
OurCrowd was the first Israeli venture capital firm to secure a license in the UAE capital of Abu Dhabi. The company itself was unable to finalize an agreement it signed soon after the Abraham Accords in 2020.
Al-Binali said, however, that half a dozen Israeli startups backed by OurCrowd will soon announce business tie-ups in the UAE. The deals will range from early-stage medical trials to manufacturing and distribution agreements, he said, without disclosing any further details.
“The bigger deals will come,” said al-Binali, the head of OurCrowd UAE operations. “There are a lot of complementary aspects” such as the ability of the UAE to bridge markets in Asia and Africa with Israeli companies looking to expand, he said.
OurCrowd is looking to grow its UAE team to 15 people, compared to three at the moment, he said.
Israeli investors and entrepreneurs have been disappointed by the slow pace of deal-making with the United Arab Emirates since the countries normalized ties nearly two years ago, according to an executive at a venture capital firm.
Part of the frustration is due to a clash between the frenetic pace of Israel’s tech industry with the more methodical and strategic mindset of Emirati investors, Sabah al-Binali, executive chairman of OurCrowd Arabia, said in an interview in Tel Aviv.
OurCrowd was the first Israeli venture capital firm to secure a license in the UAE capital of Abu Dhabi. The company itself was unable to finalize an agreement it signed soon after the Abraham Accords in 2020.
Al-Binali said, however, that half a dozen Israeli startups backed by OurCrowd will soon announce business tie-ups in the UAE. The deals will range from early-stage medical trials to manufacturing and distribution agreements, he said, without disclosing any further details.
“The bigger deals will come,” said al-Binali, the head of OurCrowd UAE operations. “There are a lot of complementary aspects” such as the ability of the UAE to bridge markets in Asia and Africa with Israeli companies looking to expand, he said.
OurCrowd is looking to grow its UAE team to 15 people, compared to three at the moment, he said.
In Istanbul and #Dubai, Russians pile into property to shelter from sanctions | Reuters
In Istanbul and Dubai, Russians pile into property to shelter from sanctions | Reuters
Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow's invasion of Ukraine and Western sanctions, according to many property companies.
"We sell seven to eight units to Russians every day," said Gul Gul, co-founder of the Golden Sign real estate company in Istanbul. "They buy in cash, they open bank accounts in Turkey or they bring gold."
In Dubai, Thiago Caldas, CEO of the Modern Living property firm, has hired three Russian-speaking agents to meet Russian interest, which he says has leapt tenfold.
Sanctions imposed since the Feb. 24 invasion include Russia's exclusion from the SWIFT banking system, and the targeting of individual such as oligarchs deemed to be close to President Vladimir Putin.
Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow's invasion of Ukraine and Western sanctions, according to many property companies.
"We sell seven to eight units to Russians every day," said Gul Gul, co-founder of the Golden Sign real estate company in Istanbul. "They buy in cash, they open bank accounts in Turkey or they bring gold."
In Dubai, Thiago Caldas, CEO of the Modern Living property firm, has hired three Russian-speaking agents to meet Russian interest, which he says has leapt tenfold.
Sanctions imposed since the Feb. 24 invasion include Russia's exclusion from the SWIFT banking system, and the targeting of individual such as oligarchs deemed to be close to President Vladimir Putin.
#UAE hopeful of 5%-6% economic growth in 2022 and beyond-min | Reuters
UAE hopeful of 5%-6% economic growth in 2022 and beyond-min | Reuters
The United Arab Emirates (UAE) is hoping the economy will grow by 5% to 6% this year as it recovers from the pandemic, and by the same pace over the next few years to help double the economy by 2031, its economy minister said on Wednesday.
"The whole world is recovering and I think we are in a recovery phase after the pandemic, (but) predicting growth as well this year is a challenge," Abdulla Bin Touq Al Marri told Reuters on the sidelines of the "Investopia" conference in Dubai, referring to the Russia-Ukraine war and oil prices.
When asked if the economy will grow by 5% to 6% in 2022 as well, he said "that's what I hope, we are very ambitious, very positive... We want to double our economy by 2031."
The IMF expects the UAE economy to grow by 3% this year after it expanded by 2.1% in 2021.
The United Arab Emirates (UAE) is hoping the economy will grow by 5% to 6% this year as it recovers from the pandemic, and by the same pace over the next few years to help double the economy by 2031, its economy minister said on Wednesday.
"The whole world is recovering and I think we are in a recovery phase after the pandemic, (but) predicting growth as well this year is a challenge," Abdulla Bin Touq Al Marri told Reuters on the sidelines of the "Investopia" conference in Dubai, referring to the Russia-Ukraine war and oil prices.
When asked if the economy will grow by 5% to 6% in 2022 as well, he said "that's what I hope, we are very ambitious, very positive... We want to double our economy by 2031."
The IMF expects the UAE economy to grow by 3% this year after it expanded by 2.1% in 2021.
#SaudiArabia’s Flynas Airline to Order 250 Planes in Tourism Push - Bloomberg
Saudi Arabia’s Flynas Airline to Order 250 Planes in Tourism Push - Bloomberg
Saudi Arabian discount airline Flynas doubled its growth plan, saying it will expand orders to 250 aircraft and tap a government push to build tourism in the Gulf kingdom.
The strategy is aimed at establishing Flynas as the largest low-cost carrier in the Middle East, the company said in a statement Monday, ahead of rivals including United Arab Emirate-based FlyDubai and Air Arabia. Discussions are under way with both Airbus SE and Boeing Co., according to a spokesman.
Flynas currently operates 35 planes but is targeting rapid expansion as Saudi Arabia seeks to attract 100 million tourists by 2030, five times the 2019 level, as part of a bid to diversify away from oil. To hit that target, the country aims to invest billions of dollars in airports and aircraft to boost transport links.
The fleet at Flynas, which is based in the Saudi capital Riyadh, currently features only Airbus narrow-bodies, though the carrier has said before that long-haul models are under consideration.
Saudi Arabian discount airline Flynas doubled its growth plan, saying it will expand orders to 250 aircraft and tap a government push to build tourism in the Gulf kingdom.
The strategy is aimed at establishing Flynas as the largest low-cost carrier in the Middle East, the company said in a statement Monday, ahead of rivals including United Arab Emirate-based FlyDubai and Air Arabia. Discussions are under way with both Airbus SE and Boeing Co., according to a spokesman.
Flynas currently operates 35 planes but is targeting rapid expansion as Saudi Arabia seeks to attract 100 million tourists by 2030, five times the 2019 level, as part of a bid to diversify away from oil. To hit that target, the country aims to invest billions of dollars in airports and aircraft to boost transport links.
The fleet at Flynas, which is based in the Saudi capital Riyadh, currently features only Airbus narrow-bodies, though the carrier has said before that long-haul models are under consideration.
#Oman to Allow Full Foreign Ownership in Listed Companies - Bloomberg
Oman to Allow Full Foreign Ownership in Listed Companies - Bloomberg
Oman’s stock exchange plans to allow full foreign ownership in listed companies in an effort to attract more inflows to its market, following a similar move by the bourse in Qatar.
Muscat Clearing and Depository finalized measures to open up the market, according to a tweet from the Muscat Stock Exchange. The move will make the bourse “more attractive to international investors” and provide them with a more flexible environment for their investments, it said.
Gulf stock markets, primarily in Saudi Arabia and the United Arab Emirates, have seen a rush of initial public offering from family-owned businesses and state-run companies. Oman’s bourse plans to list 35 state-run companies in the next five years, Chief Executive Officer Haitham Al-Salmi told CNBC Arabia earlier this month.
#إلغاء_حدود_نسب_التملك_للاستثمار_الاجنبي سيمهد #للبورصة إجتياز معايير مؤسسات التقييم العالمية المتعلقة بسهولة الاستثمار والانفتاح على المستثمر الاجنبي وسيسهم بشكل فاعل في جاذبية البورصة للمستثمرين الدوليين وتوجههم نحو بيئة ذات سلاسة ومرونة بها كافة المقومات لتنمية استثماراتهم. pic.twitter.com/gEFAqbkHfC
— بورصة مسقط - عُمـان (@MSX_Oman) March 28, 2022
Oman’s stock exchange plans to allow full foreign ownership in listed companies in an effort to attract more inflows to its market, following a similar move by the bourse in Qatar.
Muscat Clearing and Depository finalized measures to open up the market, according to a tweet from the Muscat Stock Exchange. The move will make the bourse “more attractive to international investors” and provide them with a more flexible environment for their investments, it said.
Gulf stock markets, primarily in Saudi Arabia and the United Arab Emirates, have seen a rush of initial public offering from family-owned businesses and state-run companies. Oman’s bourse plans to list 35 state-run companies in the next five years, Chief Executive Officer Haitham Al-Salmi told CNBC Arabia earlier this month.
#AbuDhabi Wealth Fund Mubadala Pauses Investments in Russia, Reuters Says - Bloomberg
Abu Dhabi Wealth Fund Mubadala Pauses Investments in Russia, Reuters Says - Bloomberg
Abu Dhabi sovereign wealth fund Mubadala Investment Co. will avoid investing in Russia for now, a sign that the war in Ukraine is complicating ties between Moscow and the UAE.
“Obviously, in this environment, we have to pause investment in this market in Russia,” Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak told an investment conference in Dubai. “Pause and wait to see how the situation settles.”
Mubadala is the first sovereign wealth fund from the Middle East to offer public comments on the month-old war.
“What is happening in this crisis between Russia and Ukraine is a travesty, with catastrophic consequences, in terms of human life and in terms of the impact it’s having on economies all over the world,” Al Mubarak said. “There’s no question it is in the best interest of the whole world this crisis ends now.”
Abu Dhabi sovereign wealth fund Mubadala Investment Co. will avoid investing in Russia for now, a sign that the war in Ukraine is complicating ties between Moscow and the UAE.
“Obviously, in this environment, we have to pause investment in this market in Russia,” Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak told an investment conference in Dubai. “Pause and wait to see how the situation settles.”
Mubadala is the first sovereign wealth fund from the Middle East to offer public comments on the month-old war.
“What is happening in this crisis between Russia and Ukraine is a travesty, with catastrophic consequences, in terms of human life and in terms of the impact it’s having on economies all over the world,” Al Mubarak said. “There’s no question it is in the best interest of the whole world this crisis ends now.”
#Dubai sees best day in nearly 4 months; Egypt sinks 2% | Reuters
Dubai sees best day in nearly 4 months; Egypt sinks 2% | Reuters
Dubai's main share index (.DFMGI) jumped over 2%, marking its best day since Dec. 6, as investors flocked to the region after state utility DEWA's initial public offering kicked off last week.
Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its IPO, marking the largest such deal in the emirate since DP World in 2007. read more
"The Dubai stock market rose as investors return to the market as DEWA's IPO makes the bourse more attractive and as global concerns retreat," said Daniel Takieddine, Chief Executive Officer of MENA BDSwiss.
Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity.
Sentiment was muted across global markets and oil prices dropped as a coronavirus lockdown in Shanghai hit economic activity, raising fears over weak demand for fuel. MKYS/GLOB
Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 2.2% after rising over 9% in the previous week.
Index heavyweights Commercial International Bank Egypt (COMI.CA) and Abu Qir Fertilizers and Chemicals (ABUK.CA) were the top drags.
Saudi Arabia's benchmark index (.TASI) rose 0.5%.
Information technology company Al Moammar Information Systems Co (7200.SE) gained 3.3% after it announced a slew of new projects.
Travel services provider Seera Holding Group (1810.SE) fell nearly 2.3% after the company posted an annual loss.
In Abu Dhabi, the index (.FTFADGI) closed 0.6% higher, while the Qatari index (.QSI) ended flat.
Dubai's main share index (.DFMGI) jumped over 2%, marking its best day since Dec. 6, as investors flocked to the region after state utility DEWA's initial public offering kicked off last week.
Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its IPO, marking the largest such deal in the emirate since DP World in 2007. read more
"The Dubai stock market rose as investors return to the market as DEWA's IPO makes the bourse more attractive and as global concerns retreat," said Daniel Takieddine, Chief Executive Officer of MENA BDSwiss.
Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity.
Sentiment was muted across global markets and oil prices dropped as a coronavirus lockdown in Shanghai hit economic activity, raising fears over weak demand for fuel. MKYS/GLOB
Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 2.2% after rising over 9% in the previous week.
Index heavyweights Commercial International Bank Egypt (COMI.CA) and Abu Qir Fertilizers and Chemicals (ABUK.CA) were the top drags.
Saudi Arabia's benchmark index (.TASI) rose 0.5%.
Information technology company Al Moammar Information Systems Co (7200.SE) gained 3.3% after it announced a slew of new projects.
Travel services provider Seera Holding Group (1810.SE) fell nearly 2.3% after the company posted an annual loss.
In Abu Dhabi, the index (.FTFADGI) closed 0.6% higher, while the Qatari index (.QSI) ended flat.
Mideast digital health firm Altibbi raises $44 million and aims for IPO | Reuters
Mideast digital health firm Altibbi raises $44 million and aims for IPO | Reuters
Altibbi, a Middle East digital health platform founded in Jordan and headquartered in Dubai, has raised $44 million in a series B round to expand its online pharmacy and diagnostic collection business, it said in a statement on Monday.
The funding round was led by Dubai-headquartered Foundation Holdings and the venture capital arm of Hikma Pharmaceuticals (HIK.L), Hikma Ventures, as well as existing investors Dubai-based Global Ventures and Amman-based DASH Ventures.
"Our objective is to support Altibbi to reach a superior position where its quality, exponential growth and trusted brand will enable them to be the first publicly listed digital health unicorn IPO in the GCC," Foundation Holdings Chief Executive Abhishek Sharma said in the statement, referring to the six-nation Gulf Cooperation Council.
Other Altibbi shareholders include Endeavor Catalyst, Middle East Venture Partners and Al Rashed, the firm said. Investment bank Awad Capital advised Altibbi on the fundraising.
Foundation Holdings senior advisor Jason Kothari will join Altibbi's board, Altibbi said.
Altibbi, a Middle East digital health platform founded in Jordan and headquartered in Dubai, has raised $44 million in a series B round to expand its online pharmacy and diagnostic collection business, it said in a statement on Monday.
The funding round was led by Dubai-headquartered Foundation Holdings and the venture capital arm of Hikma Pharmaceuticals (HIK.L), Hikma Ventures, as well as existing investors Dubai-based Global Ventures and Amman-based DASH Ventures.
"Our objective is to support Altibbi to reach a superior position where its quality, exponential growth and trusted brand will enable them to be the first publicly listed digital health unicorn IPO in the GCC," Foundation Holdings Chief Executive Abhishek Sharma said in the statement, referring to the six-nation Gulf Cooperation Council.
Other Altibbi shareholders include Endeavor Catalyst, Middle East Venture Partners and Al Rashed, the firm said. Investment bank Awad Capital advised Altibbi on the fundraising.
Foundation Holdings senior advisor Jason Kothari will join Altibbi's board, Altibbi said.
Gulf bourses mixed, #Dubai gains over 1% | Reuters
Gulf bourses mixed, Dubai gains over 1% | Reuters
Gulf markets were mixed in trade on Monday, with Dubai's main share index rising 1% amid renewed interest in the region after state utility DEWA's IPO kicked off last week.
Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its initial public offering, marking the largest such deal in the emirate since DP World in 2007. read more
The main share index (.DFMGI) added more than 1% for a second consecutive session, boosted by real estate and financial stocks.
Globally, sentiment was muted and oil prices slid as a coronavirus lockdown in Shanghai hit economic activity, while the yen extended its stomach-churning descent as the Bank of Japan stood in the way of higher yields.
Oil markets kicked off another week of uncertainty, buffeted on one side by the war between Ukraine and Russia, the world's second-largest crude exporter, and expansion of COVID-19-related lockdowns in China, the largest crude importer globally. read more
Saudi Arabia's benchmark index (.TASI) inched up 0.1%.
Information technology company Al Moammar Information Systems Co (7200.SE) jumped 5% after the company announced a slew of new projects.
Travel services provider Seera Holding Group (1810.SE) fell nearly 3% after the company posted annual loss.
In Abu Dhabi, the index (.FTFADGI) was trading flat, while the Qatari index (.QSI) edged marginally lower.
Gulf markets were mixed in trade on Monday, with Dubai's main share index rising 1% amid renewed interest in the region after state utility DEWA's IPO kicked off last week.
Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its initial public offering, marking the largest such deal in the emirate since DP World in 2007. read more
The main share index (.DFMGI) added more than 1% for a second consecutive session, boosted by real estate and financial stocks.
Globally, sentiment was muted and oil prices slid as a coronavirus lockdown in Shanghai hit economic activity, while the yen extended its stomach-churning descent as the Bank of Japan stood in the way of higher yields.
Oil markets kicked off another week of uncertainty, buffeted on one side by the war between Ukraine and Russia, the world's second-largest crude exporter, and expansion of COVID-19-related lockdowns in China, the largest crude importer globally. read more
Saudi Arabia's benchmark index (.TASI) inched up 0.1%.
Information technology company Al Moammar Information Systems Co (7200.SE) jumped 5% after the company announced a slew of new projects.
Travel services provider Seera Holding Group (1810.SE) fell nearly 3% after the company posted annual loss.
In Abu Dhabi, the index (.FTFADGI) was trading flat, while the Qatari index (.QSI) edged marginally lower.
#Qatar Says Timing of First Green Bonds Depends on Market - Bloomberg
Qatar Says Timing of First Green Bonds Depends on Market - Bloomberg
Qatar’s government is planning to issue green bonds, but the timing will depend on market conditions, said Finance Minister Ali Al-Kuwari.
“You have to be opportunistic, interest rates are moving against us with the Fed,” Al-Kuwari told Bloomberg TV in an interview. “For us, it’s really not about the bond itself and the size, it’s more about making a statement that Qatar is very much committed for climate change on the finance side.”
Qatar is in early talks with international banks to potentially raise billions of dollars through green bonds, Bloomberg reported in January.
Qatar’s government is planning to issue green bonds, but the timing will depend on market conditions, said Finance Minister Ali Al-Kuwari.
“You have to be opportunistic, interest rates are moving against us with the Fed,” Al-Kuwari told Bloomberg TV in an interview. “For us, it’s really not about the bond itself and the size, it’s more about making a statement that Qatar is very much committed for climate change on the finance side.”
Qatar is in early talks with international banks to potentially raise billions of dollars through green bonds, Bloomberg reported in January.