Crude prices edge lower, though supply concerns still dominant | Reuters
Oil edged lower on Thursday, posting slim losses after several days of strength that pushed benchmarks to seven-year highs due to concerns about tight supply.
Brent crude futures settled down 6 cents to $88.38 a barrel. The global benchmark rose to $89.17 on Wednesday, its highest level since October 2014; the benchmark is up 13% on the year so far.
U.S. West Texas Intermediate (WTI) crude futures for February delivery lost 6 cents to $86.90 a barrelon the last day of the contract's life. WTI is up 15% so far this year. The more active March WTI contract settled at $85.55 a barrel, down 25 cents.
Crude stocks rose by 515,000 barrels last week while gasoline inventories rose by 5.9 million barrels, boosting those inventories to their highest in a year, according to the U.S. Energy Department.
Thursday, 20 January 2022
ADIB Reshuffles Top Leadership Days After New CEO Takes Charge - Bloomberg
ADIB Reshuffles Top Leadership Days After New CEO Takes Charge - Bloomberg
Abu Dhabi Islamic Bank PJSC, the second-biggest Sharia compliant lender in the United Arab Emirates, has unveiled a series of changes to its top leadership just over a week after new chief executive Nasser Al Awadhi took the reins.
The bank’s Global Head of Retail Banking, Private Banking and Brokerage, Philip King, and Chief Human Resources Officer, Fred Carstens, are leaving. King had spent nearly nine years with the lender, and Carstens just under a year, their LinkedIn profiles show.
Samih Awadhalla has been named acting head of retail banking and Amer Al Ameri has been tapped to lead private banking, a spokesperson said. Bushrah Al Shehi will take over the human resources role in the immediate term.
The appointments come amid a push by the banking regulator to hire UAE nationals to key posts. All three new appointees are UAE citizens.
“These changes are a part of our normal succession planning, and we are pleased to already have high caliber UAE national talents to fill these roles,” the bank said in a statement. “Both Samih and Bushra bring strong expertise to these roles, having been at ADIB for a significant time.”
Abu Dhabi Islamic Bank PJSC, the second-biggest Sharia compliant lender in the United Arab Emirates, has unveiled a series of changes to its top leadership just over a week after new chief executive Nasser Al Awadhi took the reins.
The bank’s Global Head of Retail Banking, Private Banking and Brokerage, Philip King, and Chief Human Resources Officer, Fred Carstens, are leaving. King had spent nearly nine years with the lender, and Carstens just under a year, their LinkedIn profiles show.
Samih Awadhalla has been named acting head of retail banking and Amer Al Ameri has been tapped to lead private banking, a spokesperson said. Bushrah Al Shehi will take over the human resources role in the immediate term.
The appointments come amid a push by the banking regulator to hire UAE nationals to key posts. All three new appointees are UAE citizens.
“These changes are a part of our normal succession planning, and we are pleased to already have high caliber UAE national talents to fill these roles,” the bank said in a statement. “Both Samih and Bushra bring strong expertise to these roles, having been at ADIB for a significant time.”
Masdar, #UAE’s Biggest Renewable Energy Firm Looks to Deals for Growth - Bloomberg
Masdar, UAE’s Biggest Renewable Energy Firm Looks to Deals for Growth - Bloomberg
The United Arab Emirates’ biggest renewable-energy company will make acquisitions and sell bonds as part of a plan to more than double its operations this decade and help the country achieve a net-zero target.
“We have very significant growth ambitions,” Masdar’s Chief Financial Officer Niall Hannigan said in an interview in Abu Dhabi, the UAE’s capital. “That growth is going to require capital.”
The company is interested in acquisitions of power firms in places including the U.S. and Europe, he said. Asian nations such as Japan, South Korea and Vietnam are potential markets for buying into offshore wind projects, he said.
The company is a key part of the UAE’s goal to neutralize planet-warming emissions within its borders by 2050. OPEC’s third-biggest oil producer wants to boost solar, hydrogen and nuclear-generated energy to achieve that aim.
Masdar will see its power capacity increase to about 23 gigawatts once a deal announced in December to merge its green projects with those of Abu Dhabi’s state oil firm Adnoc and utility Taqa is completed. As part of the transaction, Adnoc and Taqa will buy stakes in Masdar from sovereign fund Mubadala Investment Co.
Masdar wants to generate 50 gigawatts of clean power by 2030, which is the same ambition as BP Plc.
The Abu Dhabi firm could get funding from the emirate’s government as well as international capital markets for its growth, Hannigan said. Masdar is rated A2 by Moody’s Investors Service and may sell its first corporate bond next year, he said.
The United Arab Emirates’ biggest renewable-energy company will make acquisitions and sell bonds as part of a plan to more than double its operations this decade and help the country achieve a net-zero target.
“We have very significant growth ambitions,” Masdar’s Chief Financial Officer Niall Hannigan said in an interview in Abu Dhabi, the UAE’s capital. “That growth is going to require capital.”
The company is interested in acquisitions of power firms in places including the U.S. and Europe, he said. Asian nations such as Japan, South Korea and Vietnam are potential markets for buying into offshore wind projects, he said.
The company is a key part of the UAE’s goal to neutralize planet-warming emissions within its borders by 2050. OPEC’s third-biggest oil producer wants to boost solar, hydrogen and nuclear-generated energy to achieve that aim.
Masdar will see its power capacity increase to about 23 gigawatts once a deal announced in December to merge its green projects with those of Abu Dhabi’s state oil firm Adnoc and utility Taqa is completed. As part of the transaction, Adnoc and Taqa will buy stakes in Masdar from sovereign fund Mubadala Investment Co.
Masdar wants to generate 50 gigawatts of clean power by 2030, which is the same ambition as BP Plc.
The Abu Dhabi firm could get funding from the emirate’s government as well as international capital markets for its growth, Hannigan said. Masdar is rated A2 by Moody’s Investors Service and may sell its first corporate bond next year, he said.
Growing Rivalry Hasn’t Put Lid on #Saudi Appetite for #UAE IPOs - Bloomberg
Growing Rivalry Hasn’t Put Lid on Saudi Appetite for UAE IPOs - Bloomberg
Intensifying competition with the United Arab Emirates hasn’t stopped Saudi investors from pouring cash into Abu Dhabi’s listing boom, with Dubai’s anticipated deals also in their sights.
The historically friendly relationship is showing signs of fraying, with Saudi officials pressuring international companies to set up shop in Riyadh rather than in Dubai. The UAE responded by easing business and cultural restrictions to position itself as the more attractive place to live and work.
That hasn’t curbed Saudi investor demand for the flurry of Abu Dhabi IPOs last year.
“We’ve seen more investors from Saudi Arabia invest in the UAE,” says Christian Cabanne, Bank of America Corp.’s head of equity capital markets in Central and Eastern Europe, the Middle East and Africa. Saudi buyers got meaningful allocations in recent deals and will also look at Dubai, he said.
Intensifying competition with the United Arab Emirates hasn’t stopped Saudi investors from pouring cash into Abu Dhabi’s listing boom, with Dubai’s anticipated deals also in their sights.
The historically friendly relationship is showing signs of fraying, with Saudi officials pressuring international companies to set up shop in Riyadh rather than in Dubai. The UAE responded by easing business and cultural restrictions to position itself as the more attractive place to live and work.
That hasn’t curbed Saudi investor demand for the flurry of Abu Dhabi IPOs last year.
“We’ve seen more investors from Saudi Arabia invest in the UAE,” says Christian Cabanne, Bank of America Corp.’s head of equity capital markets in Central and Eastern Europe, the Middle East and Africa. Saudi buyers got meaningful allocations in recent deals and will also look at Dubai, he said.
#SaudiArabia launches Boutique Group to develop palaces into luxury hotels | Reuters
Saudi Arabia launches Boutique Group to develop palaces into luxury hotels | Reuters
Saudi Arabia launched a new luxury hospitality firm on Thursday to develop palaces into opulent hotels.
The firm, called Boutique Group, will develop Jeddah's Al Hamra Palace and Riyadh's Tuwaiq Palace and Red Palace, said a statement from the kingdom's Public Investment Fund (PIF). The sites will offer 244 rooms, suites and villas.
The world's biggest oil exporter aims to grow tourism to contribute 10% of gross domestic product by 2030 under plans to diversify the economy.
Development of the three palaces would be a first phase, with other "high-end experiences" planned including restaurants and spas.
PIF Governor Yasir al-Rumayyan said the launch underlines the $480 billion sovereign wealth fund's "mandate to unlock the capabilities of promising sectors in Saudi Arabia that can help drive the diversification of the economy and contribute to non-oil GDP growth."
Saudi Arabia launched a new luxury hospitality firm on Thursday to develop palaces into opulent hotels.
The firm, called Boutique Group, will develop Jeddah's Al Hamra Palace and Riyadh's Tuwaiq Palace and Red Palace, said a statement from the kingdom's Public Investment Fund (PIF). The sites will offer 244 rooms, suites and villas.
The world's biggest oil exporter aims to grow tourism to contribute 10% of gross domestic product by 2030 under plans to diversify the economy.
Development of the three palaces would be a first phase, with other "high-end experiences" planned including restaurants and spas.
PIF Governor Yasir al-Rumayyan said the launch underlines the $480 billion sovereign wealth fund's "mandate to unlock the capabilities of promising sectors in Saudi Arabia that can help drive the diversification of the economy and contribute to non-oil GDP growth."
Oil prices slip from 2014 highs, supply concerns limit losses | Reuters
Oil prices slip from 2014 highs, supply concerns limit losses | Reuters
Oil slipped on Thursday on indications of rising U.S. stocks and as investors took profits after a recent price rally, but strong demand and short-term supply disruptions continue to support prices close to their highest since 2014.
Brent crude futures were down 45 cents, or 0.5%, at $87.99 a barrel by 1242 GMT after dropping more than $1 in earlier trade. The global benchmark rose to $89.17 on Wednesday, its highest since October 2014.
U.S. West Texas Intermediate (WTI) crude futures for February delivery were down 46 cents, or 0.5%, at $86.50 a barrel after dropping nearly $1 earlier. The contract, which expires on Thursday, climbed to $87.91 on Wednesday.
The more active March WTI contract was down 34 cents, or 0.4%, at $85.46.
Oil slipped on Thursday on indications of rising U.S. stocks and as investors took profits after a recent price rally, but strong demand and short-term supply disruptions continue to support prices close to their highest since 2014.
Brent crude futures were down 45 cents, or 0.5%, at $87.99 a barrel by 1242 GMT after dropping more than $1 in earlier trade. The global benchmark rose to $89.17 on Wednesday, its highest since October 2014.
U.S. West Texas Intermediate (WTI) crude futures for February delivery were down 46 cents, or 0.5%, at $86.50 a barrel after dropping nearly $1 earlier. The contract, which expires on Thursday, climbed to $87.91 on Wednesday.
The more active March WTI contract was down 34 cents, or 0.4%, at $85.46.
#Oman seeks $3-4 bln in talks to refinance loan - sources | Reuters
Oman seeks $3-4 bln in talks to refinance loan - sources | Reuters
Oman is in talks with regional banks to refinance a $2.2 billion loan it took out early last year, seeking to increase its size to between $3 billion and $4 billion, two sources familiar with the matter said.
The loan taken out in February last year has a 15-month tenor with a one-year extension option at the borrower's discretion, two other sources said previously.
Oman was originally seeking up to $1 billion with last year's loan but more than doubled its size due to strong appetite from banks.
Despite the extension option, Oman is trying to refinance the loan with better terms.
Pricing talk for the refinancing is around 350 basis points over LIBOR, one of the sources with knowledge of the matter said. The original loan's all-in pricing, including fees, was between 375 and 390 basis points over LIBOR.
Oman is in talks with regional banks to refinance a $2.2 billion loan it took out early last year, seeking to increase its size to between $3 billion and $4 billion, two sources familiar with the matter said.
The loan taken out in February last year has a 15-month tenor with a one-year extension option at the borrower's discretion, two other sources said previously.
Oman was originally seeking up to $1 billion with last year's loan but more than doubled its size due to strong appetite from banks.
Despite the extension option, Oman is trying to refinance the loan with better terms.
Pricing talk for the refinancing is around 350 basis points over LIBOR, one of the sources with knowledge of the matter said. The original loan's all-in pricing, including fees, was between 375 and 390 basis points over LIBOR.
#Saudi index at 15-year high; banks weigh on #Qatar | Reuters
Saudi index at 15-year high; banks weigh on Qatar | Reuters
Saudi Arabia's stock market on Thursday edged near the highest level since July 2006 touched last week, while the Qatari index was weighed down by banking shares.
Saudi Arabia's benchmark index (.TASI) closed 0.3% higher, rising for a tenth consecutive session, helped by a 3.2% gain in Banque Saudi Fransi (1050.SE).
The kingdom retained its top ranking in Chinese oil supplies in 2021, with supplies up 3.1% over 2020, and it increased its share to 17% of total Chinese imports, Reuters reported on Thursday, citing customs data. read more
The Qatari index (.QSI) fell 0.8%, hit by a 6.8% slide in Commercial Bank (COMB.QA).
The lender reported a sharp rise in annual profit but took a hit on its investments in Turkey which was impacted by the continued volatility in the Turkish market and the depreciation of the Turkish lira.
Among other losers, sharia-compliant lender Masraf Al Rayan (MARK.QA) retreated 1.6%.
In Abu Dhabi, the index (.FTFADGI) gained 0.8%, led by a 2.9% rise in telecoms firm Etisalat (ETISALAT.AD) and a 2.2% increase in Abu Dhabi Commercial Bank (ADCB.AD).
Dubai-based payments processor Network International (NETW.L) said on Thursday spending in the United Arab Emirates was now above pre-pandemic levels, supported by the world fair Expo 2020 Dubai. read more
Before the pandemic, consultancy EY forecast the Expo would over the course of six months contribute 1.5% to the UAE's gross domestic product.
Dubai's main share index (.DFMGI), however, finished flat.
Investors remain concerned about the changing market conditions in the U.S. and as Omicron coronavirus variant continues to spread rapidly, said Farah Mourad, senior market analyst of XTB MENA.
Elsewhere, shares of Aramex (ARMX.DU) finished 1.3% higher, after Abu Dhabi government-owned holding company ADQ transferred a 22.32% stake in the firm to Abu Dhabi Ports.
Outside the Gulf, Egypt's blue-chip index (.EGX30) edged up 0.1%, with its top lender Commercial International Bank (COMI.CA) rising 1%.
Saudi Arabia's stock market on Thursday edged near the highest level since July 2006 touched last week, while the Qatari index was weighed down by banking shares.
Saudi Arabia's benchmark index (.TASI) closed 0.3% higher, rising for a tenth consecutive session, helped by a 3.2% gain in Banque Saudi Fransi (1050.SE).
The kingdom retained its top ranking in Chinese oil supplies in 2021, with supplies up 3.1% over 2020, and it increased its share to 17% of total Chinese imports, Reuters reported on Thursday, citing customs data. read more
The Qatari index (.QSI) fell 0.8%, hit by a 6.8% slide in Commercial Bank (COMB.QA).
The lender reported a sharp rise in annual profit but took a hit on its investments in Turkey which was impacted by the continued volatility in the Turkish market and the depreciation of the Turkish lira.
Among other losers, sharia-compliant lender Masraf Al Rayan (MARK.QA) retreated 1.6%.
In Abu Dhabi, the index (.FTFADGI) gained 0.8%, led by a 2.9% rise in telecoms firm Etisalat (ETISALAT.AD) and a 2.2% increase in Abu Dhabi Commercial Bank (ADCB.AD).
Dubai-based payments processor Network International (NETW.L) said on Thursday spending in the United Arab Emirates was now above pre-pandemic levels, supported by the world fair Expo 2020 Dubai. read more
Before the pandemic, consultancy EY forecast the Expo would over the course of six months contribute 1.5% to the UAE's gross domestic product.
Dubai's main share index (.DFMGI), however, finished flat.
Investors remain concerned about the changing market conditions in the U.S. and as Omicron coronavirus variant continues to spread rapidly, said Farah Mourad, senior market analyst of XTB MENA.
Elsewhere, shares of Aramex (ARMX.DU) finished 1.3% higher, after Abu Dhabi government-owned holding company ADQ transferred a 22.32% stake in the firm to Abu Dhabi Ports.
Outside the Gulf, Egypt's blue-chip index (.EGX30) edged up 0.1%, with its top lender Commercial International Bank (COMI.CA) rising 1%.
Rising IPO tide could lift all Gulf boats | Reuters ht @karenkkwok
Rising IPO tide could lift all Gulf boats | Reuters
The Middle East’s great IPO race is hotting up. As Saudi Arabia tries to diversify away from fossil fuels, its capital Riyadh is now a hub for regional initial public offerings, besting United Arab Emirates rivals Dubai and Abu Dhabi. Still, competition need not be a zero-sum game.
Right now, Saudi Arabia’s Tadawul bourse is forging ahead. Its $2 trillion stock market value far eclipses its rivals, and last year the kingdom had nine listings, raising $4.6 billion, according to Dealogic. The deal haul was higher than the two previous years combined. In contrast, Abu Dhabi saw only three IPOs last year after a three-year drought. And its stock market’s average daily trading value is 10 times Dubai’s, which has zero flotations in the past four years.
Dubai may catch up. The UAE government has planned to list 10 state-owned companies on Dubai’s bourse read more , which recently reformed its listing rules. Airline Emirates and utility Dubai Electricity and Water Authority are on the block. Meanwhile, all three Gulf hubs share key advantages.
First, foreign investors are showing genuine interest. When oil giant Saudi Aramco (2222.SE) listed in 2019, attempts to secure lots of overseas blue-chip capital went awry. Since then, overseas investors who won approvals to invest in local markets have grown from hundreds to over 3,000. While Aramco struggled, $20 billion ACWA Power (2082.SE), $5 billion Saudi Tadawul (1111.SE) and the UAE’s $8.5 billion Fertiglobe (FERTIGLOBE.AD) saw foreign interest amount to 40% of real demand, a person familiar with the matter told Breakingviews.
The Middle East’s great IPO race is hotting up. As Saudi Arabia tries to diversify away from fossil fuels, its capital Riyadh is now a hub for regional initial public offerings, besting United Arab Emirates rivals Dubai and Abu Dhabi. Still, competition need not be a zero-sum game.
Right now, Saudi Arabia’s Tadawul bourse is forging ahead. Its $2 trillion stock market value far eclipses its rivals, and last year the kingdom had nine listings, raising $4.6 billion, according to Dealogic. The deal haul was higher than the two previous years combined. In contrast, Abu Dhabi saw only three IPOs last year after a three-year drought. And its stock market’s average daily trading value is 10 times Dubai’s, which has zero flotations in the past four years.
Dubai may catch up. The UAE government has planned to list 10 state-owned companies on Dubai’s bourse read more , which recently reformed its listing rules. Airline Emirates and utility Dubai Electricity and Water Authority are on the block. Meanwhile, all three Gulf hubs share key advantages.
First, foreign investors are showing genuine interest. When oil giant Saudi Aramco (2222.SE) listed in 2019, attempts to secure lots of overseas blue-chip capital went awry. Since then, overseas investors who won approvals to invest in local markets have grown from hundreds to over 3,000. While Aramco struggled, $20 billion ACWA Power (2082.SE), $5 billion Saudi Tadawul (1111.SE) and the UAE’s $8.5 billion Fertiglobe (FERTIGLOBE.AD) saw foreign interest amount to 40% of real demand, a person familiar with the matter told Breakingviews.
Brent Crude Is Heading for $100-a-Barrel and the Option Market's Ready to Party - Bloomberg
Brent Crude Is Heading for $100-a-Barrel and the Option Market's Ready to Party - Bloomberg
Supply and demand fundamentals drive oil prices. Things like OPEC+ production plans and U.S. driving patterns matter the most — until they don’t. That’s when the wizardry of Wall Street takes over, giving prices a push up or down beyond what the physical fundamentals warrant.
The oil market is on the cusp of one of those moments.
For the last 18 months or so, bullish oil traders had been accumulating huge numbers of contracts that give them the right to buy crude at a particular price and time — call options, in the industry’s jargon. They’ve bought thousands of those contracts pegged to $100, $105, $110, $125 and even $150 a barrel. For many, they were akin to lottery tickets: a cheap way to bet on surging prices in the future.
At the height of the Covid pandemic, the contracts sold for almost nothing. With lockdowns in place and energy demand weak, the likelihood of oil prices surging to triple-digit levels looked freakish. A year ago, one could buy a $100-a-barrel call option for December 2022 for just 24 cents a barrel. Fast forward to today: That lottery ticket is worth $4.2 per barrel. There were even cheaper tickets: The December 2022 call option for $125 a barrel sold for as little a 9 cents a year ago. Today, it’s worth nearly 15 times more: $1.35 a barrel.
Despite the price surge, few are selling their call options just yet. Instead, many hedge funds and other large investors are patiently awaiting a much bigger prize: for oil prices to rise further so they can exercise their call options in full and enjoy the right to buy crude below its market price.
Supply and demand fundamentals drive oil prices. Things like OPEC+ production plans and U.S. driving patterns matter the most — until they don’t. That’s when the wizardry of Wall Street takes over, giving prices a push up or down beyond what the physical fundamentals warrant.
The oil market is on the cusp of one of those moments.
For the last 18 months or so, bullish oil traders had been accumulating huge numbers of contracts that give them the right to buy crude at a particular price and time — call options, in the industry’s jargon. They’ve bought thousands of those contracts pegged to $100, $105, $110, $125 and even $150 a barrel. For many, they were akin to lottery tickets: a cheap way to bet on surging prices in the future.
At the height of the Covid pandemic, the contracts sold for almost nothing. With lockdowns in place and energy demand weak, the likelihood of oil prices surging to triple-digit levels looked freakish. A year ago, one could buy a $100-a-barrel call option for December 2022 for just 24 cents a barrel. Fast forward to today: That lottery ticket is worth $4.2 per barrel. There were even cheaper tickets: The December 2022 call option for $125 a barrel sold for as little a 9 cents a year ago. Today, it’s worth nearly 15 times more: $1.35 a barrel.
Despite the price surge, few are selling their call options just yet. Instead, many hedge funds and other large investors are patiently awaiting a much bigger prize: for oil prices to rise further so they can exercise their call options in full and enjoy the right to buy crude below its market price.
Qatari Lender CBQ Won’t Exit #Turkey After $273 Million Lira Blow - Bloomberg video
Qatari Lender CBQ Won’t Exit Turkey After $273 Million Lira Blow - Bloomberg
The lira’s unpredictability weighed on Commercial Bank of Qatar last year, but the lender’s chief executive officer said it has no plans to exit Turkey.
The bank took a hit of about 1 billion Qatari riyals ($273 million) on its investments in Turkey, Joseph Abraham said in a Bloomberg TV interview on Thursday. “That sort of impact is very hard to stomach.”
Turkish banks have suffered capital erosion due to the lira’s depreciation, mainly caused by steep rate cuts in the face of rising inflation. The lira lost almost half of its value in 2021, making it the worst-performing major currency.
Despite the challenges, “divestment is definitely not on the cards,” Abraham said. “Managing your foreign currency risk in this environment will be the challenge” for Turkish companies, he said.
The lira’s unpredictability weighed on Commercial Bank of Qatar last year, but the lender’s chief executive officer said it has no plans to exit Turkey.
The bank took a hit of about 1 billion Qatari riyals ($273 million) on its investments in Turkey, Joseph Abraham said in a Bloomberg TV interview on Thursday. “That sort of impact is very hard to stomach.”
Turkish banks have suffered capital erosion due to the lira’s depreciation, mainly caused by steep rate cuts in the face of rising inflation. The lira lost almost half of its value in 2021, making it the worst-performing major currency.
Despite the challenges, “divestment is definitely not on the cards,” Abraham said. “Managing your foreign currency risk in this environment will be the challenge” for Turkish companies, he said.
#UAE Cabinet approves restructuring of Securities and Commodities Authority's Board of Directors | ZAWYA MENA Edition
UAE Cabinet approves restructuring of Securities and Commodities Authority's Board of Directors | ZAWYA MENA Edition
The Cabinet has approved a decision to restructure the Board of Directors of the Securities and Commodities Authority, under the chairmanship of Mohamed Ali Al Shorafa Al Hammadi.
The decision is part of developing the system and workflow in the federal government in support of the UAE’s vision, and enabling the Securities and Commodities Authority to perform its plans and roles in promoting the performance of the financial markets in the country, according to systems that lay the foundations for flexibility and legislative sustainability, as part of the country’s directives to support and develop highly efficient and flexible financial markets.
As part of its duties, the Board will work to strengthen and develop the legislative and administrative system for the financial markets in the country, and support the supervisory and regulatory systems in accordance with best practices, to consolidate the UAE’s stature and its global leadership in this field.
The three-year membership includes Dr. Ali Mohammed Bakheett Al Rumaithi, Board Member of Central Bank of the UAE; Dr. Abdulla Al Khatib, Assistant Dean for Research and Graduate Studies at the College of Law - UAE University; Alyazia Ali Saleh Al Kuwaiti, Executive Director-Upstream & Integrated Business at Mubadala Investment; and Faisal Yousef bin Sulaiten, Executive Director of the Economic Security Centre of Dubai, along with representative of the youth category to be nominated by the General Secretariat of the Cabinet.
The Cabinet has approved a decision to restructure the Board of Directors of the Securities and Commodities Authority, under the chairmanship of Mohamed Ali Al Shorafa Al Hammadi.
The decision is part of developing the system and workflow in the federal government in support of the UAE’s vision, and enabling the Securities and Commodities Authority to perform its plans and roles in promoting the performance of the financial markets in the country, according to systems that lay the foundations for flexibility and legislative sustainability, as part of the country’s directives to support and develop highly efficient and flexible financial markets.
As part of its duties, the Board will work to strengthen and develop the legislative and administrative system for the financial markets in the country, and support the supervisory and regulatory systems in accordance with best practices, to consolidate the UAE’s stature and its global leadership in this field.
The three-year membership includes Dr. Ali Mohammed Bakheett Al Rumaithi, Board Member of Central Bank of the UAE; Dr. Abdulla Al Khatib, Assistant Dean for Research and Graduate Studies at the College of Law - UAE University; Alyazia Ali Saleh Al Kuwaiti, Executive Director-Upstream & Integrated Business at Mubadala Investment; and Faisal Yousef bin Sulaiten, Executive Director of the Economic Security Centre of Dubai, along with representative of the youth category to be nominated by the General Secretariat of the Cabinet.
#UAE, #SaudiArabia, #Qatar top competitive economies in the Arab World: AMF | ZAWYA MENA Edition
UAE, Saudi Arabia, Qatar top competitive economies in the Arab World: AMF | ZAWYA MENA Edition
The United Arab Emirates, Saudi Arabia, and Qatar were ranked the most competitive Arab economies for the period between 2017 until 2020, according to a report launched by the Arab Monetary Fund.
The fifth Arab economies competitiveness report showed that the UAE maintained its top ranking in the general index as it benefited from high scores in the business environment and infrastructure category as well as the organizational and government governance category.
The Kingdom ranked second after having performed well in the overall economic index, the external activities sector and the official reserves index.
Qatar followed in third place, after attaining first place in the real economy sector, the inflation index and GDP per capita index.
Four Arab nations advanced in terms of competitiveness compared to the previous period, including Sudan, Egypt, Morocco, and Mauritania.
Arab states and other non-Arab countries — such as Singapore, Malaysia, Turkey — are included also in the calculation of the index.
The report monitors the economic competitiveness of Arab countries and sheds light on the economic and political measures applied by decision makers for that purpose.
The fifth Arab economies competitiveness report showed that the UAE maintained its top ranking in the general index as it benefited from high scores in the business environment and infrastructure category as well as the organizational and government governance category.
The Kingdom ranked second after having performed well in the overall economic index, the external activities sector and the official reserves index.
Qatar followed in third place, after attaining first place in the real economy sector, the inflation index and GDP per capita index.
Four Arab nations advanced in terms of competitiveness compared to the previous period, including Sudan, Egypt, Morocco, and Mauritania.
Arab states and other non-Arab countries — such as Singapore, Malaysia, Turkey — are included also in the calculation of the index.
The report monitors the economic competitiveness of Arab countries and sheds light on the economic and political measures applied by decision makers for that purpose.
Major Gulf markets gain in early trade; #Saudi at over 15-yr high | Reuters
Major Gulf markets gain in early trade; Saudi at over 15-yr high | Reuters
Most major Gulf stock markets rose in early trade on Wednesday, in line with Asian peers, with the Saudi index holding steady at its highest since July 2006 hit last week.
Asian share markets snapped a five-day slide, as China underscored its diverging monetary and economic picture by cutting benchmark mortgage rates.
Saudi Arabia's benchmark index (.TASI) gained 0.2%, holding steady at its highest in more than 15 years, with Saudi Arabian Mining Co (1211.SE) advancing 2.6%.
An underwhelming bond sale by investors in Aramco's oil pipelines points to new risks for longer tenor deals from the Gulf, especially unconventional structures, as investors become more selective amid ample supply and worries over a more hawkish U.S. Federal Reserve. read more
Shares of Aramco (2222.SE) were flat.
In Abu Dhabi, the index (.ADI) gained 0.2%, helped by a 0.5% rise in telecoms giant Etisalat (ETISALAT.AD).
The United Arab Emirates is committed to support OPEC+ in achieving balance in the oil market, the state news agency WAM quoted Energy Minister Suhail al-Mazrouei as saying on Wednesday. read more
Dubai's main share index (.DFMGI) edged up 0.1%, with Emirates Integrated Telecommunications (DU.DU) increasing 1.7%.
Shares of Aramex climbed more than 3%, after Abu Dhabi government-owned holding company ADQ transferred a 22.32% stake in the firm to Abu Dhabi Ports. read more
The Qatari index (.QSI) fell 0.8%, weighed down by a 7.7% slide in Commercial Bank (COMB.QA) despite reporting a rise in annual profit.
Oil slipped as investors took profits following a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014.
Most major Gulf stock markets rose in early trade on Wednesday, in line with Asian peers, with the Saudi index holding steady at its highest since July 2006 hit last week.
Asian share markets snapped a five-day slide, as China underscored its diverging monetary and economic picture by cutting benchmark mortgage rates.
Saudi Arabia's benchmark index (.TASI) gained 0.2%, holding steady at its highest in more than 15 years, with Saudi Arabian Mining Co (1211.SE) advancing 2.6%.
An underwhelming bond sale by investors in Aramco's oil pipelines points to new risks for longer tenor deals from the Gulf, especially unconventional structures, as investors become more selective amid ample supply and worries over a more hawkish U.S. Federal Reserve. read more
Shares of Aramco (2222.SE) were flat.
In Abu Dhabi, the index (.ADI) gained 0.2%, helped by a 0.5% rise in telecoms giant Etisalat (ETISALAT.AD).
The United Arab Emirates is committed to support OPEC+ in achieving balance in the oil market, the state news agency WAM quoted Energy Minister Suhail al-Mazrouei as saying on Wednesday. read more
Dubai's main share index (.DFMGI) edged up 0.1%, with Emirates Integrated Telecommunications (DU.DU) increasing 1.7%.
Shares of Aramex climbed more than 3%, after Abu Dhabi government-owned holding company ADQ transferred a 22.32% stake in the firm to Abu Dhabi Ports. read more
The Qatari index (.QSI) fell 0.8%, weighed down by a 7.7% slide in Commercial Bank (COMB.QA) despite reporting a rise in annual profit.
Oil slipped as investors took profits following a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014.
#Dubai Is Bait in War for Coder Talent Fought by Israel Firms - Bloomberg
Dubai Is Bait in War for Coder Talent Fought by Israel Firms - Bloomberg
One of Israel’s fastest-growing technology firms is opening a Dubai office to lure international talent as a way around the chronic labor shortage plaguing the industry at home.
Rapyd, a payments firm that twice raised $300 million in funding rounds this year, started a large advertising campaign this week targeting coders in eastern Europe open to relocating to the Middle East financial hub, where the standard of living is higher and which imposes no income tax.
It’s a remedy that may increasingly appeal to other startups navigating a market where job openings far outnumber applicants as record investment pours into Israel.
Chief Executive Officer Arik Shtilman said in an interview that Rapyd plans to staff about 100 people in the new branch within 18 months. More than 10 Israeli startups have already sought his advice about opening an office in Dubai, he said.
One of Israel’s fastest-growing technology firms is opening a Dubai office to lure international talent as a way around the chronic labor shortage plaguing the industry at home.
Rapyd, a payments firm that twice raised $300 million in funding rounds this year, started a large advertising campaign this week targeting coders in eastern Europe open to relocating to the Middle East financial hub, where the standard of living is higher and which imposes no income tax.
It’s a remedy that may increasingly appeal to other startups navigating a market where job openings far outnumber applicants as record investment pours into Israel.
Chief Executive Officer Arik Shtilman said in an interview that Rapyd plans to staff about 100 people in the new branch within 18 months. More than 10 Israeli startups have already sought his advice about opening an office in Dubai, he said.
Sequoia Picks #Saudi Fintech for First Gulf Deal as Foray Expands - Bloomberg
Sequoia Picks Saudi Fintech for First Gulf Deal as Foray Expands - Bloomberg
Sequoia Capital has made its first investment in the Persian Gulf region by leading a funding round for Lean Technologies, a Saudi fintech firm whose founders include the son of the kingdom’s former oil minister, Khalid Al-Falih.
Lean, which enables companies to access bank data and make payments, raised $33 million, according to a statement on Thursday. Besides Sequoia Capital India, existing investors and newcomers including General Electric Co.’s former chief Jeff Immelt participated in the Series A round.
Created in 2019, Lean says it’s amassed dozens of major clients and has offices in Riyadh, Abu Dhabi, Dubai, Cairo and London. It intends to use the proceeds to grow its team and expand further across the region.
Sequoia is deepening its presence in the Middle East after recently backing companies from Turkey to Egypt. The U.S. venture capital firm is among the global investors eager to seize on the spread of financial technology and e-commerce in the region as local economies emerge from the pandemic.
Sequoia Capital has made its first investment in the Persian Gulf region by leading a funding round for Lean Technologies, a Saudi fintech firm whose founders include the son of the kingdom’s former oil minister, Khalid Al-Falih.
Lean, which enables companies to access bank data and make payments, raised $33 million, according to a statement on Thursday. Besides Sequoia Capital India, existing investors and newcomers including General Electric Co.’s former chief Jeff Immelt participated in the Series A round.
Created in 2019, Lean says it’s amassed dozens of major clients and has offices in Riyadh, Abu Dhabi, Dubai, Cairo and London. It intends to use the proceeds to grow its team and expand further across the region.
Sequoia is deepening its presence in the Middle East after recently backing companies from Turkey to Egypt. The U.S. venture capital firm is among the global investors eager to seize on the spread of financial technology and e-commerce in the region as local economies emerge from the pandemic.
ADQ transfers 22% stake in Aramex to #AbuDhabi Ports | Reuters
ADQ transfers 22% stake in Aramex to Abu Dhabi Ports | Reuters
Abu Dhabi government-owned holding company ADQ has transferred a 22.32% stake in logistics firm Aramex (ARMX.DU), which it acquired in 2020, to Abu Dhabi Ports, another company in its portfolio, Aramex said.
ADQ said in September 2020 it bought a roughly 22% stake in Dubai-based courier Aramex, which said the purchase was made via ADQ's Alpha Oryx Ltd.
"Abu Dhabi Ports Company PJSC has received today shares representing 22.3225% of the capital of Aramex PJSC from Alpha Oryx Ltd," Aramex said in a bourse filing on Wednesday.
ADQ said in September last year it planned to list Abu Dhabi Ports on the Abu Dhabi Securities Exchange before the end of 2021. It was not known why the company has not been listed.
Abu Dhabi government-owned holding company ADQ has transferred a 22.32% stake in logistics firm Aramex (ARMX.DU), which it acquired in 2020, to Abu Dhabi Ports, another company in its portfolio, Aramex said.
ADQ said in September 2020 it bought a roughly 22% stake in Dubai-based courier Aramex, which said the purchase was made via ADQ's Alpha Oryx Ltd.
"Abu Dhabi Ports Company PJSC has received today shares representing 22.3225% of the capital of Aramex PJSC from Alpha Oryx Ltd," Aramex said in a bourse filing on Wednesday.
ADQ said in September last year it planned to list Abu Dhabi Ports on the Abu Dhabi Securities Exchange before the end of 2021. It was not known why the company has not been listed.
Oil prices slip from 2014 highs, supply concerns limit losses | Reuters
Oil prices slip from 2014 highs, supply concerns limit losses | Reuters
Oil slipped on Thursday as investors took profitsfollowing a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014.
Brent crude futures fell 49 cents, or 0.6%, to $87.95 a barrel as of 0740 GMT, after falling more than $1 earlier. The global benchmark rose to $89.17 a barrel on Wednesday, its highest since October 2014.
U.S. West Texas Intermediate (WTI) crude futures for February delivery were down 6 cents, or 0.1%, at $86.90 a barrel, after dropping nearly $1 earlier. WTI climbed to as much as $87.91 on Wednesday, the highest since October 2014.
The February WTI contract will expire on Thursday and the most-actively traded contract, for March delivery, is at $85.41 a barrel, down 0.5%.
Oil slipped on Thursday as investors took profitsfollowing a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014.
Brent crude futures fell 49 cents, or 0.6%, to $87.95 a barrel as of 0740 GMT, after falling more than $1 earlier. The global benchmark rose to $89.17 a barrel on Wednesday, its highest since October 2014.
U.S. West Texas Intermediate (WTI) crude futures for February delivery were down 6 cents, or 0.1%, at $86.90 a barrel, after dropping nearly $1 earlier. WTI climbed to as much as $87.91 on Wednesday, the highest since October 2014.
The February WTI contract will expire on Thursday and the most-actively traded contract, for March delivery, is at $85.41 a barrel, down 0.5%.
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