Oil edges higher after OPEC+ keeps to steady supply bump, U.S. stockpiles draw | Reuters
Oil prices edged up on Wednesday after OPEC+ stuck to planned moderate output increases despite pressure from top consumers to raise output more quickly.
Brent crude ended settling up 31 cents to $89.47 a barrel, while U.S. West Texas Intermediate crude gained 6 cents to $88.26 a barrel.
Global benchmark Brent has remained within striking distance of $90 for several days now, buoyed by ongoing concerns about tight supply across major world producers and steadily increasing demand. On Friday, both benchmarks hit their highest since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.
The market has been unable to push higher, leading analysts to believe sellers have been jumping in to take profits at these levels despite bullish fundamentals. In a Wednesday note, Bank of America analysts said the market was vulnerable to short-term pullbacks after the year's gains so far.
Wednesday 2 February 2022
Oil slips despite OPEC+ sticking to moderate rise, U.S. stockpile draw | Reuters
Oil slips despite OPEC+ sticking to moderate rise, U.S. stockpile draw | Reuters
Oil prices slipped on Wednesday even after OPEC+ stuck to planned moderate output increases despite pressure from top consumers to raise output more quickly after prices rallied to 2014 highs.
Brent crude was down 7 cents to $89.09 a barrel at 12:15 p.m. EST (1715 GMT) while U.S. West Texas Intermediate crude fell 25 cents, or 0.3%, to $87.95.
Global benchmark Brent has remained within striking distance of $90 for several days now, buoyed by ongoing concerns about tight supply across major world producers and steadily increasing demand. On Friday, both benchmarks hit their highest since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.
The market has been unable to push higher, leading analysts to believe sellers have been jumping in to take profits at these levels despite bullish fundamentals.
Oil prices slipped on Wednesday even after OPEC+ stuck to planned moderate output increases despite pressure from top consumers to raise output more quickly after prices rallied to 2014 highs.
Brent crude was down 7 cents to $89.09 a barrel at 12:15 p.m. EST (1715 GMT) while U.S. West Texas Intermediate crude fell 25 cents, or 0.3%, to $87.95.
Global benchmark Brent has remained within striking distance of $90 for several days now, buoyed by ongoing concerns about tight supply across major world producers and steadily increasing demand. On Friday, both benchmarks hit their highest since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.
The market has been unable to push higher, leading analysts to believe sellers have been jumping in to take profits at these levels despite bullish fundamentals.
PIF: #Saudi Wealth Fund May Tap Debt Markets ‘Gradually,’ Fitch Says - Bloomberg
PIF: Saudi Wealth Fund May Tap Debt Markets ‘Gradually,’ Fitch Says - Bloomberg
Saudi Arabia’s sovereign wealth fund is expected to “gradually” tap debt markets, according to Fitch Rating.
The rating agency on Wednesday assigned the $500 billion Public Investment Fund a rating of A, the sixth-highest investment-grade level, with a stable outlook. It is the same rating Fitch assigns for Saudi Arabia.
Fitch said it “expects PIF to gradually tap international capital markets, while continuing to receive stable flows of capital funding from its government during the growth stage of its operations.”
The Public Investment Fund is planning its first green debt issuance as it looks to increase the role that environmental, social and governance principles play in its investments, Governor Yasir Al Rumayyan said in September.
It has also hired five international banks as members of an ESG panel for its medium-term capital-raising strategy, Reuters reported in September.
Saudi Arabia’s sovereign wealth fund is expected to “gradually” tap debt markets, according to Fitch Rating.
The rating agency on Wednesday assigned the $500 billion Public Investment Fund a rating of A, the sixth-highest investment-grade level, with a stable outlook. It is the same rating Fitch assigns for Saudi Arabia.
Fitch said it “expects PIF to gradually tap international capital markets, while continuing to receive stable flows of capital funding from its government during the growth stage of its operations.”
The Public Investment Fund is planning its first green debt issuance as it looks to increase the role that environmental, social and governance principles play in its investments, Governor Yasir Al Rumayyan said in September.
It has also hired five international banks as members of an ESG panel for its medium-term capital-raising strategy, Reuters reported in September.
Most Gulf bourses end higher; #Saudi falls on profit-taking | Reuters
Most Gulf bourses end higher; Saudi falls on profit-taking | Reuters
Most stock markets in the Gulf ended higher on Wednesday, while the Saudi index snapped three sessions of gains.
Crude prices, a key catalyst for the Gulf's financial markets, were steady as investors waited for the outcome of an OPEC+ meeting and official U.S. data on crude and product inventories to gauge supplies.
Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 0.4% rise in lender Dubai Islamic Bank (DISB.DU).
The sharia-compliant lender said on Tuesday it joined Etisalat Digital's blockchain platform "UAE Trade Connect".
The Government of Dubai's Department of Finance will consider reducing government fees on commercial activities following the introduction of a federal corporate tax on business profits. read more
The United Arab Emirates' Finance Ministry announced its plan to introduce a federal corporate tax on business profits on Monday for the first time starting from June 1, 2023, although it kept the rate low, at 9%, to remain attractive to businesses.
In Abu Dhabi, the index (.FTFADGI) added 0.2%, with telecoms giant Etisalat (ETISALAT.AD) closing 0.2% higher.
The Qatari benchmark (.QSI) gained 0.3%, led by a 1.2% rise in Islamic lender Masraf Al Rayan (MARK.QA), while United Development jumped 4.2% ahead of its earnings announcement.
Bourses in the Gulf markets were mostly up, thanks to strong oil prices and positive economic fundamentals in the region, said Wael Makarem, senior market strategist at Exness.
Saudi Arabia's benchmark index (.TASI) dropped 0.8%, dragged down by a 25.8% plunge in Saudi Investment Bank (1030.SE) as the lender traded ex-dividend.
Among other losers, Saudi National Bank (1180.SE) lost 2.7%, despite reporting a higher annual profit.
The Saudi market saw some price corrections after a sharp upside rally as investors moved to secure their gains, said Makarem.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.8%, with Fawry for Banking Technology and Electronic Payment (FWRY.CA) advancing 5.7% higher.
The Central Bank of Egypt (CBE) will leave its overnight interest rates steady at a meeting on Thursday, a Reuters poll forecast, despite signals the U.S. Federal Reserve will soon begin raising interest rates on the dollar.
Most stock markets in the Gulf ended higher on Wednesday, while the Saudi index snapped three sessions of gains.
Crude prices, a key catalyst for the Gulf's financial markets, were steady as investors waited for the outcome of an OPEC+ meeting and official U.S. data on crude and product inventories to gauge supplies.
Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 0.4% rise in lender Dubai Islamic Bank (DISB.DU).
The sharia-compliant lender said on Tuesday it joined Etisalat Digital's blockchain platform "UAE Trade Connect".
The Government of Dubai's Department of Finance will consider reducing government fees on commercial activities following the introduction of a federal corporate tax on business profits. read more
The United Arab Emirates' Finance Ministry announced its plan to introduce a federal corporate tax on business profits on Monday for the first time starting from June 1, 2023, although it kept the rate low, at 9%, to remain attractive to businesses.
In Abu Dhabi, the index (.FTFADGI) added 0.2%, with telecoms giant Etisalat (ETISALAT.AD) closing 0.2% higher.
The Qatari benchmark (.QSI) gained 0.3%, led by a 1.2% rise in Islamic lender Masraf Al Rayan (MARK.QA), while United Development jumped 4.2% ahead of its earnings announcement.
Bourses in the Gulf markets were mostly up, thanks to strong oil prices and positive economic fundamentals in the region, said Wael Makarem, senior market strategist at Exness.
Saudi Arabia's benchmark index (.TASI) dropped 0.8%, dragged down by a 25.8% plunge in Saudi Investment Bank (1030.SE) as the lender traded ex-dividend.
Among other losers, Saudi National Bank (1180.SE) lost 2.7%, despite reporting a higher annual profit.
The Saudi market saw some price corrections after a sharp upside rally as investors moved to secure their gains, said Makarem.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.8%, with Fawry for Banking Technology and Electronic Payment (FWRY.CA) advancing 5.7% higher.
The Central Bank of Egypt (CBE) will leave its overnight interest rates steady at a meeting on Thursday, a Reuters poll forecast, despite signals the U.S. Federal Reserve will soon begin raising interest rates on the dollar.
OPEC+ Agrees on Another Gradual Oil-Production Hike for March - Bloomberg
OPEC+ Agrees on Another Gradual Oil-Production Hike for March - Bloomberg
OPEC and its allies agreed to make another modest output increase in March, sticking to their plan even as the failure of several members to deliver the scheduled monthly supply hikes stokes a rally in crude prices.
After a brief meeting on Wednesday, the 23-nation coalition rubber-stamped the nominal revival of 400,000 barrels a day for March, delegates said, asking not to be named because the information isn’t yet public. The alliance has has made identical pledges in previous months, but a Bloomberg survey showed that the Organization of Petroleum Exporting Countries barely managed to increase supplies in January due to issues ranging from under-investment to militia unrest.
Oil prices soared to a seven-year high above $90 a barrel last month, stirring expectations of a return to triple-digits, as supplies from OPEC+ and elsewhere failed to keep up with the vigorous recovery in demand from the pandemic. The rally is whipping up a wave of inflation that’s frustrating central banks and inflicting a cost-of-living crisis on millions.
Widespread difficulties in restoring supplies increasingly place the burden on the group’s Gulf nations: Saudi Arabia, the United Arab Emirates, Iraq and Kuwait. That’s leaving traders anxious over the spare capacity available to cover any disruptions, whether deeper losses in Libya or another attack like last month’s drone strike in Abu Dhabi.
OPEC and its allies agreed to make another modest output increase in March, sticking to their plan even as the failure of several members to deliver the scheduled monthly supply hikes stokes a rally in crude prices.
After a brief meeting on Wednesday, the 23-nation coalition rubber-stamped the nominal revival of 400,000 barrels a day for March, delegates said, asking not to be named because the information isn’t yet public. The alliance has has made identical pledges in previous months, but a Bloomberg survey showed that the Organization of Petroleum Exporting Countries barely managed to increase supplies in January due to issues ranging from under-investment to militia unrest.
Oil prices soared to a seven-year high above $90 a barrel last month, stirring expectations of a return to triple-digits, as supplies from OPEC+ and elsewhere failed to keep up with the vigorous recovery in demand from the pandemic. The rally is whipping up a wave of inflation that’s frustrating central banks and inflicting a cost-of-living crisis on millions.
Widespread difficulties in restoring supplies increasingly place the burden on the group’s Gulf nations: Saudi Arabia, the United Arab Emirates, Iraq and Kuwait. That’s leaving traders anxious over the spare capacity available to cover any disruptions, whether deeper losses in Libya or another attack like last month’s drone strike in Abu Dhabi.
Oil Jumps to New Seven-Year High After OPEC+ Agrees Output Hike - Bloomberg
Oil Jumps to New Seven-Year High After OPEC+ Agrees Output Hike - Bloomberg
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Oil in New York neared $90 a barrel as OPEC+ agreed another modest hike in output, allaying fears of a bigger rise in supply from the group. West Texas Intermediate was at the highest level since 2014, after rallying 17% in January. Global benchmark Brent traded near $89 a barrel, with prices steeply backwardated in a reflection of market tightness. On paper, the Organization of Petroleum Exporting Countries will lift output by 400,000 barrels a day in March, maintaining the pace of restoring supply shuttered at the height of the pandemic. Still, there’s concern that some members of the alliance can’t meet their production targets, helping to strengthen a robust oil market. “That is what was expected, despite some rumours yesterday that OPEC+ might agree on a larger hike” said Carsten Fritsch an analyst at Commerzbank AG. “They keep their powder dry for the time being.” |
Oil steady on U.S. stock draw, eyes on OPEC+ move | Reuters
Oil steady on U.S. stock draw, eyes on OPEC+ move | Reuters
Oil prices were steady on Wednesday as investors waited for the outcome of an OPEC+ meeting and official U.S. data on crude and product inventories to gauge supplies.
Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by about 15% so far this year. On Friday, crude benchmarks hit their highest prices since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.
Brent crude was down 21 cents, or 0.24%, to $89.16 a barrel by 1201 GMT, after easing 10 cents on Tuesday.
U.S. West Texas Intermediate crude was flat at $88.20 a barrel.
Oil prices were steady on Wednesday as investors waited for the outcome of an OPEC+ meeting and official U.S. data on crude and product inventories to gauge supplies.
Tight global supplies and geopolitical tensions in Eastern Europe and the Middle East have boosted oil prices by about 15% so far this year. On Friday, crude benchmarks hit their highest prices since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84.
Brent crude was down 21 cents, or 0.24%, to $89.16 a barrel by 1201 GMT, after easing 10 cents on Tuesday.
U.S. West Texas Intermediate crude was flat at $88.20 a barrel.
Watch Digesting #UAE's Corporate Tax Plan - Bloomberg video
Watch Digesting UAE's Corporate Tax Plan - Bloomberg
Dubai stocks fell the most in the Middle East on February 1 after the United Arab Emirates unveiled that it will be taxing corporate earnings from next year. Moody's has weighed in, saying "the introduction of the 9% federal corporate tax is broadly credit negative for domestic UAE corporates because it will reduce their operating cash flows." Zainab Kufaishi, Head of Middle East and Africa and Senior Executive Officer at Invesco discusses the new tax plan, ESG investment and trends int he Islamic finance sector. She speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#Sharjah Islamic Bank's net profit up 26.7% in 2021 | ZAWYA MENA Edition
Sharjah Islamic Bank's net profit up 26.7% in 2021 | ZAWYA MENA Edition
Sharjah Islamic Bank reported on Wednesday a 26.7 percent increase in net profit for 2021 on the back of a stable growth strategy.
Net profit for the 12 months ended December 31, 2021 reached 514.1 million dirhams ($139.9 million), compared to 405.8 million a year earlier, the UAE-based lender said in a filing to the Abu Dhabi Securities Exchange (ADX).
Total assets also amounted to 55 billion dirhams, up by 2.5 percent year-on-year, while customer deposits reached 38.5 billion dirhams, up by 14.5 percent or 4.9 billion dirhams from 33.6 billion dirhams in the previous year.
“SIB has been successfully pursuing a strategy of stable growth in financial position,” the lender said.
Liquid assets, pegged at 14.3 billion dirhams, now make up 26.1 percent of the lender’s total assets, compared to 20.9 percent for the year ended 2020.
Net investment in Islamic financing of the bank amounted to 29 billion dirhams, posting a slight decrease of 0.9 percent or 259.5 million dirhams compared to a year earlier.
Investment in Islamic financing to customer deposits ratio stood at 75.4 percent, which is in line with the bank’s strategic objectives.
Sharjah Islamic Bank reported on Wednesday a 26.7 percent increase in net profit for 2021 on the back of a stable growth strategy.
Net profit for the 12 months ended December 31, 2021 reached 514.1 million dirhams ($139.9 million), compared to 405.8 million a year earlier, the UAE-based lender said in a filing to the Abu Dhabi Securities Exchange (ADX).
Total assets also amounted to 55 billion dirhams, up by 2.5 percent year-on-year, while customer deposits reached 38.5 billion dirhams, up by 14.5 percent or 4.9 billion dirhams from 33.6 billion dirhams in the previous year.
“SIB has been successfully pursuing a strategy of stable growth in financial position,” the lender said.
Liquid assets, pegged at 14.3 billion dirhams, now make up 26.1 percent of the lender’s total assets, compared to 20.9 percent for the year ended 2020.
Net investment in Islamic financing of the bank amounted to 29 billion dirhams, posting a slight decrease of 0.9 percent or 259.5 million dirhams compared to a year earlier.
Investment in Islamic financing to customer deposits ratio stood at 75.4 percent, which is in line with the bank’s strategic objectives.
#Saudi Aramco buys 7.4% stake in Norwegian software firm Cognite | Reuters
Saudi Aramco buys 7.4% stake in Norwegian software firm Cognite | Reuters
Saudi Aramco (2222.SE) has bought a 7.4% stake in Norwegian industrial software group Cognite from oil firm Aker BP (AKRBP.OL), Cognite said on Wednesday.
The price for the stake was "around 1 billion Norwegian crowns," or about $113 million, an Aker BP spokesperson told Reuters, valuing Cognite at just over $1.5 billion.
Cognite and Saudi Aramco are in a partnership to provide digitalisation services in Saudi Arabia and the wider Middle East region.
"Cognite has proven that their technology delivers complex real time insights seamlessly and is optimising how energy is being supplied to the world," Saudi Aramco Senior Vice President Ahmad A. Al-Sa'adi said in a statement.
Both Cognite and Aker BP are part of Norwegian billionaire Kjell Inge Roekke's group of companies, whose investment firm Aker ASA has a 50.5% stake in Cognite.
U.S. venture capital firm Accel holds 12.4% while Cognite's Chief Executive John Markus Lervik owns 7.2%, an Aker spokesman said in May last year.
Saudi Aramco (2222.SE) has bought a 7.4% stake in Norwegian industrial software group Cognite from oil firm Aker BP (AKRBP.OL), Cognite said on Wednesday.
The price for the stake was "around 1 billion Norwegian crowns," or about $113 million, an Aker BP spokesperson told Reuters, valuing Cognite at just over $1.5 billion.
Cognite and Saudi Aramco are in a partnership to provide digitalisation services in Saudi Arabia and the wider Middle East region.
"Cognite has proven that their technology delivers complex real time insights seamlessly and is optimising how energy is being supplied to the world," Saudi Aramco Senior Vice President Ahmad A. Al-Sa'adi said in a statement.
Both Cognite and Aker BP are part of Norwegian billionaire Kjell Inge Roekke's group of companies, whose investment firm Aker ASA has a 50.5% stake in Cognite.
U.S. venture capital firm Accel holds 12.4% while Cognite's Chief Executive John Markus Lervik owns 7.2%, an Aker spokesman said in May last year.
#UAE Central Bank Changes Terms for Credit, Liquidity Insurance Facilities - Bloomberg
UAE Central Bank Changes Terms for Credit, Liquidity Insurance Facilities - Bloomberg
The United Arab Emirates central bank is changing how financial institutions can access its standing credit and liquidity insurance facilities to deal with temporary liquidity needs.
New terms will define the “discretionary powers” related to the activation of these facilities, and the guidelines for collateral management, it said. They come into force on March 1. Financial institutions can access central bank reserves on an overnight or term basis by posting eligible collateral, it said.
The changes “will ensure more effective intervention” by the central bank “to provide eligible counterparties with liquidity at times of stress, or to deal with domestic market issues,” central bank governor Khaled Mohamed Balama said.
Banks can access the standing credit facilities to draw on central bank reserves through Collateralized Funding or Murabaha Transactions, the statement added.
The central bank may also activate its contingent liquidity insurance facility in response to “any actual or prospective stress of an exceptional nature,” it said. This is for when institutions may need the central bank’s reserves for extended terms.
The central bank said the changes were part of the Dirham Monetary Framework implementation plan launched in 2020. It started an overnight deposit facility in July of that year.
The United Arab Emirates central bank is changing how financial institutions can access its standing credit and liquidity insurance facilities to deal with temporary liquidity needs.
New terms will define the “discretionary powers” related to the activation of these facilities, and the guidelines for collateral management, it said. They come into force on March 1. Financial institutions can access central bank reserves on an overnight or term basis by posting eligible collateral, it said.
The changes “will ensure more effective intervention” by the central bank “to provide eligible counterparties with liquidity at times of stress, or to deal with domestic market issues,” central bank governor Khaled Mohamed Balama said.
Banks can access the standing credit facilities to draw on central bank reserves through Collateralized Funding or Murabaha Transactions, the statement added.
The central bank may also activate its contingent liquidity insurance facility in response to “any actual or prospective stress of an exceptional nature,” it said. This is for when institutions may need the central bank’s reserves for extended terms.
The central bank said the changes were part of the Dirham Monetary Framework implementation plan launched in 2020. It started an overnight deposit facility in July of that year.
#Saudi Telecom Spins Off Data Center, Cable Assets to New Firm - Bloomberg
Saudi Telecom Spins Off Data Center, Cable Assets to New Firm - Bloomberg
Saudi Telecom Co. plans to spin off its data center, submarine cables and points-of-presence assets into a new firm as the Middle East’s most profitable network operator diversifies into new areas.
Saudi Telecom, controlled by the kingdom’s sovereign wealth fund, already spun off its internet services unit and listed it on the kingdom’s stock market last year. The firm is also building out its digital bank, STC Pay, and was an investor in a $500 million venture capital fund launched in 2017.
Carving out assets into new units are one way to monetize them through potential listings on the stock markets or selling a stake to other investors.
Other examples of recent spin-offs in the Middle East include state-controlled Abu Dhabi National Oil Co. listing its oil distribution and drilling units in the emirate’s stock market.
Countries across the Middle East are stepping up efforts to sell shares in companies and boost liquidity on their stock markets, with Saudi Arabia, Abu Dhabi and Dubai at the forefront.
From Saudi Telecom announcement:
Saudi Telecom Co. plans to spin off its data center, submarine cables and points-of-presence assets into a new firm as the Middle East’s most profitable network operator diversifies into new areas.
Saudi Telecom, controlled by the kingdom’s sovereign wealth fund, already spun off its internet services unit and listed it on the kingdom’s stock market last year. The firm is also building out its digital bank, STC Pay, and was an investor in a $500 million venture capital fund launched in 2017.
Carving out assets into new units are one way to monetize them through potential listings on the stock markets or selling a stake to other investors.
Other examples of recent spin-offs in the Middle East include state-controlled Abu Dhabi National Oil Co. listing its oil distribution and drilling units in the emirate’s stock market.
Countries across the Middle East are stepping up efforts to sell shares in companies and boost liquidity on their stock markets, with Saudi Arabia, Abu Dhabi and Dubai at the forefront.
From Saudi Telecom announcement:
- New firm’s initial capital will be 100 million riyals
- Initial valuation of assets at about 2.1 billion riyals as of Dec. 2021
- New company is expected to inject 1.7 billion riyals as additional investment, bringing total investment to 3.8 billion riyals
Major Gulf bourses gain in early trade | Reuters
Major Gulf bourses gain in early trade | Reuters
Major stock markets in the Gulf rose in early trade on Wednesday, boosted by rising oil prices, with the Dubai index on course to snap two sessions of losses.
Crude prices, a catalyst for the Gulf's financial markets, climbed toward last week's seven-year highs as a draw in U.S. crude stocks confirmed strong demand and tight supplies, but investors remained cautious ahead of an OPEC+ meeting later in the day.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.4% gain in Al Rajhi Bank (1120.SE) and a 0.7% increase in petrochemical maker Saudi Basic Industries (2010.SE).
The kingdom has launched investments worth $6.4 billion in future technologies, the Saudi minister of communication and information technology said on Tuesday, as the kingdom races to diversify its economy from oil. read more
However, the index's gains were limited by a 25% plunge in Saudi Investment Bank (1030.SE) as the lender traded ex-dividend.
In Abu Dhabi, the index (.ADI) firmed 0.1%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) up 0.3%.
Dubai's main share index (.DFMGI) added 0.2%, with top lender Emirates NBD (ENBD.DU) rising 0.8% and Emaar Development (EMAARDEV.DU) advancing 1.7%.
The Government of Dubai's Department of Finance will consider reducing government fees on commercial activities following the introduction of a federal corporate tax on business profits. read more
The United Arab Emirates' Finance Ministry announced its plan to introduce a federal corporate tax on business profits on Monday for the first time starting from June 1, 2023, although it kept the rate low, at 9%, to remain attractive to businesses.
The Qatari index (.QSI) gained 0.3%, led by a 1.2% rise in sharia-compliant lender Masraf Al Rayan (MARK.QA).
Major stock markets in the Gulf rose in early trade on Wednesday, boosted by rising oil prices, with the Dubai index on course to snap two sessions of losses.
Crude prices, a catalyst for the Gulf's financial markets, climbed toward last week's seven-year highs as a draw in U.S. crude stocks confirmed strong demand and tight supplies, but investors remained cautious ahead of an OPEC+ meeting later in the day.
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, helped by a 0.4% gain in Al Rajhi Bank (1120.SE) and a 0.7% increase in petrochemical maker Saudi Basic Industries (2010.SE).
The kingdom has launched investments worth $6.4 billion in future technologies, the Saudi minister of communication and information technology said on Tuesday, as the kingdom races to diversify its economy from oil. read more
However, the index's gains were limited by a 25% plunge in Saudi Investment Bank (1030.SE) as the lender traded ex-dividend.
In Abu Dhabi, the index (.ADI) firmed 0.1%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) up 0.3%.
Dubai's main share index (.DFMGI) added 0.2%, with top lender Emirates NBD (ENBD.DU) rising 0.8% and Emaar Development (EMAARDEV.DU) advancing 1.7%.
The Government of Dubai's Department of Finance will consider reducing government fees on commercial activities following the introduction of a federal corporate tax on business profits. read more
The United Arab Emirates' Finance Ministry announced its plan to introduce a federal corporate tax on business profits on Monday for the first time starting from June 1, 2023, although it kept the rate low, at 9%, to remain attractive to businesses.
The Qatari index (.QSI) gained 0.3%, led by a 1.2% rise in sharia-compliant lender Masraf Al Rayan (MARK.QA).
Oil Holds Near Seven-Year High as Traders Count Down to OPEC+ - Bloomberg
Oil Holds Near Seven-Year High as Traders Count Down to OPEC+ - Bloomberg
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