Oil slides 2% as Iran talks offset Ukraine crisis | Reuters
Oil prices fell about 2% on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages and could unlock more crude supplies, but losses were limited by tension between top energy exporter Russia and the West over Ukraine.
"(The) oil market is locked in a tug of war between Iranian sanctions relief and Russian-Ukraine tensions," said Stephen Brennock at brokerage PVM Oil.
Brent futures fell $1.84, or 1.9%, to settle at $92.97 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.90, or 2.0%, to settle at $91.76.
Both benchmarks rose to their highest levels since September 2014 earlier in the week and both continue to face extreme backwardation in coming months, a market structure where prompt contracts are more expensive than those for later dates, indicating supply tightness.
Thursday, 17 February 2022
#AbuDhabi’s G42 Expands Investment Team With Wealth Fund Hires - Bloomberg
Abu Dhabi’s G42 Expands Investment Team With Wealth Fund Hires - Bloomberg
An Abu Dhabi firm backed by Mubadala Investment Co. is building out its investment team with key hires from the country’s sovereign wealth funds, according to people with direct knowledge of the matter.
Group 42 tapped Christoph Koster, an ex-official at Abu Dhabi Investment Office, as head of investment strategy and investor relations, said the people, who requested anonymity as the information is private. Jon Nieman, who was senior portfolio manager for the emerging opportunities mandate at the nation’s largest wealth fund Abu Dhabi Investment Authority, will be head of investments, they said.
A spokesperson for the firm confirmed the hires. The moves underscore the expansion of G42, an AI and cloud computing company, with operations spanning from energy to healthcare and autonomous vehicles. Sheikh Tahnoon bin Zayed, the UAE’s influential national security adviser and brother to Abu Dhabi’s crown prince, is its chairman.
Koster and Nieman are among those reporting into Chief Investment Officer Tariq bin Hendi, who’s looking to hire more money managers from other Abu Dhabi-based investment firms, the people said.
The company also hired former McKinsey & Co. partner Raffaele Breschi as its Group Chief Growth Officer, where he’ll focus on expanding the firm’s artificial intelligence and technology portfolio.
Innovative Deals
Last year, G42 formed a joint venture with Beijing-based Sinopharm CNBG, marking the first overseas manufacturing of the Chinese vaccine. It also became the first Emirati firm to open an Israel office after the nations normalized ties in the so-called Abraham Accords and rolled out the Middle East’s earliest driverless car trials. Meantime, the firm’s Artemis supercomputer is behind a national genome sequencing program.
Koster, who followed bin Hendi to G42 from ADIO, previously was head of strategy for private banking at Dubai-based Emirates NBD Bank PJSC. Nieman has held investment roles at State Street Corp. and Saudi Aramco, specializing in alternative assets like royalties, sports deals and aircraft leasing.
An Abu Dhabi firm backed by Mubadala Investment Co. is building out its investment team with key hires from the country’s sovereign wealth funds, according to people with direct knowledge of the matter.
Group 42 tapped Christoph Koster, an ex-official at Abu Dhabi Investment Office, as head of investment strategy and investor relations, said the people, who requested anonymity as the information is private. Jon Nieman, who was senior portfolio manager for the emerging opportunities mandate at the nation’s largest wealth fund Abu Dhabi Investment Authority, will be head of investments, they said.
A spokesperson for the firm confirmed the hires. The moves underscore the expansion of G42, an AI and cloud computing company, with operations spanning from energy to healthcare and autonomous vehicles. Sheikh Tahnoon bin Zayed, the UAE’s influential national security adviser and brother to Abu Dhabi’s crown prince, is its chairman.
Koster and Nieman are among those reporting into Chief Investment Officer Tariq bin Hendi, who’s looking to hire more money managers from other Abu Dhabi-based investment firms, the people said.
The company also hired former McKinsey & Co. partner Raffaele Breschi as its Group Chief Growth Officer, where he’ll focus on expanding the firm’s artificial intelligence and technology portfolio.
Innovative Deals
Last year, G42 formed a joint venture with Beijing-based Sinopharm CNBG, marking the first overseas manufacturing of the Chinese vaccine. It also became the first Emirati firm to open an Israel office after the nations normalized ties in the so-called Abraham Accords and rolled out the Middle East’s earliest driverless car trials. Meantime, the firm’s Artemis supercomputer is behind a national genome sequencing program.
Koster, who followed bin Hendi to G42 from ADIO, previously was head of strategy for private banking at Dubai-based Emirates NBD Bank PJSC. Nieman has held investment roles at State Street Corp. and Saudi Aramco, specializing in alternative assets like royalties, sports deals and aircraft leasing.
Oil falls, caught between Iran talks and Ukraine crisis | Reuters
Oil falls, caught between Iran talks and Ukraine crisis | Reuters
Oil prices fell 2% on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages, but losses were limited by heightened tensions between top energy exporter Russia and the West over Ukraine.
Brent crude traded down $1.98, or 2.1%, at $92.83 a barrel at 1413 GMT. U.S. West Texas Intermediate (WTI) crude was down $1.99, or 2.1%, at $91.67.
"(The) oil market is locked in a tug of war between Iranian sanctions relief and Russian-Ukraine tensions," said Stephen Brennock at brokerage PVM Oil.
The United States is in "the midst of the very final stages" of indirect talks with Iran, aimed at salvaging a 2015 deal limiting Tehran's nuclear activities, State Department spokesperson Ned Price said on Wednesday. read more
Oil prices fell 2% on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages, but losses were limited by heightened tensions between top energy exporter Russia and the West over Ukraine.
Brent crude traded down $1.98, or 2.1%, at $92.83 a barrel at 1413 GMT. U.S. West Texas Intermediate (WTI) crude was down $1.99, or 2.1%, at $91.67.
"(The) oil market is locked in a tug of war between Iranian sanctions relief and Russian-Ukraine tensions," said Stephen Brennock at brokerage PVM Oil.
The United States is in "the midst of the very final stages" of indirect talks with Iran, aimed at salvaging a 2015 deal limiting Tehran's nuclear activities, State Department spokesperson Ned Price said on Wednesday. read more
Gulf markets pressured by lower oil prices; #AbuDhabi hits record high | Reuters
Gulf markets pressured by lower oil prices; Abu Dhabi hits record high | Reuters
Major Gulf bourses were weighed down by falling oil prices on Thursday, although Abu Dhabi's main index (.FTFADGI) touched a record high for a second straight session.
Oil prices fell on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages, but losses were capped by heightened tensions between top energy exporter Russia and the West over Ukraine.
The United States is in "the midst of the very final stages" of indirect talks with Iran, aimed at salvaging a 2015 deal limiting Tehran's nuclear activities, State Department spokesperson Ned Price said on Wednesday.
In Abu Dhabi, the index (.FTFADGI) was flat, but still ended the session at a record high of 9,208.
Saudi Arabia's benchmark index (.TASI) shed 0.1%, having touched a 16-year high on closing in the previous session.
"The Saudi stock market witnessed some pressure after hitting another fresh high since 2006 as oil prices could see some declines with Iranian crude entering the market soon. However, the stock market remains on strong footing economically," said Wael Makarem, senior market strategist – MENA at Exness.
Shares of Saudi Arabian digital security firm Elm , owned by the kingdom's sovereign wealth fund, were up nearly 19%, a day after their debut on the stock market.
Strong fiscal year profit boosted shares of Saudi Ceramics Company (2040.SE), which closed 1.2% higher.
Dubai's main share index (.DFMGI) edged up marginally, boosted by gains in real estate stocks. Financial and communication services stocks weighed on sentiment.
The Qatari index (.QSI) closed flat. Commercial Bank (COMB.QA) and Qatar National Bank (QNBK.QA) were the top drags.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended 0.3% down after ending the previous two sessions in the green.
Oil prices fell on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages, but losses were capped by heightened tensions between top energy exporter Russia and the West over Ukraine.
The United States is in "the midst of the very final stages" of indirect talks with Iran, aimed at salvaging a 2015 deal limiting Tehran's nuclear activities, State Department spokesperson Ned Price said on Wednesday.
In Abu Dhabi, the index (.FTFADGI) was flat, but still ended the session at a record high of 9,208.
Saudi Arabia's benchmark index (.TASI) shed 0.1%, having touched a 16-year high on closing in the previous session.
"The Saudi stock market witnessed some pressure after hitting another fresh high since 2006 as oil prices could see some declines with Iranian crude entering the market soon. However, the stock market remains on strong footing economically," said Wael Makarem, senior market strategist – MENA at Exness.
Shares of Saudi Arabian digital security firm Elm , owned by the kingdom's sovereign wealth fund, were up nearly 19%, a day after their debut on the stock market.
Strong fiscal year profit boosted shares of Saudi Ceramics Company (2040.SE), which closed 1.2% higher.
Dubai's main share index (.DFMGI) edged up marginally, boosted by gains in real estate stocks. Financial and communication services stocks weighed on sentiment.
The Qatari index (.QSI) closed flat. Commercial Bank (COMB.QA) and Qatar National Bank (QNBK.QA) were the top drags.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended 0.3% down after ending the previous two sessions in the green.
Interview: Emirates NBD Capital led 76 DCM transactions raising over $50bln in 2021 | ZAWYA MENA Edition
Interview: Emirates NBD Capital led 76 DCM transactions raising over $50bln in 2021 | ZAWYA MENA Edition
Emirates NBD Capital, the investment banking arm of Emirates NBD, has recorded a strong 2021 in debt capital markets.
The investment bank's DCM team led 76 total issuances (public and private placements) panning 15 countries and raised in excess of $50 billion for its sovereign, financial institutions and corporate clients, Hitesh Asarpota, MD and head of Loan Syndications and Global Capital Markets, Emirates NBD Capital told Zawya.
"Last year, Debt capital markets saw record volumes with issuers seeking to take advantage of conducive market conditions and enormous liquidity to raise funding across the capital spectrum. Global emerging market USD bond issuances were at $630 billion out of which financial Institutions accounted for nearly 31 percent of the volume followed by Sovereign/Government issuers,” Asarpota said.
“In terms of sovereigns we led a $2.5 billion Sukuk for Turkish government, GBP 500 million sukuk for the UK government, $1.25 billion bond for Sharjah Govt and a dollar bond for the government of Pakistan," he said.
Emirates NBD Capital, the investment banking arm of Emirates NBD, has recorded a strong 2021 in debt capital markets.
The investment bank's DCM team led 76 total issuances (public and private placements) panning 15 countries and raised in excess of $50 billion for its sovereign, financial institutions and corporate clients, Hitesh Asarpota, MD and head of Loan Syndications and Global Capital Markets, Emirates NBD Capital told Zawya.
"Last year, Debt capital markets saw record volumes with issuers seeking to take advantage of conducive market conditions and enormous liquidity to raise funding across the capital spectrum. Global emerging market USD bond issuances were at $630 billion out of which financial Institutions accounted for nearly 31 percent of the volume followed by Sovereign/Government issuers,” Asarpota said.
“In terms of sovereigns we led a $2.5 billion Sukuk for Turkish government, GBP 500 million sukuk for the UK government, $1.25 billion bond for Sharjah Govt and a dollar bond for the government of Pakistan," he said.
#Kuwait's NAS becomes John Menzies top shareholder, signals likely higher offer | Reuters
Kuwait's NAS becomes John Menzies top shareholder, signals likely higher offer | Reuters
Kuwait-based National Aviation Services (NAS) said on Thursday it had bought a 13.2% stake in John Menzies (MNZS.L) for 73.4 million pounds ($100 million) and hinted at a sweetened bid, sending shares of the British airport services group soaring 26%.
NAS said its affiliate Agility Strategies bought about 12.1 million shares in John Menzies at 605 pence apiece, becoming its biggest shareholder just days after the London-listed firm rejected NAS' lower takeover proposal. read more
Following the share purchase, NAS' future proposals for Menzies have to be higher than 605 pence per share, according to British regulations.
John Menzies did not immediately respond to a Reuters request for comment.
"Once again, we urge the Menzies board to engage with us so that we can put our compelling and deliverable offer to shareholders and secure Menzies' future in a highly uncertain environment," NAS Chief Executive Officer Hassan El-Houry said in a statement.
NAS, a unit of Kuwait's Agility Public Warehousing Co (AGLT.KW), has until March 9 to decide whether it wants to pursue the British company or walk away.
Kuwait-based National Aviation Services (NAS) said on Thursday it had bought a 13.2% stake in John Menzies (MNZS.L) for 73.4 million pounds ($100 million) and hinted at a sweetened bid, sending shares of the British airport services group soaring 26%.
NAS said its affiliate Agility Strategies bought about 12.1 million shares in John Menzies at 605 pence apiece, becoming its biggest shareholder just days after the London-listed firm rejected NAS' lower takeover proposal. read more
Following the share purchase, NAS' future proposals for Menzies have to be higher than 605 pence per share, according to British regulations.
John Menzies did not immediately respond to a Reuters request for comment.
"Once again, we urge the Menzies board to engage with us so that we can put our compelling and deliverable offer to shareholders and secure Menzies' future in a highly uncertain environment," NAS Chief Executive Officer Hassan El-Houry said in a statement.
NAS, a unit of Kuwait's Agility Public Warehousing Co (AGLT.KW), has until March 9 to decide whether it wants to pursue the British company or walk away.
#Kuwait cbank says virtual assets not a suitable alternative to currency - Twitter | Reuters
Kuwait cbank says virtual assets not a suitable alternative to currency - Twitter | Reuters
Kuwait's central bank said on Thursday in a tweet that virtual assets are not a suitable alternative to currency since they are neither issued by a country nor regulated by central banks.
Emirates CEO Says Oil Prices, Ukraine Tensions Threaten Aviation Recovery - Bloomberg
Emirates CEO Says Oil Prices, Ukraine Tensions Threaten Aviation Recovery - Bloomberg
A nascent recovery in the aviation industry could be derailed by higher fuel prices and potential conflict in Ukraine, according to the longtime head of Gulf carrier Emirates.
“A war in Europe, aggression over there will have very disruptive effects on the industry,” Emirates President Tim Clark told Bloomberg TV on Thursday. The repercussions would go beyond any conflict itself, to “what happens after that -- in terms of sanctions, possible closures of airspace.”
Russia has assembled an estimated 150,000 troops near the border of Ukraine, prompting warnings from the U.S. and diplomatic efforts to avoid war. Russia has repeatedly denied any plans to invade.
The tension has been a factor in a more than $20-a-barrel rally in Brent crude prices since early August. Oil, now hovering just below $100 a barrel, is a headwind for the aviation industry, raising fuel costs and forcing airlines to increase ticket prices, Clark said.
A nascent recovery in the aviation industry could be derailed by higher fuel prices and potential conflict in Ukraine, according to the longtime head of Gulf carrier Emirates.
“A war in Europe, aggression over there will have very disruptive effects on the industry,” Emirates President Tim Clark told Bloomberg TV on Thursday. The repercussions would go beyond any conflict itself, to “what happens after that -- in terms of sanctions, possible closures of airspace.”
Russia has assembled an estimated 150,000 troops near the border of Ukraine, prompting warnings from the U.S. and diplomatic efforts to avoid war. Russia has repeatedly denied any plans to invade.
The tension has been a factor in a more than $20-a-barrel rally in Brent crude prices since early August. Oil, now hovering just below $100 a barrel, is a headwind for the aviation industry, raising fuel costs and forcing airlines to increase ticket prices, Clark said.
#Dubai-Based TV Maker Maser to Invest $100 Million in West Africa - Bloomberg
Dubai-Based TV Maker Maser to Invest $100 Million in West Africa - Bloomberg
Maser, a Dubai-based electronics manufacturer, plans to invest $100 million over the next three years to expand in West Africa to tap strong demand for its products.
The company, which tripled its number of televisions sold in Africa to 600,000 between 2017 and last year, plans to increase its presence in Nigeria and Ghana, Prateek Suri, founder and chief executive officer, said in an interview. “The West African market is huge, we see growth opportunities,” he said.
The move will enable Maser to sell more smartTVs to Africa’s largely youthful and tech-savvy population, which has increasing access to affordable and high-speed internet and is switching to digital services at a rapid rate.
Maser will invest $20 million in a manufacturing plant in Nigeria after achieving sales of 200,000 televisions in Africa’s most populous nation -- a milestone it expects to reach in six months. The plant will make wearable products including smartwatches, headphones, and bluetooth speakers as well as TVs, Suri said.
The company also plans to use $30 million to set up a firm that will offer credit to shoppers, and will look to partner with fintech providers to boost customer lending.
“Customers will be able to buy our smartTVs and pay over 24 months in installments,” the CEO said.
The balance of $50 million will go into working capital to expand market share, add new products and open distribution centers, he said.
Maser, a Dubai-based electronics manufacturer, plans to invest $100 million over the next three years to expand in West Africa to tap strong demand for its products.
The company, which tripled its number of televisions sold in Africa to 600,000 between 2017 and last year, plans to increase its presence in Nigeria and Ghana, Prateek Suri, founder and chief executive officer, said in an interview. “The West African market is huge, we see growth opportunities,” he said.
The move will enable Maser to sell more smartTVs to Africa’s largely youthful and tech-savvy population, which has increasing access to affordable and high-speed internet and is switching to digital services at a rapid rate.
Maser will invest $20 million in a manufacturing plant in Nigeria after achieving sales of 200,000 televisions in Africa’s most populous nation -- a milestone it expects to reach in six months. The plant will make wearable products including smartwatches, headphones, and bluetooth speakers as well as TVs, Suri said.
The company also plans to use $30 million to set up a firm that will offer credit to shoppers, and will look to partner with fintech providers to boost customer lending.
“Customers will be able to buy our smartTVs and pay over 24 months in installments,” the CEO said.
The balance of $50 million will go into working capital to expand market share, add new products and open distribution centers, he said.
Analysis: #UAE corporate tax may dilute competitive edge, as #SaudiArabia steps up | Reuters
Analysis: UAE corporate tax may dilute competitive edge, as Saudi Arabia steps up | Reuters
The United Arab Emirates' plans for a corporate tax risk eroding one of its main attractions as the Gulf's premier destination for foreign firms, at a time when Saudi Arabia is opening up and pressuring multinationals to shift regional headquarters there.
As the UAE aligns itself more with the global economy, Saudi Arabia is using its clout as the world's top oil exporter and biggest Arab economy to vie for capital, giving firms until 2024 to set up regional bases in Riyadh or lose out on lucrative contracts.
The standard UAE corporate tax rate of 9%, to be imposed from mid-2023, is below the 20% Saudi levy on foreign-owned firms. But tax experts said large multinationals are likely to pay 15%, in accordance with an OECD agreement on global minimum tax to which the UAE is a signatory. read more
"There will be a different rate for large multinational organisations. We expect this to be 15%," Tatyana Rahmonova, international tax senior manager at accounting and consulting firm PwC Middle East, said in a presentation this month.
Freewheeling UAE, the region's commercial hub and a magnet for the global ultra-rich, is taking tax cooperation and the tackling of illicit finance more seriously, but still retains much of its tax-free system, including within free zones.
The United Arab Emirates' plans for a corporate tax risk eroding one of its main attractions as the Gulf's premier destination for foreign firms, at a time when Saudi Arabia is opening up and pressuring multinationals to shift regional headquarters there.
As the UAE aligns itself more with the global economy, Saudi Arabia is using its clout as the world's top oil exporter and biggest Arab economy to vie for capital, giving firms until 2024 to set up regional bases in Riyadh or lose out on lucrative contracts.
The standard UAE corporate tax rate of 9%, to be imposed from mid-2023, is below the 20% Saudi levy on foreign-owned firms. But tax experts said large multinationals are likely to pay 15%, in accordance with an OECD agreement on global minimum tax to which the UAE is a signatory. read more
"There will be a different rate for large multinational organisations. We expect this to be 15%," Tatyana Rahmonova, international tax senior manager at accounting and consulting firm PwC Middle East, said in a presentation this month.
Freewheeling UAE, the region's commercial hub and a magnet for the global ultra-rich, is taking tax cooperation and the tackling of illicit finance more seriously, but still retains much of its tax-free system, including within free zones.
StanChart raises goals, to start buyback as full year profit doubles | Reuters
StanChart raises goals, to start buyback as full year profit doubles | Reuters
Standard Chartered (STAN.L) raised its core profitability goals and promised shareholders extra payouts on Thursday, despite full year profit undershooting expectations, as it banks on inflation-battling rate hikes worldwide to boost lending.
CEO Bill Winters, who repaired StanChart's balance sheet and slashed thousands of jobs after he took charge in 2015, has more recently come under pressure to boost growth and lift the bank's flagging share price. The bank's London-listed stock is around 45% below the level when Winters became CEO.
StanChart's Hong Kong shares fell as much as 3.3%, the biggest daily percentage decline since late November, on a broadly lower market, as 2021 profits missed expectations and investors digested a growth strategy reliant on rate hikes and cost cutting.
The update from the emerging-markets focused lender, the first major British bank to report annual results, gave an early indication of how rising central bank interest rates will help lenders even as they battle to improve underlying performance.
Standard Chartered (STAN.L) raised its core profitability goals and promised shareholders extra payouts on Thursday, despite full year profit undershooting expectations, as it banks on inflation-battling rate hikes worldwide to boost lending.
CEO Bill Winters, who repaired StanChart's balance sheet and slashed thousands of jobs after he took charge in 2015, has more recently come under pressure to boost growth and lift the bank's flagging share price. The bank's London-listed stock is around 45% below the level when Winters became CEO.
StanChart's Hong Kong shares fell as much as 3.3%, the biggest daily percentage decline since late November, on a broadly lower market, as 2021 profits missed expectations and investors digested a growth strategy reliant on rate hikes and cost cutting.
The update from the emerging-markets focused lender, the first major British bank to report annual results, gave an early indication of how rising central bank interest rates will help lenders even as they battle to improve underlying performance.
#UAE Readies National Crypto Licensing in Push to Embrace Fintech - Bloomberg
UAE Readies National Crypto Licensing in Push to Embrace Fintech - Bloomberg
The United Arab Emirates is poised to issue federal licenses for virtual asset service providers by the end of the first quarter in an effort to attract some of the world’s biggest crypto companies, according to a government official.
The Securities and Commodities Authority is in the final stage of amending legislation to allow VASPs to set up, said the official, who requested anonymity due to government policy.
Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, is among those considering a bigger presence in the country. A nationwide licensing system for virtual-asset firms could help the UAE better compete with rival financial centers like Singapore and Hong Kong, which are also in the midst of creating fully regulated environments for crypto trading.
Some of the nation’s financial free zones have already issued permits for VASPs. Dubai Multi Commodities Centre has licensed 22, while Abu Dhabi Global Market has six and Dubai Silicon Oasis Authority has at least one, according to a government report seen by Bloomberg. Dubai International Financial Centre, which is the Middle East hub for most Wall Street banks, has none for now.
The United Arab Emirates is poised to issue federal licenses for virtual asset service providers by the end of the first quarter in an effort to attract some of the world’s biggest crypto companies, according to a government official.
The Securities and Commodities Authority is in the final stage of amending legislation to allow VASPs to set up, said the official, who requested anonymity due to government policy.
Binance Holdings Ltd., the world’s largest cryptocurrency exchange by trading volume, is among those considering a bigger presence in the country. A nationwide licensing system for virtual-asset firms could help the UAE better compete with rival financial centers like Singapore and Hong Kong, which are also in the midst of creating fully regulated environments for crypto trading.
Some of the nation’s financial free zones have already issued permits for VASPs. Dubai Multi Commodities Centre has licensed 22, while Abu Dhabi Global Market has six and Dubai Silicon Oasis Authority has at least one, according to a government report seen by Bloomberg. Dubai International Financial Centre, which is the Middle East hub for most Wall Street banks, has none for now.
Gulf bourses mixed in trade on reported shelling in Ukraine | Reuters
Gulf bourses mixed in trade on reported shelling in Ukraine | Reuters
Middle East markets were nearly flat on Thursday, mirroring sentiment across the globe, with oil prices also trading lower amid reports of shelling in Ukraine.
Russian-backed separatists in eastern Ukraine accused government forces on Thursday of opening fire on their territory four times in the last 24 hours and said they were trying to establish if anyone had been hurt or killed. read more
Ukraine's military denied the separatists' accusations that government troops had attacked, saying it was the rebels who shelled the Ukrainian military.
Brent crude was trading down 0.6% at $94.2 at 0420 GMT, after dropping earlier by over 2%.
Saudi Arabia's benchmark index (.TASI) was up 0.1%. The index had on Wednesday touched a 16-year high on closing.
Shares of Saudi Arabian digital security firm Elm , owned by the kingdom's sovereign wealth fund, were up 15%, a day after their debut on the stock market.
Strong fiscal year profit also boosted shares of Saudi Ceramics Company (2040.SE), which were up 3.7%.
The Abu Dhabi index (.FTFADGI) was flat, after hitting a record high in the previous session.
Dubai's main share index (.DFMGI) was also flat, with gains in real estate stocks offset by losses in communication services.
The Qatari index (.QSI) was down 0.2%. Commercial Bank (COMB.QA) and Industries Qatar (IQCD.QA) were the top drags.
Middle East markets were nearly flat on Thursday, mirroring sentiment across the globe, with oil prices also trading lower amid reports of shelling in Ukraine.
Russian-backed separatists in eastern Ukraine accused government forces on Thursday of opening fire on their territory four times in the last 24 hours and said they were trying to establish if anyone had been hurt or killed. read more
Ukraine's military denied the separatists' accusations that government troops had attacked, saying it was the rebels who shelled the Ukrainian military.
Brent crude was trading down 0.6% at $94.2 at 0420 GMT, after dropping earlier by over 2%.
Saudi Arabia's benchmark index (.TASI) was up 0.1%. The index had on Wednesday touched a 16-year high on closing.
Shares of Saudi Arabian digital security firm Elm , owned by the kingdom's sovereign wealth fund, were up 15%, a day after their debut on the stock market.
Strong fiscal year profit also boosted shares of Saudi Ceramics Company (2040.SE), which were up 3.7%.
The Abu Dhabi index (.FTFADGI) was flat, after hitting a record high in the previous session.
Dubai's main share index (.DFMGI) was also flat, with gains in real estate stocks offset by losses in communication services.
The Qatari index (.QSI) was down 0.2%. Commercial Bank (COMB.QA) and Industries Qatar (IQCD.QA) were the top drags.
Oil recoups some losses after report of Kyiv forces attacking Russia-backed rebels | Reuters
Oil recoups some losses after report of Kyiv forces attacking Russia-backed rebels | Reuters
Oil recovered some of its more than 2% fall in Asian trade on Thursday after Russian-backed rebels in eastern Ukraine accused Kyiv government forces on Thursday of shelling their territory with mortars.
U.S. West Texas Intermediate (WTI) crude was trading down 0.7% at $92.98 a barrel at 0422 GMT, after earlier falling more than 2%.
Brent crude was trading down 0.6% at $94.2 at 0420 GMT, after also dropping earlier by over 2%.
Russian-backed rebels in eastern Ukraine said Kyiv government forces on Thursday used mortars to attack their territory, in violation of agreements aimed at ending the conflict, Russian state news agency RIA said. read more
Oil recovered some of its more than 2% fall in Asian trade on Thursday after Russian-backed rebels in eastern Ukraine accused Kyiv government forces on Thursday of shelling their territory with mortars.
U.S. West Texas Intermediate (WTI) crude was trading down 0.7% at $92.98 a barrel at 0422 GMT, after earlier falling more than 2%.
Brent crude was trading down 0.6% at $94.2 at 0420 GMT, after also dropping earlier by over 2%.
Russian-backed rebels in eastern Ukraine said Kyiv government forces on Thursday used mortars to attack their territory, in violation of agreements aimed at ending the conflict, Russian state news agency RIA said. read more