Oil rises as Russia-West stand-off alarms tight market | Reuters
Oil prices rose on Monday over the stand-off between Russia and the West over Ukraine, adding to supply concerns that have kept oil prices near $100 a barrel.
Brent crude futures jumped $2.74, or 2.91%, to $96.28 a barrel by 2 p.m. ET (1910 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $2.79, or 3,06%, to $93.86 a barrel at 1915 GMT.
Russian forces killed a group of five saboteurs who breached the country's southwest border from Ukraine on Monday, news agencies quoted the military as saying, an accusation that Ukraine called fake news. read more
French President Emmanuel Macron said earlier on Monday that U.S. President Joe Biden and Russian President Vladimir Putin had agreed in principle to a summit over Ukraine, but the Kremlin said there were no immediate plans. read more
Monday, 21 February 2022
Thani Al Zeyoudi: #UAE Eyes More Trade Deals to Secure Billions in Investments - Bloomberg video
Thani Al Zeyoudi: UAE Eyes More Trade Deals to Secure Billions in Investments - Bloomberg
The United Arab Emirates is working to close more trade deals as it seeks to deepen its ties with fast-growing economies and draw billions of dollars in foreign investment.
“We are about to finish with both Indonesia and Israel and we hope that we are going to conclude with Colombia by the end of next month as well,” Thani Al Zeyoudi, minister of state for foreign trade, told Bloomberg TV on Monday.
The UAE announced last year plans to lure $150 billion in foreign investment from global partners to reposition itself as a global hub for business and finance. The Gulf nation, which has been facing growing regional competition from neighbor Saudi Arabia, said it would work on economic agreements with countries showing high growth potential.
The United Arab Emirates and India have signed a free trade deal that is expected to double bilateral non-oil trade to $100 billion within five years, ramping up the UAE’s ties with its second-largest trading partner.
On Friday, it signed a deal with India to cut duties on almost 90% of goods traded between the two countries, a step expected to enhance trade relationships and double non-oil trade to at least $100 billion over five years. Earlier this month, it said it plans to invest up to $14 billion in Britain.
The deal with India is “going to take the relationship to a different level when it comes to the economy and investments,” he said. “The winning aspect from our side is going to have huge market access to a huge volume of our national commodities. We’re talking about petrochemicals, steel, aluminum and even for the SME exporters to get access to the Indian market.”
The trade pacts are expected to have a “huge impact” on the volume of foreign direct investment and bring in business from “all over the world,” he said.
“We are about to finish with both Indonesia and Israel and we hope that we are going to conclude with Colombia by the end of next month as well,” Thani Al Zeyoudi, minister of state for foreign trade, told Bloomberg TV on Monday.
The UAE announced last year plans to lure $150 billion in foreign investment from global partners to reposition itself as a global hub for business and finance. The Gulf nation, which has been facing growing regional competition from neighbor Saudi Arabia, said it would work on economic agreements with countries showing high growth potential.
The United Arab Emirates and India have signed a free trade deal that is expected to double bilateral non-oil trade to $100 billion within five years, ramping up the UAE’s ties with its second-largest trading partner.
On Friday, it signed a deal with India to cut duties on almost 90% of goods traded between the two countries, a step expected to enhance trade relationships and double non-oil trade to at least $100 billion over five years. Earlier this month, it said it plans to invest up to $14 billion in Britain.
The deal with India is “going to take the relationship to a different level when it comes to the economy and investments,” he said. “The winning aspect from our side is going to have huge market access to a huge volume of our national commodities. We’re talking about petrochemicals, steel, aluminum and even for the SME exporters to get access to the Indian market.”
The trade pacts are expected to have a “huge impact” on the volume of foreign direct investment and bring in business from “all over the world,” he said.
#Saudi Aramco in talks on more investments in China | Reuters
Saudi Aramco in talks on more investments in China | Reuters
Oil giant Saudi Aramco (2222.SE) is in talks with partners in China about further investments in the country, CEO Amin Nasser said on Monday.
"China is an important part of Aramco's base," Nasser told reporters on the sidelines of a conference in Saudi Arabia.
"And we are currently in discussions with a number of our partners in China for more investment," he said, declining to disclose the nature or size of potential investments.
Nasser said last year that Aramco expects opportunities for further investment in downstream projects in China - the world's biggest importer of crude oil - to help the country meet its needs for heavy transport and chemicals, as well as lubricants and non-metallic materials.
Oil giant Saudi Aramco (2222.SE) is in talks with partners in China about further investments in the country, CEO Amin Nasser said on Monday.
"China is an important part of Aramco's base," Nasser told reporters on the sidelines of a conference in Saudi Arabia.
"And we are currently in discussions with a number of our partners in China for more investment," he said, declining to disclose the nature or size of potential investments.
Nasser said last year that Aramco expects opportunities for further investment in downstream projects in China - the world's biggest importer of crude oil - to help the country meet its needs for heavy transport and chemicals, as well as lubricants and non-metallic materials.
Gulf bourses end mixed, #Saudi Aramco hits record high | Reuters
Gulf bourses end mixed, Saudi Aramco hits record high | Reuters
Stock markets in the Gulf ended mixed on Monday, as oil prices rose on fresh diplomatic efforts to resolve the Ukraine crisis but banking shares drew profit taking.
France has raised the possibility of a summit between U.S. President Joe Biden and Russia's Vladimir Putin to discuss the Ukraine crisis. However, a summit would be held only if Russia did not first invade Ukraine, which Western countries have said it could do at any moment despite repeated denials.
The Kremlin said there were no concrete plans in place for a summit, but that a call or meeting could be set up at any time.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with oil behemoth Saudi Aramco (2222.SE) rising 4.1% to a record closing high of 39.3 riyals.
Aramco is seeing signs of more demand around the world, especially in Asia, CEO Amin Nasser said on Monday. read more
His comments come at a time when demand is outpacing supply and could remain so for a while, according to Wael Makarem, senior market strategist at Exness.
"The demand is supported by the strong economic recovery around the world and the retreating threat of the COVID-19 virus, which could help remove any remaining sanitary restrictions on the economy."
Al Rajhi Bank (1120.SE) fell 2.1%, a day after it jumped 5.9% following the lender announcing its board's proposal to increase capital.
In Abu Dhabi, the index (.FTFADGI) dropped 1.2%, weighed down by a 2.4% decline in First Abu Dhabi Bank (FAB) (FAB.AD), the country's largest lender.
Egypt's largest investment bank, EFG Hermes (HRHO.CA), appointed Goldman Sachs (GS.N) to advise on FAB's offer to acquire a majority stake, it said on Monday. read more
FAB this month made a non-binding offer to buy at least 51% of EFG Hermes for 19 Egyptian pounds ($1.21) per share, which valued the investment bank at nearly $1.2 billion. read more
Dubai's main share index (.DFMGI) slipped 0.5%, hit by a 1.8% drop in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari index (.QSI) finished flat as gains in financial shares were offset by declines in energy stocks.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.1%, with top lender Commercial International Bank (COMI.CA) rising 1.6%.
Investors moved to buy after the previous day's dip, with risk-on sentiment reviving globally on some positive headlines from Europe, said Ghadi Wakim, key account manager at Exness.
Stock markets in the Gulf ended mixed on Monday, as oil prices rose on fresh diplomatic efforts to resolve the Ukraine crisis but banking shares drew profit taking.
France has raised the possibility of a summit between U.S. President Joe Biden and Russia's Vladimir Putin to discuss the Ukraine crisis. However, a summit would be held only if Russia did not first invade Ukraine, which Western countries have said it could do at any moment despite repeated denials.
The Kremlin said there were no concrete plans in place for a summit, but that a call or meeting could be set up at any time.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with oil behemoth Saudi Aramco (2222.SE) rising 4.1% to a record closing high of 39.3 riyals.
Aramco is seeing signs of more demand around the world, especially in Asia, CEO Amin Nasser said on Monday. read more
His comments come at a time when demand is outpacing supply and could remain so for a while, according to Wael Makarem, senior market strategist at Exness.
"The demand is supported by the strong economic recovery around the world and the retreating threat of the COVID-19 virus, which could help remove any remaining sanitary restrictions on the economy."
Al Rajhi Bank (1120.SE) fell 2.1%, a day after it jumped 5.9% following the lender announcing its board's proposal to increase capital.
In Abu Dhabi, the index (.FTFADGI) dropped 1.2%, weighed down by a 2.4% decline in First Abu Dhabi Bank (FAB) (FAB.AD), the country's largest lender.
Egypt's largest investment bank, EFG Hermes (HRHO.CA), appointed Goldman Sachs (GS.N) to advise on FAB's offer to acquire a majority stake, it said on Monday. read more
FAB this month made a non-binding offer to buy at least 51% of EFG Hermes for 19 Egyptian pounds ($1.21) per share, which valued the investment bank at nearly $1.2 billion. read more
Dubai's main share index (.DFMGI) slipped 0.5%, hit by a 1.8% drop in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari index (.QSI) finished flat as gains in financial shares were offset by declines in energy stocks.
Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 1.1%, with top lender Commercial International Bank (COMI.CA) rising 1.6%.
Investors moved to buy after the previous day's dip, with risk-on sentiment reviving globally on some positive headlines from Europe, said Ghadi Wakim, key account manager at Exness.
#UAE authorities pursuing 'hundreds of cases' in financial crime crackdown
UAE authorities pursuing 'hundreds of cases' in financial crime crackdown
A task force set up to crack down on money laundering and terrorist financing says hundreds of cases are actively being pursed by UAE prosecutors.
The Executive Office for Anti-Money Laundering and Counter Terrorism Finance released details of recent prosecutions and deportations of suspects.
In 2021, the authorities confiscated more than Dh2 billion, including Dh1.1 billion in money laundering offences, a statement from the office said.
“We have been co-operating and contributing to the global fight against financial crime for several years now. We have a highly effective system of identifying and preventing terrorist and other criminal activities, in co-operation with our international partners,” said Hamid Al Zaabi, Director General of the Executive Office for AML/CFT.
A task force set up to crack down on money laundering and terrorist financing says hundreds of cases are actively being pursed by UAE prosecutors.
The Executive Office for Anti-Money Laundering and Counter Terrorism Finance released details of recent prosecutions and deportations of suspects.
In 2021, the authorities confiscated more than Dh2 billion, including Dh1.1 billion in money laundering offences, a statement from the office said.
“We have been co-operating and contributing to the global fight against financial crime for several years now. We have a highly effective system of identifying and preventing terrorist and other criminal activities, in co-operation with our international partners,” said Hamid Al Zaabi, Director General of the Executive Office for AML/CFT.
#Saudi's Mobily 2021 net profit jumps 36.8% to $285mln | ZAWYA MENA Edition
Saudi's Mobily 2021 net profit jumps 36.8% to $285mln | ZAWYA MENA Edition
Saudi Arabia-based telecommunications operator Etihad Etisalat Co. (Mobily) saw its net profit jump by about 36.8 percent in 2021 compared to a year earlier, thanks to an increase in revenues and subscriber numbers.
The company reported a net profit of 1.072 billion riyals ($285.7 million) for 2021, up from 783 million riyals in the previous year.
Mobily’s revenues amounted to 14.834 billion riyals in 2021, up by 5.6 percent from the 14.046 billion recorded 12 months earlier.
“The increase in Mobily’s revenues was mainly driven by growth in the business and consumer segments, in addition to growth in the subscriber base,” the company said in a statement to the Saudi Stock Exchange (Tadawul) on which its shares trade.
Gross profit also increased by 6.4 percent to 8.672 billion riyals, mainly due to higher revenues.
Saudi Arabia-based telecommunications operator Etihad Etisalat Co. (Mobily) saw its net profit jump by about 36.8 percent in 2021 compared to a year earlier, thanks to an increase in revenues and subscriber numbers.
The company reported a net profit of 1.072 billion riyals ($285.7 million) for 2021, up from 783 million riyals in the previous year.
Mobily’s revenues amounted to 14.834 billion riyals in 2021, up by 5.6 percent from the 14.046 billion recorded 12 months earlier.
“The increase in Mobily’s revenues was mainly driven by growth in the business and consumer segments, in addition to growth in the subscriber base,” the company said in a statement to the Saudi Stock Exchange (Tadawul) on which its shares trade.
Gross profit also increased by 6.4 percent to 8.672 billion riyals, mainly due to higher revenues.
#Saudi Aramco CEO seeing signs of more global demand, especially in Asia | Reuters
Saudi Aramco CEO seeing signs of more global demand, especially in Asia | Reuters
Oil giant Saudi Aramco (2222.SE) is seeing signs of more demand around the world, especially in Asia, CEO Amin Nasser said on Monday.
Speaking at a conference in Saudi Arabia, Nasser added that while the supply of oil is close to reaching pre-pandemic levels, there is not an adequate level of investment in the sector to sustain global demand in the short- to mid-term.
Oil giant Saudi Aramco (2222.SE) is seeing signs of more demand around the world, especially in Asia, CEO Amin Nasser said on Monday.
Speaking at a conference in Saudi Arabia, Nasser added that while the supply of oil is close to reaching pre-pandemic levels, there is not an adequate level of investment in the sector to sustain global demand in the short- to mid-term.
#Dubai’s DEWA May Boost Post-IPO Dividend Payout to $1.69 Billion - Bloomberg
Dubai’s DEWA May Boost Post-IPO Dividend Payout to $1.69 Billion - Bloomberg
State-owned Dubai Electricity & Water Authority is considering tripling its annual dividend target to 6.2 billion dirhams ($1.69 billion) after listing in the first half of the year, people familiar with the matter said.
The target dividend is a steep increase over the 2 billion dirhams paid to shareholders last year, according to an investor presentation seen by Bloomberg News. The firm paid out 1.5 billion dirhams in 2020 and 4.5 billion in 2019.
The utility, which caters to the emirate’s 3.4 million people, has started investor meetings to drum up interest for what will likely be among the city’s largest listings. The IPO could value the firm at as much as $25 billion and may happen by April.
DEWA raised a 10 billion-dirham facility in the first quarter to fund a pre-IPO dividend and optimize its capital structure, according to the presentation.
The company didn’t immediately respond to requests for comment.
Consolidated revenue at the firm rose 6% to 23.8 billion dirhams in 2021, it said in the presentation. DEWA expects growth of 12%-12.5% this year, helped by growth at its Empower unit and “material” independent power producer capacity additions.
It expects consolidated Ebitda margin to reach about 56% in 2023. Capital expenditure in the five-year period to 2026 is expected to be about 40 billion dirhams, including about 15 billion dirhams in 2022 and 10 billion next year.
DEWA’s IPO is part of the emirate’s plans to list 10 state-owned companies and revive its stock market. Dubai missed out entirely on last year’s $9.1 billion IPO boom in the Middle East and North Africa.
State-owned Dubai Electricity & Water Authority is considering tripling its annual dividend target to 6.2 billion dirhams ($1.69 billion) after listing in the first half of the year, people familiar with the matter said.
The target dividend is a steep increase over the 2 billion dirhams paid to shareholders last year, according to an investor presentation seen by Bloomberg News. The firm paid out 1.5 billion dirhams in 2020 and 4.5 billion in 2019.
The utility, which caters to the emirate’s 3.4 million people, has started investor meetings to drum up interest for what will likely be among the city’s largest listings. The IPO could value the firm at as much as $25 billion and may happen by April.
DEWA raised a 10 billion-dirham facility in the first quarter to fund a pre-IPO dividend and optimize its capital structure, according to the presentation.
The company didn’t immediately respond to requests for comment.
Consolidated revenue at the firm rose 6% to 23.8 billion dirhams in 2021, it said in the presentation. DEWA expects growth of 12%-12.5% this year, helped by growth at its Empower unit and “material” independent power producer capacity additions.
It expects consolidated Ebitda margin to reach about 56% in 2023. Capital expenditure in the five-year period to 2026 is expected to be about 40 billion dirhams, including about 15 billion dirhams in 2022 and 10 billion next year.
DEWA’s IPO is part of the emirate’s plans to list 10 state-owned companies and revive its stock market. Dubai missed out entirely on last year’s $9.1 billion IPO boom in the Middle East and North Africa.
Oil rises as tight market looks to Russian-Western diplomacy | Reuters
Oil rises as tight market looks to Russian-Western diplomacy | Reuters
Oil prices rose on Monday as fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from supply concerns that have kept oil prices near $100 a barrel.
Brent crude futures were up 41 cents, or 0.4%, at $93.95 a barrel at 1225 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 0.5%, to $91.56 a barrel.
French President Emmanuel Macron said on Monday that U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine, but the Kremlin said there were no immediate plans for a meeting. read more
U.S. markets will be closed on Monday for the Presidents Day holiday.
Oil prices rose on Monday as fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from supply concerns that have kept oil prices near $100 a barrel.
Brent crude futures were up 41 cents, or 0.4%, at $93.95 a barrel at 1225 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 49 cents, or 0.5%, to $91.56 a barrel.
French President Emmanuel Macron said on Monday that U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine, but the Kremlin said there were no immediate plans for a meeting. read more
U.S. markets will be closed on Monday for the Presidents Day holiday.
#UAE becomes world's top trading hub for rough diamonds -DMCC CEO | Reuters
UAE becomes world's top trading hub for rough diamonds -DMCC CEO | Reuters
The United Arab Emirates in 2021 became the top trading hub for rough diamonds, overtaking Belgium, the head of the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange, said on Monday.
Over $22.8 billion of rough diamonds were traded through the Gulf state in 2021, Ahmed Bin Sulayem, DMCC CEO and executive chairman said, adding that the polished diamond sector continues to grow.
Since 2015, the UAE's rough diamond trade has grown by 76%. The UAE's total diamond trade grew 83% between 2020 and 2021, a statement from the DMCC CEO's office said.
Adding to trade through Dubai has been the opening up of diplomatic and trading ties with Israel, the Middle East's second-largest diamond centre, since relations were normalised in 2020.
DMCC now has an office in the Israeli Diamond Exchange (IDE) in Tel Aviv, and the IDE has an office in the Dubai Diamond Exchange.
Dubai, home to the world's busiest international airport, has grown its diamond industry by leveraging its proximity to Africa, where many diamonds are mined, and India, where 90% of the world's diamonds are polished.
The United Arab Emirates in 2021 became the top trading hub for rough diamonds, overtaking Belgium, the head of the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange, said on Monday.
Over $22.8 billion of rough diamonds were traded through the Gulf state in 2021, Ahmed Bin Sulayem, DMCC CEO and executive chairman said, adding that the polished diamond sector continues to grow.
Since 2015, the UAE's rough diamond trade has grown by 76%. The UAE's total diamond trade grew 83% between 2020 and 2021, a statement from the DMCC CEO's office said.
Adding to trade through Dubai has been the opening up of diplomatic and trading ties with Israel, the Middle East's second-largest diamond centre, since relations were normalised in 2020.
DMCC now has an office in the Israeli Diamond Exchange (IDE) in Tel Aviv, and the IDE has an office in the Dubai Diamond Exchange.
Dubai, home to the world's busiest international airport, has grown its diamond industry by leveraging its proximity to Africa, where many diamonds are mined, and India, where 90% of the world's diamonds are polished.
Liquidity on #AbuDhabi bourse jumps five-fold amid IPO boom | ZAWYA MENA Edition
Liquidity on Abu Dhabi bourse jumps five-fold amid IPO boom | ZAWYA MENA Edition
The Abu Dhabi Securities Exchange (ADX) saw its market liquidity jump five-fold in 2021 amid a boom in initial public offerings (IPOs) and positive performance of listed stocks, whose capitalisation have more than doubled to a record 1.6 trillion dirhams ($436 billion).
In a statement on Monday, ADX said that traded values on the exchange increased from 145 billion dirhams in 2020 to 739 billion dirhams in 2021, driven by higher levels of domestic and international investment.
ADX last year pushed ahead with initiatives to develop and deepen the exchange. It introduced a derivatives market, which paved the way for an agreement with FTSE Russell to develop co-branded indices.
The local bourse also established a framework for listing a Special Purpose Acquisition Company (SPAC) and agreed to cooperate with bourses in Bahrain Istanbul and Astana.
The Abu Dhabi Securities Exchange (ADX) saw its market liquidity jump five-fold in 2021 amid a boom in initial public offerings (IPOs) and positive performance of listed stocks, whose capitalisation have more than doubled to a record 1.6 trillion dirhams ($436 billion).
In a statement on Monday, ADX said that traded values on the exchange increased from 145 billion dirhams in 2020 to 739 billion dirhams in 2021, driven by higher levels of domestic and international investment.
ADX last year pushed ahead with initiatives to develop and deepen the exchange. It introduced a derivatives market, which paved the way for an agreement with FTSE Russell to develop co-branded indices.
The local bourse also established a framework for listing a Special Purpose Acquisition Company (SPAC) and agreed to cooperate with bourses in Bahrain Istanbul and Astana.
U.K.’s Menzies (MNZS:LN) Prepares to Accept Latest Kuwaiti Approach - Bloomberg
U.K.’s Menzies (MNZS:LN) Prepares to Accept Latest Kuwaiti Approach - Bloomberg
U.K. airport ground-handling specialist John Menzies Plc said it’s ready to accept a 560 million-pound ($763 million) takeover approach after its Kuwaiti suitor sweetened the proposal for a third time.
Agility Public Warehousing Co. is now proposing 608 pence a share in cash for the U.K. firm after starting at 460 pence, Menzies said in a statement Monday. There’s no certainty a formal offer will be made.
Menzies’ board voted unanimously to recommend the price to shareholders provided other terms are agreed following further talks. Agility’s National Aviation Services arm, which would combine with Menzies to make a larger group, has until March 9 to make a formal offer.
Menzies stock was priced just below 500 pence in early 2020, before the coronavirus pandemic dealt a blow to aviation and demand for support services. The company said previously that it was confident in the outlook for the industry and that its current strategy would help raise the stock price.
Shares of Edinburgh-based Menzies traded 0.7% higher at 587 pence as of 9:23 a.m. in London on Monday.
The stock surged 25% Thursday after Agility said it had entered into contracts to buy Menzies shares at 605 pence, which set a minimum for any offer for the whole company. It had amassed a 19%, as of Friday.
U.K. airport ground-handling specialist John Menzies Plc said it’s ready to accept a 560 million-pound ($763 million) takeover approach after its Kuwaiti suitor sweetened the proposal for a third time.
Agility Public Warehousing Co. is now proposing 608 pence a share in cash for the U.K. firm after starting at 460 pence, Menzies said in a statement Monday. There’s no certainty a formal offer will be made.
Menzies’ board voted unanimously to recommend the price to shareholders provided other terms are agreed following further talks. Agility’s National Aviation Services arm, which would combine with Menzies to make a larger group, has until March 9 to make a formal offer.
Menzies stock was priced just below 500 pence in early 2020, before the coronavirus pandemic dealt a blow to aviation and demand for support services. The company said previously that it was confident in the outlook for the industry and that its current strategy would help raise the stock price.
Shares of Edinburgh-based Menzies traded 0.7% higher at 587 pence as of 9:23 a.m. in London on Monday.
The stock surged 25% Thursday after Agility said it had entered into contracts to buy Menzies shares at 605 pence, which set a minimum for any offer for the whole company. It had amassed a 19%, as of Friday.
#UAE Income Tax Is Not on the Table for Now, Says Minister - Bloomberg video
UAE Income Tax Is Not on the Table for Now, Says Minister - Bloomberg
The United Arab Emirates will not introduce an income tax for the time being, a senior official said, weeks after the Gulf nation unveiled a new company levy as part of an effort to shed its tax haven image.
“It is not at the table at all now,” Thani Al Zeyoudi, the minister of state for foreign trade, told Bloomberg TV in an interview Monday.
The Gulf country said earlier this year it would impose a 9% corporate tax starting in 2023 as it seeks to align itself with new international standards, particularly the move toward a global minimum tax on multinational corporations endorsed by the Group of 20 major economies.
The UAE’s new corporate tax has been received in a “positive manner” by businesses, said the minister. The new levy is going to replace most of the fees companies now have to pay, according to Al Zeyoudi.
The Gulf nation has already taken several steps to dilute its reputation as a tax haven for both businesses and individuals. It introduced a 5% value-added tax in 2018. It already taxes banks and insurance companies operating outside of the country’s vast network of free zones as much as 20% on their profits. The oil and gas sector of OPEC’s third-biggest producer is also taxed under a separate program.
Over the next few weeks, the Ministry of Finance is expected to announce more details clarifying how the corporate tax will be imposed.
“It is not at the table at all now,” Thani Al Zeyoudi, the minister of state for foreign trade, told Bloomberg TV in an interview Monday.
The Gulf country said earlier this year it would impose a 9% corporate tax starting in 2023 as it seeks to align itself with new international standards, particularly the move toward a global minimum tax on multinational corporations endorsed by the Group of 20 major economies.
The UAE’s new corporate tax has been received in a “positive manner” by businesses, said the minister. The new levy is going to replace most of the fees companies now have to pay, according to Al Zeyoudi.
The Gulf nation has already taken several steps to dilute its reputation as a tax haven for both businesses and individuals. It introduced a 5% value-added tax in 2018. It already taxes banks and insurance companies operating outside of the country’s vast network of free zones as much as 20% on their profits. The oil and gas sector of OPEC’s third-biggest producer is also taxed under a separate program.
Over the next few weeks, the Ministry of Finance is expected to announce more details clarifying how the corporate tax will be imposed.
Gulf Capital considering SPAC with #AbuDhabi listing -sources | Reuters
Gulf Capital considering SPAC with Abu Dhabi listing -sources | Reuters
Abu Dhabi asset manager Gulf Capital is considering setting up a special purpose acquisition company (SPAC) that will list on the Abu Dhabi Securities Exchange, two sources told Reuters.
Gulf Capital, which manages about $2.5 billion in assets, is working with boutique advisory Moelis & Co (MC.N) on the potential transaction, said the sources, who declined to be named because the matter is not public.
Gulf Capital declined to comment. Moelis did not immediately respond to a request for comment.
Investor interest in SPACs, or blank-check companies, is rising in the Middle East as deals have started to face greater scrutiny in the United States.
Abu Dhabi asset manager Gulf Capital is considering setting up a special purpose acquisition company (SPAC) that will list on the Abu Dhabi Securities Exchange, two sources told Reuters.
Gulf Capital, which manages about $2.5 billion in assets, is working with boutique advisory Moelis & Co (MC.N) on the potential transaction, said the sources, who declined to be named because the matter is not public.
Gulf Capital declined to comment. Moelis did not immediately respond to a request for comment.
Investor interest in SPACs, or blank-check companies, is rising in the Middle East as deals have started to face greater scrutiny in the United States.
#Saudi Aramco Shares Hit Record as CEO Sees Good Signs Oil Demand’s Rising - Bloomberg
Saudi Aramco Shares Hit Record as CEO Sees Good Signs Oil Demand’s Rising - Bloomberg
Saudi Aramco shares rose to an all-time high after the chief executive officer of the world’s biggest energy company said oil demand continues to rebound from the pandemic, including in its main market of Asia.
The stock gained as much as 6.6% to a record 40.2 riyals, before paring gains to 4.2% as of 12:15 p.m. in Riyadh.
“With the global recovery we’re seeing today, there is more demand for products and we see that from different enclaves, especially in Asia,” CEO Amin Nasser said during a speech in Riyadh, Saudi Arabia’s capital. “There’s some pick up in the rest of the world.”
Crude prices have surged around 20% this year to more than $90 a barrel with consumption increasing and many major producers struggling to boost supply. Several traders believe prices will soon hit $100.
Saudi Aramco shares rose to an all-time high after the chief executive officer of the world’s biggest energy company said oil demand continues to rebound from the pandemic, including in its main market of Asia.
The stock gained as much as 6.6% to a record 40.2 riyals, before paring gains to 4.2% as of 12:15 p.m. in Riyadh.
“With the global recovery we’re seeing today, there is more demand for products and we see that from different enclaves, especially in Asia,” CEO Amin Nasser said during a speech in Riyadh, Saudi Arabia’s capital. “There’s some pick up in the rest of the world.”
Crude prices have surged around 20% this year to more than $90 a barrel with consumption increasing and many major producers struggling to boost supply. Several traders believe prices will soon hit $100.
Oil falls on fresh hope of diplomacy over Ukraine crisis | Reuters
Oil falls on fresh hope of diplomacy over Ukraine crisis | Reuters
Oil prices fell on Monday, reversing course from strong initial gains, as news of fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from concerns about crude supply.
Brent crude futures and U.S. West Texas Intermediate (WTI) crude rose more than $1 a barrel at the start of Asian trade as the Ukraine crisis threatened to disrupt Russian energy exports to Europe.
But prices subsequently swung to a near $1 loss after the office of French President Emmanuel Macron said in a statement on Monday that U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine. read more
Brent crude futures slipped to $93.14 a barrel at 0730 GMT, down 40 cents or 0.4%, after earlier touching $95, while U.S. West Texas Intermediate (WTI) crude futures dropped 28 cents to $90.79 a barrel, off an earlier high of $92.93. U.S. markets will be closed on Monday for the Presidents Day holiday.
Oil prices fell on Monday, reversing course from strong initial gains, as news of fresh diplomatic efforts to resolve the Ukraine crisis provided some relief from concerns about crude supply.
Brent crude futures and U.S. West Texas Intermediate (WTI) crude rose more than $1 a barrel at the start of Asian trade as the Ukraine crisis threatened to disrupt Russian energy exports to Europe.
But prices subsequently swung to a near $1 loss after the office of French President Emmanuel Macron said in a statement on Monday that U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine. read more
Brent crude futures slipped to $93.14 a barrel at 0730 GMT, down 40 cents or 0.4%, after earlier touching $95, while U.S. West Texas Intermediate (WTI) crude futures dropped 28 cents to $90.79 a barrel, off an earlier high of $92.93. U.S. markets will be closed on Monday for the Presidents Day holiday.
Major Gulf bourses mixed in early trade | Reuters
Major Gulf bourses mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Monday, amid plans by U.S. President Joe Biden and Russia's Vladimir Putin to hold a summit on the Ukraine crisis.
The office of French President Emmanuel Macron said he had pitched to both Biden and Putin a summit over "security and strategic stability in Europe." The White House said Biden had accepted the meeting "in principle" but only "if an invasion hasn't happened." read more
Saudi Arabia's benchmark index (.TASI) climbed 0.8%, hovering near its highest in more than 15 years, led by a 1.3% rise in oil behemoth Saudi Aramco (2222.SE).
Despite the prospect of $100/barrel oil, ministers of Arab oil-producing countries said on Sunday that OPEC+ should stick to its current agreement to add 400,000 barrels of oil per day each month to output, rejecting calls to pump more to ease pressure on prices. read more
Elsewhere, Etihad Etisalat (7020.SE) advanced more than 2% after the telecom firm reported a rise in annual profit.
In Abu Dhabi, the index (.ADI) dropped 1%, weighed down by a 2.1% decline in First Abu Dhabi Bank (FAB) (FAB.AD), the country's largest lender.
Egypt's largest investment bank, EFG Hermes (HRHO.CA), appointed Goldman Sachs (GS.N) to advise on FAB's offer to acquire a majority stake, it said on Monday. read more
FAB this month made a non-binding offer to buy at least 51% of EFG Hermes for 19 Egyptian pounds ($1.21) per share, which valued Egypt's leading investment bank at nearly $1.2 billion. read more
Dubai's main share index (.DFMGI) fell 0.3%, hit by a 0.8% fall in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari index (.QSI) traded flat as gains in financial shares were offset by declines in energy stocks.
Oil prices calmed down after fluctuating initially, as investors eyed contrasting scenarios of tighter Russian energy supplies due to the Ukraine crisis and more crude coming to the market on a possible nuclear deal between Iran and world powers.
Major stock markets in the Gulf were mixed in early trade on Monday, amid plans by U.S. President Joe Biden and Russia's Vladimir Putin to hold a summit on the Ukraine crisis.
The office of French President Emmanuel Macron said he had pitched to both Biden and Putin a summit over "security and strategic stability in Europe." The White House said Biden had accepted the meeting "in principle" but only "if an invasion hasn't happened." read more
Saudi Arabia's benchmark index (.TASI) climbed 0.8%, hovering near its highest in more than 15 years, led by a 1.3% rise in oil behemoth Saudi Aramco (2222.SE).
Despite the prospect of $100/barrel oil, ministers of Arab oil-producing countries said on Sunday that OPEC+ should stick to its current agreement to add 400,000 barrels of oil per day each month to output, rejecting calls to pump more to ease pressure on prices. read more
Elsewhere, Etihad Etisalat (7020.SE) advanced more than 2% after the telecom firm reported a rise in annual profit.
In Abu Dhabi, the index (.ADI) dropped 1%, weighed down by a 2.1% decline in First Abu Dhabi Bank (FAB) (FAB.AD), the country's largest lender.
Egypt's largest investment bank, EFG Hermes (HRHO.CA), appointed Goldman Sachs (GS.N) to advise on FAB's offer to acquire a majority stake, it said on Monday. read more
FAB this month made a non-binding offer to buy at least 51% of EFG Hermes for 19 Egyptian pounds ($1.21) per share, which valued Egypt's leading investment bank at nearly $1.2 billion. read more
Dubai's main share index (.DFMGI) fell 0.3%, hit by a 0.8% fall in blue-chip developer Emaar Properties (EMAR.DU).
The Qatari index (.QSI) traded flat as gains in financial shares were offset by declines in energy stocks.
Oil prices calmed down after fluctuating initially, as investors eyed contrasting scenarios of tighter Russian energy supplies due to the Ukraine crisis and more crude coming to the market on a possible nuclear deal between Iran and world powers.
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