Oil settles higher on Russian supply disruption | Reuters
Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.
Brent crude settled up $3.06, or 3.1%, at $100.99 a barrel after touching a high of $105.07 in early trade.
The Brent contract for April delivery expires on Monday. The most active contract, for May delivery, was up $3.14 at $97.26.
U.S. West Texas Intermediate (WTI) crude settled up $4.13, or 4.5%, at $95.72 after hitting $99.10 in early trade.
"The tight global oil market could become even tighter following last week’s Russian invasion of Ukraine," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Monday 28 February 2022
Salik Road-Toll System Lines Up BofA, Emirates NBD, Goldman for #Dubai IPO - Bloomberg
Salik Road-Toll System Lines Up BofA, Emirates NBD, Goldman for Dubai IPO - Bloomberg
Dubai’s road-toll collection system has picked Bank of America Corp., Emirates NBD Bank PJSC and Goldman Sachs Group Inc. to arrange its local stock exchange listing, according to people familiar with the matter.
The banks will work alongside Moelis & Co., the financial adviser on the potential listing, the people said, asking not to be identified as the information is private. It wasn’t clear yet what valuation Salik will seek.
The emirate’s deputy ruler in November announced plans for the initial public offering of the Salik toll system as part of a broader plan to list 10 state entities. The goal is to revive Dubai’s stock market and close the gap with exchanges in rival financial centers Abu Dhabi and Riyadh.
Representatives for Emirates NBD, Goldman Sachs and Bank of America declined to comment, while Salik didn’t immediately respond to an email seeking comments.
The listing is expected to follow that of state-owned Dubai Electricity & Water Authority this year. DEWA 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 told Bloomberg last week.
Dubai’s road-toll collection system has picked Bank of America Corp., Emirates NBD Bank PJSC and Goldman Sachs Group Inc. to arrange its local stock exchange listing, according to people familiar with the matter.
The banks will work alongside Moelis & Co., the financial adviser on the potential listing, the people said, asking not to be identified as the information is private. It wasn’t clear yet what valuation Salik will seek.
The emirate’s deputy ruler in November announced plans for the initial public offering of the Salik toll system as part of a broader plan to list 10 state entities. The goal is to revive Dubai’s stock market and close the gap with exchanges in rival financial centers Abu Dhabi and Riyadh.
Representatives for Emirates NBD, Goldman Sachs and Bank of America declined to comment, while Salik didn’t immediately respond to an email seeking comments.
The listing is expected to follow that of state-owned Dubai Electricity & Water Authority this year. DEWA 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 told Bloomberg last week.
#SaudiArabia’s Net Foreign Assets Hit Lowest Level Since 2010 - Bloomberg
Saudi Arabia’s Net Foreign Assets Hit Lowest Level Since 2010 - Bloomberg
Saudi Arabia’s net foreign assets dropped by 1.9% in January to the lowest level since 2010, central bank data showed.
The stockpile fell by around 32 billion riyals ($8.5 billion) to over $429 billion, according to the bank’s monthly report. The drop in January was comparable with the scale of declines in previous months after the state oil company began paying dividends on a quarterly basis.
Saudi Arabia’s net foreign assets dropped by 1.9% in January to the lowest level since 2010, central bank data showed.
The stockpile fell by around 32 billion riyals ($8.5 billion) to over $429 billion, according to the bank’s monthly report. The drop in January was comparable with the scale of declines in previous months after the state oil company began paying dividends on a quarterly basis.
Oil soars as Russian energy supply fears intensify | Reuters
Oil soars as Russian energy supply fears intensify | Reuters
Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.
Brent crude rose $2.89, or 3%, to $100.82 by 12:08 p.m. EDT (1708 GMT) after touching a high of $105.07 a barrel in early trade.
The Brent contract for April delivery expires on Monday. The most active contract, for May delivery, was up $3.14 at $97.26.
U.S. West Texas Intermediate (WTI) crude was up $3.79, or 4.1%, at $95.38 after hitting $99.10 in early trade.
"Growing concerns about disruptions to Russian energy supplies are pushing oil and gas prices up sharply," Commerzbank analyst Carsten Fritsch said.
Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.
Brent crude rose $2.89, or 3%, to $100.82 by 12:08 p.m. EDT (1708 GMT) after touching a high of $105.07 a barrel in early trade.
The Brent contract for April delivery expires on Monday. The most active contract, for May delivery, was up $3.14 at $97.26.
U.S. West Texas Intermediate (WTI) crude was up $3.79, or 4.1%, at $95.38 after hitting $99.10 in early trade.
"Growing concerns about disruptions to Russian energy supplies are pushing oil and gas prices up sharply," Commerzbank analyst Carsten Fritsch said.
Mubadala, #Qatar Fund Holding On to Russian Assets for Now - Bloomberg
Mubadala, Qatar Fund Holding On to Russian Assets for Now - Bloomberg
Two influential Middle Eastern wealth funds are for now planning to hold on to Russian assets worth billions of dollars, seen as strategic and long-term investments, people familiar with the matter said.
Abu Dhabi’s Mubadala Investment Co. and Qatar Investment Authority are taking a different approach to Norway’s $1.3 trillion sovereign wealth fund, which is starting a process to remove Russian assets from its portfolio.
The QIA, which has a roughly 19% stake in Rosneft PJSC, sees that investment as key to supporting Doha’s relationship with Moscow, the people said. Unlike BP Plc, which has said it will offload its stake in the Russian firm, the Qatari fund is under no pressure to sell, they said.
Mubadala has at least $3 billion worth of exposure to Russia, two of the people said, declining to be identified as the matter is private. Mubadala is unlikely to unwind its partnership with the Kremlin-run Russian Direct Investment Fund, or take steps that might hamper the relationship, despite the slump in Russian markets, the people said.
Two influential Middle Eastern wealth funds are for now planning to hold on to Russian assets worth billions of dollars, seen as strategic and long-term investments, people familiar with the matter said.
Abu Dhabi’s Mubadala Investment Co. and Qatar Investment Authority are taking a different approach to Norway’s $1.3 trillion sovereign wealth fund, which is starting a process to remove Russian assets from its portfolio.
The QIA, which has a roughly 19% stake in Rosneft PJSC, sees that investment as key to supporting Doha’s relationship with Moscow, the people said. Unlike BP Plc, which has said it will offload its stake in the Russian firm, the Qatari fund is under no pressure to sell, they said.
Mubadala has at least $3 billion worth of exposure to Russia, two of the people said, declining to be identified as the matter is private. Mubadala is unlikely to unwind its partnership with the Kremlin-run Russian Direct Investment Fund, or take steps that might hamper the relationship, despite the slump in Russian markets, the people said.
FAB board approves up to $1 billion AT1 bonds issuance | Reuters
FAB board approves up to $1 billion AT1 bonds issuance | Reuters
The board of First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender, approved on Monday issuance of up to $1 billion in Additional Tier 1 (ATI) bonds, designed to be perpetual.
Chaos in world markets following Russia's invasion of Ukraine have further exacerbated a slow year for bond sales out of the Gulf, already wary over a more hawkish U.S. Federal Reserve expected to begin an aggressive tightening cycle in March.
AT1 bonds are used to boost banks' core capital to comply with international banking standards and can be redeemed after a specified period.
The FAB board approved the new issuance at a general meeting on Monday but did not give details on the timeline.
The board of First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender, approved on Monday issuance of up to $1 billion in Additional Tier 1 (ATI) bonds, designed to be perpetual.
Chaos in world markets following Russia's invasion of Ukraine have further exacerbated a slow year for bond sales out of the Gulf, already wary over a more hawkish U.S. Federal Reserve expected to begin an aggressive tightening cycle in March.
AT1 bonds are used to boost banks' core capital to comply with international banking standards and can be redeemed after a specified period.
The FAB board approved the new issuance at a general meeting on Monday but did not give details on the timeline.
Looming FATF decision on dirty money list poses risks for #UAE | Reuters
Looming FATF decision on dirty money list poses risks for UAE | Reuters
A global financial crime watchdog will decide this week whether the United Arab Emirates has made enough progress to avoid landing on a 'grey' watchlist, a designation which risks reputational damage to the Middle East's business hub.
The Financial Action Task Force (FATF) in 2020 called for "fundamental and major improvements" by the UAE, the region's financial capital and a gold trading hub that has tightened regulations to overcome an image as a hotspot for illicit money.
Countries on the 'grey list' face increased FATF monitoring and risk reputational damage, ratings adjustments, trouble obtaining global finance and higher transaction costs, experts say.
UAE Minister of State Ahmed al-Sayegh told Reuters the risk from a potential greylisting to sectors such as banking, real estate and credit ratings was "generally low".
A global financial crime watchdog will decide this week whether the United Arab Emirates has made enough progress to avoid landing on a 'grey' watchlist, a designation which risks reputational damage to the Middle East's business hub.
The Financial Action Task Force (FATF) in 2020 called for "fundamental and major improvements" by the UAE, the region's financial capital and a gold trading hub that has tightened regulations to overcome an image as a hotspot for illicit money.
Countries on the 'grey list' face increased FATF monitoring and risk reputational damage, ratings adjustments, trouble obtaining global finance and higher transaction costs, experts say.
UAE Minister of State Ahmed al-Sayegh told Reuters the risk from a potential greylisting to sectors such as banking, real estate and credit ratings was "generally low".
Gulf markets rebound, #Saudi gains 1.4% | Reuters
Gulf markets rebound, Saudi gains 1.4% | Reuters
Major Gulf markets reversed course to end higher on Monday, boosted by strength in commodities, with oil prices soaring to $105 as Western allies imposed more sanctions on Russia and blocked some of the country's banks from a global payments system.
As an economic crisis loomed in Russia, the fallout of tougher sanctions from the West imposed over the weekend rippled out across financial markets. World stocks slid and the Russian rouble tanked to fresh lows.
Bucking the trend, Saudi Arabia's benchmark index (.TASI) ended 1.4% higher in its biggest daily percentage gain since Feb. 14. The index has risen 2.6% for the month.
"The Saudi stock market found support in the expectations of rising oil prices as Russian crude remains under threat. Saudi petroleum is seeing rising demand from Asian buyers that are moving to secure their supplies," said Wael Makarem, Senior Market Strategist – MENA at Exness.
Oil giant Saudi Aramco (2222.SE) lifted sentiment, rising 1.5%.
Food and retail company Savola Group (2050.SE) ended up 2.7%.
Scientific and Medical Equipment House (4014.SE) rose 30% to 67.6 riyals in its market debut, compared with the final IPO price of 52 riyals.
Dubai's main index (.DFMGI) gained 1.3% to mark its best month since November, rising 4.7% for the month.
In Abu Dhabi, the index (.FTFADGI) ended up 2.2%, rising the most in a single session since Dec. 6.
The index gained 7% on a monthly basis.
The Qatari index (.QSI) rose 2.3%, boosted by heavyweights Qatar National Bank (QNBK.QA) and Industries Qatar (IQCD.QA).
The index, which saw its best day since April 15, rose 3.6% this month.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended 0.3% lower.
Major Gulf markets reversed course to end higher on Monday, boosted by strength in commodities, with oil prices soaring to $105 as Western allies imposed more sanctions on Russia and blocked some of the country's banks from a global payments system.
As an economic crisis loomed in Russia, the fallout of tougher sanctions from the West imposed over the weekend rippled out across financial markets. World stocks slid and the Russian rouble tanked to fresh lows.
Bucking the trend, Saudi Arabia's benchmark index (.TASI) ended 1.4% higher in its biggest daily percentage gain since Feb. 14. The index has risen 2.6% for the month.
"The Saudi stock market found support in the expectations of rising oil prices as Russian crude remains under threat. Saudi petroleum is seeing rising demand from Asian buyers that are moving to secure their supplies," said Wael Makarem, Senior Market Strategist – MENA at Exness.
Oil giant Saudi Aramco (2222.SE) lifted sentiment, rising 1.5%.
Food and retail company Savola Group (2050.SE) ended up 2.7%.
Scientific and Medical Equipment House (4014.SE) rose 30% to 67.6 riyals in its market debut, compared with the final IPO price of 52 riyals.
Dubai's main index (.DFMGI) gained 1.3% to mark its best month since November, rising 4.7% for the month.
In Abu Dhabi, the index (.FTFADGI) ended up 2.2%, rising the most in a single session since Dec. 6.
The index gained 7% on a monthly basis.
The Qatari index (.QSI) rose 2.3%, boosted by heavyweights Qatar National Bank (QNBK.QA) and Industries Qatar (IQCD.QA).
The index, which saw its best day since April 15, rose 3.6% this month.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended 0.3% lower.
Airbus hits back at #Qatar with $220 million A350 claim | Reuters
Airbus hits back at Qatar with $220 million A350 claim | Reuters
Airbus (AIR.PA) hit back in an escalating dispute with Qatar Airways over A350 jets on Monday, asking a British judge to award $220 million in damages over two undelivered airliners.
The court claim for damages, in connection with two A350s that Qatar's national carrier has rejected, came after Qatar Airways sued the planemaker for $600 million over the erosion to the surface of more than 20 previously delivered jets.
Airbus also wants to recover millions of dollars of credits awarded to the airline, a filing showed, offering a rare glimpse of negotiating details in the secretive global jet industry.
The counter-offensive is the latest salvo in a months-old contractual and safety dispute that has brought relations between two aviation industry titans to an all-time low.
Airbus (AIR.PA) hit back in an escalating dispute with Qatar Airways over A350 jets on Monday, asking a British judge to award $220 million in damages over two undelivered airliners.
The court claim for damages, in connection with two A350s that Qatar's national carrier has rejected, came after Qatar Airways sued the planemaker for $600 million over the erosion to the surface of more than 20 previously delivered jets.
Airbus also wants to recover millions of dollars of credits awarded to the airline, a filing showed, offering a rare glimpse of negotiating details in the secretive global jet industry.
The counter-offensive is the latest salvo in a months-old contractual and safety dispute that has brought relations between two aviation industry titans to an all-time low.
#UAE bank's bid for Egypt's 'national champion' EFG may be too low | Reuters
UAE bank's bid for Egypt's 'national champion' EFG may be too low | Reuters
The United Arab Emirates' biggest lender may have to raise its bid to take a controlling stake in Egypt's top investment bank EFG Hermes (HRHO.CA) given the latter's outsized influence over Egypt's financial markets and supercharged growth of its fintech businesses, industry players say.
FAB (FAB.AD) 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 Egyptian bank at nearly $1.2 billion, but most analysts value EFG in the 25-28 pounds range, as much as 47% above the current offer. read more
EFG controls roughly a third of traded volumes on Egypt's stock exchange. Its size almost guarantees it a leading role on top deals in the country, including a planned pipeline of initial public offerings in state or military-owned companies.
Besides being by far the biggest investment bank, EFG also has unrivalled scale in Egypt's non-banking financial services (NBFS) sector, as Egypt's 100 million people are estimated to be among the world's least banked.
"The opportunity for Egypt is significant," said Basil Moftah, general partner at Global Ventures, which is pouring money into fintech.
The United Arab Emirates' biggest lender may have to raise its bid to take a controlling stake in Egypt's top investment bank EFG Hermes (HRHO.CA) given the latter's outsized influence over Egypt's financial markets and supercharged growth of its fintech businesses, industry players say.
FAB (FAB.AD) 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 Egyptian bank at nearly $1.2 billion, but most analysts value EFG in the 25-28 pounds range, as much as 47% above the current offer. read more
EFG controls roughly a third of traded volumes on Egypt's stock exchange. Its size almost guarantees it a leading role on top deals in the country, including a planned pipeline of initial public offerings in state or military-owned companies.
Besides being by far the biggest investment bank, EFG also has unrivalled scale in Egypt's non-banking financial services (NBFS) sector, as Egypt's 100 million people are estimated to be among the world's least banked.
"The opportunity for Egypt is significant," said Basil Moftah, general partner at Global Ventures, which is pouring money into fintech.
Oil soars as Russian energy supply fears intensify | Reuters
Oil soars as Russian energy supply fears intensify | Reuters
Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.
Brent crude rose $4.82, or 4.9%, to $102.75 by 1028 GMT after touching a high of $105.07 a barrel in early trade.
The Brent contract for April delivery expires on Monday. The most active contract, for May delivery, was up $4.74 at $98.86.
U.S. West Texas Intermediate (WTI) crude was up $4.62, or 5%, at $96.21 after hitting $99.10 in early trade.
"Growing concerns about disruptions to Russian energy supplies are pushing oil and gas prices up sharply," said Commerzbank analyst Carsten Fritsch.
Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.
Brent crude rose $4.82, or 4.9%, to $102.75 by 1028 GMT after touching a high of $105.07 a barrel in early trade.
The Brent contract for April delivery expires on Monday. The most active contract, for May delivery, was up $4.74 at $98.86.
U.S. West Texas Intermediate (WTI) crude was up $4.62, or 5%, at $96.21 after hitting $99.10 in early trade.
"Growing concerns about disruptions to Russian energy supplies are pushing oil and gas prices up sharply," said Commerzbank analyst Carsten Fritsch.
Oil soars as sanctions and pressures on Russia mount | Reuters
Oil soars as sanctions and pressures on Russia mount | Reuters
Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.
Brent crude rose $4.16, or 4.3%, to $102.09, at 0915 after hitting a high of $105.07 a barrel in early trade.
The Brent contract, for April delivery, expires on Monday. The most active contract, for May delivery, was up $4.16 at $98.28.
U.S. West Texas Intermediate (WTI) crude was up $4.19, or 4.6%, at $95.78 a barrel after hitting $99.10 in early trade.
"Moves by the U.S. and Europe to remove certain Russian banks from the SWIFT system have raised fears of a disruption to supply of some sort in the near term," said ANZ commodity strategist Daniel Hynes.
Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports.
Brent crude rose $4.16, or 4.3%, to $102.09, at 0915 after hitting a high of $105.07 a barrel in early trade.
The Brent contract, for April delivery, expires on Monday. The most active contract, for May delivery, was up $4.16 at $98.28.
U.S. West Texas Intermediate (WTI) crude was up $4.19, or 4.6%, at $95.78 a barrel after hitting $99.10 in early trade.
"Moves by the U.S. and Europe to remove certain Russian banks from the SWIFT system have raised fears of a disruption to supply of some sort in the near term," said ANZ commodity strategist Daniel Hynes.
#UAE industrial giant Emirates Global Aluminium delivers record net profit of $1.5b for '21 | Markets – Gulf News
UAE industrial giant Emirates Global Aluminium delivers record net profit of $1.5b for '21 | Markets – Gulf News
The UAE’s biggest non-oil manufacturing entity, EGA (Emirates Global Aluminium) recorded a whopping 1,140 per cent increase in net profits for 2021 to $1.5 billion. The bottom-line number shows the company make a swift return to form after the disruptions brought on by the COVID-19 in 2020.
EGA shareholders received Dh735 million ($200 million) in dividends during 2021. Additionally, the H-block was acquired from the shareholders for AED 1.6 billion ($438 million) in December 2021.
“EGA can still do better,” said Abdulnasser Bin Kalban, CEO of EGA. “We will focus on maximising the value of our existing assets by de-bottlenecking and through Industry 4.0.”
“There was a strong market for our metal last year - and this continues,” said the CEO. “The demand is there, and we have had clients dealing with us for 40-43 years. There are no issues with exports - in fact, they are demanding more.”
The UAE’s biggest non-oil manufacturing entity, EGA (Emirates Global Aluminium) recorded a whopping 1,140 per cent increase in net profits for 2021 to $1.5 billion. The bottom-line number shows the company make a swift return to form after the disruptions brought on by the COVID-19 in 2020.
EGA shareholders received Dh735 million ($200 million) in dividends during 2021. Additionally, the H-block was acquired from the shareholders for AED 1.6 billion ($438 million) in December 2021.
“EGA can still do better,” said Abdulnasser Bin Kalban, CEO of EGA. “We will focus on maximising the value of our existing assets by de-bottlenecking and through Industry 4.0.”
“There was a strong market for our metal last year - and this continues,” said the CEO. “The demand is there, and we have had clients dealing with us for 40-43 years. There are no issues with exports - in fact, they are demanding more.”
Top #UAE banks set to see profitability return to pre-pandemic levels | ZAWYA MENA Edition
Top UAE banks set to see profitability return to pre-pandemic levels | ZAWYA MENA Edition
Growth in net interest income will drive profitability to pre-pandemic levels at the largest UAE banks in the next 12-18 months, according to a report by Moody's Investors Service.
The growth in net interest income will be underpinned by rising interest rates expectations and strong business momentum supporting non-interest income, even as provisioning efforts ease, said the report published on Monday.
"The four largest banks' profitability rebounded to near pre-pandemic levels in 2021, largely reflecting robust non-interest income and softening loan loss provisions," said Nitish Bhojnagarwala, a VP-Senior Credit Officer at Moody's and the author of the report.
"We expect a full return to pre-pandemic levels of profitability in the next 12-18 months."
Growth in net interest income will drive profitability to pre-pandemic levels at the largest UAE banks in the next 12-18 months, according to a report by Moody's Investors Service.
The growth in net interest income will be underpinned by rising interest rates expectations and strong business momentum supporting non-interest income, even as provisioning efforts ease, said the report published on Monday.
"The four largest banks' profitability rebounded to near pre-pandemic levels in 2021, largely reflecting robust non-interest income and softening loan loss provisions," said Nitish Bhojnagarwala, a VP-Senior Credit Officer at Moody's and the author of the report.
"We expect a full return to pre-pandemic levels of profitability in the next 12-18 months."
Brookfield to Buy 60% of First #AbuDhabi Bank’s Payment Arm - Bloomberg
Brookfield to Buy 60% of First Abu Dhabi Bank’s Payment Arm - Bloomberg
Brookfield Asset Management Inc. signed an agreement to buy 60% of the payments business of First Abu Dhabi Bank PJSC at a $1.15 billion valuation.
FAB, which completed the carve-out of its Magnati payments business into a fully-owned subsidiary in April, will retain a 40% stake. The sale adds to a flurry of dealmaking in the payments industry, with banks seeking to offload operations as they struggle to compete with specialist providers.
Dubai-based Mashreqbank PSC is also exploring a sale of its payments business in a deal that could value the division at around $500 million, people familiar with the matter told Bloomberg last week.
Brookfield is an active investor in the Middle East and is among parties that made first-round bids for a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks Corp. franchise. The Canadian investor was the frontrunner to acquire Magnati, Bloomberg reported this month.
FAB, the UAE’s largest lender, has a market value of about $60 billion. It’s separately bid for a majority stake in EFG-Hermes, valuing the firm at $1.2 billion, in what’s likely to be the biggest acquisition yet in Egypt by the lender.
Brookfield Asset Management Inc. signed an agreement to buy 60% of the payments business of First Abu Dhabi Bank PJSC at a $1.15 billion valuation.
FAB, which completed the carve-out of its Magnati payments business into a fully-owned subsidiary in April, will retain a 40% stake. The sale adds to a flurry of dealmaking in the payments industry, with banks seeking to offload operations as they struggle to compete with specialist providers.
Dubai-based Mashreqbank PSC is also exploring a sale of its payments business in a deal that could value the division at around $500 million, people familiar with the matter told Bloomberg last week.
Brookfield is an active investor in the Middle East and is among parties that made first-round bids for a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks Corp. franchise. The Canadian investor was the frontrunner to acquire Magnati, Bloomberg reported this month.
FAB, the UAE’s largest lender, has a market value of about $60 billion. It’s separately bid for a majority stake in EFG-Hermes, valuing the firm at $1.2 billion, in what’s likely to be the biggest acquisition yet in Egypt by the lender.
Middle East markets fall as Russia-Ukraine tensions escalate | Reuters
Middle East markets fall as Russia-Ukraine tensions escalate | Reuters
Major Gulf bourses fell on Monday as global markets reacted to imposition of more sanctions on Russia, while crude oil prices soared above $100 a barrel again.
The rouble plunged nearly 30% to a record low after Western nations imposed tough new sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT global payments system.
In a bid to manage the fallout from these actions, Russia's central bank sharply raised its key policy rate to 20%, a day after announcing a slew of measures to support domestic markets. read more
President Vladimir Putin also put Russia's nuclear deterrent on high alert on Sunday.
In the Middle East, Dubai's main index (.DFMGI) fell 0.4%, dragged by financial and real estate stocks.
In Abu Dhabi, the index (.FTFADGI) was down 0.3%.
Saudi Arabia's benchmark index (.TASI) was trading flat, after rising as much as 2.2% in the previous session.
Shares of Saudi Cement (3030.SE) fell marginally after the company posted lower annual profit.
Scientific and Medical Equipment House (4014.SE) opened up 17% on its debut on the stock exchanges, higher than the final IPO price of 52 riyals. Shares rose as much as 30%.
Tourism Enterprises Company (4170.SE) said on Sunday it signed a MoU with Shuaa Capital to buy three hotels in a deal valued at 735 million riyals ($195.92 million).
Tourism Enterprises shares gained 2% a day while shares of Shuaa dropped 2.3%.
The Qatari index (.QSI) edged up marginally in its second straight day of gains.
Qatar Electricity and Water Company was up 0.2% after the company said on Sunday its fiscal profit rose.
Major Gulf bourses fell on Monday as global markets reacted to imposition of more sanctions on Russia, while crude oil prices soared above $100 a barrel again.
The rouble plunged nearly 30% to a record low after Western nations imposed tough new sanctions on Russia for its invasion of Ukraine, including blocking some banks from the SWIFT global payments system.
In a bid to manage the fallout from these actions, Russia's central bank sharply raised its key policy rate to 20%, a day after announcing a slew of measures to support domestic markets. read more
President Vladimir Putin also put Russia's nuclear deterrent on high alert on Sunday.
In the Middle East, Dubai's main index (.DFMGI) fell 0.4%, dragged by financial and real estate stocks.
In Abu Dhabi, the index (.FTFADGI) was down 0.3%.
Saudi Arabia's benchmark index (.TASI) was trading flat, after rising as much as 2.2% in the previous session.
Shares of Saudi Cement (3030.SE) fell marginally after the company posted lower annual profit.
Scientific and Medical Equipment House (4014.SE) opened up 17% on its debut on the stock exchanges, higher than the final IPO price of 52 riyals. Shares rose as much as 30%.
Tourism Enterprises Company (4170.SE) said on Sunday it signed a MoU with Shuaa Capital to buy three hotels in a deal valued at 735 million riyals ($195.92 million).
Tourism Enterprises shares gained 2% a day while shares of Shuaa dropped 2.3%.
The Qatari index (.QSI) edged up marginally in its second straight day of gains.
Qatar Electricity and Water Company was up 0.2% after the company said on Sunday its fiscal profit rose.
Oil soars as Russia puts nuclear forces on alert, bank sanctions bite | Reuters
Oil soars as Russia puts nuclear forces on alert, bank sanctions bite | Reuters
Oil prices jumped on Monday on escalating sanctions against Russia over its invasion of Ukraine, which in turn led President Vladimir Putin to put his country's nuclear deterrent on high alert.
Brent jumped back above $100 a barrel, initially surging more than $7, as the nuclear alert and bank payment constraints heightened fears that oil shipments from the world's second-largest producer could be disrupted. Russia accounts for about 10% of global oil supply.
At 0643 GMT Brent crude futures were up $4.69, or 4.8%, at $102.62, after hitting a high of $105.07 a barrel in early trade. Last week the benchmark hit a more than seven-year high of $105.79 after Russia's invasion of Ukraine began.
The April Brent contract expires on Monday. The May contract was up $5.28 at $99.40.
U.S. West Texas Intermediate (WTI) crude futures were up $5.34, or 5.8%, at $96.93 a barrel, after hitting a high of $99.10 early in the day. WTI climbed to as much as $100.54 last week.
Oil prices jumped on Monday on escalating sanctions against Russia over its invasion of Ukraine, which in turn led President Vladimir Putin to put his country's nuclear deterrent on high alert.
Brent jumped back above $100 a barrel, initially surging more than $7, as the nuclear alert and bank payment constraints heightened fears that oil shipments from the world's second-largest producer could be disrupted. Russia accounts for about 10% of global oil supply.
At 0643 GMT Brent crude futures were up $4.69, or 4.8%, at $102.62, after hitting a high of $105.07 a barrel in early trade. Last week the benchmark hit a more than seven-year high of $105.79 after Russia's invasion of Ukraine began.
The April Brent contract expires on Monday. The May contract was up $5.28 at $99.40.
U.S. West Texas Intermediate (WTI) crude futures were up $5.34, or 5.8%, at $96.93 a barrel, after hitting a high of $99.10 early in the day. WTI climbed to as much as $100.54 last week.
Oil Jumps Over 7% as Russia Isolation Triggers Shortfall Fears - Bloomberg
Oil Jumps Over 7% as Russia Isolation Triggers Shortfall Fears - Bloomberg
Oil soared at the open as energy and commodity markets were thrown into a state of disarray after Western nations unleashed more sanctions to isolate Russia following its invasion of Ukraine.
West Texas Intermediate and Brent rose more than 7% in early Asian trading. The U.S. and its European allies agreed over the weekend to exclude some Russian banks from the SWIFT messaging system and target the central bank’s international reserves. BP Plc also moved to dump its shares in Rosneft PJSC, taking a financial hit of as much as $25 billion.
Commodity and financial markets are bracing for further turmoil from the growing fallout from Russia’s invasion of Ukraine and the West’s response via sanctions. Both WTI and Brent topped $100 a barrel last week before retreating after the U.S. reiterated its decision not to sanction Russian energy exports.
Worldwide oil output is already struggling to meet the rebound in consumption fueled by the reopening of economies, and any disruptions to Russian flows will only exacerbate this. Separately, production outages in Iraq added to concerns of already-tight supplies, with OPEC+ expected to stick to its plan of only gradually increasing supply when it meets this week.
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West Texas Intermediate and Brent rose more than 7% in early Asian trading. The U.S. and its European allies agreed over the weekend to exclude some Russian banks from the SWIFT messaging system and target the central bank’s international reserves. BP Plc also moved to dump its shares in Rosneft PJSC, taking a financial hit of as much as $25 billion.
Commodity and financial markets are bracing for further turmoil from the growing fallout from Russia’s invasion of Ukraine and the West’s response via sanctions. Both WTI and Brent topped $100 a barrel last week before retreating after the U.S. reiterated its decision not to sanction Russian energy exports.
Worldwide oil output is already struggling to meet the rebound in consumption fueled by the reopening of economies, and any disruptions to Russian flows will only exacerbate this. Separately, production outages in Iraq added to concerns of already-tight supplies, with OPEC+ expected to stick to its plan of only gradually increasing supply when it meets this week.
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