Russian oil trade in disarray over sanctions as prices blast through $100 | Reuters
Russian oil trade was in disarray on Tuesday as producers postponed sales, importers rejected Russian ships and buyers worldwide searched elsewhere for needed crude after a raft of sanctions imposed on Moscow over the war in Ukraine.
Numerous nations imposed sweeping sanctions against Russian companies, banks and individuals following Russia's invasion of Ukraine last week and global majors announced plans to leave multi-million-dollar positions in Russia.
Even though sanctions have not specifically targeted the oil trade, buyers throughout Asia, Europe and North America have vanished, sending worldwide benchmarks to over $100 a barrel.
Russia is the second largest exporter of crude worldwide, trailing only Saudi Arabia, as it ships out 4 to 5 million barrels of crude every day, along with 2 to 3 million barrels of refined products. With demand already surging past pre-pandemic levels and major producers struggling to keep up, market players are increasingly fearful that prices will keep rising.
Tuesday, 1 March 2022
Oil surges above $100 a barrel, stocks slide on Ukraine uncertainty | Reuters
Oil surges above $100 a barrel, stocks slide on Ukraine uncertainty | Reuters
Oil prices surged more than 10% at one point as talks about a coordinated global release of crude inventories failed to calm fears about supply disruptions due to the war in Ukraine.
News of the release - less than one day of worldwide oil consumption - underscored the market's fear that supply will be inadequate to cover growing disruptions to the crude market.
U.S. crude futures surged $7.69 to settle at $103.41 a barrel and Brent settled up at $104.97, while European natural gas prices jumped almost 29%.
Both oil and gas prices are now up nearly 60% since fears of an invasion of Ukraine began to escalate in November.
Oil prices surged more than 10% at one point as talks about a coordinated global release of crude inventories failed to calm fears about supply disruptions due to the war in Ukraine.
News of the release - less than one day of worldwide oil consumption - underscored the market's fear that supply will be inadequate to cover growing disruptions to the crude market.
U.S. crude futures surged $7.69 to settle at $103.41 a barrel and Brent settled up at $104.97, while European natural gas prices jumped almost 29%.
Both oil and gas prices are now up nearly 60% since fears of an invasion of Ukraine began to escalate in November.
Nahdi Medical: Biggest #Saudi IPO Since Aramco Has Demand for All Stock on Offer - Bloomberg
Nahdi Medical: Biggest Saudi IPO Since Aramco Has Demand for All Stock on Offer - Bloomberg
Saudi Arabia’s largest pharmacy retail chain has demand for all shares up for sale in its initial public offering, people familiar with the matter said, hours after the firm opened books on what could be the kingdom’s biggest listing since Aramco.
Nahdi Medical Co. is seeking to raise as much as $1.36 billion in the listing, which would be the most since Aramco raised almost $30 billion in 2019.
The firm plans to sell 39 million shares, equivalent to a 30% stake, at 119 riyals ($31.72) to 131 riyals apiece. Institutional book-building will end on March 7, with a three-day subscription period for individual investors starting March 13.
More family-owned businesses are listing on the kingdom’s exchange amid huge investor demand, and most IPOs have priced at the top of offering ranges. The most recent wave has seen a digital security firm owned by Saudi Arabia’s wealth fund draw about $57 billion in orders from institutional investors.
Saudi Arabia’s benchmark Tadawul All Share Index has climbed 11.7% this year in dollar terms, making it the eighth-best performing stock benchmark globally. The MSCI Emerging Markets Index is down 4.7% in the same period, amid a slump in global equities.
Saudi Arabian companies raised almost $9.3 billion from share offerings last year, making Riyadh the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg. ACWA Power International’s $1.2 billion IPO last year was the kingdom’s largest listing since Aramco.
Units of HSBC Holdings Plc and Saudi National Bank are managing Nahdi Medical’s IPO.
Saudi Arabia’s largest pharmacy retail chain has demand for all shares up for sale in its initial public offering, people familiar with the matter said, hours after the firm opened books on what could be the kingdom’s biggest listing since Aramco.
Nahdi Medical Co. is seeking to raise as much as $1.36 billion in the listing, which would be the most since Aramco raised almost $30 billion in 2019.
The firm plans to sell 39 million shares, equivalent to a 30% stake, at 119 riyals ($31.72) to 131 riyals apiece. Institutional book-building will end on March 7, with a three-day subscription period for individual investors starting March 13.
More family-owned businesses are listing on the kingdom’s exchange amid huge investor demand, and most IPOs have priced at the top of offering ranges. The most recent wave has seen a digital security firm owned by Saudi Arabia’s wealth fund draw about $57 billion in orders from institutional investors.
Saudi Arabia’s benchmark Tadawul All Share Index has climbed 11.7% this year in dollar terms, making it the eighth-best performing stock benchmark globally. The MSCI Emerging Markets Index is down 4.7% in the same period, amid a slump in global equities.
Saudi Arabian companies raised almost $9.3 billion from share offerings last year, making Riyadh the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg. ACWA Power International’s $1.2 billion IPO last year was the kingdom’s largest listing since Aramco.
Units of HSBC Holdings Plc and Saudi National Bank are managing Nahdi Medical’s IPO.
Oil prices surge 9% as global crude reserve release disappoints | Reuters
Oil prices surge 9% as global crude reserve release disappoints | Reuters
Oil prices surged 9% on Tuesday, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine, and instead underscored concerns about growing disruptions.
Members of the International Energy Agency (IEA), which include the United States and Japan, agreed to release 60 million barrels of crude from their reserves to try to quell the sharp increase in prices that has pushed major benchmarks past $100 a barrel. read more
However, the news of that release - equivalent to less than one day of worldwide oil consumption - only underscored the market's fear that supply will be inadequate to cover growing disruptions to the crude market.
Brent futures rose $8.80, or 9%, to $106.77 a barrel by 11:43 a.m. EST (1643 GMT), heading for their biggest daily percentage gain since March 2021.
U.S. West Texas Intermediate (WTI) crude rose $9.89, or 10.3%, to $105.61, on track for its biggest daily percentage gain since May 2020.
Oil prices surged 9% on Tuesday, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine, and instead underscored concerns about growing disruptions.
Members of the International Energy Agency (IEA), which include the United States and Japan, agreed to release 60 million barrels of crude from their reserves to try to quell the sharp increase in prices that has pushed major benchmarks past $100 a barrel. read more
However, the news of that release - equivalent to less than one day of worldwide oil consumption - only underscored the market's fear that supply will be inadequate to cover growing disruptions to the crude market.
Brent futures rose $8.80, or 9%, to $106.77 a barrel by 11:43 a.m. EST (1643 GMT), heading for their biggest daily percentage gain since March 2021.
U.S. West Texas Intermediate (WTI) crude rose $9.89, or 10.3%, to $105.61, on track for its biggest daily percentage gain since May 2020.
Gulf markets gain; #AbuDhabi jumps over 2% | Reuters
Gulf markets gain; Abu Dhabi jumps over 2% | Reuters
Major Gulf bourses rose for a third straight session on Tuesday as higher oil prices boosted energy stocks, although investors remained cautious due to the conflict in Ukraine.
Russia said it was placing temporary curbs on foreigners seeking to exit Russian assets, putting the brakes on an accelerating investor exodus following Russia's invasion of Ukraine last week. Russian stock markets remained suspended and some bond trading platforms were no longer showing prices.[nL4N2V42YE]
May Brent crude futures were up $5.14, or 5.25%, to $103.11 a barrel by 1145 GMT.
In Abu Dhabi, the share index (.FTFADGI) ended up 2.2%.
Abu Dhabi Ports Company (ADPORTS.AD) was up 0.3%, after the company said it had signed a deal for a metals park in Kizad in Abu Dhabi.
Abu Dhabi's Etihad Airways trimmed its losses last year on higher cargo revenues and prudent cost control, the company said on Tuesday. read more
"Most GCC stock markets have recorded increases thanks to the support of stronger oil prices while the conflict in Ukraine continues... The Dubai stock market continued to rise as the regional hub could see further growth this year while sanitary restrictions are gradually being lifted," said Farah Mourad, senior market analyst of XTB MENA.
Dubai's main index (.DFMGI) gained 1.3%, boosted by financials and real estate stocks.
Emirates Integrated Telecommunications Company (DU.DU) drove gains with a 2.6% rise. The company said on Monday it would hold a general meeting later this month seeking approval for its dividend and dividend policy.
The Qatari index (.QSI) jumped 2.5%, its best day since April 15 and after a 2.3% rise on Monday. It was boosted by heavyweights Qatar National Bank (QNBK.QA) and Qatar Islamic Bank (QISB.QA).
Qatar Gas Transport (QGTS.QA) was down nearly 5%, a day after it said shareholders approved raising foreign ownership to 100%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 1.2%, driven by consumer and IT stocks.
Major Gulf bourses rose for a third straight session on Tuesday as higher oil prices boosted energy stocks, although investors remained cautious due to the conflict in Ukraine.
Russia said it was placing temporary curbs on foreigners seeking to exit Russian assets, putting the brakes on an accelerating investor exodus following Russia's invasion of Ukraine last week. Russian stock markets remained suspended and some bond trading platforms were no longer showing prices.[nL4N2V42YE]
May Brent crude futures were up $5.14, or 5.25%, to $103.11 a barrel by 1145 GMT.
In Abu Dhabi, the share index (.FTFADGI) ended up 2.2%.
Abu Dhabi Ports Company (ADPORTS.AD) was up 0.3%, after the company said it had signed a deal for a metals park in Kizad in Abu Dhabi.
Abu Dhabi's Etihad Airways trimmed its losses last year on higher cargo revenues and prudent cost control, the company said on Tuesday. read more
"Most GCC stock markets have recorded increases thanks to the support of stronger oil prices while the conflict in Ukraine continues... The Dubai stock market continued to rise as the regional hub could see further growth this year while sanitary restrictions are gradually being lifted," said Farah Mourad, senior market analyst of XTB MENA.
Dubai's main index (.DFMGI) gained 1.3%, boosted by financials and real estate stocks.
Emirates Integrated Telecommunications Company (DU.DU) drove gains with a 2.6% rise. The company said on Monday it would hold a general meeting later this month seeking approval for its dividend and dividend policy.
The Qatari index (.QSI) jumped 2.5%, its best day since April 15 and after a 2.3% rise on Monday. It was boosted by heavyweights Qatar National Bank (QNBK.QA) and Qatar Islamic Bank (QISB.QA).
Qatar Gas Transport (QGTS.QA) was down nearly 5%, a day after it said shareholders approved raising foreign ownership to 100%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 1.2%, driven by consumer and IT stocks.
Oil prices soar as Ukraine conflict stokes supply concerns | Reuters
Oil prices soar as Ukraine conflict stokes supply concerns | Reuters
Oil prices surged on Tuesday, driven up by concerns over supply disruption because of the Ukraine crisis and sanctions against Russia, while talks over a coordinated global crude stocks release failed to calm fears of potential shortages.
May Brent crude futures were up $6.38, or 6.51%, to $104.35 a barrel by 1450 GMT after hitting an intraday high of $104.60. The benchmark touched a seven-year peak of $105.79 after Russia's invasion of Ukraine began last week.
U.S. West Texas Intermediate (WTI) April crude futures were up $6.27, or 6.55%, at $101.99 after hitting their highest since July 2014 at $102.19.
Members of the International Energy Agency (IEA) on Tuesday discussed releasing 60 million barrels from oil stocks an an effort to cool oil prices. read more
Oil prices surged on Tuesday, driven up by concerns over supply disruption because of the Ukraine crisis and sanctions against Russia, while talks over a coordinated global crude stocks release failed to calm fears of potential shortages.
May Brent crude futures were up $6.38, or 6.51%, to $104.35 a barrel by 1450 GMT after hitting an intraday high of $104.60. The benchmark touched a seven-year peak of $105.79 after Russia's invasion of Ukraine began last week.
U.S. West Texas Intermediate (WTI) April crude futures were up $6.27, or 6.55%, at $101.99 after hitting their highest since July 2014 at $102.19.
Members of the International Energy Agency (IEA) on Tuesday discussed releasing 60 million barrels from oil stocks an an effort to cool oil prices. read more
Traders See Saudis Hiking Oil Prices Amid Rush to Secure Cargoes - Bloomberg
Traders See Saudis Hiking Oil Prices Amid Rush to Secure Cargoes - Bloomberg
Saudi Arabia will probably raise the price of its main oil grade to a record for next month’s shipments to Asia, according to a Bloomberg survey, as importers rush to secure supplies following Russia’s invasion of Ukraine.
State-controlled Saudi Aramco may increase the official selling price of Arab Light crude to Asia by $1.70 a barrel from March to $4.50 above the benchmark it uses, according to the median estimate of six refiners and traders. That would be the highest premium since Bloomberg started compiling data in 2000.
The company, which declined to comment to Bloomberg, usually announces its pricing decisions in the first week of each month. For the last several months, its moves have been roughly in line with Bloomberg’s surveys.
Saudi Arabia will probably raise the price of its main oil grade to a record for next month’s shipments to Asia, according to a Bloomberg survey, as importers rush to secure supplies following Russia’s invasion of Ukraine.
State-controlled Saudi Aramco may increase the official selling price of Arab Light crude to Asia by $1.70 a barrel from March to $4.50 above the benchmark it uses, according to the median estimate of six refiners and traders. That would be the highest premium since Bloomberg started compiling data in 2000.
The company, which declined to comment to Bloomberg, usually announces its pricing decisions in the first week of each month. For the last several months, its moves have been roughly in line with Bloomberg’s surveys.
Oil prices soar as Ukraine conflict stokes supply concerns | Reuters
Oil prices soar as Ukraine conflict stokes supply concerns | Reuters
Oil prices surged on Tuesday as concerns over supply disruptions after Russia's invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release.
May Brent crude futures were up $5.14, or 5.25%, to $103.11 a barrel by 1145 GMT. The benchmark touched a seven-year high of $105.79 after the invasion began last week.
U.S. West Texas Intermediate (WTI) April crude futures were up $3.91, or 4.08%, at $99.63. The contract touched a high of $99.10 a barrel the previous day, ending up more than 4%. read more
A huge Russian military convoy approached Ukraine's capital Kyiv on Tuesday after talks between Russia and Ukraine failed to reach a breakthrough. read more
Oil prices surged on Tuesday as concerns over supply disruptions after Russia's invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release.
May Brent crude futures were up $5.14, or 5.25%, to $103.11 a barrel by 1145 GMT. The benchmark touched a seven-year high of $105.79 after the invasion began last week.
U.S. West Texas Intermediate (WTI) April crude futures were up $3.91, or 4.08%, at $99.63. The contract touched a high of $99.10 a barrel the previous day, ending up more than 4%. read more
A huge Russian military convoy approached Ukraine's capital Kyiv on Tuesday after talks between Russia and Ukraine failed to reach a breakthrough. read more
MSCI keeps #Israel Index in Middle East as trading week not aligned with Europe | Reuters
MSCI keeps Israel Index in Middle East as trading week not aligned with Europe | Reuters
Global index provider MSCI said it was keeping Israel in its own Middle East category, saying many investors opposed moving Israel to a new region due to differing market trading days.
MSCI in December said it was considering reassigning Israel to a new region, likely Europe, which could open the door to large amounts of passive inflows for the Israeli capital markets. read more
"At this time, market participants are divided on their views of the appropriate regional classification of the MSCI Israel Index for their investment processes, in particular due to the current misalignment of trading days between Israel and European markets," MSCI said.
"For the time being, MSCI has determined that it will retain Israel's regional classification within the Middle East and will continue to engage market participants on the topic regarding any significant market developments."
Global index provider MSCI said it was keeping Israel in its own Middle East category, saying many investors opposed moving Israel to a new region due to differing market trading days.
MSCI in December said it was considering reassigning Israel to a new region, likely Europe, which could open the door to large amounts of passive inflows for the Israeli capital markets. read more
"At this time, market participants are divided on their views of the appropriate regional classification of the MSCI Israel Index for their investment processes, in particular due to the current misalignment of trading days between Israel and European markets," MSCI said.
"For the time being, MSCI has determined that it will retain Israel's regional classification within the Middle East and will continue to engage market participants on the topic regarding any significant market developments."
Succession dramas add impetus to #UAE’s draft family business law | Financial Times
Succession dramas add impetus to UAE’s draft family business law | Financial Times
More than two decades ago, the cousins running the Al-Futtaim conglomerate, one of the Gulf’s biggest family-run businesses, fell out. Such was the importance of Al-Futtaim to the Gulf state, Dubai’s then crown prince stepped in, mediating Abdulla al-Futtaim’s buyout of his cousin Majid’s stake.
Majid then went on to establish his own retail empire and after the billionaire’s death in December, Dubai’s leadership has stepped in again — this time in an attempt to smooth the succession of his eponymous business to his 10 heirs.
Sheikh Mohammed bin Rashid al-Maktoum has set up a special judicial committee to deal with “potential legal disputes related to Mr Majid’s estate and inheritance issues”, according to Majid Al Futtaim Group.
The ruler’s move recognises both the importance of the firm, which runs 27 malls including Dubai’s flagship Mall of the Emirates, and the debilitating impact of succession conflicts on the private companies that contribute an estimated $160bn, or 40 per cent, of the UAE’s economic output.
Knight Frank Sees ‘Spectacular’ #Dubai Property Bounce Continuing - Bloomberg
Knight Frank Sees ‘Spectacular’ Dubai Property Bounce Continuing - Bloomberg
Dubai’s luxury home market should keep growing after a “spectacular turnaround” in 2021 fueled by the city’s recovery from the pandemic and openness to wealthy foreigners, according to Knight Frank.
Prime prices in Dubai accelerated 44% last year, sending the Middle East business hub to the top of Knight Frank’s Prime International Residential Index 100, according to the property consultant. Still, overall prices are 30% below their 2014 peak.
“The relentless demand from the world’s wealthy has fueled a spectacular turnaround in the fortunes of Dubai’s residential market, with the decisive handling of Covid-19 by the authorities attracting the attention of global investors,” Faisal Durrani, head of Middle East research at Knight Frank, wrote in a note.
The luxury end of the market came alive in Dubai last year after it became a haven for the wealthy escaping lockdowns and for others drawn by the ease of getting vaccinated. It also provided an additional lure after a property downturn shaved more than a third off values.
Last week, a Brookfield Asset Management Inc. joint venture signed Dubai’s largest office deal since 2019 after a Middle Eastern food-delivery firm decided to establish its regional headquarters there.
“It’s unlikely the growth of 2021 will be repeated this year, but with such limited prime stock, the top end of the market still has room for growth,” Durrani wrote.
Dubai’s luxury home market should keep growing after a “spectacular turnaround” in 2021 fueled by the city’s recovery from the pandemic and openness to wealthy foreigners, according to Knight Frank.
Prime prices in Dubai accelerated 44% last year, sending the Middle East business hub to the top of Knight Frank’s Prime International Residential Index 100, according to the property consultant. Still, overall prices are 30% below their 2014 peak.
“The relentless demand from the world’s wealthy has fueled a spectacular turnaround in the fortunes of Dubai’s residential market, with the decisive handling of Covid-19 by the authorities attracting the attention of global investors,” Faisal Durrani, head of Middle East research at Knight Frank, wrote in a note.
The luxury end of the market came alive in Dubai last year after it became a haven for the wealthy escaping lockdowns and for others drawn by the ease of getting vaccinated. It also provided an additional lure after a property downturn shaved more than a third off values.
Last week, a Brookfield Asset Management Inc. joint venture signed Dubai’s largest office deal since 2019 after a Middle Eastern food-delivery firm decided to establish its regional headquarters there.
“It’s unlikely the growth of 2021 will be repeated this year, but with such limited prime stock, the top end of the market still has room for growth,” Durrani wrote.
#AbuDhabi's Etihad Airways trims losses on higher cargo revenues, cost control | Reuters
Abu Dhabi's Etihad Airways trims losses on higher cargo revenues, cost control | Reuters
Abu Dhabi's Etihad Airways trimmed its losses for last year on higher cargo revenues and prudent cost control, the company said in a statement on Tuesday.
Net loss for the year 2021 stood at $476 million, compared with a loss of $1.70 billion in the year earlier, the statement said.
This is the sixth consecutive loss for the Abu Dhabi carrier, with accumulated losses of around $7.8 billion since 2016.
Etihad started its turnaround drive four years ago as losses piled up after a splurge in spending aimed at competing with major Gulf carriers Emirates and Qatar Airways.
Cargo operations outperformed expectations with a 27% increase year-on-year in freight carried in 2021, boosted by pharmaceutical shipments during the pandemic, it said.
Cargo revenues rose 49% to $1.73 billion, the company said, the highest in the airline's history.
It said the airline focused on cost control, cutting operating costs by another $110 million, despite rising fuel costs driven by higher oil prices.
Abu Dhabi's Etihad Airways trimmed its losses for last year on higher cargo revenues and prudent cost control, the company said in a statement on Tuesday.
Net loss for the year 2021 stood at $476 million, compared with a loss of $1.70 billion in the year earlier, the statement said.
This is the sixth consecutive loss for the Abu Dhabi carrier, with accumulated losses of around $7.8 billion since 2016.
Etihad started its turnaround drive four years ago as losses piled up after a splurge in spending aimed at competing with major Gulf carriers Emirates and Qatar Airways.
Cargo operations outperformed expectations with a 27% increase year-on-year in freight carried in 2021, boosted by pharmaceutical shipments during the pandemic, it said.
Cargo revenues rose 49% to $1.73 billion, the company said, the highest in the airline's history.
It said the airline focused on cost control, cutting operating costs by another $110 million, despite rising fuel costs driven by higher oil prices.
Biggest #Saudi IPO Since Aramco Seeks to Raise $1.36 Billion - Bloomberg
Biggest Saudi IPO Since Aramco Seeks to Raise $1.36 Billion - Bloomberg
Saudi Arabia’s largest pharmacy retail chain is seeking to raise as much $1.36 billion from an IPO, in what could be the largest listing in the kingdom since oil giant Saudi Aramco went public in 2019.
The price range for Nahdi Medical Co.’s initial public offering has been set at 119 riyals ($31.72) to 131 riyals per share, according to a statement. Institutional book-building for 39 million shares will start Tuesday and end on March 7, with a three-day subscription period for individual investors starting March 13.
More family-owned businesses in Saudi Arabia are listing on the kingdom’s exchange as share sales see huge investor demand, with most IPOs getting priced at the top of offering ranges. The most recent wave has already seen a digital security firm owned by Saudi Arabia’s wealth fund draw about $57 billion in orders from institutional investors.
Saudi Arabia’s benchmark Tadawul All Share Index climbed 11.7% this year in dollar terms, making it the eighth best performing stock benchmark globally. The MSCI Emerging Markets Index is down 4.7% in the same period, amid a slump in global equities.
Saudi Arabian companies raised almost $9.3 billion from share offerings last year, making Riyadh the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg. ACWA Power International’s $1.2 billion IPO last year was the largest since Aramco raised almost $30 billion in the world’s biggest ever stock offering.
Units of HSBC Holdings Plc and Saudi National Bank are managing Nahdi Medical’s IPO.
Saudi Arabia’s largest pharmacy retail chain is seeking to raise as much $1.36 billion from an IPO, in what could be the largest listing in the kingdom since oil giant Saudi Aramco went public in 2019.
The price range for Nahdi Medical Co.’s initial public offering has been set at 119 riyals ($31.72) to 131 riyals per share, according to a statement. Institutional book-building for 39 million shares will start Tuesday and end on March 7, with a three-day subscription period for individual investors starting March 13.
More family-owned businesses in Saudi Arabia are listing on the kingdom’s exchange as share sales see huge investor demand, with most IPOs getting priced at the top of offering ranges. The most recent wave has already seen a digital security firm owned by Saudi Arabia’s wealth fund draw about $57 billion in orders from institutional investors.
Saudi Arabia’s benchmark Tadawul All Share Index climbed 11.7% this year in dollar terms, making it the eighth best performing stock benchmark globally. The MSCI Emerging Markets Index is down 4.7% in the same period, amid a slump in global equities.
Saudi Arabian companies raised almost $9.3 billion from share offerings last year, making Riyadh the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg. ACWA Power International’s $1.2 billion IPO last year was the largest since Aramco raised almost $30 billion in the world’s biggest ever stock offering.
Units of HSBC Holdings Plc and Saudi National Bank are managing Nahdi Medical’s IPO.
Gulf bourses mixed, tracking global mood | Reuters
Gulf bourses mixed, tracking global mood | Reuters
Stock markets in the Middle East were mixed on Tuesday as a degree of calm returned after discussions between Russia and Ukraine ended with no agreement except to keep talking.
Asian stocks regained some composure, while oil prices climbed as concerns over potential supply disruption amid Russia's invasion of Ukraine outweighed talks of a coordinated global release of crude stocks to calm markets.
Saudi Arabia's benchmark index (.TASI) rose 0.6%, a day after posting its biggest daily percentage gain since Feb. 14.
Financials rose, with Al-Rajhi Bank (1120.SE) and Saudi National Bank (1180.SE) up over 1%.
Scientific and Medical Equipment House (4014.SE) rose 17% in its second day of trading.
Dubai's main index (.DFMGI) was up marginally.
Emirates Integrated Telecommunications Company (DU.DU) drove gains with a 2.6% rise. The company said on Monday it would hold a general meeting later this month seeking approval for its dividend and dividend policy.
In Abu Dhabi, the index (.FTFADGI) fell 0.5%, after marking its best session since Dec. 6 on Monday.
Abu Dhabi Ports Company (ADPORTS.AD) was up 0.3%, after the company said it had signed a deal for a metal park in Kizad.
The Qatari index (.QSI) edged 0.3% higher, boosted by heavyweights Qatar National Bank (QNBK.QA) and Qatar Islamic Bank (QISB.QA).
Qatar Gas Transport (QGTS.QA) was down nearly 5%, a day after it said shareholders approved raising foreign ownership to 100%.
Stock markets in the Middle East were mixed on Tuesday as a degree of calm returned after discussions between Russia and Ukraine ended with no agreement except to keep talking.
Asian stocks regained some composure, while oil prices climbed as concerns over potential supply disruption amid Russia's invasion of Ukraine outweighed talks of a coordinated global release of crude stocks to calm markets.
Saudi Arabia's benchmark index (.TASI) rose 0.6%, a day after posting its biggest daily percentage gain since Feb. 14.
Financials rose, with Al-Rajhi Bank (1120.SE) and Saudi National Bank (1180.SE) up over 1%.
Scientific and Medical Equipment House (4014.SE) rose 17% in its second day of trading.
Dubai's main index (.DFMGI) was up marginally.
Emirates Integrated Telecommunications Company (DU.DU) drove gains with a 2.6% rise. The company said on Monday it would hold a general meeting later this month seeking approval for its dividend and dividend policy.
In Abu Dhabi, the index (.FTFADGI) fell 0.5%, after marking its best session since Dec. 6 on Monday.
Abu Dhabi Ports Company (ADPORTS.AD) was up 0.3%, after the company said it had signed a deal for a metal park in Kizad.
The Qatari index (.QSI) edged 0.3% higher, boosted by heavyweights Qatar National Bank (QNBK.QA) and Qatar Islamic Bank (QISB.QA).
Qatar Gas Transport (QGTS.QA) was down nearly 5%, a day after it said shareholders approved raising foreign ownership to 100%.
Oil prices jump as Ukraine conflict stokes supply concerns | Reuters
Oil prices jump as Ukraine conflict stokes supply concerns | Reuters
Oil prices surged on Tuesday as concerns over potential supply disruptions after Russia's invasion of Ukraine and related sanctions outweighing talks of a coordinated global crude stocks release.
May Brent crude futures were up $3.04, or 3.1%, to $101.01 a barrel by 0843 GMT. The benchmark touched a seven-year high of $105.79 after the invasion began last week.
U.S. West Texas Intermediate (WTI) April crude futures were up $2.56, or 2.67%, at $98.28. The contract touched a high of $99.10 a barrel the previous day, ending up more than 4%. read more
A huge Russian military convoy approached Ukraine's capital Kyiv on Tuesday after ceasefire talks between Russia and Ukraine failed to reach a breakthrough. read more
Oil prices surged on Tuesday as concerns over potential supply disruptions after Russia's invasion of Ukraine and related sanctions outweighing talks of a coordinated global crude stocks release.
May Brent crude futures were up $3.04, or 3.1%, to $101.01 a barrel by 0843 GMT. The benchmark touched a seven-year high of $105.79 after the invasion began last week.
U.S. West Texas Intermediate (WTI) April crude futures were up $2.56, or 2.67%, at $98.28. The contract touched a high of $99.10 a barrel the previous day, ending up more than 4%. read more
A huge Russian military convoy approached Ukraine's capital Kyiv on Tuesday after ceasefire talks between Russia and Ukraine failed to reach a breakthrough. read more