Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay | Reuters
Oil prices jumped on Monday to their highest levels since 2008 as the United States and European allies considered banning Russian oil imports while it looked less likely that Iranian crude would return switftly to global markets.
Brent rose $5.1, or 4.3%, to settle at $123.21 a barrel, and U.S. West Texas Intermediate (WTI) rose $3.72, or 3.2%, to settle at $119.40 a barrel. During the session, both benchmarks hit the highest since July 2008 with Brent hitting $139.13 a barrel and WTI $130.50.
"The bigger picture is that supply disruptions are getting worse," said Andrew Lipow, president of Lipow Oil Associates in Houston. "Nobody wants to touch anything related to Russia."
Global oil prices have spiked about 60% since the start of 2022, raising concerns about global economic growth and stagflation. China, the world's No. 2 economy, is targeting slower growth of 5.5% this year. read more
On Sunday, U.S. Secretary of State Antony Blinken said the United States and European allies were exploring banning imports of Russian oil. The White House on Monday said President Joe Biden has not made a decision on a ban on Russian oil imports. read more
Monday, 7 March 2022
#SaudiArabia’s First Movie Chain Plans Landmark IPO - Bloomberg
Saudi Arabia’s First Movie Chain Plans Landmark IPO - Bloomberg
A Saudi Arabian firm is seeking to become the first movie chain to list in the kingdom and has hired the investment banking arm of Banque Saudi Fransi as an adviser, people familiar with the matter said.
Muvi Cinemas expects to be valued at as much as $800 million in the direct listing, the people said, asking not to be identified as the information is private. The chain may list on the smaller Nomu market as soon as this month, they said.
Muvi Cinemas and Fransi Capital declined to comment.
Saudi Arabia set out plans to remove a decades-long ban on public cinemas in late 2017, as part plans to overhaul its economy. The kingdom said at the time it wanted to reach 2,000 screens in more than 300 cinemas by 2030, with the industry expected to contribute about $24 billion to the economy and add more than 30,000 permanent jobs.
Founded in 2019, Muvi is Saudi Arabia’s first homegrown cinema brand. According to its website, the firm has operations in about 10 cities and about 200 screens.
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.
A Saudi Arabian firm is seeking to become the first movie chain to list in the kingdom and has hired the investment banking arm of Banque Saudi Fransi as an adviser, people familiar with the matter said.
Muvi Cinemas expects to be valued at as much as $800 million in the direct listing, the people said, asking not to be identified as the information is private. The chain may list on the smaller Nomu market as soon as this month, they said.
Muvi Cinemas and Fransi Capital declined to comment.
Saudi Arabia set out plans to remove a decades-long ban on public cinemas in late 2017, as part plans to overhaul its economy. The kingdom said at the time it wanted to reach 2,000 screens in more than 300 cinemas by 2030, with the industry expected to contribute about $24 billion to the economy and add more than 30,000 permanent jobs.
Founded in 2019, Muvi is Saudi Arabia’s first homegrown cinema brand. According to its website, the firm has operations in about 10 cities and about 200 screens.
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.
#UAE's flydubai 2021 profit rebounds above pre-pandemic levels | Reuters
UAE's flydubai 2021 profit rebounds above pre-pandemic levels | Reuters
United Arab Emirates carrier flydubai swung to a profit of 841 million dirhams ($229 million) last year surpassing pre-pandemic figures as demand increased after travel curbs eased globally, it said on Monday.
The profit compared with a loss of 712.6 million dirhams in 2020 when the airline, which lacks a domestic market, was hit by international closures imposed because of the COVID-19 crisis.
Revenue jumped 86% to 5.3 billion dirhams.
The profit figures even topped the 198.2 million dirhams reported in 2019.
"With the lifting of restrictions across our network and increasing demand for travel, we are cautiously optimistic about the year ahead notwithstanding the geopolitical situation and its potential effect on the pricing of commodities," CEO Ghaith Al Ghaith said.
"As the momentum for travel continues to build, we will increase frequencies and introduce new destinations on our network during 2022," Al Ghaith added.
The carrier carried 5.6 million passengers during the year, representing a 76% rise from the last year with the number of flights surpassing pre-pandemic levels in December when the airline operated 6,430 flights.
The flydubai fleet expanded by eight jets to 59 aircraft in 2021.
United Arab Emirates carrier flydubai swung to a profit of 841 million dirhams ($229 million) last year surpassing pre-pandemic figures as demand increased after travel curbs eased globally, it said on Monday.
The profit compared with a loss of 712.6 million dirhams in 2020 when the airline, which lacks a domestic market, was hit by international closures imposed because of the COVID-19 crisis.
Revenue jumped 86% to 5.3 billion dirhams.
The profit figures even topped the 198.2 million dirhams reported in 2019.
"With the lifting of restrictions across our network and increasing demand for travel, we are cautiously optimistic about the year ahead notwithstanding the geopolitical situation and its potential effect on the pricing of commodities," CEO Ghaith Al Ghaith said.
"As the momentum for travel continues to build, we will increase frequencies and introduce new destinations on our network during 2022," Al Ghaith added.
The carrier carried 5.6 million passengers during the year, representing a 76% rise from the last year with the number of flights surpassing pre-pandemic levels in December when the airline operated 6,430 flights.
The flydubai fleet expanded by eight jets to 59 aircraft in 2021.
Ukraine crisis jeopardises Middle East's Black Sea wheat supply | Reuters
Ukraine crisis jeopardises Middle East's Black Sea wheat supply | Reuters
Wheat importers face a threat to delivering politically sensitive bread supplies across the Middle East and North Africa (MENA) after Russia's invasion of Ukraine closed off access to the lower priced Black Sea grain they depend on.
The ensuing conflict has halted shipping from Ukraine's ports, while financial sanctions have put payments for purchases of Russian wheat in doubt, traders and bankers say, adding another to the risk for governments in the MENA region already struggling with import costs, economic crises or conflict.
"Everyone is looking for other markets as it's becoming increasingly impossible to buy stocks from Ukraine or Russia," a Middle Eastern commodities banker said, citing disruption to shipping, escalating sanctions and rising insurance premiums.
"The market is not expecting Ukrainian and Russian exports to resume until the fighting ends," one trader said.
Wheat importers face a threat to delivering politically sensitive bread supplies across the Middle East and North Africa (MENA) after Russia's invasion of Ukraine closed off access to the lower priced Black Sea grain they depend on.
The ensuing conflict has halted shipping from Ukraine's ports, while financial sanctions have put payments for purchases of Russian wheat in doubt, traders and bankers say, adding another to the risk for governments in the MENA region already struggling with import costs, economic crises or conflict.
"Everyone is looking for other markets as it's becoming increasingly impossible to buy stocks from Ukraine or Russia," a Middle Eastern commodities banker said, citing disruption to shipping, escalating sanctions and rising insurance premiums.
"The market is not expecting Ukrainian and Russian exports to resume until the fighting ends," one trader said.
Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay | Reuters
Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay | Reuters
Oil prices jumped on Monday to their highest levels since 2008 as the United States and European allies considered banning Russian oil imports while it looked less likely that Iranian crude would return switftly to global markets.
By 12:45 p.m. EST (1745 GMT), Brent had gained $4.86, or 4.1%, to $122.97 a barrel, and U.S. West Texas Intermediate (WTI) rose $2.85, or 2.5%, to $118.53 a barrel. During the session, both benchmarks hit the highest since July 2008 with Brent hitting $139.13 a barrel and WTI $130.50.
"The original spikes were on embargo worries, but then a lot of countries came out and said they won't do it," said Bob Yawger, director of energy futures at Mizuho. "Western European countries are not in a position to embargo, and that's why markets are lower now as people are starting to realize it."
Global oil prices have spiked about 60% since the start of 2022, raising concerns about global economic growth and stagflation. China, the world's No. 2 economy, is targeting slower growth of 5.5% this year. read more
Oil prices jumped on Monday to their highest levels since 2008 as the United States and European allies considered banning Russian oil imports while it looked less likely that Iranian crude would return switftly to global markets.
By 12:45 p.m. EST (1745 GMT), Brent had gained $4.86, or 4.1%, to $122.97 a barrel, and U.S. West Texas Intermediate (WTI) rose $2.85, or 2.5%, to $118.53 a barrel. During the session, both benchmarks hit the highest since July 2008 with Brent hitting $139.13 a barrel and WTI $130.50.
"The original spikes were on embargo worries, but then a lot of countries came out and said they won't do it," said Bob Yawger, director of energy futures at Mizuho. "Western European countries are not in a position to embargo, and that's why markets are lower now as people are starting to realize it."
Global oil prices have spiked about 60% since the start of 2022, raising concerns about global economic growth and stagflation. China, the world's No. 2 economy, is targeting slower growth of 5.5% this year. read more
Abu Dhabi Ports to be included in FTSE ADX indices from March 21
Abu Dhabi Ports to be included in FTSE ADX indices from March 21
The Abu Dhabi Securities Exchange (ADX), which has reviewed and rebalanced the FTSE ADX Index Series, has included Abu Dhabi Ports PJSC in two indices effective March 21, 2022.
The ports and logistics parks operator, controlled by state investor ADQ, will be included in the FTSE ADX General Index and the FTSE ADX Industrials Sector Index, an ADX statement said on Monday.
There were no deletions following the review.
The exchange last year signed an agreement with FTSE Russell to develop co-branded indices, including a tradable FTSE ADX Blue Chip Index that is expected to be launched this year.
The Abu Dhabi Securities Exchange (ADX), which has reviewed and rebalanced the FTSE ADX Index Series, has included Abu Dhabi Ports PJSC in two indices effective March 21, 2022.
The ports and logistics parks operator, controlled by state investor ADQ, will be included in the FTSE ADX General Index and the FTSE ADX Industrials Sector Index, an ADX statement said on Monday.
There were no deletions following the review.
The exchange last year signed an agreement with FTSE Russell to develop co-branded indices, including a tradable FTSE ADX Blue Chip Index that is expected to be launched this year.
#UAE ‘Gray List’ Status Unlikely to Significantly Hinder Economy - Bloomberg
UAE ‘Gray List’ Status Unlikely to Significantly Hinder Economy - Bloomberg
The United Arab Emirates’ addition to a global watchdog’s list of countries subject to greater monitoring for shortcomings in tackling illicit finance is “unlikely to be a significant blow” to its economy, according to S&P Global Ratings.
“The placement means the country has committed to swiftly resolve strategic deficiencies in its regimes to prevent money laundering, terrorist financing, and proliferation financing, within agreed timeframes, and is subject to increased FATF monitoring,” according to a report.
The UAE was last week added to the Paris-based Financial Action Task Force’s “gray list,” one of the two classifications used by the intergovernmental body for countries determined to have “strategic deficiencies.” The UAE on its part reiterated its commitment to working with the FATF on seeing the action plan through.
S&P, however, said the additional checks and compliance requirements could “increase the cost of foreign funding and potentially make financial transactions more onerous” in the Gulf nation.
The United Arab Emirates’ addition to a global watchdog’s list of countries subject to greater monitoring for shortcomings in tackling illicit finance is “unlikely to be a significant blow” to its economy, according to S&P Global Ratings.
“The placement means the country has committed to swiftly resolve strategic deficiencies in its regimes to prevent money laundering, terrorist financing, and proliferation financing, within agreed timeframes, and is subject to increased FATF monitoring,” according to a report.
The UAE was last week added to the Paris-based Financial Action Task Force’s “gray list,” one of the two classifications used by the intergovernmental body for countries determined to have “strategic deficiencies.” The UAE on its part reiterated its commitment to working with the FATF on seeing the action plan through.
S&P, however, said the additional checks and compliance requirements could “increase the cost of foreign funding and potentially make financial transactions more onerous” in the Gulf nation.
Column: Hedge funds anticipate oil price spike, possible recession: Kemp | Reuters
Column: Hedge funds anticipate oil price spike, possible recession: Kemp | Reuters
Oil traders are anticipating a sharp spike in prices that will likely bring on a business cycle slowdown after Russia’s invasion of Ukraine was met by severe sanctions that are disrupting the country’s petroleum exports.
Hedge funds and other money managers purchased the equivalent of 16 million barrels in the six most important petroleum futures and options contracts in the week to March 1, according to exchange and regulatory data.
Portfolio managers remain strongly bullish towards petroleum, with a net long position of 731 million barrels, which lies in the 65th percentile for all weeks since 2013 (https://tmsnrt.rs/3hH1BJv).
Bullish long positions outnumber bearish short ones by a ratio of almost 7:1, in the 84th percentile, but the overall position has not changed much since the middle of January.
Last week’s position changes were driven primarily by the reduction of previous bearish short positions (-20 million barrels) rather than creation of new bullish long ones (-4 million barrels).
Oil traders are anticipating a sharp spike in prices that will likely bring on a business cycle slowdown after Russia’s invasion of Ukraine was met by severe sanctions that are disrupting the country’s petroleum exports.
Hedge funds and other money managers purchased the equivalent of 16 million barrels in the six most important petroleum futures and options contracts in the week to March 1, according to exchange and regulatory data.
Portfolio managers remain strongly bullish towards petroleum, with a net long position of 731 million barrels, which lies in the 65th percentile for all weeks since 2013 (https://tmsnrt.rs/3hH1BJv).
Bullish long positions outnumber bearish short ones by a ratio of almost 7:1, in the 84th percentile, but the overall position has not changed much since the middle of January.
Last week’s position changes were driven primarily by the reduction of previous bearish short positions (-20 million barrels) rather than creation of new bullish long ones (-4 million barrels).
Oil price spikes to $139 on talks about Russia oil ban, Iran deal delay | Reuters
Oil price spikes to $139 on talks about Russia oil ban, Iran deal delay | Reuters
Oil prices spiked to their highest levels since 2008 on Monday amid market supply fears as the United States and European allies considered banning Russian oil imports and prospects for a swift return of Iranian crude to global markets receded.
In the first few minutes of trade Brent crude reached $139.13 a barrel and U.S. West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest since July 2008.
By 1204 GMT, prices had eased back, with Brent up 6.3% at $125.55 per and WTI up 6.7% at $123.37.
Global oil prices have spiked more than 60% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. China, the world's No. 2 economy, is already targeting slower growth of 5.5% this year. read more
Oil prices spiked to their highest levels since 2008 on Monday amid market supply fears as the United States and European allies considered banning Russian oil imports and prospects for a swift return of Iranian crude to global markets receded.
In the first few minutes of trade Brent crude reached $139.13 a barrel and U.S. West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest since July 2008.
By 1204 GMT, prices had eased back, with Brent up 6.3% at $125.55 per and WTI up 6.7% at $123.37.
Global oil prices have spiked more than 60% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. China, the world's No. 2 economy, is already targeting slower growth of 5.5% this year. read more
Gulf markets end mixed as oil prices jump to $139 | Reuters
Gulf markets end mixed as oil prices jump to $139 | Reuters
Major Gulf bourses ended mixed on Monday with oil prices jumping to levels last seen in 2008 amid market supply fears following Russia's invasion of Ukraine.
Brent crude oil prices surged by as much as 17.8% to $139 a barrel as the United States and European allies considered banning Russian oil imports and prospects for a swift return of Iranian crude to global markets receded.
Meanwhile, other commodity prices also soared while shares sank in frantic trading across global markets.
"The Saudi stock market is also seeing a decrease in prices following the concerns around the impact of the conflict in Europe on the global economy," said Farah Mourad, Senior Market Analyst of XTB MENA.
Energy-heavy Saudi Arabia's benchmark share index (.TASI) ended flat, with losses in financials offsetting gains in material and energy stocks.
Saudi Aramco (2222.SE) rose 0.4%, after gaining as much as 3.1% to a record high of 46 riyals ($12.26).
Aramco raised the April official selling prices for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs. read more
Dubai's main index (.DFMGI) fell 0.9%, down for a second consecutive session, after gaining 4.1% the previous week.
Abu Dhabi's index (.FTFADGI) ended flat while the Qatari index (.QSI) rose nearly 1% in its sixth straight session of gains.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 3.6%, in its biggest loss in over ten days.
Major Gulf bourses ended mixed on Monday with oil prices jumping to levels last seen in 2008 amid market supply fears following Russia's invasion of Ukraine.
Brent crude oil prices surged by as much as 17.8% to $139 a barrel as the United States and European allies considered banning Russian oil imports and prospects for a swift return of Iranian crude to global markets receded.
Meanwhile, other commodity prices also soared while shares sank in frantic trading across global markets.
"The Saudi stock market is also seeing a decrease in prices following the concerns around the impact of the conflict in Europe on the global economy," said Farah Mourad, Senior Market Analyst of XTB MENA.
Energy-heavy Saudi Arabia's benchmark share index (.TASI) ended flat, with losses in financials offsetting gains in material and energy stocks.
Saudi Aramco (2222.SE) rose 0.4%, after gaining as much as 3.1% to a record high of 46 riyals ($12.26).
Aramco raised the April official selling prices for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs. read more
Dubai's main index (.DFMGI) fell 0.9%, down for a second consecutive session, after gaining 4.1% the previous week.
Abu Dhabi's index (.FTFADGI) ended flat while the Qatari index (.QSI) rose nearly 1% in its sixth straight session of gains.
Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 3.6%, in its biggest loss in over ten days.
#Dubai’s Drake & Scull completes restructuring plan, reaches settlements with lenders
Dubai’s Drake & Scull completes restructuring plan, reaches settlements with lenders
Dubai-based engineering and construction firm Drake & Scull International (DSI), which endured several years of losses, announced on Monday the completion of its financial restructuring plan after reaching settlements with multiple lenders.
The company also said it is now looking to return to growth in the coming years and resume trading on the Dubai Financial Market (DFM), where its shares are listed.
“The company’s management has been notified by the Financial Reorganisation Committee (FRC) that the restructuring is officially completed,” DSI said in a statement to DFM, adding that it was able to reach settlements with “a number of creditors”.
“[The company] thereby achieved the required voting percentage for a consensual agreement, which exceeded two-thirds of the creditors’ claims in terms of the value of the indebtedness,” DSI said.
DSI had previously agreed “in principle” with “a group of the largest lenders” to restructure its debt. In July, the company said it was preparing to circulate numerous legal documents to 600-plus creditors to finalise the restructuring plan.
A percentage of votes from creditors, representing two-thirds of the claims, was required for DSI to reach a consensual agreement.
“[With the agreement reached,] we look forward to the decision of the Dubai Courts in regards to the submitted application and anticipated completion of the restructuring process,” said Shafiq Abdelhamid, Chairman of DSI.
The company also said it is now looking to return to growth in the coming years and resume trading on the Dubai Financial Market (DFM), where its shares are listed.
“The company’s management has been notified by the Financial Reorganisation Committee (FRC) that the restructuring is officially completed,” DSI said in a statement to DFM, adding that it was able to reach settlements with “a number of creditors”.
“[The company] thereby achieved the required voting percentage for a consensual agreement, which exceeded two-thirds of the creditors’ claims in terms of the value of the indebtedness,” DSI said.
DSI had previously agreed “in principle” with “a group of the largest lenders” to restructure its debt. In July, the company said it was preparing to circulate numerous legal documents to 600-plus creditors to finalise the restructuring plan.
A percentage of votes from creditors, representing two-thirds of the claims, was required for DSI to reach a consensual agreement.
“[With the agreement reached,] we look forward to the decision of the Dubai Courts in regards to the submitted application and anticipated completion of the restructuring process,” said Shafiq Abdelhamid, Chairman of DSI.
Brent spikes to $139 on prospect of Russia oil ban, delay in Iran deal | Reuters
Brent spikes to $139 on prospect of Russia oil ban, delay in Iran deal | Reuters
Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears.
In the first few minutes of trade Brent crude reached $139.13 and U.S. West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest levels since July 2008.
By 1017 GMT, prices had lost some of those gains, with Brent up $6.60, or 5.6%, at $124.71 per barrel, and WTI up $6.67, or 5.8%, at $122.35.
The United States and European allies are exploring banning imports of Russian oil, U.S. Secretary of State Antony Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban. read more
Analysts at Bank of America said if most of Russia's oil exports are cut off, there could be a 5 million barrel per day (bpd) or larger shortfall, and that means oil prices could go as high as $200.
Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears.
In the first few minutes of trade Brent crude reached $139.13 and U.S. West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest levels since July 2008.
By 1017 GMT, prices had lost some of those gains, with Brent up $6.60, or 5.6%, at $124.71 per barrel, and WTI up $6.67, or 5.8%, at $122.35.
The United States and European allies are exploring banning imports of Russian oil, U.S. Secretary of State Antony Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban. read more
Analysts at Bank of America said if most of Russia's oil exports are cut off, there could be a 5 million barrel per day (bpd) or larger shortfall, and that means oil prices could go as high as $200.
#SaudiArabia Prince’s $500 Billion ‘Neom’ Megaproject Woos Wall Street - Bloomberg
Saudi Arabia Prince’s $500 Billion ‘Neom’ Megaproject Woos Wall Street - Bloomberg
Executives from the Saudi crown prince’s “Neom” megaproject have invited bankers and investors to a meeting in New York next month as they try to drum up international interest in their $500 billion plan to build a high-tech hub from scratch.
Neom’s chief executive Nadhmi Al-Nasr and finance sector head Layth Al-Shaiban are scheduled to attend the event in early April, according to people familiar with the matter. Invitations were sent to private equity firms, bankers and construction suppliers for the gathering, which aims to gauge interest in the project, one of the people said. It’s potentially one of a series of events in multiple American cities, and follows a similar event in London last year, another person said.
Neom didn’t immediately respond to a request for comment.
Announced in 2017, Neom is the crown jewel of Crown Prince Mohammed bin Salman’s program to overhaul the economy of the world’s largest oil exporter. His plans to turn the remote region on the kingdom’s northwest Red Sea coast into a high tech hub filled with robots encapsulates the major elements of his so-called “Vision 2030” to diversify away from crude, loosen social restrictions and boost investment.
Executives from the Saudi crown prince’s “Neom” megaproject have invited bankers and investors to a meeting in New York next month as they try to drum up international interest in their $500 billion plan to build a high-tech hub from scratch.
Neom’s chief executive Nadhmi Al-Nasr and finance sector head Layth Al-Shaiban are scheduled to attend the event in early April, according to people familiar with the matter. Invitations were sent to private equity firms, bankers and construction suppliers for the gathering, which aims to gauge interest in the project, one of the people said. It’s potentially one of a series of events in multiple American cities, and follows a similar event in London last year, another person said.
Neom didn’t immediately respond to a request for comment.
Announced in 2017, Neom is the crown jewel of Crown Prince Mohammed bin Salman’s program to overhaul the economy of the world’s largest oil exporter. His plans to turn the remote region on the kingdom’s northwest Red Sea coast into a high tech hub filled with robots encapsulates the major elements of his so-called “Vision 2030” to diversify away from crude, loosen social restrictions and boost investment.
Sequoia, STV Lead $54 Million Funding for Gulf Fintech Tabby - Bloomberg
Sequoia, STV Lead $54 Million Funding for Gulf Fintech Tabby - Bloomberg
Sequoia Capital India and Saudi venture capital firm STV led a $54 million funding round for Tabby, the Middle East’s largest buy-now, pay-later provider, as demand fintech solutions booms.
Existing investors Mubadala Investment Capital, Arbor Ventures, and Global Founders Capital also participated in the Series B capital raise, according to a statement. The firm has so far raised $180 million in debt and equity.
“We want to expand into markets where we see direct overlap either from a consumer or a merchant perspective,” Chief Executive Officer Hosam Arab said in an interview. The firm, which currently operates in Saudi Arabia and the United Arab Emirates, is also looking to expand its team to develop additional products and features, he said.
Tabby is among companies that are flourishing in the fintech sector as the pandemic accelerated the shift toward online retail and digital payments. Buy-now, pay-later services allow customers to purchase goods and then pay for them in installments or after a certain period of time free of interest.
The entire industry in the Middle East is “extremely under-penetrated and there is still significant room for expansion and opportunities for growth just within our core product of buy-now, pay-later,” Arab said.
Tabby competes in the Middle East with firms such as Saudi Arabia-based Tamara, which raised $110 million last year in one of the region’s largest startup investments to date.
Sequoia Capital India and Saudi venture capital firm STV led a $54 million funding round for Tabby, the Middle East’s largest buy-now, pay-later provider, as demand fintech solutions booms.
Existing investors Mubadala Investment Capital, Arbor Ventures, and Global Founders Capital also participated in the Series B capital raise, according to a statement. The firm has so far raised $180 million in debt and equity.
“We want to expand into markets where we see direct overlap either from a consumer or a merchant perspective,” Chief Executive Officer Hosam Arab said in an interview. The firm, which currently operates in Saudi Arabia and the United Arab Emirates, is also looking to expand its team to develop additional products and features, he said.
Tabby is among companies that are flourishing in the fintech sector as the pandemic accelerated the shift toward online retail and digital payments. Buy-now, pay-later services allow customers to purchase goods and then pay for them in installments or after a certain period of time free of interest.
The entire industry in the Middle East is “extremely under-penetrated and there is still significant room for expansion and opportunities for growth just within our core product of buy-now, pay-later,” Arab said.
Tabby competes in the Middle East with firms such as Saudi Arabia-based Tamara, which raised $110 million last year in one of the region’s largest startup investments to date.
#Dubai state utility DEWA to delay announcement of its intention to float -sources | Reuters
Dubai state utility DEWA to delay announcement of its intention to float -sources | Reuters
Dubai Electricity & Water Authority (DEWA) will delay the announcement of its intention to float (ITF), which was scheduled to take place on Monday, two sources told Reuters.
It was not immediately clear why the state utilities firm is delaying the announcement, which would have kicked off its much anticipated initial public offering process, said the sources, declining to be named as the matter is not public.
The company still plans to list in April, the sources said.
DEWA declined to comment when contacted by Reuters on Monday.
Two other sources last month said the company plans to offer at least 5% of its shares to investors, and one of them said the offering could go up to 10%. An institutional investor who has seen DEWA's investor presentation said the company could be valued at $27 billion to $37 billion. read more
The planned listing comes after Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity. read more
The listing plans aim to help the Dubai stock market compete more effectively with bigger exchanges in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi.
Dubai Electricity & Water Authority (DEWA) will delay the announcement of its intention to float (ITF), which was scheduled to take place on Monday, two sources told Reuters.
It was not immediately clear why the state utilities firm is delaying the announcement, which would have kicked off its much anticipated initial public offering process, said the sources, declining to be named as the matter is not public.
The company still plans to list in April, the sources said.
DEWA declined to comment when contacted by Reuters on Monday.
Two other sources last month said the company plans to offer at least 5% of its shares to investors, and one of them said the offering could go up to 10%. An institutional investor who has seen DEWA's investor presentation said the company could be valued at $27 billion to $37 billion. read more
The planned listing comes after Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity. read more
The listing plans aim to help the Dubai stock market compete more effectively with bigger exchanges in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi.
#Saudi Tadawul Exchange to Allow Single-Stock Futures From Next Quarter - Bloomberg
Saudi Tadawul Exchange to Allow Single-Stock Futures From Next Quarter - Bloomberg
Saudi Arabia will start futures trading on single stocks in the second quarter of this year, the head of the Tadawul stock exchange said, as the Middle East’s largest bourse moves to boost liquidity.
The Tadawul will initially select about 10 liquid companies for futures trading, Chief Executive Officer Khalid Al-Hussan said in an interview with Bloomberg TV on Monday.
“Post that, we will continue to seek investors’ demand on any additional single futures contracts to be added to the market,” he said.
The introduction of single-stock futures trading marks the latest move toward liberalizing Riyadh’s exchange and attracting foreign investors. The kingdom opened up one of the world’s most closed stock markets to increased international participation just over five years ago, and later allowing funds based abroad to buy into initial public offerings.
Saudi Arabia will start futures trading on single stocks in the second quarter of this year, the head of the Tadawul stock exchange said, as the Middle East’s largest bourse moves to boost liquidity.
The Tadawul will initially select about 10 liquid companies for futures trading, Chief Executive Officer Khalid Al-Hussan said in an interview with Bloomberg TV on Monday.
“Post that, we will continue to seek investors’ demand on any additional single futures contracts to be added to the market,” he said.
The introduction of single-stock futures trading marks the latest move toward liberalizing Riyadh’s exchange and attracting foreign investors. The kingdom opened up one of the world’s most closed stock markets to increased international participation just over five years ago, and later allowing funds based abroad to buy into initial public offerings.
#Saudi shares lifted by soaring oil, Aramco hits record high | Reuters
Saudi shares lifted by soaring oil, Aramco hits record high | Reuters
Soaring crude prices lifted shares of state oil producer Saudi Aramco to a record high on Monday, boosting Saudi Arabia's benchmark stock index, while other major Gulf bourses were mixed as markets continued to be roiled by the Ukraine-Russia conflict.
The euro extended its slide, hitting parity against the safe-haven Swiss franc, commodities of all stripes were on the rise and shares were dumped as Russian President Vladimir Putin vowed to press ahead with his invasion unless Kyiv surrendered. read more
Oil prices hit their highest since 2008, with Brent near $130 a barrel, as tight supply fears were fuelled by the United States and European allies weighing a Russian oil import ban and possible delays in the potential return of Iranian crude to global markets.
Energy-heavy Saudi Arabia's benchmark share index (.TASI) gained 0.5% with Saudi Aramco (2222.SE) rising for a fifth consecutive session, up as much as 3.1% to a high of 46 riyals ($12.26).
Aramco raised the April official selling prices for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs. read more
Dubai's main index (.DFMGI) fell 0.9%, down for a second consecutive session, dragged on by Emirates Integrated Telecommunications Company (DU.DU) and Dubai Islamic Bank (DISB.DU).
Abu Dhabi's index (.FTFADGI) dropped more than 1%.
The Qatari index (.QSI) was flat as gains in financial stocks were offset by losses in material and energy ones.
Qatar Aluminium Manufacturing (QAMC.QA) jumped as much as 8.5%.
Soaring crude prices lifted shares of state oil producer Saudi Aramco to a record high on Monday, boosting Saudi Arabia's benchmark stock index, while other major Gulf bourses were mixed as markets continued to be roiled by the Ukraine-Russia conflict.
The euro extended its slide, hitting parity against the safe-haven Swiss franc, commodities of all stripes were on the rise and shares were dumped as Russian President Vladimir Putin vowed to press ahead with his invasion unless Kyiv surrendered. read more
Oil prices hit their highest since 2008, with Brent near $130 a barrel, as tight supply fears were fuelled by the United States and European allies weighing a Russian oil import ban and possible delays in the potential return of Iranian crude to global markets.
Energy-heavy Saudi Arabia's benchmark share index (.TASI) gained 0.5% with Saudi Aramco (2222.SE) rising for a fifth consecutive session, up as much as 3.1% to a high of 46 riyals ($12.26).
Aramco raised the April official selling prices for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs. read more
Dubai's main index (.DFMGI) fell 0.9%, down for a second consecutive session, dragged on by Emirates Integrated Telecommunications Company (DU.DU) and Dubai Islamic Bank (DISB.DU).
Abu Dhabi's index (.FTFADGI) dropped more than 1%.
The Qatari index (.QSI) was flat as gains in financial stocks were offset by losses in material and energy ones.
Qatar Aluminium Manufacturing (QAMC.QA) jumped as much as 8.5%.
Oil spikes to 2008 highs as U.S., Europe mull Russian oil import ban | Reuters
Oil spikes to 2008 highs as U.S., Europe mull Russian oil import ban | Reuters
Brent crude soared near $130 a barrel on Monday, its highest since 2008, as the United States and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears.
Brent crude futures jumped $10.88, or 9.2%, to $128.99 a barrel by 0723 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $9.80, or 8.5%, to $125.48.
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50.
Monday's intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27.
Brent crude soared near $130 a barrel on Monday, its highest since 2008, as the United States and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears.
Brent crude futures jumped $10.88, or 9.2%, to $128.99 a barrel by 0723 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $9.80, or 8.5%, to $125.48.
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50.
Monday's intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27.
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