Airbus Says Terminating Qatar A321 Contract Won’t Free Capacity - Bloomberg
Qatar Airways denied it owes Airbus SE $220 million in compensation for failing to accept A350 deliveries, in the latest salvo in a bitter legal dispute.
The Gulf carrier said in documents made public Monday that it didn’t break its contract with Airbus when it refused to take two of the wide-body jets, and said the planemaker hadn’t properly explained how it arrived at the figure.
Qatar Airways, one of Airbus’s biggest customers, has been feuding with the planemaker over surface paint issues, rejecting further deliveries while the two sides argued and filing a lawsuit late last year. Airbus responded by canceling orders for two A350s and a separate order for 50 A321s, a smaller plane.
Qatar Airways, which has asked for more than $700 million, said on Monday that the surface flaws could leave the plane vulnerable to damage from a lighting strike. The airline said the European Union Aviation Safety Agency, which has backed Airbus’s contention that there’s no safety issue, hasn’t undertaken an “extensive analysis.”
Monday 21 March 2022
Crude settles up more than 7% as EU mulls Russian oil ban | Reuters
Crude settles up more than 7% as EU mulls Russian oil ban | Reuters
Oil prices settled up more than 7% on Monday, with global benchmark Brent climbing above $115 a barrel, as European Union nations disagreed on whether to join the United States in a Russian oil embargo after an attack on Saudi oil facilities. read more
Brent futures settled at $115.62 per barrel, up $7.69 or 7.12%, while U.S. West Texas Intermediate (WTI) crude futures settled at $112.12 per barrel, up $7.42 or 7.09%.
Such an embargo "could be the precipice for global trouble supply-wise," said John Kilduff, a partner at Again Capital LLC.
Given the uncertainty about the EU's potential ban of Russian petroleum imports, U.S. gasoline futures jumped 5%.
European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West's response to Moscow.
Oil prices settled up more than 7% on Monday, with global benchmark Brent climbing above $115 a barrel, as European Union nations disagreed on whether to join the United States in a Russian oil embargo after an attack on Saudi oil facilities. read more
Brent futures settled at $115.62 per barrel, up $7.69 or 7.12%, while U.S. West Texas Intermediate (WTI) crude futures settled at $112.12 per barrel, up $7.42 or 7.09%.
Such an embargo "could be the precipice for global trouble supply-wise," said John Kilduff, a partner at Again Capital LLC.
Given the uncertainty about the EU's potential ban of Russian petroleum imports, U.S. gasoline futures jumped 5%.
European Union governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West's response to Moscow.
Oil prices up more than $6 as EU considers Russian oil ban | Reuters
Oil prices up more than $6 as EU considers Russian oil ban | Reuters
Oil prices jumped by more than $6 on Monday, with Brent crude climbing above $114 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.
Brent crude futures were up $6.52, or 6%, at $114.45 a barrel by 1442 GMT, adding to a 1.2% rise on Friday.
U.S. West Texas Intermediate (WTI) crude futures rose $5.90, or 5.6%, to $110.60.
Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden in a series of summits that aims to harden the West's response to Moscow over its invasion of Ukraine.
Oil prices jumped by more than $6 on Monday, with Brent crude climbing above $114 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.
Brent crude futures were up $6.52, or 6%, at $114.45 a barrel by 1442 GMT, adding to a 1.2% rise on Friday.
U.S. West Texas Intermediate (WTI) crude futures rose $5.90, or 5.6%, to $110.60.
Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden in a series of summits that aims to harden the West's response to Moscow over its invasion of Ukraine.
#SaudiArabia, #Kuwait agree on developing Durra gas field in the Gulf | Reuters
Saudi Arabia, Kuwait agree on developing Durra gas field in the Gulf | Reuters
Saudi Arabia's energy minister has signed a document with his Kuwaiti counterpart to develop the Durra gas field, Kuwait Petroleum Corporation said in a statement on Monday.
The Durra field, which is shared between the two Gulf states, is expected to produce one billion standard cubic feet per day of gas and 84,000 barrels per day of condensates according to the statement.
Saudi Arabia's energy minister has signed a document with his Kuwaiti counterpart to develop the Durra gas field, Kuwait Petroleum Corporation said in a statement on Monday.
The Durra field, which is shared between the two Gulf states, is expected to produce one billion standard cubic feet per day of gas and 84,000 barrels per day of condensates according to the statement.
#AbuDhabi's Mubadala launches $1.5 bln of bonds-document | Reuters
Abu Dhabi's Mubadala launches $1.5 bln of bonds-document | Reuters
Abu Dhabi state investor Mubadala on Monday launched $1.5 billion five and 10-year bonds for sale, according to a document seen by Reuters.
Mubadala's unit Mamoura is selling $500 million worth of 5-year bonds at 80 basis points over U.S. Treasuries and $1 billion of 10-year bonds at 120 basis points over U.S. Treasuries, the document showed.
Mubadala Investment Co, which manages 894 billion dirhams ($243.42 billion) in assets, is Abu Dhabi's second-biggest sovereign investor after Abu Dhabi Investment Authority.
Abu Dhabi state investor Mubadala on Monday launched $1.5 billion five and 10-year bonds for sale, according to a document seen by Reuters.
Mubadala's unit Mamoura is selling $500 million worth of 5-year bonds at 80 basis points over U.S. Treasuries and $1 billion of 10-year bonds at 120 basis points over U.S. Treasuries, the document showed.
Mubadala Investment Co, which manages 894 billion dirhams ($243.42 billion) in assets, is Abu Dhabi's second-biggest sovereign investor after Abu Dhabi Investment Authority.
Airbus Says Terminating #Qatar A321 Contract Won’t Free Capacity - Bloomberg
Airbus Says Terminating Qatar A321 Contract Won’t Free Capacity - Bloomberg
The cancellation of an A321 order for Qatar Airways won’t release new industrial capacity for Airbus SE’s oversubscribed model, the manufacturer said in legal documents.
Airbus canceled the airline’s contract as part of an acrimonious legal dispute and Qatar Airways is seeking an injunction to reverse the cancellation. A U.K. court already ordered Airbus not to allocate those delivery slots before a hearing on the injunction next month.
Aircraft planning operates in the same way as an airline selling tickets for its flights, with more customers booked in than will eventually appear, Airbus lawyer Karl Hennessee said in a witness statement. This means that removing the airline from the planning doesn’t free up more capacity.
The A321 is popular with airlines due to its increased range and capacity and the order cancellation marked an escalation of the dispute between Airbus and a major customer. A judge will rule in a hearing next month whether the cancellation is allowed to stand.
Airbus has already provisionally added Qatar back into its plans, meaning that if the judge rules in the airline’s favor the A321 order could be accommodated “subject to delays following the termination of the contract,” Airbus said. It now estimates it could deliver the first aircraft around the fourth quarter of 2023, compared with an original delivery date of February 2023.
The cancellation of an A321 order for Qatar Airways won’t release new industrial capacity for Airbus SE’s oversubscribed model, the manufacturer said in legal documents.
Airbus canceled the airline’s contract as part of an acrimonious legal dispute and Qatar Airways is seeking an injunction to reverse the cancellation. A U.K. court already ordered Airbus not to allocate those delivery slots before a hearing on the injunction next month.
Aircraft planning operates in the same way as an airline selling tickets for its flights, with more customers booked in than will eventually appear, Airbus lawyer Karl Hennessee said in a witness statement. This means that removing the airline from the planning doesn’t free up more capacity.
The A321 is popular with airlines due to its increased range and capacity and the order cancellation marked an escalation of the dispute between Airbus and a major customer. A judge will rule in a hearing next month whether the cancellation is allowed to stand.
Airbus has already provisionally added Qatar back into its plans, meaning that if the judge rules in the airline’s favor the A321 order could be accommodated “subject to delays following the termination of the contract,” Airbus said. It now estimates it could deliver the first aircraft around the fourth quarter of 2023, compared with an original delivery date of February 2023.
ADQ: #AbuDhabi to Deepen Egypt Ties With Deals Worth $2 Billion - Bloomberg
ADQ: Abu Dhabi to Deepen Egypt Ties With Deals Worth $2 Billion - Bloomberg
An Abu Dhabi wealth fund agreed with Egypt to invest about $2 billion by buying state-held stakes in some companies, including the North African nation’s largest listed bank, according to people familiar with the deal.
Part of the agreement with ADQ involves it buying about 18% of Commercial International Bank, said the people who asked not to be identified as the talks are confidential.
Along with the CIB portion, which comprises about half the overall deal, ADQ is buying stakes in four other companies listed on Egypt’s stock market, including Fawry for Banking & Payment Technology Services SAE, the people said.
ADQ was not available to comment, while Fawry declined to comment.
An Abu Dhabi wealth fund agreed with Egypt to invest about $2 billion by buying state-held stakes in some companies, including the North African nation’s largest listed bank, according to people familiar with the deal.
Part of the agreement with ADQ involves it buying about 18% of Commercial International Bank, said the people who asked not to be identified as the talks are confidential.
Along with the CIB portion, which comprises about half the overall deal, ADQ is buying stakes in four other companies listed on Egypt’s stock market, including Fawry for Banking & Payment Technology Services SAE, the people said.
ADQ was not available to comment, while Fawry declined to comment.
#Saudi Aramco Sets Itself Apart From Rest of Big Oil on Dividends - Bloomberg
Saudi Aramco Sets Itself Apart From Rest of Big Oil on Dividends - Bloomberg
The world’s biggest listed oil producers have taken to boosting shareholder payouts following the surge in crude prices, with one notable exception.
Saudi Aramco on Sunday announced it would keep its dividend unchanged for 2021 at $75 billion. It’ll instead use extra money -- it generated $108 billion of free cash flow last year -- to reduce debt and increase oil and gas production capacity.
There’s little sign it will change course, even with crude up 45% this year to around $110 a barrel.
“We will continue to do a lot of deleveraging during these strong periods to retain flexibility during cyclical downturns,” Ziad al-Murshed, Aramco’s chief financial officer, told reporters. “We cannot ignore that we’re in a cyclical industry.”
The world’s biggest listed oil producers have taken to boosting shareholder payouts following the surge in crude prices, with one notable exception.
Saudi Aramco on Sunday announced it would keep its dividend unchanged for 2021 at $75 billion. It’ll instead use extra money -- it generated $108 billion of free cash flow last year -- to reduce debt and increase oil and gas production capacity.
There’s little sign it will change course, even with crude up 45% this year to around $110 a barrel.
“We will continue to do a lot of deleveraging during these strong periods to retain flexibility during cyclical downturns,” Ziad al-Murshed, Aramco’s chief financial officer, told reporters. “We cannot ignore that we’re in a cyclical industry.”
Egypt jumps over 4% to mark best day in nearly 2 years | Reuters
Egypt jumps over 4% to mark best day in nearly 2 years | Reuters
Egypt's blue-chip index posted its biggest percentage gain in nearly two years on Monday after the central bank hiked its interest rates, while other markets in the Middle East ended mixed.
The blue-chip index (.EGX30) ended 4.5% higher, after Egypt's central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting.
"The Egyptian stock market rose significantly after the central bank raised interest rates in a bid to fight inflation as the war in Ukraine pushes commodity prices higher still," said Daniel Takieddine, CEO MENA BDSwiss.
Stock markets around the world dropped as fighting in Ukraine raged on with no sign of a ceasefire even as diplomatic efforts continued.
Oil prices rose, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo.
The Saudi ministry said it would not bear responsibility for any shortages in oil supplies to global markets after recent attacks by Yemen's Iran-aligned Houthi group caused a temporary drop in output at a Saudi Aramco's (2222.SE) refinery joint venture in Yanbu. read more
Saudi Arabia's benchmark index (.TASI) slipped 0.3%. State-run Saudi Aramco (2222.SE) fell 0.7%, valuing it at 8.65 trillion riyals ($2.31 trillion).
Abdullah Al Othaim Markets (4001.SE) fell 2% after it began trading ex-dividend.
The Abu Dhabi index (.FTFADGI) fell for a second consecutive session, down 0.5%.
Dubai's main share index (.DFMGI) gained 0.3%, boosted by financials and communication services.
The Qatari index (.QSI) was up 0.4%.
Egypt's blue-chip index posted its biggest percentage gain in nearly two years on Monday after the central bank hiked its interest rates, while other markets in the Middle East ended mixed.
The blue-chip index (.EGX30) ended 4.5% higher, after Egypt's central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting.
"The Egyptian stock market rose significantly after the central bank raised interest rates in a bid to fight inflation as the war in Ukraine pushes commodity prices higher still," said Daniel Takieddine, CEO MENA BDSwiss.
Stock markets around the world dropped as fighting in Ukraine raged on with no sign of a ceasefire even as diplomatic efforts continued.
Oil prices rose, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo.
The Saudi ministry said it would not bear responsibility for any shortages in oil supplies to global markets after recent attacks by Yemen's Iran-aligned Houthi group caused a temporary drop in output at a Saudi Aramco's (2222.SE) refinery joint venture in Yanbu. read more
Saudi Arabia's benchmark index (.TASI) slipped 0.3%. State-run Saudi Aramco (2222.SE) fell 0.7%, valuing it at 8.65 trillion riyals ($2.31 trillion).
Abdullah Al Othaim Markets (4001.SE) fell 2% after it began trading ex-dividend.
The Abu Dhabi index (.FTFADGI) fell for a second consecutive session, down 0.5%.
Dubai's main share index (.DFMGI) gained 0.3%, boosted by financials and communication services.
The Qatari index (.QSI) was up 0.4%.
Oil prices jump over $4 as EU considers Russian oil ban | Reuters
Oil prices jump over $4 as EU considers Russian oil ban | Reuters
Oil prices jumped more than $4 on Monday, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.
Brent crude futures were up $4.55, or 4.2%, at $112.48 a barrel by 1205 GMT, adding to a 1.2% rise last Friday.
U.S. West Texas Intermediate (WTI) crude futures rose $4.35, or 4.2%, to $109.05, extending a 1.7% jump last Friday.
Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden in a series of summits that aims to harden the West's response to Moscow over its invasion of Ukraine.
EU governments will consider whether to impose an oil embargo on Russia.
Oil prices jumped more than $4 on Monday, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.
Brent crude futures were up $4.55, or 4.2%, at $112.48 a barrel by 1205 GMT, adding to a 1.2% rise last Friday.
U.S. West Texas Intermediate (WTI) crude futures rose $4.35, or 4.2%, to $109.05, extending a 1.7% jump last Friday.
Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden in a series of summits that aims to harden the West's response to Moscow over its invasion of Ukraine.
EU governments will consider whether to impose an oil embargo on Russia.
Emirati cabinet authorizes crowdfunding by public and private sectors - WAM | Reuters #UAE
Emirati cabinet authorizes crowdfunding by public and private sectors - WAM | Reuters
The United Arab Emirates' cabinet authorized the use of crowdfunding by both public and private sectors, the state news agency WAM said on Monday
"Crowdfunding is one of the best tools to support the financing of innovative business ideas... and it will open a door for young people and entrepreneurs," said the Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, as cited by WAM.
The United Arab Emirates' cabinet authorized the use of crowdfunding by both public and private sectors, the state news agency WAM said on Monday
"Crowdfunding is one of the best tools to support the financing of innovative business ideas... and it will open a door for young people and entrepreneurs," said the Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, as cited by WAM.
#Kuwait’s financial, external budgets powerful: Fitch
Kuwait’s financial, external budgets powerful: Fitch
Fitch, the global credit rating agency said downgrading of Kuwait’s long-term rating from AA to AA- is the result of the ongoing impasse in political decision-making process and structural challenges related to the massive dependence on oil, the generous welfare state and a large government sector, reports Al- Rai daily.
The agency added there is crystal-clear absence of any serious financial adjustment to the recent oil price shocks, while the prospects for reforms are still weak, despite some positive political developments within the framework of the national dialogue, pointing out in her report that political divisions still exist, despite the national dialogue, likely to hinder Any broader reforms of Kuwait’s fiscal stalemate.
As for the public debt law, Fitch feels the law will be agreed upon this year, although some uncertainty lingers on and even without a public debt law, sources say, the government will still be able to meet its financing obligations.
However, difficulties in passing the law and institutional stalemate have forced the government to rely on temporary measures, considering this reliance unusual for Kuwait’s rating level. Fitch stated that Kuwait’s financial and external balance sheets are still among the strongest sovereign governments rated by the agency, despite the sharp fluctuations in oil prices since 2014. According to its estimates, the position of Kuwait’s net sovereign foreign assets is more than 500 percent of GDP, which is the highest among all sovereigns rated by “Fitch” and 10 times the average of governments with “AA” rating. Fitch said total government debt/GDP is low and expects it to fall to 10% of GDP in the fiscal year ending March 2022 (Fiscal Year 2021). However, the agency expects the budget deficit to widen in the coming years and government debt to rise to 50 percent of GDP over the medium term.
Fitch, the global credit rating agency said downgrading of Kuwait’s long-term rating from AA to AA- is the result of the ongoing impasse in political decision-making process and structural challenges related to the massive dependence on oil, the generous welfare state and a large government sector, reports Al- Rai daily.
The agency added there is crystal-clear absence of any serious financial adjustment to the recent oil price shocks, while the prospects for reforms are still weak, despite some positive political developments within the framework of the national dialogue, pointing out in her report that political divisions still exist, despite the national dialogue, likely to hinder Any broader reforms of Kuwait’s fiscal stalemate.
As for the public debt law, Fitch feels the law will be agreed upon this year, although some uncertainty lingers on and even without a public debt law, sources say, the government will still be able to meet its financing obligations.
However, difficulties in passing the law and institutional stalemate have forced the government to rely on temporary measures, considering this reliance unusual for Kuwait’s rating level. Fitch stated that Kuwait’s financial and external balance sheets are still among the strongest sovereign governments rated by the agency, despite the sharp fluctuations in oil prices since 2014. According to its estimates, the position of Kuwait’s net sovereign foreign assets is more than 500 percent of GDP, which is the highest among all sovereigns rated by “Fitch” and 10 times the average of governments with “AA” rating. Fitch said total government debt/GDP is low and expects it to fall to 10% of GDP in the fiscal year ending March 2022 (Fiscal Year 2021). However, the agency expects the budget deficit to widen in the coming years and government debt to rise to 50 percent of GDP over the medium term.
KIA seeks to up investments; Capital markets targeted
KIA seeks to up investments; Capital markets targeted
The London branch of the Kuwait Investment Authority (KIA) has appointed executives from Barclays plc and the Carlyle Group in recent months, as Kuwait is working on increasing the investment of sovereign wealth fund in capital markets, reports Al-Rai daily. Sources revealed to Bloomberg Agency that the Kuwait Investment Authority appointed Arne Hassell as the Chief Investment Officer in November. Hassell previously worked as the head of the information department at Barclays and head of hedge fund strategies for Europe and Asia at Goldman Sachs Group. Bram Verster, a former principal at Carlyle, has been appointed as chief strategy officer. Ian Edwards of Jupiter Asset Management has joined as the new chief technology officer.
The sources explained that the Kuwait Investment Authority has been increasingly active in recent years in the capital markets with a focus on IPOs and pre-IPO opportunities. It has also been an active investor in the real estate markets, supporting a major project in Boston. The London office has about 100 employees, and the fund is looking to attract more cadres. Meanwhile, local sources revealed that officials of the Kuwait Investment Authority (KIA) have asked their counterparts in the Public Authority for Housing Welfare (PAHW) to reconsider the planned housing plan, justifying their position on the lack of sufficient financial resources to finance the announced housing expansion.
The sources explained that KIA, in an effort to preserve the quality of the general reserve as much as possible, informed PAHW that it should not rely on it to provide the necessary liquidity to cover all its scheduled housing movements, and that it should search for other alternatives, if it decides to move forward with its plans. Even with the increase in the capital of the Kuwait Credit Bank, as scheduled, by KD 800 million, the general reserve will not be able to implement the plan of PAHW.
The London branch of the Kuwait Investment Authority (KIA) has appointed executives from Barclays plc and the Carlyle Group in recent months, as Kuwait is working on increasing the investment of sovereign wealth fund in capital markets, reports Al-Rai daily. Sources revealed to Bloomberg Agency that the Kuwait Investment Authority appointed Arne Hassell as the Chief Investment Officer in November. Hassell previously worked as the head of the information department at Barclays and head of hedge fund strategies for Europe and Asia at Goldman Sachs Group. Bram Verster, a former principal at Carlyle, has been appointed as chief strategy officer. Ian Edwards of Jupiter Asset Management has joined as the new chief technology officer.
The sources explained that the Kuwait Investment Authority has been increasingly active in recent years in the capital markets with a focus on IPOs and pre-IPO opportunities. It has also been an active investor in the real estate markets, supporting a major project in Boston. The London office has about 100 employees, and the fund is looking to attract more cadres. Meanwhile, local sources revealed that officials of the Kuwait Investment Authority (KIA) have asked their counterparts in the Public Authority for Housing Welfare (PAHW) to reconsider the planned housing plan, justifying their position on the lack of sufficient financial resources to finance the announced housing expansion.
The sources explained that KIA, in an effort to preserve the quality of the general reserve as much as possible, informed PAHW that it should not rely on it to provide the necessary liquidity to cover all its scheduled housing movements, and that it should search for other alternatives, if it decides to move forward with its plans. Even with the increase in the capital of the Kuwait Credit Bank, as scheduled, by KD 800 million, the general reserve will not be able to implement the plan of PAHW.
#Qatar’s Commercial Bank raises foreign ownership limit to 100%
Qatar’s Commercial Bank raises foreign ownership limit to 100%
Shareholders of Qatar’s Commercial Bank PSQC have approved a proposal to increase the foreign ownership limit to up to 100 percent.
In a statement to the Qatar Stock Exchange (QSE), the bank said its board had also been authorised to amend articles of association to reflect that non-Qatari investors may own up to 100 percent of the capital, subject to compliance with the Qatar Central Bank’s related instructions.
The shareholders' approval follows approval from the Ministry of Commerce and Industry last month.
In April 2021, the Qatari cabinet approved a draft law allowing non-Qatari investors to own up to 100 percent of companies listed on the local bourse.
Shareholders of Qatar’s Commercial Bank PSQC have approved a proposal to increase the foreign ownership limit to up to 100 percent.
In a statement to the Qatar Stock Exchange (QSE), the bank said its board had also been authorised to amend articles of association to reflect that non-Qatari investors may own up to 100 percent of the capital, subject to compliance with the Qatar Central Bank’s related instructions.
The shareholders' approval follows approval from the Ministry of Commerce and Industry last month.
In April 2021, the Qatari cabinet approved a draft law allowing non-Qatari investors to own up to 100 percent of companies listed on the local bourse.
#UAE hospital operator NMC sells its stake in Saudi Medical Care Group | Reuters
UAE hospital operator NMC sells its stake in Saudi Medical Care Group | Reuters
UAE hospital operator NMC Health said on Tuesday it had sold its 53% stake in the Saudi Medical Care Group
The statement did not name the buyer, but NMC in 2019 had formed a joint venture medical group in Saudi Arabia with Hassana Investment Co, the investment arm of the General Organization for Social Insurance.
NMC, the largest private healthcare provider in the UAE, is expected to come out of administration this year after its creditors approved a restructuring process last year.
NMC ran into trouble in 2020 after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.
UAE hospital operator NMC Health said on Tuesday it had sold its 53% stake in the Saudi Medical Care Group
The statement did not name the buyer, but NMC in 2019 had formed a joint venture medical group in Saudi Arabia with Hassana Investment Co, the investment arm of the General Organization for Social Insurance.
NMC, the largest private healthcare provider in the UAE, is expected to come out of administration this year after its creditors approved a restructuring process last year.
NMC ran into trouble in 2020 after the disclosure of more than $4 billion in hidden debt left many UAE and overseas lenders with heavy losses.
Gulf bourses mixed, Aramco gains on 2021 profit boost | Reuters
Gulf bourses mixed, Aramco gains on 2021 profit boost | Reuters
Major Gulf bourses were mixed in trading on Monday, with Saudi Arabia's benchmark index (.TASI) rising a day after oil giant Saudi Aramco (2222.SE) posted a surge in annual profit.
Across the globe, share markets were in a sober mood as fighting in Ukraine raged on with no sign of stopping, leaving investors clutching at hopes for an eventual peace deal, while oil prices climbed anew as supplies remained tight.
Oil prices jumped $3 on Monday, with Brent above $110 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters.
Saudi Arabia's benchmark index (.TASI) advanced 0.4%, with state-run Saudi Aramco (2222.SE) up 0.8%, valuing it at 8.65 trillion riyals ($2.31 trillion).
The oil giant had risen over 4% on Sunday after posting a near double annual profit. read more
The jump in stock took Aramco's valuation to 8.76 trillion riyals, or the equivalent of $2.34 trillion, more than that of Microsoft (MSFT.O) but still behind Apple's (AAPL.O) $2.68 trillion.
Abdullah Al Othaim Markets (4001.SE) fell 1.9% after it began trading ex-dividend.
The Abu Dhabi index (.FTFADGI) fell for the second consecutive session, down 0.3%.
Dubai's main share index (.DFMGI) was trading 0.3% higher, boosted by financials and industrials.
Emirates NBD Bank (ENBD.DU) was up 2.2% while Dubai Investments PJSC (DINV.DU) was up 3.5%.
The Qatari index (.QSI) was nearly flat, up 0.1%.
Shares of Commercial Bank (COMB.QA) were up 1.1%, after the company's shareholders approved raising foreign ownership limit to 100%.
Major Gulf bourses were mixed in trading on Monday, with Saudi Arabia's benchmark index (.TASI) rising a day after oil giant Saudi Aramco (2222.SE) posted a surge in annual profit.
Across the globe, share markets were in a sober mood as fighting in Ukraine raged on with no sign of stopping, leaving investors clutching at hopes for an eventual peace deal, while oil prices climbed anew as supplies remained tight.
Oil prices jumped $3 on Monday, with Brent above $110 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters.
Saudi Arabia's benchmark index (.TASI) advanced 0.4%, with state-run Saudi Aramco (2222.SE) up 0.8%, valuing it at 8.65 trillion riyals ($2.31 trillion).
The oil giant had risen over 4% on Sunday after posting a near double annual profit. read more
The jump in stock took Aramco's valuation to 8.76 trillion riyals, or the equivalent of $2.34 trillion, more than that of Microsoft (MSFT.O) but still behind Apple's (AAPL.O) $2.68 trillion.
Abdullah Al Othaim Markets (4001.SE) fell 1.9% after it began trading ex-dividend.
The Abu Dhabi index (.FTFADGI) fell for the second consecutive session, down 0.3%.
Dubai's main share index (.DFMGI) was trading 0.3% higher, boosted by financials and industrials.
Emirates NBD Bank (ENBD.DU) was up 2.2% while Dubai Investments PJSC (DINV.DU) was up 3.5%.
The Qatari index (.QSI) was nearly flat, up 0.1%.
Shares of Commercial Bank (COMB.QA) were up 1.1%, after the company's shareholders approved raising foreign ownership limit to 100%.
Oil jumps as EU weighs Russian ban, #Saudi refinery output hit | Reuters
Oil jumps as EU weighs Russian ban, Saudi refinery output hit | Reuters
Oil prices jumped more than $3 on Monday, with Brent above $111 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters.
Brent crude futures climbed $3.74, or 3.5%, to $111.67 a barrel by 0739 GMT, adding to a 1.2% rise last Friday.
U.S. West Texas Intermediate (WTI) crude futures rose $3.98, or 3.8%, to $108.68, extending a 1.7% jump last Friday.
Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden for a series of summits that aim to harden the West's response to Moscow over its invasion of Ukraine.
EU governments will consider whether to impose an oil embargo on Russia.
Oil prices jumped more than $3 on Monday, with Brent above $111 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters.
Brent crude futures climbed $3.74, or 3.5%, to $111.67 a barrel by 0739 GMT, adding to a 1.2% rise last Friday.
U.S. West Texas Intermediate (WTI) crude futures rose $3.98, or 3.8%, to $108.68, extending a 1.7% jump last Friday.
Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden for a series of summits that aim to harden the West's response to Moscow over its invasion of Ukraine.
EU governments will consider whether to impose an oil embargo on Russia.
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