Oil rises to over $120/bbl after attack on Saudi facilities | Reuters
Crude prices rose more than 1% to over $120 a barrel on Friday, as traders reconciled the impact of a missile attack on an oil distribution facility in Saudi Arabia with a possible release of oil reserves by the United States.
Brent crude settled up $1.62, or 1.4%, to $120.65 a barrel and U.S. West Texas Intermediate (WTI) crude ended $1.56, or 1.4% higher, at $113.90. Both had dropped $3 earlier.
Both benchmarks notched their first weekly gains in three weeks - Brent rose more than 11.5% and WTI gained 8.8%
Yemen's Houthis said they launched attacks on Saudi energy facilities on Friday and the Saudi-led coalition said Aramco's fuel distribution station in Jeddah had been targeted by an attack, but that a fire in two tanks at the facility had been brought under control. read more
Friday, 25 March 2022
Oil slips as Kazakh supply concerns ease, EU at odds on Russia embargo | Reuters
Oil slips as Kazakh supply concerns ease, EU at odds on Russia embargo | Reuters
Oil prices slipped on Friday after exports from Kazakhstan's CPC crude terminal partially resumed and after the EU held off on imposing an embargo on Russian energy after members remained split on the issue.
Brent crude fell $2.04, or 1.7%, to $116.99 a barrel at 1413 GMT and U.S. West Texas Intermediate (WTI) crude slipped $1.99, or 1.8%, to $110.35 after both had dropped more than 2% the previous session.
Despite the falls, both benchmarks were heading for their first weekly gains in three weeks. Brent was on track for an 8% jump and WTI for a 6% rise as broader supply concerns sparked by Russia's invasion of Ukraine underpinned the market.
Concerns were heightened after the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast stopped exports on Wednesday after being damaged by a storm.
Oil prices slipped on Friday after exports from Kazakhstan's CPC crude terminal partially resumed and after the EU held off on imposing an embargo on Russian energy after members remained split on the issue.
Brent crude fell $2.04, or 1.7%, to $116.99 a barrel at 1413 GMT and U.S. West Texas Intermediate (WTI) crude slipped $1.99, or 1.8%, to $110.35 after both had dropped more than 2% the previous session.
Despite the falls, both benchmarks were heading for their first weekly gains in three weeks. Brent was on track for an 8% jump and WTI for a 6% rise as broader supply concerns sparked by Russia's invasion of Ukraine underpinned the market.
Concerns were heightened after the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast stopped exports on Wednesday after being damaged by a storm.
#Dubai ends 1% higher while #AbuDhabi gains 0.3% | Reuters
Dubai ends 1% higher while Abu Dhabi gains 0.3% | Reuters
Dubai and Abu Dhabi's main indexes rose on Friday, tracking global stocks that gained amid cautious sentiment as the war in Ukraine rages on.
Oil prices slipped on Friday with some supply concerns easing after a partial export resumption from Kazakhstan's CPC crude terminal, while the European Union remained split on whether to impose an oil embargo on Russia.
In Dubai, the main share index (.DFMGI) gained for a third straight session, rising 1%. The index has advanced 1.9% this week.
"The Dubai stock market inched higher as investors turn their attention to DEWA's IPO. The listing is one of the largest in the region and is part of a series of introductions announced by the government to boost liquidity and volumes in the exchange," said Eman AlAyyaf, CEO of EA Trading.
Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its initial public offering, marking the largest such deal in the emirate since DP World in 2007.
The IPO subscription for institutional and retail investors kicked off on Thursday. read more
Index heavyweight Emaar Properties (EMAR.DU) ended 2.4% higher.
Abu Dhabi's index (.FTFADGI) ended 0.3% up and posted a weekly gain of 1.7%.
Dubai and Abu Dhabi's main indexes rose on Friday, tracking global stocks that gained amid cautious sentiment as the war in Ukraine rages on.
Oil prices slipped on Friday with some supply concerns easing after a partial export resumption from Kazakhstan's CPC crude terminal, while the European Union remained split on whether to impose an oil embargo on Russia.
In Dubai, the main share index (.DFMGI) gained for a third straight session, rising 1%. The index has advanced 1.9% this week.
"The Dubai stock market inched higher as investors turn their attention to DEWA's IPO. The listing is one of the largest in the region and is part of a series of introductions announced by the government to boost liquidity and volumes in the exchange," said Eman AlAyyaf, CEO of EA Trading.
Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its initial public offering, marking the largest such deal in the emirate since DP World in 2007.
The IPO subscription for institutional and retail investors kicked off on Thursday. read more
Index heavyweight Emaar Properties (EMAR.DU) ended 2.4% higher.
Abu Dhabi's index (.FTFADGI) ended 0.3% up and posted a weekly gain of 1.7%.
Hospital operator NMC Healthcare exits administration in #UAE
Hospital operator NMC Healthcare exits administration in UAE
NMC Healthcare, the largest private healthcare provider in the UAE, and its operating companies will exit administration in Abu Dhabi on Friday to form a new company, its administrators said.
NMC, which used to be listed in London, ran into trouble in 2020 after the disclosure of more than $4 billion in hidden debt left many United Arab Emirates and overseas lenders with heavy losses.
"Swift process sees 34 NMC companies exit administration to form a new NMC Group," a statement from joint administrators Alvarez & Marsal said.
The new group will be controlled by lenders led by Abu Dhabi Commercial Bank.
NMC Healthcare, the largest private healthcare provider in the UAE, and its operating companies will exit administration in Abu Dhabi on Friday to form a new company, its administrators said.
NMC, which used to be listed in London, ran into trouble in 2020 after the disclosure of more than $4 billion in hidden debt left many United Arab Emirates and overseas lenders with heavy losses.
"Swift process sees 34 NMC companies exit administration to form a new NMC Group," a statement from joint administrators Alvarez & Marsal said.
The new group will be controlled by lenders led by Abu Dhabi Commercial Bank.
#SaudiArabia and #UAE push for more security support from US | Financial Times
Saudi Arabia and UAE push for more security support from US | Financial Times
Saudi Arabia and the United Arab Emirates are pushing the US for deeper security support as the Biden administration seeks the two Gulf powers’ co-operation on everything from energy and the Ukraine crisis to the 2015 nuclear accord with Iran.
Saudi Arabia and the United Arab Emirates are pushing the US for deeper security support as the Biden administration seeks the two Gulf powers’ co-operation on everything from energy and the Ukraine crisis to the 2015 nuclear accord with Iran.
The UAE has requested the US agree to a more “institutionalised security commitment” that would include enhanced intelligence sharing, more combined exercises and operations, two people briefed on Abu Dhabi’s position said.
Saudi Arabia is also seeking greater security commitments, including intelligence co-operation and operational support to counter threats from Iranian-backed Houthis in Yemen, who regularly launch missile and drone strikes into the kingdom, another person briefed on Riyadh’s position said.
Long considered vital US partners, both Riyadh and Abu Dhabi have strained relations with the Biden administration and have resisted US pressure to increase crude production to help damp high oil prices and take a tougher stance against Vladimir Putin’s invasion of Ukraine.
Watch Wealthy Russians Flocking to #Dubai Properties - Bloomberg video
Watch Wealthy Russians Flocking to Dubai Properties - Bloomberg
In Dubai’s swankiest neighborhoods, property brokers say inquiries from Russians looking for villas and apartments are skyrocketing. Among them: Roman Abramovich, the tycoon who owns Chelsea Football Club. Bloomberg's Middle East finance reporter Nicolas Parasie discusses the draw of Dubai for wealthy Russians and their impact on the economy for the sanction-free Middle-Eastern city state. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#Dubai’s Union Properties sees losses of $263mln in 2021
Dubai’s Union Properties sees losses of $263mln in 2021
Dubai’s Union Properties (UPP) saw its losses reach AED 967 million ($263 million) in 2021, with accumulated losses now exceeding 50 percent of its issued share capital.
Consolidated financial statements showed the loss in comparison to a profit of AED 185 million in 2020.
Notes to the statement also revealed the group’s current accumulated losses reached AED 2.928 billion, from an issued capital of AED 4.29 billion, exceeding 50 percent of its issued share capital.
“The group’s management team is committed in implementing a thorough cost rationalisation plan reducing its operating costs and overheads along with a change in management program which will create impact on entity’s business model, financial structure, and management team, to address challenges in order to increase value of the company for shareholders,” the statement said.
UPP voted to dismiss its then chairman Khalifa Hassan Al Hammadi in November 2021.
The consolidated financial statements added: “Additionally, the current management has mandated a forensic audit from a third party to assess the financial impact of the mismanagement attributed to the previous management team.”
Dubai’s Union Properties (UPP) saw its losses reach AED 967 million ($263 million) in 2021, with accumulated losses now exceeding 50 percent of its issued share capital.
Consolidated financial statements showed the loss in comparison to a profit of AED 185 million in 2020.
Notes to the statement also revealed the group’s current accumulated losses reached AED 2.928 billion, from an issued capital of AED 4.29 billion, exceeding 50 percent of its issued share capital.
“The group’s management team is committed in implementing a thorough cost rationalisation plan reducing its operating costs and overheads along with a change in management program which will create impact on entity’s business model, financial structure, and management team, to address challenges in order to increase value of the company for shareholders,” the statement said.
UPP voted to dismiss its then chairman Khalifa Hassan Al Hammadi in November 2021.
The consolidated financial statements added: “Additionally, the current management has mandated a forensic audit from a third party to assess the financial impact of the mismanagement attributed to the previous management team.”
Roman Abramovich Eyes Sanction-Free #Dubai Property as Russians Flock to #UAE - Bloomberg
Roman Abramovich Eyes Sanction-Free Dubai Property as Russians Flock to UAE - Bloomberg
In Dubai’s swankiest neighborhoods, property brokers say inquiries from Russians looking for villas and apartments are skyrocketing. Among them: Roman Abramovich, the tycoon who owns Chelsea Football Club.
While the Russian billionaire’s present whereabouts aren’t publicly known, he has in recent weeks been house hunting on Dubai’s Palm Jumeirah, a man-made, palm-shaped island dotted with luxury residences, according to people familiar with the matter.
The tycoon’s interest in the emirate is the latest sign of how more and more Russians are flocking to the city state as other favored jurisdictions increasingly sanction and shun some of their compatriots.
Lawyers for Russian businessmen say some are attempting to move assets to the United Arab Emirates, of which Dubai is a part. Specialist aviation sites have identified jets belonging to Russian tycoons, including that of Abramovich, coming to the city, though it is not known who was actually on board. The U.K. and European Union have placed sanctions on Abramovich, but there are none imposed by the UAE.
In Dubai’s swankiest neighborhoods, property brokers say inquiries from Russians looking for villas and apartments are skyrocketing. Among them: Roman Abramovich, the tycoon who owns Chelsea Football Club.
While the Russian billionaire’s present whereabouts aren’t publicly known, he has in recent weeks been house hunting on Dubai’s Palm Jumeirah, a man-made, palm-shaped island dotted with luxury residences, according to people familiar with the matter.
The tycoon’s interest in the emirate is the latest sign of how more and more Russians are flocking to the city state as other favored jurisdictions increasingly sanction and shun some of their compatriots.
Lawyers for Russian businessmen say some are attempting to move assets to the United Arab Emirates, of which Dubai is a part. Specialist aviation sites have identified jets belonging to Russian tycoons, including that of Abramovich, coming to the city, though it is not known who was actually on board. The U.K. and European Union have placed sanctions on Abramovich, but there are none imposed by the UAE.
#Dubai’s DEWA Said to Consider Increasing IPO Size on High Demand - Bloomberg
Dubai’s DEWA Said to Consider Increasing IPO Size on High Demand - Bloomberg
Dubai’s main power and water company may increase the number of shares on offer in the city’s biggest new stock sale in 15 years, according to people familiar with the matter.
Dubai Electricity & Water Authority is seeking approval to offer more than the 3.25 billion shares it initially planned to sell, the people said, declining to be identified as the matter is not public.
It wasn’t immediately clear how much the more the utility would sell, but the people said the increase could be substantial as demand was significantly higher than the number of shares on offer.
DEWA wasn’t immediately available for comment.
On Thursday, the firm set out plans to raise as much as $2.2 billion by selling a 6.5% stake. Books on the IPO were covered within hours of launching the deal, according to terms seen by Bloomberg.
The IPO drew in six investors, including wealth funds Emirates Investment Authority and Abu Dhabi’s ADQ, who agreed to subscribe for shares worth as much as 4.7 billion dirhams ($1.3 billion) at the offer price.
The listing, which will make DEWA the biggest company on the emirate’s bourse, marks the first step in Dubai’s plan to reinvigorate its capital markets. The top end of the IPO price range would value the company at $34 billion, catapulting it into a list of the top 20 biggest listed utilities.
Dubai’s main power and water company may increase the number of shares on offer in the city’s biggest new stock sale in 15 years, according to people familiar with the matter.
Dubai Electricity & Water Authority is seeking approval to offer more than the 3.25 billion shares it initially planned to sell, the people said, declining to be identified as the matter is not public.
It wasn’t immediately clear how much the more the utility would sell, but the people said the increase could be substantial as demand was significantly higher than the number of shares on offer.
DEWA wasn’t immediately available for comment.
On Thursday, the firm set out plans to raise as much as $2.2 billion by selling a 6.5% stake. Books on the IPO were covered within hours of launching the deal, according to terms seen by Bloomberg.
The IPO drew in six investors, including wealth funds Emirates Investment Authority and Abu Dhabi’s ADQ, who agreed to subscribe for shares worth as much as 4.7 billion dirhams ($1.3 billion) at the offer price.
The listing, which will make DEWA the biggest company on the emirate’s bourse, marks the first step in Dubai’s plan to reinvigorate its capital markets. The top end of the IPO price range would value the company at $34 billion, catapulting it into a list of the top 20 biggest listed utilities.
Oil slips with some concerns easing over Kazakh supplies | Reuters
Oil slips with some concerns easing over Kazakh supplies | Reuters
Oil prices slipped on Friday, with some supply concerns easing on expectations that crude exports would resume from Kazakhstan's CPC terminal, while the European Union remained split on whether to impose an oil embargo on Russia.
Brent fell $1.56, or 1.3%, to $117.47 a barrel at 0800 GMT and U.S. West Texas Intermediate (WTI) crude slid $1.56, or 1.4%, to $110.78 a barrel, after both had dropped more than 2% the previous session.
Despite the fall, both benchmarks were headed for their first weekly gain in three weeks. Brent was on track for a 9% jump and WTI on course for a 6% rise, as broader supply concerns sparked by Russia's invasion of Ukraine underpinned the market.
The United States and Britain, both less reliant than the EU on Russian oil, have imposed bans on Russian crude. The EU, which is heavily dependent on Russian oil and gas, faces a bigger dilemma over whether to impose sanctions on the sector.
Oil prices slipped on Friday, with some supply concerns easing on expectations that crude exports would resume from Kazakhstan's CPC terminal, while the European Union remained split on whether to impose an oil embargo on Russia.
Brent fell $1.56, or 1.3%, to $117.47 a barrel at 0800 GMT and U.S. West Texas Intermediate (WTI) crude slid $1.56, or 1.4%, to $110.78 a barrel, after both had dropped more than 2% the previous session.
Despite the fall, both benchmarks were headed for their first weekly gain in three weeks. Brent was on track for a 9% jump and WTI on course for a 6% rise, as broader supply concerns sparked by Russia's invasion of Ukraine underpinned the market.
The United States and Britain, both less reliant than the EU on Russian oil, have imposed bans on Russian crude. The EU, which is heavily dependent on Russian oil and gas, faces a bigger dilemma over whether to impose sanctions on the sector.