Oil slides about 7% on concerns of weaker Chinese demand | Reuters
Oil prices tumbled about 7% on Monday after China's financial hub of Shanghai launched a lockdown to curb a surge in COVID-19 infections, prompting renewed fears of demand destruction.
Brent crude futures fell $8.17, or 6.8%, to settle at $112.48 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $7.94, or about 7%, to settle at $105.96 a barrel.
Crude futures have been volatile since Russia's invasion of Ukraine in late February. Last week, Brent gained nearly 12%, while WTI rose almost 9%.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. Officials closed bridges and tunnels and restricted highway traffic. read more
Monday, 28 March 2022
#Saudi Net Foreign Assets Drop Again While Awaiting Oil Windfall - Bloomberg
Saudi Net Foreign Assets Drop Again While Awaiting Oil Windfall - Bloomberg
Saudi Arabia’s net foreign assets fell for the third month in a row in February as the government waits for a windfall from higher oil prices to transfer through to its reserves.
Net foreign assets held by the central bank declined by 1.2% to around $424 billion last month, the lowest level since 2010. But rises and falls in the stockpile have settled into a pattern since the shift to a quarterly dividend payment from Saudi Aramco in late 2019, with sharp increases around those payments and drops in the months in between.
The next dividend payment from Aramco is expected on Thursday, and should be reflected in March central bank data reported next month. Aramco paid a total of $149 billion to the Saudi government last year, split between dividends, royalties and taxation, up from $110 billion in 2020.
Saudi Arabia’s net foreign assets fell for the third month in a row in February as the government waits for a windfall from higher oil prices to transfer through to its reserves.
Net foreign assets held by the central bank declined by 1.2% to around $424 billion last month, the lowest level since 2010. But rises and falls in the stockpile have settled into a pattern since the shift to a quarterly dividend payment from Saudi Aramco in late 2019, with sharp increases around those payments and drops in the months in between.
The next dividend payment from Aramco is expected on Thursday, and should be reflected in March central bank data reported next month. Aramco paid a total of $149 billion to the Saudi government last year, split between dividends, royalties and taxation, up from $110 billion in 2020.
#UAE crypto push sees Bybit, Crypto.com announce #Dubai offices | Reuters
UAE crypto push sees Bybit, Crypto.com announce Dubai offices | Reuters
Crypto exchange Bybit on Monday said it will open its global headquarters in Dubai and crypto platform Crypto.com said it would establish a regional hub there, the latest moves in the UAE's drive to become a centre for the virtual asset sector.
Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing virtual assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. read more
"Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai," the company said in a statement, adding that the headquarters is expected to commence operations in April.
Dubai this month granted virtual asset licences to Binance, the world's largest cryptocurrency exchange, and FTX Europe, a subsidiary of one of the largest crypto exchanges FTX. FTX will set up a regional headquarters in the city. read more
Crypto exchange Bybit on Monday said it will open its global headquarters in Dubai and crypto platform Crypto.com said it would establish a regional hub there, the latest moves in the UAE's drive to become a centre for the virtual asset sector.
Dubai, one of the UAE's seven emirates and the region's trade hub, this month issued its first law governing virtual assets and formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector. read more
"Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai," the company said in a statement, adding that the headquarters is expected to commence operations in April.
Dubai this month granted virtual asset licences to Binance, the world's largest cryptocurrency exchange, and FTX Europe, a subsidiary of one of the largest crypto exchanges FTX. FTX will set up a regional headquarters in the city. read more
Oil slides about 6% on concerns of weaker Chinese demand | Reuters
Oil slides about 6% on concerns of weaker Chinese demand | Reuters
Oil prices tumbled nearly 6% on Monday after China's financial hub of Shanghai launched a lockdown to curb a surge in COVID-19 infections, prompting renewed fears of demand destruction.
Brent crude futures fell$7.13, or 5.9%, to $113.52 a barrel by 1:04 p.m. EDT (1704 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $6.77, or 5.9%, to $107.13 a barrel.
Crude futures have been volatile since Russia's invasion of Ukraine in late February. Last week, Brent gained nearly 12%, while WTI rose almost 9%.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. Officials closed bridges and tunnels and restricted highway traffic. read more
Oil prices tumbled nearly 6% on Monday after China's financial hub of Shanghai launched a lockdown to curb a surge in COVID-19 infections, prompting renewed fears of demand destruction.
Brent crude futures fell$7.13, or 5.9%, to $113.52 a barrel by 1:04 p.m. EDT (1704 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $6.77, or 5.9%, to $107.13 a barrel.
Crude futures have been volatile since Russia's invasion of Ukraine in late February. Last week, Brent gained nearly 12%, while WTI rose almost 9%.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. Officials closed bridges and tunnels and restricted highway traffic. read more
Oil slides on concerns of weaker Chinese demand | Reuters
Oil slides on concerns of weaker Chinese demand | Reuters
Oil prices tumbled more than $9 on Monday as fears grew over weaker fuel demand in China after financial hub Shanghai's lockdown to curb a surge in COVID-19 infections.
Brent crude futures slid as low as $111.17 a barrel and were trading down $9.02, or 7.4%, at $111.63 a barrel by 1403 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down $8.88, or 7.8%, at $105.02 after touching a low of $104.75.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. read more
Oil prices tumbled more than $9 on Monday as fears grew over weaker fuel demand in China after financial hub Shanghai's lockdown to curb a surge in COVID-19 infections.
Brent crude futures slid as low as $111.17 a barrel and were trading down $9.02, or 7.4%, at $111.63 a barrel by 1403 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down $8.88, or 7.8%, at $105.02 after touching a low of $104.75.
Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. read more
Slow Pace of #UAE- #Israel Deals Disappointing, OurCrowd Chairman Says - Bloomberg
Slow Pace of UAE-Israel Deals Disappointing, OurCrowd Chairman Says - Bloomberg
Israeli investors and entrepreneurs have been disappointed by the slow pace of deal-making with the United Arab Emirates since the countries normalized ties nearly two years ago, according to an executive at a venture capital firm.
Part of the frustration is due to a clash between the frenetic pace of Israel’s tech industry with the more methodical and strategic mindset of Emirati investors, Sabah al-Binali, executive chairman of OurCrowd Arabia, said in an interview in Tel Aviv.
OurCrowd was the first Israeli venture capital firm to secure a license in the UAE capital of Abu Dhabi. The company itself was unable to finalize an agreement it signed soon after the Abraham Accords in 2020.
Al-Binali said, however, that half a dozen Israeli startups backed by OurCrowd will soon announce business tie-ups in the UAE. The deals will range from early-stage medical trials to manufacturing and distribution agreements, he said, without disclosing any further details.
“The bigger deals will come,” said al-Binali, the head of OurCrowd UAE operations. “There are a lot of complementary aspects” such as the ability of the UAE to bridge markets in Asia and Africa with Israeli companies looking to expand, he said.
OurCrowd is looking to grow its UAE team to 15 people, compared to three at the moment, he said.
Israeli investors and entrepreneurs have been disappointed by the slow pace of deal-making with the United Arab Emirates since the countries normalized ties nearly two years ago, according to an executive at a venture capital firm.
Part of the frustration is due to a clash between the frenetic pace of Israel’s tech industry with the more methodical and strategic mindset of Emirati investors, Sabah al-Binali, executive chairman of OurCrowd Arabia, said in an interview in Tel Aviv.
OurCrowd was the first Israeli venture capital firm to secure a license in the UAE capital of Abu Dhabi. The company itself was unable to finalize an agreement it signed soon after the Abraham Accords in 2020.
Al-Binali said, however, that half a dozen Israeli startups backed by OurCrowd will soon announce business tie-ups in the UAE. The deals will range from early-stage medical trials to manufacturing and distribution agreements, he said, without disclosing any further details.
“The bigger deals will come,” said al-Binali, the head of OurCrowd UAE operations. “There are a lot of complementary aspects” such as the ability of the UAE to bridge markets in Asia and Africa with Israeli companies looking to expand, he said.
OurCrowd is looking to grow its UAE team to 15 people, compared to three at the moment, he said.
In Istanbul and #Dubai, Russians pile into property to shelter from sanctions | Reuters
In Istanbul and Dubai, Russians pile into property to shelter from sanctions | Reuters
Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow's invasion of Ukraine and Western sanctions, according to many property companies.
"We sell seven to eight units to Russians every day," said Gul Gul, co-founder of the Golden Sign real estate company in Istanbul. "They buy in cash, they open bank accounts in Turkey or they bring gold."
In Dubai, Thiago Caldas, CEO of the Modern Living property firm, has hired three Russian-speaking agents to meet Russian interest, which he says has leapt tenfold.
Sanctions imposed since the Feb. 24 invasion include Russia's exclusion from the SWIFT banking system, and the targeting of individual such as oligarchs deemed to be close to President Vladimir Putin.
Wealthy Russians are pouring money into real estate in Turkey and the United Arab Emirates, seeking a financial haven in the wake of Moscow's invasion of Ukraine and Western sanctions, according to many property companies.
"We sell seven to eight units to Russians every day," said Gul Gul, co-founder of the Golden Sign real estate company in Istanbul. "They buy in cash, they open bank accounts in Turkey or they bring gold."
In Dubai, Thiago Caldas, CEO of the Modern Living property firm, has hired three Russian-speaking agents to meet Russian interest, which he says has leapt tenfold.
Sanctions imposed since the Feb. 24 invasion include Russia's exclusion from the SWIFT banking system, and the targeting of individual such as oligarchs deemed to be close to President Vladimir Putin.
#UAE hopeful of 5%-6% economic growth in 2022 and beyond-min | Reuters
UAE hopeful of 5%-6% economic growth in 2022 and beyond-min | Reuters
The United Arab Emirates (UAE) is hoping the economy will grow by 5% to 6% this year as it recovers from the pandemic, and by the same pace over the next few years to help double the economy by 2031, its economy minister said on Wednesday.
"The whole world is recovering and I think we are in a recovery phase after the pandemic, (but) predicting growth as well this year is a challenge," Abdulla Bin Touq Al Marri told Reuters on the sidelines of the "Investopia" conference in Dubai, referring to the Russia-Ukraine war and oil prices.
When asked if the economy will grow by 5% to 6% in 2022 as well, he said "that's what I hope, we are very ambitious, very positive... We want to double our economy by 2031."
The IMF expects the UAE economy to grow by 3% this year after it expanded by 2.1% in 2021.
The United Arab Emirates (UAE) is hoping the economy will grow by 5% to 6% this year as it recovers from the pandemic, and by the same pace over the next few years to help double the economy by 2031, its economy minister said on Wednesday.
"The whole world is recovering and I think we are in a recovery phase after the pandemic, (but) predicting growth as well this year is a challenge," Abdulla Bin Touq Al Marri told Reuters on the sidelines of the "Investopia" conference in Dubai, referring to the Russia-Ukraine war and oil prices.
When asked if the economy will grow by 5% to 6% in 2022 as well, he said "that's what I hope, we are very ambitious, very positive... We want to double our economy by 2031."
The IMF expects the UAE economy to grow by 3% this year after it expanded by 2.1% in 2021.
#SaudiArabia’s Flynas Airline to Order 250 Planes in Tourism Push - Bloomberg
Saudi Arabia’s Flynas Airline to Order 250 Planes in Tourism Push - Bloomberg
Saudi Arabian discount airline Flynas doubled its growth plan, saying it will expand orders to 250 aircraft and tap a government push to build tourism in the Gulf kingdom.
The strategy is aimed at establishing Flynas as the largest low-cost carrier in the Middle East, the company said in a statement Monday, ahead of rivals including United Arab Emirate-based FlyDubai and Air Arabia. Discussions are under way with both Airbus SE and Boeing Co., according to a spokesman.
Flynas currently operates 35 planes but is targeting rapid expansion as Saudi Arabia seeks to attract 100 million tourists by 2030, five times the 2019 level, as part of a bid to diversify away from oil. To hit that target, the country aims to invest billions of dollars in airports and aircraft to boost transport links.
The fleet at Flynas, which is based in the Saudi capital Riyadh, currently features only Airbus narrow-bodies, though the carrier has said before that long-haul models are under consideration.
Saudi Arabian discount airline Flynas doubled its growth plan, saying it will expand orders to 250 aircraft and tap a government push to build tourism in the Gulf kingdom.
The strategy is aimed at establishing Flynas as the largest low-cost carrier in the Middle East, the company said in a statement Monday, ahead of rivals including United Arab Emirate-based FlyDubai and Air Arabia. Discussions are under way with both Airbus SE and Boeing Co., according to a spokesman.
Flynas currently operates 35 planes but is targeting rapid expansion as Saudi Arabia seeks to attract 100 million tourists by 2030, five times the 2019 level, as part of a bid to diversify away from oil. To hit that target, the country aims to invest billions of dollars in airports and aircraft to boost transport links.
The fleet at Flynas, which is based in the Saudi capital Riyadh, currently features only Airbus narrow-bodies, though the carrier has said before that long-haul models are under consideration.
#Oman to Allow Full Foreign Ownership in Listed Companies - Bloomberg
Oman to Allow Full Foreign Ownership in Listed Companies - Bloomberg
Oman’s stock exchange plans to allow full foreign ownership in listed companies in an effort to attract more inflows to its market, following a similar move by the bourse in Qatar.
Muscat Clearing and Depository finalized measures to open up the market, according to a tweet from the Muscat Stock Exchange. The move will make the bourse “more attractive to international investors” and provide them with a more flexible environment for their investments, it said.
Gulf stock markets, primarily in Saudi Arabia and the United Arab Emirates, have seen a rush of initial public offering from family-owned businesses and state-run companies. Oman’s bourse plans to list 35 state-run companies in the next five years, Chief Executive Officer Haitham Al-Salmi told CNBC Arabia earlier this month.
#إلغاء_حدود_نسب_التملك_للاستثمار_الاجنبي سيمهد #للبورصة إجتياز معايير مؤسسات التقييم العالمية المتعلقة بسهولة الاستثمار والانفتاح على المستثمر الاجنبي وسيسهم بشكل فاعل في جاذبية البورصة للمستثمرين الدوليين وتوجههم نحو بيئة ذات سلاسة ومرونة بها كافة المقومات لتنمية استثماراتهم. pic.twitter.com/gEFAqbkHfC
— بورصة مسقط - عُمـان (@MSX_Oman) March 28, 2022
Oman’s stock exchange plans to allow full foreign ownership in listed companies in an effort to attract more inflows to its market, following a similar move by the bourse in Qatar.
Muscat Clearing and Depository finalized measures to open up the market, according to a tweet from the Muscat Stock Exchange. The move will make the bourse “more attractive to international investors” and provide them with a more flexible environment for their investments, it said.
Gulf stock markets, primarily in Saudi Arabia and the United Arab Emirates, have seen a rush of initial public offering from family-owned businesses and state-run companies. Oman’s bourse plans to list 35 state-run companies in the next five years, Chief Executive Officer Haitham Al-Salmi told CNBC Arabia earlier this month.
#AbuDhabi Wealth Fund Mubadala Pauses Investments in Russia, Reuters Says - Bloomberg
Abu Dhabi Wealth Fund Mubadala Pauses Investments in Russia, Reuters Says - Bloomberg
Abu Dhabi sovereign wealth fund Mubadala Investment Co. will avoid investing in Russia for now, a sign that the war in Ukraine is complicating ties between Moscow and the UAE.
“Obviously, in this environment, we have to pause investment in this market in Russia,” Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak told an investment conference in Dubai. “Pause and wait to see how the situation settles.”
Mubadala is the first sovereign wealth fund from the Middle East to offer public comments on the month-old war.
“What is happening in this crisis between Russia and Ukraine is a travesty, with catastrophic consequences, in terms of human life and in terms of the impact it’s having on economies all over the world,” Al Mubarak said. “There’s no question it is in the best interest of the whole world this crisis ends now.”
Abu Dhabi sovereign wealth fund Mubadala Investment Co. will avoid investing in Russia for now, a sign that the war in Ukraine is complicating ties between Moscow and the UAE.
“Obviously, in this environment, we have to pause investment in this market in Russia,” Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak told an investment conference in Dubai. “Pause and wait to see how the situation settles.”
Mubadala is the first sovereign wealth fund from the Middle East to offer public comments on the month-old war.
“What is happening in this crisis between Russia and Ukraine is a travesty, with catastrophic consequences, in terms of human life and in terms of the impact it’s having on economies all over the world,” Al Mubarak said. “There’s no question it is in the best interest of the whole world this crisis ends now.”
#Dubai sees best day in nearly 4 months; Egypt sinks 2% | Reuters
Dubai sees best day in nearly 4 months; Egypt sinks 2% | Reuters
Dubai's main share index (.DFMGI) jumped over 2%, marking its best day since Dec. 6, as investors flocked to the region after state utility DEWA's initial public offering kicked off last week.
Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its IPO, marking the largest such deal in the emirate since DP World in 2007. read more
"The Dubai stock market rose as investors return to the market as DEWA's IPO makes the bourse more attractive and as global concerns retreat," said Daniel Takieddine, Chief Executive Officer of MENA BDSwiss.
Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity.
Sentiment was muted across global markets and oil prices dropped as a coronavirus lockdown in Shanghai hit economic activity, raising fears over weak demand for fuel. MKYS/GLOB
Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 2.2% after rising over 9% in the previous week.
Index heavyweights Commercial International Bank Egypt (COMI.CA) and Abu Qir Fertilizers and Chemicals (ABUK.CA) were the top drags.
Saudi Arabia's benchmark index (.TASI) rose 0.5%.
Information technology company Al Moammar Information Systems Co (7200.SE) gained 3.3% after it announced a slew of new projects.
Travel services provider Seera Holding Group (1810.SE) fell nearly 2.3% after the company posted an annual loss.
In Abu Dhabi, the index (.FTFADGI) closed 0.6% higher, while the Qatari index (.QSI) ended flat.
Dubai's main share index (.DFMGI) jumped over 2%, marking its best day since Dec. 6, as investors flocked to the region after state utility DEWA's initial public offering kicked off last week.
Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its IPO, marking the largest such deal in the emirate since DP World in 2007. read more
"The Dubai stock market rose as investors return to the market as DEWA's IPO makes the bourse more attractive and as global concerns retreat," said Daniel Takieddine, Chief Executive Officer of MENA BDSwiss.
Dubai's deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity.
Sentiment was muted across global markets and oil prices dropped as a coronavirus lockdown in Shanghai hit economic activity, raising fears over weak demand for fuel. MKYS/GLOB
Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 2.2% after rising over 9% in the previous week.
Index heavyweights Commercial International Bank Egypt (COMI.CA) and Abu Qir Fertilizers and Chemicals (ABUK.CA) were the top drags.
Saudi Arabia's benchmark index (.TASI) rose 0.5%.
Information technology company Al Moammar Information Systems Co (7200.SE) gained 3.3% after it announced a slew of new projects.
Travel services provider Seera Holding Group (1810.SE) fell nearly 2.3% after the company posted an annual loss.
In Abu Dhabi, the index (.FTFADGI) closed 0.6% higher, while the Qatari index (.QSI) ended flat.
Mideast digital health firm Altibbi raises $44 million and aims for IPO | Reuters
Mideast digital health firm Altibbi raises $44 million and aims for IPO | Reuters
Altibbi, a Middle East digital health platform founded in Jordan and headquartered in Dubai, has raised $44 million in a series B round to expand its online pharmacy and diagnostic collection business, it said in a statement on Monday.
The funding round was led by Dubai-headquartered Foundation Holdings and the venture capital arm of Hikma Pharmaceuticals (HIK.L), Hikma Ventures, as well as existing investors Dubai-based Global Ventures and Amman-based DASH Ventures.
"Our objective is to support Altibbi to reach a superior position where its quality, exponential growth and trusted brand will enable them to be the first publicly listed digital health unicorn IPO in the GCC," Foundation Holdings Chief Executive Abhishek Sharma said in the statement, referring to the six-nation Gulf Cooperation Council.
Other Altibbi shareholders include Endeavor Catalyst, Middle East Venture Partners and Al Rashed, the firm said. Investment bank Awad Capital advised Altibbi on the fundraising.
Foundation Holdings senior advisor Jason Kothari will join Altibbi's board, Altibbi said.
Altibbi, a Middle East digital health platform founded in Jordan and headquartered in Dubai, has raised $44 million in a series B round to expand its online pharmacy and diagnostic collection business, it said in a statement on Monday.
The funding round was led by Dubai-headquartered Foundation Holdings and the venture capital arm of Hikma Pharmaceuticals (HIK.L), Hikma Ventures, as well as existing investors Dubai-based Global Ventures and Amman-based DASH Ventures.
"Our objective is to support Altibbi to reach a superior position where its quality, exponential growth and trusted brand will enable them to be the first publicly listed digital health unicorn IPO in the GCC," Foundation Holdings Chief Executive Abhishek Sharma said in the statement, referring to the six-nation Gulf Cooperation Council.
Other Altibbi shareholders include Endeavor Catalyst, Middle East Venture Partners and Al Rashed, the firm said. Investment bank Awad Capital advised Altibbi on the fundraising.
Foundation Holdings senior advisor Jason Kothari will join Altibbi's board, Altibbi said.
Gulf bourses mixed, #Dubai gains over 1% | Reuters
Gulf bourses mixed, Dubai gains over 1% | Reuters
Gulf markets were mixed in trade on Monday, with Dubai's main share index rising 1% amid renewed interest in the region after state utility DEWA's IPO kicked off last week.
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. read more
The main share index (.DFMGI) added more than 1% for a second consecutive session, boosted by real estate and financial stocks.
Globally, sentiment was muted and oil prices slid as a coronavirus lockdown in Shanghai hit economic activity, while the yen extended its stomach-churning descent as the Bank of Japan stood in the way of higher yields.
Oil markets kicked off another week of uncertainty, buffeted on one side by the war between Ukraine and Russia, the world's second-largest crude exporter, and expansion of COVID-19-related lockdowns in China, the largest crude importer globally. read more
Saudi Arabia's benchmark index (.TASI) inched up 0.1%.
Information technology company Al Moammar Information Systems Co (7200.SE) jumped 5% after the company announced a slew of new projects.
Travel services provider Seera Holding Group (1810.SE) fell nearly 3% after the company posted annual loss.
In Abu Dhabi, the index (.FTFADGI) was trading flat, while the Qatari index (.QSI) edged marginally lower.
Gulf markets were mixed in trade on Monday, with Dubai's main share index rising 1% amid renewed interest in the region after state utility DEWA's IPO kicked off last week.
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. read more
The main share index (.DFMGI) added more than 1% for a second consecutive session, boosted by real estate and financial stocks.
Globally, sentiment was muted and oil prices slid as a coronavirus lockdown in Shanghai hit economic activity, while the yen extended its stomach-churning descent as the Bank of Japan stood in the way of higher yields.
Oil markets kicked off another week of uncertainty, buffeted on one side by the war between Ukraine and Russia, the world's second-largest crude exporter, and expansion of COVID-19-related lockdowns in China, the largest crude importer globally. read more
Saudi Arabia's benchmark index (.TASI) inched up 0.1%.
Information technology company Al Moammar Information Systems Co (7200.SE) jumped 5% after the company announced a slew of new projects.
Travel services provider Seera Holding Group (1810.SE) fell nearly 3% after the company posted annual loss.
In Abu Dhabi, the index (.FTFADGI) was trading flat, while the Qatari index (.QSI) edged marginally lower.
#Qatar Says Timing of First Green Bonds Depends on Market - Bloomberg
Qatar Says Timing of First Green Bonds Depends on Market - Bloomberg
Qatar’s government is planning to issue green bonds, but the timing will depend on market conditions, said Finance Minister Ali Al-Kuwari.
“You have to be opportunistic, interest rates are moving against us with the Fed,” Al-Kuwari told Bloomberg TV in an interview. “For us, it’s really not about the bond itself and the size, it’s more about making a statement that Qatar is very much committed for climate change on the finance side.”
Qatar is in early talks with international banks to potentially raise billions of dollars through green bonds, Bloomberg reported in January.
Qatar’s government is planning to issue green bonds, but the timing will depend on market conditions, said Finance Minister Ali Al-Kuwari.
“You have to be opportunistic, interest rates are moving against us with the Fed,” Al-Kuwari told Bloomberg TV in an interview. “For us, it’s really not about the bond itself and the size, it’s more about making a statement that Qatar is very much committed for climate change on the finance side.”
Qatar is in early talks with international banks to potentially raise billions of dollars through green bonds, Bloomberg reported in January.
NeoPay: #Dubai’s Mashreq Carves Out Payments Unit Amid E-Commerce Boom - Bloomberg
NeoPay: Dubai’s Mashreq Carves Out Payments Unit Amid E-Commerce Boom - Bloomberg
Dubai-based Mashreqbank PSC has carved out its payments arm into a new unit, NeoPay, focused mainly on helping businesses handle credit and debit card payments amid a pandemic-fueled e-commerce boom.
Mashreq’s new unit will fold in payment services with the lender’s existing merchant acquiring business, which helps process card-based payments. It will be led by Vibhor Mundhada, previously vice president and head of merchant acquiring.
The merchant acquirer business is among the top three in the United Arab Emirates, Mashreq said. It processes about $22 billion across sectors on an annualized basis and handled over 300 million transactions last year.
The lender’s decision to consolidate and grow its payments business comes at a time when banks globally are seeking to offload payment operations as they struggle to compete with specialist providers.
Larger rival First Abu Dhabi Bank PJSC carved out its own payments business last year, and subsequently sold 60% of the unit to Brookfield Business Partners LP.
Bloomberg reported in February that Mashreq was also exploring a sale of its payments business, though the lender has said it’s not currently in negotiation with potential buyers.
Dubai-based Mashreqbank PSC has carved out its payments arm into a new unit, NeoPay, focused mainly on helping businesses handle credit and debit card payments amid a pandemic-fueled e-commerce boom.
Mashreq’s new unit will fold in payment services with the lender’s existing merchant acquiring business, which helps process card-based payments. It will be led by Vibhor Mundhada, previously vice president and head of merchant acquiring.
The merchant acquirer business is among the top three in the United Arab Emirates, Mashreq said. It processes about $22 billion across sectors on an annualized basis and handled over 300 million transactions last year.
The lender’s decision to consolidate and grow its payments business comes at a time when banks globally are seeking to offload payment operations as they struggle to compete with specialist providers.
Larger rival First Abu Dhabi Bank PJSC carved out its own payments business last year, and subsequently sold 60% of the unit to Brookfield Business Partners LP.
Bloomberg reported in February that Mashreq was also exploring a sale of its payments business, though the lender has said it’s not currently in negotiation with potential buyers.
#UAE will work with OPEC+ to stabilise oil market, says energy minister | Reuters
UAE will work with OPEC+ to stabilise oil market, says energy minister | Reuters
The United Arab Emirates will work with OPEC+ to make sure the energy market is stable, UAE energy minister Suhail al-Mazrouei said on Monday at an industry event.
He said the UAE was doing its best to raise capacity to 5 million barrels per day (bpd) but that did not mean it wanted to act on its own or leave OPEC+, a group that includes the Organization of the Petroleum Exporting Countries, Russia and others.
"We as a country are trying to do our best. We are investing and raising our capacity to 5 million barrels," said Mazrouei.
"But that does not mean that we will leave OPEC+ or do something unilateral. We will work with this group to ensure that the market is stable."
The oil market has been volatile, buffeted by Russia's invasion of Ukraine and the expansion of COVID-related lockdowns in China, the world's largest crude importer.
The United Arab Emirates will work with OPEC+ to make sure the energy market is stable, UAE energy minister Suhail al-Mazrouei said on Monday at an industry event.
He said the UAE was doing its best to raise capacity to 5 million barrels per day (bpd) but that did not mean it wanted to act on its own or leave OPEC+, a group that includes the Organization of the Petroleum Exporting Countries, Russia and others.
"We as a country are trying to do our best. We are investing and raising our capacity to 5 million barrels," said Mazrouei.
"But that does not mean that we will leave OPEC+ or do something unilateral. We will work with this group to ensure that the market is stable."
The oil market has been volatile, buffeted by Russia's invasion of Ukraine and the expansion of COVID-related lockdowns in China, the world's largest crude importer.
Oil slumps as Shanghai lockdown exacerbates fear of weaker demand | Reuters
Oil slumps as Shanghai lockdown exacerbates fear of weaker demand | Reuters
Oil prices tumbled more than $5 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai launched a two-stage lockdown to contain a surge in COVID-19 infections.
The market kicked off another week of uncertainty, buffeted on one side by the war between Ukraine and Russia, the world's second-largest crude exporter, and expansion of COVID-related lockdowns in China, the largest crude importer globally. read more
Brent crude futures slid as low as $115.32 a barrel and were trading down $5.15, or 4.3%, at $115.50 at 0731 GMT.
U.S. West Texas Intermediate (WTI) crude futures hit a low of $108.28 a barrel, and were down $5.30, or 4.7%, at $108.60.
Both benchmark contracts rose 1.4% on Friday, notching their first weekly gains in three weeks, with Brent surging 11.8% and WTI climbing 8.8%.
Oil prices tumbled more than $5 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai launched a two-stage lockdown to contain a surge in COVID-19 infections.
The market kicked off another week of uncertainty, buffeted on one side by the war between Ukraine and Russia, the world's second-largest crude exporter, and expansion of COVID-related lockdowns in China, the largest crude importer globally. read more
Brent crude futures slid as low as $115.32 a barrel and were trading down $5.15, or 4.3%, at $115.50 at 0731 GMT.
U.S. West Texas Intermediate (WTI) crude futures hit a low of $108.28 a barrel, and were down $5.30, or 4.7%, at $108.60.
Both benchmark contracts rose 1.4% on Friday, notching their first weekly gains in three weeks, with Brent surging 11.8% and WTI climbing 8.8%.
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